MEED
March 2010 Online Content

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  • Construction work starts on $70m Bahrain real estate development

    Jeyoun project is scheduled for completion in 2012

  • Crude oil prices rise above $80 a barrel

    Increase comes despite six weeks of rising US crude inventories

  • Qatar completes expansion of Al-Shaheen oilfield

    $6.2bn project with Maersk Oil set for inauguration

  • 48 new hotels to open in Middle East in 2010

    Dubai-based research firm, Proleads has said that the GCC is likely to see 48 new hotels with 14,178 rooms open in 2010, at an estimated cost of $7.3bn. Maggie Moore, Exhibition Director of The Hotel Show said that the UAE alone has over 5,700 rooms coming to market in 2010. 'It is forecast that there will be another 21 hotels with 7,000 hotel rooms in Saudi Arabia by 2013, 2,000 of which will open this year,' Moore added. According to Proleads, the Qatar hospitality market will also see a to

  • ABB inks $2.8m Qatar deal

    ABB, the Swiss-headquartered power and automation technology group, has signed a $2.8m contract with Qatar-based contractor, Black Cat Engineering & Construction to design and develop a major integrated Safety Integrity Level 3(SIL 3) and process control solution for a gas pipeline project in Dukhan, Qatar. According to the contract, ABB will supply SIL 3 controllers for emergency shutdown, process control, and fire and gas systems as well as its SIL3-compliant System 800xA for new and existi

  • ABB to build Abu Dhabi water transmission project

    Water project will link Shuweihat and Abu Dhabi city

  • ABB wins $144m contract in Abu Dhabi

    Abu Dhabi Transmission and Despatch Co has awarded ABB, a power and automation technology group, a $144m turnkey order for a major expansion of a water transmission system in Abu Dhabi to help meet the emirate's rising demand for drinking water. The project will increase the volume of water supplied by the Shuweihat Power and Desalination Plant to the city of Abu Dhabi by increasing the capacity of two pumping stations.

  • Abu Dhabi and Tokyo-Narita forge airport links

    Abu Dhabi Airports Co and Japan's Narita International Airports Corp have signed a memorandum of understanding to establish a sister-airport relationship between the two airports. Under the agreement, the two parties will create joint strategies for developing the routes linking the two airports, as well as promoting business development opportunities for the business communities in their respective markets.

  • Abu Dhabi awards $560m contract for Qusahwira Field

    Abu Dhabi Co for Onshore Oil Operations (ADCO) has awarded UAE-based National Petroleum Construction (NPCC) a $560m contract to develop the first phase of the new Qusahwira Field located south east of the UAE capital, Wam has reported. The project includes construction of a new central degassing station, remote degassing station, oil gathering system, production supporting systems and the main oil line to Asab Field. The Qusawhira phase 1 calls for adding 30,000 BOPD sustainable by 2013 to a

  • Abu Dhabi awards second onshore oil deal

    Local National Petroleum Construction Company wins $560m contract

  • Abu Dhabi chemical city to award contracts in Q2

    Mohammed Al Azdi, chief executive of Abu Dhabi National Chemicals Co (Chemaweyaat), has said the engineering and design contracts for the $10bn first phase of the industrial chemicals city will be awarded in the second quarter of this year, Reuters has reported. 'The feasibility studies are over, the Feed (front end engineering and design) is next, before summer. We are working on it,' he was quoted as saying. The first phase involves building Tacaamol, a petrochemicals complex at the Taweel

  • Abu Dhabi cuts power demand forecasts

    Power demand to triple and water demand to double over the next 20 years

  • Abu Dhabi finalises Ruwais refinery expansion deals

    Takreer signs $9.6bn packages with four South Korean firms

  • Abu Dhabi Finance cuts mortgage rates

    Ali Eid al Mehairi, chairman of Abu Dhabi Finance, a mortgage provider part-owned by the government, has said the firm has received financial support from the Department of Finance aimed at reducing its rates to the lowest in the country, The National has reported. The unspecified amount, which was obtained at 'commercial terms', will enable ADF to lower the cost of borrowing for home buyers to as low as 5.75%, compared to the lowest rate in the market today of 6.5%. ADF is considering future

  • Abu Dhabi firm to buy majority stake in Hellenic Shipyards

    The government of Greece has announced that Abu Dhabi Mar Group will take a majority stake in Hellenic Shipyards, Bloomberg has reported. The firm will lead a group in which it has a 75.1% stake with Thyssenkrup holding 24.9%, and deal is expected to be completed as soon as possible, the statement said.

  • Abu Dhabi health authority opens Western Region office

    The Health Authority - Abu Dhabi has unveiled plans to open an office in Madinat Zayed to provide services in the Western Region. Zaid Al Siksek, CEO of HAAD said that establishing the office is necessary as the city of Al Ain has more than 300 health facilities including hospitals, health centres, polyclinics, clinics, schools clinics and pharmacies.

  • Abu Dhabi invests Dhs6.5m for school lab

    The Abu Dhabi Education Council (Adec) has provided schools in Abu Dhabi with new laboratory equipment and supplies that are worth more than Dhs6.5m, WAM has reported. "The expenditure in schooling equipment is part of Adec's 10-year strategic plan that is transforming Abu Dhabi's education system into a system of education excellence," Adec's Director, Dr Mugheer Al-Khaili said.

  • Abu Dhabi invites proposals for Shuweihat S3

    Abu Dhabi Water & Electricity Authority is building its first independent power plant project

  • Abu Dhabi launches newborn screening programme

    A newborn screening program, targeting genetic, endocrinologic, metabolic and hematologic diseases has been launched by Abu Dhabi's health authority, Wam has reported. The Abu Dhabi Comprehensive Newborn Screening Programme includes parent education, a comprehensive newborn physical exam, screening tests, follow-up, diagnosis, counselling, management, treatment and evaluation.

  • Abu Dhabi plans foreign investment agency

    Agency to begin operations by end of the year

  • Abu Dhabi property prices will remain flat

    Low cost of loans and completed units will have little effect on Abu Dhabi’s real estate market

  • Abu Dhabi public-private partnership assessed

    The Abu Dhabi Education Council has met with Public-Private Partnership (PPP) operators to review the project's success and challenges. The PPP began in 2006 as an ADEC initiative, designed to use the expertise of private school operators in enhancing public schools operations. PPP operators now look after 176 school in the cities of Abu Dhabi, Al Ain, and Al Gharbia.

  • Abu Dhabi receives large mobile clinic

    Ambulatory Healthcare Services, a member of Abu Dhabi Health Services Co, says it has received the biggest and first-of-its-kind mobile clinic in the Middle East. The clinic has the capacity to assist 250 - 350 visitors per day and specializes in providing healthcare services in remote areas and large events for sports, entertainment and the like across Abu Dhabi and UAE.

  • Abu Dhabi rehabilitation centre to expand services

    Abu Dhabi's National Rehabilitation Centre (NRC) has unveiled plans to expand its current rehabilitation services to women and men due to growing rates of addiction to alcohol and drug across the UAE and the Arab world, Gulf News has reported. NRC will be moving from their current location to a 200-bed premises, for both males and females by the end of 2014, Dr Hamad Al Gaferi, Director General of NRC has said. The NRC was established in Abu Dhabi in May 2002, with only 18 beds for male Emira

  • Abu Dhabi school shortage leaves 1,000 pupils without places

    An estimated 1,000 pupils are still without school places in Abu Dhabi, according to KB Murali, president of the Kerala Social Centre in Abu Dhabi despite Abu Dhabi Education Council's (Adec) allowing a few schools to increase class sizes, The National has reported. Adec plans to shut existing schools operating out of villas by 2012, roughly accommodating half of the 21,000 Indian pupils in Abu Dhabi and Musaffah. Out of 12 villas, one will be closing this year. Adec has earlier announced it

  • Abu Dhabi schools to get upgrade

    The Abu Dhabi Education Council has announced plans to upgrade all government schools in the UAE capital over the next six years. The changes, which will be introduced in phases in an effort to avoid disruption to pupils, will include bilingual (Arabic and English) studies starting from kindergarden level, a new curriculum for all schools, career guidance, a new new student assessment system and new organisational structure to correspond with the size of each school.

  • Abu Dhabi schools to teach Arabic and English

    The Abu Dhabi Education Council (Adec) has announced that all 305 public schools in the emirate will start teaching pupils in both Arabic and English from kindergarten through to Grade 12, The National has reported. The move is part of plan for a "new school model" that is under development, and is expected to be rolled out by 2016, Dr Mugheer al Khaili, Adec's director general, said.

  • Abu Dhabi support seen likely for UAE central bank

    Ratings agency Standard & Poor's has said that the government of Abu Dhabi is likely to support the UAE central bank should it need to pump capital in the domestic banking sector, Reuters has reported. 'We would consider it a high likelihood that Abu Dhabi will support the UAE central bank in its efforts to stabilize, if the need arose, the UAE banking system through capital injections," Farouk Soussa, head of S&P's Middle East sovereign ratings, told reporters in a conference call

  • Abu Dhabi switches to lump sum deals for Zayed museum

    Tourism firm to issue tenders for substructure and main construction work

  • Abu Dhabi taxi drivers take employers to court

    Over 100 taxi drivers in Abu Dhabi are suing their employers over wages and other issues, the National has reported. Drivers claim they have not been paid all the money owed to them, that they are made to pay the full cost to repair cars damaged in collisions and that they receive no holidays. The drivers also claim the contracts they were asked to sign are different from those they signed in their home countries.

  • Abu Dhabi tenders Bab field gas modification deal

    Contract is part of estimated $1bn Asab, Bab, Bu Hasa, Ruwais project

  • Abu Dhabi to boost power and water production

    New projects by Adwea will add capacity of 3,500MW of power and 230 million gallons a day of water

  • Abu Dhabi will not disclose school inspect results

    The Abu Dhabi Education Council said it will not publicly release the results of its first-ever school inspections, despite promising last year that they would do so, it was reported today. The council said it would fully inspect 95 of the capital's 179 private schools this year and not publish its findings, after initially pledging in May that it would inspect them all and make the results public, the National said in a report. Yousif al Sheryani, executive director-designate for private sch

  • Abu Dhabi’s Al-Maabar to start construction work on Jordan schemes

    Work on Aqaba and Amman projects in Jordan will begin this year

  • Abu Dhabi's ATIC to raise stake in AMD

    Ibrahim Ajami, chief executive of Abu Dhabi government-owned Advanced Technology Investment Co has unveiled plans to raise the firm's stake in Global Foundries to 70% soon, as part of its plans to take over the entire AMD stake in the chip maker, Reuters has reported. 'ATIC's stake now is 68%. It will go up to 70% in two to three months,' Ajami told the news service, adding that ATIC plans to buy the rest stake through a capital call process over a period of three to four years. 'The intent i

  • Abu Dhabi's Emirates Steel favourite to buy Shadeed

    A deal is in place for steel facility in Oman, says source

  • Abu Dhabi's Khalifa port to begin operations in 2012

    Phase one of Abu Dhabi's $2.18bn Khalifa Port will become operational in 2012, a senior port official told Reuters. The initial capacity of the new port is two million TEUs (twenty foot equivalent units) and eight million tonnes general cargo annually, nearly four times more than the current capacity of the largest existing port. The operations of the existing Mina Zayed will be shifted to the Khalifa Port in late 2012, according to the news service.

  • Accor to open five hotels in Abu Dhabi

    French hospitality company, Accor has announced plans to expand in Abu Dhabi with a focus on budget and mid-market lodging, The National has reported. In addition to its Novotel hotel in the capital, Accor is set to open five hotels in the emirate within the next two years, including its budget Ibis brand and two more mid-market Novotel hotels. Philippe Baretaud, the director of development at Accor Middle East, said the company is also keen to have a Sofitel hotel on Saadiyat Island.

  • Adec signs 5-year school accreditation MoU

    A five-year memorandum of understanding has been signed by the Abu Dhabi Education Council (Adec) and US-based school accreditation entity Advance Education, Inc. to seek international accreditation of public and private schools in the emirate, Wam has reported. Adec will provide AdvancED with a physical location and all equipment and supplies necessary to establish and maintain their operations in Abu Dhabi. Under the MoU, AdvancED may enter into a formal agreement to provide access to its A

  • Adia restructures board of directors

    Abu Dhabi’s sovereign wealth fund publishes first annual review

  • ADIB inks Banking diploma MoU

    Abu Dhabi Islamic Bank and Abu Dhabi Men's College have signed a memorandum of understanding to launch two academic certificates for diploma and bachelor's degrees in banking services. The agreement aims to support programs at Abu Dhabi Men's College and contribute to the curricula development for students in banking sector. It will also help develop best practice to monitor and improve education levels and assess student performance.

  • ADIB provides finance facility to Al Dharfa Society

    Abu Dhabi Islamic Bank has announced that it will provide a $81.6m Islamic finance facility to Al Dharfa Cooperative Society to fund working capital and capital expenditures. Al Dharfa Cooperative Society is owned by a group of more than 1,500 UAE nationals, who are mainly residents of the western region of the country.

  • ADNH to open Grand Canal, Park Hyatt

    Saif Al Hajri, chairman of Abu Dhabi National Hotels (ADNH) has revealed plans to open Abu Dhabi's largest water hotel by the end of this year, the Grand Canal, Wam has reported. He also announced that the company will open the Park Hyatt hotel on Saadiyat Island in the first quarter of next year.

  • ADX climbs as ETF Market launched

    The Abu Dhabi Securities Exchange (ADX) rose 1.12% to 2,903.92, with 22 stocks rising, five falling and four holding steady. RAKBank was the day's biggest gainer, moving up by 6.94% to Dhs3.85. The ADX today launched its ETF Market.

  • ADX dips lower

    The Abu Dhabi Securities Exchange dipped 0.41% today to 2,849, with 18 stocks falling and twelve rising. The Consumer sector led the slide, falling 2.81%, while the Energy sector gained 2.03%. Aldar, the day's most actively traded stock by value and by volume, gained 1.95% to Dhs4.10.

  • ADX dips lower

    The Abu Dhabi Securities Exchange dipped 0.18% today to 2,861, with 19 stocks rising and eight falling. Aldar, the day's most actively traded stock by value and by volume, gained 0.12% to Dhs4.14.

  • ADX edges higher

    The Abu Dhabi Securities Exchange nudged up 0.01% today to 2,724, with 14 stocks rising and 16 falling. Abu Dhabi Ship Building was the day's big gainer, climbing 4.62% to Dhs3.22, while Finance House had the largest drop, falling 9.95% to Dhs7.33.

  • ADX edges higher

    The Abu Dhabi Securities Index nudged up 0.14% to 2,859, led by the Health Care sector, which rose 1.23%. Overall, 14 stocks ended higher, 10 declined, and five were unchanged. Union National Bank had the day's biggest loss, falling 3.85% to Dhs3.22.

  • ADX edges higher

    The Abu Dhabi Securities Exchange (ADX) nudged up 0.08% today to 2,931, led by the Health Care sector, which gained 2.48%. Overall, 12 stocks ended higher while 17 closed lower. Dana Gas, the day's most actively traded stock by volume, fell 2.17% to Dhs0.89.

  • ADX edges lower

    The Abu Dhabi Securities Exchange nudged down 0.06% to 2,855, with 16 stocks falling and nine rising. The Industrial sector led the way, falling 2.26%. Market heavyweight Aldar Properties dipped 0.47% to Dhs4.17.

  • ADX edges lower

    The Abu Dhabi Securities Index dipped 0.21% to 2,730, with 18 stocks falling and 10 rising. The Industrial sector led the way with a drop of 2.65%, while the Consumer sector saw the biggest rise, gaining 4.55%. Finance House had the day's biggest gain, climbing 8.59% to Dhs6.60.

  • ADX edges lower

    The Abu Dhabi Securities Index nudged down 0.06% today to 2,866, with 14 stocks falling and 12 rising. National Bank of Ras Al Khaimah had the day's biggest gain, jumping 8.33% to Dhs4.60, while Bank of Sharjah had the biggest drop, falling 8.87% to Dhs1.82. Among sectors, Construction had the day's biggest gain, rising 2.17%, while the Real Estate sector had the largest decline, falling 1.13%.

  • ADX finishes up 0.91%

    The Abu Dhabi Securities Exchange (ADX) rose 0.91% to 2,857.40, with 23 stocks rising, six falling and two holding steady. Abu Dhabi National Insurance Co was the day's biggest riser, moving up 9.92% to Dhs7.30. Abu Dhabi National Hotels was the day's biggest faller, going down 3.12% to Dhs4.35.

  • ADX gains 0.78%

    The Abu Dhabi Securities Index gained 0.78% to 2,724, with 17 stocks rising and 6 falling. Finance House had the day's biggest drop, tumbling 10% to Dhs8.14, while Abu Dhabi National Hotels had the biggest gain, rising 10% to Dhs4.05.

  • ADX gains 1.16%

    The Abu Dhabi Securities Exchange climbed 1.16% to 2,827, with 15 stocks rising and 15 stocks falling. The Real Estate sector led the way, gaining 2.33%, while the Consumer sector fell the most, down 4.12%. Aldar, the day's most active stock by value and by volume, gained 3.92% to Dhs3.96. The National Bank of Ras Al-Khaimah was the day's big gainer, rising 8.53% to Dhs4.20.

  • ADX rises 0.42%

    The Abu Dhabi Securities Index gained 0.42% to 2,871, led by the Consumer sector, which rose 5.33%. Overall, 10 stocks ended higher, 11 declined, and seven were unchanged. Abu Dhabi National Hotels had the day's biggest move, rising 9.93% to Dhs4.65. Market heavyweight Aldar Properties fell 2.84% to Dhs4.12.

  • ADX rises 0.99%

    The Abu Dhabi Securities Exchange gained 0.99% today to 2,744, with 21 stocks rising and seven falling. All sectors ended higher save Insurance, which was unchanged. The Industrial sector led the way with a gain of 3.21%. Market heavyweight Dana Gas rose 4.76% to Dhs0.89, while National Bank of Ras Al Khaimah had the day's biggest loss, falling 10% to Dhs3.87.

  • ADX rises slightly

    The Abu Dhabi Securities Exchange (ADX) rose 0.75% to 2,747.29 on its first day of trading of the week, with 20 stocks rising, three holding steady and eight falling. Abu Dhabi National Takaful was the day's biggest gainer, moving up by 10% to Dhs4.95. Gulf Cement Co was the day's biggest loser, going down by 5.31% to Dhs1.96.

  • ADX sees slight gain

    The Abu Dhabi Securities Exchange rose 0.74% to 2,795, with 16 stocks rising and ten falling. The index was led by the real estate sector, which gained 6.79%. Sorouh Real Estate, the day's most active stock by value and by volume, moving up by 5.91% to Dhs2.36. Aldaar Properties gained 7.89% to Dhs3.90. Finance House had the day's biggest fall, tumbling 9.99% to Dhs5.30.

  • ADX slips 0.21%

    The Abu Dhabi Securities Exchange dipped 0.21% today to 2,925, led by the Consumer sector, which fell 2.45%. Overall, 21 stocks ended lower while 10 closed higher. National Bank of Ras Al Khaimah had the day's biggest loss, falling 6.49% to Dhs3.60.

  • ADX slips 0.62%

    The Abu Dhabi Securities Exchange (ADX) fell by 0.62% to 2,831.62, with seven stocks rising, four remaining unchanged and 26 falling. Abu Dhabi National Hotels was the day's biggest riser, moving up by 4.42% to Dhs4.49. Abu Dhabi National Co. for B and M was the day's biggest faller, going down by 9.48% to Dhs2.10.

  • ADX slips down 0.14%

    The Abu Dhabi Securities Exchange (ADX) fell by 0.14% to 2,726.83, with only eight stocks rising, 10 falling and seven remaining unchanged. RAK Cement Co was the day's biggest loser, going down by 10% to Dhs0.99, while RAK Ceramic Co was the day's biggest gainer, moving up 4.12% to Dhs1.77.

  • ADX to deal listed companies' bonds

    The Abu Dhabi Securities Exchange (ADX) has said it plans to trade bonds of listed companies to tap into demand from both issuers and investors, Reuters has reported. Rashid al Baloushi, deputy chief executive of ADX, said the infrastructure, rules, regulations and other mechanisms are ready. 'We as a market see an opportunity to list bonds, it gives investors options also,' he was quoted as saying.

  • ADX to list ETFs this week, says report

    Rashid Al Baloushi, the deputy chief of the Abu Dhabi Securities Exchange (ADX), said the bourse plans to list its first exchange-traded fund (ETF)by the end of this week, Business 24-7 has reported.

  • Aecom wins Diyar Al Muharraq deal

    Aecom Middle East has been appointed as the master planner of Bahrain's Diyar Al Muharraq mixed-use residential urban development. The move is in line with the project's second stage of development which is to be carried out off the north-eastern coast of Muharraq. When complete the project will host 30,000 dwellings housing over 120,000 people.

  • Agility begins major staff layoff drive

    Kuwaiti firm Agility has launched a program that has seen between 500 and 600 employees at its offices inside and outside Kuwait laid off in the past few days, Arabic Al Qabas has reported. One official warned that this is just the beginning of the firm's major staff restructuring program, with thousands more personnel set to be laid off over the next few months, the daily said. Agility's expects a slowdown in large new contracts following the international economic crisis, with contracts not

  • Agility delays 2009 financial results

    Kuwaiti company delays results on US government case

  • Air Arabia to see profits fall 15 per cent in 2010

    Sharjah-based airline’s secondary hubs in Morocco and Egypt are not expected to be profitable until 2012

  • Air Baltic launches new flights to Jordan

    The national carrier of Latvia, Air Baltic, is set to launch a new service to Amman from its home base in the Latvian capital city of Riga, Jordan Times has reported. Starting June 1, the carrier will launch two weekly non-stop flights aboard a Boeing 737 aircraft. Tero Taskila, the chief commercial officer of Air Baltic, said the company aims to increase its presence in the region by adding Amman and Beirut to its destinations in the Middle East.

  • Ajman bans smoking in public areas

    A smoking ban in public areas has been imposed by the municipality of Ajman in the UAE, in line with a presidential decree on banning smoking and the sale of tobacco and its products in public areas, Gulf News has reported.

  • Ajwa Food Industries to raise $182m in rights issue

    Egypt-based Ajwa Food Industries has said it will begin an EGP999m ($182.1m) rights issue on March 29 to finance investments and expansion, Reuters has reported. The rights issue, which ends on April 28, will increase its capital six-fold to EGP1.2bn, the firm said. Ajwa refines edible oils and has an annual capacity of 180,000 tonnes.

  • Akakus invites bids on Murzuq oil separation deal

    Engineering, procurement and construction contract is worth $250m

  • Al Barij becomes Cisco Smart Care partner

    Oman's Al Barij International has announced that it has become Cisco's first fully certified Smart Care partner in the country. The Cisco Smart Care Service allows Cisco certified partners to provide customers with many of the tools required to provide ongoing remote monitoring, proactive network maintenance, and comprehensive technical support for the entire voice and data network.

  • Al Habtoor Leighton to expand operations

    Laurie Voyer, CEO of Al Habtoor Leighton, the Middle East division of Australia's Leighton Holdings has unveiled plans to expand the firm's operations in Saudi Arabia, Qatar and Kuwait during the next year, the Australian newspaper has reported. The company plans to grow in these markets to the same scale as its UAE operations, Voyer said. The company, which has 35,000 employees, is a joint venture formed in 2007 between Australia's Leighton and the UAE's Al Habtoor group.

  • Al Hilal licensed to operate in Kazakhstan

    UAE-based Islamic lender Al Hilal Bank has been granted an official licence to open Kazakhstan's first Shariah-compliant bank under the name "Al-Hilal Islamic Bank". The new bank is fully owned by Al Hilal Bank with a capital of $36m, and is headquartered in the city of Almaty with a branch in the city of Astana.

  • Al Jaber wins Dhs1bn Adnoc Shah deal

    Al Jaber Group has been awarded a Dhs1.1bn construction contract by state-run Abu Dhabi National Oil Co and ConocoPhillips for their Shah gas project, Arabic newspaper Alittihad has reported. Privately owned Al Jaber will build the project's infrastructure, including its roads as well as units such as gas treatment plants.

  • Al-Ahsa scheme joins list of delayed cement plants in Saudi Arabia

    Hofuf facility due to be built in the Eastern Province will delayed until late 2010

  • Alaqaria posts 10% income rise

    Qatari developer, Alaqaria has reported a 10% rise in total income for 2009 to QR528m compared with the QR478m during 2008, the Peninsula has reported. The developer attributed the increase to a 63% increase in rental and finance lease income, which reached QR447m, up from QR274m in 2008. Net income for the full year was QR214m, compared with QR311m in 2008. The decline was mainly attributable to a decrease in investment income and an increase in finance cost, the firm said.

  • Aldar extends Abu Dhabi Ikea tender deadline

    Ikea store will be built next to Formula One race track

  • Alexandria petrochemicals complex receives bids

    Egyptian Petrochemicals Holding Co has said it has received bids for a contract to build a $2bn petrochemicals complex at Alexandria, on Egypt's northern Mediterranean coast, Meed has reported. The list of bidders include Saipem, Tecnimont, Toyo Engineering & Construction, and Samsung Engineering & Construction. The plant will crack ethane, a component of natural gas, breaking it down into the chemical ethylene, which will be used to produce the basic plastic polyethylene. The complex will pr

  • Algeria: Ambulances and minibuses

    Supply of ambulances and minibuses. Closing date: 17 March 2010

  • Algeria: Chemical products

    Supply of chemical products. Closing date: 1 April 2010

  • Algeria: Chrome/steel pipes

    Supply of chrome/steel pipes for well drilling. Closing date: 17 March 2010

  • Algeria: Dichloropropane

    Supply of dichloropropane. Closing date: 25 March 2010

  • Algeria: Electrical equipment

    Supply of electrical equipment. Closing date: 9 April 2010

  • Algeria: Liner hangar services

    Provision of services for a liner hangar. Closing date: 17 March 2010

  • Algeria: LPG vessel docking and repair

    Carrying out dry docking and repair of an LPG vessel. Closing date: 1 April 2010

  • Algeria: Sewage treatment plants

    Supply and setting up of sewage treatment plants. Closing date: 29 March 2010

  • Algeria: Steel pipes

    Supply of steel pipes for well drilling. Closing date: 17 March 2010

  • Algeria: Steel piping

    Supply of steel piping. Closing date: 25 March 2010

  • Algeria: UPS systems

    Supply and installation of three uninterrupted power supply (UPS) systems. Closing date: 16 April 2010

  • Al-Ghurair expansion delayed

    UAE-based Al-Ghurair Iron & Steel (Agis) has said contracts for the second-phase expansion of its metals plant at Musaffah, Abu Dhabi, will not be awarded until the fourth quarter of 2011 due to uncertainties in the steel market, Meed has reported, citing a senior manager at the company. The cost of the expansion has gone down from $100m that was originally planned to $40m, the executive said. The second phase expansion will increase the plant's capacity to almost 500,000 tonnes a year (t/y)

  • Alhokair plans Retail Group stake purchase

    Saudi-based retailer Fawaz Abdulaziz Alhokair Co has announced that it has signed preliminary agreements to buy stakes in three retail firms as part of its drive to expand in the region, Reuters has reported. The fashion retailer signed memorandums of understanding to buy stakes in Retail Group Gulf, Retail Group Egypt and Retail Group Jordan.

  • AlMansoori signs JV with US-based Key Energy

    AlMansoori Petroleum Services, a subsidiary of UAE-based AlMansoori Specialized Engineering, has signed a joint venture agreement with US-based onshore energy production services company Key Energy Services. The joint venture will see the Houston-headquartered firm establish a base in the Middle East for the first time, adding new services to AlMansoori's capabilities in coil tubing, workover rigs, pumping/cementing, fracturing and acidizing.

  • Almarai in Mead Johnson JV

    Saudi Arabia's Almarai Co. and Mead Johnson Nutrition Co will form a joint-venture to make baby food products in the Gulf region, giving the US-based baby formula maker an entry point into the region, Reuters has reported. The joint venture is expected to start production in 2011, Almarai said in a statement, without giving the value of the deal. Almarai is also involved in joint ventures with Greece-based Vivartia, in the bakery business, and Pepsico, for dairy and fruit juice products.

  • Al-Rajhi prepares to break ground on Jeddah steel plant

    Rebar plant in Saudi Arabia to cost $215m and will have capacity of 1 million tonnes a year

  • American investors sought in Abu Dhabi rail venture

    Hussain Al Nowais, chairman of Abu Dhabi's Union Railway has invited the largest freight rail companies and locomotive manufacturers in the US to participate in the 1,500-kilometre railway project, Gulf News has reported. He addressed an audience of over 70 investors and US railway industry leaders, sharing the major developments currently changing the Abu Dhabi landscape, as well as "the great opportunities we have to grow this strategic partnership between our two countries."

  • AMIDEAST expands in Jordan

    America Mideast Educational and Training Services (Amideast) has said it plans to expand its operations in Jordan by opening a training centre in the port city of Aqaba in April and a new scholarship initiative for women entrepreneurs. The scholarship aims to provide business and management training for underserved women in the Middle East, while the centre will provide English language and training skills tailored to meet the needs of the Aqaba region's growing tourism and other industries.

  • Amlak, Tamweel restructuring plan in final stages

    Sultan Bin Saeed Al Mansouri, the UAE's minister of economy has said that the restructuring plan for Amlak Finance and Tamweel is in its final stages, Al Ittihad has reported. The plan includes the merger of the two firms and establishing an Islamic bank that will receive the financial support of the government, the daily said. A ministerial committee in charge of the restructuring process had allocated Dhs2bn ($544.5m), equally divided between the UAE government and the Dubai government, to

  • Arab bank assets hit $2.26trillion

    Adnan Yousef, Chairman of the Union of Arab Banks has said that the total assets of banks in the Arab world grew 3.57% to $2.26 trillion in 2009 despite the global financial crisis, Khaleej Times has reported. Addressing the Emirates Bankers' Forum, Yousef said that the total assets of the top 100 Arab banks in terms of assets exceeded $1.5 trillion, deposits reached $1 trillion, total loans amounted $831bn, shareholders equities reached $164bn and net profits reached $24bn.

  • Arab Bank to pay cash dividend

    The board of directors of Jordan-headquartered Arab Bank has approved the distribution of 200 Jordanian fils ($0.28 cents) per share dividend for last year, Reuters has reported. The lender's net profits fell 31.4% in 2009 to $575.5m as it set aside $204m in provisions for non-performing loans, up from $40m in 2008.

  • Arab refining projects may be scrapped

    A new report by the Organization of Arab Petroleum Exporting Countries has said that uncertainty over future rates of global demand for oil derivatives, the fluctuation of construction material costs and pressure arising from environmental protection laws could lead to the delay or cancellation of new oil refinery projects in several Arab countries, Kuna has reported. In its monthly report, Oapec said that despite efforts by the Arab refining industry, the pace of development is very slow.

  • Arabtec appoints new board members

    Henry Azzam and Ibrahim Hamati have been appointed by Arabtec Holding as members of its board, while retaining the current members, Bloomberg has reported. The Dubai-based construction firm has said it has decided to delay bonus payment to board members.

  • Arabtec price estimate cut at Deutsche Bank

    Deutsche Bank has downgraded the UAE's largest construction firm, Arabtec Holding, to 'hold' from 'buy' and reduced its share price estimate by 20% to Dhs2.4, on concerns about its plans for expansion outside Dubai and a weak orderbook, Bloomberg has reported. Arabtec 'released a surprisingly weak backlog at Dhs13.2bn due to a contract cancellation in Dubai and a lower scope of works in Qatar and Saudi Arabia', analysts Nabil Ahmed and Athmane Benzerroug said.

  • Arabtec reports Q4 loss

    UAE-based Arabtec Holding has reported its first quarterly loss as a publicly traded company due to higher costs and nonpayment by customers, Bloomberg has reported. The fourth-quarter net loss was Dhs16.8m ($4.6m), according to Bloomerg calculations. The company, which first sold shares in January 2005, reported year-earlier profit of Dhs197.9m.

  • Arabtec Unit wins Abu Dhabi contracts

    Target Engineering Construction Co, a subsidiary of Arabtec Holding, has announced it has won two contracts in Abu Dhabi worth a combined Dhs835m ($227m). The first project was awarded by Takreer to execute the sea water intake 3 project and its associated pumping facilities for completion in 28 months and a total value of Dhs358m. The second project was awarded by the Joint Venture 'Petrofac - GS' to execute the sea water intake system and pipeline for the GASCO Ruwais 4th NGL Train Project

  • Aramco looks to raise Jubail refinery finance

    Saudi Aramco has approached the major banks in the kingdom to raise $4bn to help finance its planned $9.6bn Jubail oil refinery project, Meed has reported. International banks are expected to provide about $1.9bn for the 400,000-barrel-a-day plant, with further $1.7bn guarantees by international export credit agencies, and a $1bn sukuk is also due to be issued. Jubail was originally scheduled to come on line in March 2013, but the start date has since been delayed to late 2013.

  • Aramco moots petrochem plant location change

    Saudi Aramco could change the location of its $17bn petrochemicals complex at the Gulf port of Ras Tanura, Meed has reported, citing sources close to the plan. Aramco is having major difficulties with the current site and is now working on a feasibility study for other potential locations. These include Jubail, a second Gulf industrial city to the north of Ras Tanura, and Ras al-Zour, another industrial port 80km to the north of Jubail. The oil giant is expected to come to a decision over a s

  • Aramco Ras Tanura plant expansion 'postponed'

    Plans for a 400,000 barrels per day refinery expansion at Ras Tanura, Saudi Arabia, could be postponed for years, Reuters has reported, citing industry sources. Contractor Worley Parsons, which holds the contract for both front-end engineering and design and project management, has taken staff off the project and halted work in the last two weeks, the sources said. "Aramco never says a project is cancelled, it's postponed for months to years. This one they are talking about five years or more

  • Aramco unit begins low-sulphur diesel production

    The Sasref refinery, a joint-venture between Saudi Aramco and Royal Dutch Shell, has started commercial production at an ultra-low sulphur diesel unit, targeting European markets, Reuters has reported. The unit at the 305,000 barrels per day refinery in Jubail, started production of around 100,000 bpd of clean diesel, making it among the first Saudi producers with sulphur at less than 10 parts-per-million, the company said. The crude refinery can export as much as 60,000 tonnes of oil product

  • Aramco, Total to raise $8bn refinery plant finance

    Salem Shaheen, CEO of Saudi Aramco Total Refining and Petrochemical Co has said that Saudi Aramco and Total expect to raise $8bn in debt financing for the joint refinery and petrochemical project in the "coming months," Bloomberg has reported. The 400,000 barrel-a-day refinery in Jubail on Saudi Arabia's Gulf coast will cost more than $12bn, he said, noting that this, including financing expenses, will also be funded by Saudi Arabia which will contribute more than $1bn to the project, and by

  • Aramex plans 10% bonus share payout

    Jordan-based logistics firm Aramex said its board had recommended a distribution of 10% bonus share for 2009, according to a company statement. The firm posted a better-than-expected 28% rise in fourth-quarter profit.

  • ArcelorMittal and Dayen to build steel mill in Iraq

    Steel giant signs joint venture deal with Turkish company on $130m project

  • ArcelorMittal to build steel mill in Iraq

    A preliminary agreement has been signed between ArcelorMittal, the world's largest steelmaker, and its Turkish partner Dayen to set up a steel mill in Northern Iraq to serve the construction industry in the region, Reuters has reported. Construction of the mill is planned to start in the second quarter of 2010, while production is scheduled to commence early in the fourth quarter of 2011. The mini-mill, which will use locally sourced scrap metal to make steel reinforcing bars, is set to cost

  • Armani hotel in Burj Khalifa postpones opening

    Giorgio Armani's first hotel, due to open in Dubai's Burj Khalifa, will be delayed by more than a month, Bloomberg has cited sources with knowledge of the plan. The luxury hotel, occupying 10 floors of the world's tallest building, is now scheduled to open on April 22, according to sources. The hotel, designed by Armani himself, will include eight restaurants, a spa and a lounge, in addition to chocolate and flower shops.

  • Armani Hotel opening delayed in Dubai

    The opening of the Giorgio Armani hotel inside Dubai's Burj Khalifa has been delayed, The National has reported. The hotel had been scheduled to open on March 18, a date set after the delayed launch in January of the Burj Khalifa, the tallest building in the world. But now the hotel's opening ceremony has been pushed back to April 22 and will open to the public two days later as work on the project is taking longer than planned.

  • Ashghal invites bids on $82.4m Al-Khor sewer network

    Northern township is being developed as a resort destination for energy workers

  • AspenTech inks new agents in Kuwait and Abu Dhabi

    US-based Aspen Technology, Inc. has announced the appointment of new commercial agents in the Middle East, Arabesque Group in Kuwait, and Independent Technical Services (ITS) in Abu Dhabi. The move follows the recent opening of a regional direct sales office in Manama, Bahrain. AspenTech is a supplier of software that optimizes process manufacturing for energy, chemicals, pharmaceuticals, engineering and construction, and other industries that manufacture and produce products from a chemical

  • Azadea Group inks franchise deal with Gymboree Corp

    Lebanon-based Azadea Group Holding has signed a multi-year franchise agreement with US-based fashion designer, The Gymboree Corp, to launch the Gymboree retail brand in the Middle East. The first stores are scheduled to open in Dubai during the third fiscal quarter of 2010, with plans to open more stores across the UAE, Saudi Arabia, Egypt, Kuwait, Qatar, Oman, Bahrain, Jordan and Lebanon.

  • Baghdad awards construction contract for two power plants

    SNC-Lavalin and IFC to build to gas-fired power plants in Iraq

  • Baghdad negotiates with consultant to develop oil sector

    World Bank to provide financing and technical supervision for project

  • Baghdad to enact media and telecoms law in June

    Personnel changes and lack of political consensus delays legislation

  • Bahrain Air aims to break even in 2011

    Ibrahim Al Hamer, managing director of Bahrain Air, the kingdom's first low-cost airline, has said the carrier plans to increase its authorised capital to BD30m ($79.6m) from the current BD20m and hopes to break even in 2011 as it expands its operations, Gulf Daily News has reported. 'Hopefully, the troubles of the world economic crisis are behind us and things are looking up, but we have to keep our fingers crossed as we look towards a complete recovery,' Al Hamer told the daily. The airline

  • Bahrain Air launches Bangladesh routes

    Bahrain Air has inaugurated its new route from the kingdom to Bangladesh with a non-stop flight to the capital, Dhaka. "Initially, we will operate three flights to Dhaka and four to the port city of Chittagong," the carrier's managing director Ibrahim Al Hamer, who piloted the inaugural flight, said. "We may increase the frequency, depending on the loads." The carrier plans to carry around a million passengers this year and hopes to break even by year-end 2011.

  • Bahrain banking sector employment falls in 2009

    Lenders in Bahrain trim staff due to slowdown in regional economy

  • Bahrain bond roadshow to start mid-March

    Bahrain government aims to raise $1bn in sovereign bond issue

  • Bahrain Dur plant begins testing in April

    Khalid Burashid, deputy chief of executive of planning and projects at Bahrain's Electricity and Water Authority has said the kingdom will begin initial testing of its 1,240 megawatts Al Dur power and water plant in April, local Arabic daily Al-Watan has reported. The first commercial operations are expected to start in June 2011, he said, adding that Al Dur plant will contribute 30% to the country's total electricity production capacity, as well as desalinating 218,000 cubic metres of sea wa

  • Bahrain economy to grow 4 per cent in 2010

    Finance minister expects Bahrain growth to exceed 2009

  • Bahrain fixed line, mobile numbers grow

    Bahrain's telecoms regulator has said the number of fixed lines in the kingdom rose from 220,000 at the end of 2008 to 230,000 by the end of Q2 2009. At the end of Q2 2009 there were about 1.4 million mobile subscribers in Bahrain, with prepaid subscribers representing 83% of mobile subscribers, the Telecommunications Regulatory Authority said.

  • Bahrain health facilities receive Canadian certification

    Bahrain's health minister, Dr Faisal Al Hamer has announced that the Salmaniya Medical Complex (SMC), the Psychiatric Hospital and 22 primary health care centres have received an Accreditation Canada (AC) certification, Gulf Daily News has reported. The accreditation exercise is part of implementing and fulfilling Bahrain's 2030 Economic Vision, the minister said. The BD300,000 accreditation exercise was carried out in 2009.

  • Bahrain plans hybrid solar and wind power plant

    Electricity and water authority plans to appoint a consultant on the project in the third quarter

  • Bahrain plans second phase of water and power project

    Addur independent water and power project to be built in four phases

  • Bahrain to decide on Sitra oil export facility in April

    Final investment decision for $150m deal on 6 April

  • Bahrain tower project put on hold

    The $185m Al-Seef tower development in Bahrain has been suspended indefinitely by the local Ithmaar Development Co after it has not been able to obtain required government approval for the project in the Al-Seef district, Meed has reported, citing a source close to the project. The developer has been in discussions about moving the project to another location in Manama in order to allow the development to go ahead. However, no agreement has been reached yet.

  • Bahrain, Jordan ink maritime MoU

    A memorandum of understanding has been signed between Bahrain's General Organisation of Sea Ports (GOP) and the Jordan Maritime Authority (JMA) aimed at enhancing ties between the two countries in the areas of ports and maritime transport, Petra news agency has reported. The agreement entails mutual recognition of maritime certificates issued in either country in accordance with the International Convention on Standards Training, Certification and Watch keeping for seafarers. Furthermore, the

  • Bahrain: IT governance

    Provision of IT governance. Closing date: 24 March 2010

  • Bahrain: Refinery decontamination services

    Provision of decontamination services at a refinery process unit. Closing date: 28 April 2010

  • Bahrain: Theatre building construction works

    Carrying out construction works for the National Theatre building. Closing date: 21 April 2010

  • Bahrain: Water meters

    Supply of water meters. Closing date: 7 April 2010

  • Bahrain’s Ithmaar Bank plans $400m capital increase

    Ithmaar to sell shares above market price

  • Bahrain's AUB buys 40% of Libyan bank

    Bahrain-based Ahli United Bank has invested $53.8m to acquire a 40% stake in Libya's United Bank for Commerce & Investment through a capital hike, Reuters has reported. UBCI's capital has been increased from 33.3m Libyan dinars ($26.47m) to 80m Libyan dinars, 60% of which is owned by Libyan shareholders, and the remaining is the Bahraini lender's share, AUB said. The deal has been approved by the central banks of the two countries.

  • Bahrain's Ithmaar Bank plans $400m capital hike

    Bahrain-based bank Ithmaar has announced plans to raise its capital by $400m to fund expansion, Reuters has reported. The bank aims to raise up to $200m by selling shares at $0.25 to existing shareholders between March 16 and March 25, in addition to selling a mandatory convertible Islamic bond. Ithmaar plans to convert itself into a retail bank by integrating its fully owned Shamil Bank, a Bahraini retail bank.

  • Bahrain's Mina Salman port to be used for construction materials imports

    New Khalifa bin Salman port to be running at full capacity by the end of 2010

  • Bahrain's Venture Capital posts $11m profit in '09

    Bahrain-based Venture Capital Bank has posted $11m in net profit for 2009, while total income stood at $32.4m, Gulf Daily News has reported. The lender's shareholders agreed on a bonus shares issue of 8.5% amounting to $18.9m, representing around 11% of the average paid-up capital.

  • Bank of Alexandria net profit rises 29%

    Egypt's Bank of Alexandria, a subsidary of Italy's Intesa Sanpaolo, said net profit for 2009 rose 29% to 524.5 million Egyption pounds, Egypt's official Middle East News Agency has reported. The loan portfolio of the bank rose 23% in the year to Dec. 31 to 16 billion pounds, the agency quoted its chairman, Mahmoud Abdel Latif, as saying.

  • Bank Sharjah eyes JV with BNP Paribas

    Varouj Nerguizian, general manager of the Bank of Sharjah, has unveiled plans to form a joint venture aimed at tapping the fast-growing Middle-Eastern market for the very rich, Reuters has reported. The bank is also considering establishing a European footprint, either by acquiring a small bank or obtaining a licence, he said. 'I think we are going to pursue that shortly ... there is a lot of a business between Europe and the UAE that you can capture through that entity,' Nerguizian told the

  • Banks ask for extension on Yanbu financing in Saudi Arabia

    Aramco and ConocoPhillips issued requests for proposals in February

  • Banks in the Gulf to increase lending activities this year

    Standard & Poor’s forecasts banks to increase lending after flat growth in 2009

  • Banks offer Qatar Aviation $2bn

    Lenders massively oversubscribe to Qatar government-backed deal

  • Banque Saudi Fransi raises $650m in EMTN

    Banque Saudi Fransi has announced it has raised $650m (Dhs2.38bn) in a euro medium-term note (EMTN) which were priced at 175 bps above mid swaps. The purpose of the notes is to support the bank's expansion plans, the lender said.

  • Banque Saudi Fransi to moot debt issuance

    Banque Saudi Fransi plans to meet investors in Europe, Asia and the Middle East next week to test the waters for a potential debt issuance, Reuters has reported. 'If investors show appetite for bond, of whatever nature, then we will see if we will issue or not,' one bank executive, who declined to be identified said. The Saudi affiliate of France's Credit Agricole is set to begin presentations in Saudi Arabia on March 14 before moving to selected countries in Asia and Europe, he said.

  • Barwa confirms Financial District sale, denies Barwa City talks

    Barwa has released a statement confirming that it is still involved in negotiations with Qatar Petroleum over the planned sale of the Barwa Financial District, but denying that it is currently involved in talks to sell its Barwa City project to a government buyer.

  • Barwa finalises merger deal with Alaqaria

    Qatari Diar to fund proposed transaction

  • Barwa in $2bn project takeover talks

    Khalid al-Nasr, general manager of Qatari developer Barwa Real Estate has said that the company is in talks over the possible takeover of its Barwa City project, worth about $2bn, by a government body, Reuters has reported. He said that, if negotiations are successful, Barwa will hand over the project in phases as they are completed. Phase one of Barwa City would be completed in June 2011 and would house approximately 25,000 residents, al Nasr said in January. The contractor for Phase One of

  • Barwa officially offers to buy Alaqaria

    Shareholders of Barwa and Alaqaria to vote on proposal on 30 March

  • Barwa submits offer to buy shares of Alaqaria

    Qatar-based developer, Barwa Real Estate Co, has said it has submitted its official offer to acquire Doha-based Qatar Real Estate Investment Co (Alaqaria). Shareholders of the two companies will be given the opportunity to vote on the proposed transaction when they hold separate meetings in Doha on March 30. Qatari Diar, the largest shareholder in both companies, would maintain a 45% share in the enlarged Barwa company through a contribution of land in the Lusail area, set to become an educat

  • Bechtel favourite to win UAE rail management contract

    Companies will be invited to prequalify for work on the railway in the third quarter of the year

  • Beltone plans $1bln agriculture fund

    Osama Rashad, investor relations manager at Egypt's Beltone Private Equity has announced the company will launch an agricultural investment fund next week with Sudan's Kenana Sugar Co, Reuters has reported. The new $1bn vehicle will be called Mahaseel Agricultural Investment Fund, he said.

  • Bids in for Oman Foreign Affairs offices

    Alkuwair deal to be awarded by end of April

  • Bids in for Omani road deal

    Winning contractor to build dual carriageway between Jabrin and Ibri

  • Boeing developing MRO facilities in the Gulf

    John J Gibson, Director of Marketing, Commercial Airplanes, Boeing talks to Phil Blizzard at the MRO Middle East conference and exhibition, Dubai, on their ever increasing operation in the Middle East. With major carriers in the region operating large fleets it is essential for Boeing to develop their services and training facilities close to the airlines.

  • Boeing to up 777, 747 production rates

    Boeing has said that it will accelerate planned increases in production of two of its popular wide-body planes to accommodate heightened demand from airlines that had curbed orders in the last two years because of the economic crisis, Reuters has reported. 'Market improvement and our conservatively managed approach to production have put us in a position where we see it necessary to raise aircraft output,' Boeing Commercial Airplanes chief executive Jim Albaugh, said in a statement. Boeing, w

  • Bombardier expects Qatar plane orders this year

    The CEO of Bombardier expects Qatar Airways to buy its in-development CSeries plane this year, Bloomberg has reported. Pierre Beaudoin said the planemaker is speaking to more than one possible customer Qatar, but he declined to say how many planes the carrier may buy.

  • Borouge 2 plastics plant to launch in Q3

    The new $5bn Borouge 2 plastics production complex of Abu Dhabi Polymers Co (Borouge) will be commissioned in May, with production due to start in the third quarter of the year, Meed has reported, citing sources close to the project.

  • Broadband speeds rise 18% in Middle East

    UK-based broadband communications authority Epitiro has said that Middle East broadband speeds between September 2009 and January 2010 had improved 18%. The improvement, which had been recorded in 16 of the 21 countries and regions monitored, included a trend of improving reliability and connection times.

  • Building Construction Company wins Emaar's Al-Khobar contract

    Local contractor wins Al-Ghadeer Village construction deal in Saudi Arabia

  • CBK posts 2009 results

    Commercial Bank of Kuwait has reported KD130.9m in profits before provisions for 2009, compared to KD100.7m in 2008, but said it had taken KD186.6m of post liberation provisions to cover loans and investments, Reuters has reported. In addition to the loan and investment provisions, the bank has KD91.9m of retained earnings available as an additional cushion, the bank said in a statement. "While we believe that the government and the Central Bank of Kuwait have taken the right action to suppor

  • China now largest oil and gas investor in Iraq

    China has become the biggest single investor in Iraq's oil and gas sector, with nearly one fifth of the reserves that have been auctioned over the past year under its control, Meed has reported. China is spending a total of $577m in signing on fees to give it access to an estimated 24 billion barrels, or about 18% of the reserves on offer, the magazine said, citing its own data. Chinese investment doubles the US' signing on fees, which has committed $296m to control about 12 billion barrels,

  • Chinese consortium signs Iraq Missan oilfield deal

    China National Offshore Oil Corporation and Sinochem win Iraq oil contract

  • Cisco issues IOS warnings

    A range of security advisories have been issued by Cisco Systems giving details of 11 vulnerabilities in IOS, the operating system on which many of its products run, Cnet has reported. The highly critical vulnerability affects IOS version 12 devices running SIP, a protocol used by many businesses to set up and tear down voice and video calls. One of the vulnerabilities, described as "highly critical," could lead to a hacker compromising the affected system or launching a denial-of-service att

  • Citadel invests in river ports in Egypt

    Egypt's Citadel Capital has said it has invested EGP1bn ($183m) in three Nile river ports and plans to invest in two more in the country, the daily al-Mal reported. Alwataniya for Rivier Ports Management, a subsidiary of the private equity firm, inaugurated the Tanash river port in northern Cairo. The firm is also eyeing investments in Sudanese river ports, and plans to link its port network to Juba in southern Sudan from Egypt's northern seaport city of Alexandria within the next four or fiv

  • Citadel signs rail deal with Sudanese Railway Corporation

    The deal allows subsidiary Nile Valley Railways to operate on Sudanese Railway Corporation-owned tracks

  • Coke awaits approval for price hike in UAE

    Antoine Tayyar, spokesman for Coca Cola Middle East, has said its UAE partner, Al Ahlia Gulf Line, is still waiting for permission from the ministry of economy to introduce a 'price adjustment' for its soft drinks in the UAE market, Emirates Business has reported. 'The company can't increase retail prices without permission from the ministry,' he said. AGL wants to implement increases of 50 fils to Dh1.50 for small bottles and Dh1 to Dh5 for family-size bottles.

  • Combined Group bids low for Kuwait university expansion

    Combined Group Contracting Company leads nine other Kuwaiti companies on $102m deal

  • Commercial Bank of Kuwait profit drops 99 per cent in 2009

    Kuwait lender’s profits hit by high provisions for bad loans

  • Companies shortlisted for Shuweihat 3 power project

    Winning bidder will build 1,600MW independent power project

  • Computer sales to rise in Gulf

    Research firm IDC expects 2010 to be a better year than 2009 in terms of computer sales as many delayed projects in the Gulf are expected to come on stream, Gulf News has reported. Total PC shipments this year are expected to rise by 23.98% to 5.48 billion units, compared to 4.42 billion units in 2009, while the value of the projected sales is expected to rise by 20.21% to $4.4bn (Dhs16.1bn) compared to $3.66bn in 2009, the daily reported.

  • Consultants bid for Dewa's Hassyan project

    Firms bid for role on Dubai’s first independent water and power project

  • Consultants line up for Dubai water and power project

    Dubai’s Dewa receives lowest bid from UK law firm

  • Contractors line up for Oman court buildings contracts

    Justice Ministry receives bids for construction contracts worth $52.4m

  • Contractors seek extension for Kuwait pipelines deal

    Kuwait Oil Company decision pending

  • Contractors to bid on King Abdullah International Gardens

    Riyadh project centrepiece includes plant laboratory

  • Corporate jet demand rises in Middle East

    Demand for large corporate jets in the Middle East has increased by 5% due to the annual steady rise in airline traffic despite the world economic slowdown last year, Francois Chazelle, Vice President, executive and private aviation, Airbus Middle East, told a press conference in Jedday. 'Last year, we sold 80 corporate jets in the Middle East, a majority of them in Saudi Arabia, the biggest market for wide-bodied jets,' Chazelle was quoted as saying by Arab News. He attributed the rising dem

  • Crate and Barrel opens at Mall of the Emirates

    Al Tayer Trends has inaugurated the first Crate and Barrel store in the Middle East at the Mall of Emirates in Dubai. The homeware store is the brand's first venture outside North America. Barbara Turf, CEO of Crate and Barrel said the new Dhs30m store offers the perfect launch pad for the brand's global expansion.

  • Crude oil prices fall on US stock gains

    West Texas Intermediate contract trading at $81 a barrel

  • Customers remain loyal to banks

    A survey by global market research firm Synovate has found that bank customers across Central/Eastern Europe and the Middle East have shown relatively strong loyalty to their financial institutions despite the negative effect of the global financial crisis on their overall opinion of the banking sector. The survey found that 81% of Saudis expressed a positive view of their local banks, as did 58% in the UAE, 55% in Poland and 54% in Russia, while international banks fared best in the UAE and

  • Cynoprod launches $2m Jordan dental centre

    Canada-based Cynoprod, in partnership with Jordanian investor Zaher Al Masri, has launched a dental manufacturing centre in Amman, Jordan. The investment cost of Cynoprod's Jordan is estimated at $2m in addition to a research and development investment of over $130m.

  • Damas founders fined for irregularities

    The Dubai Financial Services Authority has fined the owners of the region's largest jeweller business for withdrawing cash without authorisation and removed the company's board. The DFSA also banned the owners of Damas, the jeweller, from acting as directors of any company in the Dubai International Financial Centre for up to 10 years. The regulator's investigation showed that the three brothers who control the company - Tawhid, Tawfiq and Tamjid Abdullah - should repay $99m and 1.9m grams of

  • Damas signs standstill agreement with banks

    Jewellery retailer Damas International has said it has reached a standstill agreement with the majority of its bank lenders to defer payments. The Dubai-based firm said it is developing a restructuring plan, to be implemented at the end of the standstill period.

  • Damas stock to resume trading today

    Shares of Dubai-based jewelry retailer Damas International will resume trading today on Nasdaq Dubai, Bloomberg has reported, citing a statement on the bourse. All pending orders in the shares will be canceled and the reference trading safeguard for Damas will be 50% effective from the open, the bourse said.

  • Dana Gas makes new Egypt gas finds

    Dana Gas discovers gas in Nile Delta

  • Dar Al-Arkan repays SR2.25bn Sukuk

    Saudi Arabia's biggest property developer by market value, Dar al-Arkan has said that it has repaid an Islamic bond worth SR2.25bn, Reuters has reported. Last month, the developer said it raised a lower-than-expected $450m from a sukuk sale that was priced at 10.75%. The five-year Islamic bond was the fourth issue from the Saudi firm.

  • Deadlines extended for Kuwait's Al-Zour water projects

    Both Electricity and Water Ministry tenders have been in the market for more than a year

  • Demand for Indian schools exceeds supply in Abu Dhabi

    The lack of sufficient places at Indian schools in Abu Dhabi is forcing parents to send their children back to India for education, The National has reported. More than 3,500 children are on the waiting list at Our Own English High School, Abu Dhabi, double the number last year, according to the daily. Yousif al Sheryani, the executive director-designate for private schools at Abu Dhabi Education Council (Adec), said the council was aware of 'long-standing' concerns over the number of Indian

  • Depa acquires marble company

    Dubai-based interiors contractor Depa has announced it has acquired UAE-based stone producer Carrara Mid East Industrial. Depa said it would support Carrara's expansion in Saudi Arabia, India, Azerbaijan and Nigeria. 'This acquisition is another important step in our longstanding vertical integration strategy of acquiring leading suppliers in our core business markets,' Depa's managing director of investments, Hadi El-Solh, said in a statement.

  • Destination Maternity opens UAE store

    Global maternity apparel retailer, Destination Maternity Corp has announced the opening of its first store in the UAE at the Mirdiff City Centre in Dubai. The new store is the third opened in the GCC region through the retailer's franchisee, Multi Trend, a member of the Al Homaizi Group. Under a multi-year franchise agreement, Multi Trend will operate branded retail locations and market merchandise in six key markets in the Middle East including the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain a

  • Deutsche Bahn signs rail partnership memorandum with UAE firm

    German rail operator signs deal with the local Al-Masaood Group

  • Dewa receives 14 bids for power, water project

    Dubai Electricity and Water Authority (Dewa) has said that it is considering partnering with the private sector for the implementation of the Hassayan (1) project for generating power and desalinated sea water for the emirate of Dubai. Dewa has received 14 bids for the project and will invite short-listed bidders to present their views and proposed methodologies from the end of April up to mid-June, as the IWPP consultancy services is expected to be awarded by June of 2010.

  • DFM adopts modified Tick Size

    The Dubai Financial Market has announced that it will apply the three decimal Tick Size system only on securities with a market value below AED 1, as of Thursday, March 11th 2010. This will allow investors to trade in these securities with fractions of one Fills. Meanwhile, the Tick Size will see no change for securities with a market value ranging from AED 1 to AED 10 which will continue to be traded with the unit of 1 Fills. Furthermore, securities with a market value above AED 10, will als

  • DFM chief says UAE markets should consolidate

    The head of the Dubai Financial Market said today that he believes the stock exchanges in the UAE should consolidate, Reuters reported. 'It is in the interest of everybody to consolidate. There have been discussions at the top level, meaning the owners of the exchanges,' executive chairman Essa Kazim was quoted as saying by the news service. Kazim also said DFM's planned takeover of Nasdaq Dubai will be completed within two weeks.

  • DFM cllimbs 1.69%

    The Dubai Financial Market rose 1.69% to 1,649, with 18 stocks rising and five falling. Emaar was the most active stock by value and by volume, and was also the day's second highest riser, moving up by 5.36% to Dhs3.34. Shuaa Capital was the day's biggest gainer, moving up by 6.25% to Dhs1.19. Tabreed had the day's biggest fall, plunging 9.52% to Dhs0.57

  • DFM closes up 1.92%

    The Dubai Financial Market (DFM) ended the day up by 1.92% to 1,880.62, with 20 stocks rising, five falling and five holding steady. Arabtec was the day's biggest gainer, moving up by 11.64% to Dhs2.59. AlSalamSudan was the day's largest faller, losing 8.30% to Dhs2.54.

  • DFM closes up by 0.74%

    The Dubai Financial Market (DFM) closed up by 0.74% to 1,584.81, with 14 stocks rising, four falling and nine remaining unchanged. Hits Telecom was the day's biggest riser, moving up by 5.73% to Dhs1.66. Al Salam Sudan was the day's biggest loser, going down by 2.18% to Dhs2.69.

  • DFM delays new tick system

    The Dubai Financial Market has delayed the rollut of its new tick system for shares. 'The introduction of three decimal tick size system on securities with a market value below 1 dirham, which was due on March 11 will be postponed until further notice, in response to brokers' request,' the bourse said in a statement today. The DFM said brokerage firms had asked for more time to complete their preparations in coordination with vendors..

  • DFM dips 1.37%

    The Dubai Financial Market fell 1.37% today to 1,722, with 21 stocks dropping and only two rising. The Utilities sector led the way, falling 4.08%, followed by the Real Estate sector, which dropped 2.71%. Market heavyweight Emaar Properties lost 3.20% to Dhs3.63.

  • DFM drops 2.29%

    The Dubai Financial Market lost 2.29% to 1,717, with 21 stocks falling and four rising. Among the big decliners were market heavyweights Emaar Properties, which dropped 4.47% to Dhs3.63, and Arabtec, which fell 3.93% to Dhs2.20. Global Investment House had the day's biggest loss, falling 8.70% to Dhs1.26.

  • DFM drops 2.54%

    The Dubai Financial Market fell 2.54% today to 1,832, led by the Real Estate sector, which dropped 3.55%. Arabtec, the day's most actively traded stock by value and by volume, dipped 1.54% to Dhs2.55. Fellow market leader Emaar Properties fell 3.88% to Dhs3.96. Overall, 22 stocks ended lower and five finished higher.

  • DFM edges lower

    The Dubai Financial Market dipped 0.19% to 1,659, with 17 stocks falling and eight rising. Market heavyweight Emaar lost 0.88% to Dhs3.37, while National Cement had the day's biggest gain, rising 4.90% to Dhs3.37. Hits Telecom had the day's biggest fall, tumbling 7.65% to Dhs1.57.

  • DFM falls 0.53%

    The Dubai Financial Market dipped 0.53% to 1,588, with 19 stocks falling and seven rising. Market heavyweight Emaar slipped 0.33% to Dhs2.99, while fellow market leader Arabtec tumbled 2.33% to Dhs2.10. Global Investment House was the day's big mover, rising 10.40% to Dhs1.38.

  • DFM falls 0.63%

    The Dubai Financial Market fell 0.63% today to 1,763, with 14 stocks falling and five rising. Emaar Properties, the day's most actively traded stock by value and by volume, dropped 2.08% to Dhs3.77. Global Investment House had one of the day's biggest falls, tumbling 6.82% to Dhs1.23. Dubai International Capital also fell back, dropping 4.67% to Dhs1.02.

  • DFM falls 0.96%

    The Dubai Financial Market fell 0.96% today to 1,573, with 16 stocks falling and two rising. The Real Estate sector had the biggest drop, slipping 1.65%, while Transportation fell 1.06%. Market heavyweight Emaar fell 1.67% to Dhs2.94. Arab Insurance Group had the day's biggest move, plunging 7.02% to Dhs2.12.

  • DFM gains 0.74%

    The Dubai Financial Market gained 0.74% today to 1,776, with nine stocks rising and 11 falling. Emaar Properties, the day's most heavily traded stock by value and by volume, remained unchanged. Emirates NBD was the day's big gainer, rising 3.51% to Dhs2.95. Global Investment House had the biggest loss, falling 5.69% to Dhs1.16.

  • DFM gains 0.84%

    The Dubai Financial Market rose 0.84% to 1,663, with 14 stocks rising and 13 falling. Emaar, the day's most active stock by value and by volume, moved up by 1.80% to Dhs3.40. National Cement had the day's biggest gain, rising 4.86% to Dhs3.88. Tabreed had the day's biggest fall, tumbling 8.77% to Dhs0.52.

  • DFM launches investor cards

    The Dubai Financial Market (DFM) has unveiled the iVESTOR card, through which DFM will distribute cash dividends directly to investors. The card, developed in cooperation with Network International, Visa and Emirates NBD, will be issued at no cost to over 30,000 investors of DFM company shareholders for the financial year 2009 cash dividend.

  • DFM rise fuelled by Emaar

    The Dubai Financial Market (DFM) rose by 4.31% to 1,845.21, with 22 stocks rising, three falling and three holding steady. Emaar was the day's most active stock by value and by volume and was also the day's biggest gainer, moving up by 8.82% to Dhs4.07.

  • DFM rises 0.95%

    The Dubai Financial Market gained 0.95% today to 1,850, with 13 stocks rising and seven falling. Arabtec, the day's most actively traded stock by value and by volume, climbed 6.67% to Dhs2.72. Shuaa Capital was the day's big gainer, rising 8.89% to Dhs1.47.

  • DFM rises 2.06%

    The Dubai Financial Market climbed 2.06% to 1,758, a nine-week high, with 18 stocks rising and seven falling. Union Properties was the day's big gainer, rising 12.04% to Dhs0.52. Deyaar gained 8.7% to Dhs0.50, while market heavyweight Emaar Properties climbed 4.68% to Dhs3.80.

  • DFM rises on first day trading

    The Dubai Financial Market (DFM) closed up by 2.78% to 1,774.43, with 19 stocks rising, four falling and four holding steady. Emaar was again the most active stock by value and by volume, going up by 4.90% (Dhs0.18) to Dhs3.85. The DFM itself was the highest riser, moving up 6.32% to Dhs1.85.

  • DFM sees slight drop

    The Dubai Financial Market edged up 0.24% today to 1,596, with 16 stocks rising and eight falling. Market heavyweight Emaar gained 0.67% to Dhs3.00. Global Investment House had the day's biggest move, dropping 6.72% to Dhs1.25.

  • DFM slips 0.41%

    The Dubai Financial Market fell 0.41% today to 1,769, with eight stocks rising and 15 falling. Emaar Properties, the day's most heavily traded stock by value and by volume, slipped 0.80% to Dhs3.74. Global Investment House had the biggest gain, rising 7.76% to Dhs1.25.

  • DFm up 0.49%

    The Dubai Financial Market (DFM) rose by 0.49% to 1,726.43, with 18 stocks rising, seven falling and four holding steady. Emaar was the most active stock by value and by volume, rising by 1.10% to Dhs3.67.

  • DFM up 2.33% as industry sectors gain

    The Dubai Financial Market (DFM) rose 2.33% on its first day of trading of the week to 1,621.73, with 24 stocks rising, three falling and three holding steady. Emaar was the most active stock by value and by volume, and was also the day's second highest riser, moving up by 6.02% to Dhs3.17. Gulf Finance House was the day's biggest gainer, moving up by 6.67% to Dhs0.96.

  • Diyar al-Kuwait appoints consultant to oversee Lusail construction

    KEO International Consultants to design and manage building work

  • DME plans oil swaps

    Ahmad Sharaf, Chairman of the Dubai Mercantile Exchange (DME) has revealed plans to introduce oil swaps and options against its benchmark sour-crude in the coming months, Bloomberg has reported. DME is awaiting approval from the US Commodity Futures Trading Commission (CFTC) before introducing the derivatives, based on the DME's Oman crude contract, a Gulf benchmark for Asia, he said.

  • Doha invites consultants for water plan

    Companies have until 9 May to respond to Ashghal tender

  • Dohaland selects Cat International for infrastructure work

    Contractor will work on Musheireb project

  • Down Syndrome support programme launched in Dubai

    The UAE's Down Syndrome Association has launched a programme to help children and teenagers with the condition to integrate into mainstream schools and eventually find jobs. The programme, which has been running since October 1, was officially launched this week at the association's headquarters near Jumeirah Open Beach. The staff and volunteers will focus on helping the children and teenagers to improve their communication skills and physical development, the National reported.

  • DP World profit dips 31% in '09

    Dubai-based port operator DP World said full-year profit declined less than analysts estimated, falling 31%, Bloomberg has reported. Net income attributable to shareholders was $332.8m compared with $482.2m a year earlier, the company said in a statement today. Profit beat the $303m mean estimate in a Bloomberg survey of 9 analysts, the news service reported.

  • DP World to join FTSE 100 index

    Dubai's global port and logistics group, DP World, plans to join the FTSE 100 Index of shares as part of a plan to sell new equity on the London Stock Exchange, The National has reported. The company may issue a further 5% of shares with a rights cash-call, and a simultaneous sale of up to 10% of the stake held by Dubai World, which would help the company raise $1bn in new funds for DP World and its parent. Membership of the FTSE 100 Index is dependent on market capitalisation, size of free f

  • Drake and Scull order book hits Dhs1bn in Q1

    Dubai-based construction company Drake & Scull International has said its order book has reached Dhs1bn ($272m) so far this year, Bloomberg has reported. Most recently, Drake & Scull Water and Power, a unit of Drake & Scull, was awarded the utilities development works at the residential compound in Khalifa A City in Abu Dhabi, the company said today.

  • DSI wins two contracts in Kuwait

    Drake & Scull International for Electrical Contracting - Kuwait has said it has won two contracts worth over Dhs90m within the education sector in Kuwait City, Kuwait. The contract wins are the first for DSK since being acquired by Drake & Scull International (DSI) in December last year.

  • Du to offer more services in 2010

    Hatem Bamatraf, Senior Vice-President, Network Development at Du, has said the firm plans to add video conferencing and mobile-based solutions to its managed services portfolio this year, while at the same time extending its services beyond its Dubai base, Emirates Business has reported. Du's managed services portfolio currently includes IPTV, call centre solutions and web and email hosting.

  • Dubai aiming for budget surplus in 2011

    The government of Dubai has started to cut spending in an effort to convert its budget to a surplus by 2011, the emirate's finance chief told Al-Bayan daily in an interview. Under the new plans Abdulrahman al-Saleh, the head of Dubai's Department of Finance, said he planned to trim the government's operating expenses by 15% this year to reduce the budget gap.

  • Dubai airport passenger traffic rises in February

    Dubai Airports Co has said that passenger traffic through the emirate's international airport grew by 22.6% in February to 3.64 million from 2.97 million compared to the same month last year, Wam has reported. Cargo volumes also rose by 26.7% to 171,707 tonnes from 135,495 tonnes, DAC said.

  • Dubai appoints new Nakheel board

    Nakheel Chairman Sultan bin Sulayem replaced

  • Dubai bank launches Arabic mobile internet service

    Dubai-based lender Noor Islamic Bank has announced the launch of the UAE's first Arabic enabled mobile internet banking service. Available in Arabic and English, the new service is accessible from mobile phones of any make or type with access to the internet, and enables the bank's customers to check their bank account and credit card balances, transfer funds between their accounts and pay off credit card balances.

  • Dubai creates utilities regulator

    Saeed Mohammad Al Tayer, CEO of the Dubai Electricity and Water Authority (Dewa) has said the emirate's government has created a regulatory body under the Higher Committee for Energy and Environment to oversee the utilities sector and pave the way for the entry of private firms into the sector, Gulf News has reported. 'The regulator will set up a legislative and monitoring agency that will create a healthy environment to encourage private-public sector partnerships,' Al Tayer told the newspap

  • Dubai developers repossess some units

    UAE-based developers Bonyan International and Cayan Development have said they have started repossessing some 120 units from defaulting investors after having given grace periods of between six months and one year, Emirates Business has reported. "Since the customers showed no signs of paying up and in order to ensure the continuity of the project, and keeping in mind the recession, we have terminated the contracts of those investors. We have gone through the entire process as regulated by Re

  • Dubai Financial Market '09 profit falls 43%

    Dubai Financial Market, the only Arab stock market to sell shares to the public, has announced that its full-year profit dropped 43% as the global financial crisis slowed its trading volume, Bloomberg has reported. Net income fell to Dhs346.6m ($94.4m), or 0.04 dirhams a share, from Dhs605m, or 0.08 dirhams a share, a year earlier, DFM said.

  • Dubai firms have not sought gov't support, says Hamdan

    The UAE's finance minister said today troubled companies in Dubai have not asked for support from the government. The UAE stands together behind Dubai as the emirate restructures its debt, Sheikh Hamdan Bin Rashid Al Maktoum was quoted as saying by Bloomberg.

  • Dubai gold trade hits $29bn in '09

    Dubai Multi Commodities Centre Authority has announced that the total gold trade through Dubai in 2009 stood at $29bn, matching the value of gold traded in 2008. For the 12 months ending December 31, 2009, a total of 576 tonnes of gold was imported into Dubai, compared to 674 tonnes in the previous year. Although imports in tonnage terms saw a 15% decline compared to the record set in 2008, it was 16% higher than the average import of 498 tonnes since 2001. In 2009, gold exports from Dubai gr

  • Dubai Health Authority, Sanofi-aventis ink diabetes campaign

    The Dubai Health Authority and Sanofi-aventis pharmaceuticals Gulf have signed a contract for an extensive three-year diabetes awareness campaign in the UAE. The campaign will focus on education of patients and physicians through targeted support programs to better manage diabetes. The DHA has said it is also working to establish a unified diabetes management concept and protocol system for all DHA hospitals and primary centres.

  • Dubai Holding to avoid restructuring, says JPMorgan

    A new report by JPMorgan Chase & Co says Dubai Holding Commercial Operations Group, the investment company owned by Dubai's ruler, will avoid debt restructuring as its balance-sheet and cash-flow profile appear 'sufficiently strong', Bloomberg has reported. 'The company's contractors, despite being owed a substantial amount of money, are likely not in a position to trigger a default,' Zafar Nazim, a London-based analyst at the bank, wrote in the report. 'We do not expect DHCOG to go through a

  • Dubai Holding weighing options for debt management, says report

    Dubai Holding is considering options that could include a restructuring to address as much as $20bn in debts, the Financial Times reported, citing a person close to the matter. Talks between creditors and advisers have picked up in recent weeks and the company is considering appointing a financial adviser to explore the rescheduling of loans over the next few months, the paper said.

  • Dubai International Academic City targets 25,000 students

    Dr Ayoub Kazim, executive director of Dubai International Academic City (DIAC) and Dubai Knowledge Village (DKV) has unveiled plans to enrol 25,000 students in five years, Gulf News has reported. "This means that we have surpassed UAE University, they have around 13,000 students, and we are very happy to see that we are now the largest academic zone in the country," he said. Launched in late 2007, DIAC is already home to 31 academic institutions from 13 countries and boasts a trans-national s

  • Dubai International files petition in Amsterdam

    Dubai International Capital has filed a petition in the Amsterdam Court of Appeal to stop a plan to restructure debt of alumina-products make Almatis, Bloomberg has reported. The restructuring plan was proposed by Oaktree Capital Management and would see the asset manager take control of Almatis.

  • Dubai Investments in talks to float private equity arm

    M’Sharie listing expected no later than March 2011

  • Dubai metro head resigns

    Emirate’s transport authority declines to comment on the issue

  • Dubai offers $9.5bn to back Dubai World, Nakheel restructuring

    Dubai World and Nakheel are set to announce proposals for the restructuring of their liabilities today. A Statement from HH Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said that the government of Dubai would support these initiatives with up to $9.5bn.

  • Dubai orders schools to freeze fee rates

    Dubai's Knowledge and Human Development Authority (KHDA) has ordered private schools in the emirate to keep their fees unchanged this year, The National has reported. Schools need to "adapt to our changed circumstances," Mohammed Darwish, the chief of the regulations and compliance commission at KHDA said. "Like everywhere, people are experiencing financially difficult times," he said in a letter to schools.

  • Dubai raises parking fees

    Dubai's Roads and Transport Authority has announced that a blanket fee of Dhs2 for the first hour's parking will be in force across the emirate within the next three weeks, the National has reported. During the past week, the cost of one hour's parking has doubled from Dhs1 to Dhs2 in certain areas to bring them in line with places where this was already the standard charge, the paper said. For motorists parking in city centre areas like Deira and Bur Dubai there will be no change as the mini

  • Dubai Rera: Tenancy contracts must be registered online

    Dubai's Real Estate Regulatory Agency (Rera) has said that with immediate effect, all rental/lease contracts for properties in the emirate must be registered through its new Ejari online portal. Failure to comply with the new regulation will lead to tenancy agreements falling outside the protection offered by the law and government agencies, the regulator said.

  • Dubai retail staff gets consumer rights training

    More than 1500 retail sales staff from across the various shopping malls in Dubai have received comprehensive training on the UAE Consumer Code of Rights as part of an ongoing awareness campaign titled 'Be Right: Know your Consumer Rights.' The campaign, which was organised by the Dubai Events and Promotions Establishment, under the auspices of the Department of Economic Development, were aimed strengthening the awareness and implementation of the UAE Consumer Code of Rights that was enacted

  • Dubai retracts ban on alcohol in food

    Dubai has retracted its ban on restaurants service food cooked with alcohol, saying the confusion was a result of restaurateurs 'misunderstanding' a circular sent to them. Khalid Sharif al Awadhi, the director of the Food Control Department at Dubai Municipality, said that food containing alcohol could be served, provided it is segregated from other food and clearly labelled, the National reported.

  • Dubai RTA to launch dedicated bus, taxi lanes

    Roads and Transport Authority - Dubai has launched the initial phase of the Dedicated Lanes for Public Buses and Taxis Project in the emirate. The project will start from May 1, 2010 over selected roads located in high population density areas and congested spots in Dubai. The project will help reducing operational costs of buses deployed on these routes by Dhs10.4m, minimize the demand for parking spaces at congested spots, reduce the environmental pollution rates caused by private vehicles

  • Dubai schools fined for unsafe buses

    Dubai's Roads and Transport Authority said it had issued 248 fines to 84 schools after inspecting nearly 450 buses across the emirate under its new bus safety rules. The regulations, drafted by the Roads and Transport Authority, were introduced after a number of pupils died in bus-related accidents across the country. They require, among other things, that school buses be painted yellow for easy identification, that safety belts be fitted on certain seats, and that buses have a control system

  • Dubai to enforce ban on food containing alcohol

    Dubai municipality has sent a circular to all hotels and restaurants in the emirate ordering them to stop the sale of any dishes containing alcohol, The National has reported. The circular was partially the result of complaints from restaurant customers, Ahmed al Ali, the head of food inspections at the municipality said, adding that a regulation banning alcohol in food was introduced in 2003 but is widely ignored. Hotels and restaurants must remove the offending items from their menus even i

  • Dubai to offer summer tourism promotion

    The Dubai Department of Tourism and Commerce Marketing has announced a new promotion aimed at boosting summer arrivals to the emirate, the National has reported. Under the campaign, two children under 16 with every family travelling to Dubai on Emirates Airline in the summer can claim free flights, free meals, hotel stays and entrances to attractions. The move doubles up on the 'kids go free' deal launched last year by the DTCM, which allowed one child from each family to holiday for free. Th

  • Dubai unlikely to need more central bank aid, says Al-Suwaidi

    Dubai isn't likely to need more central bank aid, the UAE' Central Bank Governor Sultan bin Nasser al-Suwaidi told Bloomberg today in an interview. 'They haven't discussed this issue with us and I don't think it will be necessary,' al-Suwaidi was quoted as saying in response to a question on whether Dubai will need further federal support.

  • Dubai workers to have free health check-up

    Dubai-based Dr Moopen's Group plans to dispatch a team of doctors to visit labour camps across the UAE to provide free medical consultations and guidance to expatriate workers, Emirates Business has reported. The medical team will check for conditions such as diabetes, dangerous levels of cholesterol and high blood pressure. "We are working out the details of the labour camp medical programme, which will be announced soon," Dr Moopen said. "We have received a positive response to the programm

  • Dubai World debt plan to be presented this month, says spokesperson

    The Dubai Finance Department has said that Dubai World is set to present a proposal to restructure some $26bn of debt this month, Reuters has reported. The company is getting ready to present a plan to its informal creditor coordinating committee, known as CoCom, the spokeswoman said.

  • Dubai World debt settlement offer 'well received'

    Abdulrahman al Saleh, director general of the Dubai finance department has said that the initial response to the emirate's proposed $9.5bn plan to address Dubai World's debt crisis has been "a preliminary indication that the plan would be accepted," Reuters has reported. The plan, which involves repaying property unit Nakheel's 2010 and 2011 bonds in full and on time, will require other of the conglomerate's lenders to wait five to eight years for full repayment. It needs the acceptance of al

  • Dubai World may offer full repayment with interest, says report

    Dubai World, which is attempting to renegotiate some $26bn in debt, will offer banks full repayment over a seven-year period with interest likely linked to LIBOR, Al Arabiya reported on Wednesday. The broadcaster quoted 'informed banking sources' in the report posted on its website.

  • Dubai World may offer new debt at reduced rates

    Dubai World may offer new debt to creditors in a plan to restructure $26bn in debt, The National has reported, citing bankers familiar with the matter. None of the proposed new debt involves an immediate 'haircut', where creditors receive less money than they're owed, the Abu Dhabi-based newspaper said. Under the proposals, Dubai World would offer different repayment terms and interest rates to creditors, it said.

  • Dubai World offers 'shortfall guarantee'

    Dubai World has offered creditors a 'shortfall guarantee' as part of a repayment plan, Bloomberg has reported, citing a person close to the Dubai government. If the sale of Dubai World's assets does not generate sufficient cash to repay loans, the government will make up the shortfall up to a certain level, the person told the news service. The guarantee clause wasn't outlined in Dubai World's press statement on March 25 when the restructuring plan was announced.

  • Dubai World to ask for loan rollover, bankers say

    Dubai World will ask banks to roll over loans for years when it presents a restructuring proposal to creditors this month in a bid to renegotiate terms on about $26bn of debt, Bloomberg has reported, citing three bankers familiar with the plan. Banks may be able to avoid a so-called haircut if they are prepared to wait for years to be repaid, and they also may be provided a guarantee by the Dubai government, the sources told the news service.

  • Dubai World to guarantee payments to contractors, says report

    Dubai World will offer today a debt restructuring proposal that would guarantee the payment of contractors and the rights of off-plan buyers in its property projects, Al-Ittihad reported, citing unidentified sources. Dubai World will receive support from the Dubai Financial Support Fund to repay contractors and enable them to carry on the projects, the newspaper said.

  • Dubai World to meet creditor committee on 24 March

    Restructuring meeting being held to discuss terms of debt repayments

  • Dubai World to offer proposal for debt plan this week

    Dubai World is likely to approach lenders for the first time this week with a proposal for restructuring $22bn of its debts, the Financial Times has reported. The company has called for leading creditors to attend meetings in London starting as early as tomorrow, the FT says. The plan, which may be an initial outline, is expected to offer lenders an option to be repaid over several years but with a 'haircut,' or to be repaid more over a longer term, potentially with a government guarantee, th

  • Dubai World to propose no 'haircut', says report

    Dubai World will meet with the two local banks on its creditor committee this week and propose that creditors get their principal investment back, MEED has reported. Dubai World is expected to propose a debt restructuring that involves creditors receiving their principle investment, meaning there will be no `haircut' on their outstanding loans, the magazine said. The company will also suggest the outstanding loans have some form of guarantee from the government of Dubai, the magazine said. De

  • Dubai World to separate 'good' businesses

    Sheikh Ahmed Bin Saeed al-Maktoum, chairman of Dubai Supreme Fiscal Committee has said the Dubai World is seeking to separate "good" businesses from underperforming assets as part of its restructuring plan, Bloomberg has reported. "There's a lot of good business like the port business, free zone, dry dock," he said, adding the government is "always behind" Dubai World.

  • Dubai-based Infinitec unveils infinite USB memory drive

    Dubai-based start-up Infinitec has unveiled the prototype of the world's first Infinite USB Memory Drive to a selection of UAE's technology community. The plug-and-play drive, the first of its type to be developed in the Arab world by Middle East expatriates, Ahmad Zahran and David McKern, provides a comprehensive solution for transferring files and is compatible with any device that currently accepts the use of traditional flash drives or has a USB port, the company said.

  • Dubai's debt is $109bn, says IMF

    Dubai and the companies it controls have as much as $109bn of debt, which is equal to 130% of its GDP, the National has reported, citing a new report the IMF. The estimate is larger than previous consensus projections of roughly $85bn for the combined debts of Dubai.

  • Dubai's inflation rates drops to 1.3% in Jan

    The inflation rate in Dubai fell to 1.3% in January, the lowest since since annual inflation data records began in 2009, Bloomberg reported. Inflation slowed from 2.8% in December, according to data from the emirate's statistics center.

  • Dubai's population gained 7.6% in 2009

    Dubai's population grew 7.6% to 1.77 million last year, according to data issued today by the the government's statistics centre. Population increased 1.8% in the fourth quarter from the previous three months, the data showed.

  • Dubal posts Dhs1.1bn 2009 profit

    UAE-based aluminium producer, Dubai Aluminium Co (Dubal) has posted a full-year profit of Dhs1.1bn ($287.3m), Wam has reported. Dubal's production grew by 7% in 2009 compared to the previous year, crossing the one million tonnes mark. Sales rose 8% for the same period.

  • Dynergy Tech opens Dubai switchboard plant

    Dynergy Technologies, a subsidiary of Emaar Industries and Investments, has inaugurated a manufacturing plant for low voltage and medium voltage switchboards in TechnoPark, Dubai. The first phase of the new 22,000sqm facility has a capacity to produce 30,000 switchboard panels per year. Dynergy said it is working on plans for a new extension for medium voltage panels and a new product line.

  • Egypt awards concession for new liquid bulk terminal

    A $584m concession has been awarded to a consortium by the Egyptian government for a liquid bulk terminal in the country's East Port Said seaport, state news agency MENA has reported. The group include liquid bulk storage firms Oiltanking and Egypt's Amiral Holdings, as well as Sonker Bunkering Co, which is jointly owned by Amiral and government entities. The terminal will be used for the handling and storage of petroleum and liquid bulk products, and bunkering for ships.

  • Egypt invites bids for airport consultancy services

    Ehcaan contract involves a review of existing fees and taxes at Cairo’s terminal two

  • Egypt 'likely' to keep interest rates at same level

    Analysts have predicted that Egypt's central bank benchmark interest rate will remain at the lowest level since November 2006 for the fourth consecutive meeting, as core inflation remains subdued, Bloomberg has reported. Core inflation, which excludes the cost of fruits and vegetables as well as administered prices, eased to 6.9% in February from 7.4% the month before. The central bank said on February 4 that inflation is within its "comfort zone," without saying what that range is. The bank

  • Egypt may sell stakes in Telecom Egypt in two years

    Egypt's communications minister, Tarek Kamel has said the country may sell a 'sizable' stake in fixed-line telephone monopoly Telecom Egypt (ETEL) within the next two years, Bloomberg has reported. The minister also said the government may award a fourth wireless license "in the coming few years." The main aim will be to focus on "value-added services as well as new applications," he said.

  • Egypt plans Eurobond issue

    Egypt has mandated HSBC and Morgan Stanley for a planned Eurobond issue of $1bn to $1.5bn within weeks, Reuters has reported. Finance Minister Youssef Boutros-Ghali told the news service earlier this month that the country was looking at maturities of up to 20 to 30 years. The bond would be Egypt's first such issue since 2007.

  • Egypt prohibits internet voice calls

    Amr Badawy, the executive president of Egypt's National Telecommunication Regulatory Authority, has announced the start of a ban on international calls made through mobile internet connections, Reuters has reported. 'The ban is on Skype on mobile internet, not on fixed, and this is due to the fact it is against the law since it bypasses the legal gateway,' he said. Under Egyptian law, international calls must pass through a network controlled by majority state-owned Telecom Egypt.

  • Egypt prohibits internet voice calls

    Amr Badawy, the executive president of Egypt's National Telecommunication Regulatory Authority, has announced the start of a ban on international calls made through mobile internet connections, Reuters has reported. 'The ban is on Skype on mobile internet, not on fixed, and this is due to the fact it is against the law since it bypasses the legal gateway,' he said. Under Egyptian law, international calls must pass through a network controlled by majority state-owned Telecom Egypt.

  • Egypt to host solar energy materials plant

    Egypt has said it will be the home to a factory producing raw materials and gas used to generate solar energy, with $460m of investments in total, Reuters has reported. The new plant is expected to produce 3,000 tonnes of polysilicon annually, a key material in most solar cells, and 1,500 tonnes of a gas also used in the manufacture of cells. Egypt has been developing wind power along its eastern Red Sea coast, where it has wind farms at Zafarana and Hurghada, and has so far installed capacit

  • Egypt to sell $1.5bn Eurobonds

    Egyptian finance minister Youssef Boutros-Ghali has said that the country plans to tap international markets for its first Eurobond issuance since 2007, Bloomberg has reported. Egypt wants to "access the market" for between $1bn and $1.5bn in the next six to eight weeks, taking advantage of a drop in borrowing costs in the past year, Ghali said.

  • Egypt urban annual consumer inflation drops to 12.8%

    Egypt's statistics agency CAPMAS has said that the country's urban annual consumer price inflation dropped below forecasts to 12.8% in the year to February, Reuters has reported. Prices of food and beverages, which account for more than 40% of the weighting of the basket Egypt uses to measure inflation, rose 22.6% from February 2009 but were lower month-on-month, the index showed. Annual inflation in January was 13.6%, the agency said.

  • Egypt, Kuwait ink deal on power generating station

    Egypt's Delta Electricity Production Co has secured a KD30m loan ($104m) from the Kuwait Fund for Arab Economic Development to launch El-Ein El-Sokhna power generating station, east of Cairo, Kuna has reported. The new power station aims to help Egypt meet its growing demand for electricity and feed the national power grid.

  • Egypt: Airport fee and tax analysis review

    Provision of consultancy services comprising a review of fees and taxes at an airport

  • Egypt: Barrage reconstruction consultancy

    Provision of consultancy services for a barrage reconstruction project

  • Egypt: Boiler

    Supply, erection and commissioning of a flame tube type boiler. Closing date: 12 April 2010

  • Egypt: Economic exploitation and mineral separation

    Carrying out economic exploitation and mineral separation works

  • Egypt: Fluorescent lamps

    Supply of fluorescent lamps. Closing date: 23 March 2010

  • Egypt: Laboratories and welding workshops

    Supply of laboratories and welding workshops. Closing date: 7 April 2010

  • Egypt: Magnetic resonance instruments

    Supply of magnetic resonance instruments. Closing date: 21 March 2010

  • Egypt: Medicines

    Supply of medicines. Closing date: 18 March 2010

  • Egypt: Overhead power transmission lines

    Turnkey provision of a 90-kilometre-long, single-circuit overhead power transmission lines and a five-kilometre double-circuit line. Closing date: 27 April 2010

  • Egypt: Overhead tunnel

    Supply of an overhead tunnel above a canal

  • Egypt: Sanitation and sewerage infrastructure consultancy

    Provision of consultancy services comprising capacity building and community participation for an integrated sanitation and sewerage infrastructure project. Closing date: 7 April 2010

  • Egypt: Steel pipes, iron fittings and connectors

    Supply of steel pipes, iron fittings and connectors for a natural gas connection project

  • Egypt: Traction engine parts

    Supply of parts for traction engines. Closing date: 6 April 2010

  • EgyptAir takes delivery of Boeing777

    EgyptAir and leasing company GE Capital Aviation Services (GECAS) have taken delivery of the first Boeing 777-300ER (Extended Range) commercial jetliner to join the carrier's fleet. The Egyptian flag carrier is leasing the new 777-300ER from GECAS and will take an additional five 777-300ER aircraft on lease through the second quarter of 2011 to continue upgrading its long-haul service. Egyptair will operate 777-300ERs on routes to London, Tokyo and North America.

  • Egyptian equity market downgraded by HC

    The Egyptian equity market has been downgraded to 'neutral' from 'overweight' by HC Research due to macro headwinds and an expected asset allocation shift by investors to dollar-denominated assets and strong global governments, Reuters has reported. 'The domestic economy has yet to see return of key external growth drivers, which, combined with inflationary pressures and government imbalances, will hold the equity market back,' the brokerage said.

  • Egyptian power plant secures additional finance

    Ain Sokhna thermal power plant to cost about $2 billion in total

  • Egyptian refining to raise $3.5bn

    Egyptian private equity firm Citadel Capital plans to close a $3.5bn project financing deal by the end of April to help build a refinery by its Egyptian Refining unit, Bloomberg has reported. Egyptian Refining Co. is raising debt and equity for the project, the company's Chief Operating Officer Tariq Malik was quoted as saying in Abu Dhabi today.

  • Egyptian wastewater tender draws 10 responses

    Public-private partnership project to be built to the west of Cairo

  • Egypt's Amer to build $2bn Saudi project

    A $2.2bn tourist project is planned by Amer Group, an Egyptian property developer, on Saudi Arabia's Shuaiba coast close to Makkah, Arabic daily Okaz has reported. The project will cover an area of five million square metres and will include 2,000 residential units, 25,000 hotel rooms, four markets, an amusement park, hospitals, and a golf course. The project is expected to be completed in 18 months, Mansour Amer, the group's chairman, told the newspaper.

  • Egypt's El Delta to award $300m plant deal

    Egypt's El-Delta Company for Fertilizers and Chemical Industries has said it will award the $300m contract to build a new ammonia plant at its Dakahliya fertilisers complex in the north east of Egypt, by the end of 2010, Meed has reported. The contract is for the engineering, procurement and construction (EPC) of a 1,200 tonne a day (t/d) ammonia plant. El-Delta already produces 360 t/d of ammonia and 900 t/d of ammonium nitrate at its Talkha-1 plant and 1,260 t/d of ammonia at its Talkha-2 p

  • Egypt's NBD to offer $45m rights issue in April

    Egypt's National Bank for Development (NBD) is launching its $45.45m rights issue in April, Reuters has reported. The bank which is converting to a fully Islamic bank, plans to expand the number of NBD branches and finance the bank's projects. The rights issue runs from April 14 to May 13 and is open to investors holding shares as of April 8.

  • Egypt's Oriental Weavers acquires local firm

    Egypt's Oriental Weavers has approved the acquisition of local start-up textile company, Rosetex for EGP39.5m, as demand in its export markets picks up, Reuters has reported. The world's largest machine woven carpet producer is financing the acquisition in full, and expects Rosetex's operations to commence within a year.

  • Egypt's Palm Hills Q4 profit rises 63%

    Egypt-based Palm Hills Developments has reported a 63% rise in fourth-quarter profit to EGP185.1m ($33.8m) from EGP113.5m in the same period a year earlier, Bloomberg has reported. Revenue rose to EGP470.8m from EGP139.5m in the last quarter of 2008, while full-year sales, however, fell 7% to EGP1.14bn 'despite a very challenging first half', the company said.

  • Egypt's Pioneers inks Beltone acquisition

    Egypt's financial services firm, Pioneers Holding has signed in principle an EGP700m all-share deal to acquire Egyptian investment bank Beltone Financial, Reuters has reported. The two companies have been in talks since November regarding the acquisition.

  • Egypt's Pioneers inks Beltone acquisition

    Egypt's financial services firm, Pioneers Holding has signed in principle an EGP700m all-share deal to acquire Egyptian investment bank Beltone Financial, Reuters has reported. The two companies have been in talks since November regarding the acquisition.

  • Egypt's river port operator to transport two million tonnes of wheat annually

    The National River Port Management Company is currently developing four new river ports

  • Egypt's Sodic seeks loan for commercial property plans

    Egyptian developer Sixth of October Development and Investment Co (Sodic) has said it is in talks with lenders to secure an EGP400m-EGP500m ($73m-$91m) loan to fund its move into commercial property, Reuters has reported. SODIC decided to take the loan after it estimated it would need EGP1.5bn to finish the commercial components of its projects over the next three years, Investor Relations Manager Abdel Fattah Allam told the news service. The developer said it seeks to generate EGP400m a year

  • Egypt's Suez Canal revenues rise 10.7 per cent

    The Suez Canal is one of Egypt’s main sources of revenue

  • Egypt's wind power project secures $430m loan

    Egypt has secured from Japan a $430m loan to finance its 220-megawatt wind farm at Gebel el Zeit on the Gulf of Suez to boost the country's renewable energy output, Egypt's state news agency MENA has reported. Egypt aims to generate 12% of its power from wind and 20% from renewables overall by 2020. Egypt has also recently said it would receive a $100m loan to fund its 1,300 megawatt power plant in the Red Sea coastal town of Ain Sokhna, east of Cairo from the Kuwait Fund for Arab Economic De

  • Ekotribe launches solar bags in Middle East

    New backpacks equipped with embedded powerful solar panels have been launched by Ekotribe in the UAE. The mono-crystalline cells produce 4 Watts of power to charge practically any hand held device, Ekotribe said. All Voltaic bags come with a removable battery pack to store any surplus power generated, which can also be charged using the USB cable and the optional AC travel or car charger.

  • El Sewedy's '09 net income drops 24%

    The Middle East's biggest publicly traded cable manufacturing firm, El Sewedy Cables Holding Co has announced its full-year unaudited profit fell 24% on increased administration and depreciation expenses, Bloomberg has reported. The company said its administrative expenses increased 22% while sales and marketing expenses rose 39%. Depreciation expenses rose 42% and the company incurred an impairment of EGP52m from technical and financial studies of its copper smelter, it added.

  • Elaf Group to open four Saudi hotels

    Saudi-based travel and hospitality firm, Elaf Group has announced that it will open four new hotels in the kingdom by 2012. The new properties aim to accommodate the steadily growing number of tourists in key travel destinations across Saudi Arabia, the company said.

  • Emaar board backs proposal not to pay dividend in '09

    Emaar Properties said its board approved a proposal not to pay dividend in 2009, Bloomberg has reported, citing statement sent by the developer to the Dubai bourse. The company will transfer last year's profit to its reserves and would seek the shareholders approval in a meeting on April 29, the statement added.

  • Emaar EC inks deal with Jurong on Saudi project

    Emaar, The Economic City (Emaar EC), the Saudi unit of UAE-based developer Emaar which is developing King Abdullah Economic City, has announced the signing of an agreement with Singapore's Jurong International to develop the second phase of the Industrial Valley within KAEC. According to the agreement, Jurong International will undertake the master planning and infra engineering of the 2 million square metres located for Phase 2 of the Industrial Valley project, one of the six components of K

  • Emaar still eyeing $600m Indonesian project

    Emaar Properties issued a statement today saying it has submitted an expression of interest to the Bali Tourism Development Corp. for a $600m tourism project in Lombok, Indonesia. The Dubai-based developer is awaiting response from the Indonesian authorities on the project, it said in the statement. Al Khaleej had reported yesterday Emaar abandoned plans to help develop the project with the Indonesian government, citing the Indonesian ambassador to the UAE Mohammad Supriyadi.

  • Emaar to delay Dubai towers development by two years

    Residential towers at 29 Burj Boulevard development in Dubai are now expected to open in 2012

  • Emaar to meet investors over delayed projects

    Dubai-based Emaar Properties plans to meet with representatives of 380 investors who are threatening legal action over two delayed residential projects, Meed has reported. The Claren One and Burj 29 Boulevard developments were originally scheduled for completion in February 2010. However, investors have been informed that the project will not be finished until February 2011. A source close to the investors' representatives said the group is willing to take legal action if the issue is not res

  • Emaar transfers education portfolio to Innoventures

    Emaar Properties has transferred its education portfolio in Dubai, including two schools, six nurseries and a vocational training campus, to Dubai-based education provider Innoventure Educational Investments. The move will be effective from the next academic year commencing September 2010. Under the partnership agreement, Innoventure will manage Raffles International Umm Suqeim West Campus and Raffles International Umm Suqeim South Campus, and the six nurseries in The Lakes, Downtown Dubai, T

  • Emaar's 29 Boulevard towers delayed by two years

    Dubai-based developer, Emaar Properties has said the two Dubai apartment towers of its 29 Boulevard project are expected to be completed at least two years late, Bloomberg has reported. The developer sent a letter to buyers saying the 45-storey buildings, designed by New York-based Frank Williams and Partners Architects, are now set to be finished in February 2012. The completion was originally scheduled for this month. "These projects are in varying stages of development, from initial start-

  • Emal asks banks to commit on export credit facility

    Aluminium smelter needs $700m loan

  • Emal seeks $700m loan backing from export creditors

    Banks have been asked by UAE-based Emirates Aluminium (Emal) to respond to invitations to finance a $700m loan backed by export credit agencies (ECAs) by the end of March, Meed has reported. The loan will be used to complete construction of the company's first phase smelter, as well as raise additional funding for the $2bn bond issue that never took place due to the financial crisis.

  • Emal wins MEED aluminium award

    UAE joint venture company receives award at Middle East Aluminium Conference

  • Emirates delays relocation to Al-Maktoum International

    New infrastructure improvements at Dubai airport delays need for airlines to move to Jebel facility

  • Emirates may increase plane order

    Sheikh Ahmed bin Saeed al-Maktoum, Chairman of Emirates Airline, has said the carrier plans to order more than 12 planes to meet rising demand, Bloomberg has reported. 'I know that we announced something like 10 to 12 aircraft, but we are maybe looking at more than that number,' Sheikh Ahmed told the news service. Emirates will sell shares in an initial public offering 'one day', although the timing of the sale will be decided by the government and subject to market conditions, he added.

  • Emirates NBD eyes RBS' UAE retail assets, says CFO

    Emirates NBD is considering plans to buy the retail banking assets of Royal Bank of Scotland Group in the country, CFO Sanjay Uppal told Bloomberg in an interview. RBS branches, its automated teller machine network and wealth management clients complement Emirates NBD's retail banking system, Uppal said. 'We are interested in looking at that asset,' he told the news service.

  • Emirates NBD launches Mena fund

    Emirates NBD has announced the launch of the Emirates Mena Fixed Income Fund, which aims to invest in a portfolio of fixed-income instruments, predominantly from issuers in the Mena region. Key features of the open-ended US dollar denominated fund include access to a diversified portfolio of Mena fixed income securities, option of semi-annual income distribution, open-ended with weekly dealing, and an estimated yield of approximately 6%.

  • Emirates opens new lounge in UK

    Emirates Airline has inaugurated its second lounge in the UK within the space of six months. The 7,000 square-foot luxury lounge has been officially opened in Birmingham, the first dedicated lounge to be offered by a long-haul airline at the city's international airport. The airline has been operating to Birmingham for a decade and offers almost 800 seats a day on its two daily flights from Dubai.

  • Emirates to delay Maktoum International move

    An Emirates Airline spokeswoman has confirmed that it could delay its relocation to Dubai's new Al Maktoum International Airport by up to 10 years, International Freighting Weekly has reported. The carrier is now looking to move to the new facility between 2022 and 2030, instead of between 2018 and 2020 as originally planned, she said. Emirates also denied local reports that it planned to transfer some of its cargo operations from Dubai International Airport to Al Maktoum in June this year w

  • Emirates to fly A380 to Beijing

    Emirates Airline has announced that it will deploy the A380 on its Beijing-Dubai service from August 1, the carrier said on Monday. The new service marks the first time that the superjumbo will be used to fly to China and represents the carrier's fourth inaugural flight to a country using the double-decker aircraft. The superjumbo will be deployed on the existing EK306 service that departs Dubai daily at 04:10 hrs, returning from Beijing Capital International Airport at 23:55 hrs.

  • Emirates to fly to Amsterdam from May 1

    Emirates Airlines has said its new Dubai-Amsterdam route will be inaugurated on May 1. The carrier said it will fly the daily service aboard a Boeing 777 aircraft, and will be the only airline offering a First Class cabin on this route.

  • Emirates to fly to Senegal

    Emirates Airline has said it will launc a new route from Dubai to the Senegalese capital, Dakar, beginning September 1. The West African nation will be the carrier's 106th international destination and the third new African destination in less than 12 months, after Durban and Luanda joined the network in late 2009. Emirates will fly five weekly non-stop flights aboard an Airbus A340-300 aircraft, offering a three-class configuration of 12 First Class, 42 Business and 213 Economy Class seats.

  • Emirates will fly to Dakar from September 1

    The Dubai-based airline is currently assisting Senegal with the start-up of Senegal Airlines

  • Empire Aviation records 11% rise in sales in Jan

    UAE-based Empire Aviation Group has said demand for its charter services had seen an 11% increase in January 2010. The positive performance follows a strong recovery in Q4 2009, the company said, after its charter bookings dropped around 40% in the first half of 2009.

  • Environmena to install 10MW of solar power units in 2010

    Cost of 10MW solar power plant has fallen from $50m to $30m

  • Etihad announces AA Pakistan codeshare deal

    Etihad Airways has announced its first codeshare operation out of Pakistan with American Airlines, providing air travellers in Pakistan with greater access to the US market. The new agreement will offer customers connections between Karachi, Islamabad and Lahore and destinations in the US, including Washington, Los Angeles, San Francisco, Dallas, Miami and Houston. The expansion follows the original codeshare agreement made between the two airlines in September 2009.

  • Etihad in talks with Airbus to delay A380 delivery

    Abu Dhabi airline wants to bring forward other deliveries

  • Etihad launches non-stop flights to Tokyo

    Etihad Airways has launched its new direct route from Abu Dhabi to the Japanese capital, Tokyo. The airline will operate five non-stop flights per week to Tokyo, in addition to the five flights per week it offers to Nagoya. The flights will be operated by a three-class Airbus A330-200 aircraft and will feature in-flight services dedicated to the Japanese market, including a tailored menu, local in-flight entertainment content and cabin crew consisting of a number of Japanese speakers and nati

  • Etihad launches SME programme

    Etihad Airways has launched a new program aimed at helping small to medium sized enterprises get the most value from their travel budget when flying with the airline.

  • Etihad launches UAE destination management group

    Etihad Airways has announced its new destination management company, Hala Abu Dhabi, which will offer a range of ground services and travel solutions to visitors to the UAE. The range of travel products includes event management; tours and desert safaris; airport meet and assist; accommodation options; business conference and meeting venues; experience packages and VIP services; and ground transportation. The new firm will be based in Abu Dhabi and will offer its products and services through

  • Etihad seeks to delay A380 delivery schedule

    Etihad Airways has said the airline is in talks with Airbus seeking a delay on receipt of its Airbus A380 orders, Bloomberg has reported. Etihad CEO James Hogan has said, delivery of 10 A380s has been pushed back to 2013 from late in 2012. Meanwhile, other deliveries are being pushed forward as it seeks to post a profit by the end of next year. Three new Airbus A330 jetliners will be added the carrier's fleet this year, he said. Etihad plans to deploy the A380s on high- density routes such as

  • Etisalat to up Mobily stake

    Mohamad Omran, chairman of UAE's Etisalat, has unveiled plans to increase the company's 27% stake in Saudi Arabia's Etihad Etisalat (Mobily) by snapping up outstanding shares on the market, without providing further details. Mobily's s net profit for 2009 grew 44% to SR3.014bn, compared to the previous year.

  • Etisalat, Comviva ink partnership

    Etisalat and Comviva have announced plans to a long-term partnership to bring Value Added Services (VAS) to Etisalat's more than 100 million subscribers worldwide. Comviva will deploy solutions including mobile voice and video applications and music and messaging solutions.

  • Etisalat's 26% due to Pakistan Telecom sees delay

    The fifth payment by Etisalat to the Pakistani government for the acquisition of a 26% in Pakistan Telecom (PTCL), due at the end of this month, will likely be withheld as a dispute over the transfer of properties to PTCL remains unresolved, Gulf News has reported. Etisalat is withholding $799m worth of payments to the Pakistani government until properties originally part of the company's 2006 acquisition in PTCL are registered in PTCL's name. "Until now, the government [of Pakistan] has not

  • EU and Jordan sign aviation agreement

    Jordan and the European Union have signed an agreement to create a common aviation area between the two parties, Arab Air Carriers Organization has reported. The agreement will allow air carriers of both sides to provide air services from any points in Europe, Jordan and other EU Mediterranean partners without any restrictions regarding to fares and capacities.

  • Ferrostaal sells cable recycling plant to Gulf Star Metals

    Ferrostaal AG has announced the sale and financing of its first cable recycling plant to Gulf Star Metals in Ajman, which will see the first machines from this sector installed in the UAE. The plant will be able to process around 2.5 tons of cables per hour and enable the separated materials to be recycled. Once it has been manufactured and then transported to the Gulf state, the plant will be assembled in Ajman and will be commissioned midway through the year.

  • Ferrostaal sells first cable recycling plant in UAE

    Gulf Star Metals buys facility in Ajman from Abu Dhabi-controlled Ferrostaal

  • Final bids in for Ruwais refinery gasoline deal

    Firms submitted bids to Takreer on 14 March

  • Final bids in on major packages for $10bn Shah gas scheme

    Contractors see commercial bid submissions as a sign project is moving ahead

  • Financing deal for Egyptian refinery to close in Q2

    Egypt-based private equity firm Citadel Capital expects to close a $2.2bn financing deal related to an Egyptian refinery in the second quarter, Reuters has reported. Financing for the project, a greenfield refinery in partnership with Egyptian General Petroleum Corp, will include $900m from state-run Japan Bank for International Cooperation, Ahmed El Houssieny, a managing director at Citadel said at a conference in Dubai.

  • Firms line up for Abu Dhabi offshore oil design management deal

    US, UK and Australian firms bid for work on $1.5bn Adma-Opco Sath al-Raazboot scheme

  • Firms line up for Abu Dhabi petrol storage deal

    Takreer plans to link emirate’s refineries and oilfields

  • First Energy posts 2009 profits

    Bahrain-based Islamic investment lender, First Energy Bank, has said that it has recorded $14.2m in profit of for 2009. Total revenues rose to $47.41m, and total assets climbed to $1.233bn, the bank said.

  • First Solar joins Desertec Initiative

    Desertec partnership to expand to 17 shareholders

  • First Staybridge Suites launched in Saudi

    InterContinental Hotels Group and Saudi-based Al Hokair Group have signed an agreement for launching the first Staybridge Suites property in Saudi Arabia. Located in Riyadh, the Staybridge Suites Riyadh Olaya will comprise 106 suites and is scheduled for opening in February 2011.

  • Fitch downgrades Mashreqbank

    Downgrade reflects Dubai World and Saudi corporate exposure

  • Flydubai doubles GCC network

    Flydubai has announced it will start double daily flights to Kuwait City and Muscat in March, bringing its total destinations to 13. Ghaith Al Ghaith, the carrier's CEO, said 'a strong GCC network is at the heart of flydubai's strategy in this region so Kuwait and Oman were natural choices as our next two destinations'. He also said 2010 would be 'a very busy year of route announcements for the carrier'.

  • Flydubai expands network to Muscat

    Dubai's low-cost carrier Flydubai inaugurated the third destination to its GCC network when the first of two daily flights touched down yesterday in Muscat, Oman. In addition to already flying to Doha and Bahrain, the airline is also set to open a new route to Kuwait later this week.

  • Flydubai takes delivery of new Boeing 737

    Dubai's low-cost carrier, Flydubai has taken delivery of its seventh Boeing 737 aircraft in less than ten months. The new plane is Boeing's first 737 NG equipped with Goodrich Corp's Duracarb carbon brakes, which provide a weight savings of approximately 318kg per airplane compared to high capacity steel brakes, and 250kg compared to standard capacity steel brakes, according to a press statement.

  • Fonterra completes SNZMP acquisition

    New Zealand's Fonterra, the world largest dairy processor, has said it has completed the purchase transaction for the remaining 51% stake in Saudi New Zealand Milk Products Co with former joint-venture partner Saudia Dairy and Foodstuff Co (Sadafco). The dairy manufacturing facility in Dammam is now wholly owned by Fonterra.

  • Food franchise sector sees Middle East expansion

    Investors in the food business sector, attending the Franchising Middle East (FME) have expressed their plans of expanding their local brands and international names, organisers said. Mumtaz Mahal Restaurant, originally a stand alone outlet in Oman, is eyeing international expansion following its participation at the show, while international franchise brand Subway has expressed plans to expand in the Middle East and Africa, adding to its already grand total of 276 franchise operations in the

  • Foreign investors buy $335 shares on Dubai exchange

    Net foreign investment reached AED83.6m

  • Foreign investors buy $456m of shares on Dubai exchange

    Net foreign investment reaches AED37.7m on Dubai Financial Market

  • Former DIFC chief detained

    Omar bin Sulaiman, the former governor of the Dubai International Financial Centre (DIFC) has been detained for alleged fraud, Bloomberg has reported. The government of Dubai said Sulaiman is accused of diverting public funds worth Dhs50m ($13.6m). His detention is part of a drive to ensure "total transparency, fight corruption and protect public money and the integrity of public office," the government said in the statement.

  • Foster & Partners to sign Kuwait airport design deal

    Terminal will have capacity for 13 million passengers a year

  • Foulath in talks with Kobe for EPC deals on three new plants

    Khalid al-Qadeeri, vice-chairman and managing director of Foulath, a Bahrain-based metals specialist, is in talks with Kobe Steel over directly awarding the Japanese contractor engineering, procurement and construction contracts for three iron pelletizing plants, Meed has reported. Two of the prospective plants are in Egypt with the third located at Salalah, Oman, he said. The three plants will have a similar capacity to the company's Bahrain facility, which started production on January 15.

  • Frasers Hospitality opens hotel in Bahrain

    Singapore-based Frasers Hospitality (Fraser) has announced the opening of Fraser Suites Seef Bahrain, the first of five properties to come on line throughout the region over the next two years. The new 19-storey property, offers 91 one or two bedroom suites and three stunning penthouses, with direct access to the city's exclusive Seef Mall. The firm's two properties in Oman and Saudi Arabia are scheduled to open within the next two years. Frasers Hospitality currently manages 31 properties in

  • FRiENDi mobile inks deal with Zain

    A strategic cooperative agreement has been signed by Jordan's first mobile virtual network operator and Zain Jordan, Jordan Times has reported. The agreement will allow FRiENDi to provide mobile virtual network services through Zain's existing network and provide offers and services to specific customer segments. In light of this agreement, the group will launch its services to the Jordanian market during the second quarter of 2010 and will target the prepaid consumer market, FRiENDi said.

  • Fujitsu launches new server virtualization package

    Developed jointly by Fujitsu and Microsoft Corp, Fujitsu has launched 'My Very First Hyper-V' which combines hardware and software components to provide easy-to-manage entry point to server virtualization to small and mid-size businesses (SMBs). The technology is intended to significantly reduce fixed and operational costs, as well as increased system flexibility and availability. 'My Very First Hyper-V' uses Fujitsu Primergy x86 servers and Eternus DX disk storage systems as a flexible, expa

  • Funding structure delay holds up Amman-Zarqa light rail

    Consultant now expects the decision on feasibility study to be made in the second half of 2010

  • Gaca extends deadline for bids on Jeddah airport

    The aviation authority is tendering two design and build contracts

  • Galfar frontrunner for Qatar pipelines deal

    Qatar Petroleum deal worth $100m deal

  • Galfar wins $29.8m Oman road contract

    Local contractor wins deal to upgrade highway

  • Gasco extends Shah pipeline bid deadline

    Deal could be first major award on $10bn-plus scheme

  • Gasco tenders Bab field gas modification deal

    A tender for a contract worth more than $25m has been floated by Abu Dhabi Gas Industries Co (Gasco) for modifications of its gas processing facilities at the coastal Bab field, Meed has reported. The project is part of the $1bn-plus Asab, Bab, Bu Hasa and Ruwais (ABBR) programme to increase production, processing and distribution capacity at the fields by 140 million cubic feet a day. Firms prequalified to bid on the contract include the UK's Costain, Paris-based Technip, and France's Litwin

  • Gaza/West Bank: Educational consultancy services

    Provision of educational consultancy services

  • Gaza/West Bank: Police training facility works

    Carrying out building finishing works for a police training facility. Closing date: 24 March 2010

  • Gaza/West Bank: Street lighting

    Carrying out street lighting works for a police training facility in Jericho

  • GCC ponders aluminium future

    Three new smelters have opened in the GCC since the summer of 2008. The region is now the hottest aluminium hub outside China

  • GDF Suez-led group to raise $1.8bn for Saudi plant

    Some $1.8bn will be raised by Saudi Electricity Co. and GDF Suez through syndicated bank loans and export-credit facilities to build a power plant in Saudi Arabia, Bloomberg has reported, citing two bankers familiar with the transaction. The build-own-operate 50-50 joint venture will have a capacity of 1,730 megawatts and a total investment cost of more than $2bn, according to GDF.

  • GE Healthcare launches Vscan in Middle East

    GE Healthcare has announced the launch of Vscan, a new and compact visualization tool that provides physicians with imaging capabilities at the point-of-care, in the Middle East. The Vscan is a prescription device for ultrasound imaging, measurement and analysis in the clinical applications of abdominal; cardiac (adult and paediatric); urological, fetal/OB; pediatric; and thoracic/pleural motion and fluid detection, as well as for patient examination in primary care and in special care areas.

  • GEMS says freeze on fees may force some schools to shut

    Sunny Varkey, chairman of UAE-based education provider GEMS, says some of the oldest private schools in Dubai may shut down unless fee restructuring is permitted to meet rising cost. 'Today, we have come to a stage where it is impossible to run old schools at less than half the price of the new ones because we have been losing our quality teachers to the new schools on account of our inability to offer competitive salaries,' Varkey said in a letter to Dubai's Knowledge and Human Development A

  • German rail wins UAE deal

    UAE-based Al Masaood Group, German Transport Minister Peter Ramsauer, and Deutsche Bahn have signed a memorandum of understanding aimed at developing 'ultra-modern' rail systems in the country, AFP has reported. The German state-owned railway firm, which will plan, build and operate the rail network in the country, has said that multi-billion-euro rail systems are planned for the region in the coming years including regional transport lines, a metro, tram services and the long-distance Union

  • GIB plans SR3bn bond issue

    Saudi-owned Gulf International Bank (GIB) plans a SR3bn ($800m) bond issue in April to fund its growth in the kingdom, Reuters has reported, citing a banking source. Roadshows for the issue will start two weeks after related documentation is submitted to the Saudi bourse watchdog, the Capital Markets Authority. In November, the Bahrain-headquartered lender raised SR2bn via a three-year bond priced at 127.5 basis points over the Saudi Interbank Offer Rate. Credit Agricole CIB, Samba Capital, R

  • Global Investment House '09 loss narrows

    Kuwait's Global Investment House, which is restructuring $1.73bn in debt, has said its full-year net loss had narrowed to KD148.8m ($516.7m), from KD257.6m in 2008, Bloomberg has reported. Global made KD35.2m of impairment provisions last year, compared with KD153m in 2008, it said in a statement.

  • Gold rises to record in pound, euro

    The price of gold in euros and British pounds climbed to a record as both currencies slumped, Bloomberg has reported. Bullion denominated in pounds has advanced more than 10% against spot gold this year, while gold in euro terms has risen about 8.1%, as the currencies tumbled on concerns about recovery prospects in Europe. Immediate-delivery gold traded at $1,117.97 an ounce at 11:16 a.m. Singapore time, according to the news service.

  • Google launches virtual business services shop

    Google has launched an online shop for business software hosted as services in the internet "cloud," AFP has reported. Chris Vander Mey, marketplace product manager said that Google Apps Marketplace offers software from more than 50 companies including Intuit's online payroll program for small businesses. Applications featured at Apps Marketplace synch with programs in a suite of applications that Google offers as online services. Cloud programs are hosted on the internet, eliminating the nee

  • GTCC wins Dhs484m Damac contracts

    Gulf Technical Construction Co (GTCC), a subsidiary of Drake & Scull Construction (DSC), has won two contracts valued at Dhs484m from Dubai-based Damac Properties. The first contract is worth Dhs371m and involves construction work on Lakeside, an eco-friendly residential building comprised of four towers located in Dubai's International Media Production Zone, while the second is worth Dhs113m and covers the 15-storey The Corner project in Dubai's Business Bay.

  • Gulf Air begins Alexandria, Aleppo routes

    Bahrain's national carrier Gulf Air has said that it will be launching services to two new destinations, Alexandria in Egypt and Aleppo in Syria, from June 2010. Services to Alexandria will start on June 2 with four flights per week, while flights to Aleppo will commence on June 17 with three flights per week.

  • Gulf Air receives two Embraer jets

    Bahrain's Gulf Air has taken delivery of two jet aircraft from Brazilian plane maker Embraer as part of a lease agreement signed by the two parties after the Bahrain International Airshow, last January. The two jets are configured in a dual-class layout, featuring seven seats in business class and 60 in economy. They will be based at the carrier's hub in Bahrain.

  • Gulf Air to close 15 routes to be profitable by 2012

    Bahrain’s Gulf Air plans to reduce its $500m losses to zero in the next two years

  • Gulf banks may see rise in bad loans

    Standard & Poor's has said that banks in the Gulf region could see further increases in non-performing loans, as defaults by two Saudi Arabian conglomerates and Dubai World's restructuring tarnish balance sheets, Bloomberg has reported. 'The cleanup of Gulf banks' loan portfolios has not yet come to an end,' the ratings company said. 'Starting from the second half of 2010 and assuming the economic recovery proceeds according to our expectations, we believe that asset quality for Gulf banks wi

  • Gulf banks’ non performing loans will peak in mid-2010

    Kuwait and Dubai-based banks fuel rise in region’s non-performing loans

  • Gulf Finance House reaches deal with creditors

    Bahrain-based Gulf Finance House has reached an agreement with creditors to delay the repayment of a $100m Islamic loan, the National has reported. GFH will repay a fifth of the loan this month, the company said, while the remaining $80m will be repaid in $20m blocks every six months for two years, retiring all of the debt by mid-2012. Under the original loan terms, $50m was to be repaid this month, with the remaining $50m repaid next year, the newspaper reported.

  • Gulf Finance to sell stake in Khaleeji

    Esam Janahi, chairman of Bahrain-based Gulf Finance House, has said the firm expects to sell its stake in Khaleeji Commercial Bank in 2010, Bloomberg has reported. 'We're selling the whole stake, at the right price,' Janahi told the news service. 'We are in high-level discussions and will probably sell it this year.'

  • Gulf growth to outpace developed countries in 2010

    International Monetary Fund says Gulf’s medium-term outlook remains positive

  • Gulf Projects 15 March 2010: Index down 0.2 per cent

    The MEED Projects index decreased by 0.2 per cent in the week to 15 March.

  • Gulf Projects 22 March 2010: Index up 1.7 per cent

    The MEED Projects index increased by 1.7 per cent in the week to 22 March.

  • Gulf Projects 30 March 2010: Index down 0.2 per cent

    The MEED Projects index fell 0.2 per cent in the week to 30 March.

  • Gulf Projects 8 March 2010: Index down 0.1 per cent

    The MEED Projects index decreased by 0.1 per cent in the week to 8 March.

  • Gulf states revise sustainable building principles

    Pressure is easing for radical action to cut carbon emissions and regional states are beginning to realign their environmental priorities

  • Gulf states should drop dollar peg, says hedge fund chief

    John Taylor, chairman of New York-based FX Concepts Inc, the world's largest currency hedge fund, said Gulf countries should float their currencies and abandon their currencies' pegs to the US dollar, Bloomberg has reported. The policy of pegging to the dollar makes Gulf countries vulnerable to US shocks, Taylor said in a speech in Dubai, the news service reported.

  • Gulf Technical Construction Company wins two contracts from Damac

    Drake & Scull unit will work at Business Bay and International Media Production Zone

  • GulfNav to buy chemical tankers with Stolt-Nielsen

    Dubai-based Gulf Navigation Holding has signed an agreement with its partner Stolt-Nielsen (SNSA) to buy four 44,000 deadweight tonne modern chemical carriers. Two of the newly built tankers will be delivered promptly, while the remaining two are being finalized at SLS ship yard in South Korea. The 4 vessels have an overall deadweight of 176,000 metric tonnes, and will have the capability of carrying a broad range of petrochemical products. The four ships will be financed by Deutsche Bank, No

  • Hilton inks management deal in Egypt

    Hilton Worldwide and Safir El Zamalek Hotel Co have signed a management agreement for a new Hilton branded hotel on the Nile River in Egypt. The 88-room and 76-suite conversion property is expected to open its doors as a Hilton branded hotel in July this year. The Hilton Zamalek Residence Cairo hotel has undergone a $20m renovation and facelift, according to a press statement.

  • Hilton to manage new property in Cairo

    Hilton Worldwide has signed a management agreement with High for Touristic Projects (part of The Egyptian Engineers Companies - Zaghloul Group) for the new-build Hilton Heliopolis in Egypt's capital Cairo, scheduled to open in 2014. The 485-room and 150-apartment low-rise property located in Cairo's Heliopolis suburb adjoins an integrated shopping complex and is next to the Cairo International Airport.

  • HMH to open 17 hotels in region

    Michel Noblet, CEO of Dubai-based Hospitality Management Holdings (HMH) has unveiled plans to open 17 new hotels across the region, three of which will be in the UAE, Emirates Business has reported. The group is also looking at Asian countries in the next stage of its expansion plan, he told the newspaper.

  • Holiday Inn Express plans Mideast expansion

    Sami Al Ansari, CEO of Ishraq Gulf Real Estate, the exclusive developers of the Holiday Inn Express in the GCC excluding Saudi Arabia, has said the firm is on track to open its fourth Holiday Inn Express hotel in Dubai this month, Khaleej Times has reported. The new budget hotel, comprising nearly 400 rooms will be the largest Holiday Inn Express property in Europe, Middle East and Africa, Al Ansari told the newspaper. It will also increase the total capacity of Holiday Inn Express hotels in

  • Home Centre opens 11th UAE store

    Home Centre, a member of Landmark Group, has announced the opening of its eleventh UAE store in the new Mirdiff City Centre. The retail firm said it also plans to open a store in Delma Mall in Abu Dhabi later this year, as well as a further two stores in Saudi Arabia.

  • Hotel Chocolat opens UAE store

    Luxury British chocolatier and cocoa grower, Hotel Chocolat, has announced the opening of its first store in the UAE at the newly opened Mirdif City Centre, Dubai. Hotel Chocolat is exclusively distributed in the region by Bahrain-based Jawad Business Group.

  • HSBC appoints MidEast banking chief

    HSBC has announced the appointment of Halla Sakr, as head of regional retail banking and personal financial services, Reuters has reported. Sakr is replacing Abdulfattah Sharaf who currently serves as CEO of the bank's UAE operations. Tim Harrison, spokesman of HSBC said the move highlights the growing importance of Egypt to the lender's Middle East business. HSBC has 80 retail branches and a large regional service centre in Egypt.

  • HSBC says Dubai World is 'very close' to deal with creditors

    Dubai World is 'very close' to reaching a deal with its creditors, HSBC Holdings Plc Chairman for Europe and the Middle East, Stuart Gulliver told Bloomberg today in Abu Dhabi. Gulliver said Dubai World's proposal to renegotiate terms on $24.8bn of debt was 'very reasonable' and the lender was 'comfortable' with it.

  • HSBC write offs jump four-fold for Mideast

    HSBC wrote off $1.33bn worth of bad loans to Middle East customers in 2009, the National has reported. The lender's regional profits before tax fell by 74% from $1.75bn in 2008 to $455m last year, the bank said. A total of $26.5bn was written off by HSBC on impairment and other credit risk provisions worldwide in 2009.

  • Huawei foresees strong Middle East growth in 2010

    China's Huawei Technologies Co expects similar growth from its Middle Eastern operations in 2010 as last year when it achieved $3bn in sales, Reuters has reported, quoting Ihab Ghattas, assistant president, Middle East region. China's biggest network equipment maker increased its sales in the region, which includes Gulf Arab countries, Iran and Pakistan, by 25% last year from $2.4bn in 2008, despite the financial crisis, according to Ghattas.

  • Hungarian firm awarded $413m contract to build infrastructure in Libya

    Libya has allocated $65bn for infrastructure and development

  • Hungarian group makes Kurdistan oil and gas find

    Hungarian group MOL makes discovery in Iraq’s northern Kurdistan region

  • Hydrogen Power Abu Dhabi JV construction delayed

    Construction of Hydrogen Power Abu Dhabi (HPAD), a joint venture between UAE-based Masdar and British Petroleum, will be delayed until the second quarter of the year, as partners have been unable to complete offtake and financing agreements, Meed has reported, citing sources close to the matter. Once completed, the world's largest hydrogen power plant will break down natural gas supplied by Abu Dhabi National Oil Co (Adnoc) into hydrogen and carbon dioxide. The hydrogen will be used to genera

  • Hyundai, Samsung win UAE power-plant contract

    Hyundai Engineering & Construction and Samsung C&T have been awarded a $5.59bn contract to build nuclear-power plants in Abu Dhabi, Bloomberg has reported. The companies plan to complete the plants by May 2020 for Korea Electric Power Corp, Hyundai Engineering and Samsung C&T said in regulatory filings today. Hyundai Engineering will get 55% of the order and Samsung C&T the remaining 45%, according to the news service.

  • IDB grants Aramco $120m Jubail plant loan

    Saudi Aramco and France Total have secured a $120m loan to build their joint $12.8bn refinery in Jubail from the Islamic Development Bank (IDB), Reuters has reported. The 400,000 barrels per day crude refinery is scheduled to start production in mid-2013. Aramco currently owns 62.5% of the plant, while Total holds the rest, but an initial public offering scheduled to take place in two to three years will leave Aramco with an equal stake to Total.

  • IDC: HCP market to increase 7.6% long-term

    According to IDC, the hardcopy peripherals market (HCP), which includes printers, MFPs, and digital copiers, in the Central Europe, Middle East, and Africa (CEMA) region is set to stabilize and recover in the wake of the widespread negative growth experienced throughout 2009. "After five consecutive quarters of decline, HCP shipments in the CEMA region recorded year-on-year growth of 6.6% in Q4 2009, while revenues saw a decline of 9.8%," Mitri Roufka, research director at IDC said.

  • IEA: Global oil demand estimates up

    The International Energy Agency (IEA) has said that growth in developing countries will push global demand for oil in 2010 to a slightly higher level than previously expected, Reuters has reported. Growth in demand will be 1.57 million bpd in 2010 compared with the previous year, the Paris-based agency said. The agency raised its absolute demand estimates for 2009 and 2010 by 70,000 barrels per day (bpd) from its estimate in February. It now expects world demand to average 86.57 million bpd t

  • IEA: Regional oil demand could grow by 5%

    The International Energy Agency (IEA) has said that oil demand in the Middle East could grow by nearly 5% in 2010, outpacing a modest recovery in global energy demand, Reuters has reported. The estimate is twice the forecast of the Paris-based agency's global oil demand growth of 1.8% for this year, the first growth year in three years after the recession cut fuel use. Opec's top two producers Saudi Arabia and Iran would drive more than half the Middle East's oil demand growth, the IEA said.

  • IMF: 'Positive' medium-term outlook seen in GCC

    Middle East experts at the International Monetary Fund (IMF) have said that economies of the Gulf region could grow at a stronger pace in 2010 than more developed countries, Bloomberg has reported. "While the GCC's short-term economic outlook is clouded by the global crisis and by recent developments in Dubai, the region's medium-term outlook remains broadly positive, supported by rising commodity prices," said May Khamis, deputy division chief of the IMF's Middle East and Central Asia depart

  • Indian company sells stake in Jordanian acid plants

    Jordan Phosphate Mines Company buys 52.17 per cent stake for more than $50m

  • India's Jet Airways launches new flights to Saudi

    India's Jet Airways has announced the launch of new daily flights from Dammam, Saudi Arabia to Thiruvananthapuram in the southern Indian state of Kerala, starting March 28, Saudi Gazette has reported. Dammam will be the tenth destination in the carrier's Gulf network and its third in the kingdom.

  • Infrastructure work on Libya’s Energy City to finish this year

    Gulf Finance House plans to sell the development west of Tripoli

  • Insead to offer Executive MBA Programme from Middle East

    International business school Insead has said it plans to launch its Executive MBA programme from its Abu Dhabi campus starting in the 2010/2011 academic year. Participants based in neighbouring countries will be able to take core courses at the Abu Dhabi campus for the first half of the programme, and then integrate into a global group for several joint modules with GEMBA participants based in both Europe and Asia.

  • Internet continues growth, 10 years after dot.com bubble

    The internet continues to spread its web, 25 years after the dot.com birth, and a decade after the internet bubble, with 192 million domain names registered by internet users, by the end of 2009, according to latest figures provided by US internet infrastructure provider Verisign, Gulf News has reported. Verisign operates the.com and .net top level domains. Verisign said in the fourth quarter of 2009 alone, some 11 million domain names were registered, 'reflecting a steady pace of internet gr

  • Investment Dar submits financial protection application

    Kuwaiti sovereign wealth fund, Investment Dar Co, has submitted an application to the country's Special Circuit Court of Appeal for legal protection under the country's Financial Stability Law to implement a restructuring plan, Bloomberg has reported. Dar is not seeking financial support in making its repayments "but a legal framework" to implement the plan, the company said. While more 80% of the firm's banks and investors agreed to terms of the restructuring plan, "a small minority of inves

  • Investors to meet Emaar over $760m of delayed projects

    Representatives of 380 investors will consider legal action if terms are not met

  • Iran invites applications for Alborz canal and drainage project

    Request for proposals to be issued in June

  • Iran proposes Kuwait Arash development JV

    Mahmoud Zirakchianzadeh, head of Iran's state Offshore Oil Co, has said that the country has proposed to Kuwait that the two jointly develop the disputed Arash natural gas field in the Gulf, Shana has reported. Kuwait and Iran dispute the ownership of Arash, but Iranian state media last November said the two countries called for "cooperation in connection to the resolution of the continental shelf issue." Iran has previously held talks with Oman and UAE respectively for joint development of H

  • Iran says Opec may not boost output if demand rises

    Iran's Opec governor has said that Opec may not necessarily boost output if oil demand rises, as producers outside the group could increase their production, Reuters has reported. 'Opec must consider the increase in crude oil output by non-Opec countries before making any decision regarding the stability of the global oil market,' Mohammad Ali Khatibi was quoted as saying. 'Any rise in the demand for oil in the wake of improvement in the global economic situation would not necessarily mean th

  • Iran to launch Gulf underwater cable

    Iran's Telecommunication Infrastructure Co (TIC) has announced plans to launch an optical fibre channel and an under-water communications cable in the Gulf, Fars news agency has reported. "The next program is to connect the country with global optical fibre networks from northern and north-western borders to avoid any setbacks in international telecommunication system," Mohammad Baqer Zohourifar, TIC's director general said. The program aims to secure high speed voice and data transfer via 3G

  • Iran to spend $6.8bn on gas sector

    Javad Oji, managing director of the National Iranian Gas Co, has said the country plans to spend $6.8bn on development projects in the gas sector this year, Reuters has reported. The plan covers projects including Iran's ninth trans-national gas pipeline, further work on a second gas pipeline to neighbouring Turkmenistan, and expansion plans for the Ilam, Jam and Parsian refineries, he said.

  • Iran, Qatar to team up to build plant

    Khalid bin Mohamed al-Attiyah, Qatar's state minister for international cooperation and conferences, has announced that Qatar and Iran have agreed to build a joint electric-board manufacturing plant in Iran in the next three months, Fars news agency has reported. 'We have prepared the preliminaries to build an Iran-Qatar joint plant which will manufacture electric boards on a 30,000 sqm area,' al-Atiyah, who is also Qatar's acting minister of business and commerce, said.

  • Iran: Activated clay

    Supply of activated clay

  • Iran: Aluminium fluoride

    Supply of aluminium fluoride. Closing date: not stated

  • Iran: Aluminium fluoride (AlF3)

    Supply of aluminium fluoride(AlF3). Closing date: not stated

  • Iran: Analytical parts

    Supply of analytical parts. Closing date: 10 March 2010

  • Iran: Automatic distillation works

    Carrying out automatic distillation works. Closing date: 10 March 2010

  • Iran: Canals and drainage system construction

    Construction of canals and a drainage system for a land and water management project

  • Iran: Chemical catalyst

    Supply of the chemical catalyst K32. Closing date: 7 April 2010

  • Iran: Chemicals

    Supply of the chemical N-methyl-2-pyrrolydone

  • Iran: Coal tar pitch

    Supply of coal tar pitch. Closing date: not stated

  • Iran: Coke

    Supply of coke

  • Iran: Control valves parts

    Supply of parts for control valves. Closing date: 3 March 2010

  • Iran: Copper refinery

    Implementation of a copper refinery

  • Iran: Drilling rig stimulation services

    Provision of stimulation services for offshore drilling rig operations. Closing date: 18 March 2010

  • Iran: Gas compressor parts

    Supply of parts for gas compressors. Closing date: 3 March 2010

  • Iran: Gas compressor parts

    Supply of parts for gas compressors. Closing date: 3 March 2010

  • Iran: Gas turbine parts

    Supply of parts for gas turbines. Closing date: 10 March 2010

  • Iran: Ion exchange resins

    Supply of ion exchange resins

  • Iran: Iron ore production expansion

    Provision of engineering, procurement and construction (EPC) services, plus financing, for the development and increase in production of iron ore plants. Closing date: not stated 

  • Iran: Irrigation and drainage tertiary system

    Construction of an irrigation and drainage tertiary system for an integrated land and water management project. Closing date: 4 May 2010

  • Iran: Mercury

    Supply of mercury

  • Iran: Oil and gas well choke valve upgrade

    Refurbishment and upgrading of choke manifold valves for oil and gas wells. Closing date: 10 April 2010

  • Iran: Perchloroethylene

    Supply of perchloroethylene

  • Iran: Power transformers

    Supply of power transformers

  • Iran: Sea bulk heading

    Supply of sea bulk heading

  • Iran: Steel billets

    Supply of steel billets

  • Iran: Steel rolling mill expansion (Closing date extension)

    Implementation, on an engineering, procurement and construction (EPC) basis, of the expansion of a steel rolling mill. New closing date: 10 March 2010

  • Iran: Studio equipment

    Supply of studio equipment. Closing date: 17 April 2010

  • Iran: Sulphuric acid and smelting plants

    Carrying out a sulphuric acid plant and a smelting plant project at the Sungun copper complex. Closing date: not stated

  • Iran: Synthetic cryolite

    Supply of synthetic cryolite. Closing date: not stated

  • Iranian parliament approves Ahmadinejad's budget

    Tehran’s plan includes cuts to energy and food subsidies

  • Iran's aluminium production rises 15%

    Iran's Ministry of Industries and Mines has said the volume of aluminium production in the country rose by 15% during the last 11 months of the current Iranian year (ending March 20), Fars news agency has reported. According to the figures and data released by the Iranian Mining Industries Development and Renovation Organization (IMIDRO), aluminium production in Iran has reached 258,275 tonnes in the past 11 months. The country plans to build another aluminium plant in the city of Lamard thro

  • Iraq buys ten 787 Dreamliners

    Iraq has signed a deal with Boeing to buy 10 787 Dreamliners on behalf of its flag carrier, Iraqi Airways, the National has reported. The contract was reported on Boeing's orders and deliveries website this week, although the deal was apparently concluded on December 22. The aircraft are worth a total of $1.7bn at list prices, but after standard discounts the Iraqi deal is probably worth $1.1bn, the newspaper reported, citing Avitas, a US-based aircraft valuation firm.

  • Iraq Civil Aviation Board approves Salahaddin airport

    The Iraqi Civil Aviation Board has given its approval for plans for a new international airport in Salahaddin province, Meed has reported. The $140m airport will have a capacity for some two million passengers every year, and will comprise one runway and one taxiway, the Salahaddin Investment Commission said. The airport is expected to open in 2012.

  • Iraq daily crude oil exports up 7 per cent in February

    Total exports down 3 per cent

  • Iraq delays Rumaila oil field court decision to end of April

    Case challenges legality of Rumaila contract

  • Iraq elections will not derail oilfield development

    Industry digests the prospects of a win by Ayad Allawi’s party

  • Iraq exports 57.9m barrels of oil in Feb.

    The Iraqi oil ministry has said the country has made $4.23bn in revenues from exporting 57.9 million barrels of crude oil last February at the price of $73 a barrel, Aswat al-Iraq has reported. A total of 45.2 million barrels have been exported from Basra oilfields and 12.7 million barrels from Kirkuk, the ministry said.

  • Iraq extends deal with Shell

    Iraq's oil minister Hussain al-Shahristani has said the country has extended a memorandum of understanding with Royal Dutch Shell on a natural gas venture around the southern oil hub of Basra for six months from March 2010, Reuters has reported. 'We informed Shell that talks must continue but because there is not enough time now, the next elected government will continue our job,' he said.

  • Iraq inks deal for Maysan oilfields

    Iraq has announced the signing of an initial agreement with China's CNOOC and Sinochem to develop the 2.5-billion-barrel Maysan oilfield complex, Reuters has reported. The two firms made an unsuccessful bid for the three Maysan fields in Iraq's first auction of oilfield contracts last year. But since then they had decided to accept the government's proposed remuneration fee of $2.30 for every additional barrel of oil produced. CNOOC and Sinochem had projected plateau output of 450,000 barrels

  • Iraq oil exports increase in February

    Ministry sets production rates for licensed fields

  • Iraq oil exports up by 7% in February

    Iraq's crude oil exports has gone up by 7% in February, from 1.93 million barrels per day in January to just over 2 million bpd in February, MEED has reported, citing data from the State Oil Marketing Organisation (Somo). Meanwhile, the Iraqi ministry and US' ExxonMobil and its partner UK/Dutch Shell have negotiated a lower baseline production level for the West Qurna-1 field.

  • Iraq plans Salahaddin International Airport project

    Iraqi Civil Aviation Board approves $140m airport for two million passengers a year

  • Iraq province completes 54 schools

    The local government of the Iraqi province of Diwaniya and the US Provincial Reconstruction Team (PRT) have announced the completion of 54 new schools at a cost of $20m throughout the province, Aswat al-Iraq has reported. "The modern schools will replace the clay schools throughout the province," Ahmad al-Qasier, media advisor at PRT said.

  • Iraq raises $2.1bn to fund electricity projects

    Iraq's finance minister, Bayan Jabor has said that the country has raised $2.1bn from local banks to fund electricity projects, Reuters has reported. In 2008, Iraq signed multi-billion dollar deals with General Electric and Siemens to add nearly 9,000 megawatts of capacity over the next few years. Iraq's current electricity capacity is 7,500 megawatts, far short of the country's requirement of 12,000 megawatts.

  • Iraq stalls Shell's southern gas project

    Confusion over controversial project talks

  • Iraq to build 1m housing units

    Sami al-Araji, the head of Iraq's National Investment Commission has said that one million housing units will be constructed by the commission across the country, Aswat al-Iraq has reported. "The cabinet decided to double the number of housing units to one million after 100 specialized foreign companies had expressed their willingness to invest in the (housing) sector," al-Araji was quoted as saying. Iraq needs two million housing units, according to a five-year plan drawn up by the investmen

  • Iraq to develop Nasiriyah oilfield alone

    Talks with Japanese-led consortium fails

  • Iraq to invite bids for Baghdad metro in 12 months

    The metro will comprise two lines and run 39 kilometres across Baghdad

  • Iraq to invite contractors to bid on $6bn port construction deal

    Grand Faw port is latest project in Iraq’s infrastructure investment programme for 2010

  • Iraq votes to extend contract for 200 schools

    Iraq building project plagued by funding and procurement delays

  • Iraq, Nippon Oil group oilfield talks stall

    Dhiya Jaafar, the head of Iraq's South Oil Co, has said that talks between Iraq and a Japanese group led by Nippon Oil Corp to develop the Nassiriya oilfield have reached a 'dead end', Reuters has reported. 'Talks with the Nippon group have reached a dead end, and we will start developing the field through national efforts,' he said. Nippon and its partners, oil explorer Inpex Corp and plant engineering firm JGC Corp, had been negotiating the deal since the first half of last year.

  • Iraq: Aluminium rods

    Supply of 180 tonnes of aluminium rods

  • Iraq: Chemical protection suits and gas detectors

    Supply of chemical protection suits and multi-gas detectors. Closing date: 30 March 2010

  • Iraq: Compressed air system

    Supply of a compressed air system for a gas project

  • Iraq: Court reporting and media management training

    Provision of training to journalists and judiciary spokespersons on court reporting and media management

  • Iraq: Furfural

    Supply of 1,500 tonnes of furfural. Closing date: 15 March 2010

  • Iraq: Human rights consultancy services

    Provision of consultancy services comprising a training package on a human rights treaty body. Closing date: 21 March 2010

  • Iraq: Isolator switches and cut-out fuses

    Supply of load isolator switches and cut-out fuses. Closing date: 22 March 2010

  • Iraq: IT training services

    Provision of IT training services for computer skills development

  • Iraq: LPG transporting trailers

    Supply of LPG transporting trailers. Closing date: 30 March 2010

  • Iraq: Methyl ethyl ketone

    Supply of methyl ethyl ketone. Closing date: 15 March 2010

  • Iraq: Monitoring services

    Provision of monitoring services for dialogue and reconciliation grant funds

  • Iraq: Oil field rehabilitation gas chiller

    Design and supply of the gas chiller package for a project to rehabilitate an oil field. Closing date: 2 April 2010

  • Iraq: Oil field rehabilitation pumps

    Supply of pumps and motor sets for the rehabilitation of an oil field. Closing date: 29 March 2010

  • Iraq: Power station corten rolls

    Supply of corten rolls for a power station

  • Iraq: Power station fibre glass inner covers

    Supply of fibre glass inner covers for a power station

  • Iraq: Power station hardware

    Supply of spare parts for hardware at a power station. Closing date: 24 March 2010

  • Iraq: Power station oil flowmeters

    Supply and installation of flowmeters for crude oil at a power station. Closing date: 30 March 2010

  • Iraq: River surveying systems

    Supply of 20 river surveying systems

  • Iraq: Steel liquid chlorine cylinders

    Supply of 107 tonnes of carbon steel liquid chlorine cylinders. Closing date: 15 March 2010

  • Iraq: Trolley cranes

    Supply of trolley cranes

  • Iraq: Trucks

    Supply of 10 16-tonne trucks

  • Iraq: Water and sanitation consultancy services

    Provision of consultancy services for a water and sanitation masterplanning and capacity building programme. Closing date: 5 April 2010

  • Iraq: Water foam monitors

    Supply of two water foam monitors on trailers. Closing date: 30 March 2010

  • Iraqi court to decide on Rumaila oil deal in April

    Ministry of Oil to reply to challenge on legality of oil deal on 29 March

  • Iraqi oilfield to hit 175,000 boed in 2012

    Mounir Bouaziz, Royal Shell's Vice-President New Business LNG for the Middle East and North Africa, has said Iraq's Majnoon oilfield is expected to produce 175,000 barrels of oil equivalent per day in 2012, Reuters has reported. Iraq's largest field is currently pumping at 45,000 boe/d, he said. Shell and Malaysia's Petronas signed a final contract to develop Iraq's Majnoon oilfield, one of the world's biggest, earlier this year.

  • Islamic studies school to open in Abu Dhabi

    An Islamic studies institute devoted to promoting moderate forms of Islam and preparing students to be imams will open this month in Abu Dhabi. The school is a branch of Morocco's Université Mohammed V-Agdal, an established centre of Islamic studies that teaches both men and women. Students will be able to take a bachelor of arts degree in Islamic studies, and will be expected to speak Arabic, English and French, the National has reported.

  • Istithmar defaults on New York hotel

    Istithmar World Capital, the Dubai-government investment fund's private-equity unit, has defaulted on the $300m mortgage for the former Knickerbocker Hotel site in New York City and handed the property over to Danske Bank, the Wall Street Journal has reported. The bank's broker, Jones Lang LaSalle, is marketing the building and has drawn interest from bidders including Sitt Asset Management, the paper said.

  • Istithmar to auction ISS

    The port and shipping agent Inchcape Shipping Services (ISS) is set to be auctioned off by the Dubai investment group Istithmar, Reuters has reported, citing bankers close to the matter. Sources previously told the news service that Istithmar was looking for a $700m price tag for the sale. Bank of America Merrill Lynch and Royal Bank of Scotland have been appointed as sell-side advisers and are working on a staple financing backing the sale, one of the sources said, which is attracting intere

  • Ithmaar Bank says rights issue 51% covered

    Mohamed Hussain, chief executive of Bahrain-based lender, Ithmaar has said the bank has raised 51.5% of $200m rights issue, as part of its plans to raise capital following heavy losses in 2009, Reuters has reported. 'The subscription period ended on Thursday, and we are pleased to report that the rights issue has raised $103m,' Hussain said in a statement.

  • J Ray McDermott is frontrunner for Saudi Arabia's Safaniyah oil deal

    Saudi Aramco will award the offshore oil infrastructure deal in April

  • J Ray wins $1bn Aramco offshore infrastructure deal

    Company will upgrade oil production and electrical systems at Safaniya field

  • Jabal Sayid copper mine financing to close in second quarter

    Mining deal secures $180m of debt from international banks

  • Jacobs to manage Marafiq developments at Jubail and Yanbu

    Saudi Arabia’s Marafiq has appointed the US firm to manage industrial projects for three years

  • Jacobs wins contract from Saudi Aramco

    Jacobs Engineering Group has announced that it received a contract from state-owned Saudi Aramco to develop a basic engineering package for four sulfur recovery units, each with an expected production capacity of 1,200 tpd. This new, four-train sulfur plant will be part of the Wasit Gas Development Program in the Kingdom. The project will be executed from Jacobs office in Calgary, Alberta, Canada. Saudi Aramco's Wasit Gas Development Program will provide for the production and processing of

  • Japan loans Morocco $261m for road, water projects

    Infrastructure loan is the latest in a series of economic assistance deals between the countries

  • Japan provides grant to Jordan for rehab centre

    Japan has agreed to provide a $79,449 grant to improve Jordan Psychiatric Rehabilitation Society's facilities and introduce new equipment, Petra news agency has reported. The grant is the second by the Embassy of Japan to JPRS. The Society was established in 1989 to provide specialized rehabilitation care as well as supervising and following up the treatment of those who need its services.

  • Jazeera Airways records a loss in 2009

    Jazeera Airways, Kuwait's private low-cost carrier, has posted a loss of $28.5m in 2009 compared with a net profit of $15.6m the previous year, AFP has reported. The airline attributed the loss to the fallout of the global economic crisis but did not elaborate. The airway's assets rose slightly to 256 million dollars at the end of last year compared with 253.5 million dollars in 2008, the company said in a statement on the Kuwait Stock Exchange website.

  • Jeddah Uni to open doors to expat students

    Starting next September, expatriates will be able to study at Saudi Arabia's King Abdulaziz University for associate degrees, Arab News has reported. The programs will be taught entirely in English with the exception of the sales program, which will be in Arabic. Students will be able to obtain a three-year associate degree from KAU in two years, provided they clear the Exemption Exam for English, which reduces the three-year period by one year.

  • Jordan ADC invites Aqaba port bids

    Jordan's Aqaba Development Corp (ADC), the central development company for the Aqaba Special Economic Zone (ASEZ), has invited firms to submit expressions of interest by April 11 for a marine works contract on the $700m Aqaba New Port project, Meed has reported.

  • Jordan awards nuclear reactor contract

    Jordan has awarded a South Korean consortium a contract to build the country's first nuclear research reactor, Petra news agency has reported. Under the $130m agreement, the consortium, led by state-run Korean Atomic Energy Research Institute and Daewoo Engineering and Construction Co, will construct a 5-megawatt reactor, a radioactive isotope manufacturing facility, and a nuclear training centre near the northern city of Irbid.

  • Jordan cancer cases increase

    Mahmoud Sarhan, director of Jordan's King Hussein Cancer Centre (KHCC) has said that cancer cases in the country are on the rise and are expected to reach more than 19,000 annually by 2050 due to growing population, Jordan Times has reported. Projections did not take into consideration other lifestyle factors such as smoking, diet and exercise, which also contribute to the cancer rate, he said. According to the latest figures released by the Non-Communicable Disease Directorate's Jordan Cance

  • Jordan currency declaration rules initiated

    Ghaleb Sarayreh, director general of the Jordan Customs Department has said that as of this month, Jordanians and foreigners arriving in the kingdom carrying more than JD15,000 in cash, financial papers, jewellery or other valuables will have to declare their possessions, the Jordan Times has reported. The new regulations, issued by the Central Bank of Jordan in 2007, aims to combat money laundering in the kingdom, he said.

  • Jordan developer to build steel smelter in Iraqi Kurdistan

    Mass Global Investment Company conducts feasibility study in Erbil

  • Jordan HCAPD inks educational program grant

    Jordan's Higher Council for the Affairs of People with Disabilities (HCAPD) has signed an agreement to support educational programmes for students with disabilities at 44 charity societies across the kingdom, Jordan Times has reported. The agreement will provide JD855,000 to help 1,158 students.

  • Jordan hospital inks deal to train doctors

    A cooperation agreement has been signed by Jordan's King Hussein Cancer Centre and the Alliance of Non-Governmental Organizations Against Cancer in the Eastern Mediterranean Region, to train a number of doctors and nurses, Petra news agency has reported. The agreement is aimed at training a group of doctors and nurses from The Eastern Mediterranean region to fight cancer in general, and to learn palliative care in specific, stressing that the deal will contribute to qualifying those trainees

  • Jordan invites expressions of interest for Aqaba New Port

    The first construction package involves the marine works

  • Jordan looks to speed up Sukuk issuance

    Jordan's finance minister, Mohammad Abu Hammour has said the government may need to issue new pieces of legislation or find a new mechanism to speed up the issuance of Islamic sukuk, the Jordan Times has reported. "We are very interested in Islamic sukuk especially that Islamic banks were less affected by the global financial crisis than commercial banks," the minister said, adding that there are some legislative obstacles that restrict the government from using such financing instruments.

  • Jordan National Shipping posts 2009 profits

    Jordan National Shipping Lines Co has reported pre-tax profits for 2009 of JD3.202m, compared to JD3.09m in 2008. The company's operational revenues of shipping activities during 2009 rose by 21.85% to JD17.15m, compared to JD14.075m in 2008. The firm said it will distribute 15% of its capital in cash dividends to the shareholders.

  • Jordan not cutting number of drugs covered by insurance, says minister

    Jordanian health minister, Nayef Fayez has said the ministry has not reduced the number of drugs covered by health insurance, Jordan Times has reported. The minister also denied claims that the ministry is considering changing prescription-filling procedures for drugs covered by health insurance. The total costs for treating insured patients in the kingdom reached JD120m in 2009 and JD114m for uninsured patients, Fayez said.

  • Jordan opens radioactive waste storage plant

    Jordan has opened its first storage facility for radioactive waste, the Jordan Times has reported. Funded by the US Department of Energy and the Jordan Atomic Energy Commission, the facility aims to ensure safe and secure storage for low- and medium-level radioactive waste generated by hospitals, universities, scientific research institutions and other industries, and will serve as a destination to store, catalogue and safeguard radioactive materials.

  • Jordan Phosphate Mines buys out partner

    Jordan Phosphate Mines Co (JPMC) has said that it has acquired the entire stake of the India-based Southern Petrochemical Industries Corp (SPIC) in the Indo-Jordan Chemicals Cp for $50.6m, Jordan Times has reported. The Indian-Jordanian venture, which was established in 1992, consists of a phosphoric acid plant with a production capacity of 700 tonnes per day and another plant producing 2,000 tonnes of sulphuric acid per day. The company is a three-party joint venture between SPIC, JPMC, whic

  • Jordan Phosphate Mines inks $110m loan deal

    A $110m loan agreement has been signed between the Jordan Phosphate Mines Co (JPMC) and the International Finance Corp (IFC), Jordan Times has reported. The loan will be used to fund the construction of a new port for phosphate in Aqaba. The loan is divided into two parts, the first $50m is provided by the IFC, while the second $60m will be offered by the Europe Arab Bank Group under the IFC.

  • Jordan plans solar power plant

    Plans to develop a 20MW photovoltaic solar project have been announced by Jordan's National Electric Power Co (Nepco), in a bid to source 20% of the kingdom's power from renewable resources by 2020, Meed has reported. Jordan's medium-term plan is to bring 100MW in solar power capacity online together with 600MW in wind power capacity. The kingdom has a significant pipeline of wind farm developments including a project at Kamshah and another at a site in Fujeij. According to Nepco figures, Jor

  • Jordan posts budget surplus following cuts

    The Jordanian finance ministry has reported an estimated budget surplus in the first two months of the year of JD152.5m ($215m) compared to a JD33m deficit for the same period last year, Reuters has reported. The kingdom had scaled back tens of millions of dollars worth of non-essential capital projects and frozen hiring. Finance minister Mohammad Abu Hammour said that the government plans $1.4bn in budget cuts this year to slash its deficit to 6.3% of GDP and help its economy ride out the gl

  • Jordan rating lowered

    Jordan's long-term credit rating has been lowered one level by Standard & Poor's Ratings Services, on weaker fiscal flexibility and the rise in public debt. The kingdom's local currency sovereign credit rating was lowered from 'BBB' to 'BBB-', while the country's foreign currency rating remained unchanged at BB. "Our forecast is that by 2012 the kingdom's gross government debt ratio will be around double that of the 'BB' median. This differential is less pronounced on a net debt measure, but

  • Jordan reallocates H1N1 flu vaccine funds

    Jordanian minister of health Nayef Fayez has said that in light of the containment of H1N1 (swine) flu in the kingdom, the ministry has decided to reallocate an over JD4m tender previously signed with a drug firm, for other medicines, Jordan Times has reported. Under an agreement signed with Novartis Pharmaceuticals yesterday, the company will provide the ministry with drugs approved in Jordan including heart, eye and blood pressure medications. In 2009, the ministry referred a JD9m tender to

  • Jordan sees rise in tourism

    Figures by the Jordanian tourism ministry have shown a 35% rise in tourism revenues in the January-February period to JD311m, up from JD231 million in the same period last year, Jordan Times has reported. The kingdom also witnessed a 20.4% increase in the number of visitors during the first two months of the year, with 946,147 tourists visiting the country compared to 785,751 during the same period in 2009.

  • Jordan suspends Rotarix vaccine

    Prescriptions for GlaxoSmithKline's rotavirus vaccine, Rotarix, have been suspended by the Jordan Food and Drugs Administration as it contains a virus, porcine circovirus type 1, which has unknown side effects, Jordan Times has reported. The move follows a warning by the US Food and Drug Administration calling for suspending the use of the vaccine until further investigations are complete. The vaccine is given to babies aged six weeks and older to prevent gastroenteritis (diarrhoea and vomiti

  • Jordan, Microsoft ink JD14m deal

    Jordanian information and communications technology minister Marwan Juma has said that the government and Microsoft will sign a JD14m three-year agreement to provide the kingdom's ministries and public agencies with software and training, the Jordan Times has reported. Under the agreement, which will be implemented by three local companies, Microsoft will finance the opening of 100 computer labs in several schools and provide the kingdom with technical and financial support worth $6m. As part

  • Jordan: Cables and earthing conductors

    Supply of power cables, multi-core control cables and earthing conductors. Closing date: 21 April 2010

  • Jordan: Filling and packaging machine

    Supply of plastic container filling and packaging machine. Closing date: 30 March 2010

  • Jordan: Gasoline markers

    Supply of gasoline markers

  • Jordan: Light rail system legal consultancy

    Provision of legal consultancy services for the construction of a 26-kilometre light rail system. Closing date: 19 March 2010

  • Jordan: LPG

    Supply of liquefied petroleum gas (LPG)

  • Jordan: LPG cylinder valves

    Supply of valves for liquefied petroleum gas (LPG) cylinders

  • Jordan: Plastic container filling/packaging line

    Supply of a filling and packaging line for plastic containers

  • Jordan: Power cable accessories

    Supply of accessories for 33kV power cables. Closing date: 21 April 2010

  • Jordan: Power cables

    Supply of 33kV power cables. Closing date: 21 April 2010

  • Jordan: Social protection enhancement consultancy

    Provision of consultancy services for a social protection enhancement project. Closing date: 10 March 2010

  • Jordan's debt rises 12.9% in 2009 to $13.6bn

    Figures released by the Jordanian finance ministry have revealed the kingdom's gross domestic and foreign debt rose 12.9% to JD9.66bn ($13.6bn) in 2009 against the previous year, Reuters has reported. Foreign debt, mostly to major Western donors and international financial institutions, rose by 6% to JD3.869bn at end of December against JD3.64bn at the end of 2008, the data showed. Public debt is expected to reach beyond a record $14bn this year, nearing a legal limit of 60% of GDP, as recess

  • Jordan's public transport plan to be ready by year-end

    Jordan's transport minister Alaa Batayneh has said the ministry will complete the public sector's comprehensive plan by the end of this year, Jordan Times has reported. The strategy aims to regulate the transport sector in all governorates, he said at a meeting with public transport operators.

  • Jubail refinery partners secure $120m loan

    Local Islamic Development Bank to provide loan

  • Juffali inks Dow Saudi polyol plant deal

    Saudi-based E. A. Juffali and Brothers has signed a partnership agreement with Dow Formulated Systems, a global business unit of the Dow Chemical Co, to set up a manufacturing plant for the production of polyol blends in Jeddah, Saudi Arabia. 'The planned facility will produce Dow formulated polyols and the respective Dow Polyurethane Systems will be marketed in the region. The alliance with Dow is instrumental to ensure the new plant competitiveness, sustainability and long term success,' Dr

  • Kamco reports profit boost

    Kuwait-based KIPCO Asset Management Co (Kamco) has posted a 453% upward swing in net profit for 2009 at KD6.1m, against KD1.11m in 2008, Kuna has reported. Total shareholders' equity dropped 6.1% during 2009 to reach KD87.4m as of December 2009. The company said it will increase its exposure to the GCC equity markets which started to recover and are trading at attractive multiples, as well as focus more on the Capital Markets of India and China.

  • KEO wins Qatar Lusail development deal

    Kuwaiti firm KEO International Consultants has been appointed by property developer Diyar al-Kuwait to design and manage the construction work on an $800m mixed-use development at Lusail in Qatar, Meed has reported. KEO will be working on a part of the project that includes 160,000 square metres of commercial space, 130,000 sq m of office space and 30,000 sq m for retail. A residential area covers a further 87,000 sq m and comprises 640 apartments as well as 27, four-bedroom townhouses. Two b

  • Kingdom Holding to buy out hotels unit

    Kingdom Holding, which is owned by Saudi billionaire Prince Al-Walid bin Talal, has made a cash offer to buy all outstanding shares in Kingdom Hotel Investments, a subsidiary, valuing the company at $843m. An independent committee set up to oversee the transaction had recommended that shareholders accept the offer of $5 per share or global depository receipt, Kingdom Holding said in a statement. Seventy per cent of shareholders were already committed to the sale, which would take the company

  • Kingfisher launches new Dubai routes

    Indian carrier Kingfisher Airlines has announced its Dubai-Mumbai and Dubai-Delhi routes will be launched from April 24. Kingfisher already flies daily on the Dubai-Bangalore route. With the addition of the two new daily services, the carrier will operate 21 flights a week between the UAE and India.

  • Kingston posts 17% growth in Middle East

    Memory maker Kingston Technology said it registered 17% growth in the Middle East in 2009, making it the fastest growing region for the global firm. Antoine Harb, Business Development Manager for Kingston Technology in the Middle East, said he expects robust growth in its revenues and unit sales in the Middle East in 2010.

  • KOC to drill 200 oil wells in Al Ratqa

    Kuwait Oil Co (KOC) plans to drill 200 oil wells for heavy crude oil in the AlÙ€Ratqa Oil Field in the north of Kuwait by 2011, Al-Watan Daily has reported, citing sources. The firm has developed plans for projects including the drilling of these oil wells at a cost of KD59m, the newspaper said. The plans are in line with the Gulf state's aim to raise its production capacity of heavy crude oil, which is estimated at 60,000 barrels a day.

  • Kurdistan suspends foreign investment in education

    The government of Iraq's northern Kurdistan region has decided to suspend foreign investment in the education sector, in an effort to tackle low standards of teaching in the semi-autonomous province, Meed has reported. "We need to sort ourselves out and put our house in order first," Dlawer Ala'Aldeen, minister for higher education said. The ministry had turned away institutions from the US and Europe, including the US' Harvard University and a consortium of French universities interested in

  • Kurdistan to export 100,000bpd through Turkey

    The natural resources minister of Iraq's Kurdistan has said the region is ready to export oil at a rate of 100,000 barrels per day (bpd) through neighbouring Turkey, Aswat al-Iraq has reported. "Oil exportation from Kurdistan will start as soon as a new Iraqi government is formed," Ashti Horami was quoted as saying. Exports could rise to 500,000bpd by the end of the year Horami said.

  • Kuwait 11-month earnings top $55bn

    According to Al Shall economic report, Kuwait's total state earnings reached KD16.01bn ($55.5bn) over the last 11 months, Kuna has reported. The total is 98.4% higher than the current fiscal year's estimated earnings of KD8.07bn ($27.9bn), but 20.8% lower than the level of the same period in the 2008-2009 fiscal year, which amounted to KD20.2bn, the report said.

  • Kuwait Airways fact-finding committee created

    A fact-finding committee has been formed by Kuwait's communication ministry to look into the administrative and financial conditions of Kuwait Airways, Kuna has reported. The committee has been tasked with examining and reporting back its findings on all documents and decisions by the national carrier for administrative and financial issues, especially recruitment, promotion and transfer, as well as studying a report by the state audit bureau on the 2008-2009 budgets of the corporation and it

  • Kuwait Airways privatization to move ahead

    Kuwait Airways Chairman, Hamad al-Falah has said the Kuwait Investment Authority (KIA) has been authorized to establish a public company to hold the airline's assets, Bloomberg has reported. The cabinet "is going ahead with the privatization and the KIA has taken over the process of the legal matter to transfer the company," al-Falah said. The new airline company, Kuwait Airways Co will be established with capital of KD220m ($764m), he said.

  • Kuwait CB issues KD200m bonds

    Kuwait's central bank has issued KD200m ($694m) of one-year treasury bonds with a coupon of 1.25%, Bloomberg has reported. Investors submitted KD947.5m of bids for the bonds, which mature on March 16, 2011, the central bank said.

  • Kuwait central bank forecasts GDP growth of up to 5 per cent in 2010

    Worst is over for banks, central bank governor says

  • Kuwait expects approval for China refinery year end

    Saad Al-Shuwaib, CEO of Kuwait Petroleum Corp has said the company aims to obtain Chinese government approval for the Kuwait-Sino joint venture project to build a mega refinery and petrochemical complex in southern China's Zhanjiang City by the end of this year, Kuna has reported. Investors are still hopeful commercial operations will begin as early as 2013, he said. The $9bn project with Asia's top refiner Sinopec includes a refinery of 300,000 barrels per day, ethylene cracker with the capa

  • Kuwait extends Jurassic flowlines tender

    Kuwait Oil Company pushes back delayed pipeline deal again

  • Kuwait Finance House eyes US, China markets

    Bader al-Mukhaizeem, Chairman of Kuwait Finance House, has said the lender plans to expand in international markets including the US, Canada and China, Reuters has reported. Overseas markets contributed 43% of the earnings for the lender, which is Kuwait's largest Islamic bank. Al-Mukhaizeem also said that 2010 earnings are expected to be in line with those in 2009. 'I don't expect them to be up by much from 2009. Maybe in the second half things will improve,' he told the news service.

  • Kuwait invites bids for metro contract

    Kuwait has invited bids to provide technical, legal and financial advisory services for its planned metro project, MEED has reported. The scheme involves the construction of a 171-kilometre-long network with four lines running across Kuwait City. A total of 45 consultants expressed an interest in the $1.7bn project in November last year, the magazine said. The deadline for bids is 20 April.

  • Kuwait issues tender for Al-Zour North

    Phase one to bring 1,500MW of power and 102 million gallons a day of water online

  • Kuwait issues treasury bonds worth $346m

    Kuwait's central bank said yesterday it issued 100 million dinars ($346m) of one-year treasury bonds with a coupon of 1.25%. Investors submitted 548 million dinars in bids for the bonds, the central bank said on its website. The bond matures on March 23, 2011.

  • Kuwait may privatise 30 public schools

    Kuwait's Ministry of Education is studying the possibility of privatizating up to 30 public schools to boost the role of the private sector in developing the educational process in the country, Arab Times has reported. The ministry has also formed a committee to study the possibility of extending the academic year for the primary, intermediate and secondary stages, reports Al-Watan Arabic daily quoting Undersecretary Tumadher Al-Sedarawi.

  • Kuwait posts budget surplus

    Kuwait's finance ministry has said the country has posted a preliminary budget surplus of KD8.3bn ($28.7bn) in the 11 months through February, Bloomberg has reported. Revenue climbed 98% more than forecast for the fiscal year through March to KD16bn, while spending was KD7.7bn, compared with KD12.1bn projected for the year. Oil revenue was KD15.2bn in the period and non-oil revenue KD847.6m, data from the ministry showed.

  • Kuwait sets deadline for Jaber bridge bids

    Kuwait's Ministry of Public Works has said it plans to float a tender for the Sheikh Jaber AlÙ€Ahmad Bridge project, with the bid envelopes set to be opened on July 8, Al Watan Daily has reported. The project includes designing and constructing two sea bridges Ù€ one linked to Subbiyah and the other linked to Doha. The project aims to reduce the distance between Kuwait City and Subbiyah City from 104km to only 37.5km.

  • Kuwait signs advisory mandate for $2bn independent power and water project

    Selected group to provide financial, legal and technical expertise

  • Kuwait to begin gas imports in April

    Kuwait will start importing gas in April to feed its power plants, earlier than it started last year, Kuwait Petroleum Corp Chief Executive Saad Al-Shuwaib said, according to a release by Kuwaiti al-Shahed television. 'The corporation has moved this year to import gas early, from the start of April to October, under a five-year plan ... to fulfil Kuwait's needs of clean fuel for power plants,' Al-Shuwaib was quoted as saying.

  • Kuwait to boost investments in industry

    Kuwait's minister of commerce and industry, Ahmad Al-Haroun, has said the country plans to increase investments in the industrial sector to KD500m annually, Kuna has reported. The move aims to increase the sector's contribution to the national income to 12% over the next five years, the minister said.

  • Kuwait to float KD23m e-curriculum project

    Kuwait's education ministry has floated a KD23m tender next April for the "electronic curriculum" project, which aims to transfer paper work into eÙ€work, Al Watan Daily has reported. The project will put an end to bureaucracy and also reduce expenses, the ministry said. The Assistant Undersecretary for Planning and Information at the Ministry of Education Khalid AlÙ€Rashid also announced that the ministry has floated a tender to provide 71,000 laptops for secondary school students.

  • Kuwait to ink airport terminal design deal

    Kuwait's General Directorate of Civil Aviation is expected to sign a $66.7m deal with the UK-based Foster & Partners for the design of a passenger terminal at Kuwait airport, Meed has reported. Capacity of the terminal will reach 13 million passengers a year, bringing the airport's total capacity to about 20 million passengers a year. The authority also plans to widen and extend the two existing runways at the airport and eventually build a third runway.

  • Kuwait to investigate trading of Zain stock

    The Kuwait Stock Exchange plans to investigate a report submitted by its general manager on 'doubtful trading' in shares of telecom operator Zain, Al-Qabas has reported, citing bourse officials it didn't identify. 'Intense trading' in shares of Zain took place prior to the announcement of a deal, the newspaper said, without identifying the deal. The bourse report raises questions as to whether some parties benefited from information that hadn't been officially announced, according to Al-Qabas

  • Kuwait to spend $10.8bn on infrastructure

    Boubyan Port, Sheikh Jaber bridge and hospital top list of priorities

  • Kuwait: AC equipment maintenance

    Carrying out maintenance works for air-conditioning (AC) and ventilation equipment at a power and water desalination plant

  • Kuwait: Agriculture landscaping and irrigation (north)

    Development of agriculture landscaping and irrigation in the northern region

  • Kuwait: Agriculture landscaping and irrigation (south)

    Development of agriculture landscaping and irrigation in the southern sector

  • Kuwait: Airport development plant consultancy

    Provision of transaction advisory services for the implementation of a development plan for an international airport

  • Kuwait: Broadcasting equipment

    Supply of broadcasting equipment

  • Kuwait: Building services

    Provision of general building services. Closing date: 13 April 2010

  • Kuwait: Crane and handling equipment maintenance

    Carrying out annual maintenance of cranes and handling equipment at power and water distillation plants. Closing date: 13 April 2010

  • Kuwait: Demulsifier

    Supply of demulsifier

  • Kuwait: Electrical generator works

    Carying out works to electrical reserve generators

  • Kuwait: Electrical materials

    Supply of electrical materials

  • Kuwait: Electricity network enhancement

    Carrying out enhancement works for an electricity network

  • Kuwait: Environmental laboratory equipment

    Supply of hardware and equipment for an environmental laboratory. Closing date: 18 March 2010

  • Kuwait: Fuel stations

    Carrying out a fuel stations project. Closing date: 2 May 2010

  • Kuwait: Hospital beds

    Supply of medicated hospital beds. Closing date: 28 March 2010

  • Kuwait: HVAC equipment works

    Repair, operation and maintenance (O&M) of refrigeration, heating, ventilation and air-conditioning (HVAC) equipment

  • Kuwait: Land security buildings

    Design and construction of buildings for land security. Closing date: 2 May 2010

  • Kuwait: Land security buildings (Qalma Shaya)

    Construction and maintenance of two buildings for land security in Qalma Shaya and Al-Fawaris

  • Kuwait: Land security buildings (Umm Qasr)

    Construction and maintenance of two buildings for land security in Umm Qasr and Al-Abraq

  • Kuwait: Medical appliances

    Supply of medical appliances

  • Kuwait: Ministry buildings operation and repair

    Carrying out operation and repair works at ministry buildings. Closing date: 28 March 2010

  • Kuwait: Mosque maintenance (Ahmadi)

    Maintenance of mosques in Ahmadi governorate. Closing date: 28 March 2010

  • Kuwait: Mosque maintenance (Capital)

    Maintenance of mosques in Capital governorate. Closing date: 28 March 2010

  • Kuwait: Mosque maintenance (Farwaniya)

    Maintenance of mosques in Farwaniya governorate. Closing date: 28 March 2010

  • Kuwait: Mosque maintenance (Hawally)

    Maintenance of mosques in Hawally governorate. Closing date: 28 March 2010

  • Kuwait: Mosque maintenance (Jahra)

    Maintenance of mosques in Jahra governorate. Closing date: 28 March 2010

  • Kuwait: Mosque maintenance (Mubarak al-Kabeer)

    Maintenance of mosques in Mubarak al-Kabeer governorate. Closing date: 28 March 2010

  • Kuwait: Office cleaning services

    Cleaning of offices

  • Kuwait: OHL insulator washing works

    Carrying out washing works for overhead line (OHL) insulators

  • Kuwait: Oil flow line construction

    Construction of oil flow lines. Closing date: 18 April 2010

  • Kuwait: Oil flow pipelines

    Construction of crude oil flow pipelines

  • Kuwait: Oil handling and processing facilities

    Construction, operation and maintenance of oil handling and processing facilities

  • Kuwait: Power and water desalination plant

    Design, build, operation and maintenance of a power and water desalination plant. Closing date: 30 May 2010

  • Kuwait: Power cable network

    Supply and maintenance of a power cable network

  • Kuwait: Residential construction

    Construction, completion and maintenance of 44 residences. Closing date: 30 March 2010

  • Kuwait: Road maintenance

    Carrying out road maintenance works

  • Kuwait: Sanitary drainage network renovation

    Carrying out sanitary drainage network renovation works

  • Kuwait: Sanitary drainage network renovation

    Carrying out sanitary drainage network renovation works. Closing date: 2 May 2010

  • Kuwait: Sports stadium construction

    Construction and maintenance of a sports stadium. Closing date: 13 June 2010

  • Kuwait: Street lighting

    Construction, completion and maintenance of street lighting

  • Kuwait: Transformer substations

    Supply and installation of transformer substations

  • Kuwait: University faculty building

    Construction and maintenance of a university faculty

  • Kuwait: University O&M and repair works

    Carrying out operation and maintenance (O&M) and repair works for a university. Closing date: 2 May 2010

  • Kuwait: Water cooling units

    Replacement of three central water cooling units. Closing date: 30 March 2010

  • Kuwait: XLPE ground and pilot cables

    Supply and extension of cables for a power station

  • Kuwaiti bank changes name

    The Kuwaiti cabinet has approved a bill to change the name of the Bank of Kuwait of the Middle East (BKME) to Al-Ahli United Bank, Kuna has reported. The new Al-Ahli United Bank will operate in compliance with Islamic Shariah laws.

  • Kuwait's Dar may use $5bn rescue facility

    Kuwaiti sovereign wealth fund Investment Dar is considering along with creditors to use a $5.2bn state rescue facility. The Islamic investment firm said in a statement that the government's aid package would set the legal framework for its restructuring process, amid the dissent of some creditors and investors that have opposed its restructuring plan The rescue package, called the 'financial stability law', guarantees 50% of fresh loans banks provide to local firms as part of a plan to soften

  • Kuwait's KIPCO to launch pension company in Bahrain

    Kuwait Projects Co has signed a memorandum of understanding with global reinsurer Munich Re to launch a savings and pensions company in the Middle East. The new firm, Taka'Ud Savings & Pensions, will be incorporated in Bahrain and plans to launch its initial product range in selected Mena countries by the middle of 2010.

  • Larsen & Toubro bids low for Qatar wastewater contract

    Ashghal project will add 80,000 cubic metres a day capacity to Doha South plant

  • Larsen & Toubro frontrunner for Kuwait gas bottling deal

    The $100m facility is for Kuwait Oil Tanker Company

  • Larsen and Toubro win $81.8m electricity contract in Oman

    Indian engineering firm to extend electrical networks in Dhahira region

  • Lebanon: Water supply networks

    Rehabilitation and development of water supply networks. Closing date: 23 March 2010

  • Lecico's Q4 profit rises 90%

    Egypt-based ceramics manufacturer Lecico has reported a 90% surge in Q4 2009 net profit to EGP28.7m ($5.2m), compared to the same period a year ago, Reuters has reported. Revenue also rose by 14% to EGP267m in the quarter, the company said. 'Improved profitability in the firm's tile segment was the main driver in securing a 1% rise in net profit for the full year to EGP110.2m,' Lecico Chairman and CEO, Gilbert Gargour said in a statement.

  • LG HS200 projector launched in Qatar

    Qatar-based Video Home & Electronics Centre, distributors of LG products, has announced the launch of its new HS200 projector. The new projector system can play DivX files, display JPEG images and play MP3 music files through external hard drives, USB memory sticks or memory cards connected through the USB port. It also includes FM wireless audio, allowing instant playback of broadcast radio though the projector's speakers.

  • LG launches new full touchscreen phone

    LG Electronics has announced the launch of its new compact full touch-screen phone, the LG GD510. The new 3-inch WQVGA full touch-screen handset, labelled the 'Cookie POP', features a solar-battery cover that uses the power of the sun to charge the phone and plays music and movies in several popular file formats with 8 GB of expandable memory, and a 3MP camera.

  • Libya: Air transport services

    Provision of air transport services, landing and accommodation for an exploration project. Closing date: 24 March 2010

  • Libya: Cementing and pumping services

    Provision of cementing and pumping services

  • Libya: Directional drilling services

    Provision of directional drilling services

  • Libya: Hazardous waste storage facilities

    Construction of hazardous waste storage facilities. Closing date: 25 March 2010

  • Libya: Helicopter aviation services

    Provision of helicopter aviation services

  • Libya: IT consumables

    Supply of IT consumables

  • Libya: Land drilling rig services

    Provision of land drilling rig services. Closing date: 21 March 2010

  • Libya: Onshore rig inspection services

    Provision of onshore rig inspection services

  • Limitless given extension on $1.2bn loan

    Lenders still negotiating new loan terms

  • Limitless pays interest for $1.2bn loan

    Dubai World's property development unit, Limitless has paid interest to creditors for a $1.2bn loan due at the end of this month, Zawya Dow Jones has reported, citing a banker with exposure to the loan. "The interest has been paid off but the company has not said whether it will pay off the entire loan later this month," the banker said.

  • Local contractor is frontrunner to win Oman road contract

    Transport ministry received bids from 10 contractors for $5.7m road deal

  • Local contractor is lowest bidder for Oman road contract

    Transport ministry received bids from eight contractors for road deal

  • Local firm wins $57m Doha park construction contract

    Boom General Construction wins contract to upgrade Doha’s Al-Khor park

  • Local firms bid low on Kuwait Oil maintenance deals

    Deals are worth a total of $333m

  • Louboutin to open Dubai store

    French shoe designer Christian Louboutin has said that his first standalone store will be opened in Dubai at the Mall of the Emirates in October, Gulf News has reported. Louboutin said he will join with the Chalhoub Group to open new stores in Riyadh and Beirut. In January they jointly opened an independent store in Jeddah.

  • Low-cost carriers up market share

    The Centre for Asia-Pacific Aviation has said that seat capacity provided by low-cost carriers in the Middle East region in 2009 climbed to 8.3%, up from 7.4% in the previous year, Emirates Business has reported. Low-cost carriers' share of international travel to and from the region rose to 6% in 2009 from 4.8% in 2008.

  • Lufthansa to resume Iraq flights

    German carrier, Lufthansa has said that it will resume flights to Iraq on April 25. The new route will offer four weekly flights to Erbil in Northern Iraq from Frankfurt. Lufthansa will operate the four-and-a-half hour flight with an Airbus A319 with 132 seats in Business and Economy Class. The airline said it is preparing to resume flights this summer to the Iraqi capital Baghdad.

  • Lulu plans Oman expansion

    Abu Dhabi-based retail group Lulu plans to invest over OR100m in expansion plans into Oman, Khaleej Times has reported. Lulu, which owns 76 stores across the GCC and Yemen, plans to open five new hypermarkets in Oman this year at a total cost of OR90m, and will take the total count of Lulu outlets in the country to 11. The company will also invest OR14m in an ultra-modern shopping mall and hypermarket in Buraimi, expected to be ready by end of next year.

  • Maaden to add 1.5m tonnes to phosphate capacity

    Saudi Arabian Mining Co (Maaden) is considering expanding its phosphate mining activities at the Al-Khabra deposit near Turaif in the north of the kingdom, Meed has reported. The state-controlled company plans an open cast mine and simple beneficiation process to separate minerals from waste at the site, and to add almost 1.5 million tonnes to the company's phosphate capacity.

  • Maersk Oil Qatar reaches milestone

    Maersk Oil Qatar has announced the successful installation of the last of 15 new platforms and other offshore facilities, including the region's largest platform at 13,500 tonnes as part of the Al Shaheen Field development Plan, the Peninsula has reported. Hook-up and commissioning of the new platforms is underway and is expected to be finalised by the end of Q1 2010, connecting facilities via 300km of inter-field pipelines and 50km of subsea cables, the company said.

  • MAF Properties plans $817m Syria project

    Dubai-based Majid Al Futtaim Properties has unveiled plans for an $817m shopping mall and office project in Syria, Reuters has reported. 'It will be a Dhs3bn project, 1 million square metres of land, and will have a mall, hotels and office buildings,' MAF chief executive Peter Walichnowski told the news service.

  • Majid al-Futtaim to build 10 new malls in the Middle East by 2020

    Expansion plans include a $817m development in Syria

  • Makkah monorail 'ready by 2011'

    The Makkah Monorail project is expected to become fully operational before the commencement of Haj next year, while 35% of the project will be ready for pilgrims by the end of the present year, Arab News has reported. The rail network will initially link the holy sites to the Haramain Railway and other railway networks, and eventually to the Gulf Railway. The first part of the project that will be completed will be the line that begins from the southeast of Arafat, where most domestic and Gul

  • Malaysia-Japan consortium to develop Gharraf oilfield

    Kareem Yasser Hashem, the director of oilfields in the Iraqi province of Thi-Qar has said a Malaysian-Japanese consortium has started developing the al-Gharraf oilfield it had obtained during the second round of oil licensing, Aswat al-Iraq has reported. Last Janurary, Malaysia's Petronas and Japan's Japex has jointly been awarded the licence to develop the oilfield, one of five key oilfields in the province whose combined reserves are up to 12 billion barrels. Gharraf alone is estimated to c

  • Manama to select wastewater contractor by mid-April

    Winning contractor to build Muharraq plant on a build-own-operate basis

  • Mandarin Oriental to open five hotels in Middle East

    Bermuda-based group plans to almost double international portfolio

  • Marriott inks Jordan hotel deal

    Marriott International and Jordan-based Beaches for Hotels & Spas have signed an agreement for building the first luxury JW Marriott hotel and the fourth branded hotel in Jordan in 2013. The 264-room JW Marriott Hotel Aqaba will feature a wide range of food & beverage offerings, health and leisure club, Wi-Fi and internet access, outdoor swimming pool, a business centre, and 12 retail outlets. Current Marriott operated properties in the kingdom include the 294-room Amman Marriott, the 251-roo

  • Marriott opens first Oman property

    Marriott International has announced the opening of its first property in Oman, the 5-star Salalah Marriott Resort. The hotel features 237 rooms and a choice of chalets offering studios and one- and two-bedroom configurations, in addition to banqueting, and leisure and recreation facilities.

  • Masafi launches food division in Qatar

    UAE-based Masafi has announced the launch of its food division, the Masafi Gourmet, in the Qatari market, Gulf Times has reported. The company will start its operations in Qatar with the launch of premium potato chips. Masafi CEO, Ashraf Abu Saadi, said the potato chips market in Qatar is worth between QR350m to QR400m. Masafi products are distributed in the Gulf state by Variety Trading.

  • Masdar City project to be scaled back

    Masdar City, the clean energy community being built on the outskirts of Abu Dhabi, is currently under review, the National has reported. The development will keep its goals of being carbon neutral and producing zero waste to landfills, but there will be fewer buildings, they will be taller and built over a longer period of time, the head of the project told the daily. 'Our strategy is the same, our vision is the same, but we have become much smarter in our approach,' Sultan al Jaber, the chie

  • Mashreq launches Islamic banking division

    UAE-based lender, Mashreq Group has announced the launch of its Islamic Banking Division, 'Mashreq Al Islami', in the country. The new division will offer a full suite of Shari'ah-compliant products and services, with a host of new products to be rolled out during 2010 to both retail and corporate customers, in addition to providing Islamic advisory services, structuring finance solutions, sukuk advisory, Islamic investment products, Islamic treasury products. 'Islamic banking is expected to

  • Mashreq shareholders approve hiking euro note size

    UAE-based Mashreqbank has announced that its shareholders have approved a plan to raise the size of its euro medium-term notes programme to $5bn from $2bn, Bloomberg has reported. The issuance is subject to regulatory approval, the bank said in a statement.

  • Mashreqbank to freeze salaries, says report

    Employees of UAE-based Mashreqbank will not receive any bonuses or salary increases in 2010, Bloomberg has reported, citing a person familiar with the decision. The pay increase and bonus payments for 2009 are due this month, the source said.

  • Meydan Group opens five-star trackside hotel

    UAE-based Meydan Group, the developer behind the luxury racing development; Meydan Grandstand and Racecourse, has announced the opening of the world's first five-star trackside hotel, The Meydan. The hotel offers 285 rooms and suites, 95% of which include balconies with unobstructed views of the racecourse. The new property also features three gourmet outlets including an all dining buffet restaurant, Japanese restaurant and Steakhouse, spa, gym, infinity rooftop pool, business centre, club l

  • Meydan Group to sign joint venture agreement for China 'horse city'

    Dubai group will partner Chinese and Malaysian firms to build $4bn project

  • Meydan sells three commercial buildings to Emirates NBD

    UAE-based Meydan Group has announced the signing of a memorandum of understanding for sale of three commercial buildings in Meydan Metropolis Phase 1, Meydan's business park zone to Emirates NBD bank. The buildings will be used for corporate staffing and projected to be ready by the end of 2011.

  • Microsoft issues new patch for IE

    An emergency update is set to be released today by Microsoft for Internet Explorer that fixes nine vulnerabilities, including one that has been exploited in attacks on IE6 and IE7 systems, Cnet has reported. The zero-day IE hole could allow an attacker to take control of a machine if a user visited a malicious web site. Users of IE8 and Windows 7 are not vulnerable to that particular flaw, Microsoft said in its bulletin notification.

  • Microsoft showcases next-gen products

    Microsoft's next generation of infrastructure and application platform products have been launched at Tech.Ed Middle East including Internet Explorer 9; MS Office 2010; SQL Server 2008 R2; Visual Studio 2010 and Windows Server 2008 R2.

  • Microsoft to expand research centres in Middle East

    Microsoft is looking to expand its research and development presence in the Middle East beyond its current location in Egypt as part of its global strategy to expand its research facilities away from the central base in California, Emirates Business has reported. Transliteration tools are currently being developed at the region's only R&D centre in Cairo, S Somasegar, Senior Vice-President, Developer Division, told the news service.

  • Microsoft unveils plans for Internet Explorer 9

    Microsoft has announced a recent cenoference for developers in Las Vegas its plans for the next version of its Internet Explorer browser, The Washington Post has reported. The Internet Explorer 9 is seen to advance performance and compatibility with Web standards, such as allowing sites to provide audio and video without requiring users to install a separate plug-in such as Adobe's Flash. The next version of IE is also planned to take advantage of Windows graphics technologies, improve its di

  • Middle East carriers record strong growth in passenger numbers

    Regional airlines currently hold 10.9 per cent market share of international passenger traffic

  • Middle East carriers see 23% rise in passenger demand

    Middle East airlines saw passenger demand rise more than 23% in January compared to the same month a year ago, according to a new report by the International Air Transport Association (IATA). Worldwide, passenger demand rose 6.4% in January compared to the same period a year ago. Globally, a 1.2% increase in passenger capacity in January pushed load factors to 75.9% (compared 72.2% recorded for January 2009).

  • Middle East carriers to lose $400m this year

    The International Air Transport Association halves loss forecast for 2010

  • Middle East hotels were top performers in 2009

    Hotels in the Middle East achieved the highest occupancy, average room rates, and revenue per available room (revPAR) globally in 2009, according to a new report by business advisory firm Deloitte. Citing data prepared by STR Global, the report said occupancy reached 61.3% for the year, while average room rates and revPAR stood at $202 and $214, respectively. 'Hoteliers in the Middle East continue to be global leaders achieving levels of revPAR that other regions could only dream about,' said

  • MidEast chemical industry to post recovery

    Mohammed Al Mady, chairman of the Gulf Petrochemicals and Chemicals Association and CEO and vice chairman of Saudi Basic Industries Corp (Sabic) has said that chemical companies in the Gulf region are set to recover in 2010. Data from the American Chemistry Council showed chemical industry production growth averaging 3.7% across the Middle East; including 6.3% in Saudi Arabia, 3.4% in the UAE, 3.2% in Kuwait and 7.4% in Qatar, he said.

  • Millennium & Copthorne to build six hotels in the Middle East

    Five-star properties to be launched within the next year

  • Millennium to open six GCC hotels

    Millennium & Copthorne Hotels plans to double its presence in the UAE and GCC in the year ahead by adding six brand new five-star properties, Khaleej Times has reported. The new properties will add over 2,000 rooms to the hospitality sector in Abu Dhabi, Dubai, Makkah and Oman. Of the six new properties to be launched in the year ahead; two will be in Abu Dhabi, one each in Dubai, Makkah, Oman and Aden in Yemen, Rey Alcocer Vice President Operations said. The company has eight hotels in t

  • Mirdif City Centre opens in UAE

    Majid Al Futtaim Properties has inaugurated the company's new Dhs3bn Mirdif City Centre, with over 350 stores open for business. The 196,000 square metre mall offers a line-up of over 75 restaurants and cafes with retail mix including US brand Pottery Barn, UK fashion label Miss Selfridge, Australian home-furnishing brand Freedom Furniture, Decathlon, and Office Depot, in addition to 7,000 free car parking spaces and twelve entry and exit points.

  • MIS wins $55.4m Abu Dhabi drill refurbishment deal

    Abu Dhabi-based National Drilling Co (NDC) has awarded Dubai-based Maritime Industrial Services Co (MIS) a $55.4m contract for the refurbishment of jack-up drilling rig NDC Al Bzoom. The contract will cover the Rig Integrity Assurance Programme as its base scope for the modification and refurbishment work on the rig. Upon completion, the rig will be used to drill oil wells in Abu Dhabi's offshore fields.

  • Mobily offers 21.6mbps download speeds

    Following the launch of the Turbo Router last week, Saudi Arabia's Etihad Etisalat (Mobily) has launched the first Turbo Connect in the region offering download speeds of up to 21.6Mbps using HSPA+ technology. Currently, the company offers HSPA+ technology in Riyadh, Jeddah, Dammam and Khobar, with plans to have all populated areas of the kingdom covered by the technology.

  • Moody’s downgrades UAE government-related issuers

    Ratings agency raises concerns over strength of sovereign support

  • Moody's places Qtel ratings under review

    Moody's Investors Service has said it has placed the ratings for Qtel under review, following change in outlook to negative from stable of the Ba1 Corporate Family Rating for PT Indosat Tbk (Indosat), in which Qtel has a 65% stake. The A1 long term ratings for Qtel, the A1 rating for Qtel International Finance Limited and A1-rated bonds issued under Qtel's GMTN programme have been placed under review for possible downgrade, Moody's said.

  • More bids in for $10bn Shah gas scheme

    Firms line up for gas gathering facilities deal

  • More global 'uncertainty' in 2010, says Abu Dhabi SWF

    The world's largest sovereign wealth fund, the Abu Dhabi Investment Authority, has said that the global economy still faces 'considerable uncertainty,' Reuters has reported. The sustainability of a global economic recovery is uncertain, as governments are considering rollbacks of stimulus measures, the fund said. Economic recovery may be slower in developed markets, with higher interest rates and taxes hampering growth, Sheikh Ahmed bin Zayed al-Nahayan, ADIA's managing director, wrote in a l

  • Morocco: Electricity line

    Implementation of a 225kV electricity line. Closing date: 24 March 2010

  • Morocco: Electricity meters

    Supply and installation of electricity meters. Closing date: 10 March 2010

  • Morocco: Power station equipment

    Supply of 60kV equipment for power stations. Closing date: 10 March 2010

  • Morocco: Village electrification

    Electrification of nine villages. Closing date: 10 March 2010

  • Morocco: Village electrification (Agadir)

    Electrification of villages in Agadir and Ida Outanane. Closing date: 10 March 2010

  • Morocco: Village electrification (Taroudant)

    Electrification of villages in Taroudant province. Closing date: 10 March 2010

  • Morocco: Water pipeline

    Provision of an untreated water pipeline as part of the ninth drinking water treatment and supply project. Closing date: 23 March 2010

  • Mourjan signs up for marina work on Bahrain’s Marsa al-Seef

    Dubai firm to develop two marinas for developer Global Real Estate Development Company

  • Movenpick opens in Jumeirah Beach

    Mövenpick Hotels & Resorts has opened its new property at the Jumeirah Beach in Dubai. Located in the Jumeirah Beach Residence, the new hotel offers 294 rooms and suites located over 19 floors, three dining outlets, a swimming pool, a ballroom, a business centre and break out conference rooms.

  • Mubadala posts $2.3bn profit in '09

    Mubadala Development, an Abu Dhabi government-backed investor, posted a total comprehensive income of Dhs8.6bn ($2.3bn) last year on investment gains, Bloomberg has reported. Revenue almost doubled to Dhs13.1bn and total assets rose 75% to Dhs88.5bn.

  • Mubadala reports $2.3bn profits for 2009

    Total asset values rise by 75 per cent

  • Murdoch University ties up with Mashreq

    Murdoch University in Dubai and Mashreqbank have joined forces to assist students pay for their education through the launch of an 'Education Loan'. Students availing of the loan will be granted a discount on the tuition fee at the university.

  • Muscat airport extension delayed

    Oman has said that the extension of the country's main airport in Muscat will be delayed by two years and may cost the state up to an extra $500m after runway excavations hit seawater, Reuters has reported. "The Muscat airport extension will now be completed in 2014, not in 2012 as expected due to soft ground which contractors come across in some places," a government official, who asked not to be named, told the news service.

  • Nakheel begins handover of final Marina Residences tower

    Nakheel has said that handover of the sixth and final tower of Marina Residences in Palm Jumeirah has commenced, with residents likely to move in within the next few weeks. The waterfront development features six residential towers containing a mix of apartments and penthouses. "We have been working closely with contractors Shimizu Corporation during the past few years to deliver this development on The Palm," said Marwan Al Qamzi, Group Managing Director, Nakheel Development Projects.

  • Nakheel board, chairman replaced

    The board of indebted property firm Nakheel and its chairman were replaced on Tuesday as part of parent company Dubai World's $9.5bn rescue plan. Ali Rashid Ahmed Lootah was appointed chairman, replacing Sultan Ahmed bin Sulayem who is also chairman of Dubai World.

  • Nakheel Bonds hit two-month high

    Nakheel bonds rose the most in two months after JPMorgan Chase & Co. said creditors may get paid face value, Bloomberg has reported. The developer's $750m sukuk, which is part of parent Dubai World's planned $26bn debt restructuring, added 5 cents, the most since Jan. 6, to 56.25 cents on the dollar at 4:31pm in Dubai, prices compiled by Bloomberg show. The bond due in January 2011 has climbed from a low of 46.5 cents on Feb. 17 and traded as high as 85.5 cents on Nov. 25, when Dubai World sa

  • Nakheel to finish some stalled projects, says report

    Nakheel Properties plans to spend $1.5bn to finish stalled developments even before creditors agree to a debt restructuring plan for its parent Dubai World, the National has reported, citing a letter sent by the developer to thousands of investors in stalled Nakheel projects. The restructuting plan presented to creditor banks of the Dubai World conglomerate includes $8bn of fresh funds for Nakheel. The funds would initially be used to finish projects that were nearer to completion, such as Al

  • Nakheel to repay creditors 100% of 'agreed amounts owed'

    Nakheel today announced a comprehensive recapitalisation plan of its debt and liabilities. The group will offer creditors 100% of agreed amounts owed and 'fulfill its obligations to customers through the prompt completion of near term projects.'

  • Nasdaq Dubai equities trading jumps 61 per cent in February

    Total equities volumes on UAE’s Nasdaq Dubai drop 43.1 per cent compared last year

  • National Bank of Abu Dhabi plans $1bn bond issue

    Merrill Lynch, HSBC and Royal Bank of Scotland will run the deal

  • National Bank of Abu Dhabi prices bond issue

    Deal is first of many bond issues planned in the region for the next few months

  • National Bank of Abu Dhabi to list first exchange-traded fund on stock exchange

    Fund to track Dow Jones index  

  • National Bank of Kuwait gains approval to increase Boubyan stake

    Bank given approval to raise stake to 60 per cent

  • National Bank of Kuwait gets OK to raise Boubyan stake

    The Central Bank of Kuwait has given its approval to the National Bank of Kuwait to increase its stake in Islamic lender Boubyan Bank from 40% to 60%, Reuters has reported. NBK is the biggest shareholder in Boubyan, which has a market value of $2.65bn. A 20% stake would cost NBK some $530m, based on Boubyan's market capitalization.

  • Natural gas network launched in Abu Dhabi

    Abu Dhabi National Oil Co (Adnoc) has launchd a new natural gas distribution system for the UAE capital, The National has reported. Adnoc has agreed with local contractor, Al Fanar Gas Services, to import liquefied petroleum gas from the US and elsewhere for processing into 'synthetic natural gas', which can be distributed through a municipal pipeline system to commercial buildings and residences. The fuel stations, which mix LPG with air to exact specifications, are located on Reem Island, a

  • Nawras to bring in high speed broadband

    Oman's Nawras is preparing to introduce ultra high speed fixed broadband services across the Sultanate, the Times of Oman has reported. Initially, the company will offer fixed broadband services to more than 54% of the population, but will raise the coverage to 81% by the middle of next year.

  • NBAD ETF fund to begin trading on ADX

    The National Bank of Abu Dhabi's (NBAD) exchange-traded fund will begin trading on the Abu Dhabi bourse today, Reuters has reported. The new fund, the NBAD OneShare Dow Jones UAE 25 ETF, will provide investors with exposure to 25 blue chip companies in the UAE and will be traded on the Abu Dhabi Securities Exchange.

  • NBAD may sell benchmark bond

    The UAE's second-biggest bank by assets, National Bank of Abu Dhabi, is set to meet with investors this week to sell a benchmark-size bond, Bloomberg has reported, citing bankers familiar with the plan. The lender will become the first UAE entity to tap capital markets after state-owned Dubai World announced plans in November to renegotiate terms on about $26bn of debt. A benchmark-size bond is usually for at least $500m.

  • NBAD may take more provisions in Q1

    Michael Tomalin, CEO of National Bank of Abu Dhabi, has said the bank may book more provisions in the first quarter of this year, Reuters has reported. 'We can afford to take additional provisions if we need to. We need to get to the end of the quarter to decide,' he was quoted as saying. The bank's impairments in the fourth quarter of 2009 stood at Dhs623m of which Dhs316m were collective provisions, the news service reported.

  • NBAD sells five-year bond worth $750m

    The National Bank of Abu Dhabi (NBAD) has sold a five-year benchmark bond worth $750m, priced at 178 basis points, sources told Reuters. The bond matures on March 21, 2015 and is a part of its EMTN programme. NBAD has confirmed the size of the bond, but did not reveal the final pricing.

  • NBK shareholders approve 10% capital hike

    Shareholders of National Bank of Kuwait, the country's biggest lender, approved raising the bank's capital by 10% to 359.8 million dinars ($1.25bn).

  • NBK: Feb real estate deals total KD99m

    The National Bank of Kuwait (NBK) has said that the value of the real estate contracts registered in all sectors in the country last month fell by 15% to KD99m compared with the previous month, Kuna has reported. The total number of registered real estate sales (residential, commercial and retail) fell 1% between January and February, to 383, the lender said.

  • NDTV in talks to launch channel in UAE

    India's NDTV is in talks with potential local partners to launch a local television channel in the UAE, Gulf News has reported. 'We are only waiting for an upturn in the economy. We have a lot of synergies here in the Middle East and there's a big Indian population and our channels are beaming in here,' Dr Prannoy Roy, NDTV's executive chairperson told the newspaper. The local UAE channel will be based either in Dubai or Abu Dhabi, he noted.

  • NEC plans major expansion in MIddle East

    Japan's NEC Corporation, a global provider of internet, broadband network and enterprise business solutions, aims to be among the top three retail solutions provider in the Middle East by 2012. Ranked 182 in the Fortune Global 500, the Japanese firm recently announced its expansion plans into the Middle East region, through its India subsidiary company -- NEC India Pvt. Ltd, and its newly appointed partner -- H.M.H. Establishment (HMH), a UAE-based IT company. 'We are confident of our growth

  • Net profits of banks in Jordan fall 32% in '09

    Net profits of banks in Jordan tumbled 32.9% in 2009 to JD526.5m compared with JD784.7m in 2008, due to the global economic turmoil, according to data compiled by the state news agency Petra. The figures also revealed that some banks posted 26% increase in profits, while other lenders recorded a significant drop in their profits by as much as 86%. The total of combined capital of local banks stood at JD1.931bn, the data showed.

  • New global standards issued for Islamic derivatives

    Global standards for Islamic derivatives were issued today with the aim of helping Shariah-compliant borrowers and investors manage risk more effectively, Bloomberg has reported. The 'Hedging Master Agreement' provides a structure under which institutions can trade derivatives such as profit-rate and currency swaps, the Bahrain-based International Islamic Financial Market and New York-based International Swaps and Derivatives Association said in a joint statement. The groups said the master a

  • New Holiday Inn Express opens in Dubai

    InterContinental Hotels Group (IHG) officially opened the Holiday Inn Express Dubai Airport yesterday. The 381 room hotel marks IHG's fourth Holiday Inn Express property in Dubai and the largest in the EMEA region in terms of number of rooms.

  • New Indian school to open in Dubai

    The International Indian High School has announced its new CBSE school in Dubai will be ready by April 2011, Gulf News has reported. The new school, which will be able to take up to 3,000 students, is expected to ease the severe seat shortage in Indian schools. The new campus is being built at a cost of Dhs100m and will feature facilities including an amphitheatre, an IT department, wireless campus, activity room, gymnasium, swimming pool and a temperature-controlled indoor sports complex and

  • New mall to be built in Makkah

    Saudi-based Aqari Investment Holding plans to build a shopping mall in the Al-Rusaifah district of Makkah, Arab News has reported. The four-storey mall will have two floors dedicated for retail outlets, a floor for a food court, in addition to an exclusive floor for children with rides and games, the company said.

  • New parents to get free car seats in Abu Dhabi

    Health Authority-Abu Dhabi plans to distribute up to 4,500 free baby car-seats to parents of all babies born in the capital later this year, The National has reported. The plan is part of a drive by HAAD aimed at educating parents about the risks of carrying their children in vehicles unrestrained. The two-month trial period is expected to start in the second half of the year. According to research gathered at UAE University, 98% of children in the country are not restrained when they travel.

  • New regional ratings agency created

    The region's first full-service credit ratings agency has been set up by Amani Bouresli, a Kuwait University finance professor as an alternative to the big three agencies that dominate the Gulf, The National has reported. Capital Standards was incorporated and licensed last year in Kuwait and is preparing to assign its first ratings. A ratings scale ranging from "AAA" to "D" has been established, along with guidelines for gauging the risk that companies and governments will default on debt.

  • New smelter to open in Qatar in April

    The new aluminium smelter of Qatar Aluminium (Qatalum), a 50-50 joint venture between Qatar Petroleum (QP) and Norwegian company Norsk Hydro, will be officially inaugurated in Mesaieed Industrial City on April 12, the Peninsula has reported. The smelter is expected to produce 585,000 tonnes of premium-quality aluminium per annum, the company said in a statement.

  • New Yorker opens flagship store in Dubai Mall

    International fashion brand, New Yorker has inaugurated its 1400-sqm flagship store at Dubai Mall, the firm's 777th store worldwide. The brand is exclusively distributed in the region by the Saudi Arabia-based fashion retail group Fawaz A. Alhokair and Co. New Yorker is also present at the Dubai Festival City in Dubai.

  • NIPC plans to export excess urea

    Abdolhosain Bayat, managing director of National Iranian Petrochemical Co (NIPC) has said that the firm plans to obtain the required licences to export its excess urea production, official news agency Shana has reported. While the domestic consumption of the product is two million tons, the company is capable to export 1.2 million tonnes of surplus production each year, he said.

  • No change in Abu Dhabi support to state companies

    Following Moody's Investors Service downgrading of seven Abu Dhabi-based firms for the lack of an "explicit formal agreement" for government support, the Abu Dhabi government has asserted that there is no change in any aspect of government support for three companies which include Mubadala Development Co, International Petroleum Investment Co (IPIC), and Tourism Development & Investment Co (TDIC). "We obviously disagree with the reasoning involved in a number of Moody's decisions, especially

  • Noor Islamic Bank inks escrow services with Rera

    UAE-based Noor Islamic Bank has signed an agreement with Dubai's Real Estate Regulatory Agency (Rera) to offer escrow services. The service will be based on the regulator's recently introduced requirements, the bank said.

  • Noor proposes artificial islands project in Syria

    Lebanese developer plans reclaimed islands off the coast of Syria

  • NYU Abu Dhabi places $20m for research grants

    The NYU Abu Dhabi Institute, the research centre of New York University Abu Dhabi, has announced that it has earmarked $20m (Dhs73m) for research grants, The National has reported. The $20m will be spread out over five years and divided among three projects to be based in Abu Dhabi. "Research will form an integral part of the undergraduate experience at NYU Abu Dhabi and will eventually drive our graduate programme," David McLaughlin, the provost of NYU, said.

  • Occidental retenders Oman contract

    A contract estimated at $80m has been retendered by Occidental Mukhaizna, a subsidiary of the US-based Occidental Petroleum, to build a new crude oil stabilisation plant in Oman after making cost-saving changes to the scope of the project, Meed has reported, citing sources close to the project. The project includes the construction of facilities to maintain reservoir pressure and production levels at the Mukhaizna oil field, which Occidental is developing. It is one of a series of projects un

  • Oil from Russia will not hurt Mideast prices to Asia, says Qatar

    Qatar oil minister Abdullah al-Attiyah has said that Russian crude exports to the Pacific will not hurt prices of Middle Eastern crude sold to Asia, Reuters has reported. Attiyah said that Middle East crude still has an advantage of being close to the markets, which reduces costs of transportation. 'The price of crude is determined by market forces,' he said.

  • Oman Air expects to be profitable in 2014

    The CEO of Oman Air said it will take four years for the carrier to swing into a profit as new aircraft and routes become established and the global economy recovers from the downturn, the National has reported. 'We always knew we would be making a fairly hefty loss in 2009 - as indeed we expect to in the next couple of years, because we are investing hugely in the growth of the airline,' Peter Hill told the daily. 'We have expanded routes when most airlines are contracting.'

  • Oman Air receives A330-300

    Oman Air has said that it has taken delivery of one of the new A330-300 aircraft, scheduled for delivery this year. The airline expects to receive one more aircraft in May and another in the spring of 2011.

  • Oman Air to 'focus on profitability'

    Peter Hill, CEO of Oman Air, has said that the airline will focus on becoming profitable by 2014 rather than on expanding its fleet further, Reuters has reported. "The focus is now on being self-supporting, paying back the government its funding and showing that you can run a profitable airline, even if it is a government-owned one, in the region," Hill told the news service at the ITB Berlin. Oman Air has a fleet of 21 aircraft including four Airbus A330s and 15 Boeing 737s, with 17 more pla

  • Oman Cement's new clinker project set to launch

    The new OR62.7m clinker manufacturing plant of Oman Cement is planned to go into operation in the second quarter of this year, Oman Daily Observer has reported. The project is expected to boost the company's clinker production capacity by 4,000 tonnes per day, and reduce the company's procurement level of imported clinker, which will result in a major cost reduction.

  • Oman gets new fibre network to boost internet

    Omantel has announced the introduction of leading edge Fibre to the Home technology in the sultanate. The FTTH technology, supplied by Omantel's technology partner Huawei, delivers first stage Ultra broadband with speeds of 80 MB/s. Installing FTTH requires the use of advanced Gigabit Passive Optical Network technology which has been introduced to the Omani market for the first time and allows for the introduction of Triple Play Services, according to a statement by Omantel.

  • Oman inflation jumps to five-month high in January

    Rise in transport prices and rents drives inflation

  • Oman records $57m budget deficit in 2009

    Budget outperforms expectations after oil price recovers

  • Oman reviews Duqm independent water and power project

    Oman to retender consultancy contracts

  • Oman, Antwerp form joint firm to manage port

    Oman finance ministry has said the Sultanate and the Belgian port of Antwerp have signed an agreement to set up a 50-50 joint company to manage the country's port at Duqm, Reuters has reported. The port is under construction and is expected to be completed in 2012. Duqm is being developed as a major industrial city with a construction of an international airport, a free trade zone, a power plant, an oil refinery and shipping repair facilities.

  • Oman: Desalination plant

    Engineering, procurement and construction of a desalination plant. Closing date: 26 April 2010

  • Oman: Fund raising consultancy

    Provision of fund raising advisers for an electricity holding company

  • Oman: Geological field support

    Provision of geological field support services

  • Oman: Grain silo design and supervision consultancy

    Provision design and supervision consultancy services for grain silos. Closing date: 22 March 2010

  • Oman: Hospital equipment

    Supply and installation of equipment for a hospital. Closing date: 19 April 2010

  • Oman: Inspection services

    Provision of inspection services

  • Oman: Materials stores and buildings

    Provision of materials stores and buildings. Closing date: 10 May 2010

  • Oman: Mud engineering services

    Provision of mud engineering services

  • Oman: Naphtha stabilisation project consultancy

    Provision of design engineering consultancy services for a naphtha stabilisation project. Closing date: 3 May 2010

  • Oman: Power and desalination plant fuel

    Supply of diesel fuel for a power and desalination plant. Closing date: 19 April 2010

  • Oman: Power station generation works

    Provision of additional generation at a power station. Closing date: 3 May 2010

  • Oman: Road design and construction

    Design and construction of internal roads. Closing date: 3 May 2010

  • Oman: Road intersection interchange

    Construction of a grade separated interchange at a road intersection. Closing date: 26 April 2010

  • Oman: School classrooms (16)

    Construction, completion and maintenance of a 16-classroom basic education school. Closing date: 26 April 2010

  • Oman: School classrooms (24)

    Construction, completion and maintenance of a 24-classroom basic education school. Closing date: 26 April 2010

  • Oman: School construction (Al-Aflaj)

    Construction of a boys’ basic education school in Al-Aflaj. Closing date: 19 April 2010

  • Oman: School construction (Al-Aflaj)

    Construction of a boys’ basic education school in Al-Aflaj. Closing date: 19 April 2010

  • Oman: Tanker filling stations

    Construction of tanker filling stations

  • Oman: Tennis centre management

    Management of a tennis centre

  • Oman: Tourism consultancy

    Provision of consultancy services comprising design and construction supervision of tourism facilities

  • Oman: Water supply system

    Construction of a water supply system. Closing date: 3 May 2010

  • Oman: Water supply system O&M

    Operation and maintenance (O&M) of a water supply system. Closing date: 3 May 2010

  • Omani firm's IPO on hold

    Weak market conditions have forced Oman's Al Khalili Group, a family-owned industrial company, to postpone a planned initial public offering, Reuters has reported. 'The Al Khalili Group IPO is on hold because the market is not receptive to new issues just yet,' said Deputy General Manager of Oman Arab Bank, Loay Bataineh, the lead manager of the issue. An official from Al-Khalili Group who spoke on the condition of anonymity said prices of most listed companies now trade below their actual va

  • Omani port to issue tenders for expansion work

    Oman's Port of Salalah plans to issue tender documents for construction work on the $120m expansion of the port's general container terminal to begin by the end of March, Meed has reported. The expansion of the general container terminal involves building a further 1,200 metres of multi-purpose berths, a new northern breakwater, facilities for dry-bulk commodities and a new liquids jetty. The expansion will increase capacity at the terminal to 40 million tonnes of dry-bulk commodities and fiv

  • Oman's 2009 budget deficit smaller than planned

    Data by the central bank of Oman has showed that the Sultanate had booked a budget deficit of OR22.1m in 2009, a fraction of the country's initial plan, helped by recovery in oil prices, Reuters has reported. The Gulf state had originally planned a budget shortfall of OR810m in 2009 based on an oil price of $45 a barrel and following a surplus of OR1.6bn in the previous year.

  • Oman's credit card business grows by one-third

    Samrat Raj, Product Manager at the National Bank of Oman's Card Division has said that according to Master and Visa card statistics, the credit card business in Oman grew by 33% in 2009 compared to 2008, Gulf News has reported. Raj estimated the volume of credit cards issued in the Sultanate to be around 150,000. 'There is a lot of scope for the credit card market to grow and the segment involving women was completely untouched here,' he told the daily.

  • Ominvest plan $1bn tourist resort for Oman

    Mixed-use development planned for Salalah

  • Ominvest plans $1bn resort

    Oman's Ominvest has said that it plans to build a $1bn tourism resort in the southern port city of Salalah, Reuters has reported. "The integrated tourist complex will have four hotels and housing units which will be offered for sale to both local and international investors," the firm's chairman, Hani Al-Zubair told the news service. The construction of the resort will start in late 2010 or early next year and it would be built in three phases, he said. We are building a complete town that ca

  • Omnivest records 37% rise in profit in '09

    Oman International Development and Investment Co (Ominvest) has said its 2009 profits rose by 37% to OR11.41m, compared to OR8.34m in 2008, Oman Daily Observer has reported. Revenue grew to OR50.53m from OR41.79m in 2008, the firm said.

  • Online shopping remains high in UAE

    The highest average online shopping spend in the Asia/Pacific, Middle East and Africa region in Q4 2009, was in the UAE at $1,048, compared to the slightly higher figure of $1,193 a year ago, according to a survey by MasterCard Worldwide. In the UAE, the most popular items bought by online shoppers included airline tickets (43%), books and arts (34%), CDs, DVDs and VCDs (30%) and home appliances and electronic products (29%).

  • Opec to keep quotas unchanged

    Ministers from Opec's 12 member countries agreed, as expected, for the fifth time since 2008 to keep production limits unchanged at 24.845 million barrels a day, amid signs that a worldwide glut of crude is disappearing along with the recession, Bloomberg has reported. The group has reaffirmed the quotas at every meeting since they were set in December 2008.

  • Orange launches 3G+ network in Jordan

    Orange Jordan has announced the launch of its 3G+ networking services, the first of its kind in the kingdom. Initially, the new network will deliver services to select areas in Amman, Irbid and Zarqa, and will gradually expand over the next six months to reach most populated areas in the country.

  • Orascom Construction wins $1.3bn Abu Dhabi contract

    Mubadala Healthcare has awarded Besix Group, owned 50% by Egypt's Orascom Construction Industries, a $1.3bn turnkey contract to build the 375-room Cleveland Clinic on Sowwah Island, Abu Dhabi, Reuters has reported. Besix is leading a joint venture with South Korea's Samsung C&T. The project is due to be completed by the first quarter of 2013, OCI said.

  • Orascom eyes Iraq, Romania for low-cost homes

    Egypt's Orascom Development Holding is planning to invest EGP5bn ($913m) to build low-cost homes in Romania, Turkey and Iraq, to generate steadier earnings growth, Bloomberg has reported. "Our projects are targeting a surge in demand 10 years down the road," Samih Sawiris, chairman and CEO said, adding that budget housing is expected to make up 20% of the firm's total revenue in two years.

  • Orascom plans Romania project

    Egyptian developer Orascom Development has said it has earmarked 2.5 million square metres of land for an affordable housing project in Romania, its first such project outside Egypt, Reuters has reported. The project, in which Orascom holds a 70% stake, is expected to offer a total of 33,000 units developed over three equal phases. The developer has projects in Jordan, the UAE, Oman, Switzerland, Morocco, the UK and Turkey.

  • Orascom Telecom's tax appeal rejected by Algeria

    Orascom Telecom has said its appeal against claims its Algerian unit, Djezzy owed back taxes and penalties from 2004 to 2007 has been rejected by Algerian authorities, Reuters has reported. The company said it 'intends to appeal the rejection according to the Algerian rules and regulations which dictates a three-tiered appeal process'. To do so it will have to pay 20% of the remaining balance of the taxes and penalties the Algerian government claims, or around $110m, which Orascom said it wil

  • Packard Bell inks Trigon agreement

    Packard Bell, part of the Acer group, has signed a new partnership agreement with UAE-based Trigon, as it looks to increase its footprint in UAE and the region. Trigon will market Packard Bell's product line-up including notebooks, PCs, netbooks, and monitors.

  • Partners ask for more time on $10bn Shah gas management deals

    Adnoc and ConocoPhillips have asked project management consultancy bidders to push back bid validity to April

  • Partners award $500m Rumaila oil drilling contracts in Iraq

    49 new wells at Rumaila field to boost production

  • Partners plan to open bid prices on $10bn Shah gas deal

    Contractors have entered price proposals for four deals so far

  • Partners push back Yanbu solids handling deal

    Saudi Aramco and the ConocoPhillips are building a $9bn export refinery on the Red Sea coast

  • Partners sign $1.2bn of deals for Hidd steel mill

    Commercial output at the Bahrain project is expected by mid-2012

  • Partners start up Sasref Jubail low sulphur diesel unit

    Saudi Aramco and UK/Dutch Shell will produce diesel with 10 parts per million sulphur content

  • Passenger traffic at Dubai airport increases 22.6 per cent

    Dubai airport’s cargo and logistics arm sees 26.7 per cent rise in freight handling

  • Passenger traffic up 17.2 per cent at Abu Dhabi airport

    Total volume of cargo handled also increases in February

  • PC shipments to UAE to hit 2m in 2010

    Global research firm International Data Corp has said that PC shipments to the UAE are expected to reach two million units in 2010, up from 1.75 million in 2009, due to higher sales of notebooks and netbooks, Emirates Business has reported. PC shipments to the country in 2008 amounted to 1.8 million units.

  • Pearl CEO: Dubai property to recover by end 2011

    Santhosh Joseph, CEO of Dubai Pearl has said Dubai's property market will recover by the end of 2011, as mortgages become easier to obtain and more people move to the city, Bloomberg has reported. "Banks can't stay away for long," Joseph told the news service. "They have to lend and, historically, most of this region's lending goes into property...We're not expecting to sell substantially in 2010 and 2011. We are a zero-debt company but we may look into leveraging at a later date," he said.

  • Pearl Dubai looks for international investment

    Property developer the Pearl Dubai has said that it is seeking to attract international investment, with particular interest from the Far East, for its $4bn Dubai Pearl development, while also considering a future funding strategy for phase two of the development, Zawya Dow Jones has reported. Designed by German architect Peter Schweger, the project which will house residential apartments as well as arts and leisure centres, is due for delivery in 2013 and will be completed in two phases. The

  • Philippine Airlines launches flights to Riyadh

    Philippines Airlines has launched four direct weekly flights from Manila to the Saudi capital, Riyadh from March 28, 2010. The carrier will deploy Boeing 747-400 aircraft, which can seat 50 passengers in business class and 383 in economy class for this route.

  • Philips opens office in Riyadh

    Philips Electronics has announced the opening of a new head office in the Saudi capital, Riyadh that serve as the centre of the company's operations for the kingdom. The company has been present in Saudi for more than 50 years and has representative offices in Jeddah and Dammam. Philips, a major player in the Saudi healthcare market has made its first global installation of Philips' Ambient Experience Cathlab at the King Faisal Specialist Hospital.

  • Pizza Inn opens new restaurant in Bahrain

    US-based Pizza Inn, Inc has announced the opening of its newest outlet in the Oasis Mall in Bahrain. The new restaurant is the company's 70th location in the Middle East and first of 12 slated for Bahrain. United Food Co, a subsidiary of Abdullah Abunayyan Group, which has the master licensee rights for Saudi Arabia, Oman, Qatar, and UAE, will oversee development of 12 total units in Bahrain. Bahrain sub franchisee Buena Vista Food will develop and operate the restaurants.

  • Port of Salalah records increase in profit

    Omani port saw earnings rise to $11.6m in 2009

  • Pre-marriage test centre opens in Kuwait

    A new centre for conducting pre-marriage tests has been opened by the health ministry in Kuwait City, Kuna has reported. The ministry said the new centre aims to reduce the load on the main centre at Sabah medical area, while it plans to also open another centre in Mubarak Al-Khabir governorate to serve citizens of Ahmadi and Mubarak Al-Khabir governorates.

  • Public-private partnership law stalls Cairo wastewater plant tender

    Ten groups have been prequalified to bid for the project

  • Qatar Airways expects no major A350 delay

    Chief executive of Qatar Airways has said the airline has not received any indication of delays to the Airbus A350 and believes Boeing has "got its act together" after delays to the competing 787 Dreamliner, Reuters has reported. Akbar Al-Baker had strongly criticised Boeing in the past over delays of two years in production of the Boeing 787 Dreamliner, blamed by industry analysts on extensive outsourcing. "I think they have got their act together but the proof is in the pudding. They have t

  • Qatar Airways plans 120 aircraft by 2013

    Qatar Airways has said it has received its fifteenth Boeing 777, bringing its fleet size to 80 aircraft, double the size of five years ago. The airline plans to raise the number of aircraft it operates to 120 by 2013 and expand its global network to 120 destinations. The airline has ordered 80 Airbus A350s, 24 Airbus A320 Family of aircraft, 60 Boeing 787s and 32 Boeing 777s, with deliveries of the latter having started in November 2007. The carrier has aircraft orders for more than 220 jets

  • Qatar Airways to start flights to South America in June

    Qatar Airways has said its daily flights to Brazil and Argentina are set to start on June 24, marking the airline's first online operations to South America. The airline will fly from Doha to Sao Paulo and Buenos Aires aboard Boeing 777-200 long range aircraft.

  • Qatar cuts Qtel's royalty fee to 12.5%

    Qatar Telecom said today its royalty fee payable to the government was cut to 12.5% from 25% effective Oct. 7, 2007. The reduction will boost Qtel's profit by about 554 million riyals ($152m), the company said in a statemement to the Abu Dhabi bourse.

  • Qatar extends Mesaieed gas pipelines tender by two weeks

    $80m Qatar Petroleum deal to back up gas supplies to Qatalum and Mesaieed Power Corporation

  • Qatar in Russia gas field talks

    Qatar has expressed interest in developing gas fields on Yamal, a Russian peninsula near the Arctic Ocean with enough gas in the ground to satisfy world demand for five years, Reuters has reported. State-run Russian gas export monopoly Gazprom said that it had discussed the "high potential" for deals with state oil firm Qatar Petroleum in LNG, as well as pipeline gas supplies to Europe and the Asia-Pacific region. "The Qatari side expressed interest in projects to develop complex deposits on

  • Qatar Investment Authority may invest $30bn in 2010

    Qatar's Prime Minister, Sheikh Hamad Bin Jasim Bin Jaber Al-Thani, has said the country's sovereign wealth fund had invested $30bn last year and may match that in 2010, Bloomberg has reported. The Qatar Investment Authority has stakes in companies including Volkswagen, Barclays and J Sainsbury.

  • Qatar Islamic inks French bank MoU

    Qatar Islamic Bank has announced the signing of a memorandum of understanding with Banque Populaire, a unit of French mutual bank BPCE, in its efforts to develop Islamic finance products in Europe, Gulf Times has reported. The agreement aims to provide the Shariah-compliant lender with access to the French retail banking and small and medium-size business markets.

  • Qatar issues new rules on school fee hikes

    Qatar's Supreme Education Council has issued new regulations that require private schools in the country to provide details about the fees it has been charging in the past three years, along with details about any proposed hikes for the coming academic year, the Peninsula has reported. The council has informed all private schools that any violation to the new regulations could result in the cancellation of their licence.

  • Qatar launches first version of green building rating system

    Sustainability assessment system is already one of the region’s most prolific green building rating tools

  • Qatar may delay Ras Laffan gas recovery award

    Qatargas is reviewing the project’s feasibility because of costs involved

  • Qatar nears Ras Laffan gas recovery scheme award

    The $1bn Ras Laffan contract still to be awarded

  • Qatar Pearl GTL construction to be completed by 2011

    $18bn plus project nearing completion

  • Qatar Petroleum awards Petrofac $600m plants deal

    Qatar Petroleum has awarded UK-based Petrofac a contract worth more than $600m for a gas sweetening facilities project in the Messaieed and Dukhan industrial districts. The project involves the engineering, procurement, installation and commissioning of gas sweetening facilities in both locations which includes a sulphur recovery upgrade at NGL-3 in Messaieed and an acid gas recovery plant at Arab-D in Dukhan. The projects are scheduled for completion within 38 months.

  • Qatar plan aimed at obesity

    Qatar's Supreme Council of Health, in collaboration with the Supreme Council of Education, has launched a national initiative aimed at encouraging middle school children to adopt healthier diets, Gulf Times has reported. The 'Healthy Steps in Qatar' campaign aims to change behaviour and attitude of middle school children aged 12-13 years for them to drop bad eating habits and appreciate more healthy diets, in order to decrease main risk factors of non-communicable diseases among them, SCH sai

  • Qatar reviews Ras Laffan refinery contract

    $350m unit lacks hydrogen feedstock

  • Qatar salaries are tops in Middle East

    Salaries for professionals in Qatar are the highest in the Middle East, according to research by the employment website Bayt.com. More than a third of Qatar's white-collar workers, or 39%, earn between $3,001 and $8,000 each month, higher than the UAE, where 37% earn between those levels, the survey found. Qatar also has the highest number of professionals earning top-level salaries, as 12% of respondents in the country said they earned more than $8,000 a month, compared with 10% in the UAE.

  • Qatar Shipping and Qatar Navigation merger approved

    The boards of Qatar Shipping Co and Qatar Navigation have given the green light for a proposed merger, Gulf Times has reported. Under the terms of the transaction, Qatar Navigation will acquire all the outstanding shares of Qatar Shipping in exchange for new shares of Qatar Navigation. The deal, which is subject to shareholders' approval, will create a company capable of a leading role in Qatar with the potential of a major regional role and international presence, the two firms said in a joi

  • Qatar Telecom '09 profit rises 21%

    Qatar Telecom posted a 21% jump in full-year profit as it added new customers and expanded operations, Bloomberg has reported. Net income rose to 2.78 billion riyals ($764m) from 2.31 billion riyals a year earlier, the company said. Fourth-quarter profit dropped 7.9% to 431 million riyals as 'non-operational provisions' hurt earnings, it said, without giving further details.

  • Qatar to add over 5,000 finance jobs this year

    Qatar's financial sector is expected to add 5,200 jobs this year as the country's economy continues to buck the global financial downturn, according to a report by the executive search firm Kinsey Allen International. The number of people working for Qatar's financial companies is expected to rise to 20,100 by the end of the year, the report said, as cited by the National. 'The number of people working in the financial services sector in Qatar has increased by an average of 35% year on year o

  • Qatar to award Dukhan and Mesaieed gas upgrades in April

    Technip emerges as frontrunner following February talks with QP

  • Qatar to expand phone numbers by a digit

    Qatar's Supreme Council for Information and Communication Technology (ictQatar) has said that phone numbers in the Gulf state will be expanded from seven to eight digits, effective July 28, 2010. Aimed at meeting the increased demand, the new plan will create an additional 36 million mobile and nine million fixed telephone numbers, surpassing the highest forecasted demand for the next 15-20 years.

  • Qatar to increase LNG supply to India

    India's oil secretary said Qatar has agreed to supply an additional four million metric tonnes of LNG a year to India by 2014, Bloomberg has reported. S. Sundareshan said the fuel may be supplied to Petronet LNG Ltd.'s terminal at Kochi and a terminal being built by Ratnagiri Gas & Power Pvt. Ltd. at Dabhol.

  • Qatar to issue new law for SMEs

    Qatar's Minister of State for International Cooperation and Acting Minister of Business and Trade, Khalid bin Mohamed Al Attiyah has said that the government is set to issue a new law to regulate small and medium enterprises (SMEs), the Peninsula has reported. The new law will manage a special fund that will be set up for SMEs by the government, Al Attiyah said.

  • Qatar to phase out private clinics

    A senior official at Qatar's Supreme Council of Health has said that all clinics in Qatar run by general practitioners will be phased out in three years, the Peninsula has reported. General practitioners running clinics will be given three years' time to upgrade their status to that of a specialist or move into other licensed clinics or hospitals, Dr Jamal Rashid Al Khanji, acting director of the Medical Licensing Department at SCH told the daily. Currently, there are about 60 clinics in Qata

  • Qatar: Burn pit road and pipe culverts

    Construction of a burn pit road with concrete pipe culverts. Closing date: 25 April 2010

  • Qatar: Curriculum development multi-media support

    Provision of multi-media support services for the development of the English language curriculum. Closing date: 4 April 2010

  • Qatar: Electricity distribution network works

    Carrying out electricity distribution network works. Closing date: 4 April 2010

  • Qatar: Electricity meter infrastructure consultancy

    Provision of engineering consultancy services for advanced electricity meter infrastructure

  • Qatar: Electricity network extension

    Extension of an underground electricity network

  • Qatar: IT building construction

    Construction of an IT building Closing date: 25 April 2010

  • Qatar: Main road development (closing date extension)

    Development of main roads in zone 46. New closing date: 20 April 2010

  • Qatar: No Opec output change expected

    Abdullah al-Attiyah, Qatar's oil minister, has said he does not expect Opec to make any fundamental change in output at its next meeting, London-based Arabic daily Alhayat has reported. "I think the decision would be to extend Opec's current decision, and a decision on close monitoring of the oil market would be taken," he told the newspaper. "It is true that global inventories are high but oil prices are fluctuating in such a way that does not allow taking a new decision at this stage," he s

  • Qatar: Onshore well equipment and services

    Provision of equipment and services for onshore wells

  • Qatar: Package treatment plant improvement

    Carrying out intermediate improvement works for package treatment plants. Closing date: 20 April 2010

  • Qatar: Refinery maintenance works

    Carrying out civil maintenance and small construction works at a refinery

  • Qatar: Road development (closing date extension)

    Development of roads in block 1300. New closing date: 9 March 2010

  • Qatar: Road improvement works

    Carrying out road improvement works comprising grading works. Closing date: 30 March 2010

  • Qatar: Safety standby vessels

    Provision of safety standby vessels

  • Qatar: School modifications

    Carrying out modifications and additions to 36 schools. Closing date: 23 March 2010

  • Qatar: Sewerage constructions

    Construction of sewerage infrastructure

  • Qatar: Sewerage networks

    Construction of extensions to sewerage networks

  • Qatar: Sewerage project consultancy services

    Provision of consultancy services for sewerage projects. Closing date: 30 March 2010

  • Qatar: Well flow line connections

    Engineering, procurement, installation and commissioning flow line connections to wells. Closing date: 18 April 2010

  • Qatar’s Al Darwish Engineering awarded $36m roads contract

    Contract covers three packages as part of plans to connect Al Waab City with Doha’s main roads

  • Qatari Diar buys 50% stake in Mahé resort

    Qatari Diar Real Estate Investment Co has said it has agreed with South Africa's entertainment and hospitality group, Tsogo Sun Holdings to acquire a 50% stake in the Maia Luxury Resort and Spa in Mahé, Seychelles. The property, which is an all-villa resort and a member of 'Leading Small Hotels of the World', stretches 30 acres on the southwest coast of the island of Mahé.

  • Qatari Diar joins forces with Saudi Binladin Group

    Partnership will provide range of construction and industrial services

  • Qatar's GDP growth seen at 16% in 2010-11

    Qatar's Prime Minister, Sheikh Hamad bin Jassim al-Thani has said the country's economy had grown 11% in 2009 and is expected to grow by 16% in 2010/2011, Reuters has reported. The Qatar economy is seen to outperform in the coming years due to its expansions in gas facilities. The International Monetary Fund expects the Gulf state's GDP to expand by 18.5% this year and has warned against a risk of potential overheating. The fiscal year in Qatar starts in April.

  • QPIC posts KD7m 2009 profit

    Kuwait-based Qurain Petrochemical Industries Co (QPIC) has announced the inauguration of its new Aromatics and Olefins II Plant and revealed expansion plans both locally and globally, Al-Watan Daily has reported. The firm has posted KD7.098m ($24.85m) in net profit for the year ended December 31, 2009. QPIC's total assets during the same period grew by 35% to KD191.35m ($669.72m). The increase was attributed to the completion of three new petrochemical plants in Kuwait.

  • Quality in construction is the new challenge for Gulf projects

    With oil prices averaging about $75 a barrel in the first three months of 2010, GCC governments have the money to keep the region’s construction industry busy with lots of new projects. The challenge is delivering quality as well as quantity

  • Rabigh project to be expanded

    Extension planned for independent water, steam and power facility in Saudi Arabia

  • RAK Petroleum enters Tunisia

    UAE-based RAK Petroleum has signed an agreement to join an offshore exploration license in Tunisia, Reuters has reported. The company acquired a 30% interest in the Hammamet Offshore license from Canada-based firm Storm Ventures International which will retain a 35% operating interest. Cooper Energy of Australia holds the remaining 35% interest in the license. 'This is the first exploration project undertaken by RAK Petroleum outside of Oman and the UAE,' Abdulaziz Al Ghurair, Chairman of RAK

  • Rakbank offers online savings account

    A new online-only savings account facility has been launched by Rakbank for both existing as well as new customers, Khaleej Times has reported. The 'F@st S@ver Account' facility is available in both the dirham and dollar currency, and offers customers an interest rate of 3% on dirham accounts and 1.5% on dollar accounts. The account requires no minimum balance and maintenance charges and offers customers a free debit card with the opening of the account.

  • Ramsay opens Pearl-Qatar restaurant

    Restaurateur and Michelin-Star celebrity chef Gordon Ramsay has opened his first Maze Gordon Ramsay restaurant in the Middle East on the Pearl-Qatar in alliance with the Alfardan Group, the Peninsula has reported. Modelled after the Michelin-starred Maze and Maze grill in London, the new restaurant, which is led by executive chef, Rob Daniels, accommodates 70 guests with a further capacity for 90 more on the terrace.

  • Reef Venture Holding evaluates tenders for Bahrain Reef Island

    Local developer draws up shortlist for $200m development

  • Regional airlines see 23.6 per cent growth in passenger traffic

    Carriers in the Middle East achieved the largest growth in January worldwide

  • Region's stock markets rebound 4.9 per cent in February

    Kuwait Stock Exchange is top performer in the Middle East and North Africa

  • Registration opens for Emiratis in Abu Dhabi

    The Abu Dhabi Education Council has announced that registration for new Emirati students for enrolment in nurseries and government and model schools is open from today until June 24. Registration for new expatriate students start from May 2 to June 24. Parents can get their children enrolled in schools either by logging onto the council's website, or by visiting nurseries or schools directly.

  • Renewable energy plant installed in Egypt

    Engineering group Siemens has announced the installation of a 250-megawatt renewable energy plant in Egypt's Gulf of Suez on the Red Sea coast, Reuters has reported, citing Egypt's state news agency. The report did not mention further details concerning the project. Egypt has wind farms at Zafarana and Hurghada in the area, and has so far installed capacity of 430 megawatts of wind energy. The country expects to see its wind power capacity reach 7,200 megawatts by 2020 and is already boosting

  • Report: Kuwaiti banks to sue Saad, Algosaibi

    After months of negotiations with the two troubled Saudi groups, a number of Kuwaiti banks have decided to sue Saad and Algosaibi groups for some $1.5bn in debt, Arabic daily Alqabas has reported according to AFP. The country's Gulf Bank, Commercial Bank, Burgan Bank and Kuwait Finance House are expected to file lawsuits in Kuwait, Saudi Arabia and in Britain. Another Kuwaiti lender, Al-Ahli Bank has already filed a lawsuit against the two Saudi groups in New York, the daily said.

  • Retailcorp World shelves new brand plans

    Retailcorp World, Dubai World's retail arm has closed its Lamborghini branded cafes and has cancelled plans to bring the US grocery chain Balducci's and the fashion brand Joe Bloggs to the region, as part of an overhaul of the company, The National has reported. Executive vice chairman of the firm, Abdul Wahid al Ulama said the company will instead focus on its more profitable and less risky Go Sport and Nike sports stores.

  • RIM looks into Saudi report on BlackBerry service

    Canadian wireless device manufacturer Research in Motion (RIM) has said it is investigating reports in the Saudi press that regulators have asked the company for access to its unique messaging service for its BlackBerry devices, Arab News has reported. Local media print and television reports last week said the Communication and Information Technology Commission (CITC) has asked RIM to allow the telecommunications regulator access to monitor messages sent by BlackBerry Messenger, or BBM. "RIM

  • Rio Tinto Alcan calls for Middle East co-operation

    World’s largest aluminium company says partnerships are the way forward

  • Rites to operate North-South minerals railway

    The 1,486-kilometre railway is scheduled to open at the end of 2010

  • Riyadh power plant to reach financial close next month

    Independent power project will have a capacity of 2,000MW

  • Riyadh PP11 plan financing could be secured soon

    The financing deal of Riyadh PP11 independent power project (IPP) could be secured significantly before its May 31 deadline, Meed has reported citing sources close to the deal. The project is set to cost between $2.2bn and $2.3bn in total, with about $1.8bn to be covered by debt. The gas-fired power plant will have a capacity of 2,000MW and will use natural gas feedstock with Arabian super light crude as a backup fuel.

  • Rotana to open beach hotel in Dubai

    Rotana Hotel Management Corp has announced it is set to open the Amwaj Rotana Jumeirah Beach Dubai on May 15, 2010. The latest addition to Rotana's portfolio offers 301 guest rooms, suites and one presidential suite. Located in the Jumeirah Beach Residence complex, the hotel will offer three meeting rooms, one ballroom with private access, business facilities, a fitness centre, outdoor temperature controlled swimming pool, Jacuzzi, sauna and steam rooms.

  • Royal Jordanian Dreamliner delivery date pushed back

    Royal Jordanian has said that it will receive the first group of Boeing 787 Dreamliners in October 2013 rather than at the beginning of 2011, as previously scheduled, the Jordan Times has reported. RJ's president and CEO, Hussein Dabbas said the delay had forced the carrier to modernise and upgrade four Airbus 340 aircraft at a cost of $12m, in addition to two chartered Airbus 330 that are planned to join its fleet to serve the growing number of flights to south-east Asian destinations and th

  • Rules on post-dated cheques to change in Qatar

    Post-dated cheques are set to lose legal protection in Qatar under a 2006 law that will come into effect in May, the Peninsula has reported. Starting May 13, a post-dated cheque will become cashable the day a recipient deposits it with a bank irrespective of the date mentioned on it. The law gave a grace period of more than three years before being implemented.

  • S&P downgrades local operations of Jordan’s Arab Bank

    Rating action follows downgrade of Jordan’s sovereign credit rating

  • Sabic predicts 8% rise in steel demand

    Saudi Arabian Basic Industries (Sabic) has said that demand for steel in Saudi Arabia is expected to rise this year by 8% with consumption nearing 6.4 million tonnes, Reuters has reported. Sabic, which controls the kingdom's biggest steel producer Hadeed, said that total production capacity at local plants run at full tilt is about 7.3 million tonnes. The firm said it is moving ahead with plans to raise annual capacity of long-steel products to four million tonnes by mid-2012, from 3.2 millio

  • SAE Institute to launch Digital Journalism course

    SAE Institute, the world's largest creative media technology educator, has announced that it is set to start the delivery of it's first accredited Digital Journalism courses into the UK, Germany, US, Australia and the Middle East throughout 2010. The new students will be provided and equipped from the outset with the latest JVC HD digital video camera and a software loaded current model MacBook Pro, which upon completion of studies/training, the graduates will keep as their tools of trade.

  • Sales of electronics in UAE to rise 33% by 2014

    A new report by Business Monitor International predicts that sales of consumer electronics in the UAE will rise by 33% over the next four years. Sales of products such as computers, mobile phones and audio-visual goods will reach $2.7bn in 2010 and rise to $3.6bn by 2014, the report said.

  • Sama chief to chair Gulf monetary council

    Muhammad al-Jasser, head of the Saudi Arabian Monetary Agency has been appointed as the first chairman of the Gulf monetary council, a forerunner for a regional central bank, Reuters has reported. Al-Jasser has said that the governor of Bahrain's Central Bank, Rasheed al-Maraj will be his deputy, both of whom will serve for one year.

  • Samsung begins shipping 32GB server module samples

    Samsung Electronics has said that it has begun shipping samples of the industry's highest-density memory module for server systems. The 32 gigabyte module has been designed for use in advanced servers, which require high-density and high-performance features at low-power consumption levels. Mass production of the 32GB RDIMM is slated to begin next month, the company said.

  • Samsung Engineering to diversify Middle East operations

    South Korean firm wants to increase non-hydrocarbon share of workload to 30 per cent by 2015

  • Saudi airport tender to be issued in May

    An international tender is set to be floated by Saudi Arabia's General Authority of Civil Aviation next May for the kingdom's first privately-owned airport in Medina, Bloomberg has reported. The winner will operate the airport, which will have a capacity of 8 million passengers a year, for not less than 25 years, Alaa Samman, General Manger of Business Development for Domestic Airports at GACA, told the news service.

  • Saudi Arabia approves first exchange-traded fund for foreigners

    Falcom Financial Services wins approval to list exchange-traded fund

  • Saudi Arabia bans diabetes drug

    The Saudi Food and Drug Authority has banned GlaxoSmithKline's diabetes drug Avandia for six months, citing growing evidence from clinical studies indicating serious cardiovascular risks, Reuters has reported. The decision means detailing and advertising of Avandia is banned and patients on the drug will be referred to their doctor for consultation. A spokeswoman for Glaxo said the company 'stands behind the safety and efficacy of Avandia when it is used appropriately'. She said it would prov

  • Saudi Arabia 'may provide rail financing'

    Financing for a $7bn cross-country railway may be provided by Saudi Arabia after groups bidding on the project were unable to get funds for the line, London-based Arabic daily Alhayat has reported. Financing difficulties will force completion of the Saudi Land Bridge project to be delayed until 2015, from an initial date this year, the newspaper said. The line will link ports on the Red Sea and Gulf coasts with Riyadh.

  • Saudi Arabia moots new port facilities

    Khalid Bubshait, head of the Saudi Ports Authority has said that the kingdom is considering building a new port in the Red sea city of Jeddah to handle rising imports such as wheat and barley under a food security plan, Reuters has reported. 'The idea of this port is still under study and no decision has been taken yet. We haven't decided on the size or number of docks yet,' he said. Jeddah Islamic Port (JIC) is the kingdom's largest with a capacity of 3.2 million TEUs (Twenty-Foot Equivalent

  • Saudi Arabia plans new port

    The proposed port in Jeddah would be used to import food such as wheat and barley

  • Saudi Arabia to hike oil prices to US in April

    Saudi Aramco has raised official selling prices for all crude grades, except heavy, for customers in the USA for April and lowered prices on all grades to Europe and most for Asia, Bloomberg has reported. The company increased the formula price of its Arab Light crude to the US the most, raising it by 15 cents a barrel, or 20%, to a 60 cent discount off the benchmark Argus Sour Crude Index, the company said in a statement. It boosted the premium for Extra Light crude to 95 cents above the ben

  • Saudi Arabia to invest SR200bn in water projects

    The chief executive of Saudi Arabia's National Water Co, Loay Al Musallam, has said that the kingdom plans to invest SR200bn in water projects over the coming 15 years, 70% of which will be for sewage and waste water treatment projects, Reuters has reported. 'We currently have a sewage project in Riyadh and Jeddah with an investment of SR18bn and we are looking to expand these projects to the rest of the kingdom,' he said. The company controls all of the kingdom's groundwater wells and sewage

  • Saudi Arabia water and power project comes online

    Commercial operations start at Shuaibah plant located south of Jeddah

  • Saudi Arabia: Airport environmental and social impact assessment

    Provision of consultancy services for environmental and social impact assessment screening for Medina airport. Closing date: 6 March 2010

  • Saudi Arabia: Ambulances

    Supply of ambulances. Closing date: 3 April 2010

  • Saudi Arabia: Bridge and road intersections

    Construction of bridge and intersections to connect a highway with industrial and community areas. Rebid. Closing date: 20 June 2010

  • Saudi Arabia: Concrete and steel works

    Carrying out concrete and steel works. Closing date: 13 March 2010

  • Saudi Arabia: Fire stations and housing construction

    Construction of fire stations, housing and recreation facilities. Closing date: 17 April 2010

  • Saudi Arabia: Hospital and medical centre O&M

    Operation and maintenance (O&M) of a hospital, medical centres and healthcare clinics. Closing date: 2 May 2010

  • Saudi Arabia: Medical equipment

    Supply of medical equipment. Closing date: 10 April 2010

  • Saudi Arabia: Network repair section buildings

    Construction of network repair section buildings. Closing date: 21 March 2010

  • Saudi Arabia: Power plant boiler drain and waste piping

    Design, construction and commissioning of an underground boiler drain and oily waste piping at a power plant. Closing date: 30 March 2010

  • Saudi Arabia: Power plant boiler services

    Provision of boiler technical services for power plants. Closing date: 17 March 2010

  • Saudi Arabia: Power plant cathodic protection systems

    Design, installation, commissioning and monitoring of cathodic protection systems at a power plant. Closing date: 13 March 2010

  • Saudi Arabia: Power plant evaporator ponds

    Design, construction and commissioning of two evaporator ponds at a power plant. Closing date: 14 March 2010

  • Saudi Arabia: Power plant radial inlet vane

    Turnkey replacement of a fan radial inlet vane at a power plant. Closing date: 20 March 2010

  • Saudi Arabian Airlines to privatise core aviation unit

    Carrier signs deals to finance fleet expansion and to float shares in Saudi Arabian Airlines Catering Company

  • Saudi Arabia's Jizan cement plant still in limbo

    Saudi government yet to allocate site to Gazan Agricultural Development

  • Saudi Aramco seeks $4bn from local banks for Jubail refinery

    Financing set to be completed by the end of March

  • Saudi bank to expand into Jordan

    Saudi-based Al-Rajhi Bank has received approval from Jordanian authorities to start banking business in the kingdom. The bank plans to have five branches in Jordan within one year, the first of which will start in 2010, chief executive Abdullah Al-Rajhi told Reuters. 'We plan to start the first Jordanian branch by the end of this year and we will add four other branches by the end of the first quarter of 2011,' he was quoted as saying by the news service.

  • Saudi banks' January income falls 20%

    Figures by the Saudi Arabian Monetary Agency (Sama) have shown that the net income of 12 commercial banks in the kingdom fell over 20% in January, indicating a continued tight lending policy triggered by the global fiscal crisis, Emirates Business has reported. The banks' net income dropped to SR2.85bn (Dhs2.82bn) in January 2010 from SR3.58bn in the same month of last year. The figures also showed that Saudi bank lending to the private sector fell by SR14.5bn in December, the largest decline

  • Saudi Bio-acids to set up citric acid plant

    Saudi Bio-acids Co has announced plans to set up a citric acid plant in the west of the kingdom, Reuters has reported. Production will start with more than 20,000 metric tonnes of citric acid, which is mainly used in soft drinks, from 2013 and would rise to 40,000 by 2016, the company said. The firm has asked for help from a Saudi development fund to cover half of the expected costs.

  • Saudi British Bank's rating cut at Nomura

    Saudi British Bank (Sabb), which is 40%-owned by HSBC Holding, was downgraded to "reduce' from 'neutral' and had its 12-month price estimate cut to 51 riyals at Nomura International, Bloomberg has reported. 'The bank's risk-reward profile is skewed to the downside,' Nomura analysts said in a report. 'The bank is likely to be focusing on cleaning its loan book rather than expanding its balance sheet in 2010.'

  • Saudi cement plant to be delayed by six months

    The $250m Al-Bayan facility in Riyadh is yet to get the go-ahead

  • Saudi developer to raise $272m in IPO

    The Saudi Capital Market Authority has said that property developer Knowledge Economic City plans to raise SR1.02bn ($272m) in an initial public offering in May, Reuters has reported. The developer will offer 102 million shares at SR10 riyals each over the May 24-30 period, CMA said in a statement.

  • Saudi dialysis unit applications 'must be reviewed'

    Dr Abdullah Al-Rabeeah, the Saudi health minister has said that applications for setting up new dialysis units in private hospitals should be reviewed by a high committee appointed by the minister before receiving the formal approval, Arab News has reported. New dialysis units will be licensed only if they comply with the technical requirements of the new committee, he said.

  • Saudi firm plans polysilicon plant at Yanbu

    Saudi-based International Investment & Development plans to build a new polysilicon and solar wafer production plant at Yanbu on the kingdom's Red Sea coast, Meed has reported, citing sources familiar with the project. 'The project has been allocated land and has been assured that it will get a fuel allocation from Saudi Aramco,' one source told the magazine. Upon completion, the plant will have a capacity of 5,000 tonnes a year (t/y) of polysilicon, of which 1,500 t/y will be converted into

  • Saudi inflation rises

    Official statistics indicate that Saudi Arabia's annual inflation rate rose to its highest level since June, up from 4.1% in January to 4.6% in February, on rising food costs, Reuters has reported. Month-on-month, the inflation rate in the world's largest oil exporter, as measured by the cost of living index, stood at 0.5% in February, up from 0.2% in January. The kingdom's index of cost of living rose to 126.1 points in February from 120.6 points a year earlier, the data showed.

  • Saudi investors plan citric acid plant at Yanbu

    New facility to produce soft drink preservative for the domestic market

  • Saudi minister 'very happy' with oil price

    Saudi oil minister Ali Al-Naimi has said that oil prices are in the right range and that production policy should remain unchanged, Bloomberg has reported. 'The price has stayed very well in the range of $70 to $80. It is in a very happy situation,' Al-Naimi was quoted as saying in Vienna, adding he is pleased with quota compliance and foresees no need to change output. 'There are no shortages, investment is going on, demand looking forward is going to continue to rise, so everyone is happy.'

  • Saudi moots opening bourse to foreign investment

    Adulrahman al-Tuwaijri, chairman of Saudi Arabia's Capital Market Authority (CMA) has said the kingdom is considering further steps to open up the Arab world's largest bourse to foreign investment, Reuters has reported. 'We want to study new ways, through which the foreign investor can enter,' he said. In 2008, Saudi allowed so-called swap agreements between non-resident foreign investors and local intermediaries, permitting indirect foreign ownership on the bourse.

  • Saudi mulls draft law to curb smoking

    A draft law aimed at curbing smoking in Saudi Arabia is being considered by the kingdom's Shoura Council, Arab News has reported. The proposed legislation includes a penalty of SR500 for smoking inside airports; a ban on the cultivation of tobacco and the production of products that contain tobacco; designating public places like mosque courtyards and sports venues as no-smoking zones; increasing tariffs on imported tobacco products adding warning labels to tobacco products; and banning sale

  • Saudi needs more investment in power, water supply

    A new report by Banque Saudi Fransi says the kingdom needs to raise its investments in its power and water supply industries by a third to at least 1 trillion riyals ($266.7bn) through 2025, to meet rising domestic demand, Reuters has reported. Saudi Arabia is expected to spend SR300bn alone on power generation, SR200bn on water desalination projects and SR200bn on sewerage, the bank said. 'In our perspective, this SR700bn is certainly a step in the right direction - but at least a third more

  • Saudi phosphate railway complete by Q4 2010

    Rumaih al-Rumaih, deputy chief executive at the Saudi Railway Co, has said that the firm plans to launch a railway linking the phosphate mine at al-Jalamid and the bauxite mine at Az Zabirah to the processing facilities of Saudi Arabian Mining Co at Ras Azzour by the end of this year, the Saudi press agency has reported. "So far, 800km of the 1,486 km railway has been executed," he was quoted by the agency as saying. The state-owned firm has signed a SR278m contract with Indian government fir

  • Saudi plans $4.5bn airport projects

    Alaa Samman, director of business development at Saudi Arabia's General Authority of Civil Aviation, has said the kingdom plans to build a new airport in the holy city of Medina and an 'airport city' near Jeddah airport, Reuters has reported. The new Medina airport, estimated to cost between SR7bn and SR8bn, will increase traffic capacity to 8 million passengers a year from 3 million, while in Jeddah, authorities want to build a commercial centre that will include hotels, office buildings, ho

  • Saudi plans equities index funds for foreigners

    In a bid to open up the Arab world's biggest bourse, Saudi Arabia's Capital Markets Authority has announced plans to launch stock market index funds accessible to foreigners by the end of March, Reuters has reported. 'We want to study experiences of many countries, which have allowed foreign investment in an organised way,' Abdulrahman Al Tuwaijri, head of CMA said, adding that direct foreign investments were not being considered at present, as risky 'hot' money would flow in.

  • Saudi Railway to run $7bn Landbridge

    State-owned Saudi Arabian Railway Co has become the sole operator of the $7bn Saudi Landbridge development, Meed has reported. Saudi Landbridge is a 950-kilometre long passenger and cargo railway designed to create a link between Jeddah on the Red Sea coast, and the ports of Dammam and Jubail on the Gulf coast, passing through the kingdom's capital Riyadh. Scheduled for completion in 2014, the railway will be primarily used to transport containers from the port at Jeddah to Dammam from where

  • Saudi targets 4% rise in tourists in 2010

    Saudi Arabia is aiming to attract more than 11.4 million foreign tourists, including pilgrims, in 2010, reported Arab News. 'The Saudi Commission for Tourism and Antiquities is looking for a growth of four percent in terms of tourist arrivals,' Abdullah S. Al-Jehani, SCTA vice president for marketing & media affairs, was quoted as saying at a press conference on Tuesday.

  • Saudi Telecom Co offers dual internet networks

    Saudi Telecom Co (STC) has launched 'Naqaa Net', a new feature which allows customers to control network access by switching between the standard internet network and a "pure" network which aims to protect users' children and other family members, Saudi Gazette has reported. The new service allows users to control, switch and select between networks as and when required.

  • Saudi telecom sector in 'privileged position

    A new report by Shuaa Capital predicts that more residents in Saudi Arabia will sign up to broadband internet on their mobile devices than on personal computers in the next year, the National has reported. The report said the Saudi telecommunications market will become increasingly competitive this year, with new promotions for mobile broadband devices expected to flood the market. Overall, the kingdom's telecoms sector is in a 'privileged position' compared with other operators in the Gulf,

  • Saudi to ban energy-wasting home appliances

    The Saudi Arabian Standards and Specifications Organization (SASO) has said that only energy-efficient home appliances will be allowed into the kingdom after forty days, Arab News has reported. According to the new regulations, the new appliances must have cards attached to them rating their energy efficiency. "Electrical equipment that do not have these cards tagged to them will not be allowed to enter the country," SASO said in a statement.

  • Saudi to nearly double crude exports to India

    The Indian government has said that Saudi Arabia is willing to increase crude supplies to the South Asian nation to 40 million tonnes from about 25.5 million tonnes currently to meet the rising energy demand of the country, Reuters has reported. The announcement comes after Saudi oil minister Ali al-Naimi met with his Indian counterpart Shri Murli Deora in Riyadh. 'India also indicated sourcing heavier crude from Saudi Arabia, the Indian statement said without giving a time frame for the incr

  • Saudi to use touch screens to guide tourists

    Saudi-based Farsi Geotech Group, in cooperation with the Saudi Commission for Tourism and Antiquities, plans to set up a network of touch-screen kiosks at all airports, seaports, entertainment and tourist sites in the kingdom, Saudi Gazette has reported. The touch screens offer three-dimensional maps with special catalogues containing important information and services provided to tourists in and outside the kingdom

  • Saudi tourism law 'in final stages'

    Prince Sultan bin Salman, chairman of the Saudi Commission for Tourism and Antiquities (SCTA) has said that the kingdom's new tourism law is in its final stage and could be passed this year, Arab News has reported. "It is now being discussed at the Shoura Council," he said.

  • Saudi, UAE compliance levels highest in Opec

    The latest data from the International Energy Agency (IEA) show that UAE and Saudi Arabia have together recorded compliance levels of 98% to the output curbs set by OPEC, the highest among members of the organization, Gulf News has reported. The average compliance by OPEC members to the output curbs stood at 56% last month, the data showed. OPEC ministers are set to meet in Vienna on March 17 to review the current production agreement which has been in effect since January 2009.

  • Saudis to spend $640bn on 5m new homes

    According to a new strategic plan unveiled by Jeddah Municipality, the kingdom's property sector will need around $640bn in investments over the next 20 years to build five million new low-cost housing units, Khaleej Times has reported. To cope with the increasing number of expatriates and an influx of nationals from rural areas, the plan estimates Jeddah alone to need almost a million housing units over the 20-year period. The total investment in the kingdom's real estate sector is expected

  • Sawiris to cede control of Orascom

    Naguib Sawiris is preparing to cede control of Egypt's Orascom Telecom, the international mobile operator he founded in 1998, The National has reported. "People like me need to start thinking, 'I cannot keep controlling my company, I need to cede control in exchange for shared control'," he said. "But I don't want to be an insignificant shareholder." Orascom is the world's eighth-largest mobile company by subscribers, with more than 120 million customers in 10 countries across Africa and Asia

  • SEC names Riyadh PP11 preferred bidders

    France's GDF Suez and Saudi Aljomaih Group have been named by the Saudi Electricity Co. (SEC) as its preferred bidders for its Independent Power Project (IPP), the Riyadh PP11, Arab News has reported. The consortium has been selected "as a result of the evaluation process of five proposals", which opened on December 21 for the kingdom's next power plant, SEC said. Riyadh PP11 is an independent power project with a capacity of 1,730MW. The total investment of the plant, which will be fired by

  • Sharjah Islamic Bank to split dividend

    The chief executive of Sharjah Islamic Bank, Mohammed Abdullah, has said the lender will split its dividend to 5% cash and 5% stock rather than cut a previously proposed 10% cash dividend, Reuters has reported. The move is in an effort to abide by recently issued central bank guidelines that put a cap on cash dividends to 50% of annual profits, he said. The full cash dividend would have constituted 88% of the lender's profit.

  • Sheikh Diab wins MEED Leadership award

    Adwea chairman to receive award at Arabian Power and Water Summit

  • Shuaa Capital to sell Alkout, Amwal, Septech stakes

    UAE-based investment bank Shuaa Capital plans to exit from proprietary investments as it focuses on fee-generating business to achieve profit, Bloomberg has reported. Sameer Al-Ansari, Shuaa's CEO, said the bank is in negotiations to sell stakes in Kuwait's Alkout Industrial Projects Co, Qatar's Amwal, and UAE-based Septech Holdings in the next 12 to 18 months. Shuaa had Dhs1.2bn ($326.7m) worth of investments at the end of last year, down from Dhs2.4bn the previous year after exits and provi

  • Shuaa's hospitality unit buys land in Jeddah

    Shuua Capital's Saudi Arabian unit said its hospitality fund had bought land in Jeddah for a hotel development worth more than $130m, the first ever land acquisition by a hospitality fund in the kingdom. The land will be developed into a luxury hotel tower with affiliated serviced hotel apartments, which will be managed by Rotana Hotel Management Corp.

  • Siemens wins EUR65m SEC contract

    Saudi Electric Co has placed an order worth €65m with Siemens Energy for the supply of turnkey static reactive-power compensation systems. Siemens will supply three static Var compensators (SVCs) for different high-voltage levels for the stabilisation of the country's 60-Hertz power transmission network. The parallel compensation systems will be deployed at three sites in the Hiteen, Qassim and Afif substations and are scheduled to be ready for operation between mid-2011 and early 2012.

  • Siemens wins power supply network deal in Fujairah

    Dubai-based Federal Electricity and Water Authority (FEWA) has awarded Siemens Energy a €30m contract for the supply of a turnkey substation in Fujairah, as well as modernizing four substations in the emirate. Under the agreement, Siemens will supply 10 bays 132-kV and 26 bays 33-kV for gas-insulated switchgear as well as two 90 MvA transformers. The power supply project is scheduled for completion within 15 months.

  • SingTel may back Bharti, Zain deal

    Bharti Airtel's $9bn acquisition of Kuwait-based Zain's African assets may receive financial backing from Singapore Telecoms (SingTel), Reuters has reported. Bharti and Zain are in exclusive talks until March 25 for the Kuwaiti firm's operations in 15 African countries and have agreed on an enterprise value of $10.7bn for the assets, including $1.7bn of debt on Zain Africa books.

  • Sinopec eyes oil refinery JV with Aramco, ExxonMobil

    China's largest oil refiner, Sinopec, is considering setting up a joint venture with Saudi Aramco and US-based ExxonMbil to build an oil refinery able to process 12 million tonnes of crude per year in Fujian, China Daily has reported, citing a source familiar with the deal. The complex would also produce one million tonnes of ethylene per year. The three companies have started a feasibility study on the project.

  • Sipchem selects HSBC as adviser for $1.1bn polymers plant

    UK bank will advise on development of petrochemicals scheme at Jubail

  • Site selected for Jordan’s third independent power plant

    Zarqa on the northeast of Jordan’s capital Amman will be home to the scheme

  • Six Construct and Samsung win Abu Dhabi Cleveland Clinic deal

    New $1.3bn hospital will be built on Sowwah island

  • Six more metro lines planned in Tehran

    Six additional lines for Tehran's metro network are planned by Tehran Urban & Suburban Railway CO, Meed has reported. The six new routes are lines 8 and 9 and four new express lines that will connect Tehran to satellite cities. TUSRC has not yet determined its budget for the six new lines. The rail company is already spending $10bn on four new lines, 3, 4, 6 and 7, that are currently under construction.

  • SKorean firms submit strong bids for Yanbu refinery

    South Korean SK Engineering and Construction Co, Daelim Industrial Co, and GS Engineering and Construction have submitted the most competitive bids for the construction of three big units for the Yanbu refinery which Saudi Aramco is building with ConocoPhillips, Reuters has reported, citing industry sources. Aramco and Conoco were pleased with the outcome of bids and are unlikely to hold a second round of negotiations with companies competing for the engineering, procurement and construction

  • Skype releases Nokia smartphone programme

    Skype and Nokia have jointly announced the release of Skype for Symbian, a Skype client for Nokia smartphones based on the Symbian platform. Skype for Symbian will allow Nokia smartphone users worldwide to use Skype over either a WiFi or mobile data connection (GPRS, EDGE, 3G). Skype's application can be downloadable for free from Nokia's online shop for mobile content, the Ovi Store.

  • Skype says it is open to talks over UAE ban

    Josh Silverman, chief executive of global VoIP service provider, Skype has said the firm is open to discussions with the government of the UAE over its ban on access to the service, Zawya Dow Jones has reported. "I personally feel it's quite short-sighted of the government. We are always open to discussions," Silverman said at a media summit in Abu Dhabi. "The Middle East is important for Skype. We know they want to use our software, and we want to help them," he added.

  • Soft drink sales drop in Qatar

    Sales of soft drinks in Qatar have seen a significant drop, following a major hike in their prices imposed last week, the Peninsula has reported. Prices of all Pepsi drinks as well as Coco Cola have been increased by 20% to 50%, leading to reports by some retailers of up to a 50% decline in the sales since the price hike came into effect last week.

  • Sohar Aluminium chief stakes claim for gas allocation

    Bruce Hall says using gas for Omani smelter expansion makes most commercial sense

  • Sohar Power considers output boost

    Plant currently produces 585MW of electricity and 150,000 cubic metres a day of water

  • Sohar rolling mill to diversify

    Gulf Aluminium Rolling Mill Company plans to increase production

  • Solar power project planned for Jordan

    Jordan aims to source 20 per cent of its power from renewable resources by 2020

  • Solarworld inks deal with Qatar Foundation

    German solar-panel maker Solarworld has signed an agreement with Qatar Foundation to form a $500m joint venture in the Gulf state to produce silicon, the main ingredient in solar-energy panels, Bloomberg has reported. Qatar Foundation will control a 70% stake in the new JV, Qatar Solar Technologies, while Solarworld will keep a 29% stake. The silicon factory is planned to have an annual capacity of 3,600 tonnes. Purification of silicon, an energy-intensive process, will be powered using natur

  • Sorouh Real Estate may raise debt to Dh4bn

    Sorouh Real Estate has said it is planning to raise some Dhs4bn during 2010, Emirates Business has reported. The company has an equity base of Dhs6.026bn and a debt of Dhs2.073bn. A Sorouh spokesperson has said the company expects to increase its debt closer to 100% but it does not mean it will necessarily increase it to 100%, adding it will raise funding as and when it needs it.

  • Spinneys inks Alhokair Egypt lease deal

    Supermarket retailer Spinneys has signed a 20-year lease agreement with Egyptian Centres, a company owned by Saudi-based Fawaz Alhokair Group, to open its fourth store in Egypt. The 11,000 sqm store will be opened in Mall of Arabia, in Sixth October City. Spinneys already operates one store in Cairo and another in Hurghada.

  • Stage one at Basra port project completed

    The Iraqi Ports Co has announced the completion of the first stage of a project to build two new quays at the Umm Qasr port, Aswat al-Iraq has reported. "Work on the project has reached 59% completion," the company said in a statement.

  • Standard & Poor’s affirms stable outlook for Oman

    Higher oil production strengthens Oman’s public finances

  • Standard & Poor’s raises Morocco's credit rating

    Ratings agency cites improved economic flexibility

  • Standard Chartered names new CEO for Middle East

    London-based Standard Chartered has appointed V. Shankar as chief executive officer for the Middle East, Africa, the Americas and Europe. Shankar will replace Gareth Bullock, who is retiring. Shankar, currently group head of origination and client coverage, will be based in Dubai.

  • STC launches Bahrain unit

    The Saudi Telecom Co (STC) has launched the operations of its Bahraini unit, Viva Bahrain, Arab News has reported. STC won Bahrain's third mobile network operating license with a bid of BD86.7m ($231m) in March last year. Bahrain's other two mobile phone companies are state-run Batelco and Kuwait's Zain.

  • Strike in British Airways affects Dubai flights

    The strike action which will be taken by Unite, the trade union representing the majority of British Airways cabin crew, from March 20 to 22 and from March 27 to 30 will affect some of the airline's flights to Dubai, Gulf News has reported. Flights being cancelled by BA are as follows: March 20-22, BA0105 London-Dubai scheduled for departure 20:.40; March 22, BA 0104 Dubai-London scheduled for departure 11:00. The airline said all other daily flights in the period will operate as usual until

  • Sudan: Road maintenance consultancy services

    Provision of supervision consultancy services for the maintenance of gravel roads and spot improvements. Closing date: 23 March 2010

  • Sudan: Road project consultancy

    Provision of consultancy services for roads as part of a rural access project. Closing date: 18 March 2010

  • Suez Canal revenues up 10%

    Egypt's Suez Canal recorded a 10.7% rise in revenues in February to $334.1m compared to the same month a year ago, but remained lower than the $383.6m seen in January, Meed has reported. The number of vessels passing through the waterway stood at 1,256 in February, a 1.3% decline from February 2009 and an 11.4% drop against January 2010.

  • Sulb seeks to build SR250m Saudi steel plant

    Faisal Al Haddawi, chief executive of Saudi-based Sulb National Co has said the newly formed company will launch a 300,000 tonnes steel billet plant that would cover 20% of the product shortage in kingdom before the end of next year, the Gulf Daily News has reported. "There is only one plant and its capacity does not exceed 100,000 tonnes per year, while our market imports at least 1.5m tonnes of billets per year," he said.

  • Sweet Homes awards MEP contracts

    UAE-based Sweet Homes General Contracting, the main contractor for the "Ajman Uptown" project, has said it has awarded two sub-contracts for the 1,504 villas within the Dhs2.2bn master development. The first contract was awarded to Al Ibhar Electrical Contracting and Elegant Electromechanical Contracting as the MEP, air conditioning and fire fighting sub-contractor, while the second contract went to Liwa Building Contracting as the civil sub-contractor.

  • Syria pushes back wind farm deal qualification

    Advisers to be appointed for renewable energy project

  • Syria seeks to develop nuclear energy

    Syrian deputy foreign minister, Faysal Mekdad, has said his country wants to pursue nuclear power to meet growing energy needs, the Associated Press has reported. 'The peaceful application of nuclear energy should not be monopolized by the few that own this technology but should be available to all,' Mekdad said at a nuclear conference in Paris.

  • Syria, GFH ink deal to develop economic zone

    Gulf Finance House has signed a memorandum of understanding with the Syrian Investment Authority on behalf of Syria Finance House, to develop an economic zone, power projects and phosphate mines. With a capital of $333m, Syria Finance House is one of the largest banks currently under establishment in Syria.

  • Syria: Centrifugal pumping units

    Supply of horizontal centrifugal pumping units. Closing date: 22 March 2010

  • Syria: Fork-lift truck spares

    Supply of spare parts for fork-lift trucks. Closing date: 24 March 2010

  • Syria: Hopper ballast wagons

    Supply of 109 hopper ballast wagons. Closing date: 12 April 2010

  • Syria: PDC core bits

    Supply of PDC core bits

  • Syria: Polished rods

    Supply of polished rods. Closing date: 13 April 2010

  • Syria: Railway coach batteries

    Supply of alkaline nickel-cadmium batteries for passenger railway coaches. Closing date: 12 April 2010

  • Syria: Seamless steel tubing

    Supply of seamless steel tubing. Closing date: 22 March 2010

  • Tabreed likely to restructure debt

    UAE district cooling company seeking support from creditors for recapitalisation

  • Tabreed posts $305m loss

    National Central Cooling, the UAE-based refrigeration company known as Tabreed, made a Dhs1.12bn ($305m) loss due to finance costs, Bloomberg has reported. The company made a profit of Dhs72m in 2008.

  • Tabreed sells stake in Jordanian unit

    The Middle East's largest district cooling firm, Abu Dhabi-based Tabreed has said it has sold its 50% stake in its Jordanian subsidiary, Reuters has reported. Tabreed said it completed its stake sale in Tabreed Jordan, a private Jordanian shareholding company, on March 17 and that terms are confidential.

  • Tabriz Petrochemical posts $55m polymer exports

    Iran's Tabriz Petrochemical Co has exported some 51,000 tonnes of polymer products, worth $55m, in the 11-month period which ended February 19, 2010, Mehr news agency has reported. Turkey, Sweden, China and Germany had imported a total of 44,000 tonnes during the period, while the local market absorbed 240,000 tonnes of the company's polymers and other petrochemical products.

  • Tadawul climbs 0.55%

    Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.55% to 6,565, with 71 stocks rising and 41 falling. All sectors ended higher save Insurance, Real Estate Development, and Transport. Alinma Bank, the day's most active stock by value and by volume, climbed 0.78% to SR12.85, while fellow market leader Kingdom Holding gained 2.06% to SR9.75.

  • Tadawul dips 0.38%

    Saudi Arabia's Tadawul All Share Index (Tasi) dipped 0.38% to 6,578, with 75 stocks falling and 40 rising. Alinma Bank, the day's most active stock by value and by volume, slipped 0.39% to SR12.85, while fellow market leader Kingdom Holding dropped 2.06% to SR9.50, after announcing it made a cash offer to buy all outstanding shares in Kingdom Hotel Investments, a subsidiary.

  • Tadawul dips 0.38%

    Saudi Arabia's Tadawul All Share Index (Tasi) closed down by 0.38% today, moving to 6,770. Of the 138 stocks traded, 49 rose, compared to 62 which saw losses. Saudi Kayan was the day's biggest gainer, moving up by 3.19% to SR19.40.

  • Tadawul dips 0.44%

    Saudi Arabia's Tadawul All Share Index (Tasi) dipped by 0.44% to 6,692, with 79 stocks falling and 39 rising. Alinma Bank, the day's most actively traded stock by value and by volume, dropped 0.77% to SR12.95. Basic Chemical Industries had the day's biggest loss, falling 2.13% to SR32.20.

  • Tadawul edges higher

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.27% to 6,756, with 54 stocks rising and 58 falling. Market heavyweight Alinma Bank dropped 0.39% to SR12.90, while fellow market leader Kingdom Holding slipped 0.52% to SR9.50. Saudi Cement had the day's biggest loss, falling 4.30% to SR72.25.

  • Tadawul edges higher

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.54% to 6,613, with 67 stocks rising and 41 falling. Alinma Bank, the day's most active stock by value and by volume, rose 0.39% to SR12.90, while fellow market leader Kingdom Holding was unchanged to SR9.50. Samba Financial Group had the day's biggest rise, climbing 4.26% to SR61.00.

  • Tadawul edges lower

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.36% to 6,530, with 67 stocks falling and 45 rising. Alinma Bank, the day's most active stock by value and by volume, was unchanged at SR12.75, while fellow market leader Kingdom Holding gained 2.11% to SR9.75. Insurance led all sectors, gaining 1.48%.

  • Tadawul edges lower

    Saudi Arabia's Tadawul All Share Index slipped 0.21% today to close on 6,424, with 47 stocks rising and 68 falling. Market heavyweight Alinma Bank ended the day unchanged, while the day's big mover was Saudi Fransi Cooperative Insurance Co, which gained 9.86% to SR78.

  • Tadawul falls 0.1%

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.1% to 6,553, with 42 stocks rising and 80 falling. Alinma Bank, the day's most active stock by value and by volume, dipped 0.39% to SR12.75. Fellow market leader Kingdom Holding dropped 4.04% to SR9.50.

  • Tadawul gains 0.32%

    Saudi Arabia's Tadawul All Share Index gained 0.32% today to close on 6,444, with 61 stocks rising and 48 falling. Market heavyweight Alinma Bank fell 0.39% to SR12.70, while the day's big mover was Saudi Fransi Cooperative Insurance Co, which gained 4.17% to SR81.25. Riyad Bank had the day's biggest drop, falling 2.79% to SR27.90.

  • Tadawul gains 0.53%

    Saudi Arabia's Tadawul All Share Index gained 0.53% today to close on 6,478, with 66 stocks rising and 46 falling. The Cement sector had the biggest rise, up 1.63%, followed by Retail, which gained 1.33%. Market heavyweight Alinma Bank was unchanged at SR12.70, while the day's big mover was Allied Cooperative Insurance Group, which gained 4.55% to SR50.50.

  • Tadawul gains 0.92%

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.92% to 6,674, with 63 stocks rising and 44 falling. Alinma Bank, the day's most active stock by value and by volume, rose 0.78% to SR13.00, while fellow market leader Kingdom Holding gained 1.05% to SR9.60. Saudi Investment Bank had the day's biggest rise, climbing 2.96% to SR19.10.

  • Tadawul holds level

    Saudi Arabia's Tadawul All Share Index (Tasi) closed down slighty by 0.09% on its second day of trading of the week, moving to 6,795.75. Of the 138 stocks traded, 38 rose, compared to 81 which saw losses. MedGulf was the day's biggest gainer, moving up by 3.69% to SR30.90.

  • Tadawul pushes up slightly

    Saudi Arabia's Tadawul All Share Index (Tasi) rose by 0.33% to 6,722.04, with 74 stocks rising and 44 falling. All industries except Retail, Multi-investment and Hotel & Tourism reported rises. Allianz SF was the day's biggest riser, moving up by 4.46% to SR81.75.

  • Tadawul rises 0.66%

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.66% today, moving to 6,814. Of the 138 stocks traded, 66 rose, compared to 50 which saw losses. Astra Industrial Group was the day's big gainer, rising 4.27% to SR41.50. Eastern Cement had the day's biggest loss, falling 6.10% to SR50.

  • Tadawul to allow funds to invest in Islamic bonds

    Regulator says exchange traded funds will be able to invest in sukuk and commodities

  • Takreer to release refinery pipeline bid documents

    Abu Dhabi construction deal worth up to $700m

  • Tamouh to begin Marina Square handover

    The primary master developer of Reem Island in Abu Dhabi, Tamouh Investments, has announced that the handover of units in Marina Square to investors is scheduled to start from May 2010. The project, which is made up of 14 towers, is spread across an area of 66 acres, has a built-up space of more than 827,000 sq metres and will house more than 8,500 people and 6,550 parking bays on completion.

  • Taqa eyes ADWEA Fujeirah 2 stake

    Mohammed Mubaideen, the head of Abu Dhabi National Energy Co's (Taqa) investor relations has said the company could spend $272.3m to buy a 90% stake in a water and power plant owned by the emirate's utility provider, Arabic daily al-Khaleej has reported. The firm plans to buy Abu Dhabi Water and Electricity Authority's stake in the Fujeirah 2 plant, Mubaideen was quoted as saying.

  • Taqa posts 2009 results

    Carl Sheldon, general manager of Abu Dhabi National Energy Co (Taqa) has said that the utility company plans to spend $1.4bn on developmental projects this year, Bloomberg has reported. The state-run firm has reported net profit for 2009 of Dhs182m, compared with Dhs1.8bn in 2008. Total revenue was Dhs16.9bn, flat compared with Dhs16.8bn for 2008.

  • Tasweeq inks deal with LPG Global

    Qatar International Petroleum Marketing Co (Tasweeq) and LPG Global Transport Management have signed a one-year agreement to deliver LPG from Qatar to Tasweeq's customers across the globe, the Peninsula has reported. LPG Global Transport Management is a joint venture comprising Nakilat, Qatar Shipping Co and Mitsui OSK Lines of Japan that was formed with the aim of owning and operating Very Large Gas Carriers (VLGC's).

  • Telecom Egypt delays cable launch

    Tarek Tantawy, chief executive of Telecom Egypt, has said the company has proposed a cut on its dividend and delayed the launch of an undersea cable until the second quarter, after posting lowerÜthanÜexpected earnings, Reuters has reported. The TE North cable, which travels from Egypt's Mediterranean coast to Marseille in France, was due to be completed by the end of 2009.

  • Tender documents delayed for Port of Salalah container contract

    Port of Salalah expects to issue tender documents for expansion in April

  • Tender to be issued for Tunis Financial Harbour infrastructure in July

    Gulf Finance House development aims to create 16,000 new jobs for Tunisia

  • Test bed interior of the Airbus A380

    Phil Blizzard makes a rare tour of the interior of the giant Airbus A380 double deck aircraft, configured as flying test bed. No luxury suites on this aircraft - taking their place are banks and banks of test equipment and monitors, and as for the passengers - they are simulated by drums of water.

  • Toshiba offers free insurance for laptops

    Toshiba has unveiled a new promotion in the Middle East that provides free insurance coverage to customers who buy its notebooks during the next two months. The company says it will repair any new laptop that is accidentally damaged and will replace machines that are stolen if the theft has been reported to the police. The company will also refund or replace any purchase that a customer is unhappy with, provided it is returned within 14 days. Furthermore, it has vowed to 'give money back' to

  • Trade Bank of Iraq to double credit letter value

    The maximum value of Letters of Credit allocated by the Trade Bank of Iraq (TBI) to the country's private banking sector has been doubled, in response to a strong increase in demand for cross-border trade finance, the chairman of the bank, Hussein Al-Uzri, said. Last year 945 Letters of Credit were allocated to private banks, at a value of approximately $500m. The total number allocated to private banks by TBI is 2,446, at a value of about $3bn. TBI has increased the value of each Letter of C

  • Transport Ministry receives bids for Oman road deal

    Russian contractor submits lowest bid for road project at Oman’s Wadi Mistal

  • Tripoli delays Sebha airport upgrade after contract changes

    Libya switches deal to engineering, procurement and construction package

  • Tripp Lite eyes 25% growth in Qatar

    Tripp Lite, a manufacturer of power protection and connectivity equipment, has said it plans to increase its business in Qatar by 25% this year. 'We see huge growth potential in the Qatari market, seeing that despite the global downturn, we managed to secure 10 per cent growth in the country last year,' said Vipin Sharma, Tripp Lite's Vice President, EEMEA and India Sales, adding that the steady pick up of the real estate market will help the firm to realise this goal.

  • Tunisia: Power cables

    Supply of 450 tonnes of cable for a power distribution network project. Closing date: 21 April 2010

  • Turkish bank's loan receives strong interest from Gulf lenders

    Bank Asya may increase $75m loan

  • Turkish firm wins Iraq drilling deal

    The contract is to drill 45 wells in Rumaila

  • UAE banking assets total $414bn

    A recent report by research firm Prime Holdings has said that the banking sector in the UAE still leads the rest of the GCC in terms of assets, which stood at $414bn (Dhs1.52 trillion) in 2009, Emirates Business has reported. Assets of the UAE banking sector rose by 4.3% year-on-year in 2009 against a 35% compound annual growth rate (CAGR) between 2004 and 2008. The report puts UAE banking assets ahead of Saudi Arabia's, which reported assets of $365bn.

  • UAE banks' loan-deposit gap widens to $16bn

    Data from the UAE's central bank has indicated that overall loans by banks in the country have exceeded deposits by Dhs59.2bn ($16.1bn) in February, rising from Dhs47.1bn in January, Bloomberg has reported. Total bank loans rose 0.2% in February from January to Dhs1.02 trillion, while bank deposits fell 1% over the same period to Dhs958.3bn, the data showed. The 3-month Emirates interbank offered rate, the rate banks charge each other for three month loans, has risen 34 basis points this mont

  • UAE can service Dubai World’s debts, says Deutsche Bank regional head

    Questions remain over level of federal support

  • UAE completes VAT study

    The Director General of the UAE's ministry of finance, Younis al Khoori has confirmed that the ministry had completed a study of a value-added tax (VAT) and its potential impact on the economy, The National has reported. "We have submitted our report to the Cabinet," he said, while declining to say when a VAT could be introduced.

  • UAE firm launches fixed income fund

    Abu Dhabi-based, privately-owned Royal Capital has announced the launch of its debut investment fund that targets fixed income markets in the Middle East and North Africa, Reuters has reported. The open-ended fund is restricted to institutional investors and high net worth individuals with a minimum investment required of $250,000. HSBC is the global custodian, registrar and administrator of the fund, the firm said.

  • UAE GCAA inks Slovak open skies deal

    The UAE General Civil Aviation Authority (GCAA) and the Directorate General of Civil Aviation and Water Transport of the Slovak Republic have signed an open air services agreement, Khaleej Times has reported. The agreement will give any number of designated airlines from both the parties the right to perform scheduled air services in each country, and allows unrestricted frequencies, capacity and types of aircraft, whether owned or leased, to be operated by the Designated Airlines of each cou

  • UAE Global Health Institute to address health problems

    The United Arab Emirates University has announced the launch of the UAE Global Health Institute. The institute, which will be based at the UAEU campus in Al Ain, will conduct research with partners to address health problems for the nation and the region. The initial areas of research will be epidemiology, ethnography, migrant health issues, epidemic disease and air transport and areas surrounding refugee health. The primary partnership will be with the University of California System-wide Gl

  • UAE healthcare workers to complete CME hours

    The UAE's health ministry has said that all healthcare professionals in the country will be required to complete the stipulated hours of accredited continuing medical education for renewing their licences, the Khaleej Times has reported. Starting July 1, all doctors and dentists will be required to complete 30 training hours, pharmacists 20 hours, nurses 15 hours and technicians 10 hours.

  • UAE injected Dhs50bn into local banks

    The UAE's finance ministry has said that it injected Dhs50bn into the country's banks, Bloomberg has reported. The amount was part of a Dhs70bn facility set up to support banks' liquidity in 2008, Younis Al-Khoori, director general at the ministry said.

  • UAE issues third telecom licence

    The UAE has given a third telecom company a licence to operate in the country, Emirates Business has reported. Al Yah Satellite Communications Company (Yahsat), a wholly-owned subsidiary of the Mubadala Development Company, has been granted a 10-year licence to provide satellite services by the UAE's Telecommunications Regulatory Authority, which will allow it to install, operate and manage a public telecommunications network and provide satellite telecom services. The company plans to offer

  • UAE limits VoIP to local firms

    Mohammed Gheyath, executive director for technology development affairs at the UAE's Telecoms Regulatory Authority, has said that only local firms will be given licences for VoIP, Reuters has reported. 'No licences for international companies like Skype for the time being, they can join existing licensees and have partnerships with them,' he said. Currently, local operators Etisalat and Du as well as satellite firms Yahsat and Thuraya are licensed to offer VoIP.

  • UAE may outsource visa procurement

    The UAE's interior ministry may outsource the country's visa procurement process to specialized companies in countries from which tourists or visitors seek to come, Khaleej Times has reported. According to a proposal by the ministry's Higher Permanent Committee for Finance and Assets, the companies would conduct all visa formalities, including medical tests, retinal scan and processing entry visas, subject to the approval and supervision of the UAE embassy concerned.

  • UAE may take action to boost bank lending

    Economists say the UAE may take steps to increase bank credit, as a slowdown in lending and a surge in interest rates threaten to stall the country's recovery from the global crisis, Bloomberg has reported. 'The most effective way to lower the interbank rate would be to increase government deposits in the banking system to boost liquidity,' Monica Malik, Dubai-based economist at EFG- Hermes Holding told the news service. The UAE's 3-month interbank offered rate or EIBOR rose to a six-month hi

  • UAE mortgage loans slump in 2009

    Mortgage loan growth in the UAE fell sharply in 2009 as banks maintained their tight credit policies, Emirates Business has reported. The total value of home loans issued by the UAE's 24 national banks and 28 foreign units fell to Dhs15bn in the first 11 months of 2009, down from Dhs74bn the previous year. Growth in domestic mortgage credit plunged from around 123% during 2008 to just 12% during January-November 2009, according to Central Bank figures.

  • UAE needs 30% more nurses

    The secretary of the UAE's Nursing and Midwifery Council has said that low wages, low status and limited career progression have helped create a shortage of some 7,000 nurses in the country, The National has reported. The country needs to hire 25% to 30% more nurses and midwives to bring the current number of 23,000 nurses and midwives working across the seven emirates to almost 30,000, the council said.

  • UAE programme gets Australian accreditation

    Abu Dhabi's Higher Colleges of Technology has said its Bachelor of Applied Science in Health Information Management programme has received full accreditation from the Health Information Management Association of Australia. The accreditation entitles HCT graduates to pursue graduate work in Australia and several other countries which recognize this accreditation credential.

  • UAE rhinitis levels up

    A recently published study has revealed that more than one third of adults across the UAE suffer from allergic rhinitis, which causes nasal blockage, sneezing, runny nose, and irritation. The study, conducted by Dr Shirina Alsowaidi, Assistant Professor of Allergy and Immunology in Internal Medicine at UAE University, found that allergic rhinitis affects 36% of people in Al Ain, making the pollen-linked disease far more common than was previously predicted. Drastic changes to the UAE's tradit

  • UAE says demand for OPEC oil may drop in '10

    The UAE's oil minister said he believes demand for OPEC crude may drop by 100,000 barrels a day this year due to high stockpiles and the weak global economy, Bloomberg has reported. Demand for crude produced by the Organization of Petroleum Exporting Countries could drop this year after last year falling by 2.3 million barrels a day to 28.7 million barrels a day, the news service cited Mohamed Al-Hamli as saying.

  • UAE to allow foreign ownership this year, says Mansouri

    The UAE's economy minister, Sultan bin Saeed al-Mansouri, has said the government will draft a law allowing foreign ownership of companies within a month, and plans to pass the measure by the end of the year, Bloomberg has reported. Under the existing law, foreign companies must have UAE nationals as their sponsors and are limited to a maximum 49% ownership of businesses, except in free zones.

  • UAE to host Genomic Studies research centre

    Dr Mahmoud Taleb Al Ali, director of the Centre for Arab Genomic Studies has said that a research centre will be set up in the UAE to embark on the first Arab Genome Project in the region, the Khaleej Times has reported. The centre aims to map genes in the Arab population and provide a platform for future medical practice, and will also extend the Catalogue for Transmission Genetics in Arabs database to include the entire spectrum of genetic disorders in the Arab world, he said.

  • UAE university launches new PhD programme

    The United Arab Emirates University has announced the launch of a PhD program in Technology, Language & Society (TLS). Initially the program will particularly welcome students undertaking studies that will contribute to the understanding of the conditions necessary for effective public policy strategies relating to the improvement of health and education, and the environment within the UAE.

  • UAE: Chlorine dioxide dosing system

    Design, supply, installation, testing and commissioning of a chlorine dioxide dosing system at the Mushrif reservoir. Closing date: 5 April 2010

  • UAE: Engineering consultancy services

    Provision of engineering consultancy services. Closing date: 18 April 2010

  • UAE: IT services

    Provision of IT services

  • UAE: Office building construction

    Construction of an office building. Closing date: 28 April 2010

  • UAE: Pipelines and fibre optic cable

    Supply of ductile iron pipelines and fibre optic cable. Closing date: 28 April 2010

  • UAE: Seawater RO desalination plant

    Implementation of a 10 million-gallon-a-day seawater reverse osmosis (RO) desalination plant. Closing date: 22 April 2010

  • UAE: Water tanks

    Supply of underground pre-cast water tanks

  • UAE's big banks renegotiate more than $4bn loans

    More than Dhs15bn ($4.08bn) in loans have been renegotiated by the largest three banks in the UAE, raising concern that the balance sheets of local lenders may be weaker than previously believed, The National has reported. National Bank of Abu Dhabi renegotiated Dhs3.2bn of loans last year, First Gulf Bank (FGB) has renegotiated loans at Dhs2.5bn. Emirates NBD has said it doubled the value of its renegotiated corporate loans to Dhs7.8bn from 2008 to last year, bringing its overall renegotiate

  • UAE's company law won't allow 100% foreign ownership, says official

    An Abu Dhabi government official said today that the UAE's new companies law will ease foreign ownership restrictions but will fall short of allowing 100% ownership, Reuters has reported. 'The new companies law in the UAE will make a relaxation in foreign ownership. It will not be up to 100%, it will be more than 49%,' Mohammed Omar Abdulla, undersecretary of Abu Dhabi's department of economic development, was quoted as saying. The new law is expected to come out in 2010.

  • UK firm seeks cash injection from Gulf

    Saudi Arabia's state-controlled chemicals firm Sabic and Kuwait's Petrochemical Industries Co are in talks with UK-based chemicals group Ineos over a potential investment or a full acquisition deal, the Sunday Times has reported. Hit hard by the recession, Ineos is struggling with £6.4bn borrowings which the founder, Jim Ratcliffe, built up buying assets from the likes of BP and ICI. In 12 years he has turned the Hampshire-based firm into a global chemicals giant with $47bn annual sales and 1

  • UK minister says Dubai World has made progress on debt plan

    The UK's Trade Minister Mervyn Davies said today that Dubai World has made 'some progress' in its talks with creditors with the restructuring. Speaking in the emirate, Davies was quoted by Bloomberg as saying, 'I think there are signs of some progress being made from what I hear from the banks and therefore I am hopeful that this progress can continue'. Dubai World's debt restructuring has hit confidence and tested UK banks' resolve in the short-term, he added.

  • Union Properties in talks on sale of Ritz

    Union Properties has initiated talks with two foreign investors for the sale of its Ritz Carlton Hotel in Dubai, Emirates Business has reported, citing an industry source. Earlier in February, Union Properties said several investors were interested in the hotel, which it could sell if offered around $400m. The two foreign investors are from the USA and Qatar, the paper said.

  • Union Properties in talks with buyers for Ritz Carlton

    Dubai developer talking to several potential buyers

  • Union Properties in talks with investors on tower project

    In an interview with Al Arabiya television, Khalid al-Jarwan, general manager of Dubai's Union Properties, has said the company is negotiating for a discount with at least five investors on outstanding payments for the delayed Index Tower project, and is in talks with others. 'We met with some investors along with the law firm which represents them and we reached that a friendly settlement is the desired way,' al-Jarwan said. He said that 99% of the tower's structure had been finished and tha

  • United Gulf Bank appoints new CEO

    Bahrain-based United Gulf Bank has appointed David Rhodes as chief executive officer, Bloomberg has reported. Rhodes joins United Gulf from its majority-owner Kuwait Projects Co, where he was the group head of financial services, the lender said in a statement.

  • University of Dubai launches new MBA program

    The University of Dubai's new MBA program for 2010 has received accreditation from Ministry of Higher Education and Scientific Research. The new program features four double majors designed to meet the needs of a variety of professionals, including Leadership & Human Resource Management (LHRM), Logistics & Operations Management (LOM), Accounting & Finance (AF), and International Business & Marketing (IBM). The first cohort of MBA will start on April 4, 2010.

  • University of Jordan budget deficit falls

    The budget deficit of the University of Jordan has been reduced by 3% for 2010, the Jordan Times has reported. This year's deficit stands at JD13.9m, said Mamoun Dabie, director of the university's financial affairs department, adding that the university's allocation for scientific research increased by 10% compared to last year. The university's budget reached JD92m with tuition fees constituting 61%.

  • UP in F1-X theme park funding talks

    Khalid bin Kalban, Chairman of Dubai-based Union Properties has said that the company is in talks for sourcing funding for the $460m (Dhs1.68bn) F1-X theme park in MotorCity, but that no deals have yet been concluded, Emirates Business has reported. The developer has invested Dhs950m for the development of the theme park, but the project is currently not on its priority list as there is no commitment to third parties. The firm is also in talks to sell the Ritz-Carlton hotel in Dubai Internati

  • Urban Housing Agency to sell five-year bonds

    Egypt's state-run New Urban Communities Authority has announced it plans to sell five-year, floating-rate bonds valued at EGP2.5bn ($457m), Bloomberg has reported. The Egyptian government is trying to encourage companies to sell debt instruments to stimulate a secondary bond market. New Urban Communities Authority is under the supervision of Egypt's housing ministry. It allocates land to develop residential towns in the most populous Arab country.

  • US firm to design world's tallest tower in Saudi

    US-based Adrian Smith & Gordon Gill Architecture has been selected by Saudi investment firm Kingdom Holding as the architect for its 1-kilometre-high tower on the outskirts of Jeddah, Meed has reported. The company has also asked contractors to submit revised prices for the contract to build the record-breaking tower. Dubai-based Emaar Properties is managing the development of the tower for Kingdom Holding. Emaar is also managing the entire 23-square-kilometre Jeddah Kingdom City, which will

  • Videoconferencing poised for rapid growth

    International Data Corporation (IDC) expects global enterprise adoption of videoconferencing to accelerate, driving revenues for videoconferencing equipment from $1.9bn in 2009 to more than $8.7bn in 2014. IDC believes technology capability and market awareness, bandwidth availability, and interoperability will shape the enterprise videoconferencing market over the next five years. 'Ultimately, enterprises must consider videoconferencing in the same context as larger IT initiatives and servic

  • Viva Kuwait extends roaming to 176 countries

    Kuwait's telecoms service provider Viva has announced it will extend its roaming coverage to a total of 176 countries and more than 420 operators including the US, Canada, England, Switzerland, Italy, Spain, GCC, Egypt and Lebanon. The company also said it now supports GPRS roaming in 75 countries with more than 123 operators.

  • Vodafone Qatar wins fixed-line licence

    Vodafone Qatar has announced it has won the country's second fixed-line phone licence. The company said the decision by Qatar's regulator to award the licence was subject to approval at its extraordinary general meeting.

  • Wadi Cement to raise capital

    Egypt's El Wadi Cement is increasing its capital as it moves to join a thriving building materials market, al-Mal newspaper has reported. El Wadi will boost its paid-in and issued capital from 115 million Egyptian pounds ($21m) to 800 million and use the cash to import equipment from Italy, the newspaper reported, quoting the firm's managing director Khairy Maklad.

  • Waha Capital to issue convertible bonds

    Shareholders of Abu Dhabi's Waha Capital have given their approval for a $272m convertible bond issue, Reuters has reported. The firm plans to issue mandatory convertible bonds or sukuks in three tranches starting in July this year, Salem Al Noaimi, Waha's chief executive told the news service. Waha Capital will use the bond's proceeds to finance its Al Markaz mixed use project and strengthen its balance sheet.

  • Wataniya receives new Airbus A320

    Kuwait-based carrier Wataniya Airways, has taken delivery of its fifth A320 Airbus aircraft, which will allow it to further expand its schedule and launch new routes, the airline said. The carrier is set to launch service to Istanbul, Turkey on May 2, 2010.

  • Wataniya to launch service to Istanbul

    Abdel-Salam al-Baher, Chairman of Kuwait's Wataniya Airways, has said the airline will launch five weekly flights from Kuwait to Istanbul by the beginning of next summer season, Kuna has reported. The carrier has already obtained the required approval for the new service from Turkey, he said.

  • Weekly FX roundup: Euro falls despite possibility of IMF, EU Greece rescue

    The majors all traded in a lower range against the US Dollar this past week. Largely overshadowed by sovereign debt issues, the markets experienced an erosion of risk appetite as investors flocked to safe haven assets before reversing towards the end of the week as solutions regarding Greece's debt issues slowly emerged from Brussels during the EU summit. EURUSD touched a ten-month-low at 1.3267, shedding close to 0.77% to close its second week lower at 1.3409. GBPUSD also came under a pressu

  • Weekly FX roundup: Euro pressure continues, markets look to China

    The lack of first tier economic data and stories from this past week has failed to capture the market's imagination and has largely kept the FX markets in their mid-term ranges. The currency and commodity markets kicked off the week on a bearish note against the US Dollar; instead of an expected build-up of risk sentiment spurred by a better than expected NFP number from the US from the Friday before, the majors came under a wave of fresh selling against the greenback.

  • Weekly FX roundup: Greece overshadows Euro, Pound slump continues

    This past week's economic calendar has been loaded with macroeconomic fundamental drivers and with the Greek debt issues still lingering in the background, the markets found themselves in a mixed to largely lower range against the US Dollar.

  • Weekly FX roundup: Greece support package, China currency valuation dominate markets

    This week saw a prompt reversal on the recent run of USD weakness. However, overall FX Markets continue to lack conviction and suffer from frivolous "risk on / risk off" sentiment. It was the events in Europe that stole the show. The Eurogroup of 16 Eurozone Finance Ministers convened in Brussels on Monday, and then attended the wider Ecofin group of 27 on Tuesday. Obviously, the issue of Greece and potential solutions was high on their agenda. The media buzz and speculation has been mixed, w

  • Weekly WTI oil price update: Crude futures slip as funds up bets on higher prices

    Crude oil futures kept falling back from highs even though speculative funds increased their bets that prices are headed higher. The benchmark West Texas Intermediate contract ended the week at $80.68 a barrel, after nearing $83 earlier in the week, compared to $81.24 a week ago.

  • Weekly WTI oil price update: Crude oil hits ceiling as Hedge Funds attack Euro

    Crude oil broke through the $80 a barrel ceiling repeatedly during the week but kept falling back as hedge funds placed big bets on the Euro's decline.

  • Weekly WTI oil price update: Crude prices stagnate over demand doubts

    Crude oil prices trod water for the week as uncertainty about demand continued to weigh on the market. Prices were down slightly, with the benchmark West Texas Intermediate settling on Friday at $81.24 a barrel, compared with $81.50 a week ago. Not even relatively bullish forecasts for oil demand, such as the International Energy Agency's report on Friday raising its forecast by 70,000 barrels a day for 2010, or the decline in the dollar could propel oil prices forward.

  • Weekly WTI oil price update: Crude stuck at $80, natural gas falls below $4

    Crude oil prices still found stubborn resistance above the $80-a-barrel level amid concerns about demand while natural gas continued its decline, to below $4 per million British thermal units, as burgeoning supply from unconventional sources depressed prices.

  • Weekly WTI oil price update: US jobs data propels oil above $80

    Jobs data indicating that US economic recovery might be picking up steam finally pushed crude oil futures decisively over the stubborn $80 a barrel threshold. Nymex's benchmark West Texas Intermediate settled Friday at $81.50 a barrel, a seven-week high, after topping $82 in intraday trading.

  • World Bank invites interest on Medina airport surveys

    Contracts cover topographical and geotechnical studies for Medina airport expansion

  • World's second tallest building to open in Saudi

    The world's second tallest building will be opened next August in Saudi Arabia, Meed has reported. The 577-metre Makkah Clock Royal Tower will be 59 metres taller than the 508-metre tall Taipei 101 tower in Taiwan, but 251 metres shorter than the Dubai's 828-metre tall Burj Khalifa. Makkah Clock Royal Tower is part of the 4.5 million-square-metre, seven-building Abraaj al-Bayt complex, owned by Riyadh's Kingdom Holding Co. Kingdom is planning to build an even taller tower as part of its Jedda

  • WTO: Global trade to grow 9.5%

    World Trade Organisation figures have shown that global trade is set to grow by nearly 10% in 2010, Reuters has reported. The volume of merchandise trade would expand by 9.5% after dropping 12.2% in 2009, the biggest contraction in more than 70 years. The forecast growth comprises 7.5% for developed countries and 11% for developing countries, the international trade body said.

  • Xerox Emirates inks deal with NTS Group

    Xerox Emirates has appointed Dubai-headquartered NTS Group as a business partner to sell Xerox products and consumables with the core focus on managed print services. Through its offices in the UAE and Qatar and a network of resellers, NTS will offer a comprehensive range of Xerox products and managed print services to customers.

  • Yemen Airways launches online booking

    Yemen Airways (Yemenia), in cooperation with aviation IT specialist SITA, has launched its new online booking system. The airline hopes the new service will generate 8% to 20% of its total sales through its website (www.yemenia.com), which could result in up to $400,000 savings.

  • Yemen power projects tender delayed

    Three independent power projects will have a combined capacity of 375MW

  • Yemen: On-farm irrigation system

    Supply of a localised on-farm irrigation system. Closing date: 6 April 2010

  • Yemen: Power transmission lines and substations

    Supply and installation of overhead power transmission lines and substations. Closing date: 25 May 2010

  • Yemen: Social welfare fund consultancy

    Provision of consultancy services for a social welfare fund project. Closing date: 15 March 2010

  • Yemen: Training programme impact assessment

    Provision of technical assistance for an in-service training programme impact assessment study. Closing date: 20 March 2010

  • Yemen: Training programme impact assessment

    Provision of technical assistance for an in-service training programme impact assessment study. Closing date: 20 March 2010

  • Zain asset sale could take 'months' to close

    Asaad al-Banwan, chairman of Kuwait's Zain has said the closing of the deal with India's Bharti Airtel could take weeks or months, Reuters has reported. "The deal will be signed in the next few days ... but the closing of the deal could take weeks or months, for our assets to be transferred under a new name which is Bharti," he said. The deal, which excludes Sudan and Morocco, is valued at $9bn.

  • Zain finalising sale of African operations to Bharti

    Bharti to pay Kuwait telecoms operator $9bn in cash

  • Zain Saudi Arabia users top 6 million

    Zain Saudi Arabia has exceeded 6 million active subscribers, the state-run Saudi Press Agency has reported, citing the company's chief operating officer Ismail Fikri. Zain Saudi Arabia launched its operations in the kingdom 18 months ago.

  • Zain to ink $9bn sale of African assets

    Kuwait's Zain has said it will sign the $9bn deal to sell most of its African assets to India's Bharti Airtel in the next few days, Reuters has reported. Due diligence for the deal has been completed successfully, the company said.

  • Zain-Bharti deal to close on March 25

    The $9bn deal between Kuwaiti telecom Zain and India's Bharti Airtel is expected to close on March 25, Reuters has reported. Due diligence had been done on the majority of Zain's African assets in major countries and only procedural steps, which are unlikely to change the final report, remain, the news service said.

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