MEED
Issue No 50 14 - 20 December 2007
View all stories from this issue.
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A lesson for the northern region
If the northern emirates want to make the most of the boom, they must learn from their neighbours -
Al Jaber Group
Abu Dhabi’s largest contractor is developing divisions to provide basic materials and secure its supply chain. -
Al Jaber Group: MEED Assessment
Al-Jaber has worked on many of the major projects in Abu Dhabi over the past 30 years, and with vast resources will continue this trend -
Algiers can resist terror campaign
The global war on terror provides international support for the military to crack down on militants -
Al-Suwaidi rejects resignation rumours
UAE central bank governor vows to retain his position until GCC launches single currency -
Al-Suwaidi vows to remain in post
UAE Central Bank governor Sultan bin Nasser al-Suwaidi has told MEED he does not intend to step down from his post when his four-year term ends on 18 December. Responding to widespread media speculation that he is set to be replaced by Abu Dhabi Commercial Bank chairman Saeed Mubarak Rashid al-Hajeri, Al-Suwaidi said he did not intend to resign and hopes to have his four-year term in office renewed after it expires. -
Areva to assess nuclear desalination
French power contractor Areva is likely to be asked to conduct a feasibility study into the use of nuclear power for desalination in Libya, according to a source at the Electricity, Water & Gas Ministry.The study will propose locations for an unspecified number of nuclear-fuelled desalination plants and determine capacities. “The studies will start as soon as possible,” the source says. -
Baghdad agrees loan for Umm Qasr port
The Iraqi government has agreed a $100m loan arrangement to redevelop the country’s deep seaport at Umm Qasr in the south of the country. However, a proposed $15bn overhaul of the port remains mired in political wrangling between the central and local governments over the division and distribution of future revenues. -
Banks line up for New Cairo wastewater treatment plant
The launch of Egypt’s first major public-private-partnership (PPP) project for the New Cairo wastewater treatment plant has attracted individual banks to submit interest on their own, in the hope of aligning with a dev-eloper at a later stage in the bidding process. -
Beirut braces for year-long upgrade
Lebanon’s telecoms regulator says that the country’s two state-owned mobile phone networks can be fully repaired in less than 12 months after they are privatised in February 2008. “These are networks that require investment,” says Kamal Shehadi, head of the Telecommunications Regulatory Authority (TRA) “But I think it will take less than one year.” -
Congestion takes its toll at Jebel Ali port
Ports in the region are catching up with Dubai’s Jebel Ali as the emirate’s traffic problems force potential customers to go elsewhere. -
Credit turmoil to delay $2bn Emal bond issue by a year
Banker says developer has funds to cover first three years of construction -
Diplomacy: Paris rekindles old relationships in the Maghreb
Since his election in May, Nicolas Sarkozy has made two state visits to the Maghreb - one in October to Morocco, the other in early December to Algeria, which he also visited officially in July. -
Dirty water is no joke
Scaremongering about Dubai’s water supply will not help, but urgent investigation is needed into possible health risks -
Dubai Pearl buyer promises to honour previous contracts
The consortium of investors led by Abu Dhabi-based Al-Fahim Group says it will honour all previous contracts made with buyers, despite an earlier phase of the project being hit by delays. “We have taken over Dubai Pearl in Tecom,” says Abdul Majeed al-Fahim, chairman of Dubai Pearl Free Zone. “As the new developer on the project, we will honour all contracts made with buyers on the previous project.” -
Dubai struggles to treat sewage
Water treatment facilities buckle under demands of rapid population growth and development. -
Emirates turns to private power sector
As the construction boom continues, UAE governments are looking to privateinvestors to help fund the rapid development of power and water capacity. -
Etisalat to raise $1.8bn in debt financing
Etisalat Misr is to appoint six banks before the end of the year to arrange nearly $850m worth of debt to finance the development of its mobile network in Egypt before the end of 2007, and could launch a further funding package in excess of $1bn in 2008. -
Feminine touch boosts economy
If women take the chance to enter commerce they could shape the regional economic landscape -
Indian firm in talks over Yadavaran
India’s ONGC Videsh has launched talks with National Iranian Oil Company (NIOC) over securing a minority stake in the Yadavaran field alongside China’s Sinopec. -
Inflation increases pressure to revalue UAE dirham
With real wage levels falling due to soaring inflation and the declining value of the dirham, expatriates are threatening to leave the UAE, putting further pressure on the government to drop the dollar peg -
Mubadala launches Beni Saf study
Feasibility studies for the Beni Saf aluminium smelter have been launched by Abu Dhabi-based Mubadala and Dubai’s industrial giant Dubai Aluminium (Dubal), and will be completed by May 2008, says a source close to the deal. “We are now working on the full bankable feasibility study,” Mohammad al-Sharwish, senior specialist at Mubadala, tells MEED. “This will be finished by May 2008.” -
Orascom Construction sells cement unit to France’s Lafarge
France’s Lafarge has agreed to buy Egypt’s Orascom Construction Industries’ (OCI) cement group for $12.9bn and $2bn in debt. -
PetroRabigh share price to be revealed by end of year
The pricing of shares in Rabigh Refining & Petrochemical Company (PetroRabigh) is expected to be announced by the end of 2007, although uncertainty remains over whether the shares will be priced at a par value of SR10 ($2.68). Toshiki Matsumura, chief financial officer of PetroRabigh, declined to comment on pricing. “The nominal price is SR10 but we have not announced the subscription price yet,” he says. -
Residency cap and minimum wage to top GCC agenda
A GCC residency cap, limiting the time spent in the region by unskilled workers to six years, and a UAE minimum wage will top the agenda for member states in 2008. -
Rising costs hinder industry diversification in UAE
As the UAE reduces its dependence on hydrocarbons by developing new industries such as cement and aluminium, soaring costs are threatening to delay key projects. -
Sabic warns of project cancellations
The head of Saudi Basic Industries Corporation (Sabic) has warned the industry faces delays and potential project cancellations over the next few years because of a spike in engineering, procurement and costs (EPC) costs and a shortage of materials. -
Shipping boom transforms Suez Canal
The world’s principal trade route is carrying out a series of redevelopments to maintain its premier position -
Sirte Basin wells to cost $130m each
BP has revealed that it will cost at least $130m to drill each well in the offshore Sirte Basin as it prepares to begin work on its $1.3bn exploration drive in Libya. -
Special Report: Abu Dhabi struggles for balance
Concern is growing that in an attempt to compete with the success of Dubai, the UAE capital is focusing on its own development at the expense of other federation members -
Special report: UAE - Developing the northern emirates
It was 18th century German philosopher Immanuel Kant who said that the best way to predict the future was to invent it. This is a lesson that some in the UAE understand better than others. -
Suwaidi must remain in post
It is easy to argue that Sultan bin Nasser al-Suwaidi has failed in his role as UAE Central Bank governor.If the GCC wishes to push ahead with a single currency, it would do well to have Al-Suwaidi in his post. -
The boom spreads north
The northern emirates have long lived in the shadow of Abu Dhabi and Dubai, but plans to co-ordinate development across the UAE are dragging them into the spotlight -
The return of Big Oil
With the nationalisation of the Middle East oil industry, major international companies were excluded from the region’s easy-to-access reserves. But as fields begin to dry up, their expertise is in demand. -
Three groups vie for $544m Al-Sufouh tram network
Three groups have submitted bids to Dubai’s Roads & Transport Authority (RTA) for the AED2bn ($544m) design-and-build contract for the Al-Sufouh tram scheme. The bidders are: France’s Alstom with the local/Belgian Bel Hasa Six Construct; Italy’s Ansaldo Trasporti with Japan’s Marubeni Corporation and Pizzarotti, also Italian; and Germany’s Siemens with Australia’s Gulf Leighton and the local Al-Habtoor Engineering Enterprises. -
Transport is a blueprint for Abu Dhabi growth
The development of an integrated transport system is central to Abu Dhabi’s plans to transform the capital into a sustainable, global city. -
Tripoli struggles to attract interest in first gas licensing
Few international oil companies chose to bid in Tripoli’s first gas round on 9 December, with those that decided not to saying the terms were not commensurate with the prospects on offer. Only a third of the 35 companies shortlisted submitted a bid. Half of the 12 areas on offer received no interest, and a further two attracted just one bidder. No bids were received for any of the five offshore areas. -
UAE aviation's six most influential executives
The six most influential executives in the UAE’s aviation industry: Sheikh Ahmed bin Saeed al-Maktoum; Maurice Flanagan; Bob Johnson; James Hogan; Adel Ali; and Sheikh Ahmed bin Saif al-Nahyan.
