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MEED
May 2010 Online Content

View all stories from this issue.

  • $166m Oman road contracts awarded

    Three contracts totalling OR64.1m ($166m) have been awarded by Oman's transport and communication ministry for construction works on the Nizwa to Thumrait road, Meed has reported.

  • 13% of GCC hotel projects on hold

    While promising signs are emerging in the hotel development market in the GCC, the fallout from the downturn is still having an impact over the sector, according to John Podaras, Director of TRI Hospitality Consulting. Citing data from companies that operate hotels in the region, Podaras told delegates at the Arabian Hotel Investment Conference today that 13% of all hotel projects in the GCC are on hold, while 6% have been cancelled.

  • Aabar gets approval on $2bn convertible bond sale

    Abu Dhabi-based Aabar Investments has announced it has obtained shareholders approval for a $2bn convertible bonds sale to International Petroleum Investment Co (IPIC), Reuters has reported. The convertible bonds will be issued at the conversion price of 2.5 dirhams per share, the firm said in a statement. IPIC, wholly-owned by the government of Abu Dhabi, is the majority shareholder in Abu Dhabi-listed Aabar.

  • Aabar in $800m loan agreement

    UAE-based Aabar Investments said it has entered into an $800m loan agreement with local and international lenders. International Petroleum Investment Co, wholly-owned by the government of Abu Dhabi, is the majority shareholder in Abu Dhabi-listed Aabar, which has stakes in Daimler and Virgin Galactic. The club loan is for three years and will be used for general and corporate purposes, Aabar said in a statement.

  • Aabar Investments to sell $410m of bonds

    Aabar Investments has agreed to sell Dhs1.5bn ($410m) of convertible bonds to International Petroleum Investment Co (IPIC), Bloomberg has reported. The bonds will be issued at a conversion price of Dhs2.5, Aabar said.

  • Aabar posts $430m Q1 profit

    Abu Dhabi-based Aabar Investments, the largest shareholder in Daimler AG, has posted a first-quarter profit of $430m on derivatives and foreign exchange gains, Bloomberg has reported. Khadem Al Qubaisi, Aabar's chairman said that Q1 results were due to 'an increase in the value of Aabar's existing investments'.

  • ABB unit wins $166m pipeline deal in Kuwait

    A unit of Swiss engineering group ABB has been awarded a KD48.35m ($166.36m) pipeline contract by state-run Kuwait Oil Co (KOC), Reuters has reported. The 123-km pipeline is part of plans to boost production from Kuwait's northern oilfields, KOC said.

  • Abu Dhabi air traffic up 10%

    Abu Dhabi Airports Co (ADAC) has said Abu Dhabi International Airport is still experiencing double-digit growth in traffic. The airport recorded a passenger traffic increase of 10.1%, up to 866,475, in the month of April. Aircraft movement during the same month saw an increase of 11.1%, compared to the same month in 2009, while cargo movement increased substantially with tonnage handled rising by 21.3% over the same month in 2009.

  • Abu Dhabi airport traffic up 10 per cent

    Total volume of cargo handled at the airport also increased 21.3 per cent

  • Abu Dhabi appoints new chairman for Union Railways

    The first phase of the railway will be 270-kilometres in length

  • Abu Dhabi Aviation inks deal with Saudi Red Crescent Authority

    Abu Dhabi Aviation has said it has signed a Dhs80m agreement with the Saudi Red Crescent Authority under which ADA will provide six fully crewed air ambulances for Saudi Arabia's humanitarian organisation. These will include four Bell 412 and two AW 139 helicopters, which will be stationed in Jeddah and Riyadh.

  • Abu Dhabi close to finalising rolling mill partner

    Decision regarding joint venture partner for $1.5bn aluminium rolling are ongoing

  • Abu Dhabi extends stadium tender closing date

    The 65,000-seater stadium will be built at Capital City District

  • Abu Dhabi finalises new building code

    A new draft law for a new building code that is projected to save at least 40% of building costs for the UAE capital has been finalised by the Abu Dhabi Department of Municipal Affairs, Emirates Business has reported. The new code, which is largely compatible with the American building code, is expected to be enforced on new buildings before the end of the year, executive director for Municipal Affairs Support Sector, Dr Abdullah Ghareeb Al Baloush, told the daily.

  • Abu Dhabi hotel guest figures rise 12%

    Abu Dhabi Tourism Authority (ADTA) has revealed the number of hotel guests staying in the emirate rose by 12% last month, compared to April 2009. A total of 167,635 guests stayed in the emirate's 110 licensed hotels and hotel apartments accounting for 425,575 guest nights last month. The April results bring Abu Dhabi's hotel guest 2010 tally to date to 622,731 guests, 16% up on the first four months of last year and over 1.68 million guest nights, a 10% year-on-year increase.

  • Abu Dhabi hydrogen power plant faces further delays

    Tender documents for $2bn power scheme have been ready since January

  • Abu Dhabi Islamic Bank to open branches in Iraq

    Abu Dhabi Islamic Bank (ADIB) has unveiled plans to open a branch in Baghdad next month, becoming the first UAE bank to establish a presence in Iraq, The National has reported. The new branch will be followed by other branches across the country, the lender said. "The next branches we're looking for is Basra, Erbil, Najaf, Karbala, and eventually Mosul," Hussain Qaragholi, a senior vice president at ADIB said at an Iraqi Business Council conference in Abu Dhabi.

  • Abu Dhabi National Hotels profit up 13%

    Abu Dhabi National Hotels (ADNH) has posted Dhs170m in Q1 net profit, posting an increase of 13% over the corresponding period last year, Khaleej Times has reported. The hotel division recorded a net profit of Dhs75.7m, while profit post by the catering operations division rose 54% to Dhs27m over the previous corresponding period, the firm said.

  • Abu Dhabi plans to extend offshore oil concession

    Japan-owned Abu Dhabi Oil Company extending offshore oil concession to 2042

  • Abu Dhabi ponders new port company

    A new port company may be formed by Abu Dhabi Ports Co (ADPC) to operate Khalifa Port at Taweelah, Meed has reported. The proposed operator will manage Abu Dhabi's ports, including Khalifa Port and could be called Emirates Ports Company, according to sources working at the port. Dubai's DP World is due to operate Khalifa port as part of a deal signed with ADPC in 2007.

  • Abu Dhabi Royal Jet five year flight path

    John Morgan, Vice President Commercial, Royal Jet talks to Phil Blizzard about the development plans for the Abu Dhabi executive jet operator, their flight path for the next five years, along with the importance of establishing a base in Saudi Arabia, and their brand philosphy behind 'Your Flight'.

  • Abu Dhabi's Aabar Investments enters $800m loan agreement

    Loan to be used for general corporate purposes

  • Abu Dhabi's Aabar profit surges on derivatives

    Company restates 2009 profit

  • Abu Dhabi's Taqa refinances $1.3bn credit facility

    State-owned firm gets funding from Canadian banks

  • Accor Hospitality targets Saudi Arabia and Syria

    France-based Accor Hospitality has said it wants 22 more hotels in Saudi Arabia and Syria, Reuters has reported. "Saudi might be the most attractive county for development in the Middle East as there's still room for growth for all brands, particularly budget," Christian Karaoglanian, chief development officer of Accor Hospitality told the news service. "Potentially, we feel there's room for a dozen of properties in the next two-to-three years," he added.

  • Action Hotels seeks larger slice of budget market

    With three hotels under construction and seven in the pipeline, Kuwait-based Action Hotels aims to be the largest budget hotel chain in the Middle East, said the company's chairman, Sheikh Mubarak Abdulla Al Mubarak Al Sabah. Speaking to delegates today at the Arabian Hotel Investment Conference in Dubai, Al Sabah said the company is seeking to take advantage of the lack of affordable accomodation in the Middle East, especially in gateway cities in the region. Action currently operates four h

  • Adbic denies Abu Dhabi smelter plans

    Jamal Al-Dhaheri, chief executive of Abu Dhabi Basic Industries Corp (Adbic) has said the company has no plans to build an aluminium smelter in the Western Region, Meed has reported. Instead, the company plans to construct a world-scale metals park around the Emirates Aluminium (Emal) smelter at Taweelah in northern Abu Dhabi, he said. Adbic is also planning to build a $1.5bn, 500,000-t/y rolling mill and has said that talks with a potential joint venture partner are ongoing.

  • Addressing Jeddah’s most pressing need

    The municipality says it needs a million homes by 2020

  • ADFD to finance Jordan hospital expansion

    The Abu Dhabi Fund for Development (ADFD) has signed a Dhs89.7m ($24.4m) loan agreement with the Jordanian government to finance the expansion and improvement of Al-Basheer Hospital in the kingdom. The project includes supplying and installing medical equipment.

  • Adma-Opco finalises $350m Lower Zakum demothballing deal

    National Petroleum Construction was low bidder in September 2009 bid round

  • ADNH announces completion of Saadiyat hotel

    Abu Dhabi National Hotels has announced the completion of construction of the Park Hyatt Abu Dhabi resort on Saadiyat Island. The Dhs730m resort will be opened during the first quarter of next year, the chairman of ADNH, Saif Mohammad Al Hajri, said.

  • Adnoc crude oil price up in March to $77.63

    According to the latest data from the Abu Dhabi National Oil Co's (Adnoc), the official selling price of crude oil grades had averaged $77.63 a barrel in March, higher than $73.56 per barrel average in February, Gulf News has reported. The official selling price of Murban, Adnoc's most popular crude grade was $78.30 per barrel in March, while Lower Zakum's was $78.15 a barrel, followed by Umm Shaif at $77.80 a barrel and Upper Zakum at $76.25 a barrel, the data showed. Adnoc produces more tha

  • ADTA to widen hotel classification system

    Abu Dhabi Tourism Authority (ADTA) has said it plans to expand its hotel classification system to recognise properties judged to exceed five-star requirements. The system revisions would apply to properties such as Emirates Palace, ADTA chairman, Sheikh Sultan Bin Tahnoon Al Nahyan, said.

  • ADX board gets new chairman

    Nasser Ahmad Al Suwaidi has been appointed as the new chairman of the Abu Dhabi Securities Exchange, following the reshuffling of the board of directors, Wam has reported. The new board, which will have a three-year renewable tenure, include Mubarak Rashid Al Mansouri, Khalifa Sultan Al Suwaidi, Hamad Abdullah Al Shamisi, Abdul Hamid Mohammed Saeed, Abu Backer Siddique Khouri and Suhail bin Fares Al Mazroui.

  • ADX climbs 0.39%

    The Abu Dhabi Securities Exchange closed 0.39% up today, despite a 1.36% decrease in the construction sector. Financial House was the stock which decreased the most, by 9.21%. Gulf Livestock Company enjoyed the biggest gain, of 8.70%.

  • ADX dips 0.37%

    The Abu Dhabi Securities Exchange slipped 0.37% today to 2,776, led by the Energy sector, which fell 0.82%. Market heavyweight Dana Gas fell 1.23%, while RAK Properties dropped 2.08%. Sharjah Islamic Bank was the day's big gainer, rising 2.15%.

  • ADX down 0.58%

    The Abu Dhabi Securities Index was down 0.58% to 2,787 at market close today. Real Estate saw the biggest drop, by 3.19%, while consumer was the only sector to rise, by 0.86%. Qatar Telecom fell the most, with a drop of 9.96%. Financial House enjoyed the biggest increase of 9.92%.

  • ADX drops 0.23%

    The Abu Dhabi Securities Exchange has dropped 0.23% to 2,788 today, despite a 1.03% increase in the construction sector. Gulf Cement was the biggest gainer of the day, rising 9.14%, while Union Cement suffered the biggest drop, of 6.21%.

  • ADX drops 0.45%

    The Abu Dhabi Securities Exchange has dropped 0.45% to 2,775 as the industrial sector fell furthest, by 3.25%. Abu Dhabi National Co for B and M was the biggest loser of the day, falling 8.42%. Invest Bank was up 10% by the close of the market, the biggest gain of the day.

  • ADX drops 0.80%

    The Abu Dhabi Securities Exchange fell 0.80% to 2,758 today, led by the Real Estate sector, which fell 1.91%. Abu Dhabi Ship Building was the day's big gainer, rising by 9.34%. Amongh heavily traded stocks, Aldar Properties lost 2.46%, while Abu Dhabi Commercial Bank dropped 2.73%.

  • ADX edges lower

    The Abu Dhabi Securities Exchange slipped 0.17% today to 2,636, led by the Health Care sector, which dropped 2.46%. Abu Dhabi National Hotels was the day's big gainer, rising 7.02%. Overall, 15 stocks ended higher, while eight closed lower.

  • ADX edges up 0.28%

    The Abu Dhabi Securities Index (ADX) has climbed 0.28% to 2,803, pushed on by a 4.62% in the industrial sector. Finance House enjoyed the biggest increase of the day, with a rise of 9.98%. The biggest loss of the day was for National Bank of Um Al-Qaiwan which declined 2.59%.

  • ADX falls 3.31%

    The Abu Dhabi Securities Index dropped 3.31% today to 2,650, as only two stocks rose and 30 fell. The decline was led by the Real Estate sector, which fell 6.59%. Market heavyweight Aldar Properties tumbled 7.80%, while fellow market leader AbU Dhabi Commercial Bank slumped 5.62%. Finance House had the day's biggest loss, falling by 9.89%.

  • ADX nudges higher

    The Abu Dhabi Securities Index edged up 0.25% today to 2,795, led by the Real Estate sector, which gained 1.42%. Overall, 16 stocks ended higher, while 12 closed lower. Among heavily traded stocks, Aldar Properties gained 1.81%, Dana Gas fell 1.23%, and National Bank of Umm Al-Qaiwain dropped 3.23%.

  • ADX nudges higher

    The Abu Dhabi Securities Index moved up 0.19% today to 2,780, despite the fact that declines (21) outnumbered gainers (8) by almost three-to-one. Among the stocks that ended higher today were National Bank of Abu Dhabi, which climbed 1.73%, and First Gulf Bank, which rose 1.40%.

  • ADX rises 0.45%

    The Abu Dhabi Securities Exchange gained 0.45% to day to 2,791, led by the Energy sector, which gained 1.40%. Market heavyweights Aldar and Dana Gas both ended the day unchanged. Overall, 17 stocks ended lower while six closed higher.

  • ADX slides 0.14%

    The Abu Dhabi Securities Exchange slid slightly by 0.14% to 2,646 today. The construction sector was up 1.98% while consumer fell by 3.07%. Aldar was the most active share by value, while Dana Gas was the most active by volume. Union Cement was up the most by the close of the market, by 9.16%.

  • ADX slides 1.41%

    The Abu Dhabi Securities Index fell 1.41% to 2,752 today, led by the Construction sector, which dropped 3.98%. Market heavyweight Dana Gas slipped 2.50% to Dhs0.80, while fellow market leader Aldar Properties fell 3.93% to Dhs3.73.

  • Aecom begins infrastructure design on $3bn Al-Marina development

    The local Zaid al-Hussain Group finished backfilling the site in early May

  • AES to sell stake in Qatar power project

    Ras Laffan withdrawal follows plant sell offs at end of 2009

  • Afcons to build new phosphate port in Jordan

    An agreement has been signed between Jordan Phosphate Mine Co and Afcons Infrastructure to design and build a new phosphate port in Aqaba, Jordan Times has reported. The $240m project is financed through a $110m loan from the International Finance Corp while JPMC will provide the remaining cost. Under an agreement signed with Aqaba Development Corp (ADC), JPMC will develop, build and operate the new port for 30 years. The port is scheduled for completion in the third quarter of 2012.

  • Afrexim deal nets over $700m

    Egyptian export credit agency raises nearly triple the $250m it was aiming to attract

  • Agility ponders selling long term bonds

    Agility has announced its board of directors will meet in June to discuss selling long-term bonds, Zawya Dow Jones has reported. The board will also consider buying treasury shares of no more than 10% of the company shares for a period of 18 months and may consider listing its shares on a new financial market, it said in the statement.

  • Agility posts drop in profit

    Legal dispute with the US government has impacted profits in the first quarter of 2010

  • Agility's Q1 profit falls 52%

    Kuwait-based Agility has said its first-quarter profit had dropped 52% and predicted declines in the next four quarters, Bloomberg has reported. Net income fell to KD17.6m ($61m) as revenue dropped 17% to KD127.5m, the firm said. 'Agility is likely to face declining profitability over the course of the next four quarters, as a result of major US government contracts winding down in Iraq, recovery from the global recession, and the financial impact of the legal dispute with the US government,'

  • Air Arabia 'Egypt' receives Air Operators Certificate

    Sharjah-based Air Arabia has received its Air Operators Certificate from the Egyptian Civil Aviation Authority, clearing the way for the imminent launch of Air Arabia Egypt. Formed in cooperation with the Travco Group, Air Arabia Egypt operations from Alexandria Burj Al Arab Airport will start from the beginning of June with flights to Khartoum and Kuwait. The new carrier will serve the Europe, Middle East and Africa markets, and represents Air Arabia's third hub after the UAE and Morocco.

  • Air Arabia increases service to Goa

    Air Arabia has announced it will start offering five weekly flights between the carrier's hub in Sharjah, UAE, and Goa, India. The two additional flights will operate on Mondays and Fridays every week starting June 1, 2010, until October 30, 2010, between Dabolim International Airport in Goa and Sharjah.

  • Air Arabia posts Dhs50m profit

    Despite a 9.2% increase in number of passengers, Sharjah-based budget carrier Air Arabia has said its Q1 2010 net profit had dropped 51% to Dhs50m, compared to Dhs103m in Q1 2009. The airline said the decline was due to growing fuel cost as well as continuous the pressure on yield margins. The low-cost carrier is expected to introduce service across the Europe, Middle East and Africa region through Air Arabia Egypt, the Alexandria-based joint venture company formed in cooperation with the Tra

  • Air Arabia's first quarter profit drops 50 per cent

    The airline’s secondary hubs will not start making a profit until 2012

  • Air Berlin plans direct flights to Dubai

    Germany's second largest airline, Air Berlin is launching a new non-stop service from Dubai to Berlin starting November 3, 2010, the company has said. The new route will be operated three times per week, using Airbus A330-200. The airline has announced availability of bookings on its website.

  • Air India flight from Dubai crashes in Mangalore

    An Air India Express passenger jet from Dubai crashed outside an airport in southern India on Saturday, killing 158 people. The Boeing 737-800 burst into flames after overshooting the runway and plunging into a forest below. All passengers were Indian nationals.

  • Air Liquide wins Qatar helium deal

    French firm secures $200m deal to build new helium extraction plant at Ras Laffan

  • Al Bateen airport reports aircraft activity increase

    Al Bateen Executive Airport, has reported a 30% increase in aircraft movements in the first quarter of 2010 compared to a year earlier. The UAE currently has the highest concentration of business jets (37.8%) in the Middle East region, followed by Saudi Arabia (34.4%).

  • Al Fahim Holdings launches new Paris Gallery store

    Al Fahim Holdings has announced the opening of a new Paris Gallery store at Mirdif City Centre, Dubai. The company said the new store will see more employment opportunities being generated for UAE nationals who have been trained in the group's retail philosophy.

  • Al Futtaim inks regional Caterpillar 3PL deal

    Al Futtaim Logistics has signed a new contract to provide third-party logistics (3PL) services for Caterpillar in the Middle East. The company will provide customs brokerage into and out of Dubai, freight forwarding services in addition to road transportation solutions for Caterpillar's Product Distribution Centre in Dubai.

  • Al Ghurair City expansion to be unveiled next March

    Dubai's Al Ghurair City has said it will unveil its 12,540 square metre extension as early as next March, The National has reported. The planned extension will add about 150 shops to its existing 200 outlets, and boost its size to 79,000 sq metres, according to Shane Eldstrom, senior manager for retail leasing at Al Ghurair City.

  • Al Habtoor wins The Buildings By Daman contract

    Al Habtoor Leighton Group has been appointed as the new main contractor for Daman Investments' large-scale project, The Buildings at the Dubai International Financial Centre (DIFC). The 225-meter high Buildings by Daman is a 60-floor mixed use residential and commercial complex. It includes freehold apartments, offices, the Rosewood Dubai as well as large community areas and prime retail space; encompassing 1.6 million square feet of GFA, and 3.3 million square feet of built up area surrounde

  • Al Manara Jewellery files $31.2m claim against Damas Jewellery

    Damas International has said Al Manara Jewellery has filed a Dhs114.7m ($31.2m) claim before the Abu Dhabi Courts against its subsidiary, Damas Jewellery. The law suit cites a breach of a joint venture agreement between the two firms in Abu Dhabi.

  • Al Rajhi boosts loan loss provisions by 24.5% in Q1

    Saudi Arabia's Al Rajhi Bank has raised provisions against loan losses by 24.5% during the first quarter, Reuters has reported. Official data by the kingdom's stock exchange showed that Al Rajhi set aside SR358.9m in impairment charges for loan losses during the three months to March 31, against SR288.4m a year earlier. The provisions were still at their lowest level in four quarters.

  • Al Rawabi set to launch IPO

    Al Rawabi Dairy has announced plans to launch an initial public offering (IPO) of Dhs1.6bn in 2011, Emirates Business has reported. "We prepared the IPO plan and were about to go public but postponed it due to the global financial crisis," Dr Ahmed Eltigani, general manager of Al Rawabi said. He added that around 55% will be offloaded.

  • Alargan to target foreigners at Al-Murjana project in Dammam

    Design complete, contractors invited to bid in July this year

  • Al-Arrab to finish infrastructure on Riyadh's Ajmakan by June

    Local contractor is the favourite to build the entire project

  • Aldar and Retail Arabia sign lease agreement

    Aldar has signed a long term lease agreement with Retail Arabia to develop the first Géant hypermarket in Abu Dhabi at the Yas Mall. Yas Mall is set to open to the public in late 2012, with the largest IKEA in the Mena region opening at Yas Island in early 2011.

  • Aldar posts Dh314.2m loss in Q1

    Aldar Properties has reported a net loss of Dhs314.2m in the first three months of this year compared to a net profit of Dhs888.6m during the first quarter of last year, Khaleej Times has reported. The loss was primarily due to lower gains from fair valuation of investment properties, Aldar said.

  • Aldar to release new apartments

    Abu Dhabi-based Aldar Properties is planning to release as many as 150 apartments into the market to take advantage of a wave of completed buildings around the city, The National has reported. 'We strongly believe that when ... people will be able to touch and feel the units, there will be a whole different factor in sales,' Shafqat Malik, the chief financial officer of Aldar, told the daily. 'A finished building is very different from the off-plan sales and construction sites.'

  • Alex Cement receives approval for $442m rights issue

    The Egyptian stock exchange has said that Alexandria Cement has received the approval for EGP2.45bn ($442.1m) rights issue scheduled to begin May 19, Reuters has reported. The company will use the proceeds of the rights issue to buy 95% of another Egyptian cement maker, Beni Suef Cement Co., owned by Greek cement maker Titan.

  • Alfa selects Openwave mobile traffic solution

    Lebanese mobile operator Alfa has selected Openwave Integra to manage, monitor and monetise its mobile traffic. The operator, which is managed by Orascom Telecom Holding upgraded from Openwave Mobile Access Gateway.

  • Al-Futtaim Carillion wins UAE University contract

    Contractor will build third phase of the Al-Ain project

  • Al-Futtaim unveils Panasonic 3D TV

    Panasonic's full HD 3D Viera television has been unveiled in Dubai by the sole distributor for the Japanese brand in the UAE, Al-Futtaim Panatech. The first two full HD 3D Viera Plasma models will be available this year and both will feature a sophisticated design with a bronze metallic frame, the company said.

  • Algeria and Nigeria discuss highway financing

    Ministers from Algeria, Niger and Nigeria are expected to decide how to finance the remaining part of the Trans-Saharan highway by 21 May

  • Algeria prepared to buy Orascom Telecom unit

    Algeria's telecoms minister, Hamid Bessalah has said the government is prepared to buy Orascom Telecom's Algerian unit, Reuters has reported. The unit last year accounted for almost 37% of the firm's revenue. The minister did not provide details about what size stake the government might take, or on what terms.

  • Algeria rejects Orascom unit sale to MTN

    Algerian trade minister, Hachemi Djaaboub has said the government has rejected a request for South African group MTN to be allowed to buy Egyptian group Orascom Telecom's Algerian mobile phone unit Djezzy, Reuters has reported. The decision follows tensions over back tax claims of $646.6m against Orascom Telecom.

  • Algeria repeats demand for Orascom clarification

    Hamid Bessalah, Algeria's telecommunications minister has repeated a demand that Egypt's Orascom Telecom consult the government about a plan to sell its Algerian unit to South Africa's MTN, Reuters has reported. "The schedule of conditions (of the operating licence) provides that any change of ownership ... must be done with the authorisation of the... authorities," he was quoted as saying.

  • Algeria shows interest in Orascom unit Djezzy

    Algerian finance minister, Karim Djoud has said the government will buy Orascom Telecom Holding's unit in the country if it is offered for sale, Bloomberg has reported. "The government has the right and will take 100% of Djezzy if Orascom Telecom sells its Algerian unit," the minister told reporters in parliament. The sale would allow Cairo-based Orascom to exit Algeria after a tax dispute and damage to its infrastructure in November following riots after a soccer match between Algeria and Eg

  • Algeria: Concrete

    Supply and transport of concrete

  • Algeria: Electricity works

    Carrying out electricity works

  • Algeria: Thermal power plant burners

    Supply of burners for MSF units at a thermal power plant

  • Algeria: Water pipelines

    Supply and connection of water pipelines

  • Algerian consortium invites bids for airport contracts

    Winning contractor will build accommodation facilities and aircraft runway in Touggourt

  • Algiers appoints new Sonatrach head

    Nordine Cherouati replaces Mohamed Meziane

  • Almasria launches Jeddah-Cairo flight

    A daily flight connecting Jeddah, Saudi Arabia to the Egyptian capital will be launched by Cairo-based Almasria Universal Airlines starting June 1, Arab News has reported. Almasria previously launched two daily Yanbu-Cairo flights in December 2009.

  • Almoayyed Contracting completes 25 per cent of Bahrain tower

    Al-Seef tower project unlikely to hit original completion date in 2011

  • Al-Rajhi provisions rise 25 per cent in first quarter

    Saudi bank puts aside $96m for bad loans

  • AMD names managing director for Middle East

    Chip maker, Advanced Micro Devices has announced the appointment of Bernard Biolchinias as its vice president sales & general manager for Middle East, Turkey & Africa region. Prior to joining AMD, Biolchini served as president and managing director of INVENSYS Controls EMEA, a business group of Invensys.

  • American University eyes Abu Dhabi campus

    The American University of Sharjah (AUS) has unveiled plans to expand to Abu Dhabi in 2011, The National has reported. The location of the new campus has yet to be decided. The new campus will offer courses ranging from vocational training in subjects such as project management and professional development to postgraduate studies for those continuing on higher education. It will also offer preparatory classes for high school students hoping to enter further education.

  • Amwaj begins Baghdad Gate project

    Iraqi developer, Amwaj International has contracted UAE construction group, Al Hamad to build a $238m housing and hotel project in the heart of Baghdad, Reuters has reported. Baghdad Gate will be built on 25 hectares of land and include a five-star, 25-storey hotel, large shopping mall, office tower and 3,000 residential units. The company hopes to complete the project within the next three years.

  • Aqaba's Marsa Zayed first phase launched

    The first phase of the $10bn Marsa Zayed project in the Jordanian Red Sea port city of Aqaba has been launched, Wam has reported. Under the project, Al Maabar, a subsidiary of the Abu Dhabi-based Al Maabar International Investments, will develop the mixed-use waterfront project, including high-rise residential towers, retail, recreational, entertainment, business and financial facilities along with several branded hotels. The project will be implemented in several phases once the transfer of

  • Arab Bank branches close operations in Gaza

    The Palestine Monetary Authority (PMA) has fined the Arab Bank a maximum JD300,000 for closing two branches in the Gaza Strip without approval, Jordan Times has reported. The Jordan-based lender announced Thursday it has decided to close two of its three branches after terminating the services of employees staffing the two outlets, citing worsening conditions in the strip. The bank said it hopes that the circumstances affecting Gaza will improve in the near future and that it will then be abl

  • Arab National Bank denies report on capital hike

    Saudi-based Arab National Bank has denied local media reports that it was planning a capital increase, Reuters has reported. ANB's chairman Abdullatif al-Jabr was quoted by Al-Riyadh newspaper as saying the bank would raise its capital to SR10bn from SR6.5bn as early as 2010. "There is no intention to raise the capital. In fact this has never been discussed and our capital adequacy ratios exceed by a comfortable margin - 15% - the requirements of Basell II," ANB's chief executive, Robert Eid

  • Arab stocks fall due to Greece's debt crisis

    Egyptian Exchange records steepest drop

  • Arabi Enertech bids low for Kuwait Jurassic pipelines contract

    Six firms participated in Kuwait Oil Company tender

  • Arabian World Construction Summit says growth depends on diversity

    Leaders in the construction industry meeting at the Arabian World Construction Summit (AWCS) in Abu Dhabi are viewing the region and its growth potential, whilst addressing issues like slim margins and cash flow. Phil Blizzard talks to industry experts from Arabtec, MEED Insight and Saudi Oger in this report.

  • Arabtec accepts Nakheel's debt repayment offer

    Riad Kamal, CEO of UAE-based construction company Arabtec, has announced the signing of an agreement accepting Nakheel's debt repayment offer and urged others to follow suit, Emirates Business has reported. 'We have concluded the deal and we encourage everyone to sign,' Kamal said. 'Time is not on our side. This is a good agreement for everybody.'

  • Arabtec wins contract to build Damac tower in Dubai

    Damac Heights tower will be built in Dubai Marina

  • Arabtec wins Dubai apartment project contract

    Arabtec Holding's construction unit has won a Dhs500m ($136m) contract from Damac Properties to build an apartment project, Bloomberg has reported. Arabtec Construction will build the project in Dubai Marina, the company said in a statement.

  • Ashgal extends bid deadline for Qatar road deal

    Contractors now have until 29 June to submit bids for works on Najma Road

  • Ashur Bank to open Islamic banking services

    Chairman of Iraq's Ashur International Bank, Wadea Al Handal has said the lender plans to open Islamic banking services in the country amid growing interest in Shari'ah-compliant financing, Reuters has reported. The lender is waiting for approval from Iraq's Central Bank to offer Islamic banking services and submitted an application for the development six months ago, Al Handal said.

  • Bahrain delays decision on Sitra oil export facility

    Final decision still pending after no agreement made at April shareholder meeting

  • Bahrain eyes buyout of Sama Dubai project

    Mohammed Bin Essa al-Khalifa, chief executive of the Bahrain Economic Development Board, has said Bahraini investors are in talks with Sama Dubai to buy out its stalled project to build a luxury seashore resort in its capital city Manama, Bloomberg has reported. Sama Dubai, a unit of Dubai Holding, began the $545m Salam Beach Resort and Spa project in November 2005, construction stopped in January last year, according to MEED magazine.

  • Bahrain investment house signs $200m loan

    Bahrain-based investment house, Arcapita has signed a new $200m loan with Standard Chartered Bank. The firm will utilise the facility to strengthen its balance sheet and for corporate purposes.

  • Bahrain says Saudi-South Korean wastewater bid is valid

    Five bids submitted to build Bahrain’s Muharraq wastewater treatment plant and sewage conveyance system

  • Bahrain seeks consultants for renewable energy power project

    Deadline for bids for advisory contract has been set for 16 June

  • Bahrain to London flights cancelled

    British Airways has announced the cancellation of all its flights from Bahrain to London until next Saturday, Gulf Daily News has reported. The carrier's incoming flight on Friday will operate as usual, BA said. The cancellation follows a fresh wave of strikes by the airline's cabin crew union, Unite.

  • Bahrain unlikely to raise interest rates soon

    The governor of Bahrain's central bank, Rasheed al-Maraj has said it is unlikely interest rates will be raised for "some time," as faster economic growth will not increase inflation soon, Bloomberg has reported. The central bank last cut its key interest rate by a quarter of a percentage point to 0.5% on September 15, as lower oil prices slowed economic growth.

  • Bahrain: Aircraft cleaning

    Cleaning of aircraft

  • Bahrain: BIA network infrastructure upgrade

    Upgrading of BIA network infrastructure

  • Bahrain: Housing construction (T3M)

    Construction of 116 type T3M town houses

  • Bahrain: Housing construction (T8)

    Construction of 109 type T8 town houses

  • Bahrain: Market construction

    Construction of a central market

  • Bahrain: Medical equipment

    Supply of medical equipment

  • Bahrain: Medical equipment

    Supply of medical equipment for a maternity hospital

  • Bahrain: School construction

    Construction of a girls’ secondary school

  • Bahrain: Security guard services

    Provision of security guard services

  • Bahrain: Sports hall works

    Carrying out refurbishment works at a sports hall

  • Bahrain: Substation steel doors

    Replacement of steel doors in substations

  • Bahrain: Vehicle leasing

    Leasing of light vehicles

  • Bank Muscat says it has no plans to sell assets

    Bank Muscat has said it has no immediate plans to sell any of its foreign assets, Reuters has reported. Oman's largest lender by market value has said in a statement that it 'regularly explores strategic alternatives, however the bank refutes a news release issued by Reuters on May 6, 2010'. The report said the bank was considering selling off more foreign assets to reduce rising operational costs. A spokesman for the lender said the company considered all its foreign investments to be strate

  • BBK appoints banks for bond issue

    First bond deal from Middle East since mid-April

  • BBK may sell bonds following meeting this week

    Bahrain-based retail lender BBK may issue bonds as it plans to meet with fixed-income investors from May 13, Bloomberg has reported. The bank is seeing bond investors in Asia, the Middle East, and Europe, according to an invitation for the promotional tour. Subject to market conditions, 'a transaction may follow', the invite said.

  • Belbadi signs W Abu Dhabi deal

    UAE-based Belbadi Group has signed an agreement with W Hotels Worldwide, part of the Starwood group, to bring the brand to Abu Dhabi in 2013. The W Abu Dhabi will feature 350 guest rooms, including 25 suites and two presidential suites, a signature spa with 12 treatment rooms, three restaurants, a lounge and a rooftop night club. The W Abu Dhabi will be located on the waterfront of Al Bateen Wharf.

  • Belkin appoints Egypt distributor

    Belkin has announced the appointment of International Business Systems (IBS) as the brand's authorised distributor in Egypt. The partnership aims to extend Belkin's national presence and product offering across the Egyptian market.

  • Bidders granted extension for Dubai waste-to-energy project

    Bids to be invited for incineration and upstream waste collection

  • Bidding on UAE rail project to open within two months

    UAE-based Union Railways Co, which will develop the 1,500-kilometre railway across the country, plans to open the $11bn project to interested bidders in the next two months, Khaleej Times has reported. The UAE rail project is scheduled for completion in seven to eight years, with the first phase of the project set to start in 2013. The first phase will be a 270-kilometre freight rail line linking Abu Dhabi's Shah sour gas field to Ruwais.

  • Bids in for Borouge infrastructure deal

    Contractors expect engineering, procurement and construction contract award in early June

  • Bids in for Port of Sohar water contract

    Veolia Water and Mubadala bid low on Oman water services contract

  • Bids submitted for renewable energy framework contracts in Jordan

    Contracts to be awarded by end-July

  • BMI reveals Q1 profit increase

    BMI Bank (BMI) has recorded a 73% increase in Q1 net profit to $2.4m (BD0.9m), compared to $1.4m (BD0.52m) a year earlier. The bank's capital adequacy ratio has seen an increase exceeding 23%, BMI said.

  • Boeing hopes to sell $150bn planes to Mideast by 2030

    Randy Tinseth, vice-president Global Marketing, at Boeing Commercial Airplanes, has said the plane maker expects to sell commercial airplanes worth $150bn to airlines in the region over a period of 20 years, Emirates Business has reported. 'From around 800 planes at present, the Middle East will require 1,800 planes 20 years from now, with airlines in the region requiring over 1,700 aircraft valued at $300bn. Our goal is to achieve 50% market share and we have a lot of opportunities after we

  • Boeing predicts Middle East increase in twin-aisle freighters

    Boeing has said that airlines in the Middle East are to invest significantly in twin-aisle airplanes, as firms continue to experience high growth in the region. The plane maker projects 150 freighters will be delivered to Middle East-based carriers up until 2028, most of which will be medium and large widebodies. Boeing has orders from the region for both the 777 Freighter and the 747-8 Freighter which will help meet the growing demand for large freighters.

  • Borouge awards $2.6 bn EPC contracts

    UAE-based petrochemicals firm, Borouge, a joint venture between Abu Dhabi National Oil Co and Borealis, has awarded three contracts totalling $2.6bn for its Borouge 3 plant expansion, Reuters has reported. The expansion will see capacity increase to 4.5 million tonnes per year by 2013. Italy's Maire Tecnimont along with JV partner Samsung Engineering won two of the contracts, while Hyundai Engineering was awarded the $935m offsite facilities and utilities contract.

  • Borouge inks deal for its China resin plant

    Abu Dhabi-based Borouge has signed an agreement to build a second production plant in Guangzhou, China, with a capacity of 105,000 tonnes of compounded polypropylene resin per annum, Gulf News has reported. The $60m Shanghai plant will mainly produce plastics products for the automotive, infrastructure and packaging sectors. The company is also planning a research and development centre in Shanghai. Construction is expected to be completed by the middle of 2012.

  • Borouge to tender 3rd phase of Ruwais plastics expansion

    Abu Dhabi Polymers Co (Borouge) plans to tender a final $200m contract for the third-phase expansion of its Ruwais plastics production complex in May, Meed has reported, citing sources close to the project. The engineering, procurement and construction (EPC) deal includes the construction of a specialist cross-linked polyethylene (XLPE) conversion unit and will form the final part of the company's Borouge 3 development, which will boost the Ruwais complex to 4.5 million t/y of the plastics po

  • Boubyan Bank Q1 profit reaches $5.6m

    Kuwaiti Islamic lender Boubyan Bank has posted a first-quarter net profit of KD1.62m ($5.61m), compared to a net loss of KD11.7m in the year-earlier period, Reuters has reported. The lender had recorded a total loss of KD51.7m in 2009. The bank is 47% owned by the National Bank of Kuwait.

  • Building the right homes for the people

    Saudi Arabia needs to build 163,000 homes ever year

  • Cairo signs $2bn refinery deal with Chinese firms

    Planned facility will refine up to 30 million tonnes a year of oil

  • Capinnova announces profit increase

    Bahrain-based Islamic lender, Capinnova Investment Bank has reported Q1 net profit of $1.46m, compared to a net loss of $1.65m for same period last year. Gross revenue rose to $3.37m for from $421,000 a year earlier.

  • 'Cautious optimism' emerges in Middle East tourism sector

    While travel in the Middle East has been slowed by economic downturn, it is still relatively strong compared to the rest of the world, according to Caroline Bremner, Global Travel and Tourism Manager at EuroMonitor International. Last year global arrivals fell by 5% as the global recession caused leisure and business demand to plummet.

  • Centamin Egypt says on track to meet gold target

    Centamin Egypt said it produced 36,621 ounces of gold in the quarter to end March and that it is on track to meet its 200,000 ounce target for the year. It also said its proven and probable ore reserves increased to 7.1 million ounces from the previous 6.4 million.

  • Central bank data shows spending slowdown in UAE

    Number of bank cards used in the UAE fell by more than 50 per cent in 2009

  • Centre for disease control to be launched in Gulf

    Saudi Arabia has signed an agreement with the US Centres for Disease Control to set up a Gulf Centre for Disease Control to coordinate health activities in the region, Arab News has reported. The accord will focus on bilateral cooperation in setting up the GCDC and forming joint task forces on infectious and chronic disease outbreaks. The centre will also track obesity, diabetes, hypertension and cardiac and renal diseases.

  • Chakib Khelil ousted in Algiers cabinet reshuffle

    Youcef Yousfi replaces outgoing Minister of Energy and Mines

  • Child rights added to Oman uni's curriculum

    Oman's Sultan Qaboos University has launched a joint initiative, in collaboration with the education ministry and Unicef, to develop a Child Rights course, Oman Daily Observer has reported. The University has developed a curriculum for students pursuing a degree in education that is specific to human rights conventions and tools, and with a particular focus on the rights of children.

  • China signs rail deal with UAE

    The UAE’s Public Works Minister hopes China will be involved in the construction of the national rail network

  • City Seasons to launch new hotel projects

    Four hotel projects in the Gulf region have been announced by the City Seasons Group of Hotels, with the first one, City Seasons Hotel Muscat, to open in the last quarter of 2010.

  • CMA to invest $20m in Basra port

    Iraq's transport ministry has signed an agreement with France-based CMA to operate part of the Umm Qasr Port in Basra province, Aswat al-Iraq has reported. CMA will invest $20m over a period of three years, the ministry said.

  • CNPC buys 35% stake in Shell subsidiary

    China National Petroleum Corp has signed an agreement with Shell for the acquisition of a 35% stake in Syria Shell Petroleum Development, a unit of Royal Dutch Shell, Xinhua has reported. SSPD has interests in three production licenses, Deir-Ez-Zor, Fourth Annex and Ash Sham, that are operated by the Al Furat Petroleum Co, in which Shell has an interest of 31.25%, CNPC said.

  • Commercial Bank of Kuwait chairman resigns

    Banks has not provided details of his replacement

  • Commodore wins Dubai Lagoon contract

    Local contractor to start work on project within the next month

  • Commodore wins Schon contract

    Schön Properties has awarded a Dhs82.25m ($22.3m) construction contract to Commodore Contracting, to accelerate construction within Zones 2 and 4 of the Dhs3bn Dubai Lagoon project. The agreement involves all concrete and block works, double basement, superstructure, water proofing and related works for both zones.

  • Companies prequalified for Saudi Arabia water pipeline

    Bids to be submitted by 14 June

  • Computer systems in cars may be at risk to hackers

    Computer scientists have warned that cars, which will be increasingly connected to the Internet in the near future, could be vulnerable to hackers just as computers are now, the New York Times has reported. Stefan Savage, a computer scientist at the University of California, San Diego and Tadayoshi Kohno of the University of Washington said that they were able to remotely control braking and other functions, and that the car industry was running the risk of repeating the security mistakes of

  • Construction opportunities in Saudi Arabia

    At the Arabian World Construction Summit (AWCS) Edward James, Head of MEED Insight, talks to Phil Blizzard about the key aspects in their view of the GCC construction market - including project prospects in the Kingdom of Saudi Arabia.

  • Contractors await Satah field tender in Abu Dhabi

    Contract is part of wider scheme to boost production at offshore Abu Dhabi field

  • Contractors submit bids for Borouge process deals

    Commercial bids in for Abu Dhabi petrochemicals contracts

  • Contracts awarded on Riyadh housing scheme

    Diplomatic housing is the latest project in Gosi’s ongoing portfolio worth at least $850m

  • Contracts worth $14bn awarded in GCC

    Project tracker firm Ventures Middle East has said that contracts worth an approximate $14bn had been awarded in the GCC from April to-date for the construction of buildings, energy and infrastructure projects, Emirates Business has reported. 'Of this figure, around $8.7bn worth of contracts alone were awarded in the UAE,' Mibu John, Syndicated Research Director at the firm, told the daily. 'This was a 32% rise against the $10.6bn awarded in 2009 during the same period in the GCC and $5.6bn i

  • Coral Hotels opens property in Beirut

    Dubai-based hospitality chain Coral Hotels & Resorts has announced the opening of its first hotel in Beirut, the Coral Suites Al Hamra. The hotel features 100 rooms and suites, food and beverage outlet, and meetings, conferences and banquets facilities.

  • Cosmo Oil close to Abu Dhabi oil deal

    Cosmo Oil Co, one-fifth owned by the Abu Dhabi government, has revealed one of its subsidiaries, Abu Dhabi Oil, is close to finalising a 30-year extension on its stakes in three oil fields in Abu Dhabi and the granting of a new concession area in the emirate, Reuters has reported. Abu Dhabi Oil will likely be the sole holder of the new concession area, as it is with the three existing fields, Mubarraz, Umm Al Anbar and Neewat Al Ghalan, Cosmo said. The three fields currently produce about 24,

  • Credit Agricole Egypt Q1 profit rises 8%

    Credit Agricole Egypt has reported an 8.1% increase in Q1 net profit to EGP108m ($19.27m), Reuters has reported. The bank, owned 60% by France's Credit Agricole, posted net profit for the first quarter of 2009 of EGP99.9m.

  • Credit Suisse: Saudi property growth slower than expected

    Credit Suisse Group has said that Saudi Arabia's real estate market will probably grow more slowly than expected, due to high prices and a lack of mortgage lending, Reuters has reported. "A strong shift to home ownership will likely not be in effect in the short and medium term," Dubai-based analyst Ahmed Badr said in a report. Housing supply needs to double, and that will be difficult to achieve because a shortage of off-plan sales means developers have to finance projects in full before off

  • Cutter suction dredger to begin work on King Abdullah Economic City

    The estimated $133m Al-Sakab ship can remove up to 20,000 cubic-metres of material per day

  • Daman policy holders let off fines

    A presidential decree has exempted those who have failed to renew their National Health Insurance (Daman) policies on time from paying fines, Khaleej Times has reported. The move exempts the offenders of a circular issued by the Health Authority of Abu Dhabi (HAAD), from paying the monthly fine of Dhs300. The exemption was meant to ease the financial burden on a large number of policy holders who were unable to renew their policies.

  • Damas chases $55m jewellery payment

    Jewellery retailer, Damas International has said that the delay in payment of $55m owed by the Abdullah brothers to the company does not constitute a default. On November 4, 2009 Damas said the amount will be paid on or before April 30, 2010. The amount will be carried forward and settled in accordance with the terms and conditions of the agreements, Damas said in a statement.

  • Damas standstill agreement extended

    Dubai-based Damas International has announced the signing of an extension to the standstill agreement signed with a majority of its bank lenders. The standstill agreement which was due to expire on April 30, 2010, has been extended for two months in order to allow the jewellery retailer to finalize its restructuring plan.

  • Dawawen to tender housing projects in Riyadh and Mecca

    Housing tenders for $123m projects to be launched by year-end

  • Deadline extended Kuwait’s College of Engineering and Petroleum

    At least nine contracting groups have prequalified to build the project

  • Delays continue for Kuwait flowlines tender

    Kuwait Oil Company is developing $85m of pipelines in the southeast of the country

  • Dell unveils new laptops

    Dell has unveiled new additions to its line of popular Latitude E-family laptops. The Latitude E-Family line has been extended with the Latitude E6410, E6510 and E6410 ATG laptops.

  • Developers invited to express interest in Saudi power plant

    Developers have until 31 May to respond

  • DFM climbs 1.22%

    The Dubai Financial Market gained 1.22% to 1,712, with 21 stocks rising and five falling. Market heavyweight Emaar climbed 1.60%, while fellow market leader Arabtec rose 1.27%. National Industries Group had the day's biggest rise, moving up 14.89%, while Salam Bank-Bahrain had the biggest drop, falling 3.61%.

  • DFM drops 4.64%

    The Dubai Financial Market tumbled 4.64% today to 1,570, as only two stocks rose and 27 fell. Market heavyweight Emaar Properties dropped 7.82%, while fellow market leader Arabtec lost 7.11%. International Financial Advisor had the day's biggest loss, falling by 10.00%.

  • DFM edges up 0.07%

    The Dubai Financial Market has nudged up 0.07% to 1,714 today, driven by a strong showing from the utilities sector, which rose by 2.89%. The National Industries Group was the biggest gaining stock, up 14.81%. Emaar was the most traded stock by both volume and value.

  • DFM falls 0.25%

    The Dubai Financial Market slipped 0.25% today to 1,601, with 14 stocks falling and nine rising. Telecom operator Du fell 3.61%. Market heavyweights Emaar Properties and Arabtec ended the day unchanged.

  • DFM falls 1.21%

    The Dubai Financial Market dropped 1.21% to 1,712 today, led by the Utilities sector, which fell 4.91%. Market heavyweight Emaar moved down 1.04% to Dhs3.81, while Air Arabia tumbled 3.40% to Dhs0.908. Overall, 21 stocks ended lower while three closed higher.

  • DFM falls 1.66%

    The Dubai Financial Market has fallen 1.66% to 1685 today, with the real estate sector dropping 2.35%. International Finance Advisors suffered the biggest drop of 10%, while none of the stocks listed on the market made gains. In total 26 stocks were down and three were unchanged. Emaar was again the most traded stock by both value and volume.

  • DFM gains 0.35%

    The Dubai Financial Market rose 0.35% today to close on 1,697, with 17 stocks ending higher and 10 closing lower. Among more heavily traded stocks, Emaar gained 0.81%, Arabtec rose 1.30%, and Aramex fell 2.01%. International Financial Adivors had the day's biggest loss, falling by 9.83%.

  • DFM gains 0.52%

    The Dubai Financial Market rose 0.52% today to 1,715, led by the Real Estate sector, which gained 1.10%. Market heavyweight Emaar moved up 1.05%, while fellow market leader Arabtec climbed 1.25%. Shuaa Capital had the day's biggest loss, falling 3.57% to Dhs1.35.

  • DFM slides 1.54%

    Dubai Financial Market (DFM) fell by 1.54% to 1,692 today, with the financial and investments sector dropping 2.24%, more than any other sector. Emaar was the most active stock by value, and fell by 2.09%. Only two stocks made gains today, while 22 were down by market close.

  • DFM slides 1.96%

    The Dubai Financial Market fell 1.96% to 1,706 today, with the real estate sector leading the way, dropping by 2.74%. The bank CBD fell by 4.76%, while construction firm Arabtec suffered a 4% decline. At the close of trading 23 stocks ended lower, while just one finished higher.

  • DFM slips 0.11%

    The Dubai Financial Market fell 0.11% today to 1,733, with five stocks rising and 18 falling. Market heavyweight Emaar dropped 1.03% to Dhs3.85. Du was the day's biggest gainer, rising 3.59% to Dhs2.60. Gulf Finance House had the largest decline, falling 3.61% to Dhs0.720.

  • DFM slips 0.66%

    The Dubai Financial Market dipped 0.66% today to close on 1,680, with 22 stocks falling and three rising. Gulf Finance House had the day's biggest decline, falling by 9.98%, while Shuaa Capital had the biggest gain, rising 2.90%.

  • DFM up 0.20%

    The Dubai Financial Market (DFM) has risen by 0.20% to 1,718. Telecoms firm Du was the biggest gainer of the day rising 4.72% by the market's close. GGICO suffered the biggest loss, tumbling 5%. The telecoms sector enjoyed the biggest gains, rising by 4.73%, while transportation dropped 0.51%.

  • DFM up 1.31%

    Dubai Financial Market was up 1.31% today to 1,590, spurred on by a 2.85% increase in the financial and investments sector. International Financial Advisers suffered a drop of 9.94%, the biggest of the day, while Shuaa Capital enjoyed the largest increase of 11.11%. The most active share by both volume and value was Emaar.

  • Diabetes drug Avandia seeks clearance in Saudi

    According to Dr. Khalid Al-Rubeaan, director of the Diabetes Center at King Saud University (KSU), there is no scientific basis to ban Avandia, GlaxoSmithKline's (GSK) diabetes drug, which is said to be cleared soon by the Saudi Food and Drug Authority (SFDA), Arab News has reported. Last March, SFDA banned the Type 2 diabetes drug for six months, citing growing evidence from clinical studies indicating serious cardiovascular risks. "I think it was a wrong decision ... and I hope the SFDA wil

  • DIC seeks extension on $1.25bn loan due

    Dubai International Capital (DIC), a unit of Dubai Holding with $1.9bn in outstanding loans, has sought a three-month extension on some of its loan payments, Bloomberg has reported. DIC and a coordinating committee of banks requested an extension to a $1.25bn loan due in June to September 30 to "allow the implementation of a consensual longer term plan that would enable DIC to maximize the value of its business for the benefit of all its stakeholders," the firm said in an emailed statement.

  • DIFC Investments posts $562m loss

    Losses caused by real estate and other business investment writedowns

  • Differentiation needed in Dubai hotel market, says JLL

    Dubai is one of several cities in the Middle East whose hotel sector is performing well compared to the rest of the world, but the emirate still faces challenges as it seeks to recover from the downturn, according to Mark Wynne Smith, CEO Europe, Middle East & Africa at Jones Lang Lasalle. The threat rests in how many rooms are scheduled to come online, as the large number of projects that are still under construction rely on a buoyant economy to provide the guests, he warned. Another major

  • Dolphin to begin pumping gas to Fujairah power plants

    Dolphin Energy has said it is ready to pump gas imported from Qatar to power stations on the UAE's east coast after completing a section of pipeline, Reuters has reported. The company completed the 128 km section of pipeline 8 weeks behind schedule, due to delays in approval from authorities to build on the land, Dolphin said. The energy firm imports 2 billion cubic feet per day of gas from Qatar, meeting about a third of UAE demand.

  • Dredging starts at King Abdullah Economic City seaport

    Construction work to finish by the first quarter of 2012

  • DSI expands into Oman

    Drake and Scull International has set up a new subsidiary in Oman, as part of its expansion plans in the region. Drake & Scull International Oman (DSO) will specialise in mechanical, electrical and plumbing (MEP) contracting. The new company has been awarded its first contracts for two government projects, the MEP works for the Sohar Court Complex (SCC) and the Oman National Museum.

  • DSI hit by profit drop

    Dubai-based Drake & Scull International has reported Dhs42m ($11.4m) in net profits for the first quarter of 2010, compared to Dhs69m a year earlier. Revenue stood at Dhs386m for the same period, DSI said.

  • DSI wins first Qatar contract

    Drake and Scull International (DSI) has said its newly acquired division in Qatar, DSI Qatar has won its first contract worth Dhs140.2m ($38.1m). The contract is for a mixed used project located in the Al Sadd district of Doha.

  • Du introduces flat rate international calls

    Emirates Integrated Telecoms Co (Du) has announced the launch of its One World Plan that provides a single flat rate for international calls to over 190 destinations.

  • Du launches new Facebook service

    Du and Facebook have signed an agreement allowing Du's mobile subscribers to browse the social networking portal through their handsets for free. Facebook's 0.facebook.com site is a lightweight version of Facebook's mobile site m.facebook.com and does not have graphics or photos.

  • Dual-branded Wendy's, Arby's restaurant opens in Dubai

    UAE-based Al Jammaz Group has announced the opening of the first international dual-branded Wendy's and Arby's restaurant in the Festival City Mall, Dubai. The company also plans to open its first free-standing, dual-branded Wendy's and Arby's restaurant this summer in Ajman. In June 2009, Al Jammaz Group and Wendy's/Arby's Group announced a 10-year development agreement to build dual-branded restaurants in portions of the Middle East and North Africa. A subsequently revised development sched

  • Dubai air cargo traffic to rise 48% by 2015

    Dubai Airports has said that freight volumes at Dubai International and the upcoming Dubai World Central-Al Maktoum International will grow 48% over the next five years. Cargo tonnage, which totalled 1.9 million in 2009, will exceed 3 million tonnes by the end of 2015, while in 2010 alone freight volumes are expected to rise 12.2%, the company said.

  • Dubai begins stripping buyers of titles

    The Dubai Land Department has started to deregister properties, stripping buyers of their titles, The National has reported. Letters were sent on behalf of developers that have completed 80% or more of a project. Seized properties will be auctioned by the department, with the funds going to the developer unless the sales generate a surplus, which will be passed on to the original buyers.

  • Dubai bourse profit falls 8 per cent

    Revenue declines by 5 per cent

  • Dubai credit bureau to create rating score

    Dubai's newly empowered credit bureau, Emcredit, is working on a credit rating score system aimed at helping banks in the emirate make an informed decision on loan applications, Gulf News has reported. The score, which will come into effect within the next 12 months, will be based on the applicant's credit history, the payment (or non-payment) records, and how the individual is likely to meet his or her loan obligations in future.

  • Dubai economy could shrink further in 2010

    Association of financial instituitions says contraction hinges on construction and real estate sectors

  • Dubai establishes first official credit bureau

    Emcredit targets increased financial transparency

  • Dubai Financial Market appoints new chairman

    Former DFM chairman becomes chief executive officer

  • Dubai Financial Market elects new chairman

    Dubai Financial Market (DFM) has said that Abdul Jalil Yousuf has been elected by the board as chairman, with Rashed Al Shamsi made vice chairman, Bloomberg has reported. The board has also elected Essa Kazim as chief executive officer and managing director, DFM said in a statement.

  • Dubai Financial Market pays two thirds of Nasdaq Dubai acquisition

    Dubai Financial Market has paid two thirds of its acquisition of Nasdaq Dubai and has transferred 80 million of its shares to Nasdaq OMX Group, Bloomberg has reported. The remaining third will be paid to Borse Dubai concurrently with the completion of the consolidation between Dubai Financial Market and Nasdaq Dubai in due course, DFM said in a statement.

  • Dubai Financial Market Q1 profit down by 8%

    The Dubai Financial Market (DFM) has reported an 8.4% fall in first-quarter net profit, reporting Dhs53.6m net profit during the first quarter, which ended March 31, compared to Dhs58.5m in the same period last year. "The revenue and profits of Q1 2010 are clear evidence that our market is more stable and in a better condition compared to a year ago," Executive Chairman Essa Kazim said in a statement. The DFM reported an increase of 5% in trading value to Dhs28.975bn during the first quarter

  • Dubai firm may hire 100 equity research analysts

    Riad Meliti, CEO of Dubai-based Arqaam Capital, has said the investment bank will start an equity research unit that may hire as many as 100 analysts in three years to meet demand for Middle East research, Bloomberg has reported. The research unit will be set up in Beirut and will cover some 300 companies in the region with a market value of more than $500m, he said.

  • Dubai gives Nakheel funds to repay 2010 bond

    Dubai-based developer Nakheel has said it has received enough funds from the Dubai Financial Support Fund to repay a $980m Islamic bond due on May 13. The Dubai Financial Support Fund was set up to distribute funds, raised via $20bn sovereign bond programme last year, to government-related entities.

  • Dubai Group has no plan to sell Marfin stake

    Dubai Group has said it has no plans to sell its holdings in Marfin Investment Group and Marfin Popular Bank of Greece, Bloomberg has reported. The group owns 17.8% of Marfin Investment and has a 17.3% stake in Marfin Popular.

  • Dubai Health Authority to explore role of private sector in healthcare

    A study is being conducted by the Dubai Health Authority (DHA) and PricewaterhouseCoopers to evaluate options for the private sector to take on a substantial role in health and healthcare management in the emirate. The two parties will work together to conduct a feasibility study and decide a model which will be successful given the dynamics of the city, DHA said.

  • Dubai Holding unit to suspend listing

    Dubai Holding Commercial Operations MTN, the listed sukuk vehicle of Dubai Holding, has said it has requested the suspension of its listing until the release of the company's annual report and results, Reuters has reported. Earlier in the week the firm said it will delay its 2009 financial results by two weeks to May 16.

  • Dubai house prices increase

    The Colliers International Q1 2010 House Price Index has recorded a 4% increase in Dubai house prices since Q4 2009. It is the third consecutive quarter in which the index has registered an overall increase, reinforcing a trend of market stabilisation, the report said.

  • Dubai International Capital asks banks for three month debt extension

    Dubai Holding subsidiary asks for extension on $1.25bn loan due 27 June

  • Dubai International reports growth

    Dubai Airports has revealed passenger traffic grew 14% in April compared to a year earlier to 3.75 million. Cargo handled by the airport also rose 19.6% in April to 178,357 tonnes.

  • Dubai Islamic Bank expects 1m customers in '10

    Adnan Chilwan, chief of retail and business banking at Dubai Islamic Bank, has said the lender expects to reach 1 million customers and open 10 new branches by the end of 2010 as the company targets growth in its retail business, Reuters has reported. The bank currently has 900,000 customers and 65 branches in the UAE.

  • Dubai Islamic Bank Q1 profit drops 46%

    Dubai Islamic Bank, the UAE's largest Islamic lender, has recorded a 46% fall in first-quarter net profit to Dhs200m, compared with Dhs370.3m in the same period in 2009. DIB said first-quarter results were impacted by its ongoing policy of 'prudent provisioning', but did not provide a figure for the provisions booked.

  • Dubai looks into stem cell therapy for diabetics

    Dubai Health Authority (DHA) has announced the formation of a task force to offer stem cell therapy to diabetic UAE residents, Gulf News has reported. Dr Laila Al Jasmi, CEO for Health Policy and Strategy at the DHA, told participants at a seminar organised by Joslin Diabetes Centre that stem cell therapy "offers hope for our people and the community around the region." About 20% of the UAE population suffer from the disease, while 3.5 million people across the GCC region are diabetics.

  • Dubai Metro stations close due to signal problems

    The Dubai Roads and Transport Authority had temporarily suspended train operations during the weekend on the major part of the Red Line due to signalling problem at the newly opened Ibn Battuta station, Gulf News has reported. Pehyman Younes Parham, Director of Marketing and Communication of the Dubai Roads and Transport Authority (RTA) has said, "We are commuting passengers on buses which are run along the Red Line covering all the affected stations."

  • Dubai Metro to open three more stations on Red line

    The remaining eight stations will all be opened by the end of 2010

  • Dubai Petroleum sets June bid deadline for new field development

    Scheme is valued at around $50-100m

  • Dubai prime real estate prices approaching 'floor'

    Bank of America Merrill Lynch has said that property prices in centrally located areas in Dubai may be reaching a "floor" after values dropped by 45%, Bloomberg has reported. "We see an emerging floor for prime assets, particularly in the retail sector, which has the smallest supply pipeline," Dubai-based analysts including Karthik Sankaran and Abdelrali El Jattari wrote in a note to investors.

  • Dubai Properties launches 'enhanced' labour camp

    Dubai Properties Group has announced the launch of a dedicated community for skilled labour focused on providing an enhanced lifestyle to the emirate's labour workforce. The developers behind the Jumeirah Beach Residence and The Executive Towers at Business Bay have unveiled Nuzul, which is comprised of 2236 residential units across 13 low rise buildings in Jebel Ali industrial Area 1. The company said the new community features Mediterranean architecture with wide open spaces designed to pro

  • Dubai ranks next to London as retail hotspot

    According to CB Richard Ellis's (CBRE) annual report, Dubai is the second-most popular retail hotspot for international brands, just behind London, The National has reported. The emirate also welcomed the most new international brands in 2009, with a growth of 8.2%, the highest rate among the top 20 cities. Jeddah and Riyadh have registered a growth rate of 4%, the report said. "It's quite clear that the Middle East is a significant target region for international retailers," Mike Leighton, a

  • Dubai rents expected to fall further in 2010

    New supply of properties will lead to further decline in rates

  • Dubai residents to be tested for diabetes

    Thousands of residents in Dubai will be screened by the Dubai Health Authority (DHA) for diabetes using a new non-invasive method that does not require patients to fast beforehand, Gulf News has reported. DHA hopes to complete the screening within a year at 13 public health centres and will aim to release sample results at the International Diabetes Conference in Dubai next year.

  • Dubai revamps hotel ratings

    The Dubai Department of Tourism and Commerce Marketing has launched a new hotel classification which will be implemented by year-end. Hospitality properties will continue to be rated on the scale of one to five stars, but new categories have been added to highlight their uniqueness, including business, beach, desert and heritage. The new star ratings will replace the system that has been in place for the last 12 years.

  • Dubai RTA launches e-system for vendors

    Dubai's Roads and Transport Authority (RTA) has launched a new electronic system aimed at facilitating the qualification process of contractors, consultants, and service-providers. The new e-system enables submitting, receiving and processing of qualification applications and issuing qualification certificates to vendors online.

  • Dubai school inspection results to go live

    The Dubai Schools Inspection Bureau (DSIB) has said that results of the second year of school inspections in the emirate will be released today.

  • Dubai to reveal waste study and action plan

    On average each person in the emirate produces two kilogrammes of waste a day

  • Dubai trade launches logistics training programme

    Dubai World's online service provider, Dubai Trade has signed an agreement with the Chartered Institute of Logistics and Transport-UAE to launch a training and certification programme for supply chain professionals using Dubai Trade Portal. The programme will give participants accreditation to Dubai Trade and CILT-UAE.

  • Dubai World creditors agree to debt deal

    Dubai World said today it has agreed in principle with a group of creditor banks on terms to restructure $14.4bn of loans. The company will pay $4.4bn in five years and the remaining $10bn in eight years. Banks will have the option to choose from combinations of loan maturities in dollar or dirhams that carry different interest rates, according to Bloomberg. Banks will be paid 1% interest on $4.4bn of the loans maturing in five years. The lenders have three options in the eight-year maturitie

  • Dubai World debt deal may be signed this month

    Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai's Supreme Fiscal Committee, has said an agreement to restructure Dubai World's debt might be signed with creditors in about two weeks. 'The first proposal has been accepted,' he told CNN in an interview. 'We're in the process today of refining it to the last thing to be signed on. I still remain very positive that it will be received very well. Maybe we are looking about two weeks from now.'

  • Dubai's economy to shrink in 2010, says IMF

    The International Monetary Fund's director for Middle East and Central Asia said today that Dubai's economy will shrink about 0.5% this year, which would be the second straight year of contraction for the emirate, Bloomberg has reported. Abu Dhabi, the largest emirate in the UAE, will grow 3.7% in 2010, Masood Ahmed told reporters in Dubai today.

  • Dubai's KHDA rules out hike on fees

    Dr Abdullah Al Karam, chairman of Dubai's Knowledge and Human Development Authority (KHDA) has categorically ruled out school fee hikes this school year, Gulf News has reported. Private operators will not be allowed to act like "over-commercialised businesses" which put "maximising profit" above student care, he said. "We don't see a possibility. The reasons for it have ceased to exist," Al Karam said.

  • Dubai's Middlesex University launches new psychology degree

    Middlesex University Dubai has introduced a Master degree in applied psychology. Set to commence September 2010, the broad based two-year evening Master degree is open to graduates from various subjects, the University said.

  • Dubai's Public Transport Agency cuts expenditure by 20 per cent

    The Public Transport Authority has been allocated 13 per cent of the total budget of the Roads and Transport Authority

  • Du's Q1 profit rises fourfold

    UAE-based fixed-line, mobile and Internet provider Du has said its Q1 profit rose fourfold to Dhs97m ($26m) from Dhs23.4m, as it gained subscribers and introduced new products, Bloomberg has reported. Sales grew 36% to Dhs1.58bn, the company said.

  • Dusit aims to operate 15 hotels in Mideast by 2015

    Dusit International has said it aims to operate at least 15 hotels in the Middle East by 2015. Dusit will open hotels and resorts in Abu Dhabi, Jeddah in Saudi Arabia, Bahrain, Oman, and Qatar within three years, the company said. The hospitality firm currently operates five properties in the region, including Dusit Thani Dubai, Dusit Princess City Centre Dubai, Dusit Residence Dubai Marina, Pearl Coast Premier Hotel Apartments, as well as Dusit Thani LakeView in Cairo, Egypt.

  • Eastern posts nine month net profit

    Egypt's cigarette monopoly Eastern Co has posted unaudited nine-month net profit for the period ended March 2010 of EGP626m and said it plans to increase exports 3% to EGP62.1m ($11.2m) in its 2010-11 year, Reuters has reported.

  • EFG-Hermes Q1 profit increases

    Egyptian investment bank, EFG-Hermes has said its net profits more than tripled in the first quarter, mainly due to the sale in January of its 28% stake in Lebanon's Bank Audi, Reuters has reported. Net profit was up to EGP483.6m ($86m) in the first three months of 2010 from EGP140.1m in the same period of 2009.

  • Egis wins Oran airport design and build contract

    Algeria’s Oran airport has a capacity 800,000 passengers a year

  • Egypt Arabic domain name .misr launched

    Egyptian communications ministry has announced the launch the first Internet domain name using Arabic letters to try to boost e-services and the number of people online in the country, Reuters has reported. The domain name .misr, the Arabic word for Egypt, which will be spelt in Arabic script, will be registered through Internet service suppliers TE Data, Vodafone Data and Link Registrar, the ministry said in a statement.

  • Egypt cancels Saudi budget flights

    Ahmed Shafik, Egypt's aviation minister has announced the open sky agreement with Saudi Arabia has been cancelled and Saudi low-cost carriers will not be allowed to land at Cairo's international airport until a bilateral aviation agreement has been signed, Daily News Egypt has reported. Shafik said the decision is aimed at protecting the state-owned airline, EgyptAir.

  • Egypt could block Orascom's Vodafone bid

    Egypt's telecoms regulator has said it will not allow Orascom Telecom to buy a stake in Vodafone's Egypt unit if the deal gives Orascom management stakes in two competing firms, Reuters has reported. "As a basic principle, we would not allow any entity to have a major stake in two (competing) mobile companies," a telecoms official, who asked not to be identified, said.

  • Egypt economic growth accelerates

    Egyptian economic development minister, Osman Mohamed Osman has said that economic growth accelerated to 5.8% in the first three months of 2010, the fastest pace in almost two years, Reuters has reported.

  • Egypt opens cement licensing bidding

    Egypt's Industrial Development Authority has opened bidding for two cement production licences, but will not allow existing cement firms in Egypt to bid in an effort to boost competition and bring down prices, Reuters has reported. The licences will be for projects in North Sinai, east of Cairo and El Wadi to the southwest.

  • Egypt plans $2bn oil refinery

    Egypt plans to build a $2bn oil refinery to supply its domestic market as well as export to China, Reuters has reported. The refinery will be Egypt's largest, with an output capacity of 15 million tonnes per year, it said. A further 15 million tonne expansion will later be added to double the refinery's capacity.

  • Egypt puts privatisation programme on hold

    Egyptian investment minister, Mahmoud Mohieldin has said the country's privatisation programme has been put on hold, but selling minority stakes to Egyptians could still be considered, Reuters has reported, citing state daily al-Ahram. Egypt has already sold a big bank as part of financial liberalisation. It tried to sell Banque du Caire in 2008 but the offer price was rejected as too low.

  • Egypt shuts down two Torah Cement production lines

    Egypt's environment ministry has shut down two of Torah Cement's production lines and filed a case against the firm charging it with damaging the environment, Reuters has reported. "Despite providing the firm with all technical cooperation to cut emissions and reduce environmental pollution, the firm has continued to violate environmental law and emit pollutants causing hazard to the community," the ministry said in a statement.

  • Egypt to cut deficit to 3.5% of its GDP in 2015

    Egypt's finance minister has said the country aims to cut its budget deficit to 3.5% of its gross domestic product in 2015 and raise the growth rate by that time to 8.5%, Reuters has reported. Youssef Boutros-Ghali said the target was for growth of 7.55% in 2013, 8.1% in 2014 and 8.5% in 2015.

  • Egypt to introduce new foreign investor trading system

    Egypt plans to introduce a trading system enabling foreign investors to place buy or sell orders for shares on the Cairo exchange more directly to improve liquidity and efficiency, Reuters has reported. Investors abroad, however, will still need to operate through a licensed broker in Egypt but the new Financial Information eXchange (Fix) system will automate the process.

  • Egypt: Airport area spatial planning

    Provision of consultancy services comprising spatial planning at an airport

  • Egypt: Cardiac catheterisation system

    Supply of a biplane cardiac catheterisation system

  • Egypt: Cement projects concession

    Prequalification for two concessions to develop grey cement projects

  • Egypt: Chimneys

    Supply of chimneys as part of a natural gas connection project

  • Egypt: Flow measurement instruments

    Supply and erection of flow measurement instruments

  • Egypt: Gamma camera

    Supply of a double-head gamma camera

  • Egypt: Gas connection fixing additives

    Supply of fixing additives as part of a natural gas connection project

  • Egypt: Gas project transfer connections

    Supply of transfer connections as part of a natural gas connection project

  • Egypt: Lamp factory equipment

    Supply of equipment for regular lamp and fluorescent lamp factories

  • Egypt: Locomotive spares

    Supply of spare parts for locomotives

  • Egypt: Power station tanks yard

    Provision of the tanks yard package for a power station project

  • Egypt: Power station transformer

    Supply of a lifting transformer for a power station

  • Egypt: Railway crossings revamping

    Revamping of the flooring of 50 railway crossings

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

    Collection and pumping of sanitary drainage water in El-Mehalla el-Kobra

  • Egypt: Sanitary drainage project (Markaz Mallawi)

    Collection and pumping of sanitary drainage water at Markaz Mallawi

  • Egypt: Sanitary drainage project (Qotour)

    Collection and pumping of sanitary drainage water in Qotour

  • Egypt: Serums and vaccines

    Supply of serums and vaccines

  • Egyptair announces new Dubai service

    Egyptair has announced it will launch a non-stop service from Dubai to Cairo starting June 18, 2010. The new daily service will be served with a new B777-300ER, the airline said.

  • EgyptAir to fly to Scandanavia

    Egytpair has announced it will operate three direct weekly flights to the Danish capital, Copenhagen starting from October 1, 2010. The carrier said it will use a B737-800 fleet on the route.

  • Egyptian Resorts suffers Q1 loss

    Egyptian Resorts has posted a net loss of EGP2.9m ($517,600) in the first quarter of 2010 after failing to sell any land, its main source of income, Reuters has reported. Analysts said the company could swing back to profitability thanks to new management and a partnership to develop land with Orascom Development Holding (ODH).

  • Egypt's Ezz Dekheila Steel posts Q1 profit increase

    Egyptian stock exchange has said the first quarter net profit of Ezz Dekheila Steel rose 47% from a year earlier, Reuters has reported. Net profit grew to EGP253.7m ($44.9m) in the first quarter of 2010 from EGP172.3m a year earlier, the bourse said.

  • Egypt's Ezz Steel yet to be given notice on Algerian deal

    Egypt's Ezz Steel has said it has not received any formal notification from the Algerian authorities regarding its $750m Algeria project, Reuters has reported. Algerian industry and investment minister, Hamid Temmar said on Thursday the government had frozen the 2007 deal with Ezz Steel and was in talks with other investors to replace the Egyptian firm. The Algerian government had asked the Egyptian steel magnate to bring the project in line with a 2009 law which caps foreign ownership of new

  • Egypt's Heliopolis profit up 33 %

    Egyptian developer Heliopolis Housing has posted a 33% increase in net profit in the nine months to end-March. The mostly state-owned firm made a net profit of EGP121.8m ($21.7m) in the nine-month period, up from EGP91.9m a year earlier.

  • Egypt's mobile subscriber figures increase

    The number of mobile phone subscriptions in Egypt rose 1.2 million to 57.7 million in March, Reuters has reported. Last year, the three mobile operators, Etisalat Egypt, MobiNil and Vodafone Egypt had 43.5 million subscribers.

  • Egypt's small enterprise exchange to begin trading on 3 June

    Egyptian plastics company to offer capital of $69,000

  • Egypt's South Valley Cement Q1 profit rises 39%

    Egypt's stock exchange has said that South Valley Cement has posted a 39% rise in Q1 2010 net profit to EGP40.7m ($7.2m). The company did not provide further details on its results.

  • Egypt's Talaat Moustafa announces Q1 profit

    Egypt's Talaat Moustafa Group has posted a first quarter net profit of EGP324.1m ($57.8 million), Reuters has reported. The firm made a net profit of EGP314m in the same period last year.

  • EIAST projects to become part of UAE curriculum

    The UAE's education ministry and the Emirates Institution for Advanced Science and Technology (EIAST) have signed an agreement, whereby EIAST's key findings will become part of the secondary school curriculum of geography and social studies.

  • Eight bids submitted for Oman desalination facility

    The 400 cubic metres a day facility will be built at Manadhif in the Al-Wusta region

  • El Sewedy Cables posts profit increase

    Egypt's El Sewedy Cables has posted a 32% rise in first-quarter net profit. Net profit before minority interests rose to EGP266m ($47m), on revenue up 21% to EGP2.93bn, while the gross profit margin widened to 18.8% from 17.9%. Revenue growth came from sales outside the company's home market, El Sewedy said.

  • Emaar Economic City to receive government loan

    The Saudi finance ministry will provide Emaar Economic City with a SR5bn ($1.33bn) loan soon, Reuters has reported, citing two sources familiar with the deal. The developer is spearheading the development of King Abdullah Economic City, a project aimed at building a new high-tech city on the Red Sea coast with business, industrial, leisure and residential estates as well as a giant port. The loan will help the developer to speed up the development of the city, another source close to the proj

  • Emaar Healthcare Group opens third facility in Dubai

    Emaar Healthcare Group and Methodist International have announced the opening of their third healthcare centre in Dubai, the Arabian Ranches Clinic in Arabian Ranches neighbourhood of Emaar Properties. The new clinic will offer services in Internal Medicine, Paediatrics, ENT and Obstetrics & Gynaecology. Other specialities such as Orthopaedics, Dentistry and Ophthalmology will be added on shortly, the firm said.

  • Emaar International Jordan launches new apartments

    Emaar International Jordan has unveiled a new collection of apartments within Rift Living in the Samarah Dead Sea Resort. The new phase of apartments are scheduled for completion by end of 2011 with the first phase of apartments currently being completed and ready for hand over to customers at the end of September 2010.

  • Emaar plans restaurant expansion

    Emaar plans to expand its restaurant division outside the UAE and expects to launch two new brands before the end of the year, The National has reported. The group plans to open more of its Downtown Deli brand across the UAE and franchise the brand outside the country. In the third quarter of this year the group will open Madeline, a French restaurant, and Saha Cafe, an Arabic restaurant, in the Dubai Mall and Boulevard near The Old Town.

  • Emcredit appointed as Dubai's credit information body

    Emirates Credit Information Co (Emcredit) has been named the official credit information agency of Dubai in an effort to improve transparency of financial transactions. A decree by Sheikh Mohammed has said that all credit information providers, such as banks, financial institutions and government bodies operating in Dubai, should provide Emcredit with all the required credit information records required by it to render its credit information services.

  • Emirates Airline records net profit of $964m

    Emirates Group achieved net profit of $1.1bn in the financial year ending 31 March 2010

  • Emirates considers Sri Lankan Airlines offer

    Emirates will sell its entire stake in Sri Lankan Airlines for the right price

  • Emirates Group announce record profit increase of 248%

    HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group announced an outstanding result in a year with worldwide market instability. The group has posted a record profit increase of 248%, with group net profit of $1.1bn (Dhs4.2bn) as Phil Blizzard reports.

  • Emirates hikes fares

    Emirates Airline has sent out memos to travel agents advising them of a price adjustment starting from May 15, Gulf News has reported. 'Like every commercially oriented business, Emirates regularly reviews its fares to reflect market dynamics, including demand,' an Emirates spokesperson was quoted as saying by the daily. A travel agent said the airline's price adjustment was expected as it is peak season.

  • Emirates Holidays targeting 50% revenue growth

    John Felix, senior vice-president of Emirates Holidays has said the company plans to increase revenues by nearly 50% by 2012 and is targeting a double-digit year-on-year growth for its current financial year, which ends in March 2011, Emirates Business has reported. "We lost nearly 20% of our normal business last year, with the financial meltdown, the H1N1 health scare and Ramadan moving forward," Felix told the newspaper.

  • Emirates launches Amsterdam service

    Emirates Airline has announced the launch of a new service to the Dutch capital, Amsterdam. Served by a combination of the latest Boeing 777-300ER and 200LR. The launch of the new service coincided with the Queen's birthday in the Netherlands.

  • Emirates launches new online booking services

    Emirates Airline has introduced a new service allowing customers to make bookings online beyond the carrier's network. Travellers can now book flights to and from more than 300 cities not currently served by Emirates, on multiple airlines connecting to the network of the Dubai-based airline.

  • Emirates NBD, HDFC to offer Indian online remittance

    Emirates NBD has partnered with India-based HDFC Bank to offer a special online remittance facility for its Indian clients. The service provides the advantage of processing all transactions with the same day value. The funds will be credited into the beneficiary's account with HDFC Bank, if the transactions have been requested before 12 noon on working days common to the UAE and India (Monday - Thursday). For transactions requested post noon, the funds will be credited by the next working day

  • Emirates on new aircraft, new routes and the ash crisis

    The volcanic ash crisis placed a lot of pressure on airlines across the globe and Richard Vaughan - DSVP, Commercial Operations Worldwide, Emirates explains to Phil Blizzard how they managed the situation. They also talk about their new routes, aircraft delivery and the FIFA World Cup from a marketing and traffic perspective.

  • Emirates Post to offer cards for online courses

    Emirates Post and Knowledge Horizon have announced a partnership aimed at making available cards for online courses at selected post offices in the UAE. According to the agreement, Knowledge Horizon will offer Emirates Post customers special cards that will enable them to register for online programmes.

  • Emirates reports record profits

    Emirates Group announced today it posted a record profit increase of 248% to $1.1bn in the year ended March 31. The group's annual report for 2009-10 includes the financial performance of Emirates Airline, Dnata and other subsidiary companies. Group revenue remained stable at $12.4bn, the report said, reflecting lower passenger and cargo yields offset by increased traffic. The report said 27.5 million passengers flew with Emirates in the latest financial year, 4.7 million more than in the pre

  • Emirates reveals Iraq services

    Emirates Airline has unveiled plans to launch flights to the Iraqi capital, Baghdad from July 1, 2010. Initially, Emirates will operate three weekly flights. Baghdad will be one of six new destinations to be launched by the airline this year.

  • Emirates Steel close to securing loan

    Hussain al Nowais, chairman of state-owned Emirates Steel Industries, has said the company is close to raising $2bn in loans to fund expansion, Bloomberg has reported. The company plans to use the money for its expansion projects which will raise annual output at its facility to about 6.5 million metric tonnes within the next five years, the company said in a statement.

  • Emirates Steel Industries gives banks more time

    Lenders given more time to assess $1.5bn loan request

  • Emirates to begin Prague service

    Emirates Airline is setting up offices in the Czech Republic, as the Dubai-based carrier prepares to launch direct flights to the capital, Prague, Gulf News has reported. Prague is one of six new routes Emirates has announced so far for this year.

  • Emirates to fly to Baghdad

    The Iraqi capital is one of six new routes that Emirates will start in 2010

  • Emirates to restart A380 service to New York

    Emirates Airline has announced it will resume flights between Dubai and New York using the Airbus A380 after replacing the aircraft on the route in March last year. The flights will resume from October 31. The carrier currently operates A380 aircraft to London Heathrow, Toronto, Paris, Jeddah, Bangkok, Seoul, Sydney and Auckland. In March, the airline announced the start of A380 services to Beijing from August 1, and Manchester from September.

  • Emirates warns of UK flight disruption

    Emirates Airlines has said the volcanic ash cloud affecting UK airspace is causing disruption to its flights, Wam has reported. The Dubai-based carrier has said it is possible that additional flights may be affected in the coming days.

  • Emirates, DHL ink deal to boost security

    A memorandum of understanding has been signed by Emirates and DHL to establish a strategic security partnership to enhance air cargo security in the region. The MOU will enable Emirates Group Security and DHL Express to work more closely together in areas of security training and education, threat mitigation and reduction of company risk, towards a more secure and stable environment for employees, customers and the logistics industry.

  • Engineering design of Barzan gas project nears completion

    Qatar Petroleum has said the front-end engineering design (FEED) of the Barzan gas project is to be completed soon, the Peninsula has reported. The Barzan Gas Project, a QP-ExxonMobil joint venture, had been delayed for the last two years due to high costs. It will supply the growing local gas demand, especially from industries and utilities.

  • Epson launches new printers

    Epson has announced the Middle East launch of two business inkjet printers - the Epson B-310N and B-510DN. The manufacturer said the B-510DN would enable businesses to print in colour for the same cost-per-page as a mono laser printer.

  • Escan to offer long leases to foreigners for Fujairah development

    Abu Dhabi-based Escan Investment and Real Estate Development has announced it will offer long-term leases of up to 100 years and title deeds to foreigners who have 49% company ownership in the UAE, for its Al Fanar Towers in Fujairah, Emirates Business has reported. Construction has begun on the project, which is scheduled to be completed by 2013.

  • Esnaad opens brine plant

    Esnaad, a wholly owned subsidiary of Abu Dhabi National Oil Co (Adnoc), has announced the opening of a brine plant capable of producing 2,000 to 3,000 barrels per day to service the oil and gas facilities offshore Abu Dhabi. The new plant produces various types of brine including sodium chloride and calcium chloride and also has the capacity to produce the heavier brines such as calcium bromide and sodium bromide. The plant also receives used brine for filtering, cleaning and treating before

  • Etihad appoints new Senior VP of Etihad Crystal Cargo

    Etihad Airways has announced the appointment of Roy Kinnear as the new senior vice president of Etihad Crystal Cargo. Kinnear is replacing executive vice president Des Vertannes, who is leaving Etihad to take up a senior role with IATA as Global Head of Cargo.

  • Etihad inks codeshare deal with Olympic Air

    Etihad Airways has signed a codeshare agreement with Greece-based Olympic Air. The agreement, which comes into effect on Tuesday May 18, will allow the Abu Dhabi-based carrier to place its two-letter 'EY' code on services operated by Olympic Air between Athens and Rhodes and Thessaloniki in Greece, the Romanian capital Bucharest, and capital of Bulgaria, Sofia. Etihad offers a daily flight from Abu Dhabi to the Greek capital, Athens.

  • Etihad premium lounge to open in Manchester

    Etihad Airways plans to open its third premium lounge outside of its Abu Dhabi home base, in Manchester. The airline said the new lounge, which will open later this year in Manchester Airport's Terminal 1, is part of a gradual roll out of lounges across its network.

  • Etihad unlikely to break even this year

    James Hogan, CEO of Etihad Airways has said the airline will not break even this year after its yields were hit by the global economic crisis and swine flu, Bloomberg has reported. "If we'd had a better year in 2008 and 2009, we would have broken even this year," he said. "The global financial crisis and the pandemic hit us in yield, pushed us back down to 2007 levels." Etihad should break even next year, he added.

  • Etisalat and Du to share networks

    The UAE's Telecommunications Regulatory Authority (TRA) has said Etisalat and Du will begin network sharing next month, Emirates Business has reported. The move will open up both providers' coverage at the national level for fixed phone and internet connections next month, and this will lead to a considerable drop in prices, Mohamed Al Ghanim, TRA's director general said.

  • Etisalat inks City of Arabia connection

    Etisalat has announced it has signed partnership agreement with the Galadari Group to provide City of Arabia with its telecommunications services. Through its advanced fiber optic network, Etisalat will provide internet services, mobile broadband services besides landline, GSM and infrastructure services to the residents and commercial establishments in City of Arabia.

  • Etisalat unveils Micro SIM Card

    Etisalat has unveiled a Micro SIM Card that is compatible with Apple iPad. The first such SIM Card to be launched in the region, the micro SIM card has a dual usage design making it compatible with both a normal mobile phone and the iPad device, which requires Mobile Broadband Internet access.

  • Etisalat unveils new IP Connect service

    Etisalat has announced the introduction of its IP Connect service, which provides access speeds of 10Gbps for IP MPLS, Wam has reported. The telecoms will also provide port and class of service (COS) speeds of 2GB, 4GB, 6GB and 10GB on its IP MPLS network to provide a complete range of port interface speeds to business customers.

  • Excessive TV watching could cause child illness

    A study by a Kuwait University professor has concluded that children who watch TV for several hours a day may develop various mental and physical illnesses, Kuwait Times has reported.

  • Ezdan in talks over Malaysian property sale

    Qatar's biggest property developer by market value, Ezdan Real Estate has said it is in talks to sell properties it owns in Doha to a Malaysian real estate fund for QR1bn ($274m), the Peninsula has reported.

  • Facilities management firms to face new rules

    Dubai's Real Estate Regulatory Agency (Rera) is working on new rules under which facilities management (FM) firms will be graded and classified, Emirates Business has reported. "Not all the companies will be able to provide all the services. Plus, there will be standards set for every grade, which will ensure that specific companies provide FM services to specific properties," Jamal Lootah, president of RERA said.

  • Family resort concept launched in Dubai

    New hotel management firm, First & Foremost Hotels and Resorts has announced the launch of the region's first family resort concept in Dubai, in partnership with Leading Family Hotels & Resorts. The company said it is currently looking at suitable properties to manage with the aim of signing 12 deals within five years. An initiative by Michael Scully, Managing Director of hospitality at Dubai-based holding company Seven Tides, the firm will assemble a portfolio of luxury resorts and hotels, b

  • Ferrari theme park in Abu Dhabi to open in October

    Aldar Properties has announced the world's first Ferrari theme park will open its doors to the public in Abu Dhabi on October 28, Emirates Business has reported. The park, which includes a rollercoaster ride that should reach speeds of up to 240kph, is located next to the Yas Marina circuit that hosts the season-ending Abu Dhabi Formula One Grand Prix on November 14.

  • Final Nakheel deal in two weeks, says report

    A final deal over Nakheel's debt repayment offer should be completed within two weeks, the head of the UAE Contractors' Association has said. The Dubai-based developer has 50% approval for the deal, Ahmed Saif Balhasa said in the Emirati newspaper Al Bayan, leaving it 15% shy of the necessary 65%. The last 15% should not be difficult to get he said, because of assurances given to creditors by Nakheel.

  • Financial bids opened for Muharraq wastewater tender in Bahrain

    Lowest bid for Muharraq scheme submitted by United Utilities and Samsung Engineering

  • Firms line up to qualify for Dairut power plant contract

    Egypt receives 19 responses for the independent power project

  • Firms prepare to prequalify for Oman rail contracts

    Companies have until 31 May to submit prequalification documents for two contracts on Oman’s national railway

  • First quarter profits for GIB

    Gulf International Bank (GIB) has reported $26.8m in Q1 net income, compared to a $132.4m loss recorded in the fourth quarter of 2009. The lender had recorded a net profit of $42.9m in the corresponding quarter of last year. A net provision charge of only $2.5m was recorded for the quarter.

  • Fitch downgrades Dubai Bank

    Fitch has downgraded Dubai Bank, a subsidiary of state conglomerate Dubai Holding, citing rising loan losses, a weak full-year outlook and its exposure to other government entities, Reuters has reported. Fitch lowered its individual rating on Dubai Bank to 'D', which means there are concerns regarding the lender's profitability and balance sheet integrity, management, operating environment or prospects, according to the agency's website.

  • Five Dubai schools graded outstanding

    Only five schools in Dubai have been graded as 'outstanding,' school inspections published today by the Knowledge and Human Development Authority (KHDA) have revealed. Gulf News has reported there are 25 unsatisfactory schools, 73 good schools and 109 acceptable schools.

  • Fivefold increase in the total value of Middle East public listings

    IPO activity valued at $420.5m in 2010

  • FLSmidth wins three contracts

    Danish contractor wins contracts for phosphate terminal, copper mine and cement plant

  • FLSmidth wins Tunisia cement contracts

    Danish plant supplier awarded two contracts by Carthage Cement

  • Flydubai announces new route to India

    Low-cost airline Flydubai has announced plans to launch flights to the Indian city of Lucknow from June 2. This marks the seventh new route announcement for the carrier in the last month, bringing its network to 20 destinations. Flights to the north-east city of Lucknow, the capital of India's most populous state, Uttar Pradesh, will operate thrice weekly.

  • Flydubai announces new visa service

    Flydubai and the Dubai Naturalisation and Residency Department (DNRD) have announced a new service which allows travellers to collect their visas by email or mobile phone. The airline will launch the service for a trial period of three months starting May 19.

  • Flydubai announces Sri Lanka flights

    Dubai's Flydubai is set to launch flights to the Sri Lankan capital, Colombo starting from next month. The carrier plans to operate four weekly flights on Mondays, Wednesdays, Thursdays and Saturdays. The first flight will be on June 23, in time for the Vel festival in Sri Lanka.

  • FlyDubai considers Iraq service

    CEO of Dubai's budget airline, Ghaith Al Ghaith has said the carrier is considering launching services to Iraq, Gulf News has reported. "Iraq is definitely on our radar" he said, describing the country as "currently underserved."

  • Flydubai launches flights to Assiut, Egypt

    Dubai-based low cost airline Flydubai has launched direct flights from Dubai to Assiut, its third destination in Egypt and sixteenth route overall. Flights to Assiut operate three times per week on Mondays, Wednesdays and Fridays.

  • Flydubai launches flights to Luxor, Egypt

    Low-cost airline, Flydubai has begun flying to to its fifteenth destination, the ancient Egyptian city of Luxor from Dubai International Airport's Terminal 2. Luxor is the airline's second destination in Egypt after Alexandria and will be followed on Monday, May 24, by its third, Assiut, the largest town in Upper Egypt.

  • Flydubai to fly to India after 11-month delay

    The airline originally planned to fly to three Indian cities in July 2009

  • Flydubai to fly to Sri Lanka

    The carrier will operate four flights a week to Colombo

  • Flydubai to fly to third Egyptian destination

    The low-cost carrier will fly to Assiut from 24 May

  • Flydubai to launch direct Kabul flights

    Dubai-based airline, Flydubai has said it will launch its first direct flights to the Afghan capital, Kabul, on May 17. The carrier believes there will be a huge demand, Ghaith Al Ghaith, CEO of Flydubai said, adding that more than 1,000 people are currently travelling between Dubai and Kabul.

  • Flydubai to launch flights to Karachi

    Low-cost carrier now flys to 19 destinations

  • Flydubai to launch service to Karachi

    Flydubai has annunced that it will begin flights to Karachi, Pakistan's largest city and financial capital, from June 21. Karachi is the sixth new route announcement for the airline within a span of four weeks, bringing the carrier's network to 19. One way fares to Karachi from Dubai will cost from Dhs300.

  • Foreign bank deposits decrease

    Figures from the UAE central bank have shown deposits of foreign banks with UAE banks plunged at the end of 2009 to their lowest level in nearly four years, Emirates Business has reported. Foreign banks pulled Dhs112.5bn ($30.6bn) out of the UAE's banking system in 2008 and 2009, the data showed.

  • Former Saudi telecom official fined for insider trading

    Saudi Arabia's Capital Market Authority has ordered a former board member of state-controlled Saudi Telecom to pay almost $2m in fines and profit for insider trading in 2004, Reuters has reported. The ruling against former Saudi Telecom board member Saleh bin Mohammed bin Saleh al-Hajjaj was delivered by an appeals panel which found him guilty of insider trading in December 2004, CMA said.

  • Former Tamweel executives get jail terms

    The former chief executive of Islamic lender, Tamweel has been jailed, along with three other officials, Reuters has reported. Adel al-Shirawi, who was dismissed as Tamweel chief executive in 2008, was found guilty of accepting bribes and profiting from the sale of land in a Dubai project and sentenced to three years in jail. He was also fined and ordered to repay funds. His deputy, Abdullah Nasser, was also convicted and sentenced to three years in jail. The court also gave one-year jail ter

  • Fortis launches Arabic language timepiece

    Swiss watchmaker, Fortis has launched an Arabic-language timepiece in the UAE, The National has reported. The model is called the 'B-42 Al Tayar', which means The Aviator in Arabic, is available in the UAE at Gems World stores, and be available elsewhere in the GCC by mid-September and globally by the end of the year, the manufacturer said.

  • Foster Wheeler wins Abu Dhabi onshore oil management deal

    Contract is part of a scheme to boost Abu Dhabi’s onshore production by 400,000 barrels a day

  • Foster Wheeler wins ADCO project management contract

    Abu Dhabi Company for Onshore Oil Operations (ADCO) has awarded Foster Wheeler a project management consultancy (PMC) contract for the Bab Field expansion and the development of the Qusahwira Field. The company's primary role as PMC will involve managing the engineering, procurement and construction (EPC) tendering and award process and the EPC execution phase on behalf of ADCO.

  • France gives Morocco $310m loan for phosphate pipeline

    The funds were given to Morocco’s national phosphate company

  • Fujairah to lease new free zone plots

    Fujairah plans to lease around 30 new plots of land in the latest phase of its free-zone development by the end of this year, The National has reported. The emirate's government has allocated almost 28 hectares of land in the Al Hayl area on the outskirts of Fujairah for the latest phase of its free-zone development. Private companies have invested Dhs4bn ($1.08bn) in the free zone, on top of about Dhs250m of government cash to build the infrastructure.

  • Galfar Engineering posts $2.78m loss in Q1

    Oman-based Galfar Engineering and Contracting Co has posted a Q1 loss of OR843,000 ($2.78m), mainly due to the increase in costs of Muscat Expressway project, Reuters has reported. However, Galfar said it has a healthy order book position and expects to post improved results in the second half of the year. The company made a profit of OR4.6m in the first three months of last year.

  • Gasco planning new $2bn Shah tender

    Abu Dhabi Gas Industries Co (Gasco) is planning a tender for a new construction contract, which includes sulphur granulation and handling facilities for the redesigned $10bn Shah Gas development, Meed has reported, citing sources close to the project. The contract, which sources estimate at $2bn, covers the construction of sulphur granulation facilities with a capacity of around 7 million tonnes a year, in addition to sulphur handling facilities at Habshan and Ruwais in the Western Region.

  • Gaza/West Bank: Police training facility finishings

    Carrying out finishing works for buildings at a police training facility

  • Gaza/West Bank: Residential construction works

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

  • GCC cement producers enjoy Q1 income increase

    According to figures by the Kuwaiti-based Global Investment House (GIH), net earnings of cement companies in GCC countries grew by 19.1% to around $421.49m in the first quarter of this year, from around $353.9m in the first quarter of 2009, Emirates Business has reported. Profits were higher despite a 71.3% decline in awarded projects to $8.9bn from nearly $31bn in the same period last year.

  • GCC equity funds gain 3.93 per cent in 2010

    Kuwait’s NBK Capital was best performing fund

  • GCC suspends free-trade talks with EU

    GCC secretary-general, Abdul Rahman al-Attiyah has announced the suspension of free-trade negotiations with the European Union after failing to overcome obstacles to an agreement, Bloomberg has reported. Talks have faltered over disagreements on petrochemical subsidies and foreign companies holding majority stakes in GCC companies, al-Attiyah said.

  • GCC to scrap steel duty

    The GCC will abolish a 5% import duty within one to two months to ease a supply strain that has been mostly felt in Saudi Arabia, the organisation's secretariat was quoted as saying by Reuters. 'There is consensus among GCC countries about this proposal. It will be approved without any problem but it will probably take a month or two for it to be implemented,' the official told the news service before a meeting of GCC finance ministers in Riyadh to examine the proposed measure.

  • GDF Suez consortium to develop power projects in Oman

    A consortium led by French-based energy giant GDF Suez has won a government contract to build two 744MW gas-fired power projects at a combined estimated cost of OR700m ($1.8bn) in Oman, the Oman Daily Observer has reported. The new projects, which are known as Barka III and Sohar II, are scheduled to be fully commissioned by 2013, although around 800MW of power will be available by 2012.

  • GDF Suez lined up for Omani power projects

    Each of the independent power projects will have 650-750MW of power capacity

  • GE signs Saudi Aramco deal

    Saudi Aramco has signed a corporate procurement agreement with General Electric (GE) for the supply of GE turbomachinery equipment and services to support the production of oil and gas in the kingdom. The agreement also includes cooperation on initiatives focused on optimising the performance of Saudi Aramco's installed fleet of turbomachinery equipment, which includes over 60 gas turbines, 90 compressors and more than 100 pumps.

  • GEMS World Academy-Dubai to offer new diploma programme

    Dubai Gems World Academy-Dubai has said it has been authorised by the International Baccalaureate Diploma Organization (IBO) to offer the IB diploma programme, a pre-university preparation for advanced studies. The school commences its two year diploma programme starting September 2011.

  • General Holding Corporation posts 61 per cent profit hike

    Abu Dhabi investment vehicle 2009 profits rise to $307m from $191m in 2008

  • Genetic research centre may open in UAE

    US-based Cold Spring Harbour Laboratory is considering setting up an arm of its Dolan DNA Learning Centre in the UAE, Gulf News has reported. The new centre, which will be established through multiple collaborations with the Higher Colleges of Technology, aims to establish a lab based system of science learning and DNA research, Dr Bruce Stillman, President of the New York-based CSHL told the daily. It will train locally based teachers - and consequently students - in advanced techniques in g

  • George Davies to open retail chain in Gulf

    George Davies, the retail entrepreneur who founded Next and George at Asda and designed the Per Una fashion collection for Marks & Spencer, plans to open a 60-branch childrenswear chain in Saudi Arabia and Egypt, reported the UK's Daily Telegraph. The launch will be through a joint venture with Fawaz Alhokair Group, a leading Saudi Arabian property and retail business, the report said. The Middle East venture would represent the first time he has launched an entirely new retail chain overseas

  • GFH losses decrease

    Bahrain-based Gulf Finance House (GFH) has said its Q1 losses have dropped by 80% on cost cuts, with revenue recovering from the lows seen at the end of last year, Reuters has reported. The Islamic investment house said that its net loss in the three months ending March 31 was $7.5m, compared with a net loss of $37.74m the year earlier.

  • Gigabyte unveils new motherboard

    Gigabyte's latest motherboard is now available in the Middle East. The GA-X58A-UD9 motherboard features new 24-phase Unlocked Power design, 4-way graphics support including NVIDIA SLI and ATI CrossFireX, as well as a host of Gigabyte features such as 333 Onboard Acceleration and On/Off Charge.

  • GIH shareholders approve capital increase

    Kuwait-based Global Investment House has said its shareholders have approved raising the investment bank's capital by KD100m ($346m) to a total of KD231.2m, Bloomberg has reported. The bank, which is restructuring $1.73bn of debt, plans to offer 1 billion shares with a nominal value of 100 fils and a premium of 5 fils. 'I believe the KD100m now is important for enhancing the financial position of the company and for safeguarding against what could happen in the future if the price of assets d

  • Global Investment House's decreases Q1 loss

    Global Investment House (GIH) has narrowed its first-quarter net loss to KD14.2m ($49.02m), Reuters has reported. The investment firm reported a net loss of KD69.5m in the same period a year earlier.

  • Glow to operate berth 5 at Umm Qasr port

    Kuwaiti firm will operate the container handling facilities for three years

  • Google to offer encrypted search option

    Alan Eustace, Google's senior VP, engineering and research has said the firm plans to offer an encrypted search starting next week, Cnet has reported. "Earlier this year, we encrypted Gmail for all our users, and next week we will start offering an encrypted version of Google Search," Eustace wrote in a blog post.

  • Government’s work gets tougher as power moves to the periphery

    Big organisations are under pressure as technology challenges the global balance of power

  • Great Properties shuts down UAE operations

    UAE-based real estate brokerage firm, Great Properties has been disbanded and its employees have been moved to the operations arm of Tanmiyat, Emirates Business has reported. An official spokesperson of Tanmiyat said that Great Properties remains active in Saudi Arabia. "Great Properties in the UAE was initially set up to support the sale of Tanmiyat projects. As Tanmiyat has no projects currently for sale, Great Properties has been disbanded and the staff of the company have been moved to th

  • Greater productivity drives Emirates Group financial results

    Gary Chapman, President Group Services & Dnata, Emirates Group, talks to Phil Blizzard about the driving factors behind the substantial financial results generated by the Emirates Group and the role DNATA plays in its 50th anniversary year.

  • Gulf Air cuts 500 staff

    Bahrain's Gulf Air has cut over 500 staff positions in the past six months, Samer Majali, CEO of the carrier has told Reuters. The positions were cut through a combination of letting temporary contracts expire, an extensive recruitment freeze and natural attrition, he told the news service.

  • Gulf Air unveils voluntary retirement scheme

    Bahrain-based Gulf Air has announced a Voluntary Redundancy/ Retirement Scheme for its employees aimed at optimising the airline's workforce and improving efficiency. 'A key part of our strategy is to review all cost elements of the business that have an impact on its sustainability and profitability. This included personnel-related costs. Offering a VRS was one of the suggestions put forward by employees and employee representatives to address this issue,' commented Samer Majali, CEO of Gulf

  • Gulf contractors look to diversify

    Contractors look to emerging markets in Saudi Arabia and Libya

  • Gulf Finance House sells stake in Bahrain Financial Harbour

    Bahraini bank completes first sale of $420m disposal program

  • Gulf Holding eases concerns on Villamar sukuk

    Kuwait-based Gulf Holding Co has said it can both pay its next coupon and complete construction projects, in a bid to ease concerns of a possible liquidity crunch for the Villamar sukuk, Reuters has reported. The statement by the Sharia'h-compliant real estate investment products and services provider came after its Residential South Real Estate unit, which issued the Villamar sukuk, said on Thursday that cash reserves fell to BD5.45m ($14.5m) at the end of 2009 from BD42.3m a year earlier. T

  • Gulf Navigation cancels Korean new build order

    Gulf Navigation Holding has cancelled a contract with SLS Shipbuilding of Korea for a new ship due to excessive delay in the delivery of the vessel, Emirates Business has reported. Gulf Mishref Shipping, a subsidiary of Gulf Navigation Holding notified SLS Shipbuilding of the cancellation the new building contract and requested for a refund of all installments paid to date along with interest.

  • HAAD launches electronic physician directory

    Health Authority - Abu Dhabi (HAAD) has announced the launch of the Abu Dhabi Electronic Physician Directory that will provide periodically updated information on licensed physicians in the emirate. The directory allows the public to search for physicians by a number of different criteria.

  • HCT to build 'Innovation City' tech hub

    Abu Dhabi-based Higher Colleges of Technology (HCT) has launched a project for an academic and technological hub in the capital, Emriates Business has reported. The project will be the future home to Abu Dhabi Men's College (ADMC), CERT, and HCT's Central Services division. ADMC will cater for a projected 5,000 students by 2014. The campus, which was one of the first HCT sites, was originally designed to house 800 students. HCT has signed up architectural firm Studio Daniel Libeskind and Siem

  • Hidd Steel Mill to break ground in July

    Partners behind $1.2bn steel plant pledge to resolve issues with local council

  • Hilton to manage Dead Sea resort in Jordan

    Hilton Worldwide has signed a management agreement with Dead Sea Resorts for the new-build Hilton Dead Sea Resort & Spa in Jordan, scheduled to open in Q4 2013, as well as the existing King Hussein Bin Talal Convention Centre. The 285-room waterfront resort is located on the east coast of Jordan overlooking the Dead Sea. The property is adjacent and linked to the King Hussein Bin Talal Convention Centre.

  • Hilton unveils ambitious five year plan

    Hilton Worldwide has unveiled plans to more than double its portfolio in the region within five years, Emirates Business has reported. The group has already announced 21 new properties opening across the Middle East and North Africa by 2014, four of which will be located in the UAE.

  • Historic buildings to turn into hotels in Saudi

    An initiative has been launched by the Saudi Commission for Tourism and Antiquities (SCTA) to establish a hospitality company that will turn government-owned historic buildings into hotels, Arab News has reported. The project, which aims to preserve the historic building and provide job opportunities, has been presented to the government for approval, SCTA said. The plan was announced during the First International Urban Heritage for Islamic Countries which took place in Riyadh.

  • Holiday Inn hotel to open in Seeb

    Action Hotels plans to open a 176-room Holiday Inn hotel later this year in Seeb, Oman. Action Hotels will add more than 2,000 mid-scale rooms across the Middle East by 2012.

  • Honeywell launches Qatar University education programme

    Qatar University and Honeywell have launched an education programme. The initiative is designed to encourage and help more of the country's students to pursue careers in technical fields such as engineering.

  • Horizon Terminals to set up in Malta

    Enoc subsidiary Horizon Terminals Limited (HTL) has announced its plans to build a new terminal in Malta. The new terminal will be located near the Marsaxlokk Port with a capacity of 600,000 cubic meters for black and clean products, with one Jetty for VLCCs (very large crude carrier) and two for vessels up to 120,000 DWT (dreadweight tonnage). The company plans to commence work on site by the second half of 2011.

  • HP launches new Colour LaserJet for A3 printing

    HP Middle East has launched the new HP Colour LaserJet Professional CP5225, which allows for A3 printing in-house for small and medium-sized businesses. The printer is able to produce prints on a wide range of documents, from postcards to posters, as well as presentations. Other features include embedded networking for ease of sharing, and also HP auto-off and HP instant-on technology for reduced energy usage.

  • HSBC: Dubai World proposal 'very fair'

    Simon Cooper, CEO of HSBC has said that Dubai World's proposal to restructure $24.8bn of its borrowings is "very fair" and that an accord may be signed in a few weeks, Bloomberg has reported. "I see no reason why it should not be signed in a few weeks. We would sign today," Cooper said.

  • Huawei deploys new HSPA+ network in Egypt

    Huawei Technologies Co has said it has completed the deployment of the second phase of an HSPA+ network for Egypt's 3G telecom operator, Etisalat Misr. The network, an upgrade of the previous 21Mb/s HSPA+ network, has come into commercial operation, providing users with advanced mobile broadband access service with a 41.73Mb/s peak download speed.

  • Hyatt looks to Abu Dhabi for growth

    Proclaiming Abu Dhabi as the 'upcoming destination' in the Middle East over the next five years, Hyatt Hotels is touting its plans to open two luxury hotels in the UAE capital in the next 12 months. 'A new era is dawning. After the Dubai boom we have the Abu Dhabi expansion,' Thierry Bertin, Vice President, Sales and Marketing, Hyatt International, South West Asia, told AMEInfo.com at the Arabian Travel Market.

  • Hypermarket to open in Dubai Investments Park

    Dubai Investments Park, a wholly-owned subsidiary of Dubai Investments has announced the opening of a new hypermarket at the industrial park. Owned and operated by the Abu Dhabi-based Ramla Group, the new Ramla Hypermarket covers 40,000 square feet of food section and 60,000 square feet of department store.

  • Hyundai bids low for Ruwais lubricants plant

    Price of $471m is significantly lower than closest bid of $527m from Samsung

  • Hyundai out in front for Borouge infrastructure deal

    The $937m deal is part of the planned third phase expansion

  • Hyundai wins $463m Takreer contract

    Abu Dhabi Oil Refining (Takreer) has awarded Hyundai Engineering a $463m contract for engineering, procurement, construction and commissioning works at the Group III Base Oil Production Facilities Project at Ruwais Refinery, Wam has reported. The planned facility will be capable of producing 500,000 tonnes per year of Group III Base Oils as well as 100,000 tonnes per year of Group II Base Oils. The project is scheduled to begin commercial production in 2013.

  • Iberotel to open Emirates Grand Hotel in Dubai

    Germany-headquartered Iberotel has announced plans to open a new hotel in Dubai, as part of the group's expansion plan across the region. The Iberotel Emirates Grand Hotel is located along Sheikh Zayed Road and will offer 93 deluxe rooms, 66 one bed-room suites, 127 premier one-bed room suites; and 123 two-bedroom suites. The group has said it looks at potential markets such as Oman, Jordan and the Maldives Islands in the next few years.

  • IBM's new Power Systems launched in Qatar

    Gulf Business Machines has showcased IBM's new range of Power Systems in Qatar as part of its regional road show. The state-of-the-art line of IT hardware is driven by IBM's groundbreaking Power7 processor and was launched worldwide in February this year. The new systems offer performance per core, virtualization, energy savings, cost-efficient use of memory and price performance.

  • Ibn Battuta Gate Hotel to open in September

    Movenpick Hotels and Resorts has announced September 10, 2010 as the official opening date for the 396-room Ibn Battuta Gate Hotel in Dubai. This will be followed by the opening of the 216-roomed Movenpick Deira Hotel and the 293-room Royal Amwaj Resort & Spa on Palm Jumeirah, the company said.

  • IBQ holds preliminary merger talks with Al Khalij

    The International Bank of Qatar (IBQ) has confirmed that it is in "very preliminary" discussions with Al Khalij Commercial Bank regarding a potential merger of the two Doha-based financial institutions. "There is no guarantee that the merger will take place," a spokesperson for IBQ said.

  • Icann: Non-Latin web addresses go live

    Icann, the international internet regulator, has switched on a system that allows full web addresses to contain no Latin characters, the BBC has reported. Egypt, Saudi Arabia and the UAE are the first countries to have country codes (such Egypt's .eg) written in Arabic scripts. Previously, websites could use some non-Latin letters, but the country codes had to be written in Latin script. The three new suffixes will allow web addresses to be completely written in Arabic characters.

  • IDC: UAE software piracy rate 36%

    According to a report by IDC, the UAE has the lowest software piracy rate among Arab countries at 36%. The report, sponsored by the Business Software Alliance (BSA), attributed this to key legislation, strict enforcement, and intensive information campaigns across the country. "However, this is an increase of 2% on the piracy rate of 34% in 2006, confirming the need for continued efforts to curb the levels on piracy in the UAE," the report said.

  • IHG's Middle East RevPAR dips 6.8% in Q1

    InterContinental Hotels Group (IHG) has reported a 6.8% decline in Q1 RevPAR at its hotels the Middle East, driven by weakness in the UAE, while other parts of the region, including Egypt and Saudi Arabia remain resilient. The company's revenues in th region increased 3% to $90m. Excluding one liquidated damages receipt of $3m in 2009, revenues increased 7%, IHG said in a statement.

  • IMF lowers growth forecast for Middle East oil exporters

    The International Monetary Fund has cut its forecast for economic growth for oil exporters in the Middle East and Africa from a month ago as oil prices have fallen, Bloomberg has reported. The fund's new forecast for the region's oil exporters is 4.3%, down from 4.5% in its April report. Crude has slumped almost 20% this month, to about $70 a barrel. However, growth will still be almost three times faster than the 1.5% that the oil exporters recorded last year, the report said.

  • IMF predicts Dubai economy to shrink

    Dubai's economy is set to shrink 0.5% this year, according to the International Monetary Fund (IMF), Bloomberg has reported. The IMF also stated the UAE will record 1.3% economic growth this year after contracting 0.7% in 2009, while Abu Dhabi will grow 3.7% in 2010.

  • Inadequate investment slowing progress on Iran joint oil fields

    Oil minister to face questions from state energy committee

  • Indian school to open in Al Wakra, Qatar

    A new Indian school is set to open its doors to students on May 10, The Peninsula has reported. Managed by Al Misnad Education Centre, the Bhavan's Public School (BPS) is affiliated to Bharatiya Vidya Bhavan (BVB), and will offer the curriculum of the New Delhi-based Central Board of Secondary Education. Initially, the school will offer classes from the kindergarten level to Class IV and will be upgraded to the higher secondary level (up to Class XII) in a phased manner.

  • Inflation rises to 4.9% in Jordan

    Figures by Jordan's department of statistics indicate the kingdom's annual inflation rose 4.9% year-on-year in April compared to the same period last year, Reuters has reported. April consumer price index rose 0.04% compared to March, on the back of a rise in some major food components of the index. Inflation in the first quarter of the year rose to 4.6%, helped by rising energy costs, the data showed.

  • Intel ties up with IAT for e-learning initiative

    Intel has partnered with UAE's Institute of Applied Technology (IAT) for a 1:1 Computing Teacher Training test bed, as part of its initiative to develop a dedicated 1:1 e-learning curriculum for schools. The 1:1 computing model provides with a laptop being made available for every student and teacher, in addition to the required IT infrastructure.

  • Intelligroup Saudi Arabia JV formed

    Saudi-based Al Tamimi Group has formed a joint-venture with Intelligroup, a global ERP and extended ERP services firm. The new JV, Intelligroup Saudi Arabia, will provide ERP and end-to-end IT outsourcing services including new implementations, upgrades, global rollouts, process integration, application and infrastructure outsourcing and business process outsourcing to customers in the kingdom.

  • Intercoil signs Simmons distribution agreement

    UAE-based Intercoil International has signed a licensing and distribution agreement with US-based bedding company, Simmons. Under the agreement, Intercoil will be the exclusive licensee of Simmons products across the Middle East.

  • InterContinental Hotels to add 1,434 rooms by 2013

    World’s largest hotel operator has 36 new properties planned in Middle East

  • Intertruck opens parts shop at Dubai Investment Park

    Intertruck Mena has announced the opening of its 'one-stop-shop' distributor facility for truck, trailer and bus parts at their new premises in Dubai Investment Park. The shop offers 10,000 sqft. stocks of A-branded parts as well as 3M retroreflective tapes and products, Lexguard active warning system. The company is also operating as distributor for brands and products of Eaton, Gates & Delco Remy.

  • Invest AD enters into Hong Kong partnership

    Abu Dhabi's government-owned Invest AD has entered into partnership with Hong Kong-listed Quam with the aim of offering Asian investors access to Middle East equities markets, Reuters has reported. The Quam Middle East fund will look to raise around $50m to invest primarily in companies in the UAE, Bernard Pouliot, chairman of Quam said.

  • Investment Dar agrees debt restructuring plan with creditors

    Kuwait-based Islamic investment firm, Investment Dar has said it has agreed the main terms to restructure the company's debt with its creditors, Bloomberg has reported. The company is in the process of completing a five-year business plan and budgets under the terms of the restructuring, which envisages the full repayment of all outstanding obligations.

  • IPO activity rises five fold in Middle East

    A new reporty by Ernst & Young has found that Initial Public Offering (IPO) activity in the Middle East rose significantly in the first quarter of 2010, recording a five-fold increase in the funds raised. Five IPOs in Saudi Arabia and one in Qatar made up the geographical composition of the regional IPO market for the first quarter of 2010. Mazaya Qatar Real Estate Development Co, with an offer size of $144.2m was the Middle East's largest IPO, followed by Saudi Arabia's Herfy Food Services (

  • Iran awards South Pars gas deal to Revolutionary Guards

    After years of stalling decisions, Shell and Repsol are removed from deal

  • Iran gasoline imports drop 20% in May

    Iran gasoline imports in May were expected to drop by about 20% against the previous month, as top independent traders and international oil firms cease sales to the Islamic republic, Reuters has reported, citing industry sources. Iran was expected to import around 102,300 barrels per day (bpd) of gasoline from the spot market this month, according to traders.

  • Iran issues South Pars ultimatum

    Foreign firms face being replaced after years of talks

  • Iran posts 22% increase in iron ore production

    The Iranian Mines and Mining Industries Development and Renovation Organization (Imidro) has said the country's iron ore production in the calendar month of Farvardin (March 21 to April 20) rose 22% to 2.1 million tonnes, compared to the same month a year ago, Mehr news agency has reported. Iran's iron ore exports during the month grew 49% to 382,417 tonnes, worth some $31 million, Imidro said.

  • Iran private banks told to raise capital or be merged

    Iran's central bank has said that private banks in the Islamic republic will have to increase their capitals to at least 4 trillion rials (around $400m) by the end of the current Iranian year (March 20, 2011) or be merged to secure the minimum capital, Mehr news agency has reported. Banks which fail to meet the minimum required capital will be downgraded to financial institutions, central bank governor Mahmoud Bahmani was quoted as saying.

  • Iran puts Abadan refinery upgrade on hold

    National Iranian Oil Engineering & Construction Company (NIOEC) is negotiating with local banks

  • Iran sends home Russian pilots

    Iran has started sending home all Russian pilots flying for the Iranian airlines, Fars news agency has reported. The move follows an order by Iranian President Mahmoud Ahmadinejad to expel Russian pilots after an Ilyushin Il-62 jet with 153 passengers and crewmembers onboard crash-landed in the city of Mashhad in July.

  • Iran to launch wagon production factory

    The managing director of Iran's Wagon Pars has unveiled plans to open a wagon production factory in Syria, Mehr news agency has reported. The proposed plant is to produce 300 cargo wagons annually and will have 50 repair lines for passenger wagons, Gholam-Reza Razzazi said.

  • Iran to privatise Iran Air this year

    Iran plans to privatise 60 companies in the current Iranian year

  • Iran to replace foreign oil companies

    Massoud Mirkazemi, Iran's oil minister has said the country plans to replace foreign companies which have "dragged their feet for years" with domestic firms in developing its giant South Pars natural gas field, Reuters has reported.

  • Iran: Chromatograph

    Supply of a gas chromatograph

  • Iran: Coke

    Supply of 120,000 tonnes of coke

  • Iran: Corrosion inhibitor

    Supply of corrosion inhibitor

  • Iran: Dam construction

    Construction of a dam

  • Iran: Embassy construction and renovation

    Carrying out construction and renovation works at an embassy

  • Iran: Gas detector

    Supply of a gas detector

  • Iran: Gas pipeline

    Supply of a gas pipeline

  • Iran: Gate valves

    Supply of gate vales

  • Iran: GIS substation parts

    Supply of parts for GIS substations

  • Iran: Inspection and engineering services

    Provision of inspection and engineering services

  • Iran: Masoneilan actuator

    Supply of masoneilan actuator

  • Iran: Oil drilling burner room services

    Provision of burner room services for an oil drilling project

  • Iran: Search and rescue vessel

    Manufacturing, shipping and delivery of a search and rescue vessel

  • Iran: Steel billet

    Supply of steel billet

  • Iran: University research equipment

    Supply of university research equipment

  • Iran: Wastewater collection pipes

    Construction of polyethylene (PE) and GRP pipes and manholes for a wastewater collection system.

  • Iran: Wastewater collection pipes

    Construction of polyethylene (PE) and GRP pipes and manholes for a wastewater collection system

  • Iran: Wastewater collection system works

    Provision of inspection and rehabilitation services for a wastewater collection system

  • Iran: Wastewater project

    Construction, on a design, build and finance, basis of the seventh and eighth modules of a wastewater project

  • Iranian oil and gas industry needs $25bn investment

    Iran's oil minister, Massoud Mirkazemi has said the country's oil and gas industry needs $25bn in investment, adding that Iran could turn into an importer of oil because of the lack of such funds, Reuters has reported. Iran is one of the world's biggest oil and gas producer but the industry has been hit by US and UN sanctions recently.

  • Iran's North Drilling Co to tender 15 drilling projects

    Hedayatollah Khademi, the head of Iran's North Drilling Co has unveiled plans to put 15 drilling projects in the country's oil and gas fields on international tender, in a bid to choose qualified investors and contractors, Fars News Agency has reported. The company will soon after the approximately $100m tender, choose the qualified investors and contractors for the drilling projects in the oil and gas fields of the country, Khademi said.

  • Iran's Revolutionary Guard wins South Pars gas contracts

    Iran has awarded a local consortium contracts for two gas development projects and negotiations are under way to finalise a further three key deals, the Associated Press has reported. The country's Mehr news agency quoted Ali Vakili, director of the state-owned Pars Oil and Gas, as saying that Khatam-ol-Anbia will develop phases 13 and 14 of the giant South Pars Gas Field in the Persian Gulf. Talks are currently under way to finalise the awarding of phases 22, 23 and 24 of the South Pars fiel

  • Iraq approves Kurdistan oil export agreement

    Iraq is to export crude oil from Kurdistan through a marketing company, after the Iraqi government approved the agreement, Bloomberg has reported. The finance ministry will send a letter to the Kurdistan government to "guarantee the dues of the companies, after auditing them according to the terms of the agreement," a government spokesman said.

  • Iraq crude oil exports down 1.4 per cent in April

    Total oil revenues in first five months exceed expectations

  • Iraq dissolves Iraqi Airways

    The Iraqi cabinet has dissolved the state-owned Iraqi Airways, amid a row with neighbouring Kuwait over war reparations, the transportation ministry has stated. Kuwait's national airliner has demanded $1.2 bn in reparations from the airline for the alleged theft of 10 airplanes and millions of dollars worth of spare parts. However a lawyer for Kuwaiti Airways has said the Iraqi government is still accountable for the debt and the dispute will continue. Iraqi Airlines will continue to operate

  • Iraq issues gasoline purchase tenders

    Iraq's State Oil Marketing Organisation has said it has issued a tender for the purchase of around 675,000 tonnes of gasoline and around 38,250 tonnes of gas oil, Reuters has reported. SOMO said it is seeking delivery of 112,500 tonnes of 92-octane gasoline monthly and 12,750 tonnes of 0.1% sulphur gas oil. The period of the contract for the gasoline purchase is from July 1 until December 31, while the contract for gas oil is until September 30.

  • Iraq may not need World Bank deal

    The governor of Iraq's central bank, Sinan al-Shabibi has said the country is hopeful it will be able to raise money itself by selling bonds and has not yet agreed on financing from the World Bank, Bloomberg has reported. Iraq recorded a budget deficit of 20% of gross domestic product last year. According to the IMF, the deficit is expected to amount to 19% of GDP this year.

  • Iraq plans power expansion

    Iraq is planning to boost its power capacity to 27,000MW in four years, the country's electricity minister Karim Waheed has been reported as saying by Reuters. The move comes following the decision to open its gas sector to foreign investment.

  • Iraq seeks bidders for three gas fields

    Iraq's oil minister, Hussain al- Shahristani has announced the country's third bidding round for rights to develop hydrocarbon deposits, Bloomberg has reported. Details of the bidding, which will include the Akkas, Mansouriya and Siba natural-gas fields, will be made public on June 1 and companies will have until the end of July to study the information, he said. A workshop will be held for interested parties on August 1 and bidding will open on September 1, he added.

  • Iraq sets September date for third gas auction

    Oil Ministry to tender Akkas, Mansouriya and Siba gas fields

  • Iraq shortlists eight foreign firms for Baghdad metro project

    The media office of the Iraqi capital municipality has said that eight foreign firms have been shortlisted for the construction of a $3bn metro rail through Baghdad, Reuters has reported. The first line of the metro will be 21 km long and have 21 stations, while the second major line is expected to be around 18 km long and have 20 stations.

  • Iraq signs Maysan oilfield development agreement

    A final agreement has been signed between Iraq and China's CNOOC and state-run Turkish Petroleum Corp (TPAO) to develop the 2.5-billion-barrel Maysan oilfield complex, Reuters has reported. CNOOC will hold an 85% stake in the foreign companies' part of the venture, while TPAO will have 15%, officials said. An Iraqi state oil company will hold a 25% stake in the total partnership.

  • Iraq to add 600,000 bpd to oil output

    Iraq expects to add 600,000 barrels per day of new oil to boost output from around 2.6 million bpd to 3.2 million bpd by the end of 2011, Iraqi deputy oil minister Abdulkarim al-Laibi has been reported as saying by the AFP. "In general the companies we signed with will make the 10% capacity rise for the first round awards and initial production rates for the second round fields within the next two years," al-Laibi said.

  • Iraq to invite bids for Al-Furat Al-Awsat airport construction contracts

    The new airport will cater to the 12 million pilgrims that visit the area each year

  • Iraq to make decision on dissolving Iraqi Airways

    Iraq’s national carrier is involved in a dispute with Kuwait over war reparations from the 1990s

  • Iraq to sign transportation agreement with Qatar

    Ali al-Dabbagh, the official spokesperson of the Iraqi government has said that the transportation minister has been authorised by the cabinet to sign an aviation transportation agreement with Qatar, Aswat al-Iraq has reported. The agreement aims to overcome difficulties and delays in aviation transportation between the two countries, he said.

  • Iraq to tender 4th mobile phone license

    Ali al-Dabbagh, spokesman for the Iraqi government, has announced the cabinet's approval for the launch of a fourth license to operate mobile phone services in the country. The communications ministry will have a part stake in the new company, while the rest of the shares would be offered via an initial public offering of shares.

  • Iraq to upgrade airports

    Dr Adnan Blebil, director-general of the Iraqi Civil Aviation Authority has said the Iraqi government has approved master plans for airport investment around the country, Gulf News has reported. The plans include doubling the size of Baghdad International Airport (BIAP) which will also see the addition of three more terminals, a cargo village and free zone respectively. The expansion is projected to generate $2bn (Dhs7.34bn) in yearly revenues.

  • Iraq won't auction remaining oilfields

    Director of Iraq's oil ministry's licensing and contracting office has said the country's two remaining supergiant oilfields, Kirkuk and East Baghdad, will not be auctioned for joint development with international oil firms, Reuters has reported. "We have offers from many companies, they want to develop them but really we don't," Abdul-Mahdy Al Ameedi told the news service.

  • Iraq: Acrylic yarn

    Supply of 100 tonnes of acrylic yarn

  • Iraq: Budget execution strengthening

    Provision of consultancy services for a public financial management project comprising strengthening of the execution of budgets

  • Iraq: Budget preparation strengthening

    Provision of consultancy services comprising the strengthening of the preparation of budgets

  • Iraq: Budget strategies improvement

    Provision of consultancy services comprising improving budget strategies, improving content of and adherence to budget call circulars and introducing budget ceilings

  • Iraq: Cable fault locators

    Supply of portable cable fault locators

  • Iraq: Cable test vans

    Supply of cable test vans for power cables

  • Iraq: Ceramic and porcelain balls

    Supply of ceramic and porcelain balls

  • Iraq: Cut-out fuses

    Supply of 11kV cut-out fuses

  • Iraq: Diethanol amine

    Supply of diethanol amine

  • Iraq: Electrical insulators

    Supply of electrical insulators (rebid)

  • Iraq: Electrical insulators

    Supply of electrical insulators (rebid)

  • Iraq: Electronic archive system

    Supply of an electronic archive system

  • Iraq: Electronic metering skids

    Supply of electronic metering skids

  • Iraq: Finance training institute development

    Provision of consultancy services comprising the development of capacity for a finance training institute

  • Iraq: Fire-fighting equipment

    Supply of fire-fighting equipment

  • Iraq: Flow meters

    Supply of mass flow meters

  • Iraq: Gasoline and gasoil

    Supply by vessel of 675,000 tonnes of gasoline and 38,250 tonnes of gasoil

  • Iraq: Glass insulator

    Supply of anti-fog toughened glass insulator

  • Iraq: Irrigation works

    Carrying out irrigation and related works

  • Iraq: Mobile cranes

    Supply of mobile cranes

  • Iraq: Mobile workshops

    Supply of mobile workshops

  • Iraq: Oil field camp

    Engineering, procurement, construction and commissioning of a camp at an oil field.

  • Iraq: Power project works

    Carrying out works for a power project

  • Iraq: Power transformers

    Supply of auto power transformers

  • Iraq: Pumps

    Supply of Teflon pumps for hydrochloric acid and centrifugal pumps

  • Iraq: Radar tank gauges

    Supply of radar tank gauges

  • Iraq: Steel storage tanks

    Supply of rubber-lined steel storage tanks

  • Iraq: Substation circuit breakers

    Supply of 11kV circuit breakers for substations

  • Iraq: Substation control and protection equipment

    Supply of control and protection equipment for substations

  • Iraq: Suspension composite insulators

    Supply of suspension composite insulators

  • Iraq: Switchgear

    Supply of 11/33kV switchgear

  • Iraq: Tank bottom inspection system

    Provision of a tank bottom inspection system

  • Iraq: Tank calibration

    Provision of tank calibration

  • Iraq: Vanadium pentoxide

    Supply of vanadium pentoxide S

  • Iraq: Water blasting machines

    Supply of water blasting machines

  • Iraq's core inflation falls in April

    According to data by Iraq's central bank, the country's core inflation rate continued to slow in April dropping to an annual 3% from 3.6% in March, Reuters has reported. The central bank cut its key policy rate by 100 basis points to 6% in April, hoping to encourage commercial banks to increase lending to boost economic growth in the broader economy. The bank defines core inflation as excluding expenditure on fuel.

  • Jafza leases 570 new facilities in Q1

    Jebel Ali Free Zone (Jafza) has leased over 570 new facilities in Q1, up 63% from 350 for the same period last year. The company has said 200 of the new leases have been existing customers expanding.

  • Jazeera Airways defers A320 orders

    Reinhard Kossack, chief operating officer of Kuwait's Jazeera Airways, has said the carrier has deferred some aircraft orders to rein in costs and return to profit, Reuters has reported. The company has firm orders for 29 Airbus A320 aircraft, which were to be delivered by 2014. Now it expects to receive the last of these planes by 2016, while two deliveries originally expected for 2011 have been postponed until a later point in time, Kossack told the news service.

  • Jazeera names GAC Bahrain as cargo outsourced agent

    GAC Bahrain has announced that it has been chosen by Kuwait's Jazeera Airways as its Cargo Outsourced Agent effective from May 1, 2010. Under the exclusive agreement, GAC Bahrain will be in charge of managing the dedicated sales and operations staff for the cargo division.

  • Jazeera steel reports Q1 net profit

    Oman-based Al Jazeera Steel Products has reported a net profit of OR551,551 ($1.4m) in the first quarter of 2010, compared to a loss of OR2.9m ($7.5m) for Q1 2009. Total production increased 170% to 56,023MT in the first quarter of 2010 from 20,703MT in the corresponding period last year.

  • Jenan Real Estate to launch three new projects

    Saudi-based Jenan Real Estate is to launch two projects in the third quarter of 2010 with a total value of SR4.3bn ($1.15bn), Arabic daily Aljazirah has reported. Jenan's chief executive and managing director, Bassam Boodai said the projects are the first phase of the SR4bn Dana Bay development and Jenan Gardens-Khobar.

  • Jindal announces $464m Shadeed deal

    India steel giant finally acquires Omani steel plant after months of speculation

  • Jindal drops plan to buy Shadeed

    Indian steel company discontinues acquisition talks over title ownership issues

  • JK Lakshmi to buy Egyptian cement firm

    Indian cement maker JK Lakshmi Cement is in talks to buy an Egyptian cement firm for around($170.1m), the Economic Times has reported. The Egyptian firm has an annual production capacity of 2 million tonnes, the report said citing a person close to the deal who declined to name the target company. The deal is likely to be sealed by the end of this year, the person said.

  • Jordan air traffic increases 15%

    The Jordan Civil Aviation Regulatory Commission (CARC) has reported a 15% growth in air traffic volume at the kingdom's airports during the first quarter of this year, Petra news agency has reported. The figures rose to 17,250 flights compared with 2,229 flights during the same period last year. Air cargo also rose by 20% to 21,930 tonnes in Q1, compared with 18,326 tonnes during the same period last year, CARC said.

  • Jordan airport gets revamp

    Munir Asad, director of Jordan's Aqaba Airports Co, has said the firm is carrying out projects worth JD10m ($14.1m) to refurbish King Hussein International Airport's 4,000-square-metre-passenger terminal and its runway, Jordan Times has reported. The company also plans to set up a factory for assembling airplanes at the airport.

  • Jordan and South Korea sign nuclear power accord

    South Korean company to build research reactor

  • Jordan awards shale concession deal to Estonia firm

    The Jordanian government will sign a 40-year concession agreement with Estonian energy firm Eesti Energia to exploit the Attarat Umm Ghudran oil shale deposit, Reuters has reported. The agreement, which will be signed on May 11, will give the Estonian company a four-year limit to complete its assessments of the project and to decide if it will start its industrial phase with a 40-year concession with an optional extension of 10 years. The Attarat Umm Ghudran oil shale deposit is located in ce

  • Jordan firm awards contract to build acid complex

    Jifco, a joint venture company owned by Jordanian Phosphate Mines Co and Indian Farmers Fertiliser Cooperative has awarded SNC-Lavalin an engineering, procurement, construction management contract to build a grassroots sulphuric/phosphoric acid complex in Eshidya. The complex will have a capacity of 500,000 tonnes/year of phosphoric acid. It includes a single line sulphuric acid plant with a capacity of 4,500 tonnes/day, making it the largest single stream unit in the world. Production start-

  • Jordan firm gets loan for machinery equipment

    Jordan-based Modern Cement and Mining Co, part of the Manaseer Group, has secured a JD30m loan through a banking consortium, led by Arab Bank, Jordan Times has reported. The deal seeks to fund 65% of machinery equipment for the cement factory MCMC is establishing in the Swaqa area. The JD260m plant will have an annual production capacity of 1.2 million tonnes.

  • Jordan launches media institute

    The Jordan Media Institute, the first in the region to provide a master's degree in journalism and new media in Arabic, has been inaugurated in Amman, Jordan Times has reported. The MA programme, which is provided in coordination with the University of Jordan, offers an array of courses such as reporting, writing skills, media law and ethics, while the training programmes cover a wide variety of specialisations.

  • Jordan may extend school summer holiday

    The Jordanian education ministry is considering a plan to extend the school summer holiday by 10 days, Jordan Times has reported. The holiday, which starts on June 15 and ends on August 29, could be extended by 10 days as they coincide with the last 10 days of the holy month of Ramadan. "If the plan is approved, these days will be compensated for during the January holiday between the two scholastic semesters," ministry spokesman Ayman Barakat was quoted as saying.

  • Jordan mulls restoring fuel supply monopoly

    Jordanian energy minister, Khalid Irani has said the kingdom is studying whether to restore fuel-supply monopoly status to Jordan Petroleum Refinery Co in order to attract investments needed for its expansion, Bloomberg has reported. The country's only refinery plans to expand production capacity to as much as 140,000 barrels a day, from 100,000 barrels now, he said. Its 50-year monopoly on fuel supply to the market expired in 2008.

  • Jordan Phosphate Mines profit declines 68% in Q1

    Jordan Phosphate Mines Co (JPMC), has reported its first-quarter net profit fell 68% to JD10.04m, on lower prices and higher production costs, Reuters has reported. Net sales rose 5.9% to JD115m in the first quarter compared with the same period last year, while cost of sales rose 76%, JPMC said in a statement.

  • Jordan posts budget surplus in Q1

    Jordanian finance minister, Mohammad Abu Hammour has said the kingdom's state budget had seen a surplus of JD18m in the first quarter of this year, compared with a JD150m deficit for the same period last year, Jordan Times has reported. The surplus was due to spending control measures taken by the government, such as stopping new appointments, suspending non-essential projects, and halting other operational expenditures, the minister said. The government is aiming at a three-year plan to redu

  • Jordan says smoking costs hundreds of millions annually

    Jordan's health ministry has said smokers in the kingdom spend JD360m a year on tobacco products, while smoking-related diseases cost the country almost the same amount, Jordan Times has reported. According to figures from the World Health Organisation, 46% of Jordanians are smokers. Furthermore, local statistics show that 26% of male students and 15% of female students aged between 13 and 18 are smokers, while 26% of male university students and 7% of female university students smoke.

  • Jordan short lists three firms to build nuclear plant

    The chairman of the Jordan Atomic Energy Commission has said that three international firms have been short-listed by the government to build the kingdom's first nuclear power plant, Jordan Times has reported. The winning bidder will provide the technology for a Generation III reactor, and is expected to serve as a strategic partner in operating the plant.

  • Jordan to be 'strict' in enforcing smoking ban

    The Jordanian health ministry has said it will be strict in upholding the public smoking ban, which will be implemented in full starting today, Jordan Times has reported. Health inspectors will conduct unannounced visits to ministries and public places to guarantee adherence to the ban, the ministry said. The ministry said it will also coordinate with the Public Security Department and Rangers as well as conduct workshops for judges to educate them on the law. The Public Health Law, which pro

  • Jordan to help smokers quit

    Jordanian smokers looking to quit will be able to get nicotine substitutes and consultations from the health ministry for free, Jordan Times has reported. The initiative is part of the ministry's efforts to reduce smoking among Jordanians and help smokers quit. A recent study conducted by the National Jordanian Anti-Smoking Society revealed that around 21% of Jordanian students aged 13 to 18 are smokers.

  • Jordan tourist numbers up by 26.2% in Q1

    Jordan's tourism ministry has reported that overall tourist numbers in the first quarter rose 26.2% to 1,534,802 visitors, compared to 1,216,004 in the same period of 2009. With the exception of African visitors whose numbers have declined by 5%, all other regions have witnessed increasing numbers particularly from Europe. American visitors increased by 8.7%, Asia-Pacific nationals by 27%, South Asians by 29.4%, Arabs by 20.8%, and Europeans by 35.5%, the ministry said. Figures by the kingdom

  • Jordan, S. Korea ink agreement on regulating nuclear materials

    A cooperation agreement in the field of regulating and monitoring radioactive and nuclear materials has been signed between Jordan and South Korea, Kuna has reported. The two countries will cooperate on regulating nuclear reactors and research at all levels, as well as on passing legislation to regulate the operation of reactors and preparation of nuclear research programmes and Jordanian staff training in Korea.

  • Jordan: Power transmission consultancy services

    Provision of consultancy services comprising an assessment of a smart grid application to the national power transmission system

  • Jordan: Urban transport planning strategy

    Provision of consultancy services comprising an energy-efficient urban transport planning strategy

  • Jordanian, Italian firms plan solar plant in Maan

    A consortium formed by Amman-based Kawar Energy and Italian firm Solar Ventures is planning to build the 100 megawatt (MW) Shams solar power plant project in the city of Maan, Jordan Times has reported. The $400m project would produce nearly twice the electricity of the current largest PV plant in Olmedilla, Spain, a 60MW structure. The plant would save the kingdom up to 160,000 tonnes of carbon dioxide emissions annually, the consortium said. The Maan Development Area has provided the consor

  • Jordan's Arab Bank posts $173m Q1 profit

    Jordan's largest lender, Arab Bank Group has reported a 2.8% rise in first quarter net profit to $173.34m, compared to a year earlier, Reuters has reported. Net earnings and interest in first quarter to grew to $324.5m against $312.9m in the same period last year, while assets fell 2% to $49.6bn in first quarter from the start of the year when they stood at $50.6bn.

  • Jumeirah and MPI establish partnership

    Dubai-based Jumeirah Group and Meeting Professionals International (MPI) have entered into a global partnership that spans investments in research, education and marketplace opportunities. The three-year agreement will see MPI train Jumeirah event professionals in preparation for obtaining their Certified Meeting Professional (CMP) credentials.

  • Jumeirah Group's portfolio to double in size by 2013

    Dubai hotel operator eyes Saudi Arabia as part of expansion plans

  • KAMCO reports Q1 profit

    KIPCO Asset Management (Kamco) has said its net profit for the first quarter grew by 306% to KD1.02m ($3.5m) compared to KD260,000 the previous year.

  • Kanoo Shipping expands into Asia with MSCS venture

    UAE-based Kanoo Shipping has signed a joint venture agreement with Hong Kong-based shipping and freight services provider MSCS Holdings, the company has said. The JV called Kanoo MSCS Shipping (Asia) Pte Ltd will be incorporated in Singapore and equally owned by both parent companies and will provide port agency services in Asia. MSCS is seen with a strong network of offices in Hong Kong, China and Singapore. The new JV will begin operations on 1st July 2010.

  • Kanoo Travel signs Oman JV agreement

    Kanoo Travel has announced the signing of a joint venture partnership agreement with Oman-based Al Sulaimi Group, as part of its regional expansion plans.

  • Kempinski to open Cairo hotel next month

    Kempinski Hotels and Resorts has said it will open its first hotel in the Egyptian capital, Cairo next month. The 191-room Kempinski Nile Hotel will replace an old hotel which has been undergoing renovation for the past 30 months.

  • KFH leases 3 Airbus aircraft to Turkish Airlines

    Kuwait Finance House has signed an agreement with Turkish Airlines to lease 3 Airbus A320-200 aircraft for seven years. As per the agreement, Alafco Aviation Lease and Finance Co will finance the purchase and lease of the aircrafts, in addition to managing the deal on behalf of KFH.

  • Khalifa University appoints new president

    Khalifa University of Science Technology and Research (Kustar) has announced the appointment of Professor Tod Laursen as its new president. Laursen, currently professor and chair, Department of Mechanical Engineering and Materials Science at Duke University in the US, will take up his new post at the Abu Dhabi based university in August, in time for the start of the new academic year.

  • King Fahd University of Petroleum and Minerals launches GE research initiative

    Saudi Arabia's King Fahd University of Petroleum and Minerals (KFUPM) and General Electric (GE) have signed an agreement to establish a new fuel research centre at the University in Saudi Arabia. The centre is due to open later this year.

  • Kingdom Holding announced takeover of KHI

    Kingdom Holding has said it has successfully taken over Kingdom Hotel Investments after shareholders endorsed an offer of $5 per share, Arab News has reported. KHI, which is based in the Dubai International Financial Centre, will apply to Nasdaq Dubai to cancel its listing and the cancellation of the trading of its global depository shares on the London Stock Exchange. KHC has also announced that an offer for the remaining 6% of shares will remain open until May 18.

  • Kingdom Hotel plans Africa and Asia projects

    Kingdom Hotel Investments has an estimated $700-800m of projects in the pipeline

  • KIPCO profit down 49%

    Samer Khanachet, chief executive of Kuwait Projects (Kipco) has said the firm's Q1 net profit had dropped by 49%, but a meaningful recovery could be seen by the end of the year. "There are signs of improvements in some of our business sectors," he said.

  • Kuwait Airways recorded $189m loss in '09

    Hamad Al-Falah, chairman of Kuwait Airways, has said the airline posted a loss of KD55m ($189.24m) in 2009 on high fuel prices, Kuwait Times has reported. Fierce competition in airline ticket costs also played a part in the carrier's losses for the year, Al-Falah said. 'The increased supply and competitive prices of airline tickets caused additional KD19min losses, although we achieved an increase of 92m in the number of passengers compared to 2008,' he was quoted as saying.

  • Kuwait Airways to take legal measures against Iraqi Airways

    Kuwait's parliament speaker, Jassem Al-Kharafi, has said that Kuwait Airways plans to take legal measures to protect its rights, after Baghdad's decision to liquidate Iraqi Airways, Kuna has reported. "If it is the right of the Iraqi side to take the measures it finds suitable, then it is our duty on the Kuwaiti side on take the necessary legal measures to protect our rights," he was quoted as saying.

  • Kuwait approaches developers for first independent power project

    Talks with developers start for Al-Zour power scheme

  • Kuwait approves public shareholding firms

    Kuwaiti legislators have approved plans to set up public shareholding firms to build electrical power and water desalination plants, as part of a privatisation drive in the country, Reuters has reported. According to the new law, a 26% stake will be offered in an auction for each company formed. The government will own a 24% stake, and the remaining 50% will be offered to Kuwaiti investors.

  • Kuwait awards ring-road construction contract

    Kuwait-based Combined Group Contracting (CGC) has been awarded a KD39.4m ($135.3m) contract by the public works ministry to build intersections on the sixth ring-road leading to the Jahra residential area, Meed has reported. The contract involves the construction and maintenance of intersections on the ring-road.

  • Kuwait central bank sells $433m of treasury bonds

    The central bank of Kuwait has sold KD125m ($433m) of one-year treasury bonds with a coupon of 1.25%, Bloomberg has reported. Investors submitted KD699m in bids for the bonds, which mature on May 4, 2011.

  • Kuwait delays deadline for water drinking complex

    Electricity & Water Ministry to receive bids by 11 July

  • Kuwait delays heavy oil tender

    Prequalification deadline pushed back by a month

  • Kuwait Energy makes further Egypt oil discovery

    Kuwait Energy has announced its seventh oil discovery in the East Ras Qattara (ERQ) field in the Egyptian Western Desert. The Diaa-1 well encountered oil in February 2010 in the Upper and Lower Bahariya formations and in the Kharita formation at a depth of approximately 10,700-12,000 feet. The well produced up to 1,600 barrels of oil per day (bopd) in a short-term production test from the Kharita formation. The firm has a 49.5% working interest in ERQ, which was acquired in March 2008 through

  • Kuwait Finance House reveals profit drop

    Kuwait Finance House (KFH) has recorded a 21% drop in first-quarter profit, Bloomberg has reported. Net income dropped to KD30.9m ($107m) from KD39.3m, the bank said. Total assets rose 11% to KD11.65bn as of March 31, while shareholders' equity climbed 2% to KD1.2bn, KFH said.

  • Kuwait in talks with majors over heavy oil

    International oil company involvement crucial, but talks will be difficult

  • Kuwait Metro project set to begin by year end

    Spokesman of the Kuwaiti Cabinet, Dr Mohammad Al-Busairi has announced that country's metro railway project is expected to enter its final phase of execution before the end of this year, Kuwait Times has reported. The higher committee of the build-operate-transfer project has started receiving tenders from local and foreign firms. It will be reviewed during the upcoming months, he said.

  • Kuwait Oil Tanker Company asks for bid bond extension

    Contractors concerned bottling plant deal could see further delays

  • Kuwait parliament approves privatisation bill

    Kuwaiti legislators have turned the privatisation bill over to the government after approving its second reading, Kuna has reported. According to the bill, education and healthcare sectors are not subject to privatisation.

  • Kuwait posts $28.3bn budget surplus

    Oil revenue hits more than double budget forecast

  • Kuwait receives bids for Mina Abdulla water pipeline scheme

    Winning bidder will construct five pipelines from complex to West Funaitees

  • Kuwait receives bids for water storage tank contracts

    The local Bayan National Trading Company submitted the lowest bid

  • Kuwait to form new educational authority

    The Kuwaiti cabinet has approved a draft decree for establishing a national authority for academic accreditation and quality of education, Kuna has reported. The new authority would be tasked with accrediting the academic institutions with whom Kuwaiti students are enrolled abroad, and accrediting the private universities and academic programs in the country.

  • Kuwait University extends deadline for university construction contracts

    Groups now have until 20 June to submit bids for contracts to build tunnels at the Sabah al-Salem campus

  • Kuwait University tenders Sabah al-Salem campus contract

    Korean contractors lead list of bidders for Kuwait University campus    

  • Kuwait wealth fund to keep Europe investments

    Kuwait Investment Authority (KIA), the Gulf state's sovereign wealth fund, has denied local media reports that it plans to scale back investment in Europe, Bloomberg has reported. KIA has a 5.3% stake in Stuttgart-based Daimler, making it the second-biggest shareholder after Abu Dhabi-based Aabar Investments, which owns 9.1%. It also holds a 1.8% stake in BP. An earlier report was cited in Kuwaiti newspaper Al-Anba, that the fund plans to reduce investment in states in the euro region due to

  • Kuwait, McGill Univ in heart care agreement

    Kuwait's health ministry has said it will sign an agreement with Canada's McGill University to cater for heart and blood vessels patients, Kuna has reported. The agreement aims to provide enhanced medical care for heart patients in Kuwait at the same level of high quality treatment provided to heart patients at the McGill University clinic, the ministry said. Under the deal, high-level medical and technical teams from the Canadian university are to visit Kuwait on a periodical basis in order

  • Kuwait: Agricultural landscaping and irrigation

    Implementation, development and maintenance of agricultural landscaping and irrigation

  • Kuwait: Agricultural landscaping and irrigation works (4)

    Carrying out agricultural landscaping and irrigation works in the fourth area

  • Kuwait: Agricultural landscaping and irrigation works (5)

    Carrying out agricultural landscaping and irrigation works in the fifth area

  • Kuwait: Broadcasting and production studio works

    Operation and maintenance of equipment at a broadcasting and production studio and external broadcasting sites

  • Kuwait: Broadcasting studio

    Construction and renovation of a radio montage studio into a digital system

  • Kuwait: Cleaning and refuse transport (Ahmadi)

    Provision of cleaning and refuse transport services in Ahmadi and Mubarak al-Kabeer

  • Kuwait: Cleaning and refuse transport (Farwaniya)

    Provision of cleaning and refuse transport services in Farwaniya

  • Kuwait: Cleaning and refuse transport (Hawally)

    Provision of cleaning and refuse transport services in Hawally

  • Kuwait: Computer equipment

    Supply of computer equipment

  • Kuwait: Computer server devices

    Supply and installation of computer service devices

  • Kuwait: Crude oil refining unit

    Supply of a crude oil refining unit

  • Kuwait: Demulsifier

    Supply of demulsifier

  • Kuwait: Employee travel services

    Provision of travel services for employees at an oil company

  • Kuwait: Expressway tile works

    Carrying out tile works for an expressway network

  • Kuwait: External TV broadcasting vehicle

    Supply, installation, operation, testing and guarantee of an external TV broadcasting vehicle

  • Kuwait: Fibre optic network

    Supply, installation, operation and guarantee of a fibre optic network

  • Kuwait: Fire-fighting systems maintenance

    Provision of maintenance services for fire-fighting systems for an oil company

  • Kuwait: Floating units

    Building of floating units for the coastal guard

  • Kuwait: Gathering centre heaters

    Supply of gathering centre heaters

  • Kuwait: Government building works

    Kuwait: Government building works - Tender DetailsDescriptionMaintenance and rehabilitation of government buildings and construction works Maintenance and rehabilitation of government buildings and construction works at the Capital governorate for the Public

  • Kuwait: Government buildings rehabilitation (Ahmadi)

    Carrying out maintenance and rehabilitation works for government buildings in the Ahmadi governorate

  • Kuwait: Government buildings rehabilitation (Al-Kabeer)

    Carrying out maintenance and rehabilitation works for government buildings in the Al-Kabeer governorate

  • Kuwait: Government buildings rehabilitation (Capital)

    Carrying out maintenance and rehabilitation works for government buildings in the Capital governorate

  • Kuwait: Government buildings rehabilitation (Farwaniya)

    Carrying out maintenance and rehabilitation works for government buildings in the Farwaniya governorate

  • Kuwait: Government buildings rehabilitation (Hawally)

    Carrying out maintenance and rehabilitation works for government buildings in the Hawally governorate

  • Kuwait: Government buildings rehabilitation (Jahra)

    Carrying out maintenance and rehabilitation works for government buildings in the Jahra governorate

  • Kuwait: Ground power cables

    Supply and extension of 132kV ground oil-filled cables and pilot cables

  • Kuwait: Heritage mosque site rehabilitation

    Modification, maintenance and rehabilitation of heritage mosque sites

  • Kuwait: Hospital and health centre catering

    Preparation and provision of meals for hospitals and health centres

  • Kuwait: Hospital and residential buildings

    Construction, completion and preparation of a new hospital and residential buildings

  • Kuwait: Inflow control device completion system

    Supply of an inflow control device completion system

  • Kuwait: Information system consultancy services

    Provision of consultancy services in the field of information systems

  • Kuwait: Island development consultancy

    Provision of transaction advisory services for the development of an island

  • Kuwait: IT services

    Provision of IT services

  • Kuwait: Kindergartens

    Construction, completion and maintenance of six kindergartens

  • Kuwait: Motorway crossroads construction

    Construction, completion and maintenance of crossroads on main roads of a motorway

  • Kuwait: Network server devices

    Supply and installation of main network server devices

  • Kuwait: Office complex construction

    Construction of an office complex for an oil company

  • Kuwait: Oil company catering services

    Provision of catering services and carrying out other associated works for an oil company

  • Kuwait: Oil-filled and pilot cables

    Supply of oil-filled and pilot cables

  • Kuwait: Overhead power line materials

    Supply of materials for 11kV overhead power lines

  • Kuwait: Personal computers

    Supply and installation of personal computers

  • Kuwait: Power cables

    Supply of 11kV medium tension cables

  • Kuwait: Production department machinery works

    Operation and maintenance of machinery at a production department

  • Kuwait: Railroad system consultancy

    Provision of transaction advisory services for the development of a railroad system

  • Kuwait: Road construction and maintenance

    Construction, completion and maintenance of a road

  • Kuwait: Road maintenance works

    Carrying out general maintenance works for expressways

  • Kuwait: Sanitary drainage lines

    Construction, completion and maintenance of sanitary drainage lines

  • Kuwait: Sanitary drainage lines

    Construction, completion and maintenance of main sanitary drainage lines

  • Kuwait: Satellite broadcasting services

    Broadcasting of satellite channels

  • Kuwait: School building works

    Kuwait: School building works - Tender DetailsDescriptionCompletion, design, reconstruction and maintenance of a school Completion, design, licensing, reconstruction, completion and maintenance of the Daeya primary school for girls building at the Daeya area

  • Kuwait: School classrooms

    Design and implementation school classrooms and annexes

  • Kuwait: Technology and business complex consultancy

    Provision of consultancy services comprising the study and design of a technology, business, healthcare and education complex project

  • Kuwait: University campus service stations

    Construction of main service stations at a university campus

  • Kuwait: University irrigation and drainage water works

    Supply of drinking water, agricultural irrigation and drainage water suction works

  • Kuwaiti bank eyes gold bullion investment

    Abdelwahab Isa, Treasury Director at Kuwait Finance House, has said the lender is considering the possibility of buying and selling gold bullion in the country, Kuna has reported. An exact date for launching the initiative is to be set once necessary legal approvals are obtained, which is expected to be by the end of 2010, he said. The experiment has proven successful in KFH subsidiaries in Turkey and Malaysia, he added.

  • Kuwaiti firm inks $30m loan deal with IFC

    Kuwait-based transport firm City Group Company has said it has signed a $30m loan agreement with IFC, a member of the World Bank Group. The $30m senior loan will help CGC in its acquisition of major stakes in the Comprehensive Multiple Transportation Co in Jordan, and a further public transport company based in the Levant region.

  • Kuwait's CBK posts $4.9m Q1 loss

    The Commercial Bank of Kuwait has posted a KD1.41m ($4.86m) net loss in the first quarter, after booking provisions against its loan and investment portfolios, Reuters has reported. CBK had made a net profit of KD3.14m in the same period a year earlier.

  • Lafarge to renovate Iraqi cement plant

    France-based Lafarge has launched a $200m renovation of an Iraqi cement manufacturing plant, Reuters has reported. Revamping the plant will help increase its output to 2 million tonnes annually within two and half years, Lafarge chief executive in Iraq Marcel Cobuz said. The factory, located in the southern province of Kerbala, produces 200,000 tonnes of cement annually.

  • Lebanon central bank welcomes expansions

    Raed Charafeddine, first vice governor of Lebanon's central bank has welcomed the expansion of Lebanese banks into Arab markets as it has boosted profitability and spread risk, Reuters has reported. "It makes the sector less prone to shocks because banks now have presence in many countries," he told the news service.

  • Lebanon economy to grow up to 8 per cent in 2010

    Growth driven by high capital inflows

  • Lebanon GDP growth to slow to 4%

    A draft budget from Lebanon's finance ministry has shown that the country's economy is projected to grow 4% in 2011, slowing from an expected 4.5% expansion this year, Reuters has reported. Budget deficit is also expected to drop to 9.9% of gross domestic product next year, from an estimated 10.7% this year, while inflation will drop to 3.2% by the end of 2011, the ministry said.

  • Lebanon: Office furniture

    Supply and delivery of office furniture

  • Lebanon: Pumping station electrical works

    Carrying out electrical works at a pumping station

  • Lebanon: Sea wall protection

    Protection of the sea wall at a solid waste dumping area

  • Lebanon: Solid waste treatment plant

    Construction of a solid waste treatment plant

  • Lebanon: University faculty construction

    Construction of a faculty at a university

  • Lebanon: Vessel traffic system rehabilitation

    Rehabilitation and improvement of the national vessel traffic system

  • Lebanon's Solidere net profit decreases

    Lebanese real estate firm, Solidere has said its 2009 net profit had dropped to $182.2 million from $182.7m in 2008, Reuters has reported. The company also said it is in negotiations with investors over real estate sales worth about $450m, which it expects to sign in coming months. The firm generated $305m from land sales in 2009, up 19% from 2008.

  • Libya aims to build $500bn in projects by 2020

    Tripoli plans to award 477 projects in $500bn spending boom

  • Libya: Cementing, testing and stimulation services

    Provision of cementing, testing and stimulation services for exploration operations

  • Libya: Coring services

    Provision of coring services for a drilling project in an onshore area

  • Libya: Downhole drilling tools

    Supply of downhole drilling tools for wells

  • Libya: Drill bits

    Supply of drill bits for exploration operations

  • Libya: Drilling fluids and engineering services

    Supply of drilling fluids and provision of engineering services as part of exploration operations

  • Libya: Drilling project cement services

    Provision of cementing services for a drilling project

  • Libya: Drilling rock bit

    Supply of a drilling rock bit for drilling operations in Block 162.

  • Libya: Land drilling rig

    Provision of a land drilling rig for oil exploration activities

  • Libya: Liner hangers

    Supply of liner hangers for exploration operations

  • Libya: Mobile crane and fork-lift truck

    Suply of a mobile crane and fork-lift truck

  • Libya: Mud logging services

    Provision of mud logging services for a drilling project in an onshore area

  • Libya: Oil field baseline survey

    Provision of a baseline survey at an oil field.

  • Libya: PVT analysis services

    Provision of PVT analysis services

  • Libya: Seismic acquisition

    Provision of 3D seismic acquisition services

  • Libya: Seismic data processing

    Libya: Seismic data processing - Tender DetailsDescriptionProvision of seismic data processing services Provision of seismic data processing services in contract area 162, Blocks 1 and 2, in the Murzuq basin.

  • Libya: Seismic environmental studies

    Carrying out environmental studies for a seismic campaign

  • Libya: Seismic interpretation services

    Provision of seismic interpretation services

  • Libya: Stimulation operation services

    Provision of stimulation operation and coiled tubing services

  • Libya: Testing and perforating services

    Provision of testing and perforating services

  • Libya: Tubular running services

    Provision of tubular running services for a drilling project

  • Libya: Well drilling coring services

    Provision of coring services for a seven-well drilling programme

  • Libya: Well production testing

    Provision of consultancy services comprising the planning and execution of production testing in an exploratory well

  • Libya: Wireline logging services

    Provision of wireline logging services

  • Libya: Workover rigs

    Provision of workover rigs with crews to perform, test and complete exploration operations

  • Local contractor to finish Sharm El-Sheikh resort in two years

    Groundbreaking is scheduled for May this year, with completion to follow in 2012

  • Local firm awarded contract for Salalah power and water project

    Teejan Trading & Contracting will undertake civil works at the plant

  • Logicom inks as distributor for Adobe Systems

    Adobe Systems has announced the appointment of Logicom, joining other authorised official Adobe distributor in the Middle East. Logicom will be supporting the full range of Adobe products to ensure availability for business users and retail outlets.

  • London School of Economics opens research centre in UAE

    The London School of Economics and Political Science has unveiled its new Middle East Centre in the UAE capital, a multidisciplinary research centre focusing on modern Middle Eastern cultures, societies, economies, and international relations. The new Centre has received £9.2 million (about Dhs50m) in initial support from the Government of of Abu Dhabi - through the national Emirates Foundation for Philanthropy - and from The Aman Trust. The Middle East centre will collaborate with Middle Eas

  • Lufthansa launches Iraq Erbil route

    Lufthansa launched its first flight to Erbil International Airport on April 27, in the capital of Iraq's Kurdistan Region. The airline is now operating four flights a week between Frankfurt and Erbil. Lufthansa has said it will operate the four-and-a-half hour flight with an Airbus A319 with 132 seats in business and economy class.

  • Lufthansa to fly to Baghdad

    The German carrier used to fly to the Iraqi capital before the first Gulf War

  • Lufthansa to restart Baghdad flights on 30 Sept

    Lufthansa will restart regular service from Munich to Baghdad on September 30, 2010, the airline has announced. Earlier this year, the carrier resumed flights to Iraq after a 20-year interval. Since April 25, it has been serving the city of Erbil in Northern Iraq four times a week from Frankfurt. Lufthansa will fly to Baghdad four times weekly with a Boeing 737.

  • Maaden awards aluminium complex contracts

    Saudi Arabian Mining Co (Maaden) has awarded ABB, Fluor Corp and WorleyParsons contracts for the construction of the integrated aluminium complex at Ras Azzour, Reuters has reported. The planned $10.8bn aluminium project is a joint-venture between Alcoa and Maaden. The agreement provides for a 1.8 million tonne-per-year refinery, a 740,000 tonne-per-year smelter, a bauxite mine with an annual capacity of 4 million tonnes and a rolling mill with a capacity of up to 460,000 tonnes.

  • Maaden delays deadline for funding of $10.8bn smelter project

    Bank responses due by 5 June

  • Mabanee secures $345m for third phase of Kuwait mall

    Third phase construction contract was scheduled to be awarded in the first quarter of 2010

  • MAF Properties to invest $3.5bn in new malls

    UAE-based regional shopping malls developer, Majid Al Futtaim Properties has unveiled plans to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon. The company, which currently operates 10 malls across the Mena region, will invest $3.5bn over the next five years on the development of the four new shopping malls.

  • MAG hands over tower in Dubai Marina

    Dubai-based developer MAG Group Property Development has announced the completion of its Dhs450m MAG 218 residential tower. The 66-storey tower comprises 555 apartments and is ready to be handed over to residents, the developer said. This latest completion follows the handover of more than 300 apartments at the 43-storey MAG 214 tower in Jumeirah Lakes Towers on Dubai's Sheikh Zayed Road in 2008.

  • Mahan Air to start eight new routes in 2010

    Iran’s largest private airline will begin two international and six domestic routes

  • Marafiq delays deadline for bank responses

    Saudi utility seeking $667m loan

  • Maridive and Oil Services' profit misses forecasts

    Egypt-based oil services firm Maridive and Oil Services has reported a decline of more than a third in first-quarter net profit on sluggish oil industry activity, Reuters has reported. The firm posted net profit of $15.4m compared with $23.4m in the same period last year.

  • Mars opens new chocolate bar factory in Dubai

    Mars has opened a $40m (Dhs146.9m) chocolate bar factory in Jebel Ali, The National has reported. The new plant is part of Mars' plans to boost its sales across the Middle East and Africa from $450m last year to $1bn in five years, according to Ahmed Bayoumi, general manager of Mars GCC. Overall confectionery sales are expected to increase by 10% this year, figures from Euromonitor show.

  • Masdar invites interest in carbon dioxide pipeline network

    Firms line up for engineering, procurement and construction management deal

  • Masdar to award Shams 1 solar project contract

    Abu Dhabi aims to generate seven per cent of its power needs with renewable resources

  • MEA takes delivery of new Airbus

    Lebanon's national carrier, Middle East Airlines has taken delivery of a new A320 aircraft. The new addition brings the total number of aircraft MEA fully owns to 14, compared to 9 leased planes the airline had in 2001.

  • Mecca governor rules out airport plans

    Saudi Arabia’s Shura Council has approved plans to build an international airport at Mecca

  • Mecca may build internal rail network

    The governor of Mecca has said the Saudi Arabian city is considering plans to set up an internal rail network, Okaz daily has reported. A contract has been signed with two international firms to conduct a study which includes linking the planned network to the railways coming into Mecca and to connect all parts of the city by train.

  • MerchantBridge seeking $200m for Iraq cement plant

    Funds should be secured by the end of July

  • MerchantBridge seeks fund to renovate Iraq cement plant

    MerchantBridge has announced it is seeking $200m funds for the renovation of a Karbala cement plant in Iraq, MEED has reported. The UK-based investment firm aims to secure from GCC investors $100m equity and $60m debt, with the remaining $40m cash to be generated by the plant's operations. The funds are expected within the next 60 days. The fund will be used to for rehabilitation of the plant to increase production from its current 300,000 tonnes per year to in excess of 1.8 million tonnes.

  • Metito selected for Iraq water treatment contract

    Facilities will supply water to 165,000 people

  • Meydan awards contract to Chinese firm

    Dubai's state-owned developer Meydan has awarded a unit of China's Guangsha Holding Venture Capital Group a contract to build a business park in the emirate. Guangsha Middle East Construction will build the Meydan Metropolis Business Park Phase 1 in Dubai's Meydan City. The park will have 18 towers, of which two are almost complete. Another eight buildings will be built in the next phase, of which five have been sold to mortgage company Amlak Finance and Emirates NBD.

  • MIC buys data storage firm MIC

    Saudi investment house MIC has acquired STME, a data storage and IT solutions provider in the region. STME has appointed Salah Abu Shaar as the new CEO who will lead the operations of the company.

  • Microsoft Communicator Mobile for Nokia launched

    Microsoft and Nokia have unveiled the first application from their alliance around mobile productivity, Microsoft Communicator Mobile for Nokia handsets. The new application, available initially for Nokia E72 and Nokia E52, connects directly with a company's communications systems allowing users to see their colleagues' availability, and click to communicate with them using IM, email, text messaging or phone call.

  • Microsoft Jordan launches Office 2010

    Microsoft Jordan has unveiled the company's latest business productivity solutions including SharePoint 2010, Exchange Server 2010, and Office 2010. The software giant said that Office 2010 is its most significant release in a decade, as it takes advantage of the benefits of cloud computing which allow users to access their documents through a wide range of devices.

  • Microsoft signs Jordan skills development MoU

    Microsoft has signed a memorandum of understanding with Jordan-based Talal Abu-Ghazaleh Knowledge Society, Shabakat Al Ordon, int@j and Meydan, aimed at developing skills of ICT start-ups and entrepreneurs in the kingdom. The agreement will support Microsoft's Innovation Academy programme, an initiative designed to help participants in the initial phases of a start-up and enable them to move to the next step in developing their projects.

  • Microsoft to support Amman Chamber of Industry's members

    Microsoft Jordan and Amman Chamber of Industry have signed a memorandum of understanding whereby Microsoft will offer the 10,000 members of ACI solutions tailored to each industry's needs. The deal is aimed at helping the member firms increase their productivity and efficiency, in addition to providing them with assistance in the introduction and proper adoption of the latest technologies, including cloud computing services.

  • Middle East Airlines pilot strike costs $800,000

    Chairman of Lebanon's Middle East Airlines (MEA), Mohamad El-Hout has said the one-day pilot strike on Thursday has cost the carrier $800,000, Reuters has reported. Some 170 pilots joined the 24-hour strike grounding 23 flights and stranding as many as 5,000 passengers heading to or from Europe and the Middle East.

  • Middle East contracts awarded: May 2010

    Over $10bn worth of contracts have been awarded across the Middle East in May 2010, according to this selected checklist compiled from MEED reports

  • Middle East passenger traffic up 13 per cent in April

    Regional airlines largely escape European ash cloud disruptions

  • Millennium and Copthorne Hotels announces three Middle East management agreements

    Millennium and Copthorne Hotels has signed three agreements to manage hotels in key markets including Riyadh, Doha and, and its first property in Amman. The hotels in Riyadh and Amman will be Millennium Hotels, while Doha will be Millennium Executive Apartments, the company said.

  • Millennium signs three hotel management deals

    Millennium and Copthorne Hotels has signed three agreements to manage hotels in key markets including Riyadh, Doha and, and its first property in Amman. The hotels in Riyadh and Amman will be Millennium Hotels, while Doha will be Millennium Executive Apartments, the company said.

  • Mobily completes 42 Mbps HSPA+ trials

    Saudi Arabia's Etihad Etisalat Co (Mobily) has said that trials for the upgrade of its high- speed packet access (HSPA+) network have been completed with testing speeds of 42 megabits per second. Mobily had launched HSPA+ towards the end of 2009 with speeds of 21 Mbps and currently covers 80% of populated areas in the kingdom with its HSPA network.

  • Mobily enables prepaid subscribers to recharge abroad

    Saudi Arabia's Mobily has announced that its prepaid subscribers who travel to Egypt or the UAE and roam on the networks of its sister company Etisalat in those countries will be able to recharge their accounts while there. Likewise, visitors to Saudi Arabia from the two countries can use Mobily's prepaid cards to recharge their prepaid accounts while roaming with Mobily in the kingdom, the company said.

  • Modon signs electricity distribution agreements

    Deals with Saudi Electricity Company cover all 14 of the developer’s industrial cities

  • Moody's downgrades Commercial Bank of Kuwait

    The strength rating of Commercial Bank of Kuwait has been downgraded by Moody's Investors Service to 'D+' from 'C-'. The lender's long-term global local currency and foreign currency deposit ratings have also been downgraded to A2 from A1, while its short-term GLC and foreign currency deposit ratings remained at Prime-1. The ratings reflect the asset quality problems which emerged in 2009, which are expected to continue to impact the bank's performance until at least Q2 2010, Moody's said.

  • More delays for Kuwait’s heavy oil tender

    Prequalification deadline extended to late June

  • More Dubai Metro stations to open

    Three more stations of the Dubai Metro System are to be opened on Saturday, bringing the number of operational stations to 21 out of 29, Gulf News has reported. The new stations include World Trade Centre Station, GGICO Station (Al Garhoud) and Noor Islamic Bank Station (Al Quoz).

  • Moroccan wind farm tender continues at slow pace

    Morocco aims to generate 42 per cent of power needs with renewable resources

  • Morocco selects financial advisers for Jorf Lasfar plant extension

    Project will increase power plant capacity by 700MW

  • Morocco to finish $1.6bn roads project three years early

    The plan aims to finish 2,000 kilometres of roads per year

  • Mubadala to expand diabetes centre

    Mubadala Development Co has unveiled plans to expand the existing services of Imperial College London Diabetes Centre through setting up a second facility in Al Ain. The new centre will provide medical care for local residents in Al Ain and the surrounding region from the middle of next year.

  • Muharraq bidder meetings scheduled for late-May

    Preferred bid to be named by end of June

  • Muharraq financial bids to be opened 13 May

    Six bidders are competing for the Bahrain wastewater project

  • Nakheel completes payoff of $980m sukuk

    State-owned developer owns trade creditors more than $3bn

  • Nakheel hoping to reach trade creditors settlement

    Nakheel has said it is optimistic of reaching a settlement with trade creditors, following a meeting with senior members from the UAE-based Contactors' Association. The developer has secured the agreement of many of its trade creditors, representing claims of approximately Dhs6bn ($1.6bn).

  • Nakheel pays Dhs3.6bn sukuk on-time

    Nakheel has announced the on-time payment of its Dhs3.6bn ($980m) sukuk (Islamic bond), as the Dubai Financial Support Fund (DFSF) had made available sufficient funds to allow for the repayment in full of the sukuk issued by Nakheel Development 3 Limited, Gulf News has reported. A Nakheel spokesperson has said, effecting of payment to the individual sukuk holders is being done by distributing agent. Deutsche Bank is the distribution agent for Nakheel's sukuk.

  • Nakheel resumes work on delayed projects

    Dubai World's property arm, Nakheel has restarted work on projects that have been put on hold, Al Bayan has reported. The company has put out tenders for consulting firms to review and evaluate requests to continue construction. Currently suspended projects include Trump Tower, Dubai Lake District and Dubai Promenade, the newspaper said.

  • Nakheel to pay $980m May bonds

    A spokesperson for Dubai's Department of Finance has said that Nakheel may pay about Dhs3.6bn ($980m) of Islamic bonds due May 13 even if its parent comapny Dubai World does not reach a final accord with creditors to restructure debt, Bloomberg has reported. Dubai World said in March that Nakheel's local-currency and dollar-denominated sukuk will be paid on time "assuming sufficient support" for the restructuring plan from banks. A formal agreement with creditors is not needed to repay the bo

  • Narwas to invest $390m in fixed line services

    Oman's Nawras, a subsidiary of Qtel, has said the company plans to invest OR150m ($390m) in the next two years to expand fixed line services, Reuters has reported. "The OR150m will build the infrastructure as well as investment in manpower resources for our planned fixed telephone services," Ross Cormack, chief executive of Nawras, was quoted by the news service as saying.

  • NAS airline looks to break even in 2011

    Maria Angelika Hanne, chief commercial officer of Saudi-based budget carrier National Air Services (NAS), has said the airline expects to break even in 2011, and boost passenger traffic 75% this year, Reuters has reported. 'We made losses in our first year and last year we reduced our losses by 50%. I am confident we will reach it (breakeven) next year,' Hanne told the news service. NAS, which will add three new routes in India this year after Mumbai last week, expects to have 2.6 million pas

  • Nasair announces new routes to India

    Saudi-based budget airline, Nasair has announced the official launch of its direct flights to Riyadh and Jeddah. The carrier, which commenced Indian operations with four flights a week on Mumbai-Riyadh route from the beginning of April, will commence three flights a week on Kochi-Riyadh route from June 1, 2010, four flights a week between Kozhikode-Riyadh starting July 1, 2010 and three flights a week on New Delhi-Riyadh route from August 1, 2010. The company currently operates Airbus A320 on

  • National Bank of Ras al-Kaimah to increase Euro note limit

    Shareholders of the National Bank of Ras al-Khaimah have approved increasing the limit of its Euro medium term note programme to $1bn from $500m, Bloomberg has reported. The bank said it is seeking approval from regulators for the proposal.

  • National Bank of Ras Al-Khaimah profit rises 42 per cent

    Rakbank’s growth driven by core business operations

  • National Railway Network studies complete

    The Jordanian transport minister, Alaa Batayneh has announced the completion of studies for the 1080km National Railway Network which will link Mediterranean countries with the Gulf region through Jordan, Jordan Times has reported. The railway is planned to transfer goods, mainly crude oil. Passenger service is currently not feasible, the minister said, but may be an option at some point in the future. A tender will be floated to implement the project before the end of the year, he added.

  • NBAD makes partial repurchase of convertible notes

    National Bank of Abu Dhabi has said it has made a partial repurchase of convertible notes listed on the London Stock Exchange, Bloomberg has reported. The repurchase totalled Dhs84.21m ($22.9m) of outstanding NBAD 2018 subordinate convertible notes.

  • NBK looks at smaller Turkish banks

    Ibrahim Dabdoub, CEO of National Bank of Kuwait has said the bank has no interest in buying General Electric Co's 21% stake in Turkish lender Turkiye Garanti Bankasi as it is 'too big', Bloomberg has reported. The stake is worth $3.8bn, according to Garanti's share price. NBK may buy shares in a medium-sized Turkish bank such as Tekstilbank, Alternatifbank or Anadolubank, which "are the size we are interested in," Dabdoub said. NBK, which bought 40% of Istanbul-based Turkish Bank for $160m in

  • NBK says 2010 net profit could hit $1bn

    In an interview with Al Arabiya television channel, the chief executive of National Bank of Kuwait said the lender's net profit in 2010 might rise to $1bn, Reuters has reported. 'For NBK, our position, if there were no surprises, is good... and God willing we will reach the $1bn (net profit) by year end," Ibrahim Dabdoub told the Dubai-based channel. The lender made a net profit of KD265.2m ($915.4m) in 2009.

  • NCB urges new mortgage, bonds laws

    NCB Capital has called for new laws to control mortgages, bonds and other "missing elements" as part of post-crisis regulatory reforms aimed at blocking possible loopholes in the system, Emirates Business has reported. "While regional regulations were well-suited for weathering the storm, the global marketplace is constantly evolving and the development challenges facing the regional economies are enormous," the investment firm said.

  • Nestle recalls specialty varieties of Nescafe

    Nestle has recalled its range of the Alta Rica, Alta Rica Decaff, Cap Colombie, Suraya and Espresso soluble coffee - specialty varieties of Nescafé - contained in a specific type of 100g glass jar with a distinctive plastic sleeve, the company said in a statement. The company said some of the jars may be susceptible to breakage during the delivery process to customers and consequently may contain small pieces of glass. However, the Dubai Municipality has said the product is not commonly found

  • New airline planned for Lebanon

    A Dubai-based Lebanese businessman has said he and two Gulf partners plan to launch a full-service airline from his home country in the next 18 months, Gulf News has reported. Georges Mousa, who owns the Dubai-based Planet Group, said that the plan for the airline is ready. "However, we will have to wait for the Lebanese government to open up the skies for competition," Mousa told the daily. The Lebanese government is expected to open its sky to competition in 2012.

  • New desalination unit begins operation in Sharjah

    Sharjah Electricity & Water Authority has said that a new desalination unit in Sir Bu Nuayer Island has started operation, Wam has reported. The desalination unit, which uses Reverse Osmosis technology, will produce 15,000 gallons per day of desalinated water. It joins an existing unit in the island which also produces 15,000 gallons per day. SWEA also set up three power generation units in the island, producing 800 kilowatts, 480 kilowatts and 200 kilowatts respectively.

  • New laws only part of the solution to the GCC insolvency problem

    Calls are growing for new legislation to make liquidating GCC companies easier. The big question is why a growing number of firms are going bust

  • No change to Gulf money union strategy, says Saudi official

    The Governor of the Saudi Arabian Monetary Agency has said that the Greek debt crisis has not affected plans by four Gulf countries for a single currency, Bloomberg has reported. "There's not been a change in our strategy as scenarios such as the Greek crisis have already been factored in," Muhammad al-Jasser told the news service.

  • No decision on Oman rolling mill until August

    Bidders kept waiting as announcement extended by two months

  • No merger plans for Dubai, Abu Dhabi bourse, says official

    Officials of Dubai and Abu Dhabi stock exchange have denied knowledge of plans to combine the two UAE bourses, following a report by Reuters about an imminent merger, Bloomberg has reported. "This is not true," Rashed Al Baloushi, deputy CEO at the Abu Dhabi Securities Exchange, said. "I can't confirm or deny that a merger may take place in the future because I'm not aware of any such plans."

  • No smelter for Abu Dhabi's Western Region

    Adbic says it is to concentrate on developing alumnium downstream industry

  • Nomura seeks financing for $50m Islamic loan

    Loan deal due to be completed in June

  • Noor Islamic to take more loan loss provision

    Hussain Al Qemzi, CEO of Dubai's Noor Islamic Bank has said the bank took between 2.5% and 4% of its assets in provisions last year and would likely do the same in 2010, Reuters has reported. "In this market, it's healthy to take provisions," he said. "Our board is in favour of being extra conservative." The bank CEO said, it is on track with its break even target by 2012 despite challenges in the banking sector.

  • NPCC wins Qatar South field platform deal

    UAE contractor wins final contract for South Field development

  • Number of Dubai school pupils increases

    According to a report by the UAE National Bureau of Statistics, the number of children attending school in Dubai rose by 9.7% with 750,234 pupils registered during the 2008/2009 school year, The National has reported. Of these, 487,861 attended one of the 462 private schools, which have increased by eight since 2007/2008. However, the total number of schools remained relatively unchanged over the same period.

  • Oil falls to nine month low in the US

    Contract likely to fall lower later in May

  • Oil price dips below $70

    Oil prices dipped below $70 a barrel today for the first time since February. Crude oil for June delivery traded at $71.76 a barrel, up 15 cents, in electronic trading on the New York Mercantile Exchange as of 12:10 p.m. London time after falling to $69.82 earlier today, the lowest price for a near-month contract since Feb. 5, according to Bloomberg. The June contract expires on May 20.

  • Oil prices fall on inventory gains

    West Texas Intermediate contract trades at $74 a barrel

  • Oil rises above $70 on Euro gains

    US oil contract rises to $73.20 a a barrel

  • Oman awards contract for mobile desalination facility

    General Electric to supply units for Septech to install in Muscat

  • Oman commercial banks assets grow

    The Central Bank of Oman (CBO) has said that total assets of commercial banks in the Sultanate grew by 8.5% in March 2010 to OR14.87bn, Oman Daily Observer has reported. Cash on hand and deposits of commercial banks with the CBO amounted to OR1.21bn at the end of March 2010 compared to OR1.02bn in March 2009, the CBO report said.

  • Oman Investment & Finance opens talks to buy National Finance stake

    Oman Investment & Finance is in talks to buy a stake in National Finance, Bloomberg has reported. "The transaction will be dependent and subject to the legal and financial due diligence and approvals of all concerned authorities," the company said in a statement.

  • Oman invites Duqm hotel construction contract bids

    Construction of the new Crowne Plaza Duqm Hotel resort in Oman is set to begin soon after the Oman Tourism Development (Omran) invited contractors to submit bids, Meed has reported. The resort, which will be built on the Arabian Sea coast of the Sultanate, will have 228 rooms, including 11 executive suites and six smaller suites.

  • Oman invites expressions of interest for Adam airport

    The deal will involve providing services such as diesel fuel, wastewater removal and medical services at the airport

  • Oman Oil to buy iron pellet plant stake

    State-owned Oman Oil has acquired a 30% stake in an iron pellet plant in Oman in a $125m deal with Brazilian mining firm Vale, Reuters has reported. Located in Sohar Industrial Port Complex, Vale Oman Pelletizing will have a 9 million tonne annual capacity and is scheduled to begin production in the second half of 2010, the firm has said.

  • Oman Pharmaceuticals gets US approval for antibiotic

    Oman Pharmaceutical Products has said it has received the first product approval from the US Food and Drug Administration, paving the way for the sale of its antibiotic drug, Neomycin, in the USA, Times of Oman has reported. Oman Pharmaceutical, part of the Al Bahja group, specialises in the development, production and marketing of generic and over-the-counter pharmaceuticals in the GCC and worldwide.

  • Oman posts $1.1bn budget surplus in Jan-March

    According to data by Oman's economy ministry, higher oil prices helped the Sultanate's budget swing to a surplus of OR421.2m ($1.09bn) in the first quarter to the end of March, Reuters has reported. Oman booked a deficit of OR16.6m in the same period a year ago and a gap of OR22.9m in the two months to the end of February. Revenue jumped 47.9% to OR1.996bn in the first quarter from a year ago, while expenditures were up 15.3% at OR1.575bn, the data showed.

  • Oman receives bids for Fort Hotel consultancy contract

    The hotel will be on the outskirts of Muscat

  • Oman tenders contract to build telephone facilities

    Contractors have until 12 June to submit bids for Wattayah deal

  • Oman tenders Duqm hotel construction contract

    Crowne Plaza hotel will be located close to the under construction Duqm Port

  • Oman to adopt CBSE-I curriculum

    Oman will start implementing the CBSE-I curriculum in Grade 1 and Grade 9 in 30 schools in the first phase, Times of Oman has reported. Nine other countries have adopted the curriculum, including the UAE, Saudi Arabia, Qatar, Singapore, Malaysia and Japan. The new curriculum aims to promote critical and creative thinking skills, effective communication skills, interpersonal and collaborative skills and information and media skills.

  • Oman to build new cargo terminal at Salalah port

    Oman's ministry of transport and communications has revealed plans to develop a major General Cargo Terminal at the Port of Salalah, Oman Daily Observer has reported. The planned terminal will be built alongside a full-fledged Liquid Jetty catering to existing and future petrochemicals industries at the nearby Salalah Free Zone. With drafts of 16-18 metres, the General Cargo Terminal and Liquid Jetty will feature deepwater berths large enough to handle the biggest vessels, the ministry said.

  • Oman to develop water and power project at Sur

    Bid from developers to be invited by September

  • Oman to double hotel room capacity over next 5 years

    Oman plans to double its hotel room capacity over the next five years as part of an effort to grow its tourism industry, Dr. Rajiha Abdul Ameer Ali, the country's Minister of Tourism, told delegates today at the Arabian Hotel Investment Conference in Dubai. While tourism accounted for 2.5% of the country's overall GDP in 2009, the ministry hopes that the figure will increase to 5% in 10 years, she said. The minister was quick to point out that Oman's new hotel capacity is not aimed at attract

  • Oman: Cargo and liquid terminal

    Development of a general cargo and liquid terminal at a port

  • Oman: Catering services (Alamrat)

    Provision of catering services in Alamrat

  • Oman: Catering services (Bushar)

    Provision of catering services in Bushar

  • Oman: Catering services (Mortafa)

    Provision of catering services at the Mortafa camp

  • Oman: Coastal site preparation (Al-Musannah)

    Provision of enabling works for the preparation of sites at a coastal area (Al-Musannah)

  • Oman: Coastal site preparation (Barka)

    Provision of enabling works for the preparation of sites at a coastal area (Barka)

  • Oman: Electric motor shop equipment

    Supply and installation of equipment for an electric motor shop for a drydock company

  • Oman: Electrical emergency and maintenance services

    Provision of electrical emergency and maintenance services

  • Oman: Electrical emergency and maintenance services

    Provision of electrical emergency and maintenance services

  • Oman: Electricity company office building

    Construction of the main office for an electricity company

  • Oman: Electricity transmission line upgrade

    Upgrading of a grid station to a 220kV transmission line

  • Oman: Fort renovation

    Renovation of a fort

  • Oman: Grid station and transmission line

    Implementation of a grid station and associated transmission line

  • Oman: Hospital accommodation refurbishment

    Refurbishment and modification of accommodation blocks at a hospital

  • Oman: Hotel construction

    Construction of a hotel

  • Oman: Hotel interior designs

    Provision of interior designs for a hotel

  • Oman: Indoor substation

    Engineering, procurement and construction of a two-by-10MVA, 33/11kV indoor substation

  • Oman: Indoor substation (Haima)

    Engineering, procurement and construction of an indoor substation in Haima

  • Oman: Indoor substation (Masirah)

    Engineering, procurement and construction of an indoor substation in Masirah

  • Oman: IWPP supervision consultancy

    Provision of supervision consultancy services for an independent water and power project

  • Oman: Laboratory items

    Supply of laboratory items including chemicals and reagents

  • Oman: Measurement tools

    Supply of measurement tools for a drydock company

  • Oman: Mercury removal unit

    Oman: Mercury removal unit - Tender DetailsDescriptionDesign, engineering, procurement and construction of a mercury removal unit Design, engineering, procurement and construction of a mercury removal unit for Oman Refinery Company

  • Oman: Oil product vehicle hire

    Hiring of vehicles for oil products

  • Oman: Power and desalination plant O&M

    Operation and maintenance (O&M) of a power and desalination plant

  • Oman: Power generation

    Provision of additional generation at a power plant

  • Oman: Power station capacity increase

    Increase in capacity of a power station

  • Oman: Power station O&M

    Operation and maintenance (O&M) of rural power stations

  • Oman: Recharge dam safety improvement

    Carrying out safety improvement works at a recharge dam

  • Oman: RO unit

    Supply of a reverse osmosis (RO) unit

  • Oman: School construction

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

  • Oman: Seawater intake pumping consultancy

    Provision of consultancy services comprising project management and supervision of seawater intake pumping station

  • Oman: Sewage treatment plant

    Design, supply and installation of a sewage treatment plant

  • Oman: Silicon rubber insulators

    Replacement of 220kV porcelain insulators with silicon rubber insulators

  • Oman: Substation upgrade

    Upgrading of a 33/11kV primary substation

  • Oman: Telephone exchange buildings

    Construction of telephone exchange buildings

  • Oman: Transportation services (Alamrat)

    Provision of transportation services in Mortafa

  • Oman: Transportation services (Alamrat)

    Provision of transportation services in Alamrat

  • Oman: Transportation services (Bushar)

    Provision of transportation services in Bushar

  • Oman: Water desalination plant works

    Provision of engineering, procurement and construction services for the upgrade of water supply at a 1,000-cubic-metre-a-day water desalination plant

  • Oman: Water supply

    Construction of a water supply

  • Oman: Wooden keel blocks

    Manufacture and supply of wooden keel blocks for a drydock company

  • Oman’s Electricity Holding Company receives financial advisory bids

    Eight firms pitch for financial adviser role

  • Omani fertiliser plant to go on stream in 2011

    Oman Wastewater Services Co has announced that its organic fertiliser plant in the wilayat of Al Amerat is expected to start production testing in the second half of this year with commercial production set for 2011, Times of Oman has reported. The production capacity of the OR2.5m ($6.5m) plant is expected to reach around 40,000 tonnes of fertilisers per annum. Products will be used in the treatment of solid wastes resulting from treatment of sanitary water.

  • Omantel posts profit dip in Q1

    Omantel has said its unaudited financial results for the quarter ending March 31, 2010 include a net profit after tax and minority interests of OR32.36m, compared to OR38.1m during the same period in 2009, Oman Daily Observer has reported. First-quarter revenues grew by 12% to OR110.65m from OR98.8m during the same quarter last year.

  • One & Only The Palm to open in October

    One & Only The Palm is to open at Dubai's Palm Jumeirah Crescent on October 10, Gulf News has reported. "We're confident that we'll meet the date. The completion from the outset was planned to be around this time. We have 1,700 workers on-site and experienced no delays," general manager, Michael Payne said.

  • One child survives Afriqiyah Airways crash in Tripoli

    104 people died when Afriqiyah Airways flight number 771 crashed just one metre from the runway at Tripoli International Airport

  • Opec never directly discussed target price for oil

    Qatar’s energy minister says member states discuss range of prices

  • Orange Jordan expands 3G services

    Orange Jordan has launched the second phase for third generation (3G) services in the kingdom to include areas in west Amman, east Amman in addition to Zarqa and Aqaba governorates, Jordan Times has reported. The company launched the first phase of the 3G services in early March and it covered several areas in west Amman, Irbid and Zarqa. It expects that some two million Jordanians will be covered by the service by the summer of this year.

  • Orange Jordan launches automated billing

    Automated bill payment systems have been launched by Orange Jordan through which its subscribers will be able to pay their bills and top-up their prepaid accounts, Jordan Times has reported. A total of 15 electronic payment devices have been installed in all high traffic Orange centres.

  • Orascom Construction net profit up 10.4%

    Egypt-based Orascom Construction Industries (OCI) has posted a 10.4% increase in Q1 net profit to $116.6m, compared to $105.7m a year earlier, Reuters has reported. OCI said it won new construction work worth $790m during the quarter. Its consolidated backlog of unfinished construction as of March 31 dipped 2.3% to $6.5bn.

  • Orascom given one week to reveal details of Mobinil deal

    Egypt's Financial Supervisory Authority (EFSA) has said that Orascom Telecom has one week to disclose further details of the Mobinil deal reached with co-owner France Telecom, Reuters has reported. The regulator said it wanted to know how the companies calculated a $300m settlement fee being paid to Orasocm and an Orascom put option price.

  • Orascom to raise $296m via bond issue

    Egypt's Orascom Construction Industries has said its board of directors have approved the sale of $296.1m in 5-year bonds to finance acquisitions, Reuters has reported. The bonds, which will be tradable but not non-convertible into shares, will be offered in public and private tranches, and will also be used to refinance its balance sheet, OCI said.

  • Over 6,000 retailers in Dubai summer promotion

    The Dubai Events and Promotions Establishment has said that more than 6,000 retailers are set to participate in the 100 day-long 'Summer Deals 2010'. The three-and-a-half-month long shopping promotion will run from June 1 to September 15.

  • Packard Bell eyes Middle East growth

    Packard Bell, a subsidiary of Taiwan-based Acer, has said it aims to achieve double-digit market share in the Middle East and North Africa (MENA) region, Khaleej Times has reported. The company's revenue touched $60m from MENA region including Turkey during last year, Packard Bell director sales for Middle East and Africa Shashank Sharma told the daily. The four big markets for the company in the region, which launched its UAE operations in April 2009, are the UAE, Egypt, Saudi Arabia and Sou

  • Palestine exchange set for strong listing activity in 2010

    Two companies have already listed and six more IPOs are planned

  • Petrobras, Modern Mining ink SR1.7bn deal

    Saudi-based Modern Mining Holding has signed a SR1.7bn joint venture agreement with South American oil and gas giant Petrobras to build a calcined petroleum coke plant in the kingdom, Arab News has reported. The joint venture project, expected to be operational by the second quarter of 2012, will have an annual production capacity of up to 700,000 tonnes. It will be established in Jubail Industrial City or Raz az Zawr Mineral Industrial City.

  • Petrofac bids low for Kuwait effluent water injection deal

    Bids in for retendered oil deal worth around $750m

  • Petrofac Emirates eyes metals move

    Abu Dhabi-based contractor mulls diversification options

  • PetroRabigh plans shutdown for maintenance in Q2 2011

    Saudi-based Rabigh Refining and Petrochemical Co has said it plans to shut all units at its complex for 45 days during the second quarter of 2011, Reuters has reported. 'This is a regular test and inspection. Every five years we have to shut down the plant for test and inspection. We are planning it sometime in April 2011. We rescheduled it for second quarter 2011 for the whole complex,' a company manager, who asked not to be named, told the news service.

  • Piaget opens boutique in Bahrain's Moda Mall

    Piaget has opened a boutique in Bahrain's Moda Mall in partnership with Bahrain-based Behbehani Brothers. The boutique opened on 4th May, showcasing its latest 'Limelight' collection. Present in the Middle East for over 30 years, Piaget's retail network includes eight boutiques and over 40 retailers throughout the region.

  • Plans for new power capacity hinge on Egypt's ability to secure funding

    Egypt has unveiled ambitious plans to expand its total installed capacity

  • Post-dated cheques remain acceptable in Qatar

    A newly amended commercial law in Qatar will allow post-dated cheques to continue as an accepted mode of payment, bringing an end to the confusion prevailing over post-dated cheques, the Peninsula has reported. Banks will be held responsible if cheques were encashed before the date mentioned on it.

  • Poyry signs framework agreement for Saudi Arabia power projects

    Agreement intended to streamline Poyry’s participation in power plant tenders

  • Qatar Airways increases Boeing 787 order

    Qatar Airways has raised its order for Boeing's new 787 Dreamliner from two to six and expects to take delivery by September next year, Reuters has reported. The carrier also hopes to conclude talks with Canada's Bombardier over the purchase of 20 to 30 C-series aircraft by July.

  • Qatar Airways launches B777 Freighter operations

    Qatar Airways has begun cargo operations using its brand new Boeing B777 Freighter. Over the coming weeks, the new freighter is set to operate to several of Qatar Airways Cargo's dedicated freighter network points.

  • Qatar Airways to fly daily to Copenhagen

    Qatar Airways has unveiled plans to introduce direct, daily flights to Copenhagen from Doha, Bloomberg has reported. The airline, which currently flies to the Scandinavian capital four times a week using a smaller A319, will switch to serving the Danish capital with wide-bodied Airbus A330 planes, Paul Johannes, commercial vice president for Europe said.

  • Qatar Airways to fly to Iraq

    Qatar Airways CEO Akbar al-Baker has said the airline has received approval to fly to Baghdad, Erbil, and Najaf in Iraq, The Kurdish Globe has reported. "We are waiting for the arrival of more planes to our fleet before starting service to Iraq aggressively," he said.

  • Qatar awards fixed line licence to Vodafone

    Vodafone Qatar has been granted the Second Public Fixed Networks and Services Licence by ictQATAR. The issuing of the Second Fixed Licence is contingent on Vodafone Qatar completing the change to its Articles of Association within the next three months, upon which Vodafone Qatar will pay the licence fee of QR10m. The terms of the fixed line licence initially include 100% coverage of The Pearl development; broadband internet services must be provided within three months and fixed line voice se

  • Qatar awards helium plant deal to Air Liquide

    Qatar has awarded France-based Air Liquide the engineering, procurement and construction (EPC) contract to build the world's largest liquefier helium refining unit to purify and liquefy crude helium gas recovered from Qatar's North Field, The Peninsula has reported. The $500m Qatar Helium 2 Project, which will start production in early 2013, is a joint venture between Qatargas 2, Qatargas 3, Qatargas 4 and Ras Laffan Liquefied Natural Gas Co (3). It will be managed and operated by RasGas Co.

  • Qatar considers US gas export cuts

    Qatar's deputy prime minister, Abdullah al-Attiyah has said the Gulf state may cut LNG exports to the US to 6 million metric tonnes a year (mt/y) after diverting 20 million mt/y to other countries, Gulf Times has reported. To date, Qatari LNG exports to the US had reached 60,000mt in 2008 and 260,000mt in 2009.

  • Qatar consumer prices up in April

    Rising food and transport prices and a slight recovery in housing costs drove consumer prices in Qatar up 0.3% in April compared to the previous month, Reuters has reported. The Gulf state posted deflation of 3% year-on-year in April, steady with March levels.

  • Qatar Duty Free contract extended

    Qatar Airways has renewed the duty free management contract between Qatar Duty Free and Aer Rianta International-Middle East (ARI-ME), according to the Moodie Report. The management contract, which also includes Qatar Distribution Company, the downtown subsidiary of Qatar Airways, will continue until the New Doha International Airport is operational.

  • Qatar expects European debt crisis to affect oil prices

    Qatari oil minister, Abdullah bin Hamad al-Attiyah has said the country expects the European debt crisis to further pressure oil prices, Reuters has reported. "The oil price is not reflective of demand and supply, but psychological (factors) and uncertainty, especially in Europe (and due to the Greece) bailout," the minister told reporters.

  • Qatar eyes full synthetic fuel in four years

    Qatar Airways' head of corporate social responsibility, environment and fuel optimisation has said the carrier is proceeding with plans to be the first airline to be operating with 100% synthetic jet fuel by 2014, Arabian Aerospace has reported. The most likely scenario will be having a proof of concept synthetic fuel within four years split evenly between gas-to-liquid and biomass-to-liquid blends, he said at the ICAO Colloquium on Aviation and Climate Change. In October 2009 Qatar Airways c

  • Qatar Holding buys Harrods

    Qatar's sovereign wealth fund, Qatar Holding, has bought the UK's iconic luxury brand, Harrods Group from the Al Fayed family trust for $2.2bn. Credit Suisse advised Qatar Holding on the transaction.

  • Qatar in LNG supply talks with Lebanon and Turkey

    Qatar's Energy Minister Abdullah al-Attiyah has said the country is in talks with Lebanon and Turkey over sales of LNG, Reuters has reported. Qatar is negotiating the supply of 3 million tonnes of LNG to Lebanon, Attiyah told an industry event.

  • Qatar interested in US Citigroup stake

    Qatar Investment Authority is interested in buying some of the shares held by the US government in Citigroup, Bloomberg has reported. Citing people familiar with the matter, a report by the Financial Times has said any deal will depend on price, market conditions and the government's willingness to sell its shares to a sovereign wealth fund at a discount. The sale of the first portion of shares could be completed within days, the FT reported.

  • Qatar Islamic Bank to sell $750m bonds

    Salah Mohammed Jaidah, CEO of Qatar Islamic Bank, has said the bank plans to sell as much as $750m of bonds in its first Islamic debt offering, Bloomberg has reported. Sukuk are likely to be sold in the second half of this year, after talks with rating service providers have been completed, he said. 'It's not the liquidity need as much as it is positioning Qatar Islamic Bank into the sukuk market and becoming part of it,' Salah was quoted as saying. 'We will make the right call at the right t

  • Qatar launches $1bn Indonesia fund

    Qatar's sovereign wealth fund, Qatar Holding, has set up a $1bn Indonesian fund to invest in infrastructure and natural resources, Reuters has reported. Qatar and Indonesia had planned to set up a jointly owned fund with Qatar holding an 85% stake, but Qatar eventually opted for a wholly owned fund, according to Hilmi Gasim, an assistant to Alwi Shihab, the President Susilo Bambang Yudhoyono's special envoy for the Middle East.

  • Qatar RLOC to launch ethylene plant

    Qatar's Ras Laffan Olefins Co (RLOC), a joint venture among Qatofin (45.7%), Q-Chem II (53.3%) and QP (1%), is set to launch its ethylene production plant today, Gulf Times has reported. The company has set up an ethane cracker plant at Ras Laffan, which will process the natural ethane gas from the country's North Field into ethylene for producing various plastic polymers. The project will have a capacity of 1.3m tonnes of ethylene each year, which could be expanded to 1.6m tonnes per year at

  • Qatar school holiday set on July 7 to Sept 19

    The Qatari government has approved a schedule unifying the academic summer vacation for all independent, semi-independent, and private schools,The Peninsula has reported. The holidays will commence on July 7 and end on September 19 after the Eid Al Fitr holidays. The decision applies to the 72 semi-independent schools as well as to those now being converted to independent schools. All private schools will also resume classes on the same date.

  • Qatar schools given two years to improve

    Qatar's Supreme Education Council (SEC) has introduced strict licensing procedures for new private schools, while existing schools have been given two years to comply with SEC requirements, the Peninsula has reported. Many private schools with a high number of students will need to restrict admissions or improve their facilities to comply with the new rules and regulations, SEC said.

  • Qatar seeks 1.8m tourist arrivals in 2014

    Tourist arrivals to Qatar are forecast to reach 1.8 million in 2014, up from 1.1 million in 2009, according to a new report by Euromonitor International. Corporate travel continues to be main driver for tourism in Qatar, as business travellers to the country rose in 2008-2009 despite the economic crisis. Future investments such as the Doha Convention Centre and Towers - due to open in 2012 - will accommodate the growing number of business tourists, which is forecast to jump from 0.9 million i

  • Qatar tenders Barwa City road contract

    Submission date for bids is 8 June

  • Qatar to amend aviation law

    Qatar's Civil Aviation Authority has proposed amendments to key provisions of the existing commercial aviation law in a bid to ensure violations are dealt with adequately, the Peninsula has reported. The amendments propose that in-flight violators, if proved guilty by a court, can be sentenced to three years in jail or a fine of QR100,000 or both.

  • Qatar to ban harmful chemical shampoo

    Qatar's ministry of environment has banned the import of all shampoo containing 1,4-Dioxane, a cancer causing chemical, the Peninsula has reported. Starting July 1, all importers of shampoo products in Qatar will have to produce a certificate from an accredited laboratory in the countries of origin showing that the product does not contain the chemical.

  • Qatar to ban plastic bread bags

    Qatar is set to ban local bakeries from using plastic bags for packing hot bread within two months, Gulf Times has reported. The ministry of municipality and urban planning will provide bread outlets with new environmentally-friendly bags to protect the public health and environment, chairman of the Central Municipal Council, Nasser al-Kaabi said.

  • Qatar to cut salaries at health council

    Qatar's Supreme Council of Health has announced that salaries of its non-Qatari employees will be reduced by 10% to 50% once their job contracts expire, the Peninsula has reported. The move is part of a massive overhaul of the Council which is to be completed by June-end. SCH currently has 1,280 employees, 508 of whom are expatriates.

  • Qatar to launch local currency bond

    Qatar's finance minister, Yousef Kamal has unveiled plans to issue the country's first local currency bond in an effort to diversify its funding away from the US dollar, foster a domestic bond market and widen its range of monetary policy tools, Financial Times has reported. Bankers estimated the size of the bond sale at QR4bn ($1.1bn). The central bank will announce the sale of Qatari riyal-denominated Islamic and conventional bonds to its domestic banks on either Monday or Tuesday, the mini

  • Qatar to replace school portacabins within two years

    Qatar's Supreme Education Council (SEC) has given all private schools and kindergartens a two-year grace period to replace their classroom portacabins with permanent concrete buildings, Gulf News has reported. The specifications about school buildings are part of a set of new standards imposed by SEC for all private schools in the country. SEC standards also specify that the school must be located in a good and safe neighbourhood.

  • Qatar, Unipec ink crude oil sales deal

    Qatar and China International United Petroleum and Chemicals Co (Unipec), a wholly owned affiliate of China Petroleum and Chemical Corporation (Sinopec), have signed a crude oil sales agreement, the Peninsula has reported. The agreement takes effect from next July until June 31, 2011, where Unipec will import crude oil from offshore wells and Al Shaheen Field.

  • Qatar: Cathodic protection system

    Provision of a cathodic protection system for sewage treatment plant tanks

  • Qatar: Electricity network extension

    Extension of an underground electricity network

  • Qatar: Gas distribution Scada upgrade

    Upgrade of a gas distribution system (GDS) Scada

  • Qatar: Manifold and wellhead protection screens

    Provision of sand protection screens around manifolds and wellheads

  • Qatar: Mobile nitrogen skids

    Supply of trailer-mounted mobile nitrogen skids

  • Qatar: Oil field civil works

    Carrying out civil works within the Dukhan oil fields

  • Qatar: Production station cranes

    Replacement of cranes at production stations

  • Qatar: Pumping station upgrade

    Refurbishing and upgrading of pumping stations

  • Qatar: Reservoir capacity upgrade

    Upgrading of reservoir capacity

  • Qatar: Substation works

    Modification and refurbishment of substations

  • Qatari bank to provide homes instead of loans

    The Qatar Development Bank is considering providing completed houses instead of house loans, the Peninsula has reported. ''We are looking into constructing houses at an estimated cost of QR1.2m and then hand it over to the beneficiaries instead of giving monetary support,' the bank said. The government and QDB separately provide a loan of QR600,000 for each applicant amounting to a total of QR1.2m, which many complain do not meet their needs.

  • Qatari banks provisions fall 2%

    Data by Qatar's central bank has shown provisions made by banks in the country fell 2% month-on-month in April, after rising 1.5% in the previous month, while credit growth almost stalled, Reuters has reported. Total provisions reached QR5.9bn ($1.62bn) at the end of April, while bank loans were almost flat at QR254.3bn, following a 0.7% increase in March.

  • Qatari Diar said to be planning global bonds sale

    Qatari Diar Real Estate Investment may raise about $1.5bn by selling global bonds backed by Qatar, Bloomberg has reported. The developer may offer ten-year conventional bonds and five-year Islamic securities, the person said.

  • Qatari lender enters talk with financial institution

    Qatari lender, Al Khalij Commercial Bank has held talks with another financial institution for a possible combination of business, Bloomberg has reported. "Preliminary discussions have been conducted, but no decisions have been made until this date," the lender said in a statement.

  • Qatar's Al Shaheen, GE ink $305m deals

    Two joint venture agreements totalling $305m (QR1.1bn) have been signed by Al Shaheen Energy Services, a wholly-owned Qatar Petroleum subsidiary, with GE Oil and Gas, Gulf Times has reported. The JV is named 'PII Pipeline Solutions' and will provide worldwide pipeline inspection and integrity services, as well as creating a new entity to perform after-market services for the entire GE Oil & Gas installed fleet in the Gulf state and the region.

  • Qatar's National leasing awards $398m infrastructure contract

    Qatar's National Leasing Holding has awarded Combined Group a QR1.45bn ($398m) contract for the infrastructure works at Lusail Northern Residential and West-Waterfront Areas in Doha, the Peninsula has reported. The contract involves the implementation of infrastructure works for residential plots in the city of Lusail for a 1.8 million square meter area.

  • QFIB to set for Qatar Exchange listing

    Chairman of Qatar First Investment Bank (QFIB) has said the firm will most likely be ready for listing on the Qatar Exchange by next year, the Peninsula has reported. The bank is also in the process of obtaining a license that will allow it to offer Shari'ah-compliant wholesale banking.

  • QNB Syria increases capital

    Qatar National Bank-Syria has approved increasing the lender's capital to $300m (SL15bn). The bank said it had received approval from the Central Bank of Syria as well as other regulatory authorities for the capital increase and to increase QNB's stake from 49% to 55% of the total shares.

  • QP-Shell-CNPC JV signs exploration agreement

    Qatar Petroleum (QP) has signed an exploration and production sharing agreement (EPSA) with Shell and China National Petroleum Corp (CNPC) for the country's gas basin, Block D, the Peninsula has reported. The agreement will last for 30 years and begins with a five year first exploration period. Shell, as operator, will hold a 75% equity share with CNPC holding the remaining 25% share.

  • Qtel inks GBI Landing Party deal

    Gulf Bridge International (GBI), the Middle East's first privately owned submarine cable operator, and Qtel have signed Landing Party Agreement (LPA) agreement that will see the latter provide a landing station for GBI's cable in Qatar. The LPA will enable GBI to land a connection in Qatar to the GBI Cable System, which will connect all the countries of the Gulf region to each other and provide onward connectivity to Europe and Asia.

  • Qtel offers Virgin Mobile brand

    Qatar Telecoms (Qtel) and Virgin Group have launched in Qatar the Virgin Mobile brand, offering a prepaid mobile service targeted towards the youth market. Concerning the launch of the product, IctQatar has issued a statement to clarify that Virgin Mobile is not a third telecom operator nor should it be considered a Mobile Virtual Network Operator (MVNO).

  • Qtel signs $2bn refinancing loan

    Qtel has signed 17 more banks into its $2bn syndicated loan, scaling back commitments provided by senior lenders already on the deal, Reuters has reported. More than $1.1bn was raised in general, and more than $3.8bn overall. The loan will result in Qtel reducing its borrowing costs, refinancing a $2bn forward start loan agreed last September.

  • Qtel to complete $2bn loan deal by mid-May

    Banks to be scaled back after strong response to the deal

  • Qurayyah plant will help Saudi Arabia meet growing power needs

    Power demand in Saudi Arabia expected to rise to over 50,000MW by 2020

  • Rabat to hold meetings with Safi power project bidders

    Winning bidder will build 1,320MW coal-fired plant

  • RAK Ghani Glass manufacturing plant inaugurated

    A $28m pharmaceutical glass container manufacturing plant has been inaugurated in the emirate of Ras Al Khaimah. The RAK Ghani Glass is a joint-venture between RAK Investment Authority, Pakistan-based Ghani Group, JS Group and Saudi-based Swicorp. The new plant has an annual production capacity of 44,000 tonnes, which is the equivalent to 600 million lightweight pharmaceutical bottles.

  • RAK Petroleum raises DNO stake to 30%

    Norway-based DNO International has said UAE-based RAK Petroleum has raised its stake in the company to 30%, Bloomberg has reported. RAK has been buying DNO shares since last year and raised its stake to 20.5% last month. Early this year, DNO CEO Helge Eide has said that the company plans to expand outside Iraq and would consider opportunities in eastern and northern Africa and the Middle East. RAK has operations that overlap with DNO, according to RAK Finance Director Pierre Henri Boutry.

  • Rakbank announces Q1 profit hike

    The National Bank of Ras Al Khaimah (Rakbank) has reported a 42.2% growth in net profit to Dhs228.07m ($62.09m) for the quarter ending March 2010, compared to the first quarter of 2009. Total assets as of March 31, 2010 grew 6.5% to Dhs18.22bn from December 2009 figures. The main growth in assets was seen in loans and advances, the bank said.

  • Ras Al Khaimah imposes ban on outside bread

    A ban on breads produced from other emirates has been imposed by emirate of Ras Al Khaimah in order to maintain the quality of bread in the local markets and to protect the consumers, Khaleej Times has reported. The Consumer Protection Unit at the emirate's Department of Economic Development (DED) said the ban follows complaints from consumers about the sale of expired and poor quality bread products by some grocery stores, cafeterias, school canteens and supermarkets in the emirate. DED has

  • RBS in talks to sell UAE retail unit to ADCB

    Royal Bank of Scotland Group is working on a deal to sell its retail banking assets in the UAE to Abu Dhabi Commercial Bank, Bloomberg has reported, citing three bankers familiar with the transaction. RBS is selling assets as part of a global plan announced in February last year to scale back its international presence.

  • Rera asks developers to explain project delays

    Marwan bin Ghalita, CEO of Dubai's Real Estate Regulatory Agency (Rera) has said the regulator has asked master developers to provide reasons as to why projects have not started on their master developments, Emirates Business has reported. "We are working with master developers to complete audited technical reports on all the projects that are under the master developer's freehold area. Moreover, we are asking them to give clear reasons as to why a developer has not commenced a project since

  • Return to pre-downturn rate levels to take five years, says Sofitel COO

    Occupancy levels will return to levels seen prior to the economic downturn much sooner than room rates, according to Robert Gaymer-Jones, Chief Operating Officer of Sofitel Worldwide. 'What's happened is that there was a big dip in occupancy, so everybody dropped their rates. Now occupancies are returning to reasonable levels again, but rates are not going to return as fast. It's going to take somewhere around five years for rates to get to where they were,' he told AME.Info.com.

  • Rezidor to open 15 new hotels in Middle East by 2015

    Belgian group to open hotels in five countries in the region

  • Riyadh to build new railway station

    The Saudi Railway Company plans to build a new railway station in Riyadh with the capacity to handle 800,000 commuters a year, Arab News has reported. The company said the station, which will be built on an area of 50,000 square metres near King Khaled International Airport, would be ready by 2013 after tenders are issued at the end of this year. The new station would be the terminus for a proposed 1,000km route that will cover cities including Riyadh, Qassim, Hail, Al-Jouf and Al-Haditha at

  • Rotana to build five-star hotel in Baghdad

    Rotana Hotels and Resorts has unveiled plans to be the first to build a luxury hotel in Baghdad's "Green Zone," Arab News has reported. The new five-star hotel will open its doors in 2012 with 250 rooms and suites, a swimming pool, a health club and several restaurants. With Rotana Arbil hotel in the Kurdistan region scheduled for opening this summer, the new property will be the firm's second in Iraq.

  • Rotana to build three new Abu Dhabi hotels

    Rotana Hotel Management plans to build three new hotels at Abu Dhabi National Exhibitions Co's (Adnec) Capital Centre development which is currently under construction. Capital Centre Rotana and Centro Capital Centre are scheduled to open in 2011, while Capital Centre Arjaan will be opened in 2012, Selim El Zyr, president and CEO of Rotana said.

  • Rotana to increase its Middle East portfolio by 2014

    UAE-based hotelier plans to have more than 70 properties in region

  • Rotana to manage Bena hotel project in Syria

    Bena Properties has partnered with Rotana, appointing the latter to manage Yasmeen Rotana Hotel, its first development in the region. The five-star hotel is located in Mazzeh, Damascus-Beirut highway, 35 minutes away from Damascus International Airport. Arabtec is the main contractor for the project.

  • Rotana to open 9 new properties by year end

    Dubai-based Rotana Hotel Management Corp. plans to open nine new properties by the end of this year, bringing to 45 the total number of operating hotels in its portfolio, said Selim El Zyr, President and CEO of Rotana. Speaking to delegates today at the Arabian Hotel Investment Conference in Dubai, El Zyr said the company is growing its inventory 30% per year as part of its goal of being the largest hotel operating company in the Middle East. Rotana plans to have 70 properties in operation by

  • Royal Jordanian may make slight 2010 profit

    Royal Jordanian may only make a "slight" profit this year as fuel costs increase, Bloomberg has reported. "During the past month or more we've been having around over $85-$86 a barrel of oil and that has affected our cost structure a bit," CEO, Hussein Dabbas told the news service.

  • Royal Jordanian receives two Airbus A330s

    Royal Jordanian has added two Airbus A330-200 aircraft to its fleet. The first flight of the new aircraft will depart for London on June 1.

  • RTA scales down marine transport plans

    Obaid Al Mulla, CEO of Dubai Roads and Transport Authority's (RTA) Marine Agency has revealed that the organsisation's marine transport projects have been scaled down, while its Dubai Ferry Project has been shelved, Gulf News has reported. "The RTA realised that some offshore marine development projects have been delayed for implementation due to global financial crisis. Our Marine Transport Master Plan links all transportation projects to the development of the large maritime projects by oth

  • RTA to fine bus and taxi lane violators

    Dubai's Roads and Transport Authority (RTA) has said that motorists using dedicated bus and taxi lanes will be given fines of Dhs600, Gulf News has reported. "Private motorists are not allowed to drive on the dedicated bus and taxi lanes round-the-clock and the fine for violators is Dh600," RTA said. The lanes were formally introduced by the RTA on April 30.

  • Russia might build nuclear power plant in Syria

    Russian energy minister Sergei Shmatko has said his country may help build a nuclear power plant in Syria, Reuters has reported. Syria has suffered huge electricity shortages for years, with power generation falling one-third short of demand and the population expanding at 2.5% a year. Asked whether Russia would build an atomic power plant in Syria, Shmatko told Reuters: 'We are studying this question'.

  • Sabic appoints banks for bond issue

    Saudi industrial giant due to finish investor roadshow on 25 May

  • Sabic Capital plans Q2 benchmark dollar bond issue

    Mutlaq al-Morished, chief financial officer of Saudi Basic Industries Corp (Sabic) has said that Sabic Capital plans a benchmark dollar bond issue before the end of June, Reuters has reported. "The benchmark bond is for general corporate purposes.

  • Sabic postpones bond issue as markets falter

    Market volatility puts bond issues on hold

  • Sabic, Sinopec start operations at China plant

    The world's biggest chemicals maker by market value, Saudi Basic Industries Corp (Sabic) and China Petroleum and Chemical Corp (Sinopec) have announced that commercial production has started at the newly constructed chemical plant in Tianjin, China. The project, a joint venture between the two firms, has a production capacity of 3 million tonnes a year. Pre-production operations at the plant began in January of this year, Sabic said.

  • Samsung, Sasakura bid lowest for Saudi plant

    South Korea's Samsung Engineering, with Japan's Sasakura Engineering Co, have submitted the lowest bid of $1.89bn to build a new desalination plant in Saudi Arabia, Reuters has reported, citing industry sources. Expected to be the world's largest when completed in the last quarter of 2013, the plant will produce 1.025 million cubic metres of desalinated water per day and will be integrated with a 2,400 megawatts power plant, in Ras Azzour.

  • Saudi Arabia donates $200m for Moroccan railway

    Rabat is seeking $492m in order to complete the first phase of the high-speed railway between Tangiers and Casablanca

  • Saudi Arabia plans Jeddah metro

    Metro to form part of cities $5.6bn transport investment

  • Saudi Arabia: Academic buildings

    Construction of academic buildings at an industrial city

  • Saudi Arabia: Cooling plant

    Engineering, procurement and construction of a centralised cooling plant for an industrial city

  • Saudi Arabia: Fluoroscopy system

    Supply and installation of a fluoroscopy system

  • Saudi Arabia: Freight train scale maintenance

    Maintenance of scales on freight trains

  • Saudi Arabia: IT equipment

    Supply of IT equipment

  • Saudi Arabia: Maritime vessels

    Supply of maritime vessels

  • Saudi Arabia: Medicines

    Supply of medicines

  • Saudi Arabia: Oils and lubricants

    Supply of oils and lubricants

  • Saudi Arabia: Railway coach rebel diaphragms

    Supply of rebel diaphragms for railway passenger coaches

  • Saudi Arabia: Railway company facilities insurance

    Provision of insurance for a railways company’s facilities

  • Saudi Arabia: Railway crossing gates

    Supply of crossing gates on a railway line

  • Saudi Arabia: Railway line fencing

    Fencing of a railway line

  • Saudi Arabia: Railway station works

    Provision of services and electrical repair works at railway stations

  • Saudi Arabia: Railway workshop drainage works

    Repair of sewage water drainage at a railway workshop

  • Saudi Arabia: Residential area

    Implementation of a residential area for a hospital

  • Saudi Arabia: Residential construction

    Construction of staff residences

  • Saudi Arabia: Substations

    Design, supply and construction of substations

  • Saudi Arabia: Tank, drilling and irrigation works

    Construction of tanks, drilling of water wells and an irrigation network

  • Saudi Arabian Airlines receives first Airbus A333

    The airline has ordered a total of 58 Airbus aircraft and 12 Boeing 787 planes

  • Saudi Arabia's private sector credit growth gains momentum

    Credit growth improves, but government remains main financier of Saudi projects

  • Saudi Aramco extends Yanbu bids deadline further

    Saudi Aramco has extended for the third time the closing date for bids to build a solids handling unit at its 400,000 barrels per day Yanbu refinery, Reuters has reported. "The extension of the bidding closing date is due to more work," a source told the news service, adding they expected it to be delayed further. The deadline for bids for the unit is now June 15.

  • Saudi Aramco seeks bids for gas plant projects

    Saudi-based firms have been invited by Saudi Aramco to begin the qualification process to compete for deals to build the Wasit and Shaybah gas plants, Reuters has reported, citing two industry sources. Aramco has set May 25 as the deadline for documents to qualify to bid for a new natural gas liquids plant at the 750,000 barrels per day Shaybah oilfield, sources said. Wasit would be the largest gas plant in Saudi Arabia, with capacity to process 2.5 billion cubic feet per day.

  • Saudi Aramco to restructure projects

    Saudi Aramco is working on the restructuring of some of its industrial projects worth about SR113bn ($30.14bn), Arabic Al Riyadh daily has reported. Amongst plans by the state-owned giant is the relocation of the petrochemical complex, which it plans to set up with US-based Dow Chemical Co from Ras Tanura to Jubail Industrial City. The move aims to benefit from the SR1.5 trillion infrastructure upgrade, which is being implemented by the Royal Commission for Jubail and Yanbu.

  • Saudi banks focus on equity to back private firms

    Official figures by Saudi Arabian Monetary Agency (Sama) have showed a continued decline in money supply in the kingdom and that Saudi banks had raised their investment in securities to support a cash-hungry private sector in April, Reuters has reported. M3 growth slowed for a seventh straight month in April to 2.6% - the lowest in at least seven years.

  • Saudi banks 'spared the worst'

    Muhammad al-Jasser, governor of Saudi Arabia's central bank has said the kingdom's banking system was "spared the worst" of the global credit crunch and is returning to normal, Bloomberg has reported. Speaking at the Euromoney conference in Riyadh, al-Jasser said banks in the kingdom are the least leveraged in the GCC region and the central bank is conducting regular stress tests on them.

  • Saudi Electric raises $1.9bn from seven year Islamic bond

    Saudi Electricity (SEC) has raised SR7bn ($1.87bn) from a seven-year Islamic bond at 95 basis points above the Saudi Interbank Offered Rate (Sibor), Reuters has reported. About 95% of the demand for the issue came from Saudi institutions with only 5% coming from non-Saudi investors, the source noted.

  • Saudi Electric to build new power plants

    Ali Saleh al-Barrak, CEO of Saudi Electricity Co, has said that US firms have expressed interest in taking part in tenders to build a group of power plants that will boost capacity by an additional 30,000 megawatts, Reuters has reported. 'Many of the firms that we met in the US showed their readiness to work with us as investors, while others showed interest to work as contractors, and based on that they will submit bids for us to study,' Barrak said.

  • Saudi Electricity awards $108m substation order to ABB

    The Saudi Electricity Co has awarded ABB a $108m order to construct six new substations in the kingdom. Four of the substations, rated at 115/13.8 kV (kilovolt), will be located in Dammam and Al-Hassa in Saudi Arabia's Eastern Region. The other two substations, rated at 110/13.8 kV, will be built in the country's western region, in Jeddah and Mecca.

  • Saudi Electricity Company completes $1.9bn sukuk

    Sukuk being used to fund expansion plans

  • Saudi Electricity's power generation up 76% since 2000

    Saudi Electricity Co (SEC) has said its power generation capacity rose 75.9% from 25,800 MW in April 2000 to almost 45,389 megawatts in the first quarter of 2010, Arabic Okaz daily has reported. The length of the state-owned utility's electricity transmission networks increased 44.6% to 42,787 kilometres from 29,600 kilometres in 2000, SEC said. The distribution grid grew 62.5% to 368,390 kilometres from almost 226,664 kilometres over the same period.

  • Saudi firm to develop tourist sites in Al-Ahsa

    The mayor of Saudi Arabia's Al-Ahsa governorate has unveiled plans to set up a new company with capital of SR6bn to develop tourist sites in the governorate, Saudi Gazette has reported. Fahd Al-Jubair said that royal approval has been given for the establishment of the Al-Oqair Tourism Co with the aim of developing Al-Oqair Beach over a total area of 100 million square meters.

  • Saudi fund to tender Jubail housing complex

    A tender for the main construction contract of a 696-unit housing complex at Jubail Industrial City is set to be floated by Saudi Arabia's General Organisation for Social Insurance (Gosi) in June this year, Meed has reported. While the budget for the project is unclear, market prices in Saudi Arabia's Eastern Province suggest an estimated value of around $300m.

  • Saudi government considering second land rehabilitation project in Riyadh

    The $275m Wadi Hanifa project finished in April after ten years under construction

  • Saudi Hollandi may sell RBS stake

    Chairman of Saudi Hollandi Bank, Mubarak al-Khafrah has said the bank may sell a stake held by a consortium led by Royal Bank of Scotland (RBS) through a public share offering, Reuters has reported. The bank would only consider international partners to replace the consortium, al-Khafrah said.

  • Saudi inflation reaches 10-month high

    Saudi Arabia's inflation accelerated for a fourth month in April to a 10-month high of 4.9%, Reuters has reported, citing official data. The increase was attributed to global harvest concerns, as bad weather in countries that export crops to the kingdom have raised concerns over availability of supplies for some commodities such as rice. Inflation in the kingdom stood at 4.7% year-on-year in March, down from a record high of 11.1% in July 2008.

  • Saudi investors look to bonds

    Fahad al-Saif, director of investment banking at HSBC Saudi Arabia has said that investors in the kingdom are being drawn towards bonds due to volatile equity markets and low interest rates on deposits, Reuters has reported. "Investors have only two asset classes - equities and deposits in banks. Equities are now volatile and interest rates are low, so they are increasingly turning to bonds, bringing debt allocation into their portfolios," he said.

  • Saudi KEC to launch IPO

    Saudi's Knowledge Economic City is set to start an initial public offering on Monday aimed at raising SR1.02bn, Reuters has reported. The IPO, which will offer 30% of the company through issuing 102 million shares, will help raise the firm's capital to SR3.4bn, the company's CEO, Tahir Bawazir said. Under government plans, the new city will have 30,000 residential units and aims to attract information technology companies and health and education centres. KEC is expected to attract around SR3

  • Saudi launches obesity control campaign

    The Saudi health ministry has launched an obesity-control campaign as part of its national health-awareness programme, Arab News has reported. Studies in the kingdom have warned of the growing prevalence of childhood obesity.

  • Saudi manufacturer secures Japanese joint venture contract

    Saudi-based modular buildings manufacturer, Red Sea Housing Services has won a SR480m ($127.9m) contract from Japanese joint-venture Chiyoda-JGC., The project involves the engineering, manufacturing and construction of a housing facility for Papua New Guinea's Liquefied Natural Gas Project (PNG LNG) and is expected to be completed by the end of November 2011.

  • Saudi may required health insurance for travellers

    The Saudi Council of Ministers has called on the Cooperative Health Council to consider making it obligatory for citizens to have health insurance when travelling abroad, Saudi Gazette has reported. The council is also considering making health insurance for foreigners mandatory while travelling to the kingdom.

  • Saudi money supply growth slows for sixth straight month

    According to data by the Saudi Arabian Monetary Agency (Sama), annual growth in the kingdom's M3 money supply slowed for a sixth straight month in March, Reuters has reported. M3 grew 4.6% in March year-on-year, down from 5.6% in February and 8.3% in January, due mainly to a 12% drop in time and savings deposits, the data showed.

  • Saudi mortgage law 'may be approved next week'

    Abdul-Rahman al-Sadhan, the secretary general of Saudi Arabia's council of ministers has said that a long-awaited mortgage law may be approved next week, Reuters has reported. The law has been in planning stages for almost a decade. Finance minister Ibrahim al-Assaf said last year that it would be implemented before end-2009. The law is expected to cater to a larger proportion of housing demand in a country where less than a third of the population owns a home.

  • Saudi not worried by drop in oil price

    Saudi Arabia's finance minister, Ibrahim Al- Assaf has said the country is not worried about oil prices, which have fallen 17% this month, Bloomberg has reported. "I'm not worried right now and we will push through with the development of projects that we committed to," Al-Assaf said at a Euromoney conference in Riyadh.

  • Saudi Oger to finish Riyadh's King Abdullah Road this year

    Local contractor was awarded the three-year project in June 2007  

  • Saudi rules out ban on BlackBerry Messenger

    Saudi Arabia's Communications and Information Technology Commission (CITC) has said there is no reason to ban BlackBerry's controversial messenger service, Arab News has reported. The statement is in response to rumours that the BlackBerry Messenger (BBM) would be banned in the kingdom following reports that CITC had asked the device's Canadian manufacturer Research in Motion (RIM) to allow the regulator to be able to monitor messages sent via the service. "We look at the needs of society as

  • Saudi schools asked to file illness reports daily

    Schools in Saudi Arabia have been ordered by the education ministry to comply with its requirements for daily reports on cases of contagious illnesses, including swine flu, Saudi Gazette has reported. The ministry also asked education administrations to ensure that they have sufficient supplies of disinfectant, face masks, and hand-cleaning products, and to cooperate with the ministry's health centres to immediately inform schools of any cases recorded at the centres.

  • Saudi Telecom extends contract with LCC

    Saudi Telecom (STC) has awarded LCC International, a wireless services and solutions provider, a contract for network consulting and engineering services. The contract is an extension to service orders under a master purchase agreement with STC.

  • Saudi to launch GPS tracking system in vehicles

    The Jeddah Chamber of Commerce and Industry plans to launch a GPS-based tracking system in vehicles as a theft deterrent, Arab News has reported. The system will initially be rolled out in Jeddah and later spread to other areas in the kingdom.

  • Saudi to provide extra $2.66 billion support to industries

    Saudi Arabian finance minister, Ibrahim Al-Assaf has announced the kingdom will provide an additional SR10bn ($2.66bn) to support the country's industries, Bloomberg has reported. The amount would take the total support fund to SR30bn, the minister said.

  • Saudi to stick to 2010 budget

    Saudi Arabia's finance minister, Ibrahim Al-Assaf has said the kingdom will not push spending beyond its 2010 plan to keep inflation under control and plans to cut its debt before any new bond issues are considered, Reuters has reported. "We don't have plans to increase the spending more than what we have now ... because the programme we have now is at the right size and will not put pressure on resources and capacity of the economy, hence inflationary pressures," the minister told the news s

  • Saudia receives new aircraft

    Saudi Arabian Airlines will take delivery tomorrow of the first of eight Airbus A330 aircraft ordered by the airline as part of its efforts to update its fleet with 70 new aircraft, Arab News has reported. Saudia has so far received 10 new planes out of a total of 35.

  • Saudia resumes US flights

    Saudi Arabian Airlines announced the resumption of flights to and from the US yesterday, following a two-day halt due to the cloud of volcanic ash over the Atlantic, AFP has reported. The carrier's decision comes as several airports in Spain, the Canary Islands and parts of Morocco closed down temporarily on Tuesday due to the volcanic ash cloud.

  • Saudi-Alcoa JV hands out $453m contracts

    Saudi Arabian Mining (Maaden) has awarded three contracts worth $453m for its planned Saudi-based aluminium joint-venture with Alcoa, Reuters has reported. The first $202m contract went to US-based Fluor Corp and WorleyParsons for the supervision, engineering and procurements of the complex's alumina refinery to be completed by December 2014. Fluor Corp also won the second $177m contract for engineering works, procurements and supervision of the construction of the complex's rolling mill befo

  • SCAD inks training agreement with UAE University

    The UAE University (UAEU) has signed a memorandum of understanding with the Statistics Centre - Abu Dhabi (SCAD) for cooperation in the areas of training, career development and scientific research in the emirate of Abu Dhabi. The agreement is aimed at providing training opportunities in the field of statistics and research. In addition, the two sides agreed to facilitate the training of UAE University students at SCAD's HQ and branches.

  • SEHA expands Cerner agreement

    Abu Dhabi Health Services (Seha) has announced the extension and expansion of its agreement with US-based supplier of healthcare information technology solutions, Cerner. The new solution options expand upon Seha's initial deal with Cerner signed in 2005 to deliver a suite of 15 solutions to four hospitals.

  • Septech wins desalination contract in Oman

    Oman's Public Authority for Electricity and Water has appointed Septech Emirates to install the world's largest mobile desalination plant just outside of Muscat. The moveable plant, which will supply nearly 10% of the daily potable water needs of one million residents in the Omani capital, can be relocated to other coastal areas in the Sultanate as soon as the planned upgrades and extensions to the permanent desalination facilities that supply Muscat are made.

  • SGBL boosts its stake in its Jordanian subsidiary

    Société Générale de Banque au Liban has signed an agreement with Global Investment House to buy the Kuwaiti firm's 29.94% stake in Société Générale de Banque - Jordanie. The deal raises SGBL's share in SGBL to 85% and is part of the lender's expansion plans in the region.

  • Shanghai Electric begins work on $1bn Iraq power project

    Iraq's ministry of electricity has said that China's Shanghai Electric is moving ahead with a $1bn power-generating plant to boost the country's electricity capacity by 1,320 megawatts, Reuters has reported. The project, which includes purchasing and installing four steam turbines, each with a capacity of 330 MW, will provide Iraq with a big power increase over the next four years. Work to install those units started earlier this month and the first unit is expected to operate after three yea

  • Sharjah considers real estate registration law

    Dr Obaid Al Hajiri, Chairman of Sharjah's Executive Council, has said a draft law for property registration has been prepared and forwarded to the emirate's Consultative Council, Emirates Business has reported. The Executive Council will discuss the draft and the Legal and Legislative Committee's report during its next session scheduled for May 20 and will submit a recommendation and notices to the Executive Council, Al Hajiri was quoted as saying by the newspaper.

  • Sharjah may offer freehold properties, drafts law

    A new law is being prepared by the government of Sharjah that will allow - upon obtaining the approval from the emirate's ruler - the sale of freehold property to foreigners for the first time, Emirates Business has reported, citing a source at the Sharjah Consultative Council. A freehold law for expatriates is a necessity especially since the emirate is developing mega projects such as the Al Nujoom Islands and Sharjah Marina, the source said. The draft also tackles issues related to streaml

  • Sharjah's Gulftainer wins control of Avalon

    Avalon deal will give Gulftainer more scope for regional logistics contracts

  • Shuaa Capital sells stake in Al Kout Industrial Projects

    Kuwait's bourse has said that Dubai-based Shuaa Capital has sold its 48% stake in Al Kout Industrial Projects to Kuwait Financial Centre for $56.7m, Reuters has reported. Shuaa said that other investments that may be disposed of including UAE desalination firm Septech and Qatar's Amwal.

  • Shuaa posts first quarter profit

    Income from brokerage and asset management units has helped Shuaa Capital post Dhs19.5m ($5.3m) in net profit in the first quarter of 2010, compared to a loss of Dhs202.2m last year. Shuaa's fee-generating businesses posted a profit of Dhs27.9m in the quarter.

  • Shuaa to manage share sale in June, says CEO

    The head of Shuaa Capital has said the firm plans to manage an initial public offering of more than Dhs1bn ($272m) in June, Bloomberg has reported. "If it is successful, and we'll only launch it if we think it will be successful, it will open up the market for future IPOs this year," Sameer al-Ansari told the news service. He declined to name the company.

  • Shuaa to sell stake in Kuwait firm

    Dubai-based investment bank Shuaa Capital has said it has received the Kuwait bourse's approval to sell its 49% stake in Al Kout Industrial Projects Co, Reuters has reported. The sale is expected to boost the financial group's liquidity position by around $50m.

  • Siemens wins Abu Dhabi power contract

    Abu Dhabi Transmission and Despatch (Transco) has placed an order with Siemens Energy to supply transformer substations and switchgear for the UAE power distribution network expansion project. The $184m order includes the turnkey supply of three 132/11 kV transformer substations and two 132/22 kV substations. The substations are scheduled for completion by 2013.

  • Sinopec ponders Yanbu refinery investment

    China's Sinopec has not yet entered formal discussions with Saudi Aramco over investing in the giant Yanbu refinery in Saudi Arabia, due to concerns about the high investment cost, Reuters has reported. Aramco has approached firms that could replace Conocophillips as partners for the project after the US firm's decision last month to pull out.

  • Six companies to list on Palestine Securities Exchange by end of this year

    Wataniya Mobile to offer biggest listing at $170m

  • Six Palm Jumeirah hotels to open this year

    Six new hotels are to open on Dubai's Palm Jumeirah this year, Gulf News has reported. The new properties include the One&Only Palm Jumeirah hotel, Kempinski Emerald Palace Hotel and Residences, The Royal Amwaj Resort and Spa by Moevenpick, Zabeel Saray, Jumeirah Al Fattan Palm Resort Hotel and Residences and Grandeur Residences, and Taj Exotica Resort and Spa by ETA Star.

  • SKMC launches new imaging system

    Sheikh Khalifa Medical City (SKMC) has launched the O-arm Multidimensional Imaging System, Wam has reported. The new imaging system provides complete multi-dimensional, intra-operative surgical imaging. It provides surgeons with real-time, 3D images, as well as multi-plane, 2D and fluoroscopic imaging.

  • Sodic posts $1.9m Q1 net loss

    Egyptian stock exchange has said that real estate developer, Sixth of October Development and Investment Co (Sodic), has posted a first quarter net loss of EGP10.9m ($1.94m), Reuters has reported. Sodic, which does not fully recognize revenues until it delivers units, made a net loss of EGP8.3m in the same period last year.

  • Software piracy in Jordan decreases

    A study by Business Software Alliance (BSA) has revealed that from 2008 to 2009, use of unlicensed software on personal computers in Jordan fell by 1% to 57%. The commercial value of this illegal software amounted to $26m. However, the study found that global piracy rate increased from 41% to 43%, largely the result of fast growing, higher piracy markets such as China, India, and Brazil increasing their share of the overall software market.

  • South Pars gas production to increase

    Gas production at Iran's offshore natural gas field South Pars will rise to 175 million cubic metres per day within the next two years, Reuters has reported. Ali Vakili, managing director of Pars Oil and Gas (POGC) has said production at the field rose by nearly 30% during the 2009-10 year, to around 59 billion cubic metres of processed gas for the full year, or around 162 million cubic metres per day.

  • Sovereign debt woes take centre stage

    Greece’s bailout is a reminder that the financial crisis is far from over

  • Spanish company wins $1.3bn Algerian rail contract

    The railway will be built in two phases between Relizane and Tissemsilt

  • Spice Global in talks to buy Dubai's Cellucom

    Bhupendra Kumar Modi, chief executive of Singapore-based Spice Global has said the firm is in talks to buy the Dubai-based Cellucom and other distressed regional mobile retailers as part of a major push into the Gulf region, The National has reported. Spice Global plans to open 300 to 400 stores in the GCC by the end of next year, with an investment of about $150m, Modi said. The company is in the process of establishing its regional headquarters in Dubai, he added.

  • Starbucks drops plan to open outlet in Dubai school

    Global coffeehouse chain Starbucks has cancelled a plan to open an outlet in GEMS Jumeirah Primary School, Gulf News has reported. The school had planned to open a branded coffee shop on the campus and share profits with Starbucks while the amount was to be pumped back to school to buy equipment. Stephen Chynoweth, headmaster of the school, wrote to parents on Sunday informing them that the plan has been withdrawn. 'Whilst there have been a large number of positive comments in relation to the

  • Starwood inks deal to bring first W Hotel to UAE

    Starwood Hotels & Resorts has announced plans to open the first W Hotel in the UAE. The company signed an agreement with UAE-based Belbadi to open the 350-room hotel in the UAE capital in 2013. Located on the waterfront of Al Bateen Wharf, W Abu Dhabi will be part of a multi-component development, including high-end retail stores, restaurants and residences. Starwood currently operates close to 50 hotels throughout the Middle East under seven of its nine brands, including more than 20 hotels

  • Starwood looks to expand regional pipeline

    Starwood Hotels & Resorts Worldwide, which has 20 hotels in the pipeline for the Middle East region, is looking to add a similar pipeline in two to three years, Reuters has reported. "After two to three years we would add another 20 hotels to the pipeline... Countries like Lebanon, Syria, Saudi, and Oman could do with a lot more hotels," Roeland Vos, president for Europe, Africa and Middle East told the news service.

  • Stuttering start for Qatar petrochemicals projects

    One scheme is moving ahead, others are on hold

  • Sudan: Ferry boat

    Supply of a ferry boat and two years’ spare parts

  • Sudan: Four-wheel-drive vehicles

    Supply of four-wheel-drive vehicles

  • Sudan: Prison and police facility furniture

    Supply of furniture for police and prison facilities

  • Suez Canal revenues rise in April

    The Egyptian waterway recorded total revenues of $1.1bn in the first quarter of the year

  • Sulb awards steel structure contract

    Mabani Steel to construct building frame for Saudi Arabian steel plant

  • Syria in talks with Saipem for Iraq-Syria pipelines

    Damascus plans to import oil and gas from Iraq

  • Syria launches investment initiative

    The Syrian Investment Agency, in cooperation with the Central Bureau of Statistics and the United Nations Development Program (UNDP), has launched the Direct Foreign Investment in Syria-Survey Programme for 2010, Sana has reported. The survey aims to bolster the investment environment to attract national and foreign investments.

  • Syria refining plans in doubt

    Downstream overhaul is needed but investors are wary

  • Syria sees tourism, finance to boost 5% growth

    Syrian central bank governor, Adib Mayaleh has said that finance, services and tourism industries will help the country's economy grow 5% this year, Bloomberg has reported. Inflation probably will fall to 3% this year from 4% in 2009 and more than 15% in 2008, Mayaleh noted. Previous reports cite Syria's tourism earning, reaching about $5.2bn in revenue from 6.1 million tourists in 2009, posting 12% more visitors than in 2008.

  • Syria: Cementing equipment

    Supply of cementing equipment

  • Syria: Land seismic data

    Provision of land seismic data

  • Syria: Polished rods

    Supply of polished rods

  • Syria: Triplex mud pumps

    Supply of triplex mud pump units

  • Syria: Wireline equipment

    Supply of wireline equipment

  • Syrian-Qatari Holding Signs Damascus medical centre agreement

    Syrian-Qatari Holding (SQH) has signed an agreement for the development of Syria's first Medical City. The project will be co-developed with a group of US-based Syrian physicians acting within the framework of the Syrian-American Medical Centre (SAMC). Located in Damascus, the medical complex is planned to have a total built-up area of 64,000 sq m.

  • Syria's Cham Bank to offer new services

    The chairman of Syria's first Islamic bank, Jamal Al-Mutaw'a, has announced the lender will soon offer innovative financial products and services to meet the needs of its clients, Kuna has reported. The new services will include Murabaha, Istisnaa, Ijara, Musharaka and speculation, he said. Cham Bank was established in September 2006, with a capital of $100m.

  • Tabreed to restructure $1bn bank loans

    Stephen Ridlington, chief financial officer of Abu Dhabi-based National Central Cooling Co (Tabreed) has said the company is in talks with banks to restructure about Dhs3.7bn ($1bn) in loans, Bloomberg has reported. "We don't have a proposal on the table yet. Banks need to see the business plan we are developing," he said. Tabreed hasn't made coupon payments due last week on its Dhs1.7bn Islamic bonds after its board on April 26 approved deferring annual payments as part of its recapitalizati

  • Tabreed wins Saudi Aramco contract

    Saudi-based National Cooling Co (Tabreed) has signed a $480m contract to build a central cooling station for Saudi Aramco, Asharq al-Awsat has reported. The project at Aramco's headquarters in Dhahran is expected to be completed in the first quarter of 2012, the newspaper said.

  • Tammeer completes Imperial Residence superstructure

    Tameer Holding has said the topping out of the superstructure on the Imperial Residence development, a two-tower project rising from a podium in Jumeirah Village South, has been completed. Imperial Residence will house 510 apartments.

  • Taqa Arabia invests in $140m Yemen power project

    The energy distribution subsidiary of Citadel Capital, Taqa Arabia has said it will set up a $140m 70-megawatt project with international partners in Yemen, as part of an expansion strategy in the Middle East and Africa, Reuters has reported. The Cairo-based energy firm said it is also looking into investing in three power generating projects in Kenya, Uganda and Ethiopia to be financed by the World Bank and the African Development Bank.

  • Taqa renews Canada revolving facility

    Abu Dhabi National Energy (Taqa) has said its Canadian unit has renewed a three-year revolving facility, Bloomberg has reported. The government-controlled utility said the facility for Taqa North will allow it to borrow as much as C$1bn ($945m) from eight lenders in Canada to help increase drilling at oil and natural gas deposits in North America.

  • Taqa reports Q1 profit increase

    Abu Dhabi National Energy (Taqa) has reported an increase in Q1 profit to Dhs287m ($78m) from Dhs40m a year earlier, Bloomberg has reported. Taqa also said sales rose 14% to Dhs4.78bn. The company had its first quarterly loss in the last three months of 2009.

  • Taqa to take majority stake in Shuweihat 2 power project

    Abu Dhabi utility passes on 54 per cent stake to Taqa

  • Targeted IT threats on enterprises increasing

    Symantec has released its 2009 security report, revealing an increase in the number of targeted threats focused on enterprises. The report also showed Saudi Arabia and Egypt in the top three ranked countries for potential virus infections during 2009. In the EMEA region, 49% of the top 50 potential infections were classified as worms.

  • Tasi climbs 0.03%

    Saudi Arabia's Tadawul all Share Index (Tasi) edged up 0.03% today to 6,691. Gulf General enjoyed the biggest gains, rising by 9.54%, while Al-Ahlia dropped the most, by 9.93%. Saudi Kayan was the stock most active by value and rose 0.72%.

  • Tasi climbs 2.41%

    Saudi Arabia's Tadawul All Share Index (Tasi) moved up 2.41% to 6,674, led by the Media & Publishing sector, which rose 3.52%. Of 138 stocks traded, just one ended lower, while 134 closed higher. Saudi Kayyan Petrochemical Company, the day's most actively traded stock by value and by volume, gained 3.48% to SR20.80. Fellow market heavyweight Saudi Basic Industries Corporation (Sabic) gained 2.00% to SR102.00.

  • Tasi falls 0.50%

    Saudi Arabia's Tadawul all Share Index (Tasi) edged down 0.50% today to 6,494, as all sectors ended lower save Energy & Utilities. Gulf General Cooperative Insurance Company had the biggest loss, falling by 8.64%, while Sagr Insurance enjoyed the biggest gain, rising by 3.56%. Overall, 93 stocks ended lower while 34 closed higher.

  • Tasi moves down 1.05%

    Saudi Arabia's Tadawul All Share Index (Tasi) has fallen 1.05% to 6,689 today. Sagr Insurance made the biggest gains, up 9.72% at the market's close. Astra Industries made the biggest loss, falling 4.29%. Saudi Kayan, which was the day's most traded stock by volume, dropped 2.79%.

  • Tasi posts slight gain

    Saudi Arabia's Tadawul All Share Index (Tasi) inched up 0.03% today. Al Ahlia Insurance had the day's biggest loss, falling 9.93% to SR68. Gulf General Cooperative Insurance Agency had the bigges rise, gaining 9.54% to SR31. Overall, 52 stocks ended higher, while 62 closed lower.

  • TDIC plans bond sale to fund projects

    Abu Dhabi's Tourism Development and Investment Co has hired banks to sell bonds as it seeks long-term financing for projects, Bloomberg has reported, citing two people familiar with the transaction. TDIC may seek 10-year funding, one of the people said. Last week, Standard & Poor's removed the state-owned developer and two other Abu Dhabi government-controlled companies from creditwatch, citing their 'almost certain' government support.

  • Techserve authorised as Nokia Care Centre partner

    UAE-based electronics service provider and systems integrator, Techserve has announced it has been authorised by Nokia to act as its Care Centre partner in the UAE. In addition to repair assistance, the centre will provide support for Nokia services including the Nokia Ovi Store, Nokia Music Store, Nokia Mail for Exchange, and Nokia Messaging.

  • Telecom Egypt to expand Jordan services

    Telecom Egypt has announced plans to expand its Jordan services and connect the country to its TE North undersea cable, which runs from Egypt to France, Reuters has reported. The has upgraded its limited internet service provider licence for its TE Data unit in Jordan to one which will allow it to extend the cable into Jordan. The TE North cable is expected to become operational by mid-year.

  • Thales to supply in flight entertainment to Qatar Airways

    Thales is to provide in-flight entertainment and communication systems for Qatar Airways' Boeing 787 aircraft. Thales will supply the airline with its TopSeries system, which has a range of onboard features, including passenger touch screen displays, interface options for personal electronic devices and 3D audio technology.

  • The Address chain plans hotel in Qatar

    Dubai-based Emaar Hospitality group is in talks with Qatari partners to open a new The Address hotel in Doha, as part of its global expansion plans, the Peninsula has reported. Marc Dardene, CEO of the hospitality group said the firm is also looking at Kuwait and Saudi Arabia. "Qatar is an interesting place and we are considering it because we're looking at our neighbours first. Our goal is to come up with a global company," Dardene said.

  • Total inaugurates olefin cracker

    French oil major, Total has announced the inauguration of its olefin cracker based on ethane in Ras Laffan, Qatar. With a production capacity of 1.3 million tonnes of ethylene per year, the Ras Laffan Olefin Cracker (RLOC) will feed the new Qatofin polyethylene plant inaugurated in Mesaieed last November.

  • TRA introduces Arabic domain name

    The UAE Telecommunications Regulatory Authority (TRA) has officially launched the non-English top-level domain name .emarat in Abu Dhabi, Gulf News has reported. The name will allow people whose primary language script is Arabic, to access websites entirely with Arabic characters.

  • Transport Ministry awards Oman road contracts

    Ministry also receives bids for road project in Al-Dhahirah region

  • Transport Ministry receives bids for Oman road contract

    Road between Teetam and Qafout recieves 15 bids

  • Tunis postpones Bizerte power project bid deadline

    Developers will submit tenders on 31 May

  • Turkcell considers Zain stake

    Süreyya Ciliv, CEO of Turkcell has said the company is considering buying a stake in Kuwait's Zain, Bloomberg has reported. "We're looking at the numbers and doing preliminary work on whether it's suitable for Turkcell," Ciliv said.

  • Two cell therapy centres to be set up in region

    US-based Bioheart has unveiled plans to set up two centres of excellence in the region to provide its cell therapy procedures to patients of congestive heart failure and peripheral arterial disease. The company has commenced work in Jordan on its Regen trial, a phase I clinical trial to test genetically modified MyoCell in patients suffering from congestive heart failure. The first patient is expected to receive treatment in July. The firm also has plans for establishing a cell manufacturing

  • Two Dubai schools to raise fees

    The American Academy for Girls in Al Mizhar and the Uptown school in Mirdif have received the approval by Dubai's Knowledge and Human Development Authority to raise their fees by around 20%, Gulf News has reported. The two schools are part of Taaleem, the second largest private education provider in Dubai. The restructuring of fee is granted only for the academic year 2010-2011, KHDA said.

  • UAE amends food guidelines

    Dubai will implement new standards governing the quality of 29 staple food items from October 29, the National has reported. The new guidelines, which have been approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, cover products including bread, energy drinks, mineral water and halal food. All mass-produced bread will be required to have clear labels listing the full ingredients, weight and moisture levels under the new rules.

  • UAE approves bylaws on organ transplantation

    The UAE Health Council has approved the bylaws governing the Federal Law on organ transplantation. The move enables multi-organ donation after death which includes kidney, liver, lung, pancreas and heart transplantation due to the international lack of donated organs.

  • UAE banking sector outlook positive, says CB governor

    UAE central bank governor Sultan bin Nasser al-Suweidi has said that local banks in the UAE will return to making good profits despite uncertain economic conditions, Reuters has reported. Al-Suweidi told Arabic daily Al Ittihad that local banks' positive reception of the Dubai World debt proposal, as well as strong cash reserves and capital would help the banking sector meet any necessary levels of provisioning.

  • UAE banks invest Dhs12bn in foreign loans

    UAE banks have used more than Dhs12bn ($3.26bn) in surplus liquidity to invest in short-term loans to foreign financial units, Emirates Business has reported. The investments followed a surge in government deposits with the country's 24 national banks and 28 foreign units to almost Dhs172.2bn at the end of March.

  • UAE Central Bank governor calls for regulatory partnership

    Cooperation among banks will ensure sustained growth

  • UAE central bank wants common banking regulations

    Sultan bin Naser al-Suwaidi, governor of the UAE central bank has called on countries in the Middle East, North Africa and South Asia (MENASA) to establish common banking laws and regulations, AFP has reported.

  • UAE confiscates 29,000 pirated Xbox games

    Microsoft Gulf has said that the UAE economy ministry and law enforcement authorities have raided 21 stores in Abu Dhabi, Sharjah and Dubai and confiscated 29,000 pirated Microsoft Xbox 360 games. The software giant has warned that pirated games require modifying the game console. "This then results in the loss of the warranty for the gaming console," Jawad Al Redha, anti-piracy manager at Microsoft Gulf said.

  • UAE economy to grow 2.5 per in 2010

    Economy ministry says 2009 growth was 1.3 per cent

  • UAE economy to rise 3.2% in 2010, says Al Mansouri

    The UAE economy is expected to more than double in 2010, compared to last year, while inflation will fall to 1.1 per cent, UAE Minister of Economy Sultan bin Saeed Al Mansouri said. The country's economy is expected to accelerate to 3.2%, compared to 1.3% it achieved in a difficult 2009, the minister told reporters while unveiling the UAE economic report of 2009 on Saturday. "We have heard different numbers (2009 GDP growth)," Mansouri said. "The good news is that it was a positive 1.3% and w

  • UAE energy drink grace period to end in October

    Emirates Authority for Standardization and Metrology has said that the six-month grace period given to the producers and sellers of energy drinks in the UAE to standardise their products in line with the specifications set by the country will expire on October 28 this year, Wam has reported. The new standard set for energy drinks will become mandatory as of October, 29, acting director general, Mohammed Saleh Badri said.

  • UAE has most internet-enabled computers in Mideast

    A report by global market research and business intelligence firm, Euromonitor International has said the UAE has recorded the highest number of internet-enabled computers in the Middle East region, Reuters has reported. With 59% in penetration of computers having access to the internet, the UAE ranks the highest, followed by Qatar at 47%, and Saudi Arabia at 45%. According to the report, Egypt scored the lowest at 20% penetration.

  • UAE health ministry urges Emiratis to join nursing

    The UAE minister of health, Dr Hanif Hassan has said that Emiratis need to be encouraged to join the nursing profession, Gulf News has reported. The minister was speaking during the inauguration of a nursing and midwifery conference, which saw the signing of a partnership agreement with the Higher Colleges of Technology to expand nursing education in the three federal institutes of nursing of the Northern Emirates, Sharjah, Ras Al Khaimah.

  • UAE interbank offered rate to drop

    Dr Mohammad Bechri, the principal economist at the UAE central bank, has said the Emirates Interbank Offered Rate (Eibor) is expected to drop to at least 1.9% once the deal for Dubai World's debt restructuring is done, Gulf News has reported. Eibor rose to 2.6% in March, from 1.9% last year due to several factors, but it was most likely due to Dubai World's standstill announcement in November on its debt, he said.

  • UAE launches thalassaemia drive

    The UAE Genetic Diseases Association (GDA) and the Marriage Fund (MF) have launched a campaign for the early detection of thalassaemia targeting youth aged 14 to 16, Gulf News has reported. The cost of treating thalassaemia exceeds Dhs1.2m if the genetic blood disorder is not detected early. More than 1,150 UAE citizens suffer from the disease which manifests itself in the form of anaemia due to low levels of red blood cells and haemoglobin. The organizations are encouraging prevention by cam

  • UAE may see total smoking ban

    UAE health officials are urging a total ban on smoking in all public places, the National has reported. Dr Salim Adib, the head of public health and safety at the Health Authority-Abu Dhabi, said he believes the new anti-smoking law, which will go into effect by the end of the year, will not go far enough. "We want to prevent the use of tobacco products in all public venues in the country. We want to fight this," he told the daily. "I don't think we should accept anything less than what is ha

  • UAE ministry grants fee hike to four Dubai schools

    The UAE education ministry has granted permission to four schools in Dubai to raise its fees, The National has reported. The four schools are run by Gems Education. Gems has sent out a letter to parents that fees at Our Own English High School Dubai would hike by 15%. Fees will also increase at The Kindergarten Starters, The Millennium School and Our Own High School Al Warqa'a. "They have the right to increase their fees according to the ministry bylaws," Ali al Suwaidi, the director general

  • UAE Ministry of Health recalls Tylenol

    The UAE health ministry has issued a recall for Tylenol Drops and Suspensions medicines upon request from the manufacturer, Wam has reported. The ministry has also confirmed that Zyrtec Allergy Liquid meets the medication product standards.

  • UAE non-oil foreign trade at $17bn

    According to preliminary figures by the UAE Federal Customs Authority, total value of the country's non-oil foreign trade stood at around Dhs63bn ($17bn) by the end of March 2010, Kuna has reported. The total comprises Dhs40.8bn of imports, Dhs6.8bn of exports and Dhs15.4bn as value of re-exports.

  • UAE not planning to sell federal bonds

    Younis al Khoori, director general of the UAE's finance ministry has said the country has no plans to sell federal bonds soon and will only consider an offering after it implements a public debt law, Bloomberg has reported. "Preliminary predictions show the government does not need to borrow," he said.

  • UAE operators to help block spam messages

    The UAE Telecommunications Regulatory Authority (TRA) has said it has agreed with telecoms operators Du and Etisalat to provide subscribers with information on how to block incoming text messages starting next June, Gulf News has reported. The move will enable mobile phone subscribers in the country have the choice of blocking unwanted commercial and promotional text messages.

  • UAE ports to see growth in 2010, says report

    A study by market research firm Business Monitor International has said that ports in Dubai will return to growth this year, with throughput jumping more than 7% to 149.18 million tonnes in 2010, after an estimated drop of 3% in throughput to 139.25 million tonnes in the previous year. "In terms of total tonnage, we expect volumes handled by the Port of Jebel Ali and Port Rashid to return to growth after contracting as a result of the recession in 2009. The Mina Zayad Port in Abu Dhabi is set

  • UAE school year now divided into three terms

    The UAE education minister has announced that starting from the coming academic year of 2010-2011 the school year will be divided into three terms instead of two, Gulf News has reported. The minister also said that the beginning of the school year across the UAE will be postponed. School faculties will start working on September 12 and students will start school on September 15, the minister said.

  • UAE signs South Korean nuclear training agreement

    UAE-based Institute of Applied Technology (IAT), Emirates Nuclear Energy Corp (Enec) and Korea Electric Power Corp (Kepco), have signed an agreement for a four-week summer training programme at the Higher Technology College of Electrical Sciences, Wam has reported. Under the agreement, Enec and Kepco will coordinate a trip of the first batch of IAT students to get on-job training next summer in the South Korean nuclear plants.

  • UAE telecoms could benefit from easing regulations

    Mohamed Al Ghanim, director general of the UAE's Telecoms Regulatory Authority (TRA) has said the authority will waive price approvals for specific products and allow competitors to introduce packages into the market without needing regulatory approval, Reuters has reported. The UAE will also see a shift towards specific consumer protection policies to ensure that marketing campaigns of operators are not misleading and are more transparent, he added.

  • UAE to decide on recalled medicines

    The UAE health ministry is expected to decide today whether to withdraw some children's medicines from pharmacies after they were recalled in the US, The National has reported. More than 40 drugs, including varieties of Tylenol for children, have been recalled by McNeill Consumer Healthcare and the US Food and Drug Administration for not meeting quality standards. Only three of the products were available in the UAE, the ministry said.

  • UAE to intensify campaign against fake commodities

    An inspection campaign on shops and outlets has been launched by the UAE ministry of economy aimed at cracking down on fake commodities, controlling prices and protecting customers, Gulf News has reported. 'The inspections are being carried out in accordance with the trade control rules and regulations. It aims to suppress commercial fraud in transactions, protect intellectual property and consumers and commercial agencies,' Abdullah Al Hussaini, director of the trade control department at th

  • UAE to keep interest rates low, says Suwaidi

    Governor of the UAE Central Bank, Sultan bin Nasser Al Suwaidi, has said the bank will keep interest rates low as part of its ongoing expansionary monetary policy on the grounds that global economic recovery is still fragile. 'We believe that the economic situation globally will continue to be under pressure, and, therefore, our monetary policy will continue to be expansionary and interest rates will be kept low,' Suwaidi was quoted as saying in an interview to be published by the Oxford Busi

  • UAE: Airport district cooling systems

    Provision of design, build, operation and maintenance services for district cooling systems at an international airport

  • UAE: Civil engineering consultancy services

    Provision of civil engineering consultancy services

  • UAE: Electricity and water bills

    Supply of electricity and water bills

  • UAE: Generator transformer

    Supply, installation, testing and commissioning of a generator transformer

  • UAE: Pipelines and fibre optic cables

    Supply and laying of DI pipelines and laying of fibre optic cables

  • UAE: Power cables

    Supply of power cables

  • UAE: Primary distribution feeder pillars

    Supply of primary distribution feeder pillars and service pillars

  • UAE: Reservoirs

    Construction of reservoirs

  • UAE: Telecommunications feeder cables and connectors

    Supply of feeder cables and connectors

  • UAE: Telephone duct laying

    Carrying out telephone duct laying and road reinstatement works

  • UAE's Crescent, Russia's Rosneft ink deals

    UAE-based Crescent Petroleum has announced the signing of a strategic cooperation agreement with Russia's Rosneft to seek joint deals in the Middle East and North Africa, Reuters has reported. 'We have already identified a number of robust opportunities, and we expect to be able to announce our first joint project in the GCC region within the coming weeks,' Crescent Petroleum executive director, Badr Jafar told the news service.

  • UGB posts $7.5m profit in Q1

    Bahrain-based United Gulf Bank has announced a net profit of $7.5m for the first quarter, compared to the net profit of $9.2m for the same period in 2009. Results in Q1 2009 included a $26.2m gain realized from the Bank's exit from its investments in Algeria and Iraq, the bank said. Income before interest and other expenses for Q1 2010 was $27.5m compared to $30m in March 2009.

  • UK firm opens hotel in Dubai

    Chelsea Group, a member of UK-based Crimson Hotels, has announced the opening of a new four-star hotel in Al Barsha behind Mall of the Emirates in Dubai, Gulf News has reported. The group also plans to build a 750-room hotel near Al Maktoum Airport in Jebel Ali, Shiraz Kassam, managing director and CEO of the Chelsea Group told the newspaper. 'We have already acquired the land and will invest Dhs500m in the new property," he told the daily. Construction is set to begin as soon as the new airp

  • University of Wollongong in Dubai introduces sports scholarships

    The University of Wollongong in Dubai (UOWD) has announced it will award students with proven sporting achievements full scholarships. The University offers six full scholarships annually to students who have represented the state or country in sports such as football, volleyball, basketball, cricket, table tennis and badminton.

  • UP stakeholders okay loan extension terms

    UAE-based developer, Union Properties (UP) has said that its shareholders approved extending the term of a Dhs405m bridge loan provided by Emirates NBD on December 28, 2009 to March 31, 2014. Shareholders also approved the extending the maturity of a Dhs2.1bn and a $188.4m syndicated loan facility signed June 19, 2007 to December 31, 2013 at an extraordinary general meeting held April 29, the lender said.

  • Vale denies Oman plant offer

    Mining giant says it has no concerns over a gas allocation

  • Vigilance team required in UAE pharma companies

    The UAE health ministry has decided that all pharmaceuticals and medicine firm registered at the Registration and Pharmaceutical Drugs Department will be required to appoint a pharmaceutical vigilance officer in their organisations, Emirates Business has reported. The officer must have a practical experience in monitoring and following up the reports of drugs side effects, clinical studies and clinical pharmacology, Dr Amin Al Amiri, Executive Director for Medical Practices and Licences at th

  • VIVA signs $270m Huwaei agreement

    The Kuwait-based affiliate of Saudi Telecom (STC), VIVA has announced the signing of a $270m financing deal with China's Huawei Technologies, Reuters has reported. The deal will see the upgrading of the company's network and provide a variety of funding sources for its activities.

  • Vodafone Qatar reports $185m loss

    Loss driven by licence fee amortisation

  • Vodafone Qatar reports net loss for year

    Vodafone Qatar has reported a net loss of QR673.4m ($184.9m) for the full year to March 31, which it said was in-line with the IPO original plan. The company's customers' base rose 121% ahead of plan to 464,962, while revenue stood at QR361.5m for the full year.

  • Vodafone Qatar set to sue regulator over Virgin

    Vodafone Qatar has said it is taking legal action against ictQatar, after it allowed Virgin Mobile's entry, which Vodafone says represents a third service provider. The company said it considers Virgin Mobile's entry as a violation of the conditions to its licence, which cost shareholders QR7.7bn, and the telecoms law in Qatar.

  • Wartsila wins contracts for Iraqi floating power stations

    Floating power plants will be moored near Basra

  • Wataniya Airways drops plans to fly to Iran

    The airline is scheduled to start three more routes in 2010

  • Watershed moment for Gulf construction as hope and experience collide

    Optimists were in the majority at MEED’s Arabian World Construction Summit (AWCS). But experience suggests that things can still go badly wrong

  • Weatherford wins Gharraf oil field Feed

    Petronas awards first contract for field

  • Weekly FX roundup: EU, IMF ups Greek package as Portugal and Spain see downgrades

    With an absence of any notable data releases until the latter part of the week, the markets were once again driven by developments tied to the Greek crisis. Markets were generally in a bearish mood on fears of contagion risk spreading through the European Union, keeping risk appetite capped. EURUSD hit a yearly low of 1.3115 before closing its third consecutive week lower at 1.3292.

  • Weekly FX roundup: Dollar, Gold soar as investors seek safe haven assets

    The currency markets were under pressure last week and the US Dollar soared as investors fled to safe haven assets like the Greenback and Gold on the continued erosion of risk sentiment. With no news of the EU extending the historic bailout package to the Hellenic Republic and risk contagion threatening to affect other susceptible European nations like Spain and Portugal, the EURUSD was severely weighed down last week, hitting a 14 month low at 1.2521 before closing the week at 1.2768, lower

  • Weekly FX roundup: USD climbs on EU risk contagion fears

    It was another week in the red for the currency markets as concerns of risk contagion spreading through Europe and spiralling budget deficits from the so-called PIGS kept risk sentiment largely in check. The majors traded lower against the US Dollar, with the EURUSD and GBPUSD bearing the brunt of the selloff, closing the week 4.03% lower at 1.2358 and 1.4536 (lower by 2.25%) respectively. It was the second consecutive weekly drop of more than 500 points for the EURUSD, which has now touched

  • Weekly FX update: Dollar up on continued search for safe haven assets

    Price activity in the FX markets was driven by a heightened state of risk aversion last week. Higher yielding currencies and commodity currencies in particular bore the brunt of the selloff as large outflows resulted from investors fleeing to safe haven assets. AUDUSD gave up 6.14% to close the week more than 500 points lower at 0.8318 while the CAD depreciated close to 2.5% against the US Dollar, ending the week at 1.0595. Gold snapped its run to record its first week lower, closing at 1177

  • Weekly WTI oil price update: Crude prices plunge alongside Euro

    Crude oil prices plunged nearly 4% on Friday and were off almost 20% from their 18-month high less than two weeks ago, as the euro continued to lose ground against the dollar and US oil inventories continued to build.

  • Weekly WTI oil price update: Crude remains under pressure

    Crude oil prices ended just above $70 a barrel on Friday after dipping below that threshold earlier in the week. The benchmark June contract for West Texas Intermediate settled at $68.01 before it expired on Thursday, after falling below $65 a barrel in intraday trading.

  • Weekly WTI oil price update: Economic turmoil pushes price to $75

    In a week of market turmoil resulting from Greece's fiscal crisis, oil went from an intraday high above $87 on Monday - its highest point in more than a year and a half - to plunge briefly below $75 on Friday.

  • Weekly WTI oil price update: Gulf of Mexico spill drives prices up

    Stubbornly high crude oil inventories continued to stymie bulls through the middle of the week, but the market seized on positive economic data to push prices higher toward the end of the week. The oil spill from a collapsed rig off the US Gulf coast may also have played a role in firming prices. Analysts said that the spill could have a short-term impact on supply if it interfered with oil deliveries to US Gulf coast refineries, and a longer-term impact if it led to new restrictions on offsh

  • Western Digital introduces new hard drives

    Western Digital has expanded its line of hard drives for AV/DVR and surveillance applications to include small form factor, 2.5-inch SATA hard drives.

  • Wi-Fi connectivity to be provided in Dubai park

    Dubai Municipality and Etisalat have signed an agreement to provide Wi-Fi connectivity at Zabeel Park inDubai through dedicated hotspots.

  • Winners and losers emerge from UAE property market

    Emaar strongest performer with $207m profit

  • Wintershall opens Abu Dhabi office

    Wintershall, part of the BASF Group, has announced the opening of its new office in Abu Dhabi. The BASF subsidiary is already the operator in three exploration blocks in the Gulf region off the coast of Qatar.

  • WorleyParsons wins Habshan gas flare design deal

    Engineering firm’s bid was for 10,000 man hours of engineering design work

  • Yemen expecting revenue drop due to late LNG plant start-up

    Yemen has said that the delay in the production start-up of its multi-billion dollar liquefied natural gas plant will lower revenues to less than anticipated in 2010, Reuters has reported. The plant is owned by French oil and gas company Total with a 39.6% stake, US-based Hunt Oil with a 17.2% share and Yemen Gas Co with 16.7%.

  • Yemen: Accountancy consultancy services

    Provision of individual consultancy services comprising an accounting manual review

  • Yemen: Conveyance pipes

    Supply of conveyance pipes for an irrigation programme

  • Yemen: Fishing port consultancy (Nishtoun)

    Provision of consultancy services comprising the supervision of the rehabilitation and improvement of a fishing port in Nishtoun

  • Yemen: Road construction

    Construction of rural roads

  • Yemen: School furniture

    Supply and installation of school furniture

  • Yemen: Strategy development consultancy

    Provision of individual consultancy services comprising strategy development for an tender and auction authority

  • Yemeni foreign currency reserves at five-year low

    Central Bank’s ability to cover imports hits record low

  • Yemenia to start Guangzhou and Lagos flights

    The airline will also take delivery of 20 Airbus aircraft by 2017

  • Zain announces revenue increase

    Kuwait's Zain has recorded consolidated revenues of KD329.7m ($1.146bn), an increase of 11% compared to same period in Q1 2009. Net profit for the period stood at KD51.55m ($179.1m), while total shareholders' equity rose around 10% to $8.72bn.

  • Zain gets approval on $1.5bn bond sale plan

    Chairman of Kuwaiti mobile operator, Zain has said that the company's shareholders have authorized the board to sell bonds to raise KD431.5m ($1.5bn), Bloomberg has reported. "This does not mean we will issue the bonds after this approval, only in case we need it," chairman Asaad al-Banwan told shareholders. "We have enough liquidity to distribute this dividend and repay debt," he said. Shareholders have also approved to pay dividend of 170 fils a share for 2009.

  • Zain Saudi contemplates capital increase

    Saad al-Barrak, CEO of Zain Saudi has said the company is considering a capital increase that it aims to complete in June, Bloomberg has reported. Zain Saudi Arabia obtained a waiver from banks in January after it failed to meet commitments on an Islamic loan facility, or Murabahah, and was in talks with lenders to restructure payments.

  • Zain shares trading halted until dividend paid out

    The Kuwaiti bourse has said that trading in the shares of Zain will be halted until the telecommunications firm completes the distribution of its 2009 cash dividend, Reuters has reported. On Thursday, Zain's shareholders approved a cash dividend of 170 fils per share, which excludes distribution from the sale of some of Zain's African units to Bharti.

  • Zueblin wins Ruwais refinery non-process buildings deal

    Contractor was awarded $100m-plus deal in early May

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