MEED
Issue No 47 23 - 29 November 2007
View all stories from this issue.
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Abdul Rahman al-Tuwaijri
Capital Market Authority, Saudi Arabia -
Abdullah Salem al-Turafi
Emirates Securities & Commodities Authority -
Adnoc cancels Ruwais aromatics plant
Abu Dhabi National Oil Company (Adnoc) has cancelled plans to develop an aromatics plant as part of the multi-billion-dollar expansion of its Ruwais refinery. -
Ahmed Saad
Capital Market Authority, Egypt -
Banks reject Baghdad's $30bn debt plea
Baghdad has suffered another setback in its efforts to have $30bn of debts owed to Kuwait written off, after the region's central banks rejected a call to deal with the issue at a forthcoming summit. -
David Knott
Dubai Financial Services Authority -
Denton Wilde Sapte extends regional network
International law firm Denton Wilde Sapte is following its agreement to join up with a local Algerian law firm in early November with a similar deal with a second firm in the region. -
Dewa plans capacity boost
Dubai Electricity and Water Authority has laid out its expansion plans for the next decade in a prospectus issued to investors ahead of its bond issue through which it expects to raise $2bn. -
Dubai revamps Sheikh Zayed road area
Dubai is preparing to launch a new real estate company charged with a multi-billion-dollar project to redevelop land alongside Sheikh Zayed road. -
Etisalat Misr signs up 3 million customers ahead of target
Etisalat Misr, the Egyptian subsidiary of the UAE's Etisalat, had 3 million customers at the end of September, meeting its end-of-year target three months early. -
Falah Fahad Mohammed al-Hajri
Executive Committee, Kuwait Stock Exchange -
Federal UAE government pay hike fuels inflation fears
The new federal budget has led to increased fears of inflationary pressures and further rises in the cost of living. -
Fertilisers: Growth industry
Without nitrogen fertiliser, the world could only sustain 60 per cent of its current population, according to Contributing to Sustainable Development, a recent report by the European Fertiliser Manufacturers' Association. But when it comes to production, it is the Middle East, not Europe, whose exports are helping to sustain the global population growth. -
Fuel subsidies are not enough
The price paid for fuel is a thorny subject for Middle East airlines. It is the issue that separates them from the rest of the global industry. -
Gulf Air set to confirm Naf as chief executive
Gulf Air will confirm Bjorn Naf as the airline's new chief executive officer (CEO) in the coming days. -
Hofa project faces delays
The deadline for bids on the eastern primary water transmission project has been delayed until 18 November, after prequalified companies requested an extension. -
Iraq appeals for Kuwait debt relief
Iraq’s deputy Central Bank governor has renewed the country’s appeals to get around $30bn of debt owed to Kuwait written off.At a conference in early November organised by the Union of Arab Banks (UAB) in Qatar to devise an Arab vision for the Arab Economic Summit in Kuwait next year, Ahmed Ibraihi Ali asked the organisation to consider taking forward the issue of Iraq’s debt.The plea was in front of conference attendees including Qatar’s prime minister and central bank governor -
Istithmar to merge with Nakheel
Dubai World is merging two of its subsidiaries, Nakheel and Istithmar Real Estate, to create the biggest real estate company in the world, with assets and projects under way worth $52bn. The deal will create a government-owned real estate company operating worldwide. -
Kuwait government faces airline walkouts over pay freeze
Pressure is increasing on the Kuwait government to approve pay rises at major state-owned companies as staff representatives claim a planned three-month wait for a decision will spark walkouts crippling the national airline and other businesses. -
Libya: Petrochemicals industry in its infancy
After years of neglect, Tripoli is finally investing in its petrochemicals sector. But delivery of the necessary infrastructure is still a long way off. -
MENA's six top financial regulators
The six most influential regulators in the region - Abdul Rahman al-Tuwaijri, Capital Market Authority, Saudi Arabia, David Knott, Dubai Financial Services Authority; Abdullah Salem al-Turafi, Emirates Securities & Commodities Authority; Phillip Thorpe, Regulator Qatar Financial Centre Regulatory Authority; Ahmed Saad, Capital Market Authority, Egypt; amd Falah Fahad Mohammed al-Hajri, Executive Committee, Kuwait Stock Exchange. -
Middle East can feed the world
While the rising cost of global energy has been one of the most high-profile economic issues of the past four years, the effect of costly hydrocarbons on the ability of the world to feed itself has been relatively neglected. -
Mobile profits fall as Egyptian customers increase
The introduction of a third operator into the Egyptian mobile phone market is hitting profits despite the rapid rise in user numbers. -
Muscat moves downstream with a Salalah plant
The unexpected opening of a downstream plastics manufacturing facility in the Salalah free zone marks the start of a new phase in the region's petrochemicals industry. -
Nasdaq and OMX companies encouraged to list on DIFX
Companies trading shares on the US' Nasdaq and Nordic stock exchange OMX will be encouraged to also list their shares on the Dubai International Financial Exchange (DIFX), says Per Larsson, chief executive officer of Borse Dubai. -
National Bank of Abu Dhabi
Although it is no longer the largest UAE bank, NBAD could become the first international Arab banking brand. -
National Bank of Abu Dhabi: MEED Assessment
The key to the bank’s growth will be its pursuit of merger opportunities, otherwise more acquisitive banks may steal the advantage -
National Water Company nears
The royal decree approving the establishment of the new National Water Company (NWC) is expected to be issued in the coming weeks, according to the Saudi Water & Electricity Ministry. -
Opec must set fresh priorities
While Opec spent much of its third summit discussing themes of international co-operation and climate change action, its reluctance to tackle a host of more worrying financial issues is troubling. -
Opec struggles to maintain control
The oil cartel failed in its attempt to present a united front at its strategic summit in Riyadh. -
OVERVIEW: Growth through specialisation in downstream petrochemicals
As the Gulf increasingly moves into downstream petrochemicals industries, new projects aimed at producing speciality products will give a much-needed boost to the sector. -
Phillip Thorpe
Regulator Qatar Financial Centre Regulatory Authority -
Private equity companies to attract $27bn in investment
Private equity firms across the region are expecting to raise $27bn this year, says Sameer al-Ansari, chief executive officer (CEO) of Dubai International Capital (DIC). The figure is double the total raised in 2006. -
Producer rankings: Sabic towers over regional rivals
While the private sector is becoming more prominent in petrochemicals production in the region, the dominance of Saudi Basic Industries Corporation is set to continue for at least the next decade -
Putting Saudi on the tourist map
Driven by the need to create jobs and diversify its economy, Saudi Arabia is actively encouraging domestic and international tourism. But almost three years into a 20-year tourism masterplan, it still has much to do to attract visitors to the kingdom. -
Q&A: Michael Tomalin, CEO, National Bank of Abu Dhabi
Tomalin outlines the bank’s growth and expansion plans, and explains the key challenges it faces -
Qatar Islamic Bank awaits approval to open London office
QIB, formally known as Qatar Islamic Bank, is expecting to receive approval from the UK banking regulator within weeks, allowing it to establish a presence in Europe for the first time. -
Qatar petrochemicals: A shock to the system
Rising costs and adverse credit market conditions are raising doubts over Doha's plans to expand its petrochemicals industry. -
QIB launches in UK before year end
QIB is expecting to receive approval from the UK banking regulator in the next few weeks that will allow it to establish a presence in the country. The banks aims to position itself in the UK to advise on a mooted sovereign sukuk from the UK government.The UK office will be called European Finance House, and will be used to place Islamic finance debt from the Middle East and Asian regions into Europe, in addition to advising European firms on Islamic finance products.The bank sa -
Qtel invests to fend off rival operator
Qtel is investing heavily in its telecoms network to try to keep as much of its market share as possible, ahead of the award of a second mobile phone licence. -
Riyadh considers airline fuel subsidy for low-cost carriers
The Saudi aviation regulator is considering granting a fuel subsidy to the kingdom's low-cost airlines and scrapping the state-imposed cap on airline fares. -
Royal Jordanian looks for international investors
The offering of shares in Royal Jordanian are predicted to gain significant interest from international investors, according to analysts. -
SAP ditches local partners in Middle East
SAP, the world's largest business software company, has ruled out signing any more distribution deals with local partners in the region and will instead distribute its software itself. -
Saudi Arabia's tourism challenge
The kingdom has much to offer visitors, but is it doing enough to relax its rigid tourist policies to attract more people? -
Sector split over Fewa sale
Plan to sell-off water and electricity assets prompts mixed response -
Shell still in race for $5bn gas terminal
The UK/Dutch Shell Group could yet win the race to develop Libya's first liquefied natural gas (LNG) terminal since 1970, according to a senior executive at state-owned National Oil Corporation (NOC). -
Special Report: Petrochemicals - Moving downstream
Producers in the region are seeking to expand petrochemicals production downstream into more complex, higher-value plastics. -
Three bid for Seeb sewer
Oman Wastewater Services Company has received three bids for the engineering, procurement and construction contract to build a sewage collection system and main sewer at Seeb, near Muscat. -
Tim Clark, President, Emirates Airline on Airbuses and the environment
While other carriers in the region struggle, Dubai-based Emirates is on track to become the world’s biggest airline. -
Tripoli launches $5bn plastics facilities upgrade
Tripoli is to launch a $5bn programme to build its first petrochemicals facilities for decades by the end of 2008. -
Turbine suppliers struggle with Ras al-Zour schedule
The project to develop the world's largest independent water and power project, at Ras al-Zour, is likely to face difficulties in securing steam turbines as suppliers struggle to meet global demand. -
Two sides of the Dubai boom
The news that Dubai World is planning to merge two of its subsidiaries, Nakheel and Istithmar Real Estate, is hugely significant. At a stroke, the new company will become the largest real estate firm in the world, with projects worth a combined $52bn, making it far bigger than the other Dubai-based stalwart, Emaar Properties. -
Uhde wins Mesaieed engineering and design contract
Uhde has won the front-end engineering and design contract on a plant being planned by Qatar Petrochemical Company (Qapco) at Mesaieed.
