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MEED
Jun 2009 Online Content

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  • 5% customs duty raises demand for local steel

    Demand for locally produced steel has increased since the UAE government reintroduced the 5% customs duty on steel and cement, senior industry officials have said. According to RAK Steel CEO, Ajay Aggarwal, the advantage with locally produced steel is the flexibility as the local mills can produce steel according to the customers' specifications. In addition payment cycle is also reduced which is a preferred aspect in the current times of severe liquidity crunch. Last March, the UAE Governmen

  • Abu Dhabi Airports Company to build Al-Ain logistics park

    Abu Dhabi Airports Company (Adac) has announced a joint venture with the UAE's Helios SinoGulf Property Development to build a logistics and business park next to Al-Ain International airport.

  • Abu Dhabi and Bahrain plan aluminium plant

    Abu Dhabi Basic Industries Corporation (ADBIC) and Bahrain’s Midal Cables have established a joint venture to build a $100 million aluminum rod and conductor plant at Khalifa Port & Industrial Zone at Taweelah in Abu Dhabi.

  • Abu Dhabi delays Shah gas pipeline tender

    The US' Conoco Phillips and Abu Dhabi National Oil Company (Adnoc) have delayed the tender of a construction deal key to their $10bn development of the Shah gas field in order to refine the scope of work involved.

  • Abu Dhabi extends Hudayriat bridge tender

    Abu Dhabi has extended the tender closing date to 5 July for the contract to build a road bridge connecting Abu Dhabi with Hudayriat island.

  • Abu Dhabi Hotels to open Fujeirah units

    The Abu Dhabi National Hotels group has joined with Fujeirah National Group to open Siji Hotel Apartments in Fujeirah, which features 78 apartments consisting of one-, two- and three-bedroom units. The complex also hosts a business centre and a health club.

  • Abu Dhabi issues tenders for pumping station

    Abu Dhabi Sewerage Services Company (ADSSC) has invited contractors to bid by early September for the estimated AED2bn ($572m) contract to build a pumping station on its Strategic Tunnels Enhancement Programme (Step).

  • Abu Dhabi launches investment funds

    Invest AD, a subsidiary of the Abu Dhabi Investment Council, has launched four new investment funds as part of its strategy to attract institutional investors to the region.

  • Abu Dhabi moves ahead with logistics park

    The Abu Dhabi Logistics Park adjacent to Abu Dhabi International Airport is moving ahead with its project with the recent completion of an Investor Services Centre within the park. The facility will serve as a one-stop-shop solution for international investors wishing to establish their operations in the new facility.

  • Abu Dhabi National Hotels selects Alec to build Hyatt resort

    UAE developer Abu Dhabi National Hotels has selected local contractor Alec to build the estimated AED700m ($191m) Hyatt Hotel on Saadiyat island in Abu Dhabi.

  • Abu Dhabi passenger traffic rises 6.6%

    Passenger traffic at Abu Dhabi International Airport climbed 6.6% in May compared to the same month last year, according to new figures from Abu Dhabi Airports Company. Aircraft movements increased by 9.4% whilst cargo recorded a 6.4% increase compared to the same month last year. Passenger traffic for the year to date shows an increase of 8.2 per cent, with 3,793,693 passengers handled through the airport during this period.

  • Abu Dhabi to build $100m aluminium plant

    Abu Dhabi Basic Industries Corp. (ADBIC) has signed a joint venture agreement with Bahrain's Midal Cable to build a $100m aluminium rod and conductor plant. The plant will produce 150,000 metric tonnes a year of aluminium rods and conductors to serve as feedstock to further Abu Dhabi's downstream industries and to be exported internationally. The construction of the plant will begin in the first quarter of 2010 at Khalifa Port, near Abu Dhabi.

  • Abu Dhabi tourism company completes $1bn bond

    Abu Dhabi's Tourism & Development Investment Company (TDIC) has completed a $1bn bond sale which was priced at 390 basis points above US treasuries.

  • Abu Dhabi tourism company hires banks for bond deal

    Abu Dhabi's Tourism Development & Investment Company (TDIC) has hired four international banks to act as arrangers on a five-year bond deal.

  • ADAC, Helios to build logistics park

    Abu Dhabi Airports Company (ADAC) has signed a joint venture agreement with Helios SinoGulf Property Development to develop a 650,000 sq.m logistics and business park adjacent to Al Ain International Airport. The project will include office space, distribution centres, light industrial units, freight forwarding stations and supporting facilities in a business park. The first phase of the project, which will start immediately, will cost more than $250m, and is scheduled for completion towards

  • Adac, Mubadala in Al Ain airport JV

    Mubadala Development and Abu Dhabi Airports Company (Adac) are jointly developing a $1bn aerospace cluster in and around Al Ain International Airport for aerospace manufacturing and services firms, The National has reported. The cluster is aimed at attracting dozens of small to medium-sized firms to relocate to the facilities in order to create an aerospace community around Mubadala's carbon fibre manufacturing plant. Adac is due to sign a partnership with bavAIRia Aerospace Cluster to develo

  • Addax Petroleum starts exporting oil from Iraq

    Switzerland's Addax Petroleum and Turkey's Genel Enerji have started international oil exports from the Taq Taq field in the Kurdistan region of northern Iraq.

  • Addur financing nears completion

    Bahrain expects about 22 banks to lend money to its $2.2bn Addur power project when all the financing is in place at the end of June, say bankers close to the deal.

  • ADIC invests in Russian resort

    Abu Dhabi Investment Company (ADIC) has announced that it is buying a stake in a Russian resort being built for the 2014 Winter Olympics in the Black Sea resort of Sochi. ADIC, a government-owned fund, said in a statement it plans to invest with Russia's OAO Sberbank in the Gornaya Karusel resort project in the 2014 Winter Olympics host city of Sochi, Russia. The project, of which Sberbank owns 25%, includes building chalets, hotels, restaurants, retail outlets and health centres spread over

  • Adma-Opco confirms $402m offshore deal

    Abu Dhabi Marine Operating Company (Adma-Opco) has confirmed the award of a $402m engineering, procurement, and construction (EPC) contract to the local National Petroleum Construction Company (NPCC).

  • Adnoc issues tender for $10bn Shah gas field

    Abu Dhabi National Oil Company (Adnoc) has issued the first official tender for construction work on its $10bn Shah sour gas field development scheme.

  • Adobe launches Acrobat

    Adobe Systems has launched Acrobat.com, a document collaboration service that offers businesses an online alternative to Microsoft Office, out of beta. Adobe claims that five million people have signed up to use the service since its release in beta version a year ago. Acrobat.com includes a collaborative word processing application called Buzzword with capabilities to adjust page layout and presentation and to save in multiple formats, such as Microsoft Word, HTLM, XML, and PDF.

  • Adope opens regional office in Dubai

    Adobe Systems has opened an office in Dubai for its Middle East operations, the company said. The office, headed by Abdallah Saqqa as general manager of Adobe Middle East, will support partners and customers in the UAE, Saudi Arabia, Jordan, Lebanon, Bahrain, Qatar, Oman, Kuwait and several other countries in the region.

  • ADTA launches business tourism planners guide

    The Abu Dhabi Tourism Authority has launched the third edition of its Business Tourism Planners Guide which aims to provide a comprehensive overview of conference accommodation and venues in the UAE. The new edition features 28 new venue additions from city centre hotels, to beachfront resorts and the extensive Yas Island destination. ADTA business tourism manager Gillian Taylor said the guide aims to assist meeting planners and expand business networks.

  • Aecom secures Cleveland Clinic work in Abu Dhabi

    US-based Aecom has been appointed by government-controlled investment vehicle Mubadala Development Company to provide engineering services on the Cleveland Clinic project in Abu Dhabi.

  • Agency gives Kuwait a negative rating

    Ratings agency Moody's has put Kuwait's sovereign rating on a negative outlook as tensions continue between the country's executive and legislative arms of government.

  • Agthia opens unit in Egypt

    Abu Dhabi-based Agthia Group has opened recently its first entity outside the UAE, Al Ain Food and Beverages in Egypt. The new facility is expected to employ 110 people and process 1000 tonnes of fresh tomatoes per day. It will also house production lines for tomato concentrate, fruit concentrate, fruit puree, french fries, frozen vegetables, and will source tomatoes from local farms in and around Saadat city.

  • Air Arabia launches booking service

    Air Arabia has ventured into holiday booking service offering low-cost holiday packages from Sharjah to various destinations in Asia, the Middle East, Europe and North Africa. The Air Arabia Holidays provide travel packages valid for travel until August 31st, 2009. Bookings and packages can be accessed via holidays.airarabia.com.

  • Airline revenue accounting bureau set up in Dubai

    Airbus Middle East's consultancy division has signed a partnership agreement with Softec GmbH to help small and medium size carriers with passenger revenue accounting tasks. The new processing centre, which will be based in Dubai, will utilize Softec GmbH's Monalisa Passenger Revenue Accounting Solution to deliver accurate, timely and valuable information to airline managers worldwide.

  • Al Bateen airport gets certification

    Al Bateen Executive Airport in Abu Dhabi has been awarded full aerodrome certification from the General Civil Aviation Authority. The certification for compliance with aerodrome regulations for civil aviation is the final stage in the airport's transformation from a military airbase to a private and corporate jet airport managed by the Abu Dhabi Airports Company. The airport has gone through a Dhs200m upgrade, and plans are in place to secure additional land to create new airside, landside a

  • Aldar invites firms to bid for Al-Raha infrastructure work

    Local developer Aldar Properties has invited companies to bid by 2 July for an infrastructure package on its $14.7bn Al-Raha Beach project in Abu Dhabi.

  • Al-Fahim Group to build Abu Dhabi mall

    Local developer Al-Fahim Group is planning to build a new shopping centre in the Shahama area of Abu Dhabi.

  • Al-Mansoor bids low for Sharqiyah maintenance deal

    The local Al-Mansoor International Company is the low bidder for the contract to operate and maintain the water transmission and distribution network in the Sharqiyah region of Oman.

  • Almarai buys Egypt's Beyti

    Saudi-based Almarai, the kingdom's largest dairy company by market value, has agreed to buy 100% of Egypt's International Company for Agro-Industrial Projects (Beyti) for $115m, allowing a new joint venture with Pepsico to be set up in Egypt, Reuters reported. The deal also includes a 75-hectare piece of land, the company added.

  • Al-Rajhi Steel secures Haramain rail deal

    Saudi Arabia's Al-Rajhi Steel Industries has signed a contract for the $6bn Haramain high-speed rail link between Mecca and Medina.

  • Al-Rayadah starts prequalification for Riyadh infrastructure deal

    Saudi developer Al-Rayadah Investments has invited contractors to prequalify for an infrastructure contract at its SR36bn ($9.6bn) King Abdullah Financial District (KAFD) development on the outskirts of Riyadh.

  • Amlak Finance reports $19m loss in first quarter

    UAE mortgage provider Amlak Finance has reported a AED69m ($18.7m) loss in the first quarter of 2009, compared with a net profit of AED126m in the first quarter of 2008.

  • Anita Mehra - The Marketing of Dubai Airports pt 1

    Anita Mehra, VP, Marketing & Corporate Communications, Dubai Airports, talks to Phil Blizzard about portraying the image of Dubai, the challenges of being a female in a male dominated industry and of marketing a progressive international airport.

  • Anita Mehra - The Marketing of Dubai Airports pt 2

    In the second part of the interview Phil Blizzard talks to Anita Mehra, VP, Marketing & Corporate Communications, Dubai Airports, about the marketing of a progressive international airport in these challenging times, the impact of big events like the Dubai Airshow and associated activities.

  • Apple unveils new Mac operating system

    Apple has unveiled a new version of its operating system and updated its aluminum unibody MacBook series of laptops. Mac OS X Snow Leopard includes a number of refinements, new core technologies, out of the box support for Microsoft Exchange and new accessibility features, said Apple. The operating system will ship as an upgrade for Mac OS X Leopard in September.

  • Aqaba terminal reports record throughput

    Jordan's Aqaba Container Terminal, which is operated and managed by APM Terminals under a 25-year joint development agreement, said it handled its largest ever monthly volume of 64,525 TEUs in May, contributing to overall year-to-date container throughput growth of 23%. ACT and APM executives have said that over the last three years more than $100m were invested in yard and equipment improvements. Last year's investments include two Super Post-Panamax gantry cranes for delivery early in 2010,

  • Arabtec wins Jeddah tower contract

    Arabtec Saudi Arabia has been awarded the SR2bn ($532m) contract to build the Lamar Towers development in Jeddah.

  • Aramco awards construction deals for Jubail refinery

    Saudi Aramco and France's Total have cut the cost of building the Jubail export refinery to $9.6bn, from an estimated $12bn, after awarding the 13 largest engineering, procurement and construction (EPC) packages to international and local contractors.

  • Aramco delays tender for Ras Tanura power plant

    Saudi Aramco has delayed issuing a request for proposals for the planned Ras Tanura independent water, steam and power project (IWSPP), while it evaluates statements of qualification from potential bidders.

  • Aramco extends bid deadline for oil plant upgrades

    Saudi Aramco has extended the bid deadline for a $300m contract to expand 13 bulk plants that serve as oil distribution bases across the kingdom.

  • Aramco relaunches Yanbu export refinery bids

    The joint venture of Saudi Aramco and the US' ConocoPhillips has confirmed the relaunch of construction bids for the 400,000 barrel-a-day (b/d) Yanbu export refinery on the country's Red Sea coast.

  • Aramco signs solar deal with Showa Shell

    The state-run Saudi Aramco has signed a deal with Japanese refiner and solar equipment maker Showa Shell to build solar plants in the kingdom.

  • Aramex and Air Arabia announce cargo deal

    Aramex, the Dubai-based logistics group, has announced a regional cargo agreement with Air Arabia.

  • Aramex inks deal with Air Arabia

    Aramex has said it has signed a regional cargo agreement with low-cost carrier, Air Arabia. Under the agreement, Aramex shall have access to Air Arabia's cargo facility in Sharjah International airport to operate a sorting hub for express shipments, and will also enjoy an expedited recovery of courier shipments from flights.

  • Aramex launches Value Express service

    Aramex, the logistics and transportation solutions provider, has launched its Value Express service for express shipments within the Middle East, North Africa and South Asia. The new service offers customers the option to transport less urgent parcels at economical rates, while ensuring time-definite delivery, door-to-door transport, customs clearance and track-and-trace online tools.

  • Arzew cracker stalls on gas price dispute

    Algeria’s state-owned energy giant has stopped work on its planned ethane cracker at Arzew after problems with talks on natural gas prices, according to contractors hoping to bid on the construction of the plant.

  • Ashghal awards contracts for Doha schools

    Qatar’s Public Works Authority (Ashghal) has awarded five contracts totalling QR207m ($56m) for the construction of schools in the Doha area.

  • Association predicts regional airlines losses of $1.5bn

    Losses by Middle East airlines in 2009 will be far worse than previously expected, according to a warning from the International Air Transport Association (IATA).

  • Asus launches gamer-centric notebooks

    Asus has launched a gaming powerhouse 15.6-inch G51 notebook, sporting a futuristic, robot-inspired 'mecha' design. The G51 uses seamless gamer-centric interface elements and gaming performance both in the visual and audio departments. For a larger screen, Asus also offers the 16-inch G60. Both notebooks are equipped with Creative's EAX and CMSS technologies, an advanced HD 4.0 audio technology.

  • Atul Kochhar to open restaurant in UAE Marriott

    Atul Kochhar, chef-proprietor of London's Michelin-starred Benares restaurant, has signed a deal to open a restaurant at the Marriott Central Market hotel in Abu Dhabi, which is currently under construction. Kochhar, the first Indian chef to be awarded a Michelin star, runs Benares, Vatika in Wickham, Hampshire and Ananda in Dublin.

  • Autodesk launches new software

    Autodesk has announced the launch of its 2010 'Building Information Modeling' (BIM) and 'Infrastructure Modeling' (IM) software portfolio. The company says the new software comes loaded with enhanced features and new conceptual design tools.

  • Baghdad approves changes to Investment Law

    The Iraqi government has approved a bill amending the country's Investment Law, which will allow foreign companies to buy land dedicated to a specific investment project.

  • Baghdad plans to redevelop Sadr City

    Iraq is to launch an $800m programme to redevelop the Sadr City district of Baghdad in 2010. This is part of a $10bn plan to rebuild the area, which became notorious as a base for Shiite militias in the city.

  • Bahrain awards transmission upgrade deals

    Bahrain's Electricity & Water Authority has awarded four contracts worth a total of BD115m ($305m) as part of its 2007-2011 transmission network upgrade programme.

  • Bahrain completes $2bn Addur funding package

    Bahrain has completed raising $2.1bn capital for its Addur power project, after first approaching the banking market in January.

  • Bahrain government sets up Neste lubricants JV

    The Bahraini government has signed a joint venture agreement with Finnish Neste Oil to set up a lubricants manufacturing plant in the kingdom. The venture has project capitalisation of BD225m and is expected to top an annual output of 400,000 metric tons of high-quality oil lubricants and is expected to be complete by 2011. The JV, called the Bahrain Lubricant Basic Oil Lubrication Holding Company, is a 55:45 split between the government, represented by Oil and Gas Holding and Bapco, and Nest

  • Bahrain increases bond issue to $750m

    Bahrain's sovereign sukuk has been increased in size to $750m following considerable investor demand for the issue. It was originally expected to be about $400m.

  • Bahrain invites bids for Muharraq wastewater plant

    Bahrain's Works Ministry has issued a request for proposals on the Muharraq wastewater project.

  • Bahrain opens deep gas exploration bids

    Bahrain Petroleum Company (Bapco) has received just two bids for a new onshore deep gas exploration round, even though it had prequalified 18 companies to bid for the contract.

  • Bahrain plans customs-free port storage

    Bahrain's General Organisation of Sea Ports (GOP) has unveiled plans to create a customs-free storage, warehousing and commercial service building in the vicinity of the Khalifa Bin Salman Port, Gulf Daily News has said. The service centre will house 6,500 sqm of office space, general warehousing facilities, and a 4,000 capacity multi-storey car park for the storage of imported cars, a petrol station with basic maintenance facilities, banking facilities, food outlets and a convenience store.

  • Bahrain postpones Gulf Air investigation

    Bahraini members of parliament (MPs) say they will delay a planned investigation into the financial affairs of national carrier Gulf Air.

  • Bahrain to price $500m sukuk at 350 basis points

    Bahrain aims to price a $500m sovereign sukuk (Islamic bond) at 350 basis points above US Treasuries, according to a banker close to the deal.

  • Bahraini inflation rises to 3.5 per cent

    Inflation in Bahrain increased to 3.5 per cent in May, up from 3.1 per cent in the previous month because of rises in housing and utilities costs.

  • Bahraini money supply growth drops to 14 per cent

    Annual money supply growth in Bahrain fell to 13.9 per cent in April, the slowest rate in more than two years, according to data from the Central Bank of Bahrain.

  • Bahrain's Ministry of Works seeks funding

    Bahrain's Minister of Works has said that if the government is unable to provide the required funding, the Ministry would either privatize projects like sewage and electricity to speed up work, or work with the Finance Ministry to get loans from regional funds to help ensure work goes ahead, the Gulf Daily News reported. The Bahraini government is already accepting bids from the private sector for a sewerage network in Muharraq, which will see the successful bidder build the network for free

  • Bahwan bids low for Sohar substation

    Five companies have bid for a contract to build a 220/132-kV substation and transmission lines to serve the Sohar industrial area in Oman.

  • Bangladesh's United Airways adds Dubai to routes

    Bangladesh-based private airline United Airways plans to start flying to Dubai from July 10, to meet demand for the route, Reuters has reported. Company head Tasbirul Ahmed Choudhury said that the GCC and the UK are the most important markets for Bangladeshi airlines. This is because one in two people who fly abroad go to either one of the six Gulf countries or Britain, which employ over 70% of the country's more than five million expatriate workers. He added that the airline plans to start s

  • Bank lending levels set to remain low

    The ability of banks to resume lending is likely to remain constrained for the next 12 months, according to leading bankers in the UAE, as regulators encourage them to set more capital aside to cover their investments.

  • Bank Muscat reveals high exposure to Saudi groups

    Bank Muscat has revealed a total exposure to Saudi Arabia's Saad Group and Ahmad Hamad al-Gosaibi & Brothers of OR66m ($171.4m), which was described by Bahrain's Sico Investment Bank as "substantially higher than even the most aggressive estimates".

  • Banks respond to International Petroleum Investment loan

    Abu Dhabi's International Petroleum Investment Company (Ipic) has received offers from eight banks to act as bookrunners on the company's $3.5bn syndicated loan, according to bankers close to the deal.

  • Batelco bundles broadband, console deal

    Bahrain's Batelco has announced it is expanding its portfolio of broadband value-added bundles to include video game consoles (PS3 and Nintendo Wii), in addition to laptops. The new deal of high speed broadband with laptops and video game consoles is available on an interest-free instalment basis over 12 or 18 months, with prices starting from BD7 per month, the company said.

  • Bechtel wins Abu Dhabi petrochemicals expansion consultancy

    The US' Bechtel has won a project management consultancy (PMC) contract covering the third-phase expansion of a major petrochemicals complex at Ruwais, Abu Dhabi.

  • Bidders line up for Bahraini water consultancy contract

    Bahrain’s Electricity & Water Authority (EWA) has received five bids for the consultancy contract for the 2009-2012 water transmission development project.

  • Bids due for Suez power plant package

    The East Delta Electricity Company has issued a tender for the civil works package for the planned Ain Sokhna power plant, on the Gulf of Suez in Egypt.

  • Bids in for Duqm plant advisory contracts

    France’s Gide Loyrette Nouel is the lowest bidder for a legal advisory contract on Oman’s planned Duqm independent water and power project (IWPP).

  • Bids in for Muscat wastewater network

    Various companies have bid for the construction of wastewater networks in the Muscat governorate.

  • Bids in for Subiya power plant

    Three companies submitted bids for the planned Subiya power plant in Kuwait on 14 June.

  • Bids submitted for Bahrain Polytechnic design

    Bahrain's Works Ministry has received technical bids from four groups for a contact to provide masterplan and concept design services for phase one of the new Bahrain Polytechnic Campus in Rawdat as Sakhir.

  • Bids submitted for Oman national museum construction contract

    The Culture & Heritage Ministry has received bids from four firms for the main construction contract on its new National Museum project in Muscat.

  • BMI Egypt upgrades London service

    BMI Egypt has launched new business and premium economy services to London following its move to Cairo Airport's new Terminal 3. The new service offers business travellers complimentary chauffeur service in London and Cairo, meals prepared by an on-board chef, flat beds and a variety of entertainment options.

  • Boeing delays first flight of Dreamliner

    Boeing has said it would again delay the first flight of its new 787 Dreamliner jet, after excess stress was found where the wings attach to the sides of the fuselage. Company executives said it could be weeks before the flight testing could resume, which could lead to a delay in the delivery schedule for the aircraft.

  • Boeing Dreamliner no-show for Dubai Airshow

    The organisers of the Dubai Airshow has confirmed that the much-delayed Boeing 787 Dreamliner will not be making an appearance at the Dubai Airshow in November. Speaking from the Paris Airshow, Alison Weller, Director, Aerospace, Fairs & Exhibitions, told AME Info: 'No we definitely know we won't be seeing a Dreamliner in Dubai in November.' Two years ago the Airbus A380 made its first Middle East appearance at the Dubai Airshow, which also saw orders worth more than $155bn placed. However,

  • Burgan signs $125m loan for oil rigs in Kuwait

    Kuwait's Burgan Company for Well Drilling has agreed a $125m Islamic loan facility to fund the purchase of four oil rigs.

  • Cadagua bids low for Ajman desalination plants

    A team of Spain’s Cadagua and the Ajman-based Essa Engineering & Marine Services is the low bidder for the contract to build two desalination plants at Al-Zawra in Ajman, in the UAE.

  • Canadian firm secures power deal from Riyadh and Cairo

    Canada's SNC Lavalin has won the contract to provide consultancy services on the planned electricity interconnection between Egypt and Saudi Arabia.

  • Canadian firm to build Algerian gas processing facilities

    Canada's SNC Lavalin has won a $1.1bn contract to build gas-treatment facilities in southeast Algeria for state-owned energy giant Sonatrach.

  • Centamin Egypt possible takeover target

    Centamin Egypt is seen as a possible takeover target as the gold exploration company is set to move into production over the next month at its Sukari gold project in Egypt. North American gold miners, such as Newmont Mining Corp and Barrick Gold Corp, are seen as the most likely buyers, reported Reuters.

  • Central Bank of Bahrain launches investigation into troubled banks

    The Central Bank of Bahrain (CBB) has launched an investigation into The International Banking Corporation (TIBC) and Awal Bank to discover why both Bahrain-based banks defaulted on their debts.

  • Chevron tests steam injection at neutral zone oil well

    The US' Chevron Corporation has started the first phase of its $340m steam-injection pilot programme in the neutral zone between Saudi Arabia and Kuwait.

  • Circle Oil discovers gas in Morocco

    The UK's Circle Oil has discovered gas at its Sebou concession in Morocco's Rharb Basin, northeast of Rabat.

  • Cisco contact center opens in Egypt

    Egypt-based Xceed and the Information Technology Industry Development Agency have inaugurated an international contact center for Cisco customer service and support. The new contact center is now serving Cisco's customers in the Europe, Middle East, Africa, and emerging markets in seven languages - Arabic, English, French, German, Italian, Spanish, and Portuguese.

  • Cisco Linksys router launched in Qatar

    Cisco has launched its Linksys Dual-Band Wireless-N Gigabit Router (WRT320N), designed for consumers to create a media enabled network at home, in Doha. The router is equipped with 802.11n grade wireless operating in either the 2.4GHz wireless band or the wider 5GHz band. The new router is shipped with Linksys EasyLink Advisor, which helps users get their network up and running and helps keep their network updated and secure.

  • Citadel Capital subsidiary buys Enjoy

    Egypt’s Gozour, a subsidiary of private equity firm Citadel Capital, has acquired 100 per cent of Nile Company for Food Industries (Enjoy), one of the country’s leading dairy and juice producers.

  • CMCS-Qatar formed

    Qatar's Nasser Bin Nawaf and Partners Holdings has partnered with Dubai-based Collaboration, Management and Control Solutions (CMCS) to form CMCS-Qatar. The new company will offer the Qatari market all activities offered by its sister company in Dubai, the company said.

  • Contractors invited to prequalify for Al-Ain's Tawam Hospital

    Government-controlled investment vehicle Mubadala Development Company has invited contractors to prequalify for a contract to design and build the new Tawam Hospital Development in Al-Ain.

  • Contractors line up for Saadiyat villas

    Abu Dhabi's Tourism Development & Investment Company (TDIC) has invited contractors to bid by 10 June for the contract to build 295 villas on Saadiyat island.

  • Contractors prepare to bid for Fujairah hotel

    Contractors are preparing to bid on 30 June for an estimated AED450m ($123m) contract to build a hotel in Fujairah.

  • Creative Energy Resources secures $50m for power investments

    The International Finance Corporation, part of the World Bank, will invest up to $50m in Saudi Arabia's Creative Energy Resources (CER), an investment firm focused on the power sector in the Middle East, North Africa and South Asia.

  • Cristal Global to up prices

    Cristal Global (Saudi Arabia) has announced that it will increase prices on all of its anatase and rutile Tiona and Cristal titanium dioxide (TiO2) products sold in the Middle East, Europe and North America. Effective from July 2009, or as permitted by contract, prices in the Middle East for all Tiona and Cristal titanium dioxide (TiO2) products will increase by $100 per metric ton.

  • Currency peg risks creating another banking crisis

    The banking sector in the Middle East risks another crisis in the next few years if the GCC continues a policy of pegging its currency to the US dollar, according to Youssef Nasr, chief executive officer and chairman of HSBC Middle East.

  • DAE gets funds for nine Boeing planes

    Dubai Aerospace Enterprise (DAE) has secured a $450m Guaranteed Loan Facility from Citibank so that it can buy nine planes from Boeing. Delivery dates are between June 2009 and April 2010. The Export-Import Bank of the United States has guaranteed all of the principal and interest, DAE said.

  • Dell opens Saudi distribution centre

    Dell Middle East has opened its first local distribution centre in Saudi Arabia. Based in Riyadh, it is part of the PC manufacturer's push to build its presence among business and consumer customers in the kingdom. The centre will hold inventory in the country, rather than in Dubai as previously happened, meaning that customers can get spare parts quicker. The first independent local hub that it has set up in the Middle East, Dell has said it will introduce a four-hour parts delivery service

  • Dell profits down 63%

    Computer manufacturer Dell has posted a 63% drop in profits and a 23% drop in revenue, but warns that the industry has yet to bottom out. The announcement is the group's third consecutive quarterly drop in profits.

  • Dewa offers concessions for projects over Dhs2bn

    The Dubai Electricity and Water Authority (Dewa) on Monday announced that it has lowered the bid bond to 25 from 5% of the project value for tenders exceeding Dhs2bn, in order to help the contractors overcome the current economic situation. In a statement, Dewa has also halved the performance bond to 10% from 20%.

  • Deyaar Development chairman resigns

    Nasser al-Sheikh has resigned from his board position at Dubai Islamic Bank and his role as chairman at local developer Deyaar Development.

  • Dina Farms loans EGP200m for expansion

    Egypt-based Dina for Agricultural Investments SAE (Dina Farms) has secured EGP200m loan agreement with three prominent Egyptian banks, arranged by Citadel Capital. The loan is intended to finance the expansion of Dina Farms' Dairy Operation, including the purchase of high-quality livestock. The company has recently bought 1,900 new pedigree Holstein heifers (pregnant cows) from North America.

  • Dolphin bond delayed for Abu Dhabi tourism company

    Abu Dhabi's Dolphin Energy has delayed plans to issue a bond of up to $1bn so that government-controlled Tourism & Development Investment Company (TDIC) can have a clear run at the market for its own bond issue.

  • Dolphin Energy holds talks over gas imports from Qatar

    Abu Dhabi's Dolphin Energy has started talks with Qatar Petroleum (QP) to import an additional 500 million cubic feet a day (cf/d) of gas into the UAE using the Dolphin pipeline.

  • Dow Chemical plans to sign Saudi research deal

    US petrochemicals giant Dow Chemical plans to sign a multi-million-dollar research agreement with Saudi Arabia's King Abdullah University of Science and Technology (Kaust) to study new ways of producing petrochemicals.

  • Downturn forces Dubai to review strategic plan

    The ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum, says the emirate is reviewing its strategic plan and may adjust its goals to meet changing economic conditions.

  • DP World price estimate cut

    Morgan Stanley has cut its price estimate for Dubai-based DP World by 59% to $0.32. 'The market is underestimating the depth and duration of the container port downturn, particularly in the Middle East,' analysts wrote in a report today.

  • DP World to manage Djen Djen port redevelopment

    DP World has taken over the management of the Algerian port of Djen Djen and will oversee the redevelopment of the site.

  • Dreamliner maiden flight 'by June 30'

    Marc Birtel, a Boeing spokesman has said the US aerospace giant expects the much-delayed Dreamliner to have its maiden flight by June 30 on a schedule that puts delivery of the plane to its first customer, All Nippon Airways, in the first quarter of 2010. Boeing has built six Dreamliners to be used in the flight-test program to assure the plane's safety for the company and for regulators, including the US Federal Aviation Administration.

  • Drydocks World Dubai launches seismic vessel

    Drydocks World Dubai has launched the marine seismic vessel 'Polarcus Nadia', which was purpose built for the 3D marine seismic market and can tow up to 12 m x 8,000 m (39 ft x 26,247 ft) streamers, the company has said. The vessel design incorporates an Ulstein X-bow hull, a selective catalytic reduction (SCR) system, and a DP-2 dynamic positioning system.

  • DSCS to launch free zone in Al Sagah area by 2011

    Sharjah's Department of Seaports and Customs in Sharjah has announced it has designated a plot of land for a free zone it plans to launch in Al Sagah area by 2011, reported Khaleej Times. Starting in 2010, most of the big factories and companies will be moved from Port Khalid to Al Hamriya Free Zone, said member of Sharjah Executive Council and DSCS-Chairman Sheikh Khaled bin Abdullah bin Sultan Al Qasimi.

  • Du launches 24Mbps broadband in UAE

    UAE-based telecom provider Du has announced the launch of new broadband speeds up to 24Mbps, the highest in the Middle East. The new broadband speeds will be available to all Du customers availing home services. Du also announced that customers who have subscribed to 4 Mbps broadband will get double the broadband speed of 8 Mbps at the same earlier price, 8 Mbps broadband customers will get 16 Mbps at a lower price and 12 Mbps broadband customers will be upgraded to 24 Mbps at the same earlie

  • Dubai acknowledges metro project is over budget

    Dubai's Roads & Transport Authority (RTA) has admitted the city's metro system is "billions of dirhams over budget".

  • Dubai Aerospace Enterprise secures $450m loan for nine Boeings

    Dubai Aerospace Enterprise (DAE) has secured a $450m loan from Citibank to finance the purchase of nine aircraft from Boeing.

  • Dubai airport numbers up 7%

    Official figures released by Dubai International Airport's statistical department showed an increase by 7% in the airport's passenger traffic in May, compared to the same month last year. The airport had recorded a flow of 3,217,089 people in May of 2009 compared with 3,003,642 in May of 2008, bringing the total number of passengers for the first five months of 2009 to 15,978,083.

  • Dubai Airports moots central rail terminal

    Dubai Airports has proposed the development of a central rail terminal in the city with connections to its two international airports through the main tourist and business areas as an alternative to the Purple line of the Dubai Metro, according to Meed magazine. The proposal is being considered as part of a comprehensive study into Dubai's rail requirements, which is being conducted by the US group Parsons Brinckerhoff. The route of the Purple line has led to a dispute between Dubai Airports

  • Dubai Aluminium inks DP World deal

    Dubai Aluminium Co has signed a four-year contract with DP World to handle its cargo operations. The two firms have said in a joint statement that DP World will handle 'more than 14.5 million tons of imported raw materials and close to five million tons of aluminium products for export to destinations across the globe.'

  • Dubai buys 518 feeder buses for metro

    Dubai's Roads and Transport Authority has agreed to buy 518 buses to ferry passengers to and from the Dubai Metro. The Dhs1.9bn contract includes an eight-year maintenance contract for the buses, which will be provided by VDL, based in the Netherlands, and managed by UAE-based Swaidan Al Naboodah. The Metro is scheduled to begin operations on September 9.

  • Dubai considers central terminal to provide rail links to airports

    A proposal by Dubai Airports to develop a central rail terminal in the city with connections to its two international airports through the main tourist and business areas, is now under consideration.

  • Dubai hotels given green registration deadline

    Dubai's Department of Tourism and Commerce Marketing has said that the emirate's hotels must begin registering this week with the tourism body's programme to cut carbon emissions or face fines. Eyad Ali Abdul Rahman, executive director of media relations and business development has said that a law which set out fines or other penalties is still being processed and while a deadline had not been announced, hotels are required to register as soon as possible.

  • Dubai Industrial City inks deal with Bank of Baroda

    Dubai Industrial City has signed a memorandum of understanding with Bank of Baroda to finance investors across the light and medium industrial hub. Ashok K. Gupta, Chief Executive, GCC Operations of Bank of Baroda has pledged the lender's support to DI's clients in setting up their projects from the conceptual stage through execution. For large projects, the bank will take full responsibility by underwriting and arranging the syndicated loans and leveraging their relationship with other banks

  • Dubai invites bids for Hassyan power plant road

    Dubai Electricity & Water Authority has invited contractors to bid by 30 June for a contract to build an access road leading to phase 2 of the Hassyan P power and desalination complex.

  • Dubai may bid for 2020 Olympics

    Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum has launcheda 'Dubai 2020' initiative, which will focus on 'furthering economic progress for the region'. A key part of this will be a working group which will focus on the possibility of the emirate hosting the 2020 summer Olympic and Paralympic games. The group will also look at the feasibility of hosting the World Expo the same year.

  • Dubai Metro fares released

    Students and elderly passengers are to have access to cheap fare deals on Dubai's new Metro system. The transit system will also be accessible by use of a 'Nol' (meaning 'Fare' in Arabic) card, which will come in four versions according to the needs of commuters. The cards will enable use of the Metro, buses, water buses and paid parking zones - although parking for the Metro will be free for train passengers. Continues below

  • Dubai orders buses from Netherlands firm

    Dubai's Roads & Transport Authority (RTA) has placed a AED1.5bn ($409m) order with Netherlands-based VDL for the supply and maintenance of 518 buses.

  • Dubai plans 2020 Olympics bid

    Dubai is preparing to mount a challenge to host the Olympic Games and the World Expo in 2020.

  • Dubai Police confiscate counterfeited toner catridges

    Four suspects were arrested by Dubai Police for their involvement in what is termed to be the largest operation in the Middle East in producing counterfeited toner cartridges worth Dh 70 million, WAM reported. The raid uncovered an illegal counterfeit operation in Al Qusais at a 600 metre square warehouse filled with packaging materials and security labels as well as finished goods. The counterfeit goods were intended for export to countries in the Middle East, Europe, and Africa.

  • Dubai sets closing date for bids on Ghafat reservoir

    Dubai Electricity & Water Authority (Dewa) has set a closing date of 29 July for bids on the estimated AED400m ($108m) contract to build phases one and two of the 120-million-gallon Ghafat reservoir.

  • Dubai Silicon Oasis to host hotels

    Dubai Silicon Oasis Authority has signed a memorandum of understanding with the Dubai Department of Tourism and Commerce Marketing (DTCM) to develop ventures within the DSO. DTCM will be responsible for licensing and categorizing hotels, according to DTCM's regulations, in addition to ensuring the implementation of all other procedures related to tourism events activities.

  • Dubai to add bus routes to serve Metro riders

    Dubai plans to launch 41 new bus routes in the next two months to ferry passengers to and from the Dubai Metro Red Line, reported Gulf News. Mohammad Al Hashemi, the director of planning and business development of the Public Transport Agency at the Dubai Roads and Transport Authority (RTA), said the 41 new bus routes would serve 29 stations on the Red Line. '[The] maximum walk to get to the feeder bus stop will be 500 metres,' he told the daily.

  • Dubai World to merge real estate units

    Dubai World, a government-controlled holding company, has said it will merge the real estate operations of some of its companies.

  • Dubailand theme park developer files for bankruptcy

    The status of the multibillion-dollar Six Flags project in Dubailand was unclear yesterday after the US-based theme park operator filed for bankruptcy protection after its shares plunged 86% in a year. Six Flags and Tatweer, the owner of Dubailand and part of Dubai Holding, signed an agreement in March last year to develop theme parks across the Gulf. Tatweer has said that its plans will not be affected.

  • Dubal denies production slowdown

    Dubai Aluminium Company (Dubal) has said that it has not cut output, after a supplier and metal traders said the firm was purchasing 30% fewer raw materials. 'We are still operating at full capacity of 960,000 tonnes per year and have made no production cuts,' a spokesman for government-run Dubal said. 'We have just changed our product mix.'

  • Egypt aims to boost IT exports

    Dr. Tarek Kamel, Egyptian Minister of Communications & Information Technology has said that Egypt is primed to increase the volume of its IT/ITES exports to $1.1 billion by 2010. Improved infrastructure coupled with tax reforms have positioned Egypt 'at the new crossroads for next stage in the IT revolution,' he said. 'Global IT and telecommunications companies find that our Egyptian market provides real opportunity and advantages for investment including competitive operational costs, politi

  • Egypt cuts interest rates

    The Central Bank of Egypt (CBE) has cut interest rates by 0.5 per cent to 9 per cent from 21 June.

  • Egypt signs $10m development deal with Google

    Egypt's Ministry of Communications and Information Technology (MCIT) has signed a $10m agreement with Google to support domestic business and workforce development. MCIT wanted the internet giant's support to provide an advertising platform for Egyptian products and services. As part of the deal, Google must invest 25% of the payment back into the Egyptian economy. Over the medium to long term, Google's $2.5m investment agreement is likely to include growing digital media start-ups, incubatio

  • Egypt tenders gold search blocks

    The Egyptian Mineral Resources Authority has announced that the Petroleum Ministry has launched a bid round for gold exploration in seven blocks in its Eastern Desert. The Authority also said that interested exploration firms should submit their bids before 10:00 GMT on October 7th. The blocks on offer range in size between 790 and 1597 sq. km, the statement said.

  • Egypt to buy Apache helicopters from US

    Egypt is to buy 12 US-made Apache military helicopters in a deal worth $820m.

  • Egypt to shortlist wind farm bidders in September

    Cairo plans to issue a list of prequalified bidders for the country's first private wind farm project by September.

  • Egypt's Alcotexa sells 1,005 T of cotton in past week

    Egypt's Alexandria Cotton Exporters' Association (Alcotexa) has said it had committed to sell 1,005 tons of cotton, comprising 700 tons of Giza 88 and 305 tons of Giza 86, in the week that ended on June 13, Reuters reported. The new commitment brings Alcotexa's export commitments for the 2008/2009 season, which began in September, to 19,421 tons of cotton worth $50.29m.

  • Egypt's FIHC tenders to buy 30,000 T edible oil

    Egypt's state-owned Food Industries Holding Company (FIHC) is tendering to buy 15,000 tons of sunflower oil and 15,000 tons of soy oil for shipment during the second half of July, Reuters reported. The tender is for oil of any origin and the deadline for bids is June 18th, FIHC said.

  • El Sewedy forecasts 20-25 % profit growth in 2010

    Ahmed El Sewedy, chief executive of El Sewedy Cables, the largest cable maker in the Middle East, has said he expects net profits to climb 20-25% in 2010, up from an expected 10% rise in 2009. He said the increase would come from investments in Saudi Arabia, Qatar, Yemen and Algeria that had not yet come online or were still not generating revenue, reported Reuters.

  • Elite Aviation to fly to new routes in Germany

    Abu Dhabi-based Elite Aviation will commence services to two new destinations in Germany starting from 15th. The services will be operated by the German carrier Blue Wings. This marks Elite Aviation's first commercial flight with Blue Wings. Elite Aviation will operate the services from Abu Dhabi five times per week with three weekly direct flights to Dusseldorf, and the UAE's first direct flights to Berlin operating twice weekly. Currently no other airline operates services between the two G

  • Emaar and Dubai Holding to form $53bn real estate company

    Emaar Properties and Dubai Holding plan to consolidate their real estate businesses to form a new company with total assets of AED194bn ($53bn).

  • Emirates A380 Paris service announced

    Emirates Airlines has announced it will begin its A380 service to Paris from February 1, 2010. The SuperJumbo will replace the morning service out of Dubai. EK 073 leaves Dubai at 8:00am and arrives in Paris at 12:25pm.

  • Emirates flies A380 to Bangkok

    Emirates Airlines is expanding its service into Asia with the Airbus A380 super-jumbo's first commercial flight to Bangkok on June 1, a company official said. The A380 will land in Bangkok's Suvarnabhumi International Airport with nearly 500 passengers from Dubai.

  • Emirates inks fleet management deal with Engine Alliance

    Emirates Airline has signed a fleet management agreement with Engine Alliance for the maintenance, repair and overhaul of the Emirates GP7200 engines that power its A380 fleet. The agreement is valued at more than $3bn over the life of the contract. The Engine Alliance will manage aftermarket services for the GP7200 engine and utilize the MRO capabilities of its member companies, GE Aviation and Pratt & Whitney, as well as other MRO facilities in its support network, including the Emirates' f

  • Emirates may slow aircraft deliveries

    The head of Emirates Airline said the carrier may slow deliveries of Airbus A380s or Boeing 777s as the global recession curbs travel demand. Any slowdown would affect 10 planes or fewer and begin in about 18 months, Emirates President Tim Clark said in an interview Tuesday in Kuala Lumpur. Emirates currently operates five A380s and has another 53 on order.

  • Emirates says its jet orders are on track

    Emirates Airlines president Tim Clark has said that despite the global travel slump, the airline has no plans to cancel the 160 new planes it has ordered, including 58 Airbus A380 superjumbos. He said he is confident that the carrier will stay profitable for the year through next March, adding that it has sufficient cash that will allow it 'to tough it through'.

  • Emirates signs aircraft maintenance deal with Engine Alliance

    Emirates Airline has signed a $3bn fleet management deal with the Engine Alliance group.

  • Emirates Steel plans $1.6bn expansion

    Emirates Steel is embarking upon a Dhs6bn ($1.63bn) phase two expansion of its UAE plant, which will increase capacity to three million tons a year by 2011. It will further boost its capacity to 6.5 million tons annually by 2013-2014 through capacity expansions and acquisitions. The company has recently completed phase one of its expansion plans, at a cost of Dhs3bn.

  • Emirates to fly A380s to Paris

    Emirates has announced that it will use the A380 to serve its Dubai-Paris route from February 1st, 2010. Tim Clark, president of Emirates, said the move is being made because of 'ecnouraging sales' in and out of Paris Charles de Gaulle. 'Our plans to introduce this exceptional aircraft have been accelerated by almost a year which, in the current economic climate, is a major achievement,' he said in a statement. Emirates boasts the world's largest order of Airbus A380s with 5 in its fleet and

  • Emirates to launch Durban route

    Emirates Airlines will launch a daily flight from to Durban International Airport, October 1, 2009, and later to the new King Shaka Airport, once completed. The Airbus 330-200 will service the route; the aircraft offers 27 Business Class and 251 Economy Class seats.

  • Emirates withdrawal hits Gulf monetary union plan

    Plans for a single currency in the GCC have suffered a severe setback and 'may not happen' following the withdrawal of the UAE, according to Tristan Cooper, a sovereign analyst at Moody's Investors Service.

  • Emirates writes down $428m in fuel hedge losses

    Emirates Airline's annual report shows the carrier has written down fuel-hedging losses of Dhs1.57bn ($428m) for its fiscal year ending in March, after it had signed large fuel contracts before oil prices fell due to the global economic crisis. Emirates has said it had purchased much of its fuel needs when oil was between $70 and $80 a barrel, resulting in a fuel and oil bill of Dhs14.44bn for the fiscal year, a 31% increase from the previous year, reported The National.

  • Emroc invites bids for Abu Dhabi hotel

    Selected contractors have been invited to bid by 25 June for the main construction contract on the Bab al-Qasr hotel project in Abu Dhabi.

  • Energy firms baulk at Iraqi oil licensing terms

    Iraq's Oil Ministry reached agreement on just one deal with energy majors in its first oil licensing round, as companies baulked at Baghdad's tough terms and conditions.

  • Environmental issues move up the Gulf's agenda

    The UAE will host the new International Renewable Energy Agency (Irena). It is a clear sign that the GCC is starting to get serious about the environment.

  • Equate Petrochem expansion complete

    Kuwaiti Equate Petrochemical Co. has announced the completion and successful start-up of its Polyethylene (PE) expansion project. The expansion will increase the company's overall PE production capacity to 825,000 metric tons annually of High Density PE and Linear Low Density PE resins.

  • ERam wins KraussMaffei contract

    Germany's KraussMaffei, which makes machinery for processing plastics, has appointed Saudi-based eRam Holding, a diversified trading and service company, as its sales agent for the GCC. ERam will represent all three of KraussMaffei's technology divisions - extrusion, injection moulding and reaction process machinery - in the Gulf. The Jeddah-based group has branches in Riyadh, Dubai and Kuwait City, as well as in Amman, Beirut and Cairo outside of the GCC.

  • Etihad announces $14bn engine order

    Etihad Airways has selected GE Aviation, Rolls-Royce, Engine Alliance and International Aero Engines (IAE) to power the new Airbus and Boeing aircraft that it ordered at last year's Farnborough International Airshow. The carrier announced firm orders yesterday at the Paris Air Show for: 78 GEnx engines, 45 Engine Alliance GP7200 engines, 44 IAE V2500 engines, 50 Rolls-Royce Trent XWB engines, and 22 GE90 engines. The firm orders for 239 engines, which include 19 spares, are worth US $7bn at l

  • Etihad Cargo inks Descartes Cargo 2000 deal

    Etihad Crystal Cargo has selected Descartes Systems Group's Descartes Cargo 2000 to help the airline comply with business process and automation standards established by the International Air Transport Association. The new software system will allow the airline to monitor shipments at a master airway bill level between airports; monitor events and match route map milestones against actual event timing; consolidate the status data of multiple route maps to obtain statistical data about transpo

  • Etihad flies to Athens

    Etihad Airways has launched its inaugural flight from Abu Dhabi to Athens, Greece. Athens is now served three times a week from Abu Dhabi using an Airbus A320 aircraft.

  • Etihad launches airport nanny service

    UAE national airline Etihad Airways has introduced a nanny service for some passengers with children who are flying out from Terminal 3 at Abu Dhabi Airport. The service is available for those who are flying business or first class. Etihad is also soon to open family-only check-in desks at Terminal 3, for use by families travelling in all classes.

  • Etihad reiterates bullish revenue forecast

    UAE national carrier Etihad has reiterated its revenue forecast of $3.1bn for 2009. The airline's VP for revenue management, Roy Kinnear, said Etihad would continue its planned expansion, despite the severe downturn dogging the industry. "Our growth is tied into the Abu Dhabi development plan, so there is no slowing down," he said.

  • Etihad signs $7bn aircraft engines deal

    Etihad Airways has placed a $7bn order for 239 engines to power its 100 incoming new aircraft.

  • Etihad to announce $6.7bn engine orders at air show

    Abu Dhabi-based Etihad Airways plans to announce engine orders worth about $6.7bn including service at the Paris Air Show, Bloomberg has reported citing three people familiar with the matter. The engines are for the 100 Boeing and Airbus aircraft announced at the Farnborough International Air Show last year.

  • Etihad to fly 7 million passengers in '09, says official

    Etihad Airways plans to fly seven million passengers in 2009, an increase of 15% over the previous year, said Etihad Head of Corporate Communication Hareb Al-Muhairy on Monday. Addressing the media at a roundtable lunch, the official said the airline will introduce flights to Chicago, in addition to having already announcing new routes to Astana, Istanbul, Turkey, Greece and Larnaca in May. Al-Muhairy highlighted that the occupancy of the carrier is over 80%, reported Al Watan Daily.

  • Etihad to fly to Chicago

    Etihad Airways has said its inaugural flight from Abu Dhabi to Chicago will take off on September 2, to strengthen the airline's network in North America. The carrier, initially, will fly to Chicago three times a week and from October 1, flights on that route would be daily. An Airbus A340-500 wide body aircraft will serve the route, Etihad said.

  • Exysm wins Kuwaiti cables contract

    Japan's Exysm Corporation with the local Abdullah al-Hamed al-Sagar & Bros has won a contract for the supply and extension of ground cables in Kuwait's Shuaiba area.

  • Fall in Dubai Financial Market wipes out gains

    The Dubai Financial Market (DFM) dropped to 1,745 points during trading on 28 June, wiping out the gains made during the first five months of 2009.

  • Federici Stirling and Batco secure Omani road deal

    The joint venture of Italy's Federici Stirling and Lebanon's Batco has been awarded a RO22.9m ($59.4m) contract to upgrade the road between Zurub and Buraimi.

  • FedEx signs deal with Qatari postal major

    Qatar's Q-Post has signed a memorandum of understanding for the launch of Qpex, the new courier service to be offered by Q-post, the Peninsula reported. Initially, the new service will be available only at the main post office and the Teyseer Post Office, and will then be extended to the rest of the post offices.

  • Financier urges Gulf to form industrial investment fund

    GCC governments should form a collaborative industrial investment fund in order to see through major projects as international banks lose their appetite for such schemes, a senior regional financier says.

  • Firms submit bids for Saadiyat island villas in Abu Dhabi

    Abu Dhabi's Tourism Development & Investment Company (TDIC) has received bids for the contract to build 295 villas on Saadiyat island.

  • Firms to submit bids for Qurayyah power plant

    Bidders for the Qurayyah combined cycle power plant project in Saudi Arabia will submit their commercial offers on 13 June.

  • First Bahrain stops project in Seef

    Local developer First Bahrain Real Estate Development Company has cancelled plans for the $450m mixed-use development in the Seef district.

  • Flat screen manufacturer enters the UAE

    Flat screen manufacturer AOC has entered the AUE market to sell its own brand. The Taiwan-based company is planning to set up a warehouse and offices in Dubai and may eventually have a manufacture base in the country, Khaleej Times has reported. The company expects at least 5% share of the Middle Eastern market for LCD monitors, flat screens and all-in-one components in 2009.

  • FlyDubai adds fifth route

    Budget airline FlyDubai has added a fifth destination to its routes. From July 13, the airline will be flying to Syria's second largest city, Aleppo. Initially FlyDubai will operate the route daily, to take advantage of the peak season, knocking it back to four times a week from September. It will use its third Boeing 737-800 NG aircraft, which is due for delivery in early July. Launched earlier this month, the airline currently flies to Beirut, Amman, Damascus and Alexandria.

  • FlyDubai adds Indian destinations to network

    FlyDubai will add three Indian cities to its international network from July.

  • FlyDubai adds new flights to India

    FlyDubai, Dubai's first low cost airline, has announced plans to launch its first flights to India. The carrier said it will fly to the north eastern city of Lucknow on July 13, followed by Coimbatore in the south of the country on July 14. The third destination will be added on July 23 when flights to the north western city of Chandigarh begin.

  • FlyDubai announces flights to Aleppo, Syria

    FlyDubai has added a fifth destination to its fledgling international network and will launch flights to Aleppo in Syria from 13 July.

  • Flydubai fares go on sale

    Flydubai has announced its firt sale on selected flights for all its routes, except Aleppo. The sale takes place between 22nd June and 14th September 2009. Sale bookings will be open at the Flydubai website between 23:59hrs Dubai time (22:59 in Jordan) on Sunday 21st June and 23:59hrs Dubai time (22:59 in Jordan) on Tuesday 30th June, or until availability runs out.

  • Flydubai to launch Syria, Egypt flights

    Flydubai, in its second week of commercial operation, is set to start flights to two new destinations. The carrier said it will begin flights to Damascus on June 8th and begin service to Alexandria, Egypt on June 9th.

  • Flydubai to start India service

    Dubai's new low-cost airliner, Flydubai, will be launching flights to smaller Indian cities such as Lucknow, Coimbatore, Chandigarh and Jaipur, as part of an agreement between India and the UAE which allows each side a weekly seating capacity of over 29,000 in either direction on outbound flights, reported India Times. The date for commencement of the service is yet to be announced.

  • Four Seasons UAE hotel scrapped

    Al-Futtaim Group Real Estate (AFGRE) has called off the construction of the first Four Seasons Hotels and Resorts UAE property, a 400-room hotel in the Al Badia district of Dubai Festival City. AFGRE has declined to comment on the reasons behind its decision. The golf club at the location will be taken over by a Festival City-based hotel.

  • Fugro bids low for Salalah port deal

    Fugro Middle East is the lowest bidder for a contract to carry out a technical investigation for two new berths proposed for the Port of Salalah.

  • Fujairah sets up tourism authority

    The ruler of the UAE emirate of Fujairah has established the Fujairah Tourism and Archaeology Authority (FTAA), which will replace the Fujairah tourism office and archaeology and heritage department. The FTAA will seek to develop tourism in the emirate while seeking to maintain its local culture and history.

  • Further delays to Kuwait oil manifold deal

    Kuwait Oil Company has delayed the bid deadline for a contract to build a new crude oil manifold in West Kuwait by around two weeks after requests from bidding contractors.

  • Gaza violence hits Palestinian hotel occupancy rates

    Occupancy rates in Palestinian hotels fell sharply during the first quarter of 2009, hit by the violence in Gaza earlier in 2009.

  • GCC looks at single-visa system

    Kuwaiti General Administration for Immigration's Director-General Brigadier Kamel al-Awadhi has told the Kuna news agency that GCC immigration chiefs are expected to approve a single visa application system that will enable Gulf visitors to tour all the six GCC member countries. During a meeting of immigration chiefs in Abu Dhabi, the Gulf delegates will also adopt an overture to give foreign residents in GCC countries a 'double residency permit' in order to allow them to study and open offic

  • GE bids low for Subiya power project

    A consortium of the US' GE and South Korea's Hyundai Heavy Industries is the low bidder for Kuwait's Subiya power plant project, according to commercial offers.

  • GE, Mubadala plan engine maintenance centre

    General Electric has announced plans to set up a maintenance and repair center with Abu Dhabi's Mubadala Development. Mubadala's Abu Dhabi Aircraft Technologies division will service the US company's planned GEnx engine as well as existing models. GE and the Mubadala unit will also establish a training center in the emirate.

  • Global airline industry to lose $9bn this year

    The International Air Transport Association (IATA) has said the global airline industry is expected to suffer losses of $9bn in 2009, which is nearly double the association's March estimate of $4.7bn. IATA has also revised its loss estimate for 2008 to $10.4bn from a previous estimate of $8.5bn.

  • Google launches new tool for Microsoft business users

    Google Inc. has introduced 'Google Apps Sync for Microsoft Outlook' software to make it easier for businesses using Microsoft Corp's Outlook/Exchange server to switch to its cloud-based online service. The new product will be available immediately as part of the existing Premier version of Google apps, which costs $50 per business user but is also available to educational and non-profit customers for free.

  • Google unveils Arabic translating tool

    Google has unveiled a translation kit to convert text to Arabic. The Google Translator Toolkit helps translators to create Arabic versions of English web pages. The tool provides an automatically translated version of a web page which can then be corrected or improved by a translator with help from the search engine's online dictionary.

  • Gozour buys 'Enjoy from Haykala

    Regional agrifood platform Gozour, established by Citadel Capital and a group of regional co-investors, has acquired the Nile Company for Food Industries (Enjoy), from Haykala, the Egyptian private equity firm founded by Commercial International Bank. Neither party disclosed the value of the transaction.

  • Grandweld secures new shipbuilding contracts

    Dubai-based Grandweld Shipyard has won a contract to build two 36m utility vessels and one 41m crewboat for Humaid Badir Marine Shipping. The utility vessel is designed to accommodate up to 44 persons, 70 tons of deck cargo and is powered by two Caterpillar engines rated at 1450HP each that would take the vessel to a maximum speed of 13knots. The crewboat carries 45 tons of deck cargo, 60 persons, has a maximum speed of 24knots and includes customer specified requirements.

  • Gulf Air agrees $1.5bn Rolls-Royce contract

    Gulf Air has agreed a deal with Rolls-Royce worth about $1.5bn for engines to power its incoming fleet of new aircraft.

  • Gulf Capital raises $500m for private equity fund

    UAE-based buyout firm Gulf Capital has raised AED1.75bn ($476m) from predominately international investors, which it will use to capitalise on lower valuations of businesses as a result of the financial crisis.

  • Gulf International Bank plans to buy back bond

    Bahrain-based Gulf International Bank (GIB) said it will buy back part of an outstanding $400m bond issue that matures in 2015, in an auction that is expected to price the bonds at about 77 cents for every dollar.

  • Gulf International Bank reports $42.9m profit

    Bahrain-based Gulf International Bank has reported a $42.9m profit for the first quarter of 2009. This is an 89 per cent increase on the first quarter of 2009, when the company was suffering from losses on its proprietary trading.

  • Gulf power trading agreement nears

    The GCC Interconnection Authority (GCCIA) plans to conclude a power exchange trading agreement before the end of June, say sources close to the GCC grid scheme.

  • Gulf prepares to lead global economic recovery

    There are signs that the economic shock in the Gulf is coming to an end and the region will start leading the international recovery.

  • Gulf Projects 01 June 2009: Index drops 0.4 per cent

    The MEED Projects - CMI index fell 0.4 per cent in the week to 1 June. The value of projects planned or under way remained unchanged in most countries.

  • Gulf Projects 08 June 2009: Index rises 0.1 per cent

    In the week ending 8 June, the MEED Projects - CMI Index rose by 0.1 per cent. Iran was the fastest growing market, recording a 1.7 per cent increase in the value of projects planned or under way.

  • Gulf Projects 15 June 2009: Index drops 1.8 per cent

    The MEED Projects - CMI Index dropped by 1.8 per cent in the week ending 15 June. The value of projects on hold across the region reached nearly $513bn.

  • Gulf Projects 22 June 2009: Index falls 0.1 per cent

    The MEED Projects - CMI Index declined by 0.1 per cent in the week to 22 June. The value of projects planned or under way across the region fell to $2.6 trillion, with a further $515bn on hold.

  • Gulf Projects 29 June 2009: Index drops 1 per cent

    The MEED Projects - CMI Index fell by 1 per cent to reach $2.58 trillion in the week ending 29 June. The value of projects on hold across the region reached $527bn.

  • Gulfnav to finalise new fleet deal

    Gulf Navigation Holding (Gulfnav) has announced that it is in the final phase in negotiating the acquisition of a large and modern tanker fleet to to expand its chemical, product and crude carrier fleets. is also in negotiations with leading banks about a competitive package to finance the transaction.

  • Gulftainer wins Borouge logistics work

    Sharjah-based ports operator Gulftainer has won a five-year deal to oversee logistics operations at Abu Dhabi’s main petrochemicals production complex.

  • Halwani plans Saudi expansion

    Saleh Hefni, chief executive of Saudi-based food company Halwani Brothers has said that the firm plans to spend up to SR250m on the first phase of its expansion, which will include a date biscuit plant and a packaging unit that will start before the end of 2010. The group is aiming to double to 10% its annual sales growth, beginning in 2011. The company has been posting an annual sales growth of 5% 'which is not acceptable to our management,' he said. The expansion will be 50% funded by the s

  • Heritage Oil and Genel Energy merge in Iraq

    The UK's Heritage Oil is to merge with Turkey's Genel Energy International in a move creating the largest oil exploration firm working in the Kurdistan region of Iraq.

  • Hilton to manage residences in Qatar

    Hilton Hotels Middle East and Africa has announced the signing of a management agreement with the New Doha Hotels Company for the Hilton Doha Residence located in the upmarket West Bay district. The new residence, which is set to open in Q2 2012, will feature approximately 288 studios, one, two and three-bedroom apartments, with facilities including a restaurant, health club, outdoor swimming pool and car park.

  • Holiday travel 'unaffected' by swine flu

    Holiday travel from Dubai is picking up after being on a low key for three weeks following the outbreak of swine flu in Mexico in mid April this year. Dubai's travel agencies have also seen a change in destinations, with Middle East countries as the most favoured by families. However, corporate travel remained more or less the same for the European and North American sectors. Darshana Cabraal, Arabian Oryx operations manager, told Khaleej Times that swine flu is not affecting the travel indus

  • HP appoints Metra as distribution partner

    HP Middle East has appointed Metra Computer as the new distribution partner of HP's IPG and PSG product in selected countries in the regon. As HP's new strategic partner in the region, Metra will take on the distribution operations of IPG and PSG products in UAE, Bahrain, Oman, Yemen and Iraq and the distribution of IPG products in KSA.

  • HP to test social network

    Hewlett Packard (HP) is in the process of testing a social network, dubbed 'Friendlee', which it plans to unveil in September. The programme analyses calls and messages to collate a user's closest correspondents, which it then prioritises. Researchers studied social networking sites including Twitter and Facebook to build up a picture of common usage patterns. The application will run on windows mobile, Google Android and Blackberry handsets.

  • HSBC ups Sabic, Industries Qatar price estimates

    HSBC Holdings has raised the price estimates of five chemical companies in the region, including Saudi Basic Industries Corp (Sabic), which said higher crude prices will increase revenue. Sabic had its share-price estimate raised 5.6% to SR95, while price projection for Industries Qatar was raised to QR150 and Saudi Arabian Fertilizer Co. to SR145. All three shares are rated "'overweight' by the bank. HSBC has also raised price estimates of Saudi Kayan Petrochemical Co. and Yanbu National Pet

  • Hyatt to expand 4-star segment in region

    Global Hyatt is planning to expand its presence in the four-star limited services sector in the Middle East, reported Emirates Business. Peter Fulton, Managing Director of Hyatt for Southwest Asia, said the company hopes to have 10 hotels in the Gulf region by 2015.

  • Hyflux signs Libyan desalination deal

    Singapore’s Hyflux and Libya’s General Desalination Company (GDC) have signed a memorandum of agreement to build two desalination plants in the country.

  • Hyundai Heavy Industry completes building oil platform in Abu Dhabi

    South Korea's Hyundai Heavy Industry (HHI) has completed the construction of a third offshore oil production platform to be used at the Umm Shaif field in Abu Dhabi.

  • IBM moves regional headquarters to Dubai

    IBM has relocated its regional headquarters for Central and Eastern Europe, Middle East and Africa to Dubai, reported Khaleej Times. The decision to move the region's headquarters from Zurich to Dubai was based on a desire be closer to the emerging markets of 100 countries, which will be the main focus for IBM's future business development, the company said.

  • IHG to manage Al Badia Golf Club

    Intercontinental Hotels Group (IHG) has been awarded the management contract for the nearby Four Seasons Golf Club by Al Futtaim Group, Gulf News has reported. Starting July 1, the club will be rebranded as Al Badia Golf Club. IHG is managing the golf club for five years.

  • Indian firm low bidder for Shinas port deal in Oman

    India's Consulting Engineering Services (CES) is the lowest bidder for a contract to carry out a feasibility study into the development of Oman's Shinas port and to oversee construction at the site.

  • India's Kingfisher flies to Dubai

    India's Kingfisher Airlines has launched its daily direct flights from Dubai to Bangalore. The flight will take off from Dubai at 10:10 pm and reach Bangalore at 3:45 am, the following day. Kingfisher Airlines flights operate from Terminal 1 of Dubai Airport. Flights from Bangalore will leave at 6:15 pm and will reach Dubai at 8:55 pm, local time.

  • Injazat Data Systems inks service deal with Microsoft Gulf

    Injazat Data Systems, a joint venture between Mubadala Development and Electronic Data Systems (EDS), has signed a Service Provider Licensing Agreement with Microsoft Gulf that will enable it to provide an expanded range of software and services offerings including e-email, corporate instant messaging, workspace collaboration and customer relationship management (CRM). The expanded line of services will be released to the market in stages within the next 12 months, Injazat said.

  • InterCon inks Saudi deal

    InterContinental Hotels Group (IHG) has signed an agreement with Saudi Arabia's Rayadah Investment Co, a subsidiary of the Public Pension Agency, for the operations and management of Crowne Plaza Hotel in Riyadh's Information Technology and Communication Complex (ITCC). Rayadah has committed SR6.2bn for the development of the ITCC project, said PPA Gov. Mohammed bin Abdullah Al-Kherashi.

  • Investment Corporation of Dubai invests $1bn in Emirates NBD

    Investment Corporation of Dubai (ICD), the investment arm of the Dubai government, has invested AED4bn ($1.1bn) in Emirates NBD.

  • Ipic receives regulatory approval to buy Nova Chemicals

    US and Chinese regulators have given Abu Dhabi state-owned investment fund International Petroleum Investment Company (Ipic) permission to buy the Canadian company Nova Chemicals.

  • Iran awards liquefied gas deal to Daelim

    National Iranian Oil Company (NIOC) has awarded a $111m deal to South Korea's Daelim Industrial Company to build a liquefied natural gas (LNG) plant at Tombak on the Hormuzgan coast.

  • Iran awards South Pars gas deal to local firm

    National Iranian Oil Company (NIOC) appears to have snubbed the UK/Dutch Shell Group by signing a deal with one of its own subsidiaries to develop phases 20 and 21 of the giant South Pars gas field.

  • Iran delays bids for Uromieh power plant conversion

    Iran Power Development Company (IPDC) has dealyed the bid deadline for the Uromieh combined-cycle conversion to mid-July.

  • Iran replaces deputy oil minister

    Tehran has unexpectedly removed the Deputy Minister for Planning Akbar Torkan from the Petroleum Ministry and promoted Ibrahim Radafzoun to the position.

  • Iran sets aside $3bn for industry support

    Iran has set aside $3bn for loans to domestic industrial and production units. The Ministry for Industries and Mines has identified over 2,200 industrial companies in Iran that are struggling with financial problems and has proposed that the government extend their loan repayment periods by another year. The proposal has been approved.

  • Iran signs methanol technology deals

    Iranian private sector companies Marjan Petrochemical Company and Kimiaye Pars have signed technology deals with Denmark's Haldor Topsoe to help them build two separate methanol plants.

  • Iran signs South Pars gas deal with China

    National Iranian Oil Company (NIOC) has signed a $4.7bn deal with China National Petroleum Corporation (CNPC) to develop phase 11 of the South Pars gas field, in a move which appears to displace France's Total from the project.

  • Iran to mass produce missiles

    Iran's Defence Minister Brigadier General Mostafa Mohammad-Najjar has inaugurated the production line of domestically-made supersonic ground-to-air missile system 'Shahin', which has a range of more than 40km, according to Press TV. Najjar said the research and production phases of the defence system, including missile, missile interceptors, hardware and software networks and launch pad have been carried out by Iranian experts. The system is capable of targeting fighter jets and helicopters,

  • Iran to receive $250m in electricity for Armenia rail link

    Iran will receive electricity worth up to $250m from Armenia to subsidise a $1.2bn rail link between the two countries.

  • Iraq Airways to resume London flights

    Sobhi al-Shebani, director of civil aviation at Iraqi Airways has said that Iraq and Britain have signed a memorandum of understanding to resume flights between Baghdad and London and would later cover all other British cities, according to Aswat al-Iraq news agency. al-Shebani also said that other routes with Pakistan, India and Germany are planned for the near future.

  • Iraq delays oil bid round following dust storm

    Iraq's Oil Ministry has postponed the opening of bids for the country's first oil field licensing round because a dust storm closed Baghdad's international airport on 28 June.

  • Iraq holds talks over transport projects

    Iraq's National Investment Commission (NIC) has held talks with local officials in Basra to kickstart new transport projects in the Southern Province.

  • Iraqi Airways to start flights to London

    Iraqi Airways says it could use planes borrowed from the US to restart direct flights between Baghdad and London.

  • Iraqi official confers Iraq's ports with Dubai Int'l

    Iraqi deputy premier Rafie al-Isawi conferred in the UAE methods to develop Iraq's ports and free zones with the deputy director general of Dubai International Company, according to a release issued by al-Isawi's office. 'Developing Iraq's ports will offer a large number of job opportunities, and will create distinguished cooperation between Iraq and the UAE,' the release received by Aswat al-Iraq news agency quoted al-Isawi as saying.

  • Iraq's Tourist Island seeks investors

    The spokesman for Iraq's Ministry for Tourism and Antiquities has said although the ministry has started rehabilitating the water and electricity stations on Baghdad's Tourist Island, it lacks sufficient funding to rehabilitate the entire Island, Aswat al-Iraq has reported. The ministry has offered the Island's amusement park and bowling club for investments, he said.

  • Ishraq to up Holiday Inn expansion funding

    Sami Al Ansari, CEO of Ishraq Gulf Real Estate has said the company plans to boost its initial investment of $100 million (Dh367.3m) with an additional $100m for its hotels under construction in the GCC, Emirates Business has reported. He said the company will soon start the construction of a 289-room Holiday Inn Express in Bahrain in addition to the design of a project in Fujairah in the UAE.

  • J Ray McDermott awards Manifa oil field deal

    The UAE-based J Ray McDermott has awarded a contract to the US' Tideland Signal to supply navigational aids for Saudi Aramco's 900,000 barrel-a-day (b/d) Manifa oil field development project.

  • Jafza posts growth, freezes hikes

    Salma Hareb, CEO of Jebel Ali Free Zone Authority (JAFZA) has said that the free zone has recorded an 18% growth in revenues during the first quarter of 2009, compared to the same period in 2008, according to the Khaleej Times. She also said that Jafza will not raise the fees it charges firms that operate in the zone, as part of an effort to support them during the crisis. Jafza will extend all kinds of support to companies operating in the free zone, but will offer relief only on an individu

  • Japanese export agency signs memorandum with Bahrain

    Japan Bank for International Co-operation (JBIC), the country's export credit agency, has signed a memorandum of understanding with Bahrain, which will result in the agency becoming a source of financing for projects in Bahrain.

  • Japanese win Petro Rabigh expansion study

    A Saudi /Japanese joint venture has signed up Japan's JGC to oversee the development of an expansion of their giant integrated refinery and petrochemicals complex at Rabigh in Saudi Arabia.

  • Jazeera Airways adds Egypt and Iran to network

    Jazeera Airways is to add two new destinations to its international network to coincide with the peak summer season.

  • Jazeera Airways flies non-stop to Hurghada

    Jazeera Airways, Kuwait's low-fare airline, has launched non-stop service to the Egyptian Red Sea resort of Hurghada. The airline said it will fly five times a week from Kuwait daily at 11.30pm, with the exception of Tuesday and Friday, with one-way fares beginning at KD29.

  • Jazeera Airways gets tenth plane

    Kuwait's Jazeera Airways has taken delivery of its latest Airbus A320 aircraft, bringing the airline's fleet size to 10. Marwan Boodai, CEO of Jazeera Airways, said the new aircraft will allow the company to add more new destinations and increase the frequency of routes to popular destinations, such as Dubai, Beirut and Alexandria. The airline has another 30 aircraft on order.

  • Jazeera Airways launches non-stop flights to Hurghada

    Kuwait's budget airline, Jazeera Airways, has launched its newest route connecting Kuwait with the Red Sea coastal summer resort of Hurghada in Egypt. The service will fly five times a week, with one-way tickets starting at KD29.

  • Jazeera Airways names Pichler as CEO

    The board of Kuwait-based Jazeera Airways has named Stefan Pichler as the airline's new chief executive officer. In his new role Pichler will be responsible for the operational and financial performance of the airline, according to a statement. For the past five years, Pichler served as Virgin Blue's chief commercial officer.

  • Jazeera launches Antalya route

    Jazeera Airways has announced a twice weekly service to the Turkish city of Antalya beginning from June 4. One way fares will start from $100 including taxes and fees, the airline said. The service will run on Thursday and Saturday.

  • Jazeera transfers hub from Dubai to Bahrain

    The Chief Commercial Officer of Kuwait's Jazeera Airways, Steven Greenway, has said that the carrier will switch to Bahrain for its second hub, according to the Gulf Daily News. Jazeera had been operating from Dubai as its second hub, but was not fully satisfied and had 'encountered difficulties'. Although the Kuwaiti airline still flies into and out of Dubai, it wishes to give Bahrain the 'hub' status, he said. This will mean the airline's crew being based in Bahrain. Bahrain has everything

  • Jebel Ali free zone reports revenue growth in first quarter

    Dubai's Jebel Ali Free Zone Authority (Jafza) has reported an 18 per cent growth in revenues during the first quarter of 2009.

  • Jeddah real estate prices falling

    Real estate prices in Jeddah are falling, according to new research from Jones Lang LaSalle.

  • Jordan delays deadline for oil field bids

    Jordan's state-run Natural Resources Authority (NRA) has delayed the deadline for companies to submit bids for two large oil blocks until 2 July from the original date of 31 May.

  • Jordan to expand Al-Samra wastewater plant

    Jordan's Water & Irrigation Ministry is seeking technical and financial consultants for the project to expand the Al-Samra wastewater treatment plant.

  • Jotun Paints revenues up 40%

    Eric Aaberg, Executive Group Vice-President of Jotun Paints has said that its sales had increased by 40% during the first four months of 2009 compared to the same period last year, Emirates Business reported. However, he said that the group was likely to witness a drop in revenues during the second half, due to the number of cancelled projects.

  • Jumeirah announces four new general managers

    Jumeirah Group has announced the appointment of four new general managers for hotels in Frankfurt, Kuwait, New York and Dubai. Ms. Dagmar Woodward will be general menager of Jumeirah Frankfurt, scheduled to open in mid-2010; Mr. Mahmoud Sakr will be general manager of Mina A' Salam in Dubai; Mr. Khaled Helmy will be general manager for Jumeirah Messilah Beach in Kuwait, which is scheduled to open in 2010, and Mr. Gary Schweikert will be the new general manager of New York's Jumeirah Essex Hou

  • Jumeirah Hotels to resume hiring

    Jumeirah's executive chairman, Gerald Lawless, has said that the after a nine-month hiatus, the company expects to unlock a recruitment freeze by year-end ahead of the Shanghai hotel opening in 2010, and is aiming for expansion, Reuters reported. 'I can guarantee 100% we will be operating 30 hotels by 2013,' he said.

  • Khalda discovers oil in Egypt

    Egypt's Khalda Petroleum Company has discovered oil in its South Umbarka concession in the Western desert.

  • Kids go free on Emirates

    Emirates Airlines has launched the 'Kids Go Free' promotion offering a free flight for one child under the age of 16 years per family and up to a maximum of two children to stay, eat and play for free when travelling with two paying adults while visiting Dubai with Emirates. A total of 33 hotels in Dubai are participating in the promotion. In addition to free flights, accommodation and meals, children will also have free entry to some of Dubai's children's attractions. The Dubai Mall will als

  • Kingfisher debut flights to Dubai from India

    Despite the global downturn in the aviation industry, airlines in the Middle East and neighbouring countries are adding new routes and destinations. India's fastest growing airline, Kingfisher, is expanding its international network with its first Middle East destination. Siva Ramachandran, VP Global Sales, Kingfisher Airlines talks to Phil Blizzard about the new service connecting Bangalore with Dubai.

  • Kingston unveils 128GB USB Drive

    Kingston Technology Europe, the manufacturer of memory products, has announced the release of the DataTraveler 200, the world's first 128GB USB Flash drive, for users in the Middle East. The new DataTraveler 200 features a capless design that protects the USB connector when not in use, and is enhanced for Windows ReadyBoost, in addition to providing users with the option of a password to protect their data.

  • Kuwait Airways receives renewal of ISO-9001-2000

    The Kuwait Airways Corporation has received a renewal of the 9001 and 2000 International Organization for Standardization (ISO) certificate from the German TUV company, for its performance in comprehensive audit and review, KUNA has reported. The renewal underlines KAC's obligation to provide the best services for its clients worldwide, the airline said.

  • Kuwait Airways to be privatised by year end

    Kuwait's Minister of Communications, Dr. Mohammed Al-Busairi, has said that Kuwaiti Airways (KAC) will be fully privatised by the end of the year. According to Act No 6 2008 that was adopted by the country's government last July, an investor may acquire a 35% stake in new company's capital, the government 20% and the staff of the company 5%, while the remaining 40% of shares will be available for the public to buy. Kuwait Investment Authority will run the KAC privatisation process, while Erns

  • Kuwait delays $110m oil pipeline contract

    Kuwait Oil Company (KOC) has delayed the deadline for bids for a $110m contract to build crude oil pipelines in the north of the country.

  • Kuwait delays bid deadline for oil pipeline contract

    Kuwait Oil Company (KOC) has delayed the bid deadline for a contract to build a network of oil and gas pipelines in North Kuwait.

  • Kuwait delays Jahra road bid deadline

    Kuwait's Public Works Ministry has extended the closing date for bids to upgrade Jahra road, west of Kuwait City, until 7 July.

  • Kuwait extends bid deadline for oil and gas gathering centre

    Kuwait Oil Company (KOC) has delayed the bid deadline for the contract to build an oil and gas gathering centre in the west of the country by about three weeks.

  • Kuwait Petroleum moots acid gas plant

    Asaad Al-Saad, vice chairman of Kuwait National Petroleum Company has said that the company is considering building an acid gas manufactory west of Kuwait in order to turn this sulfur-rich gas into marketable natural gas, according to Kuna. He said that the initial cost of the project would be at KD200m but stressed that it was still too early to determine the costs.

  • Kuwait regasification operational in July

    The US' Excelerate Energy will complete the construction of Kuwait's first $150m floating liquefied natural gas (LNG) regasification terminal in early July in time for peak summer gas demand.

  • Kuwait upgrades Patriot missile defence system

    Kuwait will buy equipment to upgrade and test its Patriot missile system from the US Army in a deal worth $36m.

  • Kuwaiti firm secures work on Al-Mabaar project in Jordan

    The UAE office of KEO International Consultants has won a six-month programme management contract from Abu Dhabi-based Al-Maabar International Investments on the developer's $10bn Marsa Zayed real estate project at Aqaba in Jordan.

  • Largest warehouse facility in Gulf opens in Kuwait

    Kuwait's Al Mazaya Holding Company has announced the launch of the 7 Zones warehouses, which extend over an area of over 12,000 sq.m., amking it the largest warehousing facility in the Gulf, the company said. The warehouses, which range in size from 70 to 743 sq.m., are located in the Al Shuwaikh Industrial District, within close proximity to Kuwait City.

  • Larsen & Toubro secures Nakhal substation deal

    India's Larsen & Toubro has won an RO8.1m ($21m) contract to build a substation in Oman.

  • Lebanon tenders wastewater contracts

    Lebanon's Council for Development & Reconstruction has invited bidders to submit their proposals for the construction of a wastewater network system and three treatment plants in the Nabatieh district by 16 July.

  • Lenovo targets consumer market

    PC manufacturer Lenovo plans to launch notebooks aimed at the consumer segment for the first time, in a bid to regain lost market share in the region, according to Emirates Business. Lenovo's executive director and regional general manager Khaled Kamel said that the company wants to be number four in Saudi Arabia within two years. Qatar, Oman and Kuwait are important markets too, he said. 'The important point is that quality and specifications have to meet the demand. Prices will be based on

  • Lexmark unveils 650 range

    Lexmark International has unveiled the new Lexmark 650 family of monochrome laser printers and multifunction products. Lexmark says that the new 650 range offers best-in-class toner capacity with access to extra-high-yield cartridges that print up to 36,000 pages. Additionally, the products offer security features including network security, user-access restrictions, an alphanumeric pad for PIN authentication, and disk encryption and wiping.

  • Libya awards gas project to Taqa Arabia

    Taqa Arabia, a subsidiary of Cairo-based Citadel Capital, has won a Eu118m ($165m) contract to build a as distribution network in Libya.

  • Libya awards gas terminal work to Interbeton

    Libya's state-run Zuetina Oil Company has awarded a cooling water contract on its liquefied petroleum gas (LPG) terminal to the Dutch-based construction firm Interbeton.

  • Libya launches survey for Al-Jurf oil field

    Libya's state-run Mabruk Oil Operations has issued a tender for an offshore environmental study for the second-phase development of its Al-Jurf oil field, 160 kilometres northwest of Tripoli.

  • Libyan Airlines launches new routes

    Libyan Airlines has announced the launch of two weekly flights to Athens, Greece. The carrier will also launch further new routes from June 17 with three weekly flights from Tripoli to Madrid, Munich and Ankara, and two weekly flights from Sebha to Nigeria’s Niamey and two added weekly flights to the Sudanese capital Khartoum from Benghazi. The airline has also announced the expansion of its route network to include daily flights to Tunis, Cairo, Alexandria, Dubai, Amman, Casablanca, commenci

  • Litigations rise as construction deals unravel

    Litigation should be the last resort, not the first option when a construction contract goes wrong. But patience is wearing thin in the GCC projects market.

  • Lootah Group to invest in Dubai gas equipment plant

    UAE-based SS Lootah Group is to invest $64m in a new oil and gas equipment manufacturing plant in Dubai, the company said in a 9 June statement.

  • Lufthansa, DHL launch joint cargo airline

    Lufthansa Cargo and DHL Express have officially launched their joint cargo airline, AeroLogic, which will start service on June 29th. The new JV will deploy eight leased Boeing 777 freighters, two of which have already been delivered with two more scheduled to follow by the end of the year. The remaining four planes will join the fleet by the end of 2010. DHL will operate express services on a Leipzig-Bahrain-Singapore-Delhi-Leipzig rotation on weekdays, while Lufthansa Cargo will operate on

  • Maersk to up shipping fees

    Maersk Line, the world's largest container shipper, has said in a statement that it will raise freight rates between Europe and Asia for the second time in two months as 'current price levels are still unacceptable,' Reuters has reported. The company said that it would raise its rates on transport routes from the Far East to the Mediterranean and North Europe by $300 per 20 foot container unit on July 1. It will also introduce a peak-season surcharge of $150 from August 1 through October 31.

  • Marafiq to open bids for Yanbu power plant expansion

    The Power & Water Utility Company for Jubail & Yanbu (Marafiq) is expected to open commercial bids for the phase 5 and 6 expansion of the Yanbu Industrial City power plant in July.

  • Marriott offers free nights across Middle East

    Marriott is offering its Free Night stay promotion, available for stays from June 25 - September 7, at 20 hotels in the Middle East. This is part of nearly 300 participating JW Marriott Hotels & Resorts, Marriott Hotels & Resorts, Renaissance Hotels & Resorts and Courtyard hotels across the world, including Europe, Asia, Hawaii, the Caribbean and South America. Bookings are different in locations and to book Marriott's free night stay promotion, visit Marriott.com/freenight and use promotiona

  • Masdar launches largest regional power plant

    Abu Dhabi Future Energy Company (Masdar) has launched a 10MW solar photovoltaic power plant which will provide energy for construction work at Masdar City.

  • Mashreq Bank holds talks with firms over restructuring loans

    The UAE's Mashreq Bank has confirmed it is talking to Saudi Arabia-based businesses about restructuring the money they owe the bank.

  • ME airlines to lose $1.5bn this year, says IATA

    The International Air Transport Association (IATA) has said in a revised forecast that despite strong passenger traffic growth in the region, Middle East-based airlines stand to lose a total of $1.5bn this year due to the global economic slowdown. Middle East's intercontinental airline hubs are vulnerable to recessionary impacts in both European and Asian markets, IATA added.

  • MGM Mirage cancels bankruptcy warning

    MGM Mirage has announced that there is no longer 'substantial doubt about its ability to continue as a going concern' after recent efforts to negotiate with lenders and trim the company's massive debts. The 'going concern' warning surfaced in the company's annual report March 17, which became the basis of a lawsuit by Dubai World, MGM Mirage's business partner in CityCenter. While MGM Mirage has averted the immediate threat of Chapter 11 bankruptcy, some critics warn that the company's debts,

  • MGM Mirage to launch hotel in Egypt

    MGM Mirage and New Giza for Real Estate Development - an Egyptian company building a mixed-use community near the base of the famous pyramids - have announced plans to develop the MGM Grand New Giza. The 550-room hotel will offer views of the city of Cairo and the pyramids of Giza and will be connected via electric train to the new Egyptian antiquities museum, currently under construction. All equity funding for the development will be provided by New Giza for Real Estate Development. MGM Mir

  • Microsoft launches Bing

    Microsoft Corp today fully deployed its new search engine, Bing, across the world. Located at www.bing.com, Bing aims to help customers make faster, more informed decisions. Initially it will be focused on four key vertical areas: making a purchase decision, planning a trip, researching a health condition or finding a local business.

  • Microsoft launches Netbook mouse

    Microsoft has introduced Wireless Mouse 4000, a portable mouse that is designed to go anywhere with BlueTrack Technology. Expected to be out in the market next September, the Wireless Mouse 4000 is designed for netbooks because of their increasing popularity. The new mouse connects to the PC via a tiny nano transceiver that sticks out less than a centimetre from the USB port. The Wireless Mouse 4000 will be available in hues of teal blue, berry pink and lime green as well as graphite and whit

  • Microsoft sets launch date for Windows 7

    Microsoft has confirmed Oct 22 as the official launch date for its Windows 7, with the release to manufacturers expected in late July. Microsoft will also provide a 'tech guarantee' upgrade option for those using older versions of the Windows operating system.

  • Microsoft to unveil anti-virus software

    A Microsoft spokesman has said that the software giant is getting ready to unveil its long-anticipated free PC anti-virus service, code-named 'Morro'. Microsoft is to make a trial version, or product beta, available via its website, but has not provided a specific date. The company said that Morro will provide protection from several types of malicious software including viruses, spyware, rootkits and trojans.

  • Middle East air passenger traffic grows

    Middle East air passenger traffic staged a strong recovery in May, growing by 9.5 per cent, making it the only region anywhere in the world to record an increase.

  • Middle East defies global collapse in air cargo

    The Middle East was the only region of the world to experience any growth in air cargo volumes during the first four months of 2009.

  • MidEast freight volumes down 15%

    Hussein Hachem, CEO GCC of Aramex has said that freight volumes have come down by 15% for logistics companies across the Middle East in the past six months, Emirates Business has reported. 'Business is down and that has had an impact. This cannot be denied. Exporters are exporting less. And importers are importing less,' he said. Aramex's Q1 profits rose over the corresponding period in 2008 as customers shipped lesser volumes but increased their number of shipments focusing on specific deman

  • Mideast IT spend to hit $50bn in 2009

    Ibrahim Lari, chief executive of Abu Dhabi-based Injazat Data Systems, said the Middle East will see spending of $50bn in 2009 in IT, with the Gulf region spending about $12bn. He also predicted double digit growth in the sector by 2012 at the latest. IT spending in the Middle East in 2008 was almost $50bn, up from around $30bn in 2007, he said.

  • Mobily launches Connect Plus modem

    The Mobily telecommunications company has launched its new Connect Plus modem, which in addition to providing Internet access also enables users to make telephone calls and send SMS text messages. The new modem also features an MP3 player, an internal memory and Bluetooth connectivity.

  • Modon allocates first factory in Jeddah 2nd Industrial City

    Saudi Industrial Property Authority (Modon) has announced that it has allocated an area of 300,000 sq.m in the Jeddah 2nd Industrial City for the Saudi Industrial Projects (Pepsi Cola - Bugshan) to transfer its projects and factories for the production of soft drinks and juices, healthy water, gas water cylinders and cans manufacturing. The project is the largest industrial unit for PepsiCo in the Middle East and Africa, with an investment close to SR1 billion.

  • Morgan Stanley launches Saudi equity trading

    US investment bank Morgan Stanley has launched equity trading on the Saudi Arabian stock market (Tadawul) through the swap arrangements agreed by local market regulator the Capital Market Authority (CMA).

  • Morocco signs oil shale deal with San Leon Energy

    Morocco's National Office of Hydrocarbons & Mining has signed a memorandum of understanding for the Tarfaya oil shale project with the UK's San Leon Energy.

  • Mott MacDonald secures Abu Dhabi Masdar work

    Abu Dhabi Future Energy Company has appointed UK-based Mott MacDonald as the lead designer for all infrastructure on its Masdar City development.

  • Mott MacDonald wins UAE chemicals storage work

    UK-based Mott MacDonald has won the contract to manage the development of a chemicals storage terminal at Jebel Ali in the UAE.

  • Mubadala acquires Istithmar's stake in SR Technics Group

    Mubadala Development, an investment arm of the Abu Dhabi government, has raised to 70% its stake in SR Technics Group when it bought the Dubai government-owned Istithmar's 30% stake in the Swiss provider of technical services for the aviation industry, Bloomberg reported. Dubai Aerospace Enterprises continues to hold the remaining 30%, Mubadala said.

  • Mubadala launches plane parts venture

    Mubadala Development says it has formed a new company (Strata) that will manufacture advanced composite aerostructures including fairings, ailerons, spoilers and assemblies for Airbus and ATR regional aircraft beginning in 2010. Construction of the composites plant will begin June 29th, while manufacturing will start in Q4 2010. Strata has formed industrial partnerships with leading aerospace companies EADS, Airbus, FACC and Alenia Aeronautica - a Finmeccanica company, and has initial contrac

  • Muscat signs nuclear deal with Moscow

    Oman and Russia have signed a memorandum of understanding to further nuclear energy co-operation.

  • MySpace to cut 300 positions overseas

    MySpace has announce that it will cut 300 international positions and close at least four offices outside the US as it looks to lower its costs and narrow its territory coverage. The restructuring applies to all of its international units and will leave London, Berlin and Sydney as its primary international hubs.

  • Nadec receives $28m state loan

    Saudi-based National Agricultural Development Co (Nadec) said it has signed an agreement with the Saudi Industrial Development Fund for a$27.7m loan to finance 'expansion through projects dedicated to food processing industry,' reported Reuters.

  • Nakilat finalises financing deal

    Qatar Gas Transport Company (Nakilat) has closed a $1bn ship financing deal with around 10 banks, Meed magazine has reported. The company originally began approaching banks in March for the third tranche of its deal to buy 25 liquefied natural gas (LNG) carriers under construction in South Korea. Nakilat has already taken possession of five of the vessels and construction of the remaining tankers is still on schedule.

  • Nakilat raises $950m to buy LNG tankers

    Qatar Gas Transport Co, the LNG shipper known as Nakilat, has announced that it has raised $950m of 'Tranche III Debt' from 17 international and regional banks to fund acquisition of 25 LNG tankers, which are being built in South Korea by Daewoo Shipbuilding and Marine Engineering Co., Hyundai Heavy Industries Co., and Samsung Heavy Industries Co.

  • Nas Air plans to expand international network

    Nas Air has indicated it hopes to launch flights to India by early 2010, and is considering adding Pakistan and Turkey to its international network.

  • NasAir to launch India route

    Saudi Arabia-based budget airline National Air Services has announced plans to launch India operations by year end or early 2010, according to the Saudi Gazette. The airline has also that it plans to expand its network with India, Pakistan and Turkey.

  • Nasser al-Sheikh is removed from his last official position

    Nasser al-Sheikh, the former head of Dubai's Department of Finance, has lost his last senior job in the emirate as assistant to the director of the Ruler's Court for Foreign Affairs.

  • National Petroleum Construction gas deal worth $405m

    UAE-based National Petroleum Construction Company's (NPCC) contract to build an offshore gas processing platform in Abu Dhabi was worth $405m, according to a source close to the deal.

  • National Water Company appoints Deloitte as consultant

    Saudi Arabia's National Water Company has appointed the US' Deloitte Touche Tohmatsu to act as its internal policies and procedures consultant.

  • New cable plant to be built in RAK

    Hadeed Emirates Contracting and Saudi Arabia-based Middle East Specialised Cables Company have signed a Dhs150m deal to build the first cable-manufacturing plant in the UAE emirate of Ras Al Khaimah. The 53,000 square metre facility, to be known as MESC RAK, is slate to be completed eight months.

  • New Fedex World Service Centre in Oman

    Oman Postal Express, licensee of Fedex in Oman, has inaugurated its World Service Centre in Seeb. The new centre is the fifth in the Sultanate, with other branches in Sohar, Salalah, Buraimi and the head office in Wattayah. The Seeb's new office will offer the full range of Fedex services to the airline industry and other offices and residents of Seeb and neighbouring areas like Ghala, Rusayl Industrial Area.

  • New Jafza storage set for completion

    The Jebel Ali Free Zone Authority (Jafza) has announced that five of its projects are set for completion by mid-2009. Facilities nearing completion include the Light Industrial Unit-15 (LIU-15), the South Zone Warehouses/ showrooms, a seven-storey Staff Accommodation complex, and Jafza Mall. Jafza also plans to throw open to customers LIU-15 (Light Industrial Units cum Warehouse) in the North Zone by September 2009, offering a 10-metre height allowance for maximum storage.

  • Norwegian firm starts exports from Kurdistan oil field

    Norway's DNO International has started crude exports from its Tawke oil field in northern Iraq after previously receiving formal approval from the Kurdistan Regional Government (KRG).

  • Odfjell SE signs Dubai deal with NCC

    Norwegian shipping company Odfjell SE has signed a 50:50 joint venture with Saudi Arabia's National Chemical Carriers to set up a company in Dubai to operate their respective fleets of coated (IMO 2/3) chemical tankers of 40,000 deadweight tonnes (DWT) and above. The JV will start early next year with 15 vessels and a total DWT capacity of nearly 660,000 tonnes, which will grow to 31 vessels and a DWT of nearly 1.4 million tonnes over the next three years. The JV will trade in the chemicals,

  • Oil price nears $70 as US stock levels rise

    Oil prices in the US and Europe came within $2 of the symbolic $70 a barrel mark in the week ended 4 June, before dropping slightly on data that showed stock levels in the US had risen.

  • Oman Air takes delivery of new Boeing 737-800

    Oman Air has announced the delivery of the airline's thirteenth next-generation Boeing 737 -800. With additional two deliveries planned for October 2009, this will bring the carrier's B737 fleet to 15 units. The airline utilises its new 737s on routes throughout the GCC, Middle East, and the Indian sub-continent.

  • Oman awards ferry terminal deals to Sarooj

    Oman's Transport & Communications Ministry has awarded two contracts totalling RO20m ($52m) to build ferry terminals in Khasab and Shinas.

  • Oman awards water management contract

    A consortium led by the UK's KPMG has signed a contract to advise Oman's Public Authority for Electricity & Water (PAEW) on developing and tendering the management contract for the sultanate's water sector.

  • Oman Brand Mgt inks Oman Air MoU

    The Oman Brand Management Unit has announced the signing of a memorandum of understanding with Oman Air to enable the two organisations to work closer together in helping raise awareness of Oman's tourism offerings. 'It's more than apparent that local communities around the Sultanate are benefiting from the growing numbers of tourists. Combine that with Oman Air's expanded European network and I see a very positive future for our tourism industry,' said Sayyid Faisal, CEO of OBMU.

  • Oman extends tenders for three airport contracts

    Oman's Transport & Communications Ministry has extended the tender closing date for three airport construction contracts at Muscat, Salalah, and Ras al-Hadd.

  • Oman inks OR510m airport deals

    Oman has signed a number of agreements on the development of Muscat International Airport and Salalah Airport, at a total cost of OR450m, and for the construction of the first phase of two new airports in the Sahar and A'Duqum regions, at a cost of OR60m, Kuwait's news agency KUNA has reported. The development of the four airports will conclude in 2012.

  • Oman Oil buys stake in Enagas

    State-owned Oman Oil Company has bought a 5 per cent stake in Spanish gas transportation company Enagas.

  • Oman oil trading up 68 per cent in 2009

    The volume of Oman crude oil futures contracts being traded on the Dubai Mercantile Exchange (DME) has increased by 68 per cent in 2009 as confidence in the Gulf's benchmark contract grows, the DME said in its annual report.

  • Oman signs bitumen plant deal with Mashael Group

    Oman's Sohar Industrial Port Company has signed a $200m agreement to develop a new bitumen plant with Bahrain's Mashael Group.

  • Oman signs loan deal for road project

    Oman's Ministry of Commerce, Industry, and Minerals has signed a RO28 million ($73m) loan agreement with the Arab Fund for Economic and Social Development to fund part of the Salalah highway project, estimated at 73000 kilometers, and provide all services such as drains, street lights in addition to traffic safety measures, KUNA news agency reported. The project's total cost is estimated at RO800 million ($800m).

  • Oman tenders cave train

    Oman's Tourism Ministry has invited international companies to submit bids by 6 July for a contract to supply and install a new electrical train at the Al-Hoota cave complex in the Hajar mountains.

  • Omniyat issues tenders for Octavian towers in Dubai

    Dubai-based developer Omniyat Properties has invited selected contractors to bid by 17 July for the contract to build its Octavian project at Business Bay.

  • Orascom wins $168m of infrastructure contracts

    Orascom Construction Industries through its Construction Group has won infrastructure contracts worth $168m in Egypt.

  • Orascom wins Cairo metro deal

    Egypt's Orascom Construction Industries has said that it had won contracts worth $140m for work on the second phase of Cairo's third metro rail line. The contracts cover civil, electromechanical and railway works, the firm said. The new line is due for completion in the fourth quarter of 2013.

  • Pakistan's National Engineering wins Musanaah water deal

    National Engineering Services Pakistan & Partners has won a contract to supervise the construction of a water distribution network in the Musanaah region in the north of Oman.

  • Park Hyatt Jeddah launched in Saudi

    Hyatt Hotels & Resorts has announced the opening of Park Hyatt Jeddah - Marina Club and Spa, marking its entry into Saudi Arabia. Located on the Corniche of Jeddah, the hotel offers 142 guestrooms, including 15 suites.

  • Park Hyatt to build in Saadiyat Island

    The Abu Dhabi National Hotels has awarded the construction of Park Hyatt Hotel and Villas Abu Dhabi to Al Jaber Engineering and Contracting to commence building the 75,000sqm luxury resort on the northern beach of Saadiyat Island. The hotel is scheduled for completion in the first quarter of 2011 and will have 316 rooms, suites and villas in addition to 4 signature restaurants and dedicated facilities for conferences, banqueting and recreation.

  • Park Inn opens in Al Khobar

    The Rezidor Hotel Group has announced the opening of its mid-market brand, Park Inn in Al Khobar, while another one is scheduled to open soon in Riyadh, Saudi Arabia. The hotel caters to travellers to Dammam, Jubail and Hofuf, ideally situated along Saudi Arabia's Eastern Province with Dammam International Airport, a 45-minute drive and Bahrain International Airport an hour away.

  • Petrobras and Oil Search begin offshore drilling in Libya

    Australian energy firm Oil Search and Brazilian oil major Petrobras have started drilling their first offshore well in Area 18 of Libya.

  • Petronas to join China in South Pars gas development

    National Iranian Oil Company (NIOC) says Malaysia's Petronas will retain its stake in phase 11 of the South Pars gas field, after China National Petroleum Corporation (CNPC) signed a $4.7bn deal for development of the project in early June.

  • Pirate warning for Oman

    Somali pirates are targeting ships at the southern end of the Red Sea and off Oman, according to Noel Choong, head of the International Maritime Bureau piracy reporting centre in Kuala Lumpur. He said the IMB had recorded eight attacks in the past two weeks in the two areas, adding that pirates were staging raids under the cover of darkness. Pirates are being pushed into these areas because of bad weather in the east coast of Somalia and the international flotilla of warships that is now conc

  • Pirates might extend activity into Red Sea, says US Navy

    The US Navy says pirates in the Gulf of Aden are increasingly operating at night and could expand their raids into the Red Sea. The Bahrain-headquartered Fifth Fleet said it had warned merchant vessels about changes in pirates' tactics following bad weather and the stepped-up presence of international navies, reported Reuters.

  • Poll reveals construction workers in Emirates are satisfied

    A survey of construction workers by the Labour Ministry shows that, despite international criticism of working conditions in the UAE, most workers are satisfied with their work conditions. However, many are critical of the recruitment process and their wage levels.

  • Positive data boosts oil price above $70

    Crude oil prices reached a new eight-month high on 11 June, as positive data bolstered prices which have been rising steadily since hitting lows of under $40 a barrel in February.

  • Prequalification starts for Shuaiba port consultancy

    Kuwait's Finance Ministry has invited consultants to prequalify for the contract to design and manage the expansion of Shuaiba port.

  • Prequalifications in for Syrian power project

    Syria has closed the prequalification process for companies seeking to bid for the country's first independent power project (IPP).

  • Private jet airport to get full certification

    Abu Dhabi Airports Company has said Al Bateen private jet airport, the region's first airport exclusively for business jets, is expected to receive full certification this summer from federal aviation authorities, reported The National. The airport, which was a military airfield on Abu Dhabi Island, will be converted for private air operators to become one of the largest airports for business jets in the world, said Mohammed al Bulooki, VP of airline marketing and aeronautical revenue at ADAC

  • Proplant given Qatar Fertiliser deal

    Qatar Fertiliser Company has awarded Proplant an EPC contract to perform engineering, procurement and construction for its scheduled 10 month ammonia and urea plants Steam Integration Project. The project includes tying in a new cogeneration steam production plant and integrating all their existing production facilities.

  • Qapco awards Mesaieed contract to Uhde

    Germany's Uhde has won a contract to build a polyethylene plant at Mesaieed in Qatar after prolonged negotiations with the client on the project, Qatar Petrochemicals Company (Qapco).

  • Qatar Airways places $1.8bn Airbus order

    Qatar Airways has announced that it has placed firm orders for 24 single-aisle Airbus jets in a deal worth about $1.8bn at list prices. The order, which was announced at the Paris Air Show Monday, includes 20 A320 aircraft and the confirmation of commitments for four A321 planes that were announced at the Farnborough Air Show last July.

  • Qatar Airways replaces sensors

    Qatar Airways said it is replacing the speed sensors on its Airbus A330 and A340 aircraft, but it has emphasized that the move was part of a maintenance programme to upgrade the sensors and not based on a directive from the manufacturer. An Air France Airbus plane carrying 228 people crashed into the Atlantic earlier this month and investigators said false speed measurements might have played a role. although the manufacturer has not given any such instructions. The metal pitot tubes are atta

  • Qatar Airways to fly twice a day to Paris

    Qatar Airways has announced it will increase flights between Doha and Paris to twice-daily services, up from the current 11 frequencies a week. The additional services will commence from the start of the Northern Winter schedules on October 25, the airline said.

  • Qatar Airways to launch on-demand chartered business

    Qatar Airways is launching an on-demand corporate jet division this year, using a fleet of Bombardier business jets. Called Qatar Executive, the airline's CEO Akbar Al Baker said the division will operate to anywhere within an eight-hour flying time from its base, so can serve European destinations. "We are launching this with three Bombardier aircraft: a Challenger 300, which is already operating, and two new Challenger 605s," he added.

  • Qatar awards gas service deals to Cape

    Qatar energy firms have awarded three contracts worth $37m to UK service provider Cape, covering work on some of the country's largest gas facilities.

  • Qatar Navigation, Qatar Shipping to merge

    Qatar Navigation expects a proposed merger with Qatar Shipping to be concluded in six months, according to the Khaleej Times. HSBC Middle East was hired in May by Qatar Navigation and Qatar Shipping to advise on the proposed merger. Mohammed al-Sulaiti, deputy chief executive of administration and finance affairs at Qatar Navigation has said it was not yet decided which of the two firms would buy the other. Qatar Navigation already owns 15% of Qatar Shipping through its local equities investm

  • Qatar Petroleum signs investment memorandum with Canadian Natural Resources

    Qatar Petroleum International (QPI) has signed a memorandum of understanding with Canadian Natural Resources to explore joint investment opportunities.

  • Qatar signs gas export deal with Poland

    Qatargas has formally signed a 20-year deal to export liquefied natural gas (LNG) to Poland's state-owned gas exploration and production company PGNIG.

  • Qtel finalises pricing of $1.5bn bond

    Qatari telecoms company Qtel has launched a $1.5bn bond into the market priced at 6.5 per cent for the five-year bonds, and 7.87 per cent for the 10 year bonds.

  • Qtel receives $10bn of offers for bond sale

    Qatari telecoms firm Qtel has received offers from investors totalling more than $10bn for its $1.5bn bond sale, according to bankers close to the deal.

  • Qtel to launch syndication of $1.5bn loan

    Qatari telecoms firm Qtel is expected to launch the syndication of a $1.5bn loan later this month despite having completed a $1.5bn bond issue.

  • Qtel to price bonds at 450 basis points above Libor

    Qatari telecoms firm Qtel is expected to price $1.5bn of five and ten-year bonds at 450 basis points and 475 basis points over the London interbank offered rate respectively (Libor), according to bankers close to the deal.

  • RAK Ceramics conferred SuperBrand status

    Members of the SuperBrand council have voted RAK Ceramics, the $800m global conglomerate, as one of the UAE's SuperBrands for 2009. The company has been recognised for being one of the world's leading producers of a comprehensive line of premium-quality ceramic and sanitary ware products.

  • RAK Steel eyes 50% more production

    RAK Steel has announced its plans to increase production by 50% its current annual capacity of 500,000 tonnes of deformed steel reinforcement bars by the end of 2009. The company has reported a marked increase in demand and is now running to full capacity. RAK Steel produces deformed reinforcement bars with diameter ranging from 8mm to 40mm in variable lengths of six to 18 metres.

  • Raqmiyat WPS software launched

    Raqmiyat, a UAE-based systems integrator, has launched a solution designed to work with the UAE Central Bank's 'Wages Protection System,' (WPS) a joint initiative by the Ministry of Labour and the Central Bank of UAE, the Khaleej Times reported. The new software provides an interface for banks and exchange houses to connect to the Central Bank's WPS system based on stipulated file formats to facilitate automation across all WPS cycles. The system also enables the Ministry of Labour to monito

  • RasGas mandates banks for bond deal

    Qatar's Ras Laffan Liquefied Natural Gas Company (RasGas) has mandated the US' Citigroup, the UK's HSBC, and Credit Suisse of Switzerland to arrange a bond for the company.

  • Ratings agencies downgrade Dubai firms

    Ratings agencies Standard & Poor's (S&P) and Moody's have downgraded a number of key Dubai companies because of concerns that the emirate cannot meet its debt obligations.

  • Ratings agency downgrades Bahrain's Arcapita Bank

    Ratings agency Standard & Poor's (S&P) has downgraded Bahrain's Arcapita Bank as a result of its high levels of leverage and the difficult investment market.

  • Ratings agency downgrades Saad Group

    Saudi Arabia's Saad Group, one of the largest family-owned groups in the kingdom, has been downgraded by ratings agency Moody's Investors Service to junk bond status.

  • Ratings agency downgrades Saudi Investment Bank

    Credit ratings agency Fitch Ratings has downgraded Saudi Investment Bank (SAIB) to C/D because of concerns about the bank's asset quality and high single borrower concentrations.

  • Regional economic growth to drop 3 per cent in 2009

    The World Bank has forecast that the Middle East and North Africa (Mena) will record economic growth of 3.1 per cent in 2009, nearly half the 6 per cent that the region achieved in 2008.

  • Regional parliament approves Kurdish constitution

    The parliament of the semi-autonomous Kurdish region in northern Iraq has approved a constitution for the area.

  • Regional petrochemicals shares drop 50 per cent in 2009

    The Middle East's largest listed petrochemicals producers have lost more than 50 per cent of their value over the past 12 months, according to Bahrain-based investment bank Sico.

  • Report claims Saudi banks have positive growth prospects

    The Saudi banking sector offers investors the "best sustained profitability prospects and growth outlook among GCC banks," according to a research report by Banc of America Securities-Merrill Lynch.

  • Rezidor plans new Park Inn hotel in Dubai

    Rezidor has announced plans to open a new Park Inn hotel in Dubai. The 220 room Park Inn Bur Dubai is scheduled to open Q2 2012. The new property aims to tap the growing medical tourism industry in Dubai with the American Hospital Dubai and Dubai Health Care City in close proximity.

  • Riyadh invites bids for army camps

    Saudi Arabia's Interior Ministry has invited companies to submit bids by the end of June for a contract to build two camps for the country's armed forces.

  • Riyadh property prices start to fall

    HSBC forecasts that real estate prices and rents in Saudi Arabia will fall by 15 per cent during 2009 before starting to recover slowly in 2010.

  • Riyadh receives military jets from UK

    Saudi Arabia has taken delivery of two Eurofighter Typhoon jets from the UK, the first of an order for 72 aircraft worth Eu4.4bn ($9.2bn).

  • Rizon Jets gets Doha flight permit

    Executive chartered aviation company Rizon Jet is set to start operations out of Qatar, after it was granted an AOP (Air Operating Permit) from the Qatar Civil Aviation Authority. It said it is the first Doha-based private jet company to receive approval to run a chartered jet business out of the country. The permit is a precursor to it setting up an air charter, MRO and FBO facility, the Qatari-backed company is building at the city's Doha Airport, which will be ready for early 2010.

  • RJ adds more flights for summer

    Royal Jordanian said it has added flights to several regional and international destinations in preparation for the summer season. The carrier said it has increased the number of weekly flights to Beirut from 21 to 28, to Dubai from 14 to 21, to Abu Dhabi from 7 to 14, to Jeddah from 9 to 14 and to Aleppo from 7 to 11 flights per week. The airline's president and CEO Samer Majali also said that 3-4 weekly flights were added to other destinations, like Kuwait, Riyadh, Dammam, Bahrain, Aden and

  • Rolls Royce inks $1.5bn deal with Gulf Air

    Rolls-Royce has announced that it will power new Gulf Air aircraft in an order worth $1.5bn at list prices. Trent 700EP engines will power 20 Airbus A330 aircraft, with deliveries beginning in 2012. The contract includes a TotalCare long-term service agreement. In addition, Gulf Air also renewed TotalCare on Trent 700s that power 10 A330s already in service.

  • Rolls-Royce wins Qatar Airways Airbus engine deal

    Rolls-Royce International has won a $230m share of an order from Qatar Airways for jet engines to power 24 Airbus planes. The order for V2500 engines includes a long-term service agreement and follows its deal with Airbus at the Paris Airshow on Monday for the aircraft themselves. The order was for 20 Airbus A320 and four A321 planes. The Qatari carrier already operates 21 A320s, including two Airbus Corporate Jetliners, equipped with the V2500 engines.

  • Royal Jet delays expansion plans

    Shane O'Hare, president of Abu Dhabi-based private jet operator Royal Jet has told Reuters that the group has delayed by a year plans to increase its fleet to 20 from 12, but was still aiming to operate 50 aircrafts by 2020/2021. The company plans to commence its flights to Baghdad in the 'foreseeable future', has been flying into northern Iraq regularly, and has also recently started trips to Basra. Royal Jet is eyeing immediate growth opportunities in Saudi Arabia, in addition to more long-

  • Royal Jordanian CEO resigns

    Royal Jordanian airline has announced that Samer Majali is resigning as president and CEO effective August 1. The airline said in a statement the board of directors had accepted Majali's resignation and praised his achievements in developing the airline since assuming the post in 2001. No successor has been named.

  • Royal Jordanian chairman resigns

    The board of directors at Royal Jordanian has accepted the resignation of Samer Majali, the airline's president and chief executive officer.

  • S.S. Lootah invests Dhs64m in new manufacturing plant

    UAE-based S.S. Lootah Group has announced the investment of Dhs64m in a manufacturing plant in Dubai which will engineer, fabricate, and assemble gas infrastructure equipment. The plant will adhere to British and North American standards for design and safety, the company said.

  • Saad Group appoints adviser for debt restructuring

    Saudi Arabia's Saad Group has appointed BDO Capital Finance as its adviser on a restructuring of the company's debt, following its default on several billion dollars of loans.

  • Samsung confirms Skikda refinery win

    South Korea's Samsung Engineering has been officially notified that it won a $1.2bn contract to upgrade Algeria's Skikda refinery, the company said in a notice to the South Korean stock exchange on 22 June.

  • SAS Scandinavian to launch Dubai-Copenhagen winter season service

    SAS Scandinavian Airlines has announced that it will launch its third Dubai-Copenhagen thrice-weekly winter season service scheduled to commence on 29 October 2009. The Dubai-Copenhagen route will be operated by an Airbus A340 with a three-class configuration: Business, Economy Extra and Economy.

  • Saudi Al Falak to invest in acquisition

    Saudi Arabian IT service provider, Al Falak Electronic Equipment and Supplies, has said that it is looking for opportunities to invest in and acquire companies in Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Jordan and Egypt, Emirates Business has reported. The company's president Ahmed Ashadawi said that the group is looking to grow through acquisitions. 'The new investments and acquisitions will be completed in the 2009-2010 period,' he said.

  • Saudi Arabia appoints new Opec official

    Saudi Arabia has appointed a new Opec representative, Ahmad al-Ghamdi, who will be the kingdom's main official at the cartel's meetings, according to a source close to the ministry.

  • Saudi bank lending falls for third month

    Total bank loans by Saudi Arabian banks has fallen for the third month in a row in May, according to data from the Saudi Arabian Monetary Agency (Sama).

  • Saudi Electricity receives $1bn loan for projects

    Saudi Electricity Company (SEC) has received a $1.1bn loan from two export credit agencies to help finance the development of power capacity in the kingdom.

  • Saudi Electricity to issue $1bn sukuk

    Saudi Electricity Company (SEC) said it will issue a sukuk (Islamic bond) later this month as part of its plans to finance an increase in electricity generating capacity.

  • Saudi freight growth figures revised

    UK-based consultancy Business Monitor International (BMI) has pulled back its forecasts for road and airfreight growth in Saudi Arabia as a result of the global downturn, in addition to reducing the outlook for the maritime freight sector on the back of lower demand and the quieter oil market. BMI expects the fastest-growing segment to be sea cargo at an annual average of 4.8%, followed by rail at 4.3%, road haulage at 3.4% and pipeline at 2.2%.

  • Saudi inflation rises to 5.5 per cent

    Inflation in Saudi Arabia rose to 5.5 per cent in May, the first time inflation has risen in the country for seven months.

  • Saudi Paper opens new plant

    Mubarak Al-Khater, chief executive of the Saudi Paper Manufacturing Co has said that the company has started production at its SR50m new plant in the kingdom and plans to expand in the Middle East and North Africa. The new plant has an annual production capacity of 25,000 tons of paper tissue, and is expected to operate in full capacity within two years, he said.

  • Saudi regulator approves local bond market

    Saudi Arabia's financial markets regulator the Capital Market Authority (CMA) has approved the creation of a domestic bond market to help local firms raise funding.

  • Saudi Services wins South Dhahran substation deal

    Saudi Services for Electro Mechanic Works Company has won a SR338m ($90m) transmission contract in the kingdom.

  • Saudi Steel Pipes to seek $106.7m in IPO

    Saudi Steel Pipes has said it will seek to raise SR400 million ($106.7m) in an initial public offering of a 31.4% stake this week to help finance expansion plans worth SR646 million in partnership with other investors. The firm will offer 16 million new shares to local investors at SR25 riyals, fixed after a book-building process, would value the company at SR1.275 billion. Local banks will take subscription requests from June 27 until July 3.

  • Saudia adds 70 planes to fleet

    Saudi Arabian Airlines (SAA) will take delivery of 70 planes within two months, it has said. Saudia said the planes will be used to serve the Jizin region, as part of the company's plans to increase flights and support tourism. Last year, SAA operated 2,900 flights in the region, carrying over 274,000 passengers.

  • Serco wins Dubai Air Traffic Services contract

    Serco Group, a UK-based service company, has renewed and expanded its contract with Dubai Airports for air traffic services at Dubai International Airport. The £245m contract will last 10 years. Under the agreement, services provided by Serco will include aerodrome and approach radar services, a 3D 360-degree air traffic control tower simulator and assist with airspace procedure design.

  • Services Company established in Kuwait

    A closed shareholding company which provides services to warehouses has been established with a capital of KD1 million distributed among 10 million shares, according to Kuwait's Official gazette, Al-Kuwait Al-Youm. The new company specializes in constructing warehouses, provides areas to store goods, raw materials, vehicles and heavy machinery.

  • Sharjah holiday promotions launched

    Sharjah Commerce and Tourism Development Authority has launched its promotional campaign for the annual Sharjah Summer Promotions 2009. Called "Sharjah Summer Breaks", the campaign includes a number of holiday packages and hotels in the emirate.

  • Shell signs Kuwaiti liquefied gas deal

    Kuwait Petroleum Corporation (KPC) has signed up Shell International Trading, a subsidiary of the UK oil and gas giant Shell, to supply the country with liquefied natural gas (LNG) from August.

  • Shell starts negotiations on Ras Laffan gas deals

    The UK/Dutch Shell Group has started clarification meetings with contractors for a set of integrated service contracts on its Pearl gas-to-liquids (GTL) facility at Ras Laffan.

  • Shuaa Capital extends deadline for bond agreement

    The UAE's Shuaa Capital has reached an agreement with Dubai Banking Group to extend the deadline for solving a convertible bond dispute to 15 June.

  • Shuaa Capital settles dispute with Dubai Banking Group

    The UAE's Shuaa Capital has settled a dispute with Dubai Banking Group (DBG), part of Dubai Holding, by giving DBG a 48.4 per cent stake in the company.

  • Shuaa rejects Dubai Banking Group's $409m legal claim

    The UAE's Shuaa Capital has rejected claims by Dubai Banking Group (DBG) that it owes the bank AED1.5bn ($409m), relating to a dispute about a convertible bond issue.

  • Sindbad Frequent Flyer teams up with Oman Air Holidays

    Oman's Sindbad Frequent Flyer Programme has teamed up with Oman Air Holidays to offer a range of holiday packages with the benefit of earning Sindbad Miles. Packages combine flights on Oman Air with selected hotels, tours and excursions at destinations including the Egypt, Jordan, India, Thailand, and London. Sindbad members will not only earn miles on the flight segment but will receive an equal number of miles from Oman Air Holidays, the firm said.

  • Sipchem sells 11 per cent stake in subsidiaries

    Saudi International Petrochemicals Company (Sipchem) has sold 11 per cent stakes in two of its subsidiaries for a total of SR240m ($64m), the company said in a statement.

  • Sipchem sells stakes in units for $64m

    Saudi International Petrochemical Co (Sipchem) has said it had sold 11% stakes in two affiliates to Kuwait's Ikarus Petroleum Industries for SR240 million ($64m). Sipchem will realize a profit of SR55 million from the deal in Q2 2009, Reuters has reported. Sipchem and Ikarus had initially agreed that the latter would take stakes of 15% in the two firms, but they agreed later to reduce the holding to 11%, Sipchem added.

  • SNC Lavalin to build $1bn Algerian gas processing facilities

    Canada's SNC Lavalin has won a $1.1bn contract to build gas treatment facilities in southeast Algeria for state-owned energy giant Sonatrach.

  • Societe Egyptienne secures Omani water contract

    Societe Egyptienne d'Entreprises has won a RO13.7m ($35.7m) contract to supply water to the Adam al-Dakhliya region in Oman.

  • Sonatrach awards $1.3bn pipeline contracts

    Algerian state-owned energy company Sonatrach has awarded three contracts worth more than $1.3bn as part of a scheme to boost capacity of the country's gas transportation network.

  • Sonatrach awards Gassi Touil gas deal to Japanese firm

    Japan's JGC Corporation has been awarded a $1.5bn contract to build an upstream gas processing plant at the Gassi Touil basin in eastern Algeria.

  • Sonatrach completes reintegration of subsidiaries

    Algerian state energy giant Sonatrach has completed reintegrating three of its subsidiaries in an effort to streamline its business structure.

  • Sorouh and Tameer dissolve joint ventures

    UAE property developers Sorouh Real Estate and Tameer Holding have dissolved their two joint ventures.

  • South Steel receives SR600m plant loan

    Saudi Arabia-based steelmaker South Steel Company (SSC) has received a SR600m loan from the Saudi Industrial Development Fund, to partially fund its new SR1.35bn project in Jizan Economic City. The plant is expected to have an annual production capacity of one million tonnes of plate and 500,000 tonnes of reinforced bars. SSC began the construction of the plant in January 2009, and steel production is scheduled to begin in 2011.

  • Southern Province Cement reviews growth plans

    Saudi Arabia's Southern Province Cement Company (SPCC) has said that the country's ban on cement exports may force the company to freeze expansion plans and prevent it from meeting contracts. Safar Dhufayer, chief executive of SPCC has said that last year's ban had prevented the company from fulfilling some of its contracts with firms based in Spain, Yemen, and South Africa. SPCC had been planning to expand one of its three factories by the end of 2010 but has now decided to wait until market

  • Spending by US visitors in UAE up 85%

    US visitors to UAE have contributed $733 million to the country's tourism revenues in 2008, up 85% from 2007, according to the new report from Visa. The average purchase amount for US travelers in UAE was $139.69, the report said. 'This data enables businesses to improve their offerings and marketing strategies to ensure that they appeal to travelers around the globe,' said Bill Sheedy, President, North America at Visa Inc.

  • Sudanese airline to fly to Kuwait from mid-June

    Sudan's Civil Aviation Authority has said Sun Air airlines will launch a route to Kuwait International Airport as of June 18th. The carrier is to run three weekly flights and the Khartoum-Kuwait-Khartoum route will be served by a Boeing 737, the Authority added.

  • Suez Canal revenues decrease

    Suez Canal revenues dipped in May, following two months when Cairo saw income from the waterway rise.

  • Suez Canal revenues drop 29% in May

    The Suez Canal Authority has reported a 29% drop in its May revenues, down to $342.4m, compared to $479.4m in the same month last year, Reuters reported. The authority also said the number of vessels using the waterway was 1,468 in May, down from 1,482 in April.

  • Suez Energy sells stake in Omani power project

    Belgium's Suez Energy has completed the sale of its 32.8 per cent stake in Oman's United Power Company, which operates the Al-Manah power plant, to UAE-based infrastructure fund the Mena Fund.

  • Sun launches StarOffice 9 in Arabic

    Sun Microsystems has launched an Arabic version of its StarOffice 9 package. The comprehensive suite offers a wide array of advanced, extensible productivity tools including word processing, presentation, spreadsheet, and drawing software, which are all now accessible to Arabic users.

  • Sun Micro names new GM for Mena region

    Sun Microsystems has named Marc Heger as General Manager for the Middle East and North Africa (MENA) Region, with immediate effect. Former managing director, Chris Cornelius, is moving to Sun's Emerging Markets Region to identify new business development opportunities, the company said.

  • Suspicious banking transactions rise in the Emirates

    Financial institutions have reported an increase in suspicious transactions in the first half of 2009, according to the Central Bank of the UAE.

  • Swiss firm wins $233m gas services deal in Algeria

    Switzerland-based ABB has won a $233m contract to provide equipment and technical solutions for three gas plants in Algeria.

  • Swiss firm wins Algerian desalination plant contract

    Switzerland-based ABB has won a $28m contract to build a substation to power a planned desalination plant at Mactaa in Algeria’s western Oran region.

  • Swiss-Belhotel opens two properties in ME

    Swiss-Belhotel International group has announced it has commenced the soft opening of its business hotel Swiss-Belhotel Doha Qatar alongside opening Swiss-Belhotel Resort Masirah Island, in Oman. The Swiss-Belhotel Doha is the group's first property in Qatar and has 165 rooms and 78 serviced residences, while the Swiss-Belhotel Resort Masirah Island is a 4-star deluxe resort located 15 km off the southeast coast of Oman.

  • Symbios bids low for Bahrain airport advisory work

    Symbios is the lowest bidder for a contract to advise on general aviation strategy at the new Bahrain International airport.

  • Syria and France discuss transport ties

    Syria has held talks with France over deepening transport cooperation between the two countries.

  • Syria hosts talks on regional rail network

    Syria, Jordan, Iran, Iraq and Turkey have held talks to promote greater co-operation over a regional rail network.

  • Syria, Iraq may set up industrial border zones

    The Syrian Ministry of Industry has said in a statement that the Joint Syrian-Iraqi Industrial Committee had discussed prospects of establishing industrial border zones in cooperation with chambers of commerce and industry in both countries. The committee also discussed the required infrastructure and the participation of the private sector in establishing the zones, as well as providing incentives for investors.

  • Systra to manage Casablanca tram project

    France's Systra has been awarded the contract to carry out project management work on a new tram system in Casablanca.

  • Takreer awards first Ruwais refinery contract

    Abu Dhabi Oil Refining Company (Takreer) has awarded the Netherlands' Dredging International the first major contract on its Ruwais refinery expansion scheme.

  • Taqa to buy back $92m of bonds

    Abu Dhabi National Energy Company (Taqa) said it will buy back $92m of its bonds due to mature in 2036 at par value and then cancel them.

  • Tasnee to open chemical plants in 2009

    Saudi Arabia's Tasnee will start operations at two new petrochemicals plants before the end of 2009, according to a senior company executive.

  • TDIC plans 5 year dollar bond

    Abu Dhabi's Tourism Development & Investment Co. (TDIC) plans to offer five-year benchmark US dollar bonds to fund its projects, Bloomberg reported, citing a banker familiar with the transaction. The bond may be priced to yield 400 basis points over similar maturity US Treasuries, said the banker, who declined to be identified because the deal is private. BNP Paribas SA, Citigroup Inc., HSBC Holdings Plc and Standard Chartered Bank are managing the deal, according to the source.

  • Technical proposals in for Masdar institute contract

    Abu Dhabi developer Masdar has received technical bids for the next phase of the development of its Masdar Institute of Science & Technology.

  • Tethys makes oil discovery in Oman

    Sweden's Tethys Oil has discovered 'huge' amounts of oil at its Block 3 and 4 concessions in Oman, the company said in statement on 8 June.

  • Thani forms AngloGold JV

    UAE-based Thani Dubai Mining has said in a statement that it has formed a 50-50 joint venture with South Africa's AngloGold Ashanti to explore, develop and operate gold and other precious metals mines in countries including Saudi Arabia, Yemen, Eriteria, Egypt, Ethiopia and Sudan. The final name for the new joint venture company has yet to be finalized.

  • The Monarch, Dubai to auction rooms

    The five-star Monarch hotel in Dubai is giving customers the chance to bid for rooms in an online auction. Called the 'name your price for luxury' auction, it will be held next month and includes meals, spa treatments and rooms. It includes the hotel's ultra-luxury Dhs49,000-a-night Monarch Suite, which this month hosted Paris Hilton. The auction was created because the Monarch said it was reluctant to keep dropping rates and to enter into a price war with competitors to attract guests, and f

  • Travelport signs deal with ITL

    Travelport has announced it has signed a regional multi-year agreement in the Middle East with ITL Tours & Travel that will give the latter access to the Galileo booking platform and its content, as well as technology training and support services. 'We are sure that with our newly established relationship with Travelport, we have a strong partner who will stand by us in our vision,' said Rajeev Nambiar, Vice President, ITL.

  • Trucks on 37km queue to Saudi border

    Line of trucks continue to pile up to reach the Saudi border coming from Abu Dhabi's Western region, stretching the line as far as 37km on Friday night, Gulf News has reported. Drivers have grown weary as food ration and water become scarce, while delay of trucks passing through the border has reported millions of dirhams lost as fuels run out and refrigeration units shut down. The cause of delay has been attributed to the new broder control system implemented by Saudi Arabia, clamping down

  • Turkish firm calls on Gulf to use private sector for airport projects

    Turkey's TAV, the Middle East's most active airport builder says that civil aviation authorities should use more build operate transfer (BOT) contracts to develop the $50bn airport projects planned in the region.

  • Two shortlisted for Riyadh university monorail contract

    Two contracting groups have been shortlisted for the SR3.75bn ($1bn) Finance Ministry contract to build a monorail at Princess Noura bint Abdulrahman University for Women in Riyadh.

  • UAE air traffic up 11.5%

    The UAE General Civil Aviation Authority (GCAA) has said that there were 48,149 aircraft movements last month, up by 11.5% from the 43,181 movements in May 2008. The aircraft movements increased in each of the first five months of this year compared with 2008, the GCAA said. Worldwide passenger traffic for the period fell by 3%.

  • UAE firm buys 60% stake in Dhofar Fisheries

    Dubai-based conglomerate ANC Holdings LLC has bought a 60% majority stake in Dhofar Fisheries Industries Company, a regional leader in the processing and canning of tuna and sardines, based in Salalah, Oman. The new acquisition will see ANC Holdings, and its foods division Freshly Frozen Foods, take over management control of Dhofar Fisheries from the company's other main shareholder Oman & Emirates Investment Holding Company, a joint venture between the Governments of the Sultanate of Oman a

  • UAE inflation falls 2.7 per cent

    The slowing economy is being reflected in falling prices in the UAE, with the Economy Ministry releasing figures on 3 June that show the consumer price index (CPI) fell 2.7 per cent between January and April.

  • UAE inks Turkmenistan open Sky deal

    The UAE's General Civil Aviation Authority has initialled an 'open' Air Services Agreement and has signed a Memorandum of Understanding with Turkmenistan. Under the agreement, the designated national airlines of the UAE; Emirates Airline, Etihad Airways, RAK Airways, Air Arabia and FlyDubai - and Turkmenistan's national carrier are allowed to operate any capacities, numbers of frequencies and types of aircraft, whether owned or leased, in any type of service (passenger or cargo) on the routes

  • UAE leads in ICT readiness

    The UAE leads in the GCC region in terms of its strong performance in the Network Readiness Index (NRI) of the Global Information Technology Report 2008-2009, published by the World Economic Forum and Insead. UAE ranked within the top three from a list of 134 global economies in the category 'Importance of ICT to government vision of the future,' while fifth in 'Government prioritization of ICT,' 11th in 'Government procurement of advanced technology products' and 32nd in 'e-Government Readin

  • UAE readies for satellite launch

    DubaiSat-1, the first satellite developed by the Emirates Institution for Advanced Science & Technology, will be launched on July 25. The $50m remote-sensing satellite will enable collection of space and earth observation data. Images from DubaiSat-1 can be used for applications such as urban development, scientific research, telecommunications and transportation.

  • UAE signs Air Services Agreement with Colombia

    The UAE's General Civil Aviation Authority has signed an Air Services Agreement with the Civil Aviation Authority of Colombia to increase flights between the two countries. Both parties agreed to a phased in increase of up to 28 weekly frequencies for passenger services and up to 28 weekly frequencies for all-cargo services for the designated airlines of each party. This is the first agreement of this type that the government of Colombia has signed with a country in the Middle East.

  • UAE tests observation satellite

    The Emirates Institution for Advanced Science and Technology has said UAE engineers and scientists have completed the final tests and equipment safety preparations on DubaiSat-1, which is due to be launched aboard a Russian rocket on July 25th. The UAE team is currently preparing to ship the satellite from the factory in Korea to its launch base in Kazakhstan. Images from DubaiSat-1 will be used for numerous applications including urban development, scientific research, telecommunications, tr

  • UAE, Oman aim to ease travel between countries

    Officials in Oman and the UAE are working to develop new travel procedures that would ease entrance and exit across the border and improve traffic flow across these points, reported the Oman Tribune. Ideas being suggested include the use of eye scanning and the creation of a database to speed transfer of information for security purposes.

  • Uhde Inventa-Fischer wins Sabic contract

    Uhde Inventa-Fischer has said it has won a contract from Saudi Basic Industries Corporation (Sabic) to provide the technology license and the complete basic engineering of the 2nd PET Resin expansion of its manufacturing affiliate, Arabian Industrial Fiber Company (Ibn Rushd) at its site in Yanbu, Saudi Arabia. The plant will have a capacity of 420,000 t/a and will produce various grades of PET Resin at the same time such as bottle still water and CSD application, among others.

  • UK oil firm delivers gas from Egyptian exploration project

    The UK's BG Group has delivered the first gas from the fifth phase of its deepwater exploration programme in the eastern Mediterranean.

  • UPS and Ünsped form Dubai venture

    Courier company United Parcel Service (UPS) plans to create a joint venture with Ünsped Paket Servisi Sanayi ve Ticaret, an authorised UPS contractor in Turkey for 20 years, covering a number of Middle Eastern countries. The deal will help it put focus on overseas markets as US deliveries fall. The JV, which will be based in Dubai, will cover 21 countries including Turkey, Pakistan, Saudi Arabia and United Arab Emirates and will help the Atlanta-based company increase international deliveries

  • US firm signs Addur power turbine deal

    The US’ GE has signed contracts worth more than $500m to supply steam and gas turbines to Bahrain’s Addur independent water and power (IWPP) project.

  • Visitors to Petra drop 19% in May

    The number of foreign tourists visiting the ancient city of Petra dropped 19% in May to around 67,000, compared to 82,000 visitors during the same period last year, according to figures released by Jordan's Petra Archaeological Park. Revenues from Petra in May stood at JD1.215 million, compared to JD1.598 million generated in the same month last year.

  • Wade Adams wins Dubai road contract

    Dubai-based Wade Adams Contracting has been awarded the AED307m ($84m) contract for the fourth phase of the Al-Khail road improvement scheme in the emirate.

  • Waha Capital buys 50 per cent stake in AerVenture

    Abu Dhabi-based Waha Capital has purchased a 50 per cent stake in AerVenture, a subsidiary of Dutch aircraft leasing firm AerCap.

  • Waha Capital signs AerCap deal

    Abu-Dhabi based investment holding company, Waha Capital has said it had agreed to pay $135m for a 50% stake in an aircraft leasing joint venture with AerCap, which is listed on the New York Stock Exchange. 'The joint venture partners have also agreed a number of separate individual aircraft transactions, including the purchase by AerVenture of an Airbus A320 from Waha, and the purchase by AerCap's subsidiary AeroTurbine of four vintage A320 family aircraft,' said Salem Rashid Al Noaimi, CEO

  • Walshe Groupe to represent Oman tourism in Australia

    The Walshe Group has announced that it has been selected by Oman's Ministry of Tourism to be the market-based representative for the Sultanate in Australia and New Zealand. The appointment was effective 1 June 2009. which ended on Sunday in Bangkok, that three negative factors that caused the decline were the ongoing economic downturn, the country's political situation and the outbreak of H1N1 flu.

  • Wataniya adds Damascus route

    Kuwait National Airways, Wataniya, has added a new destination to its operation network with five weekly direct flights to the Syrian capital. The inaugural flight to Damascus carried 90 passengers. The airline's CEO George Cooper said this step is part of plans for further expansion on routes and destinations.

  • Windows 7 sales to begin on Oct 22

    Microsoft has announced it will start selling its Windows 7 operating system on October 22, ahead of the holiday season, Bloomberg has reported. Consumers could get a free upgrade to Windows 7 if they buy Vista Home Premium or a more expensive version within a certain time period before Windows 7 is released.

  • World Bank advises Yemen on power privatisation plans

    Yemen's Public Electricity Corporation will receive a report from the International Finance Corporation (IFC) on how to proceed with independent power projects (IPPs) by mid-June, according to a source at the utility.

  • Worley Parsons wins $150m gas deal

    Abu Dhabi Gas Industries Company has signed up Australia's Worley Parsons to oversee the construction phase of its giant integrated gas development (IGD) in a deal worth $150m.

  • Yemeni plane crashes with 153 on board

    An Airbus A310-300 from Yemen with 153 people on board has crashed in the Indian Ocean off the island nation of Comoros, aviation officials said. The jet was en route to Moroni, the capital of Comoros, from Yemen's capital Sanaa when it crashed about an hour before reaching its destination, officials said. The cause of the crash has not been determined. It is the second Airbus to plunge into the sea this month. An Air France Airbus A330-200 crashed into the Atlantic Ocean killing 228 people o

  • Zain begins $2.5bn syndication

    Kuwait's mobile phone operator Zain has launched the first phase of syndication of a $2.5bn Islamic loan.

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