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MEED
May 2007

View all stories from this issue.

  • : Contracts

  • : Contracts

  • 16 Palestinians killed in Gaza factional fighting

    At least 16 Palestinians were killed in factional fighting in Gaza on 16 May as Israeli Defence Forces launched an air strike on a Hamas position, killing at least four gunmen.Tel Aviv confirmed the strike and said it would remain on the sidelines of recent Palestinian infighting but reserved the right to respond to rocket fire from Hamas and other Gaza militants.The increase in hostilities could bring down the two-month-old unity governm

  • Abbas calls for halt to rocket attacks

    The Palestinian President Mahmoud Abbas has called for a halt to rocket attacks on Israel by militants in Gaza, which he said were hindering efforts to re-establish the peace process. Abbas called the persistent firing of Qassam rockets into Israel 'absurd' and stressed they were damaging his attempts to build a truce with Israel. However, the president also condemned Israel's air strikes which have killed at least 30 Palestinians in recent days, including 1

  • Abbas in talks with Riyadh, as Hamas warns of more violence

    Palestinian Authority President Mahmoud Abbas has held talks with Saudi Arabia's King Abdullah in Riyadh. The talks, on 29 April, were part of the latest efforts to resolve the deteriorating situation in the Palestinian territories following the breach of a ceasefire with Israel.A day earlier Abbas had met the exiled Hamas leader Khaled Meshaal in Cairo. It was the first talks between the two since a unity government was formed between Hamas and Abbas's Fatah faction in Ma

  • Abu Dhabi develops coast

    The local Tourism Development & Investment Company is planning a $3,000 million development on eight islands and a coastal strip in Abu Dhabi's Western Region. The project includes hotels, marinas and nature reserves on Sir Bani Yas island, Dalma island and the Discovery islands.

  • Abu Dhabi evaluates bids to improve transport links

    Abu Dhabi Municipality is moving ahead with two road schemes to improve transport links between the capital, Dubai and the western region.

  • Abu Dhabi to fund Comoro Islands projects

    The Abu Dhabi government is planning to finance a series of new development projects in the Comoro Islands.A delegation from the Abu Dhabi Development Fund, led by director-general Ahmed Sari al-Mazrouei, will fly to the country this week to identify financing opportunities.In recent years, the fund has carried out a number of development projects in the Comoros and other Arab and foreign countries.The organisation places emphasis on assisting developing nations to achiev

  • Abu Dhabi to outline city masterplan

    The government of Abu Dhabi is expected to release details of a comprehensive urban planning initiative on 8 May that will serve as a template for development in the city until 2030.In a keynote address at Cityscape Abu Dhabi conference, Falah al-Ahbabi, associate director of urban planning at the Executive Affairs Authority, will provide details of the project. The government will publish its plans in a few months.The decision to create an overarching masterplan for the city has

  • Adco seeks bids for full-field development

    Abu Dhabi Company for Onshore Oil Operations (Adco) has launched its full-field development programme for the Sahil, Asab and Shah fields by inviting contractors to submit applications for the phase one engineering, procurement and construction work.

  • Addax launches sugar refinery in expansion plan

    A new sugar refinery company is due to be set up by Addax Investment Bank, part of the Bahrain institution's expansion activities.

  • Addax to create investment banking arm

    Addax Investment Bank of Bahrain is applying to Saudi Arabia's Capital Market Authority for a licence to set up a new SR 200 million ($53 million) investment banking subsidiary. It will join a group of more than 50 investment banks setting up shop in the kingdom.Addax Securities will start by offering brokerage services before expanding into wealth management and corporate advisory services. The bank will co-invest with its clients in the new venture and hold a majority stake.As

  • Addur picks preferred bidder

    A team consisting of investment bank BNP Paribas, Freshfields Bruckhaus Derringer and UK-based Mott MacDonald has been named as the preferred bidder for the advisory contract on the independent water and power project (IWPP) at Addur.

  • Adwea sets June date for Fujairah award

    Abu Dhabi Water & Electricity Authority (Adwea) will announce the winner of the Fujairah 2 independent water and power project (IWPP) by the end of June, according to Abdulla Saif al-Nuaimi, director of privatisation.Speaking exclusively to MEED, Al-Nuaimi said the launch of the Shuweihat 2 (S-2) IWPP could follow the award.The UK/Japanese developer group of International Power (IP) and Marubeni Corporation is frontrunner to be the foreign partner on Fujairah having submitted a b

  • Aggreko provides power

    The UK's Aggreko International has been awarded a contract to supply 100 MW of power to six power stations divided among the cities of Amran, Aden, Taiz and Liaj. The company produces rental power transformers, which are widely used to boost power supply to rural areas. The client is the Public Electricity Corporation. Aggreko has also supplied diesel generators to provide temporary power in Iraq (MEED 13:6:03).

  • Ahmadiah takes upgrade

    The local Ahmadiah Contracting & Trading Company has won an oil field infrastructure contract from Kuwait Oil Company. Worth KD 5.6 million ($19.3 million), the contract involves the upgrade and installation of air-assisted flare stacks at gathering centres 17, 27, 28, as well as at gas booster station 170. Ahmadiah was low bidder for the work when bids were submitted in early 2007 (MEED 2:2:07).

  • Al-Babtain wins bid

    The local Al-Babtain Contracting has been awarded the engineering, procurement and construction contract to build two 132-kV substations in Riyadh. Work is set to start at the end of July and will take 27 months to complete. The client is Saudi Electricity Company.

  • Aldar opens schools arm

    Local developer Aldar Properties has launched a subsidiary that will build and operate schools in Abu Dhabi. The new division, Aldar Academies, says it plans to build up to 20 schools. Its first school is due to open in September 2007.

  • Aldar signs for worker city

    Local real estate developer Aldar Properties has signed an agreement with the Higher Corporation of Specialised Economic Zones (Zonescorp) to build a AED 500 million ($136 million), 16,000-worker capacity, residential city in Al-Ain industrial city. The project will be completed in phases up to 2009. An initial agreement to develop workers' accommodation in Abu Dhabi city has also been signed. Last year, Zonescorp signed agreements with Al-Rayan Investment Company and Bin Omeir Holding Group to

  • Aldar splits market contract

    Aldar Properties is splitting the superstructure works for the $1,200 million redevelopment of Abu Dhabi's central market into three packages.The move comes after the local real estate developer reviewed its procurement strategy for the project when initial bids came in over budget.'We will be carving the project into packages: the three towers, the podium and the souk podium,' says Ronald Barrott, Aldar's chief executive officer.The project includes the construction of t

  • Al-Futtaim widens city plan

    Three more Festival City developments will be built by the Dubai-based Al-Futtaim Group across the region. The mixed-use schemes will be in Abu Dhabi, Algiers and Casablanca.

  • Al-Ghurair selects bidders

    Selected companies have been invited to bid by 22 May for an extension to Al-Ghurair City. The prequalifiers, all local, include Alec, Al-Habtoor Engineering Enterprises and ETA Ascon. The project involves the construction of a hotel, apartments and retail space connecting to the existing development in Deira. The total built-up area is 230,000 square metres. US-based Turner Construction International is the project manager. The local Al-Ghurair Group is the client.

  • Algiers plans power boost

    Algiers is set to make key awards on three power plants countrywide, adding a total capacity of nearly 3,000 MW to its network.

  • Algiers to sell state-owned bank shares

    Algiers has launched the long-awaited sale of a majority stake in state-owned bank Credit Populaire d'Algerie (CPA), estimated to be worth at least $1,500 million.

  • Al-Qaeda leader in Iraq killed

    Iraq's Interior Ministry said on 1 May it has received intelligence that Abu Ayyub al-Masri, the Al-Qaeda leader in Iraq, has been killed. He is believed to have died in clashes with rival militants.'There were clashes within the groups of Al-Qaeda,' interior ministry spokesman Abdel Karim Khalaf said on Iraqi television. 'He was liquidated by them. Our forces had nothing to do with it.'However, other elements in Baghdad were more cautious. 'T

  • Al-Shafar to build tower

    The local Al-Shafar General Contracting has been awarded the AED 600 million ($164 million) contract to build the 24-storey Windsor Manor residential tower at Business Bay. It is scheduled to be completed in the second quarter of 2009. The UK's Atkins is the consultant. Deyaar Development, the real estate subsidiary of Dubai Islamic Bank, is the client.

  • Alstom set to win Qatalum bid

    France's Alstom is frontrunner for the contract to build a captive power plant as part of the Qatalum smelter project. Technical evaluation is under way, although commercial proposals are yet to be opened.Bidders include Germany's Siemens and the US' GE Power with Europe's ABB. Under the engineering, procurement and construction (EPC) contract, a 1,350-MW gas-fired plant will be built. The EPC contract also includes the building of a 220-kV substation, a 400-kV grid connection, a water t

  • Al-Wahda tender faces delay

    The deadline for the submission of commercial bids for the contract to build and operate the 800-MW Al-Wahda power plant near Fez has been delayed until the end of July.

  • Amec wins engineering contract in Divided Zone

    The UK's Amec has been selected for a major engineering services contract covering the onshore portion of the Divided Zone between Kuwait and Saudi Arabia. An award is due soon.Under the terms of the four-year deal, with the option for one more, Amec will provide in-house services to the Divided Zone onshore operator Saudi Arabian Texaco/Kuwait Gulf Oil Company (KGOC) Joint Operations.The work covers the provision of engineering advisory services, including front-end engineering

  • Americans scoop marina

    US-based HOK has been awarded the design contract for a new marina development in the emirate of Ajman. The marina will be built along a 12-acre stretch of land near the Ajman Kempinski hotel and will be the largest development in the area. It will comprise residential towers, a yacht club, hotels, restaurants and offices. Saudi-based real estate developer Tanmiyat Investment Group is the client (MEED 26:1:07).

  • Amlak Finance to offer Islamic mortgages

    The country's first company offering Islamic mortgage products is to begin operations in weeks, according to a company executive.Amlak Finance & Real Estate Investments, a wholly-owned subsidiary of Dubai-based Amlak Finance, is due to begin operations by the end of June, an Amlak executive said on the sidelines of the Egypt Housing Finance Conference in Cairo on 14 May.'We will begin by working with [the UAE's] Emaar Properties before forming partnerships with other companies,

  • Amman sells stake in Cegco

    Amman has completed the sale of a 51 per cent stake in Central Electricity Generating Company (Cegco). The move opens the way for the wholesale privatisation of the power sector in the kingdom and finally ends a process begun almost seven years ago, when the government first invited companies to express interest.The local Energy Arabia (Enara) will complete its purchase of the government's stake by the end of June. The new company is a joint venture of Amman-based JD Capital, through its

  • ANALYSIS: Algiers demands more from upstream partners

    Flushed with cash from the oil price boom, state energy company Sonatrach is looking for new types of international partnership.Algiers' recent announcement that foreign companies competing for upstream contracts will be expected to offer more than just investment signals a shift away from the current system of international bid rounds, say industry sources.Energy Minister Chakib Khelil said on 27 April that in choosing international partners, the emphasis would be on their abili

  • ANALYSIS: Critics round on abandoned GTL project

    Algiers' plans for its first gas-to-liquids (GTL) project, abandoned in late April, could have been saved had the client adopted a different contract model, senior project sources have revealed.

  • ANALYSIS: HSBC attracts Gulf interest

    Dubai International Capital's (DIC's) purchase on 1 May of a stake in one of the world's largest financial groups, HSBC, is part of a strategy to diversify its investment portfolio. It is the latest in a string of deals by Gulf investors targeting global banks.DIC's acquisition was made through its Global Strategic Equities Fund (GSEF) managed by New Dawn Asset Management, part of DIC Asset Management.It follows DIC's sister private equity firm Istithmar's $1,000 million purchase

  • ANALYSIS: Market warms to GE Plastics sale

    The $11,600 million acquisition of the US' GE Plastics by Saudi Basic Industries Corporation (Sabic) on 21 May has been met with exactly the reaction in Washington that Sabic must have been hoping for. The muted response allayed fears that it would create a backlash similar to the political storm last year when Dubai-based DP World bought P&O's ports in the US.

  • Arab National to launch three joint ventures

    Arab National Bank (ANB) aims to establish three joint venture companies in the kingdom as part of plans to enter the takaful (Islamic insurance), equipment leasing and mortgage market.The three businesses will be established separately to ANB, although its products will also be sold through the bank's branches. The new divisions are part of ANB's plan to diversify its income stream, after the collapse in stockmarket-related fees following the crash of early 2006.'These new produ

  • Arabtec takes Umm al-Qaiwain contract

    The local Arabtec Construction has received a letter of acceptance from local real estate developer Emaar Properties for a AED 371 million ($101 million) design and build contract for 277 villas at Umm al-Qaiwain Marina. The project will be completed in several phases over two years.The order brings the total number of villas being constructed by Arabtec to 2,801, including 759 villas for Emaa, 484 villas for the local Mohammed bin Rashid Housing Programme and 558 villas for local develo

  • Aramco invests in carbon storage study

    Saudi Aramco has invested in one of the largest carbon dioxide monitoring and storage projects in the world as it looks to find ways to deal with its carbon emissions.

  • Aramco joins Dow in Ras Tanura deal

    Saudi Aramco and the US' Dow Chemical Company signed a landmark memorandum of understanding (MoU) on 12 May for the Ras Tanura refinery upgrade and integrated petrochemical complex, set to be the largest project in the region's history.'Ras Tanura is probably the largest project we have ever done in one go,' says John Dearborn, Dow president, India, Middle East and Africa.Industry sources estimate the project's total development costs at $22,000 million-26,000 million. Dow has re

  • Arcapita targets utilities

    Bahrain-based Arcapita has signed an agreement with Belgium's Dalkia International to focus on utility projects in the GCC. In particular, it will look at Saudi Arabia, Bahrain, Kuwait and Qatar. Dalkia will develop and manage new projects and Arcapita will provide the finance. The new partners are concentrating on the growth of the district cooling market in the region.

  • Assembly wins Project Kuwait concession

    The government has conceded a key parliamentary demand over Project Kuwait, the state's landmark but much-delayed upstream initiative. It says it will now allow the National Assembly (parliament) to approve each individual contract.However, a number of problems could delay the project even further.'If parliament wants to approve each contract of the northern oil fields project individually and issue them like a law, it is fine with me,' says Oil Minister Sheikh Ali al-Jarrah al-S

  • Audit finds Iraq rebuilding projects crumbling

    Six out of eight Iraqi reconstruction projects hailed as a success by the US government are in fact failures, according to a report from US inspectors.The latest quarterly report from the Special Inspector General for Iraq Reconstruction (Sigir) examines works including a hospital, a barracks and Baghdad international airport.It finds that American attempts to reconstruct Iraq are so beset with corruption and violence that most buildings are falling into dis

  • Azarab bids low for Rey

    The local Azarab Energy is low bidder at $85 million for the engineering, procurement and construction contract to supply six 25-30-MW gas turbines at the Rey open cycle power plant, southeast of Tehran.An award is due by late May. The client is Tavanir, the state power generation company. (MEED 11:7:03).

  • Baghdad calls for debt relief

    Iraqi Prime Minister, Nouri al-Maliki, has called on governments to write off his country's international debt - estimated to be about $50,000 million - saying they should help it by financing reconstruction projects.Speaking at the Sharm el-Sheikh conference in Egypt, Al-Maliki appealed for 'everybody participating in this conference to write-off the accumulated debts of Iraq'.However, the country's main lender, Saudi Arabia, says it is only likely to grant

  • Baghdad car bomb kills 25

    A car bomb has killed 25 people in a busy market area of southwest Baghdad and destroyed two buildings. Four women and three children were killed in the blast.A further 60 people in the Shia-dominated region of Amil were injured and a medical centre was damaged. The attack on 22 May is the latest sign of escalating violence in the capital in spite of the three-month long security crack-down launched by US forces.Sunni politicians expressed fears that Shiite

  • BAHRAIN

    Expressions of interest. Privatisation, redevelopment and operation of the national racecourse and equestrian facilities and the development lands at Sakhir. The land extends over 3.7 million square metres and is located near the Formula 1 circuit and the University of Bahrain, and is linked to Manama by a main highway. The site will continue to be operated as the national racecourse under privatisation. This is the first step in a two-part process leading to privatisation.

  • BankMuscat backs first Islamic bank for Kenya

    BankMuscat is partnering with the International Finance Corporation (IFC), the private sector arm of the World Bank, to establish the first sharia-compliant bank in Kenya.

  • Banks finance EMethanex deal

    Five local and international banks signed the $530 million debt financing package for the Egyptian Methanex Methanol Company (EMethanex) scheme on 15 May. At least two more major financing deals are due to move ahead in weeks, worth a further $1,900 million.

  • Barka 3 seeks advisors

    The Oman Power & Water Procurement Company (PWP) is inviting expressions of interest by 11 June from international consultants for the Barka 3 independent water and power project (IWPP). PWP is seeking legal, financial and technical consultants. The proposed IWPP is expected to have a 700- 800-MW power plant and a desalination plant with capacity of about 130,000 cubic metres a day. It is the sultanate's fourth IWPP project.

  • Bawadi funding to double

    Local developer Tatweer, part of Dubai Holding, plans to double the investment in the Bawadi project to AED 200,000 million ($54,450 million). The project will feature 51 hotels with more than 60,000 rooms. They will include several themed hotels including Asia-Asia, which will feature replicas of landmark buildings from around the continent. It will also have the world's largest shopping mall..

  • Bidders line up for Kayan amines

    Technical bids have been submitted for the retendered amines package on the estimated $9,000 million Saudi Kayan Petrochemical Company complex in Jubail.

  • Bidders line up for Marafiq

    The Saline Water Conversion Corporation is evaluating bids for the pipe supply contract for the Power & Water Utility Company for Jubail & Yanbu (Marafiq).

  • Bidders submit proposals for Amman-Zarqa

    The Public Transport Regulatory Commission has received three proposals for the build-operate-transfer contract for the Amman-Zarqa light rail system.

  • Bilfinger wins contract

    Bilfinger Berger of Germany has been awarded a QR 4,890 million ($1,310 million) contract to build the Barwa City residential development in Doha. The three-year contract involves the construction of a residential compound with 6,000 housing units and community facilities. Cansult Maunsell, part of US-based Aecom, is the consultant. The client is Barwa Real Estate Company.

  • Binladin to build city

    The Saudi Binladin Group has been awarded the first residences at the $50,000 million King Abdullah Economic City (KAEC) development at Rabigh, on the Red Sea coast. The contract involves the construction of 1,040 apartments with supporting services and landscaping. The consultant is Saudi Diyar Consultants. The US' Turner Arabia is the project manager. Emaar, The Economic City is the client (MEED 22:12:06).

  • Blair's big blunder and the Brown Declaration

    The turning point in Tony Blair's Middle East record was his House of Commons speech on 18 March 2003, in favour of invading Iraq. Before, the possibility existed that he might help the region move towards peace and prosperity. After, there was none.

  • BP chief resigns

    Lord Browne has stepped down as chief executive of oil giant BP with immediate effect. The resignation on 1 May came after a UK newspaper won a court case allowing it to publish details of his private life.The UK's House of Lords lifted an injunction preventing Associated Newspapers from publishing details of his private life, including revelations of a four-year relationship with Canadian Jeff Chevalier. In a previous statement to the High Court the peer ha

  • Budget: Output continues to fall

    The 2007 budget estimates that oil production will continue to decline, slowing to 730,000 barrels a day (b/d) from 746,000 b/d the previous year and 957,000 b/d in 2001. However, the sultanate remains dependent on its oil revenues. Nominal GDP expanded by 13.3 per cent in 2006 to $34,900 million, driven by a 17.9 per cent expansion in the oil sector on the back of high oil prices and an 8.2 per cent increase in oil exports. Oil accounts for about half of GDP. Real GDP expanded by 6.6 per cent l

  • Building boom puts spotlight on safety

    The plight of construction workers is drawing international attention, but change will take time.

  • Burgan seeks to cross borders

    Burgan Bank is set to make a decision on its regional expansion opportunities by the end of the summer. The bank serves only its domestic market at present.

  • Bush holds talks with Abu Dhabi Crown Prince

    Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan held talks on Tuesday 15 May with US President George W. Bush at the White House.The talks covered latest developments in the region with emphasis given to ways of supporting Iraq and maintaining its security and promoting stability. Sheikh Mohammed was accompanied by UAE foreign minister Sheikh Abdullah bin Zayed al-Nahyan.The meeting is the latest in a series of high level diplo

  • Business leads on reconciliation

    Libya's decision to give up its weapons of mass destruction programme in 2003 was the first step on the road to reconciliation between Tripoli and Washington. In September 2004, the US rewarded Libya for its decision by lifting commercial, trade and travel sanctions, which had been in place since 1986. Despite this, Libyan leader Muammar Qaddafi complained that his country had not been sufficiently compensated for its decision.

  • Cairo frees Islamists

    About 135 extremists have been released after spending 10 years in Egyptian prisons, according to local police.The prisoners have been released gradually over the past two weeks after they signed statements renouncing violence. The prisoners were all members of Al-Jihad, an Islamist group formerly headed by Al-Qaeda's second-in-command, Ayman al-Zawahiri. Al-Jihad, together with Al-Gamaa al-Islamiya, had been accused of involvement in the assa

  • Cairo postpones decision on opposition leader's release

    An Egyptian court on 22 May postponed a decision on the release of the opposition Ghad party leader Ayman Nour on medical grounds. The judge said the court will give its final decision on 12 June, following further medical examinations on Nour, who is a diabetic.Nour was jailed in December 2005, three months after coming second in Egypt's first multi-candidate presidential elections. He is serving a five-year priso

  • Capital and Sembawang set up joint venture

    Capital Industries & Investments (CII) has set up a joint venture with Singapore's Sembawang for a pre-cast concrete manufacturing plant in Dubai Industrial City.When production starts in late 2007, the facility will generate 400 cubic metres of prefabricated concrete a day at the 620,000-square-foot site, with an initial investment of AED 22.8 million ($6.2 million).CII, a UAE private equity firm that invests in manufacturing companies, was launched in Dubai in March with a cap

  • Capital masterplan forces developers to scale back

    Developers in Abu Dhabi are having to scale back projects to comply with the new Plan Abu Dhabi 2030 masterplan. The plan has been prepared by the Executive Affairs Authority and is awaiting final approval from the government.The masterplan applies to all developments around the capital and is expected to prescribe more open public spaces and a low-density urban environment. Sheikh Mohammed bin Zayed al-Nahyan, Crown Prince of Abu Dhabi and chairman of the Executive Council, has said he

  • Case study: Durrat Arriyadh - Delivering Innovation

    The SR 3,000 million Durrat Arriyadh housing project aims to set an example for other developers.

  • Central bank sets out investment fund regulations

    The Central Bank of Bahrain is due to announce a new regu-latory framework for investment funds, which it hopes will stimulate the creation of leveraged buyout funds and promote greater transparency across the sector.

  • Central Bank shakes up supervision

    The Central Bank of the UAE is setting up a supervisory committee as part of its plan to reorganise its oversight of financial institutions, its governor Sultan bin Nasser Al-Suwaidi said on 15 May.The committee will include members from outside the Central Bank and will report to Al-Suwaidi.Despite saying in April the Central Bank would not be issuing any more licences, Al-Suwaidi has also now denied any freeze on licensing banks. 'We will continue to licen

  • Chapo secures villa deal

    The local Chapo has been awarded a BD 15.7 million ($41 million) contract to build 171 second-phase villas on the Durrat al-Bahrain development. The project manager on the estimated $4,000 million development is a joint venture of Australia's Bovis Lend Lease and Kuwait Finance House (KFH) subsidiary Kuwait Management Company. The client is a joint venture of the government and KFH (MEED 11:8:06).

  • Cheney in Baghdad for talks

    US Vice-President Dick Cheney met with Iraq's Shiite Prime Minister Nouri al-Maliki in Baghdad today in an effort to reach an accord with minority Sunnis which Washington insists is crucial to ending violence.Cheney's unannounced visit to Iraq, part of a Middle East tour, focused on the operation to curb violence in and around Baghdad. 'We talked about the challenges that we are facing in our own political process,' Maliki told a joint news conference.

  • China's links with Sudan under pressure

    Economic ties between Sudan and China, its largest trading partner, are coming under increasing pressure because of the conflict in Darfur.In the latest sign of frustration over the lack of progress, more than 100 US congressmen have written to the President of China, Hu Jintao, urging him to use his influence on Khartoum to bring the conflict to an end. They have urged Chinese support for new UN sanctions on Sudan and raised the prospect of protests over the 2008 Beijing Olympic Games i

  • Chinese fill the construction gap in Algeria

    China's state-owned companies are dominating a market overlooked by other contractors.

  • Clarification: Bank Saderat

    Bank Saderat continues to be able to do business outside Iran, although not in US dollars (MEED 13:4:07). The bank was not named under UN Security Council Resolution 1747 passed on 24 March.

  • Clarification: Financial advisers

    HSBC was financial adviser on the Shuqaiq project and not mandated lead arranger, as indicated in the Gulf project financings 2007 table. Sumitomo-Mitsui Banking Corporation was financial adviser on the Nakilat ship financing deal and BankMuscat was financial adviser on the Barka 2 project (MEED 23:3:07).

  • Commission on Lebanon attacks Israeli PM

    Israel's commission investigating the war in Lebanon in July and August last year has heavily criticised Prime Minister Ehud Olmert. It said his decision to launch the campaign showed 'a severe failure in judgement, responsibility and caution'.Speaking at a news conference in Jerusalem, the commission's chairman, Eliyahu Winograd, said the prime minister's declared aims - to free two Israeli soldiers seized by Hezbollah and crush the militant group - were 'overly ambitious

  • Commission plans first tourist city

    The Supreme Commission for Tourism (SCT) is lining up developers for the kingdom's first tourist city as a key part of its multi-billion-dollar tourism investment programme.

  • Companies block release of unfavourable credit ratings

    Middle East businesses are blocking the release of unfavourable credit ratings from some agencies and are only releasing the best corporate debt ratings.However, bond issuers will have to overcome this reluctance to provide a balanced view of their operations if they are to gain access to a wider pool of funding, as happens elsewhere in the world.'Some issuers seek multiple ratings, but ask some of the agencies not to publish their research if they give lesser ratings,' says Ray

  • Congress sets benchmarks for Iraq funding

    The US House of Representatives has passed a bill to fund military operations in Iraq until the end of July. The move went against the wishes of President George Bush by only providing enough money for a few months, without a guarantee of future funding.Any further funding will depend on events in Iraq meeting certain, as yet undefined, benchmarks of progress. 'I'll veto the bill if it's this haphazard, piecemeal funding,' Bush said earlier in

  • Consortium strikes offshore Farsi oil and gas

    India's ONGC Videsh (OVL) and a consortium of Indian oil companies have made a large oil discovery in the offshore Farsi block, following the drilling of four new exploratory wells.A source close to the company says the discovery could contain gas reserves of up to 10 trillion cubic feet and oil reserves of up to 1,000 million barrels.The consortium is led by OVL, which holds a 40 per cent interest, Indian Oil Corporation, also with 40 per cent, and Oil India, with 20 per cent. T

  • Construction: Tourist developments stretch the supply chain

    After three years of waiting, construction is moving ahead on the sultanate's two largest tourism projects to date. In mid-April, government officials and business leaders gathered at the site of the Wave project just outside Muscat for the start of building and infrastructure work on the $1,100 million development. The ceremony marked the start of work on the first marine works package, awarded in September 2006 to Royal Boskalis Westminister of the Netherlands.

  • Contractors line up for pipeline

    Prequalified companies have until 8 July to submit bids for the engineering, procurement and construction contract to build a 1.2-metre-diameter pipeline.The pipe will run from the Shuaiba North water distillation station to the new water distribution complex at Mina Abdulla. All 14 of the prequalified firms are local. The client is the Ministry of Energy (Electricity & Water).

  • Contractors visit Nimr oil field water re-use project

    At least eight local and international contractors attended a site visit on 1 May for the Nimr oil field water treatment and re-use project.

  • Corecap opens Islamic private equity fund

    Dubai-based investment firm Corecap has launched its first sharia-compliant private equity fund. The fund, launched on 21 May, has a target size of $150 million, although the total funds available for investment could rise to $600 million.

  • Council sets bid date

    The Council for Development & Reconstruction has set a bid deadline of 24 May for consultants to submit proposals for three consultancy contracts to advise the state-run Electricite du Liban (EdL) and the government on the restructuring of the country's power sector. Prequalifiers include Germany's Fichtner for all three contracts, Ireland's ESB International for the EdL advisory contract, Electricite de France and the US' Bechtel. The World Bank is funding the studies (MEED 20:4:07).

  • Crescent vows to rescue Iran deal

    Crescent Petroleum has vowed to resuscitate a landmark gas deal with Iranian authorities after Tehran threatened to pull out of the agreement citing a fallout over price.

  • Cypriots win hospital work

    Cyprus-based Joannou & Paraskevaides (J&P - Overseas) has been awarded the QR 1,850 million ($508 million) contract to build the 305-bed Al-Wakrah hospital. The 30-month contract involves the construction of a 304,000-square-metre hospital with intensive care units, in-patient and out-patient facilities, and four operating theatres. The consultant is Australia's GHD. The Public Works Authority (Ashghal) is the client (MEED 9:6:06).

  • Daelim takes pipeline contract

    South Korea's Daelim Industrial Company has been selected for the KD 74 million ($255 million) Kuwait Oil Company (KOC) contract to supply and replace nine pipelines between its north and south oil tank farms.Daelim was the low bidder for the lump-sum engineering, procurement and construction contract when bids were submitted in January (MEED 19:1:07).The project covers the demolition of the existing pipelines and replacing them with polyethylene-lined steel pipes of up to 48 inc

  • Daewoo gets go-ahead

    After months of protracted decision-making, Tripoli has cleared the way for South Korea's Daewoo Engineering & Construction to build two power plants for the General Electricity Company of Libya (Gecol). The 750-MW gas-fired, combined-cycle plants will be located at Benghazi and Misurata, and will be built at a cost of $425 million and $489 million respectively (MEED 8:12:06).

  • Damac awards two deals

    Local developer Damac Properties has awarded two contracts for projects in Dubai. One project is in the Internet Media & Production Zone where the local Intermass Engineering & Contracting has been awarded the contract to build Lago Vista. It involves the construction of two 21-storey residential towers and a third tower with 24 storeys. The other is at Jumeirah Village South where the local Al-Awtan Contracting will build Emirates Gardens 1.

  • Damascus announces four offshore exploration tenders

    The Petroleum and Mineral Resources Ministry, and the Syrian Petroleum Company have invited international oil companies (IOCs) to submit offers for the exploration of four offshore blocks by 27 September.The production-sharing agreements will offer a 12.5 per cent royalty from production. Successful bidders will be required to collect 3D-seismic data in the first 30 months, and drill at least one wildcat well during the next 30 months.Two extensions of two years will follow. The

  • Darwish to build Al-Arab

    The local Darwish Engineering has been awarded the AED 340 million ($93 million) infrastructure works for the Mina al-Arab development in Ras al-Khaimah. The 18-month contract includes the construction of roads and bridges, wastewater treatment and collection, drainage, and the installation of cables. Local developer RAK Properties is the client (MEED 16:2:07).

  • Datalog signs logging deal

    The UK office of Calgary-based Datalog Technology has won a KD 10.6 million ($36.7 million) contract to provide mud-logging services covering workover operations for Kuwait Oil Company (KOC). The contract is similar to a series of other mud-logging deals, totalling more than $300 million, signed in August and October of last year by KOC with local and international companies (MEED 13:10:06). They included deals with the US' Haliburton and Baker and Hughes.

  • Dead Sea plan attracts international interest

    The World Bank has received interest from at least five groups for two studies looking into the estimated $800 million Red Sea-Dead Sea Conveyor project to save the Dead Sea.Under the terms of the two-year, $15.5 million study, consultants are considering two contracts including a feasibility study and an environmental and social impact assessment on water transfer from the Red Sea to the Dead Sea.Companies expressing interest in the feasibility study include DHV Consultants of t

  • Deadline approaches for Duqm plant bid

    Prequalified companies have until 21 May to submit bids for two engineering, procurement and construction contracts to build a 63-MW power plant and a desalination plant with capacity of 6,000 cubic metres a day.

  • Democrat witch-hunt threatens global prosperity

    Standard & Poor's chief European economist Jean-Michel Six painted a bright picture of continuing world economic expansion and low inflation in a presentation in Dubai at the end of April. US interest rates are likely to go down by the end of the year and there will be no recession in America. Even sluggish French and German economies are looking perky.

  • Development without downsides

    Without doubt, Dubai’s real estate boom has been the symbol of the Gulf’s economic success of the past five years. Its spectacular developments, which include the world’s tallest building, a ski slope in the desert and giant man-made islands, have been grabbing headlines worldwide.

  • Deyaar plans Reem plots

    Dubai-based Deyaar Development plans to build its first properties in Abu Dhabi on Reem island. The real estate subsidiary of Dubai Islamic Bank has purchased three plots in the Najmat Abu Dhabi development close to a planned hotel and retail mall. Construction is expected to start by the end of the year.

  • Dinar ripe for revaluation

    The Kuwaiti dinar has an 80 per cent chance of being revalued within the next three months, according to one leading international bank.The prediction has come despite the Saudi Arabian central bank insisting that there is no need for any GCC currency to be revalued.Ben Simpfendorfer, strategist at Royal Bank of Scotland, says Kuwaiti citizens are becoming increasingly concerned about inflation and the country's leaders are looking to curb it, which is likely to be a popular mov

  • Doubts cast over Arzew low-price gas plant model

    Plans for a 4.5 million-tonne-a-year liquefied natural gas plant at Arzew are mired in difficulties as developers seek to renegotiate the estimated $4,500 million contract with state energy company Sonatrach.

  • Doubts delay Cap Ghir

    The issue of tender documents for the Cap Ghir independent power project has been postponed while Office National de l'Electricite deals with doubts over the site for the plant. 'There is another possible site, but I expect that the site won't change,' says a source close to the project. 'The delay will be weeks, not months.' The company prequalified 15 groups for the project in February. The coal-fired plant will have capacity of 1,320 MW (MEED 16:2:07).

  • Drake wins Rotana bid

    The UK's Drake & Scull International has been awarded the AED 178 million ($49 million) mechanical, electrical and plumbing contract for the Park Rotana mixed-use development in Abu Dhabi. Greece's Terna is the main contractor. The local Al-Salam Consultants Architects & Engineers is the consultant. Abu Dhabi-based Rotana Hotels Management Company will operate the property. The client is Al-Mada Tourism Investment Company (MEED 22:9:06).

  • Dredging continues at Porto Dubai despite public outcry

    Dredging is continuing around the clock on the Porto Dubai development off Umm Suqeim beach, despite a recent order that was expected to bring the entire project to a halt.Dubai Ruler Sheikh Mohammed bin Rashid al-Maktoum ordered an end to work on Umm Suqeim beach in March, after a public outcry over fencing that blocked entry to what is one of the few remaining public beaches in the emirate.Many believed the project, being undertaken by Zabeel Investments, had been shelved after

  • Dubai buys into HSBC

    DIC Asset Management, a division of Dubai International Capital, has bought a substantial stake in HSBC, making it the second Gulf investor to take a large holding in the British bank in recent weeks.DIC, owned by the government of Dubai, confirmed it had purchased an undisclosed number of shares in HSBC on 1 May. A statement from DIC said the investment made it 'one of the leading shareholders in the company'.In February, DIC completed its fi

  • Dubai Islamic lends for industrial city

    Dubai Islamic Bank has arranged AED 735 million ($200 million) in funding for Sharjah-based Al-Hamad Group, to part finance a AED 2,380 million ($648 million) project at Dubai Industrial City (DIC). The project includes the construction of housing for labourers in DIC. These will be built by Dubai Civil Engineering, a subsidiary of Al-Hamad.

  • Dubai metro moves ahead

    The Dubai Road and Transport Authority (RTA) has moved a step closer to establishing a team to build the city's metro system, appointing Parsons Brinckerhoff as consultant to the project.The international consultancy group will oversee the initial designs for the metro's Purple Line, which will be the first of the system's three lines to be completed. Announcing Parsons Brinckerhoff's appointment, the transport regulator also revealed that the Purple Line is intended to be

  • Dubai plans bay bridge

    Local developer Dubai Properties plans to build a landmark bridge across the Business Bay creek extension. The Signature bridge will provide access to the Signature towers project, which will include a new stock exchange building for the Dubai Financial Market. The UK's Mace International is the project manager. UK-based architect Zaha Hadid has designed the bridge (MEED 18:5:07).

  • Dubai Ports considers stock market listing

    Dubai Ports World has appointed Deutsche Bank and Shuaa Capital to review its financing options, which are thought to include a partial stock market flotation or a refinancing.If the ports operator does decide to pursue an initial public offering (IPO) it is thought it could raise around $2bn from listing its shares on the Dubai and London stock exchanges.Last year DP World dropped plans for a $12,000 million London float of 20 per cent of its shares, citing

  • Dubai to host Rugby Sevens

    Dubai will host the fifth Rugby World Cup Sevens in 2009, after winning a five-way race to hold the tournament.The International Rugby Board (IRB), the sport's governing body, chose the emirate ahead of bids from Australia, the Netherlands, Russia and the US.The emirate secured the backing of 12 of the 24 members of the IRB council in the first round of voting, one short of the overall majority required. It then emerged a victorious 14-10 in a final round of voting against Austra

  • Dubai to launch sukuk to finance airport expansion

    The Department of Civil Aviation (DCA) in Dubai is preparing to issue a second sukuk to finance construction projects at the city's two airport hubs.

  • Duo take Doha wastewater work

    The US' CDM and Kuwait-based KEO International Consultants have been appointed project managers for the $1,350 million wastewater scheme in Doha.

  • EGYPT

    Supply and installation of electromechanical equipment for a sanitary drainage water lifting station as part of a sanitary drainage project in Abu Simble city. Bid bond is£E 15,000.Details on payment of $135 from El-Nasr Company for Buildings & Construction, 34 Samir Farahat Street, Makram Ebeid Street Extension, Cairo 7562.

  • Egypt: Buyer beware

    For Egyptians who can afford to, it is traditional to travel to the Mediterranean coast to escape the soaring temperatures in Cairo in summer. Many have properties in the tourist villages, which form an almost continuous strip on Eqypt's northern frontier.

  • Eight compete to build Finance Ministry

    The Finance Ministry has received bids from eight firms to build its new headquarters in the Al-Nakheel district of Riyadh. It is expected to cost nearly $300 million.

  • Elections delay Arzew award

    State energy company Sonatrach and the Energy & Mines Ministry have further delayed setting a deadline for the submission of commercial proposals for the contract to develop a 1 million-tonne-a-year (t/y) greenfield methanol plant at Arzew in the northwest.

  • Emirates seek alternative energy sources

    The UK's PB Power and the US' Nera Economic Consulting are carrying out a wide-ranging study into alternative energy sources for the UAE. The review comes at a time of rising demand across the UAE as each emirate rushes to boost its power capacity.

  • Energy company seeks bidders for transmission line

    State electricity company Office Nationale de l'Electricite (One) has invited companies to bid for the construction of a 225-kv double-circuit transmission line linking substations at the Ain Beni Mathar solar/combined cycle power plant to Bourdim.

  • Essar invests in $3.4bn refinery

    India's Essar Group plans to invest $3,400 million in a proposed 300,000 barrel-a-day (b/d) oil refinery in northern Egypt, according to an Egyptian government official.'The planned refinery will cost $3.4 billion and we expect it to be on-stream in 2010,' says Ashraf Diwidar, adviser to the Industrial Development Authority. 'The government may approve the proposal in a few weeks.'An Essar spokesman says the firm is looking at the proposal as part of plans to increase its energy

  • Etihad aims to raise $900m

    Etihad Airways is to increase its fundraising to $900 million this year, as the Abu Dhabi-based airline seeks to expand its fleet.

  • Etihad reviews operations

    Etihad Airways has begun a comprehensive review of its in-house systems with a view to outsourcing more of its operations. The review is part of preparations for further growth by the Abu Dhabi-based airline.

  • Etisalat boosts West African investment

    Emirates Telecommunications Corporation (Etisalat) has purchased an extra 20 per cent of Atlantique Telecom, bringing its total shareholding in the West Africa telecoms company to 70 per cent.

  • Exhibitions company looks at bids for national centre

    Abu Dhabi National Exhibitions Company is evaluating bids from at least two companies for the second phase expansion of the Abu Dhabi National Exhibition Centre (Adnec) and has issued tender documents for the third phase.

  • Extra lane for Dubai-Fujairah highway

    UAE President and ruler of Abu Dhabi Sheikh Khalifa bin Zayed al-Nahyan has instructed the Ministry of Public Works & Housing to add an additional lane to the Dubai-Fujairah highway.The proposed AED 1,250 million ($341 million) highway, which is under construction, will greatly reduce journey times between the two emirates and is expected to be a catalyst for development in Fujairah.The local/Cypriot National Wheel J&P is working on both packages of the proj

  • Fast-track tender boosts production

    Kuwait Oil Company (KOC) has tendered the second phase of its early production facilities (EPF) project. The estimated $600 million-800 million fast-track scheme will significantly increase the state's oil and gas production (see Tenders).

  • Fatah police return from Egypt

    Fatah has brought 500 loyalists back to Gaza from Egypt as factional violence increases with rival group Hamas.The 500 men had been undergoing police training in Egypt. Fatah insists they have been returned to Gaza to impose security after three days of violence that have left 17 people dead, rather than to fight Hamas.'The role of the security forces is to protect the security of the Palestinian people and not to take part in internal fighting,' says Tawfiq

  • Fears grow for single currency

    Saudi Arabia has admitted it is becoming increasingly unlikely that a GCC single currency will be launched by the 2010 target date, after Kuwait's decision to drop the dinar's peg to the dollar.Saudi Arabian Monetary Agency (Sama) governor Hamad al-Sayari says it will take 'exceptional efforts' to hit the deadline.Following Kuwait's decision to peg the dinar to a basket of currencies, UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said: 'The UAE will have reservations o

  • Fertil approaches international firms

    Ruwais Fertiliser Company (Fertil) has requested expressions of interest from international firms for the contract to expand its Ruwais fertiliser complex.

  • Finance demand to spiral

    Demand for project finance in the GCC could reach $50,000 million this year, according to market analysts - almost half the total raised over the past 10 years. However, the same market observer warns the dominant position of one institution is stifling innovation in the market.The $50,000 million figure predicted by ratings agency Moody's Investors Service is 47 per cent more than the $34,000 million borrowed by project sponsors last year.Most project finance to date has been fu

  • Finances hit record surplus

    Figures released by the Finance Ministry have revealed that for the fiscal year to 31 March 2007, the government's finances recorded a record surplus of $24,000 million.The surplus represents 35 per cent of GDP, the highest in the region, with oil revenues making up 90 per cent of the country's income, making it the economy with the closest link to oil prices in the GCC.The surplus has formed because the government budgeted for an oil price of $36 a barrel, well below the yearly

  • Fire raises safety concerns

    The state's hydrocarbons safety record was again put under the spotlight on 7 May after a fire broke out at the super-giant Burgan oil field in the southeast.One worker was severely injured by the fire, which started when his car ignition lit undetected gas fumes from an underground pipeline leak near gathering centre 19.Although the fire was put out relatively quickly and operations were unaffected, the incident has served to remind Kuwait of its poor hydrocarbons safety record.

  • Firms compete for Shiraz

    At least 30 international companies have expressed interest in a World Bank-funded project to build a new wastewater treatment plant in Shiraz. A shortlist of 10 consortiums will be drawn up by the end of May. Tenders will be issued in June. The project involves building a 100,000-cubic-metre-a-day plant on a design-build-operate basis. Construction will take two years. The consultant is Germany's Schlegel and the client is Shiraz Water & Wastewater Company.

  • Firms link up for Ajmakan

    A consortium of local and UAE-based developers plans to build a SR 6,000 million ($1,600 million) real estate project in the Al-Khozama district of Riyadh. The 1.7 million-square-metre Ajmakan will include commercial buildings, villas, palaces and a five-star hotel. The consortium comprises Al-Shoula Holding Group and Land Company for Property Development & Investment, both local, and UAE-based Tameer Holding.

  • First carbon neutral city launched

    Plans for the Middle East's first carbon neutral city were unveiled on 8 May. The city will be located in Abu Dhabi on a 6 square kilometre site and will house the Masdar Institute of Science & Technology - a multi-billion dollar environmental initiative led by Abu Dhabi Future Energy Company.In co-operation with the US' Massachusetts' Institute of Technology, the Masdar Institute will seek to develop research facilities and attract up to 1,500 international companies to i

  • FIRST-QUARTER RESULTS: Correction takes its toll

    Saudi Arabia's banks are traditionally the first financial institutions in the kingdom to publish their first-quarter results. And this year was no different.

  • Floating Kingdom

    Prince Alwaleed bin Talal al-Saud is used to making headlines. His forays into the world's capital markets through his investment vehicle, Kingdom Holding Company, are usually significant, and his success in picking stocks over the past three decades has made him one of the richest men on earth with, he says, a net worth of about $20,000 million.

  • Fluor starts expansion work

    The US' Fluor Corporation has started work on the engineering, procurement and construction (EPC) element of the polypropylene expansion planned by Saudi Polyolefins Company (SPC).

  • Foreign contractors win Duqm port marine work

    Belgium’s Jan de Nul with Turkey’s STFA and Athens-based Consolidated Contractors International Company has been awarded the RO 187 million ($479 million) marine works package at Duqm port.

  • Foreign firms sidelined under Iraq oil law

    In a blow for international oil companies hoping to get involved with Iraq's vast oil riches, Baghdad's oil minister has said the new oil law will hand 80 per cent of its oil reserves to the state-owned Iraqi National Oil Company.Speaking to the pan-Arabic daily newspaper al-Hayat, the country's oil minister Hussain al-Shahristani said the state-owned oil company would control all fields other than those that not in production or a long way from production.

  • Foster Wheeler wins Karan gas contract

    The US' Foster Wheeler has been awarded the joint front-end engineering and design (FEED) and project management consultancy contract on the onshore portion of the $10,000 million Karan gas field development.

  • Four groups invited to bid on Landbridge after delays

    Four groups have been given until December to submit proposals for the Saudi Landbridge, as the project moves forward after a series of delays.On 28 April, the Saudi Railways Organisation (SRO) issued requests for proposals to the four consortiums that qualified for the final bidding process.The project has been delayed by administrative problems.The four international groups are bidding for the right to build the $5,000 million project, which will link the Gulf with the Red Sea.

  • Galfar wins $140m Qarn Alam steam contract

    Petroleum Development Oman (PDO) has awarded the off-plot contract on the retendered Qarn Alam steam injection project to the local Galfar Engineering & Contracting.

  • GAS: Spiralling costs hit pioneering GTL scheme

    It will be two days the Qatari gas industry long remembers. One gas-to-liquids (GTL) cancelled, a lavish ground-breaking ceremony held for another and a new upstream development launched in the North field. But amid the often conflicting signals emanating from Doha in the third week of February, a clear picture emerged about the ambitions of two major international oil companies and Qatar Petroleum (QP) towards the world's largest non-associated gas reservoir.

  • Gaza Marine gas set for export via Egypt

    The details of the project to connect the Gaza Marine-1 gas field to El-Arish in Egypt will be finalised by the end of July, after Cairo and the Palestinian Authority signed a memorandum of understanding (MoU) for the project in late June. Cairo and Tel Aviv also signed a long-awaited MoU on 30 June for Egypt to supply gas through a subsea pipeline from El-Arish to Ashkalon in southern Israel (MEED 24:6:05).

  • GCC starts nuclear feasibility studies

    Gulf Cooperation Council (GCC) member states on 21 May began work on feasibility studies for a joint nuclear programme. 'The promising future of nuclear energy in electricity generation and desalination can make it a source for meeting increasing needs,' GCC head Abdulrahman al-Attiya told the first meeting of regional nuclear experts. Al-Attiya explained that the development of nuclear resources for peaceful purposes would help to cut the GCC's carbon emiss

  • GDP set for further growth this year

    The Finance & Industry Ministry expects federal GDP to rise to AED 697,000 million ($189,825 million) this year.According to the ministry's latest Investment Climate report, the country's real GDP rose by 35 per cent in 2006 to AED 642,000 million, compared to AED 476,300 million in 2005. The federation's trade volumes also posted significant growth in 2006, reaching AED 937,300 million, or 146 per cent of GDP. During the same period, the government signed b

  • Global plans five buyouts

    Global Investment House will complete the first of five pending buyout deals when it purchases a majority stake in a shipping company by June. Global is negotiating in partnership with an international company, yet to be named, which owns 30 liquefied petroleum gas tankers.The acquisition is Global's first transaction to be financed by its private equity buyout fund, which it launched in February. The fund will stage its first closing by the end of May, when it is expected to have raised

  • Gold trade fails Saudisation test

    Part of Riyadh's Chamber of Commerce & Industry has called on the government to reduce the targets for the employment of domestic workers in favour of expatriates because of the lack of a skilled domestic workforce.

  • Government reaps record revenue from airport deal

    The Alfa Airport consortium selected to modernise Queen Alia International Airport will pay the government one of the highest rates of revenue ever recorded for a public-private partnership in the region.

  • Groups link up for Ras Laffan

    Developers are forming consortiums to build the state's largest co-generation plant at Ras Laffan.Interested groups include: International Power with Germany's Siemens and South Korea's Doosan Heavy Industries & Construction; Marubeni Corporation with Hitachi Zosen Corporation, both of Japan, and South Korea's Hyundai Heavy Industries; Dubai-based AES Oasis with the US' GE Energy, Italy's Fisia Italimpianti and Spain's TR; and Suez Energy International with France's Sidem and South Kore

  • Guidance Financial enters kingdom's housing market

    US-based Guidance Financial Group is setting up a sharia-compliant housing finance company with local investors in Saudi Arabia.Instalment companies already offer housing finance in the kingdom but the market is set to expand, with the issue of mortgage regulations expected by the end of the year. Guidance Financial already offers Islamic mortgages in the US.'We are getting permission. It is not a licensed activity today,' says executive chairman Mohamad Hammour. 'The Saudi [mort

  • Gulf Air axes politicians' perks

    Gulf Air is to end discounted travel facilities for politicians and businessmen as it seeks to further reduce its costs.The Bahraini/Omani-owned airline, which recently announced huge losses and launched a restructuring of its business (MEED 27:4:07), has concluded that its current discount arrangements are 'over-generous'.A spokesman says that as a result, the firm has decided to reduce these concessions.'This means the free tickets we used to give to politicians and bus

  • Gulf Air seeks finance for restructuring

    Gulf Air has started negotiations with a range of banks and financial institutions to raise BD 372 million ($987 million) worth of new finance for the company's restructuring.The airline, now 100 per cent owned by Bahrain, recently announced massive losses for 2006 and a complete restructuring of the business, including about 1,500 job cuts (MEED 27:4:07).The total cost of the restructuring is estimated at $825 million. The company is also in discussions with aircraft leasing com

  • Gulf bank ratings suffer for lack of diversification

    Gulf banks will be unable to achieve credit ratings above A+ because of their lack of geographic and business diversification, and inability to significantly expand their customer base, according to Standard & Poor's (S&P).

  • Gulf Insurance turns to takaful

    Kuwait's Gulf Insurance Company (GIC) has applied to the Saudi Arabian Monetary Agency for a licence to establish a sharia-compliant insurance firm. It will partner with Saudi investors in the takaful company and stage a public offering of 40 per cent of its shares.

  • Gulf invests in Islamic Asia

    More than 20 investors from GCC countries have taken minority stakes in the Islamic Bank of Asia (IBA), which was set up in Singapore on 7 May.

  • Gulf states working towards a diplomatic solution on worker's rights

    Gulf states are working together to improve conditions

  • Halliburton in fresh talks with partners to enter Iraq

    US oil field services firm Halliburton has revealed it is in talks with energy companies to enter Iraq, but says the security situation is still too dangerous for it to commit staff to potential projects.

  • Halliburton seeks investors

    US oil field services company Halliburton is looking for Middle East investors to take a major stake in the company as it cements its decision to relocate its corporate headquarters from Houston to Dubai.Dave Lesar, chief executive officer at Halliburton, says he is on the look-out for investors to make a strategic equity investment in the business.'I would hope to find some [Middle East investors]. I believe we are an attractive investment,' says Lesar. 'I think that as we grow

  • Hollandi promotes chief

    Saudi Hollandi Bank has appointed chief operating officer (COO) Dou Oppedijk as managing director, following the departure of Giel-Jan van der Tol on 1 May. Van der Tol had been in the post for two years, after being promoted from the position of COO. ABN Amro has a 40 per cent holding in the bank. It is not known where Van der Tol is moving to. Saudi Hollandi was unavailable for comment.

  • Hotels face inspection ratings system

    Qatar has introduced a system for inspecting and grading hotels, as it seeks to boost visitor numbers.

  • Huanqiu wins polyethylene plant contract

    China's Huanqiu Contracting & Engineering Corporation (HQCEC) has been awarded the contract to build the new high-density polyethylene (HDPE) plant at the $9,000 million Saudi Kayan Petrochemical Company complex in Jubail.HQCEC, part of China National Petroleum Corporation (CNPC), fought off competition from Spain's TR and South Korea's Daelim Industrial Company for the engineering, procurement and construction contract. It is the first major award for HQCEC in the Gulf.The HDPE

  • Icici to set up in Doha

    Icici Bank, India's second largest bank, has received a licence to set up a branch in the Qatar Financial Centre in Doha. It is the first Indian bank to receive a licence from the Qatar Financial Centre Regulatory Authority. It is Icici's fourth office in the GCC region. The bank is hoping to build up its regional business by taking advantage of its reputation among the Asian community in the Gulf.

  • Imad wins sulphur plant contract

    Saudi Aramco has issued contracts for two lump-sum procure and build contracts covering the construction and upgrade of five 550-tonne-a-day sulphur recovery units in Uthmaniyah and Shedgum (MEED 22:12:06).

  • IMF calls for public sector supervision

    The IMF's first review of Nouakchott's economic strategy under a three-year poverty reduction programme says its performance is encouraging, but more private sector growth and public sector oversight is needed.'Mauritania's economy continues to perform well, despite some difficulties in the oil sector,' says an IMF spokesperson.The review advocates a focus on improving non-oil revenues and monitoring state-owned enterprises. Private sector growth will depend on improved financial

  • Imperial starts Salwa road work

    The local Imperial Trading & Contracting Company has started work on the package to build retail outlets on Salwa road, on the Al-Waab City development in Doha.The contract involves refurbishing existing structures and building five showrooms by July 2008.It will provide about 25,000 square metres of retail and 28,000 square metres of commercial and office space, with 645 parking spaces.UAE-based Arabtec Construction has signed a memorandum of understanding for the QR 5,

  • Indians win Jumeirah bid

    India's Larsen & Toubro has been awarded a AED 178 million ($48 million) contract to build 31 villas and associated infrastructure at Jumeirah islands. The contract duration is 18 months. Local real estate developer Nakheel is the client.

  • Insurance market grows 22 per cent

    The Bahrain insurance market has recorded growth in premiums of 22 per cent during 2006, driven by a 47 per cent rise in the life insurance sector.

  • International firms bid for ChevronPhillips cracker

    Three global contractors have submitted technical bids and execution proposals for the ethylene package on the new multi-billion-dollar olefins complex in Jubail, planned by National ChevronPhillips Company (NCP).The bidders for the cost-reimbursable contract are Italy's Snamprogetti, Japan's JGC Corporation and South Korea's Samsung Engineering Company. Commercial proposals are to be submitted in mid-May.The work covers the construction of a 1.2 million-tonne-a-year ethane crack

  • INVESTMENT BANKING: Increasing competition

    Addax Investment Bank is the latest investment bank to announce plans to establish a subsidiary in the kingdom, following on the heels of other regional players, such as Dubai-based Shuaa Capital and Rasmala Investments. Capital Market Authority (CMA) approval of Addax's licence will bring the number of financial services firms in the kingdom to 55.

  • INVESTMENT STRATEGY: A record of success

    Q: You have an impressive track record of picking stocks. What criteria do you use?

  • IRAN

    Expressions of interest. Project no P091171. Provision of an institutional assessment and development plan of water and wastewater companies in Ahwaz, Shiraz, Mazandaran and Guilan as part of the Ahwaz and Shiraz water supply and sanitation project. The project comprises the following: 1) institutional and financial review; 2) policy formulation and planning; and 3) an action plan. Financed by the World Bank.Details from Iranian National Water & Wastewater Engineering Company, H R Kashfi

  • IRAN

    Prequalification. Tender no OF/85/202. Upgrading and renovation of six Sirri workover rigs at Lavan island.

  • IRAN

    Prequalification. Construction of facilities for land preparation and an oil transfer pipeline (premature production) from the Yadavaran oil field to the Dar-Khoveiyn exploitation unit on an engineering, procurement and construction basis, located in the Khuzestan province of the Yadavaran region, 70 kilometres southwest of Ahwaz and 50 kilometres north of Khorramshahr. The scope of works comprises provision of all design and engineering services, procurement of goods, construction operation,

  • IRAN

    Contract no EERP/G/C/AMU/IRR/P1/2007. Project no P080802. Carrying out a shaking table system and high-performance excitation and high-speed data analysis as part of an earthquake emergency response project. Financed by the World Bank. Bid bond is 2 per cent of tender price.

  • IRAN

    Prequalification. Tender no BF/85/162. Provision of inspection services of oil pipelines in the Reshadat and Resalat fields in Lavan island.

  • IRAN

    Rebid. Tender no 18-85-03. Reconstruction and renewal of 160 kilometres of the southeast railway including the supply of all construction materials and two years' track maintenance. Bid bond is IR 3,720 million or Eur 310,000. Details, available until 23 May, on payment of IR 200,000 - to account no 574-67, Bank Melli Iran, main branch or free of charge at www.iranets.com - from Roads & Transportation Ministry, Iranian Islamic Republic Railways, General Purchasing Department, Room 438, Four

  • IRAN

    Tender no 86/ME/777. Supply and delivery of marine oil recovery equipment. Bid bond is IR 500 million or Eur 40,000. A question and answer session will be held on 20 May.

  • Iran accepts nuclear compromise

    Iran has accepted a compromise over the reform of the nuclear Non Proliferation Treaty (NPT), clearing the way to resolve a week-long deadlock at a meeting of governments in Vienna.The issue stalling progress since the talks opened on 30 April, had been Tehran's refusal to accept a phrase calling for the 'need for full compliance with' the NPT.Iran, which denies Western charges of non-compliance with NPT safeguards, agreed to a footnote saying compliance mea

  • Iran condemns Johnston's kidnap

    The Iranian Foreign Affairs Ministry has condemned the kidnapping of BBC reporter, Alan Johnston.Mohammad Ali Hosseini, a spokesman for the ministry says Iran rejects kidnapping as a matter of principle.It is the first time an Iranian government official has commented on the reporter's disappearance since he was abducted in Gaza City on 12 March. Last week a video released by a group

  • Iran expands nuclear programme

    Iran has expanded its nuclear programme, according to the latest report by the International Atomic Energy Agency (IAEA), the UN's nuclear watchdog.The agency says: 'Iran has not suspended its enrichment-related activities. They are continuing with the operation of their pilot fuel enrichment plant.' It also said that the watchdog's ability to monitor Tehran's nuclear programme was deteriorating due to a lack of access.The report is likely to

  • Iran-Dubai power deal moves closer

    Tehran is close to agreeing a deal to supply electricity to Dubai via a new subsea power line, as the emirate struggles to cope with rapidly rising demand for power.

  • Iraq sends oil law to parliament

    The Iraqi government sent a draft oil law to parliament on 2 May, with Oil Minister Hussain al-Shahristani optimistic a bill will be passed by the end of May deadline.'It has been sent to parliament now. There has been agreement among the political parties to work together to enact it by the end of the month,' Shahristani told reporters in Saudi Arabia. 'We still hope parliament will be able to do that , but with parliament debate, you can never be sure how long it will ta

  • Iraq's silent exodus

    As Iraq's neighbours and world powers gathered in the Egyptian resort of Sharm el-Shaikh on 3 May, they received a timely reminder from UN Secretary-General Ban Ki-moon of the spiraling humanitarian crises facing the war-torn country.

  • Irish formula could win the global war against terrorism

    At an off-the-record briefing in Dubai in May, the chief executive of one of America's biggest investment banks was asked what could derail the world economic boom most people believe will continue a while longer. 'Terrorism is my biggest concern,' he replied.

  • Islamic insurance expands into fresh territory

    Noor Takaful Insurance Company is to start operations by October, after receiving its licence in late April. The firm will now stage an initial public offering of 50 per cent of its shares before it starts up, in line with licensing rules.Kuwait's Noor Financial Investment Company is a shareholder in the sharia-compliant insurance company. Noor has also applied to the Central Bank of Syria for a licence to establish a $200 million sharia-compliant bank.The bank, which is yet to b

  • Israel threatens to assassinate Palestinian PM

    An Israeli minister warned Palestinian Prime Minister Ismail Haniya that he would be assassinated if Hamas militants continued to fire rockets into Israel.Israel's deputy defence minister Ephraim Sneh warned that all leaders of Hamas, which is the largest political party in Gaza, would be targeted by Israeli military strikes.In an interview on Israeli public radio on Tuesday, Sneh said: 'There is no one who is in the circle of commanders and leaders in Hamas

  • Japan and UAE improve trade and energy ties

    The UAE and Japan have established a joint committee to boost economic co-operation, which will focus on investment, the energy sector and the business environment. The agreement was signed during a visit by Japan's Prime Minister Shinzo Abe to the UAE, when he met UAE President and ruler of Abu Dhabi Sheikh Khalifa bin Zayed al-Nayhan. The two countries are in negotiation over the elimination of double taxation. As part of the GCC, the UAE is also negotiati

  • Joint venture wins Emal deal

    A joint venture between Canada's SNC Lavalin and Australia's WorleyParsons has been selected for the first phase smelter package on the Emirates Aluminium (Emal) project at Taweelah in Abu Dhabi emirate.

  • Jubail 2 tender begins

    The Royal Commission for Jubail & Yanbu has invited contractors to prequalify for the two contracts covering phases one and two of the site development of the second stage of Jubail 2. Both phases include earthworks, roads, stormwater drainage channels, a water distribution network, a network of sewers and a power distribution system. The site covers an area of 9.6 million square metres (MEED 16:2:07).

  • Jumeirah to run Palm resort

    Dubai-based Jumeirah has signed a letter of understanding with Dubai-based Al-Fattan Properties to manage a resort development on the Palm Jumeirah.The development, which is still under construction, includes a 213 room-hotel, along with a further 45 residences and 45 serviced apartments.Plans for the resort also include up to six restaurants and lounges, as well as extensive sport and leisure facilities including a large spa. There will be conference and banqueting facilities, a

  • KBR wins major project management work

    The US' KBR has won two project management consultancy contracts for onshore and offshore front-end engineering and design (FEED) work on the second phase of the integrated gas development project.

  • Khalifa deadline extended

    Abu Dhabi Ports Company has extended the closing date for bids to 17 June for the first-phase construction package on the Khalifa Port & Industrial Zone at Taweelah. Six groups have prequalified for the project. It will be built offshore and connected to the mainland by a 4.5-kilometre-long causeway. Completion is set for early 2009. The programme manager is US-based Bechtel (MEED 23:2:07).

  • Kipco to set up local publishing company

    Kuwait Projects Company (Kipco) is to establish a local publishing company, marking its first venture into print media. The division will launch a newspaper or magazine.Kipco's existing subsidiaries include media and communications company United Networks, which includes a radio station, and a stake in Dubai-based satellite television provider Showtime Arabia. 'We will invest in greenfield ventures and new products and will raise liquidity through IPOs [initial public offerings],' says F

  • Koreans to redevelop Deira creek

    The local ~Deira Investment Company~ and South Korea's ~Sungwon Corporation~ have signed a memorandum of understanding to jointly execute a $5,000 million real estate development in Dubai.The project will involve the redevelopment of the Deira creek area and the construction of shopping malls, and public and harbour facilities. Sungwon plans to form a consortium with four or five South Korean contractors to carry out the project. It will be completed in three stages by 201

  • KUWAIT

    Tender no HT/8/2007/2008. Renovation and preparation of main operations, casualty and sterilisation sections at the Farwaniya hospital.Details on payment of KD 600 from Health Ministry, Medical Engineering Department, Subhan.

  • KUWAIT

    Tender no KPC/83/2007. (Open to prequalified contractors only.) Provision of consultancy services for an oil complex's installations department. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 22 May.

  • KUWAIT

    CD extension. Tender no RFQ/1030850. Supply of skid-mounted 6,000-US GPM fire pumps.Details on payment of KD 300 from Kuwait Oil Company, Reception Office, Purchase Department, Ahmadi Industrial Area, Ahmadi.

  • KUWAIT

    Tender no PAHC/M/663-2007/2008. (Open to prequalified contractors only.) Construction, completion and maintenance of an area branch centre, a main mosque, an Imam residence, a health centre, at block 7 at the Mubarak al-Kabeer area (R). Bid bond is KD 100,000 and performance bond is 10 per cent of contract price.Details on payment of KD 500 from Public Authority for Housing Welfare, Documents & Contracts Department, Third Floor, Safat.

  • KUWAIT

    Tender no PA/MM/12/2007/2008. (Open to prequalified contractors only.) Carrying out the Umm al-Haiman forestation project for the Public Authority for Agriculture Affairs & Fish Resources. Bid bond is KD 18,000. A pre-bid meeting will take place on 8 May.Details on payment of KD 160 from Central Tenders Committee, PO Box 1070, Safat 13011, telephone (965) 2401200, fax (965) 2416574.

  • KUWAIT

    CD extension. Tender no CS/FPPD/3001. Carrying out amendment works at Shuaiba refinery to make it compatible with an ethane gas production project at Mina al-Ahmadi refinery for Kuwait National Petroleum Company.

  • KUWAIT

    Tender no RFQ/1030967. Supply of liner hangars. Bid bond is 2.5 per cent of tender price.Details on payment of KD 300 from Kuwait Oil Company, Reception Office, Purchase Department, Ahmadi Industrial Area, Ahmadi.

  • KUWAIT

    CD extension. Tender no ME/EW/99/2006-2007. Carrying out annual maintenance works for communications systems at power and water distillation stations for the Energy Ministry (Electricity & Water).

  • Kuwait drops dollar peg

    Kuwait has ended months of speculation by dropping its currency's peg to the dollar and moving to a basket of currencies.The move is expected to cast more doubt over plans for the creation of a single GCC currency by 2010, and intensified expectations that other Gulf States will follow.Sheikh Salem Abdelaziz Al Sabah, governor of the Central Bank of Kuwait, says the decision is because of 'the detrimental effects of the pegging system to the national economy

  • Kuwait set to launch new financial services firms

    Kuwait's International Financial Advisors (IFA) is planning to establish a string of new financial services companies in Jordan, Lebanon and Thailand, as part of its new growth strategy. The group says it will look for strategic partners in its future ventures.The move follows the firm receiving initial approval in early May to launch a new subsidiary in Syria, IFA-MAG Financial Services, which it will set up through its Dubai-based subsidiary, IFA Securities. IFA already operates financ

  • Labour law: Gulf countries follow Dubai's lead

    In late 2006, it looked like the Gulf's construction boom had finally reached its peak. The Dubai market was approaching saturation and many people thought there was limited room for further growth.

  • Labour threatens to pull out of coalition

    Pressure increased on Israeli Prime Minister Ehud Olmert on 4 May as members of his coalition partner, the Labour party, threatened to withdraw from government in the wake of the Lebanon war inquiry.Labour party member Ofir Pines and a number of other leading party figures said Olmert must go, even if it means early elections. Labour is the largest partner in the coalition government led by Olmert and his Kadima party. 'We will make an effort to build a new

  • Lagoon Club requests prices for development

    Selected contractors have been invited to submit preliminary prices for the main construction contract on the Lagoon Club development in Abu Dhabi.The project involves the construction of a five-star hotel with 380 guest rooms and 80 serviced apartments, an office tower with a built-up area of 45,000 square metres, a 2,000-square-metre shopping mall, a three-level basement car park and a health club with a built-up area of 2,500 square metres.The project is due for completion in

  • Lahoud warns against international tribunal

    Lebanese President Lahoud has warned the UN against unilaterally establishing a tribunal for suspects in the assassination of former prime minister Rafik Hariri. In a letter to UN Secretary-General Ban Ki-moon, Lahoud said setting up the tribunal 'would imply a full bypass of the constitutional mechanisms in Lebanon.' He said that this would 'not only threaten Lebanon's stability but would also hamper the court's judicial capacities to hold an impartial trial.'

  • Larijani visits Iraq in build-up to conference

    Iran's chief negotiator Ali Larijani has visited Baghdad, as high-level international diplomacy continued ahead of a conference on Iraq, due to take place in Egypt.Larijani, the highest-ranking Iranian official to visit Iraq since the 2003 invasion, met Iraqi Prime Minister Nouri al-Maliki in Baghdad, and Grand Ayatollah Ali Sistani, the country's most senior Shia cleric, in Najaf.During his visit, Larijani denied Iranian involvement in the violence in Iraq,

  • Larsen to supply cables

    India's Larsen & Toubro has been awarded a AED 190 million ($52 million) contract to supply and install 33-kV power and fibre-optic cables for interconnections between 11 substations in eastern Abu Dhabi. The scope of works also involves the design and commissioning of the cables and associated civil works. The consultant is Germany's Lahmeyer International. The client is Abu Dhabi Water & Electricity Authority.

  • Lead arrangers for cracker project increase five-fold

    The group of five mandated lead arrangers participating in the financing of Saudi Kayan Petrochemical Company's ethylene cracker project is expected to expand to 25 when the transaction goes to market in the second half of 2007.Financial negotiations will begin with local and international banks to underwrite the $6,000 million debt package, once the initial public offering of shares in Saudi Kayan closes on 7 May.The existing mandated lead arrangers are Arab Banking Corporation

  • Lebanese refugee camp fighting resumes

    The Lebanese army and Islamist militants clashed again in the Nahr el-Bared Palestinian refugee camp on 24 May as Prime Minister Fouad Siniora vowed the government would not back down. 'We will put an end to the terrorist phenomenon without hesitation,' Siniora said. 'We will not surrender to the terrorists.' Many of the refugees have fled the camp. A number of militants also attempted to escape in inflatable boats, but were killed when a navy warship fired

  • LEBANON

    Tender no SPU-CS-02. Project no P034038. Provision of consultancy services for the development of a bus rapid transit system in the Beirut metropolitan area as part of an urban transport development project for the General Directorate for Land & Maritime Transport. Financed by the World Bank.

  • LEBANON

    Drilling and equipping of boreholes in some damaged areas. The project comprises the construction of various water supply works in the south that is under the jurisdiction of the South Lebanon OWater & Wastewater Establishment. The water supply works include: 1) supply, laying and testing of about 7,150 metres of new transmission pipelines, with sizes of DN 80-125 millimetres; 2) construction of a 300-cubic-metre and a 100-cubic-metre water reservoir; 3) supply, laying and testing of 3,100 me

  • LEBANON

    Expressions of interest. Tender no SPU-CS-02. Project no P034038. Provision of consultancy services for the development of a bus rapid transit system in the Beirut metropolitan area as part of the urban transport development project. Financed by the World Bank.

  • LEBANON

    Rehabilitation of the Berges du Fleuve Abou Ali - the riverbank - as part of the cultural heritage and urban development project. Financed by the World Bank and l'Agence Francaise de Developpement. Bid bond is $300,000.

  • Lebanon endures worst internal violence since civil war

    More than 50 people have died in fighting between the Lebanese military and the radical Palestinian group Fatah al-Islam.At least nine civilians died during the second day of fighting on 21 May in the port city of Tripoli, in northern Lebanon.The violence started a day earlier, on Sunday, after the Lebanese army entered the Palestinian refugee camp Nahr al-Bared in an attempt to arrest suspects in a bank robbery.Fatah al-Islam militants respon

  • Loan books boost banking profits

    Regional banks are developing riskier lending patterns in the wake of strong profit growth for the first quarter of 2007, say industry observers.While interest income is rising from their growing loan books, the banks have also suffered from the stockmarket crash, which has reduced brokerage income and arrangement fees from initial public offerings.The increasing importance of loans has raised concern among analysts that they are moving into riskier lending practices.Raj

  • Local utility firms unite to supply power

    Lebanese private utility companies announced on 10 May that they are considering creating a joint venture company to supply electricity to rural areas. A proposal to unite Electricite de Zahle (EDZ) and Societe d'Electricite de Jbeil is currently being examined by the two firms.State-owned Electricite du Liban (EdL) is the main supplier of electricity to the country but power outside the capital is strictly rationed. EdL currently costs the government up to

  • Local wins market bid

    Larsen & Toubro (Oman) has been awarded the $50 million contract to build a residential complex and market at Barr al-Jissah in Muscat. The project is next to the Shangri-la hotel and will be completed in 16 months. US-based Turner Construction International is the project manager. The UK's Atkins is the consultant. The client is a joint venture of the local Zubair Corporation and the Tourism Ministry.

  • Locals win Al-Ain bid

    A consortium led by the local Nael & bin Harmal Hydro Export Establishment has been awarded the AED 432 million ($118 million) contract for waste management services in Al-Ain. The seven-year contract entails the collection and transport of municipal waste. Al-Ain Municipality is the client.

  • Maaden awards plant deal

    An award is due to be made by the end of May for the long-awaited contract to build the ammonia plant at the multi-billion-dollar Ras al-Zour fertiliser complex, planned by Saudi Arabian Mining Company (Maaden).

  • Maaden evaluates mine bids

    Saudi Arabian Mining Company (Maaden) is considering bids for two key contracts at the Al-Jalamid phosphate mine.

  • Maaden joins Alcan for Ras Al-Zour project

    Saudi Arabian Mining Company (Maaden) and Canada's Alcan have signed a heads of agreement to form a joint venture to develop a worldscale integrated aluminium complex at Ras al-Zour on the Gulf coast.The estimated $7,000 million project will be one of the largest integrated mining schemes undertaken to date.Alcan will hold a 49 per cent stake in the project, providing alumina refinery and aluminium smelter technology, as well as marketing expertise. Maaden will hold the remainder

  • Maaden sets date for revised Ras al-Zour bids

    Saudi Arabian Mining Company (Maaden) has set a deadline of 14 May for revised technical and commercial bids for the estimated $700 million design and build marine works package on its new industrial zone at Ras al-Zour.Bids were originally submitted in March, but the contract was retendered after the scope was changed to include more dredging. The prospective bidders include China Harbour Engineering Company, Belgium's Dredging International with the local Huta Group, Royal Boskalis Wes

  • Majid al-Futtaim gets new CEO

    Dubai-based retail firm Majid al-Futtaim Group has appointed Anders Moberg as the company's new chief executive officer. Moberg takes over on 1 July from Francois de Montaudouin who will leave the company on 5 July.Moberg was most recently president and chief executive officer of Dutch-based Royal Ahold, the world's fourth largest food retailer. He previously spent almost four years as a division president international at US-based Home Depot and 13 years as

  • Majid issues mall tender

    Companies have been invited to bid by 7 June for a shopping centre planned by Majid al-Futtaim Shopping Malls in the Mirdif district of Dubai.

  • Manama to put government services online

    Manama has started adapting 28 government services so they can be made available over the internet, in the first phase of its new e-government strategy.

  • MARKET IN FOCUS: Dubai: International quest

    The Dubai Financial Market (DFM) will hold a roadshow in London at the end of May before taking it around the world to encourage foreign institutional investment in the bourse.It coincides with the introduction of new corporate governance guidelines by the Emirates Securities & Commodities Authority. The guidelines will open up local companies to foreign investment, says UAE Economy & Planning Minister Shaikha Lubna bint Khalid al-Qasimi.Non-UAE investors accounted for only about

  • MARKET IN FOCUS: KUWAIT: Waiting for change

    The Kuwait Stock Exchange (KSE) is one of the oldest in the region and lists shares of some of the most established GCC companies. But Kuwait has fallen behind in one important regional trend. Every other GCC government has separated the responsibility for supervising the market from the bourse itself. In Kuwait, the wait for a new capital market law that will do that continues.'The stock exchange needs reform,' says Faisal Hamad al-Ayyar, chief executive officer of Kuwait Projects Compa

  • MARKET IN FOCUS: SAUDI ARABIA: Going by the book

    The first initial public offering (IPO) of shares in the GCC sold on a book-building basis closed on 16 May. The offering of shares in Saudi Vitrified Pipes Company is a milestone in the development of the regional stock markets.

  • Masdar tender opens

    The local Abu Dhabi Future Energy Company has invited selected firms to prequalify for the contract to provide project management services for the Masdar development project. The 6-square-kilometre city will be located in Abu Dhabi and involve the construction of housing, commercial buildings, a university, civic buildings and a science museum. The pedestrianised development will be powered using renewable energy. The UK's Foster & Partners is the architect (MEED 8:5:07).

  • McDermott scoops $800m offshore Manifa contract

    Jebel-based J Ray McDermott has been awarded a $800 million engineering and procurement contract by Saudi Aramco to install offshore platforms on the 900,000-barrel-a-day (b/d) Manifa oil field development project.

  • Medgaz pipeline in price dispute

    Algiers and the Spanish buyers of gas from the planned $1,200 million Medgaz pipeline are locked in a price dispute that could threaten the future of the project, say industry sources.

  • Medoil faces staff in court

    Staff at Mediterranean Oil Services (Medoil) are taking the company's management to court in a dispute over redundancy payments. The move comes after a letter sent to Tripoli in April, which called for a fair settlement, failed to get a response.

  • Mergers soar

    Merger and acquisition (M&A) activity in the region is accelerating, driven by an increase in private equity investment and the collapse of GCC stock markets.

  • Midmac wins road work

    The local Midmac, in a joint venture with Turkey's Yuksel, has been awarded the QR 730 million ($200 million) contract to build the extension of the Ras Abu Aboud road. The two-year contract involves the construction of roads, bridges, tunnels and underpasses. The road will connect to the highway that leads to New Doha International Airport. Cansult Maunsell is the consultant. The project manager is Greece's Salfo Engineering. The client is the NDIA Steering Committee (MEED 30:3:07).

  • Minister predicts petrochemicals sector growth

    Petroleum & Mineral Resources Minister Ali Naimi has claimed that the production of petrochemicals in the kingdom will reach 100 million tonnes a year (t/y) by 2015.Naimi made the comments at the Arab Economic Forum in Beirut in early May. 'This would make it the third largest petrochemicals producer in the world,' he said.The bulk of the new capacity is expected to come from Saudi Basic Industries Corporation (Sabic). Sabic recently said it was aiming to increase its petrochemic

  • Ministries fail to tackle power plant fuel shortage

    A lack of co-ordination between the Iraqi oil and electricity ministries is preventing them from solving the problem of fuel shortages at the country's power plants, according to a senior US State Department official.

  • Ministry retenders Hartha power plant for third time

    The Electricity Ministry has retendered for the third time the engineering, procurement and construction contract to rehabilitate the Hartha power station in the south.

  • Moderate Tehran mayor re-elected

    The Tehran City Council on 9 May re-elected Mohammed Bagher Qalibaf as the capital's mayor, despite allegations of pressure to elect an alternative candidate.Four candidates had been running for the post, including Qalibaf and two allies of President Ahmadinejad. The final vote was between Qalibaf and Rasoul Khadem, both considered to be conservative moderates. Council members are said to have been subjected to pressure from the government not to elect Qalib

  • Monarch to raise capital through Dubai bourse listing

    Australia's Monarch Gold Mining Company will be the third gold company to list on the Dubai International Financial Exchange (DIFX), once the approval process is completed in the first half of June.

  • Morgan Stanley plans fund

    Morgan Stanley is considering launching its first sharia-compliant mutual fund as part of its expansion in the region. The investment bank is hiring up to 20 staff members in Doha, where it is setting up an office, and will have 40 staff members in Saudi Arabia, where it has bought a majority stake in local investment bank The Capital Group. It is also expanding its Dubai office and establishing a representative office in Cairo.

  • MOROCCO

    Tender no 26/DR4/2007. Supply, transport and setting up of electromechanical equipment for water intake stations in the Chefchouan province as part of the ninth drinking water supply and treatment project. Financed by the African Development Bank. Bid bond is MD 15,000.Details on payment of MD 500 from Office National de l'Eau Potable, Direction Regionale du Nord Ouest (DR4), 10 Rue Moussa Ibn Noussair, Kenitra, telephone (212) 373610/02/06/03, fax (212) 373605.

  • MoU signed for gas pipeline to Gaza

    A consortium led by the UK's BG Group and the Palestinian Investment Fund have signed a memorandum of understanding (MoU) for the construction of a pipeline from the Noah South extension - also known as the Border field - of the Gaza Marine offshore gas field. Tenders have been issued for on and offshore development work, which estimated to cost $100 million and is expected to be funded by the World Bank (MEED 30:11:01).

  • Mubadala takes on oil giants

    Abu Dhabi government-owned Mubadala Development Company is to launch an oil field services firm to compete against industry giants Schlumberger, Halliburton and Baker Hughes in the Middle East.

  • Muscat seeks Iranian gas as output falls

    Muscat is boosting its co-operation with Iran over gas resources, to make up for its declining oil production. Output fell by more than 6 per cent in the first quarter of the year alone.

  • Muscat to set up engineering and design office

    Petroleum Development Oman (PDO) is planning a shake-up of its engineering operations by employing an in-house front-end engineering and design (FEED) office for the first time .Under the terms of the initial five-year cost-plus contract, the successful design firm will assign up to 30 staff to PDO, working with existing staff and employees assigned from the UK/Dutch Shell Group.Projects will include gas compression, sweetening and dehydration units, water injections and disposal

  • Mushrif bids lowest on sewerage work proposal

    The local Mushrif General Trading & Contracting Company has emerged as the low bidder for the latest stage of the Kuwait Sewerage Improvement Project.The company submitted a bid of KD 17 million ($58 million) for the engineering, procurement and construction contract for phase nine of the project.The next lowest price of KD 17.2 million ($59.7 million) was offered by the local Combined Group. Green Line General Trading & Contracting, Burhan International Construction Company and

  • Mushrif wins system work

    State-owned Kuwait Oil Company has awarded a contract worth KD 3.2 million ($11 million) to the local Mushrif General Trading & Contracting Company to improve header emergency shutdown systems. The work will cover gathering centres three, four, six, seven, eight and 21. Mushrif was low bidder on the contract (MEED 2:2:07).

  • Muslim Brotherhood military trial overturned by court

    President Hosni Mubarak's decision that 40 Muslim Brotherhood members be tried in a military court has been overturned by the country's judicial authorities.The dissident group members, including senior figure Khayrat al-Shatir, are being detained under charges of belonging to a banned organisation, money-laundering and supporting terrorism.'The court has, thank God, accepted the appeal and decided to stop the President's decision,' said the group's lawyer A

  • Muslim Brotherhood military trial overturned by court

  • Muslim Brotherhood military trial overturned by court

  • Nakheel revamps selection process for contractors

    The local Nakheel has radically revamped the way it chooses contractors, in an effort to bring its projects in on time and on budget. The new Al-Burj tower will be one of the first projects to benefit.

  • National Bank enters UAE

    National Bank of Kuwait (NBK) will launch operations in the UAE when it opens its first branch in Dubai by the end of 2007. The bank received a licence in March. NBK is looking at acquiring banks across the region. 'Our strategy is to be present in all Arab countries,' says Ibrahim Dabdoub chief executive officer of NBK. 'We are not present in Syria, Egypt or elsewhere in North Africa.'

  • National oil firm invites technical bids for Nimr C

    Petroleum Development Oman (PDO) has invited international contractors to submit technical bids by 14 June for a full field water injection project at the Nimr C field in the south of the sultanate.The two-year project is part of efforts to increase Nimr C crude production by 2010.The programme involves drilling 89 production wells and 19 injection wells. To handle the extra water effluent produced, the engineering, procurement and construction contract centres on the separation

  • National Oil Survey: The age of the nationals

    National oil companies now control 80 per cent of the world's oil reserves, but are they equipped to cope with the global supply challenge? MEED conducts an exclusive survey to find out.

  • National Petroleum calls meeting on Al-Zour

    State refinery operator Kuwait National Petroleum Company (KNPC) has invited international contractors to attend a meeting on 9 May to outline its contracting strategy for the retender of the Al-Zour refinery.

  • National Petroleum reconsiders Al-Zour

    State refinery operator Kuwait National Petroleum Company (KNPC) is turning to innovative technology as an alternative to its planned Al-Zour refinery. Despite the company doubling the budget for its refinery in early May, the project could still prove uneconomical.

  • New refinery deals with north-south imbalance

    Soralchin, a joint venture of China National Petroleum Corporation (CNPC) and state energy company Sonatrach, has brought on stream a refinery at Sbaa, northeast of Adrar in the west of the country.The 600,000-tonne-a-year facility will reduce the cost of hydrocarbons supply in the south of the country by removing dependence on existing refining facilities at Arzew in the northwest.It will also act as a new production and commercialisation centre for unleade

  • Nine compete for Jubail marine works contract

    At least nine companies have submitted prequalification documents for the $300 million marine works contract at King Fahd Industrial Port at the Jubail refinery.The local/French joint venture of Saudi Aramco and Total expects tenders to be issued by the end of May, with a contract to be awarded in July.The dredging and reclamation project is expected to begin in May 2008 and be completed by December 2009.The scope of works covers reclamation of a 120-hectare area at the p

  • Norwegians win upgrade

    Norway's AnoxKaldnes has been awarded a contract to upgrade the capacity of a 37,500-cubic-metre-a-day (cm/d) sewage treatment plant (STP) in Sharjah to 53,000 cm/d. Under the contract, AnoxKaldnes will also operate the facility. The consultant is the UK's Halcrow Group and the client is Sharjah Municipality. The plant is part of Sharjah's phase 6 STP project (MEED 17:5:02).

  • Nurol takes bridges deal

    Turkey's Nurol has won a AED 223 million ($61 million) contract to build 13 bridges on Reem island in Abu Dhabi. The 21-month contract involves building bridges across 4 kilometres of artificial canals that will run through Shams Abu Dhabi. Local developer Sorouh Real Estate is the client (MEED 2:2:07).

  • Occidental asks for revised Idd al-Shargi bids

    International contractors have been asked to submit revised engineering, procurement and construction commercial bids to Occidental Petroleum for the extension of the accommodation platform at the offshore Idd al-Shargi north dome oil field.

  • Occidental pays $350m for Anadarko assets

    The US' Occidental Petroleum has boosted its position in Qatar after buying Anadarko Petroleum's assets in the state for $350 million.

  • Oger wins towers award

    The local Saudi Oger has been awarded a SR 494 million ($132 million) contract to build four residential towers at the $50,000 million King Abdullah Economic City development.

  • Oil and gas find announced

    Oil Minister Sheikh Ali al-Jarrah al-Sabah announced on 30 April, a significant oil and associated gas find in the north of the state. Initial tests showed a flow rate of more than 3,500 barrels a day of light crude and more than 10 million cubic feet a day of gas from the Al-Dhabi area, south of the Rawdhatain field. 'This is the sixth field to be discovered in northern Kuwait,' said Al-Jarrah. 'It will have a great positive impact on the country's energy s

  • oil and gas: Solving the energy crisis

    When Muscat announced late last year that it was to offer increased upstream opportunities to international oil companies (IOCs), it represented an acceptance that after years of battling declining oil production, the time had come for a change of approach.

  • Oil hits nine month high

    Oil prices hit a nine-month high coming close to $72-a-barrel after a critical report by the UN's nuclear monitors in Iran and strike threats in Nigeria.London Brent crude rose to $71.80 on 24 May, the highest level since 28 August 2006.The report by the UN's International Atomic Energy Agency raised the prospect of further tensions between Tehran and the US. The watchdog said Iran had expanded its nuclear programme and was still defying the b

  • Oil prices rise on Nigeria tension

    Crude oil prices veered down by almost $2 a barrel during the week to briefly dip under the $65-a-barrel mark before fresh attacks on Nigerian oil fields lifted the price back up above $66, ending a six-day losing streak.

  • OIL PRICES: Oil remains high as output questioned

    Crude oil prices stayed just over the $67-a-barrel mark during the week as traders switched attention from the foiled attack on Saudi Arabia's oil facilities to a disagreement over oil output between Opec and the International Energy Agency (IEA).

  • OIL PRICES: Traders warn Opec on output squeeze

    Traders warned the crude oil market was moving into an 'unstable equilibrium' as the International Energy Agency (IEA) raised concerns about the market's ability to meet an expected jump in demand for oil-based products.

  • OIL PRICES: US legislators hit out at Opec

    Brent crude rose above the $70-a-barrel mark, with ongoing violence in Nigeria, concerns over Iran and a US spat over the role of Opec triggered by high gasoline prices keeping sentiment and prices well underpinned.

  • OMAN

    Tender no 152/2007. Carrying out drainage improvement works at Seeb International Airport for the Oman Airport Management Company.Details, available until 30 May, on payment of RO 280 from Tender Board, PO Box 787, PC 133, Al-Khuwair, telephone (96824) 602073, fax (96824) 602063.

  • OMAN

    Tender no 124/2007. Provision of consultancy services for the redevelopment of the Intercontinental Hotel (project management).Details, available until 16 May, on payment of RO 473 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073/602556, fax (96824) 602063

  • OMAN

    Tender no 144/2007. Provision of consultancy services for the development of the Ras al-Hamra retreat and resort (quantity surveying).Details, available until 23 May, on payment of RO 750 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073/602556, fax (96824) 602063

  • OMAN

    Tender no 154/2007. Construction of a sewage network system in Rustaq town for the Regional Municipalities & Environment & Water Resources Ministry.Details, available until 30 May, on payment of RO 1,500 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073, fax (96824) 602063.

  • OMAN

    Tender no 142/2007. Provision of consultancy services for the development of the Ras al-Hamra retreat and resort (project manager).Details, available until 23 May, on payment of RO 750 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073/602556, fax (96824) 602063.

  • OMAN

    Tender no 153/2007. Implementation of a sewage collection and conveyance system at Seeb's Al-Mobllah gravity sewer networks for Oman Wastewater Services Company.Details, available until 30 May, on payment of RO 1,500 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073, fax (96824) 602063.

  • OMAN

    Tender no 127/2007. Provision of consultancy services for the redevelopment of the Intercontinental Hotel (environmental).Details, available until 16 May, on payment of RO 300 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073/602556, fax (96824) 602063

  • OMAN

    Tender no 155/2007. Construction of a 33-kV overhead line from the Wusad feeder to the Wadi Mahram feeder at Wilayat Sumail in the Dakhilya region for Mazoon Electricity Company.Details, available until 30 May, on payment of RO 150 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073, fax (96824) 602063.

  • OMAN

    Tender no 143/2007. Provision of consultancy services for the development of the Ras al-Hamra retreat and resort (civil, infrastructure and utilities engineering).Details, available until 23 May, on payment of R0 1,000 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073/602556, fax (96824) 602063

  • OMAN

    Tender no 125/2007. Provision of consultancy services for the redevelopment of the Intercontinental Hotel (quantity surveying).Details, available until 16 May, on payment of RO 300 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073/602556, fax (96824) 602063

  • OMAN

    Tender no 145/2007. Provision of consultancy services for the development of the Ras al-Hamra retreat and resort (environmental).Details, available until 23 May, on payment of RO 750 from Tender Board, PO Box 787, Al-Khuwair 133, telephone (96824) 602073/602556, fax (96824) 602063

  • Oman Air to be nationalised

    Oman Air will become a fully state-owned business at a meeting of company shareholders by the end of May. It is the final stage of the government's move in recent weeks to establish Oman Air as the state's sole national carrier.

  • Omran invites proposals for consultancy work

    The Oman Tourism Development Company (Omran) has invited firms to submit proposals by 4 June for various consultancy contracts on the Oman Convention & Exhibition Centre project in Muscat.

  • Opec concerned about biofuel threat

    Opec could rethink its investment plans if the increased use of biofuels lures customers away from oil, an official from the oil producer group.The European Union and other countries worldwide are looking to biofuels - made from plant and animal matter - as a means of increasing energy security, cutting greenhouse gas emissions and opening markets for farmers.'We have great concerns about this ... about policies which discriminate against oil,' Fuad Siala, a

  • Opic considers Sohar bids

    Oman Petrochemical Industries Company (Opic) is set to make a final investment decision by the end of May on its multi-billion-dollar Sohar olefins complex, following the submission of bids for most of the major civil engineering and process packages.

  • Oryx GTL prepares for Europe shipment

    Oryx GTL, the world's largest gas-to-liquids (GTL) plant, expects to begin shipments of diesel products to Europe by the end of April, four months later than originally planned.

  • p33- 36 - Construction SR intro - Following Dubai's lead

    In late 2006, it looked like the Gulf's construction boom had finally reached its peak. The Dubai market was approaching saturation and many people thought there was limited room for further growth.

  • P38-40 - Construction SR -Boom puts spotlight on safety

    Quote: 'If a labourer dies they can just get another one'

  • P40 Selected Construction Projects Box

    In March, the Tourism Ministry approved the $1,600 million Omagine development in Seeb. The project will involve the construction of a theme park, hotels, harbour, shopping centre and about 3,900 residential units. Athens-based Joannou & Paraskevaides (J&P - Overseas) is a 15 per cent investor in the project and will undertake the construction work.

  • p58-59 - Battle for Algiers

    High oil prices and rapid economic growth in the emerging economies of China and India are raising the temperature of the global construction sector to critical levels.

  • Palestinians urged to join Jordanian confederation

    Jordan should establish a confederation with the Palestinians as a step towards long-term stability in the Middle East, according to Benjamin Netanyahu, the leader of Israel's Likud party.Netanyahu says 'some kind of federation or confederation between Jordan and the Palestinians' would improve the prospects for peace in Gaza and the West Bank.Netanyahu also says that peace talks with the Palestinians should include Jordan and Egypt.One benefi

  • Palm Deira to be enlarged

    Local real estate developer Nakheel has radically changed the design of Palm Deira to increase the island's land area.

  • Palm to issue contracts

    The local Palm Water is to issue two operation and management contracts for a new sewage treatment project for the Jebel Ali Free Zone Authority utilities project. Companies have until 30 May to submit prequalification applications for the engineering, procurement and construction contract covering six wastewater plants. A list of prequalifiers will be confirmed by 14 June. Tenders are due to be issued in July, with an award by November. The consultant is Australia's GHD (MEED 13:4:07).

  • Pars invites eight to bid for offshore gas field project

    Pars Oil & Gas Company, a wholly-owned subsidiary of National Iranian Oil Company, has issued invitation to bid documents to at least eight companies for phases 23 and 24 of its giant South Pars gas field development project.

  • Partnership begins design work for Ghadames basin

    A new reservoir find in the Ghadames basin is thought to hold up to 2,000 million barrels of crude, according to sources close to the project. The first oil has been targeted for the second half of 2009.

  • Petrokemya offers cracker deal to Stone & Webster

    Stone & Webster, part of the US' Shaw Group, has received a letter of intent for a major contract to boost the capacity of a cracker unit at the Arabian Petrochemical Company (Petrokemya) complex in Jubail.Under the terms of the debottlenecking contract, which is being done on a cost-reimbursable basis, Stone & Webster will provide engineering, procurement and construction management services. The aim is to increase the cracker's current nameplate capacity of about 800,000 tonnes a year

  • Phase three of Marmul field development opens to bids

    Petroleum Development Oman (PDO) has invited bids for a major contract covering the third-phase development of the Marmul field in the south of the sultanate.

  • Ports authority invites further Shuwaikh bids

    Nine groups have been invited to bid by 7 August for the contract to deepen the main approach channel and basin at Shuwaikh port. It comes after the Kuwait Ports Authority received just one bid in January 2006.

  • Power firm plans plant

    The Oman Power & Water Procurement Company (PWP) is inviting expressions of interest by 11 June from international consultants for a new independent water and power project. PWP is seeking legal, financial and technical consultants. The scheme will have a 700-MW power plant and a 130,000-cubic-metre-a-day desalination plant. It is expected to start operating in 2011. PWP is considering two sites in the north. It will be the sultanate's fourth such project.

  • Precision to provide rigs

    Canada's Precision Drilling Corporation has won a contract, worth KD 16.6 million ($57 million), to supply two drilling rigs to Kuwait Oil Company. Under the contract, United will supply and operate the rigs for five years. The state oil company has also invited rig operators to submit bids by 26 June for a five-year contract to supply and operate two 3,000-hp drilling rigs.

  • Prequalification begins for Yadavaran field

    A new subsidiary of National Iranian Oil Company (NIOC) has invited contractors to prequalify for the first major contract on the Yadavaran oil field development. Arvandan Oil & Gas Company (AOGC) was set up in late 2006 to supervise the development of several oil fields including Yadavaran.

  • Prequalifiers set to bid for Burj Dubai tram

    Selected companies have been invited to bid by 17 June for a tram system serving the Burj Dubai development.

  • Prequalifiers to bid for fourth gas train

    State refinery operator Kuwait National Petroleum Company (KNPC) has issued to bid the long-awaited contract to build the fourth gas fractionation train at its Mina al-Ahmadi refinery.

  • Prequalifiers to bid for Meydan grandstand

    Prequalified companies have been invited to bid by the end of May for the construction of the 60,000-capacity grandstand at the Meydan racecourse in Nad al-Sheba.

  • Pressure mounts on Olmert to go

    Israeli cabinet minister Eitan Cabel resigned from the government on 1 May, increasing pressure on Prime Minister Ehud Olmert to step down after criticism from an inquiry into the war in Lebanon last year. 'I can no longer sit in a government headed by Ehud Olmert,' Cabel, a minister without portfolio from the Labour Party, told a news conference in Jerusalem. Cabel called on Olmert to resign after the Winograd commission investigating the war between Hezbol

  • Private sector set to take bigger role in infrastructure

    Public-private finance deals are likely to become increasingly important in the region, with the World Bank claiming that governments will have to spend up to $60,000 million a year to meet their infrastructure needs.'Countries need to spend 6-10 per cent of their GDP every year for the region to move forward,' says Moazzam Mekan, programme manager on advisory services at the International Finance Corporation (IFC), the investment arm of the World Bank. 'Some countries have the ability t

  • PROJECT FINANCE: Kingdom sets the pace

    Once the poor relative of the Gulf's booming project finance market, Saudi Arabia planted its flag last year with the $5,840 million Petro-Rabigh refining/petrochemicals deal backed by Saudi Aramco and Japan's Sumitomo Chemical Company.

  • Public access puts future of Lulu island in jeopardy

    Confusion surrounds the viability of the planned development of Lulu island, after Abu Dhabi Municipality's decision to open the island to the public.In March 2006, UAE President and Ruler of Abu Dhabi Sheikh Khalifa bin Zayed al-Nahyan approved a masterplan for the island, prepared by the local Sorouh Real Estate. The proposed scheme involves residential, health, commercial, recreational and cultural facilities.However, there are concerns that the decision to allow public access

  • QATAR

    Tender no GTC/07/141/ED. Supply, installation, commissioning and testing of an ethane rich gas (ERG) metering package at natural gas liquids plant 4 at Mesaieed. Bid bond is QR 200,000.Details on payment of QR 500 from Qatar Petroleum, Room 339, Contracts Department (Engineering), Third Floor, Al-Dana Towers, Opposite City Centre, West Bay, Doha.

  • QATAR

    Tender no GTC/07/137/IT. Supply and maintenance of a port management information system to handle the increasing volume of vessel traffic and expansion of port facilities in Mesaieed and Halul ports. Bid bond is QR 150,000.Details from Qatar Petroleum, Contracts Department, Room G-11, Fourth Floor, Block G, Royal Plaza, Al-Sadd Street, Doha.

  • Qatar Petroleum re-opens Block 14 bidding

    Qatar Petroleum has re-opened the bidding for its offshore Block 14 development, after a previous round in 2005 received little interest from international oil companies (IOCs).

  • Rabat examines uranium potential

    Australia's Toro Energy has signed an agreement with Rabat to analyse the kingdom's uranium potential with a view to eventually exporting any finds to Europe, according to the company.The memorandum of understanding grants Toro exclusive rights for the next six months to review the potential of 30 uranium permits, which had been identified during exploration by French and Russian companies in the 1970s and early 1980s at Haute Moulouya-Ment, Wafaga and Sirwa. It is the company's first ov

  • Rabat plans to revamp ancient Taourirt Kasbah

    Rabat is planning to modernise the 300-year-old Taourirt Kasbah in Ouarzazate in the south and convert it into luxury hotel accommodation.

  • Rabat to build $1bn resorts

    Rabat has unveiled plans for the construction of a Mediterranean tourist resort worth more than Eur 300 million ($408 million). At the same time, negotiations are being concluded for the development of a second resort in the south, worth an estimated Eur 450 million ($611 million).

  • Rabat's energy plans spark viability concerns

    Industry sources have expressed doubts about the Energy Ministry's plans to build a liquefied natural gas (LNG) receiving terminal to help diversify its energy supplies.Energy Minister Mohamed Boutaleb said in late April that plans were being devised to build a 3,000 million-cubic-metre-a-year (cm/y) terminal, in an estimated investment of $1,000 million.'I don't think it is a viable proposition,' says the country manager of a European oil and gas contractor. 'There is no gas di

  • Race begins for Iraq's oil

    Soon after the fall of Saddam Hussein's government in April 2003, David Regan, Middle East head of Anglo-Australian energy giant BHP Billiton, met with Australia's Foreign Affairs Minister Alexander Downer in London to discuss the company's unfinished business in Iraq.

  • Racecourse seeks bidders

    The Finance Ministry has invited companies to express interest by 17 June in the privatisation, redevelopment and operation of the national racecourse and equestrian facilities. The scheme also includes the development of 3.7 million square metres of land next to the centre in the Sakhir area, close to the Formula 1 racetrack and the University of Bahrain (see Tenders).

  • RAK Airways delays launch date

    RAK Airways has again postponed its commercial launch, this time indefinitely.No revised date has yet been put forward for the launch, which had been due in April. The Ras Al-Khaimah-based airline's recently-appointed chief executive, Kishu Teckchandani, has declined to confirm that commercial operations will even commence this year.Teckchandani says the company is still in negotiations with Iran and India over traffic rights in the two countries. RAK also h

  • Ras al-Zour power project attracts 23 bids

    The kingdom's fourth independent water and power project (IWPP) at Ras al-Zour on the Gulf coast has attracted 23 bids. In keeping with the timetable on previous IWPPs at Shouaiba and Shuqaiq, prequalification should take about a month.

  • Rasmala spins off asset management

    Dubai-based Rasmala Investments Holdings is hiving off its asset management business into a separate subsidiary. The investment-banking firm is partnering with Commercial Bank of Dubai (CBD) to establish an asset management company based in the Dubai International Financial Centre. It will take over Rasmala's fund and portfolio management activities. Rasmala will hold a 70 per cent stake in Rasmala CBD Asset Management, with CBD holding the rest. CBD will pr

  • regulation: Regional variations

    While some first-quarter results have shown significant increases in lending, the picture is not consistent across the GCC. While lending in the UAE is regarded as a largely unregulated affair, for example, Saudi Arabian banks face greater restrictions on their practices.

  • Regulator selects fixed-line operators

    The Saudi telecoms regulator has selected consortia from the US, Hong Kong and Bahrain to become the next fixed-line telecoms operators in the kingdom, from a list of 10 applicants.

  • Regulators to curb mobile roaming charges

    Telecoms regulators are starting a drive to cut mobile roaming charges for people travelling around the region.Bahrain's Telecommunications Regulatory Authority (TRA) has announced that curbing excessive international call charges will be the main target of regulators over the next 12 months.The TRA outlined the regulators' priorities at the annual meeting of the Arab Regulators Network (Argenet), which represents 20 regulators from around the Middle East.Alan Horne, gene

  • Restrictions on NBD sale

    The government has imposed a series of restrictions on the proposed sale of its majority stake in the National Bank for Development. The Central Bank of Egypt said a consortium led by Abu Dhabi Islamic Bank must increase the bank's paid-up capital by more than£E 2,000 million ($351 million) by 2008, protect employee rights and not request any financial support from the government. The consortium has yet to respond.

  • Retail bank seeks investment role

    The Commercial Bank of Kuwait (CBK) has applied to the Central Bank of Kuwait for an investment banking licence. It wants to diversify its activities as lending restrictions are tightened on retail banks.The central bank imposed a limit of 80 per cent loans-to -total deposits in 2004, and has since reduced the ratio by which banks can issue personal loans against salaries.'Retail banks are going to have a difficult time,' says one local banker. 'Some will take a hit in the second

  • RETAIL BANKING: Focus turns to retail business

    Arab National Bank (ANB) has good reason to be pleased with its characteristically conservative approach to business in 2006. What may have seemed like undue caution to its competitors has helped it become the only Saudi Arabian bank to report positive earnings growth for the first quarter of 2007.

  • Revenue from visitors passes $6bn a year

    Revenue from tourism has grown by 30 per cent over the course of 2006 to over $6,000 million, according to Tourism Minister Adil Douiri. The minister announced on 30 April that an additional 10,000 beds were added in 2006 and 20,000 new jobs created. The number of visitors to the kingdom was also up 12 per cent to 6.5 million in the past year, compared to 2005. The figure has now tripled in the last 10 years, said Douiri.As part of its plans to increase tour

  • Rice meets Syrian counterpart

    Washington held the first high-level talks with Damascus for more than two years on 3 May, at a fringe meeting during an international conference on Iraq at Sharm el-Sheikh in Egypt.US Secretary of State Condoleezza Rice met with Syrian Foreign Minister Walid Moualem. 'The meeting was frank and constructive. We discussed the situation in Iraq and how to achieve stability,' says Moualem. The meeting is a U-turn for US policy towards Damascus. W

  • Rising labour and raw material costs hit profits

    Contractors' profit margins are under pressure as labour and raw materials costs rise, driven by demand for higher quality.

  • Risky business

    The recent collapse of companies supplying credit to US homebuyers at the bottom of the income range, known as subprime lending, led to many voices declaring that such an outcome was inevitable. As house prices boomed, lenders had to come up with increasingly innovative ways to persuade the lowest earners to take on debt to buy property. When those borrowers started to default on loan repayments, it was the banks that suffered.

  • Riyadh awards fixed-line licences

    Three international consortiums have been awarded fixed-line telecoms licences by the regulator, the Communications & Information Technology Commission (CITC). The Council of Ministers is now expected to confirm the decision before the end of June.It is the only major licence auction in the world that lets the winners decide the type of technologies they will use.Thomas Kuruvilla, Middle East managing director of Arthur D Little, who advised the telecoms regulator, says: 'It is s

  • Riyadh to award study

    The Electricity & Water Ministry is set to make an award by early July for the contract to draw up a plan for reinforcement of the 11-kV distribution network across the kingdom, according to a senior ministry official. Bidders include the UK's Mott MacDonald, Ireland's ESBI International and Canada's SNC Lavalin. Prices were opened in late January (MEED 22:12:06).

  • Royal Jordanian orders fuel efficient aircraft

    Royal Jordanian has placed an order for two Boeing 787 Dreamliners. It is the first airline in the region to order the new commercial aircraft.

  • Russians pick up pipeline deals

    A Russian/local venture of Stroytransgaz and Aziz European Pipe Company has received a letter of award for the main construction packages on the Shuqaiq water transmission system.The work involves the construction of a 900-kilometre-long water conveyer, which will transport drinking water from the planned 47 million-gallon-a-day independent water and power project at Shuqaiq to Abha and Jizan in the south. The Stroytransgaz/Aziz group was the lowest bidder on all three packages, with an

  • Saddam's legacy: Unfulfilled potential

    Like its neighbour Iran, Iraq's energy sector has endured decades of unfulfilled promise despite abundant accumulations of oil.Iraq was devastated by two previous wars in 1980-88 and 1991 that, combined with the resulting international sanctions, led to chronic underinvestment in facilities and reconstruction.A major reorganisation of the oil sector in 1987 also failed to stimulate the industry when Iraq National Oil Company (INOC) was absorbed by the Oil Ministry and the three existing

  • SAUDI ARABIA

    Tender no 56/428. Construction of a complex in Ras Tanura in the Eastern Province.

  • SAUDI ARABIA

    Supply and installation of water meters at Taima.

  • SAUDI ARABIA

    Tender no 30721082/00. Supply and installation of a distillate fuel treatment system at the Arar power plant.Details on payment of SR 4,000 from Saudi Electricity Company, Reception Room 3-106W, Contracting Department, Eastern Operating Area, Dammam.

  • SAUDI ARABIA

    Contract no 137-C01. Carrying out site development works of the northern sector of stage two of Jubail industrial city, covering about 960 hectares of land, phase one. Works comprise earthworks, roads, stormwater drainage channels, a potable water distribution network, an industrial wastewater and sanitary wastewater collection network and a power distribution network. Also included is the installation of primary optical fibre telephone cables and all other associated works. A pre-bid meeting

  • SAUDI ARABIA

    Tender no Y/M/P/009. Replacement of all boiler pipes for Yanbu phase 2.

  • SAUDI ARABIA

    Tender no 57/428. Supply of a geographical information system.

  • SAUDI ARABIA

    Contract no 137-C02. Carrying out site development works of the northern sector of stage two of Jubail industrial city, covering about 960 hectares of land, phase two. Works comprise earthworks, roads, stormwater drainage channels, a potable water distribution network, an industrial wastewater and sanitary wastewater collection network and a power distribution network. Also included is the installation of primary optical fibre telephone cables and all other associated works. A pre-bid meeting

  • SAUDI ARABIA

    Tender no 71/28. Construction of 10 buildings for educational supervision offices.

  • SAUDI ARABIA

    Contract no 071-C13. Engineering, procurement and commissioning of two substations for stage two of Jubail industrial city. The project comprises provision of one 230/34.5-kV electrical substation including nine 3150A circuit breakers, 88 2,500-A circuit breakers and 76 motorised grounding switches, and one 115/34.5-kV electrical substation with nine 2,500-A circuit breakers, 64 1,600-A circuit breakers and 58 motorised grounding switches. The contract also includes the construction of 20 kilome

  • SAUDI ARABIA

    Tender no 14/428. Replacement of five chiller units for the King Faisal naval base in Jeddah.

  • Saudi Arabian investors turn to property

    The stock market collapse over the past 18 months has given a further boost to the already booming Saudi real estate market.

  • Saudi Arabian investors turn to property

    With record levels of liquidity and a severe housing shortage, it is hardly surprising that Saudi Arabia's property sector is booming. Real estate has always been a preferred destination for Saudi investors seeking a safe haven for their riyals.

  • Saudi Aramco plans 300 gas development wells

    Saudi Aramco has initiated a programme to drill more than 300 gas development wells as part of plans to add 50 trillion cubic feet (tcf) of gas to its reserves within the next ten years.The state run producer revealed the plans in its latest annual report. It currently holds 248.5 tcf of gas reserves, after it discovered three new gas fields in 2006 including Karan, its largest offshore field. Other discoveries during the past year include the Kassab field i

  • Saudi Electricity to cut 5,000 jobs

    Saudi Electricity Company plans to cut 5,000 jobs during the next six years as part of a cost-saving programme.Almost 1,000 staff will be offered early retirement this year, with the remainder expected to leave in the coming five years, in a downsizing programme that will cost the company more than $350 million, according to Reuters.Saudi Electricity, the largest utility in the Middle East, is notorious for its inefficiency and has had to be bailed out by th

  • Saudi faces cement glut

    Fears of a cement shortage are leading to a production boost in Saudi Arabia that could outstrip demand.

  • Saudi finds more gas

    Saudi Arabia has announced the discovery of two new gas-rich oil fields in the kingdom's Eastern Province.The Mabruk 1 field, located 30 kilometres southeast of Al-Ghawar, will produce 5,600 barrels per day (bpd) of heavy crude and 2 million cubic feet a day of gas, while the Durwazah 1 field, which lies 70 kilometres southeast of Al-Ghawar, will produce 5,569 barrels of light crude and 2.8 million cubic feet of gas per day.The Al-Ghawar

  • Saudi Kayan IPO oversubscribed

    The success of the initial public offering (IPO) of shares in Saudi Kayan Petrochemical Company has provided a boost to the country's stock market, with Finance Minister Ibrahim al-Assaf saying the offering will encourage future activity on the country's bourse.

  • Saudi to free 11,000 prisoners

    King Abdullah has announced that he will pardon 11,000 prisoners convicted of petty crimes, and pay the debts or blood money of any prisoners without sufficient funds of their own.The money will be paid to allow the prisoners to reintegrate into society and to encourage them to change their lives. Those released, however, will be exempt from any future amnesties if they return to jail.Major Genera Ali Al-Harithy, director general of prisons, said that prison

  • securities: Bourse stays on course

    Marking yet another point of difference between the sultanate and its neighbours, trading on the Muscat Securities Market (MSM) has been largely unaffected by the region-wide correction that plunged other GCC stock exchanges to new lows. The index is up more than 5 per cent since the start of the year and 14.5 per cent over the past 12 months. In contrast, Saudi Arabia's Tadawul All-Share Index has lost almost half of its value since April last year.Unlike the Tadawul and the Dubai Finan

  • Seeb wastewater tendering set to be extended

    Prequalified companies have until 21 May to submit bids for the contract to build an 82,000-cubic-metre-a-day sewage treatment plant at Seeb, north of Muscat. However, the deadline is likely to be extended to June following a request from prequalifiers.Eight groups are prequalified to build the plant, which is part of the $1,000 million Muscat wastewater scheme.The client, Oman Wastewater Services Company, has issued two further tenders covering the coastal area network vacuum sewer, and

  • Services firm to go ahead

    Kuwait's International Financial Advisors (IFA) has received preliminary approval to establish a financial services company in Syria. IFA-MAG Financial Services is a joint venture of IFA's investment subsidiary IFA Securities and Mowaffaq al-Qaddah Group, both based in Dubai. IFA will hold an 85 per cent stake in the company, which will offer brokerage and financial advisory services, and manage investment funds. It is expected to launch by the end of the year.

  • Sharjah boosts hotel capacity

    Two hotels are planned for the emirate of Sharjah. The two properties will offer a total of 500 rooms and will be built at Sharjah Expo Centre and Sharjah Airport.At the Expo Centre, the government will invest AED 150 million ($40 million) in a new four-star hotel as part of a plan to develop its trade exhibition centre. The 200-room hotel, which will open in 2009, will be operated by France's Accor under its Novotel brand.At Sharjah Airport, Sharjah-based carrier Air Arabia plan

  • Sharjah plans island airfield

    Sharjah is to develop the Sir Abu Nuair island, 65 kilometres off the northern coast and known for its beaches and natural beauty.The Department of Civil Aviation has been assigned to oversee the development of new airfield facilities by the Ruler of Sharjah Sheikh Sultan bin Mohamed al-Qasimi. The move should attract more visitors to the island.The first phase of the development will include the replacement of the existing airstrip with a modern runway and construction of an air

  • Sharjah plans water plant

    Sharjah Electricity & Water Authority (Sewa) is evaluating bids from international companies for the engineering, procurement and construction contract to build a desalination plant near the Hamriyah Free Zone. Bidders include the US' CH2M Hill, the UK's ACWA, Italy's Fisia Italimpianti and South Korea's Doosan Heavy Industries & Construction. The successful bidder will construct a 20 million-gallon-a-day plant using reverse osmosis technology.

  • sheikh Mohammed sets up $10bn education fund

    Shaikh Mohammed bin Rashid al-Maktoum, UAE Prime Minister and ruler of Dubai, has launched a foundation with a $10,000 million endowment to promote education in the Arab world.

  • Shell beats expectations

    Europe's biggest oil company, the UK/Dutch Shell Group, announced an unexpected increase in first quarter profits as strong petrol prices in the US, and a lower tax rate, offset a drop in oil and gas output.Net profits climbed to $7,280 million from $6,890 million for the previous year, on the back of strong gains in its chemical, gas and power units.However, profits fell at the company's main upstream exploration and production unit, as first quarter output

  • Shortlist of Jizan partnerships due within weeks

    A shortlist of international oil companies (IOCs) to partner local firms for the contract to build and operate an oil refinery in Jizan will be announced within the next three weeks.

  • Signature invites interest

    Selected companies have been invited to prequalify for the main construction package on the Signature Towers project at Dubai's Business Bay development. The project, formerly known as the Dancing Towers, involves the construction of three mixed-use towers with a shared podium. The development will also include a new stock exchange building for the Dubai Financial Market. The UK's Mace International is the project manager. UK-based Zaha Hadid is the architect. The local Dubai Properties is the c

  • Single currency takes a hit

    Kuwait’s decision to revalue its currency and drop the dollar peg on 20 March caught central bankers across the region by surprise. It also sent out a strong signal over the diminishing likelihood of a single GCC currency by 2010. But while Kuwait claims the policy change is designed to tackle inflation, by reducing the cost of imports, most observers say it is unlikely to keep prices down.

  • Siniora calls for Hariri tribunal

    Lebanese Prime Minister Fouad Siniora has written to UN Secretary General Ban Ki-moon, asking him to set up a tribunal to try suspects in the assassination of former prime minister Rafik Hariri. The Lebanese parliament has not approved the tribunal because Nabih Berri, parliamentary speaker and leader of the Shia Amal Party, has refused to convene a plenary session. Under Chapter 7 of the UN charter, the international organisation can decide to establish the tribunal unila

  • Sipchem sets June date for cracker tender

    Saudi International Petrochemical Company (Sipchem) has set a date of 4 June for the issue of the tender to build its mixed-feedstock cracker, the central element of its world-scale Jubail petrochemicals complex.

  • Six compete for wastewater work

    The Water & Electricity Ministry is evaluating proposals from up to six consortiums for the phase 2 consultancy and financial advisory role for Riyadh's wastewater privatisation programme.

  • Six Construct wins Al-Gurm villas contract

    The local/Belgian Six Construct Abu Dhabi has been awarded the estimated AED 600 million ($163 million) residential construction package for the Al-Gurm project on the western edge of Abu Dhabi island.

  • Six Construct wins Borouge marine contract

    The local/Belgian Six Construct Abu Dhabi has been awarded the estimated $54 million marine works package at the Abu Dhabi Polymers Company (Borouge) petrochemicals complex in Ruwais.The 21-month contract involves the construction of a 150-metre extension to the quay wall and 1.5 million cubic metres of dredging to widen and deepen the existing channel. The contract is part of the $1,850 million polyolefins package awarded to Italy's Tecnimont in April.Spain's TR is working on th

  • Sonelgaz selects power plant contractors

    Algerian state energy company Sonelgaz has opened commercial bids for the contracts to build three gas-fired power plants in the country.The bids were opened on 21 May. The plants will be built at Relizane, Batna and Larbaa. France's Alstom was selected for the engineering, procurement and construction contract for the 300 MW plant at Relizane, while Itlay's Ansaldo will construct the 280MW plant at Larbaa and the 260MW Batna plant (MEED 22:12:06).

  • Special Report: Labour Relations - Getting to work

    With its ambitious real estate projects, Dubai has spearheaded the construction boom that the rest of the Gulf now enjoys. And as the market matures, the emirates are also leading the way in labour relations.

  • State clamps down on media

    The government has issued media regulations prohibiting publishing articles or adverts on a range of political and social issues. The Information Ministry has co-ordinated the clampdown after a series of demands from other government departments. The Interior Ministry has declared newspapers and magazines will no longer be able to publish political slogans or images glorifying or supporting religious or political parties. The promotion of semi

  • Stopping the silent exodus

    As Iraq's neighbours and world powers gathered in the Egyptian resort of Sharm el-Shaikh on 3 May, they received a timely reminder from UN secretary-general Ban Ki-moon of the spiralling humanitarian crises facing the war-torn country.

  • SUDAN

    Expressions of interest. Tender no MDTF056051/GOSS/05/02/2007. Project no P095081. Provision of consultancy services comprising feasibility studies, detailed engineering design, preparation of tender documents and works contract procurement for the Nadapal-Juba road over about 400 kilometres on the southeastern border with Kenya as part of the emergency transport and infrastructure development project. Financed by the World Bank.

  • Sudan accused of indiscriminate attacks

    The head of the UN's human rights organisation has claimed that Sudanese air attacks on villages in the western region of Darfur in late April appeared to be 'indiscriminate and disproportionate'.The attacks, which have been denied by Khartoum, are alleged to have taken place against at least five villages near El-Fasher in the north of Darfur between 19-29 April.Louise Arbour, UN High Commissioner for Human Rights, said that the attacks breached internation

  • Sukuk roadshow nears end

    International Investment Group (IIG) is near the end of its global roadshow for a£150 million ($300 million) sukuk that will be convertible into shares in the Islamic finance firm.

  • SYRIA

    Tender no 12/2007. Supply of spare parts for AD33C type locomotives.Details from General Establishment of Syrian Railways, PO Box 182, Aleppo, telephone (96311) 2213900, fax (96311) 2251002, email cfspc@mail.sy.

  • Syria jails opposition activists

    Prominent Syrian opposition activists Michel Kilo and Mahmoud Issa were sentenced to three years in prison on 13 May, the latest dissidents to be jailed in a crackdown condemned by the US.The two men were convicted of spreading false information, encouraging sectarian strife and weakening national sentiment, a Syrian rights group says.'It is a political decision,' says the National Organisation for Human Rights in Syria. 'The charges against Kilo and his fri

  • Syrian court sentences dissident to 12 years

    A Syrian dissident has been sentenced to 12 years in prison after he was convicted of contacting a foreign country to encourage it to attack Syria. Kamal Labwani, founder of the opposition Democratic Liberal Gathering, was arrested in 2005 after returning to Damascus from Washington. Washington has called on Damascus to free Labwani who has been jailed by Syrian authorities in the past. The verdict follows the imprisonment of human rights lawy

  • System holds Algiers back

    High oil prices and rapid economic growth in the emerging economies of China and India are raising the temperature of the global construction sector to critical levels. Increasing demand and limited resources mean companies are selective about projects and the market has become heavily skewed in favour of contractors.

  • Systra starts metro work

    The Governorate of Damascus and the Municipalities Ministry have awarded the consultancy contract for the capital's first metro line to France's Systra and Khatib & Alami of Lebanon.

  • Takreer draws up shortlist to manage refinery expansion

    Abu Dhabi Oil Refining Company (Takreer) has started the process of selecting a project manager for its Ruwais refinery expansion project.The expansion, which will also have a petrochemicals component, will have capacity to process 400,000 barrels a day (b/d) of crude. Its product slate will include butane, naphtha, jet fuel diesel, propane, paraxylene and benzene.Among the units to be installed under the expansion are a crude distillation unit, a residue fluid catalytic cracker

  • Takreer launches Ruwais refinery design process

    Expressions of interest were due to have been submitted by 17 May for two front-end engineering and design (FEED) contracts on the grassroots expansion of the Ruwais refinery, planned by Abu Dhabi Oil Refining Company (Takreer) The expansion will be built beside Takreer's existing refinery complex at Ruwais, which has condensate and crude processing capacity of 420,000 barrels a day (b/d).

  • Talks to start on Western Sahara

    The long-running dispute between Morocco and the Polisario Front over the future of Western Sahara took a tentative step towards resolution on 1 May when they agreed to begin unconditional negotiations.Rabat and the Laayoune-based Polisario, which demands independence for what it calls the Saharawi Arab Democratic Republic, agreed to a UN Security Council measure calling for talks between the two parties.The agreement also extended for six months the UN Miss

  • Tameer awards contracts

    Sharjah-based Tameer Holding has awarded two contracts totalling more than AED 500 million ($136 million). At Dubai Silicon Oasis, the local United Engineering Construction has been awarded the AED 300 million ($82 million) contract to build Palace Towers. At Business Bay, Saudi-based Al-Arrab General Contracting has been awarded the AED 211 million ($57 million) contract to build the 32-storey Regal Tower 1.

  • Tangier plans port extension

    The Tangier Mediterranean Special Agency (TMSA) has unveiled plans to more than double the capacity of the Tangier Mediterranean port, one of the largest in the Mediterranean.

  • Technical glitches hit Sasol output

    South Africa's Sasol has unsettled the gas-to-liquids (GTL) market by admitting its Oryx GTL venture in Qatar is only operating at a third of its 34,000-barrel-a-day (b/d) capacity, because of technical problems.

  • Technip appoints new management

    France's Technip has appointed Thierry Pilenko as chairman and chief executive officer. He succeeds Daniel Valot, who is retiring. Guy Arlette has become president of operations, replacing Daniel Burlin who is also retiring.Pilenko joined Technip in January this year as deputy general manager. He moved from UK-based oil services company Veritas, where he had been chairman and chief executive officer since March 2004. Before that he had worked for Paris-based

  • Tecom and Dubai join up

    Tecom Investments and Dubai Properties, members of Dubai Holding, have set up a joint venture to develop properties in the free zone clusters of Dubai. The investment and property firms will focus on Dubai Internet City, Dubai Media City, International Media Production Zone and Dubai International Academic City. The first undertaking will be a commercial, residential and recreational project with a built-up area of 500,000 square metres.

  • Tehran imposes fuel rations

    Iran is set to introduce petrol rationing in June, leading to fears of higher inflation. The move has been delayed by months of disagreement between the government of President Ahmadinejad and the Majlis (parliament).

  • Tehran orders banks to cut interest rates

    President Mahmoud Ahmadinejad has ordered banks to cut interest rates to 12 per cent, in a move he claims will cut inflation. The current rate of inflation is estimated to be anywhere between 15 and 24 per cent.The move is thought to be designed to offer cheap loans to those on low incomes. However, economists say that setting interest rates below inflation will lead to investors withdrawing their savings. This could in turn spark a flight of capital from the country and l

  • Tehran urges stronger links with Muscat

    Iranian President Mahmoud Ahmadinejad has called for deeper economic links between Tehran and Muscat, during a two-day state visit to Oman. Ahmadinejad cites transport, industry and energy as potential areas of greater co-operation between the two countries. 'There are plenty of opportunities for joint economic co-operation in the region and we should try to use them,' he says.The sultanate is the second Gulf state the Iranian leader has visit

  • Tenders due for Al-Barsha

    Tenders are expected to be issued soon for a new tower development in the Al-Barsha area alongside Sheikh Zayed road. The 45-storey hotel building has been designed to resemble a sailing ship and will be alongside Al-Sufouh interchange, which is under construction, between Mall of the Emirates and interchange 4.5. The consultant is Lebanon's Khatib & Alami. New Zealand's Beca is the project manager. The local Al-Ali Property Investments is the client.

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    This is a second test story - Please ignore. This is a second est story - Please ignore. This is a second test story - Please ignore.

  • Total trims production target

    Total, the world's fourth largest oil group by market value, has cut its full-year production target after announcing first-quarter profits affected by lower oil prices and a weaker dollar.The oil firm said it made an adjusted net profit of Eur 2,992 million ($4,064 million), down from Eur 3,376 billion ($4,587 million) in the first three months of 2006.The group says its oil and gas output should grow by less than 6 percent in 2007 because of lower than exp

  • TUNISIA

    Tender no 08/7220 BIRD/2005. Project no P082999. Supply of technical teaching materials as part of an education system quality improvement project. Financed by the World Bank.Details on payment of TD 150 from Ministere de l'Education et de la Formation, Direction Generale des Services Communs, Direction des Batiments et de l'Equipement, Boulevard Bab B'net, Tunis 1030, telephone (21671) 567451, fax (21671) 569735/569307, email Mohamed.Tonn@Minedu.Edunet.Tn.

  • TUNISIA

    Expressions of interest (no 09/06). Project no P078131. Provision of assistance for an industrial sector energy efficiency project.

  • TUNISIA

    Project no P064836. Carrying out an audit of Societe Nationale d'Exploitation et Distribution des Eaux (Sonede) as part of an urban water supply project. Financed by the World Bank.Details from Sonede, Abderrahman Lahiani, Direction Centrale, 23 Rue Jawaher Lel Nehru, Montfleury CP 1008, Tunis, telephone (21671) 391619, fax (21671) 392000, email a.lahiani@sonede.com.tn; or from Bureau d'Ordre Central, Avenue Slimene Ben Slimene el-Manar II, Tunis 2092.

  • Two bid for Dubai tower

    Local real estate developer Emaar Properties has received bids from at least two contractors for an office tower in Dubai Marina. The bidders include the local Alec and the local/Lebanese Arabian Construction Company. Alec is working on the estimated AED 1,420 million ($385 million) shopping mall on the adjacent site (MEED 24:3:06).

  • UAE

    Tender no CE/206/2007. Carrying out shoring, excavation and dewatering works for the construction of an office building at Aweer in Dubai. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CW/380/2003. Construction of a 60 million-gallon water storage reservoir in Jebel Ali and a 5 million-gallon water storage reservoir in Lussaily village, and carrying out associated works. Bid bond is 5 per cent of tender price.Details on payment of AED 5,000 from Dubai Electricity & Water Authority, Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai, telephone (9714) 3244444, fax (9714) 3248111, email contracts@dewa.gov.ae, website www.dewa.gov.ae.

  • UAE

    Tender no CE/064/2007. Supply of a 33-kV power transformer. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CE/148/2007. Supply and retrofitting of a breaker fail protection system at various 132-kV and 400-kV substations. Bid bond is 5 per cent of tender price.

  • UAE cements closer links with South Korea

    The UAE and South Korea signed a number of economic agreements on 23 May, cementing the growing trade ties between the two.

  • UAE plans first green city

    At the mouth of the Yangtse River and on an area three-quarters the size of Manhattan, the Shanghai Industrial Investment Corporation is planning one of the world's first carbon-neutral cities.

  • UAE to release arrested Iranians

    The UAE is to release the Iranians it seized in the Gulf on 1 May, ahead of an official visit to the federation by Iranian President Mahmoud Ahmadinejad.A statement issued by the official Emirates News Agency said: 'On the occasion of the visit of the Iranian President, Mahmoud Ahmadinejad, the United Arab Emirates said yesterday it had decided to release the 12 Iranian sailors who had been arrested in UAE's territorial waters.'A source at Iran's foreign min

  • Uhde to build Damietta fertiliser plant

    Germany's Uhde will begin work on 15 May to develop an estimated $1,200 million fertiliser plant in Damietta on the Mediterranean coast for Agrium Egypt for Nitrogenic Products (EAgrium).The world-scale plant, which will be designed and built by Uhde, calls for two ammonia and urea trains with combined capacity of 1.3 million tonnes a year (t/y) of urea and 100,000 t/y of ammonia.The first train on the lump-sum, turnkey project is due for completion in the first half of 2010, wit

  • UK firm to run Gateway

    The UK's Davis Langdon Schumann Smith is to provide project management services for the design of the Gateway City in Ras al-Khaimah. The 300,000-square-metre complex on the Umm al-Qaiwain border comprises a conference centre, a shopping centre and hotels. The Office for Metropolitan Architecture (OMA) of the Netherlands and Norway's Snohetta are the architects. The local Rakeen Development is the client.

  • Unanimous vote for Asad

    Syria's Parliament unanimously nominated President Bashar Asad on 11 May for a second term and set 27 May as the referendum date, which Syrian dissidents condemn as undemocratic.'The Council of the People approves the Arab Socialist Baath Party nomination of comrade-in-arms Bashar Asad for a second constitutional term and submits the decision to the citizens to vote on,' said speaker Mahmoud al-Abrash.The referendum is another step that virtually guarantees

  • Unicorn plans fund for bank purchases

    Unicorn Investment Bank of Bahrain is planning to raise a $1,000 million fund to buy a number of retail banks in the region.

  • UNIFIL: Keeping the peace

    The citizens of Ghajar, a village high in the mountains on the disputed border between Syria, Lebanon and Israel, live a complicated existence. These days the village is split in two by the blue line - the UN demarcation between Lebanon and Israel - but residents on both sides have Israeli citizenship, work in Israel and send their children to school there. Ghajar highlights a few of the difficulties facing UN troops in the area, and its residents will be on the frontline of any future confli

  • United Gulf plans expansion

    United Gulf Bank (UGB) is to establish a real estate company in Syria in 2008 and is looking to launch investment firms there and in Jordan.It is the latest expansion by the bank, which is also setting up investment arms in Tunisia and Abu Dhabi.UGB estimates profits for 2007 will reach $195 million, almost double its 2006 profits of $101 million. In the first quarter of 2007, profits soared to $115 million, of which $88 million came from the sale of its stake in the local United

  • Universal plans Dubailand

    Universal Studios, based in US, plans to develop a $2,200 million theme park at Dubailand. The 600,000-square-metre park will be managed by Universal Parks & Resorts, which operates similar theme parks in Hollywood, Florida and Japan.

  • US academic arrested in Tehran

    The Washington-based Woodrow Wilson International Centre said on 9 May that the director of its Middle East programme was arrested following a meeting with officials at the Intelligence Ministry in Tehran.Haleh Esfandiari was arrested on 8 May and taken to the Evin prison, according to a statement issued by the centre. The statement also said she needed medical attention but did not say why. US State Department spokesman Sean McCormack condemned the arrest a

  • US and Iran avoid high-level talks

    US Secretary of State Condoleezza Rice and Iranian Foreign Minister Manouchehr Mottaki avoided meeting at a conference on the future of Iraq, after Mottaki left a dinner where he was due to sit opposite Rice.Mottaki claimed he boycotted the dinner at the Sharm el-Sheikh conference in Egypt because a female violinist was wearing a revealing dress.The prospects of formal talks between the two countries were further dampened by Mottaki saying the US should take

  • US firm wins Umm Shaif work

    Stone & Webster, part of the US' Shaw Group, has won the project management services contract covering the Umm Shaif gas injection facilities project in Abu Dhabi emirate.

  • US holds exercises in Straits of Hormuz

    US warships started drills on 23 May off the coast of Iran in a show of strength that has been unsettling global oil markets. It is the largest assembly of US warships in the Gulf since the Iraq war in 2003.The fleet of nine ships travelling through the Straits of Hormuz includes two aircraft carriers. Oil prices rose towards $70 a barrel as the ships entered the straits. Some 40 per cent of globally traded oil passes through the Straits of Ho

  • US House approves bill to sue Opec

    The US House of Representatives has voted to allow the Government to sue Opec over price manipulation, prompted by spiralling petrol prices.The White House immediately objected, however, saying the move might disrupt supplies and lead to even higher costs for consumers.'We don't have to stand by and watch Opec dictate the price of gas,' says Judiciary Committee chairman John Conyers, chief sponsor of the bill.It was passed by 345 votes in favo

  • US military aid arrives in Lebanon

    Planes carrying military aid from the US and Arab countries arrived at Beirut airport on 25 May, as Lebanon deployed more troops to the Nahr el-Bared refugee camp where the army has been battling Islamist militants. At least 33 soldiers and 25 militants have been killed in the fighting. Lebanese Defence Minister Elias al-Murr said the government was open to negotiations, but would not hesitate to send the army into the camp if necessary. 'What is required is the handing ov

  • US scholar held over alleged security crimes

    A US-Iranian academic who was arrested after a meeting with officials at the Intelligence Ministry in Tehran is being investigated for suspected security crimes, according to officials.Haleh Esfandiari was arrested on 8 May and taken to the Evin prison, according to a statement issued by the Washington-based Woodrow Wilson International Centre where she works.'[Ms Esfandiari] is right now under the authority of the intelligence ministry,' Iran judiciary spok

  • Wade Adams bids low for Dubai bypass

    Dubai's Roads & Transport Authority has received bids from five companies for the latest stage of the Dubai bypass road project.

  • White House draws up new Israeli-Palestinian roadmap

    The Bush administration on 2 May has drawn up an eight-month timetable setting dates for when Israeli and Palestinian leaders would complete steps meant to boost the prospects for peace.The US timeline includes dates for when Tel Aviv should let Palestinian bus and truck convoys travel between the Gaza Strip and the occupied West Bank, a demand that has raised some Israeli objections.Washington, at the same time, has set dates for when Palestinian President

  • World Bank reviews West Bank

    Palestinians are barred from up to half of the West Bank, according to a new World Bank report, increasing economic problems.

  • Yahsat selects consortium for satellite launch

    Al Yah Satellite Communications (Yahsat) has selected a consortium of EADS Astrium, Thales and Alenia Space to build a satellite communications system for GCC countries.Yahsat will invest more than AED 5bn in the contract. Yahsat, which is wholly owned by Abu Dhabi's Mubadala Development Company, plans to deliver broadcasting services, corporate data networks and internet services through the system.Governments and companies in the region are expected to use

  • YEMEN

    Tender no GBED/ICB 01-04/07. Project no P076185. Supply, delivery and installation of the following teaching materials for schools as part of a basic education development project: 1) biology demonstration kits; 2) chemistry demonstration kits; 3) chemistry materials; and 4) physics demonstration kits. Financed by the International Development Association. Bid bond is 2.5 per cent of tender price.

  • YEMEN

    Expressions of interest. Project no P085231. Provision of capacity building, institutional strengthening and staff training as part of the second rural access project, phase 2. Financed by the International Development Association.Details from Public Works & Highways Ministry, Rural Access Programme Central Management Office, Sanaa, Al-Steen Street, West of Sanaa Expo Centre, PO Box 16472, Sanaa, telephone (96701) 448109/448104/449422, fax (96701) 448106, email rapcmu@y.net.ye

  • YEMEN

    General procurement notice. Project no P085231. Carrying out works, supply of goods and provision of consultancy services for the rural access programme, phase 2 project comprising the construction and improvement of rural roads and improvement of road maintenance. The main components of the project yet to be procured are: components 1 and 2: a) consultancy services for feasibility and design of rural roads sub-projects; b) consultancy services for training in road feasibility study and design,

  • YEMEN

    Expressions of interest. Project no P085231. Provision of capacity building, institutional strengthening and staff training as part of the second rural access project, phase 2. Financed by the International Development Association.

  • Zabeel enters joint venture to deliver project portfolio

    Local developer Zabeel Investments has established a joint venture contracting company and taken a strategic stake in a manufacturing company to help it deliver its growing portfolio of projects.

  • Zadco invites prequalification for crude project

    Zakum Development Company (Zadco) has issued the prequalification notice for the contract to provide project management services on its offshore crude increment project.

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