MEED
Issue No 48 30 November - 6 December 2007
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Abu Dhabi to fill hole in Emirates energy supplies
Abu Dhabi is to become the primary source of power generation for the UAE, with the Abu Dhabi Water & Electricity Authority (Adwea) agreeing a long-term supply deal with the Federal Electricity & Water Authority (Fewa). -
Adco invites bids for Sas field development
The Abu Dhabi Company for Onshore Oil Operations (Adco) has issued the long-awaited invitation to bid documents for the main package on its multi-billion-dollar Sahil, Asab and Shah (Sas) full-field development. -
Adia pursues high-profile investments
The Abu Dhabi Investment Authority (Adia) is expected to take a higher-profile approach to international investments in the future, following an unexpected move to invest in US banking giant Citigroup in late November. -
Annapolis failure was inevitable
US Secretary of State Condoleezza Rice has insisted that the Annapolis peace conference is not simply a photo opportunity. But that is what it looks like to many, and the scepticism is well merited. -
Beirut struggles to find a leader
Lebanon is without a president after Emile Lahoud’s extended nine-year term in office came to an end on 24 November. The country has been here before. From 1988 to 1990, at the tail-end of the 15-year civil war, Lebanon suffered the indignity of parallel administrations, neither of which enjoyed authority or legitimacy.The danger now is that Beirut is set for a repeat of that period, wrecking the gains made during 17 years of relative peace. -
Cairo seeks advisers for nuclear plans
Egypt is to launch a search for consultants to advise on its plans to build a string of nuclear power plants across the country, in the latest sign of the growing drive for nuclear power in the region. -
Citigroup rescue heralds a new era
The Abu Dhabi Investment Authority (Adia) has taken full advantage of the turmoil in the credit markets. For the authority and other Gulf investors, it is period of golden opportunities, but they would be unwise to think such deals can or should be the start of a long-term trend. -
Close-up on Orascom Telecom
Orascom, the prize asset of the Sawiris family and mobile phone operator of choice for 33.4 million people, will soon come under greater pressure from its regional rivals, Etisalat Misr in Egypt, Zain and Qatar's Qtel in Iraq and a forthcoming new entrant into the Algerian market. -
Dubai enters transport financing talks
Dubai's Roads & Transport Authority (RTA) is considering using project finance for the first time, and has opened talks with several leading law firms over the issue. -
Food and energy subsidies rise to $11bn
The government's bill for food and energy subsidies is likely to rise to£E60bn ($10.9bn) in 2007/08, up from£E54bn in the previous year, despite plans to cut the cost of subsidies. -
Gecol drives forward power projects ahead of Libyan anniversary
General Electricity Company of Libya (Gecol) has selected contractors for three power plant projects in the country. Driven by the need to complete the projects in time for the 40th anniversary of the revolution in 2009, it has moved quickly on the schemes. -
Interview with Abdulrahman al-Attiyah, Secretary general, GCC
At some point in 2008, the Gulf Co-operation Council (GCC) will have to confront one of the toughest decisions of its 26-year history: whether or not to push ahead with its flagship project to introduce a single currency in the Gulf by 2010.The man with the task of navigating the organisation through this key period in its history is GCC secretary general Abdulrahman bin Hamad al-Attiyah. In an exclusive interview with MEED, Al-Attiyah argues that monetary union would be a huge benefit -
Investment: Building on the Saudi boom
The flood of liquidity into the Saudi economy is fuelling a massive investment drive from both the government and the private sector. -
Islamic finance market too immature to fund Ras al-Zour
The Islamic finance market has been deemed too immature to fully support the $2bn Ras al-Zour phosphate and fertiliser complex in Saudi Arabia. The project is being jointly developed by Saudi Arabian Mining Company (Maaden) and Saudi Basic Industries Corporation (Sabic). -
It is time for the GCC to drop the dollar peg
By the time the US Federal Reserve cut interest rates by 50 basis points in September to boost liquidity in the wake of the sub-prime housing loans crisis, the financial markets had already assumed it would happen and had priced in the move. -
KNPC replaces senior managers in reshuffle
State refinery operator Kuwait National Petroleum Council (KNPC) has replaced some of its top managers following the arrival of new managing director and chairman Farouk al-Zanki in early October. -
Lebanon's six top bankers
Profiles of Riad Salameh of Banque du Liban, Joseph Torbey of Credit Libanais, Raymond Audi of Bank Audi, Francois Bassil of Byblos Bank, Saad Azhari of Blom Bank and Youssef Nasr of HSBC, Middle East. -
Maaden awards $200m phosphate deal
Saudi Arabian Mining Company (Maaden) has awarded the contract to develop and operate an open-pit phosphate mine at Al-Jalamid in the north of the kingdom to a consortium of the UK's Kier Group, the local Al-Qahtani and Jordan's Comedat. -
Manama blames speculation on banks
The governor of the Central Bank of Bahrain has accused investment banks of “unethical behaviour”, by selling investment products with returns based on a revaluation of Gulf currencies. He also accuses them of using their research departments to increase speculation that a revaluation is imminent. -
Newcomer Nas exposes Saudia's failings
The aircraft orders announced by Saudi Arabian carriers at the recent Dubai Airshow did not have the same blockbuster appeal as the multi-billion-dollar deals unveiled by Emirates Airline, Qatar Airways or Dubai Aerospace Enterprise.In the context of the recent development of the kingdom's aviation sector, however, they were hugely significant, outlining the renewed ambition of the nation's carriers, as well as the rivalry between them. -
Petrol subsidies do not work in Jordan
Rising petrol prices have already claimed one high-profile political scalp in Jordan this year. Former finance minister Ziad Fariz resigned in August after his fellow ministers failed to back his plan to end petrol subsidies immediately. -
Qatar in talks to form joint venture with PetroChina
Qatar is considering making its first foray into China's energy market after initiating talks with PetroChina to build a refinery and associated petrochemicals plant. -
Raymond Audi
Chairman of Bank Audi -
Report calls for overhaul of 'chaotic' Asiacell accounts
The finances of Qtel's Iraqi subsidiary, Asiacell, need to be completely overhauled because the financial accounts are in chaos, according to a report commissioned by Asiacell's previous shareholders: Wataniya Telecom, United Gulf Bank and Kurdish businessman Faruk Rasool. -
Riyadh increases King Abdulaziz airport capacity to 80 million
Saudi Arabia is set to unveil plans to make King Abdulaziz International Airport in Jeddah the second-largest airport in the GCC by 2035. -
Saad Azhari
Chairman of Blom Bank -
SAP in line for cross-government deal
The Egyptian government has signed a memorandum of understanding worth tens of millions of dollars to implement computer systems from German software firm SAP over the next five years. -
Saudi Arabia's old money and fresh challenges
Traditional family-run businesses are reviewing company structures and practices as they seek to tap into the kingdom’s investment programme and benefit from the regional economic boom -
Saudi banking: Cause for consolidation
Growing competition for a share of the burgeoning Saudi investment banking sector is set to spark a series of mergers -
Saudi banks must fight to survive
Over the past two years, 78 new investment banks have opened their doors in Saudi Arabia. The number of people they employ is about 33,000 - about 3,400 more than this time last year. And the sector should keep on growing by 10 per cent a year for the next three years. -
Saudi government: Defying the stereotypes
King Abdullah is conducting a wide-ranging reform of state institutions despite resistance from a conservative population. -
Saudi logistics: delivering success
Plans to create logistics hubs in key cities and speed up the Saudi supply chain will help the kingdom make the most of its booming economy -
Saudi property market heats up
High returns in the kingdom's real estate sector are set to continue into the next decade as supply struggles to keep up with demand. -
Saudi tourism focus: Special interest groups
Saudi Arabia hosts five million Muslim pilgrims from all over the world every year. Besides this, the number of foreign visitors to the kingdom is low. And while the country says it is seeking to attract more international tourists, it has also made it clear this will only happen on its terms. -
Saudi water: The struggle to fast-track reforms
In a rush to rehabilitate its dilapidated water infrastructure, concerns are growing about the speed of Riyadh’s reform plan and the public sector’s ability to manage the changes. -
Saudi's economic cities: models for the future
Riyadh’s plans to build six economic cities demonstrate a shift in the kingdom’s economic priorities. But can they live up to expectations? -
Special report: Saudi Arabia - Investment drive
Saudi Arabia has an image problem. In early November, the World Bank’s annual Doing Business report ranked the kingdom as the world’s 7th fastest reforming economy. But worldwide coverage of the country was dominated by a story about the judicial sentence given to a rape victim, who was punished along with her attackers. -
Sub-prime crisis hits Gulf contractors
Contractors working in the Gulf are beginning to experience a downturn in activity as projects are delayed or postponed as a result of the ongoing sub-prime crisis in the US. -
Tadawul defies the doubters
The stock market crash of 2006 has done little to dent enthusiasm for listing on the Saudi stock exchange, with further high-value public offerings on the way -
Tourism: Riyadh opens the doors
The relaxing of visa restrictions and a series of infrastructure projects aimed at increasing visitor numbers are giving a welcome boost to tourism in the kingdom. -
Tripoli applies pressure to renegotiate licensing deals
International oil companies in Libya are coming under pressure to renegotiate the terms of their exploration licensing agreements with state-owned National Oil Corporation (NOC), say industry sources. -
WorleyParsons wins $8bn refinery deal
Australia's WorleyParsons has scooped one of the largest basic engineering deals in the kingdom this year, winning the first contract for Saudi Aramco's $8bn East Coast refinery at Ras Tanura.
