MEED
Paul Melly

Aluminium du Maroc

Issue 10 9-15 March 2012
The Moroccan firm’s profit recovery in 2011 will be tested by the ongoing debt crisis in Europe
Aluminium du Maroc: MEED Assessment

Issue 10 9-15 March 2012
Political reforms will bolster investor confidence in Morocco
Riyadh can afford slow reform

Issue 6 10-16 February 2012
Although the Capital Market Authority is considering allowing direct foreign ownership of Saudi shares, it will be in no hurry after the solid performance of the stock market in 2011
Holcim Liban

Issue 5 3-9 February 2012
The firm’s strong performance will be tested by falling exports, particularly to crisis-hit Syria
Holcim Liban: MEED Assessment

Issue 5 3-9 February 2012
It benefits from being owned by a leading multinational
Tunisair

Issue 3 20-26 January 2012
Despite its long-haul ambitions, the airline’s focus will remain on its shorter routes to Europe
Tunisair: MEED Assessment

Issue 3 20-26 January 2012
Despite its long-haul ambitions, the focus of the airline will remain on its shorter routes to Europe
Lure to the Emirati workforce

Issue 44 4-10 November 2011
Past Emiratisation drives have had mixed success, but a fresh strategy steering away from the old quota system looks to entice UAE nationals into private-sector employment
Sharia debate fuelled by Qatar closures

Issue 37 16-22 September 2011
Qatar Central Bank’s announcement that conventional banks can no longer provide Islamic banking services has sent a shockwave across the sector and brought sharia principles back under scrutiny
A political landscape reshaped in North Africa

Issue 31 5-11 August 2011
The events of the past eight months have transformed political systems in North Africa. But the process of reform is just beginning and full democracy is still a long way off
Maghreb struggles with job creation

Issue 31 5-11 August 2011
Overall jobless figures across North Africa have been in decline, yet unemployment is still widespread and has triggered civil unrest. Governments need to make job creation a top priority
Consumer price index remains flat

Issue 21 20-26 May 2011
Runaway inflation in the UAE has been brought to an end by the slump in the real-estate sector and the government is keen to prevent a rebound
Qatari state support stabilises lenders

Issue 14 8-14 April 2011
Qatari banks are witnessing the benefits of the strong state intervention in response to the global economic crisis, with most lenders reporting positive results for 2010
Kuwait budgeting for growth

Issue 11 18-24 March 2011
Kuwait is forecasting a deficit in its latest budget, but the country is on course for a healthy surplus as oil prices rise due to political unrest in the region
Cautious optimism for lenders in the UAE

Issue 5 4-10 February 2011
After being hit by a wave of non-performing loans and provisions in the past two years, UAE banks are reporting profits and healthy deposits
Delivering future energy needs to the UAE

United for Growth
Driven by megaprojects such as the low-carbon urban Masdar development and the new bunkering port in Fujairah, demand for power in the Emirates is soaring, and British firms are well placed to benefit
Kuwait banks restore capital strength

Issue 48 26 November - 2 December 2010
After the setbacks of the global economic crisis, Kuwait’s lenders and investment houses are laying the foundation for a sustained recovery by slowly rebuilding their balance sheets
Security expertise is in demand in the UAE

United for Growth
Experience in using integrated, hi-tech security systems to protect large-scale installations against terrorist attack means that UK security companies are well placed to win business in the UAE
Arabic language dilemma mounts in the UAE education sector

Issue 45 5-11 November 2010
As the education system in the region adapts to the demands of the modern economy, the debate over the use of Arabic as the main teaching language in the UAE is heating up
Merger talk lifts mood for UAE stock exchanges

Issue 45 5-11 November 2010
With a merger of the Abu Dhabi and Dubai stock exchanges looking increasingly likely, investor sentiment in the UAE is improving
North Africa revives rail links

Supplement: Rail Projects
Governments in the region are strengthening transport infrastructure by modernising existing lines, building new routes and investing in high-speed trains and tram networks
Algiers steps up rail investment

Issue 32 6-12 August 2010
By modernising existing lines and building new routes, Algeria is strengthening its transport infrastructure, but concerns remain about a lack of efficiency on major projects
Clearing the way for investors in Maghreb

Issue 32 6-12 August 2010
Corruption and bureaucratic hurdles continue to hinder inflows of foreign investment needed to stimulate further economic diversification in the countries of the Maghreb
Construction sector drives job creation in Morocco

Issue 32 6-12 August 2010
With the construction industry driving the country’s economy forward, Rabat has invested heavily in tourism and public infrastructure projects for long-term growth
The challenges of reform for North African banks

Issue 32 6-12 August 2010
Although the North African banking sector emerged relatively unscathed from the global economic crisis, reform remains a major priority for lenders in the region
Maghreb weathers the economic downturn

Supplement: Middle East Economic Review 2010
Strong hydrocarbon revenues in Algeria and Libya and more resilient production sectors in Morocco and Tunisia helped bring the diverse Maghreb economies through the credit crisis relatively unscathed
Maghreb weathers the economic downturn

Supplement: Middle East Economic Review 2010
Strong hydrocarbon revenues in Algeria and Libya and more resilient production sectors in Morocco and Tunisia helped bring the diverse Maghreb economies through the credit crisis relatively unscathed
Egypt's banks driven by borrowing from the urban middle-class

Issue No 26 25-1 July 2010
Egypt’s banking system is benefiting from the increased appetite for borrowing among the urban middle-class elite
Tunisair taking on the competition

Issue No 24 11-17 June 2010
With an open skies agreement with the European Union due to come into force in 2011, Tunisair is upgrading its fleet and adding new routes
Iraq demand set to boost rig market

Issue No 20 14 - 20 May 2010
Baghdad’s plans to expand oil production will impact on the price and availability of rigs
Local demand for petrochemicals drives investment in Egypt

Issue No 19 7 - 13 May 2010
Egypt is well placed to meet its 2020 petrochemicals goal as schemes make good progress and local banks appear keen to offer finance
Algeria bringing in foreign expertise to develop the Tala Hamza mine

Issue No 12 19-25 March 2010
International firms are sparking a revival in the Algerian mining sector with their investment and new technologies
Algeria bringing in foreign expertise to develop the Tala Hamza mine

Issue No 12 19-25 March 2010
International firms are sparking a revival in the Algerian mining sector with their investment and new technologies
Kuwaiti investors await new lead for Capital Market Authority

Issue No 11 12-18 March 2010
Parliament has approved legislation to set up a new supervisory body to oversee the Kuwait Stock Exchange
Educating for employment in the Emirates

Issue No 8 19-25 February 2010
Teaching in the UAE is beginning to address the needs of the economy and the expectations of employers, but can students be persuaded to take up jobs in the less well-paid private sector?
No boom but no bust in Maghreb

Issue No 7 12-18 February 2010
There is still appetite among international finance houses to fund major projects in Morocco, Algeria and Tunisia, despite the risks
Kuwait Finance House: MEED Assessment

2 February 2010, 8:36 GMT
An established, flagship finance house in the Middle East, its real estate exposure will inevitably cause it some discomfort
Kuwait Finance House

2 February 2010, 7:27 GMT
Making a clear choice to maintain levels of liquidity, the sharia-compliant bank is well placed for growth.
Alba

2 February 2010, 7:16 GMT
As Aluminium Bahrain considers a sixth production train, its main challenge is securing gas feedstock.
MA Al-Kharafi & Sons

2 February 2010, 7:11 GMT
The Kuwaiti family firm is now seeking to balance its core business of construction with tourism.
Majid Al-Futtaim Group

Issue No 5 29 January - 4 February 2010
The growing Gulf lifestyle and entertainment markets have boosted the success of this retail developer
Majid Al-Futtaim Group: MEED Assessment

Issue No 5 29 January - 4 February 2010
The company has an underlying strategy of diversification
Majid Al-Futtaim Group: The Retail Development Agenda

Issue No 5 29 January - 4 February 2010
Malls and leisure complexes are a long-term game and provide MAF with lower exposure to the fluctuations in consumer spending
Kuwait exploring opportunities overseas

26 November 2009, 15:17 GMT
As growing domestic electricity demand puts pressure on Kuwait’s gas supplies and limits the amount that can be used for industry, Petrochemical Industries Company is looking to set up foreign joint ventures
Kuwaiti banks on the long road to recovery

18 November 2009, 16:52 GMT
Kuwait’s banking sector is expected to take more time to bounce back from the downturn than those of other countries in the region
Economic crisis makes case for reform in Kuwait

Issue No 46 13-19 November 2009
The effect of the credit crunch on some of Kuwait’s longest-standing financial institutions highlights the need for change in the country’s regulatory system
Kuwait in search of an economic strategy

Issue No 46 13-19 November 2009
The global downturn has given Kuwait reason to think carefully about its plans for economic development and create a long-term vision for the country
Airlines prepare for the upturn

7 August 2009, 12:56 GMT
Gulf airlines are continuing to expand their fleets, but many are adopting more prudent spending strategies while they wait for the sector to pick up.
Airlines prepare for the upturn

7 August 2009, 12:56 GMT
Gulf airlines are continuing to expand their fleets, but many are adopting more prudent spending strategies while they wait for the sector to pick up.
Opportunity knocks in North Africa

31 July 2009, 15:07 GMT
Unlike the Gulf, where many major real estate schemes have been put on hold since last year, a series of large-scale projects are under way in countries including Egypt, Libya, Algeria and Tunisia.
Opportunity knocks in North Africa

31 July 2009, 15:07 GMT
Unlike the Gulf, where many major real estate schemes have been put on hold since last year, a series of large-scale projects are under way in countries including Egypt, Libya, Algeria and Tunisia.
Cairo seeks strength through banking reform

2 July 2009, 17:21 GMT
Despite the ill-fated privatisation of Banque du Caire in June last year, the ongoing process to reform the sector has helped Egypt's banks survive the liquidity crisis and put them in a strong position for growth.
National Oil Company Survey: Sonatrach (Algeria)

19 June 2009, 21:51 GMT
Algeria's oil and gas sector is enjoying a sharp upsurge in development, with state energy company Sonatrach playing a central role as contracts are placed for a string of new projects. Energy & Mines Minister Chakib Khelil hopes to see $6bn in fresh investment by 2014.
National Oil Company Survey: National Oil Corporation (Libya)

19 June 2009, 21:30 GMT
Libya's National Oil Corporation (NOC) has received a mixed poll rating from respondents to MEED's survey. Concerns over the extent of bureaucratic interference are mitigated by improvements in transparency and a favourable view of its technical abilities.
National Oil Company Survey: National Iranian Oil Company

19 June 2009, 21:24 GMT
On paper, National Iranian Oil Company (NIOC) is an enormously powerful entity, as the holding vehicle for one of the largest oil and gas industries in the Middle East.
Alafco

4 June 2009, 16:36 GMT
Kuwait’s Aviation Lease & Finance Company has built up a customer base across the globe.
Alafco: MEED Assessment

4 June 2009, 6:57 GMT
The Kuwaiti company is capital-rich and has strong local connections to cultivate private and institutional investment
Emirates' carriers beat the global downturn

28 May 2009, 20:44 GMT
While the aviation industry copes with a steep decline in passenger numbers and revenues, Gulf airlines are expanding, with the region’s newest budget carrier, Flydubai, launching in June.
Chadormalu Mining

14 May 2009, 14:55 GMT
Tehran’s plan to sell more shares in the iron ore producer has been hit by the downturn.
Chadormalu Mining: MEED Assessment

14 May 2009, 10:41 GMT
The halving of the company’s share price in the past six months indicates the caution among Iranian investors
Kuwait struggles to secure feedstock

7 May 2009, 16:38 GMT
The development of Kuwait’s petrochemicals sector and the diversification of its economy are being hampered by a lack of gas despite a substantial discovery announced almost three years ago.
Kuwait struggles to secure feedstock

7 May 2009, 16:38 GMT
The development of Kuwait’s petrochemicals sector and the diversification of its economy are being hampered by a lack of gas despite a substantial discovery announced almost three years ago.
Saudi Arabia's Maaden expands its operations

23 April 2009, 18:00 GMT
With a solid track record in gold mining, the Saudi company is developing its bauxite and phosphate reserves as it seeks to become a global supplier of aluminium and fertilisers.
Trends: Gulf finance hubs gain ground

8 April 2009, 15:37 GMT
Regional financial centres have held up well amid economic uncertainty.
Trends: Gulf finance hubs gain ground

8 April 2009, 15:37 GMT
Regional financial centres have held up well amid economic uncertainty.
Banks in Kuwait seek to restore confidence

19 March 2009, 14:55 GMT
With collapsing real estate and equity markets, Kuwaiti investment houses are having to refinance their debt or risk defaulting on their loans and damaging their reputations.
Kuwaiti finance houses extend global reach

19 March 2009, 14:21 GMT
Kuwaiti banks are increasingly focusing on their overseas businesses as major development projects in the state continue to be hampered by bureaucracy, limiting domestic opportunities.
Poorer regional nations lead on business reform

12 March 2009, 15:24 GMT
The region’s less affluent countries are doing the most to encourage business, according to the World Bank.
Gulf carriers face first real test

15 February 2009, 11:20 GMT
The ambitious expansion strategies of the region’s airlines are coming under increasing scrutiny as the effects of the global aviation slowdown take their toll on the sector.
Kuwait Finance House

25 January 2009, 8:21 GMT
Making a clear choice to maintain levels of liquidity, the sharia-compliant bank is well placed for growth.
Upstream oil masterplan Project Kuwait set for review

11 January 2009, 7:50 GMT
The global downturn and falling oil prices are forcing the state to reassess the viability of the $55bn Project Kuwait, aimed at overhauling the energy sector and raising production capacity.
MA Al-Kharafi & Sons

21 December 2008, 8:49 GMT
The Kuwaiti family firm is now seeking to balance its core business of construction with tourism.
MA Al-Kharafi & Sons: MEED Assessment

21 December 2008, 8:49 GMT
This private Kuwaiti family empire has expanded into a diverse range of emerging markets, and moved far beyond its roots in construction
Moroccan banks building a presence in Africa

5 December 2008, 16:28 GMT
Faced with increasing competition in their domestic market, Moroccan banks are expanding into poorer states with long-term growth potential.
Sharia banks in Dubai shift business focus

28 November 2008, 15:12 GMT
Dubai’s property boom has underpinned the growth of the Islamic finance sector in the UAE, but as prices fall, the banks are expanding their retail services and considering fresh areas of business.
UAE bourses plan for the long term

28 November 2008, 14:58 GMT
The UAE’s financial exchanges are developing specialisms such as derivatives trading in preparation for when the global downturn ends and confidence returns.
GCC Seeking consensus on monetary union

14 November 2008, 19:24 GMT
When GCC heads of state meet in December, the deadline set for monetary union will be only 13 months away. With issues such as the location of a central bank unresolved, the pressure is on leaders to sign a deal.
Sharia banking takes root in Egypt

7 November 2008, 16:21 GMT
Sharia banking takes root Cairo has recognised the value of Islamic banking products and is starting to support its development to provide project finance, home loans and insurance.
Cairo reviews gas priorities

31 October 2008, 14:58 GMT
A legal challenge to subsidised gas exports to Israel highlights growing concern over Egypt’s plans to increase prices for domestic industrial users.
Riyadh pins gas hopes on Empty Quarter

31 October 2008, 14:41 GMT
The kingdom is continuing its commitment to its gas exploration programme in the remote Rub al-Khali desert despite no companies having yet reported commercially viable finds.
Kuwait Airways

16 October 2008, 19:37 GMT
As the national carrier prepares for privatisation, the Gulf market is becoming increasingly competitive
Kuwait Airways: MEED Assessment

16 October 2008, 19:37 GMT
State-owned carrier continues to seek compensation from Iraq
Qatar Investment Authority building a global portfolio

9 October 2008, 20:36 GMT
Qatar’s sovereign wealth fund is making high-profile acquisitions across the world to diversify its asset base and raise the state’s international profile.
Doha’s securities market a platform for change

9 October 2008, 19:59 GMT
NYSE Euronext’s acquisition of a stake in the Qatari stock exchange boosts Doha’s chances of overtaking Dubai as the region’s securities trading hub.
Islamic banks funding the construction boom

14 September 2008, 12:39 GMT
With global credit markets contracting, regional Islamic banks are filling the financing gap for the Gulf’s major developments left by shrinking traditional funding sources.
Risk management moves up on Islamic banks' agenda

14 September 2008, 8:46 GMT
Islamic banks are following the mainstream institutions in seeking to spread their risk, but have far fewer financial tools available to them.
The benefits of partnering

8 August 2008, 14:25 GMT
The successful franchise business model used in the region will continue despite the expected relaxation of the rules on foreign ownership of local companies.
The rise of the retail giants

8 August 2008, 14:18 GMT
As the Gulf’s economic boom drives major local and foreign shop chains to expand in the region, smaller businesses are losing out.
Energy boom widens economic gap in North Africa

31 July 2008, 14:06 GMT
While high oil and gas prices are enabling hydrocarbons-rich North African states to cope easily with the rising cost of food on global markets, their neighbours are struggling.
Algerian premier faces his toughest term yet

11 July 2008, 8:07 GMT
Algeria’s prime minister Ahmed Ouyahia will have to tackle some difficult issues in his third term, with security concerns and economic reform his first priorities.
NOC Survey 2008: National Iranian Oil Company

4 July 2008, 12:50 GMT
Iran is badly in need of foreign technology and expertise to revive its ageing fields.
Alba

27 June 2008, 15:34 GMT
As Aluminium Bahrain considers a sixth production train, its main challenge is securing gas feedstock.
Alba: MEED Assessment

27 June 2008, 15:34 GMT
Securing gas feedstock is essential to increasing gas production
Q&A: Ahmed Saleh Al-Noaimi, CEO, Alba

27 June 2008, 15:34 GMT
Steady growth set to continue as GCC power grid ensures future energy supply
Gas shortage delays development at Yanbu and Jubail

27 June 2008, 12:57 GMT
While Riyadh’s plans for the industrial cities at Jubail and Yanbu appear viable in the long term, problems securing the necessary gas feedstock are slowing the pace of expansion.
Tehran’s global gas ambitions

27 June 2008, 10:50 GMT
Iran’s refusal to compromise on prices could undermine its plans to become a major energy provider.
Morocco: Tightening banking rules

20 June 2008, 13:42 GMT
Rabat is strengthening its regulation of the banking industry as a buoyant real estate sector fuels rapid growth in the lending market.
Egypt: Opening up to the private sector

20 June 2008, 13:04 GMT
The privatisation of Banque du Caire demonstrates Cairo's commitment to modernising the financial system, but foreign banks wishing to enter the market face considerable challenges.
Banks take risk on fledgling insurance sector

23 May 2008, 14:53 GMT
Following changes in the law to bring competition to the Saudi insurance market, local banks are taking the opportunity to diversify their product offerings and create additional revenue.
Regulation restores confidence in Tadawul

9 May 2008, 13:13 GMT
The introduction of new rules to improve transparency on the Saudi stock exchange is increasing its attractiveness to foreign and domestic investors.
Price fall threatens Saudi gold rush

2 May 2008, 12:40 GMT
With gold prices set to drop, keeping down production costs will be key to Maaden’s expansion plans.
Sharia deals enter mainstream

20 March 2008, 11:09 GMT
The move towards Islamic financing is growing as the costs are being offset by the expanding funding capacity offered by sharia-compliant project financing.
The 100 biggest companies in the Middle East in 2008

7 March 2008, 13:04 GMT
Financial services firms make up 40 per cent of MEED’s list of the 100 largest listed companies, with real estate and telecoms businesses joint second.
Extracting profits from Abu Dhabi sour gas

15 February 2008, 12:26 GMT
Abu Dhabi is considering proposals to develop gas reserves at the Shah field, but given the technical challenges this would involve, the project may not make economic sense.
Saudi Aramco: Getting more out of heavy oil

11 January 2008, 13:02 GMT
As the kingdom turns to heavy crude to help meet rising global demand for oil, Saudi Aramco is expanding its refining capacity in an effort to maximise returns.

MEEDPaul Melly

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Paul Melly