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MEED
July 2010 Online Content

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  • Emirates NBD profit falls

    First half profits for 2010 down 28 per cent to AED1.5bn

  • Kuwait tenders government building contract

    Prequalified contractors have until 14 September to submit bids

  • Oman tenders Salalah tourism project

    Contractors have until 23 August to submit bids for construction contract

  • $500m Beirut residential project launched

    Lebanon-based Benchmark Development has launched a $500m residential project in Beirut, The Daily Star has reported. The Beirut Terraces project will have 130 apartments and is expected to be completed by the end of 2013 or mid-2014, the developer said. Benchmark's partners for this project include Lebanon-based engineering firm, Khatib and Alami, BankMed, and Swiss architecture company Herzog and de Meuron.

  • 2010 scholarships initiative launched for UAE nationals

    The UAE finance ministry has launched its annual programme for providing scholarships to Emirati high school graduates in 2010 aiming to get an academic professional degree in accounting. This move is part of plans to develop the UAE society and meet the professional ambitions of the students by providing them with opportunities securing further progress and development, in addition to increasing the emiratization of staff and human resources and taking advantage of the local experiences and

  • 3 W Networks to open regional centre in Dubai Silicon Oasis

    3W Networks, a systems integrator specializing in providing turnkey communication, safety and security solutions plans to establish its Regional Engineering Centre of Excellence within the Dubai Silicon Oasis. The firm's operations in DSO will combine high value systems design and engineering, 24/7 technical assistance and product assembly. 3W Networks has offices in Abu Dhabi, Doha, Muscat, Dhahran, Cairo, Singapore, Seoul and Melbourne.

  • Aabar Investments launches $2bn loan

    A syndication of a $2bn loan has been launched by Abu Dhabi-based Aabar Investments that will mature on May 21, 2013, Reuters has reported, citing bankers close to the deal. The deal is split between a $1.4bn term loan and a $600m revolving facility, and the margin is 150 basis points over LIBOR, the bankers said. Lenders are invited to commit $150m for an upfront fee of 125 bps, they added.

  • Aabar Investments shine at Abu Dhabi bourse

    The ADX General Index lost slightly as it ended at 2,509.56 points (down 0.18%). Aabar Investments jumped 5.11%, closing at Dhs1.40. Aabar acquired 4.99% in Italy's UniCredit SpA on June 24. But the investment company and 9.1%-shareholder in Germany's Daimler AG will discuss delisting from the ADX with its shareholders at a July 26 scheduled extraordinary general assembly. Real estate bellwether Aldar Properties lost 1.45%, finishing at Dhs2. 74.

  • Aabar invests $54m in two funds

    Aabar Investments, the largest stakeholder in Daimler, has announced it has invested $54.2m in two investment funds registered in Luxembourg, Reuters has reported. Aabar has invested $34.5m in Blue Orchard private equity fund and $19.8m in Oasis Fund, the firm said in a statement. The investment vehicle announced last month it was considering delisting from the Abu Dhabi bourse.

  • Aabar makes offer to shareholders

    Aabar Investments has offered stake holders Dhs1.45 (40 cents) a share as the Abu Dhabi-based firm prepares to delist from the emirate's bourse, Bloomberg has reported. "It's an exit offer, which is better than no offer," Akram Annous, deputy fund manager at Al Mal Capital said. "If the market was valuing the company differently, then they probably wouldn't be seeking to delist." Aabar received approval from the market regulator to postpone to August 8 a shareholder meeting set for July 26 to

  • Aabar shares advance further

    Abu Dhabi's securities market ADDX added 0.36%, closing at 2,543.36 points. Shares of Aabar Investments jumped 9.88% to the level of Dhs1.89. Aabar sent out an invitation letter to its shareholders regarding an extraordinary general meeting in order to transform the investment firm, which is a 9.1% shareholder at Daimler AG, into a joint private stock company. International Petroleum Investment Company (IPIC), a 70% shareholder of Aabar, was told at the beginning of the week by the UAE market

  • Aabar shares spike 8.28% as higher buyout offer is possible

    Shares of Aabar Investments emerged as the top gainer on Sunday after The National reported that International Petroleum Investment Company (IPIC), a 70% shareholder of Aabar, was told by the UAE market regulator ESCA to raise its Dhs1.45 share takeover by 34.5% to Dhs1.95. Aabar, a 9.1% shareholder in German carmaker Daimler AG, plans to delist and become a privately owned company, depending on the outcome of an extraordinary general meeting scheduled for July 26. The news on Aabar failed to

  • Aamal posts 7.3% profit rise

    Qatari diversified industrial conglomerate, Aamal has posted a 7.3% growth in net profit before fair value gains on investment properties to QR109.6m in the first half of this year, compared to QR102.1m a year earlier. The company, which acquired 49% of El Sewedy Cables Qatar through its subsidiary, Senyar Industries Qatar, also saw revenues across all its four divisions rise 60.3% to QR566.9m in H1 of this year compared to QR353.6m in the corresponding period last year.

  • ABB wins $89m contract in Saudi Arabia

    Saudi Electricity Co, the kingdom's national power transmission and distribution provider, has awarded ABB an $89m contract to build a new substation to ensure reliable power supplies for the King Abdullah Financial District in Riyadh. ABB is responsible for the turnkey delivery of a 380/132/13.8 kV (kilovolt) substation, and will design, supply, install and commission the installation as well as carry out the civil works. The substation will be close to the financial centre and feed four sma

  • ABB wins power management contract for Jubail complex

    Contract includes installation of a substation

  • Abu Dhabi Aircraft Technologies inks deal with Thomas Cook

    A five-year agreement has been signed between Abu Dhabi Aircraft Technologies (Adat), part of Mubadala Aerospace's global MRO network, and UK-based Thomas Cook Airways to conduct airframe heavy maintenance on its Boeing 757 fleet. Under the deal, Adat and its sister company the Zurich-based SR Technics will provide a complete maintenance solution for Thomas Cook Aircraft Engineering in Europe and the Middle East.

  • Abu Dhabi airport passenger traffic up 12.2%

    Abu Dhabi Airports Co (Adac) has said that passenger traffic at the airport for the month of May rose by 12.2% to 830,000 from 740,000 recorded in the same period last year. Cargo movements showed a 19.4% increase for the same period, while the airport recorded a 12.4% lift in aircraft movements.

  • Abu Dhabi airport reveals 11.7% passenger increase

    Abu Dhabi International Airport has reported an increase of 11.7% in passenger traffic in the first half of 2010, compared to the same period last year. A growth in cargo performance was also recorded, with loads rising by 20.3%, while aircraft movements rose by 11.9% for the same period. The growth has been attributed to international passenger traffic rebound and is supported by Etihad Airways' increased frequencies and new destinations.

  • Abu Dhabi bank shares fickle

    After two flat trading days, the ADX General Index showed some forms of a revival and closed 0.24% higher at 2,528.34 points. First Gulf Bank (FGB) stood 1.05% higher at Dhs14.50 as of the close of trading. The Abu Dhabi-based bank announced today details of its share buy bank from July 7. FGB bought 1.418m shares of 0.1031% of its total share capital back at a price of Dhs14.20 per stock back. The financial sector market leader National Bank of Abu Dhabi (NBAD) weakened 0.90% at Dhs11.00. NB

  • Abu Dhabi bourse adds 0.22%

    Shares of Abu Dhabi National Hotels surged 9.89%, ending at Dhs3.00 as the top gainer in Abu Dhabi. The ADX General Index finished 0.22% higher at 2,520.95 points as real estate and energy shares closed on a mixed note. Dana Gas and Taqa stood flat at Dhs0.67 and Dhs1.10, respectively, as did Sorouh Real Estate (at Dhs1.76). Aldar Properties declined by 1.10% and finished at Dhs2.67. Telecom giant Etisalat gained 0.49%, finishing at Dhs1.49. The former monopolist will start soon to share its

  • Abu Dhabi bourse closes unchanged

    The ADX General Market ended flat at 2,527.33 points. Index heavyweight and energy bellwether Taqa gained 1.85%, closing at Dhs1.10. But weak performing real estate and construction shares weighed on the market as villa and apartment rents in Abu Dhabi have continued to fall on average between 7% and a more pronounced drop of up to 15% for lower quality properties, according to the latest report by property services company Asteco. RAK Properties closed flat at DHs0.37. The firm announced tod

  • Abu Dhabi confiscates expired cosmetics

    Abu Dhabi municipality has said that it has confiscated during the last two weeks three tonnes of expired cosmetics, beauty substances and mixtures of unknown sources from a number of beauty salons and cosmetics shops. The move is part of an inspection campaign by the municipality targeting beauty centres as well as ladies and men's salons. It has also confiscated substances without labels displaying the ingredients and expiry dates.

  • Abu Dhabi developer posts first half loss of AED789.5m

    Aldar Properties’ losses due to lower property sales and valuations

  • Abu Dhabi exchange planning to list real estate funds

    Exchange currently seeking approval from UAE regulator

  • Abu Dhabi exchange remains flat

    The summer heat seems to take over investors' mood as the ADC General Index added just 1.75 points and closed at 2,522.38 points. Ras al-Khaima Ceramic Company continued its volatile performance by posting the third largest increase, ending eight percent higher at Dhs1.48. With oil prices trading stuck around $72 per barrel, energy giant Taqa ended in line with the market unchanged at Dhs1.09. Trading volumes climbed 22% higher as some 61m stocks changed hands in Abu Dhabi.

  • Abu Dhabi inflation climbs to 3.38%

    Inflation in Abu Dhabi rose by 2.50% to 3.38% during the first half of the year compared to the same period a year ago, boosted by higher rents and utility charges in the emirate, the Abu Dhabi Statistics Center said. The Consumer Price Index rose to 117.92 points, up from 115.04 points during the January-June period.

  • Abu Dhabi investors take profits, sent ADX 0.29% lower

    The ADX General Index ended at 2,536.10 points (down 0.29%). Losses at the emirate's largest banks National Bank of Abu Dhabi (NBAD) (1.81% lower at Dhs11.30) and First Gulf Bank (FGB) (off one percent at Dhs14.30) weighed on the market. The most liquid stock was Aabar Investments as it extended it rally by 2.12% and finished at Dhs1.93. Real estate bellwether Aldar Properties ended flat at Dhs2.57.

  • Abu Dhabi Islamic Bank expects double digit profit growth

    Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank has said the lender is expected to post double-digit profit growth for the remainder of the year after second-quarter net profit came in above analysts' forecasts, Reuters has reported. The Islamic lender posted a 56% rise in Q2 net profit to Dhs301.6m, up from Dhs193.1m in the same period last year, helped by lower provisions. "Our plan is to continue to show double-digit growth for the rest of the year across the board," Mahmoud told the news ser

  • Abu Dhabi Islamic plans sukuk sale

    The UAE's second-biggest Islamic lender, Abu Dhabi Islamic Bank plans to raise $5bn from the sale of sukuk under a trust certificate programme, Bloomberg has reported. The bonds will be issued from "time to time" in any currency, according to a base prospectus dated July 8 which was posted by the bank on the London Stock Exchange's website.

  • Abu Dhabi listed construction stocks gain

    Shares of Ras al-Khaima-based Gulf Cement Co. jumped 9.70% to the closing price of Dhs1.81. Arkan Building Materials (gaining 3.23% at Dhs1.25) from Abu Dhabi also helped the ADX General Index to add around a quarter percent (closing at 2,515.46 points). Real estate bellwether Aldar finished 0.37% higher at Dhs2.73. UAE telecom leader Etisalat was the most liquid share, ending flat atDhs10.35. As oil prices stabilised on US Independence Day, pressure was taken from energy shares. Oil bellweth

  • Abu Dhabi Mafraq hospital to hire 100 doctors

    John Nickens, chief executive of Abu Dhabi's Mafraq Hospital, has said the new medical facility that will replace the existing one needs to hire almost 100 doctors and 300 nurses before its opens its in 2013, The National has reported. The hospital will rely heavily on word of mouth and Bumrungrad International, the company that manages the hospital, to find the additional employees, he said. According to the Health Authority-Abu Dhabi (HAAD), the number of doctors and nurses in the capital n

  • Abu Dhabi market adds 0.30%

    Islamic insurer Abu Dhabi National Takaful topped the charts on Sunday, jumping 9.86% to Dhs4.01. The lead index at the UAE capital's bourse ended 0.30% higher at 2,558.65 points. As in Dubai, real estate related firms posted losses. Industry bellwether Aldar Properties lost 1.56%, closing at Dhs2.50. RAK Properties weakened by 2.38% to Dhs0.40.

  • Abu Dhabi market adds one percent over the week

    The ADX gained 0.59% on Thursday (closing at 2,550.98 points) and 0.97% over the third week of July. Gulf Livestock Company topped the charts, ending 9.93% higher at Dhs4.98. National Bank of Fujeirah (NBF, flat at Dhs5.00) reprted a net profit for the first half year of Djs83.0m compared to AED 60.7m in 2009. NBF's Cost to income ratio improved from 50.9% in 2009 to 36.7%. Al Dhafra Insurance weakened in value by 5.08% to Dhs4.30.

  • Abu Dhabi market declines slightly

    Abu Dhabi's ADX General Index dipped slightly, closing at 2,523.78 points. Shares of real estate bellwether Aldar Properties ended 0.74% lower at Dhs2.67. Abu Dhabi Commercial Bank (ADCB) ended among the top gainers. ADCB shares added 1.79% and closed at Dhs1.70. The Sheikhdom's largest financial institution National Bank of Abu Dhabi (NBAD), on the other hand, closed unchanged at Dhs11.00. A total of five shares closed even, 10 advanced and nine lost value.

  • Abu Dhabi market ends flat

    The ADX General Index did not join the recovery at GCC markets and ended flat at 2,520.63 points. Sharjah Islamic Bank topped the charts by closing 3.75% higher at Dhs0.85. Shares of Abu Dhabi Commercial Bank (ADCB) which finished the first half of 2010 unchanged, gained 0.62% closing above the resistance line of Dhs1.61. Aldar Properties was the most liquid stock as it added 0.74%, ending at Ds2.74.

  • Abu Dhabi market loses insignificantly

    The ADX General Index weakaned 0.05% and finished at 2,527.10 points, despite bullish inputs from the Saudi bourse's Saturday trading and higher oil prices. On a year-to-date basis the energy-price sensitive ADX composite lost 7.89%.

  • Abu Dhabi market's General Index adds 0.31%

    Lifted mostly by the ADX energy sector, which surged 5.17%, the ADX General Index increased slight in and ended at 2,534.29 points. Shares of energy bellwether Taqa gained 2.70%, finishing at Dhs1.15 as oil prices stabilized above $76 per barrel. Shares of Sharjah Islamic Bank (SIB) advanced during the trading session but eventually ended flat at Dhs0.83. SIB reported for the second quarter 2010 a net profit of Dhs50.983m and Dhs0.02 earnings per share compared to Dhs66.759m on a year-on-year

  • Abu Dhabi may build microchip plant

    Abu Dhabi is planning to build a microchip foundry as early as the end of next year, the National has reported. Advanced Technology Investment Company, owned by the Abu Dhabi government, has stated a plant in the country's capital could be possible in the future. "There's a lot of variables," said Ibrahim Ajami, the chief executive of ATIC. Construction of the Abu Dhabi plant could begin "anywhere from the end of 2011 to 2013. There's a lot of moving pieces here", he added.

  • Abu Dhabi opens flat and ends slightly lower

    As heavyweights such as real estate leader Aldar Properties, Etisalat or Aabar ended flat, the few gainers failed to uplift the ADX General Index which closed 0.38% lower at 2,517.76 points. Energy giant Dana Gas declined 1.41% to Dhs0.70. Aabar Investments (unchanged at Dhs1.44), a 9.1% shareholder in Daimler AG, aims to be delisted from the ADX and announced Monday that said it would pay minority shareholders Dhs1.45 per stock. This would be in line with Sunday's closing share price but 19

  • Abu Dhabi plans to list real estate funds by end of 2010

    Funds expected to boost overall property market

  • Abu Dhabi ponders BP investment

    Abu Dhabi is considering making an investment in British Petroleum, Bloomberg has reported. "We are looking across the board. We have been partners with BP for years," Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan said. "We are still thinking about it." BP chief executive Tony Hayward has previously said he has had a "very good" meeting with the Crown Prince.

  • Abu Dhabi Ports Co appoints NBAD as financial advisor

    Abu Dhabi Ports Co has appointed the National Bank of Abu Dhabi as its financial advisor to support ADPC structure and execute its long term financial strategy as it seeks to deliver the Khalifa Port and Industrial Zone project. Funding for the project is likely to come from a range of sources and may include bilateral and syndicated bank debt, export credit agency finance, Islamic Funding and debt capital markets, ADPC said. Phase 1 of Khalifa Port will open in 2012, replacing Abu Dhabi's ex

  • Abu Dhabi Ports Co awards $280m contract

    Abu Dhabi Ports Company said it has awarded a Dhs1.028bn ($280m) construction contract to local firms ED Zublin and Al Jaber Transport as part of deals for the new Khalifa Port & Industrial Zone. The contract is to build the offshore port's civil and structural building works. The project will start immediately and completion is scheduled for August 2012, ADPC said in a statement. This is the fourth major package awarded in the last year for developing the port. The previous three contracts a

  • Abu Dhabi Ports Company appoints financial adviser

    Abu Dhabi is expected to deliver the first phase of the port in 2012

  • Abu Dhabi Ports ponders $1bn bond

    Abu Dhabi Ports Co (ADPC) may sell up to $1bn in bonds early next year to finance the Khalifa Port and Industrial Zone (KPIZ), Reuters has reported. "One of our options is a sukuk or bond in the first quarter of 2011 of about $1bn," chief financial officer, Ala Khannak told the news service. The $2.18bn KPIZ project is located between Abu Dhabi and Dubai in Taweelah. The first phase is set to be operational in the fourth quarter of 2012 with an initial capacity of 2 million TEUs (twenty foot

  • Abu Dhabi postpones refinery pipelines bid

    Delay to inter-refinery pipelines scheme

  • Abu Dhabi receives 14 proposals for two new schools

    The Abu Dhabi Education Council has received 14 management proposals for the two government schools in Baniyas and Muroor, Khaleej Times has reported. The two schools will accommodate around 2,300 students displaced by the closure of six villa schools on June 30. The Saad bin Obaidah School in Baniyas, which has a capacity for 1,500 students, will offer the education ministry's curriculum, while "August the 6th School" in Muroor (capacity 800) will offer the English-medium curriculum.

  • Abu Dhabi recruits 212 new teachers

    Abu Dhabi Education Council (Adec) has hired 212 new teaching staff and school specialists, from a pool of 18,000, as part of its 10-year strategic plan to overhaul the education system in the emirate. Almost half of the new recruits are Emirati, with 102 Emiratis and 110 expatriates, preparing to work in Abu Dhabi's government schools. The new school staff will teach subjects including geography, Arabic, English, Islamic studies, maths and IT.

  • Abu Dhabi sees 16% rise in hotel guests in H1

    The Abu Dhabi Tourism Authority has said that hotels in the emirate saw a 16% rise in hotel guests during the first half of 2010 compared to the same period in 2009. Some 936,579 guests stayed in the emirate's 116 hotels and hotel apartments from January to June this year with guest nights rising 11% on the first half of 2009 to stand at 2.47 million. Over the past six months, occupancy levels have fallen by 18% to 64%, while revenue dropped by 5% to Dhs2.1bn. The authority is working with it

  • Abu Dhabi sees rents continue to drop

    Real estate services firm, Asteco has said that rents in Abu Dhabi have continued to fall on average between 7% and up to 15% for lower quality properties. During the second quarter of 2010, apartments have fallen at a similar rate to that witnessed during the first quarter and that trend is set to continue throughout 2010 as more supply comes on to the market. Meanwhile villa rents in the capital have continued their downward trend of 2%-8% for traditional UAE national-owned investment villa

  • Abu Dhabi tenders sulphur facilities at Habshan and Shah

    Emirate delays Ruwais bid deadline by two weeks

  • Abu Dhabi to begin Ramadan price checks

    Food price inspectors in Abu Dhabi will begin checks today in supermarkets in the emirate to help prevent price hikes in the days leading up to Ramadan, the National has reported. Last year the cost of some items surged by more than 17% in August while prices also rose in the first seven days of Ramadan. In the month of August last year, the price of fish and other seafood increased by 5.2%, pulses and dry grains were up by more than 17% and sugar, jam, honey, chocolate and confectionery by a

  • Abu Dhabi to build seven new schools

    Abu Dhabi Education Council (Adec) has unveiled a plan for school facilities development that includes the construction of new world-class schools and renovating existing facilities. This summer, seven schools located in Abu Dhabi and one located in Al Ain will undergo major refurbishment works. Moreover, the requirements of students with special needs will be met in order to achieve Adec's goal of integrating all students within the education system, according to Hamad Al Dhaheri, Adec's fac

  • Abu Dhabi's First Gulf Bank Q2 net up 2%

    Abu Dhabi's First Gulf Bank has posted a 2% rise in second-quarter profit of Dhs787m, up from Dhs775.2m from a year earlier. Revenues rose 12% to Dhs1.467bn and net interest income increased 9% to Dhs1.043bn. NPLs were 2.5% of total gross loans but the bank has provisions coverage of 126%, the bank said.

  • Accor Group signs Syria management agreement

    Accor Group has signed a management agreement with Syria's Bena Properties to manage two properties at the developer's mixed-used development, Taj Halab. Featuring 129 and 150 keys, the four-star Novotel hotel and three-star ibis hotel will mark Accor's entry to the Syrian market. Taj Halab features seven historical buildings dating back to 1920 which will be restored and used as a boutique hotel. Taj Halab will be completed in 2014. Category: Transport and Logistics

  • Adac gets IATA Platinum status

    Abu Dhabi Airports Co (Adac) has said it has achieved Platinum Airport status from the International Air Transport Association (IATA) for adopting 100% bar coded boarding passes (BCBP). The 2D bar coded boarding pass at Abu Dhabi International Airport offers an alternative solution to queuing at the check-in desks, as passengers are now able to get their boarding passes online or at the digital kiosks at the airport. The IATA has set a target of converting to 100% BCBP by the end of 2010.

  • ADAS selects Rostima for workforce management solution

    Abu Dhabi Airport Services (ADAS) has selected Rostima's workforce management solution for its operation at Abu Dhabi International Airport. ADAS is the sole ground handling company at Abu Dhabi International Airport and is to deploy the Rostima service, which includes capacity planning and scheduling and attendance software, at the airport.

  • Adco launches new $50m construction contract

    Onshore oil and gas developments will become less common in coming year

  • ADEC offers land for private schools

    Six plots of land have been offered by Abu Dhabi Education Council in Khalifa City B and Mohamed bin Zayed City for the development of new private schools, Emirates Business has reported. Each land plot is between 18,000 to 22,000 square metres, and will be leased at nominal rates, Adec said. The public tender is open for interested investors who can demonstrate both a capability and commitment to meeting Adec's quality standards, and can demonstrate plans to open schools by August 1, 2013 th

  • Adec to build new primary school in Al Ain

    Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Education Council (Adec), has ordered the construction of a new modern primary school for C1 students and a new kindergarten in Al Quo'a area of Al Ain, Khaleej Times has reported. The new school will help accommodate the increasing number of students and replace old schools in Al Quo'a. The construction of the new KG will be ready by November this year, while new school is expected to be completed by

  • Adia denies plans to cut European exposure

    The Abu Dhabi Investment Authority (Adia) has revealed it has no plans to cut its exposure to Europe, saying a stable regulatory, legal and tax framework make it an attractive place to invest, Reuters has reported. "No, (we) maintain a stable view," Jean-Paul Villain, strategy unit head at Adia, told the news service when asked if the fund was looking to reduce its exposure in the face the debt crisis in Europe. "These markets are efficient," he said.

  • Adib denies $5bn sukuk sales plan

    Abu Dhabi Islamic Bank (Adib) has said media reports regarding the lender's plans to raise $5bn from Sukuk sales are not correct and misleading. The Islamic lender is not issuing a new Sukuk, but rather updating the initial programme that was launched in 2006, it said. "We, at this stage, have no immediate plans for Sukuk issuance. We will monitor the market and may look into issuance on an opportunistic basis." Adib said in a statement.

  • Adnoc to deepen cuts of crude supply

    Abu Dhabi National Oil Co (Adnoc) has said it will deepen the cut of Murban and Lower Zakum crude supply to 20% below contracted volumes in September, compared a 10% reduction in August, Reuters has reported. However, the company will raise the supply of Umm Shaif and Upper Zakum crudes to 10% below contracted volumes in September, compared with a 20% cut in August. Murban was depressed in the spot market recently due to oversupply, with September-loading cargoes valued at a discount between

  • Adobe to add 'sandbox' feature to Acrobat Reader

    The next version of Adobe's Acrobat Reader will feature a new technology aimed at curbing a surge in malicious hacker attacks against the widely deployed software, ZDnet has reported. The security feature, called "Protected Mode," is similar to the Google Chrome sandbox and Microsoft Office 2010 Protected Viewing Mode, the firm said. The first sandbox implementation will isolate all "write" calls on Windows 7, Windows Vista, Windows XP, Windows Server 2008, and Windows Server 2003.

  • Adwea grants deadline extension for Shuweihat S3

    Developers have until 26 July to respond to the request for proposals

  • Agility opens new logistics centre in Germany

    Kuwait-based Agility has opened a new logistics centre in Korntal-Münchingen, northwest of Stuttgart, Germany. The 9,000 sq m centre includes a 4,500 sq m storage area, a 1,500 sq m picking and packaging area, a 3,000 sq m handling area, as well as 13 heavy goods vehicles loading ramps. The facility is equipped to cater for the specific needs of the high-tech, retail and automotive industries.

  • Agthia to enter processed fresh fruit segment

    Abu Dhabi-based Agthia Group has announced plans to enter the processed fresh fruit and vegetable segment. The company will set up a new production facility within its existing Al Ain Vegetable Processing and Canning Factory, with commercial production expected to commence in Q2, 2011. The firm has said its H1 net profit remained flat at Dhs54m compared to last year.

  • Ahli United raises its stake in Egypt bank

    Bahraini lender Ahli United Bank has raised its stake in Ahli United Bank Egypt to 85.1% from 79.6%, Reuters has reported. The Bahraini bank, which has sought to boost its stake to 90% in an offer that began on June 1, bought 3.3 million shares for a total of EGP122.6m. "The bank announces that it is its intention to delist the target bank from the Egyptian Exchange after the execution of the purchase operation," AUB said.

  • Air Arabia connects Alexandria to Abu Dhabi

    Air Arabia has said it plans to launch a new route linking its latest hub in Alexandria, Egypt, with the UAE capital, Abu Dhabi. The new service will commence on July 12, 2010 with four weekly flights on Tuesdays, Thursdays, Saturdays and Sundays.

  • Air Arabia Egypt gets operators certificate

    The Egyptian Civil Aviation Authority has granted low-cost carrier, Air Arabia its Air Operators Certificate (AOC). The certificate clears the way for the launch of the Alexandria-based joint venture company, Air Arabia Egypt, which is to start operating with two aircraft serving selective destinations in the Middle East and Africa.

  • Air Arabia in $620m engine deal

    Sharjah-based budget carrier Air Arabia has said it has selected the CFM56-5B engine to power its 44 Airbus A320 family aircraft order announced in 2007. The move, which will more than double the airlines CFM56-5B powered A320 fleet, is valued at more than $620m at list price. The airline also signed a multi-year Rate per Flight Hour service agreement for its CFM56-5B fleet.

  • Air Arabia launches new Alexandria-Abu Dhabi route

    Air Arabia has announced the start of its direct services from its latest hub in Alexandria, Egypt, to Abu Dhabi. The low-cost airline will fly to UAE capital on Tuesdays, Thursdays, Saturdays and Sundays.

  • Air Arabia places $620m engines order

    The engines will power the carriers’ Airbus A320 fleet

  • Air Arabia to receive new A320s

    Air Arabia is to receive two A320 aircraft towards the end of this year, Khaleej Times has reported. The planes are part of a 44 aircraft order the low-cost carrier placed with Airbus at a total cost of $3.5bn in November 2007. "The remaining aircraft will also arrive in batches,'' Housam Raydan, corporate communications manager of the airline said.

  • Al Inma Bank signs Wall Street Institute agreement

    Saudi-based Al Inma' Bank and the Wall Street Institute have signed an agreement which allows students to pay their educational services in installments over a period of one year without additional fees or charges. The new service is available for both Saudi and non-Saudi students, the lender said.

  • Al Khaleej rules out UAE sugar refinery expansion this year

    Dubai-based Al Khaleej Sugar has said it will not expand its refinery this year because adding capacity would require closing down at a time when demand for white sugar is high, Reuters has reported. "We had never set a date for this plan, but we will not be doing it this year as demand in the market is strong and increasing capacity would require us to shut down our refinery," Cyrus Raja, corporate affairs manager at Al Khaleej told the news service. The expansion is part of plans by the fir

  • Al Rajhi Banking ratings raised

    Capital Intelligence has raised the credit ratings of Saudi-based Al Rajhi Banking and Investment Corp. The bank's long-term foreign currency rating and its financial strength rating are both raised to AA- from A+. The short-term foreign currency rating is maintained at A1 and the outlook for all ratings is stable.

  • Alafco posts healthy profit

    Kwuait-based aircraft leasing firm, Alafco has posted a net profit of KD7.8m ($27.1m) for the nine months of its fiscal year that ended June 30, 2010. Operating profit rose 45% to KD14.4m ($50m), while earnings per share reached 10.45 fils. The company's total assets increased 42% reaching KD480m ($1.7bn) while shareholders' equity rose 11% to KD103m ($353.3m) during the same period.

  • Alafco upgrades Airbus order

    Kuwait-based Aviation Lease and Finance Co (Alafco) has upgraded its order for 12 Airbus A350-800's placed in 2007, into the higher capacity A350-900 model, Arabian Aerospace has reported. "The A350-900 is best suited to meet the needs of our customers in the decades to come. The A350 XWB will be a strong asset in our portfolio," Ahmad Al Zabin, CEO and chairman of Alafco said.

  • Alcoa-Saudi JV raises $4.5bn for mega plant

    A joint-venture between Saudi Arabian Mining Co (Maaden) and Alcoa has raised $4.5bn in debt for their giant aluminium project, Reuters has reported, citing three bankers close to the deal. The $7.5bn project, expected to be one of the world's largest aluminium projects, consists of a rolling mill and a smelter, which will each be financed separately and signed by September, bankers said. The $5bn aluminium smelter will be 65% financed by debt and 35% by equity. As for the smelter, Saudi and

  • Aldar posts net loss for H1 2010

    Abu Dhabi-based property developer, Aldar Properties has reported a net loss of Dhs789.5m for the first six months of 2010, compared to a net profit of Dhs1.14bn for the same period last year on lower property sales. Revenue for the period dropped to Dhs427m compared to Dhs1.068bn for the corresponding period last year. The developer expects more positive results during second half of this financial year due to the revenue generated from the delivery of its projects at Al Raha Beach and Al Gu

  • Aldar's Q2 forecast downgraded by EFG-Hermes

    Abu Dhabi-based Aldar Properties' Q2 forecast has been downgraded by EFG-Hermes "due to a slower-than-expected handover process for units," Emirates Business has reported. The investment bank expects Aldar to post revenues of Dhs307.9m, compared to an earlier estimated Dhs1.4bn, and a net loss of Dhs266.4m compared with an earlier forecast of Dhs105m, for the quarter ended June 30, 2010. "Unit handovers have been slower than expected such that units within the Al Bandar precinct on Al Raha Be

  • Alec wins Dubai Country Club contract

    New country club will be located in Dubailand

  • Algeria blocks use of imported building materials

    Move after delay in delivery of 5.1 million tonnes of cement

  • Algeria to spend $286bn on development projects by 2014

    Presidential Plan outlines a $136bn spending increase over next five years

  • Algeria: Backhoe loaders

    Supply of five backhoe loaders

  • Algeria: Bulldozers

    Supply of seven bulldozers

  • Algeria: Computing equipment

    Supply of computing equipment

  • Algeria: Diesel power plants

    Construction of 15 diesel power plants

  • Algeria: Gantry crane

    Supply, installation and industrial commissioning of a gantry crane

  • Algeria: Gas turbine power plants

    Construction of two 500-600MW gas turbine power plants (Rebid)

  • Algeria: Light vehicles

    Supply of light vehicles

  • Algeria: Photovoltaic energy project equipment

    Supply of equipment for a photovoltaic energy project

  • Algeria: Pipe-layers

    Supply of 15 pipe-layers

  • Algeria: Power station

    Construction of a two-by-200MW gas turbine power station

  • Algeria: Semi-trailers

    Supply of eight semi-trailers

  • Algeria: Tractors

    Supply of three tractors

  • Al-Khodari appoints GIB for IPO

    Saudi contractor Al-Khodari and Sons has appointed a unit of Gulf International Bank (GIB) as the lead manager for its initial public offering (IPO) due in October, Reuters has reported. The firm will offer 12 million shares, or 30% of its capital, to the public over the October 4-10 period. The Khobar-based construction firm was founded in 1966 and caters mainly to industrial firms in Saudi Arabia. It has branches in Kuwait and Dubai.

  • Al-Khodari Sons to float shares

    Saudi company to sell 30 per cent of its stock on Tadawul

  • Almoayyed signs Bahrain government IT deal

    Bahrain-based Almoayyed Computers has signed an agreement with the Central Informatics Organisation (CIO) to provide Microsoft services to the government, Gulf Daily News has reported. According to the three-year agreement, Almoayyed will provide Microsoft licences, services and technical and human support to all government institutions of Bahrain. The government is looking to reduce the gap in technology between its ministries.

  • Al-Rajhi Q2 net rises 0.5%

    Al-Rajhi Bank, Saudi Arabia's biggest lender by market value, has posted a 0.5% increase in Q2 profit, as the Islamic lender maintained its "conservative" provisioning policies against bad loans, Bloomberg has reported. Net income advanced to SR1.78bn ($470m) from SR1.77bn in the year-earlier period, the Riyadh- based bank said in a statement. Al-Rajhi Bank's lending increased 5.4% to SR118bn as of June 30, while investments increased 15% to SR30bn. Deposits rose 9.8% to SR135bn as of June 30

  • Alstom inks '$2bn' Iraq power plant MoU

    The French ambassador to Iraq has said that French engineering group Alstom has signed an initial agreement with the Iraqi government to build a power plant that could cost up to $2bn in Basra, Reuters has reported. The steam power plant will add 1,200 megawatts of capacity to the country. "This is just the beginning for other power plant projects," Boris Boillon told the news service. "The cost is under negotiation but it is between $1bn and $2bn," he said, adding the project would need two

  • Alstom to build Iraqi power generation and transmission projects

    Projects will add 1,380MW capacity to Iraq’s grid

  • Alstom wins $74m Tunis tramway deal

    French company also bidding for construction of two more lines on tram network

  • AMD posts Q2 profits

    Advanced Micro Devices (AMD) has said that its revenue rose 40% to $1.65bn on stronger demand for its new notebook chip set, Reuters has reported. Thomas Seifert, AMD chief financial officer said the company expects third-quarter revenue to grow 5% to 10% from the second quarter. That would translate to a range of $1.73bn to $1.81bn. AMD had posted 12 consecutive quarters of losses until the fourth quarter of 2009. The chip maker also said it will speed up the launch of its Ontario chip to th

  • American Hospital Dubai begins opening of In-Patient Bed Tower

    The American Hospital Dubai has opened the new Total Joint Replacement Regional Centre of Excellence at its new In-patient Bed Tower. The facility comprises 44 in-patient rooms, and medical/surgical units and supporting areas. The hospital said the 20-bed maternity unit will be opened shortly, with its eight delivery suites, two c-section rooms, 10-bed neonatal ICU and a well-baby nursery. The new In-patient Bed Tower will add 240 patient beds to the existing campus. The facility will be full

  • American model schools set to open in Saudi Arabia

    Saudi Arabia's Al-Khaleej Training and Education has unveiled plans to open several world-class international schools in the kingdom, Arab News has reported. Rowad Al-Khaleej International School, the first of these schools that will follow a fully-fledged American syllabus, is set to be opened in Dammam at the beginning of the 2010-2011 academic year, while the second school will be opened in Riyadh in 2012.

  • American University of Beirut signs CFA deal

    The American University of Beirut and the CFA Institute have announced the signing of a CFA Programme Partnership agreement. The deal makes AUB CFA's second partner in the Middle East and the first in Lebanon and the Levant. The programme aligns the BBA (Bachelor of Business Administration) AUB course with the CFA Programme Candidate Body of Knowledge curriculum, allowing students to complete their studies and prepare for the CFA Programme at the same time.

  • Apicorp to exit regional investment portfolios

    Ahmad Bin Hamad Al Nuaimi, chief executive and general manager of Arab Petroleum Investments Corp (Apicorp), a multilateral development bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (Oapec), has said the firm plans to exit some of its portfolio investments in regional projects, Gulf News has reported. The move is aimed at diversifying Apicorp's portfolio away from concentrating on oil and gas and the petrochemical projects to shipping to downstr

  • Apple explains poor iPhone 4 reception

    Users of the newly launched iPhone 4 have been told by Apple that the poor reception they have been experiencing has been the result of using an incorrect algorithm rather than being caused by the antenna design. "Upon investigation, we were stunned to find that the formula we use to calculate how many bars of signal strength to display is totally wrong. Our formula, in many instances, mistakenly displays two more bars than it should for a given signal strength," Apple said in a statement. Th

  • Aptec inks Applied Security distribution deal

    Dubai-based Aptec Holdings has entered into an exclusive distribution agreement with Applied Security (Apsec), a Germany-based IT security solutions firm. Apsec specializes in PKI solutions, encryption and digital signature. The agreement covers the Middle East, North Africa, Turkey and Pakistan.

  • Arab Banking Corp signs $35.8m Kanoo Tower agreement

    Bahrain-based Arab Banking Corp (ABC) has signed a $35.8m new committed bilateral term loan with Kanoo Group of Companies. The loan will be used to finance the Kanoo Tower in the Diplomatic Area of Manama, Bahrain. The deal is in line with the MoU signed between ABC and Kanoo last year.

  • Arab Banking Corporation posts $75m H1 profit

    Bahrain-based Arab Banking Corp (ABC) has posted $75m in net profit for the first six months of 2010, 39% higher than the corresponding period of 2009. Net profit for the second quarter dropped to $34m from $41m in the first quarter, due to impairment provisions taken for regional as well as global exposures, the bank said.

  • Arabtec gains 6.36% as Nakheel presents debt-restructuring

    The Dubai Financial Market (DFM) Index finished the week positively (up one percent at 1,520.20 points) on news that Dubai World's real estate developer Nakheel presented a debt restructuring plan to its creditors. Although details have not been released, one of Nakheel's contractors Arabtec reacted positively, finishing 6.36% higher at Dhs1.84. Shares listed at the Nasdaq Dubai posted losses, as DP World plummet 1.79% to $0.438 and Depa was down 4.05%, closing at $0.71. Some 90.146m shares c

  • Arabtec inks deal to build mega project in Ras Al Khaimah

    Arabtec Holding, the UAE's largest contractor, has signed a contract with Khoie Properties for the construction of the La Hoya Bay Development on Ras Al Khaimah's Marjan Island, Bloomberg has reported. The total value of the project is estimated at Dhs2.5bn ($680m) and it will be built in phases over 54 months, Arabtec said. La Hoya Bay Development is designed to include homes, hotels, offices, retail space, three marinas and a yacht club.

  • Arabtec set for Iraq stadium project

    Arabtec Construction is considering a contract to build a 100,000-seat stadium on the outskirts of Baghdad, The National has reported. "We considered it a couple of times in the past but decided against it because of the ongoing security situation," chief executive, Tom Barry said. "We were recently asked to look at the stadium project so are now looking at the main requirements."

  • Aramco and Dow confirm Jubail move

    Configuration of $15bn-plus petrochemicals complex at Jubail Industrial City 2 remains unknown

  • Aramco awards construction contracts on $10bn Yanbu refinery

    Eight engineering, procurement and construction contracts signed on Red Sea coast scheme

  • Aramco awards contracts for Yanbu refinery

    Saudi Aramco has signed contracts with international firms to build a multi-billion dollar refinery at Yanbu on Saudi Arabia's Red Sea coast, Reuters has reported. South Korean firms Daelim and SK Engineering and Construction Co won deals to build three of the main processing units at the 400,000 barrels per day (bpd) refinery. Other winners included Spain's Tecnicas Reunidas , Dayim Punj Lloyd (Saudi Arabia), a unit of Punj Lloyd, and Egypt's Engineering for the Petroleum and Process Industr

  • Aramco to award last Yanbu package in September

    Solids handling construction contract worth $350m

  • Aramex Q2 profit up 10%

    Aramex has reported a 10% rise in net profits for the second quarter to Dhs55m, compared to Dhs50m in the same period of 2009. Net profits for the first half of 2010 grew 10% to Dhs102m, from Dhs93m achieved in the first six months of the previous year. "These solid figures meet our expectations for this quarter, and are very much in line with historically strong performances across all levels of operations," Aramex CEO, Fadi Ghandour said in a statement.

  • Aramex wins Dutch Military contract

    Jordan-based Aramex has announced it has been awarded a two-year contract by the Dutch defence ministry to provide ground transportation services for its military across Europe. According to the deal, Aramex will handle from its Eindhoven station the regular movement of shipments both inbound and outbound from the Netherlands to locations across the EU, Norway, Switzerland and Turkey.

  • Arcapita to sell Irish utility for $1.67bn

    Sale to be concluded by end of 2010

  • Aresco signs $130m cement plant contract

    Egypt-based Building Materials Industry (BMIC) has signed a $130m contract with ASEC for Manufacturing and Industrial Projects (Aresco) to construct a cement plant in the Upper Egyptian governorate of Assiut. The 1.5 million tons per annum cement plant is scheduled for completion in 22 months. Aresco will be providing all the civil, electrical and mechanical works for the project.

  • Ashgal extends submission deadline for Qatar road deal

    Contractors now have until 27 July to submit bids for works on Najma Road

  • Asian growth drives DP World ports recovery

    Dubai-based port operator handles 16 per cent more cargo during first half of 2010

  • Asir begins helicopter tour of resorts

    The Saudi governorate of Asir has launched helicopter tours of resorts in the region for the duration of the Abha Tourism Festival to enable tourists to get an aerial view of the region's attractions, Arab News has reported. Around 80 15-minute trips will be arranged during the event, each accommodating four people.

  • Asset deflation continues at Kuwait bourse

    Most shares across all sectors declined at the first day of the week in Kuwait, with KSE Market Index ending off 1.73% at 6,320.6 points. Banks and insurers posted heavy losses in particular. Industry bellwether National Bank of Kuwait (NBK) weakened by 3.5% and finished at KD1.1. Kuwait International Bank bucked the downtrend and advanced 1.06%, ending at KD0.190. Jazeera Airways declined 1.88% and finished at KD0.104. According to data from Kuwait's Directorate General for Civil Aviation (D

  • Aswan wins Qatar Public Works contract

    Qatar's Aswan Trading & Contracting Co has been awarded a QR119m ($32.7m) contract by the Public Works Authority (Ashgal) for road improvement works in the Al-Dayeen area of Doha, Meed has reported. The road improvement works include grading works for Al-Kheesa north. The project is part of Qatar's plans to invest $20bn on new roads and related drainage and infrastructure in the next five years.

  • Auris looks to expand in UAE

    Auris Hotel Management, which opened its first hotel in Dubai last week, is preparing for the opening of a hotel apartment in Al Barsha within a week, The National has reported. The firm plans to open another hotel in Dubai Marina next October, as well as a five-star hotel in Al Barsha by the end of the year, as part of its expansion plans. "We want to expand in the UAE and in India, Middle East and North Africa," Hatem Gasmi, the managing director of Auris said. "We are looking for opportuni

  • Bahrain bourse signs deal to sell global investment products

    New Bahraini exchange to launch range of investment products in October

  • Bahrain bourse stabilizes

    As trading interest nears meltdown in Manama, the BSE index added 0.05% and closed at 1,389.58 points. Most shares did not post a price change, and only Inovest added value. The share gained 6.25%, closing at $0.51. No stock lost value at the BSE.

  • Bahrain cuts heat stroke cases

    The number of cases of heat exhaustion in Bahrain has dropped to a daily average of 10, thanks to the summer ban on outdoor work during peak temperatures, Gulf Daily News has reported. Hospitals, however, have so far not received any cases of severe heat strokes, the daily said. "Every summer, the accident and emergency department usually gets one or two cases of severe heat strokes, which eventually leads to death," according to Salmaniya Medical Complex (SMC) Accident and Emergency chief r

  • Bahrain exchange stabilises above 1,400 points

    The Bahrain All Share Index advanced to 1,404.47 points, as only 954,524 stocks changed handes, the lowest trading volume in the GCC on Tuesday. Shares of Ahli United Bank (AUB) extended their recovery. AUB, the second largest bank in the Kingdom of Bahrain, gained 1,49%, closing at$0.68.

  • Bahrain expects slow financial recovery

    The recovery of Bahrain's financial industry, which contributes almost a quarter of the country's gross domestic product, is likely to be slow as low property prices weigh on lending, Bloomberg has reported. "The EDB expects the finance sector to recover only slowly from the downturn," the kingdom's Economic Development Board said in its annual report. "Given the outlook for property, wholesale banking is unlikely to expand for some time, and Islamic banking will be more constrained than expe

  • Bahrain invests $5.3m more in causeway facelift project

    Bahrain has allocated a further BD2m ($5.3m) for the improvement and expansion of facilities on the King Fahad Causeway, linking Bahrain and Saudi Arabia, Gulf Daily News has reported. The plan includes increasing the number of departure lanes from 10 to 17 and the number of arrival lanes from 13 to 18, on both sides of the border. It will also include establishing a commercial centre on the Bahrain side, at a cost of around BD800,000 and housing restaurants, coffee outlets and other shops.

  • Bahrain Islamic Bank to raise $143m in rights issue

    Mohammed Ebrahim Mohammed, chief executive of Bahrain Islamic Bank has said the lender plans to raise up to $143m in a rights issue at a 37% discount, the first time a major Bahraini retail bank has sought fresh capital since the financial crisis, Reuters has reported. "We plan to raise up to 75% of our paid-up capital which is about BD72m," he told the news service. Bahrain's fifth-largest retail bank posted a full-year net loss of BD19.4m for 2009 and a BD6.9m loss for the second quarter of

  • Bahrain market knocks at 1,400 points

    The Bahrain All Share Index ended in very thin trading 0.48% higher at 1,398.87 points. The Kingdom's second largest financial institution Ahli United Bank (AUB) gained 2.31%, closing at $0.665. Islamic bank Ithmaar surged 4.35%. The share is now worth $0.120, step by step recovering from its 2010-lowe at $0.110 from the start and the end of June.

  • Bahrain National Holding mid-year profit touches $4.353m

    Bahrain National Holding Co (BNH), the parent company of Bahrain National Insurance and Bahrain National Life Assurance, has said its net profit for the first six months of this year was similar to the previous year at BD1.641m. The group recorded BD12.637m ($33.520m) in total gross premiums for the period, while net earned premiums stood at BD6.741m ($17.881m), which was also similar to the same period last year.

  • Bahrain receives bids for housing projects

    The housing schemes will be built at three different locations

  • Bahrain Stock Exchange adds 2.27 points

    Manama failed to benefit significantly from the overall bullish mood in the GCC and closes just 0.17% higher at 1,368.56 points. Ahli United Bank outperformed the market by climbing 1.67% higher at $0.610. As investors expect the launch of the new Bahrain Financial Exchange (BFX), a multi asset class exchange next October, the established BSE faces a growing lack of interest as Bahrain banks were hit relatively hard by the financial crisis and they are slowly recovering.

  • Bahrain to launch Shari' ah compliant bourse

    Bahrain is to launch a bourse dedicated to Shari'ah-compliant securities, Bloomberg has reported. The Bahrain Financial Exchange, scheduled to open in October, will start trading in Islamic debt next year, CEO Arshad Khan said. "We are quite hopeful that we'll see a very liquid secondary market in sukuk, which does not exist right now, whether in London or anywhere else," Khan told the news service.

  • Bahrain: Health centre works

    Construction of a physiotherapy department at a health centre

  • Bahrain: Hotel network development

    Provision of a network development for a national hotels company

  • Bahrain: Light vehicle leasing

    Leasing of light vehicles for four years for an airport company

  • Bahrain: Marine works

    Carrying out reclamation and marine works at a fishing harbour

  • Bahrain: Medical equipment

    Supply of medical equipment

  • Bahrain: Medical equipment

    Supply of medical equipment

  • Bahrain: Medical equipment

    Supply of medical equipment for a geriatric hospital

  • Bahrain: Medical furniture

    Supply of medical furniture and accessories

  • Bahrain: Pesticides

    Supply of pesticides

  • Bahrain: Physiotherapy equipment

    Supply of medical physiotherapy equipment

  • Bahrain: Power lines and feeder reinforcement

    Reinforcement of low-voltage feeders and high-voltage power lines

  • Bahrain: Radiology equipment

    Supply of radiology equipment

  • Bahrain: Road improvement works (Jaww)

    Carrying out road improvement works in Jaww village

  • Bahrain: Road improvement works (Salmabad)

    Carrying out road improvement works in Salmabad village

  • Bahrain: Service pipes

    Replacement of service pipes for a power and water company

  • Bahrain: Tank repair services

    Provision of mechanical repair services for tanks

  • Bahrain’s ABC bank signs $35.8m loan for Kanoo Tower

    Tower located in diplomatic area of Manama

  • Bahrain’s BMI bank appoints new group chief executive

    Jamal al-Hazeem was previously the Bahrain chief executive

  • Bahraini investment firm shut down

    Bahrain-based Gulf International Investment has been shut down by authorities over alleged violations, Gulf Daily News has reported. Authorities did not provide details on whether the closure was temporary or permanent. GII is an investment firm that raises funds from retail investors for real estate and private equity projects mostly in the GCC region.

  • Bahrain's Ithmaar Bank appoints new chief executive

    New chief executive tasked with final conversion into retail bank

  • Bank Audi posts H1 profit rises 21%

    Lebanese lender Bank Audi has reported a 21.4% rise in first half net profit to $161.4m, boosted by positive economic conditions in the countries where it operates, including Lebanon, Egypt, Syria and Jordan, Reuters has reported. The bank's 2009 H1 net profit was $132.9m, while deposits rose by $798m to $23.8bn, as it captured close to 19% of the total deposit growth in the Middle East and North Africa region, according to its chief financial officer, Freddie Baz.

  • Bank Dhofar Q2 profits up 16%

    Oman's second-largest bank by market value, Bank Dhofar has said that its quarterly net profit rose 16%, Reuters has reported. Second-quarter net profit rose to OR8.9m ($23.12m) compared to OR7.7m in the second quarter of 2009. For the six months ended June 30, the bank's profits rose 25% to OR17.7m, it said in a statement.

  • Bank Muscat second quarter profit rises

    The second-quarter net profits of Bank Muscat have surged by 87% to OR22.5m ($58.4m) from OR12.02m in the same period last year, Bloomberg has reported. The lender set aside OR20.7m in provisions during the first half, compared with OR51.5m a year earlier. First-half profit fell 22% compared to the same period of 2009.

  • Bank of Baroda expands customer centres in UAE

    The only full-fledged Indian bank in the UAE, Bank of Baroda has unveiled plans to open five more customer service centres in the country, Khaleej Times has reported. "We have plans to open five more [customer service centres] so we can be very close to our customers," Ashok K. Gupta, chief executive, GCC Operations, Bank of Baroda, told the daily. The lender also has expansion plans for opening its offices in Qatar, Kuwait and Saudi Arabia.

  • Bank shares stabilise Dubai market

    Little trading activity along with weak performing construction and real estate firms weighed on the Dubai Financial Market (DFM), which ended 0.10% lower at 1,468.45 points. Emaar (off 0.65% atDhs3.08) still does not find a support and approaches the psychologically important level at Dhs3.00. But some financials sent a signal of hope such as Commercial Bank of Dubai (CBD, gaining 3.45% at Dhs3.00) or Dubai Islamic Bank added 1.03% and closed Dhs1.96. The DFM banking sector index was the onl

  • Banks face 20% losses from Dubai World loans

    Moody's Investors Service has said that UAE lenders may need to set aside as much as 20% of their loans to state-owned Dubai World to cover losses after it announced a $23.5bn debt restructuring, Bloomberg has reported. Losses as a result of the new debt terms "will be manageable and within a range of 10% to 20% on average for the exposed banks," John Tofarides, a bank analyst at Moody's told the news service. UAE banks have about $10bn of loans to Dubai World, on which terms are being altere

  • Banks mull $2bn Aabar loan

    Investment firm hopes for bank responses before end of July

  • Banks weigh on Bahrain market

    The Manama-based Bahrain All Share Index was pulled down 1.17% to 1,379.98 points by weak performing banks. The country's largest financial instutute Arab Banking Corporation (ABC) posted the largest loss, plummeting 9.82% at $0.505. Inovest bucked the baisse by advancing 4.35% at $0.480.

  • Batelco expects 2010 profit below BD100m

    Batelco expects its full-year net profit to be lower than BD100m ($265.3m), due to increased competition in Bahrain, Reuters has reported. "Below BD100m is the best I can offer now," chief executive, Peter Kaliaropoulos told a news conference in Manama. The telco's mobile market share in Bahrain is expected to further fall to about 47% at year-end, from the current 49%, he said. The company plans to make an acquisition worth about $1.5bn-$2bn in North Africa or Asia, he added, noting that the

  • Batelco warns on scam calls

    Batelco has warned its customers in Bahrain over attempts of identity theft aimed at obtaining personal details through an alleged draw, Gulf Daily News has reported. The calls are being generated from a variety of mobile numbers in the UAE and inform customers they have won BD50,000 in a draw, according to Batelco. "Customers should be aware that such calls announcing that they have won money are fraudulent," it said.

  • Beauty is on the eye of the beholder

    Riyadh launches ambitious plan to fight pollution

  • Bellevue Medical Centre and Jordan university sign affiliation agreement

    Lebanon's Bellevue Medical Centre (BMC) and Saint Joseph's University's (USJ) Faculty of Medicine have signed an affiliation agreement that will see BMC become an academic hospital. The agreement will provide USJ medical students with a training facility and will allow the exchange of scientific knowledge and the establishment of long term research programmes between the two institutions.

  • Beltone and Pioneer scrap merger

    Egyptian lender, Beltone Financial and Pioneers Holding have scrapped a $62 million acquisition after failing to agree on a strategy for the merged firm, Reuters has reported. Under the plan, announced in November and approved by shareholders of both companies, Pioneers would have acquired Beltone in an all-share deal creating an entity with EGP29.2bn ($5.13bn) under management. Beltone's head of investor relations, Osama Rashad, told the news service the deal fell through due to "lack of agr

  • Benchmark to tender Beirut construction package in the next 12 months

    Development will be located in the Beirut central district

  • BG Egypt to invest $2bn in new pipeline and wells

    BG Egypt is to invest $2bn to install a pipeline and drill new wells off Egypt's Mediterranean coast to help meet the country's growing demand for gas, Reuters has reported. The new offshore pipeline, the company's third in the West Delta concession, is expected to be operational by the end of 2010 and will enable the firm to maintain its current production levels. BG will also drill nine wells in West Delta, which will be operational by late 2011, BG Egypt president, Arshad Sufi said.

  • Bid deadline for Barwa roads gets second extension

    Barwa roads are part of Qatar’s plans to invest $20bn in infrastructure by 2015

  • Bids submitted for Oman water and power plant consultancy contract

    Tebodin and Partner bids low for consultancy work on $1bn Salalah plant

  • Boeing: Commercial plane market to reach $3.6trillion in 20 years

    Boeing has said that the market for new commercial airplanes is projected to reach $3.6 trillion over the next 20 years, the Boeing 2010 Current Market Outlook foresees a market for 30,900 new commercial passenger and freighter airplanes by 2029 - with the Middle East positioned as the second-strongest market. Driven by a 5.3% growth in passenger traffic, the proliferation of low-cost carriers, and continuing instability of fuel prices, the single-aisle airplane segment will continue to domin

  • Bombardier seeks Middle East interest in C-series

    Bahrain’s Gulf Air in talks about the narrow-body jet

  • Boom construction wins Qatar road deal

    Local contractor will carry out work south of Qatar University

  • Borouge sets out $200m plant bid timeline

    Specialist plant at Ruwais will be last contract awarded on third-phase capacity expansion

  • BP ends Iran Air jet fuel contract

    The UK firm stops supplying jet fuel to Iran’s national carrier at Germany’s Hamburg airport

  • BP signs Egyptian offshore gas agreement

    Egyptian General Petroleum Corp has signed an agreement with British Petroleum (BP) to develop two offshore gas fields, in the biggest deal for BP since its drilling rig disaster in the Gulf of Mexico, AFP has reported. The deal will develop five trillion cubic metres of gas from the North Alexandria Deepwater block and the Western Mediterranean block. The fields will produce 900 million cubic metres of gas a day starting from 2014, according to the Egyptian Petroleum Ministry said.

  • BP signs new offshore gas deal in Egypt

    UK firm says previous terms were not commercially viable

  • BP to issue tenders for Rumaila wells this year

    British Petroleum and its partners China's CNPC and Iraq's South Oil Co plan to issue tenders to drill 40-50 new wells in the supergiant Rumaila oilfield this year and "about the same" next year, Reuters has reported. A BP executive said tenders for next year's well contracts are expected to be issued and awarded at some stage this year. BP and CNPC signed a 20-year development contract last year for Rumaila and expect to increase Rumaila's output to 2.85 million barrels per day.

  • BP woes will not affect Abu Dhabi hydrogen power project

    UK major is a 60 per cent partner in the scheme

  • Canadians win Najaf monorail contract

    The monorail project will be the first of its kind in Iraq

  • Chemweyaat to move planned petrochem plants to Western Region

    Abu Dhabi National Chemicals Co (Chemaweyaat) has abandoned plans to develop units at Khalifa Port and Industrial Zone (KPIZ) and will move all of its 12 planned joint venture petrochemicals complexes to the emirate's Western Region, Meed has reported. The decision to build the complex next to Ruwais, which sites the majority of the production facilities owned by state refiner Abu Dhabi Oil Refining Co (Takreer), will make the project more feasible, engineering executives said. "If they built

  • Chronically ill patients take up 25% of beds in Saudi government hospitals

    Around 25% of beds in Saudi government hospitals are occupied by patients with incurable chronic diseases, the old and the disabled, Arab News has reported. "Such patients need health care more than medication. There is a great shortage in organizations that provide health care services to people who are long-term ill," Dr Nawwaf Al-Harithy, director of the health affairs department in Hail, told a two-day medical conference in Jeddah.

  • CIB to double capital

    Egyptian lender, Commercial International Bank (CIB) has announced it will double its issued and paid-up capital to EGP5.9bn ($1.07bn) financed from its reserves, Daily News Egypt has reported. Shareholders will receive one free share for every one held by the close of trade on July 14, the bank said. CIB shareholders will now be able to cash in a portion of their investment and will still be permitted to remain shareholders within the bank..

  • Citadel Capital of Egypt gets $136.8m for funds

    Egyptian private equity firm Citadel Capital has announced the first closing of its Africa and Middle East and North Africa funds, Bloomberg has reported. The Cairo-based firm received $136.8m from international financial institutions.

  • Citigroup cuts global growth forecasts

    Citigroup has lowered its full-year global growth forecasts for 2010 and 2011, according to a strategy report. Global GDP will increase by 3.7% this year and 3.3% in 2011, Citigroup said, trimming its previous forecasts by 0.1 percentage points each.

  • Commercial Bank of Dubai reveals H1 profit rise

    The Commercial Bank of Dubai (CBD) has announced its H1 2010 net profit rose 2.3% to Dhs513m ($139m). Operating profit rose 12.8% to Dhs675m, compared to Dhs599m in the same period of 2009. Provisions for the six month period reached Dhs179m, which includes additional collective provisions of Dhs35m, resulting in total collective provisions amounting to 1.3% of total performing loans.

  • Computer sales rebound in UAE

    Computer sales increased in the UAE in the first quarter of this year thanks to higher sales of budget-friendly and more portable netbooks. Total sales of computers rose 9.8% in the first quarter to 250,500 units compared with the first quarter last year, according to data from the consultancy GfK Retail and Technology. But the total value of sales rose only 1% to $14.4m, reported the National.

  • Confidence crisis threatens Dubai recovery

    Nakheel’s debt deal is good news but more needs to be done to fire up economy

  • Continental to launch daily service from NY to Cairo

    US-based Continental Airlines has announced plans to launch non-stop flights next year to Cairo, Egypt, from Newark Liberty International Airport. Subject to US government approval, the route will be launched on May 18, 2011 and will be served with a Boeing 777-200ER aircraft, seating 50 customers in BusinessFirst with flat-bed seats and 226 customers in economy class. Continental plans to operate the route on a daily basis during peak summer travel season, with five- and four-times-weekly se

  • Contractors selected for major Saudi Arabia district cooling contract

    SNC Lavalin and Saudi Tabreed to build two 50,000 refrigeration tonne projects

  • Credit ratings agency upgrades Qatar outlook

    Credit ratings agency, Standard and Poor's has upgraded the sovereign credit rating of Qatar to 'AA' from 'AA-', citing strong growth prospects spurred by new large liquefied natural gas projects in 2010-2012. At the same time, the 'A-1+' short-term ratings were affirmed, with a stable outlook. "The stable outlook balances Qatar's strong fiscal and external positions against monetary and banking sector challenges and political risks, both geopolitical and as related to developing domestic ins

  • Cypriot contractor wins Bahrain Theatre deal

    The National Theatre is part of strategy to boost tourism in the kingdom

  • DAE appoints new executive committee chairman

    The board of directors of Dubai Aerospace Enterprises has announced the appointment of Dr Mohammed Al Zarooni as the chairman of the Executive Committee, Wam has reported. The committee has been assigned to manage and oversee the entire business and will directly supervise the operations within the organisation to improve organizational and financial results. The operations of DAE cover leasing aircraft and providing essential services for the aerospace industry.

  • Daelim to build Yanbu $1.2bn hydrocracker

    South Korea’s GS Engineering & Construction had been favourite to win the deal

  • Daewoo wins contract to build chemical tanker

    The tanker will be operated in Dubai by NCC Odfjell Chemical Tankers

  • Damac awards Drake & Scull Jeddah tower

    Damac is one of a few foreign developers building in Saudi Arabia

  • Damac awards DSI Saudi contract

    Damac Properties has awarded Drake and Scull International (DSI) a SR450m contract for the construction of its Al Jawharah project in Jeddah, Saudi Arabia. Construction of the 42-storey residential tower will take around 28 months, Damac said. The project is located on the Jeddah Corniche, alongside the Red Sea.

  • Damac awards enabling contract in Lebanon

    Damac Properties has awarded Zetas Apex Foundation Technologies the enabling works contract for its Damac Tower in downtown Beirut, Lebanon. The enabling phase of the construction process is expected to take around nine months due to the rocky nature of the terrain and will involve piling and excavation to a depth of 24 metres. The new high-rise building is scheduled to be completed in 2013.

  • Damas agrees to deal with creditors

    Dubai-based jeweler Damas International has agreed with its creditors to restructure $1.08bn debt, al Bayan newspaper has reported, citing chief executive officer Anan Fakhreddin. The company and its creditors agreed on an interest rate lower than the market rate, Fakhreddin said. Damas also reached and agreement with its founders, the Abdullah brothers, to pay back $163.3m in three installments, the newspaper reported.

  • Damas inks standstill agreement with lenders

    Dubai-based jeweller Damas International has signed an extension to the standstill agreement that it had reached with a majority of its bank lenders. A majority of the firm's bank lenders have approved the extension until September 30, 2010, to allow the company to finalize its restructuring plan and having regard to the Ramadan period.

  • Damas nears debt extension deal

    Anan Fakhreddin, chief executive of UAE-based jeweller retailer Damas International expects to sign an extension with lenders to its standstill agreement on $872m of debt by the end of next week, Reuters has reported. "Everybody is in agreement," he said, adding that the extension would serve as an "interim arrangement to negotiate" debt restructuring.

  • DBFS to open India desk

    R. Seetharaman, chairman of the Doha Brokerage and Financial Services (DBFS), a subsidiary of Doha Bank, has announced plans to open an Institutional Desk in Mumbai, India, in coming days, the Peninsula has reported. The desk will provide a commercial gateway through which investors from across the globe can operate in Indian stock market.

  • Deadline extended for Kuwait’s College of Engineering and Petroleum

    Contractors now have until 8 August to submit bids

  • Deficit budget approved for Kuwait Airways Corp

    Kuwait's parliament has passed the 2010-2011 budget of state-owned Kuwait Airways with a projected deficit of $180m, AFP has reported. Revenues for the privatization-bound airline are projected at $853m while expenditure is estimated at $1.033bn. The carrier has posted a loss in all but one of the past 20 years, accumulating losses of more than $2.5bn.

  • Dewa appoints HSBC as adviser to IWPP deal

    Dubai Electricity and Water Authority (Dewa) has appointed HSBC as financial consultant to find funding for its first privately-backed water and power project, Reuters has reported. The IWPP project will be the first such initiative by the state utility to build, own and operate a plant in partnership with the private sector. Dewa managed to place a $1bn bond in April, attracting an order book of $11.5bn.

  • DFM finishes the week on a positive note

    Driven by positive inputs from the Wall Street and Asia, the Dubai Financial Market (up 1.19% at 1,499.81) points finished the week on a stronger note. Stock markets in East and West surged on Wednesday as a stronger Euro boosted commodity shares. Emaar Properties was the most liquid stock and the top gainer, closing 3.21% higher at Dhs3.22. Contractor Drake and Scull gained 1.75% (ending at Dhs0.814) benefited from its announcement that it has been awarded an Dhs460m contract for the complet

  • DHL inks Dubai metro postal services deal

    Dubai's Roads and Transport Authority (RTA) has signed a one-year agreement with DHL to provide postal services through the post system known as Packstations at Dubai Metro stations. RTA will allocate space at the stations to install DHL's parcels and documents postal system initially at Khalid bin Al Waleed station and Deira City Centre station. The service is set to cover other metro stations later on, RTA said.

  • Dhofar Fisheries Q2 net loss lessens

    Oman's Dhofar Fisheries Industries Co has recorded a net loss OR370,833 during the second quarter, compared to the net loss of OR547,303 during the same period last year, Oman Daily Observer has reported. The total net loss during this half year reached OR802,109, compared to the net loss of OR1.06m during the same period in 2009. However, the firm's turnover for the second quarter climbed to OR682,132 from OR172,740 during the same period of the last year.

  • Doha advances 0.40% in lackluster trading

    The Qatar Exchange finished at 6,851.90 points (up 0.40%). Trading volumes fell over 20% to 3.8m shares. Doha Bank added 1.13% and closed at QR45.00. The bank has been trading for over a year in a narrow range around QR40.00. Vodafone Qatar emerged as the top share in relation to volume, but ended flat at QR7.90. Since its IPO in May 2009, the UK telecom giant's Qatari subsidiary failed to add shareholder value.

  • Doha Bank to sell dollar, riyal bonds, CEO says

    The CEO of Doha Bank has said the lender plans to sell bonds by the end of this year in both dollars and the local riyal currency, Bloomberg has reported. "I expressed my intention to" sell the bonds in dollars and riyals to the central bank, which must approve the transaction," Raghavan Seetharaman said. The money is likely to be raised for five years and is meant to "fix the maturity mismatch" on the bank's balance sheet, he said.

  • Doha bourse adds 0.29%

    The Qatar Exchange (QE) started the week positively, closing 0.29% higher at 6,972.18 points. Most banks added value while insurers ended with losses. Zad Holding Co. posted the largest advanced gaining 3.85%, closing at QR56.10. Commercial Bank of Qatar (CBQ, up 0.89% at QR68.00) and Doha Bank (1.14% higher at QR44.00) were among the top 10 shares.

  • Doha bourse fails to sustain above 7,000 points

    Negative input from oversea markets dragged the Qatar Exchange (QE). The QE Index closed 0.78% lower at 6,963.53 points. Investors booked profits in the financial segment in particular. The country's largest financial institution Qatar National Bank (QNB) ended 0.43% lower at QR137. Fitch ratings services affirmed the 'A+' rating of QNB with outlook 'stable'. Trading volumes dropped insignificantly as 3.77m stocks changed hands (compared to 3.91m shares on Wednesday).

  • Doha bourse rises the fourth consecutive day

    The Qatar Exchange (QE) ended as one of the top gainers, closing 1.18% higher at 6,991.66 points. Islamic Securities posted the largest increase as the stock added 3.73% and finished at QR30.30. Vodafone Qatar recaptured the price level at QR8.00 (up 1.27%) while Qatar Telecom ended flat at QR166.00. Trading volumes increases but remained modest as 5.82m shares changed hands in Doha.

  • Doha to tender museum contract by end of September

    Museum will be built next to the existing Qatar National Museum

  • Doosan inks $3.9bn nuclear reactor deal with UAE

    Korea Electric Power Corp (Kepco) and power equipment manufacturer Doosan Heavy Industries and Construction have signed a $3.9bn (Dhs14.31bn) agreement to provide a nuclear reactor to the UAE, Gulf News has reported. A Korean consortium led by Kepco won a mega deal worth $18.6bn last December from the Emirates Nuclear Energy Corp to design, build and operate four 1,400-megawatt reactors by 2020 in the UAE. Previous successful bids by Doosan in the UAE include a mega desalination plant order w

  • DP World surges 3.61%

    Shares of Dubai Ports (DP) World closed 3.61% higher at $0.43 on low trading volumes. No other shares posted prices changes.

  • DP World's H1 cargo volumes rise 16%

    Dubai-based DP World has announced that its global cargo volumes increased by 16% across its 50 terminals in the first half of 2010. The company handled 23.7 million TEU (twenty-foot equivalent container units), which was also greater than its performance in 2008. The cargo operator said it had continued to build on the growth reported in the first quarter of the year with volume growth largely driven by terminals in Asia and Australia.

  • Drake and Scull surges 2.30% at Dubai market

    Closing on Monday with nine winners and nine losers, the DFM Index stood at 1,472.33 points gaining a quarter percent. Emaar Properties, which is also a market indicator, ended flat at Dhs3.08. Investors hailed contractor Drake and Scull International's (DSI) first major contract it has won in Saudi Arabia, a SR450m civil contracting contract for the construction of the Al Jawharah project in Jeddah. DSI added 2.30% and closed at Dhs0.79. Trading value and volume declined further by 13% and 1

  • Drake and Scull wins Dhs460m Saudi contract

    Rayadah Investment Co, the investment arm of the Saudi government's Public Pension Agency, has awarded Drake and Scull International a Dhs460m contract for the complete mechanical, electrical and plumbing works for the Information Technology and Communications Centre project in Riyadh. The Dhs6bn project will span over an area of 776,000 sq m and will include four 20-storey towers, two business technology incubator buildings, a sports club, a clinic, a hotel, a convention centre, a technical

  • DSI secures Dohaland district cooling contract

    Drake and Scull International (DSI) has won a Dhs182m ($49.46m) design and build contract for two district cooling plants in Dohaland's Musheireb project. The contract involves design and construction of district cooling plants comprising the chiller plants, cooling towers, and includes all equipment and services. The contract also covers the design and construction of a chilled water reticulation network, the design and construction of complete Mechanical Electrical and Plumbing (MEP) buildi

  • Du announces new Windows business offering

    Du has announced the launch of a new business mobile plan which includes bundled Windows handsets with benefits including unlimited internet and email. Business customers under the 'Smart Business Plan' will get a Windows phone in addition to features such as e-mail, text messaging, instant messaging, and access to the web, mobile applications. Calendar and contacts, and complete Windows synchronization with the latest 6.5 mobile operating system from Microsoft will also be available in the d

  • Du offers SMS Twitter service

    UAE telecoms firm Du has introduced a new service that will allow mobile users to Tweet on-the-go via SMS in the country and abroad. Twitter users will receive notifications totally free of charge and will be charged for outgoing SMS at regular rates.

  • Du set to increase broadband speed at same rates

    Du has said it will increase its broadband speeds by up to 16 times next month while keeping customer tariffs at existing levels. The initiative will be available within the current fixed services footprint from August 1, 2010 for enterprise customers and August 15 for all its home service customers.

  • Du unveils Micro Data SIM for iPad

    Du has launched a new smaller version of Data SIM for users of the new Apple iPad. The Micro Data SIM can also be used with the iPhone 4, which is soon to be released in the Middle East by Apple. The new SIM is available for both its pay as you go and monthly plan mobile customers and comes in a variety of data bundle rates.

  • Dubai airport H1 passenger traffic rises 16.3%

    Dubai International Airport has announced a 16.3% increase in passenger traffic in first six months of the year to 22,554,445, compared to 19,397,089 in the corresponding period in 2009. Passenger traffic in the month of June grew 9.6% to 3,684,192, compared to 3,361,413 in same period in 2009. Cargo continued its upward trend throughout the first half ending with a 26% rise in year-to-date movement to 1,101,856 tonnes of freight compared to 874,828 tonnes during the same period in 2009.

  • Dubai bourse consolidates above 1,500 points-level

    The Dubai Financial Market (DFM), the Sheikhdom's local stock market, turned a negative opening into formidable trading session, ending 0.71% higher at 1,518.28 points. Banks and real estate firms were the spearhead of the rebound. Emirates NBD shares jumped 3.69% to Dhs2.53 while Shuaa Capital added 2.86%, closing at Dhs1.08. Real estate contractor Drake and Scull International (DSI, up 0.85% at Dhs0.827) gained slightly. DOHALAND today announced that they have awarded an Dhs182m design and

  • Dubai bourse rebounds 0.56%

    Investors saw an encouraging start into the second half of 2010 as the DFM Index gained 0.56%, closing at 1,469.98 points. Global Investment House from Kuwait led the list of the winnin shares, jumping 8.33% higher at Dhs1.30. Other strong financials were Bank Emirates NBD (up 2.06% at Dhs2.48) and the DFM itself (advancing 1.40% atDhs1.45). Shuaa Capital ended flat at Dhs1.05. The Dubai-based investment bank informed the DFM today that its private equity Shuaa Partners Fund 1 has agreed a sh

  • Dubai Clinic offers free bone scans

    Dubai-based Al Biraa Arthritis Clinic has announced a free bone scanning scheme that aims to boost awareness of bone disease and detect osteoporosis. The clinic is offering free bone mass densitometry from July 17 to August 17, and is particularly keen to welcome women who have gone through the menopause and older men, who are at high risk of developing osteoporosis.

  • Dubai Country Club to reopen in Dubailand

    The Dubai Country Club has announced it is set to reopen its doors soon. Located in Dubailand, the resort-style club features a 1700 sq m pool, a health and fitness facility, 12 tennis courts, three squash courts, a football field, an indoor sports hall and modern skate park. Additionally, the club will feature an adult-only sanctuary featuring a 20m private pool with swim up bar, an eighteen suite boutique hotel and a day spa.

  • Dubai Duty Free H1 sales rise 16%

    Dubai Duty Free has reported a 16% increase in sales with turnover reaching $607m for the first six months of the year. Perfume sales rose 18% to $84m, remaining the number one purchase for customers. Gold sales showed an increase of 11% to $65m while sales of confectionery were up by 16% to $49m, the company said in a statement.

  • Dubai Electricity awards $142m in contracts

    Dubai Electricity and Water Authority (Dewa) has awarded Dhs522m ($142m) in contracts to expand its facilities, Bloomberg has reported. The utility firm awarded Ansaldo Energia a Dhs450m contract to provide parts and services for 10 years at Jebel Ali power station. ABB also won contracts worth Dhs70m, while Areva received Dhs2.5m in orders, Dewa said in statement.

  • Dubai Financial Market posts 7.5% decline in June

    Dubai Financial Market (DFM) has reported a 7.5% decline in its overall performance to reach 1461.8 points at the end of June 2010, compared to 1579.54 points at the end of the previous month. June also saw DFM's market capitalization drop by 5.4% to Dhs191.9bn from Dhs202.9bn at the end of May. Number of shares traded decreased by 11.2% to reach 2.7 billion shares during this month compared to 3.0 billion shares were traded during the May.

  • Dubai Financial Market profits fall 57 per cent this year

    Trading value falls 32 per cent in second quarter

  • Dubai Financial Market unveils summer training programme

    Dubai Financial Market (DFM) has launched its Summer Training Programme 2010. The programme includes the participation of 17 students from several schools and universities over a six week period. The training programme consists of a series of workshops, designed to develop student's capabilities and prepare them to address the requirements of the job market. The 17 trainees have been placed within various departments and in some brokerage firms.

  • Dubai firm to buy Blue City notes

    Dubai-based Essdar Investments has made an offer to buy notes sold by Oman's stalled Blue City development at a discount, Bloomberg has reported. The company said it will pay 20% of face value for class B1 and class C securities in an offer that closes July 21. Blue City, near the capital, Muscat, was supposed to include more than 200 villas, 5,000 apartments, four hotels, two golf courses and a clubhouse.

  • Dubai fuel price hikes not to affect taxi fares

    Dubai's Roads and Transport Authority (RTA) has said the recent fuel increases will not have any impact on the fares charged by public transport facilities in the emirate, Khaleej Times has reported. "Fuel price hike will not have any effect on our services, nor will it have any impact in the future as we get fuel at a subsidised rate from the government," acting CEO of the RTA's Public Transport Agency, Mohammed Abu Baker Al Hashemi said.

  • Dubai Gold & Commodities Exchange volumes peak in June

    Over 192,000 contracts were traded

  • Dubai Health Authority asks patients to report negligence

    The Dubai Health Authority has urged patients to report suspected cases of medical negligence or malpractice to its Clinical Governance Office, Khaleej Times has reported. In 2009, the authority received 51 cases against the private sector for medical negligence and/or malpractice, as well as 18 complaints against public hospitals.

  • Dubai Holding agrees $555m loan extension

    Two month extension granted for loan due to mature in July

  • Dubai International gets financing for Almatis

    Dubai International Capital, which is seeking to retain its control of German alumina producer Almatis, has secured $535m of underwritten debt financing that would help repay lenders of Almatis, Bloomberg has reported, citing two people familiar with the matter. Dubai International also plans to inject $100m of capital into Almatis as part of the refinancing proposal, which received the approval from more than two-thirds of Almatis' junior lenders, the people said.

  • Dubai Investments Q2 profit drops 32%

    Dubai Investments, the largest investment company listed on the Dubai Financial Market, reported a 32% decline in second-quarter profit as investment income dropped. Net income fell to Dhs196.3m ($53m) from Dhs287m a year earlier, the company said in a statement. Income from sale of goods and services fell 1.8% to Dhs309.4m, while contract revenue rose 30% to Dhs213.8m. Dubai Investments wrote down the value of its investments by 49.7 million dirhams in the quarter, while it had a profit of 5

  • Dubai investors look to stock exchange merger for hope

    Dubai investors are looking to the merger of the emirates two stock exchanges to help recover the biggest losses among Gulf bourses in the first half of 2010, The National has reported. "This consolidation is unique in the GCC. It will bring together the investors from both exchanges on one trading platform, driving liquidity growth and creating a powerful listing and trading hub," said Jeff Singer, the chief executive of NASDAQ Dubai.

  • Dubai KHDA launches new permit e-services

    The Knowledge and Human Development Authority (KHDA) launched its e-Services to enable customers to access permit-related processes through its website, Gulf News has reported. Accessible through the regulator's website (www.khda.gov.ae), E-Services will cover all customers' applications for issuance of new permits for educational services as well as the renewal and amendment of permits.

  • Dubai market deadlocked at around 1,500 points

    The Dubai Financial market started weakly, tried to break out above 1,515 points and eventually closed 0.83% lower at 1,507.61 points as weak inputs from the U.S. and Saudi Arabia weighed on the investors' mood. The materials sector index (down 4.81%) did the largest retreat among the DFM segments. Emirate Integrated Telecommunications Company , dubbed 'du', rose against the trend and finished as the top gaining share, up 2.49% at Dhs2.06. Shares of Nasdaq Dubai-primary listed container port

  • Dubai market dips half a percent

    The DFM Index declined 0.56% to 1,509.78 points. Shares of Kuwait's Global Investment House emerged as the stock of the day and surged 11.54% to Dhs1.45. Global shares were demanded due to its announcement from Monday by the court of first instance in the Emirate of Dubai passed a judgment ordering National Bank of Umm Al Qaiwain (NBQ) to repay Global Investment House $250m towards the refund of a deposit placed by the Company with this Bank in August 2008 plus interest until the date of paym

  • Dubai market fails to join global rebound

    The Dubai Financial Market (DFM) almost lost a quarter percent, as most of the Sheikhdom's real estate and financial heavyweights weakened slightly. The DMF Index finished at 1,504.71 points. Emaar Properties (down 0.30% at Dhs3.29), Arabtec (off 0.57% at Dhs1.73) and the DFM shares (0.67% lower at Dhs1.48) themselves weighed on the market, which failed to join the American and Asian stock exchange's rebound, after aluminium giant Alcoa, a AA-rated U. S. blue chip reported better-than-expecte

  • Dubai market gains 1.43% amid fresh optimism

    After UAE Vice President, Prime Minister and Dubai ruler HH Sheikh Mohammed Bin Rashid Al-Maktoum declared in a CNN interview (to be aired on Friday) that the recession was over investors went on a buying spree at the DFM, sending the main index 1.43% higher to 1,531.36 points. "There is a new kind of optimism in the UAE. Investors, however, do not look anymore for fast gains, but for quality and sustainability", Imad Ghandour, Executive Director, Private Equity at Gulf Capital in Abu Dhabi t

  • Dubai market hit by profit booking

    Ending with 14 decliners and seven gaining shares, the DFM Index failed to sustain its upward momentum from the start of the week and ended 0.86% lower at 1,482.12 points. The DFM share lost 2.67% (finishing at Dhs1.46). Credit Suisse analyst Mohamad Hawa said yesterday in a statement that the Swiss bank estimates at DFM "a significant (41%) decline in 2Q net income of AED32mn, with total revenues of AED49 mn (based on Q2 total trading value of AED19 bn)." Emirates NBD gained two percent and

  • Dubai market recaptures 1,500 points

    Sunday marked the first day with stocks from the local bourse DFM and the international market Nasdaq Dubai being traded on the same platform, as both exchanges merge. Stimulated by a strong week debut at the Saudi bourse on Saturday, the DFM Index added 0.43% and closed at 1,506.27 points. Market bellwether Emaar extended its recovery, climbing 1.55% higher at Dhs3.27. While DFM shares are traded in Dirham, stocks at the Nasdaq Dubai remain denominated in US-Dollar. Nasdaq Dubai-heavy weight

  • Dubai market saves 1,500 points support

    Dubai's investor community witnessed a volatile trading day and a DFM lead index finishing 0.23% lower at 1,502.81 points thanks to a last-minute rally trading volumes remained low on Monday. News that Dubai World will meet on July 22 with its creditors to go ahead with a proposed restructuring of its $23.5bn debt failed to trigger net buying in the real estate sector. Emaar Properties (off 0.61% at Dhs3.25) lost slightly, while finance bellwether Emirates NBD bank stood flat at Dhs2.50 as of

  • Dubai medical facilities to display licences

    Private medical facilities in Dubai have been asked by the emirate's Health Authority to obtain certificates of licence before September 1 and place them in a prominent place to ensure the rights of patients and visitors to medical facilities, Khaleej Times has reported. The move follows new procedures and policies that the health regulation department at the DHA announced last month.

  • Dubai metro ridership tops 23m

    More than 23 million passengers have used the Dubai Metro since its launching last September 9, according to the head of the emirate's Roads and Transport Authority. Mattar Al Tayer also said the number of daily passengers had risen to 116,340 in June, compared to 54,683 in October, the first full month of operations. Ridership peaked on July 1, he added, recording an all-time high of 130,529 passengers. The RTA opened seven more stations in April and a further three in May, taking the total

  • Dubai Naif Souq reopens

    Dubai's oldest traditional market, Naif Souq has reopened two years after it was gutted in a midnight fire, The National has reported. The new souq has 218 centrally air-conditioned shops, 111 on the ground floor and 107 on the first floor, with a car park that can accommodate 100 vehicles. Although shops in the old souk rented for between Dhs6,000 to Dhs7,000, those in the new facility are priced at a minimum Dhs15,000.

  • Dubai office rents fall 17% in Q2

    According to a report by CB Richard Ellis, office rents in Dubai had dropped by as much as 17% in the second quarter, as new supply put pressure on landlords, Bloomberg has reported. Office supply is increasing by about 5% per quarter in Dubai, mainly in areas including Port Saeed, Al Mamzar, Airport Road and Diyafa Street, according to CBRE. About 240,000 square metres of commercial space became available in areas such as Al Barsha, Tecom C and Jumeirah Lakes Towers, Matthew Green, head of U

  • Dubai outlets told to display consumer rights details

    Dubai's Department of Economic Development (DED) has urged all outlets in the Emirate to display contact details enabling customers to report concerns about consumer rights. The details must be displayed by outlets, including shops and restaurants in a prominent position by July 18th. Fines will be handed out to those not adhering to the new rules from October 18th.

  • Dubai Ports (DP) World rebounds at Nasdaq Dubai

    Bargain hunters sent shares of Dubai Ports (DP) World up as the fourth largest port operator closed 2.19% higher at $0,42 on high volumes. More than 15.7m DPW stocks changed hands. Gobal interior designer Depa lost 1.37% and closed $0.72. EFG Hermes reiterated its buy rating on Depa. "We are positive on Depa's offer to acquire the remaining shares in Design Studio (DS) (in Singapore), in which it already owns a 24.72% stake", Jad Abbas from EFG Hermes said. The offer has been done by Depa on

  • Dubai property market could see 'double dip' contraction

    Fitch Ratings says that the Dubai real-estate market will likely remain under pressure, at least until 2012/2013, despite signs that conditions may be stabilising. "The sector is likely to see a period of stagnant growth at best, and a 'double-dip' contraction at worst," said Bashar Al Natoor, Director in Fitch's EMEA Corporates team, Dubai. Fitch expects Dubai's real estate and construction fundamentals to continue weakening, with increasing customer delinquencies, limited liquidity, and a c

  • Dubai property market to remain under pressure

    Fitch Ratings has said Dubai's property developers could face significant refinancing risks as the emirate's real estate market will likely remain under pressure until at least 2012- 2013, Bloomberg has reported. The property market "is likely to see a period of stagnant growth at best and a double-dip contraction at worst," Bashar al-Natoor, director at Fitch's Europe Middle East Africa corporate team wrote.

  • Dubai ruler appoints DIFC head

    Abdullah Mohamed Saleh takes over as governor of Dubai International Financial Centre

  • Dubai schools to get nutritional overhaul

    Dubai Health Authority (DHA) is preparing new guidelines for school canteens aimed at curbing the growing obesity among children, Gulf News has reported. The guidelines will be prepared in coordination with the health ministry, municipality and the authority overseeing schools, Dr Ali Al Marzouqi, director of public health and safety at DHA said. "We will also be talking to representatives from restaurants and food providers," he added. According to a survey of children in the UAE, 12% betwee

  • Dubai sees huge upswing in bounced cheques

    A Dubai Police official has said that 16,559 cases involving bounced cheques had been tackled in 2009, versus 6,462 cases in 2008, Khaleej Times has reported. Furthermore, the number of bounced cheque cases in the first quarter of 2010 increased by 77%, according to Brigadier Jamal Salem Al Jalaf, deputy director of criminal investigation at Dubai Police.

  • Dubai still allows Iranian planes to refuel

    The US imposed sanctions in June that ban the export of gas and petroleum products

  • Dubai to set compulsory education age at 18

    The UAE education ministry is working on raising the compulsory education age to 18 from 15 by next year for UAE nationals, in a bid to minimise the high dropout rates in schools, Khaleej Times has reported. "We are working on increasing the compulsory education age and by the beginning of next year it will be announced," Shaikha Al Shamsi, chief executive for educational affairs at the ministry, was quoted as saying. "Raising the compulsory education age is one of the key component of the st

  • Dubai water taxi resolution issued

    The government of Dubai has mandated the Public Transport Agency (PTA) of the Roads and Transport Authority (RTA) to run water taxi services in the emirate, Gulf News has reported. Under the new rules, PTA will be responsible for licensing routes of water taxis, defining work hours, buying, leasing and renting water taxis, as well as setting up and owning maintenance and repair workshops.

  • Dubai World says no resolution sought in meeting with creditors

    Dubai World said it did not seek a resolution on restructuring the loans in a meeting with creditors in the emirate today. "Creditor banks will now have the opportunity to review the information provided before responding to the proposal," Dubai World said in a statement. "The company expects to complete the restructuring over the coming months." Dubai World added that 'as is customary at this stage of the process, this was an informational session and no resolution was sought in the meeting'

  • Dubai World to meet creditors in July

    Dubai World has invited creditors to a meeting on July 22 to offer details on its multi-billion dollar debt restructuring, the first session to include all lenders since December 2009, Reuters has reported, citing sources from the conglomerate's creditors. The meeting is more than three weeks behind schedule after creditors were initially told to expect it in June. The May deal allows banks to get their money back in two tranches with five and eight-year maturities.

  • Dubai's commodities exchange records one million trades

    Trading volumes up 48 per cent on 2009

  • Dubai's DSI wins four new contracts

    Dubai-based Drake & Scull International said it has won four new contracts in Kuwait, Qatar and Oman. The company said the four new projects had a combined value of Dhs80m ($21.8m), but did not break down the value of individual awards. The projects are the Immigration General Directorate Building in Farwaniya, Kuwait; the Arabilla Tourist and Entertainment Complex in Salmiya, Kuwait, a commercial development in Oman; and the Emergency and Safety College in Qatar. The awards bring the total v

  • Dubai's retail rents fall 45%

    Dubai's average retail rental rates have dropped 45% year on year and are now among the lowest in Europe, Middle East and Africa, a report by CB Richard Ellis has found. The report found that rents in Dubai remained stable in the second quarter of this year, although retail rent rates averaged at around $679.60 per square metre per annum in the second quarter of 2010.

  • Dubai's RTA launches summer training programme

    Dubai's Roads and Transport Authority (RTA) has received 100 Emirati students as part of its summer training programme. Open to Emirati students in secondary schools and universities as well as post graduate students, the program aims to help the students plan their professional life in various specialties of engineering, business administration, human resources, media, accounting, statistics, computer sciences and administrative affairs.

  • Dubai's top plastic exports valued at $83m

    The total value of top plastic films (Polypropylene, PET,PVC) exported by Dubai in 2009 is estimated at around Dhs304m ($83m), according to a report by Dubai Export Development (EDC). Exports substantially exceeded imports, edging Dhs212m in 2009, while re-exports indicated a gradual increase during 2009-2008, EDC's report said. According to the Industrial Marketing Intelligence (IMI) database, created by the Gulf Organisation for Industrial Consulting (GOIC), Dubai is home to 66 manufacturin

  • Ducab high voltage plant to be completed in February 2011

    Andrew Shaw, managing director of UAE-based cable manufacturer, Ducab has said the company's planned $64m high voltage (HV) and extra high voltage (EHV) cable factory joint venture will be completed in February 2011, Meed has reported. The 30,000 tonnes-a-year plant at Jebel Ali in Dubai is a joint venture between Ducab and the UAE's two main utilities companies. Ducab has a 50% share while Dubai Electricity and Water Authority (Dewa) and Abu Dhabi Water and Electricity Authority (Adwea) each

  • Eastern Province Cement Q2 profit up 1%

    Saudi Arabia-based Eastern Province Cement has reported that its second-quarter profit increased 1% to 104 million riyals from the year-earlier period.

  • Egypt Air launches Port Ghalib flights

    Egypt Air Express and Kuwait's M A Kharafi Group, operator of Marsa Alam International Airport, have signed a partnership agreement for operating direct flights to Port Ghalib in Egypt twice a week, from Kuwait, Saudi Arabia and Jordan. The airline will also connect Port Ghalib with other Egyptian cities such as Luxor, Alexandria, Abu Simbel and Sharm-Al-Sheikh.

  • Egypt appoints new stock exchange chairman

    Khaled Seyam to begin new role on 15 July

  • Egypt firm signs Sudan cement deal

    Asec Engineering will manage new clinker facility in east African state

  • Egypt GDP grows 5.9% in last quarter

    The Egyptian government has said the country's economic growth had accelerated to an annualised 5.9% in the three months to end-June, Reuters has reported. "This indicates a near full recovery from the global crisis and a return to the path of rapid economic growth similar to the period before the global crisis," economic development minister Osman Mohamed Osman said in a statement. Gross domestic product for the financial year to end-June grew 5.3%, faster than the 4.7 % growth in 2008/09. E

  • Egypt grants Telco licences

    Egypt's National Telecoms Regulatory Authority (NTRA) has granted its approval to two consortia to provide cable, telephone and internet services to residential compounds in Cairo's suburbs and elsewhere, Reuters has reported. One group was led by LinkDotNet and included affiliates of Orascom Telecom, and the other included Vodafone, which runs one of Egypt's three mobile operators, Amr Badawi, the head of NTRA said.

  • Egypt inflation little changed in June

    According to Egypt's Central Agency for Public Mobilisation and Statistics, the country's inflation was little changed in June after easing for four months in a row, Bloomberg has reported. Urban inflation, the main rate monitored by the central bank, was 10.7% compared with 10.5% in May. The central bank cut interest rates six times in 2009 to support economic growth in the most populous Arab country. The economy expanded 5.8% in the first three months of 2010 compared with 5% in the previou

  • Egypt investigates investor bourse allegations

    The head of Egypt's financial regulator and the former chairman of the bourse are being investigated to determine whether they broke the law, following complaints by investors, Reuters has reported. A complaint was filed on behalf of several investors against Ziad Bahaa El Din, chief of Egyptian Financial Supervisory Authority (Efsa) and the former stock exchange head Maged Shawky, the public prosecutor said in a statement. "The prosecution has asked for information from some specialised auth

  • Egypt mobile market numbers up 25 million

    According to Dataxis Intelligence, the Egyptian mobile market has registered over 25 million new subscribers during the last two years, representing a 79% uptake, 38% on a yearly basis and 9.5% quarterly growth on average. In March 2010, the number of mobile phone users stood at 57.6 million, bringing the penetration rate to more than 74% of the population, compared to just over 43% two years earlier. Mobinil controls half of the total subscribers, followed by Vodafone Egypt with 44% and Etis

  • Egypt plans $1bn tunnel under Suez Canal

    The Egyptian government has not yet secured financing for the project

  • Egypt plans second solar power plant

    Egyptian electricity ministry has unveiled plans to build an EGP4bn ($714m) 100 MW solar power plant between 2012 and 2017, Reuters has reported. The solar power project at Kom Ombo, near the Aswan High Dam hydro-electric plant, would only use photovoltaic power, ministry undersecretary Aktham Abou el Ella told the news service. The first solar plant in Egypt involves 120 megawatt (MW) of conventional generation using natural gas and 20 MW of solar power.

  • Egypt raises energy prices for lower use industries

    Egyptian trade ministry has said that energy prices for non energy-intensive industries have increased as part of its plan to gradually eliminate subsidies to all industries, Reuters has reported. Non-energy intensive industries, which account for 97% of industrial activity, including sectors such as chemical production, would be charged $2 per million British Thermal Units (BTU) of natural gas, while energy-intensive industries such as steel, cement and fertilizers, will continue to be charg

  • Egypt tax revenue jumps 6% as economy surges

    Egyptian finance minister, Youssef Boutros-Ghali has said an unexpected surge in economic activity had contributed to a 6% rise in tax revenue in the fiscal year to June 30, Reuters has reported. Tax revenue in fiscal 2009/10 reached EGP148bn ($26bn), EGP12bn more than budgeted, he said. "Because of our reforms, taxes have begun to respond directly to the country's economic activity. The more activity, the more revenue," he added.

  • Egypt to build $1bn Suez Canal tunnel

    The Egyptian investment minister has unveiled plans to build a $1bn tunnel under the Suez Canal at Port Said, Reuters has reported. The tunnel, to be built 19 km (12 miles) south of the Canal's northern entrance, will have three passageways, one for rail and two for cars, Mahmoud Mohieldin said. The government will begin seeking finance as soon as the designs are completed, he said.

  • Egypt to investigate high shipping prices claims

    Egypt's competition and anti-monopoly authority has been asked by the trade ministry to investigate shipping agencies to see if they have been improperly raising prices, Reuters has reported. The ministry has received complaints from the Federation of Egyptian Industries and export and import firms, who said shipping prices had risen above price averages in many Mediterranean ports.

  • Egypt to invite bids for wind energy park in September

    The Egyptian electricity ministry has said it will float an international tender in September for the construction of a 1,000-megawatt wind-energy park in the Gulf of Suez, Bloomberg has reported. "Ninety percent of the land in Egypt is empty and is suitable for setting up wind farms," a spokesman for the ministry said. "With solar power, plant costs are very high, and with hydraulic power reaching its maximum capacity, wind farms remain the best option for renewable energy in Egypt."

  • Egypt to supply gas to Jordan

    Jordan's energy minister said Egypt has agreed to provide the kingdom with natural gas to implement a gas-distribution project to houses and industries in Amman and Zarqa through a pipeline network, Petra news agency has reported. Officials from the ministries of energies of both countries will meet later this month in Cairo to discuss the project, Khaled Irani said.

  • Egypt tourism revenue increases 17.6%

    Egypt's tourism minister has said that the country's revenues from tourism rose 17.6% to $5.58bn in the six months to end-June, Reuters has reported. The country aims to bring in $13bn in the full year 2010, Zoheir Garrana told the news service. Tourism revenue dropped about 2.1% in 2009 to $10.8bn from nearly $11bn in 2008. Tourism in Egypt accounts for 11% of gross domestic product according to the ministry.

  • Egypt wary of dip in European travellers

    Egypt's tourism sector revenu rose 24% in the first quarter to $2.7bn, but ongoing trouble in European markets is making forecasts for next year less clear, Bloomberg has reported. Egypt's tourism industry will not be deeply affected this year by the ongoing financial turmoil in Europe, Minister of Tourism Zoheir Garranah told the news service. However, the long term outlook may be less rosy as the real fallout from Europe's financial crisis will begin to show come next year, he said, especia

  • Egypt, Saudi Arabia ink $2.5m power grid deal

    Egyptian Electricity Minister Hassan Younes has said that Egypt and Saudi Arabia have signed a $2.5m contract with an unidentified company for work on linking their power grids, Bloomberg has reported. The company will study a route for the cable, which will be 1,300 kilometres (800 miles) long and have a capacity of 3,000 megawatts.

  • Egypt, Saudi power grid link to cost $1.5bn

    Egypt's electricity ministry has said that linking the country's power grid with Saudi Arabia to help meet peak-time demand is expected to cost about $1.5bn, Reuters has reported. The two countries will split the cost of the project, which aims to exchange 3,000 megawatts of electricity between the countries through direct current electrical lines, based on the amount of work on their land, undersecretary Aktham Abul Ela said. An international tender for work on the project is scheduled for J

  • Egypt: Broadband impact consultancy

    Provision of consultancy services for assessing the impact of broadband

  • Egypt: Drinking water pipelines

    Rehabilitation and replacement of drinking water pipelines

  • Egypt: Micro-enterprise reform index

    Provision of consultancy services comprising the creation of a micro-enterprise reform index

  • Egypt: Sanitary drainage pipeline extension

    Extension of pipelines for a sanitary drainage company

  • Egypt: Steam turbine generators and condensers

    Carrying out the steam turbine generators and condensers package for a power project

  • Egypt: Urban transport infrastructure consultancy

    Provision of consultancy services comprising the preparation of an environment and social impact assessment for an urban transport infrastructure development project

  • Egypt: Water lifting pump

    Supply and erection of a submersible water lifting pump

  • Egypt: Water pipelines

    Replacement and rehabilitation of drinking water pipelines

  • Egypt: Water treatment plant

    Replacement and rehabilitation of a drinking water treatment plant

  • Egyptair adds more flights to London

    Egyptair has announced plans to double the number of flights between Cairo and London. The airline will be operating double daily service to London Heathrow on Fridays, Saturdays and Sundays, and daily on the other weekdays, in addition to the weekly between Luxor and London Heathrow.

  • Egyptair eyes Africa expansion

    Egyptair has announced it will launch a new route to south Sudan next month, as the state-owned airline seeks to expand its African network, Reuters has reported. The airline will fly twice a week to the southern capital Juba starting August 6, adding to its 26 flights a week to Khartoum. "We have ambitious expansion plans and we will continue to seek new destinations in Africa and increase the frequency of flights," Captain Alaa Ashour, chairman of the airline said.

  • Egyptair to start OnAir's in-flight service in August

    Egyptair is set to launch OnAir's in-flight Wi-Fi service and mobile connectivity on board its new fleet of Airbus A330-300s. The carrier will accept delivery of the first of five 301-seat A330s line fit with OnAir connectivity systems during the last week of August.

  • Egyptian Air Force to use Raytheon warfare system in F-16s

    The deal was confirmed during the Farnborough Airshow in the UK

  • Egypt's Eastern to open JD10m Jordan plant

    Egyptian cigarette monopoly Eastern Co has announced the opening of a factory in Jordan, in a joint JD10m investment with Jordan's Al Taj Co, according to state news agency MENA. Eastern, whose trademark brands include Cleopatra cigarettes and tobacco, also makes higher-margin foreign brands for multinationals such as British American Tobacco and Philip Morris. "The factory's output will target the Jordanian market in addition to neighbouring markets including Egypt's," chairman Nabil Abdel A

  • El Sewedy Cables looks to Asia and Africa

    Egypt's El Sewedy Cables Holding is seeking to sell and invest in Asia and Africa as demand for its products slows in Europe, Bloomberg has reported "Europe will be flat for the next two to three years, but Asia, Africa and the Middle East will keep on expanding," CEO Ahmed El Sewedy told the news service. He said he is looking for energy demand in Africa and Asia grew by 5% to 7% a year. The company plans to boost its output by an additional 30,000 metric tonnes this year to 165,000 tonnes.

  • Emaar shares gain, DP World lose

    The Dubai Financial Market (DFM) defended its 1,500 points-level by gaining 0.36%, closing at 1,508.24 points. While DFM heavyweight Emaar Properties added 1.54% (finishing at Dhs3.30), Nasdaq Dubai's bellwether Dubai Ports (DP) World ended two percent lower at $0.44. Other real estate related shares were among the top gainers such as the Sharia-compliant Deyaar Development (0.95% higher at Dhs0.318) or Arabtec (up 1.75% at Dhs1.74). Ten shares gained value while eleven lost whilst an impress

  • Emaar's H1 net profit rises 122%

    Emaar Properties has reported a 122% surge in net profit for the first half of 2010 to Dhs1.656bn ($451m), compared to the same period of 2009. Net profit for the second quarter stood at Dhs802m ($218m), a 6% increase over the first quarter of the year. The developer's revenue model has effectively diversified with an increasing share from the rental and hospitality operations over the past year, Mohamed Alabbar, Emaar chairman said. "We will remain committed to building new revenue resources

  • Emaar's profit drops 69 per cent

    Poor performance from UAE developer in second quarter

  • Emal secures $737m loan

    Emirates Aluminium (Emal) has signed financing agreements with three Export Credit Agencies worth around $737m to support the financing of its smelter project. Each facility has a door-to-door tenor of around 15 years and a repayment period of 14 years. Once completed, the $5.7bn project would reportedly be the world's largest single-site aluminium smelter complex at Al Taweelha in Abu Dhabi. Emal is a 50-50 joint venture between Dubai Aluminium (Dubal) and Abu Dhabi's investment vehicle, Mub

  • EMEA PC market continues to recover

    IDC has said that annual growth of the PC market in the Middle East and Africa has remained buoyant at 16.4%. The first half of the year confirmed a strong recovery in the EMEA PC market, and while global economic conditions will remain challenging, the outlook for the second half of this year remains positive, IDC said. The top five vendors in the EMEA region in terms of PC shipments during H1 2010 include Hewlett-Packard, Acer Group, Dell, Asus, and Toshiba.

  • Emirates Aluminium closes $737m export credit deal

    Abu Dhabi and Dubai joint venture to raise further funding later this year

  • Emirates Aviation College students and courses soars

    The Emirates Aviation College, Dubai, is stepping up its courses and facilities in order to supply the rapidly growing aviation industry in the Middle East. Phil Blizzard talks to Dr Ahmad Al Ali, Vice Chancellor, Emirates Aviation College about the courses they offer, prospects for students and the development of the college, not only in Dubai, but overseas as well.

  • Emirates Glass increases production capacity

    Emirates Glass has announced the installation of the Terra-G sputter coating line to meet increased global demand for energy-efficient architectural glass. The move is part of a Dhs160m ($43.5m) investment under phase 1 of the company's expansion programme. The new coating line will triple the plant's annual production capacity to more than 3.5 million square meters.

  • Emirates NBD Q2 profit drops below estimates

    Emirates NBD, the UAE's biggest bank by assets, has reported a 53% decline in second-quarter profit as it set aside money to cover bad loans Bloomberg has reported. Net income dropped to Dhs398.2m ($108m) from Dhs852m a year earlier. The bank raised general provisions for future loan impairments by Dhs668m in the second quarter, mainly to cover losses related to Dubai World, CEO Rick Pudner was quoted as saying.

  • Emirates opens Dubai-Prague link

    Emirates Airline has inaugurated a new route from Dubai to the capital of the Czech Republic, Prague. An Airbus A330-200 aircraft is being deployed for the non-stop daily service, offering up to 278 seats across business and economy. The Emirates flight leaves Dubai daily at 1030hrs and arrives in Prague at 1450hrs, while return flights to Dubai departs from Prague at 1620hrs and gets into Dubai at 0010hrs the following day.

  • Emirates places $9.1bn order with Boeing

    Dubai carrier already has 71 Boeing 777 planes

  • Emirates puts in $9.1bn Boeing order

    Emirates, the Dubai-based international airline, has placed an order with Boeing for an additional 30 777-300ER aircraft, worth approximately $9.1bn in list prices. The new order adds to the fleet of 71 777-300ERs previously ordered, of which 53 aircraft are currently in service, the carrier said in a statement. The 777-300ER will be operated in a three-class configuration with eight First class suites, 42 Business class seats and 310 Economy class seats and offers an additional cargo payload

  • Emirates sells SriLankan Airlines stake

    Emirates Airline has sold its stake in SriLankan Airlines for $53m, about a third of the price that the Dubai-based carrier valued the stake at two years ago. The Sri Lankan government acquired the 44% stake through Bank of Ceylon, the island's biggest state-owned lender, finance ministry secretary P.B. Jayasundera said. The government previously held 51% of the flag carrier, with the rest owned by staff.

  • Emirates Steel increases output by 45.4% in H1

    Abu Dhabi-based Emirates Steel has said its finished products output grew by 45.4% during the first half of 2010, compared to the same period in 2009. Production of rebar grew by 26% during the first half of the year, compared to the first six months of 2009; while the output of wire rod surged by a significant 283%. The company sells around 80% of its products to the local markets, while the rest is exported to Jordan, Saudi Arabia, Kuwait, Oman, India, China, the Far East and Pakistan.

  • Emirates Steel output rises for 2010

    UAE steel company Emirates Steel reports a 45.4 per cent increase in finished products over the first half of 2009

  • Emirates takes issue with Lufthansa's comments

    Emirates Airline has told the German transport ministry and lawmakers of 19 "false and misleading" comments made by Lufthansa about the Dubai-based carrier's plans to fly from its main hub to Berlin and Stuttgart, Bloomberg has reported. "Lufthansa believes that aero-political protectionism creates the biggest possible gain for its business interests," Andrew Parker, senior vice president at Emirates, wrote in a letter along with 12 pages of supporting documents. "Lufthansa has all along been

  • Emirates to add A340-500 aircraft on Tripoli route

    Emirates Airline has said it will introduce its Airbus A340-500 on its route to the Libyan capital of Tripoli to meet growing demand. Starting August 1, the Dubai-based carrier will offer a total of 3,612 seats per week between Tripoli and Dubai representing increases of 9% in passenger capacity. Emirates' A340 aircraft offer 12 First Class Suites, 42 Business and 204 Economy class seats, alongside 15 tonnes of cargo-carrying capacity. The airline currently operates daily flights to Tripoli u

  • Emirates to fly to Dakar

    Emirates Airline has announced plans to launch a new route linking Dubai with the Senegalese capital, Dakar. Starting September 1, the carrier will fly non-stop to Dakar five times a week every Tuesday, Wednesday, Friday, Saturday and Sunday. The service will connect to key centres in the Middle East, the Indian Sub-continent, Asia and the Far East, Emirates said.

  • Emirates to fly to Madrid

    Emirates Airline is set to inaugurate a new route from Dubai to Madrid, Spain. Starting August 1, the carrier will offer daily non-stop flights to the Spanish capital, which will be served with an Airbus A330-200 offering 12 seats in first class, 42 in business and 183 in economy.

  • Emirates to offer one-off A380 flight to Delhi

    Emirates is expected to make further aircraft orders at the UK’s Farnborough Airshow, which starts on 19 July

  • Emirates to order 20 Boeing 777s

    Emirates airline will place a $5bn order for 20 Boeing 777 wide-body jets at the Farnborough air show on Monday, when the Dubai-based airline is expected to hold a news conference, Reuters has reported. Emirates placed an order for 32 Airbus A380s at the Berlin air show last month and said it was likely to order more aircraft soon.

  • Emirates unveils Shanghai Pudong lounge

    Emirates Airline has opened its dedicated lounge for its first and business class passengers as well as gold members of Skywards at Shanghai Pudong International Airport. The lounge is capable of holding 165 passengers at any one time and offers a range of amenities including designer shower rooms, cream leather lounge couches, 52-inch plasma TVs and a business centre with internet access and Wi-Fi.

  • Emiratis may be required to have colonoscopies

    The Health Authority-Abu Dhabi (HAAD) is considering making colonoscopies mandatory for all Emiratis in an effort to cut deaths from colorectal cancer, The National has reported. The authority has launched a pilot scheme at the Bani Yas Health Centre in Wathba to determine how frequent screening should be carried out. It would be the emirate's second mandatory cancer screening programme. Since last year, all Emirati women older than 40 have been required to be screened for breast cancer in or

  • Emiratis travelling in GCC need ID cards only

    The Emirates Identity Authority has said that Emiratis travelling to other GCC countries will only need to submit their ID cards at border points, Gulf News has reported. However, ID cards cannot be used while travelling to neighbouring Saudi Arabia, Abdul Aziz Al Maamari, public relations and marketing director at the Eida said, without providing further details.

  • EMKE opens Kuwait Lulu

    Abu Dhabi-based EMKE Group has opened its second and the largest Lulu Hypermarket in Kuwait at Al-Qurain Commercial city, Kuwait Times has reported. The new branch is the retailer's 79th, which aims to reach a milestone of 100 store by next year. "We plan to open two more hypermarkets in Yemen and four more in Egypt as part of our expansion drive," managing director M A Yusuffali said.

  • Empa to distribute ESET antivirus in Saudi

    ADAOX Middle East, the regional business development centre of ESET NOD32 Antivirus, has signed a partnership agreement with Saudi-based IT distribution company, Empa, to distribute ESET's antivirus solutions in the kingdom. According to the agreement, Empa will promote ESET NOD32 and ESET Smart Security to corporate, SME and retail segments across Saudi Arabia.

  • Enaya to launch medical mission in Fujairah

    The local arm of Emirates World Humanitarian Hospital, the National Mobile Hospital for Medical Care (Enaya), is to launch a month-long medical mission next week, moving from Abu Dhabi to Fujairah, Wam has reported. The campaign aims to deliver curative, preventive and training services to the local community in the emirate of Fujairah on the second leg of a nationwide health drive.

  • ENEC gets licences for UAE nuclear power plants site

    The UAE Federal Authority for Nuclear Regulation has granted Emirates Nuclear Energy Corp (Enec) two licenses for work at Braka, the preferred site for the country's first nuclear power plants, Wam has reported. The license allows Enec to conduct "works related to the construction of features of the overall facility but not part of the civil Nuclear Power Plants," and "works for Nuclear Power Plant structures not related to Nuclear Safety."

  • Enoc pulls out of Fujairah bunkering operations

    Dubai-based Emirates National Oil (Enoc) has ceased bunkering operations at the Al Fujairah Port, less than two years after restarting the business, Reuters has reported. The state oil company pulled out of Al Fujairah, the world's second-largest bunkering port as it was not as cost-competitive as its rivals, traders said. "Enoc doesn't own its own barges, so it couldn't compete with players that do," a Dubai-based bunker trader said.

  • Epson appoints 29 new resellers in Middle East

    Epson Africa and Middle East has announced the appointment of 29 new resellers across the Middle East region. The newly appointed resellers are joining Epson's recently announced 'Channel Partner Program' which awards resellers based on the volumes they achieve.

  • Ernst and Young Mena names new chairman

    Ernst and Young Middle East and North Africa has announced the appointment of Abdulaziz Al-Sowailim as chairman and CEO. Having been with the firm for 22 years, Al-Sowailim will be responsible for leading growth plans for over 4,200 of the firm's staff across 20 offices in 15 countries in the Middle East and North Africa.

  • Etihad launches service to Alexandria

    Etihad Airways has announed that it will start a four flights-a-week service to Alexandria in Egypt from July, subject to government approval. The service will operate every Monday, Wednesday, Friday and Saturday from the carrier's home base in Abu Dhabi to El Nouzha airport in Alexandria.

  • Etihad records 11 per cent growth in passenger traffic

    The carrier will also start flights to Seoul in December

  • Etihad to fly to Alexandria from July

    The airline already flies twice a day to Cairo

  • Etihad to launch Seoul flight in December

    Etihad Airways is to commence operations to the South Korean capital, Seoul, on December 12. The Abu Dhabi-based carrier will operate a daily return service to Seoul's Incheon Airport, operating Airbus A330-200 aircraft configured with three cabins, offering 2,800 seats each week on the route. Seoul will become the carrier's 65th destination.

  • Etisalat offers interactive QuickServe browsing service

    Etisalat has launched a new service that enables businesses to provide interactive services for their end customers. Based on Unstructured Supplementary Services Data (USSD) platform, QuickServe is an 'instant messaging type' phone service with quick response times, according to a press statement. It allows businesses to deploy various customer-centric interactive applications like mobile banking, mobile ticketing, bill payments, mobile gaming, customer inquiries and feedback solutions.

  • Etisalat reveals second quarter profit drop

    Etisalat has announced its second-quarter profit dropped 21% to Dhs1.9bn ($517m) compared to Dhs2.4bn in the same period last year. Net profit for the first six months stood at Dhs3.9bn compared to Dhs4.6bn recorded during the same period in 2009. Etisalat has 7.8 million mobile subscribers in the UAE, 1.28 million fixed-line subscribers and 1.39 million internet subscribers.

  • Etisalat set to buy Reliance stake

    Etisalat is in talks to buy a 26% stake in India's second-largest mobile operator, Reliance Communications, the Financial Times has reported, citing people familiar with the negotiations. The alliance between the two groups could be completed as soon as mid-August, a source said, while another person said it could take up to the end of the year. The two firms are considering merging Reliance with Swan Telecom, the Indian company in which the Etisalat holds a 45% stake to overcome regulatory h

  • Etisalat, Du ready to share fixed line networks across UAE

    The UAE Telecoms Regulatory Authority (TRA) has confirmed that both telecom operators in the country, Etisalat and Du, are technically ready to open their fixed-line networks for competition. Both operators will be able to currently provide all fixed-line services, telephone and internet services, and in the near future television services, everywhere in the UAE.

  • Ferrari theme park announces opening date

    The world's first Ferrari theme park, Ferrari World Abu Dhabi has announced October 28 as its official opening day. The park features 20 rides and attractions lying beneath the 200,000 sq m red roof, in addition to a range of restaurants and cafes offering Italian dining experiences, as well as several shopping locations.

  • First bids in for Ruwais sulphur handling facilities

    Abu Dhabi sulphur production to more than treble by 2015

  • Flydubai announces Erbil as 22nd destination

    Flydubai has said it will open a new route to the Iraq's third largest city, Erbil, on July 16. Flights to the capital of the Kurdish region of Northern Iraq will operate twice a week on Fridays and Mondays. On Fridays, flights are scheduled to leave Dubai at 1830hrs, arriving in Erbil after a flight of three hours at 2030hrs local time and will depart from Erbil at 2115hrs, landing in Dubai at 0055hrs local time. On Mondays, flights will leave Dubai at 1130hrs arriving in Erbil at 1330hrs lo

  • Flydubai awards 10-year contract to ADAT

    Abu Dhabi Aircraft Technologies, the independent aircraft technical solutions provider owned by Mubadala Development, has been awarded a ten-year maintenance services contract by Flydubai, Wam has reported. ADAT and its sister company Zurich-based SR Technics, plan to establish a global maintenance, repair and overhaul network in Abu Dhabi that covers the entire MRO value chain including engine, component and airframe capabilities.

  • Flydubai begins flights to Iraq

    Flydubai has announced the launch of services to Erbil, its first destination in Iraqi and 22nd overall. Flights to the capital of the Kurdish region of Northern Iraq operate twice a week on Fridays and Mondays.

  • Flydubai CFO to head India's SpiceJet

    Dubai’s Istithmar sold its stake in SpiceJet earlier in July

  • Flydubai offers Ramadan reimbursement offer

    Flydubai has announced a special offer for the holy month of Ramadan, Wam has reported. The carrier is offering all passengers travelling between August 15 and September 6, 2010, 100% reimbursement of their fare. Passengers will only have to pay for the taxes for certain flights booked before August 1 with travel dates between August 15 and September 6, and the fare will be given back to passengers in the form of a voucher via email on September 9, 2010. The offer covers Flydubai flights to a

  • Flydubai to fly to Erbil

    The airline began flights to four new destinations in June

  • Fortress switches to computer based testing

    Financial service training firm, Fortress has signed an agreement with UK-based Pearson VUE to deliver its exams via computer-based testing. Under the ten-year agreement, Fortress will convert to Pearson VUE's computer-based testing form September this year. The conversion will see approximately 10% of exams undertaken at the Fortress test centre in Cairo, with the remaining g 90% to be delivered via Pearson VUE's extensive global network of test centres.

  • Forty UAE projects receive Tayseer 'tier one' ranking

    Dubai's Land Department has said that 15 banks in the UAE have joined the list of bankers authorised to offer funding to Tayseer 'tier one' rated Dubai real estate projects. The Tayseer initiative, which will act as a ratings agency for real estate projects in the emirate, aims to remove the funding bottleneck by bringing liquidity to the sector. "The key offering is a government guarantee, through the Land Department, that Tayseer qualified projects meet the required criteria to be classifie

  • Foster Wheeler wins Iraq oil export expansion deal

    Iraq aims to increase Basra export capacity to 4.5 million barrels a day

  • Fraud charges against Agility unit may be dismissed

    Kuwait's Agility, facing US fraud charges over military supply contracts, has said the US Attorney's Office in Atlanta has moved for dismissal of the indictment against its US-based subsidiary, Holdings, Reuters has reported. "While the prosecutors' motives for seeking this dismissal at this time are unknown... this request for dismissal comes after motions filed by Holdings to discover the government's evidence against it," Agility said in a statement. Agility's shares were suspended from tr

  • French firm bids to build Saudi rail link

    France-based conglomerate Alstom has submitted an offer to supply trains and equipment for a high-speed railway linking Saudi Arabia's holy cities to the Red Sea coast, Reuters has reported. The firm said the contract was worth at least €10bn ($12.5bn) in total. The 450-kilometre railway will link the two holy cities of Mecca and Medina to the kingdom's commercial hub Jeddah on the Red Sea coast. A final decision is due at the end of the year, Alstom Transport head Philippe Mellier said.

  • Fujitsu and Microsoft sign data centre partnership agreement

    Microsoft and Fujitsu have signed a partnership agreement enabling Fujitsu to deploy the Windows Azure platform appliance in its data centres. The partnership also involves both companies combining their strengths to develop a Fujitsu-branded Windows Azure platform appliance that customers will be able to purchase and deploy in their own data centres.

  • FVC signs FastLane IP distribution agreement

    First Video Communications (FVC) has signed a distribution agreement with US-based global provider of the FastLane IP and Ethernet network appliances, IP Technology Labs (IPTL). The agreement allows FVC to distribute and make IPTL's solutions available throughout the MENA region with sales and technical support.

  • Gasco delays Habshan sulphur proposals

    Scheme is part of wider plans to process and transport sulphur produced in the emirate

  • Gaza/West Bank: Academic teaching qualification upgrade

    Provision of consultancy services comprising upgrading academic and professional teaching qualification of under-qualified class teachers

  • Gaza/West Bank: Digital mobile radio kits

    Supply of digital mobile radio kits

  • Gaza/West Bank: Police scooters

    Supply and delivery of police scooters

  • Gaza/West Bank: Police training facility works

    Carrying out building structures and finishing works for a police training facility

  • Gaza/West Bank: Pre-service teacher education consultancy

    Provision of consultancy services comprising the strengthening of school-based practice of pre-service teacher education programmes

  • GE wins $300m Oman power and water contract

    Oman Power and Water Procurement has awarded General Electric (GE) contracts totalling nearly OR115m ($300m) to provide advanced 6FA gas turbines and long-term services for the Salalah Independent Water and Power Project (IWPP), Oman Daily Observer has reported. Located in the Taqah area of Salalah, the plant will have a capacity of 445MW of electricity and 15 million imperial gallons per day of desalinated water to help meet the region's growing power and clean water needs.

  • Georgetown starts pre-college summer programme in Qatar

    Georgetown University School of Foreign Service in Qatar has launched a summer programme aimed at preparing upper level high school students for the university application process. The three-week Pre-College Summer programme will run from July 18 to August 5, and will include thirty-seven students from twenty-two schools across the country. The programme entails full-time classes in English, Math, and SAT preparation.

  • Global Investment House jumps 9.8% on court ruling and partial debt repayment

    Kuwait's KSE Market or Price Index dipped 0.10% and closed at 6,494.3 points. As at the DFM in Dubai, shares of Kuwait-based Global Investment House (up 9.8% at KD0.056) were the securities of the day. The court of first instance in the Emirate of Dubai passed a judgment on July 19 ordering National Bank of Umm Al Qaiwain (NBQ) to repay Global Investment House $250m towards the refund of a deposit placed by the Company with this Bank in August 2008 plus interest until the date of payment and

  • Global Investment House shares extend rally

    Kuwait's KSE Market Index closed at a four-week high at 6,567 points (up 1.12%). Shares of investment bank Global Investment House (Global) surged further, ending 8.92% higher at KD0.061. Global benefited this week after a Dubai Court ruled in favour of the bank in a dispute with National Bank of Umm Al-Qaiwain and on news that Global, founded in 1998 by chairperson Maha al-Ghunaim, is on track with repaying its debt to creditor banks. Global was only topped by Kuwait Pipes Industries and Oil

  • Global PC sales growth exceeds 20%

    Two new reports have found that global PC sales climbeed by more than 20% in the second quarter, led by the business sector and renewed spending in Europe. Total PC shipments for the three months were up by 22.4% globally, IDC says, while Gartner has the figure at 20.7%. Both analyst firms say the increases were greater than expected.

  • Global PC shipments increase in Q2

    Strong demand from businesses and the European market has contributed to raising global PC shipments by more than 20% in the second quarter of 2010, Reuters has reported. Demand for desktop PCs exceeded expectations, IDC said, as businesses moved ahead with replacing aging computers. Hewlett-Packard remained the world's top PC vendor, but its market share fell 1.6 percentage points to 18.1%, followed by Dell whose shipments climbed 19.1%, passing

  • Globalfoundries to test 28-nanometre tech nodes

    Doug Grose, chief executive of Globalfoundries, the microchip maker owned by Abu Dhabi, plans to test semiconductors that use the so-called 28 nanometre technology nodes by the end of the year with full production scheduled for the first half of next year, The National has reported. A smaller node means smaller microchips can be built on each silicon wafer, which lowers the cost of each chip and provides better performance.

  • Growth remains sluggish on region's bourses

    Financial crisis has hampered liquidity and trading volumes

  • GSM subscribers rise 8% in Oman

    According to figures by Oman's national economy ministry, subscribers of post- and pre-paid GSM service in the Sultanate grew 8% to 4,287,011 by the end of April 2010, compared to 3,970,563 by the end of 2009, the Oman Daily Observer has reported. Subscribers of billed fixed phone service stood at 203,793 at the end of April 2010, against 209,246 subscribers in 2009, while subscribers of pre-paid fixed phone service (Sahl) stood at 36,061 against 47,888 in 2009, the figures showed.

  • Gulf Air announces new Yemen service

    Gulf Air has launched a service to the southern Yemeni city of Aden and re-launched flights to Colombo, Sri Lanka. The services to Aden will be via Sana'a from September 22 with four weekly services, while flights to Colombo will start from October 5 with five flights per week. The flights to the two new destinations will be served by an A319 and A320 aircraft respectively, the carrier said.

  • Gulf Air suspends India flight

    Bahrain's Gulf Air has suspend its flights to Thiruvananthapuram (Trivandrum), India, starting next month, Gulf Daily News has reported. "The difficult decision was taken after a thorough review and the airline was working towards becoming a sustainable business," a spokesperson for the airline said. The last service from Bahrain will operate on July 31, with the last inbound service to Bahrain on August 1.

  • Gulf Finance House shares end flat despite loan extension

    The Bahrain All Share Index added a quarter percent, closing at 1,364.90 points. Shares of Islamic investment bank Gulf Finance House (GFH) finished unchanged at $0.120. GFH is these days in talks to delay the repayment of a $100m loan maturing in August by up to three years, Thomson Reuters has reported. This is the second extension to the Shari'ah-compliant Murabaha loan as GFH struggles to sell assets and meet its debt obligations. End of May GFH announced to sell its 50% stake at Bahrain

  • Gulf Finance House to delay repayment of $100m loan further

    Bahrain-based Gulf Finance House is in talks to delay the repayment of a $100m loan maturing in August by up to three years, Reuters has reported. This is the second extension to the Shari'ah-compliant Murabaha loan as GFH struggles to sell assets and meet its debt obligations. The Islamic investment house expects to finalise the agreement before maturity on August 10, GFH said in a statement.

  • Gulf Medical unveils two new masters programmes

    Gulf Medical University has launched three new Masters programmes, approved and accredited by the UAE higher education and scientific research ministry. The new programmes, which include masters in Public Health and Toxicology, and diploma in Toxicology, will be introduced in the 2010-2011 academic year with an annual intake of five seats in each program starting from November 2010.

  • Gulf States remain committed to single currency plans

    Rasheed al-Maraj, governor of the central bank of Bahrain has said the four Gulf states planning a single currency are committed to their goal and are monitoring developments in Europe, Bloomberg has reported. "We are learning from what is happening in Europe," al- Maraj said in an interview in France's Aix-en-Provence. "We keep our commitment. I am sure the four countries have the same views."

  • GulfNav Q2 profits increase from last year

    Gulf Navigation Holding (GulfNav) has recorded a second-quarter net profit of Dhs20.5m ($5.5m), compared to Dhs3.8m for the same period of 2009. Total assets for the period stood at Dhs2.7bn, compared to Dhs2.9bn as at the end of last year. During the second quarter GulfNav managed to recover its full advance payments along with interest at 7% from the SLS Shipyard, after the orders for two vessels were cancelled due to construction delays.

  • Hamad Medical Corp awarded $6.62m in grants

    The Qatar National Research Fund (QNRF) has awarded Hamad Medical Corp QR24.26m ($6.62m) for eight National Priorities Research Programme grants. The QNRF funding supports research in basic sciences including laboratory research on animal modules, and other areas such as cardiology, neurology and paediatrics/neonatology. This grant amounted to more than the previous two years combined, Hamad Medical Corp stated.

  • Hamptons unveils vocational training programme

    Property services firm, Hamptons International has launched a vocational training programme for Emirati graduates and university students. The Al Bedaya programme offers three career options including internship, part-time or full-time employment with the firm as part of its commitment to support Emiratisation initiatives. The scheme will monitor the progress of each participant in order to help them through the programme.

  • Healthcare offers major investment opportunites in ME

    A new report by INSEAD and Booz & Company says that Middle East healthcare sector, including biotech and pharmaceuticals, is expected to yield the most substantial investment opportunities in the near term. The report, titled Private Equity in the Middle East: A Rising Contender in Emerging Markets, adds that the healthcare sector in the region has been 'characterised by underinvestment for several decades, and countries like Kuwait have not built a new hospital in over 20 years'. "Given tha

  • Heriot-Watt University launches expansion

    Heriot-Watt University has launched a Dhs200m ($54.4m) expansion plan for its campus in Dubai, Gulf News has reported. Set for opening in September 2011, the new campus is located at Dubai International Academic City and will accommodate an extra 3,000 students, bringing the capacity to 4,500. The university will also expand its course offerings to include architectural engineering, interior design and logistics and supply chain management, among others.

  • Hershey's Chocolate World opens store in Dubai

    North America's largest chocolate manufacturer, Hershey's has announced the appointment of Retail Is Detail to open its first Middle East Hershey's Chocolate World store at The Dubai Mall. Retail Is Detail has signed exclusively with Hershey's for the expansion and franchise rights of Hershey's Chocolate World in the Middle East and South East Asia. The company plans to launch more Hershey's Chocolate World concept stores in both continents within the coming months.

  • Hircon reposses 10 Dubai Marina apartments

    Dubai-based real estate developer, Hircon International has said it has repossessed eight to 10 apartments in 23 Marina, Emirates Business has reported. The repossessed units in the Dhs1.3bn project in Dubai Marina belonged to investors who were not inclined to meet their financial obligations or eager to talk and work out feasible solutions, the firm said. The development is expected to be completed by September.

  • Hollandi doubles net profit

    Saudi Hollandi Bank has more than doubled its net profit in the three months up to the end of June to SR250.5m ($66.8m) from SR90.6m a year earlier, Reuters has reported. Operating profit fell 13.3% to SR478.8m. The bank is part owned by a Royal Bank of Scotland-led consortium that may sell its stake through a public offering.

  • HSBC Amanah opens first Qatar branch

    HSBC Amanah, the Islamic financial services business of HSBC Group, has announced the opening of its first branch dedicated to Shari'ah-compliant products and services in Qatar. The new branch will offer services to retail and corporate customers including HSBC Amanah Premiere, HSBC Advance, and international trade finance and corporate banking services.

  • Hyundai and Kharafi to build Kuwait port

    The Kuwaiti ministry of public works and municipal affairs has signed a $1.1bn agreement with South Korea's Hyundai Engineering and Construction Co and local firm Kharafi Group to design and build a port on Boubyan Island, Reuters has reported. The contract includes dredging works, designing 16 berths and building four of them, the ministry said. The project is being offered to contractors in phases, and is envisaged to eventually have 60 berths, it added. The commercial port is expected to b

  • Hyundai and Petrofac win Kuwait pipelines deals

    Contracts worth a total of $1.8bn to take oil to national power plants

  • ictQatar inks Eutelsat satellite deal

    Qatar's Supreme Council for Information and Communication Technology (ictQatar) has signed an agreement with Eutelsat Communications to build a high-performance satellite the two parties will jointly own and operate at the 25.5° East location in geostationary orbit. To enter into service in early 2013, the satellite will provide video broadcasting, enterprise communications and government services across the Middle East, North Africa and Central Asia.

  • IEA predicts 1.6% rise in global oil demand in 2011

    According to the International Energy Agency (IEA), non-industrialised countries outside of the OECD region are expected to drive growth of global demand for crude oil next year by 1.6%, or 1.3 million barrels per day (b/d), Kuna has reported. Meanwhile, demand growth for crude in 2010 is still forecast to rise by 2.1% to 1.8 million b/d, as world economies bounce back from the economic recession a year earlier, IEA said in its Monthly Oil Market Report.

  • IFC to invest $120m in Egypt refinery project

    The International Finance Corp, the investment arm of the World Bank, will invest $120m to fund a refinery project near Cairo through Egyptian private equity firm Citadel Capital, Reuters has reported. The $3.7bn refinery will be used to convert fuel oil into lighter products such as diesel, the IFC said in a statement.

  • IIG of Kuwait defaults on sukuk payment

    Kuwaiti investment firm, International Investment Group (IIG), has said it is unable to pay $152.5m to sukuk holders who demanded immediate repayment after the company defaulted on its $200m Islamic bond, Bloomberg has reported. In April, IIG became the second Kuwait-based firm in a year to miss a sukuk payment.

  • IMF approves $368m loan to Yemen

    Fund backs government’s plans for economic development

  • IMF head plays down double-dip fears

    The head of the International Monetary Fund (IMF) has said it is unlikely the global economy will suffer a double-dip recession due to strong growth in Asia and Latin America, Reuters has reported. "We expect 2011 to be a little lower than the level of 2010. But all this is too far from any kind of double-dip," managing director, Dominique Strauss-Kahn said.

  • Indian firm to buy out Limitless stake in JV

    Indian real estate firm DLF is to buy out the stake held by Limitless, a property unit of Dubai World, in an equal joint venture in India for around $43m, the Economic Times has reported, citing a person with direct knowledge of the deal. India's DLF and Limitless won the contract to build the Bidadi development on the outskirts of Bangalore in October 2007. DLF will buy the 50% held by Limitless Group for a price less than the net worth of the shares, due to change in forex rates during the

  • India's GET Power low bidder for Oman power transmission scheme

    Lowest bid for transmission project comes in at $37m

  • Insurers lead Qatari bourse advance

    Doha's QE Index gained slightly, ending 0.32% higher at 6,957.38 points. Islamic Insurance posted the biggest advance on Wednesday, surging 7.16% to QR49.10. Other insurers among the top 5 gainers were Qatar Insurance (up 4.20% at QR69.00) and Doha Insurance (gaining 4.10% at QR28.10). The country's number one financial institution Qatar National Bank (QNB) lost half a percent as it finished at QR135.20. Traded value surged 72% to QR124.75m while volumes surged by 60% as 4.32m stock changed h

  • Intel reveals second quarter revenue increase

    Intel has reported second quarter revenue of $10.8bn, up 34% year over year. The firm's net income stood at $2.9bn, while its operating income was $4bn. The company put the figures down to a strong demand for its microprocessors and healthy PC and server segments. Intel is expecting revenue of $11.6 billion in the third quarter of 2010.

  • Intel to launch new desktop processors

    Intel is set to launch a new line up of desktop processors, including its much-awaited six-core Core i7-970, starting this month, ZDnet has reported. The chip maker will also launch two other chips-the Core i5-760 and the Core i5-870S, two new Pentiums (the E5700 and E6800), a new Core i3-560, and a new Celeron (the E3500).

  • International Investment Bank exits property fund

    Bahrain's Shari'ah-compliant International Investment Bank (IIB) has exited Bahrain Property Fund (BPF) a portfolio of residential and commercial properties in the kingdom. "The realised IRR of 9.12% p.a. is very close to the targeted IRR of 10.0% p.a. in our offering documents. In the context of the current financial crisis, we believe that the 9.12% p.a. is very attractive," the lender said in a statement.

  • Investcorp acquires Veritext

    Bahrain's Investcorp has announced the acquisition of Veritext Holding Co, a national provider of legal services to law firms, corporations, and regulatory agencies in the US. The terms of the transaction were not disclosed. Investcorp was advised by Marks Baughan and Co (M&A), Wyatt Partners (industry), PriceWaterhouseCoopers (financial and accounting), and Gibson Dunn and Crutcher (legal).

  • Investors unimpressed by Emaar results

    The Dubai Financial Market (DFM) ended 0.16% lower at 1,528.97 points. Market bellwether Emaar reported a net profit of Dhs802bn ($218m) for the second quarter, a 6% increase over the first quarter of the year. But Emaar shares closed unchanged at Dhs3.37. Nevertheless, investors can look at an encouraging week, with the DFM stabilizing above 1,500 points, a lesser volatile market and overall positive second quarter company results. Traded value decreased in Thursday by 12% to Dhs132.91m, whi

  • Ipic commissions new Fujairah refinery study

    Fund put plans for plant under review in early 2009

  • Ipic strategy director steps down

    David Forbes had worked at Abu Dhabi fund for 14 years

  • Iran approves Azadegan oil development plan

    Dealsigned after six months of talks with Chinese partner

  • Iran cuts back on crude oil stored in tankers

    Iran has released six supertankers from its fleet of vessels storing crude oil, a 40% reduction that may mean more oil heading to Europe, Bloomberg has reported, citing tracking data. According to data from the ships collected by AISLive, rhe National Iranian Tanker Co has nine supertankers stationed off the UAE and its own coast, down from 15 of the vessels on April 27. The six tankers that have been released can hold about 12 million barrels of oil.

  • Iran discovers offshore natural gas field

    Iranian oil minister, Massoud Mirkazemi has announced the discovery of a new offshore natural gas field in the Gulf with reserves of more than 700 billion cubic metres, Reuters has reported. The Forouz field was discovered about 30km southeast of the island of Kish, he said, adding it had the capacity to produce 70 million cubic metres of gas per day.

  • Iran expecting $80 per barrel oil prices

    Iran's Opec governor Mohammad Ali Khatibi has said the organisation's surplus capacity is keeping the price of crude down, but oil prices are likely to rise to $80 by the end of the year, Reuters has reported. Total supply from Opec countries was 29.10 million barrels per day (bpd) in June, according to a survey of oil firms, Opec officials and analysts. Khatibi said he saw demand for Opec crudes in the second half of 2010 at "more than 30 million barrels".

  • Iran groups 'still trading' in UAE

    Iranian officials have rejected reports on the freezing of bank accounts for the country's companies and businessmen in the UAE, saying that Iranian companies are still trading there, ISNA news agency has reported. The accounts belonged to companies or individuals whose names are listed in the recent Security Council resolution against Iran, Masoud Daneshmand, head of the Iran-UAE chamber of commerce said. "I have not seen the name of any private company in the list," Daneshmand said.

  • Iran invites bids for $815m transport network

    The network will link Qeshm island with mainland Iran

  • Iran seeks to be gasoline exporter

    Iran's oil minister Massoud Mirkazemi has said the country will become a gasoline exporter in the next four years, playing down the impact of new sanctions which are curbing its ability to import the refined fuel, Reuters has reported. The Islamic republic aims to avert any gasoline shortages by suppressing demand and increasing refining capacity, something which the minister said would reverse Iran's current position as a net importer. "It is predicted that Iran's gasoline production capacit

  • Iran sells stake in Iran Khodro

    Iran plans to privatise 60 companies during the current Iranian year

  • Iran sets August deadline for government relocation

    Security and earthquake fears prompt shift

  • Iran sets up fund for nuclear fusion

    Iran's atomic chief, Ali Akbar Salehi, has said the country has set up an $8m fund to conduct "serious" research in the area of nuclear fusion, AFP has reported. "Fusion research has been launched seriously today," the ISNA news agency quoted Salehi as saying. Fifty people have been hired for the work, which Iran began nearly three decades ago but was initially "not very serious" about pursuing, he said.

  • Iran to ease foreign investment regulations

    Iran's finance and economic affairs ministry has said it plans to facilitate regulations for foreign investments, Mehr news agency has reported. "According to that (regulations), the small-scale (foreign) investors can easily take their capital out of the country and the large-scale investors, which possess 10% of the agency's value or 10% of the management position, can take their capital out of the country after two years upon receiving permission (from the government)," minister Seyyed Sha

  • Iran to import diesel oil

    Iran's deputy oil minister has said that the country will soon start importing diesel oil, although current supplies are sufficient, Mehr news agency has reported. The country plans to import three to four million litres of diesel oil to increase the fuel reserves in its power plants, he said: "Currently, there is no problem in supplying the diesel oil needed in the country from domestic refineries." "We need $46bn to finish our refinery projects," the Mehr News Agency quoted Alireza Zeighami

  • Iran to limit trade with UAE

    An Iranian official has said that his country will limit trade with the UAE, in response to the UAE freezing 41 bank accounts of Iranian businessmen, Mehr news agency has reported. Masoud Daneshmand, chairman of the Iran-UAE Joint Chamber of Commerce has said the UAE move was not required by the Security Council resolution. Trade volume between Dubai and the Islamic republic is estimated at around $10bn a year, mostly in Iranian imports, the report said.

  • Iran, Turkey ink gas pipeline deal

    Iran has signed a $1.29bn agreement with Turkey to build a pipeline that will transfer Iran's natural gas to Turkey, Mehr news agency has reported. According to the agreement, Turkey will secure 77% of the required fund for completing the 660-kilometre pipeline. Iran currently exports 25 million cubic meters of natural gas to Turkey per day and the figure could be increased to 30 million cubic meters a day.

  • Iran: Alumina

    Supply of sandy calcined metallurgical grade alumina

  • Iran: Ballast cleaning machine

    Supply of a ballast cleaning machine

  • Iran: Casing and X-overs

    Supply of casing and X-overs

  • Iran: Caustic soda

    Supply of caustic soda

  • Iran: Chemical catalyst

    Supply of chemical catalyst

  • Iran: Chemical fertilisers

    Supply of chemical fertilisers

  • Iran: Down hole tools

    Supply of down hole tools and surface tools for an MWD system

  • Iran: Gas turbine parts

    Supply of parts for gas turbines

  • Iran: Graphite electrode (450mm)

    Supply of 450-millimetre graphite electrode

  • Iran: Graphite electrode (450mm)

    Supply of 450-millimetre graphite electrode

  • Iran: Graphite electrode (600mm)

    Supply of 600-millimetre graphite electrode

  • Iran: Paddle wheel aerator

    Supply of a paddle wheel aerator for use in sea water

  • Iran: Pumping station and transmission line

    Carrying out a main pumping station and transmission line for a wastewater collection system project

  • Iran: Regional transport network

    Carrying out, on an engineering, procurement, construction and finance (EPCF) basis, a regional transport network project

  • Iran: Sand separator parts

    Supply of parts for sand separators

  • Iran: Steel plant automation system

    Design and supply of an automation system at a steel making plant

  • Iran: Styrenated phenol

    Supply of styrenated phenol

  • Iran: Synchronous motor parts

    Supply of parts for synchronous motors

  • Iranian Egyptian bank to open in Tehran

    An Iranian-Egyptian joint bank is set to open its first branch in Tehran in the near future, Mehr news agency has reported. Misr Iran Development Bank (MIDB) was incorporated in 1975 as an Egyptian Joint Stock. Authorised capital presently amounts to $200m, while paid up capital reached $161m. Iran Foreign Investment (IFIC) holds around a 40% stake in the lender.

  • Iran's gas imports almost halve

    Iran's gasoline imports have dropped by almost 50% to 507,250 tonnes in the first three months of the Iranian current calendar year that started March 21, according to ISNA news agency. The UAE was the top exporter with over 376,000 tonnes of gasoline worth over $276m, followed by Turkmenistan, Singapore, Oman, and Netherlands, the report said.

  • Iraq asks for Rumaila signature bonus change

    Iraq's oil ministry has asked British oil major BP and its Chinese partner CNPC to turn their signature bonus for Rumaila oilfield into an unrecoverable but lower payment rather than a soft loan, Reuters has reported. "We have asked from them to convert the $500m recoverable to $100m unrecoverable... in line with the rest of the contracts," Abdul-Mahdy al-Ameedi, director of the ministry's licensing office, told the news service. "If it stayed as a soft loan, we have to get parliament's appro

  • Iraq cancels Damac project

    Iraqi Kurdistan has cancelled a $15bn property project that was to be built in Erbil by Dubai-based developer Damac Properties, The National has reported. "The Damac project was cancelled because they did not start the project in time," Hayder Mustafa Saaid, a director general at the Kurdistan regional government's investment board said, adding the board had cancelled the licence for the project. The Tarin Hills project was to be a mixed-use development including luxury villas, two five-star

  • Iraq minister says $5-7bn required for industry

    Fawzi Hariri states that major investment is needed for Iraq factories

  • Iraq oil exports drop in May

    Iraq's oil ministry has said the country's oil exports had dropped to 1.823 million barrels per day in June from 1.9 million bpd the month before, due to bad weather and bomb attacks, Reuters has reported. Exports from Basra, Iraq's main oil-exporting hub, can fluctuate widely due to weather conditions or technical problems, while repeated bomb attacks hampered crude flow from Kirkuk fields in recent months. Iraq exported an average of 1.44 million bpd from the southern oil hub of Basra and 3

  • Iraq oil exports up 1.4 per cent in May

    Total revenues in 2010 reach $21.6bn

  • Iraq says BP oil spill won't impact projects

    Iraq's oil minister, Hussain al-Shahristani has said that the massive oil spill at a BP well in the Gulf of Mexico is not expected to affect the country's current or future projects to develop its giant oilfields, Reuters has reported. BP had said it would invest around $15bn to develop Iraq's largest oilfield at Rumaila, where BP and its partner, China's CNPC, plan to boost output to 2.85 million barrels per day from around 1.066 million bpd. "We are totally comfortable with the performance

  • Iraq to offer full crude volumes for August

    Iraq is to supply crude to the majority of Asian term buyers at full contracted volumes for August, compared with an average 10% to 15% cut for July, Reuters has reported, citing oil traders. The cuts for July had been as deep as 50%, though some received full allocations, traders said. "Ports conditions seem to be better now and loading is faster than before," one source was quoted as saying.

  • Iraq: Axles

    Supply of 25 axles

  • Iraq: Buses and drivers

    Supply of two intercity buses and drivers

  • Iraq: Cement plant substation works

    Carrying out rehabilitation works for a substation at a cement plant

  • Iraq: Corrosion inhibitor

    Supply of corrosion inhibitor Chimec 1054

  • Iraq: Distribution transformers

    Supply of distribution transformers

  • Iraq: Drum body coils

    Supply of coils for the manufacture of 200-litre drum bodies

  • Iraq: Electricity works

    Carrying out electricity works

  • Iraq: Excitation system

    Supply of an excitation system

  • Iraq: Fire-fighting equipment

    Supply of fire-fighting equipment

  • Iraq: Fuel oil pipelines

    Design and supply of 31 kilometres of fuel oil pipelines (closing date extension)

  • Iraq: Galvanised and extending joints

    Supply of galvanised and extending joints

  • Iraq: Gas cooler pumps

    Supply of gas cooler pumps

  • Iraq: Gas turbine frame parts

    Supply of parts for Shuaiba Frame 5 gas turbines

  • Iraq: Hydraulic systems

    Supply of hydraulic systems for semi-trailer tippers

  • Iraq: Hydrochloric acid

    Supply of hydrochloric acid

  • Iraq: Irrigation plant pumps

    Supply, installation and operation of vertical pumps for an irrigation plant

  • Iraq: Landcruiser

    Supply of a four-by-four Toyota landcruiser

  • Iraq: Lightening arrestors

    Supply of lightening arrestors

  • Iraq: Liquid polyelectrolyte

    Supply of 20,000 kilos of high activity cationic, liquid polyelectrolyte

  • Iraq: Load switches

    Supply of load switches

  • Iraq: LPG storage capability expansion project

    Carrying out works for the expansion of liquefied petroleum gas (LPG) storage capabilities

  • Iraq: Metals

    Iraq: Metals - Tender DetailsDescriptionSupply of metalsBid closing date27 July, 2010

  • Iraq: Methyl ethyl ketone

    Supply of 1,000 tonnes of methyl ethyl ketone

  • Iraq: Petroleum laboratory equipment

    Supply of equipment for a petroleum laboratory

  • Iraq: Power transformers

    Supply of electrical power transformers

  • Iraq: Public sector modernisation programme

    Execution of a public sector modernisation (I-PSM) programme

  • Iraq: Pump spares

    Supply of spare parts for pumps

  • Iraq: Pump station equipment (1)

    Supply of electrical and mechanical equipment for a pump station project (1)

  • Iraq: Pump station equipment (2)

    Supply of electrical and mechanical equipment for a pump station project (2)

  • Iraq: Screw compressor synthetic oil

    Supply of 1,980 gallons of synthetic oil

  • Iraq: Seawater membranes

    Supply of seawater membranes

  • Iraq: Security services

    Provision of security services for a United Nations Development Programme project

  • Iraq: Steam boiler chemical washing system

    Supply of a chemical washing system for steam boilers

  • Iraq: Steel plates

    Supply of steel plates

  • Iraq: Sulphur pit steel

    Supply of steel and calcium silicate for the repair of sulphur pits

  • Iraq: Transformers

    Supply of potential and current transformers

  • Iraq: Transmission line conductors

    Supply of transmission line conductors

  • Iraq: Transmission line insulators

    Supply of transmission line insulators

  • Iraq: Unaccounted for water (UFW) project

    Provision of comprehensive purpose-based training in management of unaccounted for water (UFW)

  • Iraq's core inflation falls to 2.7% in June

    Iraq's central bank has said the country's core inflation has continued to slow in June, dropping to an annual rate of 2.7% from 3% in May, Reuters has reported. The central bank cut its key interest rate by 100 basis points to 6% in April in reaction to subdued inflation. The central bank defines core inflation as excluding expenditure on fuel.

  • Iraq's daily crude oil exports dip in June

    Iraq's oil ministry has said the country's daily crude export in June dropped 3.7% below the levels of the previous month, Bloomberg has reported. Exports fell in June to about 1.82 million barrels a day, or 54.7 million barrels for the month, the ministry said in a statement. Iraq in June exported 79% of its crude, or 43.2 million barrels valued at $3.07bn, from the southern port of Basra. It shipped the remaining 11.5 million barrels, earning $815m, from the northern oil hub of Kirkuk, the

  • Iraq's June oil exports down 4 per cent

    Oil revenues fall as sabotage and bad weather hamper Iraq exports

  • Iraq-Saudi flights to resume after 20 years

    An agreement has been reached that will see flights between Saudi Arabia and Iraq resume tomorrow after a 20-year hiatus, Arab News has reported. Saudi Arabian Airlines has come to an agreement with the privately-owned al-Wafeer Airlines, which will initially operate a weekly flight from Jeddah to Baghdad and two flights a week from Jeddah to Basra. The first flight will carry some 450 passengers to Baghdad. The airline will operate a Boeing 747.

  • Istithmar sells stake in SpiceJet

    The investment arm of Dubai World, Istithmar has sold its 6.9% stake in low-cost carrier SpiceJet for $25.3m, Reuters has reported, citing two sources with direct knowledge of the matter. Istithmar had said on Monday in a filing to the Bombay Stock Exchange it had bought 22.14 million shares in SpiceJet through conversion of foreign currency convertible bonds. Bank of America Merril Lynch was he arranger of the deal according to the report.

  • Istithmar, host in W New York deal

    Istithmar World, a unit of Dubai World, has partnered with Host Hotels and Resorts to buy the W New York Union Square hotel, as part of the settlement to bankruptcy proceedings, Bloomberg has reported. Istithmar, which paid $285m for the 270-room hotel in 2006, lost the property last year in a foreclosure auction to LEM Mezzanine, a Philadelphia-based private equity fund for $2m plus the assumption of a portion of the debt. The property is operated by Starwood Hotels & Resorts Worldwide. W Ho

  • J Ray announces $350m Abu Dhabi offshore oil win

    Project covers construction of new platform and upgrade of existing water injection facilities

  • Japan loans Kurdistan $130m for water project

    Japanese contributions to rebuild Iraq exceed $3.2bn

  • Jarir marketing expecting Q3 profits rise

    Jarir Marketing, the Saudi office supplies and electronics retailer, has said it expects Q3 net profit to rise by 15% after posting a 4% increase in the second quarter, Reuters has reported. The firm also expects "reasonable growth" for its fourth quarter earnings due to promotion activities, chief financial officer, Mohamed Amin told the news service. Jarir made SR75m ($20m) in the three months ending June 30, compared to SR72m in the same period a year earlier, the company said in a stateme

  • Jazeera Airways grabs leading market share in Kuwait

    Kuwait-based Jazeera Airways has said it has gained a leading market share in May 2010 among Kuwait-based airlines on the most competitive routes served from Kuwait, including routes to Amman, Bahrain, Beirut, Damascus, Dubai, Luxor, and Sharm El Sheikh. The carrier had closed the month with a market share of 31% on the Kuwait-Beirut route, 49% to Sharm El Sheikh, 19% to Dubai, 20% to Bahrain, 34% to Amman, 46% to Damascus, and 55% to Luzor, Jazeera said, citing data from Kuwait's Directorate

  • Jazeera Airways shares surge over nine percent

    The Kuwait Stock Exchange (KSE) Price or Market Index added 1.32%, finishing at 6,448.7 points. The bank index posted the largest advance, gaining 3.37%. Union Gulf Bank (off 7.57% at KD0.305) was hit by profit bookings as its shares advanced to a six-month high end of June. Budget carrier Jazeera Airways ended as the number two gainer, closing 9.26% higher at KD0.118.

  • Joint venture wins Dubai Terminal 2 consultancy deal

    Terminal 2 is currently used for regional flights, charter services and pilgrimage flights

  • Jordan airport passenger arrivals up 17% in H1

    Jordan's Queen Alia International Airport has recorded a 17% increase in passenger traffic to 2,445,500 passengers for the first half of this year, compared to the first half of last year. Aircraft movements for the first six months rose 11.3% to 29,600 aircraft over the previous year. Cargo registered 42,850 tonnes year-to-date with a 9.9% increase over the same period last year.

  • Jordan Central Bank T-bond auction falls short

    The Jordanian central bank has said it only sold JD42.7m of JD50m worth of treasury bonds in an auction of two-year T-bonds, Reuters has reported. The auction average yields rise to 4.938% compared with 4.844% at the previous sale this month. The sale was oversubscribed with offers worth JD102.7m, but only yields ranging from 4.94% to 5% were accepted, the central bank said. The bonds mature on July 15, 2012.

  • Jordan completes first phase of education project

    Jordan has concluded the first phase of a nationwide programme uniting communities and educators to identify school needs, Jordan Times has reported. As part of the project, which started in 2006 with a C$40m grant from the Canadian government, education councils comprising school principals, students, parents and local community representatives are elected every two years. Under the first phase, a total of 66 education councils were formed representing 799 schools. The second phase, which wi

  • Jordan Dubai Islamic Bank to double its branches

    Sami Al-Afghani, chief executive of Jordan Dubai Islamic Bank, has revealed plans to more than double the lender's branches by the end of 2010, Reuters has reported. The lender will add six branches by the end of the year, five offices in 2011 and then five more in 2012, he said.

  • Jordan extends deadline for wastewater treatment plant bids

    Companies now have until 1 September to respond to request for proposals

  • Jordan gets no requests for LTE service licences

    Jordan's Telecoms Regulatory Commission has said it has not received any application to obtain the 2.5 Gigahertz licence, which allows for providing the long-term evolution (LTE) services, by the Sunday deadline, Jordan Times has reported. In May, the TRC released a document specifying the standards and conditions for obtaining the licence for LTE, the latest broadband technology, which has an information carrying capacity of 150 megabits per second. The document included prices of the requir

  • Jordan issues tenders for wastewater treatment plant

    Contractors invited to respond by 10 August

  • Jordan launches end stage renal disease registry

    Jordan's health ministry has launched a database of renal patients in the country, in a bid to examine treatment options, Jordan Time has reported. The Jordanian End Stage Renal Disease (ESRD) Registry aims to develop services provided to patients with kidney failure and facilitate transplant operations for those who need them. It will also enable the government to calculate annual spending on these patients in order to find alternatives for kidney dialysis and focus on transplants instead.

  • Jordan real estate deals rise 18% in first half of 2010

    The total value of property deals in Jordan rose by 18% in the first six months of the year compared to the same period last year, according to figures by Jordan's department of land and survey reported by Reuters. Turnover stood at JD2.337bn ($3.3bn) up to the end of June, against JD1.974bn in Q1 2009. Industry analysts said the market is to benefit from a government stimulus package introduced in June to rejuvenate the sector by slashing fees on real estate transactions and easing curbs on

  • Jordan real estate market reports first quarterly growth

    The Jordanian real estate market has recorded its first quarterly growth since the downturn in the economy, thanks to better home financing and developers securing bank finance, according to a recent report by Asteco. Sales prices in the kingdom rose by between 1% and 3%, with rentals jumping up to 4%. Small and medium-sized properties were particularly popular with tenants seeking affordable prices, the Asteco Jordan Q2 2010 report said.

  • Jordan shortlists advisers for renewables framework contracts

    Three consultancy contracts will be awarded to develop national renewables programme

  • Jordan Steel H1 net profit down

    Jordan Steel has said its net profit during the first six months of this year had dropped to JD2.1m compared to JD5.9m during the same period of 2009, Jordan Times has reported. Liabilities and shareholders equity stood at JD82.7m by the end of June of this year, versus JD83.4m recorded during first half of last year, the firm said in a statement.

  • Jordan Telecom's H1 profit falls 10.9%

    Jordan Telecom Group has said its net profit in the first six months of 2010 had dropped 10.9% to JD45.6m ($64.3m) due to the cost of launching a 3G service, Reuters has reported. Revenue at the firm's integrated mobile, internet and fixed-line business was unchanged at JD196m ($276m). Subscriber base grew 6.3% to 2.93m, compared to 2.75m at end of 2009 due to its aggressive marketing policy, JTG said.

  • Jordan tourism revenues up 28%

    According to figures by the Jordan Tourism Board (JTB), tourism revenues rose 28% to JD1.089bn in the first half of 2010 from JD851m a year earlier, with over three million tourists visiting the kingdom, Jordan Times has reported. The number of tourists also grew 24.1% to 3.63 million during the period, compared to 2.93 million visited the country in 2009, the data showed.

  • Jordan trims budget deficit

    Jordan's budget deficit dropped by more than 50% in the first five months of the year as the government maintained a freeze on non-essential capital spending, Reuters has reported, citing sources at the finance ministry. The shortfall shrank to JD137m ($193m) from JD348.3m in the same period of 2009 after scaling down tens of millions of dollars worth of non-essential capital projects as part of austerity measures to slash its deficit to 6.3% of GDP this year.

  • Jordan, Chinese firms to set up fertiliser plant

    Jordan Abyad Fertilisers and Chemical Co (Jafcco), an affiliate company of Jordan Phosphate Mines Co (JPMC), and China's Chongqing Minmetal and Machinery Import and Export Co have agreed to form a $260m joint venture for manufacturing fertilisers and chemical products, Jordan Times has reported. The project will be implemented within 36 months in the Abyad Mines area in Karak. Jafcco is a joint venture between JPMC and Bahraini Venture Capital Bank and the Arab Mining Co in addition to other

  • Jordan, S Korea sign $70m nuclear research reactor loan

    Jordan and South Korean are to sign a $70m loan agreement to finance a proposed research nuclear reactor at the Jordan University for Science and Technology, Petra news agency has reported. The proposed reactor is part of the country's efforts to establish a nuclear program to desalinate water, generate electricity and turn the kingdom into an energy exporter by 2030.

  • Jordan: Cable car project

    Design, build and operate a funicular (cable car) project

  • Jordan: Co-axial cables

    Supply of coaxial cables

  • Jordan: Energy renewal and efficiency consultancy

    Provision of consultancy services comprising the establishment of a renewable energy and energy efficiency fund

  • Jordan: Facilities management consultancy

    Provision of facilities management consultancy services for government buildings

  • Jordan: Overhead power transmission line

    Supply of support for and complete erection of an overhead power transmission line

  • Jordan: Power control cables

    Supply of low-voltage and multi-core power control cables

  • Jordan: Sewer networks

    Construction of a sewer network and wastewater lifting station

  • Jordan: Telemetric water resources observation network

    Provision, installation and completion of a telemetric water resources observation network (Rebid)

  • Jordan: Wastewater treatment plant

    Carrying out construction and upgrade works at a wastewater treatment plant

  • Jordan's debt climbs 2.4$ pct in May

    According to data by Jordan's finance ministry, the kingdom's gross domestic and foreign debt continued to rise in May with remittances and aid flows still pressured by the global downturn, Reuters has reported. Total debt rose 2.4% to JD9.89bn ($13.9bn) at the end of May compared to the end of last year. The latest preliminary figures show that public debt dropped to 56.2% from 59.4% of projected gross domestic product in 2010, due to forecasts of a lower budget deficit this year. Gross net

  • Jordan's SSC to extend healthcare to uninsured

    Jordan's Social Security Corp (SSC) has agreed to extend its health insurance coverage to uninsured subscribers and retirees and has referred its decision to the cabinet, Jordan Times has reported. The move aims to improve health coverage for workers in medium- and small-sized private companies, SSC director general Omar Razzaz said, noting that the number of SSC beneficiaries and families without health insurance currently stands at 1.3 million.

  • Jouf Cement's $173m IPO for loan

    Saudi Arabia's Al Jouf Cement Co plans to sell new and existing shares to the Saudi public to raise SR650m with over half of the proceeds going to the founders of the firm, which started operations in May, Reuters has reported. About 55.5% of the IPO's proceeds will go to founding shareholders including KSB Capital Group, which is also acting as the financial adviser for the listing along with state-run National Commercial Bank. The listing prospectus showed Al Jouf will use SR171.5m of the p

  • JP Morgan Chase to open Saudi commercial branch

    JPMorgan Chase has unveiled plans to become the first US bank to open a full-service commercial branch in Saudi Arabia this year, as part of a plan to accelerate growth in emerging markets, Bloomberg has reported. The firm had obtained a full commercial banking license from the Saudi government in 2005 and is now the only US financial firm to hold one. The firm, building on an investment banking office, is adding services to attract more corporate and institutional customers, according to Dan

  • Julphar records 22.5% increase in pharmaceutical sales

    Ras Al Khaimah-based Gulf Pharmaceutical Industries (Julphar) has recorded a 22.5% rise in total sales of medicinal products during the first quarter of 2010, compared to the same period last year. Sales revenue during the first three months of 2010 rose to Dhs245m ($66m) from Dhs200m during the same period last year. Julphar's best selling medicine "Adol" also saw a 91.6% rise in sales to Dhs13m, compared to Dhs6.7m during the same period in 2009.

  • Jumeirah to manage Meydan hotel

    Hospitality management group Jumeirah has signed a deal to manage the five-star trackside hotel, The Meydan, in Dubai. The hotel includes 285 guest rooms and suites, conference facilities and a business centre, restaurants and bars, a spa, fitness centre and other leisure facilities.

  • KBR wins Abu Dhabi TDIC contract

    Abu Dhabi-based Tourist Development and Investment Co (TDIC) has awarded US-based KBR a contract to provide logistics consultancy services to support the development of Sir Bani Yas island as part of the Desert Islands projects. According to the agreement, KBR will provide the logistics consultancy and technical expertise to manage the supply of materials, vehicles, marine transportation and personnel for the project.

  • Kempinski opens Nile Hotel

    Kempinski Hotels has announced the opening of its new hotel in Cairo, Egypt, the Kempinski Nile Hotel. The property has 137 rooms and 54 suites, four restaurants, spa facilities, and four bars. The hotel was designed by French architect Pierre Yves Rochon and is located in Garden City district.

  • Khatam-ol-Anbia withdraws from Iran project

    Iran's Khatam-ol-Anbia Construction Headquarters has withdrawn from the development plan of South Pars gas field's phases 15 and 16, Mehr news agency has reported. The National Iranian Oil Co did not provide further details about the firm's pullout from the project. In July 2006, an Iranian consortium led by Khatam-ol-Anbia Construction Headquarters signed a $2bn contract for carrying out the development plan of the mentioned phases. Development operations of the South Pars phases 15 and 16,

  • Khimji's Mart opens its 21st outlet in Oman

    Oman-based supermarket chain Khimji's Mart has announced the opening of a new outlet at Sinaw. The retailer's 21st outlet spans over 30,000 sq ft with three floors housing a variety of products that cater to the daily needs of consumers.

  • King Hussein Cancer Centre receives fourth WHO grant

    Jordan's King Hussein Cancer Centre (KHCC) has received its fourth grant from the World Health Organisation (WHO) to help continue providing cancer treatment for underprivileged Iraqi patients at KHCC. The $240,000 grant will be directed towards KHCC's Iraqi Goodwill Fund. Since June 2008, WHO has provided a total of $900,000 in grants that aided in covering treatment costs for 155 underprivileged Iraqi patients.

  • Kingdom Holding reveals Q2 profit rise of 47%

    Kingdom Holding, an investment company controlled by Prince Alwaleed Bin Talal, has said that second-quarter profit rose 47% on revenue from global hotel operations and units inside Saudi Arabia, Bloomberg has reported. Net income grew to SR135.4m ($36.1m) from SR92.1m in the same period in 2009. The company is "experiencing improving results from its hotel operations and its domestic entities," the company said in a statement.

  • Kingdom Hotels considers selling minority stakes in hotels

    Sarmad Zok, CEO of Kingdom Hotel Investments, a unit of Kingdom Holding, may sell minority stakes held in hotels as part of a plan to focus on higher-earning properties, Bloomberg has reported. The company will evaluate its portfolio of hotel assets as well as the hospitality and real-estate investments of its parent to "reconfigure the overall strategy to capture greater benefits," Zok said. The company plans to spend $800m on hotels in the second half this year and first half of 2011, Zok s

  • KIPCO boosts United Industries stake

    Kuwait Projects Co (Kipco) has increased its stake in United Industries from 28.2% to 71.8% by investing in the firm's rights issue, Reuters has reported. "UIC has become a subsidiary company of the Kipco Group. Te announcement follows KIPCO's purchase of outstanding UIC shares that were available through the company's recent rights issue," the investment firm said in a statement.

  • Korean firm frontrunner for Bahrain wastewater plant

    Plant will treat wastewater from Sitra refinery

  • Kurdistan government approves $500m Avro City

    The regional government of Iraq's Kurdistan has approved the construction of the $500m Avro City in Dahuk province as security in the area improves, Meed has reported. The project will include 120 low-rise buildings, 3,396 apartment units, 56 single-family villas, 40,000 sq m of education facilities, a five-star hotel, sports stadium, commercial district, healthcare facilities, emergency services district, restaurants, and mosques. The project was awarded to a Turkish joint-venture of Gurbag

  • Kuwait approves $56bn budget

    Kuwait has approved a 2010/11 state budget which increases spending by 67.2% from the previous fiscal year as the country aims to reduce its dependence on oil, Reuters has reported. The new budget projects a deficit of KD7.55bn with expenditure set at KD16.3bn, up from the KD9.75bn the OPEC member spent in the 2009/10 fiscal year. However, analysts believe the budget will eventually register the biggest surplus in the Gulf as the government has assumed a very conservative price of $43 a barre

  • Kuwait awards drinking water complex contract

    Switzerland-based ABB to build the $250m Mina Abdullah drinking water complex

  • Kuwait bourse dips 0.31% due to weak investment shares

    Despite slight gains in the banking and real estate sector, the Kuwait Stock Exchange (KSE) Market or Price Index weakened 0.31% to 6,492.60 points. Shares of Islamic bank Boubyan Bank jumped 7.21% to KD0.520. Mena Real Estate Co. topped the charts by rising to KD0.057 (up 9.65%). Housing Finance Co., on the other hand plummeted twelve percent to KD0.146.

  • Kuwait bourse gains slightly

    The KSE Market Index ended 0.13% higher at 6,500.9 points. Shares of Global Investment House (Global) dipped insignificantly to KD0.051. Global announced today that the court of first instance in the Emirate of Dubai passed a judgment ordering National Bank of Umm Al Qaiwain (NBQ) to repay Global Investment House $250m (United States Dollars Two Hundred and Fifty million) towards the refund of a deposit placed by the Company with this Bank in August 2008 plus interest until the date of paymen

  • Kuwait budget surplus could top $25bn in 2010-2011

    Government has forecast $22bn deficit, but high oil prices could result in another billion dollar surplus

  • Kuwait denies BP acquisition plans

    State-run Kuwait Foreign Petroleum Exploration (Kufpec) has denied a local media report about plans to acquire some of BP's Middle East and Asian assets, Reuters has reported. Citing sources, a report by Arabic daily, Aljarida has said Kufpec is reviewing investing in oil fields in Egypt, Yemen and East Asia due to BP's need for liquidity. Kuwait, the world's fourth-largest oil exporter, is not in direct talks with the British firm, the newspaper said.

  • Kuwait development fund to earn $322m in 2010-11

    Government forecasts put fund firmly back in profit

  • Kuwait economy contracted 4.4 per cent in 2009

    Country was worst performer among GCC states

  • Kuwait exchange recovery extended

    Kuwait's KSE Market index added half a percent on Sunday, closing at 6,515.60 points. After oil prices (WTI Sep. 10) surged 3.79% last week, the norther GCC stock market constantly added value. Aref Investment Group gained 9.80%, closing at KD0.056. Arab Insurance Group (Arig) weakened by 11.9% as the top losing share, as it ended at KD0.148.

  • Kuwait facing blood supply shortage

    Kuwait Central Blood Bank (KCBB) has said that blood supply stocks in the country have fallen to critical levels in the past two weeks, Kuwait Times has reported. A senior blood bank official said that while the KCBB's overall stocks are at a reasonable level, the seasonal increase in the number of road accidents, which have already risen over the past two weeks, is likely to see demand from local hospitals further increasing. The blood bank is organizing a number of campaigns to increase the

  • Kuwait Finance House's Q2 net profit up 22%

    Kuwait Finance House has posted a 22% rise in second-quarter net profit to KD39.9m ($138.4m) from KD32.7m in the year earlier period, beating analysts' expectations, Reuters has reported. Net income in the first half of the year was KD70.8m, the Islamic lender said. Analysts at EFG-Hermes had expected KFH to post a net profit of KD32m in the second quarter, according to a survey by the news service.

  • Kuwait Fund approves $250m for North Africa

    Morocco has received almost $650m in international aid in 2010

  • Kuwait gets more time to study Dar debt plan

    Kuwait's Investment Dar has said a Kuwaiti court has granted the country's central bank four more months to submit a report on the Islamic investment firm's debt restructuring plan, Reuters has reported. Dar, which has been trying to restructure about KD1bn of debt, applied in March for support under a government facility set up for troubled companies as part of a debt restructuring.

  • Kuwait gives Iraq oil border crossings initial approval

    Abdul-Mahdy al-Ameedi, director of the licensing office at Iraq's oil ministry has said a special border crossing between Kuwait and Iraq has been initially approved by the Kuwaiti authorities, Reuters has reported. The new border point would facilitate the introduction of equipment for oil companies that secured contracts to develop Iraq's oilfields, Ameedi said. "This information we got from the contracting companies who said they talked with the Kuwaiti government, and that there is an ini

  • Kuwait inflation holds steady

    According to figures by Kuwait's central bank, the Gulf state posted annual inflation of 2.8% in April, in line with levels since the start of the year as food and transport costs remained steady, Reuters has reported. Food prices, which account for 18 percent of the basket, fell by 0.1% from the previous month, following a 0.8% rise in March, while transport prices, the third biggest component, rose 0.1% after remaining unchanged in March.

  • Kuwait inks loan deal to fund Khartoum airport

    A $47m loan agreement has been signed between the Kuwait Fund for Arab Economic Development and the Sudanese government for bankrolling Khartoum's new international airport, Kuna has reported. The loan is part of financing for the first stage of the new Khartoum airport.

  • Kuwait Investment Authority to cost $184m

    Authority manages assets worth $250-300bn

  • Kuwait market dips 0.28%

    Closing 0.28% lower at 6,430.9 points, the KSE Index was the only composite in the GCC which lost on Thursday. Shares of United Gulf Bank (UGB) extended its decline, finishing 8.2% lower at KD0.280. During the first week of July, UGB shares were almost reduced by the same value they gained in June.

  • Kuwait market ends flat

    Advancing Bank shares helped the Kuwait Stock Exchange (KSE) to stabilize, as the KSE Price Index closed at 6,319.7 points. Bahrain's Islamic investment bank Gulf Finance House rebounded 7.69% and finished at KD 0.035. Gulf Bank of Kuwait, one of the top KSE performers in relation to its year-to-date performance, surged 3.94%, ending at KD0.395. Real estate and industrial shares performed overall weaker.

  • Kuwait market KSE adds a quarter percent

    The KSE Market or Price Index extended its advance from Wednesday, finishing 0.25% higher at6,582.6 points. All sector indices went up with the exeception of the KSE bank segment which ended flat. Global Investment House added another 6.55% after it rallied during the week, closing at KD0.065. Over the week, the KSE market gained 1.36%, also thanks to the IMF's positive outlook for the northern Gulf state, saying its economy would grow by 1.9% this year.

  • Kuwait market weakens 1.70%

    Sell-outs at real state shares and industry stocks triggered another day of decline in Kuwait. The KSE Price or Market Index ended at 6,4317 points. Shares of Grand Real Estate Projects (down 27.78% at KD0.026) and Mena Real Estate Company (falling 16.39% at KD0.051) weighed on the market in particular. Kuwait Real Estate Holding Co., dubbed Alaqaria, on the other hand, advanced 3.48%, finishing at KD0.0445.

  • Kuwait Oil Tanker Company nears award for LPG bottling plant

    India’s Larsen & Toubro expected to sign agreement by end of July

  • Kuwait Oil Tankers reports 40% fall in renting rates

    The chairman of Kuwait Oil Tankers (KOTC) has said that the global economic crisis caused renting rates to fall by 40% in the 2009-2010 fiscal year, Kuna has reported. This together with the continuing weak dollar contributed to aggravating the crisis for the firm, Nabil Bourisili said. KOTC's fleet currently consists of 21 oil tankers including five giant tankers for transporting crude oil and 12 tankers of various sizes for transporting oil derivatives, as well as four gigantic tankers for

  • Kuwait plans Ramadan price cuts

    Kuwait's Union of Consumer Cooperative Societies (KCCS) has said they will work on decreasing the prices of around 400 food and non-food commodities by up to 55% ahead of the holy month of Ramadan, Kuna has reported. The union has already lowered prices of around 100 commodities with a percentage between 5.5% and 26%.

  • Kuwait presses ahead with social infrastructure development

    Government-backed projects will support a growing population

  • Kuwait Projects completes $500m bond sale

    Kuwait Projects Co (Kipco) has announced it has completed a $500m (KD144m) bond issue under its $2bn Euro Medium Term Note (EMTN) Programme. The proceeds of the issue will be used to extend the company's maturity profile and further diversify the firm's investor base, Kipco said. The transaction is the first global issue by a private company in the Middle East and North Africa this year.

  • Kuwait Projects mulls ten-year benchmark bond

    Kuwait Projects Co (Kipco) is considering a benchmark-sized bond issue with a 10-year tenor, making it the first offering from a Kuwaiti corporate this year, Reuters has reported. Joint lead managers on the deal are HSBC, Citi, and BNP Paribas. Pricing is expected this week depending on investor response. The bond roadshow closed on Tuesday.

  • Kuwait puts on hold prequalification for Al-Zour North scheme

    Project will have a capacity of 1,500MW of power and 100 million gallons a day of water

  • Kuwait receives bids for exhibition centre contract

    New centre will be built in Ahmadi

  • Kuwait reopens health centre

    Kuwait's health ministry has opened the rehabilitated Jaber Al-Ali Health Centre, southeast Kuwait City, Kuna has reported. The centre, which will provide healthcare to the residents of Jaber Al-Ali Area, Al-Ahmadi governorate, has five general clinics, three dental clinics, a laboratory, and two public and private pharmacies. The ministry has set aside KD120m ($415m) to the rehabilitation of health facilities in the coming years.

  • Kuwait seeks more Jordanian teachers

    Kuwait's education ministry has called for an increase in the number of Jordanian teachers contracted to work at the country's public schools, Kuwait Times has reported, citing an unnamed ministry official. "These [Jordanian] teachers have the scientific specialties needed by the schools, particularly mathematics, physics and chemistry," the official was quoted as saying.

  • Kuwait Stock Exchange (KSE) adds one percent

    The Kuwait market opened the week positively after it was closed on Sunday due to an Islamic holiday. The KSE Market Index finished at 6,496.5 points. International Financial Advisors (IFA) posted the second largest advance and closed 7.69% higher at KD0.056. According to Swiss private bank Sarasin & Cie., which runs branches in Dubai and Doha (in a joint venture with Alpen Capital), global stock market declines in the second quarter have been "exaggerated" and offer buying opportunities in t

  • Kuwait Stock Exchange adds 0.11%

    The KSE Market Index gained slightly and closed at 6,503.60 points. Shares of National Ranges Company (Mayadeen) topped the charts, jumping 9,5% higher atKD0.023. Bahrain-based Islamic bank Ithmaar ended 5.88% lower at KD0.032. The investment sector was the best performer at the KSE on Tuesday.

  • Kuwait Stock Exchange remains in up-and-down mood

    The KSE Market Index ended 0.43% lower at 6,512.70 points as only the industrial index added value. Salbookh Trading posted the largest advance, closing 8.62% higher at KD0.063. First Takaful Insurance Company plummeted 19.69% lower at KD0.106. Over the week the KSE Market or Price Index added some 16 points in a series of lackluster trading sessions.

  • Kuwait to build new maternity hospital

    Kuwait's health ministry has approved plans for building a new maternity hospital in Al-Sabah health area, Kuwait Times has reported. The new 600-bed hospital, which will cost KD150m and be completed by 2016, is part of a plan to expand health services in the Gulf state to meet the projected rise in population by 2030.

  • Kuwait to ink airport cargo city project

    Kuwait's Directorate General of Civil Aviation will sign today an agreement to set up a cargo city project at Kuwait International Airport, Kuna has reported. The first phase of the project provides for establishing a park lot where 67 freighters A380 and Boeing B800-747 can be parked. The cargo city will have a total area of three million square kilometres and is expected to be completed within 400 days.

  • Kuwait University extends college construction tender

    Bid deadline is now 25 July

  • Kuwait University extends College of Engineering and Petroleum tender

    Bid deadline extended for the third time to 1 August

  • Kuwait University extends deadline for faculty buildings contract

    University has prequalified 26 consortiums for the Sabah al-Salem campus project

  • Kuwait, Iraq and 20 wasted years

    It’s 20 years since Iraq invaded Kuwait and America declared the start of a New World Order. Have the results justified the price paid since?

  • Kuwait: Buses

    Supply and operation of buses

  • Kuwait: Cleaning and agricultural services

    Carrying out cleaning, agricultural and other services

  • Kuwait: College AC and mechanical works

    Carrying out operation, maintenance and repair works for air conditioning (AC) units and mechanical works at colleges

  • Kuwait: Computer equipment

    Supply of computer and accessories

  • Kuwait: Computer networks

    Leasing, operation and maintenance of computer networks at schools

  • Kuwait: Computers

    Supply of computers

  • Kuwait: Computers

    Supply, installation, operation and maintenance of computers

  • Kuwait: Computers and printers

    Exchange of computers and printers

  • Kuwait: Computers and printers

    Supply of 600 computers and 120 printers

  • Kuwait: Drinking water towers

    Construction, completion and maintenance of reinforced concrete towers for drinking water

  • Kuwait: Educational department handling works

    Implementation of handling works at educational areas

  • Kuwait: Electric generator station

    Construction of an electric generator station with accessories for external clinics and radiography buildings

  • Kuwait: Electrical and control equipment maintenance

    Maintenance and repair of electrical and control equipment at all water operation and maintenance sector sites

  • Kuwait: Exhibition design and construction works

    Design and construction of the décor for foreign exhibitions

  • Kuwait: Floating marina

    Fabrication, supply and installation of a floating marina

  • Kuwait: Fund network system upgrade

    Upgrading and renovation of infrastructure for network systems

  • Kuwait: Ground tank and water tower works

    Carrying out maintenance and external painting works for ground tanks and reinforced concrete drinking and low-salt water towers

  • Kuwait: Hovercraft maintenance workshop

    Design, construction, completion and maintenance of a maintenance workshop and sliding area for hovercraft

  • Kuwait: Internet services

    Provision of the internet for an information systems centre

  • Kuwait: Laptops and computers

    Supply, installation and operation of laptops and computers

  • Kuwait: Metal pallets

    Supply of metal pallets with wooden bases for a ports organisation

  • Kuwait: Military sales materials shipping

    Shipping of US military sales materials

  • Kuwait: Ministry buildings rehabilitation

    Carrying out maintenance and rehabilitation works for ministry buildings

  • Kuwait: Mobile metal drugs containers

    Supply of mobile metal drugs containers

  • Kuwait: Oil casing and digging pipes

    Supply of casing and digging pipes for an oil company

  • Kuwait: Photocopying paper

    Supply of photocopying paper

  • Kuwait: Pilot cable breakdown ID devices

    Supply of pilot cable breakdown identification (ID) devices

  • Kuwait: Port works

    Carrying out works at a port

  • Kuwait: Ports complex building

    Development of a ports complex building

  • Kuwait: Power and water desalination plant project

    Renovation of equipment for a power and water desalination plant

  • Kuwait: Power and water plant agricultural works

    Carrying out agricultural works at a power and water distillation station

  • Kuwait: Power plant transformer station

    Supply and installation of a main transformer station at a power plant

  • Kuwait: Printers and scanners

    Supply, installation and operation of printers and scanners

  • Kuwait: Printing press machines

    Supply, installation and operation of printing machines at a government printing press

  • Kuwait: Radio broadcasting station maintenance

    Carrying out overhaul maintenance works for shortwave antennas at a radio broadcasting station

  • Kuwait: Radio broadcasting upgrading department building

    Construction, completion and maintenance of a radio broadcasting upgrading department building

  • Kuwait: Rainwater network project

    Carrying out a main rainwater network project

  • Kuwait: Reformer catalyst

    Supply of primary reformer catalyst

  • Kuwait: Residential construction project

    Construction of buildings for a residential villa project

  • Kuwait: Scientific equipment

    Supply, installation and operation of scientific equipment

  • Kuwait: Scientific equipment

    Supply, installation and operation of scientific equipment for a civil engineering department at a university

  • Kuwait: Secondary transformer substations

    Construction and completion of 225 secondary transformer substations

  • Kuwait: Security directorate building

    Construction, completion and maintenance of a security directorate building

  • Kuwait: Substation monitoring and control equipment

    Supply and installation of monitoring and control equipment for substations

  • Kuwait: Sub-transformer stations

    Supply and replacement of old 11/0.433kV sub-transformer stations

  • Kuwait: Television studio channel upgrade

    Renovation and upgrading of a studio channel for the television sector

  • Kuwait: Television studio structure renovation

    Renovation of a basic structure for a studio for the television sector

  • Kuwait: Television studio upgrade

    Upgrade of a television studio

  • Kuwait: Town sub-control centre works

    Carrying out modification and overhaul maintenance works for a town sub-control centre

  • Kuwait: Traffic lights

    Supply, installation and maintenance of traffic lights

  • Kuwait: Truck parking area

    Design, construction, completion and maintenance of a truck parking area

  • Kuwait: University overhaul maintenance works

    Carrying out overhaul maintenance works for a university

  • Kuwait: Vehicle leasing

    Leasing of vehicles with and without drivers

  • Kuwait: Water installation cleaning works

    Carrying out cleaning works at water installation sites and annexes

  • Kuwait: Water pipeline works

    Carrying out under-construction works for water pipelines

  • Kuwait: Water research centre

    Construction, completion and maintenance of a water research centre

  • Kuwait: Wellhead equipment

    Supply of wellhead equipment

  • Kuwait's expat teachers get housing allowance raise

    Kuwait's education ministry has agreed to increase housing allowance for expatriate teachers, Kuwait Times has reported. "We have agreed to the increment and have approved it and referred it to Civil Service Commission (CSC) for approval in order to take necessary action," education minister, Moudhi Al-Homoud said.

  • Kuwait's Global Investment House wins $250m ruling

    The National Bank of Umm Al-Quwain has been ordered by a Dubai court to repay Kuwait's Global Investment House (GIH) $250m, Reuters has reported. The money will be used to repay the company's restructured debt, GIH said. The National Bank of Umm Al Quwain held the money which was made as a deposit when GIH was in talks with the lender for acquiring a share of it. The deal fell through in the wake of the global financial crisis, a GIH official told the news service.

  • Kuwait's Shuwaikh Port to be expanded

    The Kuwait Ports Authority (KPA) is continuing plans to expand the Shuwaikh Port project, Kuwait Times has reported. The KD146m ($504m) project will include increasing the depth of the port's naval canal, to enable ships of up to 14 meters in immersion and more than 420 meters width to pass. Currently the canal is only 8.5 metre deep.

  • Landing of first A380 at Maktoum International Airport

    The first landing at Al Maktoum International Airport, Dubai of an Airbus A380 super jumbo was made by an aircraft from the Emirates fleet. Phil Blizzard reports on this notable event in the history of Middle East aviation.

  • Landmark allows rent payment with credit card

    Real estate agency Landmark has introduced credit card rent payment for units in Dubai's Discovery Gardens, Gulf News has reported. The acceptance of credit card payments depends on how many annual payments a tenant wishes to make, with no discounts to be offered if a one-year payment is made by card, a Landmark agent told the daily.

  • Landmark expands operations in Jordan

    UAE-based retailer Landmark has expanded its operation in Jordan with the opening of two new Babyshop and Max stores in the kingdom. The new outlets at Arabella Mall in the Northern city of Irbid mark the second Babyshop store and the third Max store in Jordan.

  • Lebanon to boost airport capacity

    Lebanon's Civil Aviation Authority has announced plans to more than double previous expansion plans for Beirut Airport, in addition to building a second major airport in the north of country, Arabian Aerospace has reported. Work is due to begin early next year to increase its capacity from six million passengers a year to 18 million with the construction of a new terminal and 23 new gates, taking the total to 46, director general of Civil Aviation, Dr Hamdi Chaouk said. Up to seven of these g

  • Lebanon to install high-speed broadband nationwide

    Lebanese telecom minister has announced a plan to set up a fibre optics and advanced broadband network across the country within the next 18 months, The Daily Star has reported. The government is also keen to liberalize the sector and expand the use of internet and other related services to all of the country, Charbel Nahhas said. The project will cost $60m and involves the installation of 710-kilometres of phone wires as well as 2,750 kilometres of fibre optics.

  • Lebanon to overhaul power sector

    Lebanese energy minister Gebran Bassil has announced a $5bn plan to overhaul the country's decaying power sector and provide it with 24-hour electricity in four years, Reuters has reported. The plan calls for the production of 4,000 megawatts of electricity by 2014 at a total cost of $4.87bn. The government will provide $1.5bn, the private sector $2.32bn and international donors will contribute $1bn, he said. The state-owned Electricite du Liban (EdL) can only meet two-thirds of peak demand o

  • Lebanon: Hospital medical equipment

    Supply and installation of medical equipment for a hospital

  • Lebanon: Office equipment

    Supply of office equipment and computers

  • Lebanon: Office furniture

    Supply of office furniture

  • Legal challenge prompts Iraq oil deal rethink

    Baghdad seeks to convert signature bonuses on oilfields awarded in 2009

  • Lenovo ready to ship new IdeaCentre B305

    Lenovo has started shipping the IdeaCentre B305 all-in-one, multi-touch desktop computer, ZDnet has reported. Especially targeted towards gamers, the new PC features 21.5-inch full HD, 1080p widescreen display, AMD Athlon II X4 600e AM3 2.20GHz processor, up to 4GB of DDR3 memory, up to 640GB of hard drive space, Windows 7 Home Premium, a DVD-RW drive, and ATI Mobility Radeon HD 5450 graphics.

  • Lenovo to build Android tablet PC

    Lenovo Group has announced plans to launch its own tablet PC that would run on Google Inc's Android operating system, Reuters has reported. No launch date had been set for the new tablet PC, known internally as LePad, and the name of the product may change, a Lenovo spokeswoman said.

  • LG opens new Doha outlet

    LG Electronics has announced the opening of its LG Lifestyle Gallery in Doha, Qatar. The new showroom is the company's fourth in the region and offers a products line-up including TVs, washing machines, mobile phones, laptops, air conditioners, home theatre systems, refrigerators and more. It is the second new outlet the company has introduced in 2010.

  • Libya: Deepwater drilling platform

    Provision of a deepwater drilling platform for planned offshore drilling operations

  • Libya: ESP equipment and services

    Provision of electrical submersible pump (ESP) equipment and services

  • Libya: Gas chromatograph system repair

    Repair of a gas chromatograph system for an oil field

  • Libya: Geophysical and geological services

    Provision of integrated geophysical and geological interpretation services

  • Libya: Offshore drilling equipment

    Supply of equipment for an offshore drilling, completion and workover programme in the Bahr Essalam, Bouri field

  • Libya: Offshore drilling Feed services

    Provision of basic and front-end engineering and design (Feed) services for the Bahr Essalam offshore drilling project

  • Libya: Oil production equipment

    Supply of oil production equipment

  • Loans-to-deposits ratio narrows in UAE

    According to figures by the UAE central bank, the gap between commercial-bank loans and deposits has narrowed 20% in June over the previous month, indicating an improvement in the loans-deposit ratio, Reuters has reported. The loans to deposits gap decreased to Dhs40.2bn ending June 2010 from Dhs50.4bn in May 2010, with total loans in June at Dhs1025.6bn from Dhs1021.2bn in May, and June deposits reaching up to Dhs985.4bn from Dhs970.8bn in the previous month.

  • Local firm wins Kuwait maintenance deal

    Deal worth $170m and goes to local firm

  • Louis Vuitton opens first Lebanon store

    French fashion house, Louis Vuitton has announced the opening of its first outlet in Lebanon, The Daily Star has reported. Louis Vuitton, which specialises in luxurious leather goods and luggage, has been considering entry into the Lebanese market for the last 13 years, according to chairman and CEO Yves Carcelle. "We began exploring the coastal region of Lebanon after the 1975-90 Civil War," he said. "Here, the market is cultural and historically strong. It is almost bizarre not to have a st

  • Lufthansa Cargo plane crashes in Riyadh

    A cargo plane belonging to Lufthansa Cargo crashed yesterday morning in Riyadh, Saudi Arabia. The MD-11 was on a flight from Frankfurt to Hong Kong with stopovers in the Saudi capital and Sharjah. The two-man crew sustained minor injuries and managed to leave the aircraft down the emergency slide but the aircraft was severely damaged, the airline said.

  • Lufthansa Cargo plane crashes in Riyadh

    Two crew-members injured in crash of flight bound for Hong Kong

  • Lukoil issues West Qurna tenders

    Russian energy firm, Lukoil has issued tenders for work at Iraq's supergiant West Qurna Phase Two oilfield, Reuters has reported. The company has invited companies to bid for the supervision of a 3D field seismic survey at the oilfield. Lukoil and its Danish partner, Statoil sealed the 20-year deal to develop the West Qurna Phase Two, a 12.9-billion-barrel oilfield in the south, in an auction in December, and pledged to boost output to a plateau target of 1.8 million barrels per day.

  • Maaden meets contractors for $2.5bn rolling mill

    First clarification meeting for Saudi Arabian project held in Bahrain

  • Maaden says phosphate mine to start in Q4

    State-owned Saudi Arabian Mining Co (Maaden) has said it expects a phosphate mine to be operational in the fourth quarter, Reuters has reported. Maaden, in a joint venture with Saudi Basic Industries Corp (Sabic), is doubling capacity at a fertilizer plant to 6 million tonnes per year. The project will use phosphate from al-Jalamid and local gas and sulphur supplies to manufacture the fertiliser diammonium phosphate.

  • Ma'aden's board agrees on $4.5bn loan for Alcoa JV

    State-controlled metals producer Saudi Arabian Mining Co (Ma'aden) has said its board has approved $4.5bn in financing for the first phase of an aluminium smelter project with Alcoa Inc, Bloomberg has reported. The finance will represent 60% of the first phase of the project with a total cost of $7.5bn, it said. The project includes a bauxite mine in the northern province of Qassim, with a production capacity of 4 million metric tonnes. The facility is to start production at the end of 2013.

  • MAC Sharaf Brokerage given three week suspension

    Emirates Securities and Commodities Authority has suspended Dubai- based brokerage, MAC Sharaf Securities for market rules violations, Bloomberg has reported. The brokerage lent clients funds to buy shares and charged them with late payment and administration fees, the regulator said in a letter dated June 21. The suspension began June 23 and will end July 13, according to the document.

  • Mafraq Hospital launches stroke initiative

    Abu Dhabi's Mafraq Hospital has opened a new 24 hour Thrombolysis Service for acute stroke patients. The new service aims to ensure a 'Door-to-Needle' time, the time a patient first arrives at Mafraq Hospital to the time of administration of the thrombolytic agent, of 60 minutes at any time of day. The hospital is to launch a public awareness campaign to ensure everyone is aware of the importance of going to hospital as soon as they experience symptoms that may suggest a stroke.

  • Makro wholesale store opens in Egypt

    German wholesaler and retailer Metro Makro has announced the opening of its first Makro wholesale store in Egypt. Located in Salam City in the Egyptian capital, the new store will only sell in bulk and will exclusively tailor its services to the needs of their diverse customer base covering traders, hospitality professionals and business companies. The firm plans to open more than 20 stores in the medium to long term, in governorates and cities across the country.

  • Malabar Gold to opens showroom in Oman

    Indian gold and jewellery retailer, Malabar Gold is set to open its twelfth store in the Middle East and first in Oman on July 15, Oman Daily Observer has reported. As part of its expansion plans, the firm is to open a second showroom in Muscat and Riyadh, along with showrooms in Bahrain, Kuwait and Qatar.

  • Malaysian government eyes real estate in Mecca

    Tabung Haji is still awaiting approval to move forward with its $267m hotel

  • Mall of Emirates Fashion Dome to open September 1

    Majid Al Futtaim Properties, developer and owner of Mall of the Emirates, has announced the mall's new Fashion Dome will open September 1. Set within an Italian Piazza style setting, the new 10,500 sq m extension will bring the total number of dining outlets in the mall to 85, offering cuisines from Europe, Asia, Africa and the Middle East. The new line up will include Middle East-specialty restaurant Al Halabi, PF Changs, Tribes, Fauchon, Asha's, and More Café. Italian restaurant Biella, mea

  • Manoukian opens Dubai Mall store

    French fashion brand, Manoukian will open its first store in the Middle East at the Dubai Mall today. The brand, which stands for feminine, French design, hosts a modern collection for the urban young woman of today from work to weekend. The store will celebrate the opening with a launch event on Wednesday evening.

  • Many UAE renters upgrading to larger properties

    Over a third of current UAE residents have opted to switch homes in the last year, with many opting for larger rental properties, according to a new YouGov Siraj Omnibus survey conducted in June. About a third (35%) of UAE residents feel the real estate outlook will improve in 2011 (compared to 32% who feel it will deteriorate and 21% who believe it will stay the same). As cautious optimism emerges, UAE residents are taking advantage of rent dips to upgrade their accommodation. Forty percent

  • Marina Square Units to be handed over post Ramadan

    The master developer of Abu Dhabi's Reem Island, Tamouh Investments has said it will start handing over its Abu Dhabi-based Marina Square project to end buyers after the Holy month of Ramadan. "The first phase of Marina Square is getting prepped up for handover to end-users, with over 3,440 residential units set to be added to Abu Dhabi's inventory. The final stage of approvals on services such as water, electricity and other utilities is expected to come through in the next few weeks," Joe O

  • Market index and volumes down in Doha

    The Qatar Exchange (QE) Index ended 0.72% lower at 6,913.11 points as some 2.56m shares changed hands, down 30.8%. Financial shares in particular suffered losses. The country's largest bank Qatar National Bank (QNB) eased 0.44% and finished at Qr136.50 while Commercial Bank of Qatar (CBQ) ended down 1.20% at QR66.90. Real estate firm United Development Company (UDC) added 1.67%, closing at QR24.30. The reviewed financial statements for the period ending June 30, 2010 revealed a net profit of

  • Mayeh Marine to distribute HP Watermakers products

    HP Watermakers, a manufacturer of reverse osmosis watermakers, has appointed UAE-based Mayeh Marine Trading (MMT) as their exclusive distributor. The agreement will allow MMT to deliver HP Watermakers' products to boat builders, yacht manufacturers, offshore platforms, drilling rigs, ship builders and the entire maritime industry in the region. Mayeh Marine Trading will conduct all sales and marketing in the region under the terms of the deal.

  • McDonald's sales rise in Middle East

    Fast food giant McDonald's has reported a 4.6% growth in Q2 sales in the Middle East region. "Asia/Pacific, Middle East and Africa's (APMEA) second quarter results reflect broad-based strength across the segment," the company said. Second-quarter revenue, which included sales from company-owned restaurants as well as royalties from franchisees and other fees, rose 5% to $5.95bn from $5.65bn a year ago.

  • Medsol laboratory achieves JCI accreditation

    Medsol has announced that its Al Abbar Laboratory has achieved Joint Commission International (JCI) accreditation. JCI is a global accreditation agency for hospitals, ambulatory care facilities, clinical laboratories, care continuum services, medical transport organisations, and primary care services, as well as certification for disease or condition specific care. Medsol presently has 15 operational labs across the Mena region, nine in UAE, five in Kuwait, and one in Saudi Arabia.

  • Metito secures $40m finance for expansion plans

    UAE based water company plans to use fund to expand into China

  • Michigan State University ends Dubai undergraduate programme

    Michigan State University is to immediately phase out its undergraduate programme on its Dubai campus, Detroit News has reported. The university has said that low student enrollment and economic difficulties were the reasons behind the decision. The elimination of the programme will affect about 60 undergraduate students. MSU will continue to have a presence in the UAE with its one graduate programme, human relations and labour relations, which has 25 students.

  • Microsoft to end support for Windows XP Service Pack 2

    Microsoft is to stop supporting its Windows XP Service Pack 2 and Windows 2000 operating systems after July 13, Gulf News has reported. Support for the Service Pack 3, however, will still be available, Microsoft said. Support for the XP operating system is scheduled to end on April 8, 2014, while for Windows 2000, all formal support channels will close on July 13, 2010 with online support to continue until at least July 2011.

  • Microsoft warns of infected USB flash drive vulnerabilities

    Users of Windows XP Service Pack 2 (SP2) have been warned by Microsoft of attackers who are exploiting a critical un-patched Windows vulnerability using infected USB flash drives, PC World has reported. Hackers can exploit a bug in Windows "shortcut" files, the placeholders typically dropped on the desktop or into the 'Start' menu to represent links to actual files or programmes. Microsoft said users could block attacks by disabling the displaying of shortcuts, and turning off the WebClient s

  • Middle East aerospace and defence industry bucks global trend

    A study by business-advisory firm, AlixPartners has revealed continued heavy investment, increasing number of hubs, rising regional demographics and a concurrent increase in wealth has helped airlines in the Middle East buck the global slowdown in the aerospace and defence industry. With huge orders of large-capacity aircraft being placed by the likes of Emirates, the re-emergence of carriers such as RAK Airways, and the launching of logistical mega-hubs such as Dubai World Central, the Middl

  • Middle East carriers see 18% growth in June

    Middle East airlines outperformed all other regions in June, posting an 18% increase in passenger growth compared to the same period a year ago, according to the latest data from the International Air Transport Association (IATA). International passenger demand rose by 11.9%, and load factors were recorded at an impressive 79.8%. The Middle East also saw freight demand surge to 39.6% in June compared to the same month last year, up from 17.5% reported in May.

  • Middle East carriers shine at Farnborough

    Middle East carriers spent billions of dollars on new aircraft at the Farnborough International Airshow this week, with Emirates Airline leading the way with a huge order for Boeing 777 passenger jets.

  • Middle East contracts awarded: June 2010

    Over $6bn worth of contracts have been awarded across the Middle East in June 2010, according to this selected checklist compiled from MEED reports

  • Middle East could invest in BP

    Middle East financial institutions are considering a strategic investment in BP, The National has reported, citing sources. Proposals from the region had already been made to BP advisers in London, the sources said. "BP knows there is potential support from the Middle East," said one source. Middle East investors would also consider buying key assets from BP, the newspaper reported.

  • Middle East investors eye Indonesian resort

    The Indonesian government plans to reissue a tender for a resort project in Lombok after Dubai-based real estate developer Emaar Property pulled out citing financial problems. Speaking to The Jakarta Post, Investment Coordinating Board Chairman Gita Wirjawan said: "Four investors, from Abu Dhabi, Qatar, India and the United Arab Emirates are interested in the project," adding the government was still preparing the tender for the resort project, which would require a $600m minimum investment.

  • Middle East passenger traffic rises 18 per cent in June

    Airlines in Africa enjoyed big growth in traffic due to the World Cup

  • Middle East to increase defence spending

    The Middle East spent $90bn on defence in 2009

  • MM Scarpa opens store in Dubai

    Swiss fashion label MM Scarpa has announced the opening of its flagship store at the Dubai International Financial Centre (DIFC), as part of regional expansion plans. Scarpa Shoes Trading is the sole franchisee for MM Scarpa in the GCC region. The event was attended by the Consul General of the consulate of Switzerland in Dubai.

  • Mobily enables customers to use phones on Saudi airliners

    Saudi telecoms firm Mobily has announced that its customers can now use their phones on Saudi Airlines new Airbus A330 aircraft. The Saudi carrier had announced earlier that it had signed a deal with On-Air, in which the latter would facilitate mobile and internet connectivity on Saudia's 70 A330s.

  • Mobily increases broadband connectivity in Saudi

    Saudi telecoms firm Etihad Etisalat (Mobily) has said it has made its broadband service accessible to 92% of the kingdom's population. Mobily's broadband connectivity is now available in 587 cities, towns, roadways and tourist attractions. Broadband was Mobily's primary revenue generator in the first half of 2010, where it saw its net profit rise by 40% against last year.

  • Mobily reveals 33.5% rise in Q2 net profit

    Etihad Etisalat (Mobily) has posted a 33.5% rise in second-quarter net profit to SR901m ($240m), on higher broadband revenue and more post-paid voice customers, Reuters has reported. This was Mobily's highest quarterly net profit since it started as Saudi Arabia's second mobile phone operator five years ago. Revenue rose 10.9% to SR3.97bn.

  • MobiNil's Q2 income falls 29%

    Egyptian Co. for Mobile Services (MobiNil) has said it has posted a 29% fall in second-quarter net income because of increased competition, Bloomberg has reported. Earnings after taxes and minority interests stood at EGP381m ($66.8m), compared with EGP536m a year earlier. "During the first half of 2010, Mobinil faced a massive intensification of the regulatory and competitive pressures," CEO Hassan Kabbani said in a statement. "We still expect those adverse conditions to continue in the fores

  • Moody's gives NBK stable outlook

    Moody's has retained its long-term credit rating for the National Bank of Kuwait (NBK) at "AA 2", with a stable outlook, Kuna has reported. Total assets of the Gulf state's largest lender by market value currently stands at KD12.54bn ($43bn), making up 28% of the Kuwaiti banking system's total assets.

  • Morocco: Water supply and treatment project

    Upgrading of a water pumping and treatment plant

  • Mostorod refinery financing is oversubscribed

    Egypt’s biggest project finance deal nears financial close at end of July

  • Mourjan to invite bidders on Morocco marina by mid-2011

    The Dubai-based developer is seeing a recovery in the regional property market

  • Mubadala Aerospace expects $500m leasing deals

    Homaid al Shemmari, executive director of Abu Dhabi-based Mubadala Aerospace has revealed the firm is expected to seal aircraft component leasing deals worth up to $500m this year, Reuters has reported. "I am hoping Sanad Aero Solutions (Mubadala's aircraft engine and components leasing company) can close five deals this year," he said. Al Shemmari added that he wanted Mubadala's aircraft maintenance, repair and overhaul (MRO) business to target acquisitions in the US and Asia as part of its

  • Mubadala forms Pramerica JV

    Mubadala Development has formed a joint venture company with Pramerica Real Estate Investors, a unit of US-based Prudential Financial, to fund and invest in real estate projects in Abu Dhabi and other global markets. The JV, Mubadala Pramerica Real Estate Investors, will be headquartered in Abu Dhabi. The company aims to offer products across the entire spectrum of real estate categories, serving institutional investors in the US, Europe, Asia and the Middle East.

  • Mubadala launches military aircraft maintenance joint venture

    The Abu Dhabi-based investment firm signed the deal with US-based United Technologies

  • Mubadala signs Goodrich MRO JV agreement

    Mubadala Development has signed an agreement with Goodrich Corp to form a joint venture company in the UAE to perform maintenance, repair and overhaul (MRO) work on landing gears. Under the terms of the agreement, the JV will provide MRO services and rotable support for landing gear on commercial aircraft with a primary focus on the Middle East region. The firms are hoping to have the facility fully operational by 2012. The company will initially support both Boeing and Airbus commercial airc

  • Mubadala to announce aerospace deals soon

    Homaid al Shemmari, executive director of Abu Dhabi-based Mubadala Aerospace has said the firm plans to announce a number of aerospace deals at the Farnborough International Airshow in England next week, The National has reported. The firm will highlight its plans to become one of the top three providers of aircraft maintenance, repair and overhaul (MRO) services worldwide, he said. Mubadala owns two maintenance firms, Abu Dhabi Aircraft Technologies and the Zurich-based SR Technics.

  • Musanada to build 15 Abu Dhabi schools

    Musanada is to build 15 new schools in Abu Dhabi at a total cost of Dhs1.494bn ($406m), Wam has reported. The project is the first phase of a multi-billion dirham plan to build 100 schools in the coming 10 years, with the aim of raising the level of education in the emirate. The project includes building schools where urgently needed, such as in remote areas, and to replace existing 25 year-old schools and caravans with modern facilities that meet international standards.

  • Muscat market advances insignificantly

    Oman's lead index MSM30 closed 0.04% higher at 2,520 points, despite 32 stocks adding value (against 8 decliners). Dhofar Tourism (up 6.21% at RO1.09) topped the charts, while Raysut Cement ended 1.44% lower at RO1.30. Some 10.8m shares changed hands. The MSM30 index lost 0.59% during the second week of July.

  • Nakheel could sign agreement with lenders next week

    Ali Lootah, chairman of Dubai-based Nakheel has said the company could reach an agreement with its lenders next week, Khaleej Times has reported. "We are meeting with bankers on July 14 and hopefully they will sign the contract," Lootah told the daily. Nakheel said on June 30 it had started making 40% cash payments to its biggest contractors.

  • Nakheel creditors 'unanimously support' restructuring plan

    Nakheel has revealed that a group of its creditors have unanimously supported a proposal on altering the terms on its $10.5bn debt. The company expects to complete the restructuring over the coming months, Nakheel said in a statement. The plan has not been finalised and creditor banks will have the opportunity to review the information provided before respondin to the proposal.

  • Nakheel offers to repay Islamic loan in 7 years

    Dubai-based property developer Nakheel has proposed repaying its bank debt after five years and one outstanding $1.85bn syndicated Islamic loan after seven, Reuters has reported, citing a source close to the company. Bankers have until the end of August to respond to undisclosed terms of Nakheel's multi-billion dollar restructuring plan, including the rates of interest and repayment schedules for syndicated and bilateral loans.

  • Nakheel starts 40% cash payments to creditors

    Dubai-based developer Nakheel has said it has started the second phase of a repayment schedule to its trade creditors. As part of the recapitalization plan, trade creditors are offered 100% recovery of their agreed claims, with a 40% cash payment. The remaining balance of 60%, in the form of a publicly tradable security with a 10% annual return, is expected to be issued in the coming months.

  • Nakheel to manage property unit Limitless

    The Dubai Government Media Office has said the higher committee overseeing Dubai World and its subsidiaries has decided that Nakheel will take over the responsibility of the conglomerate's second property unit, Limitless, Reuters has reported. The move aims to help take advantage of technical and administrative personnel of Nakheel and Limitless so as to achieve the best result for developers, the construction sector and project investors, the media office said in a statement.

  • Nakheel to offer lenders interest 4% over benchmark

    Dubai-based developer, Nakheel is to offer lenders interest of four percentage points more than benchmark rates at a meeting today, Reuters has reported, citing two bankers with knowledge of the plan. In return, lenders would agree to extend the lifetime of the loans by five years, the bankers said. The loans make up part of the $10.5bn debt that Nakheel is seeking to reorganise, which also includes outstanding payments to suppliers and contractors.

  • Nakheel to take control of Limitless

    New board appointed for Dubai World’s economic zone developers

  • Nama Chemicals reports profits increase

    Saudi-based Nama Chemicals has posted SR10.6m ($2.8m) in net profit during the three months ending June 30, compared to a net loss of SR3.3m in the second quarter of 2009. The company attributed the rise in net profits to the increase in prices of final sales, as well as increasing the volume of sales compared to the first three months of this year.

  • Nasdaq Dubai equities start trading on Dubai Financial Market

    Nasdaq Dubai gains access to 548,000 retail investors

  • Nasdaq Dubai joins GCC rebound

    The FTSE Nasdaq Dubai UAE 20 Index added 2.21% and finished at 1,541.34 points. Ports operator DP World extended its rebound from Tuesday, closing 2.86% higher at $0.432 on a high trading volume. Depa Ltd., the global interior designer, ended up 2.78% at $0.74. EFG Hermes reiterated its buy rating for Depa Shares on Monday.

  • Nasdaq Dubai trading to be routed through DFM

    Trading of Nasdaq Dubai listed securities will be routed through the Dubai Financial Market (DFM) from yesterday, as part of a merger agreement between the bourses. DFM will also handle clearing, settlement and custody of Nasdaq Dubai securities, Nasdaq said in a statement. Nasdaq Dubai is still a separate exchange regulated to international standards by the Dubai Financial Services Authority.

  • National Bank of Egypt to sell $1.5bn bonds

    Egypt's largest lender, the National Bank of Egypt, plans to sell its first international bonds and is meeting with fixed-income investors, Bloomberg has reported, citing three people familiar with the plan. The lender received approval from Egypt's central bank to sell as much as $1.5bn of bonds, according to a bank official who declined to be identified. The bank may offer a benchmark-sized issue, a banker said, who declined to be identified because terms are not yet set. The bank will use

  • National Bank of Umm Al Qaiwain to appeal Dubai court ruling

    The National Bank of Umm Al Qaiwain has said it will appeal against a Dubai court decision ordering it to pay $250m to Kuwait's Global Investment House, Reuters has reported. "The bank declares that it shall study carefully the said judgement and the grounds on which it was based and shall exercise its legal rights by appealing the said judgement within the statutory time limit," the bank said in a statement.

  • NBAD Q2 profit rises 21.1%

    The National Bank of Abu Dhabi (NBAD) has reported 10.4% rise in Q2 net profit to Dhs1bn compared to Dhs908m a year earlier. Net income for the first half of this year rose 21.1% to Dhs2.03bn from Dhs1.68bn achieved a year ago. The lender continued to maintain collective provision of Dhs1.685bn at 1.25% of credit risk weighted assets. As at 30 June 2010, non-performing loans were 147% covered and specific provision cover was at 66%, NBAD said.

  • NBAD to meet with Australian investors

    National Bank of Abu Dhabi (NBAD), the UAE's second-largest bank, and Australia's Macquarie University plan to meet next week with Australian bond investors for the first time, Reuters has reported, citing two fund managers. The stated purpose of NBAD's visit is to promote the Middle East financial sector in Australia, a fund manager said. A number of Australian borrowers have hosted "non-deal roadshows" this year and many have resulted in bond issues. NBAD does not plan to sell a bond issue

  • NBB posts 9.1% profit drop

    The National Bank of Bahrain (NBB) has said its Q2 net profit had dropped 9.1% to BD10.04m ($26.7m) from BD11.9m recorded a year earlier. The lender's H1 2010 net profit also fell to BD23.26m, compared to BD25.6m for the first six months of 2009. Operating expenses of the bank also increased to BD 12.69 million for the same six month period.

  • NBK reports 15% rise in H1

    National Bank of Kuwait has reported a 15% rise in H1 net profit to $499.3m (KD145.2m), compared to $433.4m (KD126.1m) a year earlier. Total assets reached $43.1bn (KD12.5bn), while total shareholders' equity reached $6.4bn (KD1.9bn). The bank put the increased profits down to its expansion into other areas of the Middle East.

  • NBK: Q2 Kuwait real estate sales up 113%

    Research by the National Bank of Kuwait (NBK) has found that real estate sales in the country soared 113% in the second-quarter compared to the year earlier period, signalling a recovery in the sector, Reuters has reported. "At their current levels, sales volumes are well above the average of 608 (transactions) per month seen during the pre-crisis era between 2003 and 2008," the lender said in a research note. Property sales in the Gulf state rose to KD596.87m ($2.07bn) from KD280.8m in the s

  • NCC signs specialised tanker contract

    Saudi Arabia's National Shipping (NSCSA), through its subsidiary National Chemical Carriers (NCC) has signed a contract with Daewoo Shipbuilding and Marine Engineering (DSME) to build a SR245m specialised chemical tanker. The vessel will be classed by (DNV) with full (IMO 2) notations and 75,000 DWT with cargo capacity of 86,000 cubic meters comprising fully segregated coated cargo tanks. Delivery is expected during 2013 and NCC has the option for a second vessel to be announced at a later da

  • NEC Display Solutions launches two new mobile projectors

    NEC Display Solutions has unveiled the successors to the NP62 and NP41 projectors, DLP projectors - NP64 and NP43. The two new models feature an autofocus function, a brightness of 3,000 and 2,300 ANSI lumen, respectively, and a contrast ratio of 1,600:1. In addition, the NP64 features an USB viewer and supports Bluetooth transmission allowing more viewing options when doing presentations.

  • Network International signs Telepin Software agreement

    Network International (NI) and Telepin Software have signed an agreement that will see NI use Telepin's Cayman Transaction Platform to extend the reach of its current products into the mobile recharge market. The deal allows mobile users to promptly top-up their accounts with pre-defined amounts. The firm plans to introduce additional services that will expand the range of its current products in the telecommunications sector.

  • New board for Dubai World's EZW

    The Dubai Government Media Office has announced the appointment of a new board for Dubai World's Economic Zones World (EZW), Wam has reported. Hisham Abdullah Al Shirawi, vice chairman of Dubai Chamber of Commerce and Industry, has been appointed as EZW's chairman, the media office said in a statement.

  • New Jordan tax system causing higher clothing prices

    Jordanian garment importers and clothes retailers have warned that a recent decision by the government to subject imports to a new tax system will lead to an increase in prices, Jordan Times has reported. Last Saturday, the customs department started imposing a JD1 tariff on each kilogram of imported clothes or 5% of the value of the clothes, whichever is higher. "If the customs department decides to adopt the weight formula for charging custom fees, the cost of each container will rise by be

  • New licence criteria for physicians in UAE

    The Dubai Health Authority (DHA) has issued new criteria for physicians and dentists in the emirate, Khaleej Times has reported. The new regulations will require candidates to be proficient in English language skills and attend and pass an evaluation of their competency to practise. However, the competency assessment framework is still being developed and will be published in due course, DHA said. The dentist licensure guidelines regulations are based on similar ones being followed by Dubai H

  • New Oman airport to be commercial by 2012

    Oman Airports Management Co has announced the inauguration of the new Adam Airport in the Dakhiliyah region, Times of Oman has reported. The airport will initially be used for day VVIP flights, with commercial operations to commence by 2012. The airport has a 4,000-metre long and 60-metre wide 'Code F' runway that is capable of accommodating the Airbus A380. The Passenger Terminal Building (PTB), which is expected to be completed in 2012, will have a capacity to handle 250,000 passengers annu

  • New 'premiere' cinemas to open in Dubai Marina Mall

    Reel Entertainment, a subsidiary of Emaar Retail, will open the first 'premier' Reel Cinemas cineplex in Dubai Marina Mall on July 22, 2010. All the six cinemas in the new cineplex are exceptional in terms of ergonomics, offering cushy recliner seats that will assure a luxury cinema experience for visitors, according to a press statement. They can also enjoy gourmet food and beverages delivered to their seats, marking a new trend in the film circuit in the region. Blankets and pillows are als

  • Non-Saudis to get access to Medical Cities

    Saudi authorities have approved new regulations that will allow Saudis and foreign residents to receive treatment at the kingdom's Medical Cities and specialized hospitals, Saudi Gazette has reported. "The new move will come into effect soon and covers all groups and illness types requiring admittance to the Medical Cities and specialized hospitals," Hassan Al-Fakhiri, the secretary general of the Medical Cities said.

  • Noodle House to open in Dubai Media City

    The Noodle House, the flagship brand of Jumeirah Group's dedicated restaurant division, has announced that the Dubai Marina branch is relocating to Dubai Media City. The Dubai Marina branch of the restaurant will remain operational until 27 July, after which only the home delivery service will remain operational. The Dubai Media City branch will open in September.

  • Number of Syria hotel rooms to double by 2015

    Colliers International has said that the number of hotel rooms in Syria is expected to double to nearly 6,000 by 2015, but the new supply will still fall 20% short of meeting expected demand, Gulf News has reported. During the global economic downturn last year, hotels in Syria had boasted a healthy average occupancy of 72% on average, at an average room rate of $110. The increased occupancy resulted in a higher RevPAR of $79.

  • Occupancy rates rise 7% in Sharjah

    The tourist flow to the UAE emirate of Sharjah rose 7% during the first five months of 2010, to the Sharjah Commerce and Tourism Development Authority. The total number of guests staying in Sharjah's hotels and hotel apartments reached 637,390, compared to the 594,105 guests reported for the same period in 2009. Hotel occupancy rates saw a slight growth to 70% in the period, compared to 67% recorded in the corresponding period of 2009. The total number of room nights in the emirate's hotels a

  • OCI uses terminal buy to expand into Europe

    Orascom Construction Industries (OCI) has announced the acquisition of Dutch storage tank owner and operator Micro Chemie as part of an expansion into Europe, Reuters has reported. Orascom declined to reveal the price, but said the purchase would enable it to ship to France, Germany and the Netherlands via the Rhine River. Micro Chemie has ammonia storage tanks with a total capacity of 30,000 tonnes and a 25-year, renewable lease for a terminal at Rotterdam port in the Netherlands, the firm s

  • Oil falls on economic recovery fears

    US’ benchmark West Texas Intermediate contract falls $5 to $77 a barrel

  • Oil prices fall on negative US sentiment

    Benchmark contract down to $77 from highs above $79 earlier in the week

  • Oil prices retreat from three-month high

    Market balances rising demand with economic fears

  • Oil prices rise as non-US demand buoys market

    Growth in China boosts sentiment as oil prices rise beyond $76 a barrel

  • Oman Cement's net profit rises in H1

    Oman Cement Co has said its net profit for the first half of 2010 rose to OR18.285m, against OR11.179m during the corresponding period of 2009, Oman Daily Observer has reported. Fierce competition led to a 19% decline in cement sales to 919,314 metric tonnes (MT) during the first half of this year, from 1,133,503 MT (including 89,794 MT of imported cement) during the same period last year. "Stiff competition in the market and an oversupply situation created due to a huge inflow of cement from

  • Oman delays tender deadline for hazardous waste management contract

    Bids to be submitted by 18 October

  • Oman extends submission date for Duqm hotel construction contract

    Denmark’s Cowi & Partners is awarded project management deal

  • Oman invites firms for Sohar refinery design and management

    Deadline for contractors to bid is 2 August

  • Oman launches power study for oil and gas network

    US consultant to devise strategy for power supply to oil and gas production network

  • Oman money supply dips 1.2%

    According to data from the central bank of Oman, money supply in the country fell 1.2% month-on-month at the end of May, the first decline this year after a 0.6% rise in April, Reuters has reported. M2 stood at RO8.225bn ($21.36bn) at the end of May, compared to RO8.325bn in April, the data showed. M2, also an indicator of future inflation, had started to pick up speed this year, after cooling down from double-digit growth rates seen for most of first seven months of 2009.

  • Oman places $259.74m in government development bonds

    Oman has placed OR100m ($259.74m) in 5-year domestic development bonds, to be issued on July 26, carrying a coupon of 4%, Reuters has reported. The government development bonds, maturing in July 2010 offer an average yield of 2.37%. Total bids reached OR234.4m, according to a central bank statement. The central bank of Oman said in March the Gulf stat was likely to issue 122 million rials in domestic bonds, to replace the amount maturing in November.

  • Oman plans $3.5bn oil output boost

    Oman's finance ministry has said the Sultanate plans to spend $3.5bn in the next five years to boost oil output by 18% and to generate cash for infrastructure projects, Reuters has reported. "We are targeting an average of a million barrels per day by 2015 and we will be spending some $3.5bn in the next five years to achieve it," a ministry official was quoted by the news service as saying. Oman currently produces 850,000 barrels of oil per day.

  • Oman plans $70m chrome smelter

    The local Al-Tamman Trading joins forces with Indian compnay for metals project

  • Oman tenders road contracts

    Road projects are part of the sultanate’s plans to upgrade infrastructure

  • Oman to add chicken pox to immunisation

    Oman's health ministry has added a chicken pox vaccine to its expanded immunisation programme, to provide newborns with immunity against one of the most infectious diseases afflicting children today, Oman Daily Observer has reported. The varicella vaccine will be introduced for the first time this year as part of the ministry's routine immunisation campaign. Infants born on or after November 1, 2010 will be the first to receive the vaccine.

  • Oman to build bridge to turtle island

    Oman's finance ministry has announced plans to build a $1.5bn bridge to an island turtle habitat off the Sultanate's east coast to boost tourist numbers, Reuters has reported. The tender process will be open to international bidders, and start early next year for the construction of the bridge, a ministry official said. When finished, the bridge will be about 40km long and would be among the longest sea bridges in the world.

  • Oman to inject steam in oil wells

    Oman's state-controlled Petroleum Development Oman (PDO) plans to heat up its oil wells in the central and southern areas of the Sultanate as part of a new technique designed to maximise hydrocarbon recovery, Emirates Business has reported. "PDO is among the global leaders in implementing thermal enhanced oil recovery technologies. Later this year the company will commence a ground-breaking project to inject steam into the reservoir at Qarn Alam," the firm said in a statement.

  • Oman to interview two bidders for water management contract

    Lowest bid submitted by Severn Trent Services International

  • Oman to spend $300m on upping Sohar capacity

    Oman's finance ministry has said the country will spend $300m on increasing capacity at its Sohar refinery in the northeast of the country, Reuters has reported. "We see the upgrade completion taking place some time in 2013," a financial ministry official, who asked not to be named, told the news service. The Sultanate's largest refinery has a capacity of 116,000 barrels per day (bpd), which would be increased to 190,000 bpd.

  • Oman warns against Ramadan price hikes

    Oman's ministry of commerce has warned retailers in the Sultanate against raising prices of essential items during the holy month of Ramadan, Times of Oman has reported. Violators could face fines of up to OR5,000, the consumer protection department at the ministry said.

  • Oman: Axial fans

    Supply of axial fans for a drydock company

  • Oman: Botanic garden nursery works

    Enhancement of a botanic garden nursery

  • Oman: Cardiac catheterisation laboratory equipment

    Supply of cardiac catheterisation laboratory equipment

  • Oman: Cardiac consumable surgical equipment

    Supply of cardiac consumable surgical equipment

  • Oman: Classrooms demolition and construction

    Demolition of existing classrooms and construction of 12 new classrooms

  • Oman: Convention and exhibition centre

    Construction of a convention and exhibition centre

  • Oman: Desalination plant

    Construction, operation and maintenance of a desalination plant

  • Oman: Domestic services

    Provision of domestic services including catering, laundry, janitorial cleaning, dormitory management and pest control

  • Oman: Electricity bill and meter reading services (Majan)

    Provision of a company to perform meter reading, bill production, bill delivery, payment collection and deposit into the supply licensee’s bank account, reconciliation and information reporting services (Majan)

  • Oman: Electricity bill and meter reading services (Muscat)

    Provision of a company to perform meter reading, bill production, bill delivery, payment collection and deposit into the supply licensee’s bank account, reconciliation and information reporting services (Muscat)

  • Oman: Electricity fault recorder system

    Supply and installation of a fault recorder system at an electricity company’s network

  • Oman: Electricity meter reading services

    Provision of electricity meter reading, bill production, collection and deposit services

  • Oman: Fuel gas-oil

    Supply and delivery of fuel gas-oil to desalination plants

  • Oman: Gas engine servicing

    Servicing of a Wukesha gas engine

  • Oman: Gas substation control system

    Construction of a control system for a gas substation

  • Oman: Gas supply

    Engineering, procurement and construction of a gas supply

  • Oman: Global positioning systems

    Supply of global positioning systems

  • Oman: Hotel project

    Design and supply of a prefabricated hotel

  • Oman: Ministry buildings consultancy

    Provision of consultancy services for a headquarters and operations centre for a ministry

  • Oman: Ministry office block construction

    Construction of a new regional office block for a ministry

  • Oman: Mosque renovation

    Renovation of a mosque

  • Oman: Power line works

    Carrying out undergrounding works of existing high and low-tension power lines

  • Oman: Refinery expansion consultancy

    Provision of consultancy services comprising front-end engineering and project management for a refinery expansion project

  • Oman: RO desalination plant extension

    Extension of a reverse osmosis (RO) desalination plant

  • Oman: Road lighting

    Carrying out street lighting works for internal roads

  • Oman: School construction and maintenance (girls)

    Construction, completion and maintenance of a girls’ education school

  • Oman: School construction and maintenance (mixed)

    Construction, completion and maintenance of a mixed basic education school

  • Oman: Service road design and construction

    Design and construction of service roads

  • Oman: Sewerage network and treatment plant

    Implementation of a sewerage network and sewage treatment plant

  • Oman: Sports training centre

    Construction of a higher altitude sports training centre

  • Oman: Tank inspection and maintenance

    Inspection and maintenance of tanks for a refinery company

  • Oman: Telecommunications services

    Provision of services for a comverse one-billing platform for a telecommunications company

  • Oman: Transformer workshop

    Construction of a transformer workshop

  • Oman: Underground power cables (Muscat)

    Undergrounding of existing high and low-tension overhead power lines into cables in Muscat

  • Oman: Underground power cables (Sidhab)

    Undergrounding of existing high and low-tension overhead power lines into cables in Sidhab

  • Oman: University and hospital laundry services

    Provision of laundry services for a university and its hospital

  • Oman: University departments construction

    Construction of an extenstion to a university radiology department and operating theatres

  • Oman: Vehicles

    Supply of vehicles for an electricity company

  • Oman: Veterinary quarantine station

    Construction of a veterinary quarantine station

  • Omani, Indian firms in Sohar smelter JV

    Al Tamman Indsil Ferrochrome, a 50-50 joint venture of Oman's Al Tamman Trading Establishment and the Indsil Group of India, plans to develop the Sultanate's first ferrochrome smelter, Oman Daily Observer has reported. The JV will invest some $70m in the establishment of the 75,000 tons per annum facility at the Sohar Industrial Estate. The smelter will comprise a pair of 24 MVA furnaces that will process chrome ore, among other ingredients, into high carbon ferrochrome. The chrome ore feedst

  • Oman's Raysut Cement cuts prices

    Oman's biggest cement producer, Raysut Cement Co has reduced its cement selling prices, mainly due to severe competition from neighbouring UAE-based companies, Times of Oman has reported. "In the domestic market, the company lost some of its market share as cement sales plummeted by 43% year on year and 4.1% on quarter on quarter basis. The market share loss occurred despite the company selling cement at a discount in the first half," EFG Hermes said in a research note. The price reduction wi

  • Oman's tourism sector to provide GDP boost

    According to a report by the World Travel and Tourism Council, the contribution of travel and tourism to Oman's gross domestic product (GDP) is expected to rise from 6.7% in 2009 to 9.9% by 2019, Times of Oman has reported. The contribution of the travel and tourism economy to employment is expected to rise from 76,000 jobs in 2009, 7.1% of total employment, to 10.6% of total employment by 2019, the report also stated.

  • Omantel raises OFO stake to 40%

    Oman Telecoms (Omantel) has raised its stake in Oman Fiber Optic (OFO) to 40%, Oman Daily Observer has reported. The move follows the acquisition of a further 15% stake in Rusayl-based OFO. Oman Fiber Optic manufactures cables for long haul backbone communication links, LAN networks, video transmission and cable TV, traffic signalling, FTTH solutions, security systems, and defence and specialty applications.

  • One to One Hotels launches Lebanon property

    Abu Dhabi-based One to One Hotels & Resorts has launched its newest property in the mountainside village of Dhour Choueir, Lebanon. Nestled at 1,200 meters and just 30 minutes drive from Beirut, the 40-room hotel offers mountain views and amenities such as 32-inch LCD TVs and wireless Internet access. This is the company's second property, after the One to One Hotel - The Village, a 4-star boutique hotel opened in Abu Dhabi in late 2008.

  • Opec oil reserves increase by 4%

    Opec's proven crude oil reserves rose by 4% in 2009 to 1.06 trillion barrels, according to the group's annual statistical bulletin, led by an increase in Venezuela, Reuters has reported. However, the value of its petroleum sales abroad fell to $575bn in 2009 from the record $1trn in 2008 due to sharply lower prices for oil and gas and because of the economic crisis. Opec members pump more than a third of the world's oil.

  • Oryx Rotana set for August opening

    Rotana Hotels has announced its first property in Qatar will have its soft opening on August 1, Gulf Times has reported. The 388-room Oryx Rotana Doha will be officially inaugurated around Eid-ul-Fitr, the company said. The hotel is located near Doha International Airport and uses abundant sunlight techniques to avoid the use of lighting.

  • Palestinian listed firms pay out $120.8m in 2010

    Palestine Telecommunications records largest dividend distribution of $60m

  • Panasonic 3D TV to launch in Saudi

    Alesayi Electronics, the sole distributor of Panasonic in Saudi Arabia, is to introduce the new 50-inch VIERA Plasma Full HD 3D television to the kingdom. The TV, which will be available with one of Panasonic's 3D eyewear, offers cross-talk reduction, crisp and clear high quality moving pictures, enhanced luminance efficiency and improved picture quality even when viewing 2D content, the manufacturer said.

  • Partners to increase output at Iraq's Rumaila oil field

    Production to hit 1.17 million barrels a day by 2011

  • Passenger numbers for Dubai Metro hit 23 million mark

    Passenger traffic on Dubai Metro is steadily increasing

  • Passenger traffic increases 11.7 per cent at Abu Dhabi International airport

    Cargo traffic up 20.3 per cent in first six months

  • Pay rise urged for Saudi doctors

    Saudi Arabia's Council of Medical Services has submitted a proposal to the Ministry of Finance to raise the salaries of all Saudi doctors and dentists to encourage them to stay in their jobs, Arab News has reported. Under the recommendations, resident doctors would receive a basic salary increase of 15%. Specialists would receive 20% and consultants 25%. The proposal also includes an annual housing allowance of at least SR50,000 if accommodation is not provided by employers.

  • PetroRabigh agrees feedstock deal

    Saudi Arabia-based PetroRabigh is to supply petrochemical feedstock for a new plant being built by Saudi Advanced Industries and Tasnee, Reuters has reported. The company will provide 100,000 metric tonnes annually of feedstock for the production of 120,000 metric tonnes of polyether polyols, used in making polyurethanes, PetroRabigh said without giving a value for the deal.

  • Phase 1 of Al-Maktoum International airport opens

    About 16 cargo airlines are set to begin operations at Dubai airport

  • Preferred bidder named for Port of Sohar water contract

    Client in advanced negotiations with Veolia Water and Mubadala

  • Preferred bidders selected for Oman water management contract

    The UK’s Severn Trent excluded from clarification meetings depsite being lowest bidder

  • Private deposits at Omani banks on the rise

    According to the latest figures by the Central Bank of Oman, the total value of private deposits at commercial banks in the Sultanate as of the end of May 2010 rose by 7.7% to OR7.05bn compared to OR6.54bn in the corresponding period in 2009, Oman Daily Observer has reported. The rate of foreign currency deposits to the total deposits was 13.3%, while the on-demand deposits to the total private deposits was 27.7%, according to CBO's monthly statistical bulletin.

  • Private sector loans rise to $17.4bn in Jordan

    According to data by the central bank of Jordan, private loans extended by banks in the kingdom rose 2.4% to JD12.33bn at end of May, indicating easier credit from risk averse banks, Reuters has reported. Outstanding private sector loans made by the country's 23 commercial banks stood at JD12.041bn at the end of December 2009. They rose 5.4% year-on-year at the end of May compared with JD11.697bn in the same period last year, the data showed.

  • Procter and Gamble sets up new plant in Egypt

    US-based consumer goods manufacturer, Procter and Gamble has laid the cornerstone of its new diapers manufacturing plant in Cairo, the firm's second manufacturing plant in Egypt. The plant is set to become one of P&G's three largest diaper plants around the world, and is scheduled to enter into production by the end of next year. About 40% of its production will be allocated to meet domestic demand, and gear the remaining 60% towards foreign export markets in Africa, Asia and Europe.

  • Profit bookings pull Qatar bourse slightly lower

    After rising non-stop since July 4, the Qatar Exchange (QE) Index ended 0.80% lower at 6,959.34 points. Liquified Natural Gas (LNG) shipping company Nakilat ended flat at QR18.00, despite Standard & Poor's announcement from Monday that it has raised Nakilat's long-term corporate credit rating to "AA-" from "A" with a stable outlook. Industries Qatar posted the largest decline in a more than lacklustre trading session, weakening by 1.91% to QR97.70. Only 1.964m shares changed hands in Doha.

  • Puma phone launched in the UAE

    A new mobile handset developed by Sagem and sport lifestyle company Puma has been launched in the UAE by Al Sayegh Brothers. The Puma Phone features a 2.8 inch TFT touch screen, GPS, HSPA and W-CDMA/EDGE/GPRS/GSM connectivity, spin and scratch music player and integrated radio, solar charging, video calling and Bluetooth photo sharing.

  • Purvin & Gertz studies $7bn Jizan refinery

    US consultancy completing feasibility study for project

  • Qatar Airways makes $120m Bombardier order

    The airline’s chief executive made a third order during the press conference

  • Qatar Airways moots BombardierCSeries, Airbus

    Akbar Al-Baker, CEO of Qatar Airways has said the airline is still considering the option of buying CSeries single-aisle jetliners from Bombardier or wait for Airbus to develop a version of its A320 family with upgraded engines, Bloomberg has reported. Al-Baker, who'll be attending the Farnborough International Airshow next week, said he is certain that Airbus will announce a program to re-engineer the A320 series. "They are still in the race, and we are still interested in them," he told the

  • Qatar Airways orders two Boeing 777 aircraft

    State owned airline will also accelerate delivery of Boeing’s 787 Dreamliner

  • Qatar Airways still keen on Bombardier jets

    Qatar Airways' CEO has said the airline is still interested in buying small CSeries jets from Canadian manufacturer Bombardier, AFP has reported. "We are still talking to Bombardier on CSeries... We are still interested in the aircraft. We would have been happy to do something at the show but unfortunately some issues have not been resolved but they would be soon," Akbar al-Baker told reporters at the Farnborough airshow near London. However, the carrier did sign a $90m deal to buy two Bombar

  • Qatar Airways to boost flights to Germany

    Qatar Airways has said it will raise the number of its weekly flights to Germany from 21 to 35. The move follows an agreement between the Qatar Civil Aviation Authority (QCAA) and the German Civil Aviation Authority on amendments to a previous air transport agreement signed by both parties in November 1996.

  • Qatar Airways to increase flights to Germany

    The airline plans to fly to 120 destinations by 2013

  • Qatar Airways, SR Technics sign deal for aircraft modification

    SR Technics, part of Mubadala Aerospace's global MRO network, has signed a contract with Qatar Airways to modify the cabin layout of three Airbus A321 and two A319 aircraft. The comprehensive cabin modifications include the installation of a new seat layout, an in-flight entertainment (IFE) system, and a global system for mobile communication (GSM). At the same time the new Qatar Single Aisle Aircraft Standard is being installed and all galleys and lavatories are being renewed. Work is being

  • Qatar apartment rents fall by 4%

    Real estate services firm Asteco has said apartment rents in Qatar fell by almost 4% in the second quarter, although the market is showing signs of stabilising compared to the first quarter. "Overall, the downturn in the rental market has provided prospective tenants with more choice of accommodation while landlords are becoming more flexible with their rents and in some cases offer incentives such as rent free periods. One and three bedroom units throughout Qatar have seen minimal rental mov

  • Qatar awards Al-Dayeen road contract

    Local contractor will carry out road improvement works for Al-Kheesa north

  • Qatar awards sewerage consultancy contract

    Cowi will provide supervision and quantity surveying services for Doha project

  • Qatar bank seeks 81% stake in UK Islamic lender

    Qatar International Islamic Bank has said it plans to raise its 11.2% stake significantly in Islamic Bank of Britain by offering to buy new shares, Reuters has reported. On Tuesday, IBB announced plans to raise £20m through the placement of new shares priced at 1 pence per share to QIIB. Following the shares placement, the Qatari lender will be an 81% shareholder in IBB. The increase is subject to regulatory approval and shareholders of the Islamic Bank of Britain, it said in a statement.

  • Qatar bourse adds 0.16%

    As on Monday, the QE Index gained slightly, closing 0.16% higher at 6,935.42 points. Shares Shares of Doha Bank ended flat at QR44.10. Doha Bank reported a second quarter net income of QR300m, down 5.4% on a year on year basis and 4.9% quarter on quarter. Credit Suisse research analyst Mohamad Hawa commented the result: "We think the operating results for Qatari banks in general are far from ideal as the significant growth in nominal GDP is not yet being filtered into the balance sheets of l

  • Qatar bourse ends flat at 6,951.89 points

    The Qatari stock market ended flat after a lackluster trading day. Investors booked profits at banks in particular, with Doha Bank (the number three in Qatar) eased 1.13% to QR44.40. But Credit Suisse maintained its outperform rating on Doha Bank and target price of QR64 per share after the bank reported on Tuesday a second quarter net income of QR300m, down 5.4% on a year on year basis and 4.9% quarter on quarter. EFG Hermes Chief Economist Dr. Monica Malik told Bloomberg that "Qatar continu

  • Qatar exchange continues rebound

    The QE Index rose 0.43% and finished at 6,881.22 points. Qatar's largest financial institution Qatar National Bank (QNB) added 0.82% and closed at QR134.50. QNB reported a net income of QR1.44bn for the second quarter (up 38% year-on-year and 14% quarter on quarter) beating the consensus. Credit Suisse Research today maintained its 'outperform' rating and a target price of QR146 per share.

  • Qatar Exchange gains slightly

    In a chart-technical rebound, the QE Index closed 0.86% higher at 6,824.70 points. Barwa Real Estate, the second most actively traded share in relations to volume, added 071% (ending at QR28.50) disclosed that it has launched the hand-over of apartments at the Sailiya project, according to The Gulf Times. Only two shares declined, Doha Insurance (down 0.74% at QR27.00) and Vodafone Qatar (0.62% lower at QR7.95). Standard and Poor's today raised the long-term ratings on the State of Qatar to '

  • Qatar exchange opens higher, ends in the red

    The Doha-located QE Index declined slightly (down 0.78%), finishing at 6,845.81 points. Banks and industry shares posted mostly losses. Doha Bank (0.89% lower at QR44.50) decided today to disclose its semi-annual results July 19. The media will be informed on July 25. Telecom operator Qtel (up 1.16% at QR165.40) and Vodafone Qatar (flat at QR8.10) were not affected by the general bearish mood.

  • Qatar Exchange recaptures 7,000-points level

    The Doha-based QE Index ended at 7,018.48 points (up 0.85%) as trading volumes nearly doubled to some 3.9m stocks changing hands. Insurance firms in particular outperformed the market. Islamic insurance topped the charts by gaining 6.67%, closing at QR45.20. Qatar Insurance (4% higher at QR69.00) and Doha Insurance (up 3% at QR28.00) joined the top 10 stocks. But General Insurance dipped against the sector trend by posting the biggest loss among all shares, ending 2.66% lower at QR51.20. The

  • Qatar Foundation partners with HEC Paris

    Qatar Foundation has signed an agreement with École des Hautes Études Commerciales de Paris (HEC Paris) to offer executive education programmes - including an Executive MBA - and carry-out research activities in Qatar. HEC Paris will offer a range of executive education programs for mid-career and senior executives, including the Executive MBA, short certificate programs and corporate-specific training.

  • Qatar Foundation plans to expand Education City

    The Qatar Foundation has unveiled plans to increase the capacity of the country's Education City, the Peninsula has reported. The new project aims to accommodate the increasing number of students at the facility. The plans include a students' housing project, which is scheduled to be ready by 2012.

  • Qatar Gas Transport H1 profit climbs 41%

    Qatar Gas Transport Co (Nakilat) has posted a second-quarter net income of QR166.5m ($45.8m), falling short of analyst estimates, Bloomberg has reported. This represents a 7.1% drop from the QR179.27m that the company earned in the same period last year. The company said it will operate a fleet of 25 wholly-owned and 29 partly-owned LNG carriers by the end of this year. It leases its wholly-owned vessels under long-term contracts to Qatar Liquefied Gas Co and Ras Laffan Liquefied Natural Gas

  • Qatar home schooling registration opened

    Registration to evening schools and home schooling in Qatar has been opened by the country's Supreme Education Council (SEC), the Peninsula has reported. The SEC has also announced the registration for the Special Education Diploma Programme conducted in collaboration with Qatar University. The programme starts in the next academic year (2010/11) and will continue for a 30-hour three semester period, SEC said.

  • Qatar hotels to add 13,600 new rooms by 2012

    According to a study by QNB Capital, wholly-owned by Qatar National Bank, the scheduled openings of new hotels by 2012 will considerably ease the shortage of luxury hotel rooms in Qatar, Gulf Times has reported. Some 13,624 new rooms in the three- to five-star categories would become available in Qatar by 2012, the study said.

  • Qatar issues $550m in local bonds

    Qatar has issued QR2bn ($550m) in domestic bonds with a 5% coupon as it rolled over a prior issue of the same amount, drawing hefty demand, Reuters has reported, citing a central bank source. The new issue, which will mature on June 30, 2015, is transferable outside of Qatar unlike the previous offering, the source said.

  • Qatar lender records growth in H1 net profit

    Qatari lender Al Khaliji has reported a 3.3% growth in H1 net profit to QR112m ($30.7m), compared to QR108m for the same period a year earlier, the Peninsula has reported. "The continuous increase in our profit is due to the successful execution of our wholesale-led strategy developed at the end of 2009, in addition to the growing contributions from our wholly owned subsidiary Al Khaliji France covering both Paris and the UAE operations," Robin McCall, acting CEO said.

  • Qatar market jumps over 7,000 points

    The Doha-located QE Index ended on a two-week high at 7,015.30 points (up 0.34%). Real estate bellwether United Development Company (UDC) gained 1.53%, closing at QR99. Shares of Vodafone Qatar failed to remain at QR8.00, dropping by 1.25% to QR7.85. Volumes dropped once more to some four million (off 31%) shares changing hands.

  • Qatar market stabilises

    The QE Index in Doha added 11 digits, ending at 6,924.11 points. Commercial Bank of Qatar (CBQ), the number two in the Gulf country, gained one percent and closed at QR67.00. Its rival Doha Bank dipped 0.68%, finishing at QR44.00. Real estate bellwether United Development Company (UDC) weakened 1.65% and is worth now QR23.90.

  • Qatar may hike expat workers' medical test fees

    Qatar's Supreme Council of Health (SCH) is considering a proposal t raise fees charged by the Medical Commission for the mandatory medical checkup, the Peninsula has reported. "The existing fees at the Commission had been fixed many years ago and there is a need for revision. We have submitted a proposal for revising all the fees but no decision has been taken so far," Dr Ibrahim Alshaar, director of the medical commission told the daily. An average of 1,500 people undergo the mandatory tests

  • Qatar National Bank announces $742m profit in 2010

    Profit driven by international expansion

  • Qatar National Bank Q2 profit rises 35%

    Qatar National Bank (QNB) has posted a 35.4% rise in Q2 profit, as loans and customer deposits grew, Reuters has reported. Net profit in the three months to June 30 rose to QR1.43bn ($393m), compared to QR1.056bn in the corresponding quarter of last year. QNB had posted net profit of QR1.27bn in the first quarter of 2010, mainly from growth in its Islamic banking business and a surge in lending.

  • Qatar National Bank rules out bond sale

    Ali Al Emadi, chief executive of Qatar National Bank (QNB) has said the lender is not planning a bond sale this year as it balance sheet remains "extremely liquid," Reuters has reported. The bank also plans to increase its ownership stake in its Syrian unit, QNB Syria, to 55% from the current 49%, he said. QNB will raise the Syrian unit's share capital by $200m to $300m as part of the increase in ownership.

  • Qatar Navigation's Q2 net falls below expectations

    A worse-than-expected fall in second-quarter net income has been posted by Qatar Navigation Co, on losses in revenue from investments, Bloomberg has reported. The freight transportation firm, which bought Qatar Shipping Co earlier this year, said its net income fell 32% to QR126.9m ($34.9m) from QR184.5m in the same quarter of 2009. Qatar Navigation reported a QR34.3m loss in "investment and interest revenue" for the three months ending June 30.

  • Qatar school to use child tracking system

    Qatar's Birla Public School is to implement a high-tech solution that will enable the school and parents to monitor students' entry into and exit from school buses, the Peninsula has reported. The Automated Child Tracking System (ACTS) will be adopted when the school reopens in September, the school said. The move follows the tragic death of a kindergarten student two months ago, after she was left locked in a minivan for hours.

  • Qatar Telecom looking for deals

    Qtel's chief executive, Nasser Marafih has said the firm is looking for acquisitions in the Middle East and Asia, the Financial Times has reported. "We're still on the lookout for good acquisition opportunities ... Our view is that our vision is still very viable, and there are a lot of opportunities that will come up," Marafih told the newspaper. "Scale is important, and we think we will see more consolidation in the Middle East," he said.

  • Qatar to spend $30bn on energy through 2014

    Qatar National Bank has said the country plans to spend QR111.7bn ($30.7bn) through 2014 on energy and industry projects, Bloomberg has reported. State-owned Qatar Petroleum has budgeted QR37bn for gas projects, QR24.5bn for industrial projects and QR24bn for oil projects, QNB said in its July Qatar Economic Review. Qatar will start two new liquefaction plants this year which will raise its annual LNG production capacity to 77 million metric tonnes from 54.3 million by the end of this year. T

  • Qatar withdraws Head and Shoulders from market

    Two types of 'Head and Shoulders' shampoo have been recalled by Qatar's environment ministry, as it was found to contain harmful substances, the Peninsula has reported. Authorities said 'Head and Shoulders Shine' and 'Head and Shoulders Lively & Silky' contained more than 10 ppm of 1,4 dioxane, a compound which causes cancer and other skin diseases.

  • Qatar: Bus services

    Provision of bus services for a petroleum company

  • Qatar: Cement plant lining plates

    Supply of lining plates for a raw mill at a cement plant

  • Qatar: Gas pipeline inspection

    Provision of support services for the completion of inspection and non-destructive testing (NDT) activities of gas processing pipelines

  • Qatar: Jaleha plant automation upgrade

    Carrying out an automation upgrade at the Jaleha plant

  • Qatar: Lubicating oil and grease

    Stocking and supply of lubricating oil and grease

  • Qatar: Methyl diethanol amine

    Supply of methyl diethanol amine

  • Qatar: Mosque and Imam housing construction

    Construction of mosques and Imam housing

  • Qatar: Office building

    Construction of an additional administration office building for a central environment laboratory

  • Qatar: Oil field mechanical PCRs

    Completion of 27 mechanical plant change requests (PCRs) at oil fields

  • Qatar: Operated equipment services

    Provision of operated equipment services at an industrial city

  • Qatar: Pick-up trucks

    Supply and delivery of double-cabin pick-up trucks for a cement company

  • Qatar: Pumping station upgrade

    Refurbishment and upgrading of pumping stations

  • Qatar: Pumps station upgrade consultancy

    Provision of consultancy services for the refurbishment and upgrading of various pump stations

  • Qatar: Refuse collection and road sweeping

    Provision of refuse collection and road sweeping services

  • Qatar: Schools construction works

    Carrying out modifications and additions to 36 schools

  • Qatar: Sewerage project

    Construction of new sewers to extend an existing sewerage network

  • Qatar: Solid waste incincerator refurbishment

    Refurbishment of solid waste incincerators

  • Qatar: Vehicle supply and transportation services

    Supply of vehicles and provision of transportation services

  • Qatar: Water service connection maintenance

    Carrying out emergency maintenance works of water service connections

  • Qatar: Wireline support vessel charter

    Chartering of a wireline support vessel for general wireline/well services operation support for offshore operations

  • Qatari bourse eyes 7,000 points level

    The Doha-located Qatar Exchange (QE) continued its step-by-step tactics and climbed 0.42% higher at 6,910/18 points. Real estate leader United Development Company (UDC) surged 2.14%, finishing at QR24.20. Barwa Real Estate Company (unchanged at QR29.20) announced that Barwa City Real Estate Company, a 100% owned subsidiary shall enter, subject to the fulfillment of certain conditions, into a Murabaha financing, with Qatari Diar Finance a 100% owned subsidiary of Qatari Diar Real Estate Invest

  • Qatari bourse eyes 7,000 points level

    The Doha-located Qatar Exchange (QE) continued its step-by-step tactics and climbed 0.42% higher at 6,910.18 points. Real estate leader United Development Company (UDC) surged 2.14%, finishing at QR24.20. Barwa Real Estate Company (unchanged at QR29.20) announced that Barwa City Real Estate Company, a 100% owned subsidiary shall enter, subject to the fulfillment of certain conditions, into a Murabaha financing, with Qatari Diar Finance a 100% owned subsidiary of Qatari Diar Real Estate Invest

  • Qatari Diar aiming to raise $3.5bn bond

    Qatari Diar, the property arm of the country's sovereign wealth fund, is expected to launch a roadshow in London in a bid to raise a $3.5bn bond that has received explicit government guarantees, Financial Times has reported. The developer, which owns the former US embassy site in London, plans to use the money for domestic developments at its Barwa Real Estate subsidiary, in which it holds a 45% stake. Qatar Diar has said it intends to channel funds to Barwa via an Islamic finance deal, the d

  • Qatari Diar appoints banks for bond issue

    Proceeds to be used for local real estate schemes

  • Qatari Diar settles lawsuit over Chelsea Barracks

    Property developer Qatari Diar has settled a lawsuit with UK developer CPC Group over a failed deal to redevelop London's landmark Chelsea Barracks site, Bloomberg has reported. CPC "will no longer have any interest in, or involvement with, the former Chelsea Barracks site," the two firms said in a statement. The site "is owned entirely by Qatari Diar." Financial terms were not disclosed.

  • Qatari Diar to price $3.5bn bond issue

    Investors already offer over $20bn for debt issue

  • Qatar's Al Khor Hospital to undergo expansion

    Al Khor Hospital, which serves the northern part of Qatar, has announced plan to expand its facilities, doubling the number of beds, the Peninsula has reported. The expansion of the 116-bed hospital will take place mainly in the internal medicine department and the out-patient clinics. "The main focus is on the expansion of the surgery and paediatrics sections and is now in the final phases. There are also plans to double the number of beds to cope with the increasing number of patients," Dr

  • Qatar's growth may slow by half, economic adviser says

    Ibrahim Ibrahim, economic adviser to Emir of Qatar, has said the Gulf state's economy may slow by more than half in the next two years, as the country completes its largest energy projects, Bloomberg has reported. With the world's third-largest reserves of natural gas, Qatar is likely to post "double-digit" growth for the next two years, but will cool after that to an annual nominal rate of no more than 9%, assuming the government follows the guidance of senior economic planners, Ibrahim told

  • QIB records $165m in net profit

    Qatar Islamic Bank (QIB) has recorded QR601m ($165m) in net profit in the first half of 2010. Total assets rose 27% to QR45.2bn, while total equity grew 12% to QR8.4bn. In the first half of 2010 net financing income stood at QR906m, compared to QR845m in the same period of 2009. Net fee income of the bank stood at QR175.8m.

  • QNB gets approval to open branch in Lebanon

    Qatar National Bank (QNB) has announced it has received approval from the Central Bank of Lebanon to open a full service branch in the country. QNB's Lebanon branch will provide a full range of retail and corporate banking services. The new branch extends the lender's international reach to cover 24 countries across Europe, Asia and Africa.

  • Qtel launches renumbering application

    Qtel has announced that it will make a renumbering application for mobile phones available free for all customers, in support of the national renumbering plan. The move is in line with ictQATAR's plan to ensure there is sufficient capacity, Qtel said. The application will automatically analyze and update all numbers stored in a mobile phone handset to support Qatar's new numbering plan. Local numbers will have an extra digit automatically added, while international numbers will remain unchang

  • Qtel to be fined over Virgin launch

    Qatar's telecoms regulator, ictQATAR has said that Qtel faces an unspecified fine and possible further legal action over violations during its launch of Virgin Mobile services into the country, Reuters has reported. "Qtel should be compelled to pay an appropriate fine for its unlawful actions during the period from 13 to 18 May 2010 and has referred this matter to the Office of the Attorney General for assessment of an appropriate penalty," the regulator said in a public ruling. The ruling as

  • Rabigh Refining and Petrochemical posts net profit decline

    Rabigh Refining and Petrochemical, a joint venture between Saudi Aramco and Sumitomo Chemicals, has posted SR121.8m ($32.4m) in net profit in the three months to end-June, compared to a net loss of SR236m a year earlier and a net profit of SR271.5m in the previous quarter, Reuters has reported. The quarter-to-quarter net profit drop was due to non-recurring gains the firm made during the first quarter of 2010, according to chief executive Ziad Labban. The firm started operations at its $10.1b

  • RAK Airways plans to relaunch before year-end

    The UAE's RAK Airways plans to re-launch services before the end of this year, following a hiatus of just over 12 months. "We are now ready to make a strategic re-entry into the market," Sheikh Omar Bin Saqr Al Qassimi, chairman of RAK Airways has said. "We have a lot of exciting new plans, which will be unveiled soon. Omar Jahameh, our recently appointed CEO and his team are finalising the details of our flights to destinations in the Gulf, Africa and the Indian Sub-Continent," he added.

  • Rak Bank reveals profits hike

    The National Bank of Ras al-Khaimah (Rak Bank) has revealed its second-quarter net profit grew 31%, as interest and fee income rose, outweighing a near doubling of bad loan charges, Reuters has reported. The lender made a net profit of Dhs240.2m ($65.4m) in the three months to June 30, up from Dhs183.4m in the same period a year earlier. Net provisions for bad loans continued to weigh on the bank, increasing 92.8% in the first half of the year to Dhs148.8m, from Dhs77.2m in the same period in

  • RAK La Hoya Bay work restarted

    Frank Khoie, CEO of Khoie Properties, the real estate arm of Khoie Group, has said that work on the firm's Dhs3bn La Hoya Bay project in Al Marjan Island, Ras Al Khaimah, has restarted and that funding is expected to be in place shortly, Emirates Business has reported. "The site mobilisation and commencement of construction will start in July, and we are determined to hand over the La Hoya Bay Residence and Business Village by December 2011," he said. RAK Investment Authority (Rakia) is the o

  • RAKIA to launch Georgia port IPO in 2011

    The sovereign wealth fund of Ras Al Khaimah plans to launch an initial public offering for its port of Poti project in Georgia for 2011, Reuters has reported. Ras Al Khaimah Investment Authority (RAKIA) bought the Black Sea port of Poti and 300 hectares of land in 2008 to develop a free industrial zone there to generate income for the emirate, the CEO of Rakia said.

  • Ramadan price freeze for 160 items in Qatar

    Qatar's ministry of business and trade plans to freeze prices of at least 160 basic food and non-food items below their retail cost prices from July 25, as part of the business and trade ministry's plans to help make essential items available at affordable rates to consumers, the Peninsula has reported. The move aims to ensure that wholesalers and retailers do not raise the prices of essential commodities during the holy month of Ramadan when demand for several food and non-food items goes up

  • Ras al-Khaimah free zone expects double digit growth

    Most new companies will be small and medium sized businesses

  • Ras al-Khaimah to complete convention centre design

    Project will be located in Gateway City

  • Ras al-Khaimah to curtail foreign investment

    Emirate to focus on increasing investment in tourism and industry

  • Ras Azzour wins $16m engineering contract

    Saudi Arabia's Royal Commission of Jubail and Yanbu has awarded a SR59.9m ($16m) engineering contract to a consortium led by consultancy WS Atkins International to build a power plant on the Gulf coast in Ras Azzour, Reuters has reported. The Ras Azzour power plant will have the capacity to generate 2,400 megawatts of electricity and produce 1,025 million cubic metres of desalinated water per day.

  • Rasgas reveals all LNG trains back running

    Qatari LNG producer Rasgas has said that all liquefied natural gas production units are back online after an extensive maintenance programme, Reuters has reported. The trains will take time to ramp up to full production after the outage, which could delay increased supply by a few weeks. Rasgas' newest train 7, which came back online after a supply outage in May, is not expected to run at full capacity until September, according to analysts. Qatar is set to increase its gas production capacit

  • Raysut Cement reports H1 Profit decline of 21%

    Oman's Raysut Cement has said its profit before tax for the six-month period ended June 30, 2010, has declined by 21%, Oman Daily Observer has reported. The drop was attributed to competition from overseas suppliers, a trend that began in the second half of last year, and a slump in demand in export markets. "The inflow of cement from the UAE and the price competition in the northern market in Oman, as well as the demand recession in the export segment have impacted the volume of sales and re

  • Real estate sector rally lifts Dubai market

    With stocks rising around the world, GCC markets join. The DFM real estate sector index ended with the largest advance, sending the DFM Index 1.54% upward to the level of 1,494.96 points. Dubai's market bellwether Emaar Properties emerged as the most liquid stock, jumping 3.25% to Dhs3.18. Financials ended on a mixed note. On the one hand, the Middle East's largest bank in relation to assets Emirates NBD failed to join the bull's run and ended two percent lower at Dhs2.45. On the other hand,

  • Real estate shares strengthen Kuwait market

    The KSE Market or Price Index ended up 0.57% at 6,540.70 points as oil prices advanced to the level of $77 on Tuesday after American aluminum giant Alcoa posted better than expected results in New York on Tuesday. Shares of Al-Dar National Real Estate Co. surged 10% straight to KD0.022. Financial bellwether National Bank of Kuwait (NBK) ended flat at KD1.160. Kuwait Finance and Investment, on the other hand, plummeted 16.47% to KD0.071.

  • Red Sea Gateway Terminal receives new cranes

    Saudi Arabia's Red Sea Gateway Terminal (RSGT), at Jeddah Islamic Port (JIP), has received two quayside container cranes and six tandem lift gantry cranes (RTGs). Manufactured by Zhenhua Port Machinery, the new cranes bring the total number of cranes currently serving the gateway terminal's four berths and 50,000TEU stacking yard to 8 QC and 26 RTGs.

  • Redtag opens 50th store in the GCC

    Redtag has announced the opening of two new stores in Saudi Arabia. The new stores at Khurais Plaza, Riyadh and Aziz Mall, Jeddah, mark the retailer's fiftieth milestone. The Redtag Group is part of BMA International, the holding company for Retail Arabia which operates hypermarkets, supermarkets, convenience stores and malls.

  • Redtag opens eights Kuwait store

    Redtag Group has announced the opening of its eighth store in Kuwait, at the Fintas Centre. The newly opened fashion and home store is the retailer's 29th in the GCC region.The store is currently carrying the new spring and summer collection of clothing.

  • Revolutionary Guards affiliate pulls out of South Pars phases

    UN sanctions bite Iran’s gas development hopes

  • RIM plans iPad rival

    Canada's Research In Motion (RIM), maker of the BlackBerry, plans to introduce a tablet computer next November to compete with Apple's iPad, Bloomberg has reported, citing two people familiar with RIM's plans. The device will have roughly the same dimensions as the iPad, which has a 9.7-inch diagonal screen, and will feature Wi-Fi and Bluetooth wireless technology that will allow people to connect to the internet through their BlackBerry smartphones, the sources said.

  • Ritz-Carlton Dubai reveals expansion plans

    Ritz-Carlton Dubai is to begin an expansion project that will increase its total number of guest rooms and include the addition of several new restaurant concepts. The expansion includes building an adjacent wing to house an additional 163 guestrooms, bringing the total number to 301. The project will also see the addition of 10 new private dining rooms the Italian specialty restaurant Splendido, while the signature restaurant La Baie will be revitalised by a new concept and a larger dining s

  • Riyad Bank's Q2 profit dips 16.5%

    Saudi Arabia's third-largest bank by market value, Riyad Bank, has reported a 16.5% decline in second-quarter net profit, after lending income declined for the second straight quarter, Reuters has reported. The lender made SR766m ($204.3m) in the three months to end-June compared to SR918m in the same period a year ago. Net lending income, known in Saudi Arabia as special fees net income, fell 10.5% to SR1.03bn, after it fell 9 % in the first quarter.

  • Riyadh plans $200m flyover for city’s busiest intersection

    The bridge is part of a large-scale overhaul of King Abdullah road in Riyadh

  • Rotana chairman buys 22% more stake at hotel

    Nasser Al Nowais, chairman of Abu Dhabi-based Rotana Hotel Management has agreed to buy a 22% stake in the company from a private equity fund of Dubai's Shuaa Capital, Reuters has reported. The sale is part of a regular turnover among investment funds, according to Selim El Zyr, president and chief executive of Rotana Hotels. The transaction will be completed following approval from the Abu Dhabi Department of Economic Development. With the purchase, Al Nowais now owns more than 60% of the ho

  • Royal Jet and Arabasco strengthen ties

    Royal Jet and Arabasco have announced the renewal of their partnership agreement that pushes forward their commercial and operational alliance in Saudi Arabia. According to the agreement, the luxury flight services firm will continue to operate under the Arabasco Aircraft Operators Certificate (AOC) at the company's key hubs in Jeddah and Riyadh.

  • Royal Jet announces further BBJ delivery

    Luxury flight services firm Royal Jet has taken delivery of its sixth Boeing Business Jet (BBJ). The new aircraft, which is a high-performance derivative of the Boeing 737-700, is configured to accommodate up to 18 guests. An Embraer Lineage 1000 is also scheduled for delivery later this year, the firm said. The BBJ features a VIP lounge and two bathrooms with showers.

  • Royal Jet receives refurbished Boeing Business Jet

    Royal Jet has received a refurbished Boeing Business Jet back from a multi-million dollar refit and refurbishment programme. The aircraft features a majlis style VIP meeting lounge, a more formal meeting and dining area and a rest and relaxation zone, making it suitable for a variety of VIP guests. Fitted out in the highest quality Italian leather and high-gloss finished walnut wood veneer, the plane has 14 VIP seats that can convert to fully flat, 180o beds - two in the VIP lounge, four in t

  • Royal Jordanian inks GEnx engine deal

    Royal Jordanian has signed an agreement to buy six GEnx-1B engines to power its three additional Boeing 787 Dreamliner aircraft. The six newly purchased GEnx engines will be covered in the Royal Jordanian's 12-year OnPoint solution services agreement that was signed in 2007 and will provide maintenance, repair and overhaul services to the airline's GEnx fleet. The new order is in addition to the four purchased and four leased GEnx-1B-powered Boeing 787 aircraft that Royal Jordanian announced

  • Royal Jordanian orders engines

    The six General Electric engines will power aircraft ordered from Boeing

  • Royal Jordanian signs order for three 787 Dreamliners

    Royal Jordanian and Boeing have signed an order for three 787 Dreamliners at the Farnborough International Airshow. The order is valued at approximately $500m. The national carrier of Jordan has committed to 11 787-8s through direct purchases and leases and placed its first four orders for the aircraft in 2007. The airline is to place the 787 on North American routes initially.

  • Royal tour of Al Maktoum International Airport

    Checking into the passenger terminal at the brand new Al Maktoum International Airport was HH Sheikh Mohammed bin Rashid Al Maktoum and his entourage for an inspection tour of Dubai's second airport. Phil Blizzard joined the royal tour and reports on the development taking place at Dubai World Central.

  • Sabic borrows $4bn from local sources

    Company embarks on borrowing spree after pulling international bond issue

  • Sabic expects stable petrochemical prices

    Saudi Basic Industries Corp (Sabic) has said that it expects petrochemical product prices to be stable in the third quarter, Bloomberg has reported. "We see prices being stabilised," chief financial officer, Mutlaq al-Morished said at a press conference in Riyadh. "It's difficult to predict because it's related to what's happening with growth." Sabic also reported yesterday that its second quarter profit almost tripled.

  • Sabic funds research programme at King Abdulaziz University

    Saudi Basic Industries Corp (Sabic) has provided funding to develop research capabilities at King Abdulaziz University. The move is part of programmes by Sabic that cover a wide range of areas such as chemicals, petrochemicals, metals, fertilisers, polymers and industrial catalyst applications. These programmes have now expanded to support research on safety, environment, health, pollution and the recycling of industrial waste through scientific methods.

  • Sabic regains territory at Tadawul bourse

    The Saudi index Tasi performed in line with the UAE markets and gained slightly, closing 0.46 higher at 6.030.32 points. After four consecutive days of losses, market bellwether Sabic rebounded 1.81% at SR84.50. Saudi Ceramic surged 10%, finishing at SR132.00. The bank sector suffered losses. Banque Saudi Fransi lost 2.33%, ending at SR42.00.

  • Sabic shares surge 4.44% in Riyadh

    Saudi Arabia's stock market posted the largest advance among GCC markets on Wednesday. With all Saudi sector indices finishing in the green, but mostly boosted by energy and oil related firms, the Tadawul bourse closed 1.58% higher at 6,125.73 points. Market heavyweight Sabic, the world's largest petrochemical firm, added 4.44%, ending at a four-week high at SR88.25. Saudi Hollandi Bank shares (off 0.31% at SR31.90) fell against the trend. But Credit Suisse analyst Mohamed Hawa expects that t

  • Sabic signs $1.2bn loan

    Saudi Basic Industries Corp (Sabic) has said it has signed credit facilities worth SR4.5bn ($1.2bn) with National Commercial Bank as part of overall project funding at the world's biggest petrochemicals group, Reuters has reported. The announcement comes two weeks after Saudi Alinma Bank granted a $1bn credit facility to Sabic.

  • Sabic's Q2 profits suffer drop

    Saudi Basic Industries Corp (Sabic) has said its Q2 net profit rose 177% to SR5.02bn ($1.3bn) compared to SR1.81bn for the same quarter in 2009, but 8% lower compared to the first quarter of 2010. The company attributed the reduced profitability in the second quarter to a decrease in the prices of major products, higher feedstock cost, and higher prices of raw-materials for Hadeed products.

  • Sabic's sales growth slows

    Saudi Basic Industries (Sabic), the world's biggest chemicals maker by market value, has said that sales growth had slowed in the second quarter as prices for its products fell, Reuters has reported. Inventories surged by around a third due to a slowdown in demand, the company said. Sabic raised its output during the second quarter with the start of commercial operations at its Yansab, Sharq affiliates and at a China-based joint-venture.

  • Sahara looks for underwriters of $400m rights issue

    Saudi Arabia's Sahara Petrochemicals is seeking underwriters for its SR1.5bn ($400m) rights issue, which will be used to fund expansion projects, Meed has reported. Sahara is to use the cash for the development of its Saudi Acrylic Monomers (SAMC), Arabian Chlor Vinyl (ACVA) and Superabsorbent Polymers Project (SAP) plants, which are expected to start production at Jubail in the first quarter of 2013, according to Tariq al-Alaiwat, petrochemicals analyst at NCB Capital. The three projects are

  • Salcon wins Abu Dhabi water recycling plant contract

    Al-Wathba plant to treat 6 million gallons of sewage per day

  • Samsung launches Galaxy S in the UAE

    Samsung has announced the launch of its Galaxy S smartphone in the UAE. Weighing 119g, the 9.9 millimetre thin Galaxy S is powered by a 1-gigahertz chip and a bright 4-inch WVGA 16M Super Amoled display, which projects a more distinct display when in sunlight. The smartphone also features six-axis motion sensing using an accelerometer and geo-magnetic sensor and a user interface that supports a series of advanced touch screen gestures capabilities.

  • Samsung sees portable PCs sales rise

    Market research and consulting firm iSuppli has said that South Korean computer maker Samsung has grabbed a 3.9% share of the global portable PC business in Q1 2010, Cnet has reported. Thanks to hot demand for its Netbooks, Samsung shipped 1.9 million mobile PCs (notebooks and Netbooks combined), a 14.6% jump from the 1.7 million shipped during the fourth quarter, sending it to seventh place from ninth place among such rivals as Hewlett-Packard, Acer, Dell, and Apple. The company also enjoyed

  • Samsung Wave, first bada smartphone, on sale

    Samsung Electronics has unveiled the new Samsung S8500 Wave. The Wave is the first to use the company's new, open mobile platform, Samsung bada. The Samsung Wave offers a Super Amoled 3.3" display, a Social Hub, and TouchWiz 3.0 for an intuitive and customizable user interface, Bluetooth 3.0 and WiFi 802.11n, in addition to support for DivX Xvid, MP4 and WMV playback, and support for virtual 5.1 surround sound delivery.

  • Sanofi-aventis to build plant in Saudi

    France-headquartered multinational pharmaceutical firm Sanofi-Aventis has signed an agreement with Emaar, the Economic City, developer of King Abdullah Economic City, to establish their manufacturing facility at the Industrial Valley in KAEC. The plant, which is to be built on a 35,000 square meter land, will initially produce oral anti-diabetic and cardiovascular products.

  • Sanofi-Aventis to train future pharmacists

    Pharmaceutical firm, Sanofi Aventis Egypt has launched a training program for 400 pharmacy students from all over Egypt. The "Future Access" program will provide the students with opportunities to add to their business skills, by learning hands on within a business environment. Outstanding performers within the project may be given the opportunity to join the Sanofi Aventis team in the future, the firm said.

  • SAP unveils Arabic version of software

    German software development and consulting firm, SAP has announced the addition of the Arabic version of SAP Business All-in-One Enterprise Resource Planning (ERP) software to its portfolio of solutions in the region, Gulf Daily News has reported. The Arabic version of ERP solution is tailored for the specific business needs of mid-market companies, and is designed to assist companies gain more visibility across departments, helping optimise operations across a range of areas as well as indus

  • Saudi Almarai Q2 net profit jumps 19.5%

    The Gulf's biggest dairy firm by market value, Saudi-based Almarai Co, has exceeded forecasts by posting a 19.5% rise in second-quarter net profit, Reuters has reported. The company made SR343.1m in the three months to end-June, against SR287.1m a year earlier. Almarai, in which Savola Group holds a 29.9% stake, has said its operating profit also rose 15.6% during the second quarter while sales rose 20.2% from their level a year earlier to SR1.74bn, marking an 11.5% rise from the first quarte

  • Saudi announces $100bn transport plans

    Saudi Arabia's General Investment Authority (Sagia) has unveiled plans to spend $100bn on developing 19 transport projects over the next 10 years, Meed has reported. The list of projects includes building five ports, three airports, three railways, three major highways, and five logistics centres. Sagia said it also plans to increase the kingdom's ports capacity and attract port operators. Jeddah Islamic Port alone could increase capacity by 30% to 35%.

  • Saudi Arabia and France set to sign nuclear pact

    Saudi Arabia and France are to sign a nuclear cooperation pact in order to develop atomic energy for peaceful purposes, Arab News has reported. The nuclear pact was first proposed by French president Nicolas Sarkozy in talks with King Abdullah in June 2007 in Paris, and the French side submitted a draft when Sarkozy visited Riyadh in January 2008. Analysts now expect the agreement to be inked during the upcoming state visit of King Abdullah to France.

  • Saudi Arabia 'needs to spend' $140bn on power projects

    Saudi Electricity and Cogeneration Regulatory Authority (ECRA) has said that the kingdom needs to spend SR526bn ($140.3bn) on electricity projects over the next decade to meet the fast growing demand in the country, Zawya Dow Jones has reported. Around 63.7% of the amount will be invested in power generation, while the rest will be spent on power transfer and distribution, ECRA said. Saudi Electricity Co (SEC) is expected to invest $80bn over the next 10 years to add 20,000 megawatts of power

  • Saudi Arabia Refineries top Tadawul exchange

    Riyadh saw its Tadawul exchanged weakening by 0.27% as the main index closed at 6,117.21 points. Shares of Saudi Arabia Refineries Company ended up 2.78% at SR37.00, slightly recovering from ist free fall in May when shares lost 27% within a few weeks. As in the UAE, building and construction shares performed weaker. Quassim Cement extended its losses from Saturday and dipped 4.29% to SR67.00, as the firm reported a second-quarter profit decline to SR135.8m from SR148.2m a year earlier due to

  • Saudi Arabia to list $6.7m petrochemical fund

    Fund will include 14 companies

  • Saudi Arabia to spend $100bn on transport schemes

    Saudi Arabian General Investment Authority to develop 19 projects over the next decade

  • Saudi Arabia top FDI recipient in Middle East

    According to the 'World Investment Report' by the UN Conference on Trade and Development (UNCTAD), Saudi Arabia was the eighth largest recipient of foreign direct investment in the world in 2009, attracting $36bn, Arab News has reported. Top sources of FDI inflows to the kingdom during 2009 included the United States with $5.8bn, followed by Kuwait with $4.3bn, the UAE with $3.8bn, France with $2.6bn and Japan with $2bn.

  • Saudi Arabia warns against diabetes drug

    Saudi Arabia's Food and Drugs Authority (SFDA) has warned against a medicine that can allegedly cure diabetes, Arab News has reported. A US-based company calling itself Natural Medicine International produces the drug, called "Stable Sugar". The website claims that diabetes patients will not need insulin shots if they take the capsules. The regulator said the medicine is not registered in the kingdom and carries a misleading claim that it cures diabetes, while its contents and side effects ar

  • Saudi Arabia: Boiler

    Replacement of a boiler at a water station

  • Saudi Arabia: Building and facilities maintenance

    Maintenance of buildings and facilities at an industrial city

  • Saudi Arabia: Electrical equipment services

    Provision of maintenance and field services for electrical equipment at power plants

  • Saudi Arabia: Gymnasium hall construction

    Rehabilitation and construction of a gymnasium hall

  • Saudi Arabia: Health facilities O&M

    Provision of operation, maintenance (O&M) and assistance services for health facilities at an industrial city

  • Saudi Arabia: Heavy oil bunkers

    Transmission of heavy oil bunkers

  • Saudi Arabia: Hospital development

    Development and renovation of a hospital

  • Saudi Arabia: Medical equipment

    Supply, installation and operation of medical equipment

  • Saudi Arabia: Milling machine

    Supply and installation of a milling machine

  • Saudi Arabia: Mosques

    Construction of daily and Friday mosques at an industrial city

  • Saudi Arabia: Park renovation

    Maintenance and renovation of a park

  • Saudi Arabia: Paving maintenance

    Maintenance of pavements and squares

  • Saudi Arabia: Power generator works

    Operation and maintenance (O&M) of power generating units

  • Saudi Arabia: Radioactive substance detection systems

    Supply and installation of radioactive substance detection systems

  • Saudi Arabia: School classrooms

    Construction of four additional classrooms at a primary school

  • Saudi Arabia: Solid waste disposal

    Carrying out disposal works of solid waste and swamp backfilling

  • Saudi Arabia: Stormwater drainage

    Prevention of flood hazards and stormwater drainage

  • Saudi Arabia: University cooling plant

    Engineering, procurement and construction of a centralised cooling plant for a university college

  • Saudi Arabia: Water pipeline rehabilitation

    Rehabilitation and repair of main water pipelines

  • Saudi Arabia: Water projects

    Operation and maintenance (O&M) of water projects

  • Saudi Arabian Mining reports increase in net profit

    Saudi Arabian Mining has reported a net profit of SR31.24m ($8.3m) for the second quarter of 2010, compared to a net loss of SR6.56m in the same period a year ago, Reuters has reported. Operating profit was SR39.23m in the three months to June, up from SR29.04m a year earlier. The firm, which plans to build the world's biggest fully integrated aluminium complex with US firm Alcoa, said that profit in the first six months was driven by lower Islamic tax payments compared to 2009.

  • Saudi Arabia's National Commercial Bank records $704m profit

    First half profit rises 18 per cent

  • Saudi Arabia's non-oil exports rise 40% in May

    According to Saudi Arabia's Central Department of Statistics and Information, the kingdom's non-oil exports rose 40% to SR11.9bn for the month of May, compared to SR8.5bn in May 2009, Reuters has reported. The main non-oil exports were plastics and petrochemicals, which reached a total of SR7.3bn, representing 61% of non-oil exports. The UAE led the importers with around SR1.3bn, followed by China which imported products worth around SR1bn, the data showed.

  • Saudi asks for bidders on $1.5bn power plant

    Saudi utility Marafiq has invited firms to bid to build a $1.5bn, 850 megawatt steam power plant in the Red Sea port of Yanbu, Reuters has reported, citing industry sources. The plant is to be fired with heavy fuel-oil or Arab light crude as a backup, according to one of the sources. The project is part of Saudi Arabia's push to increase power generation to keep pace with rising industrial demand.

  • Saudi Binladin Group issues sukuk

    The Saudi Binladin Group issued a SR700m ($187m) Islamic bond on July 12 through a private placement to Saudi investors, lead manager HSBC Saudi Arabia said. The Saudi Binladin Sukuk Co. issued the sukuk, which was more than 2.5 times oversubscribed.

  • Saudi cement companies profits fall

    Saudi Arabian cement producers see second quarter net profits drop 2.3 per cent

  • Saudi construction sector to total 10% of real GDP

    Saudi Arabia's National Commercial Bank (NCB) has said that increased government investments are expected to drive the expansion of the non-oil GDP growth of the kingdom's construction sector to an all-time high of 10.41% by the end of this year, Zawya Dow Jones has reported. The kingdom has 687 current projects, 22% of which are in the execution phase, that are valued at approximately SR2.6trillion. According to NCB, contracts awarded in 2010 and 2011 are forecast to reach $64bn and $86bn, r

  • Saudi crude prices to Asia may fall in August

    Oil traders have said they expect prices of Saudi Arabia's crude grades heading to Asia for August to be reduced on slow demand from regional refiners and intensifying competition from Russian ESPO crude, Reuters has reported. "I expect Saudi to cut differentials across the board again, as the sentiment for both light and medium grades are not so good," said a trader with a Northeast Asia refiner. Last month, Saudi Arabia cut July official selling prices (OSPs) across the board for its crudes

  • Saudi developer Dar Al Arkan reveals profits decrease

    Saudi developer, Dar Al Arkan has posted a 29.3% decline in net profit for the second quarter of 2010, mainly due to the lower volume of the areas of land sold. The developer made a net income of SR437m ($116.5m) in the three months to end-June, compared to SR618.3m for the same period last year. However, the second-quarter profit was 9.6% higher than the SR398.6m recorded in the previous quarter.

  • Saudi Education Ministry to award Najran hospital in August

    Contract award due for $150m hospital project

  • Saudi extends bid deadline for Haramain package two

    The Saudi Railways Organisation prequalified five consortiums to bid for phase two in 2009

  • Saudi Fertilizers Q2 net profit rises 89%

    Saudi Arabian Fertilizers Co has said its second quarter net profit rose 89% due to the sale of land, while growth in operating margins narrowed from the first quarter, Reuters has reported. Safco, which produces urea and ammonia, made a net profit of SR907m in the three months to end-June, compared to SR480m in the same period a year-earlier. "The increase in second-quarter ... stemmed from the increase in global prices and the revenue realised from the sale of land," Safco said in a stateme

  • Saudi firms to follow short-term sukuk trend - HSBC

    HSBC has said the successful sale of a nine-month corporate Islamic bond by private construction company Saudi Binladin Group (SBG) will encourage similar issues in the kingdom where access to longer-term financing is tight, Reuters has reported. SBG's sukuk was issued on a zero coupon basis and was oversubscribed 2.5-times, HSBC said. Interest for such issues is apparent from both issuers and investors, according to HSBC Saudi's head of global capital financing Sunil George, and Muhammad Far

  • Saudi Hollandi's net profit up 177% in Q2

    A drop in operational costs has helped Saudi Hollandi Bank to more than double its second-quarter net profit, Reuters has reported. The bank made a net profit of SR250.5m ($66.8m) in the three months to end-June 30, up from SR90.6m in the year-earlier period.

  • Saudi inflation hits 5.5%

    Annual inflation in Saudi Arabia has grown to the highest level for at least a year to 5.5% in June from 5.4% in May, Reuters has reported. Annual inflation in the biggest Arab economy started picking up again after slowing to a two-and-a-half year low of 3.5% in October before rising to 5.4% in May, still well below a record high of 11.1% in July 2008. In May, the Saudi Arabian Monetary Agency (SAMA) said inflation was likely to be steady in the second quarter and will be mainly driven by ri

  • Saudi investigates oil smuggling operation

    Saudi Arabian authorities have launched an investigation into a smuggling operation that illegally exported discount-priced oil to Europe for more than 11 years, Arabic Okaz has reported. A committee with representatives from the petroleum ministry, the interior ministry, Saudi Aramco and three other bodies are investigating the case. Unnamed companies had bought discounted oil under the guise of using it to produce chemicals domestically, but instead they shipped it to unidentified destinati

  • Saudi Investment Bank Q2 profit drops 88%

    Saudi Investment Bank (SAIB) has reported an 88% fall in its Q2 net profit due to provisions, Reuters has reported. The bank made SR22m ($5.87m) in the three months to end-June, down from SR188m in the same period a year earlier. "The reason for the decline in net profit despite a surge in operational income and noticeable improvement in special commissions profits is due to the bank taking provisions during the period," the lender said in a statement.

  • Saudi investors eye stake in BP

    Saudi investors are seeking to buy a 10% to 15% stake in British Petroleum, Reuters has reported, citing a report by a local newspaper. A delegation of Saudi investors will be heading to London for direct talks with BP, the daily said with revealing its sources or names of the investors.

  • Saudi IT market is biggest in region - report

    A report issued by the Riyadh Chamber of Commerce has revealed that Saudi Arabia is the largest IT market in the GCC region with a forecast value of $3.3bn in 2010 and expected to rise to $4.6bn by 2014, Saudi Gazette has reported. The Saudi Arabia Information Technology Report Q2 2010 predicted that per capita IT spend will reach $173 by 2014, as PC penetration rises to over 30%. Youthful demographics and a growing population will support a positive market trajectory, the report said.

  • Saudi Kayan says cost of chemicals complex may rise 24%

    Petrochemical firm Saudi Kayan, a unit of Sabic, has said it will seek loans and funds from shareholders to cover an expected 24% rise in costs of its Jubail petrochemicals plant to prevent any delay in completion dates, Bloomberg has reported. The company also said it started the trial run of its olefins plant at the complex.

  • Saudi Kayan to begin new complex operations in Q3

    Trial operations at the main units of Saudi Kayan Petrochemicals new complex are expected to start in the third quarter of this year, Reuters has reported. Located in Jubail, the complex is to have an annual production capacity of 6 million tonnes of petrochemicals including ethylene, propylene and ethylene glycol. The company said in April the complex's main facility, an ethylene cracker, would start operations in the second half of this year with other units to follow slowly through in 2012

  • Saudi King orders halt to oil and gas exploration

    Head of state’s remarks intepreted as a warning not to waste vast hydrocarbon reserves

  • Saudi lenders hike Q2 provisions for loans

    According to stock exchange data, Saudi lenders SABB and Riyad have raised provisions for loan losses significantly during the second quarter, following defaults by some local firms, Reuters has reported. Riyad raised provisions for loan losses by 105.4% to SR196.2m during the second quarter while SABB booked SR504m for the same purpose, more than 60% above the year-earlier period, the data showed.

  • Saudi MACNA inks Austal services deal

    Saudi ferry operator, the Maritime Co for Navigation (MACNA) has signed a technical services contract with Australia's Austal to provide rapid response to technical issues related to three large Austal vehicle ferries, including spare parts supply, for a period of up to five years. The three vessels include the kingdom's two 69-metre vehicle ferries "Jazan" and "Farasan", delivered in 2009, and 56-metre vehicle ferry "Fares 1", delivered in 2002.

  • Saudi market declines by one percent

    Profit taking and stuttering oil prices triggered the Saudi Tadawul bourse to weaken by one percent. Oil prices lost 58 US-Cent as of the close of trading in Riaydh on Tuesday, as the price declined below the level of $76 per barrel. The lead index Tasi closed at 6,068.65 points. Shares of market bellwether Sabic, the world's largest petrochemical firm, eased 3.42% to SR84.75. A number of Insurance firms bucked the fickle trend in Riyadh, such as The Company for Cooperative Insurance, also kn

  • Saudi Ministry goes on spending spree

    The Ministry spent an estimated $206m on 19 contracts in mid-July

  • Saudi Ministry of Interior buys three Black Hawk helicopters

    Saudi Arabia's Ministry of Interior has signed a contract with Sikorsky Aircraft Corp to acquire three S-70i Black Hawk helicopters. Delivery of the first of the helicopters is scheduled for early 2011, and the aircraft will perform transport, border protection and other missions for Saudi Arabia. The new Black Hawk model is the first to be assembled in Europe.

  • Saudi mobile operators fined

    Saudi Arabia's Communications and Information Technology Commission has said it has imposed a fine of SR5m on some mobile companies found violating the ban on free international roaming service, Saudi Gazette has reported. Free international roaming services are illegal, according to Dr Dhaifallah Al-Zahrani, CITC's deputy governor for legal affairs. The commission's decision has been upheld by the Administrative Court in the Board of Grievances, he said.

  • Saudi non-oil exports climb 8% in April

    According to data by Saudi Arabia's central departments of statistics and information, the kingdom's non-oil exports rose by 8% to SR9.6bn ($2.56bn) in April, compared to SR8.9bn a year earlier, Reuters has reported. Plastics and petrochemicals were the main non-oil exported products during April, amounting to SR5.8bn, it said. The UAE imported the most, buying non-oil exports worth around SR1.13bn, followed by China which imported products worth SR776m, according to the data.

  • Saudi pension fund buys Sabic stake

    According to data from the Saudi bourse, the kingdom's General Organisation of Social Insurance (Gosi) has acquired a 5% stake in Saudi Basic Industries Corp (Sabic), Reuters has reported. Data from Tadawul's website shows Gosi among the shareholders of Sabic. The data does not disclose the previous stake held by Gosi nor the amount of new shares bought by the fund. A 5% stake in Sabic is worth SR13.43bn ($3.58bn) based on Saturday's closing price.

  • Saudi railway project receives bidders

    Saudi Railways Organization has said that France's Alstom and its national railway operator SNCF along with Spanish firm Talgo are among the bidders for a 450 kilometre railway in the kingdom, Reuters has reported. The contract will include construction of railway tracks, installation of signal systems and telecommunications as well as the procurement of rolling stock and equipment. It will also include infrastructure maintenance for the project for 12 years. "SRO has announced that Al-Rajhi

  • Saudi railway two thirds complete

    Saudi Arabia has completed two thirds of a railway to transport phosphate and bauxite ore needed for a $10.8bn project by Maaden and US firm Alcoa, Reuters has reported. So far, 1,050 kilometres of the 1,486 kilometre long line has been built. The state-owned railway firm has signed a SR278m contract with Indian government firm, Rites to operate the railway.

  • Saudi Samba's Q2 net income dips 1.9%

    Saudi Arabia's second-largest bank by market value, Samba Financial Group, has posted a 1.9% drop in second quarter net profit due mainly to lower lending income, Reuters has reported. Quarterly net profit came in at SR1.22bn ($325.3m) after SR1.24bn in the same period a year ago, the bank said in a statement.

  • Saudi Sipchem Q2 profit soars

    Saudi International Petrochemical Co (Sipchem) has said its second-quarter net profit jumped almost 19-fold to SR87.7m ($23.4m) from SR500,000 in the same quarter a year ago, Reuters has reported. Higher production of methanol and butanediol combined with improved prices were behind the profit rise, Sipchem said.

  • Saudi stock market gains 2.38%

    Driven by positive inputs from U.S. markets and higher oil prices, the Tadawul bourse in Riyadh surged 2.38% and closed at 6,200.26 points. Market and petrochemical bellwether Sabic ended 5.29% higher at SR89.50. Alinma Bank (up 1.38%, closing at SR11.20) announced its interim consolidated financial results for the period ended June 30, 2010. Net income for the second quarter amounted to SR3m, compared to net income of SR68m for the same quarter of previous year with a decrease of 96%, and co

  • Saudi Telecom profit falls 31%

    Saudi Telecom (STC) has posted a 31% drop in second-quarter net profit to SR2.06bn in the three months to end-June, down from SR2.99bn a year earlier, Reuters has reported. STC did not explain the annual drop in quarterly earnings, but said a 30% fall in net profit during the first half stemmed from higher costs linked to the usage of external networks, lower tariffs for international calls, and higher spending to deploy optic fibre.

  • Saudi to allow sale of some medicines in supermarkets

    The Saudi Food and Drugs Authority (SFDA) has said that supermarkets and medium and large-sized food stores will be allowed to sell some specific medicines, provided the required conditions for storage are fulfilled round-the-clock, Saudi Gazette has reported. The medicines include capsules and tablets containing 500 mg paracetamol like Panadol and Fevadol, among others; paracetamol 500 mg and caffeine like Panadol Extra, and Fevadol Extra; and lozenges containing vitamins and minerals in the

  • Saudi to launch petrochemicals ETF

    Saudi-based investment bank, Falcom Financial Services is to launch an exchange-traded fund (ETF) for Saudi petrochemical shares on the Arab world's largest bourse, Reuters has reported. The fund has an initial value of SR25m ($6.7m) and will start trading on July 10. Falcom did not specify whether the fund would be open for foreigners but analysts are expecting this to be the case after its previous fund was open to non-Saudis.

  • Saudi’s Al-Khodari appoints financial adviser for its October listing

    Al-Khodari to float 30 per cent stake

  • Saudia Aramco inks medical services contract

    Saudi-based Saad Specialist Hospital has signed a five-year agreement with Saudi Aramco to provide medical services to its employees and their families, Saudi Gazette has reported. Under the contract, Saudi Aramco employees and their families will receive comprehensive, preventive, curative and specialized services of Saad Hospital's technical facilities and medical staff.

  • Saudia catering unit eyes IPO

    Saudi Airlines (Saudia) is considering a bourse listing for its catering unit by March 2011, Reuters has reported. Saudi Arabian Catering is in the process of seeking regulatory approval to start the IPO, chief executive Christopher Parent told the news service. After the privatisation of the catering unit, the ground handling services business was supposed to follow last year with a merger between local firms National Handling Services and Attar Travel, but the due diligence process took mor

  • Saudi's Al-Jouf Cement to raise $174m from listing

    Cement company to sell off 50 per cent stake on stock market

  • Saudi's Binladin raises $187m in Islamic bond issue

    Construction firm secured offers of more than twice the amount it was trying to raise

  • Savola net profit decreases

    Saudi private conglomerate, Savola has said its net profit for the second quarter fell by 2.3% to SR207.7m ($55m) as capital gains decreased, Reuters has reported. The company made SR212.5m in the same quarter a year earlier. Savola said third-quarter net profit is forecast to reach SR280m, an increase from the SR277.8m it reported for the same period in 2009.

  • SCA to tighten regulation of UAE financial markets

    Ibrahim al Zaabi, deputy chief executive of the Emirates Securities and Commodities Authority (SCA) has unveiled plans to introduce a set of rules by the end of the year aimed at tightening the regulation of financial markets, The National has reported. The new rules will cover trading on margins, market making and short selling. "We're discussing with the market to see the mechanism so that the tools are available at the market," he said. Once the talks are complete, the SCA will submit the

  • Schon awards Lagoons water features contract

    Schön Properties has awarded Crystal Lagoons the contract to build the main water features within its Dubai Lagoon project. A pilot lagoon is expected to be completed in time for the scheduled handover of Zone 1 by the end of 2010, the developer said. Under the contract, Crystal Lagoon will be responsible for the construction, maintenance and technical controls of all the lagoons.

  • Shah gas project less costly than expected

    The Abu Dhabi Gas Development Co, a subsidiary of Abu Dhabi National Oil Co (Adnoc), has awarded $5.6bn worth of contract for the country's Shah gas project, Reuters has reported. The cost of the project was originally estimated at $10bn, but the economic crisis made firms cut prices. "What we tendered and got offers for was below the estimates. This could be because of the economic crisis. Countries had decided to shelve projects but the UAE went on," CEO, Saif Ahmed al-Ghafli, was quoted as

  • Shaky start at Dubai bourse as trading value surges

    The Dubai Financial Market (DFM) failed to reap benefits from positive Saudi market inputs and oil prices approaching $80 per barrel. Losing 1.44%, the DFM Index closed at 1,506.95 points. Emaar Properties lost 3.56%, closing at Dhs3.25. Gulf Finance House from Bahrain bucked the downtrend by adding 4.12% as its shares ended at Dhs0.479. Five shares gained, 18 declined and four remained flat. Traded value surged 74% to Dhs230.65m, while volumes advanced by 18% to 122.15m stocks changed hands.

  • Shams financing expected soon

    Abu Dhabi solar project seeking $600m debt

  • Shareholders divided over Bahrain's Sitra oil export facility plans

    After more than three years a final decision is still pending

  • Sharjah clinic offers free orthodontic check-ups

    Sharjah-based Lulu Medical Centre has launched a campaign aimed at increasing public awareness about dental and orthodontic problems among children. The programme includes free orthodontic check-up for students until July 17.

  • Sharjah Electricity authority issues power cut statement

    Sharjah residents affected by the recent power failures have received an apology by the emirate's Electricity and Water Authority (Sewa) which vowed to take steps to improve its services, Gulf News has reported. The power failure was caused by a problem in the natural gas pipeline which feeds the main power station, Sewa said in a statement. The authority said it was forced to deal with the emergency by cutting off the power for hours in some districts. Thousands in densely populated parts of

  • Sharjah Islamic Bank posts H1 profit growth

    Sharjah Islamic Bank (SIB) has said its H1 net profit grew 23% compared with the same period last year, Khaleej Times has reported. Net profit rose to Dhs186m ($50.6m) from Dhs151.7m the bank reported for the first half of 2009. Total assets reached Dhs16.4bn while total liquid assets touched Dhs3.6bn. Customer deposits currently stands at Dhs10bn, SIB said.

  • Sharjah sees 11% more tourists in H1

    The UAE emirate of Sharja recorded an 11% increase in the number of tourist arrivals in the first half of this year, compared to the same period in 2009, according to the Sharjah Commerce and Tourism Development Authority (SCTDA). The majority of tourists (45%) entering Sharjah during the first half were from Europe, while 25% were from the GCC, 14% were from Asian countries, 11% were from other Arab countries, and the remaining 5% came from the Commonwealth, the US, Africa and the Pacific Re

  • Sharjah tourist arrivals rise in June

    According to statistics by the Sharjah Commerce and Tourism Development Authority, the number of tourists in Sharjah grew by 3% to 107,000 visitors in June, compared to the same period in 2009. Hotels in the emirate saw occupancy rates rise to 64% in the month compared to the 61% recorded in the corresponding period last year. Figures also show that the total number of occupied room nights in Sharjah's hotels and hotel apartments rose to 112,299 in June 2010, with hotel room nights accounting

  • Sharp unveils first 100GB Blu-ray disc

    Sharp, a member of the Blu-ray Association, has said it will launch a new Blu-ray format that offers 100GB of storage space, Cnet has reported. According to Sharp, the triple-layer VR-100BR1 disc is manufactured based on the new BDXL format specification that allows for a ceiling capacity of up to 128GB for Blu-ray write-once discs and 100GB for the rewriteable format. The current dual-layer Blu-ray format offers a cap of 50GB per disc.

  • Shell refuses to renew contracts with Iranian airlines

    US-imposed sanctions on Iran hit aviation industry

  • SIA reports global chips sales at $24.7bn

    The Semiconductor Industry Association (SIA) has said that global sales of semiconductors in May stood at $24.7bn, a sequential increase of 4.5% from April when sales amounted to $23.6bn and a year-on-year increase of 47.6% from May 2009 when sales were $16.7bn. The association noted that the industry year-on-year and sequential growth rates are likely to continue to slow during the second half of 2010, "underscoring the very depressed market conditions of the first half of 2009.

  • Siemens to modernise Saudi Iron arc furnace

    Saudi Iron and Steel Co (Hadeed), a subsidiary of Sabic, has awarded Siemens VAI Metals Technologies a contract to modernise its electric arc furnace. Electric Arc Furnace No 1 in Hadeed's steel works in Al Jubail will be fitted with a new hydraulic system, lifting columns for the carbon electrodes and current-conducting electrode arms. An integrated automation solution based on Simatic S7 will also be installed in the Al Jubail works. The project is scheduled to be finished in the fall of 20

  • Siemens wins $40m electrical supply contract in Abu Dhabi

    Firm will work on fourth natural gas liquids train at Ruwais

  • Siemens wins main electrical contract for NGL plant

    A joint venture between Petrofac and GS E&C has awarded Siemens Energy a $40m contract to engineer and supply an integrated power solution for a natural gas liquids (NGL) fractionation plant. As main electrical contractor (MEC) for the NGL fractionation plant, Siemens will provide power-and distribution transformers, high, medium and low voltage switchgears, and motor control centres. The company will also supply a power management system, medium and low voltage motors, and various other item

  • Siemens wins Saudi Arabia turbine orders

    Orders worth around $130m in total

  • Sikorsky signs Royal Jordanian Air Force agreement

    Sikorsky Aerospace Services has signed a Basic Ordering Agreement (BOA) with the Royal Jordanian Air Force (RJAF), valued at an estimated $8m. The one year agreement will support the RJAF fleet of 13 Black Hawk helicopters. "This contract allows the Royal Jordanian Air Force the flexibility to streamline procurement of parts and services for optimum fleet maintenance," said David Adler, president of Sikorsky Aerospace Services. Sikorsky Aerospace Services is a division of Sikorsky Aircraft, w

  • Sipchem delays production at new plant

    Saudi International Petrochemical Co (Sipchem) has said it will delay the start of operations at a vinyl acetate monomer plant to early next month, Reuters has reported. The plant is the last step before commissioning Sipchem's acetyls complex in Jubail. The acetyl complex will produce an annual 450,000 tonnes of acetic acid and 330,000 tonnes of vinyl acetate monomer as well as 345,000 tonnes of carbon monoxide. The firm had said in June that commercial operations in the plant in Jubail on t

  • Sita to equip Jordan's Queen Alia International

    Jordan’s AIG consortium is currently carrying out expansion work at the airport

  • SITA wins Jordan airport contract

    SITA has been selected to provide its complete suite of airport IT solutions to the new $750m terminal at Jordan's Queen Alia International Airport (QAIA). The solutions are to be implemented in time for testing in October 2011 and include the AirportConnect Open check-in platform and Common-Use Self Service kiosks. The new terminal, which will open in early 2012, will increase annual passenger flow from 3.2 million to 9 million. A further expansion phase is planned which will bring total cap

  • Sluggish trading pulls Saudi bourse slightly down

    The Tadawul All Share Index (Tasi) fell by 0.39% and ended at 6,216.7 points. The insurance sector index (up 1.69%) bucked the trend and topped the Tasi industry segments. Market bellwether Sabic (off 1.38% at SR89.25) took a break from its quick surge after the petrochemical giant gained over nine percent during the last six trading days. Shares of the multi-industrial conglomerate Zamil Industrial Investment plummeted 2.23% and finished at SR43.80. Zamil Steel Towers & Galvanizing (T&G) Div

  • Sodic bids for land in Cairo suburb

    Egyptian real estate firm Sodic has said it had bid for 426 acres in the Cairo suburb of Sheikh Zayed City, Reuters has reported. "We are planning to develop this land as an extension to Allegria," CEO Maher Maksoud told the news service. The one-month auction for the land, one of Egypt's largest since 2007, began in late June. Sodic plans to deliver about 300 homes in the upscale Allegria project by the end of 2010 and 600 homes in 2011.

  • Sorouh posts 79% drop in Q2 profit

    Sorouh Real Estate, Abu Dhabi's second-biggest property developer by market value, has reported a 79% decline in second-quarter profit. Net income attributable to owners of the parent dropped to Dhs30.8m ($8.4m) from Dhs148.3m a year earlier, the company said in a statement to the Abu Dhabi bourse.

  • Sorouh raises $640m fund for loans and projects

    Abu Dhabi's second-biggest property developer, Sorouh Real Estate has raised $640m in loans to repay Islamic bonds and finance projects in the emirate, Bloomberg has reported. Sorouh will use Dhs400m of the facility to redeem the balance of an asset-backed Islamic bond issued in 2008. The company will use the reminder of the loan to finance the construction of Shams Gate and other developments in Abu Dhabi, the developer said in a statement.

  • Sorouh wins $545m Abu Dhabi housing contracts

    Abu Dhabi-based developer Sorouh Real Estate has said it has won two government contracts worth Dhs2bn ($544.7m) to build over 1,000 new homes for Emirati nationals in Al Ain and the Western Region, Reuters has reported. The emirate's Urban Planning Council will fund the project, which aims to construct residential housing away from Abu Dhabi city, in a bid to boost housing supply within the emirate.

  • STME becomes IBM business partner in Middle East

    Regional enterprise IT solutions integrator, STME has signed a partnership agreement to become an IBM Business Partner in the UAE, Kuwait, Bahrain, Saudi Arabia, Egypt and Jordan. The partnership enables STME to address entire systems and storage datacentre infrastructure requirements of medium and large enterprise customers by incorporating IBM product portfolio and services capabilities into STME's storage portfolio.

  • Strong recovery for IPO market in 2010

    Value of funds almost doubled year-on-year

  • Subway to open 100th outlet in UAE this month

    Subway Restaurants, the world's largest sandwich chain with nearly 33,000 outlets worldwide, says it plans to open its 100th outlet in the UAE by the end of July, and take the total number of restaurants in the country to over 115 by the end of the year. Marwan Abdul Malik Al-Hamar, Subway's Restaurants Development Agent for UAE, said: "We currently have 91 outlets in the UAE and we look forward to opening our 100th store later this year, making UAE the first country in MEA region to achieve

  • Sudan: Generators

    Supply, installation, commissioning and maintenance of 13 generators

  • Sudan: Water supply and sanitation consultancy (1)

    Provision of consultancy services comprising feasibility studies, detailed designs and technical specifications for urban water supply and sanitation facilities (1)

  • Sudan: Water supply and sanitation consultancy (2)

    Provision of consultancy services comprising feasibility studies, detailed designs and technical specifications for urban water supply and sanitation facilities (2)

  • Suez Canal revenues rise in June

    June is a seasonally slow month and revenues are likely to rebound over the coming months

  • Suez Canal tolls will be unchanged for remainder of year

    Egypt's Suez Canal Authority has said that current transit fees for the Suez Canal will be maintained until at least the end of the year, Bloomberg has reported. "We will make a decision on whether or not to change the tolls at the end of the year," chairman, Ahmed Fadel told reporters in the city of Ismailia. The number of ships passing through the canal in the fiscal year ended June 30 fell 9.6% to 17,504, while revenue dropped 4.2% to $4.54bn, he said.

  • Suez Cement posts $134m profit in H1

    Egypt's Suez Cement, a subsidiary of Italcementi, has posted consolidated first-half net profit of EGP766m ($134m), unchanged from last year, Reuters has reported. The cement maker also said that consumption rose by 6.6%, down from last year's 25% jump, but analysts said growth will slow due to higher electricity prices and a government sales tax hike.

  • Swiss Arabian Perfumes Group launches two new stores

    UAE-based Swiss Arabian Perfumes Group (SAPG) has announced the opening of two new outlets in Dibba and Halwan, Sharjah. With the new stores, the perfume retailer now has a total of 68 stores across UAE. "Our decision to open new outlets in Dibba and Halwan was fueled by the demand of our popular fragrances by Emirati clientele living far away from the urban city centres," Nader Adam Ali, director, Swiss Arabian Perfumes Group said.

  • Swiss-Belhotel signs 3-star hotel in Dubai

    Swiss-Belhotel International has signed the management of its second property in the UAE. Located in Al Bada, in close proximity to Dubai International Airport, the three-star Swiss-Inn Al Koory boasts 212 rooms and suites, all day dining restaurant, lobby lounge, a roof top terrace, conference and banqueting areas, a fitness centre with steam rooms, and a swimming pool.

  • Syria appoints legal advisers for power project

    Request for qualification for developers to be issued by end of July

  • Syria: Blow out preventer spares

    Supply of spare parts for blow out preventers

  • Syria: Gas turbine generator works

    Maintenance of gas turbine generators

  • Syria: Mud pump spares

    Supply of spare parts for mud pumps

  • Syria: Separators

    Supply of separators

  • Syria: Vaccines

    Supply of the Brucella and Pasteurella vaccines

  • Tabreed seeks share capital decrease

    Dubai-based National Cooling Co (Tabreed), which plans to restructure debt, has announced it will ask its board of directors to approve a reduction in the firm's share capital, Reuters has reported. In May, Tabreed won shareholder approval to restructure $1.47bn in debt as part of a recapitalisation plan.

  • Tadawul bourse defends 6,000-level

    A last-hour spike avoided a fall below 6,000 pointsin Riyadh, as the bourse's main index Tasi closed 0.35% higher at 6,089.95 points. Petrochemical industry leader edged up by two percent and closed at SR86. As in Qatar, insurance firms led the rebound, with Gulf General Cooperative Insurance Company posting the second largest advance, finishing 7.77% higher at SR44.40.

  • Tadawul bourse dips 1.13%

    Saudi Arabia's Tadawul All Share Index ended at 6,065.32 points. Red Sea Housing landed at the bottom of the charts by losing 4.29%, closing at SR46.90. Only the Tadawul building and construction index (up 0.17%) gained among the industry segments. Shares of Saudi Ceramic surged 4.89%, finishing at SR139.50. Saudi Cement (0.22% lower at SR45.20) reported preliminary earnings for the second quarter of SR113m, down by a quarter on a year-on-year basis. For the last six months the net earnings d

  • Tadawul bourse weakens 0.66%

    After oil prices failed to break through the resistance at $77 per barrel, Riyadh's Tadawul market ended slightly lower on Saturday at 6,133.96 points. Gulf Union Cooperative Insurance Co. posted the largest advance by closing 5.17% higher at SR21.35. Market bellwether Sabic eased 0.28%, finishing at SR87.75.

  • Tadawul bourse: resilient financials, sluggish petrochemicals

    Riyadh's Tasi composite ended 0.67% lower at 6,174.74 points. While a number of banks bucked the downtrend, such as Samba (up 1.32% at SR57.50), investors booked profits at petrochemical leader Sabic (down SR2 at SR88.00) or Yanbu National Petrochemical Company (7.36% lower at SR39.00). Al-Ahlia Insurance Company topped the charts and finished 4.82% higher at SR59.75. But just twenty shares added value, despite bullish inputs from overseas, and 106 lost value while 16 ended flat.

  • Tadawul market ends unchanged

    The GCC's largest exchange Tadawul closed at 6,216.67 points. Shares of Saudi Arabian Cooperative Insurance Company (SAICO), which hit a 2010-low at SR31.10, continued its rebound and surged 9.91% to SR36.60. Petrochemical giant and market indicator Sabic recaptured the level of SR90.00 (up 0.84%). The Business Optimism Index survey, which was done by National Commercial Bank (NCB) in association with Dun and Bradstreet South Asia Middle East Ltd (D&B), published today, reveals that the Kingd

  • Tadawul market extends mini-rally

    Riyadh's Tasi composite closed 0.66% higher at 6,241.10 points on Sunday, hence the Tadawul bourse continued its advance but lost some steam from Saturday when it surged over two percent as the retail sector and building segment posted moderate losses. Shares of Bank Albilad ended 0.47% lower at SR21.15. The bank reported a second quarter profit of SR32.8m against SR26.9m on a year-on-year basis, up 22% as it was reaping benefits from its proactive investment policy and a higher client base,

  • Tadawul market loses on weak petrochemicals

    The Saudia Arabian stock market started the second half of 2010 with a loss of 0.98%, closing at 6,033.91 points. Petrochemicals were once again weighing on the GCC lead index, which saw a modest decline of 0.46 during the first six months 2010. Market bellwether Sabic weakened 2.04% at SR84. Oil price declined 1.94% during the last four weeks and are currently trading between $72 and $73. The Saudi Stock Exchange announced on Saturday that Ghazi Ibrahim Shaker Co. has been included to Tadawu

  • Tadawul market opens higher, ends lower

    The Tadawul All Share Index (Tasi) fell for the sixth consecutive day. The Tasi opened positively but was forced back by selling pressure which mounted on financial and energy shares. Gulf General Cooperative Insurance Company was the top gaining share, ending 5.92% higher at SR32.20. Since the start of 2010 Gulf General surged 21.50%. But this performance does not represent the entire sector as the Tasi insurance segment posted the second highest loss (down 21.66%) among all sectors on a yea

  • Tadawul market starts the week positively

    GGC market, opening trading the week on Sunday, received positive inputs from the Saudi Arabian stock market Tadawul, which starts trading on Saturday. Its main index Tasi advanced 1.6% to 6,187.39 points, thanks to rising energy, petrochemical and insurance shares. Shares of Zamil Industrial Investment Co. (Zamil Industrial) surged 2.55%, ending at SR44.20.The Board of Zamil Industrial announces that it has approved distributing SR45m as bi-annual dividends for the first half of 2010 at SR0.

  • Tadawul market turns a red day into green

    Saudi Arabia's Tadawul bourse opened weaker but gained momentum and closed 0.23% higher at 6,131.3 points. Petrochemical market leader Sabic ended flat at SR87.75. Sabic reported a Q2 net income of SR5.02bn (up 178% year-on-year but down 7.6% quarter-on-quarter). Credit Suisse issued an analysis on Sabic today, saying that "Sabic remains a pure play on the global economy. While Credit Suisse view remains positive on recovery, one cannot ignore the signs of lower pace of recovery which increa

  • Tadawul market weakens 0.2%

    The Saudi Arabian stock market could not sustain its positive momentum from Saturday, as WTI oil prices may head lower later this week, possibly moving back toward $77, research firm CPM Group says. Petrochemical leader Sabic ended flat at $88.25. "Last week crude oil fell after EIA data revealed United States crude oil inventories had unexpectedly increased 360,000 barrels. Later in the week crude oil rose toward $80 on concerns over adverse weather conditions possibly disrupting offshore oi

  • Takreer gauges interest in Ruwais flare gas reduction design

    Project is part of wider scheme to cut carbon dioxide emissions by reducing the volume of gas flared in the emirate

  • Takreer plans $500m of new Ruwais facilities

    State refiner has approached firms over design, management and technology deals

  • Takreer signs off more than $700m of new contracts

    Engineering, procurement and construction deals were awarded earlier in 2010

  • Taqa buys stake in Sohar Aluminium

    Abu Dhabi National Energy Co (Taqa) has agreed to buy a 40% stake in Oman's Sohar Aluminium Co from Abu Dhabi Water and Electricity Authority for $400m. Sohar Aluminium's other shareholders are Oman Oil Co, which holds 40%, and Rio Tinto Group, with 20%. "Our track record in power generation means that we are well placed to add value to such an energy-intensive business as aluminium," Taqa's CEO Abdulla Saif al- Nuaimi said in a statement. "This is a high-quality operation and is not only exp

  • Taqa shares gain on higher oil prices

    In the UAE capital Abu Dhabi, the ADX General Index added 0.35% and closed at 2,526.58 points. Energy bellwether Taqa surged 2.78% to Dhs1.10 as the market price for crude oil reached a key resistance level at around $77 per barrel. The 'black gold' gained 3.33% over the last month. On a year-on-year basis, oil surged by 29.27%. From Thursday on, petrol prices will climb by Dhs0.20 or 14.2% in the UAE, marking the second price hike within three months in the Gulf state. Abu Dhabi Islamic Bank

  • Tawam Hospital introduces new mechanical ventilation technology

    Tawam Hospital in Al-Ain, in partnership with Johns Hopkins Medicine, has introduced a new therapeutic technology to its Neonatal Intensive Care Unit (NICU). The Neurally Adjusted Ventilatory Assist (NAVA) technology is a new mode of assisted mechanical ventilation that enables the brain of the patient, in this case a premature baby, to control the mechanical ventilator. NAVA technology uses electrical diaphragmatic activity (EDA) to adjust ventilator support according to a patient's personal

  • Taweelah offshore port's phase 1 set for completion

    The first phase of a 2.7 square km offshore port in Taweelah is scheduled for completion by the Abu Dhabi Ports Co (ADPC) within weeks, The National has reported. The first phase involved two years of dredging 45 million cubic metres to create a deep-draft, 12km approach channel to the port, and reclamation of the offshore port island. The initial phase of Khalifa Port and Industrial Zone (KPIZ) will open in late 2012 but later phases will not be fully completed for 20 years, according to the

  • TDIC launches Bu Tinah island campaign

    A Dhs28m ($7.6m) campaign has been launched by Abu Dhabi's Tourism Development and Investment Co (TDIC) for the Bu Tinah Island to become one of the seven wonders of nature, The National has reported. Located 130km west of Abu Dhabi, within the Marawah Marine Biosphere Reserve, the archipelago is one of 28 locations worldwide on a final shortlist. The "new seven wonders" will be selected through an online poll and are scheduled to be announced on November 11 next year.

  • Tehran exchange begins futures trading

    The Tehran Stock Exchange has begun today offering derivatives based on Iranian banks to diversify its market and attract foreign investors. The exchange is introducing six futures contracts on two banks, Managing Director Hassan Ghalibaf-Asl told Bloomberg in an interview. The contracts, based on Parsian Bank and Karafarin Bank, will expire in two, four and six months. The exchange said it hopes to increase the number of companies covered by futures contracts to at least 10 by March.

  • The GCC is in trouble and needs a relaunch

    As the GCC approaches its 30th anniversary, action is needed to get the organisation back on course

  • Too soon to relax at Nasdaq Dubai

    After two days of encouraging advances at the Nasdaq Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1514.460 today, down -26.880, or -1.74%, from the previous close as most regional indices took a dive on Wednesday. Shares of DP World were the only securities posting a price change, plummeting 3.94% to $0.415.

  • Topaz buys new support vessel

    Dubai-based Topaz Marine has announced the acquisition of the Multipurpose Support Vessel (MPSV) Ocean Commander in Singapore. The vessel has been renamed Topaz Commander and will immediately commence work under a contract with Adams Offshore Services in Vietnam. The vessel acquisition was financed in part through a term-loan facility with Standard Chartered Bank.

  • Tourist arrivals surge in Dubai

    Major General Mohammed Ahmed Al Marri, director of the General Directorate of Residency and Foreigners Affairs, said the UAE saw the arrival 7,176,864 people, including tourists and visitors through all the Dubai entry points in the first six months of this year, reported Khaleej Times. A total of 6,272,469 people entered the UAE through Dubai's entry points during the same period last year, he added.

  • Tourists to spend $3.5bn in Saudi over next four months

    The Saudi Commission for Tourism and Antiquities (SCTA) expects Saudis and expatriates to spend SR13.2bn ($3.5bn) on domestic tourism between July and September this year, Arab News has reported. A report by the Information and Research Centre of the SCTA has revealed that tourism revenue is to reach SR66 billion this year. Restaurants and coffee shops are expected to make SR36bn in revenue in 2010, up 9% compared to last year. "Tourists are expected to spend 79.5 million nights during the pe

  • Trading near meltdown at Qatar Exchange

    Just 3.8m shares changed hands at the Qatar Exchange (QE), whose lead composite QE Index ended at 6,776.80 points (down 1.15%). Three shares added value, 32 declined at the QE and two remained flat. Nakilat was the top share in relation to volume. The shipping giant declined by 2.20% and finished at QR17.60.

  • Trading volumes at Nasdaq Dubai edge up

    Shares of Dubai Ports (DP) World closed at a two-week high at $0.449 with shares changing hands more than twelve-folded to 1.142m. Monday marked the second day of the Nasdaq Dubai's migration to the DFM platform, the platform of the Sheikhdom's local stock market. The National reported that on Sunday, brokers were hit by confusion and had difficulties to get trades processed at the newly linked markets. Maryam Fikree, chief operating officer at the DFM, denied that broker firms complained and

  • Tunisia invites bids for road network

    The African Development Bank to fund project in northwest region

  • Tunisia: Electrical engineering equipment

    Supply of electrical engineering equipment for an advanced education project

  • Tunisia: Power cables

    Supply of high-tension power cables

  • Tunisia: Road works

    Carrying out road works in Jendouba

  • Tunisia: Solid waste management project

    Carrying out a solid waste management project

  • Tunisia: Static meters

    Supply of low-tension static meters

  • UAE air traffic movements increase

    The General Civil Aviation Authority (GCAA) of the UAE has said that air traffic movements rose 11.3% in June to 52,000 movements from 47,000 in the same month last year, Wam has reported. Dubai ranked first in the country with 23824 air traffic movements, over flights stood next at 11292, Abu Dhabi third with 7815, and Sharjah International Airport ranked fourth with 5352 movements, the GCAA said.

  • UAE banks to crack down on defaulting debtors

    According to new regulations, defaulting debtors could face legal action by banks in the UAE within 90 days instead of 180 days, Alittihad has reported. Measures taken by banks against defaulters include informing authorities, preventing them from leaving the country and referring them to court, Saif Al Shehi, local banking operations director at the government-controlled National Bank of Abu Dhabi said.

  • UAE construction sector to rebound next year - report

    A report by the Dubai Chamber of Commerce and Industry (DCCI) has said the UAE construction sector is expected to rebound next year, thanks to a large amount of construction and infrastructure projects due to be awarded over the course of 2010. The UAE has the most active construction market in the GCC region with more than $714.8bn worth of construction projects currently either at design stage or underway. Until recently, real estate projects in Dubai have dominated the industry but in the

  • UAE consumers concerned over mobile email data safety

    Two thirds of mobile users in the UAE have expressed their concern over the safety of their email data if stored by an independent organisation location outside the country, Wam has reported. A national survey that queried Blackberry subscribers in the country found that 58% of respondents would be worried if the mobile applications they used were out ofreach of the UAE court system.

  • UAE denies new border fees for GCC citizens

    The UAE interior ministry has denied GCC citizens will have to pay new fees while crossing into the UAE via its land crossing points, Gulf News has reported. The announcement follows reports about complaints from Omani land travellers on imposition of fees while passing through the UAE's border checking centres. "These news are entirely incorrect," Major General Nasser Al Awadi Al Menhali, acting assistant undersecretary of the ministry said.

  • UAE firm delays its Indonesia coal output

    UAE-based MEC Holdings has said that coal production from its Indonesian Kalimantan project will not start until 2012 after construction of a railway, Reuters has reported. The firm expects a railway from the mine to start operating at the end of 2012, when it will produce one million tonnes, before ramping up output to export 14 million tonnes in 2013, Madhu Koneru, MEC's executive vice-chairman, told the news service. "We're not doing a road, we're putting all our effort into the railway,"

  • UAE has top Opec quota compliance

    According to the latest data from the International Energy Agency (IEA), the UAE in June had the highest quota compliance with Opec's re-adjusted quota for member countries, Gulf News has reported. "Opec's largest producer Saudi Arabia pumped 200,000 barrels per day (bpd) above target, with compliance just over 90%, second only to the UAE at 95%," the IEA said. "UAE production fell by 20,000 bpd to 2.29 million bpd in line with lower June contract allocations."

  • UAE nationals enrol on Dubal training programme

    Eleven UAE National students from the Institute of Applied Technology (IAT) in Dubai have enrolled in Dubai Aluminium (Dubal) customised national development programme for the summer. Each student has been assigned a mentor/supervisor, with regular feedback meetings to be held throughout the four-week programme, which will be attended by a representative of Dubal's Recruitment Department, the students' IAT supervisor and the individual mentors. Upon completion of the programme, each student w

  • UAE regulator looks into Blackberry jurisdiction

    The UAE's telecoms regulator has said that the Blackberry, made by Canada's Research In Motion, operates beyond the jurisdiction of national legislation, and poses a risk to the country's national security, Wam has reported. "It is the only device operating in the country that immediately exports its data off-shore and is managed by a foreign, commercial organisation," the Telecommunication Regulatory Authority (TRA) said. The country is working to find a solution that protects consumers and

  • UAE says it has no plans to stop Blackberry services

    The UAE Telecommunications Regulatory Authority (TRA) has ruled out plans to stop BlackBerry smartphone services in the country, Zawya Dow Jones has reported. "We are studying all options to regulate the services...but we don't have plans to stop them," Mohammed Gheyath, executive director of Technology Development Affairs at the TRA told the Dubai-based Al Arabiya television. The UAE's telecoms regulator has said that the Blackberry, made by Canada's Research In Motion, operates beyond the j

  • UAE telecoms authority launches anti-spam policy

    The UAE telecom regulator has issued a policy aimed at minimising spam messages sent to customers without their consent. The new policy enables customers of Etisalat and Du to block commercial SMS messages unless they approve it. "The Policy will be enforced during July 2010. All consumers will receive messages from their service providers requesting their consent with regards to receiving marketing SMS," Mohamed Al Ghanim, director general of the Telecoms Regulatory Authority said.

  • UAE to deny fuel to Iranian passenger planes

    The UAE is to refuse to offer fuel to Iranian passenger jets stopping at its airports, Iranian news agencies have reported. The UAE joins Britain and Germany in making the move, which is a result of sanctions imposed by the United States on Iran, due its nuclear programme. Kuwait has also said it will not offer fuel to Iranian passenger planes, IRNA, the official state news agency has revealed.

  • UAE to extend Madares Al Ghad system to Grade 4

    The UAE education ministry has said it will extend the Madares Al Ghad (MAG) programme to Grade 4 in the new academic year, Khaleej Times has reported. Launched in 2008, the curriculum was first developed for three subjects in Grades 1, 2 and 3 and only in the English language at the high school level. "This year, the MAG curriculum will be extended to Grade 4 where Mathematics and Science will be taught in English as well," Shaikha Al Shamsi, chief executive for educational affairs at the mi

  • UAE to up petrol prices

    The price of petrol in the UAE will increase by Dhs0.20 per litre across the country, the second increase so far this year. The price rise was announced yesterday by state news agency WAM, and is scheduled to be rolled out from Thursday evening.

  • UAE university overhauls senior management

    The American University of Ras Al Khaimah has fired three-quarters of its senior management because they were overpaid and "all doing the same jobs", its new president told the National. The new president, Dr Shaukat Mirza, said the university had been weighed down by too many highly paid staff with no clear definition of roles and purpose.

  • UAE VAT 'would simplify business'

    PricewaterhouseCoopers (PwC) has said that the introduction of value-added tax (VAT) in the UAE could simplify business for companies in the country by replacing the thousands of different charges and levies currently imposed, The National has reported. "A consolidation of the charges and levies would make life simpler for the business community and the community at large," Dean Rolfe, a tax partner for the Middle East at PwC said. "If you think about how much money it must cost the various g

  • UAE watchdog demands higher Aabar Investments buy out price

    The Emirates Securities and Commodities Authority (SCA) has asked Aabar Investments to raise its buyout offer to minority shareholders to Dhs1.95 per share from the Dhs1.45 announced last week, Reuters has reported. The new offer price is based on the average closing price of the share in the six months preceding the offer, the regulator said. SCA also said the offer period should run from July 20 until August 5, and that the transaction must be completed by August 10. A shareholder meeting t

  • UAE: Blood parameter monitoring systems

    Supply of blood parameter monitoring systems

  • UAE: Cable laying works

    Carrying out 132kV cable laying works for substations

  • UAE: DTPS land management solution

    Provision of a DTPS integrated land management solution

  • UAE: Electrical and optical converters

    Supply of electrical and optical converters

  • UAE: Electromechanical maintenance works

    Maintenance of electromechanical and minor civil works

  • UAE: GSM infrastructure works

    Carrying out infrastructure works at GSM sites

  • UAE: GSM site infrastructure works

    Carrying out infrastructure works for GSM sites

  • UAE: Hospital IT network expansion

    Expansion of an IT network at a hospital

  • UAE: Medical equipment

    Supply of medical equipment

  • UAE: Medical equipment

    Supply of medical equipment

  • UAE: Power line tower crash barriers

    Provision of steel crash barriers for overhead power transmission line towers

  • UAE: Power station chemical shed

    Construction of a covered chemical shed at a power station

  • UAE: Power station office

    Construction of a steel container-type office and sleeping quarter at a power station

  • UAE: Substation and overhead line consultancy

    Provision of consultancy services for substations and overhead lines with cabling works

  • UAE: Substation cable laying works

    Supply, installation, testing and commissioning of cable laying works for 13 substations

  • UAE: Telecommunications systems

    Supply and installation of telecommunications systems

  • UAE's Ajmal Perfumes expands in Malaysia

    UAE-based fragrance house, Ajmal Perfumes has announced the opening of its first flagship boutique outside the GCC, in the capital city of Kuala Lumpur, Malaysia. The company has invested over Dhs3.4m behind the new boutique, which is the first in a larger international expansion plan. Ajmal Perfumes is managed by the second and third generation of the Ajmal family with an annual turnover of over $200m, according to its statement.

  • UAE's mobile phone growth may peak next year

    A new report by Business Monitor International has found that growth of mobile handsets sales in the UAE could stall in 2011 when market saturation matures, Gulf News has reported. "The UAE's mobile sector is close to saturation with the official penetration rate one of the highest in the world," BMI's latest UAE Q2 2010 Telecoms Report said. With a stabilised penetration rate, the number of mobile phone subscribers in the country next year should be about 11.9 million compared to 7.2 million

  • Uk firm to advise on Abu Dhabi Nuclear project

    UK-based Norton Rose has been selected by the Emirates Energy Corp (Enec) to work on the region's first nuclear power project, Meed has reported. UK-based KPMG is also advising Enec on the project and Standard Chartered is working for the project's contractor, Korea Electric Power Corp (Kepco). The scheme will comprise four nuclear reactors to be built at a site in the Abu Dhabi's Western Region.

  • UK prepares a new approach to the Gulf

    Queen Elizabeth II heads a host of top UK figures coming to the Gulf this autumn. It’s the start of a new era in Britain’s relations with the region

  • UN WFP to support Jordan school nutrition programme

    Jordan's education ministry has signed an agreement with the UN World Food Programme (WFP) to support the implementation of the School Nutrition Programme (SNP), Jordan Times has reported. Under the agreement, the WFP will conduct several studies to follow up on the SNP implementation in order to provide the ministry with advisory services that would help to increase the efficiency of the programme.

  • Union Properties expects hotel sale by end of July

    Union Properties expects to sell its Ritz Carlton hotel in the Gulf emirate by the end of July, Reuters has reported. The company, which has put the hotel on the market for Dhs1.6bn ($435.7m), has received two offers from investors in Saudi Arabia and the UAE, chairman Khalid bin Kalban said. "Now we have two offers very close to our target price," he told the news service. "We expect to announce the sale by the end of the month."

  • University of Dubai inks deal with Confucius Institute

    The University of Dubai (UD) has signed an agreement with China-based Confucius Institute to set up its unit in the university campus. The new Institute will be a non-profit educational institution open to both students and working professionals offering services including teaching Chinese online, training Chinese teachers, and providing its students with Chinese textbooks.

  • US firm to buy Dubai-based Agkha Intelli-Tec

    US-based Dafoe Corp has signed a letter of intent to acquire 100% of Dubai-based Radio-Frequency Identification (RFID) and digital security solutions provider, Agkha Intelli-Tec. The acquisition is planned to be in exchange for a 59% stake in Dafoe Corp. Closing of the transaction is subject to certain conditions, including the execution of a delivery of definitive transaction documents, and completion of due diligence by Dafoe Corp. Closing is expected to occur during the third quarter of 20

  • US flights switch terminals at Abu Dhabi airport

    Etihad Airways has announced that passengers leaving to New York and Chicago can check in and board from Abu Dhabi International Airport's Terminal 3. The move follows obtaining security approvals to operate flights to US destinations from the new terminal. In addition to the US destinations, flights to Cochin, Islamabad, Karachi, Lahore and Peshawar now operate from Terminal 3, switching from Terminal 1. Flights to Colombo and Moscow will move to Terminal 1, the carrier said.

  • US, Jordan far from nuclear deal

    The US refusal to allow Jordan exploit its own uranium deposits to make nuclear fuel has held up nuclear cooperation talks and the two sides are a long way from any deal, Reuters has reported, citing sources close to the negotiations. "Although there is increased understanding of our view, the gap remains wide, but we are in ongoing talks. We still have a long way ahead of us before reaching an accord," according to one source familiar with the latest round of discussions last month. The king

  • USAID supports seven Jordan hospitals

    The USAID Jordan Economic Development Program has signed a letter of support for seven Jordanian hospitals currently working to achieve the Joint Commission International (JCI) accreditation. The letters cover part of the JCI accreditation survey fees. The USAID will extend later this month a two-day training workshop that will be conducted to facilitate the accreditation process and will involve more hospitals in the country.

  • VeriSign claims internet capacity needs to increase

    US-based online security firm, VeriSign has said the capacity of the internet will need to increase by a factor of a thousand to deal with the flow of information over the next 10 years, ZDnet has reported. "Over the next decade, anything that informs or entertains will be connected to the network, delivering TV, telephony, video. We are seeing the genesis of digital entertainment," VeriSign's chief technology officer, Ken Silva was quoted as saying. "We are prepared for 4 trillion queries pe

  • Visa reports GCC payment transactions increase

    Visa has said the number of payment transactions across the GCC has grown 19.4% in Q1 2010. Nominal payment growth also rose by 18.9% in the same period. The increase was attributed to a number of key debit partnerships the payment solutions provider signed with GCC based banks last year including ADIB, Emirates NBD, HSBC, Dubai Islamic Bank, Doha Bank Qatar, Bahrain Islamic Bank Bahrain, NBK Kuwait and KFH Kuwait.

  • Vodafone Qatar launches high speed mobile broadband

    Vodafone Qatar has announced the launch of its high speed mobile broadband services. The new service has been launched at 900 Megahertz, which can handle a large volume of traffic since their broadband services is now very close to full capacity, Vodafone Qatar CEO, Grahame Maher said.

  • Vodafone Qatar losses narrow

    Vodafone Qatar has said its net loss for the first quarter of 2010 narrowed to QR148.7m ($40.8m), down 5% from QR155.7min the previous quarter, Reuters has reported. The company posted quarterly revenue of QR175.8m, up 22% from the previous quarter. "We are right on the edge of profit now ... We see getting to EBITDA quite quickly, faster than we would normally experience because of the ability to draw on Vodafone Plc's global footprint," CEO Graham Maher said.

  • Vodafone to offer mobile international money transfers

    Vodafone Qatar, in partnership with Doha Bank, plans to launch the Vodafone Money Transfer (VMT) system by the start of 2011, the Peninsula has reported. According to the agreement, Doha Bank will provide the core financial services to enable VMT customers in Qatar to instantly send money internationally from their Vodafone mobile.

  • Vueling Airlines launches Jordan flight

    Spain-based carrier, Vueling Airlines has launched a direct route to the Jordanian capital, Amman from its main hub in Barcelona. Vueling will be flying on a charter basis twice a week from June 27 until September 12, 2010, using its Airbus A320 aircraft. The announcement comes as part of attempts to expand the Queen Alia International Airport in Amman.

  • Wafi Group takes over management of Jadaf hotel

    Dubai-based Wafi Group has taken over management of the Somerset Residences in Jadaf, and will re-brand the property as Park Hotel Apartments. The hotel is the second property managed by the group and features 84 fully-serviced apartments ranging from studios, to 1- and 2-bedroom apartments. The property also features a business centre, complete with a private meeting room equipped with audio visual equipment, teleconferencing facilities and internet access.

  • Waha Capital Q2 profit down 90%

    Abu Dhabi-listed Waha Capital, in which the emirate's government holds a 15% stake, has said its Q2 net profit plunged by 90% to Dhs5.99m ($1.63m) from Dhs54.5m a year earlier, as earnings in invested firms slumped, Reuters has reported. The firm's revenues for the three months ending June 30 were Dhs76.7m, down 20%.

  • Wates wins Abu Dhabi school contract

    Abu Dhabi-based property developer, Aldar has awarded Wates Construction International and its joint venture partner Al Fara's General Contracting a Dhs150m ($40.8m) contract to build a new 1500 place secondary school for Aldar Academies at Al Bateen in Abu Dhabi. The project is scheduled for completion in mid-2011 and will feature state-of-the-art classrooms, a swimming pool, library and extensive outdoor sports facilities.

  • Weak bids prompt Egypt to close bid on cement licences

    Amr Assal, head of Egypt's Industrial Authority, has said a bid for two cement production licences have been closed as the one offer it received failed to meet its requirements, Reuters has reported. "The authority has received one offer from Horus Cement, a subsidiary of investment bank Naeem Holdings, and it did not have a complete financial guarantee," he told the news service. The authority will meet on Monday to discuss the licenses, he said.

  • Weekly FX roundup: Bank of England, Royal Bank of Australia hold rates

    In a week cut short due to the closure of the US markets for independence day celebrations, we had the rate decisions from the Reserve Bank of Australia, the Bank of England and the European Central Bank. As largely expected, all three central banks kept their respective rates unchanged and perhaps the comments following the rate decisions provided more interesting talking points.

  • Weekly FX roundup: China slowdown spurs risk aversion

    What a week for the financial markets - looking back on some of the notable developments from last week - the EURUSD pair hit 1.2600 levels for the first time in a month, Gold broke below 1200 levels and Crude sold off more than 8.5% in the week to close just above 72 levels. The USDJPY was a touch below 87.00 levels for the first time in over six months and the AUDUSD sold off more than 3.5% (0.0325 pts) in the week. As for macroeconomic news, it was all about dampening global growth forecas

  • Weekly FX roundup: Dollar, Gold suffer as quarterly data released

    In a week which saw the release of a plethora of inflation data, minutes from the FOMC meeting and the beginning of the Q2 earnings season in the US, the US Dollar and Gold found themselves particularly vulnerable. A quick glance at the currency and commodity markets show the weakening sentiment dragging down the Greenback & commodity sectors; the Dollar Index dropped -1.75%, EURUSD appreciated 2.50% on the week and touched 1.3000 levels while the GBPUSD pair closed at 1.5301 after gaining 1

  • Weekly FX roundup: Markets watch for EU bank stress tests

    The markets opened this morning in a mixed range and rather conservative in nature following Friday's release of the European bank stress tests. The stress test results showed that of the ninety-one banks undergoing evaluation, only seven need to raise a combined EUR3.5bn of capital. And although banking giants Goldman Sachs and Barclays estimated that European lenders would need to raise anywhere from EUR38bn and EUR85bn respectively, the news could have been perceived in a positive light al

  • World Bank increases MENA aid

    The World Bank has revealed aid to countries of the Middle East and North Africa has been increased to a record $3.8bn in the 2010 fiscal year, Gulf News has reported. "The World Bank's financial assistance in the region more than doubled from $1.7bn in FY09 to $3.8bn in FY10, with more than $3.6bn in commitments from the International Bank for Reconstruction and Development (IBRD)," the bank said. Annual investments by the International Finance Corp (IFC), the World Bank Group's private sect

  • World Cup factor weighs on Qatar transport plans

    Hopes are rising in Doha that it will be shortlisted to host the FIFA World Cup Finals in 2022. It’s an exciting prospect, but one that is making life more complex for Qatar’s transport planners

  • Xerox offers scholarship to resellers

    Xerox Emirates has said it is offering a scholarship program called 'The Xerox Master's Academy' for its partners, resellers and respective sales teams in the region. The program aims to enable Xerox channel partners, to become certified Masters in selling Xerox products and solutions. The company is further expanding its channel development by entering into new Managed Print Services contracts and possible services strategy expansion, the company has said in a statement.

  • Yamamah Cement Q2 profit climbs 16%

    Yamamah Saudi Cement Co has said that higher sales helped raise second-quarter profit by 16%, Bloomberg has reported. Net profit rose to SR192m from SR165m in the year-earlier period, the company said in a statement.

  • Yanbu Cement profits drop 25%

    Saudi's Yanbu Cement has reported a 25% fall in Q2 net profit, as sales were down amid increased competition and a ban on exports, Reuters has reported. The firm made a net profit of SR113m ($30m) in the three months ending June 30, compared with SR151m in the same period a year earlier. Operating profits declined by 23.7% to SR115.8m.

  • Yanbu refinery deals to be awarded soon

    Saudi Aramco plans to award deals to build a 400,000 barrels per day oil refinery in Yanbu in the coming few days, Reuters has reported, citing industry sources. Aramco said it will push on with the project on the Red Sea coast even after ConocoPhillips withdrew in April. "We expect early next week," one source said when asked about the date of the contracts' award. "They (Aramco) do not want to lose all these rates, they got good offers." Yanbu accounts for just under a quarter of Saudi plan

  • Yansab posts $134m profit

    Saudi-based Yanbu National Petrochemical (Yansab) has posted SR502.4m ($134m) in net profit in its first full quarter of commercial operations, due to higher production and sales, Reuters has reported. Yansab, in which Sabic has a 51% stake, has total annual production capacity of 4 million tonnes of petrochemical products. Operating profit reached SR596.04m in the quarter.

  • Yemen currency hits record low

    Mohammed Awad bin Hamam, governor of Yemen's central bank, has said that injecting more cash in the exchange market is possible after an $80m injection failed to raise the country's rial currency, Reuters has reported. The rial has fallen about 12% from a level of 208 versus the dollar in mid-January. He said that demand is expected to decrease as supply of foreign currencies like the dollar, increase in coming days when remittances would be sent to Yemen by expatriates.

  • Yemen currency reserves hit fresh low

    Central bank’s ability to cover imports now at a record low while US dollar hits new high against riyal

  • Yemen invites firms to prequalify for road maintenance deal

    The Public Works & Highways Ministry plans to award contract for the maintenance of 362 kilometres of rural roads

  • Yemen oil income more than doubles

    Foreign currency reserves at central bank remain perilously low

  • Yemen to implement sales tax law

    The Yemeni government is set to begin the implementation of the new sales tax law, Yemen Observer has reported. The cabinet has tasked the finance ministry and the taxes department with enforcing the law and to take legal action against defaulters on applying its provisions. The cabinet has also asked all competent bodies to cooperate with the ministry and taxes department in applying the law.

  • Yemen wants to raise prices to Korea Gas

    The Yemeni foreign minister has said the government is seeking to increase the prices at which Yemen LNG has contracted to sell liquefied natural gas to one of its shareholders, Korea Gas Corp, Bloomberg has reported. The prices set in a 20-year contract between the companies are "unfair" to Yemen because they are below those that regional suppliers Qatar and Oman charge for their liquefied gas, Abu Bakr al-Qirbi said, without giving a price target. The government will take "any legal steps"

  • Yemen: Airport construction supervision

    Provision of construction supervision consultancy services for the expansion of an international airport

  • Yemen: Fishing port construction supervision

    Provision of consultancy services comprising construction supervision for marine and land works at a fishing port

  • Yemen: Road construction supervision consultancy

    Provision of construction supervision consultancy services for the improvement of road intersections

  • Yemen: Road works

    Carrying out routine, periodic and emergency maintenance works for rural roads

  • Yemen: Stormwater drainage system consultancy

    Provision of consultancy services comprising the preparation of a feasibility, conceptual and preliminary design study for a stormwater drainage system

  • Yemen: Wind farm consultancy (closing date extension)

    Provision of consultancy services for a wind farm project

  • Zain boosts mobile network data transfer in Kuwait

    Kuwait's Zain has said it has started the experimental transmission process on the "Long Term Evolution" LTE network. The results of the transmission experiment reached 150 mb/s for the multipurpose downloading process. The move is part of company plans to increase the range of its operational capacity and cope with the latest technology in telecommunication world, Zain said.

  • Zain Saudi's Q2 revenues doubled

    Zain Saudi Arabia posted its lowest quarterly loss since it started operations two years ago, Reuters has reported. The firm made a net loss of 632 million riyals in the second quarter, down from 857 million riyals a year earlier. "The reason of the decrease in the second-quarter's net loss is the wider customer base which rose noticeably during the second quarter, exceeding 7 million customers," Saad al-Barrak, Zain Saudi's chief executive said in a statement. "The gross profit margin rose t

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