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MEED
June 2010 Online Content

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  • $265m Yanbu steel plant back on track

    Saudi Arabia's Atoun Steel Industry (ASI) is to proceed with building a $265m steel plant at Yanbu Industrial City II (Yanbu) after the government granted a fuel allocation for a related power station, Meed has reported. The plant is to include a billet caster producing 900,000-t/y of steel billets and a rolling mill producing 500,000-t/y of steel rebar, reinforcing bars used in the construction industry, when completed. The metal will be predominately sold in the domestic market.

  • $5bn Amman business district project to be completed 2011

    Amman's new business district is due to be completed in the first quarter of 2011 despite the depressed real estate market, Reuters has reported. "The boulevard with retail and serviced apartments and offices are the core of the new central business district of Amman. It's scheduled to be finished early next year and this will get the whole project moving forward," Mouhib Itani chief executive of Abdali Investment and Development told the news service. The first phase of the Abdali Project is

  • $720m claim filed against Algosaibi bank

    Claim filed for the assets of The International Banking Corporation

  • Aabar buys 4.99 per cent stake in UniCredit

    Abu Dhabi fund paid $2.3bn for stake in Italy’s largest bank

  • Aabar buys 4.99% stake in Italian bank UniCredit

    Mohamed Badawy Al-Husseiny, chief executive of Abu Dhabi's Aabar has said the firm has taken advantage of the weaker euro to buy a 4.99% stake in UniCredit worth $2.48bn, becoming the Italian bank's second-biggest shareholder, Reuters has reported. "With the decline in the euro, wherever we see good opportunities that fit our profile, we will pursue this," he said. Aabar has become UniCredit's second-biggest shareholder, according to its website.

  • Aabar in talks over Jordan development

    Abu Dhabi-based Aabar is in talks with the Jordanian government over developing the Dabouq suburb of the capital, Arabic Alghad has reported, citing a government source. The negotiations followed a government decision to reconsider its agreement with the investment fund of the Social Security department earlier this year to sell 1400 dunums to the fund. Under the proposed deal, Aabar will also be responsible for the development of the Hussein Medical City, the source said.

  • Aabar Investments raises capital

    Abu Dhabi's Aabar Investments has said it has raised its capital by Dhs912.8m ($248.6m) to Dhs4.04bn through bonus shares and conversion of convertible bonds. The increase was a result of issuance of 312.8 million bonus shares and 600 million convertible bonds, the firm said in a statement.

  • Aabar may delist from ADX

    UAE-based Aabar Investments, the largest shareholder in Daimler AG, may consider plans to delist its shares from the Abu Dhabi stock market as it reviews refinancing plans and investment opportunities, Bloomberg has reported. Aabar's board will meet on June 24 to consider calling a shareholders' meeting to convert it into a private joint-stock company and cancel the listing of shares on the Abu Dhabi Securities Exchange, the company said in a statement. It didn't give a reason for the plan.

  • ABB secures $155m Kuwait oil and gas order

    Kuwait Oil Co (KOC) has awarded ABB a $155m contract to design and build a new crude-oil transit line and associated ancillary systems. The new installations are designed to transport up to 665 thousand barrels of oil per day from Point A to a tank farm in southern Kuwait. ABB will also provide an automation system and distributed-control systems, as well as instrumentation, electrical equipment and an emergency-shutdown system. The project is scheduled for completion in spring 2012.

  • ABB wins deal to service Gulf Interconnection Grid

    ABB has secured an $8.3m contract from the GCC Interconnection Authority to provide maintenance for equipment and systems at the Gulf Interconnection Grid's newly constructed substations. Under the deal, ABB will be responsible for the grid's reliability through regular maintenance and provide technical and emergency assistance when required. Substations covered under the two-year agreement include Al Fadhili, Ghunan, Salwa and Ras Al Qurayha in Saudi Arabia, Al Jasra in Bahrain, Al Zour in K

  • ABB wins Kuwait pipelines deal

    Kuwait Oil Company awards $155m project to boost oil transfer facilities

  • Abengoa to build solar power plant with Masdar

    Spanish engineering firm, Abengoa plans to join Abu Dhabi's renewable energy company, Masdar, in building the Middle East's first major solar power plant, Bloomberg has reported, citing two sources. Abengoa will join Masdar and Total on the project, signing contracts as early as today in Abu Dhabi, according to the news provider. The project, named Shams 1, will cost $500m to $700m and will generate about 100 megawatts of power on the outskirts of Abu Dhabi.

  • Abu Dhabi airport traffic rises 12.2 per cent

    Total volume of cargo also increased to 38,869 tonnes in May

  • Abu Dhabi bourse closes almost unchanged

    Abu Dhabi's ADX General Index ended insignificantly lower at 2,551.16 points. Real estate giant Aldar Properties lost 0.64% and finished at Dhs3.06. Aldar announced today that it signed with Abu Dhabi National Insurance Company (ADNIC) an agreement whereby ADNIC will be the first sub-developer in Al Raha Beach, Aldar's waterfront development, which includes a mix of residential communities as well as business, retail and leisure. ADNIC will develop 16,465sqm office building and 198 apartment

  • Abu Dhabi bourse declines by 0.43%

    Shares of Aabar Investment, one of Abu Dhabi's sovereign wealth funds, ended 2.44% lower at Dhs1.68 after the firm said it may consider plans to delist its shares from the Abu Dhabi stock market as it reviews refinancing plans and investment opportunities, Bloomberg has reported. The ADX General Index closed at 2,551.06 points (down 0.43%). Energy bellwether Taqa closed unchanged at Dhs1.09.

  • Abu Dhabi bourse rises insignificantly

    The ADX General Index ended the day after a mild trading session at 2,553.44 points (up 0.08%). Shares of First Gulf Bank (FGB), the number four in the UAE, gained 0.66%, closing at Dhs15.15. FGB has sued Saudi conglomerate Ahmad Hamad Al Gosaibi and Brothers (AHAB) over an alleged default on Dh58.7 million (US$15.98m) of loans, The National reports. As oil prices halted near the level of $77 per barrel, market bellwether Abu Dhabi National Energy Company (Taqa) weakened 0.98%, closing at Dh

  • Abu Dhabi Commercial Bank acquires Royal Bank of Scotland's UAE retail banking unit

    The acquisition of the RBS operation doubles the size of ADCB’s credit card business

  • Abu Dhabi Commercial Bank buys RBS UAE retail assets

    Abu Dhabi Commercial Bank has acquired the retail unit of the Royal Bank of Scotland (RBS) in the UAE, Reuters has reported. The $100m deal, which is expected to close within four months, will be financed from internal cash resources, the lender said. As part of the deal, ADCB will acquire three branches along with 250,000 customers.

  • Abu Dhabi exchange adds half a percent

    The Abu Dhabi Securities Exchange ADX joined most of the GCC markets in a positive debut of the new week by ending up 0.56% at 2,533.97 points. Although most actively traded in relation to turnover, shares of national telecom giant Etisalat ended flat at Dhs10.35. Mohammad Omran, chairman of Etisalat has announced plans to invest EGP8bn ($1.41bn) in the firm's Egyptian unit over the next three years, as it eyes growth in the market, Reuters has reported. Etisalat Misr's customer base reached

  • Abu Dhabi exchange ADX ends unchanged

    The ADX General Index ended flat at 2,551.39 points as investors missed several occasions in sustaining an index surge above the level of 2,554.00. Dana Gas advanced as the most liquid stock 2.90%, ending at Dhs0.71. The Sharjah-based firm's board of directors approved today a buy-back up to 10% of the company's share capital. Banks weighed o the market, as the ADX Banking Index lost 0.52% and Sharjah Islamic Bank (off 2.38% at Dhs0.81) and National Bank of Umm al-Qaiwain (down 1.96% atDhs2.5

  • Abu Dhabi exchange ends flat

    As on Sunday, the ADX General Index did only move insignificantly higher and closed at 2,553.11 points. Shares of Telecom provider Etisalat (Arabic for connections) added 0.97%, closing at Dhs10.50. The company said today in a written statement in reference to "recent media news" that it did not present any proposal or bid to acquire a stake in Kuwait's telecom firm "Zain". Al Ain Al Ahlia Insurance Company posted the largest loss, finishing nine percent lower at Dhs50.00.

  • Abu Dhabi exchange gains 0.84%

    The ADX General Index closed 0.85% higher at 2,571.06 points, as oil prices stabilising above $73 per barrel helped the energy price-sensitive market to sustain momentum. Over the week, the UAE capital's market declined by 3.48% during the week. Shares of real estate giant Aldar Properties outperformed, ending at Dhs3.16 (up 2.92%), despite Credit Suisse's revised price target down from Dhs8.47 to Dhs4.08. "Aldar has an upside potential of 25.9%", CS-analyst Ahmed Badr writes in the "Mena Rea

  • Abu Dhabi exchange loses 1.97%

    Declining oil prices pulled the energy price-sensitive Abu Dhabi Securities Exchange ADX down to 2,552.99 points (off 1.97%). Trading volumes remained low as some 72.6m shares changed hands. As oil fell from over U$74 down to around $72 in Tuesday trading. Consequently, Abu Dhabi National Energy Company TAQA weakened 0.91% and finished at Dhs1.09. Most real estate shares, such as industry bellwether Aldar Properties (off 3.77% at Dhs3.07), took heavy casualties. Abu Dhabi National Hotels buck

  • Abu Dhabi exchange loses slightly

    Gains in the construction sector could not prevent the Abu Dhabi Securities Exchange (ADX) from closing 0.13% lower at 2,549.55 points. Losses at ADX heavyweights Dana Gas (off 1.45% at Dhs0.69) and RAK Properties (losing 2.44% at Dhs0.41) dragged the market down. Green Crescent Insurance Company posted the largest gain, finishing 5.26% higher at Dhs0.62.

  • Abu Dhabi firm wins interior design contract for Etihad Towers

    Abu Dhabi-based interior contracting and design firm DecoVision has said it has won a Dhs150m contract to furbish the interiors of the Etihad Towers being built on the Abu Dhabi Corniche opposite the Emirates Palace Hotel. DecoVision will be working on the furniture, fit-outs, joinery and laying out marble flooring and panels. The expected date of delivery is early 2011.

  • Abu Dhabi fund buys stalled Omani project

    Essdar Investments, a fund backed by Abu Dhabi's ruling family, has bought $655.5m of bonds to finance Oman's stalled $20bn Blue City project and plans to exercise "significant control" over its development, Bloomberg has reported. Essdar, the Cayman Islands-based partner of Dubai-based Essdar Capital Managers, will hold 99% of two notes sold in 2006 by Oman's Blue City Investments, following a tender offer that closed on June 7, the firm said. Essdar will push to accelerate development on th

  • Abu Dhabi health authority launches skills database

    The Health Authority - Abu Dhabi (HAAD) has launched an online database of 1600 candidates who have successfully passed the regulatory body's Computer Based Testing (CBT). The initiative aims to address the sector's demand for qualified medical staff and to ease the recruitment process for healthcare facilities. Acording to HAAD statistics up to 5000 additional doctors will be needed by 2019.

  • Abu Dhabi hotels see 25% drop in occupancy

    Abu Dhabi hotels suffered the largest declines in in three key performance categories in the Middle East in May, according to the latest figures from STR Global. Compared to May 2009, occupancy rates dropped 24.8% to 55.2% while the average daily rate (ADR) dropped 37% to $188.86; and revenue per available room (revPAR) decreased 52.6% to $104.17.

  • Abu Dhabi index ends flat

    The Abu Dhabi market ADX closed 0.02% higher at points. Aabar Investments, the sovereign wealth fund which holds 9.1% in Daimler AG, surged 0.63% to Dhs1.60. The UAE Securities Commission ESCA today approved Aabar's application to list 312.8m bonus shares and the 600m new shares from convertible bonds for Aabar.

  • Abu Dhabi Indian School to get new branch

    Abu Dhabi Education Council (Adec) has approved setting up a new branch for Abu Dhabi Indian School (ADIS) in the capital, Khaleej Times has reported. Dr BR Shetty, chairman of governors of the school said construction of the new school could start next year and will be opened as soon as possible. "The land for the new school is likely to be given to us in the next few days," he told the daily.

  • Abu Dhabi introduces new wastewater regulations

    Regulations to take immediate effect

  • Abu Dhabi launches film internship programme

    Imagenation Abu Dhabi, in association with the Abu Dhabi Film Commission, has unveiled an internship programme aimed at developing local film talent in the UAE, Wam has reported. Mawaheb will offer Emirati students with an interest in filmmaking the opportunity to gain experience abroad. Internships include appointments at joint venture offices in Los Angeles and New York City, and placements on the film sets of productions across the United States and India.

  • Abu Dhabi looks to better private schools

    The Abu Dhabi Education Council (ADEC) has said it aims to close the 20% variance between the best and the worst private schools in the emirate within the next 10 years, Khaleej Times has reported. "We're not happy with the performance of some of our private schools. We feel that the national engagement is not where it should be, especially in our private schools," Dr Rafic Makki, director of planning and strategies at ADEC said.

  • Abu Dhabi looks to increase solar power

    Abu Dhabi's Executive Affairs Authority has said the UAE capital is considering a proposal to use solar energy equipment on rooftops in the city to generate about 500MW of power, Emirates Business has reported. Abu Dhabi also aims to generate 1,500MW of electricity, or seven per cent of total demand, from renewable energy sources by 2020, David Scott, chief executive of the authority told the daily.

  • Abu Dhabi loses a quarter percent

    With oil heading lower by 0.6% on Tuesday, the energy price-sensitive Abu Dhabi stock market closed 0.24% lower at 2,524.79 points. Abu Dhabi National Energy Company, dubbed Taqa (Arabic for energy), lost 1.83%, ending at at Dhs1.07. The leading oil and gas firm in the UAE lost 11.5% on a year-to-date basis.

  • Abu Dhabi needs to double number of doctors

    A report by the Health Authority-Abu Dhabi (HAAD) has revealed that the number of doctors and nurses in the emirate needs to double over the next decade to cope with an ageing and rapidly expanding population, The National has reported. The capital is estimated to require up to 102% more doctors, from the current 5,300 to as many as 10,700. The number of nurses will need to rise by as much as 101%, from 6,900 to 13,900, according to the report. The report also pointed to shortfalls in fields

  • Abu Dhabi planning new rail network

    Abu Dhabi's Department of Transport has revealed plans for a new rail network serving the city of Al-Ain in the emirate's Eastern Region, Meed has reported, citing sources close to the project. The recently awarded Surface Transport Masterplan (STMP) study for the city involve preparing plans for either a tram or a metro network, the sources said. While the Al-Ain masterplan will have its own budget, the rail component will be part of Abu Dhabi's $68bn surface transport masterplan.

  • Abu Dhabi Ports Company appoints new chief executive

    New chief executive will oversee the development of port projects in company’s portfolio

  • Abu Dhabi school awards extension contract

    British School Al Khubairat in Abu Dhabi has awarded Wates the contract to develop a new extension and upgrade its existing facilities. The 12,000 square-metre extension will include new sports facilities such as a new swimming pool, teaching space and other important facilities. Work on the project will start July 1 and is planned to be completed over two phases by 2012.

  • Abu Dhabi to build five new schools

    Abu Dhabi Education Council plans to build five new schools and staffing facilities in the Western Region to keep pace with the growth of the emirate's population and urban expansion, Wam has reported. Each of the new schools includes highly-equipped classrooms and contains modern facilities including libraries, gyms, swimming pools, auditoriums, modern IT infrastructure. Located at Delma Island, Silaa, and Al Marfa'a, the schools are scheduled for completion by the next school year.

  • Abu Dhabi to face residential unit shortage until 2013

    According to a report by the Abu Dhabi Urban Planning Council (UPC), Abu Dhabi is still expected to be short of residential units until 2013, despite the large number of new developments under construction and in planning stages, Emirates Business has reported. While supply is set to increase by 9.1% every year to reach 251,200 in 2013, demand will still outstrip supply by 26,300 in the same period, the report said.

  • Abu Dhabi unveils higher education strategic plan

    The Abu Dhabi Education Council (ADEC) has announced a strategic plan aimed at raising the emirate's higher education system to international standards, WAM has reported. The 'Abu Dhabi Higher Education Strategic Plan' is designed to focus on aligning higher education with Abu Dhabi's social, cultural, and economic needs; building and maintaining a research eco-system to drive an innovation-based economy; and providing all qualified students with affordable access to higher education. The obj

  • Abu Dhabi’s Aabar raises capital by $249m

    Capital raised through bonus shares and bonds

  • Abyaar accepts bid for Dubai property

    Kuwait-based developer, Abyaar Real Estate Development has accepted the offer of an Emirati investor to buy 50% of a property it owns in Dubai, Zawya Dow Jones has reported. Abyaar, which did not give additional details, said the two parties will sign a memorandum of understanding this week and the final contract will be signed within 30 days. According to Zawya.com data, Abyaar had investments worth $6.81bn in Dubai in 2008.

  • ADEC launches Sayfuna Mumayaz 2010

    The Abu Dhabi Education Council has announced the launch of the ninth "Sayfuna Mumayaz" summer courses, which means "A Unique Summer" in Arabic. The programme allows students to gain skills intended to aid them in their transition to higher education. Adec will also cooperate with the UAE University, the Higher Colleges of Technology (HCT), Abu Dhabi University, and the Institute of Applied Technology to address issues that students need in order to succeed in their education. "These institut

  • Adia wealth to grow by $30bn in 2010

    The Institute of International Finance (IIF) has said that assets of the Abu Dhabi Investment Authority (Adia) grew by nearly $50bn (Dhs183bn) in 2009 due to post-crisis recovery of international markets, Emirates Business has reported. Adia's wealth increased to about $360bn at the end of 2009 and is forecast to climb to $390bn at the end of 2010. The assets are projected to continue their ascent to reach an all time high of $430bn at the end of 2011, IIF said.

  • Adnec signs London hotel agreement

    Abu Dhabi National Exhibitions has signed an agreement with Starwood Hotels and Resorts to build the Aloft London ExCeL hotel at the international exhibition and convention centre in the Docklands area of London. Scheduled to open in time for the London Olympics in 2012, the 252 room hotel will mark the brand's UK debut and will be the second Aloft property in Europe following the Aloft Brussels Schuman, scheduled to open this autumn.

  • Adnoc announces May crude oil price

    The Abu Dhabi National Oil Co (Adnoc) has announced the prices of its crude oil for the month of May, WAM has reported. The Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of May are: Murban, $77.85 per barrel; Lower Zakum, $77.65; Umm Shaif, $77.30 and Upper Zakum, $75.75 per barrel, the company said in a statement.

  • Adnoc invites sulphur granulation plant bids

    Abu Dhabi National Oil (Adnoc) plans to build a sulfur granulation plant at the Shah natural gas development as the emirate looks to boost its fuel supply, Bloomberg has reported. The state oil and gas producer invited 18 construction firms to bid for the project and is seeking offers this month. The company aims to award a contract in the fourth quarter of this year, sources told the news service.

  • Adobe says Flash has 'critical' vulnerability

    Adobe has reported a "critical" vulnerability in its Flash Player and Adobe Reader and Acrobat products, which it says could let attackers take control of people's computers. Affected software, for which a patch is not yet available, includes Adobe Flash Player 10.0.45.2, 9.0.262, and earlier 10.0.x and 9.0.x versions for Windows, Macintosh, Linux, and Solaris, as well as Adobe Reader and Acrobat 9.3.2 and earlier 9.x versions for Windows, Macintosh, and UNIX. The company urged users to downl

  • Adsic inks ICT agreement with Cisco

    Abu Dhabi Systems and Information Centre (Adsic) has inked an agreement on Thursday with Cisco Systems International in the field of information and communications technology (ICT), WAM has reported. The deal aims to facilitate Abu Dhabi's transformation into a sustainable knowledge-based and connected emirate by modernising initiatives of key government sectors.

  • Aecom wins Doha Expressway contract

    US firm will provide supervision and quantity-surveying services for package seven of road project

  • Agility shares fall in weak Kuwait trading

    The Kuwait market fell for the third consecutive day and closed at 6,571 points straight (down 0.82%). What brought the market down were weak performing investment and industry shares. Kuwait Pipes Industries and Oil Services posted the largest decline, ending 8.77% lower at KD0.260. Shares of United Gulf Bank (UGB) gained against the trend and finished 9.43% higher at KD0.290. Logistic firm The Public Warehousing Company, also known as Agility, weakened by 6.76%, finishing at KD0.345. In an

  • Agility to focus on commercial sector and emerging markets

    Tarek Sultan, chairman of Kuwait-based Agility has said the logistics firm plans to focus on the commercial sector and emerging markets, Reuters has reported. Agility faced fraud allegations and was replaced in April as the main supplier to the U.S. military in the Gulf Arab region."We are going through a transitional period, and I think that it is important to concentrate on the commercial sector, because at the end of the day, this is what will stay," he said. Sultan also cleared the compan

  • Agility wins KJO contract

    Agility has been awarded a five-year contract for fourth party logistics (4PL) by Saudi Arabia's Khafji Joint Operations (KJO). Under the $17m contract, Agility will provide all inclusive on-site warehousing management and operation services, including material receiving and handling services, as well as opening, inspecting, labelling, marking, bar-coding, transferring, storing, issuing and transporting materials to users at different units within Khafji.

  • Agility wins Saudi oil contract

    The deal will last for a five-year period

  • Ahli United Bank stake sale delayed

    The acquisition of a 25% stake in Bahrain-based Ahli United Bank by a group of Qatari investors has been delayed for three months due to price negotiations, Reuters has reported, citing a source familiar with the matter. The stake is priced at $1.3bn, which investors think is quite high, the source told the news service. In April, AUB said Kuwaiti investment firm Tamdeen and other unnamed shareholders had agreed to sell the stake in the Bahraini bank to an undisclosed buyer from the Gulf regi

  • Air Arabia announces Alexandria-Amman flights

    Air Arabia has announced the start of its services to Amman, Jordan, from its third hub in Alexandria. Starting June 18, roundtrip flights will operate four times per week to Amman from Burj Al Arab International Airport, Alexandria, on Mondays, Wednesdays, Fridays and Sundays. The airline operates from three hubs in Sharjah, Cassablanca in Morocco and Amman.

  • Air Arabia announces Alexandria-Beirut service

    Air Arabia has announced the launch of its services to Beirut, Lebanon, from its third hub in Alexandria starting July 1, 2010. The flights will operate four times a week. The airline recently announced plans of launching its fourth hub in Amman, and currently offers its services to Khartoum, Kuwait, Beirut and Amman from Alexandria.

  • Air Arabia Egypt launches

    Sharjah-based airline, Air Arabia has inaugurated its third hub in Egypt. Air Arabia Egypt, a joint-venture between Air Arabia and Egypt-based Travco Group. The airline launched its first commercial flight yesterday to Khartoum, which will be followed by flights to Kuwait, Amman and Beirut. The company plans to expand its range of destinations from Alexandria Burj Al Arab Airport to key cities across the Europe, Middle East and Africa (EMEA) region.

  • Air Arabia to fly to Najaf

    Air Arabia is the latest regional carrier to start flights to Iraq

  • Air Arabia to fly to Najaf, Iraq

    Air Arabia has announced the launch of service to the city of Najaf, Iraq, from its hub in Sharjah. Flights between the two cities will operate twice per week starting June 8, 2010.

  • Air Arabia to launch Jordanian budget carrier

    The airline will launch the new airline with local investment firm Tantash Group

  • Air Berlin to start Dubai flights in November

    Germany's second-biggest carrier, Air Berlin has announced plans to add flights from Berlin to Dubai and Phuket, Thailand with the start of its winter schedule, which begins November 1, Bloomberg has reported. The airline will serve Dubai three times a week and Phuket up to six times, it said in a statement.

  • airBaltic begins service to Jordan

    Latvian carrier airBaltic has launched its first flight to the Jordanian capital, Amman. The new service will be offered on Saturdays and Tuesdays from the Latvian capital, Riga to Amman, and Sundays and Wednesdays from Amman to Riga.

  • Airbus to delay debut of successor to A320

    Toulouse-based plane maker Airbus has said that plans for the successor to its single-aisle A320 aircraft may be delayed until 2027, as new materials and engine technologies will not be ready before then, Bloomberg has reported. "The real game-changing technologies in airframes, systems and engines will come around 2025, 2027," Airbus chief operating officer, John Leahy told the news service. A replacement for the A320 before then 'doesn't make any sense, because the technology's not there'.

  • Al Bakara to sign Pakistan merger deal

    Bahrain-based Islamic lender Al Baraka expects to sign a merger deal involving its Pakistani unit with Emirates Global Islamic bank by next week, Reuters has reported. The new entity would be named Al Baraka Bank Pakistan, with assets of $560m and run by Baraka in Bahrain. Adnan Yousif, chief executive of Al Baraka said that once the deal is signed the new entity will have 93 branches in the country. Its shareholders include the Emirates Investment Group (EIG) and Al Rajhi Investment Group.

  • Al Hamra residences launched in Ras Al Khaimah

    Hamra Hotels and Resorts has announced the opening of Al Hamra Residences in Ras Al Khaimah. The 218 fully furnished apartments consist of 1-bedroom, 2-bedroom, 3-bedroom and four unique 5-bed duplex apartments, all of which are equipped with plasma screen TVs, cable television channels, kitchen appliances and complimentary high-speed Wi-Fi internet access. The property also features food and beverage outlets, saunas and jacuzzis, gymnasium, tennis courts, men's and ladies salon, two swimming

  • Al Jaber GIS joint venture bags ADPC contract

    Al Jaber GIS joint venture has been awarded a Dhs350m ($95.3m) contract by the Abu Dhabi Ports Company (ADPC) for the Khalifa Port and Industrial Zone (KPIZ) project in Abu Dhabi, Wam has reported. The contract involves the design, procurement, integration and installation of the control systems throughout the onshore and offshore areas of Khalifa Port. The remaining major ADPC contracts for KPIZ include port offshore civil-building works, port terminal infrastructure and facilities, and indu

  • Al Majaz Park project construction begins

    The Sharjah Investment and Development Authority (Shurooq) has said that construction works on the Al Majaz Park project has started, after the completion of the preparatory works. The project will be implemented in two phases, with work on phase 1 starting soon and scheduled to be completed by November. The second phase involves the construction of six new restaurants and cafes, as well as a special play area for children. The completion of the project's first phase will coincide with the la

  • Al Maktoum airport officially opens

    Dubai Airports has officially opened Dubai World Central - Al Maktoum International (DWC) for cargo operations. Phase 1 of the airport will feature one A380 capable runway, 64 remote stands, one cargo terminal with annual capacity for 250,000 tonnes of cargo and a passenger terminal building designed to accommodate five million passengers per year.

  • Al Maktoum sees first flight land

    Al Maktoum International in Dubai has seen its first landing with the arrival of SkyCargo's Boeing 777F Freighter from Hong Kong yesterday, Emirates Business has reported. The airport's first phase is set to officially open on June 27 with cargo operations, followed by passenger operations in March next year. The airport will feature a single A380 compatible runway, a cargo terminal building and a road link to Jebel Ali port.

  • Al Mazaya begins handover of 'The Villa' project

    Kuwaiti developer Al Mazaya has said it has started handover of the 104 villas that comprise Phase I of its 'The Villa' project in Dubai. Construction and development of the 110 Phase II villas is ongoing, and the 306 Phase Three villas are 70% complete, the firm said in a statement.

  • Al Shafar secures Oceanscape contract

    Damac Properties has awarded the main works contracts for its Oceanscape development in Abu Dhabi to Al Shafar General Contracting. Construction of the mixed use development, which will feature residential, commercial and retails units, is scheduled to take approximately two years. Al Shafar General Contracting was also awarded the Marina Bay at Al Reem Island contract in Abu Dhabi earlier this month.

  • Al Shafar wins Damac contract

    Damac Properties has awarded Al Shafar General Contracting a Dhs190m contract for its Marina Bay development at Al Reem Island in Abu Dhabi. Marina Bay is a mixed use development which will feature a 25 storey tower of one, two and three bedroom apartments, in addition to retail and commercial space with shops and restaurant outlets along the ground and mezzanine levels.

  • Aldar announces Yas Island water park

    Abu Dhabi-based property development firm Aldar Properties has launched a water park on Yas Island. The 16.4 hectares water park will feature over 40 rides and attractions including four that have never been seen before in a water park, according to the developer. The project and construction work will begin in July 2010 and is planned to be completed in 2012. UK firm Atkins has been appointed as lead designer for the project.

  • Aldar awards Al-Falah infrastructure contracts

    Three local contractors win deals for residential development

  • Aldar awards major infrastructure contracts for Al Falah development

    Aldar Properties has awarded three contracts to deliver key infrastructure at Al Falah project. The infrastructure contracts for the development went to Hilal Bil Badi and Partners (Hilalco) for Village 1, Ghantoot Transport, General Contracting for Villages 2 and 3 and Al Jaber Transport and General Contracting for Villages 4 and 5, Aldar said. Located to the east of Abu Dhabi International Airport and the Abu Dhabi-Dubai highway, the development will provide 5,000 homes for UAE families acr

  • Aldar invites groups to prequalify for Abu Dhabi water park project

    Water park will be located on Yas island

  • Alexandria Cement rights issues nearly covered

    Egypt's Alexandria Cement has almost covered an EGP2.45bn ($442.2m) rights issue and expects to sell the remaining shares once the regulator gives the go-ahead, Reuters has reported. The one-month subscription, which closed on June 20, was 99.43% subscribed, the company said. The company will use the proceeds of the rights issue to buy 95% of another Egyptian cement maker, Beni Suef Cement.

  • Algeria approves Orascom's Djezzy buyout talks

    Egypt's Orascom Telecom has said that the Algerian government had agreed to start talks over the sale of Orascom's Algerian unit Djezzy, Reuters has reported. "At this point, we are waiting for them to call us for the talks. They are going to appoint their representatives who will negotiate with our company representatives," Orascom said. The Algerian government put the deal in doubt in April when it said it would block any agreement to sell Djezzy to MTN, claiming it had a right to bid on th

  • Algeria: Wellheads

    Supply of wellheads and Christmas trees

  • Alhosn and Salford universities sign MoU

    Abu Dhabi-based Alhosn University and the University of Salford in Manchester, England have signed a memorandum of understanding aimed at promoting cooperation between both institutions. Under the three-year agreement, the two universities will engage in joint research activities, teach and develop new degrees and training programmes, exchange visits by staff, teachers and students, exchange relevant information, and co-develop student progression pathways.

  • Alinma grants $1bn credit to Sabic

    Bank facility will be used to fund petrochemical projects

  • Amman launches review of telecoms law

    Jordan’s information technology minister calls for greater support from the private sector

  • Amman to introduce new bus system

    The municipality of the Jordanian capital Amman has announced that the bus rapid transit (BRT) system will be implemented by 2012, Jordan Times has reported. The new system includes premium, high-capacity buses running on exclusive and completely segregated lanes, express buses that can carry more than 120 passengers, terminals and park-n-ride facilities. The plan also involves an integrated fare collection system allowing passengers to pay the fare at stations before embarking on the bus.

  • Anti-counterfeit medication initiative launched in Egypt

    Sanofi-Aventis, a pharmaceutical firm in Egypt and the largest in Europe, has launched an anti-counterfeit medication initiative in cooperation with the Egyptian health ministry. The three-phase initiative aims to protect patients through fighting counterfeit medication in the Egyptian market.

  • AOC launches new slim LED monitor

    AOC, part of Taiwan based TPV Technology Ltd, has announced the launch of its latest Ultra Slim LED Monitor AOC e2240Vw in the Middle East and Africa region. The monitor incorporates multi-ECO technology along with intelligent energy saving functions such as eSaver and eSensor, which allows the monitor to save nearly 50% on energy consumption as compared to the conventional panels. The monitor comes in wide range of sizes ranging from 18.5" to 24".

  • Apple iPhone 4 pre-orders top 600,000 in one day

    Orders for Apple's iPhone 4, which went on pre-order on June 15, topped 600,000 on the first day - a record for the group - resulting in a number of customers unable to order as Apple's servers buckled under the pressure. With handsets expected to be shipped to customers in the US and a select number of other countries towards the end of June, Apple has now pushed back shipping dates to mid-July for later online pre-orders. The iPhone 4 will then be rolled out to 88 countries by the end of Se

  • Apple launches iPhone 4

    Apple has officially launched its iPhone 4 (not 4G, to avoid confusion as it is not technically 4G-capable), described by CEO Steve Jobs as the 'biggest leap forward since the original iPhone' and 'the thinnest smartphone on the planet'. The new version of the iPhone uses Apple's A4 processor, and features a 5 megapixel front-facing camera, as well as the camera on the back. The screen is four times the resolution of the iPhone 3GS.

  • Apple reveals redesigned Mac mini

    Apple has unveiled its redesigned Mac mini desktop computer, which features a new HDMI port, an SD card slot and improved graphics performance. The Mac mini has a compact aluminium enclosure measuring 7.7 inches square and 1.4 inches thin. The desktpop comes with Mac OS X Snow Leopard, Apple's operating system. The computer features the NVIDIA GeForce 320M graphics processor.

  • Apple sells 1.7m iPhone 4 in three days

    Apple has announced that it sold over 1.7 million iPhone 4 in the first three days that the product was on the market. The company said that it would have sold more but ran short of stock. 'This is the most successful product launch in Apple's history. Even so, we apologise to those customers who were turned away because we did not have enough supply,' said CEO Steve Jobs.

  • Arab GDP growth seen rising at least 4% in 2010

    The Arab Monetary Fund chief said growth in Arab economies will accelerate to at least four percent on average this year on higher oil prices, Reuters has reported. "Economic growth will not be less than 4 percent this year, in some Arab countries it could be more," Jassim al-Mannai was quoted as saying. "The economic situation in the Arab world is more stable this year than in 2008 and 2009 and this is a positive indicator for economic growth."

  • Arabian Centres to close $1bn loan refinancing on 23 June

    Saudi Arabia’s Alinma bank leads funding for local mall operator

  • Arabsat and Yahsat talks underway

    The Arab Satellite Communications Organisation (Arabsat) and Al Yah Satellite Communications (Yahsat), a subsidiary of Mubadala Development, plan to offer broadband internet connections, among other services, to consumers next year, The National has reported. The companies are in the "early stages" of negotiations that would see each operator complement the other's coverage areas and services, Khalid Balkheyour, the president and chief executive of Arabsat said.

  • Arabtec expects cash flow after Nakheel's govt bailout

    Ziad Makhzoumi, chief financial officer of UAE-based construction firm, Arabtec has said the firm expects its cash flow to improve with the government helping Dubai-based developer Nakheel pay its bills to contractors, Bloomberg has reported. Arabtec is owed about Dhs4.7bn ($1.3bn) by its clients, a figure that hasn't changed much over the last five quarters, Makhzoumi told the news service. The government has pledged to pump $8bn into Nakheel to help it pay suppliers and complete projects.

  • Arabtec expects Nakheel payment soon

    The CFO of Dubai-based construction firm Arabtec expects payment in cash from Nakheel to be made soon while payment in the form of a bond will take a few months, Reuters has reported. Arabtec has bid for enough work to achieve $2.02bn worth of orders in 2010, Ziad Makhzoumi told Dubai One TV in an interview on Saturday. 'We're still hopeful that we will get that soon, as they have announced that it will be some time in June,' he said, referring to the outstanding cash owed by Nakheel. 'Soon a

  • Arabtec says Russia project has no work-stop order

    Dubai-based construction firm, Arabtec has said it is not aware of any decision by Russian authorities to stop construction on the 403-metre (1,322-foot) high Okhta Centre in St. Petersburg, Reuters has reported. The company referred to an unidentified media report published on June 15 saying Russian President Dmitry Medvedev had ordered work to be stopped on the $2.7bn tower, one of Arabtec's most important contracts.

  • Arabtec unit secures $203m worth of contracts

    Target Engineering Construction, a unit of Arabtec Holding, has said it has won three contracts valued at Dhs747m ($203m), Bloomberg has reported. Two deals from GS Engineering and Construction Corp are for work at the expansion of a refinery at the industrial site of Ruwais in Abu Dhabi. The third contract, from a venture of GS and Petrofac, is for work on a natural gas liquids facility at the same site, Arabtec said.

  • Aramco completes $100bn oil and gas production boost

    Kingdom can now produce 12.5 million barrels a day of oil and 8.7 billion cubic feet a day of gas

  • Aramco denies secret oil spill

    Saudi state oil giant, Aramco has denied allegations made by a former employee about an alleged secret oil spill during 1993 in the Arabian Gulf. "The company states that there is no factual basis to those allegations, and there was no such event or incident as alleged concerning its operations in 1993, 1994, or at any other time," the company said in a statement. Aramco said it participated in oil spill cleanup activities and operations in early 1991 during the Gulf conflict.

  • Aramco expecting Karan project to be completed 2013

    Saudi Aramco has said it expects work on its first non-associated gas field project, Karan, to be completed in 2013 with the capacity to process 1.8 billion cubic feet per day (cfd), Reuters has reported. Aramco had said it expected to start producing 450 million cfd of gas from the first phase of the Karan project by mid-2011. "When completed in 2013, the increment will be capable of delivering 1.8 billion cfd of raw gas via a 110-km subsea pipeline to the Khursaniyah Gas Plant," the company

  • Aramco invited Wasit plant bids

    Saudi Aramco has invited companies to bid for the construction of the biggest gas plant in the kingdom, Reuters has reported, citing industry sources. Aramco has given no cost estimate for the Wasit plant, but industry sources said it would cost between $6bn and $8bn. Bidding is to close by September 29, and the contract will probably be awarded in January, the sources said.

  • Aramco invites bids for Jizan refinery

    Saudi Arabia's Aramco has invited companies to manage the construction of the Jizan refinery in the kingdom, Reuters has reported, citing industry sources. The refinery, with a planned capacity of 250,000-400,000 bpd is among new plants Saudi Arabia is planning to build as it looks to boost domestic refining capacity. Engineering firms will have to submit their prequalification documents, which also include the front-end engineering and design (FEED) and project management services (PMS) by J

  • Arcelor Mittal still keen on Egyptian plant

    Steel giant given until August to break ground on $340m facility

  • ArcelorMittal given deadline on Egypt plant

    ArcelorMittal, the world's largest steelmaker, has been given an August deadline by Egypt's Industrial Development Authority to start building work on a steel plant near the Red Sea or lose its licence, Reuters has reported. The Luxembourg-based company received a licence in 2008 to build a $340m plant to produce 1.6 million tonnes of steel using DRI technology and another 1.6 million tonnes of billets, but held the project back as a result of the financial crisis.

  • ArcelorMittal says strike over at Algerian steel plant

    Workers vote to return to work at El-Hadjar plant in eastern region

  • Arriyadh Development awards $300m heritage city construction contract

    The Addiriyah township must be rehabilitated under strict international guidelines

  • Arzew cracker studies completed

    Partners can move ahead with project as soon as final contract has been signed

  • Ashgal extends bid deadline for Qatar road deal

    Groups now have until 20 July to submit bids for Barwa City road contract

  • ATIC unveils $3.6bn expansion plans

    Advanced Technology Investment (ATIC) plans to set up an advanced technology cluster in Abu Dhabi, The National has reported. ATIC, a Globalfoundries majority shareholder also pledged $3.6bn (Dh13.2bn) to expand the capacity of its microchip business. The planned technology cluster will be located near Abu Dhabi International Airport and is set to cover 3 sq km.

  • Baghdad picks 10 firms for Sadr City rebuild

    Baghdad mayoralty has shortlisted 10 companies to start working on the first stage of the project to rebuild Sadr City, Aswat al-Iraq has reported. The project involves the construction of 75,000 housing units over an area of 14 square kilometres in the eastern Baghdad district of Sadr City, as well as hospitals, health centres, universities, schools, playgrounds and sports facilities, trade centres and other services. The mayoralty has allocated $10.8bn for the project which will continue un

  • Baghdad to spend $50bn on one million more homes

    The plan to build homes for government workers comes two months after Iraq’s first million-home initiative

  • Bahrain awards causeway contract to Six Construct JV

    Belgium's Six Construct and Bahrain's local Haji Hassan have won the BD100m contract to build the North Manama Causeway and Bridge project, beating competition from South Korea's Sungwon Corporation and Bahrain's Hafeera Group, MEED has reported. The contract The joint venture will implement the construction of a 2.4 kilometre-long causeway on reclaimed land, upgrades of junctions on the King Faisal highway, 1.6 kilometres of road upgrades, a single span 51 metre-long bridge crossing a canal,

  • Bahrain bourse remains at 6-month low

    The Bahrain All Share Index closed 0.74% lower at 1,411.61 points. Not a single sector indec managed to gain ground. Islamic bank Ithmaar advanced four per cent to $0.130, rebounding from a year-low which it touched on Wednesday.

  • Bahrain exchange advances slightly

    For the first time this week, the Bahrain Stock Exchange (BSE) ended in the green and closed 0.09% higher at 1,416.90 points. Islamic investment bank Gulf Finance House (GFH) advanced 3.85% and finished at $0.135. The bank announced last Sunday that it will sell a 50% stake in the Bahrain Financial Harbour to Emar Bahrain in order to pay back partly a $300m loan. The stake was estimated at $175m.

  • Bahrain exchange ends below 1,400 points

    Hopes of a sustainable rebound which started in mid-June were dismissed, as the Bahrain All Share Index lost 0.37%, closing at 1,396.29. Only two stocks gained value on Wednesday. Bahrain Duty Free Shop Complex added 1.43% (top gainer) and finished at BD0.710. Financial shares declined in particular as the industrial index stood still. On a year-to-date basis Manama weakened by 4.25%.

  • Bahrain market adds a quarter percent

    After weeks of an almost non-stop decline, the Bahrain All Share Index showed some form of life while closing 0.26% higher at 1,396.14 points. As at the Kuwait market, Ithmaar Bank posted the largest advance and ended 9.1% up at $0.12. Bahrain Telecom (Batelco) followed with a day gain of 2.73%, finishing at BD0.565.

  • Bahrain market drops to 6-month low

    Asset deflation continues in Manama as the Bahrain All Share Index fell on Monday to 1,409.00 points (down 0.47%) and therefore below the December 9, 2009 level. Islamic bank Ithmaar plummeted 10%, closing at a 52-week low at $0.135. Bahrain Islamic Bank was the only stock which gained value, closing 0.62% higher at BD0.162.

  • Bahrain market meltdown continues

    The Bahrain Stock Exchange (BSE) failed to join the positive start at the other GCC exchanges and ended 0.17% lower at another new year-low at 1,398.74 points. Islamic investment bank Gulf Finance House bucked the downtrend, finishing 3.57% higher at $0.145. Manama waits for the launch of the new market Bahrain Financial Exchange (BFX) which was scheduled to go live in Q1 2010. Its debut, however, has been postponed until the end of the year.

  • Bahrain needs $15bn investment to increase production

    Bahrain's oil minister, Abdulhussein Merza has said the kingdom needs investments of around $15bn in the next 15 years to increase its oil and gas production, Kuna has reported. Estimated heavy oil reserves in the country stand at around a billion barrels, 15% of which could be drilled out, he said. Merza added that it could be possible to increase production through modern drilling equipment.

  • Bahrain sovereign wealth fund expects return to profit

    Bahrain Mumtalakat Holding, the kingdom's sovereign wealth fund has said it expects to return to profit this year, The National has reported. Mumtalakat has a portfolio worth around $10bn which is invested mostly at home and includes full ownership of Bahrain Airport, 50% of Gulf Air, 79% of Alba, 49% of National Bank of Bahrain and 42% of McLaren Group. The fund suffered losses in 2009 connected to its stake in the national carrier Gulf Air and a reduction in aluminium prices.

  • Bahrain to cut mobile roaming charges

    Bahrain's Telecommunications Regulatory Authority plans to implenent significant cuts in roaming charges from September 1. The TRA said today it is working on rolling out the cuts following an agreement by the GCC Telecommunications Ministers Committee to cap tariffs at a meeting in Kuwait earlier this month. Currently, Bahraini customers pay up to 550 fils per minute for GCC roaming charges, the TRA said. The approved recommendation will set the price ceiling at around 340 fils in the first

  • Bahrain TRA to audit quality of mobile services

    Bahrain's Telecommunications Regulatory Authority (TRA) is seeking for qualified firms that could conduct a nationwide audit program on the quality of services of mobile operators in the kingdom. The audit will include all mobile technologies used in Bahrain such as 2G, 3G and LTE. The selected firm is expected to deliver an audit on a defined minimum set of KPIs for the three mobile operators, of which the result will be made available to the public. The public report will include quality of

  • Bahrain: Apartment building works

    Carrying out infrastructure works at apartment buildings

  • Bahrain: Radiology equipment (A)

    Supply of radiology equipment, package A

  • Bahrain: Radiology equipment (B)

    Supply of radiology equipment, package B

  • Bahrain's Arcapita incurs further loss in Q3

    Bahrain Islamic investment house Arcapita has reported its Q3 losses had more than doubled on a decline in income and foreign exchange losses, Reuters has reported. Net loss in the quarter ended March 31 was $160m, compared with $73m a year earlier, it said. Arcapita's income in the quarter fell by nearly 63% to $40m, while it said it incurred a net foreign exchange loss of $93m in the quarter, without elaborating. The quarterly loss was expected as Arcapita said in May it expected a sizable

  • Bahrain's sovereign wealth fund Mumtalakat posts $485m loss for 2009

    High losses at Gulf Air and Aluminium Bahrain weigh down results

  • Bahrain's SWF hires banks for investor meetings

    Bahrain's sovereign wealth fund Mumtalakat has hired four banks to help arrange meetings with credit investors in Asia, the Middle East and Europe, Bloomberg has reported, citing a person familiar with the matter. Deutsche Bank, HSBC Holdings, JPMorgan Chase & Co. and Standard Chartered will help set up the talks, the person said.

  • Banks begin to respond to Maaden smelter financing

    Saudi aluminium project seeking $10.8bn for smelter project

  • Banks lift Bahrain bourse slightly

    The Bahrain All Share Index finished a disastrous trading week at 1,393.30 points (up 0.18%). National Bank of Bahrain (NBB), the sixth largest bank in the Kingdom, topped the stock charts, closing 2.56% higher at BD0.60. The country's number two Ahli United Bank gained 1.59% and finished at $0.60.

  • Banks, real estates weigh on Qatar market

    The QE Index in Doha fell below the psychological important support line of 7,000 points, closing at the level of 6,967.03 (off one percent). The decline might not be market driven as fund managers usually book profits before the end of the first half of the year in order to secure their achieved performances. As in Dubai and Abu Dhabi, banks and real estate firms underperformed. Al Khalij Commercial Bank posted the largest drop, finishing 3.53% lower at QR16.30. National Cement Company (up 2

  • Barneys sees no near-term sale by Istithmar

    Vince Phelan, chief financial officer of Barneys New York, has said that Dubai-based Istithmar is not expected to sell the retailer in the short-term, Reuters has reported. "We have no reason to believe there's any change in the ownership structure. We think Barneys New York is very important to their ownership structure," Phelan said.

  • Batelco bucks Bahrain bourse decline

    Manama's Bahrain Stock Exchange (BSE) failed to benefit from the bullish mood at global exchanges. The Bahrain All Share Index lost 0.11%, finishing at 1,390.81 points. Investors continued to sell financial shares. Ithmaar bank plummeted four percent and closed at $0.12. Bahrain Telecom (Batelco) bucked the trend, ending 0.90% higher atBD0.56. The telecom provider is currently upgrading its internet networking equipment. The overhaul of the network is to take place in various locations across

  • Batelco to carry out network upgrades

    Batelco customers are to experience brief interruptions of services as the firm carries out upgrades on its internet networking equipment, the firm has revealed. The overhaul of the network is o take place in various locations across Bahrain between the 17th and 28th of June. Batelco inet Broadband customers are likely to suffer from the interruption of service.

  • Batelco's Umniah to spend $150m in Jordan

    Umniah, the Jordanian unit of Batelco, plans to invest $150m over the next two years to expand its mobile and fixed broadband services in the kingdom, Bloomberg has reported. The segments have "low market penetration of not more than 4% or 5% in terms of subscription, and between 27% and 30% of users' penetration," Ihab Hinnawi, CEO of Umniah told the news service.

  • Besix Group bags $265m Bahrain causeway project

    Orascom Construction Industries (OCI) has announced that its 50% owned subsidiary Besix Group has won a $265m contract to build a causeway in Bahrain, Reuters has reported. The project involves building Bahrain's 2.4-kilometre North Manama causeway and upgrading the King Faisal highway and al-Fateh junction. The project is scheduled to be completed in the second quarter of 2013, OCI said.

  • BG to exit from Oman's Abu Butagul gas field

    British gas group, BG has said it had informed the government of Oman its decision to relinquish its Block 60 concession in the Sultanate, despite having found gas and condensates with each of the seven appraisal wells it had drilled, The National has reported. The UK-based firm said the move aims to "prioritise its other opportunities across the globe for development." The block contains the Abu Butabul gas and condensate reservoir, discovered in 1998, which has proved technically challengin

  • Bids in for Dubai oil field facilities

    Around five firms submitted technical and commercial proposals on 23 June

  • Bids in for Kuwait southeast pipelines deal

    Local Combined Group Contracting Company submits low bid

  • Bids opened for Bizerte independent power plant

    Siemens/Powertek joint venture bid low on Tunisian power plant

  • Blom bank expecting profits increase

    Lebanese lender, Blom bank's profit in 2010 would increase compared with last year amid the sector's strong growth in the country, Reuters has reported. "We are expecting an increase in profits compared to last year," Saad Azhari, the bank's chairman and general manager told the news service. "This year we're expecting an increase in lending of 20%. In terms of deposits is somewhere between 10%-15%."

  • Bombardier awarded $241m monorail contract

    The rail division of Bombardier has signed of a $241m contract to build, operate, and maintain a monorail system in the capital of Saudi Arabia, Arab News has reported. The 3.6-km monorail transit system for the King Abdullah Financial District in Riyadh will include six driverless INNOVIA Monorail 300 trains, for a total of 12 cars, the company said. Bombardier, along with Saudi Oger, will provide operation and maintenance services for the system for an initial period of 10 years. The monora

  • Bombardier wins Riyadh monorail deal

    Al-Rayadah Investment Company awarded the contract to Saudi Oger who then subcontracted it to Bombardier

  • Borouge awards $2.6bn EPC contracts

    Abu Dhabi Polymers (Borouge) has signed three engineering, procurement and construction (EPC) contracts valued at approximately $2.6bn for its Borouge 3 strategic expansion in Ruwais, Abu Dhabi, Wam has reported. A consortium of Maire Tecnimont of Italy and Samsung Engineering of South Korea won two contracts worth $1.655bn for the construction of two Borstar enhanced polyethylene and two Borstar enhanced polypropylene units and a 350,000 tonnes per year (t/y) low density polyethylene (LDPE)

  • Borouge plans new Guangzhou plastics compounding plant

    Scheme is part of plans to expand into Asia

  • Borouge starts up main units of phase two expansion

    Roy Vardheim, CEO of Abu Dhabi Polymers (Borouge) has said the company has started operations at key units of the $5bn, phase two expansion of its facility at Ruwais, Reuters has reported. "We basically are starting up the ethane cracker and the polyethylene plant. It's the world's biggest ethane cracker with 1.5 million tonnes (annually)," he said. Borouge will also start two polypropylene plants, which are part of the second-phase of the expansion project, in the next few months, he said.

  • Brand-Rex inks Magnum Connect as GCC distributor

    UK-headquartered global manufacturer and supplier of structured and high performance cabling systems for data networks, Brand-Rex has appointed value-added distributor Magnum Connect as an independent primary distributor of its entire range of communication infrastructure products in the GCC region and Africa, excluding Saudi Arabia. Through this partnership, Magnum is responsible for distributing Brand-Rex's high performance communication infrastructure products and solutions including GigaP

  • British University in Dubai to offer MSc in building design

    A new Masters degree has been announced by the British University in Dubai (BUiD) titled MSc in Intelligent Building Design and Automation (IBDAA). The MSc IBDAA programme is offered in association with UK's Cardiff University and the University of Manchester and aims to educate practicing architects/building physicists in the theory and application of the design of sustainable built environments and automated control systems for energy efficiency.

  • Burgan Bank plans bond issuance

    Kuwaiti lender, Burgan Bank has said it plans top seek the approval of its shareholders for a bond issuance within the maximum amount approved for issued bonds. Last month, the bank completed its KD100.8m rights issue. The proceeds from the capital increase will be utilized to further strengthen the bank's business locally as well as capitalize on its expansion strategy which has primarily targeted high growth markets in the MENA region.

  • Burgan Bank to issue $478m bonds

    Kuwaiti bank will give priority to the local market

  • Cabot opens masterbatch facility in Jafza

    US-based Cabot Corp has announced the opening of its black masterbatch manufacturing facility in the Jebel Ali Free Zone. The plant has an initial production capacity of 25,000 metric tonnes per year with provision to expand to 75,000 metric tonnes in the future. Production is scheduled to commence in August 2010. Key applications for black masterbatch include polyethylene and polypropylene compounds for use in building infrastructure for water supply, electricity, and telecommunications proj

  • Canadian Specialized Hospital opens child intensive care unit

    The Canadian Specialized Hospital in Dubai has inaugurated a new neonatal intensive care unit to provide around-the-clock medical care for infants. The new unit contains 12 medical incubators as well as two portable incubators to transport infants from and to the hospital. The new unit provides intensive care for children in a critical condition, intensive care for children who need constant monitoring, and intensive care for infants with stable conditions.

  • Cancer cases rise 6.6% in Jordan

    Jordan's National Cancer Registry has said that cancer incidence in the kingdom rose by 6.6% from 5,826 cases in 2007 to 6,214 cases in 2008, Jordan Times has reported. Cancer remains the second leading cause of death in the kingdom after cardiovascular diseases, causing 14% of the total deaths in 2008, the registry said.

  • Canon launches new HD camcorder range

    Canon Middle East has unveiled a range of full high definition (HD) camcorders designed for cinematographers and amateur video enthusiasts. The new Legria HF S series features the Canon HD camera system, with an 8 megapixel full HD CMOS sensor, Canon HD video lens (10x optical zoom) and Digic DV III image processing. The model also has an integrated microphone attenuator.

  • China's ICBC looks to Saudi, Kuwait expansion

    Industrial and Commercial Bank of China (ICBC), has said it is seeking acquisition opportunities in the Middle East and North Africa, hoping to benefit from booming trade between China and the Gulf region, Reuters has reported. ICBC, which currently has branches in Dubai, Doha and Abu Dhabi, is contemplating setting up operations in Kuwait and Saudi Arabia, and will consider buying assets in other countries in the Middle East and the North Africa region, according to Tian Zhiping, head of ICB

  • Chronic illness initiative gets Abu Dhabi launch

    Al Noor Hospitals and Green Crescent Insurance have signed a memorandum of understanding aimed at forming a partnership in a new Chronic Illness Management initiative. The two firms have collaborated to develop a programme for Green Crescent members diagnosed with chronic illness. The programme will initially target patients diagnosed with diabetes and will support and encourage them to self-manage their condition and prevent the onset of complications.

  • Citadel could boost stake in Jabal Sayid project

    Citadel Resources is interested in boosting its stake in the Jabal Sayid deposit beyond 70%, Bloomberg has reported. "It's a great project, so if we can do it as an accretive deal we would obviously do so," Ines Scotland, CEO of Melbourne-based Citadel, told the news service, adding the company had no immediate plans to boost its stake. "We're constantly chatting with our joint venture partners about that, about the right point in time."

  • City Diamond Contracting wins The World villa contract

    Kleindienst Group, developer of The Heart of Europe project has appointed Dubai-based City Diamond Contracting for the construction of the first luxury holiday villas on The World islands. Construction of the first luxury villa is scheduled for completion in Q4 2010 and will be used as a show home for the project to enable investors to select the premium fixtures and finishes for their holiday homes. The development on Germany Island will be handed over in 2011, with 13 villas already sold.

  • Cluttons expands office with Saudi joint venture

    UK-based property consultancy and chartered surveyors, Cluttons, has signed a memorandum of understanding with Saudi International Development Co (SIDC) to form a joint venture that will undertake commercial property consultancy operations in the kingdom. The joint venture will operate under the brand name of Cluttons and will offer a range of real estate services including research, financial appraisals, best-use studies, design reviews and valuations.

  • Comment Kuwait getting closer to a fourth refinery

    Plans for Al-Zour refinery awaiting SPC approval

  • Commercial Bank of Kuwait ends flat after downgrade

    The Kuwait market KSE ended almost flat at 6,642.1 points (up 0.03%). Shares of the northern Gulf state's fifth largest financial institution Commercial Bank of Kuwait (CBK) could not continue their rebound from last week, after Capital Intelligence announced that it has downgraded its ratings for CBK, which ended flat at KD0.850. The bank's financial strength rating was lowered to BBB from BBB+ and its foreign currency long-term and short-term ratings were lowered to BBB+ and A2 from A- and

  • CompuMe and i2 Mobile announce merger

    UAE-based CompuMe and i2 Mobile have announced the signing of a merger agreement, and the appointment of Dikran Tchablakian, CEO and founder of CompuMe, as CEO of the new entity, "CompueMe and i2". The new firm has also signed a partnership deal with Virgin Megastore to offer its IT digital and mobile phone products in 13 Virgin Megastores in the region.

  • Computerlinks expands Infoblox distribution agreement

    UAE-based IT distributor, Computerlinks has announced it has expanded its existing distribution agreement with Infoblox. Under the new agreement, Computerlinks Middle East will be an authorised training centre in addition to a distributor for Infoblox solutions in the Middle East region. The firm already distributes Infoblox products in Europe.

  • Construction stocks weigh on Abu Dhabi bourse

    The Abu Dhabi Securities Exchange ADX ended 0.2% lower at 2,519.92 points. Arkan Building Materials was among the top losers, closing 2.74% lower at Dhs1.48. RAK Cement Company followed with a decline of 2.74% at Dhs0.72. Umm Al-Quaiwain Cement Industries Company bucked the trend by advancing 1.49% to Dhs0.68.

  • Construction underway on Doha World Trade Centre

    Qatar General Insurance and Reinsurance has announced that construction work on the Gulf state's iconic World Trade Centre tower has started and is expected to take two years to build. The 50-storey tower comprises 42 levels of office space, a business club, a podium of four floors for conferences, four basement car parking and services and a sphere structure, housing a multi-purpose auditorium. The total built up area is approximately 142,000 square meters.

  • Consultants invited for Oman water and power project

    Interested parties to respond by 19 July

  • Consultants selected for Dubai independent water and power project

    Consortium will advise on the emirate’s first independent power project

  • Contractors submit bids for Saudi polysilicon plant

    A Saudi-based joint-venture has selected five firms to submit bids for the engineering procurement and construction contract for a polysilicon plant project at Jubail Industrial City 2, Meed has reported. The joint venture partners behind the project are Saudi Arabia's Chemical Development Co and Swicorp Joussour Co who each have a 25% stake, as well as Norway's NorSun Corp that has the remaining 50%. The JV is expected to award the contract during the second half of this year.

  • Contractors submit revised prices for Presidential Palace

    At least six goups submitted prices for the contract

  • Contractors wait for decision on fourth refinery

    Mid-August timetable for verdict looks unlikely

  • Cost of new Iraq refineries to top $20bn

    Iraqi oil minister Hussain al-Shahristani has said the estimated cost of building four new refineries in the country to add some 740,000 barrels per day of refining capacity is more than $20bn, Reuters has reported. The ministry will have a clearer idea about the eventual cost of the four new refineries after receiving design and feasibility studies, he said. Iraq plans to boost its refining capacity to 1.5 million bpd in the next five years by building the four new refineries and overhauling

  • Court deems Algerian steel plant strike illegal

    Algerian court orders employees back to work after pay walkout at El-Hadjar facility

  • Creative launches wireless speaker systems

    Creative Technology has launched a range of wireless speaker systems in the Middle East region. The new range comprises the ZiiSoundTM D5 and Creative InspireTM S2 Wireless, as well as the Creative D200 and Creative D100. The new speaker systems work with any stereo Bluetooth A2DP-enabled device including mobile phones, portable media players, iPhone, iPod, iPad, netbooks, and notebooks.

  • Credit Suisse lowers Sorouh to 'neutral'

    Abu Dhabi's second-biggest property developer by market value, Sorouh Real Estate has been lowered to "neutral" from "outperform" by Credit Suisse Group, citing concern about funding and low project visibility, Bloomberg has reported. The company's estimated Dhs2bn ($545m) of gross cash may be used by the end of this year and it will have to raise between Dhs3bn and Dhs4bn from debt sales to finance existing projects, Dubai-based analysts Ahmed Badr and Hans Zayed wrote.

  • Cristal Hotels to open eight hotels in China

    Abu Dhabi-based Cristal Hotels and Resorts has unveiled plans to open eight hotels in China in an effort to explore market opportunities in Singapore, Malaysia, Indonesia, Hong Kong and mainland China. This closely follows an earlier announcement by the hospitality firm of regional expansion plans in Qatar and in Saudi Arabia, particularly into Riyadh, Jeddah, Khobar and Mecca.

  • Cyclone forces Saudia to cancel Pakistan flights

    Saudi Arabian Airlines has suspended all flights to and from Karachi, Pakistan, yesterday as cyclone Phet moves to Karachi away from Oman, Arab News has reported. The cancellation comes after Pakistan declared an emergency in its coastal areas. Passengers will be able to reschedule flights for free, the airline has said.

  • DAE may postpone Boeing and Airbus orders

    Dubai Aerospace Enterprise may be forced to renegotiate 220 aircraft orders with Boeing and Airbus, Reuters has reported, citing French daily Les Echos. Rather than cancelling its orders, DAE Capital, which handles DAE's aircraft purchases and leasing activities, would seek to postpone some deliveries to avoid paying penalties and turn others into new contracts for Emirates, the paper said.

  • Daelim wins Kuwait refinery deal

    South Korean firm awarded retendered deal after three months of talks

  • Dairy Queen announces Saudi expansion plans

    Saudi-based Al Safwa Food Group has signed a franchisee agreement with US-based soft serve and fast food restaurants chain, Dairy Queen to open multiple locations in the kingdom. The first Dairy Queen is scheduled to open in Riyadh in spring 2011, with a total of 32 locations expected by 2015. Dairy Queen currently has locations across the region including in Bahrain, Oman, Qatar and the UAE.

  • Damac selects contractor to build Marina Bay development in Abu Dhabi

    Al-Shafar General Contracting Company will build tower project on Reem island

  • Damac ties up with Versace on Lebanon tower

    Damac has launched its Damac Tower in Lebanon, which will offer an exclusive interior design by Versace Home, Gulf News has reported. "We feel the time is now right for the launch of this high-end product to a market which continues to show signs of buoyancy and recovery," Niall McLoughlin, senior vice-president at Damac Holding said. The Damac Tower is planned to be completed in 2013.

  • Damas shares jump 13.1% at Nasdaq Dubai

    Dubai's jewellery trader Damas surged 13.1% and closed at $0.19. Dubai Ports (DP) World ended at $0.461 (up 3.83%). Nasdaq Dubai today suspended shares of Saudi Arabian Kingdom Hotel Investments (KHI) with Security Symbol - KHI / ISIN: KYG5257E1017from trading on Sunday 13 June 2010, following an announcement from KHI from May 19. The Securities will be removed from the Official List of Securities of Nasdaq Dubai prior to the commencement of trading on Sunday 20 June 2010.

  • Damas shares plummet 6.94% at Nasdaq Dubai

    The Nasdaq Dubai saw some 622,496 stocks changing hands on Tuesday. Dubai-based jewelry giant Damas International Ltd. fell by almost seven percent to $0.161 after the firm announced today that the Company has appointed the Abdullah brothers (Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah) as senior advisors to the company. On March 21 2010, the Dubai Financial Services Authority (DFSA), the regulatory body of the Nasdaq Dubai and the DIFC, banned the Abdullah Brothers from the board

  • Dammam College joins SAP alliance programme

    Saudi Arabia's Dammam College of Technology is to join the SAP University Alliance programme. Members of the programme have access to SAP's business solutions to use in the classroom, enabling students to put theory to practice through demonstrations, problem-solving, case studies, and research. The college is the fourth educational institute in the kingdom to become a member of the program, joining Jubail Industrial College, Yanbu Industrial College and King Fahd University for Petroleum and

  • Dana Gas losses weigh on Abu Dhabi bourse

    The Abu Dhabi Securities Exchange (ADX) Genera Index ended 0.27% lower at 2,527.05 points. Shares of Dana Gas, the most liquid securities with distinct, plummeted 2.94% and finished at Dhs0.65.Real estate bellwether Aldar Properties (down 0.32% at Dhs3.10) announced today that it launched a new water park on Yas Island. Aldar's diverse property portfolio includes major developments and re-developments within Abu Dhabi including Yas Island, Al Raha Beach, Central Market, Al Falah, Nareel Islan

  • Dana Gas says cash position is 'healthy'

    UAE-based oil explorer and producer Dana Gas has said it has enough cash, liquid investments and funding plans in place to deliver on its growth plans, Reuters has reported. "The current cash position is healthy and in excess of $185m," chief financial officer, Jim Dewar told the news service. "We are confident on our funding arrangements for 2010, based on existing cash flows and substantial progress on the farm out of 20%-30% of our Egypt assets."

  • Deals signed for $2.1bn Riyadh independent power plant

    Power purchase agreements in place for Saudi Arabia power plant

  • Dell eyes Chrome OS for laptops

    Dell has said it is in talks with Google over the use of the Chrome operating system on its laptops, Reuters has reported. "There are going to be unique innovations coming up in the marketplace in two, three years, with a new form of computing, we want to be on that forefront ... So with Chrome or Android or anything like that we want to be one of the leaders," Amit Midha, Dell's president for Greater China and South Asia said, adding that there were no firm announcements to be made but talks

  • Dell to launch 'Business Ready Configurations' data centre

    Dell has announced its fully integrated virtualization-ready data centre solutions, Business Ready Configurations will be available to Europe, Middle East and Africa markets by August this year. Business Ready configurations will offer server, storage, networking, and virtualization technologies in pre-configured and fully validated bundles to ensure faster solutions deployments. Dell's new server, storage, networking products and services include Dell EqualLogic and Dell PowerVault Storage P

  • Depa ends flat despite high trading turnover

    Shares of interior designer Depa Ltd. ended unchanged at $0.73. Some 13.29 Depa-shares changed hands. Dubai Ports (DP) World declined by 1.30% and finished $0.45. Dubai Gold Securities (DGS) closed 0.40% higher at $122.92.

  • DEWA records peak load increase

    Dubai Electricity and Water Authority (Dewa) has recorded a 5.6% increase in the annual electricity peak load in Dubai as of June 2010. The annual electricity peak load in Dubai rose by 5938 MW as of June 2010, compared with 5622 MW total annual peak load for 2009. "These increases are likely to escalate this summer with the rise of high temperatures. The continued increase in demand for water and electricity in Dubai is a sign for economic recovery," Saeed Mohammed Al Tayer, managing directo

  • Deyaar returns management of Skycourts project to National Bonds

    Deyaar has returned the management of the Skycourts project to its owner National Bonds, the national saving scheme of the UAE, Reuters has reported. Skycourts is a residential development in Dubailand, a multi-billion dollar theme project in the emirate. National Bonds transferred the development and management rights of real estate projects Skycourts and Flamingo Creek to Deyaar in 2008.

  • Deyaar tops at resilient Dubai market

    Wednesday was the day of the "penny-stocks" (or Fils-stocks) at the Dubai Financial Market (DFM). Shares of Islamic real estate builder Deyaar Development surged 13.68% at Dhs0.349. Following a weak opening, the DFM general index gained momentum and finished 0.59% higher at 1,551.19 points. Cooling specialist Tabreed followed with an advance of 7.94%, ending at Dhs0.367. Union Properties added 5.43%, closing at Dhs0.388. International Financial Advisors (IFA) was hit by profit booking, plumme

  • Dhabi Contracting wins Saadiyat apartments contract

    A Dhs670m ($182.4m) contract has been awarded by Abu Dhabi's Tourism Development and Investment (TDIC) to Dhabi Contracting for the construction of the first phase of the Saadiyat Beach apartments on Saadiyat Island, Meed has reported. The project involves the construction of six apartment buildings on the beach district of Saadiyat Island, close to St Regis Resort and the Saadiyat Beach Residences. The development is expected to take 21 months to complete.

  • DHCOG reveals Dhs1bn loss

    Dubai Holding Commercial Operations Group (DHCOG), the parent company of Dubai Properties Group, Tecom Investments, and Jumeirah Group, has reported a net loss of Dhs1bn ($272m) for the year ending December 31, 2009, compared to a Dhs17.4bn net profit in 2008. Total revenue also fell by 28% to Dhs9.5bn from Dhs13.2bn in the previous year. Last year, the firm carried out a major re-alignment of its business, including the consolidation of its real estate businesses, Sama Dubai, Tatweer Dubai a

  • DIC has no plans to sell European assets

    Dubai International Capital, an investment unit of conglomerate Dubai Holding, has said it does not plan to offload its European assets and will hold on to its investments for at least two more years, Reuters has reported. "DIC is not currently planning the sale of any of its majority-owned European assets," the firm said. "We do expect exits in the 2012-15 time frame once we have optimised value consistent with the management business plans," it said.

  • Doha Bank plans to raise $1bn in Q4 bonds sale

    The chief executive of Doha Bank has said the lender may raise as much as $1bn by selling bonds in the fourth quarter, Bloomberg has reported. The funds are likely to be raised for five years after the summer and are meant to "fix the maturity mismatch" on the bank's balance sheet, Raghavan Seetharaman told the news service.

  • Doha market 7,000-level saved by Vodafone Qatar

    The QE Index lost slightly on Thursday but remained above 7,000 points (off 0.30% at 7.008.14 points). The downtrend most mostly softened by Vodafone Qatar, jumping 1.22% at QR8.40 as the most liquid stock. Weak performing financials, however, weighed on the index. Volumes remained low. With a plus of 2.26% the QE Index ended as the best GCC market this week.

  • DP World closes slightly lower

    Shares of the fourth largest port operator Dubai Ports (DP) World failed to sustain its momentum from the latest rebound. The Nasdaq Dubai-listed stock closed 1.41% lower at $0.488 after a rollercoaster trading day. Interior designer Depa Ltd. gained 1.39%, finishing at $0.73.

  • DP World delays London listing until 2011

    Company waiting for merger of Dubai’s exchanges

  • DP World denies rift with Egypt

    DP World Sokhna has denied a media report that an ongoing dispute between the Egyptian Government and the port operator had resulted in a month-long delay in cargo exports. DP World, which has been operating Port Sokhna since 2007, said the cargo pile up at the port was a result of huge volumes in both imports and exports exceeding the available capacity of vessels calling on Sokhna. "In the past five months of this year, DP World Sokhna experienced unexpected huge volumes, which saw a 60 per

  • DP World drops 4.76% as London listing is postponed

    At the Nasdaq Dubai, shares of Dubai Ports (DP) World closed 4.76% lower at $0.46 on heavy trading volumes. DP World decided to postpone a planned dual listing at the London Stock Exchange (LSE). More than 11.5m DP World shares changed hands. Interior designer Depa Ltd. ended flat at $0.75, and jewelry trader Damas plummeted 3.03%, closing at $0.16.

  • DP World ends flat at Nasdaq Dubai

    Shares of Dubai Ports (DP) World, which were listed on November 26 2007 in the largest Middle Eastern IPO so far, closed unchanged on Wednesday at $0.44. The state-owned holding Dubai World owns 77% at DP World, which declared on Monday to postpone a planned listing at the London bourse LSE to 2011. Depa Ltd., the Dubai-based interior designer responsible for decorating the inner architecture of the Burj Khalifa, ended at $0.74 (down 1.33%).

  • DP World holds off on London Stock Exchange listing

    Global port operator, DP World has said that listing the company's shares on the London Stock Exchange (LSE) has been delayed until an acceptable system that supports the dual listing is available. "The next practical window of opportunity to seek admission for listing would be following the publication of Audited Financials for the year ending December 31, 2010," the company said in a statement.

  • DP World jump 6.32% at Nasdaq Dubai

    Shares of marine terminal operator Dubai Ports (DP) World closed at a five week high at 50 US-Cent (6.32% higher). Only interior designer Depa Ltd., on the other hand, finished 2.78% lower at 70 US-Cent. No other shares posted sufficient trading volumes in order to post a price change at the Nasdaq Dubai.

  • DP World sell-out extended

    Investors continued to dump shares of Dubai Ports (DP) World. The stock ended 4.35% lower at $0.44 on heavy trading volumes. But the port operator avoided an individual crash, as one hour before the close of trading at Nasdaq Dubai the DPW share was heading down over six percent. Other securities traded were Depa Ltd. (flat at $0.75) and Dubai Gold Securities (down 1.27% at $123.2).

  • DP World shares rebound 1.14%

    Shares of Dubai Ports (DP) World, the world's fourth largest port operator, ended at $0.445 at the Nasdaq Dubai, up 1.14% from the previous day. The government-related firm DP World trades 18% in value lower compared to mid-April due to ongoing worries abut the financial situation at DP World's mother company, Dubai World. Dubai World reached an agreement with 60% of its creditors to restructure its $23.5bn debt in mid-May.

  • DP World signs Canadian pacific deal

    DP World Vancouver has signed an agreement with railway firm, Canadian Pacific to further improve productivity and performance through Canada's west coast ports, Emirates Business has reported. The two companies will coordinate identification of available tools and processes for productivity improvements for railways, terminals, and shipping lines. The agreement is aimed at improving the efficiency and reliability of the supply chain.

  • Drake and Scull to invest in Saudi companies

    Khaldoun Tabari, CEO of Drake and Scull International (DSI) has said it plans to spend up to Dhs700m ($190.5m) to acquire two companies in Saudi Arabia, Saudi Gazette has reported. "We will be buying an MEP company and a civil company. It could be early third quarter, while the civil will take a few months after that," Tabari said. The Dubai-based contractor is also close to securing a Saudi MEP contract and a civil contract for a 40 storey civil contract in Jeddah, he said.

  • DTCM to roll out new self catering hotel unit rental system

    The Dubai Department of Tourism and Commerce Marketing (DTCM) has developed a new rental system for self catering hotel units, which will be put into use later this year. The new system involves furnished residential units in specific areas being leased according to conditions and criteria issued by the DTCM. These types of residential units will be managed by certified companies according to the new system.

  • Du awards first franchise license

    Du has awarded its first franchise licence to UAE-based AST Telecomm. The firm will start its operation at Dragon Mart, where Du products and services will be sold through its Du outlet. The move is part of Du's plans to franchise 18 of its existing 35 shops and set up five new franchise outlets, including the franchised shop in Dragon Mart, in 2010, which will bring the total number of its shops to 40 by the end of the year.

  • Du completes Rights Issue subscriptions

    Telecoms services provider Du has raised Dhs1bn ($272.3m) through a Rights Issue to fund its growth plan, Reuters has reported. The capital will be used to transform the company from a high growth early stage venture to a more mature company with efficient management of future funding requirements, Du said in a statement. The founding shareholders took up their rights to to their portion of the Rights Issue in full.

  • Du raises Dhs1bn in rights issue

    UAE-based telecoms services provider Du said today it raised Dhs1bn ($272m) as planned to fund infrastructure improvements beyond 2010. The company is owned partly by the ruler of Dubai's investment company Dubai Holding, and Abu Dhabi investment vehicle Mubadala Development.

  • Du set to launch VoIP service

    Farid Faraidooni, chief commercial director for Du has said the firm will launch a Skype-alternative service to allow users to make cheap international calls through the internet, Khaleej Times has reported. He said the different tariffs will be available, based on the subscription of the customer, with full details of the new service to be unveiled in the next two months. The announcement comes after the Telecommunications Regulatory Authority (TRA) relaxed several important restrictions on

  • Dubai airport to ban older aircraft to reduce noise

    Dubai International, the busiest airport in the Middle East, has announced two measures to contain noise. First, it announced the phased withdrawal of older generation aircraft that do not conform to international noise and emission standards set by the International Civil Aviation Organisation. ICAO classified Chapter 1 and 2 aircraft will be banned from operating cargo flights at Dubai International from October 31, 2010 and passenger flights effective March 27, 2011 consistent with the Int

  • Dubai boasts UAE's largest banking base

    Dubai has the largest banking base in the country as it is home to nearly one third of the financial sector's activity in the UAE, Emirates Business has reported. At the end of 2009, Dubai hosted 323 banking units, nearly 33% of the total 956 offices and branches of the 52 banks operating in the UAE. Abu Dhabi was the second largest banking hub, hosting 167 branches of national banks and 27 offices of foreign institutions, while Sharjah came third with 104 branches of local banks and 15 of fo

  • Dubai bourse almost drops below 1,500 points

    The step by step-crash continued at the Dubai Financial Market (DFM). Its main index lost 1.31%, closing at a 12-month low at 1,502.69 points. The DFM share ended 1.95% lower at Dhs1.51. Islamic bank Ajman Bank was the only share gaining value (up 1.33% at Dhs0.76), as 23 stocks weakened. Ajman Bank yesterday announced that it has formed a strategic partnership with Al Futtaim GE, as Commercial Vehicle Finance providers. Gulf Navigation Holdings finished flat at Dhs0.55. The maritime services

  • Dubai bourse gains 0.94%

    Boosted by a rising confidence among business leaders, the Dubai Financial Market (DFM) closed 0.94% higher at 1,528.40 points on Sunday. Shares of Kuwait-based Hits Telecom posted the largest gain (up 5.06% at Dhs0.83). Construction giant Arabtec advanced 2.07%, finishing at Dhs1.97. According to a survey done by consultant firm Deloitte, almost 70% of the Middle East's CFOs are more positive about their prospects than six months ago, Business 24-7 reports. Deyaar Development failed to benef

  • Dubai capital gradually returning

    Standard Chartered Bank has said capital is gradually flowing back into Dubai after Dubai World reached a debt restructuring accord with lenders, Bloomberg has reported. "Because of the settlement agreement, sentiment is slowly coming back to the market," Hassan Jarrar, managing director of Standard Chartered's UAE unit, told the news service. "Dubai is right now having some short-term pains, but you cannot erase the importance of that place," he said.

  • Dubai Cares to launch duty free range

    Dubai Duty Free and UAE-based philanthropic establishment, Dubai Cares have entered into a partnership to launch a range of merchandise for retail by the operation at Dubai International Airport. Featuring the Dubai Cares logo, the initial Dubai Cares range includes affordable items which appeal to passengers, such as T-shirts, mugs, fridge magnets and coasters.

  • Dubai could launch dollar sukuk

    A dollar-denominated Islamic bond could be launched by Dubai in the third quarter of this year after presentations to investors were well received last week, Reuters has reported, citing banking sector sources. A fund manager familiar with the presentations said they had pointed to a 7-10 year sukuk. Dubai went on a non-deal roadshow, meeting non-Islamic investors in Switzerland, France, Germany and Britain between June 4-10, in a mixture of presentations and one-to-one meetings, investors sa

  • Dubai doubles flydubai's capital to $136m

    The Dubai government has more than doubled the capital of budget carrier, Flydubai to Dhs500m ($136.1m), Reuters has reported. A law by the emirate's ruler has raised the government-owned airline's capital from Dhs220m provided by the government in 2008 when the carrier was founded, the Dubai media office said. The airline, which started commercial flights in June, 2009, has a fleet of eight new Boeing 737-800 NG aircraft and 17 operational destinations, with four more destinations set to sta

  • Dubai Financial Market ends with a last-minute advance

    The local stock market DFM avoided another day of index losses by rebounding during the last hour of trading on Thursday, closing 0.83% higher at 1,500.25 points. Buying interest was mainly seen in the financial sector, with Dubai Islamic Bank (DIB) rising by 1.50% to Dhs2.03. Shares of the DFM itself ended flat at Dhs1.49 on a high turnover. Turnover and volumes advanced both by a third, as investors started bargain hunting ahead of the earnings season for the second quarter.

  • Dubai Holding unit reports $6.4bn loss

    Impairment for real estate losses hits $6.1bn

  • Dubai increases Flydubai's capital

    The low-cost carrier had a previous capital of AED220m

  • Dubai International Capital's chairman resigns

    Sameer Al Ansari, the non-executive chairman of Dubai International Capital, has resigned, The Sunday Times has reported. Ansari quit because of "the poor performance" of the company's investments, the newspaper said. Ansari also left Dubai International Capital's investment committee, and the boards of Travelodge Ltd. and Doncasters Plc, according to the report.

  • Dubai Islamic Bank launches new online booking payment method

    Dubai Islamic Bank (DIB) has launched a new booking payment method for Flydubai and DIB customers through Al Islami Online Banking. The service allows DIB customers to book and pay for Flydubai bookings without a card and from their homes or offices. The lender is also working of allowing payments through Cash Deposit Machines (CDM) for both DIB and non-DIB customers.

  • Dubai Islamic Bank may up its stake in Tamweel

    Dubai Islamic Bank is assessing the possibility of increasing its stake in mortgage lender Tamweel, Bloomberg has reported. The Islamic lender owns around 20% of Dubai-based Tamweel. "Dubai Islamic is likely to be seeking at least 50% of Tamweel in a move that would scotch the UAE government-sponsored merger with Amlak," Murad Ansari, a Riyadh-based analyst at EFG Hermes told the news service. "Dubai Islamic wants to take an increasing role in restructuring the organization. I assume they wou

  • Dubai market boosted ahead of earnings season

    Bargain hunters pushed the DFM Index after a weak start 3.31% higher to the level of 1,547.13 points. The local Dubai exchange, which performs traditionally in a much more volatile ways than other GCC markets, saw real estate bellwethers Emaar Properties (up 8.55% at Dhs3.30) and Arabtec (gaining six percent at Dhs1.94) leading the pack in relation to liquidity. Higher oil prices lifted the market, along with hopes for a recovery of the world economy triggered by strong US market which rose f

  • Dubai Market ends almost unchanged

    The Dubai market DFM failed to sustain early gains and ended 0.05% lower at 1,512.74 points. Trading was lacklustre as turnover declined by 16% and volumes were down 9% with some 63.6m shares changing hands. Emaar Properties, the DFM bellwether, finished unchanged at Dhs3.10. Telecom provider Du added 0.98%, ending at Dhs2.07. Gulf General Investment Company (GGIC) plummeted 4.61%, closing at Dhs0.58. GGIC announced today that one of its board members, Dr. Moawiyah Al Shunnar, resigned due t

  • Dubai market ends lower

    The Dubai Financial Market (DFM) started bullish on Thursday. It eventually lost momentum and closed 0.52% lower at 1,541.80 points. Market bellwether Emaar Properties fell by 0.62% and ended at Dhs3.20. According to the Credit Suisse "Mena Real Estate Outlook" which was published today, real estate prices in Dubai's residential segment declined to the level of 2006 and could fall by 15-20% further in 2010. The Swiss bank also revised its price target for Emaar shares down by Dhs0.6 to Dhs5.1

  • Dubai Market ends the week positively

    With a plus of 0.10% and an advance decline ratio of 14 to 10 (three shares ended flat), the DFM Index closed the week at 1,514.23 points. District cooling specialist Tabreed rebounded 3.67% and finished at Dhs0.367. Tabreed is currently in talks with its creditor banks to restructure Dhs5.4bn in debt. End of May, shareholders gave approval for Tabreed, whose stocks declined by 44.44% in the last six months, to raise up to Dhs4.2bn in bonds or Sukuk. Weak performing banks weighed in the DFM,

  • Dubai market falls further

    While most GCC markets rebounded on Wednesday, the Dubai Financial Market (DFM) closed 0.98% lower at 1,487.93 points. The top construction and real estate shares Emaar Properties (down 2.27% at Dhs3.01) and Arabtec (2.63% lower at Dhs1.85) wiped out all hopes for a technical recovery as a reaction to strong gains at the US markets in New York yesterday. Logistics specialist Aramex bucked the bearish sentiment and ended 1.37% higher at Dhs1.48. Turnover and volumes declined both by 28% as no

  • Dubai market finishes the week 0.79% lower

    The DFM Index opened in the green but lost momentum and stabilized only during the last two hours of trading, ending 0.79% lower at 1,538.98 points. Shares of the DFM itself declined by 1.27% (closing at Dhs1.55. Due to low trading volumes and the absent of IPOs, the DFM stock lost 17 percent during the last six months. A Credit Suisse Global Research report from today however notices that stock market corrections tend to be shorter and subsequent rebounds stronger as the world economy is in

  • Dubai market gains 0.31%

    A glimmer of hope was sent by the Dubai Financial Market (DFM) on Monday as its General Index stabilized at 1,518.11 points (up 0. 31%), outperforming most of the other GCC exchanges. Shares of telecommunication provider du ended among the top gainers at Dhs2.06 (three percent higher). According to Amman-based Jordinvest, inflation in Dubai declined to 0.6% in April 2010 from 4.6% in the same month of 2009, on the back of a 10.5% price drop in the telecommunication sector. Shares of Arabtec a

  • Dubai market has disappointing half-year performance

    Those who invested in Emaar Properties at the beginning of 2010 lost twenty percent of their capital. The performance of Dubai's bellwether stock is symptomatic for the DFM, which on Wednesday ended 1.35% lower at 1,461.80 points. On a year-to-date basis the DFM (down 18.95%) posted the largest decline in the GCC. Emaar finished the first half of 2010 at Dhs3.06 (off 1.29%). Trading volumes advanced for the third consecutive day as 317.7m shares changed hands (up by a fifth compared to Tuesda

  • Dubai market loses slightly

    Hopes for an extension of Dubai's stock market advances at the start of the week were wiped out during a non-exciting trading session on Monday. The DFM Index lost 0.38% and closed at 1,522.59 points. Weak performing real estate shares dragged the index down. Emaar Properties was the most liquid stock, closing 0.63% lower at Dhs3.15. The DFM banks index was the only gaining industry index, with the Middle East's largest bank Emirates NBD advancing 0.38% to Dhs2.66. The advance -decline ratio

  • Dubai market meltdown goes on

    Valuations and turnover headed lower at Gulf exchanges on Sunday, leaving the Dubai Financial Market (DFM) Index at 1,511.56 points (off 1.96%). Turnover declined by 46% to around Dhs112m. Volumes were down by 44% to some 67.8m shares. Market bellwether Emaar Properties dropped to Dhs3.10 (off 3.13%). Budget carrier Air Arabia closed 2.86% lower at Dhs0.85. Air Arabia (AIRA.DU) announced yesterday the launch of its service to Najaf, Iraq, from the airline's hub in Sharjah. Investment bank Sh

  • Dubai market plummets 2.22%

    Bad input from Asian markets and comments made by the Bank of International Settlements (BIS) on the global banks, weighed on global stock exchanges on Tuesday. The Dubai Financial Market (DFM) declined by 2.22% and closed at 1,481.82 points, as financials such as Gulf Finance House (down 4.88% at Dhs0.487) or the DFM itself (3.95% lower at Dhs1.46) were sold in particular. Weak economic data from Japan and the BIS annual report saying that the financial crisis is far from over, sent shockwav

  • Dubai market plummets 3%

    The DFM Index finished 3.06% lower at 1,531.15 points. News that state-owned Dubai Drydocks asked its creditor banks for a restructuring of a $1.7bn loan due in November this year, weighed on the Dubai Financial Market (DFM) on Tuesday. Also, Dubai Holding Commercial Operations Group recorded a net loss (excluding impairments) of Dhs1.0bn for the year ended 31 December 2009, compared to a Dhs7.4bn net profit in 2008. Real estate and financial shares in particular dragged the index down in thi

  • Dubai market rebounds by 1.22%

    After a weak start, the Dubai Financial Market (DFM) Index gained momentum and closed 1.22 % higher at 1,549.80 points on strong performing financial and real estate shares. Market bellwether Emaar Properties emerged as the most liquid stock, advancing by 2.22% to Dhs3.22. Turnover at the DFM, however, weakened by 34% to Dhs174.6m and volume declined by 30% to 107.7m shares. Dubai Islamic Bank (DIB) added 0.48% and closed at Dhs2.10. The oldest regulated Islamic financial institution, founde

  • Dubai market recovery extended

    Along with Asian and European stock exchanges, the Dubai Financial Market (DFM) was lifted by a positive sentiment about the PR China's decision towards floating the Yuan. The DFM Index ended 1.06% higher at 1,563.47 points. Again real estate and construction shares led the extended rebound. The two most liquid stocks were Emaar Properties gaining 2.73% at Dhs3.39 and Arabtec, ending 1.55% higher at Dhs1.97. Deyaar Development (down 1.59% at Dhs0.31) was left behind. According to Chris Spelle

  • Dubai Market retreats slightly

    Easy come, easy go. The DFM Index lost on Tuesday 0.30% and closed at 1,513.56 points, after the market gained 0.31% on Monday. The advance-decline ratio of 14 advancing shares against 10 declining stock might indicate a slight correction. But declining heavyweight Emaar Properties (off 1.27% at Dhs3.10) and the DFM share itself (down 0.65% at Dhs1.54) weighed on the index. The DFM is the only publicly listed Arab capital market. Islamic home builder Deyaar Development gained 0.31% and closed

  • Dubai perfume firm Ajmal delays London plans

    Abdulla Ajmal, deputy general manager of Dubai-based luxury perfume firm, Ajmal has said the retailer will delay the debut of its European store in London by a year, Reuters has reported. The company said it is curbing its expansion strategy due to tough market conditions. The opening in London was scheduled for Christmas 2010, put back from an original deadline of 2009. The firm raised sales by 6% in the first quarter, driven by 27% growth in Saudi Arabia, compared with the same period last

  • Dubai projects shortlisted for government funding guarantee

    The Dubai Land Department has shortlisted 40 projects for the first phase of an initiative to offer developers and investors a government guarantee to fund the completion of selected premium developments. The scheme, labelled Tayseer effectively guarantees financing and completions of the projects which are selected, the Land Department said. Tayseer represents a four way agreement between Dubai government through the Land Department, UAE banks, developers and investors in the sector.

  • Dubai Properties sued for $7.3m

    A UK-based architecture firm is suing Dubai Properties for more than $7.3m over alleged unpaid fees and costs for work on two delayed towers in Dubai International Financial Centre, the National has reported. The firm, Hopkins Architects, signed a contract with Dubai Properties in 2005 for the Central Park 08 buildings. According to the report, Hopkins alleges it is owed $7.3m in outstanding payments, including expenses and overtime.

  • Dubai Properties to counter sue UK architecture firm

    Dubai Properties has said it will counter-sue UK-based Hopkins Architects, which is claiming damages from the termination of a contract, Reuters has reported. Hopkins is suing Dubai Properties for Dhs27m ($7.35m) in costs and losses it claims were incurred when Dubai Properties cancelled its contract for the Central Park 08 project in Dubai International Financial Centre. Dubai Properties spokesman said the company had paid in full for the work done and were disputing the additional amounts t

  • Dubai property prices may fall 20% more, says report

    A new study by Credit Suisse Group predicts that Dubai house prices may drop another 15% to 20% this year on an increase in supply as more real estate projects are completed, Bloomberg has reported. "We expect residential prices to decline by another 15-20% in Dubai as the oversupply gap peaks in 2011," Dubai-based analyst Ahmed Badr wrote in a report. "We expect Abu Dhabi's residential prices to come under pressure as new supply comes online, thus narrowing the price gap with Dubai despite t

  • Dubai Refreshment Company to build $109m soft drinks plant

    Franchisee for Pepsi and 7Up to build 150 million cases a year facility at Dubai Investments Park

  • Dubai Refreshments Company to build factory in DIP

    Dubai Refreshment is to base its new Dhs400m soft drinks factory at Dubai Investment park (DIP). The new DRC plant will have a capacity of 150 million cases per year - nearly three times the company's existing capacity. Construction of the new plant and warehouse is expected to commence by December 2010, and is scheduled for completion in early 2012. The factory will be built in an 140,000 square meter area in DIP.

  • Dubai registers $31 billion of real estate transactions in first five months

    A total of AED117billion ($31 billion) in real estate transactions took place in Dubai in the first five months of 2010, figures from the Land Department have revealed. The highest number of transactions were in sales and mortgages raised against real estate, according to the data. According to the records, 3,462 sale transactions were registered in that period, with a total value of AED25 billion. Buyers spent AED29 billion on apartments and funded an additional AED8 billion of spending on t

  • Dubai rents continue to slide

    Residential and commercial rents have fallen in Dubai since April, according to a new study by Landmark Advisory. Its report on the Dubai market for June showed that lower limits for a one bedroom apartment on the Palm Jumeirah were down 6% compared to its previous report two months ago. One bedroom properties in JLT fell by 10% while in lower quality areas such as International City, upper limits for both studios and one-bed apartments decreased on average by 22%. The report said the decline

  • Dubai Silicon Oasis confirms Cedre Villas delivery

    Dubai Silicon Oasis has announced the delivery of Phase-2 of its Cedre Villas project. The development comprises 647 units, which are ready to move into with water and electricity connected. The Cedre Villas project is part of an urban community at DSO that combines office towers, research and development (R&D) and industrial zones, as well as residential and hospitality units.

  • Dubai Summer Surprises begins

    Dubai Events and Promotions Establishment has announced the official launch of the 13th edition of Dubai Summer Surprises (DSS). The 52-day long event includes 150 participating retail outlets. Last year, DSS attracted 2.2 million visitors to Dubai, which resulted in consumer expenditure totaling Dhs3.37bn, an increase of around 5% compared to DSS 2008.

  • Dubai to install more security cameras

    Dubai plans to spend Dhs 500m ($136m) this year to install security cameras "everywhere" to boost surveillance and improve security in the city, the emirate's police chief has said. Dubai currently has 25,000 security cameras, but will be ramping up that number as the police begin installing a new type of smart camera that can rotate to cover what were once "dead spots", the national has reported.

  • Dubai to meet fixed-income investors in Europe

    Dubai's Department of Finance has said it will hold meetings with fixed-income investors in Europe, as it seeks to update potential investors on the emirate's economy, Bloomberg has reported. HSBC Holdings and Mitsubishi UFJ Financial Group were hired to help arrange the briefings, which are expected to be held in Switzerland June 4, Paris June 7, Germany June 8 and London from June 9-10, according to a person familiar with the plan who declined to be identified as details are private.

  • Dubai to open bridges leading to Al Rashidiya Metro station

    Dubai's Roads and Transport Authority has said that all bridges leading to the entry and exit points of the Park-and-Ride facilities of Al Rashidiya Metro Station will be opened on July 15. "These bridges ensure free traffic movements along Emirates Road for traffic inbound from Abu Dhabi towards the Parking of the Metro Station. The project also includes improvements at the juncture of Emirates Road and Al Khawaneej Road to streamline traffic flow inbound from Airport Road towards Al Qusais

  • Dubai training centres to get crackdown

    The Knowledge and Human Development Authority (KHDA) and the Dubai Department of Economic Development (DED) are cracking down on training institutes after more than 90 of the 172 education providers visited were found to be violating rules, Khaleej Times has reported. The inspections revealed that some training centres lure students by offering higher education programmes, Indian and UK high school certificates and courses that are not listed in their permits. "There is now a plan to increase

  • Dubai tram project on hold

    Work on the $1.1bn Al-Sufouh tram project in Dubai has stopped, MEED has reported, citing a source at the contracting consortium working on the project. The consortium, which is led by France's Alstom and the local/Belgian Belhasa Six Construct, halted work on the 11-kilometre-long tramway in late April because of irregular payments from the project client, Dubai's Roads & Transport Authority, the magazine reported. The consortium is now looking for financing for the scheme.

  • Dubai working to complete 62 substations

    Dubai Electricity and Water Authority (Dewa) has said it is currently working on completing six substations with a power capacity of 400 kV and 56 others with a power capacity of 132 kV during the first quarter of this year. The stations cover areas including Al Diyafah, Muhaisina Jumeirah Village, Mirdiff, Business Bay, Nad Al Sheba and Dubai Studio City, Saeed Mohammed Al Tayer managing director and CEO of Dewa said. "These stations are equipped with the-state-of-the art technologies to fur

  • Dubai World Central - Maktoum International opens to flight test

    The first phase of the Dubai World Central-Al Maktoum International airport has been completed and received its first aircraft landing. An Emirates SkyCargo Boeing 777 flew in for operational tests of the new facility which was overseen by HH Sheikh Ahmed Bin Saeed Al Maktoum, President, Dubai Civil Aviation Authority & Chairman, Dubai Airports. Phil Blizzard reports on this piece of aviation history

  • Dubai World loans may have lost in value

    JPMorgan Chase has said that altering the terms of Dubai World's $14.4bn of debt may have caused a 56% loss to creditor banks that provided loans to the state-owned holding company, and that lenders may have to aside 10% of these loans to cover losses, Bloomberg has reported. Dubai World's loans have a fair value of 44 cents to 46 cents to the dollar after the restructuring proposal, JPMorgan said in a research report. The company's $4.4bn of Group A debt has a fair value of 58 cents to 61 ce

  • Dubai's Amlak and Tamweel report earnings improvement

    Islamic mortgage lenders, Amlak and Tamweel have said their earnings in the first quarter of 2010 have improved, potentially clearing the way to mergers or takeovers, Reuters has reported. Amlak said its first quarter net loss narrowed to Dhs3.1 million ($844,200) from Dhs68.3m ($18.60m) in the same period a year ago due to lower impairments and operating expenses. Tamweel swung to a first quarter net profit of Dhs5.1m ($1.39m) compared to a Dhs40.7m loss in the first quarter of 2009.

  • Dubai's Arabtec wants contracts in new markets

    Riad Kamal, chief executive of Arabtec has said the firm is focusing on winning projects in new markets following the downturn in Dubai and does not require any additional funding, Reuters has reported. "We've tendered in Turkmenistan, Azerbaijan, Angola...some of this work may come our way in the very near future," he said. Arabtec has no plans for new capital raising, with funding coming from advance payments on its projects, he said. Last week, Arabtec's chief financial officer said in an

  • Dubai's oil futures market plans swaps

    Thomas Leaver, CEO of Dubai Mercantile, has said the oil futures market plans to introduce Oman crude-based swaps contracts to woo Asian refiners away from Dubai-linked derivatives sold in the over-the-counter market, Bloomberg has reported. The new derivatives will help refiners manage their price risk based on Oman's output of 850,000 barrels a day rather than Dubai's 80,000 barrels a day, he said. The exchange will offer both swaps and options this year once regulators approve them, Leaver

  • Dubai's Rashid Hospital adds new units

    Dubai Health Authority has announced the addition of new units to Rashid Hospital's existing facilities. The new additions include a burn unit, the central cardiac monitoring room section, two sleep labs and a six-bed neurosurgical ICU section. The project is one of the biggest expansion projects for the DHA, Qadhi Saeed Al Murooshid, DHA director general said, adding that 80% of the work has already been completed.

  • Dubai's Rasmala to launch $100m real estate fund

    Fund will target Saudi Arabia’s mid-end residential market

  • Dubai's repossessed mortgage properties to be auctioned soon

    Al Tamimi law firm has said that the Dubai Land Department (DLD) could soon announce the date for its first public auction of repossessed mortgage properties, Emirates Business has reported. "We anticipate the first public auction to be held in a month's time. However, we are not sure since it is summer time," Jody Waugh, partner at the law firm told the daily. "We have received the first evaluation from the DLD on a property that will be publicly auctioned. It is an official evaluation from

  • Dubai's RTA considers driving license law changes

    The UAE's Roads and Transport Authority (RTA) is considering the introduction of new changes to the current law on issuing driving licences, Khaleej Times has reported. Maximum age limit for professional drivers, declaration of medical conditions and the submission of medical fitness certificates are some of the proposed changes to the law. "We are planning to introduce certain safety features in the process of obtaining or renewing driving licences," Ahmed Hashem Bahrozyan, CEO of RTA's Lice

  • Dubai's 'Salik' toll posts Dhs1.65bn income

    The Dubai Roads and Transport Authority (RTA) is expected to increase its revenue to Dhs5bn by 2013, while its Salik toll system has become one of the major sources of income for the authority, Gulf News has reported. According to the latest report from RTA, Dhs1.658bn has been collected in nearly two-and-half years since the introduction of the Salik toll gates in Dubai in July 2007. The authority's budget for the year 2010 is Dhs10.7bn.

  • Dubai's Victory Heights hands-over over 50% of Villas

    Dubai-based Victory Heights has announced it has handed over 500 of its Phase I villas to homeowners, representing 63% of all sold villas in the development. The Dhs2.5bn Victory Heights is joint venture between the Bahraini investment bank, Arcapita, and Dubai Sports City.

  • DWC first phase to open in June

    The first phase of Dubai World Central (DWC), which will house Al Maktoum Airport, is to be opened on June 27, the President of Dubai Civil Aviation Authority, Sheikh Ahmed bin Saeed Al Maktoum has said in a statement. DWC will also incorporate DWC Aviation City, Dubai Logistics City and other projects, had been rumoured to be suffering from delays prior to the statement.

  • Easy come, easy go at Qatari bourse

    The Qatar Exchange failed to uphold a major advance from spring and lost 0.81% during the first six months during this year as the end of May was a weak period. The QE Index declined 0.96% and stood at 6,899.81 points. Shipping firm Nakilat was the most liquid stock as it lost 1.06% (at QR18.50).

  • Economic growth slows in Saudi Arabia

    Government to pick up slack of lower oil growth

  • E-gate system introduced at two Saudi airports

    Saudi authorities have announced the introduction of the e-gate system at King Khaled International Airport in Riyadh and King Fahd International Airport in Dammam to facilitate the entry and exit of passengers, Arab News has reported. "Those who want to make use of the electronic facility should approach the registration centre at the two airports to get their e-gate cards," the Passport Department said in a statement. More e-gate facilities will be available at other airports in the kingdom

  • Egypt cancels plans to give free shares to citizens

    The Egyptian Investment Minister has said the government has cancelled plans to partially privatise some public sector firms through distributing free shares to citizens, Reuters has reported. "No shares shall be distributed among people under the proposed 'citizen ownership' programme, neither through free bonds nor through any other forms," Minister Mahmoud Mohieldin said in a statement. The proposal included giving all Egyptians over the age of 21, about 41 million people, free coupons for

  • Egypt prequalifies companies for Dairut power plant

    Winning bidder expected to be selected by November

  • Egypt Refining Co in talks to secure $2.35bn loan

    Egyptian Refining Co is in talks with several export credit agencies and international financial institutions to obtain loans and facilities worth $2.35bn for a refinery project in the Cairo area, according to private equity firm Citadel Capital, Reuters has reported. Citadel had a stake of more than 8% in the company. Output from the refinery will be sold to Egyptian General Petroleum Corp for 25 years at prices matching those in the market, the reported added.

  • Egypt settles public companies' bank debts

    Egyptian investment minister Mahmoud Mohieldin has announced the government expects to settle public companies' debt to the banks in the country by the end of the fiscal year, Daily News Egypt has reported. In March, Moheildin had pledged that before the end of fiscal year 2009/10, "no penny would be owed by any public company, whether profit-making or loss-making." Egypt's fiscal year ends June 30.

  • Egypt solar plant to open by year's end

    Egyptian electricity and energy minister Hassan Yunis has announced the country's first solar energy plant is set to open by the end of this year, AFP has reported. The plant will be among four in the world with a 140-megawatt capacity, the minister said. Yunis had previously said the plant would be linked to the national grid of Egypt.

  • Egypt to invest $317m into state holding company

    Egypt's investment minister Mahmoud Mohieldin has said the government plans to pump EGP1.8bn ($317m) next fiscal year into state-run Chemical Industries Holding, which controls several listed firms, Reuters has reported. The investments include EGP695m for the country's cigarette monopoly Eastern and EGP246m in National Cement, he said. The fiscal year of Egypt ends on June 30.

  • Egypt to launch wind farm tenders

    Egypt will launch a tender competition within days to choose firms to build a 1,000 mega-watt wind farm in the Gulf of Suez, Reuters has reported. The power plant will be constructed on a build-own-operate (BOO) basis. CI capital has reported El Sewedy Cables is likely to bid for the project. Shares in the company rose 4% yesterday.

  • Egypt: Combustion turbine generators

    Carrying out the combustion turbine generators package for a 1,500MW combined cycle power project

  • Egypt: Electricity network

    Supply and erection of a low-voltage electricity network

  • Egypt: Health insurance project

    Procurement of a healthcare insurance system verification and validation firm

  • Egypt: Laboratory equipment and chemicals

    Supply of laboratory equipment and chemicals

  • Egypt: LPG cylinder valves

    Supply of liquefied petroleum gas (LPG) cylinder valves

  • Egypt: Medicine testing laboratory equipment

    Supply of equipment and instruments for laboratories to test chemical, physical and biotechnology medicines

  • Egypt: Postal services consultancy

    Provision of consultancy services for a postal organisation

  • Egypt: Power station turbine generators

    Carrying out the combustion turbine generators package for a combined cycle power project

  • Egypt: Rubber

    Supply of natural and artificial rubber

  • Egypt: Sanitary drainage project (Mehalla el-Kobra)

    Rehabilitation of sanitary drainage sloping networks in Mehalla el-Kobra

  • Egypt: Sanitary drainage project (Samannoud)

    Rehabilitation of sanitary drainage sloping networks in Samannoud

  • Egypt: Sanitary drainage project (Tanta)

    Rehabilitation of sanitary drainage sloping networks in Tanta

  • Egypt’s Juhayna private offering oversubscribed

    Egypt’s first listing since 2008

  • Egypt’s Juhayna public offering 6.8 times oversubscribed

    Capital will be used for expansion projects

  • Egyptian court annuls Talat Moustafa land deal

    An Egyptian court ruling has annulled a contract to sell land to Egyptian developer Talaat Moustafa Group for its mixed-use Medinaty project on the outskirts of Cairo, Reuters has reported. Reports had suggested the land was subject to a legal dispute over the terms of the original government deal made under former housing minister Mohamed Ibrahim Suleiman.

  • Egyptian firm to build $211m sugar refinery

    Egypt's state-owned Food Industries Holding has received offers from German and Japanese companies to build an EGP1.2bn ($211m) sugar refinery, al-Mal newspaper has reported. FIHC said it would own a 40% stake in the refinery, while the private company will own the remaining 60%, the newspaper said. Construction will begin in mid-January and is planned to be completed in two years.

  • Egyptian Petroleum gets strong response on $2bn funding

    Oil company raising money to fund exports

  • Egypt's inflation slows to 10.5%

    Egyptian inflation slowed for the fourth straight month in May, according to the website of the Central Agency for Public Mobilization and Statistics. Urban inflation, the key rate monitored by the country's central bank, eased to 10.5% from 11.4% in April. Prices rose 0.5% in the month.

  • Egypt's IT spend to hit $2.1bn by 2014

    IT spending in Egypt is set to reach $2.1bn by 2014, according to the latest research by Business Monitor International (BMI). The country's IT spending is expected to grow from $1.3bn at a compound annual growth rate of 12% due to the economic recovery, higher incomes and new hardware and software upgrade cycles, the research firm said.

  • Egypt's Juhayna launches IPO

    Egypt-based Juhayna Food Industries has launched an EGP1bn initial public offering to increase its capital increase, Reuters has reported. The company is selling 80% of the shares in a private placement and 20% to the general public. The new funds will raise Juhayna's capital to EGP1.52bn. It will use the funds to invest in its current farms and for new farms.

  • Egypt's Palm Hills Developments delays bonds sale

    Ihab Swellem, chief financial officer of Egypt's Palm Hills Developments, has said the firm has delayed a plan to sell EGP500m ($880m) in bonds until early next year because the company is to focus on construction and on building up its land bank in the next few months, Reuters has reported. Last January, the company said its board of directors approved the sale of up to EGP1bn in bonds as part of a plan to raise new funds to speed up construction spending.

  • Egypt's Raya to build new data centre

    Egypt-based Raya Smart Buildings, a member of Raya Holding, has announced plans to build a second data centre in the country for GPX Global Systems Inc, which aims to provide internet exchanges and data centres for firms in the Middle East. With an estimated cost of EGP200m, the GPX data centre will allow firms to switch between different Internet service providers if one carrier's service is disrupted, as well as helping back up and recover information.

  • Egypt's Suez Canal revenue up 15% in May

    Egypt's Suez Canal Authority has said its revenue in May rose 15% to $395m compared to a year earlier, Reuters has reported. Revenue rose from $374.9m in April, chairman Ahmed Fadel said in a statement. "This revenue is the most since November 2009," Fadel said.

  • EIA slams UAE telecoms royalty fees

    Royalties charged on the profits of UAE telecoms providers Etisalat and Du are not sustainable, the head of the Emirates Investment Authority (EIA) has told The National. The EIA controls a large amount of shares in both of the companies and its chief telecoms investment officer Kaj-Erik Relander has said similar royalty systems around the world have been prone to failure. About a third of Etisalat's annual net profit is claimed by the UAE government as a royalty charge.

  • Eight consortiums vie for Saudi airport contract

    Eight consortiums have been pre-qualified by Saudi Arabia's General Authority of Civil Aviation (Gaca) for contracts to develop the $1.5bn first phase of Medina airport, Meed has reported. The move is part of plans to revamp the airport to increase its passenger handling capacity to 14 million people a year from the current 3.5 million passengers a year. The expansion includes a new passenger terminal, renovation of the existing runway and possible construction of a second runway.

  • El Wadi Cement loses license

    Egypt's Industrial Development Authority (IDA) has said El Wadi Cement will not be reissued a cement licence, Reuters has reported. Egypt, which reopened the cement licence's bidding process in May, has blocked El Wadi and other cement firms from bidding in an effort to boost competition and bring down prices, it said. "The licence will not be returned. We have already announced the bid. Their land has been withdrawn and other bidders are now on the table," Amr Assal, head of the IDA told the

  • El Wadi Cement wants production license back

    Egypt's El Wadi Cement has filed a court case, seeking to regain a production licence that was cancelled over start-up delays, Reuters has reported. In November, the Industrial Development Authority's (IDA) licensing committee cancelled the licences of El Wadi Cement and North Sinai Cement, over delays and financing shortfalls, but each was granted 60 days to appeal. "El Wadi Cement requests to get back its revoked licence or be granted a financial compensation that is up to EGP250m ($44m) wh

  • Elisabetta Gucci's Dubai hotel to open in 2010

    Lorens Ziller, partner at Elisabetta Gucci Hotels and Resorts has said that the firm plans to have 40 hotels over the next 15 years in the Middle East, Far East and South America and aims to open its first hotel in Dubai at the end of 2010, Reuters has reported. The construction of the 87-room luxury boutique hotel is completed, Ziller said. The Elisabetta Gucci hotel was originally scheduled to open by the end of 2009 but was delayed by a year, he added. Elisabetta Gucci is daughter of Itali

  • Emaar announces Burj Khalifa service charges

    Emaar Properties has set the service charge for the current year in Burj Khalifa, the world's tallest tower, at Dhs52.77 per square foot for residential units and Dhs55.70 per square foot for office units, Emirates Business has reported. The highest service charge is for Armani Residences, at Dhs78.63 per square foot, while corporate suites will be charged Dhs71.99 per square foot, the daily said.

  • Emaar bucks Dubai market decline

    The DFM Index failed to extend an early rally and closed 0.38% lower at 1,533.17 points. While most utilities, real estate and transport firms added value, banks and telecom weighed on the market. With the holiday season approaching, trading value and volumes plummeted by 44% and 52%, respectively. Some 92.6m shares changed hands. Market bellwether Emaar Properties bucked the downtrend and ended 0.31% higher at Dhs3.27. The DFM share ended flat at Dhs1.55.

  • Emaar inks deal to build marina at KAEC

    Emaar, The Economic City has signed an agreement with Al Ahlam Marine Tourism Group to develop a marina and yacht club facility inside King Abdullah Economic City (KAEC), Arab News has reported. The new marina is meant to be a premium world-class development that will be located at the Bay La Sun waterfront area of the city, a fully integrated residential community directly overlooking the Red Sea. The new facility will offer vessel-berthing capacity for up to 124 vessels.

  • Emal appoints financial adviser for phase 2

    Emirates Aluminium expansion project expected to cost around $5bn

  • Emal appoints RBS as adviser for phase 2 expansion

    Royal Bank of Scotland (RBS) has been appointed as financial adviser for the second phase expansion of UAE-based Emirates Aluminium's (Emal) smelter at Taweelah, MEED has reported, citing sources close to the deal. The phase 2 expansion of the plant is expected to cost around $5bn. The financing is expected to feature a bond issue, as well as a large component of export credit agency (ECA) funding.

  • EMAL sets up Emirati scholarships scheme

    Emirates Aluminium (Emal) has announced plans to offer full tuition scholarships to Emirati nationals majoring in three engineering programmes at accredited colleges and universities in the UAE. The scholarship application process is open until July 30, 2010, and the selected students will receive full tuition to their university programmes beginning this year. To qualify, students must have a GPA of 2.5 or higher and study within an accredited programme.

  • Emirates adds extra Saudi service

    Emirates Airline will begin flying its A380 to Jeddah daily from June 1, following the superjumbo's entrance into the market in February. The carrier also said it will increase its services to Riyadh starting June 22. Emirates will operate one additional flight per week on a Tuesday, having already added a further three weekly flights for summer, bringing its total weekly services to 11. The four additional summer services will be available up to October 30.

  • Emirates delays Baghdad route launch

    Emirates Airlines has temporarily postponed the launch of its Baghdad route due to operational reasons, Business Traveller has reported. "Due to operational reasons, Emirates has temporarily postponed the July 1 Baghdad route launch until later in the year," a spokesman for the carrier said. The route was due to begin at the start of July.

  • Emirates Float Glass now operational

    Emirates Float Glass, a subsidiary of Glass LLC which is wholly owned by Dubai Investments, has announced that it's Dhs692m ($188m) manufacturing facility in Abu Dhabi is now fully operational. The plant has a capacity of 190,000 tonnes per annum under the first phase of the project. The board of EFG is now looking at further expansion plans for the future.

  • Emirates in talks with banks to finance planes

    Brian Jeffery, senior vice-president for commercial treasury at Emirates Airline, has said the carrier has received offers from local and international banks to fulfil its financing needs for the purchase of aircraft to be delivered post May 2011, Emirates Business has reported. Asked if Emirates would consider the bonds route to raise finances, Jeffery told the daily, "We envisage that bonds [either guaranteed by export credit agencies or otherwise] will continue to be used as part of our fi

  • Emirates increases A380 service to Jeddah

    The use of the A380 has increased capacity on the Dubai-Jeddah route by 17 per cent

  • Emirates orders 32 Airbus A380s

    The airline made the $11.5bn order at the Berlin Air Show

  • Emirates places $11.5bn order for 32 Airbus A380 aircraft

    Emirates Airline has placed an $11.5bn order for 32 Airbus A380 aircraft, taking the total orders for the carrier to 90 Superjumbos. In addition to the order, Emirates has 48 Airbus A380, 70 Airbus 350, 18 Boeing 777-300 and 7 Boeing air freighters on order totalling 143 wide-body aircraft worth more than $48bn.

  • Emirates recruits more pilots

    Emirates Airline has unveiled plans to hire more than 700 pilots over the next 18 months to support new routes, new aircraft and increased frequencies. Compared to June 2009, the airline's weekly flight departures from Dubai have jumped from 1004 to 1118 - supporting new routes and a raft of extra frequencies in Europe, the Middle East, the Indian Sub-continent, Asia and Australasia. The airline currently employs more than 2,300 flight deck crew, spanning 85 nationalities.

  • Emirates says profit to increase this year

    Tim Clark, CEO of Emirates Airline, has said that a rebound in demand for air travel is expected to help profit this year to exceed last year's level, Bloomberg has reported. The airline posted net income of $964m in the 12 months ending March 31. "We're bigger than that this year," Clark said in Berlin. "We're well ahead already. Unless something goes wrong, there won't be a problem."

  • Emirates Steel forms financing group for $1.5bn loan

    Funding set to close by end of July

  • Emirates Steel to move project to Mussafah

    Abu Dhabi-based Emirates Steel Industries (ESI) plans to move a $1bn steel plate project from its announced site at Taweelah in the north of the emirate to a location closer to its main production complex at Abu Dhabi Industrial City in Mussafah, Meed has reported, citing a source close to the project. "Taweelah is gone but this does not mean automatically that [ESI] will expand at the existing site," the source says. "Abu Dhabi is currently building additional industrial cities in its weste

  • Emirates to recruit 750 pilots

    The airline is aiming to recruit more pilots as more aircraft are delivered

  • Emirates to recruit over 800 pilots to meet development plans

    Emirates Airline need to recruit more than 800 pilots in the next eighteen months in order to sustain its dynamic growth. Rick Helliwell, VP - Recruitment, Emirates Airline and Group, talks to Phil Blizzard about the recruitment drive for pilots and flight crew, as the Middle East's largest carrier receives a steady flow of new aircraft,including the prestigious A380.

  • Emirates to show FIFA matches onboard and at airports

    Emirates Airline has announced that its onboard entertainment service will provide recordings of all the games from the FIFA World Cup tournament within a few hours of them taking place, as well as live updates and text commentary on its flights. It will also be showing the action live on specially set up screens in a number of airports that it serves. In addition to this, a majority of First Class and Business Class Lounges will also broadcast the matches live so that frequent fliers and pre

  • Emirates worries rivals with Airbus fleet

    Emirates Airline's planned 90 Airbus A380 Superjumbos fleet and its 45,000 seats is being viewed as a threat by European carriers, Bloomberg has reported. Airbus said the operating cost of the A380 is 12% lower than Boeing's latest 747, which according to Willie Walsh, CEO of British Airways, poses a threat to European airlines that specialise in the same long-distance transfer traffic.

  • Enemies and allies

    The key to success in the Middle East is choosing the right partner

  • Energy City infrastructure to be completed this year

    Hesham Al-Emadi, CEO of Qatar's $2.6bn Energy City property development has said the infrastructure for the project will be completed this year, Reuters has reported. First tenants will move in at the end of 2011, with the project to be completed in full in 2012, Al-Emadi told the news service. Energy City, which is being developed by Qatari Diar, will house the headquarters for state-run Qatar Petroleum and other national energy and petrochemical companies.

  • Energy shares gain in Abu Dhabi

    Shares of the UAE's largest energy company Taqa closed 0.93% higher at Dhs1.09 on stabilizing oil prices at around $71 per barrel. Dana Gas added 1.49%, finishing at Dhs0.67. But weak a ADX consumer index (off 3.04%) weighed on the Abu Dhabi General Index, closing 0.27% lower at 2,530.96 points.

  • Energy stocks pull Abu Dhabi index down

    The ADX General Index dropped 0.65% lower, closing at 2,510.69 points. Dana Gas plummeted 6.06% down to Dhs0.62. Abu Dhabi National Energy Company, dubbed Taqa, ended 0.93%, closing at Dhs1.08. Around 9% of the world's proven oil reserves are located in Abu Dhabi. Real e state firms also underperformed on Tuesday. Abu Dhabi National Insurance Group (ADNIC) bucked the trends, jumping 10% and closing at Dhs6.60. Ras Al Khaima Ceramic, the world's largest ceramic producer form the emirate of Ra

  • Energy, bank shares lift Abu Dhabi exchange

    Abu Dhabi joined the general recovery mood in the GCC after strong gains at US exchanges yesterday (the Dow Jones Industrial Index surged 2.10% on Tuesday, closing at 10,404.77 points following signs of strengthening industrial production). Advances in the energy and bank sectors helped the ADX General Index advancing 0.34% and closing at 2,519.17 points. After several days of posting heavy losses, Dana Gas rebounded 1.61% at Dhs0.63. A number of banks also lifted the UAE capital's market, s

  • ENOC takes on chairmanship of Gulf Energy Maritime

    Abu Dhabi-based oil and chemicals foreign investment group International Petroleum Investment Co (IPIC) has said the chairmanship of Gulf Energy Maritime (GEM) has been handed over to Dubai-based Emirates National Oil Co (Enoc). The move is in accordance with a shareholders' agreement, by which the chairmanship rotates every three years between IPIC and ENOC - two of GEM's major shareholders. Accordingly, Enoc's Group chief executive, Saeed Abdullah Khoory will be the new chairman to oversee

  • Etihad inks codeshare with Malev Airlines

    Etihad Airways has announced the signing of a codeshare agreement with Hungarian carrier, Malev Airlines. Under the deal, which comes into effect in September 2010, Etihad will place its two-letter 'EY' code on services operated by Malev between Budapest and Athens, Brussels, Paris, Frankfurt and Milan. In turn, Malev will place its 'MA' code on Etihad's flights between those cities and Abu Dhabi.

  • Etihad introduces self service kiosks

    Etihad Airways has launched self service check-in kiosks at Abu Dhabi airport's Terminal 3. Etihad customers can now also use the kiosks at Terminal 1. "The first ten kiosks are conveniently placed throughout the Etihad terminal and will enable customers, especially those travelling on short haul flights, to save time on their journey and allow them to relax in our lounge or visit the shops and restaurants airside in the airport," Peter Baumgartner, Etihad Airways' chief commercial officer, s

  • Etihad ponders future acquisitions

    James Hogan, CEO of Etihad Airways has said the carrier could consider acquisitions in the future, but will concentrate now on reaching the break-even point, Reuters has reported. "At the moment, I am focusing on my mandate, which is to support Abu Dhabi and to make money," Hogan told the news service. Acquisitions are left to the airline's shareholders to decide, while management will review the business model and submit different scenarios to the board, he said.

  • Etisalat admits interest in Syria, Iraq licenses

    Chairman of Etisalat, Mohammad Omran has said the company had expressed an interest in telecom licenses in Syria and Iraq, Reuters has reported. The Iraqi and Syrian governments have announced they will issue a fourth license and the UAE based firm has expressed an interest, he told the news service.

  • Etisalat and Musanada sign government network MoU

    Etisalat and Abu Dhabi General Services (Musanada) have signed a memorandum of understanding to establish a government-wide network (ADNET) in the emirate. The agreement is aimed at providing secure and reliable network connections between all of Abu Dhabi's governmental entities. Abu Dhabi Systems and Information Centre (ADSIC) will be the first government entity to be migrated to ADNET, with more than 100 more government entities set for migration during 2010 and 2011.

  • Etisalat enters talks over Indian telecoms operator

    Etisalat is in talks to purchase a stake in an Indian telecoms operator and is set to make a decision on purchasing one in the coming weeks, The National has reported. "We are talking to several Indian operators and are evaluating several Indian operators but have not reached a final decision," Mohammed Omran, the chairman of Etisalat told the newspaper. The firm has denied that it is in talks with Reliance Communications however.

  • Etisalat in stake talks with Zain - report

    UAE's Etisalat is in talks with Kuwait's Zain over buying a majority stake in the group, Reuters has reported, citing a report by Kuwait's al-Seyassah newspaper. The two telecoms held meetings last week to discuss the potential deal, the report said, although Etisalat has refused to comment on what it calls "market speculation and rumours".

  • Etisalat only gaining share at Abu Dhabi bourse

    The Abu Dhabi Securities Exchange, after ending flat the last two trading sessions, eventually fell in line with global pressure on stocks at nearly all global exchanges. The ADX General Index finished 0.85% lower at 2,531.44 points. Shares of regional telecom giant Etisalat (up half a percent at Dhs10.40) were the only securities advancing. As oil prices (WTI) fell by 2.4% below $77, energy shares took a hit. Dana Gas (down 1.47% at Dhs0.66) was the most liquid stock.

  • Etisalat signs Korea Telecom agreement

    Etisalat has signed an agreement with Korea Telecom to develop new telecoms solutions and collaborative services for customers. The two firms will cooperate in the areas of global WiFi roaming, global data services (IPLC, MPLS-VPN, Satellite) and reciprocal PoP facilitation, IP based Television (IPTV), Machine to Machine Telecommunication (M2M) and managed service business.

  • Etisalat to introduce electronic voucher service

    UAE telecoms company Etisalat has appointed card solutions provider, Network International to provide an electronic voucher service (e-Voucher) in the UAE. The e-Vouchers are set to replace conventional scratch-card based prepaid recharge options. The move aims to eliminate the costs of plastic voucher administration, production and distribution, as well as offering protection against theft and reduction of fraud risk.

  • Etisalat to spend $1.4bn on Egypt unit

    Mohammad Omran, chairman of Etisalat has announced plans to invest EGP8bn ($1.41bn) in the firm's Egyptian unit over the next three years, as it eyes growth in the market, Reuters has reported. Etisalat Misr reached a customer base of 14 million within three years of operation, the company said. "Our investment in the network has reached EGP8bn till date, and we expect that we will invest EGP8bn more in the coming three years as networks expansion is a priority for the company," Omran said in

  • ExecuJet Middle East secures two new Challenger 605s

    ExecuJet Middle East has announced the addition of two new Challenger 605s to its managed fleet. Further aircraft are expected to join the fleet over the coming months, taking the total number to over 20 aircraft, the firm said. The company said it had seen a strong increase in demand for wide bodied aircraft.

  • Ezz Steel sees steel demand up in Egypt

    Egypt-based steel producer, Ezz Steel has said that the need for housing is expected to increase local demand for reinforcing steel bars to 7.4 million tonnes in 2010 from 7.2 million last year, Reuters has reported. Rebars, used in the construction industry, represented three quarters of Ezz Steel's sales in the first quarter, with flat steel accounting for most of the rest. The company also expects its exports to the Middle East and US markets to rise on growing demand that will counter a s

  • Ezz Steel to break ground on $400m Suez plant

    Egypt's Ezz Steel plans to break ground on its $400m Suez direct reduction iron (DRI) plant in Egypt by late July or early August, Meed has reported. The plant will have a capacity of 1.9 million tonnes a year (t/y) of DRI when completed. The project is scheduled for completion in the first quarter of 2012. Manwhile, the company is also building a 1.2 million t/y of steel billet caster at a sister facility at Suez.

  • Ezz Steel to break ground on $400m Suez steel plant in July

    Egyptian steel facility on schedule for 2012 completion date

  • Ezz Steel's Q1 profit jumps 78%

    Egypt' Ezz Steel has said its net profit surged by 78% to EGP105m ($18.5m), compared to EGP59m in the same period a year earlier, Bloomberg has reported. "Ezz Steel remains positive about the outlook for the rest of 2010," the company said in a statement. "We are confident about the strength of the Egyptian market, with long product demand expected to continue to be strong, due to the private housing market and local real-estate activity."

  • FCV signs Apere distribution agreement

    First Video Communications (FVC) has announced the signing of a distribution agreement with US-based Apere. Under the agreement, FVC will have the distribution rights of Apere's ID and Access Management Solution for the Middle East and North Africa region. Apere's IMAG (Identity Managed Access Gateway) provides identity and user life cycle management across applications and network devices in an enterprise.

  • FIFA World Cup fans warned over mobile security

    Football fans travelling to the FIFA World Cup have been warned to secure their mobile phones while in South Africa, as it is thought they will be targeted by cybercriminals. Symantec has issued a warning to fans relying on their mobile phones to communicate with home not to lose them. "Today's smart phones are vulnerable to malicious activity such as phishing, scam websites and even drive-by downloads where malicious codes such as Trojans can infect the device," said Symantec's Candid Wüest.

  • Firms abandon 90 per cent of Saudi Arabia gas concession

    Saudi Aramco and Russia’s Lukoil signed up to develop the Block A area in 2004

  • Firms express interest in Moroccan solar project

    Request for qualification to be issued in the third quarter

  • Firms line up for $600m Shah gas non-process buildings retender

    Prequalification re-opened for non-process buildings project

  • Firms line up for Wasit gas site preparation

    Saudi Aramco has prequalified 14 local firms for the $500m contract

  • Firms plan $100m Abu Dhabi aluminium rod plant tender

    State-owned Abu Dhabi Basic Industries Corp (Adbic) and Bahrain-based Midal Cables plan to float a $100m tender in the third quarter of 2010 for a 150,000 tonne a year aluminium rod and conductor facility at Khalifa Port and Industrial Zone (KPIZ) in Taweelah, Meed has reported. One third of the products manufactured at the plant will be sold within the GCC with the remainder being sold on the global market, Hamid Al-Zayani, chairman of Midal said. Adbic is currently planning to build three n

  • Firms shortlisted for $1.6bn Medina airport contract

    Eight firms have been shortlisted by Saudi General Authority of Civil Aviation (GACA) for the contract to develop the first phase of an airport at Medina, Bloomberg has reported. The authority designed the airport, which will replace an existing one, to handle as many as 8 million passengers a year, intended for attracting more pilgrims to Medina. The winner of the tender will develop, own and operate the airport, the cost of which is estimated at $1.6bn for 25 years before transferring it to

  • First Gulf Bank signs Korean construction agreement

    First Gulf Bank (FGB) has signed a memorandum of understanding with the Construction Association of Korea (CAK). The agreement aims to facilitate the entry of leading Korean construction companies into the Abu Dhabi market and promote understanding and cooperation between the Abu Dhabi business community and the Korean construction industry.

  • First-ever property exchange planned

    A Canadian firm and a Saudi Arabian company have announced plans to create the first global real estate securities exchange, with the first group of exchanges slated for autumn of 2012 in Dubai, Canada and London. Saudi's International Real Estate Exchange Group (Irex) and Canada's egX are teaming up to create Irex Group, which will build and operate a securities marketplace for listing and trading of real estate assets in the world's key financial hubs. The first three exchanges are expected

  • Flydubai adds new Boeing to fleet

    A ninth Boeing 737-800NG has joined the fleet of Dubai's low cost carrier, Flydubai. The airline will put the new aircraft into service on its latest route, the Dubai-Istanbul service. The new airplane is one of 13 the airline aims to have delivered by the end of the year.

  • Flydubai adds third route to Syria

    Flydubai has announced the launch of a new service to its nineteenth destination and third in Syria. Dubai's low cost carrier will fly to the Syrian city of Latakia on Tuesdays, Thursdays, Saturdays and Sundays.

  • Flydubai launches flight to India's Lucknow city

    Flydubai has launched a new service to the north-eastern Indian city of Lucknow, Gulf News has reported. The carrier will fly direct to Lucknow three times a week. Lucknow is considered as one of India's financial, manufacturing and education hub, and is the second largest city in north, east and central India.

  • Flydubai launches Istanbul route

    Flydubai has expanded its network with the launch of a new route to Istanbul, Turkey. The low-cost carrier will fly five times per week to the ancient Turkish city at 1855hrs and lands in Istanbul's Sabiha Gökçen Airport at 2250hrs local time and return at 2335hrs arriving in Dubai at 0500hrs local time.

  • Flydubai launches service to Colombo

    Flydubai has announced the launch of the inaugural flight to the Sri Lankan capital, Colombo. The low-cost carrier will operate four weekly flights to its twenty first network destination on Mondays, Wednesdays, Thursdays and Saturdays.

  • Foreign firms vie for $2bn Oman power plant deal

    Oman's Public Authority for Electricity and Water has said that Larsen & Toubro, Sembcorp and Marubeni Corp are eyeing a $2bn contract to build the Sultanate's first coal-fired electricity generation plant, Reuters has reported. The government has appointed Worsely Parsons and KPMG as technical and financial advisors for the 1,000MW power station project which is to be built at Duqm in central Oman.

  • Foster Wheeler bags Iraq refinery contract

    Foster Wheeler has won a feasibility study and front end engineering design (FEED) contract from the Iraqi Ministry of Oil for a new refinery at Nassiriya in southern Iraq. The proposed refinery is set to have a capacity of 300,000bpd. The value of the contract has not been disclosed but will be included in the company's second quarter bookings.

  • Foster Wheeler wins Iraq refinery Feed

    New refinery planned for Nassiriyah

  • Four Seasons Hotel, Beirut opens

    Four Seasons Hotels and Resorts has announced the opening of its new Beirut hotel. Located on the corniche in central Beirut, the five-star hotel comprises 230 guest rooms and suites, four food outlets, a ballroom, a business centre with five meeting rooms and a spa and health club, which includes a rooftop swimming pool.

  • France Telecom eyes Middle East, Africa deals

    France Telecom has said it is considering four or five acquisitions in the Middle East and Africa, and may complete some deals this summer, Bloomberg has reported. The company is identifying targets close to its existing assets, Marc Rennard, executive director for Africa, the Middle East, and Asia, said. The company is not averse to initially buying minority stakes, he said.

  • Frasers Hospitality opens hotel in Dubai

    Singapore-based Frasers Hospitality has announced the opening of its first property in the UAE, the Fraser Suites Dubai. Located on Sheikh Zayed Road, the new hotel occupies the top 23 levels of the 45-storey Sidra Tower and offers 180 suites and penthouses, food and beverage facilities, a business centre, and a boardroom and meeting facilities.

  • French fine food group eyes Middle East growth

    French fine food group Fauchon has said it plans to boost sales in Middle East markets with tea and chocolate as big growth drivers, Reuters has reported. The firm, which makes 15% of its sales in the Middle East, plans to add 20 stores in the next two years with the aim of doubling sales to 30% of its total in five years.

  • French jeweller Akillis to expand in Middle East

    French jewellery manufacturer Akillis has unveiled plans to expand its distribution network throughout the Middle East region as part of its first phase of expansion. Akillis' plans include opening of boutiques, appointment of franchise partners, shop-in-shops and retail corners in the UAE, Kuwait, Qatar, Saudi Arabia and Lebanon.

  • French to build pharmaceutical plant at King Abdullah Economic City

    The first phase will produce medication for Saudi population

  • Fujairah project announced

    A Dhs1.2bn ($326m) mixed-use beachfront development has been launched by Escan Investment and Real Estate Development in the city of Fujairah, Gulf News has reported. Al Fanar Towers comprises three towers; one commercial, one residential and another 20-storey building which will have its use determined at a later stage, the developer said. GCC residents and investors with a 49% stake in a company are eligible to buy freehold properties in the project, while the units are available on a long-

  • GAC

    The Dubai-based transport services firm has responded to a downturn in trade with cost-cutting solutions

  • GAC: MEED Assessment

    The past 18 months have seen GAC trim its costs, but it continues to search for new business opportunities

  • Galfar buys 26% stake in Kuwaiti construction firm

    Oman-based engineering and construction firm Galfar has announced the acquisition of a 26% stake in Kuwaiti infrastructure firm Shaheen al Ghanim Roads & Bridges Contracting, Oman Daily Observer has reported. A related company, Galfar Al Misnad Engineering & Contracting, Qatar and its associates, have also acquired a 25% share in the Kuwaiti firm. The move will help Galfar extend its operations into Kuwait's growing infrastructure sector, the company's managing director said in a statement.

  • Galfar Engineering bags Indian road deals

    Oman-based engineering and construction firm, Galfar has announced it has won three major road projects in India, according to Oman Daily Observer. Galfar won a OR32m ($83m) contract for the Indore-Ujjain road, a OR140m for the Bhubaneshwar-Chandipur road, and OR130m contract for the Aligarh-Gaziabad road. The firm also said it will have the right to collect tolls after the completion of the projects.

  • Gaza/West Bank: IT equipment

    Supply of IT equipment

  • GCAA reports air traffic movements increase

    The UAE General Civil Aviation Authority (GCAA) has said that air traffic movements grew 12.3% in April to 54,000, compared with 48,000 air traffic movements in May 2009. Total movements in the first five months of 2010 rose 12% to 259,800, compared to 232,800 in the first five months of 2009. Average daily air traffic movements in May 2010 was 1744, which represents an increase of 12.3% compared with 1553 air traffic movements per day in the same period last year, according to GCAA's monthly

  • GCC communications ministers to discuss lower tariffs

    GCC communications ministers have met in Kuwait to discuss lowering tariffs of phone calls among their six countries, Kuna has reported. "Phone call tariff is the top priority for the GCC countries at present," Kuwaiti minister of communications Dr Mohammad Al-Busairi said, noting that technicians are working out regulatory measures to improve the service. Category: Telecom

  • GCC to award $101bn of new contracts by end of 2010

    Market set to grow strongly during the next six months

  • GDF Suez wins $1.7bn Oman contracts

    GDF Suez has won a $1.7bn contract for the construction and operation of two independent power projects in Oman, Barka 3 and Sohar2. The two projects are geenfield gas fired plants with a capacity of approximately 1,500MW. GDF Suez will own a 46% stake in the projects. The power produced will be sold under a 15-year purchase agreement to the Oman Power and Water Procurement Company.

  • GE signs Saudi agreement

    GE has signed an agreement with the Saudi Arabian General Investment Authority (SAGIA), the body that facilitates inward investments to the Kingdom, to pilot GE technologies within the Economic Cities in the Kingdom. The research of GE will address issues such as water scarcity, energy efficiency and affordable healthcare in Saudi Arabia.

  • GFH to sell Bahrain Financial Harbour stake

    Gulf Finance House (GFH) has unveiled plans to sell its stake in Bahrain Financial Harbour to Emar Bahrain in a bid to reduce its debt, The National has reported. The Islamic investment bank said the sale of around 50% is valued at $262m (Dhs962.3m), comprising $40m in cash and land. GFH said last month its net loss for the first three months of this year had shrunk to $7.5m from its net loss of $37.7m for the first quarter of last year.

  • Global economy struggles with the difference between the real and the imaginary

    The most radical reforms in banking history are about to reshape global finance. They will reduce growth, but not volatility

  • Global Islamic fund assets level at $52bn in 2009

    A report by Ernst & Young has said that global Islamic fund assets stagnated at $52.3bn in 2009, remaining at almost the same level as the $51.4bn posted in 2008. In contrast, the global conventional mutual fund assets under management exhibited signs of recovery from their lows of $19 trillion in 2008, reaching $22 trillion in 2009, the Islamic Funds and Investment Report said. "This trend is reflective of a distinct shift in investors' preferences, and requires Islamic fund managers to adap

  • Globalfoundries signs Samsung and IBM deals

    Abu Dhabi-owned microchip maker, Globalfoundries has signed agreements with Samsung and IBM to help design smaller, more efficient chips for mobile phones, The National has reported. The partnership is intended to produce mobile and embedded chips at a faster design and production rate using 32-nanometre and 28-nanometre processors. Globalfoundries has embarked on aggressive expansion efforts since the Advanced Technology Investment (ATIC), owned by the Abu Dhabi Government, purchased a 65.8%

  • Google launches Iraq and Tunisia websites

    Google has launched websites in Iraq and Tunisia in an effort to expand its Arabic services, The National has reported. The firm has been attempting to put out more services to appeal to the Arab world in an attempt to raise the amount of Arabic content on the web, which is said to currently stand at around 1%. Users in Iraq and Tunisia can already view the general website, but will now be able to access more locally specific services.

  • Google to release Chrome in autumn

    Sundar Pichai, Google vice president of product management has announced plans to release its Chrome operating system for free in the autumn, AFP has reported. The open source operating system is based on the Chrome browser, which is designed to work exclusively with web applications. "We are working on bringing the device later this fall," he said at CompuTex Taipei, Asia's biggest IT trade show.

  • Grand Faw Port tenders set for 2011

    A tender is to be floated by Iraq's transport ministry in the fourth quarter of 2011 for the main construction contract of the estimated $6bn Grand Faw Port in Basrah province, Meed has reported. The Grand Faw port is designed to include 7,000 metres of dock for container ships and an additional 3,500 metres of dock for general cargo. The port will be 17 metres deep, allowing it to receive some of the world's largest cargo ships. At present, Umm Qasr port is Iraq's only deep-sea port.

  • Green Line construction on track, says Dubai's RTA

    Dubai's Roads & Transport Authority has said that construction works in most stations of the Dubai Metro Green Line have been completed. The project is progressing on schedule towards the planned project opening in August 2011, according to RTA's chairman, Mattar Al Tayer, who called on the contracting company to commit more efforts to ensure the opening of all stations on time.

  • Gulf Air and Alba losses hit Mumtalakat

    Higher losses at Gulf Air and Aluminium Bahrain (Alba) have lead to last year's net loss of Bahrain's sovereign wealth fund, Mumtalakat Holding doubling, Reuters has reported. Mumtalakat said its net loss for 2009 stood at $487.2m, compared with a loss of $184.3m in 2008. It said Gulf Air's full-year loss rose 21% to $502.9m last year.Alba made a full year net loss of $220.7 million.

  • Gulf Air launches new Aleppo route

    A new route has been launched by Gulf Air to the city of Aleppo in Syria. The northern Syrian city will be served with three flights per week on Tuesdays, Thursdays and Saturdays. The airline launched new services to Alexandria on June 2 and is reportedly planning to launch flights to Holy Media.

  • Gulf Air launches service to Medina

    Gulf Air has announced the launch of its inaugural flight to Medina in Saudi Arabia. The carrier will fly four times a week between Medina and Bahrain, on Mondays, Thursdays, Fridays and Saturdays. The new route will be served with the carrier's recently acquired Embraer E70 aircraft.

  • Gulf Air to cut about 10 underperforming routes

    The restructuring plans of Bahrain's Gulf Air, which could see cutting as many as 10 underperforming routes and reviewing its existing orders for wide-body Boeing and Airbus aircraft, are set to be finalised soon, The National has reported. Under the plan, however, the carrier's network would increase with the expansion of services in the region, CEO Samer Majali said. Gulf Air is likely to fly to 55 destinations by 2012, up from about 45 today, he said. "There are very hard decisions to be m

  • Gulf Air to launch new services

    Gulf Air has said it will launch regular services to three new destinations in June: Medina in Saudi Arabia, Alexandria in Egypt and Aleppo in Syria, Arabian Aerospace has reported. The service to Medina will begin from June 17, 2010 with four-weekly flights using the recently acquired Embraer aircraft. The airline will launch four weekly flights to Alexandria on June 2, while Aleppo will become a regular service from June 15.

  • Gulf banks to face tough conditions until 2012

    International ratings agency Moody's has said corporate issuers in the Gulf region will continue to face tough credit conditions until 2012, and lenders with large debt maturities that year will be particularly affected, Reuters has reported. The bulk of the debt is held by Dubai and Abu Dhabi-based entities, particularly investment holding firms and property developers, it said. "Moody's notes the apparent lack of a catalyst that could stabilise the credit environment in the region," said Ma

  • Gulf Capital sets sights on Saudi

    UAE-based private equity firm, Gulf Capital plans to invest SR1.4bn ($373m) over the next three years and is seeking opportunities in Saudi Arabia, Bloomberg has reported. "We are sitting on a lot of liquidity," CEO Karim El Solh told the news service. "We hope that the bulk of that will end up in Saudi Arabia."

  • Gulf Finance House recovery continues

    The Bahrain All Share Index dipped 0.15% and ended on Thursday at 1,411.09 points. Islamic bank Gulf Finance House jumped 7.41%, closing at $0.145. Ahli United Bank finished at $0.620 (down 1.59%). The bank said it has received the Iraq Stock Exchange's approval to purchase 6.6bn shares of Commercial Bank of Iraq (CBI) traded shares in the Iraqi stock market. AUB recently received the Central Bank of Iraq's approval to increase its stake in Commercial Bank of Iraq (CBI) to 75% from 49%. On a

  • Gulf Finance House restructuring is progressing

    Bahrain lender embarked on an asset sell-off earlier this year

  • Gulf International Bank appoints new managing director

    Adel al-Mangour named new head

  • Gulf Navigation receives $35m from SLS over cancelled order

    Gulf Navigation has said it has received $35m (Dhs120m) from South Korea's SLS Shipbuilding for a cancelled order and has issued notice for cancellation of another contract, Emirates Business has reported. Gulf Mizhar Shipping, a wholly owned subsidiary of Gulf Navigation Holding, has given notice to SLS Shipbuilding of its cancellation and termination of the new building contract relating to the other 44,000 DWT product/chemical tanker vessel, the firm said. The notice has been given as a re

  • Gulf plastics producers face tough market

    New capacity is being delivered to a market that is already oversupplied

  • Gulf single currency plans slowed by euro crisis

    Sheikh Mohammed bin Essa Al Khalifa, chief executive of Bahrain's Economic Development Board, has said preparations for launching a single currency in the GCC will be halted temporarily due to the debt crisis facing the euro region, Bloomberg has reported. "It will take a bit more time to see how this euro thing plays out and what lessons can be learned," he told the news service. "You can't afford to get this wrong."

  • Gulf to produce 20 per cent of world's petrochemicals by 2015

    More than 50 million tonnes a year of new capacity to be added between 2009 and 2015

  • Gulftainer achieves 24 per cent Sharjah traffic growth

    Gulftainer operates three berths at Iraq’s Umm Qasr port

  • Halfaya output to reach 535,000bpd says Total

    Total has said that crude oil production from Iraq's Halfaya oilfield will reach 535,000 barrels per day by 2016, Reuters has reported. "Halfaya is supposed to go from 3,000 bpd to 535,000 bpd in 6 years-period of time, the plateau is supposed to be reached after 6 years," Jean-Jacques Mosconi, head of strategy at Total said. Earlier this year, Iraq signed a final contract to develop Halfaya with China National Petroleum, Total and Malaysian state firm Petronas.

  • Healthcare centres told to display license clearly

    Dubai Health Authority plans to make it mandatory for all private health facilities in the emirate to display certified copies of their trade licences in a prominent place, Khaleej Times has reported. The authority will issue 'health facility licence certificates' to the establishments, which will be required to be displayed in places that can be seen by patients. Currently, there are 1,800 such facilities operating in the emirate.

  • Hellman Calipar Healthcare Logistic opens in Dubai World Central

    Hellman Calipar Healthcare Logistics has announced the launch of its healthcare logistics facility based at Dubai World Central. Hellman Calipar, a joint venture between Hellman Worldwide Logistics of Germany and Calipar Integrated Logistics of India, offers healthcare logistics services aimed at maintaining product integrity throughout the supply chain.Healthcare logistics provides unique challenges due to its time-sensitive products.

  • Hidd Steel Mill close to obtaining permits

    Local council will issue permits if Bahrain environment chief accepts full responsibility

  • Hilton to manage hotel in Aqaba, Jordan

    Jordan Maritime Complex for Real Estate Investments has signed a management agreement with Hilton Worldwide for the Doubletree by Hilton, Aqaba. Set for opening by the third quarter of 2010, the 181-room hotel comprises 5 food and beverage outlets, a swimming pool, health club and spa, a multi-function meeting room, and a business centre.

  • Hilton to open property in Al Khobar

    Hilton Worldwide and Saudi-based Jenan Real Estate have signed a management agreement to introduce the first Hilton branded property in Al Khobar. The Hilton Al Khobar Hotel & Residence high rise complex will have 250 guest rooms and suites, together with 150 serviced apartments. Construction of the new hotel is scheduled to start in March 2011, with the opening date set for Q4 2013.

  • HMC opens new nursing facility in Qatar

    Qatar's Hamad Medical Corp (HMC) has opened a new nursing facility aimed at providing long-term nursing care, rehabilitation and other services to patients in a more flexible setting. Managed by Rumailah Hospital, the new facility is to be a complementary facility to HMC's hospitals and its Home Healthcare Services. It has been developed on the basis of the internationally recognised JCI continuum of care standards, HMC said.

  • Holiday Inn to open in Seeb

    Kuwait's Action Hotels has signed an agreement with Oman-based Al Rawahi International to open a new 176-room Holiday Inn hotel in Seeb, by December 2011, Gulf News has reported. Action Hotels presently operates three properties in the region, in Al Khwair, Muscat, Amman and Salmiya, Kuwait. The group's fourth property and second in Kuwait is scheduled to open in September in Sharq.

  • Holy cities facing huge shortage in hospitality sector

    If travel patterns persist, Mecca and Medina will see almost 14 million tourists annually

  • Hotel demand stabilising in UAE

    French research firm, MKG Hospitality has said hotels in the UAE are starting to show stabilisation in demand, Emirates Business has reported. As occupancy continues to improve, hoteliers are expected to be able to focus on stabilising ADR (average daily rate), which will have a positive impact on RevPAR, the hotel industry's key performance indicator, according to Vanguelis Panayotis, director of development, MKG Hospitality.

  • Hotel guest numbers in Abu Dhabi increase

    According to figures by the Abu Dhabi Tourism Authority, the emirate has recorded a 14% increase in hotel guest numbers across its 116 licensed hotels and hotel apartments last month compared to May 2009. Rising to 161,004, the May performance took the overall first five months of this year hotel guest total to 790,812 - a 16% increase on the same period last year. Occupancy levels stood at 61% this May, a 17% decline on May 2009.

  • HP Middle East unveils new monitor

    HP Middle East has unveiled its first 76.2cm (30") monitor to display a range of more than 1 billion colours, the HP ZR30w S-IPS LCD Display. The new HP ZR30w features 4.1 million pixels and has a resolution of 2560 x 1600 in a 16:10 aspect ratio and a 3000:1 dynamic contrast ratio. The monitor also features a wide gamut panel that covers 100% of sRGB and 99% of Adobe RGB. The monitor is equipped with DisplayPort and DVI-D inputs and an integrated 4-port USB hub.

  • HSBC appoints new global banking head for Mideast

    HSBC has appointed Mohammad Al Tuwaijri as the new head of its global banking and markets division for the Middle East and North Africa. Al Tuwaijri, a Saudi national, will focus on key markets in Saudi Arabia, Egypt and Abu Dhabi. He joins HSBC from JP Morgan, where he was managing director and head of Saudi Arabia for the bank. Prior to that, Tuwaijri was treasurer at SABB, HSBC's affiliate in the kingdom, HSBC said in a statement.

  • HSBC expects Iraq profits to soar

    HSBC has said that it is "remarkably bullish on Iraq" and expects bank profitability in the country to increase by 100 times within 10 to 20 years, Bloomberg has reported. "There is more lending activity as the economy gets stronger," James Hogan, country manager of HSBC Holdings said. HSBC entered the Iraq's post-war banking sector with its 2005 purchase of a 70% stake in the Dar Es Salaam Investment Bank. HSBC may soon put its own brand on the business, Hogan said.

  • HSBC expects to increase lending in Middle East

    HSBC Holdings expects to boost lending in the Middle East this year after posting a 16% decline last year, the head of international for HSBC Bank Middle East told Reuters. "Overall, we can see signs of recovery," Majed Najm said The bank's lending will increase in the bank's main markets of the UAE, Qatar, Egypt and Saudi Arabia as well as in some of the bank's newer, faster-growing markets like Kuwait, Iraq and Algeria, he said.

  • HSBC to open Qatar Amanah branch

    Abdul Hakeem Mostafawi, CEO of HSBC Qatar, has said the lender is to open its first branch in the Middle East dedicated to Shari'ah-compliant Amanah, in the Qatari capital, Gulf Times has reported. "We have seen a double digit growth in the Islamic banking business in the last five years or so," Mostafawi told the newspaper. The bank also revealed it was assessing the decision to open more branches within Qatar.

  • HTC launches Android-powered 'Legend'

    Global designer of smartphones, HTC Corp has announced the launch of the HTC Legend in the Middle East. The new smartphone is a new Android-powered handset that incorporates an enhanced HTC Sense experience and features a 3.2 inch, AMOLED HVGA display. The traditional trackball has also been replaced with an optical joystick, surrounded by a narrow button to improve usability without interrupting its unique design. The HTC Legend will be broadly available to customers from Q3 2010, the firm s

  • IATA: Aviation industry to return to profitability

    The International Air Transport Association (IATA) has raised its global forecast for airlines to $2.5bn in profit in 2010, up from a $2.8bn loss projected last March. Middle Eastern carriers are expected to post a $100m profit, their first since 2005. This is significantly better than the previously forecast of a $400m loss and the $600m that the region's carriers lost in 2009.

  • Ibn Rushd gauges interest in second plastics plant deal

    Solicitation of interest letter sent out in early May

  • IEA says drilling moratoriums threaten oil output

    The International Energy Agency (IEA) has said that if oil producing countries follow the US lead and impose moratoriums on development of new offshore oil reserves, global oil output could slide by up to 900,000 barrels a day from projected levels for 2015, Dow Jones has reported. "If other countries like Angola, Brazil and the North Sea (countries) put on hold new offshore development and there is also one or two years of delay, the impact on global oil output might be 800,000 barrels a day

  • Imdaad announces new Board of Directors

    The Dubai Government has announced the appointment of Yousuf Mohammed Amin Kazim as chairman of the newly appointed board of directors for Imdaad, a facility management company wholly owned by Dubai World. The move is in line with ongoing efforts to reinforce principles of good governance and transparency, the Supreme Committee supervising Dubai World said.

  • IMF increases Lebanon growth forecast to 8%

    The economic growth forecast for Lebanon has been raised by the International Monetary Fund (IMF) to at least 8% from a previous estimate of 6%, Reuters has reported. "Lebanon is reaping the benefits of improved domestic stability and prudent policies," IMF mission chief, Andreas Bauer told a press conference. "The economy is still very strong and the momentum is carrying on."

  • Inaugural MEED Quality Awards for Projects (video)

    The inaugural MEED Quality Awards for Projects were launched in Abu Dhabi at the Arabian World Construction Summit with the aim of recognising excellence in the project industry.

  • Indian e-book reader to be launched in Dubai soon

    The Indian version of Amazon's e-book reader Kindle is to be introduced into the UAE market soon after its planned unveiling in India next August, Khaleej Times has reported. Wink is a book reader and internet surfer being developed by Indian publishing house DC Books' sister firm, EC Media International. It will feature WiFi and 3G to download and read books online.

  • Indian lender plans GCC expansion

    Ashok Gupta, chief executive of GCC operations at Indian lender Bank of Baroda (BoB), said the bank plans to establish a presence in all Gulf countries, Emirates Business has reported. The bank has six branches and four customer service units in Oman and Bahrain through its wholesale banking branch. The bank has already initiated talks with select business groups and institutions in Kuwait, Saudi Arabia and Qatar to forge joint ventures in the respective countries, he said.

  • ING sees Saudi, Egypt to lead Mena growth

    Global fund manager ING Investment Management has said Saudi Arabia and Egypt are two of the countries with the highest growth potential in the Mena region, Reuters has reported. Head of equities at ING's Middle East Investment Team Fadi Al Saeed has said the two countries 'have a very high proportion of under-20-year-olds, providing the opportunity to build niche markets and diversify away from petrochemicals.' The Dubai-based fund sees investment opportunities in the food industry, particul

  • Insurance firms lead at Qatar Exchange

    Doha ended the week slightly positively, as the QE Index added 0.15% and closed at 7,082.91 points. Shares of Qatar Islamic Insurance (up3.92% at QR44.70) topped the charts, followed by Doha Insurance (1.82% higher at QR27.30). Qatar Islamic Insurance said in a statement today that its board of directors will meet on Tuesday July 20, 2010, to discuss and approve the reviewed financial reports for the period ending June 30, 2010. Losses in the services segment weighed on the QE Index.

  • Internet penetration remains low in Jordan

    Despite the relatively high availability of home computers in Jordan, household internet penetration in the kingdom is still low, a new report has found. Internet penetration in the kingdom rose to 40% in 2010, compared with 36% in the previous year, according to a survey by the Jordan media strengthening programme. ADSL subscriptions grew to constitute 15% of household subscriptions, a 4% increase from 2009, the report said. Fifty-two per cent of Jordanians, 15 years old and above, own a des

  • iPhone 4 not to be available in Middle East until end of year

    The iPhone 4 will not be available in the Middle East until the end of this year, itp.net has reported. Julien pascual, CEO of EmiratesAvenue.com, said: "Like for the iPad which is still not sold by Apple in the UAe, the iPhone 4 should be sold only by the end of the year or maybe even later, from the information we have now."

  • Iran agrees Pakistan gas export deal

    Iran has agreed a deal to start exporting gas to Pakistan within five years, The National has reported. The agreement involves the export of around 750 million cubic feet per day of gas from Iran to Pakistan through an international pipeline, which is currently under construction. "After decades of negotiations, we are witnessing today the execution of the agreement," Iranian deputy oil minister Javad Oji said.

  • Iran announces new gas discovery

    The discovery is the second inside a week for National Iranian Oil Company (NIOC)

  • Iran cancels Shell, Repsol South Pars talks

    Talks between Iran, Shell and Spain's Repsolover over the country's South Pars gas project have ended at the order of the country's oil ministry, Reuters has reported. The two firms have been accused of procrastinating on finalising their involvement in the field, which Iran shares with Qatar. Last month Iran extended a new two-week ultimatum to Royal Dutch Shell and Repsol after the expiry of a one-week ultimatum issued in April.

  • Iran converts euros to dollars, ingots

    The central bank of Iran plans to convert €45bn of its euro reserves into dollar and gold ingots, Press TV has reported. Citing a report in Jaam-e Jam newspaper, the news service said the monetary plan was to be carried out in three phases, with the first stage of the programme already underway.

  • Iran crude steel exports increase 19%

    Iran's crude steel exports for the first two months of the current Iranian calendar year were worth $81,481,000, a 19% increase from last year, Mehr News Agency has reported. 1,909,377 tonnes of steel was produced in the two months, an increase of 6% from last year, while 1,909,333 tonnes of steel products were also produced.

  • Iran denies €45bn reserves sale report

    Mahmoud Bahmani, governor of Iran's central bank has denied reports that the country plans to sell €45bn from the country's reserves to buy dollars and gold ingots, blaming foreign media for publishing false reports, Reuters has reported. The news of the switch was seen as a change in policy for Iran which has traditionally shunned the dollar.

  • Iran increases foreign currency reserves

    Iran's central bank has sold gold through foreign exchange transactions to increase its foreign currency reserves by $9bn, Reuters has reported. "The country's foreign exchange reserves have been increased by $9 billion through selling gold and foreign exchange conversion," central bank governor, Mahmoud Bahmani was quoted as saying. Iran denied earlier this month it was selling Euros from its reserves to buy dollars and gold.

  • Iran reveals huge oil discovery

    Iranian and Chinese oil firms have discovered 30 billion barrels of oil in place at a south-western oilfield that borders Iraq, Reuters has reported, citing the Jomhuri-ye Eslami newspaper. Average recovery factors are between 20% and 50% of oil in place, enabling the Arvand-Kenar field to boost Iran's proven reserves by as much as 15 billion barrels, according to calculations by Reuters.

  • Iran to spend $16bn on oil projects

    Iran plans to spend $16bn from the National Energy Fund on 31 oil projects in the current calendar year to end March 20, 2011, Mehr news agency has reported. Of the total, $13.6bn will be dedicated to oil projects while $2.4bn will go to refinery projects, the ministry said. "By using domestic resources we would pave the way for the presence of local firms in oil and gas projects, but at the same time we won't block attracting foreign resources," oil minister, Masoud Mirkazemi was quoted as s

  • Iran: Activated graphite

    Supply of activated graphite

  • Iran: Blood bank equipment

    Supply of blood bank equipment

  • Iran: Chemicals

    Supply of the chemical para-menthane hydroperoxide (PMH)

  • Iran: Coiled tubing unit

    Supply of a trailer-mounted coiled tubing unit

  • Iran: Communications units

    Supply, shipping, installation and delivery of communications units

  • Iran: Corrosion inhibitor

    Supply of corrosion inhibitor

  • Iran: Data acquisition system (002)

    Supply of a data acquisition system

  • Iran: Data acquisition system (003)

    Supply of a data acquisition system

  • Iran: Ferro niobium and vanadium

    Supply of ferro niobium and vanadium

  • Iran: Ferro-manganese

    Supply of high carbon ferro-manganese

  • Iran: Insecticides

    Supply of space spraying insecticides for mosquito control

  • Iran: Insulating joints

    Supply of insulating joints

  • Iran: Isophetalic acid

    Supply of isophetalic acid

  • Iran: Methyl-diethanolamine (MDEA)

    Supply of methyl-diethanolamine (MDEA)

  • Iran: Oil field development

    Provision of an integrated reservoir study, development planning and consultancy services for oil field development

  • Iran: Oil spill vessels

    Manufacturing, shipping and delivery of vessels

  • Iran: Oil well study and analysis

    Provision of consultancy services comprising oil well core study and analysis

  • Iran: Platform analysis and geotechnical survey

    Provision of a structural integrity analysis of platforms and a geotechnical survey

  • Iran: Polyester plant

    Start up of a polyester production plant

  • Iran: Pumping station and transmission line

    Construction of a main pumping station and transmission line for a water supply and sanitation project

  • Iran: Refractory mortar

    Supply of refractory mortar

  • Iran: Seismic data processing

    Provision of 3D seismic data processing services

  • Iran: Sodium hydrosulphite

    Supply of sodium hydrosulphite

  • Iran: VHF communications equipment

    Supply and delivery of communications equipment for ports

  • Iran: Waste management project

    Supply in installments of new waste management packages

  • Iran: Wastewater collection network

    Construction of a wastewater collection network

  • Iran: Wastewater network

    Construction of a wastewater network

  • Iran: Wastewater treatment plant (Astara)

    Implementation of a wastewater treatment plant in Astara

  • Iran: Wastewater treatment plant (Langroud)

    Implementation of a wastewater treatment plant in Langroud

  • Iran: Wastewater trunk and transmission pipeline

    Construction of a wastewater main trunk and transmission pipeline

  • Iran: Well inspection video camera

    Supply of a video camera for the inspection of wells

  • Iran: Wire rope

    Supply of wire rope

  • Iraq approves Shell gas deal

    The Iraqi cabinet has approved a deal with Royal Dutch Shell and Japan's Mitsubishi to capture gas being flared at southern oilfields, Reuters has reported. The deal is for a venture in the Basra region to capture and use gas currently being burned off at southern oilfields of Rumaila, Zubair and West Qurna Phase One, he said. A government spokesperson said the partners in the deal planned to invest $12bn in the project, of which the Iraqi government will hold 51%, and a target had been set t

  • Iraq crude exports rise in May

    Iraq's oil ministry has said the country's oil exports in May rose by 9.7% compared to the previous month, the first increase in three months, Bloomberg has reported. Daily shipments rose to about 1.89 million barrels a day, or 58.7 million barrels in total, Asim Jihad, a spokesman for the oil ministry, said. This compares with April shipments of 1.77 million barrels a day, or 53 million for the month.

  • Iraq forecasts $70-$80 oil price

    Iraq has said it expects international oil prices to fluctuate between $70 and $80 per barrel, Reuters has reported. "The price is not decreasing very much. Our expectation is that the oil price will not decrease to less than $65 to $70," deputy oil minister, Abdul Kareem Luaibi told reporters at a conference in Baghdad. "According to our expectation, the price will fluctuate between $70 and $80," he said. "Although we consider it unfair, it is acceptable at the current time."

  • Iraq inks deal with Turkey to extend crude oil transfer

    Iraq and Turkey have signed an initial agreement to extend the crude oil transfer through the Iraqi-Turkish pipeline for another 12 years, Aswat al-Iraq has reported. Essam Jihad, official spokesman of the Iraq's oil ministry said the final agreement between Iraqi oil minister and Turkish energy minister is expected to be signed in the coming days in Baghdad. Iraq exports part of its crude oil (400-700 thousands barrels) through the Iraqi-Turkish pipeline from Kirkuk oilfields to Ceyhan port

  • Iraq resumes oil pumping to Turkey

    The Iraqi North Oil Co has said that oil pumping to Turkey through the pipeline between the two countries has been resumed after a 5-day pause, Aswat al-Iraq has reported. Oil export was halted after the pipeline was sabotaged in northern Salah al-Din province causing a two-metre long crack, the company said.

  • Iraq says surge in oil supply to stabilise prices

    Iraq's oil minister Hussain al-Shahristani has said that an expected surge in the country's oil supply over the next few years will provide a "safety valve" to stabilise volatile oil prices, Associated Press has reported. "Our projection for the next two decades is that the world will require additional oil. There is no other source that can replace oil ... any additional demand for oil particularly in Asian markets will have to be met by Iraqi oil," he told a regional oil and gas conference.

  • Iraq sets aside $8.6m for Missan power

    The Iraqi governorate of Missan has earmarked ID10bn ($8.6m) to boost the electricity system in the governorate, Aswat al-Iraq has reported. "The amount will be allocated from the province's share from oil production," Missan governor, Mohammad al-Shayaa was quoted as saying. Two people were killed in Basra on Saturday following protests about power shortages.

  • Iraq to restore Turkish power feed

    Iraq is set to restore the Turkish power feed to the country that has been out of service since 2008, Aswat al-Iraq has reported. The feed was used to supply power to Kurdistan region and Ninewa province, but it was shut down in August 2008 by the Iraqi Kurdistan Regional Cabinet, which said "it does not supply the region with the required share".

  • Iraq wants to open oil border with Kuwait

    Dhiya Jaafar, chief executive of Iraq's state-run South Oil Co (SOC), has said the country seeks to open a special border crossing with neighbouring Kuwait for international oil firms working in the country, Reuters has reported. The new border aims to facilitate the inflow of equipment for the oil companies that secured contracts to develop Iraq's oilfields, after complaints about the capacity of the country's overwhelmed ports, "A solution that has been put forward is to set up a border poi

  • Iraq: Agricultural tractors

    Supply of agricultural tractors

  • Iraq: Auditing services

    Provision of auditing services P

  • Iraq: Blood bank equipment

    Supply of blood bank equipment

  • Iraq: Business analysis training consultancy

    Provision of consultancy services comprising the provision of training on developing standard operating procedures and business analysis for the Commission of Integrity

  • Iraq: Business analysis training consultancy

    Provision of consultancy services comprising the provision of training on developing standard operating procedures and business analysis for Inspectors General

  • Iraq: Cementing units

    Supply of three cementing units

  • Iraq: Cooling circulation system

    Supply of a cooling circulation system

  • Iraq: Copper power cables

    Supply of copper power cables

  • Iraq: Crane

    Supply of a 160-tonne crane

  • Iraq: Current relays

    Supply of distance and over current relays

  • Iraq: Current transformers

    Supply of current voltage transformers

  • Iraq: Disconnecting switches

    Supply of disconnecting switches

  • Iraq: Economic recovery and poverty alleviation consultancy

    Provision of consultancy services for a governance, and an economic recovery and poverty alleviation project

  • Iraq: Evacuation unit

    Supply of an evaculation unit for a gas company

  • Iraq: Fuel oil pipelines

    Design and supply of 31 kilometres of fuel oil pipelnes

  • Iraq: GIS transformers

    Supply of gas-insulated switchgear (GIS) voltage transformers

  • Iraq: High-range cable placers

    Supply of high-range cable placers

  • Iraq: Hot tapping machine

    Supply of a hot tapping machine

  • Iraq: Humanitarian response fund evaluation

    Provision of an interim evaluation for an expanded humanitarian response fund project

  • Iraq: Hydrated aluminium oxide

    Supply of hydrated aluminium oxide

  • Iraq: Hydrated aluminium oxide

    Supply of hydrated aluminium oxide

  • Iraq: Metering system simulator

    Supply of a simulator for a custody transfer and metering system

  • Iraq: Nickel molybdenum catalyst

    Supply of nickel molybdenum (Nimo) catalyst

  • Iraq: Platinum catalysts

    Supply of 30,000 kilos of platinum catalyst

  • Iraq: Power cables

    Supply of 33kV power cables

  • Iraq: Power devices

    Supply of 400kV devices

  • Iraq: Power station fuel tank works

    Rehabilitation of a fuel tank at a power station

  • Iraq: Pumping station metering skids

    Design and supply of two metering skids for a pumping station

  • Iraq: Radar tank gauging

    Supply of radar tank gauging

  • Iraq: Rough-terrain rotating telehandlers

    Supply of rough-terrain rotating telehandlers

  • Iraq: Sand testing equipment

    Supply of sand testing equipment and universal hardness testing equipment

  • Iraq: Sihi pumps

    Supply of Sihi pumps

  • Iraq: Steel pipe plant coils

    Supply of hot rolled coils for a spiral steel pipe plant

  • Iraq: Surge arresters

    Supply of serge arresters

  • Iraq: Truck sealing tags

    Supply of sealing tags with galvanised steel twisted wire

  • Iraq: Truck-side cranes

    Supply of truck-side cranes

  • Iraq: Ultrasonic multipath flow meter

    Supply of a custody gas ultrasonic, multipath flow meter

  • Iraq: Voltage transformers

    Supply of capacitive voltage transformers

  • Iraq: Waste material warehouse

    Construction of a warehouse for waste material

  • Iraqi Airways properties to go to state

    The Iraqi transportation ministry has said that properties of the bankrupted Iraqi Airways will go to the state, Aswat al-Iraq has reported. The carrier, which had only one old airplane, could not purchase more due to the Kuwaiti compensation claims, the ministry said. The source described the airlines properties as "very little".

  • IronKey appoints StarLink as Mena distributor

    IronKey has partnered with UAE-based StarLink to introduce IronKey's complete product range of secure encrypted portable storage devices to their existing customer base in the Mena region, the company has announced. IronKey provides mobile data security to enterprise and government organisations by combining the IronKey multifunction security devices with the ability to remotely manage the devices from a centralised administrative console.

  • Islamic banks need to diversify, McKinsey says

    Consulting firm, McKinsey and Co has said that Islamic lenders should diversify into areas such as asset management after real estate investments caused them greater losses during the credit crisis than conventional banks, Bloomberg has reported. "Whether on the liquidity front or work-out front, Islamic banks need to look at their profitability and risk management," Amer Afiouni, Islamic finance associate principal at the firm said. "Islamic banks aren't present in many high growth areas, an

  • Islamic Devt Bank to offer $500m housing fund

    Saudi-based Islamic Development Bank has said it plans to start a $500m fund to provide financing for developers of affordable houses in Muslim countries, Bloomberg has reported. The fund will invest only in the 56 member-countries of the Islamic Development Bank. In early stages the fund will invest in 10 countries, and later it will expand into the rest of the bank's membership, Khalid Al Aboodi, an executive of the bank said in an interview. The fund will be launched in the third quarter o

  • Islamic institutions may adopt single Shariah Council

    A UAE-based Shari'ah scholar has said that Gulf states may have a single Shari'ah board for the region's Islamic financial institutions by 2013 to standardize the industry and increase services available to Muslims, Bloomberg has reported. A region-wide Shari'ah council is "not a far-fetched reality" since there is a pool of experts in the United Arab Emirates, said Hussain Hamed Hassan, head of Dubai Islamic Bank's Shari'ah committee and chairman of the Shari'ah Coordination Committee of the

  • Islamic themed resort announced in Dead Sea

    Sama Jordan for Investment, Real Estate and Tourism Development and the Jordan Agriculture Engineers Association (JAEA) have announced the launch of a $100m Islamic-themed four-star hotel and resort in the Dead Sea, Jordan Times has reported. The 1,000-suite resort will surround a 40,000-sq.m lagoon that will provide a waterfront and all water-associated activities. Construction of the first phase of the project will start next month, according to CEO of Sama Jordan, Rizq Bani Hani.

  • Istithmar set to sell SpiceJet stake

    The global investment arm of Dubai World, Istithmar World could sell its 6.87% stake in India's second largest Indian low-cost carrier SpiceJet today, Emirates Business has reported. Indian media baron Kalanithi Maran is expected to makes an open offer for the stake on the Bombay Stock Exchange. The carrier has informed the stock exchange that Istithmar converted its Foreign Currency Convertible Bonds (FCCB) to equity on Friday, which analysts view as a prelude to an exit.

  • Istithmar's Barneys profits exceed forecast

    The results so far this year of Barneys New York, owned by Dubai World unit Istithmar, have exceeded its own projections, helped by revived luxury spending, though its debt load remains a drag, Reuters has reported, citing a source familiar with the matter. Barneys expects Ebitda to rise by as much as $40m in 2010. The retailer's current 2010 forecast is 75% greater than the original estimate it gave lenders, the source told the news service. The upscale retailer has been without a chief exec

  • Ithmar Capital announces Al Noor partnership

    Abu Dhabi-based private integrated healthcare operator, Al Noor Medical and private equity firm, Ithmar Capital have announced a strategic equity partnership. Ithmar will invest in Al Noor's human capital, information systems and medical equipment. The partnership is part of a Dhs1bn ($272m) commitment that Ithmar has made to the healthcare sector in the region. Al Noor operates three hospitals, three clinics and ten pharmacies in Abu Dhabi.

  • JCC to welcome expat students

    Saudi Arabia's Jeddah Community College (JCC) will start accepting enrolment applications from expatriate students to join any of its eight programmes, Arab News has reported. "As long as a student is under his father's iqama, he will qualify to study at the college. For students who graduate and would like to join KAU, then the JCC has a programme that students can apply to join. If they qualify they can continue their degree at KAU," JCC's dean, Ibraheem Ismail Kutbi explained.

  • JEA to set up $141m real estate projects

    The Jordan Engineers Association (JEA) plans to invest JD100m ($141m) in real estate projects at the Aqaba Special Economic Zone Authority (ASEZA), Jordan Times has reported. The projects include building housing, commercial, business, medical and service facilities in addition to hotels and shopping centres, the group said. JEA will sign an agreement to purchase a 400-dunum plot to serve these plans.

  • Jeddah hospitals face incubator shortage

    The health affairs department in Jeddah, Saudi Arabia Jeddah has said that hospitals in the city do not have enough incubators to look after premature babies, Arab News has reported. "Yes we do admit the deficiency in the number of incubators in Jeddah despite the rising need for them," the department's director, Sami Badawood told the newspaper. "However, when there are no vacancies in government hospitals we solve the problem by transferring prematurely born babies to private hospitals. We

  • Jewellery sales in Mideast surge in Q1

    According to data from the World Gold Council, gold demand in the UAE rose to 18.9 tonnes in the first quarter from 14.6 tonnes a year before, a sign of improved consumer confidence and greater acceptance of higher prices among consumers, Gulf News has reported. Saudi Arabia also saw a surge in sales of more than 25%, the data showed. Global jewellery sales during the quarter surged to $16.8bn, up 75% from the first three months of 2009, WGC said.

  • JNRC launches radiation training programme

    The Jordan Nuclear Regulatory Commission (JNRC) has launched a training programme on quality management for radiation devices used in identifying breast cancer, Jordan Times has reported. The workshop will see experts in radiation monitoring and control discuss means to best ensure the safety of people exposed to radiation, whether patients, physicians or nurses.

  • Jordan banks private loans rise 1.3%

    Official data by the central bank of Jordan has indicated that loans for the private sector extended by Jordanian banks rose 1.3% to JD12.195bn ($17.2bn) at the end of April, Reuters has reported. Private sector loans rose 4.6% year-on-year at the end of April compared with JD11.657bn in the same period last year, the data showed.

  • Jordan considers lowering European medicine prices

    The Jordan Food and Drug Administration (JFDA) is to consider lowering prices of medicine manufactured in Europe due to the drop in value of the euro against the Jordanian dinar, Jordan Times has reported. The JFDA studies exchange rates of the euro and revises drug prices every three months. According to JFDA figures, the kingdom's imports of European-manufactured medicine stood at JD110m ($154m) in 2009.

  • Jordan gets $76m loan for banking reforms

    Ummaya Toukan, governor of the central bank of Jordan has said the Arab Monetary Fund has approved a $76m loan for the kingdom to undertake key financial reforms inclduing bank stress tests and setting up a credit bureau, Reuters has reported. The disbursement of the funds is tied to implementing the three-phased plan, he said. Since the global downturn, monetary authorities in the kingdom have strengthened supervision of the country's banking sector to reduce financial vulnerabilities by boo

  • Jordan Health Ministry stands firm on smoking ban

    The Jordanian health ministry has rejected demands by the Jordan Restaurants Association (JRA) to extend the deadline for a smoking ban, Jordan Times has reported. A crackdown on smoking in restaurants will be launched next month in accordance with the Public Health Law, the ministry said. JRA had proposed a gradual implementation of the ban, claiming that barring smoking from eateries would hurt businesses.

  • Jordan money supply increases

    Jordan's money supply rose 8% year-on-year at the end of April, and increased 0.9% from March, Reuters has reported. The broadest measure of money supply, M2 rose to JD20.474bn ($28.8bn) at the end of April from JD18.947bn in the same period last year. Money supply growth almost halved to 9% in 2009 and supply stood at JD20.013bn at the end of December as banking lending shrank due to the global downturn. Growth in money supply, an indicator of future inflation, has decelerated rapidly since

  • Jordan most competitive mobile phone market in Arab world

    According to Arab Advisors Group's Cellular phone Competition Intensity Index 2010, Jordan is the most competitive Arab cellular phone market, followed by Saudi Arabia and Palestine. The index which takes into account the number of operators, packages, and services available in each of the 19 countries covered by the group, found that Jordan had an 80.7% score, followed by Saudi Arabia (75.3%), Palestine (69.3%), Oman (67.1%), Egypt (65.7%), Morocco (64.9%), Iraq (63.4%), Tunisia (62.7%), Yem

  • Jordan moves ahead with wind power project

    Jordan's energy minister has said that kingdom's first wind power plant project is back on track after nearly a year's delay, Jordan Times has reported. The government has reopened negotiations with the original bidder, the Greek firm Terna Energy, for the construction of a 30-40 megawatt wind power plant in Kamshah, Khalid Irani told the newspaper. The plant, which is to be constructed on a build-operate-transfer basis with financing provided by the World Bank, was scheduled to be operationa

  • Jordan occupancy rates rise

    The number of guests in Jordan's rated hotels rose by 23% to 555,210 in the January-April period, up from 450,253 in the corresponding period in 2009, Jordan Times has reported. Revenues generated at tourist sites also rose from JD5.465m ($7.6m) in the first quarter of 2009 to JD7.778m in the first four months of the year. Overall tourism revenues in the first quarter rose 32% to JD700m compared to JD531m last year, the data showed.

  • Jordan plans $300-500m bond

    Jordan's finance minister has said the kingdom is in talks with global banks over the issuance of its first ever $300m-$500m sovereign Eurobond in capital markets to help it cover part of its budget deficit, Reuters has reported. "We are planning a Eurobond issue soon, within two to three months, and are seeking formal offers from at least six or seven banks whom we have met and who have shown a great deal of interest," Mohammad Abu Hammour told the news service. "The present conditions in ca

  • Jordan Telecom raises concerns about 3G licences

    Jordan Telecom Group has warned the kingdom's telecoms regulator against granting mobile operators licences to provide Third Generation (3G) services, Jordan Times has reported. The Telecoms Regulatory Commission (TRC) will be in violation of the JTG's contract as exclusive 3G provider for one year, a term that ends in mid-February 2011, the firm said. "No licence should be given to any operator before the year of exclusivity ends. We have information that the TRC has already received JD50m f

  • Jordan to measure tourists' satisfaction

    Jordan's tourism ministry and the department of statistics plan to conduct a suvery gather data about the nationalities, ages, professions and spending habits of visitors to the kingdom and those leaving the country to travel abroad, a ministry spokesperson said. The survey, which will also gauge visitors' satisfaction with the kingdom's tourist sites and services, will also cover Jordanians.

  • Jordan to tap Islamic or Eurobonds debt market

    Jordan officials and bankers have said the kingdom wants to speed up issuance of Islamic bonds or Eurobonds to tap more competitive sources of funding to contain its budget deficit, Reuters has reported. "Domestic borrowing costs have gone up sharply and this only piles pressure on the treasury ... that is why the government is moving ahead with more innovative means to tap lower-cost funding abroad," one senior banker who requested anonymity told the news service. Last year the authorities c

  • Jordan treasury bonds yields rise

    The central bank of Jordan has sold 18-month treasury bonds worth JD50m ($70m) with the average yield rising to 4.889% compared with 4.622% at the previous auction last week, Reuters has reported. The bonds mature on December 12, 2011 and are open to local and foreign investors via banks. The bonds were oversubscribed with offers worth JD84m, with accepted yields between 4.650% and 5%, the central bank said.

  • Jordan: Ecosystem restoration consultancy

    Provision of consultancy services comprising individual independent reviewers for an ecosystem restorate programme

  • Jordan: E-village initiative consultancy

    Provision of consultancy services comprising a final external evaluation for an e-village pilot initiative project

  • Jordan: Naphtha hydrotreater unit reactor

    Design and supply of a reactor for a naphtha hydrotreater unit

  • Jordan: Radio wave measurements services

    Provision of services for radio wave measurements and propagation models

  • Jordan: Schools construction (middle)

    Construction and rehabilitation of four new schools in the middle region

  • Jordan: Schools construction (north)

    Construction and rehabilitation of five new schools in the northern region

  • Jordan: Schools construction (south)

    Construction and rehabilitation of three new schools in the southern region

  • Jordan: Telemetric water resources observation network

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

  • Jordan's Saraya Aqaba plans to raise $300m capital

    Jordan-headquartered Saraya Aqaba has approved a plan to raise $300m in new equity from shareholders to enable the firm to complete a $1bn Red Sea resort development, Reuters has reported. The move would raise the firm's equity capital to $773m. So far Saraya Aqaba has drawn mainly on its own JD335m ($472.5m) capital to finance the project. The development's contractor is Saudi Oger.

  • JTG to launch telecom cable in July

    Jordan Telecom Group (JTG) has announced plans to launch a telecom cable in early July, in cooperation with three major operators in Syria, Saudi Arabia and Turkey, Jordan Times has reported. The land cable will link the four countries together, connecting them with Asia through Jeddah and with Europe through Turkey, Nayla Khawam CEO of JTG said.

  • Jubail refinery financing closes

    Saudi Aramco to complete financing on $12bn project

  • Jumeirah expands network in India

    Dubai-baed hospitality group Jumeirah, a member of Dubai Holding has expanded its global representation network into India with Delhi-based OM Tourism, the company has announced. OM Tourism will appoint two dedicated representatives in Delhi and Mumbai to focus on positioning the Jumeirah brand within the Indian market including the groups, corporate and leisure markets.

  • Jumeirah Group to manage Venu Shanghai hotel

    Dubai-based Jumeirah Group and China's Shanghai Zendai Himalayas Real Estate have signed an agreement to manage the Venu Himalayas Hotel Shanghai, the company has announced. Venu Himalayas Hotel Shanghai would be a 400-key, art-themed hotel, with 70 luxury suites. The agreement is the sixth the group has signed in China and will bring the number of properties under development or in operation by Jumeirah globally to 43. The new property is scheduled to open in 2011.

  • KAU sings digital campus agreement

    Saudi Arabia's King Abdulaziz University (KAU) has signed an agreement with SunGard Higher Education and International Turnkey Systems (ITS) to create the first digital campus in the kingdom, Arab News has reported. The move aims to integrate all disparate systems and departments within the university. The entire university will operate within its own firewall.

  • Kemapco puts emission reduction plans on hold

    Jordanian firm puts $50m project on hold until 2011

  • KEO International wins $241m monorail design deal

    King Abdullah Financial District transportation will include a monorail and a pedestrian skywalk

  • KEO to finish Hail economic city masterplan in July

    Construction tenders expected no earlier than end of 2010

  • KEO wins Riyadh monorail contract

    KEO International Consultants has won a contract from Saudi Oger to design the 3.5km elevated rail viaducts, switch bridges, long span bridges and 131 piers supporting the Riyadh monorail system. KEO is to work with Bombardier, Freyssinet and Scott Wilson to deliver the project. Design completion of the project is expected in 2011, while construction is set to be completed in 2012.

  • KFH expecting better second quarter results

    Bader al-Mukhaizeem, chairman of Kuwait Finance House has said the lender is expected to post better results in the second-quarter of 2010 compared to the first quarter, Reuters has reported. The country's biggest Islamic lender posted a net profit of KD30.9m ($106m) in the first quarter of 2010, down 21.4% from the year earlier period. KFH is currently focusing its operations on the markets of the UAE, Qatar and Oman, he added.

  • KIA awards privatisation advisory contract

    Kuwait Investment Authority (KIA), which is overseeing the privatisation of the country's national carrier, has awarded Abdulhameed Al-Sarraf and Partners and the US-based Baker and McKenzie a contract to provide legal advisory services on the privatisation of Kuwait Airways Corp (KAC), Meed has reported. The consortium will be asked to prepare a preliminary report on the legal ramifications and processes required for the sale of the carrier by the end of August and KIA hopes to start bidding

  • King Saud University establishes food security research chair

    King Saud University in Riyadh has established a food security research chair, Saudi Gazette has reported. Funded by businessman Muhammad Bin Hussein Al-Amoudi, the chair is to be named the "King Abdullah Bin Abdul Aziz Chair for Food Security" and will act as an analytical observatory of the state of food security in the kingdom and offer advice based on the outcome of documented scientific research to prevent food crises.

  • Kingston releases new memory card

    Kingston has released the Kingston SDXC (Secure Digital eXtended Capacity) UHS-1 Class 10 memory card. SDXC is the next standard from the Secure Digital Association (SDA) for SD cards with storage ranging from more than 32GB up to 2TB. The new storage card will be available worldwide at the end of June.

  • KNPC ponders gas treatment bids

    Kuwait National Petroleum (KNPC) is considering offers to set up an acid gas treatment project, Kuna has reported. The proposed project includes building a new plant and upgrading some existing units to treat acid gas coming to the company from Kuwait Oil. The company hopes the project will boost KNPC's absorption capacity in the gas field.

  • KSA market reverses trading day successfully

    The Riyadh-based Tadawul exchange started weakly, but gained momentum and closed 1.24% higher at 6,340.03 points. The reverse occurred mainly due to strong buying interest in utility bellwether Saudi Electricity Company (SEC), gaining 2.30% at SR13.35. SEC was the most active stock in relation to trading volumes. EFG Hermes Research upgraded the firm's discounted cash flow fair value (FV) to SR13.5 per share (up from SR12.5 per share), "with the significant upgrades to our EBITDA estimates la

  • Kuwait airport reports traffic increase

    Kuwait's Directorate General of Civil Aviation has said that passenger traffic through the country's international airport rose by 3% in May 2010, according to the Arab Air Carriers Organisation. Commercial aircraft and cargo traffic movements had also seen an 8% and 14% rise, respectively. Total number of passengers in May reached 640,600 passengers, while total number of aircraft movements reached 7,935 flights.

  • Kuwait approves authority for academic accreditation

    The Kuwaiti cabinet has approved a draft decree to establish the national authority for academic accreditation and quality of education, in order to improve higher education programmes, Kuwait Times has reported. The planned authority will activate planning in higher educational institutions as well as training national manpower to carry out the evaluation, the cabinet said.

  • Kuwait approves creation of joint stock refineries

    Parliamentary committee endorses bill

  • Kuwait awards $900m contract to Daelim Industrial

    Kuwait National Petroleum Co has awarded South Korea's Daelim Industrial Co a KD256m ($900m) contract to build a fourth gas plant in the country, Kuna has reported. The plant, KNPC's fourth, will process liquefied gas coming from the Kuwait Oil Co, the company said.

  • Kuwait bank shares buck index decline

    The Kuwait Stock Exchange (KSE) closed at 6,528.60 points (down 0.38%) on Tuesday. The KSE bank index was the only industry sector which added value (up 0.86%). Financial services bellwether National Bank of Kuwait (NBK) ended 1.72% higher at KD1.180. Commercial Bank of Kuwait (CBK), the number five in the northern Gulf state, jumped 4.65% and finished at KD0.900. Al-Themar International Holding Company posted the largest loss, plummeting 8.5% at KD0.108.

  • Kuwait bourse adds 0.87%

    Kuwait's KSE Price or Market Index closed at 6,640.6 points. Encouraging news from the labour market sent the northern gulf state's market higher. According to Minister of Social Affairs and Labor Mohammad Al-Afasi said on Saturday that Kuwait has been lifted from a special list made by the International Labour Organization (ILO) regarding countries' weak commitment to implementing international labour laws, Arab Times reported. Unemployment among Kuwaiti nationals has been reduced to 3.61%,

  • Kuwait bourse dips 0.30%

    The KSE Market or Price Index ended 0.30% lower at 6,653 points. Shares of Islamic bank Boubyan fell by 3.77% (closing at KD0.510) after market leader National Bank of Kuwait (NBK) said that it will not will not renew the licence to buy up to 60% of Boubyan's capital. NBK currently hold 47% at Boubyan Bank, who is the largest shareholder in the UK's Islamic Bank of London and The Middle East (BLME).

  • Kuwait bourse ends flat

    The Kuwait Stock Exchange (KSE) faced a loss during the first hours of trading but a last minute buying spree saved the KSE Market Index (up 0.05% at 6,643.7 points) from ending in the red. Islamic bank Ithmaar topped the charts by closing 8.33% higher at KD0.0325 in a V-shape reversal. Contrary to the UAE stock markets, real estate shares performed weaker at the KSE as the real estate sector index dipped half a percent. United Real Estate Company (down 2.6% at KD0.075) and Kuwait Real Estate

  • Kuwait contracting with foreign medical teams to run facilities

    Kuwait's health ministry has announced plans to sign contracts with teams of foreign medical experts to run medical facilities in the country, Kuwait Times has reported. The move is part of a strategy to upgrade the quality of medical services on offer, the ministry said.

  • Kuwait exchange bucks global downtrend

    The KSE Market Index rose against the weak global and regional trend on Tuesday, finishing 0.44% higher at 6,672.7 points. Islamic bank Ithmaar extended its rally and closed 7.69% higher at KD0.035. News that The Kuwait Investment Authority (KIA) has made an $800m investment in the Agricultural Bank of China, as Thomson Reuters reported, was received positively. According to Josef Schuster, CEO of IPOX Schuster, a Chicago-based specialist on analyzing global IPOs, "the IPO of the Agricultural

  • Kuwait exchange gains 0.62%

    Strong real estate share boosted the Kuwait Stock Exchange (KSE). The KSE Market Index finished 0.82% higher at 6,583.10 points, also due to rising oil prices. Kuwait's state budget relies 90% on oil. Dar Al Thuraya Real Estate Company posted the largest advance, ending 8.2% higher at KD0.066. The banking sector turned weaker, with Commercial Bank of Kuwait (CBK) closing 5.43% lower at KD0.870.

  • Kuwait exempts expat child cancer sufferers from fees

    Kuwait's health ministry is to exempt expatriate children suffering from cancer from paying fees for medical treatment, Kuwait Times has reported. Kuwaitis receive medical services at government clinics and hospitals free of charge, but non-Kuwaitis pay nominal fees in addition to paying their annual health insurance, which amounts to KD50, the daily said.

  • Kuwait extends bid deadline for university work

    Contractors have until 1 August to submit bids for construction project

  • Kuwait Finance agrees deal to restructure $495m debt

    Kuwait Finance & Investment has reached a five-year agreement with its 22 local and international lenders to restructure its KD145m ($495m) debt. According to the agreement, the debt is scheduled to be paid in four tranches, with the first settled on the day of the signing of the agreement and the last settled on December 31, 2014.

  • Kuwait inks Country Partnership Strategy with World Bank

    The World Bank has announced the signing of a cooperation agreement with Kuwait through the Country Partnership Strategy. The agreement will see the international financial institution provide advisory services to enhance the Gulf state's public sector performance, diversify economic activity through strengthened support of private sector development, and support human development.

  • Kuwait inks six deals with German hospitals

    Kuwait's health ministry has announced the signing of six agreements with German hospitals, including one therapeutic clinic from Slovakia to provide Kuwaiti patients abroad with better health services and treatment, Kuna has reported. Under the agreements, hospitals will commit to prices according to German laws, including providing translation and transportation to such hospitals free of charge.

  • Kuwait investment fund contemplates Zain stake sale

    Kuwait Investment Authority is assessing the value of Zain shares for a possible sale of its stake in the telecoms company, Arabic daily Al-Qabas has reported, citing unidentified sources. The wealth fund has not ruled out selling its 24.6% in the country's biggest mobile-phone company to an investor or a strategic shareholder, the newspaper said. The authority would auction its stake if it decides to sell, according to the newspaper.

  • Kuwait makes progress in foreign oil firm talks

    Sami al-Rushaid, managing director of state-run Kuwait Oil Co (KOC), has said the country is making progress in talks on technical service agreements with international energy firms and discussions could be finished this year, Reuters has reported. Rushaid did not name the firm or firms with which he hoped the talks would be completed this year. The Gulf state is looking to expand oil production capacity to 4 million barrels per day (bpd) from 3 million bpd by 2020 and sustain that higher lev

  • Kuwait market advances 0.88%

    The Kuwait Stock Exchange (KSE) outperformed all other GCC exchanges on Tuesday, finishing 0.88% higher at 6,723.4 points. Bank and investment firm-related shares lifted the market in particular. The largest bank and index bellwether National Bank of Kuwait (NBK) added 1.69%, ending at KD1.200.

  • Kuwait market declines 0.81%

    For Kuwait, Tuesday and Wednesday were 'easy come, easy go', as the KSE index lost 0.81% today after rising by 0.88% yesterday. The KSE Market or Price Index ended 54.3 points lower at 6,669.1 points. The industrial sector index (off 1.35%) weighed on the market in particular.

  • Kuwait market down 0.65%

    The KSE Market Index weakened by 0.65%, ending at 6,664.7 points. Al Dar National Real Estate (ADNC) posted the largest gain, closing 10.2% higher at KD0.027. Shares of telecom provider Zain have been suspended on the firm's own request. The KSE investment firm index lost 1.60%, weighing on the market in the gulf state.

  • Kuwait market edges 0.36% higher

    Investors in the northern Gulf state joined the slight regional upswing on Thursday and lifted the Kuwait Stock Exchange (KSE) Market Index by 0.36% to 6,733.50 points. Bank stocks in particular helped the market in regaining some territory, as the KSE lost 1.13% during the first trading week in June. The financial industry's bellwether National Bank of Kuwait (NBK) added 1.69%, closing at KD1.20. Banks performed stronger after China's largest bank ICBC said it looks at acquisitions in Kuwait

  • Kuwait market ends 1.33% lower

    Despite oil prices rising, the energy-price sensitive market in Kuwait fails to pick up. Investors in Kuwait saw the KSE Market Index falling by 1.33% to 6,553.5 points. Al Salam Group Holding posted the largest loss, closing 8.77% lower at KD0.104. Kuwait Cable Vision bucked the trend, advancing 13.23% at KD0.77. Oil was trading above $75 per barrel. The black gold's value rose by three percent during the last month.

  • Kuwait market fails to resist GCC downtrend

    The Kuwait Stock Exchange (KSE) Index could not sustain its advance from Tuesday as selling pressure mounted regionally and globally at capital markets. The KSE Market or Price Index declined by 0.67% and finished at 6,543.2 points. Weak real estate firms weighed on the market, while the insurance sector was the only advancing segment. Kuwait Building Materials Manufacturing posted the largest advance, as it gained 7.143% (closing at KD0.375). As oil prices lost nearly six percent this week s

  • Kuwait market gains 0.08%

    The Kuwait Stock Exchange (KSE) Market Index started strongly on Wednesday but eventually closed with a small gain (up 0.08% at 6,709.20 points). Shares of Global Investment House ('Global') ended 1.42% lower, closing at KD0.07. Global and Gulf Bank announced today that they have signed an agreement whereby Gulf Bank acts as a sales agent for selected investment funds managed by Global and investing in the Kuwait and GCC Equity markets. Commercial Bank of Kuwait jumped 6.32% and finished at K

  • Kuwait market gains insignificantly

    The Kuwait Stock Exchange's (KSE) Market Index closed at 6,704 points (up 0.06%). A report on the State of Kuwait published by rating agency Standard and Poor's helped the market stabilise. S&P affirmed Kuwait's 'AA-/A-1+' sovereign credit ratings with outlook stable. "The stable outlook on Kuwait balances the government's strong financial position against elevated regional geopolitical risks, increased contingent liabilities, and potential impediments to growth", the report says. Commercial

  • Kuwait plans $650m solar power project

    Integrated solar combined power plant will have a capacity of 250MW

  • Kuwait plans to build nine hospital towers

    The towers will add 2,000 beds to current capacity

  • Kuwait privatisation law will not attract investors

    Bankers, lawyers and economists say new bill will make investments unattractive to international firms

  • Kuwait signs communications maintenance contracts

    Kuwait's ministry of communications is to sign a KD4m ($13.75m) three-year contract for the maintenance of landline telephone networks in the Jahra, Farwaniya, Mubarak Al-Kabeer and Ahmadi governorates, Kuwait Times has reported. The measures aim to tackle the high number of complaints over regular landline disconnection in these areas due to the lack of maintenance.

  • Kuwait signs nuclear power agreement with Washington

    Agreement forms framework for cooperation in nuclear power

  • Kuwait Stock Exchange bucks global downtrend

    The KSE Market Index emerged as the only gaining composite in the GCC on Tuesday, advancing 0.45% at 6,587.40 points. Banks in particular led the rebound in the Gulf state, whose stock market usually positively correlates with oil prices (the "black gold" lost over two percent in value on Tuesday morning). United Gulf Bank (UGB) extended its rebound and added 7.937% and breaking through the resistance

  • Kuwait Stock Exchange gains slightly

    The KSE Market Index ended 0.21% higher at 6,542. Gulf Bank of Kuwait surged 3.5% and closed KD0.445. The bank recently joined forces with Global Investment House and acts for the investment bank as fund distribution channel in the northern Gulf state. Al Dar National Real Estate Company posted the largest loss, finishing 7.7% lower at KD0.024.

  • Kuwait Stock Exchange loses 0.20%

    On Monday the KSE lost value for the fourth consecutive day. The KSE Market Index ended at 6,557.8 points as a weak performing real estate sector index weighed on the market. Tameer Real Estate Invest declined by 8.77% and closed exactly at a charttechnical support level, finishing at KD0.052. Amar for Finance and Leasing Co. plummeted 8.93% as the largest decliner, ending at KD0.051.

  • Kuwait Stock Exchange loses 0.37%

    The KSE Market Index ended at 6,708.6 points (off 0.37%) in line with the general bearish mood in the Gulf countries. The KSE insurance sector index posted the biggest loss (down one per cent). Shares of Commercial Bank of Kuwait (CBK) bucked the trend, gaining 3.27% at KD0.92.

  • Kuwait tenders fire station contract

    Contractors have until 24 August to submit bids for the deal

  • Kuwait tenders government building contract

    Groups have until 8 August to submit bids

  • Kuwait tightens investment firm regulations

    Firms given until June 2012 to comply with new regulations

  • Kuwait to decide on new oil refinery

    The Kuwait Supreme Petroleum Council may decide by the end of September whether to build a fourth oil refinery to meet domestic fuel demand and for export, Reuters has reported. The refinery, to be located at Al Zour, will mainly process heavy crude oil the country is now developing, as well as Kuwait's export blend. The refinery could start by 2015 as the main design and engineering work for the project is done, Bakhit Al-Rashidi, deputy managing director of planning at Kuwait National Petro

  • Kuwait to introduce new air transportation regulations

    Kuwait's directorate general of civil aviation is preparing a set of regulations for the air transportation market in the country, which will govern relations between airlines and travel agents, as well as booking systems and passengers, Kuna has reported. The new regulations aim to protect the rights of passengers, deputy director for Air Travel and Transport Affairs, Nabil Al-Zamel said.

  • Kuwait to invest $800m in Chinese bank's IPO

    The Kuwait Investment Authority (KIA) has made an $800m investment in the Agricultural Bank of China, in a deal that means Middle East funds will take up more than half of Hong Kong's cornerstone portion of AgBank's $23bn IPO, Reuters has reported, citing unnamed sources. The move follows a $2.8bn investment by Qatar Investment Authority in AgBank, a greater-than-expected amount that gets underwriters closer to its goal of raising around $6bn through cornerstone investors.

  • Kuwait to raise output from northern oilfields

    Sami Al Rushaid, chief executive of state-run Kuwait Oil has said the country will raise production from its northern oilfields from 720,000 barrels per day to 820,000 barrels per day (bpd) by the end of July, Reuters has reported. Kuwait's total production capacity is expected to reach 3.3 million bpd in August, he said, and confirmed the country's current capacity was at 3.17 million bpd.

  • Kuwait to upgrade technology in schools

    Kuwait's education ministry has approved a plan to introduce state-of-the-art technologies to schools of different educational stages nationwide, Kuna has reported. The plan aims to promote interactive electronic learning methods and build the capacity of teachers while bringing into full play the creative talents of students. As part of the plan, an advanced data centre will be set up, in addition to linking all schools to the ministry via an optical fibre network in collaboration with the c

  • Kuwait University tenders faculty buildings construction contract

    University has prequalified 26 consortiums for the Sabah Al-Salem Campus project

  • Kuwait, Saudi rank high for retail opportunities

    Kuwait and Saudi Arabia rank among the most promising retail hotspots in the world, according to a new report by AT Kearney. Kuwait was ranked the second most promising market for retailers in the management consultancy's latest Global Retail Development Index, behind China but ahead of India. Saudi Arabia came in fourth, ahead of Brazil. The UAE ranked number seven, down from fourth place last year.

  • Kuwait: Agricultural landscaping and irrigation (7)

    Development and maintenance of agricultural landscaping and irrigation in the seventh area

  • Kuwait: Agricultural landscaping and irrigation (8)

    Development and maintenance of agricultural landscaping and irrigation in the eighth area

  • Kuwait: Agricultural landscaping and irrigation (9)

    Development and maintenance of agricultural landscaping and irrigation in the ninth area

  • Kuwait: Agricultural landscaping and irrigation works

    Implementation, development and maintenance of agricultural landscaping and irrigation

  • Kuwait: Air-conditioning and ventilation equipment works

    Maintenance of air-conditioning and ventilation equipment at a power and water distillation plant

  • Kuwait: Airport communications systems

    Design, supply, installation and operation of communications systems at an international airport

  • Kuwait: Building works

    Maintenance and rehabilitation of state real estate buildings

  • Kuwait: Clinical dumping site development

    Carrying out developmental and rehabilitation works at a clinical dumping site

  • Kuwait: Computer network

    Supply, installation and operation of a computer network

  • Kuwait: Computer services

    Provision of computer services

  • Kuwait: Construction and maintenance works

    Carrying out minor construction and maintenance works

  • Kuwait: Construction and maintenance works (1)

    Carrying out minor construction and maintenance works in the first area

  • Kuwait: Drinking water

    Supply of bottled drinking water

  • Kuwait: Fibre optic network

    Supply, installation and operation of a fibre optic network for television programme transmission

  • Kuwait: Geographic information system

    Supply and installation of an automatic geographic information system

  • Kuwait: Headquarters building

    Construction, completion and maintenance of a headquarters building

  • Kuwait: Information systems centre

    Supply, installation and operation of central server devices and distinctive service provision programmes – information systems centre

  • Kuwait: Laboratories

    Supply, installation and operation of laboratories for a construction training institute

  • Kuwait: Laser printers

    Supply and installation of laser printers

  • Kuwait: Laundry services

    Provision of laundry services

  • Kuwait: Maintenance and construction works

    Carrying out maintenance and small construction works

  • Kuwait: Mouth and teeth health programme

    Implementation of a preventive treatment programme for mouth and teeth health

  • Kuwait: Oil and gas well services

    Provision of water well services for oil and gas wells

  • Kuwait: Oil company fire stations

    Design, procurement and construction of fire stations for an oil company

  • Kuwait: Photocopiers

    Supply, repair and maintenance of photocopiers

  • Kuwait: Protection and security services

    Provision of protection and security services for ministry buildings

  • Kuwait: Radio engineering equipment

    Supply of spare parts for radio engineering

  • Kuwait: Refinery fire detection renovation

    Carrying out renovation works to fire detection and prevention systems at refineries

  • Kuwait: RO seawater desalination plant

    Supply, installation, operation and maintenance of a reverse osmosis (RO) seawater desalination plant

  • Kuwait: Scientific devices

    Supply, installation and operation of scientific devices

  • Kuwait: Slaughterhouse works

    Carrying out cleaning, sterilisation and transportation works at a slaughterhouse

  • Kuwait: Traffic equipment

    Supply of traffic equipment comprising metal boards and raw materials

  • Kuwait: University building works

    Construction, maintenance and rehabilitation of external stairs for academic university buildings

  • Kuwait: University faculties

    Implementation of faculties for a university

  • Kuwait: Veterinary vaccines

    Supply of veterinary vaccines

  • Kuwait: Water

    Supply and transport of water

  • Kuwaiti firm repays $500m maturing EMTNs

    Kuwait-based Gulf Investment Corp (GIC) has said it has repaid in full $500m of Euro Medium Term Notes (EMTN) maturing on June 22, 2010. The planned repayment of the maturing notes was made from cash that had been accumulated in order for GIC to manage its maturing debt profile, the firm said.

  • Kuwaiti firm to open new storage tanks in Belgium

    Kuwait Petroleum International Lubricants, operating under the Q8Oils banner, plans to inaugurate 24 new oil storage tanks on the site of its Antwerp lubricant blending plant in Belgium this week, Kuna has reported. The tanks have a storage capacity of 36 million litres and replace the old tanks which have been dismantled and removed from the site. The renewal is part of a five-year plan in which Q8Oils decided to increase its lubricants production capacity to 250 million litres per annum.

  • Kuwaiti investment company agrees $498m debt restructuring

    Debt to be repaid over five years

  • Kuwait's Burgan Bank reveals $477.5m bond plan

    Majed Eisa al-Ajee, chairman of Kuwaiti lender, Burgan Bank has unveiled plans to issue bonds worth up to KD140m ($477.5m), Reuters has reported. The bonds could be issued in a month, and could be in a combination of dinar and foreign currencies, he said. "It will be open to everybody ... but of course priority will be for the local market," Ajeel said.

  • Kuwait's neutral zone output hits 260,000bpd in May

    Kuwait Gulf Oil (KGOC) has said that oil production from the neutral zone, which the country shares with Saudi Arabia, hit 260,000 barrels per day in May, Reuters has reported. Kuwait and Saudi Arabia plan to increase the percentage of oil recovered from the fields with oil major Chevron to maintain onshore output. "We're waiting for the full picture which we anticipate in mid-2011 to see if pilot is successful so we can decide whether to develop or not," Bader al-Khashti, KGOC managing direc

  • Kuwait's power concerns to be fixed next summer

    Badr al-Shuraian, Kuwait's minister of electricity and water has said the country's vulnerability to power outages during summer months should end next year when a new power station comes online, Reuters has reported. "The Subbiya power plant will relieve Kuwait from the ghost of 99%, and next year we'll get over the problem," al-Shuraian told the parliament. Temperatures in the Gulf state reached record highs of 55 degrees Celsius last week, sending power consumption to 99% of the country's

  • Lafarge to complete Saudi cement plant financing

    Local banks to fund cement plant

  • Lamprell wins $129m vessel contract

    UAE oilfield services company Lamprell has won a $129m contract to build a vessel for installing offshore wind turbines, The National has reported. The firm is to deliver a 10,000 tonne jack-up vessel to the UK company Seajacks in 2012. The UK company has an option for Lamprell to build a second vessel within a 12 month exercise period.

  • Lawsuit worth $720m filed against Al Gosaibi

    A $720m foreign exchange claim has been filed by Trowers & Hamlins, the administrator of Bahrain-based International Banking Corp against the bank's owners, Ahmad Hamad Algosaibi & Brothers, Bloomberg has reported. The firm said it filed the claim at the Saudi central bank to recover money owed the bank. The claims "will ultimately support the process of asset realization" for local and foreign creditors who are owed $2.6bn, Abdullah Mutawi, a partner at the law firm said.

  • Layia Hospitality opens new property in Dubai

    Dubai-based Layia Hospitality has announced the opening of its latest property under the Living Courts brand, the Opal Living Courts. The new property is the firm's fourth under the Living Courts brand. Situated in the Al Barsha area, near Mall of the Emirates in Dubai, the property comprises 48 one and two bedroom hotel apartments, a modern fitness centre, Jacuzzi and a roof top swimming pool, high-speed wireless internet, and 24-hour security.

  • Lebanon Cabinet submits 2010 budget

    Lebanese information minister, Tariq Mitri has said the cabinet has approved a draft 2010 budget, the first budget to be endorsed in five years by a government, Bloomberg has reported. The budget calls for a 15.5% increase in expenditures and forecasts a deficit of $4bn, or 10.7% of gross domestic product, compared with 8.6% last year. The budget must now be sent to parliament for discussion, and if approved, it would become the first budget ratified since 2005.

  • Lebanon expects debt to be cut

    Lebanese central bank governor, Riad Salameh has said the country's fourth year of strong economic growth should reduce public debt to 139% of gross domestic product, down from about 147%, Bloomberg has reported. "Our main focus is going to be on getting the government to reduce the country's debt, of which 60% is held in Lebanese pounds and 40% in dollars," he told the news service. Lebanon is expected to see a growth of around 8% in 2010, he added.

  • Lebanon plans tourism ads in Europe

    Lebanese tourism minister, Fadi Abboud has said that the budget endorsed by the government last Friday contained a 10% airport tax that will be utilized to generate the "first-ever" modern advertising promotion of Lebanon, the Daily Star has reported. Advertisement and promotion would be concentrated in Russia, Germany, Austria, Switzerland, the UK and Spain, he said.

  • Lebanon: Sewer networks and pumping stations

    Implementation of sewer networks and pumping stations

  • Lebanon: Water and sewerage works O&M

    Operation and maintenance (O&M) of water and sewerage works

  • Libya: 3D seismic data acquisition

    Provision of 3D seismic data acquisition services

  • Libya: Catering services

    Provision of catering services for an oil company’s office and staff accommodation

  • Libya: Catering services

    Provision of catering services for the working staff at an oil field

  • Libya: Crude oil heater

    Supply and installation of a crude oil heater

  • Libya: Drilling rig

    Provision of a drilling rig and camp

  • Libya: Floating storage offloading project

    Carrying out a floating storage offloading project at an offshore oil field

  • Libya: Gas turbine generators

    Supply and installation of two gas turbine generators

  • Libya: Medical insurance services

    Provision of medical insurance services

  • Libya: Oil field slick line services

    Provision of slick line services for an oil field project

  • Libya: Oil well drilling and workover supervision

    Provision of drilling and workover supervision services for oil wells

  • Libya: Potable water supplies

    Supply of potable water to an oil field

  • Libya: Real estate services

    Provision of real estate services

  • Libya: Seismic data processing

    Provision of 2D and 3D seismic data processing services

  • Libya: Underwater inspection services

    Carrying out underwater inspection services for an offshore oil field

  • Libya: Waste management

    Provision of waste management services for an oil exploration drilling campaign

  • Local contractors find solace in oil and gas sector

    Company’s have replaced real estate schemes with civils works contracts

  • Local firm bids low for $132m Kuwait pipeline deal

    Kuwait Oil Company is developing pipelines in the north of the country

  • Lubricants manufacturing facility to be built in KAEC

    Emaar, the Economic City (EEC) has signed an agreement with Saudi Total Lubricants (SATLUB), part of France-based Total, to establish a lubricants manufacturing facility), Wam has reported. The facility will be located in the Industrial Valley in King Abdullah Economic City (KAEC). With $10m in initial investment, the fully automated facility is Total's first plant in Saudi Arabia and will be commissioned within two years. The plant will have an initial annual capacity of 25,000 MT of lubrica

  • Lulu expands further in Oman

    Lulu Hypermarket has opened a new outlet in Oman's Wadi Kabir, bringing the number of hypermarkets in Oman to seven, Gulf News has reported. The retailer said its hypermarkets in Khaborah, Khasab, Salalah and Nizwa will be operational this year, taking the total store count up in the Sultanate to 11. The firm claims Oman is its biggest market outside of the UAE.

  • Maaden tables pricing for smelter project

    Aluminium project targets July financial close

  • Ma'aden-Alcoa JV breaks ground in Saudi Arabia

    The Saudi Arabian Mining Co (Ma'aden) and Alcoa officially broke ground on a project that will become the world's largest fully integrated aluminium complex, at Ras az Zawr in Saudi Arabia. The complex will utilize critical infrastructure, including low-cost and clean power generation, as well as port and rail facilities, developed by the kingdom's government. Bauxite feedstock for the planned alumina refinery will be transported by rail from the new mine at Al Ba'itha, near Quiba, in the nor

  • Mafraq Hospital unveils water analysis and testing within dialysis unit

    Abu Dhabi-based Mafraq Hospital has unveiled a new lab within its dialysis unit for water analysis and testing for patients with kidney disease. The new facility will aim to decrease the waiting time for test results which can be provided immediately instead of waiting for results to be sent from Europe or the USA.

  • Maintenance contract awarded for Gulf interconnection grid

    Scheme to connect grids in Saudi Arabia, UAE, Oman, Kuwait, Qatar and Bahrain

  • Majid al-Futtaim issues tenders for Fujairah mall

    Submission date for bids is 27 June

  • Makkah Metro to be partially ready for Haj

    The Saudi Railway Organization has said that the first phase of the Al Mashaaer Al Mugaddassah Metro (Makkah Metro) project is expected to be completed before this year's Haj, Arab News has reported. "While the entire project will be completed before the Haj season next year, the finishing of the first phase would mean that 35% of our services will be offered to the pilgrims this year itself," SRO president Abdul Aziz Al-Hoqail said. The rail network will initially link the holy sites to the

  • Makkah Metro to have 20 trains

    Saudi municipal and rural affairs minister, Prince Mansour bin Miteb has said the Makkah Metro project will have 20 trains next year when it operates at full capacity, Arab News has reported. The project, covering 18 km, is in the final stages of construction. Thirty-five percent of its capacity would be used during this year's Hajj season, the minister said.

  • Mandarin Oriental to manage hotel in Doha

    Mandarin Oriental Hotel Group has announced it will manage a new luxury city centre hotel and serviced apartments in Doha, Qatar. The property, which is scheduled to open in 2014, will be the firm's second hotel in the Middle East following its announcement earlier this year that it will open Mandarin Oriental, Abu Dhabi which is scheduled for 2013. The planned property will comprise 160 guestrooms and suites, as well as 95 serviced apartments.

  • Markaz brokers for 48.35% acquisition in AIP

    Kuwait Financial Centre (Markaz) has said it has acquired a 48.35% stake in Al Kout Industrial Projects (AIP) for KD16.42m on behalf of its clients. AIP's produces pure salt through dialysis of seawater that is used as raw material for chlorine, caustic soda, and sodium hypochlorite, which the firm exports across the GCC region.

  • Masdar awards Shams 1 Solar project contract

    French/Spanish joint venture will build $600m power plant

  • Masdar to unveil revised master plan in three weeks

    Abu Dhabi renewable-energy firm Masdar is to announce its revised master plan in the next two to three weeks, Bloomberg has reported. Richard Reynolds, head of supply-chain management at the zero-carbon Masdar City project said that one of the issues being considered in the review is how to make Masdar economically viable. "Yes, we made staff cuts to eliminate an overlap of roles," he said. "We're revisiting the choice of design and the commercial mix of the city."

  • Mashreq and Makaseb merge under new holding company

    Abdul Kadir Hussain, CEO of Dubai-based Mashreq Bank has said the lender's fixed-income and equity asset management units have been merged under a new umbrella holding company, Emirates Business has reported. "Makaseb is our equity asset management company while Mashreq Capital has traditionally been a fixed income manager. We have combined the companies and right now, I head the overall asset management business," he told the daily.

  • Mashreq sued over mortgage rates

    Mashreqbank is being sued by more than 25 property owners in Dubai over an alleged illegal change in the way the lender calculates interest rates on their mortgages, The National has reported. The bank said it is confident in its legal position and that it had "conducted detailed open and direct communication with all its customers to explain the bank's position regarding their home loan agreements."

  • Medical Fitness Centre opened in Jebel Ali Free Zone

    The Dubai Health Authority, in collaboration with Jebel Ali Free Zone Authority (JAFZA), has opened a dedicated medical fitness centre in JAFZA to improve the processing of medical tests for employment and residence visas. The new centre will have a registration counter, a separate male and female section for conducting blood tests and x-rays as well as a nursing room. The Jafza centre brings to 13 the total number of DHA's medical fitness centres across the emirate.

  • Medical team from McGill to start work at Kuwaiti hospital

    Kuwait's health ministry has said a medical team from McGill University of Canada is set to start work today at the Chest Hospital, Kuna has reported. The mission of the team is part of an agreement signed by the ministry and the university in May on the development of the healthcare services of the hospital. The team will pay two-week visits to the hospital each month to assess the operation system as a prelude to outlining the development plans in the administrative, surgical and healthcare

  • Merlin launches portable 3D movie player

    Merlin has announced the availability of the "Merlin Pocket Theater 3D," a three dimensional portable movie player. The 3D digital viewer features Merlin's newly developed 3D/2D display 7.0-inch LCD panel, which allows users to playback 3D images without needing to wear special 3D glasses. The product is already available in the Middle East and the UAE.

  • Metro Group to open wholesale store in Egypt

    Germany-based retailer, Metro Group has unveiled plans to open its first wholesale store in Egypt this month and said it may add about 20 more, Reuters has reported. The firm said its new 10,000 square-metre facility in the Cairo area would open on June 30. A further two stores, also under the Makro brand, are planned to open this year, it said.

  • Microsoft and KIA sign Kuwait entrepreneurship agreement

    Microsoft Kuwait has selected Global Innovation, a subsidiary of the Kuwait Investment Authority, as the network partner for the Microsoft BizSpark programme in the region, Kuwait Times has reported. The programme aims to accelerate the success of early stage start-ups in the region, by connecting them to network partners like Global Innovation, who will provide mentorship, guidance and incubation resources.

  • Microsoft Office 2010 launched in Gulf

    Microsoft Gulf has announced the launch of Microsoft Office 2010, Visio 2010 and Project 2010 in the Gulf region. Microsoft Office 2010 is available in 10 languages, including Arabic and will expand to 94 languages. It can be purchased with the most popular desktops and laptops from leading PC makers including Acer, Asus, Dell, HP, Lenovo, Samsung, Sony and Toshiba, the firm said.

  • Microsoft unveils vision impairments tool

    Microsoft has launched a technical preview of a tool for developers interested in making their applications viewable by those with vision impairments, ZDnet has reported. The new tool, which is called Digital Lens, emulates conditions like colour blindness and blurry vision, enabling designers and developers to identify potential user-interface issues and fix them before they release their applications. The tool is available only for 32-bit Windows 7 and requires users to have an Aero Theme e

  • Middle East Airlines agrees to boost pilots' pay

    Lebanon's Middle East Airlines has reached an agreement with the Lebanese Syndicate of Pilots on the demands filed by the syndicate on behalf of the pilots, The Daily Star has reported. MEA has agreed to a number of concessions, including raising the salaries of pilots and co-pilots and increasing the discount on tickets for pilots in their first year of work from 50% to 90%.

  • Middle East businesses need three years to adopt cloud computing

    Executives remain wary of new way of running software

  • Middle East businesses to increase information technology spend

    Middle East and Africa to spend $33bn on technology in 2010

  • Middle East carriers to record $100m profit in 2010

    The International Air Transport Association had previously forecast a $400m-loss for regional carriers

  • Middle East has 468 hotels in pipeline

    According to the May 2010 STR Global Construction Pipeline Report, the Middle East and Africa hotel development pipeline comprises 468 hotels totalling 127,938 rooms. The UAE ended the month with the most rooms in the total active pipeline with 55,629 rooms. Saudi Arabia had 15,770 rooms in the total active pipeline. Among the key markets in region, Dubai reported the largest number of rooms in the total active pipeline (32,516) and in the 'in construction' phase (16,510 rooms).

  • Middle East hotels see 2.1% rise in revPAR

    Hotels in the Middle East/Africa region reported favourable results in terms of occupancy and revenue in May, according to the latest survey by STR Global. The region's occupancy ended the month virtually flat with a 0.8% increase to 62.2%, average daily rate (ADR) increased 1.3% to $144.35, and revPAR grew 2.1% to $89.75. Amman, Jordan, reported the largest occupancy increase, rising 13.9% to 71.1%, followed by Dubai, with an 8.1% increase to 70.4%. Beirut's ADR rose 27.4% to $210.57, while

  • Middle East passenger traffic up 17.5 per cent

    European carriers showed the weakest growth in traffic despite recovering from the impact of the volcanic ash cloud

  • Middle East passenger traffic up 17.5%

    International traffic figures for May have showed an 11.7% increase in passenger traffic and a 34.3% jump in freight demand compared to the same time last year, according to the International Air Transport Association (Iata). Middle Eastern carriers benefited from connecting traffic through their hubs to record a 17.5% growth in May. Air freight also saw a similar growth of 38.6%, Iata said.

  • Middle East’s buyout activity at 12-month low

    Value of deals records 83 per cent monthly decline

  • Mid-July deadline set for $480m Grand Egyptian Museum prequalification

    International contractors will be given priority on $480m museum

  • Mobile cardiology centre launches in UAE

    The Emirates National Field Hospital, Enayah (Care) has announced the launch of the Emirates Mobile Cardiology Centre, WAM has reported. The centre provides curative and preventive services for heart patients under the supervision of a group of local and foreign physicians and surgeons. The centre is planned to visit various areas of the UAE with a particular focus on remote areas to conduct comprehensive checks to community members. The centre was launched in cooperation with Emirates Heart

  • Mobile phone sales rise 31.53% in MEA region

    IT research and advisory firm Gartner has said that sales of mobile phone to end users in the Middle East and Africa region rose 31.53% to 34.41 million units in the first quarter of 2010, compared to 26.16 million during the same period a year earlier, Gulf News has reported. Nokia remained the leader in the region with a 51% year-on-year increase to 23.27 million units, followed by Samsung with a 7% rise to 5.62 million units, LG with 1.75 million, registering a negative growth of 6.08%, an

  • Mobily and Batelco become Samena members

    Dubai-based tri-regional consortium of telecom operators, Samena has announced Saudi Arabia's Etihad Etisalat (Mobily) and Bahrain's Batelco as its latest members. Samena, a network of leading operators, manufacturers, and vendors among others, is driven by telecoms issues that operators in South Asia, the Middle East, and in North Africa face. The network of operators also provides opportunities of collaboration between the firms.

  • Mobily launches cloud computing initiative

    Saudi telecoms firm Mobily says it has successfully launched an advanced cloud computing environment, the first of a series of clouds, the organization will roll out in the coming few months to maximize the utilization of its infrastructure in a more 'Green IT,' environmentally friendly manner, as well as reduce time to market. "A year ago, we conducted a careful audit of our internal computing needs and those of our business customers, then we consolidated each of them, and started our first

  • Mobily may spend $670m on expansion plan

    Khalid Al Kaf, chief executive of Saudi Arabia's Mobily, has said the telecoms may spend more than SR2.5bn ($670m) in 2010 on expansion and increasing its market share, Reuters has reported. "We put on the ground SR2bn to SR3bn annually" over the last five years, Al Kaf told the news service. Capital expenditure as a percentage of "revenue will be the same as what we did the previous year. In an absolute value, it will be a little bit higher."

  • Moneefa to hit full capacity in 2024

    Saudi Aramco's 900,000 barrels per day Moneefa project is not expected to pump at full volume until January 2024, Reuters has reported. The start-up date for the project of 2013 was unchanged, the company said. Moneefa is scheduled to begin production of 500,000 barrels per day of Arabian Heavy crude oil by June 2013 and will ultimately produce 900,000 barrels per day by January 2024. Aramco had previously said that the Moneefa development would be completed in 2015. Category: Energy, Oil a

  • Moody's downgrades Dubai Bank

    Dubai Bank's local and foreign currency deposit ratings have been lowered two notches by Moody's Investors Service to Baa2/Prime-3 from A3/Prime-2. At the same time, Moody's has also downgraded the lender's financial strength rating (BFSR) to E+ from D, which now maps to a baseline credit assessment of B1 instead of Ba2. The downgrade reflects the material weakening in Dubai Bank's standalone strength as a result of the ongoing credit issues surrounding the Dubai corporate sector in which the

  • Moody's downgrades HSBC Middle East financial strength

    Moody's Investors Service has downgraded the bank financial strength rating (BSFR) of HSBC Bank Middle East (HBME) to 'C-' from 'C' and the long-term local and foreign currency deposit ratings by one notch to 'A1' from 'Aa3'. The ratings agency said the downgrade reflects a weakening in HBME's standalone strength as a result of ongoing credit issues in the Dubai corporate sector as well as specific troubled exposures within the GCC area, which have impacted the bank's asset quality metrics. I

  • Moody's says UAE banks outlook still negative

    Moody's has said the outlook for the banking system of the UAE remains negative and its asset quality will remain under pressure this year, Reuters has reported. "Overall, the operating environment remains difficult, with low economic growth and investment, weak demand for loans, as well as investor confidence issues which are curtailing the banks' ability to access low cost, wholesale funding," John Tofarides, analyst at Moody's Middle East in Dubai said in the agency's "Banking System outlo

  • More firms prequalify for Kuwait headquarters contract

    Groups have until 8 August to submit bids

  • More than 600 new teachers set for Abu Dhabi

    More than 600 new English speaking teachers are to be employed in Abu Dhabi as part of a scheme to improve education standards in the capital, The National has reported. The plans were announced by the Abu Dhabi Education Council and include teaching children aged four and older in both English and Arabic simultaneously. A new curriculum, a longer working day for teachers and a compulsory training programme for teachers are all also part of the plans.

  • Morocco delays design bids for Marrakech airport

    Office National des Aeroports (Onda) planned to invite consultants to submit design bids by the end of June

  • Mortgage lending in Egypt may double by 2011

    Mostafa El Hayawan, chairman of Egypt's state-run Mortgage Finance Fund has said that mortgage lending in the country could increase to EGP8bn ($1.4bn) by the end of June next year, Bloomberg has reported. Mortgage finance in the Arab world's most populous country has increased from about EGP200m in 2005 to EGP4.43bn this year, according to the ministry of investment. The number of mortgage finance companies in the country rose from two in 2005 to 11 this year, with an average interest rate o

  • Most Abu Dhabi private schools rated 'unsatisfactory'

    A school inspection conducted by the Abu Dhabi Education Council has found that the majority of private schools in the capital do not meet Adec's criteria, Khaleej Times has reported. "We found that 68% of all (185 private) schools are not satisfactory, 20% satisfactory, 12% good and above," Dr Khamis Mugheer Al Khaili, director general of Adec said. The results were based on the levels of overall effectiveness, quality of teaching, quality of school facilities and buildings, and efficiency o

  • Motorola signs Zain Kuwait managed services deal

    Kuwait's Zain has signed a managed services agreement with Motorola. Under the three-year contract, Motorola will operate and manage the Kuwaiti telecoms 3G network as well as handle the design, planning, support and optimisation. The two firms also have existing contracts in Iraq, Saudi Arabia, Nigeria and Jordan for several different technologies, network domains and service functions.

  • Mott MacDonald wins $24.46m Abu Dhabi contracts

    Abu Dhabi Distribution Co (ADDC) has awarded Mott MacDonald power transmission and water consultancy contracts totalling Dhs90m ($24.46m) to provide a solid workload for the global management, engineering and development consultancy's water and power distribution professionals in Abu Dhabi over the next three years. The contracts will involve the improvement, reinforcement, extension and development of water and electricity distribution networks in new areas being developed by different gover

  • Mourjan Marinas IGY wins marina deal

    The Dubai-based marina operator will develop a new marina at the Black Sea port of Sochi

  • Movenpick's Saudi hotel expansion to be completed by August

    Saudi Arabia's Mövenpick Hotel and Residence Hajar Tower Makkah has said work on 797 new rooms will be completed by August to cater to growing Hajj pilgrims. The additional rooms will bring the hotel's operational capacity to 1200 rooms. The hotel also plans to launch two new restaurants, bringing the total capacity of food and beverage outlets within the property to five.

  • MTN ends talks with Orascom

    South Africa's MTN Group has ended talks with Weather Investments to acquire $10bn of assets of Orascom Telecom Holding, Bloomberg has reported. The talks failed after Algeria's government blocked a possible sale to MTN of Orascom's largest and most profitable unit, Djezzy. Algeria has said it would make an offer to Orascom for the local unit, exercising its rights of pre-emption. Orascom Telecom confirmed this month that it received a letter from the Algerian government saying that it was pr

  • Mumtalakat completes $750m bond issue

    Bahrain sovereign fund deal attracted an order book of more than $3.25bn

  • Mumtalakat launches $750m five-year bond lead

    Mumtalakat, Bahrain's sovereign wealth fund has launched a $750m five-year bond at 300 basis points over midswaps, Reuters has reported, citing a source at one of the arranging banks. Mumtalakat concluded its bond roadshow on Tuesday in Europe and final pricing will take place later on Wednesday, the source said.Deutsche, HSBC,JP Morgan and Standard Chartered are lead managers.

  • Murdoch University Dubai launches new education programme

    Murdoch University Dubai has announced the launch of a Master of Education Programme. The programme is for aspiring and practicing teachers and will offer units in areas such as curriculum development and international education. The programme will begin with a full-time session in January 2011 with evening and weekend classes. Students can enrol immediately.

  • Muscat awards $25m Rustaq court construction contract

    Justice Ministry still to award similar contract for Nizwa

  • Muscat market adds 0.24%

    The Omani stock market bucked the lacklustre mood in the GCC. The MSM Index advanced 0.24% and closed at 6,113.71 points. Oman Textile Holding topped the charts, ending 6.88% higher at OR0.342. Galfar Engineering was the most liquid stock, finishing at OR0.382 (up 2.41%).

  • Naeem receives offers for Arabeya Online stake

    Naeem Holding, an Egypt-based investment bank, has received offers for its 80% stake in Arabeya Online Brokerage and hopes to conclude a sale within the next 90 days, Reuters has reported. Arabeya chairman Hisham Tawfik told the news service he planned to keep another 20% stake he owns personally in the Cairo-based internet trading company.EFG-Hermes is acting as adviser on the deal.

  • Najaf set for monorail system

    The Iraqi city of Najaf has signed an agreement with Canada-based TransGlobim International to build a $248m monorail system, AFP has reported. The twin-track system will run at an elevation of six metres above the city's streets and will have a combined length of 37 kilometres. In a later phase of the project, the council plans to connect the network to the city's international airport.

  • Nakheel agrees repayment deal with 75 per cent of trade creditors

    Payments totalling over $1bn start in July

  • Nakheel resolves Discovery Gardens air conditioning dispute

    Dubai-based property developer, Nakheel has said it had resolved a dispute with a supplier and that air conditioning would not be cut off in its Discovery Gardens development, Bloomberg has reported. "An error has been rectified," a spokesperson for Nakheel told the news service by email. "No utilities will be cut off." Occupants had been informed that Palm Utilities would halt chilled water supplies, stalling air conditioning systems on June 15.

  • Nakheel trims more jobs

    Dubai-based developer, Nakheel has launched a fresh round of job cuts aimed at reducing costs, The National has reported. At least 50 people across all functions of the company have been laid off in recent weeks, bringing the company's total workforce down to less than a third of its 2008 peak, according to a company official who asked not to be identified. "There were about 3,800 staff in 2008 and now there are just over 1,000. Some of the recent jobs were lost in human resources, others in

  • Nanotech institute in Saudi to get new building

    Saudi Arabia's King Abdullah Institute for Nanotechnology will see the addition of new advanced laboratories dedicated to conduct research in areas of particular interest to the kingdom, Arab News has reported. Some 30 researchers and post-graduate students will carry out research in areas such as seawater desalination, renewable energy and the treatment of diseases such as cancer and diabetes. The institute, which will run under King Saud University at Riyadh Technology Valley, is linked to

  • Nasdaq Dubai announces new board of directors

    Abdul al-Fahim appointed as chairman

  • Nasdaq Dubai appoints new board

    Nasdaq Dubai has announced the appointment of a new eight-member board of directors, led by Abdul Wahed Al Fahim as chairman. Al Fahim is group deputy chief executive, wholesale banking, of Emirates NBD. The new board is expected to drive Nasdaq Dubai's expansion and development following its acquisition last month by Dubai Financial Market (DFM).

  • Nasdaq Dubai begins the week on a mixed note

    Shares of Dubai Ports (DP) World fell 1.02% and closed at $0.483 amid low trading volumes. Interior designer Depa Ltd. surged 2.74%, finishing at $0.75, and jewelry trader Damas topped the charts by ending at $0.165. NASDAQ Dubai has announced that all trading of its listed equities will take place through the X-Stream trading platform of Dubai Financial Market (DFM), starting on Sunday 11 July 2010, subject to final regulatory approval. The value of equities traded on NASDAQ Dubai rose by 65

  • Nasdaq Dubai posts losses

    At Dubai's international exchange, the Nasdaq Dubai, shares of Dubai Ports (DP) World ended 4.35% lower at $0.44. After Dubai Holding Commercial Operations Group recorded a net loss (excluding impairments) of Dhs1bn for the year ended 31 December 2009, compared to a Dhs7.4bn net profit in 2008, state-owned firms such as DP World came under pressure in general. Interior designer Depa declined by 1.32% and finished at $0.75. Only Dubai Gold Securities which perform in line with the gold spot pr

  • Nasdaq Dubai posts profits

    At Nasdaq Dubai, shares of Dubai Ports (DP) World climbed 2.09% higher and closed at $0.44. Interior designer Depa added 2.07%, ending at $0.74. No other shares posted valuation changes. Nasdaq Dubai-listed China Security and Surveillance Technology (CSST, flat at $4.7), a leading integrated provider of digital surveillance technology in the P.R. China and the only listed chinese stock at a Middle Eastern market, today announced the appointment of Dr. Liu Haitao as CSST's Chief Scientist. Whi

  • Nasdaq Dubai to switch to DFM trading platform

    Nasdaq Dubai will switch all trading of its listed equities to the X-Stream trading platform of Dubai Financial Market (DFM) starting on Sunday, June 27, 2010 subject to final regulatory approval, the company has announced. The outsourcing strategy aims to increase trading volumes on Nasdaq Dubai and strengthen Dubai's role as a centre for international capital markets activity. Clearing, settlement and custody functions for Nasdaq Dubai equities will also migrate to DFM's systems.

  • Nasdaq Dubai with little turnover

    Shares of Dubai Ports (DP) World plummeted 2.27% and closed at $0.43. Some 4.8m stocks changed hands. No other shares were traded sufficiently to post a price change. Nasdaq Dubai currently merges with the local Dubai Financial Market (DFM). The DIFC regulator DFSA has approved the merger 'in principle' last Thursday. Dr. Nasser Saidi, Chief Economist at the DIFC Authority told AME Info, that the UAE should integrate and merge all exchanges.

  • National Bank of Abu Dhabi announces new project finance head

    Nathan Weatherstone will focus on power and infrastructure deals

  • National Bank of Bahrain's ratings affirmed

    Capital Intelligence has said it has affirmed National Bank of Bahrain's Foreign Currency Long and Short-term Ratings at A and A1, respectively. CI also maintained NBB's Financial Strength Rating of A.

  • NBAD expects 20% retail growth

    Saif al Shehhi, senior general manager of domestic banking at National Bank of Abu Dhabi has said the lender's retail revenue is expected to increase by up to 20% this year due to higher lending, Reuters has reported. Interest rates on deposits could edge up by 0.5% in the second half of this year, he added. "Consumer lending has increased by 15 to 20% this year and that will contribute to growth in our retail business. We will see retail's share up by 5% to 10% percent this year," he told re

  • NBK buys Turkish hospital group

    NBK Capital, an investment fund owned by National Bank of Kuwait, has announced it has made its fourth investment in Turkey with the acquisition of a 30% stake in ophthalmology hospital chain, Dunya Goz Group. The hospital chain currently operates a network of hospitals, clinics and pre-treatment centres across sixteen locations in Turkey and Europe.

  • NBK's Islamic KD Ijara fully subscribed

    The National Bank of Kuwait has said its KD33m ($133.4m) Islamic KD Ijara Fund IV is fully subscribed. The Shari'ah-compliant fund has a five year term with a possible two year extension and provides investors with the opportunity to enjoy steady monthly lease income. The fund allows investors to reap the benefits of monthly income distributions at an expected annualised rate of 6% in Kuwaiti dinars.

  • NEC launches MEA operations in Turkey

    Japan's NEC Corp has said it has set up its new Middle East and Africa business operations in Turkey. The new entity, NEC Telecom and Information Technology Ltd, will provide wireless communication hardware products and total solutions that cover a broad range of non-hardware services, such as product and service customization as well as new and existing engineering services and products and maintenance support for Turkey as well as other markets in the Middle East and Africa.

  • Nepco expects $56m losses

    Jordan's National Electric Power (Nepco) has revealed its losses during the first six months of this year are expected to reach JD40m ($56m), Jordan Times has reported. The projected losses are attributed to the reduction in Jordan's share of Egyptian natural gas and thus, the increase in reliance on heavy fuel oil for electricity generation, according to Nepco's general manager Ghaleb Maabreh. Since the beginning of the year, Jordan received around 60% to 70% of the total amount of gas alloc

  • New bourse for smaller firms launched in Egypt

    Maged Shawky, chairman of the Egyptian Exchange has announced the launch of an exchange aimed at offering cash-starved smaller firms a new a way to raise capital as markets pick up, Reuters has reported. The new Nilex platform for smaller companies, on which trading started on Thursday, also gives private equity firms a route to exit some of their investments, he said. Nilex has fewer disclosure requirements than the main Egyptian market to make it suitable for smaller companies with a shorte

  • New currency contract volumes hit $40m on Dubai exchange

    New contracts listed on 15 June

  • New Doha Port contracts to be awarded in August

    Qatar is set to award the contract for the QR25bn New Doha Port in August this year, the Peninsula has reported. The entire project, likely to be completed by 2015, is to be executed in three phases with the design and consultancy work as well as environmental impact assessment studies having already been completed. The new port will cover an area measuring 20 square kilometres and is to be located between Al Wakra and Mesaieed Industrial City. The container-handling capacity of the new port

  • New HAAD service counters opened in Abu Dhabi

    Two new customer service counters have been inaugurated by the Health Authority-Abu Dhabi (HAAD) at Abu Dhabi Chamber of Commerce and Industry (ADCCI) and Marina Mall, Khaleej Times has reported. The counters will offer a range of services, including new healthcare facility licensing or relicensing services among many others.

  • New mall to be built in Saudi Arabia

    Saudi-based real estate management firm, Aqari Investment Holding has unveiled plans to build a SR75m shopping mall in Taif, Arab News has reported. The mall, which will cover a total area of almost 120,000 square meters, and comprise 276 shops, is scheduled for completion within two years.

  • Newborn hearing system screening now available in Abu Dhabi

    Al Corniche Hospital in Abu Dhabi has launched a new service to screen the hearing system of newborn babies, Gulf News has reported. The non-invasive screening is clinically proven by the American Academy of Paediatrics and is considered to be an effective way to detect hearing problems, Shirley Hargreaves, clinical service manager said. The entire hearing pathway from the outer ear to the brain system can be scanned using the equipment.

  • No "Super Tuesday" at Dubai market

    After a strong debut of the week, investors booked profits at the Dubai Financial Market (DFM), which closed 1.37% lower at 1,542.07 points. Negative inputs from U. S. and Asian markets influenced traders' decisions. Financials and real estate firms were the top declining sectors. Shuaa Capital was down 6.50% at Dhs1.15. Emaar Properties, the most liquid stock, ended nearly three percent lower at Dhs3.29. As most market participants preferred to stay on the sidelines turnover and volumes drop

  • No layoffs for Qatar health centre staff

    Dr Mariam Abdul Malik, director of Qatar's Primary Health Centres (PHC) has said that a major overhaul currently under way in the sector will not result in staff layoffs, the Peninsula has reported. PHC staff can expect a salary hike as part of the restructuring, she said. A decision to separate the PHCs from the Hamad Medical Corp (HMC) taken some time ago came into force last week, making them an independent entity under the direct supervision of the country's Supreme Council of Health (SCH

  • Non-oil trade of UAE grows 7%

    According to figures by the UAE Federal Customs Authority (FCA), the country's non-oil trade has seen a 7% growth to Dhs56.04bn ($15.2bn) in April, compared to Dhs52.34bn recorded during the same period in 2009, Gulf News has reported. Non-oil exports rose 42% to Dhs6.45bn in April 2010 from Dhs4.55bn a year earlier. Re-exports increased 12% from Dhs10.95bn to Dhs12.31bn while imports grew 1% from Dhs36.84bn to Dhs37.28bn in the same period, the data showed.

  • Number of Petra visitors rises

    Jordan's Petra Development Tourism Regional Authority has reported a 41% rise in the total number of visitors to the city during the month of May, compared to the same period last year, Arabic Alghad has reported. The number of visitors reached 92,306 in May this year, compared to 65,600 during the same month a year earlier. Revenue from entrance fees also climbed 52% and reached JD1.85m ($2.6m), compared to JD1.215m a year ago.

  • NYUAD's admissions criteria on par with Ivy League

    The new campus of New York University in Abu Dhabi campus will be among the world's most selective colleges, demanding an academic performance that would make its inaugural class among the top in the US, the National has reported. The campus received applications from more than 9,000 students, but just 189 - or 2.1% - were offered places, making it considerably more selective than the university's New York campus, which admits about 30% of applicants. Measured by their standard assessment tes

  • Officine Panerai opens Riyadh boutique

    Platinum Sands, a member of Qatar-based Ali Bin Ali Group, in partnership with Italian watch brand, Officine Panerai has announced the inauguration of its first boutique in Riyadh, Saudi Arabia. The new outlet in Riyadh is the first in Saudi Arabia and the third in the region after the recent openings in Dubai and Doha. The new boutique is located inside the C- centre.

  • Oil ministry plans to boost production to 12m bpd

    The Iraqi oil ministry plans to raise oil production to 12 million barrels per day during the next six years as well as develop natural gas fields, Aswat al-Iraq has reported. "The ministry has laid a strategy and fine plans to reach this figure of productivity. The two rounds of oil tenders with the global corporations in this domain are falling in the framework of these plans," oil minister, Hussein al-Shahrestani was quoted as saying. The minister pointed out that the ministry also seeks t

  • Oil prices rise on inventory fall and supply concerns

    Deepwater Horizon incident may curb new US production

  • Oman Air and Malaysia Airlines sign connectivity agreement

    Oman Air has announced the signing of a code-sharing agreement with Malaysia Airlines. Under the agreement, Oman Air's passengers flying directly to Kuala Lumpur and Bangkok will now be connected to six new destinations in Malaysia and Asia; Langkawi, Kota Kinabalu, Penang, Kuching, Singapore and Hong Kong. Malaysia Airlines will offer non-stop flights from Kuala Lumpur to Muscat, from where they will be able to connect to Amman and Kuwait City.

  • Oman and Fujairah ports reopen

    Crude oil exports have been resumed from Oman's Mina Fahal terminal and the UAE's eastern port of Fujairah, Reuters has reported. Oman halted its oil and gas production after Cyclone Phet hit its coast. Although the Fujairah port was not officially closed, only a handful of ships had come to load, an official from the port had told Reuters.

  • Oman Cement receives $19m government compensation

    Oman Cement has received $19m in government compensation for losses incurred by the company against imports of cement and clinker during 2008 and 2009, Oman Daily Observer has reported. "This will have the effect of improving the profitability of the company by this amount during the current quarter and the year ending December 31, 2010," the company said in a statement.

  • Oman considers new bridge project

    Proposed bridge would link Masirah island to the mainland

  • Oman extends railway prequalification date

    Companies have already submitted prequalification documents for the design contract

  • Oman Insurance Company replaces board

    Seven new members appointed

  • Oman moves on infrastructure plans

    Sultanate recognises need to develop infrastructure to support economic diversification

  • Oman power demand to increase by up to 11 per cent a year

    Salalah system expected to see the greatest increase in demand for electricity

  • Oman receives applications for railway design contract

    More than 30 firms have submitted prequalification documents

  • Oman tenders Duqm port infrastructure contract

    Contractors have until 12 July to submit bids for the work

  • Oman: Ain Humran houses

    Carrying out the Ain Humran houses project

  • Oman: Building construction

    Construction of a building

  • Oman: Central control building

    Provision of a proposed central control building

  • Oman: Electrical network data collection

    Provision of an electrical network data collection and field survey

  • Oman: GPRS network expansion equipment

    Supply and installation of hardware and software for a GPRS core network expansion

  • Oman: Hospital chemistry analyzer

    Supply and installation of a clinical chemistry analyzer at a hospital

  • Oman: Industrial estate masterplan

    Provision of consultancy services comprising the preparation of a revised masterplan of an industrial estate

  • Oman: Internal road design and construction

    Design and construction of an internal road

  • Oman: Nursing institute building works

    Construction of an additional floor to a nursing institute

  • Oman: Office furniture

    Supply of office furniture for a ministry building

  • Oman: Power cabling works

    Carrying out cabling works for the connection of a new substation

  • Oman: Power grid station

    Construction of a new 132kV power grid station

  • Oman: Power grid upgrade

    Upgrading of power grid stations

  • Oman: Road construction consultancy (Al-Dakhliyah)

    Provision of consultancy services comprising the design and supervision of an asphalt road in Al-Dakhliyah

  • Oman: Road construction consultancy (Sohar)

    Provision of consultancy services comprising the supervision of the construction of a road in Sohar

  • Oman: Road design and construction

    Design and construction of a dual carriageway

  • Oman: Road dualisation consultancy

    Provision of consultancy services comprising the supervision of the dualisation of a road

  • Oman: Road rehabilitation consultancy

    Provision of consultancy services comprising the supervision of the rehabilitation of a road

  • Oman: School computer systems

    Supply, installation and operation of computer systems for schools

  • Oman: School construction

    Construction and maintenance of a boys’ school

  • Oman: School construction

    Construction of a 13-classroom school

  • Oman: School construction

    Construction and maintenance of a girls’ school

  • Oman: School construction and maintenance (14)

    Construction, completion and maintenance of a 14-classroom mixed basic education school

  • Oman: School construction and maintenance (16)

    Construction, completion and maintenance of a 16-classroom mixed basic education school

  • Oman: School refurbishment

    Refurbishment of a girls’ basic education school

  • Oman: Site preparation works (Al-Khaburah)

    Carrying out enabling works for the preparation of sites in Al-Khaburah

  • Oman: Site preparation works (Al-Suwayqh)

    Carrying out enabling works for the preparation of sites in Al-Suwayqh

  • Oman: Substation upgrade

    Upgrading of a primary substation

  • Oman: Substations construction

    Construction of new and upgrading of existing primary substations

  • Oman: Telecommunications systems

    Design, installation and commissioning of telecommunications systems

  • Oman: Track road maintenance (Al-Buraimi)

    Carrying out annual maintenance of track roads in the Al-Buraimi governorate

  • Oman: Track road maintenance (Al-Dakhliya)

    Carrying out annual maintenance of track roads in the Al-Dakhliya region

  • Oman: Track road maintenance (Al-Dhahirah)

    Carrying out annual maintenance of track roads in the Al-Dhahirah region

  • Oman: Track road maintenance (Al-Sharqiyah north)

    Carrying out annual maintenance of track roads in the Al-Sharqiyah north region

  • Oman: Track road maintenance (Al-Sharqiyah south)

    Carrying out annual maintenance of track roads in the Al-Sharqiyah south region

  • Oman: Track road maintenance (Al-Wusta)

    Carrying out annual maintenance of track roads in the Al-Wusta region

  • Oman: Track road maintenance (Musandam)

    Carrying out annual maintenance of track roads in the Musandam governorate

  • Oman: Track road maintenance (north)

    Carrying out annual maintenance of track roads in the Batinah region (north)

  • Oman: Track road maintenance (south)

    Carrying out annual maintenance of track roads in the Batinah region (south)

  • Oman: Water distribution networks

    Construction of water distribution networks

  • Oman: Water transmission mains

    Provision of water transmission mains for the expansion of distribution networks

  • Oman: Well hook-up materials

    Supply of well hook-up materials

  • One million new homes set for Baghdad

    The Iraqi cabinet has approved a plan worth an estimated $50bn to build up to one million homes for the country's government and ministry employees by 2020, Meed has reported. According to the country's National Investment Commission (NIC), each home will be approximately 100 square-metres and will cost an estimated $50,000. Baghdad will front 25% of the cost of the project to build the first phase. The remaining homes will be built in several phases over the next ten years.

  • OOC in talks over Oman oil and gas block

    Nasser al-Jashmi, Oman's undersecretary for oil and gas has said the state-run Oman Oil Co (OOC) is in talks with the Sultanate's ministry of oil and gas to take on an exploration block ceded by Britain's BG Group, Reuters has reported. BG pulled out of its deal to develop Oman's oil and gas Block 60 earlier this month to focus on global opportunities elsewhere. The block covers an area of 1,500 square kilometres at Abu Butabul. The gas resides in complex formations, making it more expensive

  • Oracle's Primavera P6 Analytics unveiled

    Oracle Corp has unveiled its Primavera P6 Analytics solution that aims to help organizations make better project investment decisions. The new business solution provides management-by-exception capabilities through interactive dashboard reports, enabling organizations to benefit from enterprise-level reporting across the portfolio and insight into project trends and history. The solution enables users to conduct root cause analysis and take corrective actions by drilling directly from the Ora

  • Orascom Telecom gets $7.8bn offer for Algeria unit

    Naguib Sawiris, chairman of Egyptian mobile firm Orascom Telecom, has said the company has received a $7.8bn offer from South Africa's MTN for its Algerian unit Djezzy, Reuters has reported. Asked about the status of the talks with MTN, Sawiris said, "It's not yet settled, we've been in discussions." Sawiris said on Monday the firm would have preferred to stay in Algeria, where its unit leads the mobile market by subscribers, but had been obliged to negotiate its sale.

  • Oswal expects to finish Feed on caustic soda plant by July

    India's Oswal Group is set to complete the front-end engineering and design (Feed) on its planned $350m world-scale caustic soda plant located at Salalah in southern Oman by the end of July, Meed has reported. Located close to Salalah Port, the plant will produce around 365,000 tonnes-a-year of caustic soda that can be used for alumina and paper production as well as oil drilling, will be sold to regional customers as well as to Oswal's other key markets in Asia and Australia.

  • Oswal to finish Feed on caustic soda plant by July

    Tenders for constructing the $350m facility should be issued by the end of 2010

  • Pakistan seeks emergency payment from etisalat

    The Pakistan government is seeking an emergency payment of at least $500m from etisalat, which holds a large chunk of shares in Pakistan Tele-communication Company Limited, Gulf News has reported, citing a report by a local newspaper. Quoting an unnamed senior official at the Finance Ministry, the report said the money is needed to avoid a breach in the current year's fiscal deficit target. In return, the government has made a firm commitment to etisalat to transfer all the company's properti

  • Park Inn becomes 'Park Inn by Radisson'

    The Rezidor Hotel Group has announced that its mid-market brand Park Inn will be renamed Park Inn by Radisson. "The link with Radisson and its great strength and reputation will allow Park Inn to grow even faster and to be even more efficient. We are also confident that this brand endorsement will further increase the brand awareness for both Park Inn and Radisson", Kurt Ritter, President and CEO of Rezidor said. The renaming process will start in the UK and be a gentle evolutionary process a

  • Partners break ground on Ras Al-Zour aluminium scheme

    Civil work begins at Maaden/Alcoa megaproject in Saudi Arabia

  • Partners cut Arzew cracker bidders down to two

    Only Technip and Linde remain in the running for deal to design and build new cracker

  • PC market sees growth in Q1

    High demand in Asian markets helped first-quarter PC shipments around the globe jump 22.7% over the same period last year, market research firm, Isuppli has revealed. Shipments in the first quarter totalled 81.5 million units, up from 66.5 million during the same period in 2009. The research firm's forecasts unit shipments to grow 17% in 2010, with increased demand for notebooks but flat growth for the desktop segment.

  • Pepsico agrees Ferrari World deal

    PepsiCo has announced the signing of a long-term supply and sponsorship agreement with Abu Dhabi's property developer Aldar. Under the terms of the five-year deal, PepsiCo will become the exclusive supplier of beverages and snacks for Ferrari World Abu Dhabi, the world's largest indoor theme park, which will open to the public on October 28, 2010.

  • Personal lending by Qatar banks still restricted

    According to figures by the central bank of Qatar, the total amount of loans disbursed by banks in the country in May 2010 rose to QR293.79bn from QR236.34bn a year earlier, the Peninsula has reported. However, the figures show that personal or consumer loans remained almost unchanged at QR57.42bn, the report said. "A lot of expatriates who borrowed hugely from the banks left the country for good. The rate of default grew enormously, making the banks cautious," the daily said, citing an unnam

  • Petrochemicals lead Tadawul rebound

    Saudi Arabia's Tadawul All Share Index outperformed all GCC stock exchanges by advancing 1.07% to 5,988.18 points. Petrochemical giant Sabic was the most liquid stock, jumping 4.57% higher to SR85.75. Sahara Petrochemical ended up 1.07% at SR20.10. Sabic and Sahara were lifted by stabilizing oil prices at the level of $71 per barrel. Utility shares failed to jump on the recovery bandwagon, with Saudi Electricity declining by 0.83% to SR12.00.

  • Petrokemya $300m plastics plant plans shelved

    Plans by Saudi-based Arabian Petrochemical (Petrokemya), a joint-venture between Saudi Basic industries (Sabic) and Exxonmobil, to build a new $300m plastics plant at Jubail have been shelved, Meed has reported, citing sources close to the project. The firm put the project on hold indefinitely in late 2009 because the rate of return on investment was not attractive enough, the sources said.

  • Petromin plans IPO in Saudi Arabia

    Saudi-based Petromin Corp, a division of India's Hinduja Group, plans to launch a $1bn initial public offering in the local market at the end of the year, Reuters has reported. Petromin is an equal joint venture between the Dabbagh Group of Saudi Arabia and the Gulf Oil International Group, a part of the Hinduja Group. The Hinduja Group plans to sell 30% of Petromin through the IPO. The lubricants maker owns a third of the downstream oil products business in Saudi Arabia and has $500m in annu

  • PetroRabigh to launch expansion tenders in 2011

    Ziad Al Labban, chief executive of PetroRabigh has said tenders for the project's expansion are expected to be floated by mid-2011, Reuters has reported. The founding shareholders of the $10bn venture are carrying out front-end engineering studies in Japan, Al Labban told the news service. The expansion is expected to produce 17 new products most of which is to be exported. PetroRabigh now processes 400,000 barrels of crude per day - about 19% of Saudi Arabia's total refining capacity.

  • Philippines' Jollibee to open in Qatar

    Philippines-based fast food chain, Jollibee has unveiled plans to open its first store at the Al Meera Consumer Goods Mall in Doha, Qatar. The new Jollibee store in Qatar is franchised by Sunrise Trading and Food Stuff. The store has expanded with over 700 branches across the Philippines, US, Hong Kong, Saudi Arabia, Brunei and Vietnam.

  • Pizza Inn continues Middle East expansion

    United Food Co, a subsidiary of Saudi-based Abdullah Abunayyan Group, has announced the opening of two Pizza Inn restaurants in the kingdom. The two new outlets are part of an agreement with the US-based firm that calls for opening 44 Pizza Inn restaurants in the kingdom, to bring the total number of locations throughout the Middle East to more than 100.

  • Posco Steel lowers Middle East exports

    Booming domestic demand means South Korean company will export less than in 2009

  • Poyry to advise on Saudi Arabia nuclear and renewables initiative

    King Abdullah City of Atomic and Renewable Energy will be headquartered in Riyadh

  • 'Price war' good for Dubai hotels, says Rotana's COO

    The steep drop in room rates that has occurred at Dubai hotels in the wake of the downturn is a good thing for the emirate's hospitality sector as it has brought more people into the market, the chief operating officer of Rotana said today. 'In order for Dubai to fill the 12,000 rooms coming online over the next year or two, rate is going to be the driving force,' Omer Kaddouri said. 'We find the price war, as people are calling it, quite healthy.'

  • Q&A: Lars Safverstrom, Group President, GAC

    Safverstrom explains how the the shipping and logistics company is navigating the downturn and outlines the prospects for each of its businesses

  • Qatar agrees Bangladesh LNG deal

    Qatar has signed an agreement with Bangladesh for the sale of $1bn to $1.5bn worth of liquefied natural gas (LNG), Reuters has reported. Qatar Petroleum will supply the South Asian country with a daily natural gas supply of 500 million cubic feet (mmcf) to help the country meet its fast-growing energy demand, the chief of Bangladesh's newly-formed LNG cell said.

  • Qatar Airways announces six new routes

    Qatar Airways has announced plans to launch six new routes in Europe and Asia from October 2010. The carrier will launch daily flights to Phuket, its second destination in Thailand, via Kuala Lumpur on October 11, while on November 1, the carrier will add the Vietnamese capital Hanoi to its network with four flights a week via Bangkok. November 24 will see the launch of the carrier's thrice-weekly flights to the French Mediterranean city of Nice, via Milan, and on January 17, the airline will

  • Qatar Airways launches Barcelona service

    Qatar Airways has launched daily flights to Barcelona, its second city served in Spain, after Madrid. The new route will be served with an Airbus A319 in a two-class configuration of 8 seats in business class and 102 in economy. Barcelona becomes the fifth destination launched by Qatar Airways in 2010.

  • Qatar Airways launches South American flights

    Qatar Airways has launched scheduled daily flights to Brazil and Argentina. The new routes offer connections to and from Tokyo, Shanghai, Singapore, Beijing, Melbourne, Nairobi, Beirut, Dubai and Muscat. The airline operates Boeing 777-200 Long Range aircraft in a two-class configuration of 259 seats - 42 in Business and 217 in Economy Class to the two South American destinations.

  • Qatar asks private clinics to submit list of prices

    Qatar's Supreme Council of Health has asked all private healthcare facilities to provide a full list of their prices to its medical licensing department, the Peninsula has reported. The move follows complaints about the high fees charged by several private clinics in the country. The department will study and evaluate the fees charged by private clinics, hospitals and other facilities for various services and compare them with the fees in the neighbouring GCC countries.

  • Qatar awards World Trade Centre construction contract

    50-storey tower will be built in the West Bay area of Doha

  • Qatar bourse defends 7,000 points level

    The Doha-based Qatar Exchange failed to sustain an early momentum but successfully avoided a fall below the psychological important barrier of 7,000 points. The QE Index stood at 7,040.90 (down 0.28%) points as of the close of trading. Qatar General Insurance & Reinsurance Company ended unchanged at Qr51.00. The firm has signed this afternoon at a construction contract with Arabtech Construction LLC, to build the Trade World Center Tower which is owned by Qatar General Insurance & Reinsurance

  • Qatar buys Four Seasons in Cairo

    Qatar has bought the Four Seasons Hotel in Cairo for $250m, as part of the Gulf state's strategy to consolidate and enhance its investments in Egypt, the Peninsula has reported. Located on the banks of River Nile in Al Gizah area of the Egyptian capital, the Four Seasons hotel features 269 rooms and shopping centres.

  • Qatar considers bridge rather than Doha Bay tunnel

    Qatar may build a bridge across Doha Bay instead of its planned $1bn subsea tunnel, Meed has reported. The Doha Bay Crossing was initially planned as a subsea tunnel that would run under the bay of Doha and link the New Doha International Airport with Lusail. However, authorities are considering other options, one of which is a bridge or causeway, Osama Freija, senior traffic engineer at the Municipality and Urban Planning Ministry, told the magazine at MEED's Qatar Transport 2010 Conference.

  • Qatar Diar prepares $3.5bn bond for property market

    Qatari Diar is preparing a $3.5bn bond as part of efforts to lead a restructuring of the country's real estate market, Reuters has reported.. The issue will have five and 10-year maturities, the source said. Diar holds a 45% stake in Barwa Real Estate, the sixth-largest developer in the Gulf region by market value, which is taking over rival Alaqaria in a government-ordered deal. Barwa also plans to sell assets through 2010 and 2011 to meet its obligations.

  • Qatar Exchange (QE) finishes 0.32% lower

    Doha's stock market opened positively but failed to sustain early momentum. The QE Index stood at 7,060.59 points as of the close of trading on Sunday. Insurance firms in particular weighed on the market which saw only 3.4m shares changing hands. Islamic Insurance closed 2.22% lower at QR44.00. General Insurance lost 0.52% (closing at QR51.00). Telecom operators Qatar Telecom and Vodafone Qatar bucked the index decline and ended both 0.6% higher, at QR165 and QR8.40 respectively.

  • Qatar Exchange adds 0.68%

    Investors in Doha continued to add positions in the real estate and banking sector. The QE Index, consisting of 20 constituents, ended 0.68% higher at 7,029.21 points. Qatar Islamic Bank advanced 2.35%, closing at QR73.30. QE heavyweight Qatar National Bank (QNB), however, failed to jump on the bandwagon and finished insignificantly lower at QR137. Qatar Navigation closed at QR81.80 (up 0.61%) after the company said that it plans to set up a QR1bn Logistics City in Al Thumama near Doha's indu

  • Qatar Exchange adds 0.75%

    Prices and turnover were slightly up in Dubai, with the QE Index ending 0.75% higher at 6,853.63 points. Industries Qatar posted the largest gain, up 5.02% at QR102.10. Qatar Islamic Bank (QIB)added 0.28% and finished at QR70.70. QIB's London-based subsidiary, European Finance House (EFH)'s Liquidity Subfund received a rating of 'AAf' in fund credit quality and 'S1+' in fund volatility from the Standard and Poor Ratings Service. 19 shares advanced, 10 declined and 8 shares ended flat in Doha.

  • Qatar exchange bucks regional downtrend

    The Qatar Exchange's QE Index ended 0.69% higher at 6,832.70 points on Tuesday. Strong performing financial stocks helped Doha's stock market to rebound. International Islamic Bank (2.37% higher at QR42.30) posted the largest gain among bank stocks. 24 shares advanced, seven lost value and eight finished flat. Commercial Bank of Qatar (CBQ) failed to jump on the bandwagon and ended off 0.91% at QR43.00.

  • Qatar Exchange gains 0.87%

    A sigh of relief was heard in Doha today after the Qatar Exchange closed above the resistance line at 6,800 points. The QE Index ended at 6,820.56 points (up 0.87%) with Qatar Telecom posting the third highest advance, gaining 2.38% at QR154.50. Thirty shares added value, five times more than those which lost (six) and three remained flat. With a year-to-date loss of 1.95%, the QE is currently the best performing GCC stock market, ahead of Saudi Arabia (off 2.64%) and Kuwait (down 4.02%).

  • Qatar Exchange loses 0.19% in lacklustre trading

    Turnover declined to a three-month low at the Qatar Exchange (QE), whose main index ended 0.19% down at 6,761.60 points. Some 5.3m shares changed hands. Doha bank finished 0.46% lower at QR43.40. According to the QE website, the exchange and the Qatar Central Bank (QCB) signed an agreement through which the latter is now carrying out all cash settlement services of electronic trading operations executed by brokers on the Exchange. An official source at the Qatar Exchange stated that the agree

  • Qatar Exchange loses a quarter percent

    Doha followed the general lacklustre sentiment in the GCC and closed 0.26% lower at 6,802.60 points. Trading volumes more than halved to some 3m stock changing hands. Cinema posted the largest loss, down 5.72% to QR28.00. Doha Bank bucked the trend, by gaining slightly (up 0.23% to QR43.90).

  • Qatar exchange tops GCC markets

    The Doha-based Qatar Exchange (QE) outperformed all other GCC markets (except Saudi Arabia's Tadawul market, which is closed on Thursdays). The QE Market Index ended 0.98% higher at 6,803.25 points as 30 stocks advanced, two shares declined and nine ended flat. General Insurance posted the largest advance, climbing 7.84% at QR55.00. Qatar Telecom (up 3.01%, at QR155.00) finished among the top gainers.

  • Qatar eyes Savoy shares, bids for Grosvenor House

    Sovereign wealth fund Qatar Investment Authority (QIA) is in talks to buy around a third share of the Savoy Hotel and, is also being reported to be among the final bidders in the £500m-plus auction of the Grosvenor House, both of which are London's most famous hotels, The Times has reported. The 120-year-old Savoy is owned under a 50-50 joint venture by the Prince Alwaleed bin Talal and HBOS. The Grosvenor House is being sold by Royal Bank of Scotland Group and there are as many as five other

  • Qatar Foundation forms new university

    All higher education institutions in Qatar's Education City have been brought under the umbrella of the Qatar Foundation (QF), forming a new university with higher educational programmes focussing on research, the Peninsula has reported. Provisionally named the Education City University (ECU), the university will be headed by Sheikh Dr Abdulla bin Ali Al Thani, who has been designated as president.

  • Qatar Islamic Bank buys $344m of bonds

    Salah Mohammed Jaidah, CEO of Qatar Islamic Bank has said the Islamic lender has bought QR1.25bn ($344m) of Islamic bonds offered by the government, Bloomberg has reported. "The investment initiative aims to also attract excess liquidity within the financial industry and offers well established local banks the opportunity to invest in a high return investment," he said. The eight-year sukuk is based on a leasing contract and is guaranteed by the Qatari government, the lender said.

  • Qatar launches healthcare fund regulator

    Qatar's Supreme Council of Health (SCH) has launched the Qatar Health Accounts (QHA), an initiative to monitor and regulate allocation of funds in the public and private healthcare sectors in the country, the Peninsula has reported. National health accounts are a set of accounts that describe all expenditure flows within the health sector, both governmental and non-governmental. They describe sources of funding, financing agents, use of funds, and beneficiaries of funds. The QHA was establish

  • Qatar lifts temporary ban on Rotarix children's vaccine

    Qatar's Supreme Council of Health (SCH) has lifted the temporary ban on children's vaccine Rotarix, the Peninsula has reported. The ban was lifted after laboratory tests approved by the US Food and Drugs Administration confirmed that the vaccine was safe for use. The European Medicines Agency has also said that the vaccine did not pose any health risks, SCH said in a statement.

  • Qatar market dips half a percent

    Low trading volumes and profit taking pulled the QE Index in Doha declined by 0.49% at 7,088.42 points. No stock, however lost more than 2.90%. On 22 June 2010, MSCI published its decision to retain Qatar as a frontier market. The country has been placed under review for a possible upgrade to emerging market status in MSCI's Annual Market Classification Review in June 2011. EFG Hermes Vice President and Head of Equity research Fahd Iqbal said in a statement, he expected the MSCI's move. The s

  • Qatar market ends slightly lower

    Despite of recovering during the last hours of trading, the Qatar Exchange (QE) failed to end in the green and closed 0.44% lower at 6,773.47 points. Doha Insurance hit the bottom of the charts by losing 3.20% and closing at QR27.00. Qatar Steel Company, a subsidiary of Industries Qatar (down 1.44% at QR97.00) announced today, that it will upgrade its production capacity by 30% with the support wof Germany's technology group Siemens. Qatar National Bank (QNB) topped the charts and advanced by

  • Qatar Market fickle in lacklustre session

    Doha's QE Index ended at 7,072.08 points (off 0.23%) amid very low trading volumes. General Insurance lost 5.45% and finished atQR52.00 as the largest declining share. Commercial Bank of Qatar (CBQ) bucked the trend and added 0.60%, ending at QR67.60.

  • Qatar market gains in a lacklustre session

    The QE Index gained 0.59%, closing at 7.049.40 points. Trading volumes fell by 40%, with some 4.7m shares changing hands in Doha. Qatar Islamic Bank (QIB), the number four in the gas-rich Gulf state, added 0.13% and finished at QR73.40. QIB announced today in a statement the investment of QR1.25bn in an Islamic Lease Sukuk (Ijarah Sukuk) issued by Qatar Central Bank on behalf of the government of Qatar. The investment is governed by an 8-year lease-contract that began on June 1st, 2010 and r

  • Qatar market hit by profit taking

    Advances from earlier this week were stopped at the Qatar Exchange (QE), ending 0.61% lower at 6.981.79 points. Qatar National Bank (QNB) lost insignificantly and closed at QR136.90. Qatar National Bank (QNB), following a detailed compliance audit, has been certified against the global ISO 27001:2005 standard by Bureau Veritas, which issues international ISO-standard certifications. This makes QNB the first bank in Qatar to have its disaster recovery operations certified. Barwa Real Estate wa

  • Qatar market leads GCC advances

    Doha's Qatar Exchange (QE) continued its rebound from last week and posted the largest GGC advance om Sunday, closing 0.98% higher at 6,920.48 points. As in the UAE, real estate shares in particular gained territory. United Development Company (UDC), developer of The Pearl Qatar, added 1.69%, ending at QR 24.20. Most of the banks also started positively into the week. Doha Bank advanced 0.91% and closed 0.91% higher at QR44.50. Trading volumes rose by over 20% but remained relatively low with

  • Qatar on track to hit LNG capacity target, says minister

    Mohammed al-Sada, Qatar's minister of state for energy, has said that Qatargas is expected to complete work on two remaining trains by year end, raising the Gulf state's capacity to liquefy 77 million tonnes of natural gas annually before the end of 2010, Reuters has reported. "The target of 77 million tonnes is undoubtedly going to be achieved," he said. "It is towards the end of this year that we are planning to achieve it. All the projects are progressing very well."

  • Qatar Prime Minister demands bank upgrades

    Qatari prime minister has said that local banks need to upgrade and enhance their services beyond giving away loans and accepting customer deposits, the Peninsula has reported. "If they (banks) have to face foreign competition, they could be in a big problem," Sheikh Hamad bin Jassem bin Jabor Al Thani said. He also revealed the proposed rail projects in the country would open up a number of business opportunities for local firms.

  • Qatar signs up to international renewable energy statute

    Irena to achieve international organisation status in July

  • Qatar Steel inks deal with Siemens

    Qatar Steel has signed an agreement with Siemens VAI for upgrading the capacity of the steel maker's melt shop by 30%, Gulf Times has reported. Siemens will supply and install the core equipment required for the upgrade. The new plant will be commissioned by the second quarter of 2012, Qatar Steel said.

  • Qatar stocks fickle

    Doha's Qatar Exchange (QE) failed to sustain its small upswing from Monday and declined by 1.39%, closing at 6,737.40 points. Weak financial stocks weighed on the QE Market Index. Al Khaliji Commercial Bank posted the second largest loss, ending 2.76% lower at QR2.76. Its board of directors today approved the initiation of merger talks with International Bank of Qatar.

  • Qatar Telecom leads Doha exchange advance

    The QE Index extended its rebound from Sunday, finishing 1.05% higher at 7,123.12 points. Shares of Qatar Telecom gained 4.50% (at QR169) while its rival Vodafone Qatar ended flat at QR8.40. Qatari shipping company Nakilat (which means "carriers" in Arabic) was the most liquid share, closing unchanged at QR19.20.

  • Qatar to award Dukhan Highway contracts this year

    Qatar’s Public Works Authority plans to invite firms to bid for these contracts soon

  • Qatar to invite bids for Lusail Expressway

    The expressway will involve building bridges, slip roads and tunnels

  • Qatar to invite bids for mega expressway project

    Qatar's Public Works Authority (Ashghal) will invite companies to submit bids for the construction of the new Lusail Expressway project by the end of August, Meed has reported. The expressway, which will be about 12 kilometres long and will run from Doha to Lusail and offshore real estate development the Pearl, will be among the biggest in the region with up to seven lanes in each direction. Construction work is planned to take 36 months.

  • Qatar to regulate alternative medicine

    Qatar's Supreme Council of Health (SCH) is working on a comprehensive policy to organise and regulate the alternative medicine sector, the Peninsula has reported. "There is a need for alternative medicine in the country and we must address that need in a safe way. We must ensure that fraudsters don't enter the market in the name of alternative medicine. This calls for strict supervision as well as standards and regulations to organise and monitor the sector," Dr Jamal Rashid Al Khanji, direct

  • Qatar to set up commerce school

    Qatar's Supreme Education Council has signed an agreement with the country's central bank to establish an independent secondary school of commerce, Gulf Times has reported. The Independent Secondary School of Commerce, which is scheduled to commence its first classes in the next academic year, will provide business and financial sector training as part of an educational curriculum.

  • Qatar to spend $100bn on development projects

    Qatari finance minister Yousuf Hussain Kamal has said the government and state-owned firms plan to spend $100bn on infrastructure projects within the next four years, Bloomberg has reported. The government will spend more than $40bn on projects, while the remaining amount will come from government subsidiaries such as Qatar Petroleum, Kamal said. "The main projects are roads, sewage treatment, water treatment, and infrastructure like ports and airports," he said at a Turkish-Arab economic con

  • Qatar to tender road project management contracts

    Consultancy contracts cover seven schemes

  • Qatar: Cable oil

    Supply of cable oil for oil filled cables

  • Qatar: Cathodic protection monitoring services

    Provision of cathodic protection monitoring services

  • Qatar: Drydocking services

    Carrying out drydocking and modification works at a single buoy mooring for a petroleum company

  • Qatar: Electrical distribution substation inspection

    Carrying out the inspection of electrical distribution substations

  • Qatar: Electrical substation civil works

    Carrying out civil works for electrical substations

  • Qatar: Electricity service connections

    Carrying out direct electricity service connection works

  • Qatar: Gas plant compressor upgrade

    Carrying out engineering, procurement, installation and construction services for the upgrade of a compressor at a gas recycling plant

  • Qatar: Industrial city construction works

    Carrying out maintenance services and minor construction works at an industrial city

  • Qatar: Inspection and NDT services

    Provision of inspection and NDT services for a gas company

  • Qatar: Instrumentation PCRs

    Provision of engineering, procurement, installation and commissioning services to complete 20 instrumentation plant change requests (PCRs)

  • Qatar: International highway O&M

    Operation and maintenance (O&M) of an international highway

  • Qatar: Overhead power line works

    Carrying out modifications to overhead power lines within the Dukhan fields

  • Qatar: Package treatment plant consultancy

    Provision of consultancy services for a package treatment plant operation and maintenance (O&M) project

  • Qatar: Sewerage project consultancy (north)

    Provision of consultancy services for a sewerage project in the north

  • Qatar: Sewerage project consultancy (south)

    Provision of consultancy services for a sewerage project in the south

  • Qatar: Turbine control upgrade

    Upgrading of turbine controls at the Dukhan fields

  • Qatar: Water project consultancy

    Provision of consultancy services for water projects

  • Qatar-Bahrain causeway project postponed

    The estimated $4bn Qatar-Bahrain Causeway project has been put on hold and the contracting consortium involved with the project is demobilising, Meed has reported, citing sources close to the project. "The causeway is delayed and we are demobilising our team in Doha," a source at the contracting consortium working on the project was quoted as saying. The source could not confirm the reason behind the decision, or when work will restart.

  • Qatargas appoints new CEO

    Qatar Petroleum has announced the appointment of Sheikh Khalid bin Khalifa al-Thani the new CEO of Qatargas, replacing Faisal al-Suwaidi, Reuters has reported. Sheikh Khalid was previously director of Ras Laffan Industrial City, home to much of Qatar's gas infrastructure including all of its LNG production facilities and run by state energy giant Qatar Petroleum.

  • QIA to invest $2.8bn in Agricultural Bank of China IPO

    Qatar Investment Authority (QIA) has signed an agreement to invest $2.8bn in the initial public offering of the Agricultural Bank of China, Bloomberg has reported. The bank has allocated more than $5bn for corporate investors such as QIA in the Hong Kong part of its IPO, sources said. Agricultural Bank is seeking to raise $15 billion in the Hong Kong part of the IPO.

  • Queen Alia Airport records passenger increase

    Airport International Group, the operator of Jordan's Queen Alia International Airport (QAIA) has said that passenger traffic performance in May rose by 13.4% year-over-year to 419,606 passengers. Aircraft movement also saw a 9% growth with 5,221 aircraft movements in May compared to 4,787 in May 2009, the firm said.

  • Rak Airways to relaunch by year-end

    The airline suspended passenger operations in 2009

  • RAK Ceramic shines at Abu Dhabi market

    Abu Dhabi's ADX General Index performed in line with Dubai on Monday, advancing 1.02% at 2,561.98 points. Shares of RAK Ceramics (up 6.90% at Dhs1.55) posted the second largest gain. The listing process of RAK Ceramic's Bangladesh subsidiary has been completed at Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The firm received IPO collection of more than $258.6m in Bangladesh to make the company debt-free and fund future projects in the Asian country, as the public portion of

  • RAK Ceramic tops at Abu Dhabi bourse

    Shares of Ras al-Khaima (RAK) Ceramic (up 6.43% at Dhs1.49) posted the largest advance at the ADX, which ended 0.69% lower at 2,514.01 points. During the first six months the ADX lost 8.37%. The real estate sector index was hit once again by a major retreat. Sector bellwether Aldar Properties weakened 3.50% and closed at Dhs2.73. Only four shares advanced in value, while 19 declined and seven remained flat.

  • RAK Ceramics bags Dubai International Airport contract

    RAK Ceramics has been awarded the contract to supply tiles for the Dubai International Airport Phase II Expansion Project that involves a terminal for the Airbus A380 fleet. The contract includes the supply of more than 100,000 square metres of tiles of various dimensions, which will be in different areas of the terminal.

  • RAK Ceramics listing oversubscribed by 15 times

    Listing sets record as highest-ever in Bangladesh

  • RAK Ceramics lists Bangladesh subsidiary

    RAK Ceramics has said the listing process of its Bangladesh subsidiary has been completed at Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The company received initial public offering collection of more than $258.6m in Bangladesh to make the company debt-free and fund future projects in the Asian country. The public portion of the IPO was around 15 times oversubscribed.

  • Real estate firms drag Dubai market down

    Islamic real estate developer Deyaar Development (off 4.35% at Dhs0.33) and Emaar Properties (down 2.14% at Dhs3.20) were the most liquid shares and weighed on the DFM Index, which closed 1.16% lower at 1,515.39 points. Sharia-compliant banks Gulf Finance House (up 2.40% at Dhs0.512) and Ajmanbank (gaining 0.53% at Dhs0.761) on the other hand bucked the lackluster trading mood. Two years after its foundation, Ajmanbank hired global consultancy firm AT Kearney in order to redesign its organiza

  • Real estate firms weigh on Abu Dhabi market

    The Abu Dhabi Securities Exchange (ADX) General Index ended 1.29% lower at 2,537.92 points in a lackluster trading. Shares of real estate heavyweights Aldar Properties (off 2.84% at Dhs3.09) and Sorouh real estate (down 2.38% at Dhs2.06) weighed on the market. With energy prices being again on the retreat, shares of Dana Gas finished with the largest stock loss, closing at Dhs0.68 (off 4.29%).

  • Real estate shares weigh on Abu Dhabi bourse

    Abu Dhabi'S ADX General Index lost slightly and closed at 2,515.39 points amid heavy losses in the real estate development sector. Aldar Properties (off 2.29% at Dhs3.01) and Sorouh Real Estate (plummeting 4.46% at Dhs1.92) in particular pulled the index down. Energy heavyweights ended mixed, with Taqa losing 2.73% at Dhs1.07. On the contrary, Dana Gas, which specializes in the exploration, production, processing, transport, distribution, and sales of natural and liquefied, was most actively

  • Real estate stocks lift Abu Dhabi index by 0.82%

    The ADX General Index rose on Sunday amid a GCC wide rebound mood, closing 0.82% higher at 2,536 points straight. As in Dubai, the capital emirate real estate development bellwethers were demanded. Aldar Properties surged 4.68%, finishing at Dhs3.19 after the developer announced that it signed an exclusive partnership agreement with U. S. food and beverage giant PepsiCo for the Ferrari World Abu Dhabi, the world's largest indoor theme park, which will open to the public on October 28, 2010. S

  • Redtag Group launches its first store in Sharjah

    Fashion firm, The Redtag Group has announced the opening of its first store in Sharjah at Safeer Mall, as part of its expansion plans for the UAE. The brand offers a range of fashion, accessories and homeware. The firm plans to open 12 additional Redtag stores per year over the next three years as well as to convert the remaining stores to the Redtag brand during the same timeframe.

  • Regional exchanges need government support

    Abu Dhabi and Dubai should merge their exchanges

  • Regional telecoms operators to seek industry partners

    Falling profit margins to trigger a new wave of telecoms mergers and acquisitions 

  • Remco may build $250m cement plant in Egypt

    Egypt's third-biggest publicly traded resorts firm, Remco for Touristic Villages Construction, has said it is considering plans to build a $250m cement plant in the country, Bloomberg has reported. "We're currently studying two available licenses for the cement plant in South Sinai and Wadi El Gadeed," Ayoub Adly Ayoub, Remco's president told the news service. "There are also eight new ones that we will study. The plant would have a capacity of 1.5 million tonnes."

  • Repsol pulls out of Iran gas deal

    Spain's Repsol has announced it is pulling out of a contract it had won with Royal Dutch Shell to develop part of the South Pars gas field in Iran, Reuters has reported. The firm was given an ultimatum by Iran to finalise its initial decision in May or withdraw. A spokesman for Shell declined to confirm whether the company will remain to develop phases 13 and 14 of the South Pars project, but noted that Shell will comply with any international trade restrictions which are placed on Iran.

  • Request for qualification issued for Kuwait's first independent water and power project

    Developers have until the 26 August to respond

  • Resta to manage Al-Qasr Hotel in Yemen

    Egypt-based Resta Hotels and Resorts has announced the signing of a management agreement for the Al-Qasr Hotel & Resort in the city of Aden, Yemen. The 239-room Al-Qasr Hotel is scheduled for opening in November this year to host the 2010 Gulf Cup.

  • Riyad bank website hacked

    Saudi Arabia's Riyad Bank has said its customers' accounts are safe after the lender's website was taken over by hackers for five hours on Sunday. "Our customers' accounts are separate from the site that was hacked," a source at the bank said, adding that precautionary measures have been taken to protect the website from being hacked. The website was under control of the hackers, calling themselves "team 04 HrB" on Sunday at 2am.

  • Riyadh market finishes the trading week positively

    Saudi Arabia's Tadawul market, which remains closed during the Saudi weekend on Thursday and Friday, was mainly driven by construction and energy-related shares on Wednesday. The main index TASI advanced 0.26%, closing at 6,346.44 points. Dar Al Arkan Real Estate Development Company added 0.73% and finished at SR13.80. Yanbu National Petrochemical Company posted the third largest advance, rising by 3.53% to SR41.10. The Saudi Stock Exchange gained 3.85% during week.

  • Riyadh tackles environmental deficiencies

    Government plans to build 10 facilities to monitor air quality in Riyadh

  • RJ launches service to Kuala Lumpur

    Royal Jordanian has started regular service to Kuala Lumpur after a seven-year suspension between the two countries due to commercial reasons, Jordan Times has reported. RJ's CEO said the airline is resuming flights to the Malaysian capital in light of the country's economic revival and the growth of its commercial activity and tourism.

  • Rosneft joins Crescent Petroleum in Sharjah concession

    UAE-based private oil firm, Crescent Petroleum Co and Russia's Rosneft Oil Co have signed a farm-out agreement for the Sharjah Onshore Concession. The two firms will work together to develop the Sharjah Onshore Concession which neighbours the prolific Sajaa gas field in production since 1982. Crescent will hold 51% of the participating interest in the concession, while Rosneft will hold the remaining 49%. The current agreed investment plan of approximately $60m will be used for initial explor

  • Rotana Hotels opens Dubai beach property

    The first Rotana property with direct beach access in Dubai has been opened at Jumeirah Beach Residence, Gulf News has reported. The opening of the 301-room hotel had been delayed by two years due to contractual agreements between the owner and the developer, Omer Kaddouri, chief operating officer, Rotana Hotels, told the daily. "This is indeed a good time to open. We expect 40% occupancy until the end of Ramadan rising to 80% in the last quarter of this year," he said.

  • Rotana to open Qatar hotel

    Rotana is set to open a new hotel in Qatar, marking the first hotel managed by the firm in the country. Located close to Doha's International airport, the 400-room hotel features five food and beverage venues, nine f meeting rooms, two ballrooms, and leisure services. The hotel will be called the Oryx Rotana.

  • Royal Falcon announces Abu Dhabi flight

    Jordan-based Royal Falcon Airlines has announced the launch of a two-weekly direct service from Amman to Abu Dhabi. This will be the carrier's second direct flight into the UAE after its service to Sharjah, which started in March 2010. The airline will deploy a Boeing 737-400 for the Abu Dhabi route with two weekly flights on Tuesdays and Saturdays.

  • Royal Jet takes delivery of new business jet

    Abu Dhabi-based Royal Jet has said it has taken delivery of its sixth Boeing Business Jet (BBJ). The new BBJ, which is a high-performance derivative of the Boeing 737-700, is configured to accommodate up to 18 guests. In addition to the new aircraft, Royal Jet's refurbished BBJ will return later this month, while an Embraer Lineage 1000 is set to arrive later in the year.

  • RTA abolishes Marine Agency

    Dubai's Roads and Transport Authority (RTA) has abolished its Marine Agency due to scaling down of several marine transport projects, Gulf News has reported. The move is part of a decision by Dubai's Crown Prince and chairman of the Executive Council, Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, to reorganise the RTA. The Marine Agency will work under the RTA's Public Transport Agency (PTA), which will supervise the water transport including water buses, water taxis and the traditional a

  • RTA e-services to be launched in July

    New online licensing-related services will be launched by Dubai's Roads and Transport Authority (RTA) next month, Khaleej Times has reported. "RTA will be introducing new channels in July for its licensing eServices to customers using the different identified channels," Abdulla Ghuloom Bastaki, director of IT department at RTA said.

  • Rubber World Industries to increase rubber production

    Rubber World Industries (RWI) has said that despite the global increase in prices of chemical materials and rubber during the last six months, it plans to increase production by 25% this year. The company's plan is part of a broader strategy to produce 3,600 containers per year by 2013, RWI said. The firm has invested Dhs30m ($8.1m) in order to achieve this goal.

  • Rumaillah Groups buys share of Apton Partitioning

    Qatari company acquires majority stakeholding in UK-based company

  • SABIC secures $1bn credit

    Saudi Basic Industries Corp (Sabic) has secured a $1bn Shari'ah-compliant credit facility from Saudi-based Alinma Bank, Reuters has reported. The facility will fund some of Sabic's petrochemical projects, as part of its strategic plans to enhance financing performance and help it achieve its expansion and growth strategy, the lender said. The firm did not disclose the terms of the facilities.

  • Sabic shares surge 2.18%

    The Saudi Stock Exchange ended 1.06% higher at 6,413.10 points, posting the second largest advance in the GCC on Sunday. Market bellwether Saudi Basic Industries Corporation (Sabic) was the most liquid stock, closing at SR94 (up 2.18%). Sabic is also regarded as a regional energy industry indicator. Most insurance firms posted losses, with Al Ahlia declining by 4.17% at SR51.75.

  • Salcon wins $15m water recycling contract

    Salcon has been awarded a AED55m ($15m) contract to design, engineer and build a water recycling plant in Abu Dhabi. The firm, which is a subsidiary of Boustead, was awarded the contract from Abu Dhabi Sewerage Services Company (ADSCC). The treated sewage effluent (TSE) plant will have a capacity of 6 million gallons per day and will use processes such as ultra filtration treatment and ultra violet light disinfection.

  • Sales of beauty products rise in UAE

    The UAE National Human Resources Development and Employment Authority has revealed that purchases of beauty products in the country have been expanding by more than 12.5% per year, Gulf News has reported. This trend will continue in the context of the expected growth of the UAE's population, the authority said. The increase accounted for a 30% expansion in the space devoted to beauty and perfume retailing in the past three years, the authority noted.

  • Sama increases flights

    Saudi's Sama Airlines has increased flights on a number of its international destinations to meet growing demand during the summer season. The carrier raised the number of flights on the Riyadh - Amman and Riyadh - Damascus routes from three to five per week, and four to six per week, respectively. Sama also increased the number of flights from Jeddah to Damascus from seven to nine per week and to Khartoum from three to four per week.

  • Samba predicts Saudi economy improvements

    Samba Financial Group has said Saudi Arabia will see economic conditions improve until 2012, supported by a mix of strong oil prices and high output, boosting consumer confidence and balance of payments positions, Saudi Gazette has reported. "The resilience of oil prices is helping to support consumer confidence," Samba said in its June economic monitor. This, combined with increased lending to the private sector, will help push real GDP growth to 4% in 2010 from 0.6% last year. Real GDP is f

  • Samco plans Jubail acrylic acid plant award

    Construction contract will be awarded by September

  • Sameer al-Ansari leaves Dubai International Capital

    Investment firm appoints new board

  • Samsung Engineering joint venture selected for Bahrain wastewater plant

    South Korean contractor and partner in commercial negotiations for $200m wastewater plant

  • Samsung launches two new smart phones

    Samsung Electronics has launched two new smart phones into the Middle East market. The Samsung Galaxy S and Samsung Wave feature new Super AMOLED displays to improve visibility. The Samsung Galaxy S is Android powered. Both phones feature a new form of text input called Swype.

  • SanDisk signs Bahrain distribution agreement

    Global flash storage cards supplier, SanDisk has signed a distribution agreement with Bahrain-based International Agencies (Intercol). According to the deal, Intercol will introduce the entire range of SanDisk storage products through its distribution networks. "The global flash memory market has been predicted to grow at 12% annually and touch BD36.3bn ($99bn) by 2015," said Abdulrahman Ali Alwazzan, director, Intercol.

  • Saudi Arabia power plant financing signed

    Independent power project expected to reach financial close on 22 June

  • Saudi Arabia power plant reaches financial close

    Construction of PP11 facility to take three years

  • Saudi Arabia presses ahead with a wastewater revolution

    Modernising and expanding the sewage system has become one of the top priorities of the Saudi Arabian government. The pace of investment in the sector is accelerating

  • Saudi Arabia to allow foreigners to own property

    Foreigners will be allowed to own property in Saudi Arabia for the first time in one of four new metropolitan areas under construction in the kingdom, Bloomberg has reported. King Abdullah Economic City, known as KAEC and named after the head of state, will be the first freehold city in the kingdom as the country seeks new sources of investment. The city is being built by Emaar Economic City, a company controlled by the Saudi Arabian government and Dubai's biggest property developer. "A lot o

  • Saudi Arabia to privatise ports

    The kingdom is also considering developing a new port in Jeddah to handle food imports

  • Saudi Arabia: Agricultural materials

    Supply of agricultural materials

  • Saudi Arabia: Air force mess buildings construction

    Construction of mess buildings for an air force authority

  • Saudi Arabia: Ambulance vehicles

    Supply of ambulance vehicles

  • Saudi Arabia: Cable curing

    Provision of cable curing services

  • Saudi Arabia: College accommodation

    Construction of six six-storey accommodation blocks at an industrial college

  • Saudi Arabia: Control and investigation building

    Construction of a control and investigation building

  • Saudi Arabia: Electronic radiology equipment

    Repair and maintenance of electronic radiology equipment for a military hospital

  • Saudi Arabia: Enterprise resource planning system

    Implementation of an enterprise resource planning system

  • Saudi Arabia: Gas turbine works

    Carrying out repair works to gas turbines

  • Saudi Arabia: Hospital heaters and thermal relays

    Replacement of social centre heaters and thermal relays for a military hospital

  • Saudi Arabia: Housing villas

    Construction of 166 housing villas

  • Saudi Arabia: Library

    Development of a central library at a university

  • Saudi Arabia: Medical gases network

    Completion of a medical gases network

  • Saudi Arabia: Medical materials

    Supply of medical materials for a hospital

  • Saudi Arabia: Medical supplies

    Provision of medical supplies

  • Saudi Arabia: Mosque maintenance

    Cleaning and maintenance of mosques

  • Saudi Arabia: Patrol boats

    Supply of fast patrol boats

  • Saudi Arabia: Pharmacy materials

    Supply of pharmacy materials for a hospital

  • Saudi Arabia: Power and desalination plants

    Construction of a power plant and a desalination plant

  • Saudi Arabia: Public utilities works

    Carrying out maintenance and renovation works at public utilities

  • Saudi Arabia: Radiology equipment

    Provision of radiology equipment

  • Saudi Arabia: Radiology equipment

    Supply of radiology equipment and an electronic archiving system

  • Saudi Arabia: Radiology equipment

    Supply of radiology equipment for a hospital

  • Saudi Arabia: Recreation facilities project

    Operation and management of Royal Commission recreation facilities

  • Saudi Arabia: Schools construction

    Construction of schools in the Jalmudah district

  • Saudi Arabia: Solid waste disposal

    Carrying out disposal of solid wastes

  • Saudi Arabia: Sterilisation materials

    Supply of sterilisation materials for a military hospital

  • Saudi Arabia: Trees

    Supply and planting of trees

  • Saudi Arabia: Turbine overhaul (no. 1)

    Comprehensive overhauling of a turbine (no. 1)

  • Saudi Arabia: Turbine overhaul (no. 2)

    Comprehensive overhauling of a turbine (no. 2)

  • Saudi Arabia: Vehicles

    Supply vehicles for epidemics control programmes

  • Saudi Arabia: Water networks

    Implementation of water networks

  • Saudi Arabia: Water plant expansion

    Expansion of a water plant

  • Saudi Arabia: Water well drilling

    Drilling and backfilling of water wells

  • Saudi Arabia: Wireless communications systems

    Supply of wireless communications systems

  • Saudi Arabia's Tadawul bourse dips 0.69%

    The KSA market failed to secure a small profit of the first six months of 2010. After a slightly positive opening the Tadawul All Share Index ended at 6,093.76 points (down 0.69%) and that results in a loss of half a percent in relation to its year-to-date performance. Oil and insurance firms mostly declined while some retail and food companies showed some form of defiance. Petrochemical heavyweight Sabic declined further (down 1.44 at SR86.75).

  • Saudi Aramco reveals 260 billion barrels of oil reserves

    Saudi Aramco has revealed it has 260 billion barrels of oil reserves and plans to increase natural gas output to 15.5 billion cubic feet a day by 2014, Bloomberg has reported. "To ensure availability and reliability, we have invested heavily in new developments to increase oil production capacity," Mohammed Al-Qahtani, the executive director of Aramco's Petroleum Engineering and Development unit said. "A lack of resources isn't a constraining factor."

  • Saudi Aramco signs Japan crude storage agreement

    State oil firm Saudi Aramco has signed a deal with Japan's trade ministry to store 3.8 million barrels of crude oil in Japan, giving the firm better access to Asian markets, Reuters has reported. Under the agreement, crude will start arriving later this year at the Okinawa Oil Base (OCC), the ministry said. The deal follows an agreement signed last year by Abu Dhabi National Oil (Adnoc) with Japan to store crude in the country, as Middle East oil producers attempt to boost their onshore crude

  • Saudi awards $1.6bn contracts to charitable housing foundation

    Saudi Arabia's Jizan province has awarded the King Abdullah bin Abdulaziz Foundation for His Parents For Charitable Housing SR6bn ($1.6bn) contracts to build houses for displaced people in the province bordering Yemen, Saudi press agency has reported. The foundation will build 6,000 housing units, 31 mosques, 35 schools, and five health centres in five different locations in the southern province.

  • Saudi awards $334m of water contracts

    Saudi Arabia's National Water Co (NWC) has awarded nine contracts worth SR1.255bn ($334m) for projects in the first phase of a strategic water plan in Riyadh, Saudi press agency has reported. The plan is aimed at making full use of the Ras Al-Zour Water Desalination Station of Saline Water Conversion, which is expected to pump nearly 800,000 cubic meters of water per day. Joint local and South Korean consortiums have won four contracts worth SR642m while other national companies won five cont

  • Saudi awards contracts worth $267m to local firms

    The Saudi government has awarded local firms 38 contracts worth more than SR1bn ($266.7m) for infrastructure projects, Reuters has reported. The contracts are part of $400bn the kingdom is spending in the five years to 2013 on infrastructure projects to boost the economy and create jobs for the country's growing population of over 25 million.

  • Saudi bank lending may rise 8% in 2010, says NCB

    Saudi Arabia's National Commercial Bank has said that lending in the kingdom may grow 8% in 2010, Bloomberg has reported. In 2009 "despite the actions that have been taken by the monetary authority to stimulate lending, unfortunately Saudi banks were cautious and risk averse," Said al-Shaikh, chief economist at NCB said. "As of 2010 we see a pick-up in lending" with Saudi banks having 'enough liquidity to deploy'.

  • Saudi British Bank cancels Adeem MoU

    Saudi British Bank has announced the cancellation of a memorandum of understanding (MoU) with Adeem Financial, Emirates Business has reported. The bank, which is 40% owned by HSBC Holdings, did not identify the reasons behind the move when it was revealed on the Saudi bourse website.

  • Saudi developers reconsider office projects in saturated Riyadh market

    At least 1.3m square-metres of new commercial space forecast to be added by 2015

  • Saudi Electricity to boost tariffs

    Ali Saleh al-Barrak, chief executive of Saudi Electricity has said the company will increase tariffs for government, commercial and industrial users as of July 1, which would add SR3.2bn to its annual revenues and boost its profitability, Reuters has reported. "Revenues from electricity sales are not enough to cover operating costs and at the same time fund the investments required by the growth in demand," he said.

  • Saudi Electricity to build $2.1bn power plant

    Saudi Electricity Co has said it will sign a contract next week with GDF Suez and two other firms to build a 1,730 megawatt power plant costing SR7.9bn ($2.1bn), Bloomberg has reported. The plant will become operational in 2012 and Saudi Electricity will buy the electricity for the next 20 years, it said. The deal will be part-financed by banks, SEC noted.

  • Saudi expecting tourism revenue increase

    The Saudi Commission for Tourism and Antiquities has said that revenue from tourism in the kingdom is expected to grow by 4.8% in 2010, as the country tries to attract more visitors and religious pilgrims, Reuters has reported. Tourism revenue will reach SR66bn ($17.6bn) and rise to SR118bn in 2015, the organisation said. Saudi is looking to boost tourism in an attempt to diversify its economy.

  • Saudi firms fined over stock market disclosure

    Saudi Arabia's Capital Market Authority (CMA) has fined three firms up to $27,000 for breaching disclosure rules, Reuters has reported. Al Baha Investment and Development was fined SR100,000 ($27,000) for disclosing acquisition plans to the regulator after they were leaked to a website, while Methanol Chemicals (Chemanol) and Saudi International Petrochemical were fined SR100,000 and SR50,000, respectively, for other disclosure violations, CMA said.

  • Saudi firms fined SR66m for spams

    Saudi Arabia's Communications and Information Technology Commission (CITC) has fined telephone companies some SR66m for sending unsolicited bulk text messages to mobile telephones, Saudi Gazette has reported. "We have received a large number of complaints, and fines of over SR66 million have been given to companies found in breach," Dhaifallah Al-Zahrani, Deputy Governor for Legal Affairs at the CITC, said.

  • Saudi GDP to rise 4% in 2010

    Saudi Arabia's Samba Financial Group has said that real GDP and the non-oil sector in the kingdom will grow by 4% this year as oil production increases, while inflation will stabilise at an annual average of 5%, Reuters has reported. "The recovery in economic activity is gathering pace, with renewed strength in corporate finance flows," economists at Samba Financial Group said in a report.

  • Saudi inflation set to increase

    Economists have said that inflation in Saudi Arabia may increase further in the coming months, after hitting a one-year high of 5.4% year-on-year in May on rents and food prices, Reuters has reported. "We forecast that rental pressure will continue to increase with the strengthening in economic activity, while food prices will increase in August with the holy month of Ramadan," Monica Malik, chief economist at EFG-Hermes in Dubai said.

  • Saudi introduces consumer protection agency

    Saudi commerce and industry minister, Abdullah Zainal Alireza has announced plans to set up an agency for consumer protection, Arab News has reported. An agreement had been signed between the ministry and a specialised international firm to prepare a plan for the new agency with the objective of improving its efficiency and enabling it to provide the best possible services to the public, he said.

  • Saudi investment firm eyes Asia agricultural deals

    A newly established investment firm by a group of Saudi businessmen has announced plans to invest in agricultural products in Asia, the Financial Times has reported. The SR100m ($26.6m) Far East Agricultural Investment has already arranged leases in Cambodia, Vietnam, Pakistan and the Philippines for aromatic and long grain basmati rice, both intended to export to Saudi Arabia at market prices, according to Mohammed Abdulla al-Rajhi, chairman of the new company.

  • Saudi launches ports privatisation plan

    The Saudi Ports Authority has announced the launch of a private company that will manage all eight seaports in the kingdom, Arab News has reported. The authority has completed studies for the privatisation scheme, the authority said. Transport minister Jabara Al-Seraisry said that his ministry is currently studying the construction of a new port at Al-Lith on the Red Sea coast as a backup for the Jeddah Islamic Port in the Makkah Province.

  • Saudi market drops 2.52%

    Weak buying interest due to declining oil prices dragged Riyadh's Tadawul exchange down by 2.52%, closing at 5,966.02 points. Oil traded lower by around 2 per cent on Tuesday. As a direct impact, the Tadawul petrochemical index posted the largest decline (off 3.29%) among the sector indices. Market bellwether Saudi Basic Industries Corporation (Sabic) plummeted three per cent lower and ended at SR86.25.

  • Saudi market falls on oil price decline

    The Riyadh-located Tadawul market plummeted 2.65%, closing at 6,135.86 points as oil prices were hit by worrying data from East Asia and by comments made by the Bank of International Settlements (BIS) about an alleged weak status quo of the global financial sector. Consequently market leader and petrochemical giant Saudi Basic Industries Corporation (Sabic, off 3.87% at SR87) and a number of banks posted heavy losses. But there were also gainers in Riyadh: Amana Cooperative Insurance Co. and

  • Saudi market heads down a quarter percent

    The Tadawul All Share Index (0.25% lower at 6,302.58 points) was dragged down by transport and energy shares. The market bellwether Sabic, however, ended unchanged at SR90.50. A number of insurers advanced against the sluggish trading. Wataniya Insurance Company posted the largest gain, closing 9.74% higher at SR51.25. As oil prices declined below $78 on Monday, the KSA market might remain in a tricky mood.

  • Saudi market starts strongly, loses steam

    Despite robust oil prices approaching the level of $80 per barrel, the Saudi Arabian Tadawul exchange ended 0.55% at 6,318.16 points amid a weak performing petrochemical sector. Market bellwether Sabic lost 1.09%, closing at SR90.50. Gulf General Cooperative Insurance Company jumped 10% and finished at SR30.80.

  • Saudi might enrich uranium for nuclear plants

    A consultancy firm has said that Saudi Arabia could mine and enrich uranium to fuel power plants if it embarks on a civilian nuclear energy program, Reuters has reported. Finnish management consultancy Poyry, which is preparing a draft nuclear strategy for Saudi Arabia, said the kingdom wants to play a role in as many of the stages of generating nuclear power as possible. "They want to be involved in as many aspects as possible and our study is to evaluate what part of it is possible at a rea

  • Saudi mortgage law could be delayed

    Saudi American Bank Group (Samba) has said Saudi Arabia could delay its approval for the kingdom's first mortgage law, Emirates Business has reported. "Despite the heightened anticipation, there are no clear signs that the law will gain final approval this year. Those who have seen the law say it lacks details about implementation mechanisms, among other areas," Samba said in a study. Hassan Akeel, under-secretary of the trade and industry ministry estimated the total credit extended by the k

  • Saudi oil completes $100bn expansion plan

    Saudi Aramco has said it has completed a $100bn investment programme launched over the past few years to expand the kingdom's hydrocarbon industry. The funds were channelled into oil and gas output capacity expansions, petrochemicals, refining and associated projects, the state-owned firm said. The investment programme has added nearly 3.8 million barrels per day (bpd) to the kingdom's crude output capacity, including around two million bpd in 2009 alone, it said.

  • Saudi oil minister backs oil prices to stay at current level

    Saudi Arabia's oil minister, Ali Al Naimi has said he expects oil prices to stay in the "ideal realm" of $70 to $80 a barrel, a level seen fair by consumers and producers and defended by oil market investors, Reuters has reported. In an interview published by consultancy Petroleum Policy Intelligence, Al Naimi said: "There was a general consensus (between producers and consumers) that this is a fair price." The kingdom has pegged $75 as a level high enough to encourage investment but low enou

  • Saudi stock market surges 1.85%

    In line with the recovery at Western stock markets the Saudi Arabian Tadawul All Share Index (Tasi) advanced 1.85% and closed at 6,110.98 points, well above the psychological important resistance level at 6,000.00 points. Higher oil prices, advancing nearly 3% until the close of trading in Riyadh to almost $74 per barrel, supported the bull's run. Al-Ahlia Insurance rebounded nine percent and ended at SR50.52 points after hit a new-year low on Tuesday. Market bellwether Sabic added 2.5% (clos

  • Saudi Telecom denies India telco tower reports

    Saudi Telecom (STC) has denied reports it was discussing buying a stake in an Indian telecoms tower unit, Reuters has reported. "There are no discussions to buy a stake in this firm," Ghassan Hasbani, the chief executive for international operations at STC, said. An Indian publication, citing sources with direct knowledge of the developments, said state-owned STC was looking to take a stake of 10% to 15% in the GTL-Reliance Infratel tower unit.

  • Saudi Telecom wants international expansion

    Ghassan Hasbani, chief executive of the international division at Saudi Telecom (STC) has said the telecoms firm is looking for international expansion deals, Reuters has reported. "We are on a trail of rational expansion, but we are not looking just for financial investments but assets that make operational sense in South Asia, Middle East and North Africa. This is where our current footprints exist today and where there are potential markets that would complement our current footprint," he

  • Saudi telecoms firm fined

    Saudi Arabia's state-controlled Saudi Telecoms Co (STC) has been fined by the Capital Market Authority for violating stock market disclosure rules, Reuters has reported. STC was fined SR100,000 for failing to disclose stock option programmes for senior management in its 2009 annual report, the regulator said in a statement.

  • Saudi to ban soft drinks in hospitals

    A total ban on the sale of soft drinks in hospitals and clinics in Saudi Arabia is set to be imposed by the health ministry, Arab News has reported. "We want to introduce fresh juices or dairy products as alternatives," deputy minister, Yacoub Al-Mazrou said, adding that the ministry would seek the expertise of the education ministry, which has already successfully banned soft drinks from schools.

  • Saudi to introduce new banking security

    Banks in Saudi Arabia have been ordered by the Saudi Arabian Monetary Agency (SAMA) to introduce from July a new pin code system to improve internet and telephone banking security, Saudi Gazette has reported. The move aims to enhance security of private bank accounts, the regulator said. The organisation has said the new measures will be mandatory and will incur no extra cost for customers.

  • Saudi to put flour mills up for sale

    Saudi Arabia's Grain Silos and Flour Mills Organization (GSFMO) has said the government is planning to sell 11 flour mills to three or four private investor groups, Reuters has reported. "We are eager to do this as soon as we can," he said, without setting an exact timeframe," GSFMO chairman, Fahad Balghunaim told the news service. The government will continue to control wheat imports in the meant time because it is a "strategic commodity", he said.

  • Saudi to recruit more medical staff

    Saudi Arabia's health ministry is to recruit a large number of medical staff, especially highly qualified consultants, to work in hospitals across the kingdom, Arab News has reported. "The recruitment is planned as part of the ministry's strategy to improve the health services provided to citizens in different parts of the country and reduce the difficulties faced by patients while visiting central hospitals," the ministry said.

  • Saudi to triple amount of crude used for power

    Abdullah Al Shehry, governor of the Saudi Arabia's Electricity and Co-Generation Regulatory Authority, has said the kingdom dedicates 320 million barrels of crude to generate power every year and plans to nearly triple that amount by 2032, Reuters has reported. The amount represents nearly a tenth of the kingdom's current oil production capacity, which stands at 877,000 barrels per day. The authority plans to raise power capacity to 121,000 megawatts by 2032, which would require some 900 mill

  • Saudia offices introduce SR15 ticket service fee

    Saudi Arabian Airlines is to begin charging a SR15 service fee for domestic tickets issued from Saudia offices and travel agencies, Saudi Gazette has reported. The move is part of the carrier's plans to "restructure, diversify and expand" its sales methods by increasing electronic services. Tickets obtained through electronic means such as ATMs and the internet remain charge-free, an official from the airline said.

  • Saudi's Zakat department to be independent

    Saudi Arabia's Shoura Council has approved a motion to allow the department of Zakat and Income Tax to function as a separate authority, Arab News has reported. The council also recommended that private sector firms whose capital exceeds SR500,000 ($133,000) should be compelled to maintain their book of accounts to show income and pay Zakat accordingly. Currently, the department functions under the department of the ministry of finance.

  • School dropout rate in Dubai is 'big problem'

    A new report by the Dubai Schools Inspection Bureau has found that just 32 out of every 100 male Emirati students graduate on time. Forty-seven fail grades and another 21 drop out, the report added. "It is a big problem," said Dr Abdulla al Karam, the director general of the Knowledge and Human Development Authority (KHDA), of which the inspection bureau is a part. "It affects the whole community. It affects career planning. You look at social issues - crime. The societal effect of this is cl

  • SEC signs power plant agreement

    Saudi Electricity Co (SEC) has signed a SR7.9bn contract with a consortium to build a gas-fired power plant in the kingdom, Arab News has reported. . The state-controlled power provider will be committed to buy all of the plant's output for 20 years as per the provisions of the contract, he said. The plant is expected to begin operations in May 2012.

  • SEHA looks to improve teaching and training programmes

    Abu Dhabi Health Services (SEHA) has started redesigning its teaching and training programmes for recently graduated doctors in UAE. The move aims to build a solid foundation for research and education within the SEHA HealthSystem by raising the quality of training programmes and increasing the number of graduates. The teaching hospitals and residency programmes of SEHA are to seek international accreditation from the ACGME.

  • Sembcorp signs $200m water treatment agreement

    Singapore's Sembcorp Industries has signed a memorandum of understanding to develop and build a $200m water treatment facility in the UAE, Reuters has reported. Expected to be operational in 2013, the plant will produce around 30 million imperial gallons of fresh water from seawater per day, raising Sembcorp's total seawater processing capacity in the country to 130 million imperial gallons a day.

  • Shah sulphur contracts to be awarded soon

    Abu Dhabi National Oil Co is set to award contracts to build a sulphur treatment plant at its $10bn Shah sour gas development, Reuters has reported, citing industry sources. Located in Habshan, approximately 5 km from the main process plant in Shah, the plant will produce 20,000 tonnes per day of sulphur granules from gas produced from the Shah field, the first development of a sour gas field in the country.

  • Shapoorji Pallonji wins Qatar construction contract

    Indian contractor will build amenities for first phase of Barwa City development

  • Sharjah planning university culture boost

    The Sharjah Department of Information and Culture is planning to organise extracurricular activities for students at universities, aimed at raising their awareness about the emirate's history, Emirates Business has reported. "The problem we faced was that students did not have enough time to get involved in cultural activities because of their busy academic schedule. University administrators have promised to reduce students' burden and allocate more time for them to organise and participate

  • Shell restarts selling gasoline to Iran

    Royal Dutch Shell has resumed its gasoline exports to Tehran after a six-month interval, despite the sanctions against Iran, Mehr news agency has reported. According to International Oil Daily, Shell delivered 30,000 tonnes of gasoline to the Iranian port of Bandar Abbas last month. The company's last delivery to Iran was in October 2009.

  • Sickle Cell cases drop 70% in Bahrain

    A Bahraini health official has said the kingdom is close to eradicating the potentially deadly sickle cell disease in newborn babies, Gulf Daily News has reported. Education and awareness campaigns have helped Bahrain achieve a 70% drop in cases in the last 25 years and the genetic disease now accounts for only 0.6% of births, according to Salmaniya Medical Complex genetic diseases consultant Dr Amani Al Hajeri. "The rate actually fell considerably after Bahrain started the compulsory screeni

  • Sipchem announces start-up of Saudi plants

    The Saudi International Petrochemical Co (Sipchem) has announced the commercial start-up of two its Acetyls Complex plants in Jubail Industrial city. The Carbon Monoxide plant will have an annual production capacity of 345,000 tonnes, while the Acetic Acid plant has an annual production capacity of 450,000 tonnes. Production of the Carbon Monoxide plant will be used as feed for the production of the Acetic Acid and some other future products, Sipchem said.

  • Sipchem starts up first two Jubail chemicals plants

    Carbon monoxide and acetic acid plants operational as of 5 June

  • Site to be selected for Oman solar project by end-June

    Facility is likely to use a combination of photovoltaic and thermal solar technology

  • Six Construct joint venture wins Bahrain causeway contract

    Work will involve construction of 2.4 kilometre-long causeway

  • Skype to open office in Bahrain

    Global VoIP service provider, Skype has said its representative office in the Middle East and Africa region will be in Manama, Bahrain. The kingdom's liberal and advanced ICT infrastructure and policies, skilled local workforce, were key reasons behind the firm's decision, Skype said. ICT is a sector which Bahrain is looking to grow as part of its Vision 2030 strategy.

  • Sodic to invest $40.5m at Syria's Palmyra

    Egyptian developer Sodic has announced it will acquire 50% of Syrian real estate firm Palmyra worth $40.5m. Palmyra, a subsidiary of the MAS Economic Group, plans to launch a housing project on a 500,000 square metre plot near Damascus in the first half of 2011, Sodic said. The project is currently in its master-planning phase and is planned to be a residential project with commercial components.

  • Sol Melia to open first Middle East hotel

    Spanish hotel group Sol Melia plans to open its first property in the Middle East next year, with the announcement of the 167-room Meliá Dubai. The 5-star hotel will be operated under a management agreement in Al Raffa, Bur Dubai and will features an haute cuisine restaurant, tapas gastro bar, 24-hour Coffee Shop, Euro-Asian fusion restaurant, sky bar, disco bar, energy bar, smoking lounge, business centre, meetings and events facilities, and leisure facilities.

  • South Pars gas contracts awarded

    Iranian companies have been awarded $21bn of contracts to develop six stages of the South Pars gas field, Bloomberg has reported. Contracts for phases 13, 14, 19, 22, 23 and 24 were signed between the state-owned National Iranian Oil Co and local firms, the country's oil ministry said. Plans to develop South Pars have been delayed due to UN sanctions over Iran's nuclear power programme.

  • Sri Lankan to buy back Emirates' stake

    Emirates Airline could soon sell its 43.6% share in Sri Lanka's national carrier, AFP has reported. "The deal is close to being finalised," Nishanta Wickremesinghe, SriLankan Airlines chairman said. "It is now between the government and Emirates." Emirates bought its stake in SriLankan for $70m in 1998, in line with a privatisation of the airline, which was then known as Air Lanka.

  • Standard Chartered says Middle East revenue to double in five years

    The CEO of Standard Chartered for the Middle East, Africa and the Americas has said that revenue from the Middle East is expected to double in three to five years, Bloomberg has reported. The lender expects revenue to reach $4bn annually, V Shankar told reporters in Dubai. Standard Chartered operates in seven Middle East countries, including the UAE, Qatar and Oman.

  • Strabag secures Sohar airport contract

    Oman's transport and communications ministry has awarded Austrian firm Strabag an OR27.6m ($71.7m) infrastructure works contract for the Sohar airport project, Meed has reported. The contract involves the construction of a 4,000-metre-long runway with turning loops at the end. It also includes the construction of a full length taxiway, a terminal building and cargo aprons along with the installation of navigation aids, fuel and fire fighting systems.

  • Strabag wins $71m Sohar Airport contract

    Local/Austrian group wins contract for second infrastructure package on new airport project

  • Study to gauge cholesterol treatment in Jordan

    A nation-wide study will be conducted in Jordan by AstraZeneca and the Jordanian Endocrinology Society to gauge "under-treatment" of high blood cholesterol in the kingdom, Jordan Times has reported. The study is part of an international survey that is designed to determine levels of cholesterol control among patients currently undergoing treatment, according to Ayman Hammoudeh, a consultant interventional cardiologist. The latest studies conducted in the kingdom indicate that Jordan is among

  • Subiya causeway project reflects region's changing construction market

    The 2006 prequalification list had to change

  • Sudan: HIV/AIDS, TB programme strengthening

    Strengthening the national supply chains for an HIV/AIDS, tuberculosis (TB) and malaria programme

  • Sudan: Tents

    Supply of tents for an education rehabilitation project

  • Sudan: Transport project consultancy

    Provision of consultancy services for a national emergency transport rehabilitation project

  • Sudan: Vehicles

    Supply of vehicles

  • Suez Canal revenues rise in May

    Total revenues are expected to reach $4.9bn in the first half of 2010

  • Superbug found in UAE hospitals

    Researchers at the United Arab Emirates University have found high levels of a deadly superbug in public hospitals in Abu Dhabi, The National has reported. The study found more than 95% of isolated outbreak samples were resistant to antibiotics, compared with only six of 122 isolated samples in a 2002 American study of the superbug, which causes pneumonia and serious blood and wound infections, and is especially dangerous for burns victims and anyone with a weakened immune system, chronic lun

  • Superdry stores set for UAE

    Al Khayyat Investments has signed a deal with SuperGroup, owner of the youth fashion Superdry brand, to open 13 stores across the UAE over the next three years. The first store is scheduled to open in Deira City Centre in July 2010. Two more stores are due to open before the end of the year in Mirdif City Centre and Mall of the Emirates.

  • Superfund to close Dubai branch

    Austrian hedge fund firm Superfund has confirmed that it is closing its branch at the Dubai International Financial Centre. The fund has come under financial pressure in the current market environment and was forced to cut costs and lay off staff, Superfund said in a statement. Offices in Singapore, Sydney, Sao Paulo, Liechtenstein and Monaco, which account for a third of its international branches, have also been shut down, it said.

  • Survey finds 77% of Dubai labour force without health cover

    A survey has revealed that 77% of people from the low income bracket of Dubai do not have any health cover, Khaleej Times has reported. In comparison, the Household Health Survey found that 80% of people from the high income group are covered, of which only 5% of UAE nationals do not hold a government health card while 50% are covered by private health insurance. In response to the survey, Dubai Health Authority (DHA) has said the emirate plans to introduce a health funding model aimed at ful

  • Syria: Drill pipes and collars

    Supply of drill pipes and drill collars

  • Syria: Fishing tools

    Supply of fishing tools

  • Syria: Laboratory equipment

    Supply of laboratory equipment

  • Syria: Oil well productivity increase

    Carrying out operations to increase the productivity stimulation at oil wells

  • Syria: Pesticides

    Supply of pesticides

  • Syria: Porosity and permeability system

    Provision of a porosity and permeability system

  • Syria: Wellhead assembly

    Provision of wellhead assembly

  • Syria's Cham Bank revenues up by 96.7%

    Syria's first Islamic lender, Cham Bank has said its revenues grew by 96.7% in 2009 compared with the figures of the previous year, Kuna has reported. The bank made record high revenues from crediting activities which hit SYP297m before deducting the dividends of depositors, according to Jamal Abdul-Hameed Al-Mutawa', chairman of the bank. Cham Bank, a private bank in the charter of a Syrian Joint stock company, was established in September 2006 with a capital of $100m to which the Commercial

  • Taameer receives syndicated $32m loan

    A consortium led by Jordan-Kuwait Bank has agreed to give Jordan's Taameer Holdings a syndicated $32m loan to complete its delayed real estate projects, Reuters has reported. With around $500m of assets, Taameer had been unable to secure new financing after an $85m syndicated loan arranged by Lebanon's Blom Bank fell through in August 2008. The firm's portfolio includes residential and industrial property in both the capital Amman, the city of Zarqa and the Red Sea resort city of Aqaba.

  • Tadawul bourse gains 0.56% on strong petrochemicals

    Riyadh's market index ended at 6,450.68 points (0.56% higher) s oil prices surged near $79 per barrel. Consequently, energy and petrochemicals led the advance. But investors also booked profits e. g. at Yanbu National Petrochemical Company (down 0.59% at SR42.70). The largest advance was posted by Arabia Insurance Cooperative Company (up 10% atSR22.00).

  • Tadawul exchange loses a quarter percent

    Saudi Arabia's stock market Tadawul started with modest gains but failed to sustain its advances and ended 0.25% lower at 6,262.56 points. Energy shares suffered from profit taking with market bellwether Sabic plummeting 4.30% to SR89.00. The banks and financial services sector index (up 1.30%) bucked the downtrend after Saudi Arabia's bank bellwether National Commercial Bank (NCB) has said that lending in the kingdom may grow 8% in 2010, according to Bloomberg.

  • Tadawul index ends 0.2% higher at 5,999.91 points

    Saudia Arabia's Tadawul market fell during the first two hours of trading. The Tadawul All Share Index (Tasi) then managed an impressive turnaround and ended 0.2% higher at the rare finish of 5,999.91 points. Saudi Real Estate Company gained 5.16% and closed at SR23.45. According to Cityscape Intelligence, organiser of the Cityscape Jeddah exhibition which runs from June 7 - 9, recent A.T. Kearney research has found that a number of GCC developers are well positioned to lead an urgently neede

  • Tadawul market ends above 6,000 points

    Saudi Arabia's stock market joined the soft rebound at GCC exchanges in Dubai and Kuwait. The Tadawul All Share Index (Tasi) gained 0.59%, closing at 6,001.38 points. Banks and financial services firms lifted the market in particular. Samba Financial Group jumped 3.37%, finishing at SR53.75. Standard and Poor's upgraded Samba's rating on Monday to 'A+' on strengthened financial profile and said the bank's outlook was stable.

  • Tadawul market finishes unchanged

    Saudi Arabia's Tadawul market closed insignificantly lower at 5,924.59 points (down 0.05%). Market bellwether Saudi Basic Industries Corporation (Sabic) lost 1.50% (closing at SR82.00) after oil prices retreated to the level of $70 per barrel. Sabic was also the most liquid stock, as shares worth around SR442.5 changed hands. The utility sector bucked the lackluster sentiment in the GCC. The Tadawul energy and utilities sector index advanced by 2.49% while Saudi Electricity closed 2.98% highe

  • Tadawul market loses a quarter percent

    Weak Bank and financial services shares weighed on the Riyadh Stock Exchange. The Tadawul All Share Index (Tasi) closed 0.25% lower at 6,323.95 points. SABB Takaful, a leading Islamic insurer in the Kingdom, plummeted 2.90%, ending at SR21.75. Market bellwether Sabic bucked the trend and added half a percent, closing at SR91.75. Fifty stocks gained in Riyadh, 75 shares lost value.

  • Tadawul market without momentum

    Saudi Arabia finished the week negatively. The Tasi composite ended 0.32% lower at 6,343.47 points, due to weak petrochemical shares. Saudi Kayan Petrochemical Company e. g. lost 0.32% and ended at SR20.08. The cement sector was the only industry index which bucked the trend. The Tadawul market in Riyadh remains closed on Thursdays and Fridays.

  • Takreer takes charge of Sharjah fuel storage project

    The development of a new fuel storage tank farm in Sharjah has been taken over by Abu Dhabi Oil Refining (Takreer), which plans to re-tender a construction deal on the scheme by mid-August, Meed has reported. Originally to be developed by Abu Dhabi National Oil (Adnoc) subsidiary Adnoc Distribution, the project involved building nine tanks with 83,000 cubic metres of storage capacity for refined oil and gas products including jet fuel, diesel, gasoline and fuel oil at the Hamriyah free zone o

  • Tamweel stays on track with restructuring

    Wasim Saifi, CEO of Tamweel has said the Islamic mortgage finance firm is continuing to work on a restructuring plan led by the federal government-appointed Steering Committee, Gulf News has reported. Ananlysts said the announcement comes in response to Dubai Islamic Bank's (DIB) statement to the DFM on Wednesday that the bank was evaluating the possibility of increasing its stake in Tamweel. DIB currently owns nearly 20% of Tamweel.

  • Tamweel, Amlak consider alternatives to government backed merger

    UAE-based mortgage lenders, Tamweel and Amlak are preparing contingency plans and open talks with alternative buyers should their government backed merger be abandoned, Bloomberg has reported. This may include the two Islamic lenders merging and then combining with a commercial bank, or the two being acquired separately, according to a source.

  • Taqa takes 40 per cent stake in Sohar Aluminium

    Abu Dhabi energy company pays $400m for Adwea’s stake in smelter

  • Target Engineering wins three contracts in Abu Dhabi

    South Korean contractor awards Arabtec subsidiary three construction deals

  • TDIC receives bids for headquarters contract

    At least six groups have submitted bids

  • Teachers laid off as school changes hands

    About 40 teachers at the Raffles International School in Dubai have been laid off prior to a management change effective from the new academic year that begins in September 2010, Gulf News has reported. The school, run by Emaar Properties, will be taken over by Dubai-based Innoventures. The school said some teachers have been released on grounds of non-conformity with Knowledge and Human Development Authority (KHDA) approvals, while some others have been released in view of surplus staffing l

  • TechnoGroup acquires stake in CRC

    Regional medical diagnostic and imaging services chain, TechnoGroup has acquired a strategic stake in Consultant Radiology Centres (CRC), a Saudi Arabia chain of diagnostic imaging centres. With this new acquisition TechnoGroup, which operates diagnostic imaging centres under the "TechnoScan" brand name, will be operating 17 diagnostic imaging centres in Egypt and Saudi Arabia. TechnoGroup is a portfolio company of Gulf Capital.

  • Techserve named service provider for Bose in UAE

    Techserve, a member of Al Futtaim group of companies, has been appointed the exclusive service provider for Bose in the UAE. Techserve will offer full service repairs across all levels including cosmetic components replacement, key components replacement and board-level repairs. The firm will have six locations in Dubai, Abu Dhabi, Al Ain, Sharjah, Fujairah and Ras Al Khaimah.

  • Tenders delayed on $6bn petrochemical JV

    Design and technology tenders for a planned $6bn joint venture petrochemicals project in Qatar have been delayed, amid increasing concerns that one of the sponsors, ExxonMobil, plans to drop out of the development, Meed has reported, citing sources close to the project. Exxon and Qatar Petroleum (QP) started talks over dissolving the planned partnership in early June and several international oil and petrochemicals companies have already expressed their interest in taking over the project to

  • Thai hospitality firm in talks with UAE investors

    Thailand-based luxury hospitality firm, Lebua Hotels and Resorts, has said it is in talks with UAE-based investors to fund its future expansions, Emirates Business has reported. "We are currently in talks with Middle East investors - mainly in the UAE to form a joint venture company but nothing has been finalised as yet. Once materialised, the JV would help us expand into global markets such as France [for the chateaus] and destination restaurants out of Sydney, Hong Kong, London and Los Ange

  • Tharawat to launch $50-$60m private equity fund

    Abdulaziz Saad Al-Resais, director for investment at Bahrain-based Tharawat has said the firm plans to launch a $50m-$60m private equity fund investing in a Saudi Arabia real estate project, Reuters has reported. The Islamic investment firm is also looking to set up by the end of this year two to three more funds investing in the kingdom's property market. The fund had raised between $10m-$20m so far due to the global market volatility, he said.

  • Too much of a good thing for region’s plastics producers

    Demand growth will not absorb the current overcapacity

  • Too soon to relax at Kuwait market

    The Kuwait stock market KSE failed to extend its modest gain from yesterday and ended 0.44% lower at 6,639.8 points (price index). The insurance sector index (up 0.12%) was the only segment which rose while weak industrials (off 0.78%) underperformed the main index. International Financial Advisors (IFA) advanced 3.27%, closing at KD0.063.

  • Topaz wins $45m petroleum storage EPC contract

    Gulf Petrochem has awarded Topaz Engineering a $45m engineering, procurement and construction (EPC) contract for the first phase of a major petroleum storage terminal in close proximity to the Port of Fujairah. The facility is expected to take 17 months to complete abd will feature dock pipeline connectivity to the Port of Fujairah. When completed, the terminal will have storage capacity of over one million cubic meters at a single location.

  • Total and Aramco in talks over Jubail cracker project

    Saudi Aramco and Total are in talks to develop an integrated mixed-feed cracker at Jubail Industrial City 2, Meed has reported. "We are working on a potential cracker project with Aramco at Jubail," said Michel Govaerts, general manager of new business development for the Middle East and North Africa at Total. The project is likely to be in line with other projects of a similar size, he said.

  • Total buys into Yemen's Block 72 oil and gas concession

    French oil major acquires a 36 per cent interest in exploration and production at central Yemen concession

  • Total halts petrol sales to Iran

    Total has stopped petrol sales to Iran, just days before the US impose new sanctions targeted at Tehran's reliance on imported petroleum, Financial Times has reported, citing oil traders. Total stopped supplying Tehran about a month ago traders said. The Islamic republic said it can become self-sufficient in petrol over the next three years but the International Energy Agency (IEA) said the target was implausible.

  • Total, Aramco complete $8.5bn financing for Jubail refinery

    Saudi Aramco and French oil major Total have announced the completion of an $8.5bn financing for a joint refinery in Saudi Arabia, Reuters has reported. "Finances totalling $8.5bn were secured from multiple sources including $4.01bn from the Public Investment Fund and Export Credit Agencies (covered and direct), and $4.49bn from commercial financial institutions," the two firms said. The 400,000 barrel-per-day Jubail refinery, 62.5% owned by Saudi Aramco and 37.5% by Total, is scheduled to be

  • Tourist figures at Baptism site increase

    Official figures released by Jordan's Baptism Site Commission (BSC) show that some 73,000 tourists visited Bethany Beyond the Jordan between January and May, a 28% increase from the same period in 2009, when 55,000 visitors came to the site, Jordan Times has reported. Approximately 18,000 tourists visited the site last month, a 29% growth compared to May 2009, when the figure stood at 13,000, the BSC figures revealed. The number of visitors to the Baptism Site has increased by around 25% annu

  • Transglobe Energy tests oil in Egypt Western Desert

    Canadian firm strikes oil in East Ghazalat Concession

  • Transport Ministry tenders Oman road contract

    Firms have until 19 July to submit bids for consultancy contract

  • Trend Micro launches messaging security appliance

    Trend Micro has unveiled its latest version of InterScan Messaging Security Virtual Appliance (IMSVA). The new solution is a hybrid SaaS email security solution that integrates in-the-cloud protection and SaaS security services with an on-premise virtual appliance so email threats are stopped closest to their source without compromising email privacy, while achieving significant management overhead, network bandwidth and data-centre consolidation cost savings.

  • Turnover, prices up at Qatar Exchange

    Strong gains across the board supported the Qatar Exchange (QE) Index, closing at 7,024.72 points (up 1.51%). Trading volumes surged by 82% with some 12.95m shares changing hands in Doha. Barwa Real Estate lifted the index in particular, closing 3.10% higher at QR30.00. 35 shares advanced in Doha, two declined and four remained flat. Qatar National Bank (QNB), the leading national bank in the gulf state, added 0.74%, closing at QR136, slightly below a key resistance level of QRE140. QNB stock

  • Two Abu Dhabi schools to implement Finnish education model

    Abu Dhabi Education Council (Adec) has signed a partnership agreement with EduCluster Finland to implement the Finnish education system model in two of Abu Dhabi's public schools. The partnership will utilise the Finnish experience, curriculum, and pedagogy methods in order to meet ADEC's objective of driving improvement in the P-12 school sector and developing the skills of UAE teachers and school leadership.

  • Two IPOs approved by Saudi regulator

    Saudi Arabia's Capital Market Authority (CMA) has approved two initial public offerings to be completed before the end of the year, Reuters has reported. Al Jouf Cement will offer 50% of its shares to the public, while Abdullah A.M. Al Khodari Sons will offer 30%, CMA said. "Portion of the offered shares will be allocated for mutual funds and authorised persons," the regulator said in a statement. The offering of Al Jouf Cement will take place from Jul 19-25.

  • Two month extension for King Abdullah International Gardens bid deadline

    $200m contract covers external construction services for the site and building

  • UAE and Qatar stock markets retain frontier status

    Key index provider says ‘major concerns’ prevent upgrade to emerging market status for Qatar and UAE

  • UAE bank deposits decrease

    According to figures by the central bank, deposits in UAE banks fell by nearly Dhs11.8bn ($32m) in the first five months of 2010, Emirates Business has reported. From around Dhs982.6bn at the end of 2009, consolidated deposits with the country's 23 national banks and 28 foreign units dipped to Dhs970.8bn at the end of May. Government deposits have dropped by nearly Dhs15.9bn to Dhs191.3bn at the end of May from Dhs207.2bn at the end of 2009, the data showed.

  • UAE banks do not need more support, says cbank

    The UAE central bank has said that national banks do not need additional support at present because of adequate capitalisation, Al Ittihad has reported. The capital adequacy ratio of banks operating in the country rose to 20.3% by the end of the first quarter, compared with 19.2% at the end of 2009, according to Saif Hadef al-Shamsi, senior executive director at the central bank's treasury department.

  • UAE cbank foils $14bn fraud attempt

    The UAE's central bank has said it foiled an attempt to siphon off $14.4bn from a local bank, state-run WAM news agency reported, citing an Abu Dhabi police official. Hammad Ahmed Al Hammadi, director of the Criminal Investigation Department at Abu Dhabi Police, said the attempt was the fourth case with the total money amounting to Dhs244.6bn ($66.6bn), according to WAM. The police have arrested an Iranian and an American of Iranian origin, the news agency said. WAM did not disclose the name

  • UAE closes three medical centres

    The UAE health ministry has said it has shut down three medical centres and suspended two doctors, including a dentist who operated from an unclean clinic with unsterilized equipment, Gulf News has reported. The medical licensing committee suspended the doctors, one of whom practised without a permit, according to Dr Ameen Al Amiri, executive director for medical practises and licence. The ministry will not release the names of the centres or the doctors, he said.

  • UAE considers third low cost airline license

    The UAE is considering licensing a third low-cost airline, al-Khaleej newspaper has reported. Saif al-Suwaidi, head of the General Civil Aviation Authority has been cited by the newspaper as saying that the study is in its final stages, although further details were not given. The airline would be competing with Emirates unit Flydubai and Air Arabia.

  • UAE engineering students train in Germany

    The Abu Dhabi Education Council (Adec) has said that 60 select Emirati engineering students will undergo a seven-week internship in a semiconductor manufacturing facility in Germany as part of the 'Al Nokhba Internship' programme. The students started their on-site training at the Global Foundries in Dresden, Germany last week. The 'Al Nokhba (Elite) Internship' programme is a collaboration between Adec, Advanced Technology Investment Co (Atic) and Global Foundries.

  • UAE health ministry inks diabetes study with Sharjah University

    A memorandum of understanding has been signed by the UAE health ministry and the Sharjah University to implement the scientific study of the diabetes national epidemic study and acknowledge its risk factors association with the disease in the country, WAM has reported. "The study will be done to implement the epidemiological study and measure the prevalence of diabetes and risk factors related to lifestyle in the country," Dr Mahmoud Fikri, executive director of health policies at the ministr

  • UAE lenders lose over Dhs82bn in foreign funds

    According to data by the UAE central bank, lenders in the country had lost more than Dhs82bn in foreign deposits through 2009 after some investors gave up hope of an appreciation of the dirham against the US dollar and others withdrew their funds to shore up liquidity shortage at home, Emirates Business has reported. From around Dhs175.6bn at the end of 2008, foreign deposits with the UAE's 23 national banks and 28 foreign units slumped to nearly Dhs93.1bn at the end of 2009, a decline of Dhs

  • UAE lenders to take provisions against Dubai World loans

    Bankers and analysts have said UAE lenders are likely to book specific provisions against loans to Dubai World in the third quarter as they await guidelines from the central bank, Reuters has reported. "We were told the committees in the central bank are still working on the subject of provisions," a banker, who asked not to be named, said. The central bank has directed banks to book only general provisions in the second quarter until its recommendations are ready, the senior Abu Dhabi banker

  • UAE markets are weakest regional performers

    Dubai bourse down 14 per cent in 2010

  • UAE ministry in dialogue with KHDA over fee hike

    The UAE education ministry and the Knowledge and Human Development Authority (KHDA) are in talks aimed at resolving the issue of fee increases in private schools, Gulf News has reported. The education minister, Humaid Mohammad Obaid Al Qutami maintains that these schools deserve to increase fees for their survival, while the KHDA is implacable in its stand that fee increases are unjustifiable this year. "It will be soon clear who has the power to do what and in which areas," Al Qutami told th

  • UAE Ministry of Health to conduct nutrition survey

    The UAE ministry of health is set to launch the first comprehensive national survey aimed at providing a clear view of the nutritional status of UAE residents, Khaleej Times has reported. The survey, which is planned to begin by year end, is part of the National Nutrition Strategy launched last month. "The survey will primarily target four groups including pre-schoolers, primary and secondary schoolgoers, youth as well as women of child bearing ages in both rural and urban settings," accordin

  • UAE ministry plans extended home visit services

    The Emirates Nursing Association (ENA) has said the health ministry plans to extend its home visit service for a wider variety of patients, an initiative that is still in the planning stage, Gulf News has reported. The visitation services granted for some patients by the ministry were available in all emirates, but directed mainly to the elderly. The service will be reinforced by applying more guidelines, and to ensure that the service will be available for a wider variety in society. "New pl

  • UAE MoE to monitor market performance during Ramadan

    The UAE ministry of economy has announced a plan to ensure market price stability during the Holy Month of Ramadan, Khaleej Times has reported. Director of consumer protection department at the ministry, Dr Hashim Al Nuaimi said the economic departments in the country may hire full-time teams to monitor market performance to ensure price stability during the holy month.

  • UAE ordered to freeze Iranian accounts

    All financial institutions in the UAE, including banks, have been ordered by the central bank to freeze 41 accounts and stop remittances in the names of entities and individuals that are connected to Iran, Emirates Business has reported. The move is "based on the Resolution 1929 (2010) adopted by the UN Security Council," the central bank said.

  • UAE personal loans increase in 2010

    Personal loans by banks in the UAE during the first four months of 2010 rose by Dhs9bn ($2,45bn) to nearly Dhs218.9bn, compared to a total of Dhs209.8bn at the end of last year, Emirates Business has reported. The rise in personal loans this year boosted total credit extended by the UAE banks to Dhs1.0219 trillion at the end of April from Dhs1.0177trn at the end of 2009, the data showed.

  • UAE public schools set for same uniform

    The UAE Education Ministry has announced plans for public schools' pupils to have a common school uniform, Khaleej Times has reported. A committee comprising delegates from education zones across the country is set to convene and pass on its recommendations regarding a common school uniform for each grade across all public schools, minister of education, Humaid Al Qatami said.

  • UAE student architects to build school in rural Cameroon

    Open Source Arc to coordinate similar efforts throughout the Middle East

  • UAE to boost its investmnent in Iraqi Kurdistan

    The UAE ministry of foreign trade plans to double its current investment in Iraq's semi-autonomous Kurdistan region to $6bn by 2013, Bloomberg has reported. Kurdistan is an important partner for the UAE, which is keen to "develop and upgrade" ties between them, Abdullah bin Ahmed Al Saleh, director general at the ministry told delegates at the Kurdish Regional Government's two-day trade and investment conference in London. Iraq ranks 11th among the UAE's trading partners, he noted.

  • UAE to introduce tougher rules on herbal drugs

    The UAE ministry of health is preparing a by-law that governs the practice of all types of alternative medicine in an effort to combat counterfeit herbal drugs, Khaleej Times has reported. "We are emphasising on tightening control over the production and availability of counterfeit herbal drugs in the market as this has become a challenge for us," Dr Amin Al Amiri, CEO of Drug Registration at the ministry said.

  • UAE to maintain dirham's dollar peg, says Dubai's ruler

    The UAE will keep the dirham's peg to the dollar and has no plans to rejoin the planned Gulf monetary union "for the time being," Dubai's ruler, Sheikh Mohammed Bin Rashid Al Maktoum, told CNN. The emirates "still believe" in the peg, Sheikh Mohammed said in the CNN interview. "The euro is in trouble and we thought of the Gulf currency and we said, well the UAE said 'not yet' and I think they are right, until we are sure."

  • UAE to maintain federal spending despite oil price drop

    The UAE finance ministry has said that the country will maintain federal spending levels as outlined in its 2010 budget, despite a fall in oil prices, Reuters has reported. "We expect to progress in the way we have published our budget for 2010," finance ministry undersecretary and director general Younis al-Khouri said. The UAE does not include revenue from crude sales in its federal budget.

  • UAE to raise $2.7bn from Islamic certificate of deposits

    The UAE central bank plans to raise as much as Dhs10bn ($2.7bn) within a year of offering the country's first Islamic certificate of deposits, Bloomberg has reported. "There is a need for Shariah-compliant CDs to be issued by the central bank," Saif Hadef Al Shamsi, senior executive director at the treasury department told the news service. "No final product has been approved yet."

  • UAE trade surplus to climb 15% in 2010

    The UAE ministry of foreign trade has said that trade surplus for 2010 is expected to rise 15% from 2009, Reuters has reported. Non-oil exports in 2010 were set to jump 23% from 2009 and re-exports were forecast to rise 13%, Abdulla Al Saleh, director general at the ministry said. UAE surplus stood at $16.1bn in 2009, while exports and re-exports totalled $209.6bn.

  • UAE Zakat Fund allocates Dhs22m for expat students

    Abu Dhabi Education Council (Adec) has announced that the UAE Zakat Fund, a government body that distributes the zakat alms tax, has allocated some Dhs22m in financial assistance to needy expatriate students of secondary schools and colleges in the country, The National has reported. "This aid helps accomplish one of the four pillars of Adec's strategic plan. There should be a chance of an education for every student regardless of nationality, colour or race. We hope that other individuals an

  • UAE: Bar code reading solution

    Supply and installation of a bar code reading solution for electricity and water meters

  • UAE: Building maintenance works

    Carrying out maintenance and commissioning works for all equipment, mechanical systems and electrical foundations at a building

  • UAE: Chlorine dioxide dosing system

    Supply and installation of a chlorine dioxide dosing system for a reservoir

  • UAE: Internet storage area network

    Supply and installation of a mid-range storage area network solution for internet services

  • UAE: Laboratory equipment

    Supply of laboratory equipment

  • UAE: Metering cabinets and drop-out fuses

    Supply of metering cabinets and three-pole drop-out fuses

  • UAE: Oil defence booms

    Supply and installation of oil defence booms for seawater intake pipes

  • UAE: Power station boundary fencing

    Supply and installation of chain link fencing along the boundary of a power station

  • UAE: Substation modification works

    Carrying out overhead line modification works at a substation

  • UAE: Vehicles and machinery

    Supply of vehicles and machinery

  • UAE: Water tank and tower works

    Repair, replacement and maintenance of water tanks and towers

  • UAE: Water transmission pipelines

    Supply and installation of water transmission pipelines

  • UAE's Drake to focus on mid, high-end projects

    Dubai-based Drake & Scull International has said that it will focus on middle and upper range projects to protect profit margins, due to fierce competition for work in Abu Dhabi, Reuters has reported. "As you go higher you don't have many contractors playing that field... we have reduced our margins but we cannot keep reducing margins. We are right now in Dubai in a survival mode but in Abu Dhabi there is work," Khaldoun Tabari, CEO of DSI said.

  • UAE's Injazat to invest $27m in data centres

    Injazat Data Systems, a joint venture between Mubadala Development Co and HP, plans to invest more than Dhs100m in building data centres in Al Ain and and the Northern Emirates in the UAE, due to start operations by 2011, Emirates Business has reported. "These data centres will be Tier 3 plus, which is the requirement today as per our detailed marketing study," Ibrahim Mohamed Lari, CEO of Injazat told the daily. The company has a tier 4 level data centre in Abu Dhabi servicing major clients

  • UAE's NPCC to invest $400m in marine fleet

    National Petroleum Construction of the UAE plans to invest $400m in expanding its marine fleet, Bloomberg has reported. Earlier this month, the Abu Dhabi government-controlled oil-services firm had placed an order with Shanghai Zhenhua Heavy Industry for a heavy-lift pipelay vessel, scheduled for delivery by the third quarter 2012, the company said in an emailed statement.

  • Union Properties close to selling Dubai Ritz-Carlton

    Khalid Bin Kalban, chairman of Union Properties, has said the firm is close to selling its Ritz-Carlton hotel in Dubai and plans to dispose of other assets after the developer "got distracted" during the property boom, Bloomberg has reported. The company "got involved in so many businesses that were not core. I don't understand the rationale," he said. "MotorCity was created around the concept of having a superior race arena and many people would question the wisdom of getting involved in tha

  • Union Railway invites expressions of interest for railway study

    The study will assess the impact of sand on the operation and construction of the UAE’s national railway

  • Union Railway seeks sand impact assessment firm

    Abu Dhabi's Union Railway is inviting companies to express an interest by June 3, in carrying out a study for the impact and mitigation of dune sand on the UAE's $11bn national railway, Meed has reported. The study will involve assessing the impact of sand on the construction and operation of the railway as the majority of the UAE's network will be built in desert areas.

  • United Electronics opens new Saudi stores

    Saudi Arabia's United Electronics has opened its first electronics store in Makkah, bringing the total number of eXtra stores to 15 in the kingdom. The company plans to open new stores in Yanbu in addition to another store in Dammam within the next six months. The new store is located in Rabwa

  • United Real Estate issues $140m bond

    Kuwait-based United Real Estate Co (UREC) has announced the successful completion of a KD40m ($140m) local bond issuance. Proceeds from the new bond issuance will be used for refinancing existing debt and for general corporate purposes, the developer said. The bonds have a three year tenor and were issued in two tranches.

  • Unlicenced doctors in Dubai to be blacklisted

    Dubai Health Authority has said that health professionals working without a licence in the emirate will be blacklisted and not allowed to work in any other emirate, Khaleej Times has reported. Offenders will not be licensed for a year in Dubai while their details would also be circulated to other UAE Licensing Authorities via a 'Blacklist', a DHA circular said. A fine of Dhs5,000 will also be imposed on the individual. Furthermore, facilities hiring such professionals will also be fined Dhs5,

  • US prosecutors accuse Agility

    US prosecutors have said that Kuwait-based Agility is trying to evade trial on charges of overbilling for military supplies, Bloomberg has reported. Prosecutors said in a filing in Atlanta federal court that Agility has "retreated to the safe haven of Kuwait" and contends it is not subject to US laws or courts and urged the judge not to even consider Agility's motion to nullify the indictment on the grounds that it was not properly served. Agility adopted a company procedure that only one per

  • USTDA signs Kawar Energy agreement

    Jordan-based Kawar Energy has signed a grant agreement with the US Trade and Development Agency (USTDA) to assist the firm examine the feasibility of Shams Ma'an; a photovoltaic (PV/CPV) project. The $617,204 agreement also aims to provide assistance in developing an implementation plan, including a technology evaluation as well as a facility and equipment assessment.

  • Vodafone Qatar to build high speed fibre links

    Grahame Maher, CEO of Vodafone Qatar has said the company is building high-speed fibre links to its international landing station located near Simaisma, Gulf Times has reported. The high-speed fixed fibre link follows an agreement with Gulf Bridge International to connect Qatar with the Gulf region and the rest of the world through GBI's network of submarine cables. The proposed cable landing station would offer customers "better quality of service and more rerouting options" in times of emer

  • Wade Adams wins Dubai Industrial City Contract

    Local contractor will finish second phase of infrastructure work

  • Waha Capital considers Al Markaz acceleration

    Waha Land, the property arm of Abu Dhabi-based Waha Capital, has said that work on the second phase of the Dhs12bn ($3.3bn) Al Markaz development project in Abu Dhabi could begin earlier than planned to meet increased demand for affordable housing and industrial units, Reuters has reported. "The start of phase two will overlap before phase one is completed. We are expecting phase one by the end of 2011," Hazem al-Nowais, CEO of Waha Land told the news service.

  • Waitrose supermarket to open in Bahrain

    Bahrain-based Fine Fare Food Market has signed a licensing agreement with Waitrose UK to open a Waitrose store at the $90m Lagoon Bahrain development. The store will offer an assortment of Waitrose branded products as well as locally sourced products, in addition to a selected range of John Lewis non-food products. It will be the third Waitrose store operating outside of the UK.

  • Wataniya launches new route to Vienna

    Kuwait's Wataniya Airways has announced the launch of a new route to the Austrian capital, Vienna. The carrier will run three weekly scheduled flights scheduled to Vienna, on Wednesdays, Fridays, and Sundays.

  • Wataniya launches service to Rome

    Kuwaiti carrier Wataniya Airways has announced the launch of new scheduled services to Rome, Italy. The Italian capital is the airline's twelfth destination and the third in Europe, following the launch of regular flights to Istanbul in early May and Vienna at the beginning of June. The service will run twice weekly, on Mondays and Fridays.

  • Weekly FX roundup: Dollar up against EUR, GBP, Yen

    It was a largely uneventful week for the currency markets. With no macroeconomic drivers of note or any substantial event risk emanating from Europe, the currency markets were found to be trading in a mixed and narrow range with the US Dollar holding firm against its major counterparts.

  • Weekly FX roundup: Markets rally against Dollar

    Risk-correlated FX trade saw the markets rally against the US Dollar this past week, with the EURUSD breaking the psychological 1.2000 barrier and closing the week 1.20% higher at 1.2112 levels. There wasn't an overwhelming sense of directional conviction, and the currency and commodity markets were taking direct cues from the equity markets and the lack of developing negative news which had traders cutting safe haven trades. The GBPUSD closed the week higher, but was more modest in its gains

  • Weekly FX roundup: Markets see positive in UK Budget

    The currency and commodity markets opened Monday's trading session in a tight range, following Friday's late rally. This past weekend's high profile G20 meeting held in Toronto did little to fuel investor confidence and instead perhaps the markets were left expecting more. Some highlights from the meetings included more stringent capital adequacy rules for banks and suggested these new capital requirements would be phased in by 2012.

  • Weekly FX roundup: Markets up on China Yuan announcement

    The markets kick started this week on a very positive note as the People's Bank of China announced over the weekend that China will de-peg the Yuan from the US Dollar. The accompanying statement from the PBoC stated its intention to proceed further with reform of the renminbi exchange rate regime and to enhance the renminbi exchange rate flexibility. Markets were expected to respond extremely favourably on the news and boy did they ever - Asian equities, currencies and commodities all opened

  • Weill Cornell Medical College Qatar gets $15.2m research grants

    Weill Cornell Medical College in Qatar (WCMC-Q) has received $15.2m in the form of grants from the National Priorities Research Fund (NPRP) of the Qatar National Research Program (QNRF). The funding aims to enable WCMC-Q's forge ahead in vital research areas, including cancer, diabetes, stem cells, molecular medicine, genomics, vaccine development and basic health, as well as other fields relevant to regional and global needs.

  • Work begins on $11.5bn university in Saudi

    Saudi Arabia's Arriyadh Development Authority has said that work has started on Princess Nora bint Abdulrahman University for Women and the King Abdullah Petroleum Studies and Research Centre projects near the King Khaled International Airport (KKIA), Arab News has reported. The $11.5bn university will include administration buildings, 13 faculties, a 700-bed student hospital, laboratories, research centres and a residential area that includes accommodation for students and staff, while the $

  • World Bank to fund $291m of water projects in Morocco

    Morocco’s National Potable Water Board will tender contracts on two schemes

  • World merchandise trade climbs 25% in Q1

    The World Trade Organization has said that global merchandise trade grew 25% in year-on-year value over the first three months of 2010, Associated Press has reported. Middle East and African exports rose 54%, the WTO said. Last year, world trade plunged 23% in value terms to $12.1 trillion.

  • WSP wins Blue Bay Villa infrastructure contract

    Sharjah-based developer, Marsa Al Nejoum Real Estate has signed an agreement with WSP Middle East for the infrastructure design of the Blue Bay Villa project. The developer has also said that work on the project's water canal has been completed, which represents two thirds of the infrastructure work. Once completed, the development will provide self-contained waterfront residences.

  • WTI oil price update: Price rally stumbles on negative economic news

    After clawing its way back above $75 a barrel on Thursday for the first time in four weeks, the benchmark oil futures contract fell back again on Friday on news of an unexpected decline in retail sales in the US.

  • Yemen LNG says production near maximum

    Francois Rafin, general manager of Yemen LNG has said the company's first train is producing at 99% availability and its second train at 91% availability, Reuters has reported. "Our production is now reaching the maximum and we look forward to achieving the objective of production in 2010 of the budget," he said. Last October, production started at the first train of the $4.5bn project to produce LNG.

  • Yemen LNG to honour deals with buyers

    Yemen LNG Co has announced it will honour its liquefied natural gas contracts with buyers including Total, GDF Suez and Korea Gas Corp, after the Yemeni president ordered a review of the LNG contracts, Bloomberg has reported. "They are long-term contracts which are binding and will continue to be respected," François Rafin, managing director of Yemen LNG, told the news service. "The three contracts are priced at market prices."

  • Yemen: Irrigation system

    Procurement of a localised irrigation system over 300 hectares

  • Yemen: Power sector masterplan consultancy

    Provision of consultancy services comprising updating a masterplan for a power sector project

  • Yemen: Schistosomiasis control project audit

    Provision of consultancy services comprising an international technical and internal financial audit for a schistosomiasis control project

  • Yemen: Wind farm consultancy

    Provision of consultancy services for a wind farm project

  • Yemenia to expand fleet, routes

    Yemen Airways (Yemenia) has said it plans to expand its fleet and add new routes in Africa while increase frequencies on existing routes elsewhere in the world, Khaleej Times has reported. The carrier will add 10 Airbus A320s to its fleet in two years, with the first aircraft due to be received in April 2011, and afterwards one aircraft each quarter, according to Muneer Mohamed Jahwash, deputy managing director for commercial affairs at Yemenia. The airline has also placed orders for 10 Airbu

  • Yuan-euphoria stops at Tadawul bourse

    Lower oil prices and profit taking triggered the Tadawul All Share index (TASI) to fall by 1.35% to 6,363.55 points. Petrochemical shares in particular weighed on the market. Market bellwether Sabic closed at SR91.75 (off 3.42%). Credit Suisse Research warned on Sunday that the recent price increase in oil might be halted at the technical resistance level of $77 per barrel. Beijing's decision to de-peg the as undervalued considered Yuan (against the Dollar) triggered a rally in Riyadh at the

  • Zahana Cement invites bids for $115m plant expansion

    Algerian cement manufacturer opens bidding process for major refurbishment

  • Zain finalises sale of African units

    Kuwait's Zain has said the sale of its African assets to India's Bharti Airtel has been concluded. The firm has received $7.868bn of cash proceeds from Bharti. Over the next six months Zain will receive up to an additional $400m upon certain milestones being achieved, with the balance of $700m due one year from completion as per the original agreements.

  • Zain Group appoints CEOs for Kuwait and Iraq

    Kuwait's Zain has announced the appointment of Khalid Al Omar as chief executive officer of its Kuwait operations and Mr Emad Makiya as its CEO of Zain Iraq. The move is part of Zain's restructuring plans aimed at adapting to the dynamic nature of its Middle East markets following the sale of its African assets to India's Bharti Airtel. Zain serves over 31 million customers in Kuwait, Bahrain, Jordan, Iraq, Lebanon, Saudi Arabia, and Sudan.

  • Zain Saudi considers capital cut

    Zain Saudi Arabia may reduce its capital to cover some or all of its accumulated losses which reached $1.6bn by end-March, Reuters has reported. "The board of directors met ... to discuss the proposed restructuring of the company's capital through reducing the company's capital to cover all or some of the firm's accumulated losses, for this to be followed by a capital increase," the company said. The statement added that detailed proposals for the capital restructuring plan will be submitted

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