By continuing to use the site you agree to our Privacy & Cookies policy

MEED
July 2006

View all stories from this issue.

  • $200 million Kazakh mudaraba closes

    Mandated lead arrangers (MLAs) Abu Dhabi Islamic Bank and Calyon have announced the closing of a $200 million syndicated mudaraba facility for Kazakhstan's Bank TuranAlem (BTA). Calyon was the sole bookrunner. The syndication was launched at $100 million in April and increased to $200 million due to over subscription. Ten regional banks joined the facility, including Abu Dhabi Commercial Bank as an MLA. The mudaraba is BTA's third Islamic facility.

  • 3G awards complete liberalisation

    Rabat completed the final stage of its telecoms liberalisation programme on 21 July with the award of three third-generation (3G) licences by national regulator Agence Nationale de Reglementation des Telecommunications (ANRT MEED 21:7:06).

  • Abbas says soldier's release is imminent

    Palestinian Authority president Mahmoud Abbas said on 27 July that a deal on the release of Corporal Gilad Shalit abducted by Hamas militants could be imminent. 'With regards to the issue of the abducted Israeli soldier, I have reiterated that there are ongoing efforts that lead us to believe in an imminent solution,' he said. Abbas was speaking at a news conference after a meeting Italian Prime Minister Romano Prodi.At least three people were k

  • ABC completes FRN issue

    Arab Banking Corporation (ABC) has issued a $300 million, five-year floating-rate note (FRN) as part of its $2,500 million euro medium-term deposit note (EMTDN) programme. The paper was priced at 50 basis points (bp) over Libor and carries a coupon of 45 bp.

  • ABC completes FRN issue

    Arab Banking Corporation (ABC) has issued a $300 million, five-year floating-rate note (FRN) as part of its $2,500 million euro medium-term deposit note (EMTDN) programme. The paper was priced at 50 basis points (bp) over Libor and carries a coupon of 45 bp.The bank had originally looked at issuing notes worth $400 million but reduced the size after some European investors withdrew their interest because of the deteriorating situation in Lebanon. Barclays Capital and BNP Paribas were the

  • ABC hits the road

    Arab Banking Corporation (ABC) launched roadshows in early July for the second drawdown in its euro medium-term note (EMTN) programme. A five-year, $500 million senior floating-rate note (FRN) is planned. Barclays Capital and BNP Paribas are the lead managers. ABC staged the first drawdown a five-year $400 million instrument, priced at 49 basis points last November (MEED 25:11:05).

  • Abraaj gets new MD

    Abraaj Capital has appointed Mustafa Abdel-Wadood as a managing director and board member. Abdel-Wadood was previously chief executive officer of EFG Hermes-UAE.

  • Abraaj moves for EFG-Hermes

    UAE-based private equity firm Abraaj Capital has launched an offer to acquire a 25 per cent stake in local investment bank EFG-Hermes. Abraaj's offer, which is subject to EFG shareholder approval, is understood to be worth $505 million, valuing EFG shares at £E 30 ($5.22) each, slightly above their price on the Cairo & Alexandria Stock Exchanges (CASE), where they are Egypt's most heavily traded stock. EFG is largely state-owned and the deal would give Abraaj the largest privately owned stake in

  • Abrraj buys into hotels, banks

    Dubai-based Abraaj Capital and Ithmaar Bank have launched The Serai Group. Capitalised at $500 million, Serai will develop and manage a sharia-compliant hospitality chain in the region. The group plans to develop three brands to cater separately to mass-market, business and high-end travellers and its first project will be a mixed-use development in Bahrain. Sami Zoghbi, previously regional managing director at UK-based Le Meridien and president, Africa, India and the Middle East at the US' Sher

  • Addax fund gets under way

    Addax Investment Bank has closed a $100 million private placement for its Middle East North Africa Serviced Residence Company. The company will purchase and develop property across the region to be managed by Singapore-based The Ascott Group and has a target size of $1,000 million. The first properties will be purchased in Bahrain, the UAE, Qatar, Kuwait and Saudi Arabia (MEED 9:12:05).

  • ADNH and Travco form new company

    UAE-based Abu Dhabi National Hotels Company (ADNH) has established a tourism development company with Egypt's Travco. The new company will operate tours and develop tourism-related projects across the region.

  • ADNH takes a slice of Saadiyat

    Abu Dhabi National Hotels (ADNH) is to invest AED 700 million ($190.6 million) in the Saadiyat island development. ADNH has bought an 75,000-square-metre plot from Tourism Development & Investment Company (TDIC) in the Saadiyat beach district, where it will develop a 400-room, five-star resort. Construction of the resort is expected to begin in the first quarter of 2007, with plans to open the resort in the second quarter of 2009. TDIC is a subsidiary of Abu Dhabi Tourism Authority (ADTA), which

  • ADNOC deal progresses

    Mandated lead arrangers are close to being appointed on a $4,400 million loan for Abu Dhabi National Oil Company (ADNOC). Prospective MLAs are understood to include Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citigroup and National Bank of Abu Dhabi. Other banks are now being approached about joining the deal at a lower level. The funds will be used partly for the vexpansion of ADNOC's Ruwais complex (MEED 28:4:06).

  • AdP lands at Abu Dhabi

    Abu Dhabi Airports Company (ADAC) has selected France's Aeroports de Paris (AdP) for the design and supervision consultancy contract on the AED 402 million ($109 million) air traffic control complex (ATCC) at Abu Dhabi International Airport (ADIA). The ATCC will be built between ADIA's two runways and will include a five-storey technical and support building integrated with a 110-metre-high control tower (MEED 25:11:06).

  • AdP lands at Abu Dhabi

    Abu Dhabi Airports Company (ADAC) has selected France's Aeroports de Paris (AdP) for the design and supervision consultancy contract on the AED 402 million ($109 million) air traffic control complex (ATCC) at Abu Dhabi International Airport (ADIA). The ATCC will be built between ADIA's two runways and will include a five-storey technical and support building integrated with a 110-metre-high control tower (MEED 25:11:06).

  • Advisers sign up for Riyadh water sell-off

    The Water & Electricity Ministry awarded on 23 July five advisory contracts worth a total of SR 23.4 million ($6.2 million) for the privatisation of water and wastewater management in Riyadh. Germany's Fichtner, in co-operation with PricewaterhouseCoopers, was awarded a SR 5 million ($1.3 million) contract to lead the process of preparing the proposed public-private-partnership (PPP) contract for the operation and maintenance of the capital's water and wastewater services. The team will also be

  • Afriqiyah places Airbus order

    Tripoli-based Afriqiyah Airways has signed a memorandum of understanding (MoU) with Europe's Airbus for the acquisition of six A320s, three A319s and three A330-200s. The airline also has options on five more A319s and three A330-200s. The new aircraft are part of Afriqiyiah's plans to expand its regional and long-haul routes further into Africa, Asia and Europe. The state-owned airline, which was formed in April 2001 and started operations eight months later, has scaled up its services this yea

  • Aghajari reinjection to go for retender

    The Aghajari gas reinjection project is to be retendered following changes to the basic engineering. Industry sources say officials at National Iranian South Oil Company (NISOC) have not yet decided whether to tender the project as a single contract or divide it into several packages. The estimated $830 million contract was awarded last year to a local team of Chegalesh and Kayson Group (MEED 2:12:05).

  • Aghajari reinjection to go for retender

    The Aghajari gas reinjection project is to be retendered following changes to the basic engineering. Industry sources say officials at National Iranian South Oil Company (NISOC) have not yet decided whether to tender the project as a single contract or divide it into several packages. The estimated $830 million contract was awarded last year to a local team of Chegalesh and Kayson Group (MEED 2:12:05).

  • Air strike destroys Gaza house

    An Israeli air strike on 12 July destroyed a three-storey building in the Sheikh Radwan area of Gaza City, killing at least six people and injuring 15. The dead included two women and two children, Palestinian sources said. The Israeli army said the attack was aimed at Mohammed Deif, a senior member of the Ezzedine al-Qassam brigades, who was staying in the house.Hamas' military wing warned it would target Israeli civilians in retaliation for th

  • Airport prequals invited

    Egyptian Airports Company, a subsidiary of Egyptian Holding Company for Airports & Air Navigation, has invited contractors to submit prequalification applications by 4 August for the contract to modernise the Borg el-Arab International Airport, located about 40 kilometres southwest of Alexandria. The project is one of several airport upgrades planned across the country (MEED 18:11:05).

  • Al-Babtain wins Al-Musalat work

    The local Al-Babtain Contracting has won the SR 185 million ($49.3 million) contract to supply and install a 380-kV substation at Al-Musalat in Riyadh. The contractor was low bidder for the 29-month contract earlier in the year, beating off competition from seven other local and international companies. The client is Saudi Electricity Company (MEED 10:3:06). Earlier this year, Al-Babtain was awarded three SEC contracts to build two new 132-kV substations at Al-Farouk and Itsalat and reinforce an

  • Alcatel strengthens Algeria links

    Fixed-line operator Algerie Telecom has signed a commercial partnership with France's Alcatel to expand and update service provision to the operator's corporate clients. The agreement follows the award in May of a multi-million dollar contract to Alcatel to expand Algerie Telecom's broadband network, install 130,000 lines in the third quarter of 2006 and assist in the future installation of 170,000 lines. At under 2 per cent, Algeria has one of the lowest internet penetration rates in the reg

  • ALDAR PROPERTIES: Aiming to get it right

    After five years as a spectator, Abu Dhabi now has a raft of developments to rival those of its neighbour Dubai. The scale is staggering: over the next 10 years, the UAE capital will carry out up to $100,000 million worth of projects. Real estate developers will be at the forefront of the projects barrage, which the government hopes will transform Abu Dhabi into a modern city that will last for generations.

  • ALDAR seeks designs for Al-Seef

    Local real estate developer ALDAR Properties has invited three international architects to submit design proposals by the end of July for its Al-Seef district at Raha beach. The invited firms are: Benoy and SMC Alsop, both of the UK; and Australia's PTW Architects. Set around an expansive central water feature, Al-Seef is one of the eight districts that comprise Raha beach, and will include a hotel, leisure, sport and water facilities, boutiques, restaurants, cafés, bakeries, and office

  • ALDAR seeks designs for Al-Seef

    Local real estate developer ALDAR Properties has invited three international architects to submit design proposals by the end of July for its Al-Seef district at Raha beach. The invited firms are: Benoy and SMC Alsop, both of the UK; and Australia's PTW Architects. Set around an expansive central water feature, Al-Seef is one of the eight districts that comprise Raha beach, and will include a hotel, leisure, sport and water facilities, boutiques, restaurants, cafs, bakeries, and office spac

  • Algiers u-turns on energy

    Oil analysts have expressed concern at an apparent u-turn in Algiers' plans to liberalise the country's energy sector. The comments came after the cabinet approved on 5 July an amendment to the hydrocarbons law ensuring that state oil company Sonatrach retains a majority stake in all future development projects in the country.

  • Algiers u-turns on energy

    Oil analysts have expressed concern at an apparent u-turn in Algiers' plans to liberalise the country's energy sector. The comments came after the cabinet approved on 5 July an amendment to the hydrocarbons law ensuring that state oil company Sonatrach retains a majority stake in all future development projects in the country.

  • Almabani scoops Jeddah airport package

    The local Almabani General Contractors has been awarded the SR 920 million ($245 million) airport facilities upgrade contract on the expansion of King Abdulaziz International Airport (KAIA) in Jeddah. The contract is the first to be let on the estimated $1,500 million expansion programme (MEED 7:7:07).

  • Al-Maliki calls for unity

  • Al-Maliki calls for unity

    Prime Minister Nouri al-Maliki on 10 July called on Iraqis to 'unite as brothers' in the face of a sudden upsurge in sectarian violence. 'Our destiny is to work together in brotherhood to defeat terrorism and insurgency,' Al-Maliki said. 'We have no choice but to defeat those who want to return us to the black days.'At least 10 people were killed and 40 injured in two explosions in east Baghdad on 10 July, when a car bomb attack on a car repair shop near the Shia Sadr City

  • Al-Maliki calls for unity

    Prime Minister Nouri al-Maliki on 10 July called on Iraqis to 'unite as brothers' in the face of a sudden upsurge in sectarian violence. 'Our destiny is to work together in brotherhood to defeat terrorism and insurgency,' Al-Maliki said. 'We have no choice but to defeat those who want to return us to the black days.'At least 10 people were killed and 40 injured in two explosions in east Baghdad on 10 July, when a car bomb attack on a car repair

  • Al-Maliki demands new inquiry into rape

    Iraqi Prime Minister Nouri al-Maliki demanded a new independent inquiry into the rape and murder of a woman in Mahmoudiya in March. The woman's mother, sister and father were also killed in the incident. 'We will demand an independent Iraqi inquiry, or a joint investigation with multinational forces,' Al-Maliki said on 5 July.Al-Maliki also called for a reconsideration of the immunity held by coalition forces in Iraq under a mandate from the UN Security Council. 'We do not

  • Al-Mansoori raises the stakes

    Abu Dhabi-based Al-Mansoori Specialised Engineering announced on 10 July that it had strengthened its local position by acquiring local service company Gulf Petroleum Investments (GPI). The deal, the value of which was not disclosed, gives Al-Mansoori full control of GPI, whose core business involves tubular inspection and wireline manpower services. The move is in line with Al-Mansoori's long-term strategy of regional and international expansion. The acquisition of GPI is the second time this y

  • Al-Mashreq Insurance lists on PSE

    Al-Mashreq Insurance Company floated its shares on the Palestinian Securities Exchange on 9 July. With a capital of JD 4.4 million ($6.2 million), Al-Mashreq is the fourth insurance company to list on the Palestinian bourse, bringing the total number of businesses listed on the exchange to 28. In its first day of trading, the value of the company's shares rose by 6.25 per cent to reach JD 1.13 ($1.59) before closing the day at JD 1.02 ($1.44). Three more companies are expected to float their sha

  • Al-Naboodah finds its way in Al-Barari

    The local Al-Naboodah Contracting is the frontrunner for the phase 1 villas contract at the AED 6,600 million ($1,800 million) Al-Barari development in Dubailand. The contract calls for the construction of 330 high-end villas. Phase 2 will comprise a six-star boutique hotel, a self-sustained village, known as Kasbah, a health club and a nursery. The local Khansaheb Civil Engineering is working on the earthworks package. The consultants are: Patio, GHD and Woods Bagot, all Australian; and the UK'

  • Al-Rostamani Pegel wins more towers

    The local/German Al-Rostamani Pegel (ARP) has been awarded three contracts worth more than AED 900 million ($245 million) in Dubai. The contracts cover towers on Sheikh Zayed road, Business Bay and Jumeirah Village.

  • Al-Rostamani Pegel wins more towers

    The local/German Al-Rostamani Pegel (ARP) has been awarded three contracts worth more than AED 900 million ($245 million) in Dubai. The contracts cover towers on Shaikh Zayed road, Business Bay and Jumeirah Village.

  • Al-Saad bids low for National Guard

    The Presidency of the National Guard has received bids from seven local companies for the contract to build barracks for three new battalions in Riyadh. Al-Saad General Contracting Company is the low bidder at SR 225 million ($60 million). Its bid is 0.8 per cent lower than the second best offer of SR 227 million ($60.5 million) submitted by Al-Muhaidib Contracting Company. The 30-month contract calls for the construction of about 60 buildings with associated facilities.

  • Al-Saad bids low for National Guard

    The Presidency of the National Guard has received bids from seven local companies for the contract to build barracks for three new battalions in Riyadh. Al-Saad General Contracting Company is the low bidder at SR 225 million ($60 million). Its bid is 0.8 per cent lower than the second best offer of SR 227 million ($60.5 million) submitted by Al-Muhaidib Contracting Company. The 30-month contract calls for the construction of about 60 buildings with associated facilities.

  • Al-Zarqawi successor's in Egyptian jail, says lawyer

    Abu Hamza al-Muhajir, the alleged successor to Al-Qaeda in Iraq leader Abu Musab al-Zarqawi, is in an Egyptian prison, a lawyer said on 6 July. Mamduh Ismail told the Egyptian daily Al-Masri al-Yawm that he had met Al-Muhajir, also known as Sharif Hazaa or Abu Ayyub al-Masri, in Tura prison in Cairo. He 'is in Tura prison and I met him two days ago while I was visiting some of my claims', Ismail said. Al-Muhajir has been held in the prison for seven years.

  • Al-Zawahiri calls for revenge on Israel

    Ayman Al-Zawahiri, Al-Qaeda's second-in-command, warned in a newly released videotape on 27 July that the group would not stand by while Israeli shells 'burn our brothers'. The message, broadcast by Al-Jazeera television, called on Muslims everywhere to fight and become martyrs. 'The war with Israel does not depend on ceasefires It is a Jihad for God's sake and will last until our religion prevails,' Al-Zawahiri said. 'We will attack everywhere.' Speaking in front of a picture

  • Amana wins warehousing deal

    The local Amana United Trading & Contracting Company, a subsidiary of Dubai-based Amana Contracting & Steel Buildings, has won a contract, worth KD 4.2 million ($14.5 million), to build three logistic facilities at Mina Abdulla for the local PWC Logistics. Under the terms of the six-month contract, Amana will design and build three temperature-controlled warehouses, covering an area of 60,000 square metres. The project will include five office areas each with three floors over a combined area of

  • Amman plans to develop northern cities

    The Tourism & Antiquities Ministry in late July announced the launch of an estimated $48 million project to develop the tourism potential of five cities. 'The five-year project will focus on developing the infrastructure in the towns of Ajloun, Jerash, Karak, Madaba and Salt,' says a senior ministry official.

  • Amman plans to develop northern cities

    The Tourism & Antiquities Ministry in late July announced the launch of an estimated $48 million project to develop the tourism potential of five cities. 'The five-year project will focus on developing the infrastructure in the towns of Ajloun, Jerash, Karak, Madaba and Salt,' says a senior ministry official.

  • Amman sells further JT stake

    Amman offered on 25 July the sale of its remaining 2.5 per cent stake in Jordan Telecom (JT) to local investors. 'In a secondary offering, we have offered 2.5 per cent [in JT] to the public,' JT chairman Shabib Ammari told MEED in late July.The public sale is taking place on the Amman Stock Exchange and will end on 31 July. The government is offering 6.25 million shares at JD 4.66 ($6.62) in the company. The local Arab Jordan Investment Bank is the lead manager.JT is expected to

  • Amnesty condemns Algeria torture

    Amnesty International condemned the continuing use of torture by Algerian security services in a report published on 10 July. The report said that torture '[continues] to be used systematically' by the Department of Information & Security, which is responsible for intelligence gathering. 'Recent measures taken by the Algerian authorities with the stated intention of consolidating 'national reconciliation' have failed to address this grim legacy,' the report said. Amnesty i

  • Amnesty condemns Algeria torture

    Amnesty International condemned the continuing use of torture by Algerian security services in a report published on 10 July. The report said that torture '[continues] to be used systematically' by the Department of Information & Security, which is responsible for intelligence gathering. 'Recent measures taken by the Algerian authorities with the stated intention of consolidating 'national reconciliation' have failed to address this grim legacy,' the report said.

  • Anti-Israel protests flare up Tehran

    About 1,000 people gathered in Tehran on 18 July to voice their disapproval over the week-long Israeli offensive in Lebanon. Protestors, some waving yellow Hezbollah flags, chanted slogans such as 'Down with the USA' and 'Down with Israel'. In comments aimed at Israel, Majlis speaker Gholamali Haddadadel told the rally: 'If it is your right to kill hundreds of people to free a hostage, then the Palestinian and Lebanese nations have every right to fight against you to release thousands of

  • Anti-Israel protests flare up Tehran

    About 1,000 people gathered in Tehran on 18 July to voice their disapproval over the week-long Israeli offensive in Lebanon. Protestors, some waving yellow Hezbollah flags, chanted slogans such as 'Down with the USA' and 'Down with Israel'. In comments aimed at Israel, Majlis speaker Gholamali Haddadadel told the rally: 'If it is your right to kill hundreds of people to free a hostage, then the Palestinian and Lebanese nations have every right to fight against you to release th

  • AQABA: Industrial standard

    Just outside Aqaba, a small railway line snakes its way to the phosphates fertiliser complex, south of the town. Visible from the Desert highway, but of little interest to the holidaymakers who flock to the nearby beaches and resorts, the railway is destined for much greater things, as the Aqaba Development Corporation (ADC) looks to develop a new zone in the south to support the kingdom's mining sector and main port.

  • AQABA: Industrial standard

    Just outside Aqaba, a small railway line snakes its way to the phosphates fertiliser complex, south of the town. Visible from the Desert highway, but of little interest to the holidaymakers who flock to the nearby beaches and resorts, the railway is destined for much greater things, as the Aqaba Development Corporation (ADC) looks to develop a new zone in the south to support the kingdom's mining sector and main port.

  • Arab League transfers $50 million to Palestinians

    The Arab League has transferred $50 million in aid directly to the Palestinian Authority President Abbas bypassing the Hamas-led government.'Fifty million dollars have been transferred to the Palestinian Authority (PA) in full coordination with the Palestinian government,' secretary-general of the Arab League Amr Mussa said on 5 July. 'This is a glimpse of hope ... and a step toward squeezing-out of the siege,' Nabil Shaath, an aide to Abbas, said.Saudi Arabia is expected

  • Arabian gas quest gets serious, and expensive

    News that Bahrain plans to spend $200 million on onshore gas exploration is the latest sign that finding gas is becoming energy priority number 1 for Gulf governments.

  • Arabs disappointed by Rome summit

    Arab countries on 27 July expressed their disappointment over the outcome of the Rome summit. Egyptian Foreign Affairs Minister Ahmed Aboul Gheit said the summit 'failed to meet Arab demands'. He acknowledged, however, that despite the failure by world leaders to call for an immediate ceasefire, the summit was at least 'a step in the direction of a ceasefire'.The conference on 26 July was not attended by representatives from Syria, Iran and Israel. Prior to its conclusion,

  • Arabs disappointed by Rome summit

    Arab countries on 27 July expressed their disappointment over the outcome of the Rome summit. Egyptian Foreign Affairs Minister Ahmed Aboul Gheit said the summit 'failed to meet Arab demands'. He acknowledged, however, that despite the failure by world leaders to call for an immediate ceasefire, the summit was at least 'a step in the direction of a ceasefire'.The conference on 26 July was not attended by representatives from Syria, Iran and Isra

  • Arabs protest against Israeli offensive

    Up to 8,000 worshippers on 21 July protested against the Israeli offensives in Lebanon and Gaza following Friday prayers at Al-Azhar Mosque in Cairo. Plainclothes security officers clashed with the crowds when demonstrators attempted to leave the mosque and take the protest onto the street. The Muslim Brotherhood and the Labour Party organised the party. In Jordan, 2,000 protesters took to the streets of Amman, while in Iraq hundreds of Shias marched in a show of support f

  • Arabs protest against Israeli offensive

    Up to 8,000 worshippers on 21 July protested against the Israeli offensives in Lebanon and Gaza following Friday prayers at Al-Azhar Mosque in Cairo. Plainclothes security officers clashed with the crowds when demonstrators attempted to leave the mosque and take the protest onto the street. The Muslim Brotherhood and the Labour Party organised the party. In Jordan, 2,000 protesters took to the streets of Amman, while in Iraq hundreds of Shias ma

  • Arabtec dives into sewerage works

    Dubai Municipality has awarded the local Arabtec Construction a AED 64 million ($17 million) contract for sewerage works in Dubai and Hatta. The package involves the installation of house connections, rehabilitation works, construction of sewers and drains, pumping/lift stations, pressure mains and non-disruptive road crossings, micro-tunneling and general maintenance.

  • Arabtec has Tiara in its hands

    The local Arabtec Construction has been awarded the main construction contract on the AED 2,100 million ($571 million) Tiara Residence project. Located on Palm Jumeirah, the scheme involves the construction of seven 15-storey residential towers. The development will comprise a 244-room hotel and 132 furnished and serviced apartments. The local Asteco Development Management is the project manager. The local Zabeel Investments is the client. Arabtec has also been awarded a contract to build two mi

  • Arabtec profits up

    The local Arabtec Holding has reported a 102 per cent increase in net profit for the first half of 2006 to AED 113.5 million ($30 million) from AED 56.1 million ($15.2 million) in the corresponding period of 2005. Despite increasing its capital earlier this year from AED 400 million (AED 109 million) to AED 520 million ($141 million), earnings per share for the first half increased by 100 per cent over the same period in 2005.

  • Arabtec profits up

    The local Arabtec Holding has reported a 102 per cent increase in net profit for the first half of 2006 to AED 113.5 million ($30 million) from AED 56.1 million ($15.2 million) in the corresponding period of 2005. Despite increasing its capital earlier this year from AED 400 million (AED 109 million) to AED 520 million ($141 million), earnings per share for the first half increased by 100 per cent over the same period in 2005.Arabtec Construction, a wholly-owned subsidiary of A

  • Aramco chooses Dow for Ras Tanura negotiations

    The US' Dow Chemical Company has been selected by Saudi Aramco to enter into exclusive joint venture negotiations for the world-scale Ras Tanura integrated refinery and petrochemicals complex on the Gulf coast. Dow was one of four international petrochemicals companies shortlisted by Aramco earlier in the year (MEED 9:12:05).If selected as the joint venture partner, Dow will take a minority stake in the complex development. It will license its proprietary technology for many of the downs

  • Aramco fast-tracks Nuayyim GOSP

    Saudi Aramco has issued the invitation to bid documents for the second lump-sum turnkey (LSTK) contract on the Nuayyim oil field development project. Nine companies have been invited to submit bids by 30 August for the fast-track project. Estimated to be worth $700 million-1,000 million, the contract calls for the construction of a 100,000-barrel-a-day (b/d) gas-oil separation plant (GOSP) and related facilities (MEED 7:7:06).

  • Aramco fast-tracks Nuayyim GOSP

    Saudi Aramco has issued the invitation to bid documents for the second lump-sum turnkey (LSTK) contract on the Nuayyim oil field development project. Nine companies have been invited to submit bids by 30 August for the fast-track project. Estimated to be worth $700 million-1,000 million, the contract calls for the construction of a 100,000-barrel-a-day (b/d) gas-oil separation plant (GOSP) and related facilities (MEED 7:7:06).Bids are due to be submitted by late July

  • Aramco plans next phase of Hawiyah NGL

    Saudi Consulting Services (SaudConsult) is carrying out a feasibility study for the phase 2 development of the Hawiyah natural gas liquids (NGL) recovery programme in the kingdom. The study, due to be completed in late 2006, will determine the capacity of the phase. Work is already under way for the first phase works, after Saudi Aramco awarded in 2005 three lump-sum turnkey (LSTK) contracts to build an NGL plant with capacity to treat 3,800 million cubic feet a day of gas to produce dry gas, NG

  • Aramco tenders bulk plant upgrades

    Saudi Aramco has invited companies to submit bids by 22 July for three major contracts to build and expand 12 bulk plants across the kingdom. Estimated to be worth a total of $250 million-300 million, the lump-sum procure and build (LSPB) contracts cover: the Qatif, Dhahran and Hasa bulk plants in the Eastern Province; the north Riyadh terminal, south Riyadh, Qassim and Sulayyil plants in the Central Region; and north Jeddah, south Jeddah, Yanbu, Rabigh and Najran bulk plants in the southwest

  • Architect prepares Asia Asia designs

    US-based Pelli Clarke Pelli Architects has begun preparing concept designs for the Asia Asia hotel and resort on the Bawadi development in Dubailand. The 6,500-room hotel will be the largest in the world and will form the centrepiece of Bawadi. It will feature replicas of Asian landmarks including the Burj Dubai, Hong Kong's Bank of China building, Shanghai's Oriental Pearl TV tower, Kuala Lumpur's Petronas Towers and Taiwan's Taipei 101 building.

  • Architect prepares Asia Asia designs

    US-based Pelli Clarke Pelli Architects has begun preparing concept designs for the Asia Asia hotel and resort on the Bawadi development in Dubailand. The 6,500-room hotel will be the largest in the world and will form the centrepiece of Bawadi. It will feature replicas of Asian landmarks including the Burj Dubai, Hong Kong's Bank of China building, Shanghai's Oriental Pearl TV tower, Kuala Lumpur's Petronas Towers and Taiwan's Taipei 101 building.

  • Areva wins Al-Kudmi substations

    France's Areva T&D has signed a contract worth SR 243 million ($65 million) to supply and install a new 380/115-kV bulk supply point (BSP) substation at Al-Kudmi. Areva submitted the lowest bid for the 30-month contract earlier in the year. The client is Saudi Electricity Company (SEC - MEED 24:3:06).

  • Aromatics finance signed

    The debt package to fund the aromatics project at Sohar has been signed with a group of 14 mandated lead arrangers (MLAs). Financial close is due to be reached by late summer. HSBC is acting as financial adviser (MEED 23:9:05).The size of the financing package has been increased due to the higher than expected value of the contract. The contract was signed for $1,200 million in early July. The 12-year commercial tranche is now worth about $600 million, rather than the $400 million origin

  • Ashghal issues North road tenders

    The Public Works Authority (Ashghal) has invited companies to bid by 6 September for the second construction contract on the North road scheme. The 720-day contract, covering sections 2 and 3, will involve the construction of 160 kilometres of roads and 20 bridges.

  • Ashghal issues North road tenders

    The Public Works Authority (Ashghal) has invited companies to bid by 6 September for the second construction contract on the North road scheme. The 720-day contract, covering sections 2 and 3, will involve the construction of 160 kilometres of roads and 20 bridges.

  • Ashghal lets more expressway work

    The Public Works Authority (Ashghal) has awarded the local/Greek joint venture of Qatar Building Company and Terma a QR 266 million ($73 million) contract for the fourth phase of the Doha Expressway scheme. The 15-month contract involves the construction of a grade-separated interchange at the D-Ring road junction and all associated roads, bridges and underpasses. Croatia's Konstruktor Engineering was awarded a QR 640 million ($175 million) to build the third phase of the expressway project in J

  • ASRY issues slipway tender

    Arab Shipbuilding & Repair Yard Company (ASRY) has invited 10 regional contractors to bid by 5 August for a contract to build a new marine slipway at its Hidd shipbuilding and repair facility. The project involves the construction of two vertically curved slipways capable of docking vessels up to 5,000 dwt. The slipway will comprise track supports on reinforced concrete beams, and will have a two-rail system with a gauge of eight metres. The consultant on the scheme is the local ACE Almoayed Con

  • Asry wins Al-Mariyah

    Bahrain-based Arab Shipbuilding & Repair Yard Company (Asry) announced in mid-July the award of a refurbishment contract for the offshore Al-Mariyah self-elevating, three-legged, 210-foot jack-up drilling rig. The order was placed by Abu Dhabi-based National Drilling Company (NDC) and is worth more than $13 million. The rig was originally manufactured by Japan's Nippon Kokan in 1982 and subsequently acquired by NDC, but has been unused for some time. The scope of works includes refurbishment and

  • Atsco signs monitoring package

    The local Almeer Technical Services Company (Atsco) has signed a KD 12.3 million ($42.4 million) contract to provide corrosion and scale monitoring and install an inhibitor injection package on gathering centre (GC) 14 in the southeast. The contract aims to upgrade GC 14 and improve operational safety at the site. It beat off competition from seven other local contractors. The client is Kuwait Oil Company (KOC - MEED 8:7:05).

  • Award nears for Nasiriyah refinery study

    The Oil Ministry has started technical bid evaluation for the feasibility study and front-end engineering and design (FEED) contract on its proposed 300,000-barrel-a-day (b/d) grassroots crude oil refinery near Nasiriyah in the south. Nine companies submitted technical and commercial bids in early May for the four-month contract. Evaluation of commercial bids is due to start in late August, with a contract award targeted in the third quarter (MEED 12:5:06).

  • Awards beckon for ADWEA substations

    Abu Dhabi Water & Electricity Authority (ADWEA) is evaluating bids for a host of substation projects, as the utility seeks to meet rising demand primarily from the real estate sector. The contracts cover substations ranging in size from 400 kV down to 33 kV and with the exception of one in Ras al-Khaimah emirate, all will be built in Abu Dhabi emirate (MEED 7:4:06).

  • Awards close for Pearl GTL

    Selections are imminent for key engineering, procurement and construction (EPC) packages on the integrated Pearl gas-to-liquids (GTL) project at Ras Laffan, after the submission of final prices in early July (MEED 16:6:06).

  • Awards flow on Maaden fertiliser

    Saudi Arabian Mining Company (Maaden) has selected contracting groups for two of the three remaining main process unit contracts, covering the diammonia phosphate (DAP) and phosphoric acid plants, at its estimated $2,500 million fertiliser complex at Ras al-Zour. Contractor selection is also pending on the ammonia plant contract.

  • Azzawiya upgrade in doubt again

    The future of the project to expand the country's second biggest refinery is once again in doubt, after a poor response from potential bidders forced Azzawiya Refinery Company (ARC) to extend by seven weeks the bid deadline for the main contract on the project. The seven international teams prequalified to bid for the estimated $650 million engineering, procurement and construction (EPC) contract now have until 20 August to submit bids (MEED 28:4:06).

  • Azzawiya upgrade in doubt again

    The future of the project to expand the country's second biggest refinery is once again in doubt, after a poor response from potential bidders forced Azzawiya Refinery Company (ARC) to extend by seven weeks the bid deadline for the main contract on the project. The seven international teams prequalified to bid for the estimated $650 million engineering, procurement and construction (EPC) contract now have until 20 August to submit bids (MEED 28:4:06).Sources in Tripoli say that concerns

  • Bahrain's parliament passes anti-terror law

    The appointed upper chamber of Bahrain's National Assembly (parliament) ratified a stringent anti-terror law on 22 July. The legislation, which received almost unanimous backing by the Shoura Council, allows for the use of the death penalty, jail terms up to life imprisonment and house arrest as punishment for terror-related offences. The act broadly defines terrorism as 'the use, or threat of use, of force or any other illegitimate meansto execute an individual or collective c

  • Baltussen to lead CBD

    Peter Baltussen has been appointed chief executive officer (CEO) of Commercial Bank of Dubai (CBD), following the retirement of Omar Abdel Rahim Leyas. Baltussen was most recently managing director and CEO of Banque de Neuflize-Paris and prior to that was managing director and CEO of Saudi Hollandi Bank.

  • Bank profits reflect economic health

    Banks continued to report positive second-half earnings in late July, reflecting the buoyancy of regional economies and banks' resilience to the stock market downturn. 'The banking sector is a mirror of the economy,' says Standard Chartered Bank senior economist Monica Malik. 'The fundamentals remain strong and there are lending opportunities. Banks have been able to shrug off the bursting [stock market] bubble.'Regional heavyweights National Bank of Kuwait (NBK) and Gulf Investment

  • Bank profits reflect economic health

    Banks continued to report positive second-half earnings in late July, reflecting the buoyancy of regional economies and banks' resilience to the stock market downturn. 'The banking sector is a mirror of the economy,' says Standard Chartered Bank senior economist Monica Malik. 'The fundamentals remain strong and there are lending opportunities. Banks have been able to shrug off the bursting [stock market] bubble.'

  • Banking system is key to Beirut's survival

    Beirut's economy was paying a heavy price in mid-July for the week-long assault by Israel. With much of its key infrastructure destroyed, ports and airports blockaded and thousands of residents displaced, economic activity was grinding to a virtual standstill. The Beirut Stock Exchange closed on 17 July.'The key to whether the crisis turns into something much worse is the banking system and in particular the stability of the deposit base [of local banks],' says a London-based analyst. 'I

  • Banks approached on Fujairah IWPP finance

    Selected banks have been approached about joining an expanded mandated lead arranger group on the $1,500 million debt package for the Fujairah independent water and power project (IWPP), awarded in early July to Singapore's SembCorp. The developer is backed by a bank team of Barclays Capital and Societe Generale. Banks are being asked for commitments of $95 million. The financing comprises a 22-year commercial tranche and an equity bridge. Financial close is due in the fourth quarter (MEED

  • Banks approached on Fujairah IWPP finance

    Selected banks have been approached about joining an expanded mandated lead arranger group on the $1,500 million debt package for the Fujairah independent water and power project (IWPP), awarded in early July to Singapore's SembCorp. The developer is backed by a bank team of Barclays Capital and Societe Generale. Banks are being asked for commitments of $95 million. The financing comprises a 22-year commercial tranche and an equity bridge. Financial close is due in the fourth quarter (MEED 7:

  • Belleli to build new Yanbu tanks

    The local Arabtank Terminals, part of Dubai-based Horizontal Terminals, announced on 1 July the award of a design and build contract to Italy's Belleli Energy to expand its oil products storage facility and export terminal at Yanbu on the Red Sea. Estimated to be worth $50 million, the engineering, procurement and construction (EPC) contract will cover the construction of 10 storage tanks with a total capacity of 252,000 cubic metres. The facility will be designed to handle clean products, in

  • Bemco takes PP9 cooling contract

    The local Arabian Bemco Contracting has been awarded a SR 130 million ($34.7 million) contract by Saudi Electricity Company for the inlet air cooling project on the PP9 block E power plant in Riyadh. Three companies were competing for the job (MEED 7:4:06). The scope of works includes the design, supply, installation, testing and commissioning of a new turbine inlet air cooling system. The award strengthens Bemco's association with PP9, where it is also carrying out the $688 million contract to

  • Besix wins Culture Village infrastructure

    The local/Belgian Bel Hasa Six Construct has been awarded the estimated AED 300 million ($82 million) infrastructure package on the Culture Village development, formerly known as Arabian Bays, in the Al-Jadaf area. The 15-month contract involves the installation of all the development's infrastructure and the construction of a bridge and underpass. Located between the Ras al-Khor and Garhoud bridges opposite Dubai Festival City on the banks of the creek, the Culture Village project includes the

  • BFH residential project launched

    Kuwait-based Gulf Holding Company (GHC) is planning a $450 million residential complex on the Bahrain Financial Harbour (BFH), being developed off the north coast of Manama by locally-based Gulf Finance House (GFH). Called Villamar at the Harbour, the project is the first residential scheme to be launched at the site.Villamar will be located on a 32,000-square-metre plot in the harbour and will include three elements: three 47-57-storey buildings, called The Twisting Towers; 54 four-five

  • BG, Petronas ink Sidi Krier gas concession

    BG Egypt, part of the UK's BG Group, announced on 17 July the signing of an upstream development agreement with Malaysia's Petronas and the Petroleum Ministry covering a concession in the Sidi Krier deep offshore area.

  • Bidders line up for Doha North STP

    Bidding is under way for the grassroots Doha North sewage treatment plant (STP) project. Seven international contractors are prequalified to bid by the 3 October deadline for the STP, which will be the largest in the state and will be located 20 kilometres northwest of Doha. The client is the Public Works Authority (Ashghal MEED 27:1:06).

  • Bidders line up for Doha North STP

    Bidding is under way for the grassroots Doha North sewage treatment plant (STP) project. Seven international contractors are prequalified to bid by the 3 October deadline for the STP, which will be the largest in the state and will be located 20 kilometres northwest of Doha. The client is the Public Works Authority (Ashghal - MEED 27:1:06).

  • Bidding accelerates on Nuberiya 3

    Egyptian Electricity Holding Company (EEHC) is evaluating technical bids for the contract to supply two gas turbines for the 750-MW Nuberiya 3 combined cycle power plant. Three companies are competing to provide the 250-MW turbines Germany's Siemens, the US' General Electric (GE) and Italy's Ansaldo Energia. Commercial bids are expected to be opened in early August, followed by an award in late September.

  • Bids due for Al-Mogran

    Prequalified companies have until 15 August to submit bids for the infrastructure package on phase 1 of the Al-Mogran real estate project. A total of 14 local and international companies have been prequalified to bid for the main services contract covering the 160-acre central business district (CBD).

  • Bids due for El-Tebbine switchgears

    Cairo Electricity Production Company (CEPC) has invited companies to submit bids by 10 October for a lump-sum turnkey (LSTK) contract covering the supply and installation of a 220-kV gas-insulated switchgear (GIS), a 66-kV switchyard and 220-kV transformers to serve its 650-MW El-Tebbine power plant. The contract also includes the installation of a supervisory control & data acquisition (Scada) system (MEED 19:5:06).

  • Bids due for SHY-1 pipeline upgrade

    Saudi Aramco has invited companies to express interest by 20 July for the second-phase expansion of the Shedgum-Yanbu east-west (SHY-1) natural gas liquids (NGL) pipeline.The scope of works on the estimated $100 million-150 million lump-sum turnkey (LSTK) contract covers the supply and installation of a 7,000-hp pump at the Shedgum gas plant, a 10,000-hp pump at pumping station (PS) 6 and a 4,000-hp pump at PS 10, as well as the replacement of the existing gas turbine generators. It also invo

  • Bids in for Hamriyah EPCM storage contract

    Commercial bids are under evaluation at ADNOC Distribution for an engineering, procurement and construction management (EPCM) contract to build a multi-products storage facility in Sharjah's Hamriyah free zone. The bidders for the two-year contract are Tebodin of the Netherlands, Engineers India (EIL) and Mott MacDonald and Penspen International, both of the UK. The successful bidder will also carry out the front-end engineering and design (FEED) package. The estimated $75 million project cal

  • Bids in for Hamriyah EPCM storage contract

    Commercial bids are under evaluation at ADNOC Distribution for an engineering, procurement and construction management (EPCM) contract to build a multi-products storage facility in Sharjah's Hamriyah free zone. The bidders for the two-year contract are Tebodin of the Netherlands, Engineers India (EIL) and Mott MacDonald and Penspen International, both of the UK. The successful bidder will also carry out the front-end engineering and design (FEED) package. The estimated $75 million project c

  • Bids in for Khurais mega packages

    Bids were submitted on 27 June by international contractors for the two main packages on the estimated $11,000 million onshore Khurais crude increment programme covering the crude inlet and central gas processing facilities. The client, Saudi Aramco, is expected to award both lump-sum turnkey (LSTK) contracts in the autumn (MEED 12:5:06).Just two contractors - Italy's Snamprogetti and Paris-based Technip - are understood to have bid for the first package, which covers the construction

  • Bids in for Khurais mega packages

    Bids were submitted on 27 June by international contractors for the two main packages on the estimated $11,000 million onshore Khurais crude increment programme covering the crude inlet and central gas processing facilities. The client, Saudi Aramco, is expected to award both lump-sum turnkey (LSTK) contracts in the autumn (MEED 12:5:06).Just two contractors Italy's Snamprogetti and Paris-based Technip are understood to have bid for the first package, which covers the construction of c

  • Bids in for M substation

    Bids have been submitted to Dubai Electricity & Water Authority (DEWA) for the first package the 400-/132-kV substation on the grassroots Jebel Ali M power and desalination complex. Bidders for the estimated $50 million-60 million contract are Europe's ABB, Germany's Siemens, South Korea's Hyundai Engineering & Construction Company, the local Emirates Trading Agency (ETA), Japan's Mitsubishi Electric Corporation (Melco) and France's Areva T&D. For the power and desalination complex, bids are n

  • Bids in for Manifa seismic

    Bids are under evaluation at Saudi Aramco for a three-year contract to carry out a 2D/3D seismic survey of the offshore Manifa field in the Eastern Province. Bidders for the three-year contract include the local Arabian Geophysical & Surveying Company (Argas), BGP Arabia, a subsidiary of China's BGP International and Western Geco GSI, part of the US' Schlumberger, and the UK's BGS. Aramco plans to invest $9,000 million in redeveloping the field to produce 900,000 barrels a day of new Arabian Hea

  • Bids in for Mukhaizna

    Three companies are understood to have submitted technical bids by 30 June for the $250 million-350 million engineering, procurement and construction (EPC) contract on the Mukhaizna enhanced oil recovery project. The bidders are UAE-based Petrofac International with the local Galfar Engineering & Contracting, the UAE's Dodsal and the local Technical Contractors Services Company. Commercial bids are due by 15 July for the contract, which covers central and satellite production facilities, an oil

  • Bids in for Mukhaizna EOR

    Three companies submitted commercial bids on 23 July for the Mukhaizna enhanced oil recovery (EOR) project. The bidders are: the UAE-based Petrofac International, with the local Galfar Engineering & Contracting; the UAE's Dodsal; and the local Technical Contractors Services Company. The submission was followed three days later with revised commercial bids going in for the Qarn Alam EOR scheme (MEED 16:6:06).

  • Bids in for Pearl GTL tanks

    Technical bids were submitted on 17 July for the engineering, procurement and construction (EPC) contract covering the tank package on the Pearl gas-to-liquids (GTL) project. The bidders for the estimated $250 million contract include US-based Chicago Bridge & Iron (CB&I) and Daewoo Engineering & Construction Company. The tank package is the latest to be tendered on the multi-billion-dollar project, for which a final investment decision is expected to be taken in late July by the client, the Roy

  • Bids in for Pearl GTL tanks

    Technical bids were submitted on 17 July for the engineering, procurement and construction (EPC) contract covering the tank package on the Pearl gas-to-liquids (GTL) project. The bidders for the estimated $250 million contract include US-based Chicago Bridge & Iron (CB&I) and Daewoo Engineering & Construction Company. The tank package is the latest to be tendered on the multi-billion-dollar project, for which a final investment decision is expected to be taken in late July by the client, the

  • Bids in for QP main oil line

    Bids were submitted on 2 July to Qatar Petroleum (QP) for the engineering, procurement and construction (EPC) contract to build the Umm Bab-Mesaieed main oil line (MOL). The bidders include Turkey's Tekfen, Contracting & Trading Company (CAT) of Lebanon, the local Medgulf Construction and Abu Dhabi-based Al-Jaber Energy Services. Estimated to be worth $100 million, the 14-month contract will involve the installation of an 80-kilometre pipeline and the demolition and relocation of the existing

  • Bids in for refinery cogeneration plant

    Prices have been opened for the engineering, procurement and construction (EPC) contract to build a 52-MW cogeneration power plant at the Mina al-Fahal refinery. Iran's Hirbodan is low bidder at RO 59.4 million ($154 million) followed by India's Bharat Heavy Electricals (Bhel) at RO 65.7 million ($170.6 million), India's Larsen & Toubro at RO 76 million ($197 million) and Spain's Tecnicas Reunidas at RO 85 million ($220 million). Oman Refinery Company is the client.

  • Bids in for two Raha marine packages

    Local real estate developer ALDAR Properties is evaluating bids from at least three companies for the marine works package at precinct A on its Raha beach development, as well as bids from two groups for precincts D, E, F and G. However, it has received no bids for two other marine packages covering precincts B and C (MEED 9:6:06).

  • Binladin takes Tabuk airport upgrade

    Saudi Binladin Group (SBG) has been selected for the contract to upgrade the landside facilities at Tabuk airport, the country's fourth largest. The scheme is one of several airport expansions planned in the kingdom (MEED 30:6:06).

  • Blair hopeful on plan for Lebanon

    UK Prime Minister Tony Blair said on 24 July that a peace plan for Lebanon could emerge within days, but a ceasefire would need to be preceded by an agreement over the deployment of an international force in the country. Speaking at a press conference with Iraqi Prime Minister Nouri al-Maliki Blair said: 'I don't want the killing to go on. I want the killing to stop. Now. It has got to stop on both sides and it is not going to stop on both sides without a plan to make it stop.'

  • Blair hopeful on plan for Lebanon

    UK Prime Minister Tony Blair said on 24 July that a peace plan for Lebanon could emerge within days, but a ceasefire would need to be preceded by an agreement over the deployment of an international force in the country. Speaking at a press conference with Iraqi Prime Minister Nouri al-Maliki Blair said: 'I don't want the killing to go on. I want the killing to stop. Now. It has got to stop on both sides and it is not going to stop on both sides without a plan to make it stop.'

  • Blast destroys home of Gaza security officer

    A bomb exploded inside the Gaza City home of Nabil Tammous, a Palestinian security officer, on 18 July. A guard was wounded in the blast. It was not immediately clear who was responsible for the attack, but the incident could signal the resumption of factional violence between Hamas and Fatah loyalists. Tammous is a member of the Preventive Security Service, which is affiliated with Palestinian Authority president Mahmoud Abbas.

  • Blast destroys home of Gaza security officer

    A bomb exploded inside the Gaza City home of Nabil Tammous, a Palestinian security officer, on 18 July. A guard was wounded in the blast. It was not immediately clear who was responsible for the attack, but the incident could signal the resumption of factional violence between Hamas and Fatah loyalists. Tammous is a member of the Preventive Security Service, which is affiliated with Palestinian Authority president Mahmoud Abbas.

  • Blue City gets rated

    Fitch has assigned expected ratings to a $900 million securitisation that will help finance phase 1 of the Blue City (Al-Madinat al-Zarqa) residential and tourism resort. The transaction is an inter-company loan expected to close in July. Blue City Investments 1 is the issuer of a $720 million floating-rate note rated BBB- and a $180 million fixed-rate note rated BB. The notes mature in 2016. The ratings 'address the timely payment of interest on the notes and the ultimate repayment of the princ

  • BMA licenses billion-dollar bank

    The Bahrain Monetary Agency has granted an initial licence to greenfield Islamic investment bank Masrafy, which will have a paid-up capital of $500 million and an authorised capital of $1,000 million.

  • BoA bidders line up

    More than 10 banks are understood to have submitted expressions of interest (EoIs) in early July to take a majority stake in state-owned Bank of Alexandria (BoA). A shortlist is due to be drawn up imminently. The prospective bidders are understood to include: ABN Amro, Arab Bank, Barclays Bank, BNP Paribas, Commercial Bank of Kuwait, Commercial International Bank, EFG Eurobank Ergasias, Mashreqbank, National Bank of Greece, Piraeus Bank and Standard Chartered Bank. On offer is a 75-80 per cent s

  • BoA to shortlist five

    The government expects to announce a list of five banks bidding to acquire Bank of Alexandria (BoA) by early August. Nine companies have already made their interest in the purchase official. They include: Commercial International Bank (CIB), Mashreqbank, BNP Paribas, National Bank of Greece and Standard Chartered Bank. An award is expected in November. BoA is the country's fourth largest state-owned bank and at the end of February had assets of£E 39,800 million ($6,913 million). Its sale is part

  • Bokhawa gets Durrat resort work

    The local Bokhawa Company has been awarded two contracts worth a total of $60 million under phase 1 of the Durrat al-Bahrain resort development. The contracts involve building 158 villas on Atoll 1 island due for delivery in the second half of 2007. The local Projects Construction Company has already started building 83 villas on Petal 1 island under phase 1. Durrat is a residential and tourist development which will cover 20 square kilometres over 13 manmade islands, accommodating 30,000 res

  • Bouteflika, Blair agree on deportation

    Algiers and London have agreed on a framework which will allow the deportation of terror suspects, UK Prime Minister Tony Blair announced on 12 July. The framework provides assurances that Algeria will not torture or in other ways mistreat individuals returned to the country, but falls short of a final agreement. The British government wants to conclude a formal memorandum of understanding which will guarantee that deported individuals will not be tortured, but Algeria has said it prefer

  • Bouteflika, Blair agree on deportation

    Algiers and London have agreed on a framework which will allow the deportation of terror suspects, UK Prime Minister Tony Blair announced on 12 July. The framework provides assurances that Algeria will not torture or in other ways mistreat individuals returned to the country, but falls short of a final agreement. The British government wants to conclude a formal memorandum of understanding which will guarantee that deported individuals will not be tortured, but Algeria has said

  • Brazilians take Oran airport work

    The Public Works Ministry has awarded Brazil's Andrade Gutierrez an estimated AD 2,200 million ($30 million) contract to build a second runway at Oran's Es-Senia airport in the west. The 20-month contract centres on the construction of a 3.6-kilometre runway with associated facilities, the expansion of parking spaces and the modernisation of docking gates. The consultant is a team of the local Saeiti Algerie and Germany's Dorsch Consult.

  • BRIDGES: Bridging the Gulf

    The mid-June announcement that Doha and Manama had agreed to establish a special purpose project company to build a 40-kilometre-long bridge between Bahrain and Qatar is a significant moment in the development of the GCC. Although the Friendship Bridge will be the longest in the world once it is complete, the project is more than just another mega-project in a region awash with huge infrastructure schemes.

  • Budget approved for Maghreb gas link

    Joint Gas Company (JGC), a 50:50 joint venture of Libya's National Oil Corporation and Tunisian state oil company Entreprise Tunisienne d'Activites Petrolieres (ETAP) has approved the estimated $250 million budget for the proposed 285-kilometre gas pipeline project from Melitah in Libya to Gabes in Tunisia (MEED 28:4:06).

  • Burhan bids low for new road

    The local Burhan International Construction Company is low bidder at KD 12.8 million ($44 million) for the contract to build a new road between Kabad and Wafra, in the south of the state, following the submission of bids in early July. Burhan's offer was 17 per cent lower than the second lowest bid of KD 15 million ($51.7 million) submitted by the local Al-Dar Engineering. The local Combined Group is ranked third on price at KD 15.2 million ($52 million). Two other contractors priced the work

  • Cabinet approves National Media Council

    The cabinet has approved the formation of a National Media Council to replace the Information Ministry, which was abolished when the cabinet was appointed in February. The council will be headed by former information minister and current Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan, with Minister of State for Cabinet Affairs Mohammad Abdullah al-Gergawi as its deputy. It will assume all responsibilities regarding media affairs, and any other responsibilities stipulated in cabinet deci

  • Cabinet approves National Media Council

    The cabinet has approved the formation of a National Media Council to replace the Information Ministry, which was abolished when the cabinet was appointed in February. The council will be headed by former information minister and current Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan, with Minister of State for Cabinet Affairs Mohammad Abdullah al-Gergawi as its deputy. It will assume all responsibilities regarding media affairs, and any other responsibilities stipulated in cabin

  • Cairo studies bids for line 3

    Four companies have submitted bids to the National Authority for Tunnels (NAT) for the contract to provide rolling stock for Cairo Metro's line 3. They are Construcciones y Auxiliar de Ferrocarriles (CAF) of Spain, France's Alstom, China International Trust & Investment Corporation (CITIC) and Japan's Mitsubishi Corporation. Technical evaluation is expected to begin soon with a final award due by mid-August.

  • Cairo studies bids for line 3

    Four companies have submitted bids to the National Authority for Tunnels (NAT) for the contract to provide rolling stock for Cairo Metro's line 3. They are Construcciones y Auxiliar de Ferrocarriles (CAF) of Spain, France's Alstom, China International Trust & Investment Corporation (CITIC) and Japan's Mitsubishi Corporation. Technical evaluation is expected to begin soon with a final award due by mid-August.

  • Call for metro operators

    Entreprise du Metro d'Alger has invited firms to submit prequalification applications by 1 August for the contract to operate and maintain the proposed Algiers Metro. A tender is scheduled to be issued in September. Line 1 of the metro project, which comprises a 9-kilometre, 10-station line between Tafourah and Hai el-Badr, is scheduled for completion by the end of 2008. The civil works package is being undertaken by Groupement Algero Allemande du Metro d'Alger (GAAMA), a consortium of German

  • Car bomb in Kufa kills 59

    At least 59 people were killed and 100 injured when a car bomb exploded in the Shia city of Kufa on 18 July. The blast, which took place near the city's grand mosque, targeted a crowd of labourers. Witnesses said the labourers, hoping to be offered work, had crowded around a minibus before it exploded. Most of the victims were Shia Muslims. The attack was the third with a heavy death toll in as many days. At least 48 people were killed and 60 wounded in an attack on a market in

  • Car parking group formed

    Al-Qudra Holding and Al-Malik Group, both local, have established a new company, Q Car Park, to build and maintain car parks across the federation and the Gulf. The company will develop new parking facilities on a build operate transfer (BOT) basis. The company is the latest to be established by Al-Qudra aimed at providing public services.

  • Car parking group formed

    Al-Qudra Holding and Al-Malik Group, both local, have established a new company, Q Car Park, to build and maintain car parks across the federation and the Gulf. The company will develop new parking facilities on a build operate transfer (BOT) basis. The company is the latest to be established by Al-Qudra aimed at providing public services.In March, it formed Emirates Utilities Company Holding with Utilities Development Company Holdings, a subsidiary of Kuwait-based Kharafi Gro

  • CAT pounces on Pearl district cooling

    CAT International Qatar, part of Lebanon's Contracting & Trading (CAT), has been awarded the engineering, procurement and construction (EPC) contract to carry out the main cooling plant package on the Pearl-Qatar island development. The client is Qatar Cool, a joint venture of Dubai-registered National Central Cooling Company (Tabreed) and the local United Development Company, which is the master developer on the Pearl (MEED 21:4:06).The 24-month contract is valued at $145 million. The p

  • CBI gets set for expansion

    Commercial Bank International (CBI), the Ras al-Khaimah-incorporated bank, will more than double its paid-in capital by the end of March 2007 and is finalising plans for an Islamic finance subsidiary, chief executive officer (CEO) Khamis Buharoon says. The number of branches is to be raised to 20 from eight. Shareholders rejected a proposal to make the bank wholly sharia-compliant, says Buharoon, who was appointed CEO in October 2005 after a new board of directors was elected the previous May.

  • CBI gets set for expansion

    Commercial Bank International (CBI), the Ras al-Khaimah-incorporated bank, will more than double its paid-in capital by the end of March 2007 and is finalising plans for an Islamic finance subsidiary, chief executive officer (CEO) Khamis Buharoon says. The number of branches is to be raised to 20 from eight. Shareholders rejected a proposal to make the bank wholly sharia-compliant, says Buharoon, who was appointed CEO in October 2005 after a new board of directors was elected the previous May

  • CEMENT: Big business

    According to statistics from UK consultant Sustainable Business Services, the six GCC countries are now among the world's top 10 cement consumers. More than 50 million tonnes of new capacity is already planned in the region, although these estimates are likely to be conservative. Saudi Arabia alone is gearing up to issue nearly 50 new licences, almost double the amount it planned two years ago.

  • Chinese take Cemex grinding plant

    China National Building Materials Equipment Corporation (CBMEC), a subsidiary of Sinoma International, has been awarded the estimated AED 185 million ($50 million) contract to build a cement and slag grinding facility in Dubai. The plant will be built over an area of 59,000 square metres in the Jebel Ali free zone and include cement storage and delivery facilities. Commissioning is due by mid-2007. The client, Mexico's Cemex, acquired the UK's RMC Group in 2005, giving it 16 ready-mix plants and

  • Chinese take first Tamouh building package

    Local real estate developer Tamouh Investments has awarded Beijing-based China National Overseas Engineering Corporation (Covec) the estimated AED 500 million ($135 million) main construction package for zone B on its AED 5,000 million ($1,360 million) Marina Square development on Reem island.

  • Chinese take first Tamouh building package

    Local real estate developer Tamouh Investments has awarded Beijing-based China National Overseas Engineering Corporation (Covec) the estimated AED 500 million ($135 million) main construction package for zone B on its AED 5,000 million ($1,360 million) Marina Square development on Reem island.

  • Chinese take five in Mirdif

    Local developer Dubai Properties, part of Dubai Holding, has awarded Beijing-based China State Construction Engineering Corporation all five packages, worth an estimated AED 1,000 million ($272 million), on Mirdif Villas, a major residential project in Dubai. Two packages cover the construction of 42 three-storey buildings, each with 34 units, and three packages involve the construction of 250 villas. TAV Gulf, part of Turkey's TAV, had originally been issued a letter of intent for the two ap

  • Circle signs up for Sebou exploration

    Ireland's Circle Oil and state-owned Office Nationale des Hydrocarbures et des Mines (ONHYM) has signed an eight-year exploration agreement for the Sebou concession in the Rharb basin. The agreement is extendable to 25 years if commerically viable discoveries are made. Circle will take a 75 per cent stake in the venture and has committed to drill eight wells in the first three-year phase. ONHYM will hold the remaining 25 per cent.

  • CITC to start licence bidding process

    Telecoms regulator the Communications & Information Technology Commission (CITC), has issued two public notices inviting interested parties to comment on the bidding process for the new mobile and fixed-line licence issue. The public notice coincides with the release of public consultation documents which detail the prequalification and bidding criteria as well as the bidding schedule for the issue.

  • CMA approves four IPOs

    The Capital Market Authority has approved the initial public offering (IPO) of 30 per cent of shares in four local companies - Emaar the Economic City (EEC), Red Sea Housing Services, Saudi International Petrochemical Company (Sipchem) and retailer Al-Hokair.

  • Comium wins in Gambia

    Lebanon-based mobile operator and technology provider Comium Group has been awarded a GSM licence in Gambia, the company's fourth in West Africa. Comium offers GSM, data and internet services in Liberia, which it plans to expand to Sierra Leone and the Ivory Coast, where it also has licences.'There's an opportunity to provide customers with a sophisticated network and new technology like WiMAX [wireless broadband services],' Comium chairman Nizar Dalloul told MEED in early July. 'Most exist

  • Comium wins in Gambia

    Lebanon-based mobile operator and technology provider Comium Group has been awarded a GSM licence in Gambia, the company's fourth in West Africa. Comium offers GSM, data and internet services in Liberia, which it plans to expand to Sierra Leone and the Ivory Coast, where it also has licences.'There's an opportunity to provide customers with a sophisticated network and new technology like WiMAX [wireless broadband services],' Comium chairman Nizar Dalloul told MEED in early July. 'Most existin

  • Comium wins in Gambia

    Lebanon-based mobile operator and technology provider Comium Group has been awarded a GSM licence in Gambia, the company's fourth in West Africa. Comium offers GSM, data and internet services in Liberia, which it plans to expand to Sierra Leone and the Ivory Coast, where it also has licences.

  • COMMERCIAL BANK OF KUWAIT: Regional presence

    Like many of its local counterparts, Commercial Bank of Kuwait has enjoyed a profitable two years as it reaps the benefits of the economic boom. Having consolidated its position as the state's number three conventional bank, the institution is now looking to expand its regional presence.

  • COMPETITION: Still opening the door

    Outside Bahrain and Oman, GCC central banks have long been notoriously protectionist of their local banking sectors. New banking licences have been few and far between for international and regional banks alike, leaving the similarly difficult route of inorganic entry the main option. However, the markets are creaking open - Kuwait being a case in point.

  • Conoco signs up for Fujairah refinery

    The US' ConocoPhillips announced in late July the signing of a heads of agreement (HoA) with International Petroleum Investment Company (IPIC), the investment arm of the Abu Dhabi government, to carry out a feasibility study for the construction of a grassroots refinery at Fujairah on the east coast. The HoA is part of an overall memorandum of understanding (MoU) signed between both parties to identify new upstream and downstream opportunities for joint investment (MEED 21:7:06).

  • Conoco signs up for Fujairah refinery

    The US' ConocoPhillips announced in late July the signing of a heads of agreement (HoA) with International Petroleum Investment Company (IPIC), the investment arm of the Abu Dhabi government, to carry out a feasibility study for the construction of a grassroots refinery at Fujairah on the east coast. The HoA is part of an overall memorandum of understanding (MoU) signed between both parties to identify new upstream and downstream opportunities for joint investment (MEED 21:7:06).

  • CONSTRUCTION Set fair for strong growth

    As the Gulf construction boom enters its fourth year, there is little sign of any slowdown in activity. If anything, the rate of growth is increasing, as governments and private developers continue to plough billions of dollars into the region's physical infrastructure, delivering increased volumes - and profits - for Gulf contractors.

  • CONSTRUCTION: Bursting at the seams

    Driving around Amman's seven hills wasn't always so stressful. 'It used to be easy,' says a local taxi driver. 'Now on some days it can take almost three hours just to get from one circle to the next.'Increasing traffic has been one of the downsides of the capital's rapid growth over the past three years. On the upside, billions of dollars have poured into the real estate sector, as Gulf and expatriate Iraqi investors look to meet rising housing and tourism demand.'There has been

  • CONSTRUCTION: Bursting at the seams

    Driving around Amman's seven hills wasn't always so stressful. 'It used to be easy,' says a local taxi driver. 'Now on some days it can take almost three hours just to get from one circle to the next.'

  • Consultation issued on third mobile operator

    The Telecommunications Regulatory Authority (TRA) has issued a consultation document on the possible licensing of a third mobile network operator. Interested parties are invited to respond by 3 August. A key aspect of the consultation is whether a licence, if issued, should be for a mobile network operator or for a mobile virtual network operator. Respondents are also asked to provide comments on practical issues such as the range of frequency that could be offered. Any licence would be tech

  • Contractors gear up for Kayan

    Four international contractors are understood to be preparing to submit technical bids by25 August for the ethylene oxide/ethylene glycol (EO/EG) package at the Jubail petrochemicals complex, planned by Saudi Kayan Petrochemical Company.

  • Contractors prepare for Maaden cogen

    Local and international contractors are preparing for the release of invitation to bid (ITB) documents on the Ras al-Zour power and desalination plant, planned by Saudi Arabian Mining Company (Maaden). The tender, together with the prequalification shortlist, will be issued on 15 August (MEED 10:3:06).

  • CONTRACTORS: Strangers in a strange land

    In the flat ochre desert of northern Sudan, near the fourth cataract of the Nile, is a bustling Chinese town. More than 2,000 people from the Beijing region live here, growing bok choi and other Chinese vegetables in the silt floodplain of the river. What they can't grow is imported and sold in the local supermarket, which, along with a health centre and several sports halls, provides some focus for the community. By day, most of the town's inhabitants work on the vast Merowe Dam being built

  • CONTRACTS

  • DAE appoints CEO

    Dubai Aerospace Enterprise (DAE) has appointed Bob Johnson, former chairman and chief executive officer (CEO) of US-based Honeywell Aerospace, as its CEO. Johnson's immediate focus will be the launch of DAE's first four operational subsidiaries: DAE Capital, DAE Airports, DAE University and DAE Engineering. DAE was established in Dubai in February 2006 and is developing a $15,000 million global aerospace, manufacturing and services industry in Dubai (MEED 3:3:06, Economy).

  • Daelim wins Ibn Zahr O&U

    South Korea's Daelim Industrial Company received on 15 July a letter of intent for the offsites and utilities (O&U) package on the new Saudi European Petrochemical Company (Ibn Zahr) polypropylene (PP) 3 plant in Jubail.

  • Daelim wins Ibn Zahr O&U

    South Korea's Daelim Industrial Company received on 15 July a letter of intent for the offsites and utilities (O&U) package on the new Saudi European Petrochemical Company (Ibn Zahr) polypropylene (PP) 3 plant in Jubail.

  • Darfur rebels seize town

    A newly-formed alliance of Darfur rebels and political parties has seized the town of Hamrat al-Sheikh in central Sudan, officials said on 4 July. Twelve people - eight policemen, two security men and two women - were killed in the attack. The Sudanese government sent its forces to the area to crush the attack. 'Sudanese planes have been deployed and the aggression is continuing,' a military spokesman said.The National Redemption Front, which instigated the siege, is an al

  • Date set for postal delivery

    The Executive Privatisation Commission (EPC) has set a deadline of October 2007 for the planned sale of a stake in Jordan Post Company (JPC). A consortium led by Lazard has been appointed by the EPC to advise on the process. Lazard will act as financial adviser, LLGM as legal adviser, Ernst & Young as accounting adviser and France's IREPP as technical adviser. The team will be responsible for evaluating the loss-making JPC's existing operations and for preparing a plan for a strategic sale, as w

  • DCA invites PQs for World sewerage

    Dubai's Department of Civil Aviation (DCA) has invited contractors to submit prequalification applications by 10 July for the phase 1 stormwater drainage and sewerage system project at its Dubai World Central airport development in Jebel Ali. The contract consists of supplying and installing underground utilities, pumping stations, irrigation storage tanks and detention ponds. The work will also include more than 100 kilometres of pressure pipe, 120 kilometres of gravity drain pipes, six submers

  • DCE picked for Park Island

    Local developer Emaar Properties has awarded the local Dubai Civil Engineering (DCE) the AED 560 million ($152 million) main construction contract on the Park Island development at Dubai Marina. The 24-month contract covers the construction of four residential towers sitting on a four-level podium on a semi-circular plot of land protruding into the marina behind Jumeirah Beach Residence. Two of the towers, Blakely and Sanibel, will have 24 storeys, and the other two, Bonaire and Fairfield, will

  • Delays for Arfa and Gohar Zamin plants

    Two steel projects are facing new delays that are expected to push back contract awards until the autumn. Arfa Iron & Steel Company has still not opened prices for its direct reduction, steel casting and melting project and is unlikely to start commercial evaluation until August, project sources say. The bid deadline for iron ore concentration and pelletising and direct reduction facilities at Gohar Zamin Iron Ore Company has again been pushed back. The new deadline is 17 August, but contractors

  • Deutsche selects research chief

    Zahed Chowdhury has been appointed as head of Middle East research at Deutsche Bank. He previously held the same position at HSBC. 'The Middle East is becoming an increasingly important region for the investment banking community,' said Ricardo Honegger, head of global markets and global banking for the Middle East and North Africa at Deutsche Bank. 'Following the launch of our brokerage business on the Tadawul [Saudi Arabia's stock exchange] in May, we hope that by developing a strong research

  • DEVELOPMENT: Building it up

    Within a few years, the small port of Aqaba may be unrecognisable. Mega mixed-use real estate developments with 18-hole golf courses, lagoons and luxury residences are set to radically alter the lazy atmosphere of this seaside town.The latest project to be announced is immense. In early April, Bahaa Hariri, son of Lebanon's former prime minister Rafiq Hariri, put pen to paper on a memorandum of understanding for a planned $5,000 million mixed-use real estate development, which will cover

  • DEVELOPMENT: Building it up

    Within a few years, the small port of Aqaba may be unrecognisable. Mega mixed-use real estate developments with 18-hole golf courses, lagoons and luxury residences are set to radically alter the lazy atmosphere of this seaside town.

  • Discussions under way on pelletising plant scope

    Technical bids are now expected to be submitted in September for the engineering, procurement and construction (EPC) and equipment supply packages on the expansion of the Gulf Industrial Investment Corporation (GIIC) plant at Hidd.

  • Dodsal wins final Village package

    The local Dodsal has been awarded the estimated AED 650 million ($177 million) the infrastructure contract at Jumeirah Village South, also known as JV3. The 18-month contract involves the construction of about 50 kilometres of asphalt road, and the installation of a district cooling system, telecommunications network and water, sewerage, and irrigation pipes. The UK's Mouchel Parkman is the consultant, while Canada's EllisDon is the project manager. Dubai-based Limitless, part of Dubai World, is

  • DOHI lands power island contract

    France's Alstom has awarded the local/UK Douglas OHI (DOHI) the estimated RO 14 million ($36 million) civils package on the power island serving the Sohar aluminium smelter project. Alstom's RO 196 million ($511 million) engineering, procurement and construction (EPC) contract calls for the construction of a 1,000-MW power island to serve the 350,000-tonne-a-year smelter. The local/UK Carillion Alawi has completed the site preparation contract. US-based Bechtel is the engineering, procurement an

  • Dolphin hit by Riyadh's bolt from the blue

    More than two years after the main construction contracts were placed, the Dolphin pipeline project has become ensnared in the territorial dispute between the UAE and Saudi Arabia. In letters to several shareholders, contractors and banks involved in the $3,500 million project, Riyadh has claimed that a portion of the 370-kilometre subsea pipeline running from Ras Laffan in Qatar to Taweelah in Abu Dhabi will pass through the kingdom's waters and as a result, requires written consent. The Dolphi

  • Dozens of Palestinians die in Gaza raids

    At least 14 Palestinians were killed in Israeli raids and air strikes on the Gaza Strip on 26 July. Some nine militants and a three-year old girl were among those reported to have been killed. Israel also bombed offices used by Hamas forces in Gaza City. About 50 Israeli tanks pushed more than two kilometres into northern Gaza overnight and fighting between Israeli troops and Palestinian militants broke out near the town of Jabaliya (

  • Dozens of Palestinians die in Gaza raids

    At least 14 Palestinians were killed in Israeli raids and air strikes on the Gaza Strip on 26 July. Some nine militants and a three-year old girl were among those reported to have been killed. Israel also bombed offices used by Hamas forces in Gaza City. About 50 Israeli tanks pushed more than two kilometres into northern Gaza overnight and fighting between Israeli troops and Palestinian militants broke out near the town of Jabaliya (

  • DP World docks in Peru

    Peru's Agency for Investment Promotion (Proinversion) and the National Port Authority (APN) have granted Dubai's DP World a 30-year concession to develop and operate a new container terminal in the southern zone of the Port of Callao, Peru. DP World will own 70 per cent of the development company through its subsidiary P&O, with the balance held by its Peruvian partner, the Unimar Group of Companies (see Cover Story; MEED 16:6:06).

  • DP World: Taking on the world

    When Shaikh Rashid bin Saeed al-Maktoum announced plans to build the world's largest man-made port at Jebel Ali in 1978, there were many who wondered why. With Dubai already possessing Port Rashid, it would, they claimed, be an expensive and unnecessary white elephant.

  • Drake & Scull wins PAAET subcontract

    The UK's Drake & Scull International has won a mechanical and electrical subcontract, worth KD 8.9 million ($30.7 million), for the special training centre planned by the Public Authority for Applied Education & Training (PAAET) at its Shuwaikh campus. The three-year subcontract calls for the procurement, supply, installation, testing and commissioning of a complete electrical, mechanical, drainage and fire-fighting system at the college. It has been placed by the local Real Estate Constructi

  • Druze rivals clash in Lebanon

    Clashes between rival Druze groups on 4 July in Lebanon left one person dead and five wounded. Fighting broke out overnight between supporters of the pro-Syrian former minister Wiam Wahhab and the anti-Syrian politician Walid Jumblatt over political posters displayed in Jahliye, south of Beirut. Lebanese security forces intervened to stop the violence.This is the second time Jumblatt and Wahhab loyalists have exchanged fire this year. In April, Wahhab's bodyguards shot and

  • Dubai Bank turns Islamic

    Dubai Bank is in the process of conversion to a fully Islamic bank and expects to complete the transition by the first quarter of 2007. The plan has received the approval of both the board of directors and the shareholders, and a sharia board is in place. The bank already offers Islamic products, launching a sharia-compliant investment certificate in late June. Dubai Bank has been undergoing a period of change recently: in late 2005, Dubai Holding acquired 70 per cent of the bank from local deve

  • Dubai developer's China project

    Local real estate developer Damac Properties plans to build an estimated AED 10,000 million ($2,720 million) mixed-used project in China's Tanggu District. The development will overlook Tianjin Port, where a DP World-led joint venture is developing new port facilities. The project is the first real estate venture by a Dubai-based developer in China. Sama Dubai, part of Dubai Holding, and Dubai's Emaar Properties is also understood to be considering developments in the country (MEED 4:11:05).

  • Dubai Holding deal flies

    The $2,250 million syndicated loan for Dubai Holding has been signed, with a total of 45 banks joining the deal. Subscriptions were received totalling some $4,000 million.

  • Dubai Holding deal flies

    The $2,250 million syndicated loan for Dubai Holding has been signed, with a total of 45 banks joining the deal. Subscriptions were received totalling some $4,000 million.

  • Dubai issues tenders for floating bridge

    Dubai's Roads & Transport Authority (RTA) has invited companies to bid by the end of July for the proposed floating bridge project across the creek. The eight-month contract will be completed on a fast-track basis and is aimed at reducing congestion on the existing Maktoum bridge (MEED 2:6:06).

  • Dubai Properties attracts more projects

    Dubai Properties, part of Dubai Holding, has attracted a further $600 million of investment at Business Bay and Culture Village. South Korea's Sungwon Corporation is planning developments at both sites, while Rani International, part of Saudi Arabia's Aujan Group, will develop a mixed-use project at Business Bay.

  • DUBAI PROPERTY: Home comforts

    Some relief may at last be on the horizon for Dubai residents, who have suffered annual rent increases of up to 50 per cent over the past two years. A flood of housing stock is due to come onto the market over the next six months in a move that should put a brake on runaway rent increases.

  • DUBAI PROPERTY: Home comforts

    Some relief may at last be on the horizon for Dubai residents, who have suffered annual rent increases of up to 50 per cent over the past two years. A flood of housing stock is due to come onto the market over the next six months in a move that should put a brake on runaway rent increases.

  • Dubai World opens its big umbrella

    Dubai World, a holding company of the Dubai government, was formally launched on 2 July. The new group will comprise about 20 companies and include DP World, P&O, Jebel Ali Free Zone Authority (Jafza), Nakheel, Dubai Drydocks, Dubai Multi Commodities Centre (DMCC), Istithmar, Inchcape Shipping Services, One & Only, Tejari, Tamweel, Kerzner, Dubai Maritime City, Island Global Yachting, Limitless, Atlantis and Technopark. Through its subsidiaries, the holding company has substantial overseas as

  • DURL given green light for phase 2 metro works

    Dubai's Roads & Transport Authority (RTA) has awarded the AED 4,089 million ($1,112 million) contract for the phase 2 works on the Dubai Metro project to the Dubai Rapid Link (DURL) consortium. The contract was placed as an option to the AED 12,450 million ($3,400 million) contract awarded to DURL in June 2005 (MEED 7:7:06).

  • Durrat villas awarded

    The local Kooheji Contractors has been awarded an estimated $60 million contract to build 160 villas on Atoll 2 island on the Durrat al-Bahrain resort, being developed by the government and Kuwait Finance House on reclaimed land off the southern tip of the main island. Construction is due to begin in September and to be completed during the second half of 2007. It is the latest in a series of awards to local companies for villa construction on the project (MEED 14:7:06).

  • Dutco takes interchange

    Dubai's Roads & Transport Authority (RTA) has awarded the local/UK Dutco Balfour Beatty (DBB) the AED 475 million ($126 million) contract to build interchange 5.5 on Sheikh Zayed road. The intersection will be located between interchange 5 and the Gardens/Ibn Battuta mall flyover (MEED 30:6:06).

  • Duty-free PQ list revealed

    A total of 12 international and local companies have been prequalified by the General Authority for Civil Aviation (GACA) for the establishment, operation and management of duty-free shops at three international airports in the kingdom.

  • ECC wins cables contract

    The local Electrical Contracting Company (ECC) has won a contract, worth KD 8.2 million ($28.3 million), to supply and install 300-kV ground cables for the Energy Ministry (Electricity & Water). ECC was low bidder for the work when bids were submitted in January. Under the terms of the two-year contract, more than 26 kilometres of 1,600-millimetre-diameter cable will be sourced from Japan's J-Power Systems Corporation before being installed by ECC in and around the Ahmadi oil township area.

  • ECONOMY: No room to manoeuvre

    Although much attention in the past year has focused on the political storm clouds gathering over Damascus, the economic challenges facing the country are no less daunting. During recent Article IV consultations, the IMF's usually neutral language was replaced with a bleak view of prospects for the economy unless urgent action is taken.

  • ECONOMY: No room to manoeuvre

    Although much attention in the past year has focused on the political storm clouds gathering over Damascus, the economic challenges facing the country are no less daunting. During recent Article IV consultations, the IMF's usually neutral language was replaced with a bleak view of prospects for the economy unless urgent action is taken.

  • ECONOMY: Overcoming the obstacles

    Amman continues to surprise. With the Israeli-Palestinian conflict to the west, the command economy of Syria to the north, and the deteriorating security situation in Iraq on its western border, investors still flock to the kingdom.

  • ECONOMY: Overcoming the obstacles

    Amman continues to surprise. With the Israeli-Palestinian conflict to the west, the command economy of Syria to the north, and the deteriorating security situation in Iraq on its western border, investors still flock to the kingdom.

  • EFC eyes melamine plant

    Egyptian Fertilisers Company (EFC) is holding negotiations with Italy's Eurotecnica over developing a planned melamine plant. A preliminary agreement between the two parties was signed in June and a final accord could be reached by the end of 2006. EFC will invest about $100 million in the plant, located in Ain al-Sokhna in the northwest Gulf of Suez.The plant will have initial capacity of 35,000 tonnes a year (t/y). Project completion is expected by late 2008 or early in 2009. Interest

  • EGYPT

    Expressions of interest. Project no P087970. Supply of goods, carrying out works, and provision of consultancy and related services as part of the West Delta water conservation and irrigation rehabilitation project. The project will include a number of components, the most important of which is the design, build and operation of a surface water system for about 135,000 feddans, phase 1, in the fringes of the West Delta region. Financed by the World Bank.

  • EGYPT

    Tender no 5/G/WB/ICB/ICTP/2006. Enhancement of the infrastructure of the Egyptian universities network, phase 1, as part of the higher education's information and communication technology project (ICTP). Financed by the World Bank.

  • EGYPT

    General procurement notice. Supply of goods, carrying out works and provision of consultancy and related services as part of the higher education enhancement project. The project includes the following: 1) the Egyptian technical colleges project; 2) the faculty leadership enhancement project; 3) the higher education enhancement project fund; 4) the quality assurance and accreditation project; and 5) the information and communication technology project (ICTP). Financed by the World Bank.

  • EGYPT

    Tender no 10048-CP-105. Supply of two heat recovery steam generators, three HP/IP feedwater pumps, three LP feedwater pumps, two condensate pumps, one standalone deaerator, critical piping and valves, a DCS and data acquisition system, main steam bypass valves, including all necessary mechanical and electrical systems, as part of the El-Kureimat III 750-MW combined cycle power plant project. All civil works will be provided by the owner. Financed by the African Development Bank. Bid bond is $

  • EGYPT

    Tender no 10047-CP-105. Supply of pumps and drives as part of the 750-MW Nuberiya combined cycle power station III project for the Egyptian Electricity Holding Company's West Delta Electricity Production Company. The scope of works includes, but is not limited to, designing, fabricating, furnishing, delivering, transporting to the site, unloading, storing, erecting, testing, starting-up, assistance during installation, putting into successful operation and commissioning of two vertical can ty

  • EGYPT

    CD extension. Expressions of interest. Project no P087970. Supply of goods, carrying out works, and provision of consultancy and related services as part of the West Delta water conservation and irrigation rehabilitation project. The project will include a number of components, the most important of which is the design, build and operation of a surface water system for about 135,000 feddans, phase 1, in the fringes of the West Delta region. Financed by the World Bank.

  • EGYPT

    Tender no 10047-CP-104. Project no P091945. Provision of switchyard as part of the El-Tebbin two-by-350-MW gas oil fired thermal power plant project for the Egyptian Electricity Holding Company's Cairo Electricity Production Company. The project comprises the design, engineering, furnishing, fabrication, delivery, storage, installation, testing, commissioning, training, start-up, putting into operation of all materials and equipment including all detailed design and construction for all civil, a

  • Egypt amends new press law

    The Egyptian parliament passed a new press law on 10 July despite protests from journalists who say the law is repressive. The bill was passed after President Mubarak intervened to remove clauses allowing journalists to be imprisoned for reporting on allegations of government corruption. Journalists who question the financial integrity of officials or state employees will no longer face possible jail time. 'The president responded positively to the representatives of the people and instr

  • Egypt amends new press law

    The Egyptian parliament passed a new press law on 10 July despite protests from journalists who say the law is repressive. The bill was passed after President Mubarak intervened to remove clauses allowing journalists to be imprisoned for reporting on allegations of government corruption. Journalists who question the financial integrity of officials or state employees will no longer face possible jail time. 'The president responded positively to the representatives of the people

  • Egypt persuades Hamas leader to leave

    Mohammed Nazzal, a senior Hamas official, left Cairo on 13 July after Egyptian officials warned him that his life could be in danger. The Damascus-based Nazzal arrived in Cairo on 12 July and said he planned to remain in the country for several days after he held talks with the head of Egyptian intelligence, Omar Suleiman. Egyptian authorities cancelled a press conference for Nazzal on 13 July citing security reasons, and urged him to take the first flight back to Damascus.

  • Egyptian priest splits from Coptic Church

    An Egyptian priest has decided to break away from the country's Coptic Church led by Pope Shenuda III. Archbishop Maximus I has proclaimed himself the head of a new church and plans to instate bishops across Egypt. Maximus has blamed Pope Shenuda for poor leadership of the Church. 'The church has never known a pontificate as bad as Shenuda's and Egypt has never lived sectarian clashes as they have under him,' Maximus said.A group of Coptic Christians began legal proceeding

  • Eight killed in Israeli raids

    Up to eight Palestinians died on 6 July following an assault on the Gaza Strip by Israeli forces. Troops rolled into northern Gaza overnight, moving three kilometres into the territory and taking control of an industrial area and three former Jewish settlements at Dugit, Elei Sinai and Nissanit.A Palestinian civilian was killed when fighting between militants and Israeli troops broke out in Beit Lahiya. An air strike in southern Gaza targeted militants who fired anti-tank

  • Emaar and Turner form new entity

    UAE-based Emaar Properties and US-based Turner Construction International have formed a new entity, Turner International Middle East (Turner International ME), to offer programme, project and construction management services in the Middle East and North Africa (MENA). Turner will be a minority shareholder and will contribute its existing Middle East operations to the venture. A seamless integration period is expected as the new company will continue to focus on programme, project and constructio

  • Emaar earnings climb higher

    Dubai-based Emaar Properties has announced record first-half profits. It recorded profits of AED 3,053 million ($831 million) in H1 2006, a 21 per cent increase on the same period in 2005. Profits for the second quarter were AED 1,536 million ($418 million). Revenues for the first six months of the year were up by 8 per cent to AED 5,079 million ($1,383 million). During the period, the company announced it intended to develop projects outside the UAE with a total value of AED 79,000 mill

  • Emaar IPO opens

    The initial public offering (IPO) of shares in Emaar The Economic City opened on 22 July, and is due to close in early August. In spite of turbulent secondary market conditions and a fatwa issued against subscription, the issue is expected to be oversubscribed. It is the first greenfield IPO to be fully underwritten, 50 per cent by financial adviser HSBC with SABB and 50 per cent each by National Commercial Bank and Riyad Bank. The next IPO, due to be launched in August, will be of shares in the

  • Emaar plans five projects

    Dubai-based real estate developer Emaar Properties has confirmed that it is considering plans for five projects in Algiers. The plans have been presented to the government. The projects join Emaar's other overseas schemes in Saudi Arabia, Syria, Jordan, Lebanon, Turkey, Egypt, Tunisia, Morocco and Pakistan (MEED 2:6:06).

  • EMAD starts Upper Zakum study

    Upstream operator Zakum Development Company (Zadco) has started work on a detailed full-field reservoir and development evaluation of the offshore Upper Zakum field. The technical study, targeted to be completed by mid-2007, will determine the final development cost and the selection of technology to increase output from the field by 50 per cent to 750,000 barrels a day by 2010/11. 'As the field is complex, increasing production and maximising recovery will require the industry's best technology

  • Emap acquires AME Info

    The UK-+s Emap announced on 4 July that it had acquired Dubai-based business news and information service AME Info. The acquisition by Emap, which also publishes MEED, is in line with the company-+s aim of targeting fast growing media platforms and provides a strong online platform to develop new and existing products in the Middle East. AME Info was founded in Dubai in 1996. It covers all aspects of business news in the Middle East region providing real-time information across a range of ind

  • Emap acquires AME Info

    The UK's Emap announced on 4 July that it had acquired Dubai-based business news and information service AME Info. The acquisition by Emap, which also publishes MEED, is in line with the company's aim of targeting fast growing media platforms and provides a strong online platform to develop new and existing products in the Middle East. AME Info was founded in Dubai in 1996. It covers all aspects of business news in the Middle East region providing real-time information acr

  • Emap acquires AME info

    The UK's Emap, the owner of MEED, on 4 July announced that it had acquired Dubai-based business news and information service AME Info. AME was founded in Dubai in 1996 and covers all aspects of business news in the Middle East region providing real-time information across a range of industry segments.

  • Emirates bond breaks record

    Dubai-based carrier Emirates has closed its dirham-denominated AED 1,800 million ($490 million) bond issue. The seven-year, floating-rate note was priced at 65 basis points over a six-month Emirates interbank offered rate (Ebor) and will list on the Dubai Financial Market. Emirates Financial Services, HSBC and National Bank of Dubai were joint lead managers and bookrunners on the issue, which is the largest dirham-denominated note to date (MEED 21:4:06).

  • Emirates gets Eximbank loan

    Dubai-based carrier Emirates has signed a $261 million financing agreement with the US Export-Import Bank (Eximbank) for two Boeing B777-300 aircraft, which are scheduled for delivery in August and October 2006. Citigroup was the arranger. The 12-year deal carries a margin of 66 basis points over Libor.

  • Emirates Islamic Bank weighs capital options

    Emirates Islamic Bank (EIB), the sharia-compliant subsidiary of Emirates Bank Group, has enough capital to maintain growth this year but could raise more in 2007, the bank's chief executive officer Ebrahim Fayez al-Shamsi told MEED on 11 July.

  • Emirates Islamic Bank weighs capital options

    Emirates Islamic Bank (EIB), the sharia-compliant subsidiary of Emirates Bank Group, has enough capital to maintain growth this year but could raise more in 2007, the bank's chief executive officer Ebrahim Fayez al-Shamsi told MEED on 11 July.

  • Emirates orders Boeings

    Dubai-based carrier Emirates announced on 18 July at the Farnborough Air Show the signing of a heads of agreement (HoA) with The Boeing Company of the US for a $3,300 million deal to acquire 10 new 747-8F aircraft. General Electric, also of the US, will supply the engines as part of a deal valued at more that $600 million. The Emirates order is unlikely to be the last for Boeing from a regional carrier. Qatar Airways was widely expected to sign an agreement for an order of 20 777 aircraft from

  • Energy Minister unveils power plans

    Amman will invest more than $1,000 million to boost its power capacity over the next 10 years, Energy & Mineral Resources Minister Azmi Khreisat told MEED in early July. The investment will go into four independent power projects (IPPs), the first of which is in final negotiations (MEED 21:4:06).The plans centre on the construction of new power plants with combined capacity of 1,500 MW. The IPPs, scheduled for completion by 2015, will be offered to investors on a build-own-operate (BOO)

  • EoIs out for West Delta Irrigation project

    The Water Resources & Irrigation Ministry has invited expressions of interest by late August for its West Delta Conservation & Irrigation Rehabilitation project. The 30-year design-build-operate (DBO) contract will cover the construction of a piped surface water irrigation network over a 80-square-kilometre site north of Cairo. The project is estimated to cost $200 million. The World Bank has agreed to provide a $175 million loan for the proposed scheme, which is aimed at resolving the issues

  • Etisalat inks credit agreement

    Emirates Telecommunications Corporation (Etisalat) has signed its $3,000 million revolving line of credit agreement with a syndicate of 22 banks. The facility will finance its expansion plans and can be used to fund any type of activity, including investments and acquisitions. The joint underwriters and bookrunners were Barclays Capital, Citibank, Deutsche Bank and HSBC (MEED 9:6:06).

  • Etisalat kicks off-load rumours into touch

    Emirates Telecommunications Corporation (Etisalat) denied on 26 July reports that it was considering selling 15 per cent of its stake in the consortium recently awarded Egypt's third mobile licence. The firm is understood to have received offers from international firms for the stake, but announced it has 'no intention of selling any part of its share in the consortium'. Etisalat holds a 66 per cent share of the consortium, which also includes Egypt Post, National Bank of Egypt and Commercial

  • Etisalat kicks off-load rumours into touch

    Emirates Telecommunications Corporation (Etisalat) denied on 26 July reports that it was considering selling 15 per cent of its stake in the consortium recently awarded Egypt's third mobile licence. The firm is understood to have received offers from international firms for the stake, but announced it has 'no intention of selling any part of its share in the consortium'. Etisalat holds a 66 per cent share of the consortium, which also includes Egypt Post, National Bank of Egypt and Commercial In

  • Etisalat scoops third GSM licence

    A consortium led by UAE-based Emirates Telecommunications Corporation (Etisalat) has been awarded the country's third GSM licence after submitting the highest bid of£E 16,700 million ($2,900 million) in a public auction on 4 July. Technical bids were submitted in May. Etisalat beat off competition from nine other consortiums including the local Telecom Egypt, Kuwait's MTC and South Africa's MTN (MEED 5:5:06).

  • EU appoints ambassador to Arab League

    The EU has named its first ambassador to the Arab League, officials announced on 4 July. Klaus Ebermann, head of the European Commission's delegation in Egypt, will be responsible for the EU's relations with the Arab League.'With today's development, the European Commission and Arab League will reinvigorate and broaden the scope of their collaboration by establishing a larger platform to identify and implement new areas of co-operation,' the Commission said.

  • EU, Africa discuss illegal immigration

    Representatives from the EU and African states agreed on a plan to address illegal immigration during a meeting in Rabat on 12 July. 'We have agreed to create and develop a close partnership between our respective countries to work together... with respect for the fundamental rights and dignity of migrants and refugees,' a final statement said. Ministers from 58 countries attended the meeting. The delegates agreed on a number of measures including the joint monitoring of s

  • EU, Africa discuss illegal immigration

    Representatives from the EU and African states agreed on a plan to address illegal immigration during a meeting in Rabat on 12 July. 'We have agreed to create and develop a close partnership between our respective countries to work together... with respect for the fundamental rights and dignity of migrants and refugees,' a final statement said. Ministers from 58 countries attended the meeting. The delegates agreed on a number of measures includi

  • EU, Iran talks to go ahead

    Iran's chief nuclear negotiator Ali Larijani will meet Javier Solana, head of EU foreign policy, in Brussels on 6 July. The meeting was originally scheduled to take place on 5 July, but was postponed after Iran expressed concerns over a visit to the European Parliament by an exiled member of an Iranian opposition group.More detailed talks are due to be held on 11 July, when the EU expects Iran to give a formal response to a package of nuclear incentives offered to it by th

  • Ewaan to invest in Saudi housing

    Bahrain-based International Investment Bank (IIB) has formally launched a $100 million real estate company that will invest in property in Saudi Arabia. The company, called Ewaan, plans to invest SR 2,000 million ($533 million) over the next three years, focusing on housing for middle-income groups. The Islamic Corporation for Development of the Private Sector (ICD), an affiliate of Islamic Development Bank, and Saudi Economic & Development Company (Sedco) are partners in the company. Other inve

  • FEMIP: Help where it's needed

    Mediterranean rim economies are growing fast but not fast enough, according to the Facility for Euro-Mediterranean Investment & Partnership (FEMIP). 'The present 5 per cent growth for the Mediterranean partner countries is OK,' says European Investment Bank (EIB) vice-president for FEMIP Philippe de Fontaine-Vive. 'But, given the demography the labour force is growing at 3 per cent a year 6-8 per cent growth is needed.'

  • Fence bidders line up

    The Defence & Aviation Ministry has received bids from 11 local contractors to build a security fence along the entire length of its border with Iraq. The double-lined border fence will feature electronic sliding gates and computer-controlled detector systems and is part of a major push by Riyadh to improve internal security in the kingdom (MEED 9:6:06).The bidders are: Al-Arrab Contracting, Al-Fahad, Al-Jabreen, Al-Kifah Contracting, Al-Khodary Sons Company, Almabani General Contractors

  • First Jordan set for launch

    Global Investment House is planning to launch by early August a new investment company to set up projects across the kingdom (MEED 25:11:05). To be called First Jordan, the new company will have capital of JD 150 million ($213 million) and is planned to be listed on the Amman Stock Exchange (ASE). Founders of the new company include Global, Global's local subsidiary and Jordan Trade Facilities Company, which will jointly own a 60 per cent stake. An initial public offering (IPO) on the AS

  • First oil due at offshore Oudna

    A consortium of Sweden's Lundin Petroleum and Atlantis Holding Norway, a subsidiary of China's Sinochem, is set to begin oil production from the offshore Oudna field in September. The field, which has proven and probable oil reserves of 11.5 million barrels, is expected to begin initial production at 20,000 barrels a day. Lundin, the operator, and Sinochem each hold a 50 per cent interest in the field. State oil company Entreprise Tunisienne des Activites Petrolieres (ETAP) has the option to

  • First oil from block 5A

    Malaysia's Petronas has announced the first production of crude oil from the onshore block 5A in the south. 'The production rate from the Thar Jath field is expected to stabilise at about 20,000 barrels a day [b/d], before rising to 60,000 b/d by the end of the year,' a Petronas announcement said. Plans have also been drawn up to increase production to 150,000 b/d. Block 5A is estimated to hold reserves of 149 million barrels. Petronas has a 68 per cent interest in the field operator, White Nile

  • Five die in Gaza shelling

    At least three Palestinians were killed and several more wounded on 24 July when an Israeli shell landed on a crowd of people standing near a block of flats in Beit Lahiya. The Israeli military said it was investigating the incident. A second shell explosion to the west of the town killed a 14-year-old boy and his grandmother. Also in Gaza, two people were injured in separate air strikes on two suspected weapons stores. Earlier Israeli officials said Palesti

  • Five die in Gaza shelling

    At least three Palestinians were killed and several more wounded on 24 July when an Israeli shell landed on a crowd of people standing near a block of flats in Beit Lahiya. The Israeli military said it was investigating the incident. A second shell explosion to the west of the town killed a 14-year-old boy and his grandmother. Also in Gaza, two people were injured in separate air strikes on two suspected weapons stores.

  • Four investors line up for Cegco sell-off

    The Executive Privatisation Commission (EPC) is in talks with four financial investors over the sale of a 51 per cent stake in Central Electricity Generating Company (Cegco). Prospective investors include Amman-based JD Capital, Kuwait's Kharafi National, Dubai-based Abraaj Capital and an unidentified company from Malaysia. Officials at the EPC expect to make an award by August (MEED 31:3:06).

  • Four Palestinians killed in Gaza

    A Hamas fighter and three civilians were killed on 21 July when an Israeli tank shell hit a house in the Shajaiyeh district. According to Hamas sources the blast killed Mohammed Harara, a member of the Hamas movement's armed wing, his mother and two of her grandchildren. At least three others were injured in the attack.Earlier on 21 July, Israeli tanks withdrew from the Maghazi refugee camp after a three day raid in which 15 Palestinians were killed. 'Our fo

  • Four Palestinians killed in Gaza

    A Hamas fighter and three civilians were killed on 21 July when an Israeli tank shell hit a house in the Shajaiyeh district. According to Hamas sources the blast killed Mohammed Harara, a member of the Hamas movement's armed wing, his mother and two of her grandchildren. At least three others were injured in the attack.Earlier on 21 July, Israeli tanks withdrew from the Maghazi refugee camp after a three day raid

  • Four UN observers killed in Israeli air strikes

    Four unarmed UN observers from Austria, Canada, China and Finland were killed when their post was hit in an Israeli air strike on 25 July. An initial UN investigation into the incident found that the peacekeepers had contacted Israeli troops 10 times during a six-hour bomb attack before they were killed. Israel had assured them the firing would stop during each call.'I am shocked and deeply distressed by the apparently deliberate targeting by Is

  • Four UN observers killed in Israeli air strikes

    Four unarmed UN observers from Austria, Canada, China and Finland were killed when their post was hit in an Israeli air strike on 25 July. An initial UN investigation into the incident found that the peacekeepers had contacted Israeli troops 10 times during a six-hour bomb attack before they were killed. Israel had assured them the firing would stop during each call.'I am shocked and deeply distressed by the apparently deliberate targeting by Israeli Defence Forces of a UN

  • Freehold areas land

    The Dubai government has announced the locations where expatriates will be able to purchase freehold property. The areas include all three Palm island developments, Dubai Marina, The World project, Emirates Hills and plots in Al-Barsha and Jebel Ali, Gulf News reported. The government unveiled a new property law in March granting foreigners the right to own land in the emirate, but did not specify the designated areas where it would apply (MEED 17:3:06).The government is expected to issu

  • Freehold areas land

    The Dubai government has announced the locations where expatriates will be able to purchase freehold property. The areas include all three Palm island developments, Dubai Marina, The World project, Emirates Hills and plots in Al-Barsha and Jebel Ali, Gulf News reported. The government unveiled a new property law in March granting foreigners the right to own land in the emirate, but did not specify the designated areas where it would apply (MEED 17:3:06).

  • French judge to probe journalist's assassination

    French anti-terrorism judge Jean-Louis Bruguiere said on 6 July that it was the 'duty of the French justice system to do everything possible' to identify those responsible for the murder of the Lebanese journalist Samir Qassir. 'Samir Qassir was enormously respected in Lebanon and France,' Brouguiere said following a meeting with Prime Minister Fouad Siniora in Beirut.This is Bruguiere's first visit to Lebanon since the probe into the murder was

  • Fuel price rise greets subsidy cut

    Petrol and diesel prices rose by up to 30 per cent in the five days after Cairo announced on 21 July it was cutting fuel subsidies. The price of 90-octane fuel, the most popular grade, rose by 30 per cent to£E 1.30 ($0.23) a litre from£E 1.00 ($0.17). Diesel was up by 25 per cent to£E 0.75 ($0.13) a litre from£E 0.60 ($0.10). The move is part of Cairo's effort to reduce its budget deficit, expected to reach 9 per cent of gross domestic product (GDP) in 2006-07. Cairo had set aside£E 40,000 milli

  • Funeral-goers killed in Iraq

    At least 10 people were killed on 11 July when gunmen attacked a minibus carrying a coffin and Shia funeral-goers on their way to the southern city of Najaf. The insurgents drove up alongside the bus and opened fire. A suicide bombing outside the government complex in Baghdad's Green Zone claimed the lives of five people and wounded 10. In a separate incident in Baghdad's Shia Ammil district, gunmen abducted Wissam Abdullah al-Awadi, Iraq's cons

  • Funeral-goers killed in Iraq

    At least 10 people were killed on 11 July when gunmen attacked a minibus carrying a coffin and Shia funeral-goers on their way to the southern city of Najaf. The insurgents drove up alongside the bus and opened fire. A suicide bombing outside the government complex in Baghdad's Green Zone claimed the lives of five people and wounded 10. In a separate incident in Baghdad's Shia Ammil district, gunmen abducted Wissam Abdullah al-Awadi, Iraq's consul to the Iranian city of Ke

  • Gas flows from In Amenas

    The UK's BP announced in late June the first production of gas from the In Amenas field. Output from the field is expected to reach 850 million cubic feet a day and 50,000-60,000 barrels a day of condensates by early September, says BP. The In Amenas development involves the development of four fields, covering an area of more than 2,750 square kilometres. Located 850 kilometres south of the Hassi Messaoud oil field, In Amenas is operated by a three-member consortium of BP, state-owned Sonatr

  • Gasco takes Fluor on board for IGD

    Abu Dhabi Gas Industries Company (Gasco) has awarded a contract to the US' Fluor Corporation for the pre-front-end engineering and design (FEED) package on the phase 2 development of the onshore associated gas (OAG) project. Known as the integrated gas development (IGD), the project calls for the delivery of 300 million-500 million cubic feet a day (cf/d) of gas and is part of an overall Gasco masterplan (GMP) to supply additional volumes of associated, non-associated and sour gas in the emirate

  • Gassi Touil LNG gets set

    The long-awaited 30-year integrated liquefied natural gas (LNG) project at Gassi Touil is taking shape, with a consortium of Japan's JGC Corporation and Kellogg Brown & Root (KBR) of the US carrying out the main contract on the $2,100 million scheme.

  • Gassi Touil LNG gets set

    The long-awaited 30-year integrated liquefied natural gas (LNG) project at Gassi Touil is taking shape, with a consortium of Japan's JGC Corporation and Kellogg Brown & Root (KBR) of the US carrying out the main contract on the $2,100 million scheme.

  • Gaza-Egypt border crossing reopens

    The Rafah border crossing between Gaza and Egypt reopened temporarily on 18 July to allow Palestinians trapped in Egypt to return to their homes. European monitors said the border would remain open for 11 hours as some 2,000 Palestinians waited to make the crossing. The border will be open to 'humanitarian cases' travelling from Egypt into Gaza. Hamas gunmen on 14 July blew a hole through the border wall, allowing 1,000 Palestinians to return to Gaza.The border has been cl

  • Gaza-Egypt border crossing reopens

    The Rafah border crossing between Gaza and Egypt reopened temporarily on 18 July to allow Palestinians trapped in Egypt to return to their homes. European monitors said the border would remain open for 11 hours as some 2,000 Palestinians waited to make the crossing. The border will be open to 'humanitarian cases' travelling from Egypt into Gaza. Hamas gunmen on 14 July blew a hole through the border wall, allowing 1,000 Palestinians to return to Gaza.

  • GCC RAILWAY: Waiting for the green light

    After so many years of inactivity in the sector, it is strange to now think that when contractors and consultants talk about railway projects in Gulf, they have to clarify which scheme they are discussing. With the multi-billion-dollar minerals railway, the Saudi landbridge and the Makkah-Medina high speed rail link all under development, the region has never seen such a raft of railway activity.

  • GCC RAILWAY: Waiting for the green light

    After so many years of inactivity in the sector, it is strange to now think that when contractors and consultants talk about railway projects in Gulf, they have to clarify which scheme they are discussing. With the multi-billion-dollar minerals railway, the Saudi landbridge and the Mecca-Medina high speed rail link all under development, the region has never seen such a raft of railway activity.

  • GCC TRADE: Trading blocs move closer

    They now rank as the longest trade negotiations in history. But 16 years after they first began, hopes are rising that a free trade agreement (FTA) between the GCC and the EU could be signed by the end of the year, if not sooner.

  • GCC TRADE: Trading blocs move closer

    They now rank as the longest trade negotiations in history. But 16 years after they first began, hopes are rising that a free trade agreement (FTA) between the GCC and the EU could be signed by the end of the year, if not sooner.

  • GCC, China complete round of free trade talks

    China and the GCC have completed a round of free trade talks, Chinese state press reported on 24 July. Chinese officials held talks with representatives from Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the UAE in the eastern province of Zhejiang from 19-22 July. The negotiations are part of an effort by China to secure long-term oil supplies.'Once we establish a free trade zone, then a new, unlimited Silk Road will be formed,' vice-minister of trade Yi Xiaozhun told the

  • GCC, China complete round of free trade talks

    China and the GCC have completed a round of free trade talks, Chinese state press reported on 24 July. Chinese officials held talks with representatives from Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the UAE in the eastern province of Zhejiang from 19-22 July. The negotiations are part of an effort by China to secure long-term oil supplies.'Once we establish a free trade zone, then a new, unlimited Silk Road will be formed,' vice-minister o

  • GEM work under way

    The local Industrial Construction & Engineering (SIAC) has been awarded the first construction package on the $600 million-700 million Grand Egyptian Museum (GEM) project on the Cairo-Alexandria road outside the capital (MEED 9:6:06). The GEM project calls for the construction of a complex of museums to provide access to a broad range of information charting Egyptian history.

  • Germans form JV with RAK Ceramics

    Ras al-Khaimah (RAK) Ceramics has signed a joint venture (JV) agreement with Germany's Kludi Group to manufacture bathroom and kitchen fittings in Ras al-Khaimah. The plant will be located close to RAK Ceramics' existing manufacturing complex and will cover about 2 million square metres. Production is expected to start in the first quarter of 2007.

  • Ghanem launches energy sector shake-up

    National Oil Corporation (NOC) chairman Shukri Ghanem has embarked on a root-and-branch review of the state oil company that is set to lead to the wholesale restructuring of the country's energy sector. The review is expected to see the sell-off of several of NOC's affiliated oil services companies.

  • Ghanem launches energy sector shake-up

    National Oil Corporation (NOC) chairman Shukri Ghanem has embarked on a root-and-branch review of the state oil company that is set to lead to the wholesale restructuring of the country's energy sector. The review is expected to see the sell-off of several of NOC's affiliated oil services companies.

  • Global retakaful rises

    Global Investment House has announced the launch of Al-Fajer Retakaful Insurance Company. The sharia-compliant reinsurance company will have a paid-up capital of KD 50 million ($172.9 million) and will be the first retakaful company in Kuwait. Global has appointed HSBC Insurance Brokers as business advisers to Al-Fajer, responsible for helping recruit a management team, train staff and establish internal reporting, underwriting and claims-handling functions. The new company expects to list on th

  • Government delays peace talks in Somalia

    Somalia's weak interim government announced on 14 July it will not hold peace talks with the Islamic Courts Union, who it says has grown increasingly radical. The talks were due to take place under the auspices of the Arab League in Khartoum on 15 July. The Islamic group has extreme views which cannot go with the world's civilised and democratic system,' said Regional Co-operation Minister Ismail Mohammed Hurre. The decision comes after Islamist militias defeated forces lo

  • Government delays peace talks in Somalia

    Somalia's weak interim government announced on 14 July it will not hold peace talks with the Islamic Courts Union, who it says has grown increasingly radical. The talks were due to take place under the auspices of the Arab League in Khartoum on 15 July. The Islamic group has extreme views which cannot go with the world's civilised and democratic system,' said Regional Co-operation Minister Ismail Mohammed Hurre. The decision comes after Islamist

  • Government of Egypt

    Egypt President Mubarak on 11 March carried out a limited cabinet reshuffle, following the 21 February resignation of Ibrahim el-Demiri as transport minister after the Upper Egypt train disaster the previous day. The change included hiving off responsibility for civil aviation into a separate ministry (see Transport). The new transport minister is Hamdy el-Shayeb, who was previously head of oil and gas construction company Petrojet. The new civil aviation minister is General Ahmed Shafiq

  • Government of Kuwait

    Amir Sheikh Sabah al-Ahmad al-Sabah issued on 9 February a decree approving a new cabinet. Sheikh Sabah acceded to the position after the death of former Emir Sheikh Jaber al-Ahmad al-Sabah and the subsequent removal of the ailing Sheikh Saad al-Abdullah al-Sabah by parliament. The prime minister, Nasser al-Sabah, was one of six new appointments. The only female cabinet appointment remains Planning Minister Massouma al-Mubarak. There is no place in the new cabinet for leading liberal pol

  • Green light for AKG 2

    ExxonMobil Middle East Marketing and Qatar Petroleum (QP) announced on 10 July the signing of a development plan and the launch of the Al-Khaleej gas (AKG 2) phase 2 development. Scheduled to come on stream in 2009, the estimated $3,000 million project is aimed at delivering more than 1,250 million cubic feet a day of North field sales gas to local domestic consumers. The scheme will also produce about 15 million barrels a year of field condensate, 1 million tonnes a year (t/y) of propane, bu

  • Green light for AKG 2

    ExxonMobil Middle East Marketing and Qatar Petroleum (QP) announced on 10 July the signing of a development plan and the launch of the Al-Khaleej gas (AKG 2) phase 2 development. Scheduled to come on stream in 2009, the estimated $3,000 million project is aimed at delivering more than 1,250 million cubic feet a day of North field sales gas to local domestic consumers. The scheme will also produce about 15 million barrels a year of field condensate, 1 million tonnes a year (t/y) of propane,

  • Green light given for Pearl GTL

    Major contract awards are pending on the integrated Pearl gas-to-liquids (GTL) project after the Royal Dutch/Shell Group took the final investment decision on 26 July for the multi-billion dollar project. Shell made contractor selections in mid-July for key packages on the project and notified the successful bidders that letters of intent would be issued by early August (MEED 12:5:06).

  • Green light given for Pearl GTL

    Major contract awards are pending on the integrated Pearl gas-to-liquids (GTL) project after the Royal Dutch/Shell Group took the final investment decision on 26 July for the multi-billion dollar project. Shell made contractor selections in mid-July for key packages on the project and notified the successful bidders that letters of intent would be issued by early August (MEED 12:5:06).

  • Groundstar tightens grip on WKO block

    Canada's Groundstar Resources has increased its working interest to 60 per cent from 42 per cent in the local/Australian Pan Pacific Petroleum Egypt (PPPE). PPPE is the holder of an exploration and production licence, covering block 3 West Kom Ombo (WKO) in the Nubian desert. Under the agreement, signed in mid-June, Groundstar will pay an estimated $7 million for the first two exploration phases over a five-year period.

  • Guggenheim signs Saadiyat MoU

    New York-based Guggenheim Foundation has signed a memorandum of understanding (MoU) with Tourism Development & Investment Company (TDIC) to build a museum devoted to modern and contemporary art in the Cultural District of Saadiyat island. Covering an area of 30,000 square metres, the Guggenheim Abu Dhabi (GAD) will be designed by US-based architect Frank Gehry and will be larger than the existing Guggenheim museums in New York, Venice, Bilbao, Berlin and Las Vegas. Completion is expected within

  • Gulf banks must learn the lessons of the crash

    Most big Gulf banks have released first-half financial figures. Despite making provisions 10 times more than in the same period of 2005, Saudi Arabia's The National Commercial Bank (NCB), the Arab world's largest financial institution, reported profits in the first half of 2006 almost 40 per cent above the figure reported in January-June last year. National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported a profit rise of 32 per cent over the same period. Qatar National Bank (QNB) was up

  • Gulf banks must learn the lessons of the crash

    Most big Gulf banks have released first-half financial figures. Despite making provisions 10 times more than in the same period of 2005, Saudi Arabia's The National Commercial Bank (NCB), the Arab world's largest financial institution, reported profits in the first half of 2006 almost 40 per cent above the figure reported in January-June last year. National Bank of Kuwait (NBK), the largest Kuwaiti bank, reported a profit rise of 32 per cent over the same period. Qatar National Bank (QNB) was

  • Gulf Navigation steers course for IPO

    The initial public offering (IPO) of shares in the local Gulf Navigation Group has been rescheduled to run from 24 July to 7 August. The company plans to offer 55 per cent of its capital, equivalent to AED 910 million ($248 million), with shares priced at AED 1 ($0.27).

  • Gunmen kidnap 17 Iraqis

    At least 17 people were kidnapped from a Baghdad block of flats on 26 July. Interior Ministry sources said they were abducted by insurgents in police uniforms.The incident came a day after Iraqi Prime Minister Nouri al-Maliki and US President Bush agreed to deploy more troops to Baghdad. No decision has been made as to the number of troops to be sent to the capital. Bush told Al-Maliki that 'America will not abandon the Iraqi people No question it is tough i

  • Gunmen kidnap 17 Iraqis

    At least 17 people were kidnapped from a Baghdad block of flats on 26 July. Interior Ministry sources said they were abducted by insurgents in police uniforms.The incident came a day after Iraqi Prime Minister Nouri al-Maliki and US President Bush agreed to deploy more troops to Baghdad. No decision has been made as to the number of troops to be sent to the capital. Bush told Al-Maliki that 'America will not aban

  • Halliburton gets KOC work

    The US' Halliburton has won a landmark contract to provide exploration and development consultancy services to upstream operator Kuwait Oil Company (KOC). The deal is the first of its kind in the state where the contractor will act in partnership with KOC rather than just as a services provider.

  • HHI gets Umm Shaif nod

    Abu Dhabi Marine Operating Company (Adma-Opco) has recommended the award of the main contract for the Umm Shaif gas reinjection project to South Korea's Hyundai Heavy Industries (HHI), following the submission of revised prices in June. Two companies took part in the repricing exercise: the other bidder was Abu Dhabi-based National Petroleum Construction Company (NPCC MEED 23:6:06).

  • HHI gets Umm Shaif nod

    Abu Dhabi Marine Operating Company (Adma-Opco) has recommended the award of the main contract for the Umm Shaif gas reinjection project to South Korea's Hyundai Heavy Industries (HHI), following the submission of revised prices in June. Two companies took part in the repricing exercise: the other bidder was Abu Dhabi-based National Petroleum Construction Company (NPCC - MEED 23:6:06).

  • Hidd syndication closed

    Syndication has closed on the debt package for the brownfield Hidd independent water and power project (IWPP), with a total of 12 banks joining the six mandated lead arrangers (MLAs) on the deal.They were: Arab Bank, Arab Banking Corporation, Bayerische Landesbank, Bank of Bahrain & Kuwait, Bank of Tokyo-Mitsubishi-UFJ, Credit Industriel & Commercial, Hypo Public Finance Bank, KBC Bank, Natexis Banques Populaires, Nord LB, Sumitomo Trust and West LB. The six MLAs are Gulf International B

  • Hogan to leave Gulf Air

    Gulf Air has announced that its president and chief executive officer (CEO) James Hogan, will leave the airline in late 2006. The airline expects to appoint a new president and chief executive before Hogan's departure. Hogan has been instrumental in the turnaround of Gulf Air, which is now in the market to buy new aircraft. Hogan's departure is the latest senior personnel change at a Gulf-based airline. Abu Dhabi-based Etihad Airways' CEO Robert Strodel left the company in May.

  • Home finance sukuk issued

    Kingdom Instalment Company (KIC), the housing finance arm of Prince Alwaleed bin Talal's Kingdom Holding Company, has issued an $18 million sukuk. The instrument is backed by real estate assets. The International Finance Corporation, the private sector arm of the World Bank Group, and the local Dar al-Arkan Real Estate Development Company have provided credit enhancements. Bahrain-based Unicorn Investment Bank acted as lead manager, sharia adviser and joint bookrunner with Standard Bank. The

  • Home finance sukuk issued

    Kingdom Instalment Company (KIC), the housing finance arm of Prince Alwaleed bin Talal's Kingdom Holding Company, has issued an $18 million sukuk. The instrument is backed by real estate assets. The International Finance Corporation, the private sector arm of the World Bank Group, and the local Dar al-Arkan Real Estate Development Company have provided credit enhancements. Bahrain-based Unicorn Investment Bank acted as lead manager, sharia adviser and joint bookrunner with Standard Bank. Th

  • House approves FTA

    The US House of Representatives passed in late July the US-Oman free trade agreement (FTA) that will eliminate most duties on industrial and consumer goods. The US Senate approved the agreement in June, which remains to be signed by US President Bush (MEED 7:10:05).

  • House approves FTA

    The US House of Representatives passed in late July the US-Oman free trade agreement (FTA) that will eliminate most duties on industrial and consumer goods. The US Senate approved the agreement in June, which remains to be signed by US President Bush (MEED 7:10:05).

  • Housing loan signed

    Ahli United Bank, Bank of Bahrain & Kuwait, National Bank of Bahrain and Eskan Bank - a semi-independent government-owned institution - have extended a BD 100 million ($263.2 million) loan to the Works & Housing Ministry to help the Housing Bank provide loans to citizens for affordable housing. The tenor is five years.

  • Hydro lets seismic contract

    Norway's Hydro has announced the award of a contract to Geofizyka Krakow of Poland to carry out a 2D seismic survey over 1,000 square kilometres in its concession area 146. The data acquisition will be followed by the drilling of two wells in November. Area 146 is located in the Murzuk basin, about 900 kilometres south of Tripoli. Hydro is part of a consortium that signed in late 2005 an agreement with state-owned National Oil Corporation (NOC) to develop the onshore field. The other members are

  • Ibn Zahr package award imminent

    An award was imminent inmid-July for the offsites and utilities (O&U) package an the new Saudi European Petrochemical Company (Ibn Zahr) polypropylene (PP) complex in Jubail, with two South Korean contractors - Daelim Industrial Company and Samsung Engineering Company - left in the running. Ibn Zahr has also released bid documents for another package on the project, covering the complex's olefins conversion unit (OCU - MEED 26:5:06).

  • IFC funds Al-Anad cement plant

    The International Finance Corporation (IFC), the private sector arm of the World Bank, has extended a $35 million loan to the local National Cement Company (NCC) to part-fund the construction of a greenfield cement plant at Al-Anad, 70 kilometres north of Aden. The plant will have capacity of 1.6 million tonnes a year and will be fuelled by a 37.5-MW captive power plant. NCC is owned by the local Hayel Saeed Group. The project is one of many cement expansions under way in the country to meet

  • IJAR: Ready to take the strain

    All it takes is a drive around Dubai, Doha or Kuwait City to get an idea of the current demand for cranes in the Gulf. In places such as Dubai Marina, West Bay and the Sharq district, the skylines are peppered with tower cranes while the streets are full of mobile cranes, offloading materials and equipment to feed the construction frenzy.

  • IMF calls for greater transparency

    The IMF released the results of its latest Article IV consultation with the federation in mid-July. The report was generally positive, but again highlighted the lack of transparency (MEED 22:7:05).

  • IMF calls for greater transparency

    The IMF released the results of its latest Article IV consultation with the federation in mid-July. The report was generally positive, but again highlighted the lack of transparency (MEED 22:7:05).'An outward-oriented development strategy and prudent financial policies have resulted in impressive economic growth over the years and have led to a large accumulation of external financial assets,' says the IMF. 'All indications are that the liberal economic policies followed thus far will be

  • IMF urges more reform

    Cairo needs to make further fiscal reforms to combat the continuing high deficit, the IMF said in its 2006 Article IV consultation report issued on 11 July. 'Public spending on subsidies has increased dramatically in recent years and the benefits are not well targeted,' it said. The deficit is projected to reach 8.3 per cent of gross domestic product (GDP) for 2005.The report urged the government to further encourage economic growth and create new jobs. While acknowledging the structural

  • Industry deepens at Ruwais

    Abu Dhabi Melamine Industry Company (ADMIC) is due to issue a tender in early August for the engineering, procurement and construction management (EPCM) contract to build a melamine plant in Ruwais. Two companies responded to an initial inquiry in mid-July for the estimated $175 million contract. They are the US' Fluor Corporation and Uhde of Germany. The project centres on the construction of a 80,000- tonne-a-year plant (MEED 7:4:06).

  • Insecurity delays fertiliser plans

    The Industry & Minerals Ministry has given companies until the end of the year to submit expressions of interest (EoIs) for the rehabilitation of a fertiliser complex in the south. One local and one international firm have already submitted EoIs, but the ministry has extended the period in the hope that the security situation improves (MEED 14:4:06).'Two companies purchased the technical specifications, but we will now prequalify companies at year-end,' said the ministry's fertiliser exp

  • INTERVIEW: Adib Mayaleh, governor, Central Bank of Syria

    MEED talks to Central Bank of Syria governor Adib Mayaleh about the changes and challenges facing the banking systemHow would you assess the first years of private banking in Syria?

  • INTERVIEW: Adib Mayaleh, governor, Central Bank of Syria

    MEED talks to Central Bank of Syria governor Adib Mayaleh about the changes and challenges facing the banking systemHow would you assess the first years of private banking in Syria?

  • Investcorp bond on hold

    The planned tier-one bond issue for Bahrain-based Investcorp has been postponed until after the summer at the earliest. Roadshows were staged in June in Asia and Europe for the 10-year, dollar-denominated instrument. However, GCC stock market volatility is understood to have deterred potential investors since the paper is convertible to equity.

  • Investcorp bond on hold

    The planned tier-one bond issue for Bahrain-based Investcorp has been postponed until after the summer at the earliest. Roadshows were staged in June in Asia and Europe for the 10-year, dollar-denominated instrument. However, GCC stock market volatility is understood to have deterred potential investors since the paper is convertible to equity.BNP Paribas, Credit Suisse First Boston and Deutsche Bank are arranging the issue (MEED 26:5:06).

  • Investment Dar shows over

    Roadshows have ended for the $150 million, five-year musharaka sukuk issue for The Investment Dar, following investor presentations in Bahrain, Singapore, Frankfurt and London. Subscriptions are still being accepted but the instrument is due to be launched imminently. It is priced at 125 basis points (bp) over libor for the first three years and 175 bp for the final two. WestLB underwrote the entire issue, while WestLB and Unicorn Investment Bank were the joint lead-managers. The sukuk had a uni

  • INVESTMENT DAR: Pre-emptive strikes

    Few local financial institutions have grown more rapidly in the past five years than Investment Dar. From its origins in the mid-1990s as a consumer finance company, it has expanded to become a major regional player covering everything from Islamic banking and real estate to construction management and logistics.

  • INVESTMENT DAR: Pre-emptive strikes

    Few local financial institutions have grown more rapidly in the past five years than Investment Dar. From its origins in the mid-1990s as a consumer finance company, it has expanded to become a major regional player covering everything from Islamic banking and real estate to construction management and logistics.

  • Investor sought for new airport company

    The US' Bearing Point, the main transport and infrastructure consultant to Aqaba Development Corporation (ADC), is preparing the terms of reference (ToR) for a strategic investor to take a stake in Aqaba Airports Company (AAC). The company will operate King Hussain International Airport (KHIA). Expressions of interest are due to be issued in the first quarter of 2007.

  • Investor sought for Zarqa

    The Energy & Mineral Resources Ministry is looking to attract a strategic investor by the fourth quarter of 2006 for the estimated $700 million modernisation and expansion of the kingdom's sole crude oil refinery at Zarqa (MEED 26:5:06).

  • IPO rumours circle DP World

    Dubai World has declined to comment on reports that the holding company's subsidiary DP World plans to stage an initial public offering (IPO). 'It's very early to talk about an IPO,' said Dubai World vice-chairman Jamal Majid bin Thaniah. 'A while ago, we said that in two years' time we will be looking into this, but there is nothing new to add.' The UK's Sunday Times reported that DP World could stage an IPO of up to 20 per cent of its shares by November and raise almost AED 7,000 million ($1,9

  • IRAN

    Prequalification. (Open to qualified local/foreign joint venture contractors with at least 51 per cent local partner share). Carrying out, on a buy-back basis, phases 23 and 24 of the South Pars gas field development project. The scope of works comprises: 1) fabrication and installation of three wellhead platforms comprising free water separation and well-testing facilities, required utilities packages, bridges and flare platform; 2) drilling of two appraisal and 32 development wells (the app

  • IRAN

    Tender no 85/HE/695-1. Manufacture and delivery of three reach stacker units for Chabahar, Bahonar and Noshahr ports.

  • IRAN

    Tender no 84/05-B-SH. Supply of 500 tonnes of R159N rails for the Shiraz light rail transport (LRT) project. Bid bond is IR 180 million or Eur 15,000. Bids are to be delivered to Shiraz Urban Railway Organisation, Metra Behansadd Joint Venture, Unit 4, 15 Second Road, North Kargar, opposite Economics College, Tehran, telephone (9821) 88029418/88027646.

  • IRAN

    Prequalification. Tender no FBS-8500002. Provision of hydrography services for sub-sea lines of oil fields. Bid bond is IR 103 million or $11,210.

  • IRAN

    Tender no RW2-ZA1/06. Project no P076884. Construction of about 96 kilometres of a wastewater distribution system in Rasht as part of the northern cities water supply and sanitation project. The project comprises the construction of about 69 kilometres of 110-millimetre-diameter, 11 kilometres of 160-millimetre-diameter, 3.8 kilometres of 200-millimetre-diameter and 11.7 kilometres of 250-millimetre-diameter polyethylene pipes, and the construction of 50 valve chambers. Financed by the World Ban

  • IRAN

    Expressions of interest. Project no P071191. Provision of consultancy services related to an institutional optimisation study as part of the Ahwaz and Shiraz water and sanitation project. The scope of the services comprises the following: 1) analysis of an existing legal framework and institutional set-up, including all agencies dealing with water and wastewater issues; 2) study of capacity, incentives, performance, policies and procedures of water and wastewater companies, and recommendation

  • IRAN

    Supply of anfotruck machines. Bid bond is 5 per cent of tender price.

  • IRAN

    Supply of 81 pumps for a benefication plant. Bid bond is 5 per cent of tender price.

  • IRAN

    Tender no 48230037. Supply of 19.5 tonnes of ferro vanadium.

  • IRAN

    Prequalification. Tender no 85/027. Supply of 208,800 kilos of molecular sieve 13X and 26,880 kilos of activated alumina. Bid bond is IR 200 million.

  • IRAN

    Supply of 3,500 tonnes of ferro calcium wire and 2,400 tonnes of graphite powder wire.

  • IRAN

    Tender no OF/84/257/T1. Hiring of light jack-up drilling units.

  • IRAN

    CD extension. Tender no RKP-8300144907-KM. Supply of two 50-cubic-metre-capacity centrifugal boiler feed water pumps, with maximum power of 160 kW.

  • IRAN

    Tender no RW3-ZA2/06. Project no P076884. Construction of about 89 kilometres of a wastewater distribution system in Rasht as part of the northern cities water supply and sanitation project. The project comprises the construction of about 58 kilometres of 110-millimetre-diameter, 18.4 kilometres of 160-millimetre-diameter, 5.7 kilometres of 200-millimetre-diameter and 5 kilometres of 250-millimetre-diameter polyethylene pipes, ductile iron pipes, and the construction of 30 valve chambers. Fin

  • IRAN

    Expressions of interest. Tender no EERP/C/B/Wn/Q/P08/2005. Provision of consultancy services for the study of watershed management in the Haji-arab (Balakhanloo) basin over an area of 63,000 hectares, and the Khar-rud (Nohob) basin over an area of 400,000 hectares in the Qazvin region. Financed by the World Bank. Bid bond is 2 per cent of tender price. Bids must be delivered separately for each lot.Details from Interior Ministry, Dr Hamzeh Shakib, Project Management Unit, Natural Disaste

  • IRAN

    Prequalification. (Open to local contractors or local/foreign joint ventures, with at least 51 per cent local partner share). Carrying out engineering, procurement and construction (EPC) services for a new mine and processing complex to make alumina from nepheline syenite. The EPC project includes the development of a mine at Sarab, East Azerbaijan province, and facilities to produce 200,000 tonnes a year (t/y) of alumina, 116,000 t/y of potassium carbonate, 36,000 t/y of sodium carbonate and 3.

  • IRAN

    Tender no EERP/ZBACP1. (Open only to local/foreign contractors and those from Islamic Development Bank member countries). Supply of the following irrigation equipment as part of an earthquake emergency recovery project: 1) irrigation pipes; 2) drippers for irrigation pipes; and 3) automatic valves for irrigation. Financed by the World Bank. Bid bond is 2 per cent of tender price. Bids must be delivered separately for each lot.

  • IRAN

    Tender no 84/ME/747. Manufacturing and delivery of a 1,200-hp tugboat for Lengeh ports. Bid bond is IR 1,044 million, $113,500 or Eur 90,000. The question-and-answer session will be held on 7 August.

  • IRAN

    Tender no 85/CE/681. Manufacturing, shipping, installation and delivery of 14 coastal automatic identification system (AIS) communications systems. Bid bond is IR 232 million or Eur 20,000. The question-and-answer session for this tender will be held on 2 August.

  • IRAN

    Expressions of interest. CD extension. (Open only to local/foreign prequalified contractors and those from Islamic Development Bank member countries). Rehabilitation of the Mahan-Barn-Rostamabad highway, as part of the Bam earthquake emergency reconstruction project. One of the most important roads in the eastern parts of Kerman province, the 190-kilometre highway is a single carriageway road. The project comprises two separate contracts: 1) the Mahan-Abaregh segment over about 102 kilometres

  • IRAN

    Tender no 84/ME/747. Manufacturing and delivery of a 1,200-hp tugboat for Lengeh ports. Bid bond is IR 1,044 million, $113,500 or Eur 90,000. The question-and-answer session will be held on 7 August.

  • Iran defiant on nuclear ambitions

    Chief nuclear negotiator Ali Larijani on 20 July warned that Iran would change its nuclear policies if Western powers calling for the Islamic republic to suspend its uranium enrichment carry out their threats. 'Based on law, Iran has planned to produce 20,000 MW of nuclear electricity in the next 20 years and needs to produce nuclear fuel inside the country for those reactors,' Larijani said. The statement came as the UN Security Council met to

  • Iran rejects nuclear deal at EU talks

    A meeting in Brussels between Iran's top nuclear negotiator Ali Larijani and EU foreign policy chief Javier Solana ended on 11 July with no sign of a result. Neither gave any details of the talks, at which the West had wanted a substantive response to the offer of a package of technological, economic and political incentives designed to encourage the Islamic republic to suspend its programme of uranium enrichment. Solana said the talks had reviewed events in the five weeks since the prop

  • Iran rejects nuclear deal at EU talks

    A meeting in Brussels between Iran's top nuclear negotiator Ali Larijani and EU foreign policy chief Javier Solana ended on 11 July with no sign of a result. Neither gave any details of the talks, at which the West had wanted a substantive response to the offer of a package of technological, economic and political incentives designed to encourage the Islamic republic to suspend its programme of uranium enrichment. Solana said the talks had reviewed events in the five weeks sinc

  • Iran sent to Security Council

    Foreign ministers meeting in Paris decided on 12 July to refer Iran to the UN Security Council after the Islamic republic failed to respond to an offer of nuclear incentives proposed by the US, China, France, Russia, Britain and Germany. 'The Iranians have given no indication at all they are ready to engage seriously on the substance of our proposals, ' French Foreign Minister Phillipe Douste-Blazy said. 'We have no choice but to return to the UN Security Council.

  • Iran sent to Security Council

    Foreign ministers meeting in Paris decided on 12 July to refer Iran to the UN Security Council after the Islamic republic failed to respond to an offer of nuclear incentives proposed by the US, China, France, Russia, Britain and Germany. 'The Iranians have given no indication at all they are ready to engage seriously on the substance of our proposals, ' French Foreign Minister Phillipe Douste-Blazy said. 'We have no choice but to return to the U

  • Iran talks start well, says EU

    The EU on 7 July said talks between Iran's nuclear negotiator Ali Larijani and EU foreign policy chief Javier Solana a day earlier were productive, Reuters news agency reported. 'It's a good start for what we expect will be a positive meeting on 11 July,' said Cristina Gallach, Solana's spokeswoman. The EU hopes to receive a 'substantial response' to the package of nuclear incentives offered by the five permanent UN Security Council members and Germany when the two men mee

  • Iran to host talks on Iraqi security

    Iran will host a regional conference on Iraqi security on 8 July. Delegates from Saudi Arabia, Egypt, Syria, Jordan, Kuwait, Turkey the Arab League and the Organisation of the Islamic Conference are due to take part in the talks.It is expected that the Islamic republic will use the platform as an opportunity to call for the withdrawal of foreign forces from Iraq.The last conference to deal with Iraqi security took place in Istanbul in April 2005, but failed

  • Iran: Ghorb's contracting coup

    Khatam-ol-Anbia (Ghorb) has been in the firing line in recent weeks. After winning a string of multi-billion-dollar contract awards, the engineering arm of the Islamic Revolutionary Guards Corps (IRGC) has been accused of trading on political influence following last year's presidential election of Mahmoud Ahmadinejad, and of not having the capability to complete all the complex projects on time or within budget.

  • Iranian pilgrims killed in Iraq bomb

    At least 12 Iranian pilgrims were killed and 41 wounded near Najaf when following a suicide car bomb. The pilgrims were arriving at the Shia shrine of Maitham al-Tamar when their buses were targeted. The attack came a day after the US military warned that the number of car bombings could be on the rise following Abu Ayyub al-Masri's takeover of the leadership of Al-Qaeda in Iraq.Also on 6 July, Saleh Hassan Yass al-Awsi, a former Iraqi judge, was killed when

  • IRAQ

    CD extension. Expressions of interest. Contract no ESPP.C.QCBS-02. Project no P099295. Provision of consultants for the design of a monitoring and information system for social safety net programme beneficiary assessments as part of an emergency social protection project. Financed by the World Bank.

  • IRAQ

    CD extension. Expressions of interest. Contract no ESPP.C.QCBS-03. Project no P099295. Provision of consultants for the design of questionnaires and sample frames for surveys of pension beneficial contributors and data entry as part of an emergency social protection project. Financed by the World Bank.

  • IRAQ

    Tender no SCOP /22/2005. Supply of corrosion prevention materials and manual wrapping for the trans-Iraq dry pipeline.

  • IRAQ

    Expressions of interest. Project no P094649. Carrying out a review of the existing designs and preparation of final detailed engineering design and tender documents for the Al-Ghazalya sewerage trunk line as part of the second emergency Baghdad water supply and sanitation project. Financed by the International Development Association.

  • IRAQ

    CD extension. Expressions of interest. Contract no EPSDP-ITPC-CBI-ICB-1/2006. Project no P091344. Implementation of an Iraqi interbanking network (IIBN) which would allow a modern payment system to use such a network as part of the Planning & Development Co-operation Ministry's emergency private sector development project. The IIBN will enable the Iraqi banking community to settle all payments electronically and instantly (in real time) with scalability to offer availability for other interba

  • IRAQ

    Tender no TN/1450/2006. Rehabilitation of a 350-cubic-metre-an-hour wastewater treatment plant.

  • IRAQ

    Tender no 1616/2006. Supply of five tonnes of formaldehyde solution.

  • IRAQ

    Expressions of interest. Project no P099295. Provision of consultants for the design of questionnaires and sample frames for surveys of pension beneficial contributors and data entry as part of an emergency social protection project. Financed by the World Bank.

  • IRAQ

    Expressions of interest. Project no P099295. Provision of consultants for the design of a monitoring and information system for social safety net programme beneficiary assessments as part of an emergency social protection project. Financed by the World Bank.

  • Iraq deputy minister freed

    Iraqi deputy electricity minister Raad al-Harith and seven bodyguards were released on 5 July having been kidnapped by gunmen a day earlier. Initial reports said 19 guards had been captured along with Al-Harith.The incident was the second time a senior Iraqi official had been kidnapped in four days. The Sunni MP Taiseer al-Mashhadani was abducted on 1 July when gunmen stopped her convoy near Sadr City. Her captors have demanded the release of all prisoners, a timetable for

  • Iraq will not descend into civil war, says Al-Maliki

    Iraqi Prime Minister Nouri al-Maliki said on 24 July the country would not descend into civil war. Al-Maliki was speaking during his first trip to the West since he was appointed. Following a meeting with UK Prime Minister Tony Blair, Al-Maliki was due to hold talks with US President Bush. Al-Maliki also said he expected foreign troops to start withdrawing from Iraq once the country's ability to provide security improved. 'It is definitely not decades, not even years. Ther

  • Iraq will not descend into civil war, says Al-Maliki

    Iraqi Prime Minister Nouri al-Maliki said on 24 July the country would not descend into civil war. Al-Maliki was speaking during his first trip to the West since he was appointed. Following a meeting with UK Prime Minister Tony Blair, Al-Maliki was due to hold talks with US President Bush. Al-Maliki also said he expected foreign troops to start withdrawing from Iraq once the country's ability to provide security improved. 'It is definitely not d

  • Iraqi Sunnis to end parliament boycott

    The Iraqi Accordance Front, the country's largest Sunni bloc, said on 11 July that it will return to parliament after a week-long boycott. 'We have decided after the many calls we have received from different political parties to put an end to the boycott and return to parliament,' said party leader Adnan al-Dulaimi.The boycott was triggered by the kidnapping of Sunni MP Taiseer al-Mashhadani along with seven of her bodyguards on 1 July. Mehdi army militia are believed to

  • Iraqi Sunnis to end parliament boycott

    The Iraqi Accordance Front, the country's largest Sunni bloc, said on 11 July that it will return to parliament after a week-long boycott. 'We have decided after the many calls we have received from different political parties to put an end to the boycott and return to parliament,' said party leader Adnan al-Dulaimi.The boycott was triggered by the kidnapping of Sunni MP Taiseer al-Mashhadani along with seven of her bodyguards on 1 July. Mehdi a

  • Iraqis take control of security in Muthanna province

    Iraqi forces officially took over responsibility for security in the southern province of Muthanna on 13 July. The handover of this relatively peaceful province from joint British-Australian control is the first transfer of power to Iraqis outside the Kurdish region since the 2003 invasion. Progress in the region will be closely monitored by the British and US governments, which hope this will mark the beginning of a complete handover, enabling the coalition to withdraw th

  • Iraqis to control 8 provinces by year-end

    Iraqi National Security adviser Mowafaq al-Rubaie announced on 20 July that Iraqis would control eight of the country's 18 provinces by the end of the year. The announcement follows the withdrawal of Australian and UK troops from Muthanna province on 13 July. 'There is a detailed plan for the withdrawal of multinational forces from provinces and it started in Muthanna,' Al-Rubaie said.

  • Iraq's deputy minister abducted

    Insurgents kidnapped Iraq's deputy electricity minister and 19 bodyguards on 4 July. Officials said Raad al-Harith's convoy was stopped by gunmen in military uniforms in eastern Baghdad. The electricity ministry has not yet confirmed the abduction.The incident follows the abduction of Sunni MP Taiseer al-Mashhadani and seven bodyguards three days earlier. Meanwhile, the US ambassador to Iraq said the death of Abu

  • Islamists move closer to seat of interim government

    Islamist militias moved closer to Baidoa, the seat of Somalia's weak interim government, on 19 July. The government responded by putting its troops on high alert. 'If whatever we are hearing is true, and they are 35 kilometres (22 miles) from Baidoa, then we consider this an act of aggression,' Ibrahim Adan Hassan, Air & Land Transport Minister told Reuters. Islamist officials said their forces had travelled from Mogadishu to the town of Buur Hakaba to pick up 150 governme

  • Islamists move closer to seat of interim government

    Islamist militias moved closer to Baidoa, the seat of Somalia's weak interim government, on 19 July. The government responded by putting its troops on high alert. 'If whatever we are hearing is true, and they are 35 kilometres (22 miles) from Baidoa, then we consider this an act of aggression,' Ibrahim Adan Hassan, Air & Land Transport Minister told Reuters. Islamist officials said their forces had travelled from Mogadishu to the town of Buur Ha

  • Islamists victorious in Mogadishu fighting

    Some 500 Somali fighters backing the warlord Abdi Qeybdid surrendered on 10 July to Islamist forces, following two days of intensive fighting which left at least 70 people dead. Qeybdid is the last member of an alliance of warlords to surrender to the Islamic Courts Union in Mogadishu, leaving Islamists with control over most of the Somali capital. Peace talks between Somalia's interim government and Islamists are due to resume on 15 July. The Baidoa-based transitional gov

  • Islamists victorious in Mogadishu fighting

    Some 500 Somali fighters backing the warlord Abdi Qeybdid surrendered on 10 July to Islamist forces, following two days of intensive fighting which left at least 70 people dead. Qeybdid is the last member of an alliance of warlords to surrender to the Islamic Courts Union in Mogadishu, leaving Islamists with control over most of the Somali capital. Peace talks between Somalia's interim government and Islamists are due to resume on 15 July. The B

  • Islamists warn against peacekeepers for Somalia

    The leader of Somalia's Islamic Courts Union, Sheikh Hassan Dahir Aweys, on 17 July warned against the deployment of an international peacekeeping force in the country. Aweys said the peacekeepers were no longer required as the Islamists' ousting of warlords from Mogadishu had reunited the capital. The announcement came as the International Contact Group on Somalia was due to meet in Belgium.Somalia's weak transitional government has called for peacekeepers to be sent to t

  • Islamists warn against peacekeepers for Somalia

    The leader of Somalia's Islamic Courts Union, Sheikh Hassan Dahir Aweys, on 17 July warned against the deployment of an international peacekeeping force in the country. Aweys said the peacekeepers were no longer required as the Islamists' ousting of warlords from Mogadishu had reunited the capital. The announcement came as the International Contact Group on Somalia was due to meet in Belgium.Somalia's weak transitional government has called for

  • Israel continues to strike Gaza

    Israeli forces continued to bombard Gaza on 25 July. At least eight people were wounded in air strikes on Rafah, Khan Younis and Gaza City. Tel Aviv said it had targeted buildings used by Islamic Jihad as weapons and munitions stores and had warned civilians to evacuate the buildings before launching the strikes. Also on 25 July, UN emergency relief co-ordinator Jan Egeland described Israel's offensive aimed at freeing the kidnapped Corporal Gilad Shalit as a 'disproportio

  • Israel continues to strike Gaza

    Israeli forces continued to bombard Gaza on 25 July. At least eight people were wounded in air strikes on Rafah, Khan Younis and Gaza City. Tel Aviv said it had targeted buildings used by Islamic Jihad as weapons and munitions stores and had warned civilians to evacuate the buildings before launching the strikes. Also on 25 July, UN emergency relief co-ordinator Jan Egeland described Israel's offensive aimed at freeing the kidnapped Corporal Gil

  • Israel destroys Gaza house

    An Israeli air strike on 12 July destroyed a three-storey building in the Sheikh Radwan area of Gaza City, killing at least six people and injuring 15. The dead included two women and two children, Palestinian sources said. The Israeli army said the attack was aimed at Mohammed Deif, a senior member of the Ezzedine al-Qassam brigades, who was staying in the house.Hamas' military wing warned it would target Israeli civilians in retaliation for the attack. 'Our reaction to t

  • Israel executes more raids

    Strikes on 11 July killed one Palestinian militant and wounded four when Israeli aircraft targeted the town of Beit Hanoun in northern Gaza. Israeli forces also fired a rocket at a bridge near the town in what they said was an attempt to prevent Palestinian militants from transporting Qassam missiles into areas from which they could be launched into Israel.Palestinian Authority Prime Minister Ismail Haniya warned that Israel would not have peace so long as the offensive co

  • Israel executes more raids

    Strikes on 11 July killed one Palestinian militant and wounded four when Israeli aircraft targeted the town of Beit Hanoun in northern Gaza. Israeli forces also fired a rocket at a bridge near the town in what they said was an attempt to prevent Palestinian militants from transporting Qassam missiles into areas from which they could be launched into Israel.Palestinian Authority Prime Minister Ismail Haniya warned that Israel would not have peace

  • Israel extends Lebanon strikes

    Israel extended its bombardment of Lebanon on 17 July as air strikes targeted the northern port of Abdeh near Tripoli and Baalbek in the east. At least 14 people, including nine Lebanese soldiers, were killed in the raids. The port of Beirut, oil depots at Beirut International Airport and fuel tanks in the northern suburbs of Dawra were also hit. The Israeli army said a group of soldiers had crossed the border into Lebanon. 'There was a very small incursion overnight to de

  • Israel extends Lebanon strikes

    Israel extended its bombardment of Lebanon on 17 July as air strikes targeted the northern port of Abdeh near Tripoli and Baalbek in the east. At least 14 people, including nine Lebanese soldiers, were killed in the raids. The port of Beirut, oil depots at Beirut International Airport and fuel tanks in the northern suburbs of Dawra were also hit. The Israeli army said a group of soldiers had crossed the border into Lebanon. 'There was a very sma

  • Israel hardens policy towards Palestinians

    Tel Aviv has announced a hardening of its policy towards the Palestinian Authority as the crisis surrounding the kidnapping of Corporal Gilad Shalit escalated. Israel's security cabinet on 5 July ordered the army to begin a long offensive aimed at 'institutions and infrastructure facilitating terrorism' and warned that 'the rules of the game in dealing with the Palestinian Authority and Hamas must be changed.' The move followed an unprecedented attack by Palestinian milita

  • Israel imposes blockade on Lebanon

    Israel imposed an air and sea blockade on Lebanon on 13 July following the abduction of two Israeli soldiers by Hezbollah a day earlier. Jets fired rockets at Beirut International Airport, destroying a runway and forcing flights to be diverted to Cyprus. 'The airport is used as a central hub for the transfer of weapons and supplies to the Hezbollah terrorist organisation,' a military spokesman said. Israeli warships also entered Lebanese waters in a naval blockade of the country. Air str

  • Israel receives permission to continue offensive

    World leaders meeting at the Rome summit on 26 July failed to call for an immediate ceasefire by Israel. 'We received yesterday at the Rome conference permission from the world to continue the operation,' Justice Minister Haim Ramon said. 'Everyone understands that a victory for Hezbollah is a victory for world terror.' Ramon added that Israel had given civilians sufficient warning before launching air strikes on southern Lebanon. 'All those now in south Lebanon are terrorists who are r

  • Israel receives permission to continue offensive

    World leaders meeting at the Rome summit on 26 July failed to call for an immediate ceasefire by Israel. 'We received yesterday at the Rome conference permission from the world to continue the operation,' Justice Minister Haim Ramon said. 'Everyone understands that a victory for Hezbollah is a victory for world terror.' Ramon added that Israel had given civilians sufficient warning before launching air strikes on southern Lebanon. 'All those now in south Lebanon are terrorists

  • Israel steps up attacks on Lebanon

    Israel launched a series of strikes on the southern suburbs of Beirut on 14 July a day after Israeli Prime Minister Ehud Olmert ordered a widening of the Israeli offensive against Hezbollah in Lebanon. Aircraft targeted a road to Beirut International Airport and carried out seven air raids on the Beirut-Damascus highway, effectively completing a full-scale blockade of the country. Fuel tanks at the airport and the Jiyyeh power plant south of Beirut were set alight. The headquarters of th

  • Israel steps up attacks on Lebanon

    Israel launched a series of strikes on the southern suburbs of Beirut on 14 July a day after Israeli Prime Minister Ehud Olmert ordered a widening of the Israeli offensive against Hezbollah in Lebanon. Aircraft targeted a road to Beirut International Airport and carried out seven air raids on the Beirut-Damascus highway, effectively completing a full-scale blockade of the country. Fuel tanks at the airport and the Jiyyeh power plant south of Beirut were set alight. The headquar

  • Israel strikes Palestinian Foreign Ministry

    An Israeli air strike on 17 July hit the Palestinian Foreign Ministry building in Gaza for the second time in a week as part of an ongoing campaign against the Hamas government. Israel says the Foreign Minister Mahmoud Zahar used the offices 'to plan continued terror attacks'. The building, which was empty, was destroyed in the blast and up to nine people in the vicinity, mostly children, were injured. The Israeli military confirmed that the strike was part of 'ongoing operations' in the

  • Israel strikes Palestinian Foreign Ministry

    An Israeli air strike on 17 July hit the Palestinian Foreign Ministry building in Gaza for the second time in a week as part of an ongoing campaign against the Hamas government. Israel says the Foreign Minister Mahmoud Zahar used the offices 'to plan continued terror attacks'. The building, which was empty, was destroyed in the blast and up to nine people in the vicinity, mostly children, were injured. The Israeli military confirmed that the strike was part of 'ongoing operatio

  • Israel targets central Beirut

    Israeli air strikes hit central Beirut on 19 July for the first time since the week-long offensive began. Up to 56 civilians and a Hezbollah fighter were killed in the latest attacks, while Israel reported that three of its soldiers had been killed and 10 wounded in the fighting. Fighting between Israeli forces and Hezbollah guerrillas broke out in southern Lebanon after Israeli troops crossed the border in an attack on Hezbollah targets. Hezbol

  • Israel to enforce security zone as fighting continues

    Israeli Prime Minister Ehud Olmert announced on 26 July that Israel will establish a two-kilometre-wide security zone in southern Lebanon. The strip will act as a buffer against Hezbollah guerrillas. Olmert was speaking at a closed meeting of the Knesset (parliament) Foreign Affairs and Defence Committee. 'We want a two-kilometre space from the border in which it will not be possible to fire rockets toward soldiers and civilians' houses and in which there will not be contact with militar

  • Israel to enforce security zone as fighting continues

    Israeli Prime Minister Ehud Olmert announced on 26 July that Israel will establish a two-kilometre-wide security zone in southern Lebanon. The strip will act as a buffer against Hezbollah guerrillas. Olmert was speaking at a closed meeting of the Knesset (parliament) Foreign Affairs and Defence Committee. 'We want a two-kilometre space from the border in which it will not be possible to fire rockets toward soldiers and civilians' houses and in which there will not be contact wi

  • Israel withdraws from northern Gaza, but says operation will continue

    Israeli forces withdrew from northern Gaza on 8 July as the focus of the military operation aimed at rescuing the captured soldier Corporal Gilad Shalit shifted to the east of Gaza City. Troops pushed one kilometre into the environs of the city, triggering fighting with Palestinian militants. The Israeli air force launched several attacks in Gaza on 10 July. Two militants were killed in a strike on a car near Khan Younis and a third man was killed in an attack on a car in

  • Israel withdraws from northern Gaza, but says operation will continue

    Israeli forces withdrew from northern Gaza on 8 July as the focus of the military operation aimed at rescuing the captured soldier Corporal Gilad Shalit shifted to the east of Gaza City. Troops pushed one kilometre into the environs of the city, triggering fighting with Palestinian militants. The Israeli air force launched several attacks in Gaza on 10 July. Two militants were killed in a strike on a car near Khan Younis and a third man was kill

  • Israeli army launches assault on Lebanon

    The Israeli army launched an air and ground assault on southern Lebanon on 12 July after Hezbollah announced it had captured two Israeli soldiers.The Israeli military confirmed that the pair had been abducted near the Lebanese border. 'It is an act of war by the state of Lebanon against the state of Israel in its sovereign territory,' Israeli Prime Minister Ehud Olmert said and warned that anyone trying to test Israel's resolve would 'pay a heavy price'. During clashes on

  • Israeli army launches assault on Lebanon

    The Israeli army launched an air and ground assault on southern Lebanon on 12 July after Hezbollah announced it had captured two Israeli soldiers.The Israeli military confirmed that the pair had been abducted near the Lebanese border. 'It is an act of war by the state of Lebanon against the state of Israel in its sovereign territory,' Israeli Prime Minister Ehud Olmert said and warned that anyone trying to test Israel's resolve would 'pay a heavy price'.

  • Israeli bombardment of Lebanon continues

    Israeli strikes hit more than 40 targets mainly in southern Beirut on 21 July. Israeli forces also carried out ground attacks on Hezbollah fighters. Four Israeli soldiers and two Hezbollah militants were killed in the fighting. Four more Israeli soldiers died when two helicopters collided near the Lebanese border.Air raids targeted Shia districts of Beirut, the eastern Bekaa Valley and southern Lebanon. The Mdeirej bridge on the Beirut-Damascus highway was hit for the thir

  • Israeli bombardment of Lebanon continues

    Israeli strikes hit more than 40 targets mainly in southern Beirut on 21 July. Israeli forces also carried out ground attacks on Hezbollah fighters. Four Israeli soldiers and two Hezbollah militants were killed in the fighting. Four more Israeli soldiers died when two helicopters collided near the Lebanese border.Air raids targeted Shia districts of Beirut, the eastern Bekaa Valley and southern Lebanon. The Mdeirej bridge on the Beirut-Damascus

  • Israeli offensive in Lebanon will last weeks

    Israel's deputy army chief Moshe Kaplinsky has said the offensive in Lebanon will continue for several weeks. 'We need more time to complete our very clear goals. When we fight terror, it is a war that needs to be very accurate, very schematic and it takes time,' Kaplinsky told Army Radio on 18 July. He also did not rule out an Israeli ground invasion. The announcement came amid continuing bombardment of Lebanese targets. An air strike on the southern village of Aitaroun d

  • Israeli offensive in Lebanon will last weeks

    Israel's deputy army chief Moshe Kaplinsky has said the offensive in Lebanon will continue for several weeks. 'We need more time to complete our very clear goals. When we fight terror, it is a war that needs to be very accurate, very schematic and it takes time,' Kaplinsky told Army Radio on 18 July. He also did not rule out an Israeli ground invasion. The announcement came amid continuing bombardment of Lebanese targets. An air strike on the so

  • Israeli tanks withdraw from northern Gaza

    Israeli tanks on 28 July withdrew from areas to the north and east of Gaza city, having rolled into the territory two days earlier. The operation against Palestinian militants left at least 30 Palestinians dead. Also on 28 July, Israeli air raids targeted the homes of Palestinian militants and a metal workshop in Khan Younis in the Gaza Strip. At least seven people were wounded in the attacks. The Israeli army said it had targeted buildings used

  • Israeli tanks withdraw from northern Gaza

    Israeli tanks on 28 July withdrew from areas to the north and east of Gaza city, having rolled into the territory two days earlier. The operation against Palestinian militants left at least 30 Palestinians dead. Also on 28 July, Israeli air raids targeted the homes of Palestinian militants and a metal workshop in Khan Younis in the Gaza Strip. At least seven people were wounded in the attacks. The Israeli army said it had targeted buildings used for the manufacture and sto

  • Israeli-Lebanese ceasefire is acceptable, says Iran

    Iranian Foreign Affairs Minister Manouchehr Mottaki said on 17 July that a ceasefire and prisoner exchange between Israel and Lebanon is fair and acceptable. Mottaki was speaking after meeting Syrian Vice-President Farouq al-Sharaa in Damascus. 'We believe that we should think of an acceptable and fair (deal) to resolve this,' Mottaki said. 'In fact, there can be a ceasefire followed by a prisoner swap.'A day earlier, Lebanese officials said that Italian med

  • Israeli-Lebanese ceasefire is acceptable, says Iran

    Iranian Foreign Affairs Minister Manouchehr Mottaki said on 17 July that a ceasefire and prisoner exchange between Israel and Lebanon is fair and acceptable. Mottaki was speaking after meeting Syrian Vice-President Farouq al-Sharaa in Damascus. 'We believe that we should think of an acceptable and fair (deal) to resolve this,' Mottaki said. 'In fact, there can be a ceasefire followed by a prisoner swap.'A day ear

  • IT: Screen test

    Wandering through the ruins of Petra, Ben and Izzy come across a tomb, where they release the spirit of the genie Yasmine. The genie's magical powers transport the two adventurers back in time to 1867, the date of American writer Mark Twain's first visit to Petra.

  • IT: Screen test

    Wandering through the ruins of Petra, Ben and Izzy come across a tomb, where they release the spirit of the genie Yasmine. The genie's magical powers transport the two adventurers back in time to 1867, the date of American writer Mark Twain's first visit to Petra.

  • Jan De Nul down by the Waterfront

    Belgium's Jan De Nul has been awarded the reclamation works package for Dubai Waterfront. The contract, which is valued at $1,000 million-1,500 million, was awarded on a negotiated basis, and is the first construction contract to be placed on the project.

  • Japan withdraws last troops from Iraq

    A final group of 220 Japanese soldiers arrived in Kuwait on 17 July, completing the withdrawal of Japan's troops from Iraq. 'Our ground forces have bravely completed their mission and have now safely withdrawn to Kuwait,' Japanese Prime Minister Junichiro Koizumi said. Some 600 non-combat troops had been involved in reconstruction work in southern Iraq since February 2004. No Japanese soldiers were killed or injured in Iraq. 'We carried out our humanitarian and reconstruct

  • Japan withdraws last troops from Iraq

    A final group of 220 Japanese soldiers arrived in Kuwait on 17 July, completing the withdrawal of Japan's troops from Iraq. 'Our ground forces have bravely completed their mission and have now safely withdrawn to Kuwait,' Japanese Prime Minister Junichiro Koizumi said. Some 600 non-combat troops had been involved in reconstruction work in southern Iraq since February 2004. No Japanese soldiers were killed or injured in Iraq. 'We carried out our

  • Jeddah airport moves up a gear

    The General Authority for Civil Aviation (GACA) has invited eight international firms to submit technical and commercial bids by mid-September for the contract to provide project and construction management (PCM) services on the expansion of King Abdulaziz International Airport (KAIA) in Jeddah. The tender was reissued after firms had originally been invited to submit offers in May.

  • JEDDAH: Blazing a trail

    When it was designed and built in the late 1970s, King Abdulaziz International Airport (KAIA) in Jeddah was a state-of-the-art facility. Today, in the era of high-tech, mall-style terminals, arriving at KAIA feels more akin to landing at an under-funded provincial airport rather than at the main entry point of one of the world's wealthiest nations.

  • JLT given free zone status

    The government of Dubai has confirmed that it will give companies based in Jumeirah Lakes Towers (JLT) free zone status. JLT, which comprises 79 office, hotel and residential towers, is expected to be completed by the end of 2008. Nakheel, a subsidiary of Dubai World, is the master developer.

  • JLT given free zone status

    The government of Dubai has confirmed that it will give companies based in Jumeirah Lakes Towers (JLT) free zone status. JLT, which comprises 79 office, hotel and residential towers, is expected to be completed by the end of 2008. Nakheel, a subsidiary of Dubai World, is the master developer.

  • Joining forces against dirty cash

    The UAE and the UK plan to sign an extradition treaty by the end of the summer as part of efforts to combat money laundering. In March, both countries signed a memorandum of understanding (MoU) on information sharing on suspicious cases and already conduct joint operations in the UAE, which is a transit point for illegal funds.

  • Joining forces against dirty cash

    The UAE and the UK plan to sign an extradition treaty by the end of the summer as part of efforts to combat money laundering. In March, both countries signed a memorandum of understanding (MoU) on information sharing on suspicious cases and already conduct joint operations in the UAE, which is a transit point for illegal funds.

  • Jordan suspends board of Islamist charity

    Jordan's prosecutor-general suspended on 10 July the board of the Islamic Charity Society, saying the charity was funding the political activities of the Muslim Brotherhood. The Central Bank 'revoked authorisations of the board in any financial transaction and a new temporary executive board would be appointed in the next few days', according to Sulieman Tarawneh, the government minister responsible for private charities. The move follows a cabinet decision on 5 July to in

  • Jordan suspends board of Islamist charity

    Jordan's prosecutor-general suspended on 10 July the board of the Islamic Charity Society, saying the charity was funding the political activities of the Muslim Brotherhood. The Central Bank 'revoked authorisations of the board in any financial transaction and a new temporary executive board would be appointed in the next few days', according to Sulieman Tarawneh, the government minister responsible for private charities. The move follows a cabi

  • JORDAN: The face of moderation

    Sitting in a courthouse in Amman in early July, Sajida Rishawi cut an unassuming figure. Dressed in black, the 35-year-old was a picture of calm as the chief prosecutor called for the death penalty for her involvement in the bomb attacks on three hotels in the capital late last year.

  • JORDAN: The face of moderation

    Sitting in a courthouse in Amman in early July, Sajida Rishawi cut an unassuming figure. Dressed in black, the 35-year-old was a picture of calm as the chief prosecutor called for the death penalty for her involvement in the bomb attacks on three hotels in the capital late last year.

  • Jordanian aid plane lands in Beirut

    A Jordanian plane carrying UN humanitarian aid landed at Beirut International Airport on 26 July. The plane was the first to land at the airport which has been closed for two weeks following Israeli air strikes on July 13. The plane will also evacuate some 150 people wounded in the Israeli offensive.The transfer was made possible after Israeli Prime Minister Ehud Olmert a day earlier said Tel Aviv would allow humanitarian airlifts through its land and sea blockade of Leban

  • Jordanian aid plane lands in Beirut

    A Jordanian plane carrying UN humanitarian aid landed at Beirut International Airport on 26 July. The plane was the first to land at the airport which has been closed for two weeks following Israeli air strikes on July 13. The plane will also evacuate some 150 people wounded in the Israeli offensive.The transfer was made possible after Israeli Prime Minister Ehud Olmert a day earlier said Tel Aviv would allow humanitarian airlifts through its la

  • Jordanian aid plane lands in Beirut

    A Jordanian plane carrying UN humanitarian aid landed at Beirut International Airport on 26 July. The plane was the first to land at the airport, which has been closed for two weeks following Israeli air strikes on 13 July. The plane will also evacuate some 150 people wounded in the Israeli offensive.The transfer was made possible after Israeli Prime Minister Ehud Olmert a day earlier said Tel Aviv would allow humanitarian airlifts through its land and sea blockade of Leba

  • Jordanian aid plane lands in Beirut

    A Jordanian plane carrying UN humanitarian aid landed at Beirut International Airport on 26 July. The plane was the first to land at the airport, which has been closed for two weeks following Israeli air strikes on 13 July. The plane will also evacuate some 150 people wounded in the Israeli offensive.The transfer was made possible after Israeli Prime Minister Ehud Olmert a day earlier said Tel Aviv would allow humanitarian airlifts through its l

  • Jordanian Islamists go on trial

    The trial of three Islamist lawmakers charged with offering condolences to the family of Abu Mussab al-Zarqawi following his death began in Amman on 24 July. Mohammed Abu Fares, Ali Abu Sukkar and Jaafar Horani - all members of the Islamic Action Front bloc in parliament - pleaded not guilty to 'harming national unity by instigating sectarian strife and fuelling national discord'. If convicted they could face up to three years in prison.In a eulogy at Al-Zarqawi's home, Ab

  • Jordanian Islamists go on trial

    The trial of three Islamist lawmakers charged with offering condolences to the family of Abu Mussab al-Zarqawi following his death began in Amman on 24 July. Mohammed Abu Fares, Ali Abu Sukkar and Jaafar Horani - all members of the Islamic Action Front bloc in parliament - pleaded not guilty to 'harming national unity by instigating sectarian strife and fuelling national discord'. If convicted they could face up to three years in prison.In a eul

  • Jumeirah Beach Club to be redeveloped

    Local hotel operator Jumeirah, part of Dubai Holding, plans to redevelop the Jumeirah Beach Club, previously known as the Hilton Beach Club. The property will close in January and will reopen in late 2007 as a 141-suite resort that will include a spa on a purpose-built island, six food and beverage outlets and a swimming pool.

  • Kahramaa contracts awarded

    Qatar General Electricity & Water Company (Kahramaa) has awarded contracts worth more than QR 1,000 million ($274.7 million) aimed at upgrading the state's power and water distribution network.

  • KAIA desal BOT tender issued

    The General Authority of Civil Aviation (GACA) has released invitation to bid documents for the build-operate-transfer (BOT) concession to develop a 30,000-cubic-metre-day desalination plant supplying potable water to the King Abdulaziz International Airport (KAIA) in Jeddah (MEED 31:3:06).

  • Kala Naft signs $93.5 million drill system

    Oil Ministry subsidiary Kala Naft has signed a $93.5 million contract with a European consortium for the supply of equipment, including four drilling systems. The European Drilling Rig Alliance (EDRA), comprises Italy's Drillmec and Wirth and Bentec, both of Germany. Drillmec has said its share of the contract is worth $57.7 million. Kala Naft is the Oil Ministry's main support and procurement arm, operating several factories inside the country to serve the energy sector.

  • KCC selected for pipeline job

    The Central Tenders Committee (CTC) has approved the offer of KD 12.4 million ($42.8 million) submitted by Kuwait Controls Company (KCC) for the contract to build a fresh water pipeline between the Mina Abdulla water distribution complex and the water storage complexes at West Funaitees and Al-Zour. Contract signing is expected soon. The contractor was low bidder in January for the engineering, procurement and construction (EPC) contract, which involves the installation of a 1.2-metre-diameter d

  • KOC unveils new projects

    State upstream operator Kuwait Oil Company (KOC) has revealed details of new projects it plans to tender over the next 12 months. The list includes several major schemes covering new pipelines, electricity transmission and distribution systems and the possibility of a further round of oil production increases.

  • Korean consortium signs up for Sohar aromatics EPC

    A South Korean consortium of LG International and GS Engineering & Construction signed on 2 July the engineering, procurement and construction (EPC) contract to build the Sohar aromatics complex planned by Aromatics Oman (AOL - MEED 14:11:05).

  • Koreans win Yemen LNG work

    A Korean team of SK Engineering & Construction and Samwhan Corporation has been awarded the buildings subcontract on the grassroots liquefied natural gas (LNG) project under construction at Bel Haf. The estimated $30 million contract centres on the construction of six administrative buildings and seven substations. Work is scheduled to be completed by August 2008. Bids are also under evaluation for three mechanical, electrical and instrumentation (MEI) packages, worth a total of about $200 milli

  • KUWAIT

    Tender no 7/2005-2006. Design, supply, installation, operation and provision of training, maintenance, technical support and guarantee of services for a monitoring and control appliances system on lighting equipment of an air field at Kuwait International Airport for the General Directorate of Civil Aviation. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 15 July.

  • KUWAIT

    Tender no 15/2006-2007. Operation and maintenance (O&M) and repair of engineering services at Kaifan, Adiliya, Jabriya, Hawally and Sabahiya for Kuwait University. Bid bond is 2 per cent of tender price. A pre-bid meeting will take place on 15 July.

  • KUWAIT

    Tender no 14/2006-2007. (Open to prequalified contractors only.) Operation and maintenance (O&M) and repair of engineering services at Shuwaikh and Jahra for Kuwait University. Bid bond is 2 per cent of tender price. A pre-bid meeting will take place on 15 July.

  • KUWAIT

    Tender no 17/2006-2007. (Open to prequalified contractors only.) Operation and maintenance (O&M) and repair of engineering services at Khaldiya and Shadadiya for Kuwait University. Bid bond is 2 per cent of tender price. A pre-bid meeting will take place on 15 July.

  • KUWAIT

    Tender no ME/EW/132-2005/2006. (Open to prequalified contractors only.) Carrying out civil maintenance works for water facilities with accessories at all departments of the water operation and maintenance (O&M) sector for the Energy Ministry. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 19 July.

  • KUWAIT

    Tender no 1972806. Supply of painted metal sheet materials for the Defence Ministry's military engineering installation. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 27 June.

  • KUWAIT

    Tender no MI/KBS/5/2006-2007. Construction and preparation of broadcasting studios and digital broadcasting montage studios for the Information Ministry. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 8 July.

  • KUWAIT

    Tender no PA/Sh.AM/51/2006-2007. Supply of pre-fabricated houses for the Defence Ministry's military engineering installation. Bid bond is 5 per cent of tender price. A site visit will take place on 10 July and a pre-bid meeting on 11 July.

  • KUWAIT

    Tender no PA/Sh.AM/51/2006-2007. Leasing of buses for the transportation of male and female students at the Public Authority for Applied Education & Training's colleges and institutes. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 17 July.

  • KUWAIT

    Tender no KPA/19-2006. (Open to prequalified contractors only.) Carrying out treatment works for extension joints and marine platform collapse at Kuwait Ports Authority's Shuwaikh Port. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 10 July.

  • KUWAIT

    Tender no HS/S/114. (Open to prequalified contractors only.) Provision of general services for the operation and maintenance (O&M) of a pumping station at a treated water control centre, a main pumping line, feeding networks, tanks and administrative buildings at Al-Abdaly for the Public Works Ministry. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 9 July.

  • KUWAIT

    Tender no KPA/25/2006. Provision of marine auxiliary works for Kuwait Ports Authority. Bid bond is 5 per cent of tender price.Details on payment of KD 440 from Central Tenders Committee, PO Box 1070, Safat 13011, telephone (965) 2401200, fax (965) 2416574.

  • KUWAIT

    Tender no PA/Sh.AM/20/2005-2006. (Open to prequalified contractors only.) Construction, completion and maintenance of the college of basic education for boys in Ardiya for the Public Authority for Applied Education & Training. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 15 July.

  • KUWAIT

    Tender no RFQ/945603. Supply of insulation materials and thermal bricks. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 10 July.

  • KUWAIT

    Tender no ME/8/2006-2007. Provision of consultancy services and specialised technical support services in the field of information systems and technology for the Education Ministry. Bid bond is 5 per cent of tender price. A pre-bid meeting will take place on 11 July.

  • KUWAIT

    Tender no ME/EW/123/2005-2006. Carrying out electrical extension works at the first geographical area of the Farwaniya, Jahra and Capital governorates for the Energy Ministry. Bid bond is KD 20,000.

  • KUWAIT

    Tender no ME/EW/34/2006-2007. Carrying out humidity insulation and heat insulation works for all secondary transformer stations for the Energy Ministry. Bid bond is 5 per cent of tender price.Details on payment of KD 100 from Central Tenders Committee, PO Box 1070, Safat 13011, telephone (965) 2401200, fax (965) 2416574.

  • KUWAIT

    Tender no CISD/0156. Supply of an attendance control system for three refineries. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    Tender no S/MQA/38/2006-2007. Supply of 20 double-cabin, eight-cylinder pick-up trucks for a rodent control project for the Health Ministry.

  • KUWAIT

    Tender no RFP/1302. (Open to prequalified contractors only.) Supply of rotary equipment and pump shelters at gathering centre (GC) 17 in the west. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    Tender no RFQ/1028397. Supply of gas scrubbers and gas/oil separators. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    Tender no ME/EW/37/2006-2007. (Open to prequalified contractors only.) Carrying out annual works for air-conditioning and ventilation equipment at the Doha East station for the Energy Ministry. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    CD extension. Tender no NRP/MISC/0019. (Open to prequalified contractors only.) Provision of marine shipping services for desulphurisation unit vessels at a new oil refinery for Kuwait National Petroleum Company sites. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    Tender no ME/EW/38/2006-2007. (Open to prequalified contractors only.) Supply, installation and testing of five high-tension transformers at the Shuaiba Southern station for the Energy Ministry. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 14 August.

  • KUWAIT

    Tender no M/JAV/1.

  • KUWAIT

    CD extension. Tender no ME/EW/11/2006/2007. (Open to prequalified contractors only.) Supply and installation of a 300/132/11-kV main transformer station at the green zone W for the Energy Ministry. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 2 July.

  • KUWAIT

    Carrying out a multi-purposes government services complex project. Bid bond is KD 50,000.

  • KUWAIT

    Tender no RFP/1343. (Open to prequalified contractors only.) Construction of the 132/11-kV Magwa A substation in the Magwa oil field. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 28 August.

  • KUWAIT

    Tender no RFP/1346. (Open to prequalified contractors only.) Extension of existing 132-kV switchgear at the Ahmadi A and C and Rawdatain B substations. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    Tender no RFP/1339. (Open to prequalified contractors only.) Construction of annexes and associated facilities for a new complex. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 25 July.

  • KUWAIT

    Tender no RFP/1348. (Open to prequalified contractors only.) Construction of a new building at the Ratqa field. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 24 July.

  • KUWAIT

    Tender no ME/EW/32/2006-2007. (Open to prequalified contractors only.) Renovation and complete maintenance of a city sub-control centre for the Energy Ministry. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 30 July.

  • KUWAIT

    Tender no PTT/602-2006/2007. Supply and installation of spare parts for the development of the Mushrif ground station for the Communications Ministry. Bid bond is 2 per cent of tender price.

  • KUWAIT

    Tender no ME/EW/20/2006-2007. Supply of electricity meters for the Energy Ministry. Bid bond is 5 per cent of tender price.

  • KUWAIT

    Tender no ME/EW/22/2006-2007. (Open to prequalified contractors only.) Supply of fuses for electrical distribution networks for the Energy Ministry. Bid bond is 5 per cent of tender price.

  • KUWAIT

    Tender no RFP/1345. (Open to prequalified contractors only.) Construction of 132/11-kV overhead lines to the Magwa A and Sabriya A substations. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    CD extension. Tender no RFP/1286. Building new gathering centre (GC) no 24 at the Sabriyah field (NK).

  • KUWAIT

    Tender no RFQ/1028486. Supply of demulsifier for the south and east areas. Bid bond is 2.5 per cent of tender price.

  • KUWAIT

    Tender no ME/EW/19/2006-2007. (Open to prequalified contractors only.) Supply of low-tension welding cable joints for the Energy Ministry. Bid bond is 5 per cent of tender price.

  • KUWAIT

    Tender no ME/EW/43/2006-2007. (Open to prequalified contractors only.) Deepening of a seawater outlet canal at the Eastern power station for the Energy Ministry. Bid bond is 2.5 per cent of tender price. A pre-bid meeting will take place on 27 August.

  • KUWAIT

    Tender no ME/EW/21/2006-2007. (Open to prequalified contractors only.) Supply of low-tension current cut-outs for the Energy Ministry. Bid bond is 5 per cent of tender price.

  • Kuwait approves electoral reforms and re-elects speaker

    Kuwait's new cabinet on 11 July approved a set of electoral reforms which will cut the number of constituencies to five from 25. The move constitutes a victory for the opposition whose previous attempts to push the reforms through had failed. Reformist MPs argue that the increase in voter numbers in each constituency will reduce fraud and vote buying. The outgoing cabinet proposed reducing the number of constituencies to 10, falling short of opposition demands. The ensuing

  • Kuwait approves electoral reforms and re-elects speaker

    Kuwait's new cabinet on 11 July approved a set of electoral reforms which will cut the number of constituencies to five from 25. The move constitutes a victory for the opposition whose previous attempts to push the reforms through had failed. Reformist MPs argue that the increase in voter numbers in each constituency will reduce fraud and vote buying. The outgoing cabinet proposed reducing the number of constituencies to 10, falling short of opp

  • KUWAIT BANKING Treading carefully

    As the holiday season begins in Kuwait, most local bankers will feel their summer break is well deserved. Despite a tumultuous first half of the year for the region's capital markets, local financial institutions are set to emerge relatively unscathed from the share meltdown, thanks largely to tight regulation which restricted their exposure to equity earnings. And with the local economy so buoyant, initial concerns about the entry of international banks and Islamic banking have largely reced

  • KUWAIT BANKING Treading carefully

    As the holiday season begins in Kuwait, most local bankers will feel their summer break is well deserved. Despite a tumultuous first half of the year for the region's capital markets, local financial institutions are set to emerge relatively unscathed from the share meltdown, thanks largely to tight regulation which restricted their exposure to equity earnings. And with the local economy so buoyant, initial concerns about the entry of international banks and Islamic banking have largely receded.

  • Kuwait cuts electoral constituencies

    Kuwait's National Assembly (parliament) on 17 July approved a bill which will reduce the number of electoral constituencies to 5 from 25. A total of 60 out of 65 MPs voted in favour, while only two were against the new legislation. The bill will now be put to the Emir Sheikh Sabah al-Ahmad al-Sabah for approval. The reforms, approved by Kuwait's cabinet on 12 July, had been at the centre of the opposition's campaign in the lead-up to elections to the National Assembly in J

  • Kuwait cuts electoral constituencies

    Kuwait's National Assembly (parliament) on 17 July approved a bill which will reduce the number of electoral constituencies to 5 from 25. A total of 60 out of 65 MPs voted in favour, while only two were against the new legislation. The bill will now be put to the Emir Sheikh Sabah al-Ahmad al-Sabah for approval. The reforms, approved by Kuwait's cabinet on 12 July, had been at the centre of the opposition's campaign in the lead-up to elections t

  • Kuwait Dynamics wins township job

    Kuwait Dynamics has been awarded the contract, worth KD 19 million ($66 million), to build houses and associated infrastructure on block 2 of the Saad al-Abdullah township project. The contractor was low bidder for the work when bids were submitted late last year. The 33-month contract covers the construction of 321 houses, public buildings such as mosques and schools, roads and sanitation systems. The client is the Public Authority for Housing Welfare (MEED 23:12:06).

  • Kuwait Government

    Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah on 10 July approved a new cabinet.The prime minister, Nasser al-Sabah was re-elected. The only female appointment remains Communications Minister Massouma al-Mubarak. The cabinet sees only three new faces. Sheikh Sabah al-Khaled al-Sabah has become Minister of Social Affairs & Labour. Fahd al-Hajeri, the only elected MP in government, heads the Commerce & Industry Ministry and Abdel-Hadi al-Saleh takes the position of Minister of State for Nat

  • Kuwait Government

    Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah on 10 July approved a new cabinet.The prime minister, Nasser al-Sabah was re-elected. The only female appointment remains Communications Minister Massouma al-Mubarak. The cabinet sees only three new faces. Sheikh Sabah al-Khaled al-Sabah has become Minister of Social Affairs & Labour. Fahd al-Hajeri, the only elected MP in government, heads the Commerce & Industry Ministry and Abdel-Hadi al-Saleh takes the position of Minister of Sta

  • Kuwait Government

    Head of StateAmir Sheikh Sabah al-Ahmad al-Sabah Crown PrinceNawwaf al-Ahmad al-Sabah Prime Minister Sheikh Nasser al-Mohammed al-Sabah First Deputy Prime Minister & Defence & InteriorJaber Mubarak al-Hamad al-Sabah Deputy Prime Minister & Foreign AffairsMohammed Sabah al-Salem al-Sabah Deputy Prime Minister & Cabinet AffairsIsmail Khudur al-Shatti

  • Kuwait passes budget deficit

    The Kuwaiti National Assembly (parliament) approved on 18 July a state budget with a forecasted deficit of $8.130 million for the fiscal year ending March 2007. Thirty-nine MPs voted in favour of the new budget, while 10 voted against and two abstained. The budget is based on an oil price estimate of $36 a barrel. It is likely, therefore, that the deficit will be much lower due to strong oil prices. Kuwait relies on oil for 90 per cent of its revenues.

  • Kuwait passes budget deficit

    The Kuwaiti National Assembly (parliament) approved on 18 July a state budget with a forecasted deficit of $8.130 million for the fiscal year ending March 2007. Thirty-nine MPs voted in favour of the new budget, while 10 voted against and two abstained. The budget is based on an oil price estimate of $36 a barrel. It is likely, therefore, that the deficit will be much lower due to strong oil prices. Kuwait relies on oil for 90 per cent of its revenues.

  • KUWAIT STOCK EXCHANGE: A safe place

    As any stock market investor will testify, it has been a roller-coaster few months for GCC bourses. After more than two years of almost uninterrupted growth, the inevitable correction hit the markets in February, sending stocks into a downward spiral. In Saudi Arabia, the Tadawul All-Share Index (TASI) has fallen by 22 per cent since the beginning of the year. The Shuaa UAE has dropped by a dizzying 38 per cent, Doha's DSM Index is down by 33 per cent.

  • KUWAIT STOCK EXCHANGE: A safe place

    As any stock market investor will testify, it has been a roller-coaster few months for GCC bourses. After more than two years of almost uninterrupted growth, the inevitable correction hit the markets in February, sending stocks into a downward spiral. In Saudi Arabia, the Tadawul All-Share Index (TASI) has fallen by 22 per cent since the beginning of the year. The Shuaa UAE has dropped by a dizzying 38 per cent, Doha's DSM Index is down by 33 per cent.

  • KUWAITI ELECTIONS: A turbulent ride ahead

    The outcome of Kuwait's National Assembly (parliament) elections on 29 June was described as a victory for reformists, a triumph for Islamists and a defeat for women. Whatever its description, the exercise has shown that the local political scene has never been more vibrant or the government more unpopular.

  • Kuwaiti Emir approves new cabinet

    Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah announced on 10 July a new cabinet, following a victory by reformists in elections to the National Assembly (parliament) on 29 June. Bowing to opposition pressure, the emir replaced his nephew, Energy Minister Fahd al-Sabah, and the Minister of State for Cabinet Affairs Mohamed Daifallah Sharar. Both ministers had been accused by the opposition of 'promoting corruption and blocking reforms'. Sheikh Ali Jarrah al-Sabah, the outgo

  • Kuwaiti Emir approves new cabinet

    Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah announced on 10 July a new cabinet, following a victory by reformists in elections to the National Assembly (parliament) on 29 June. Bowing to opposition pressure, the emir replaced his nephew, Energy Minister Fahd al-Sabah, and the Minister of State for Cabinet Affairs Mohamed Daifallah Sharar. Both ministers had been accused by the opposition of 'promoting corruption and blocking reforms'. Sheikh Al

  • Kuwaiti prime minister reappointed

    Emir Sheikh Sabah on 2 July reappointed Sheikh Nasser al-Mohammed al-Ahmed al-Sabah as Kuwait's prime minister and asked him to form a cabinet following parliamentary elections. Nasser submitted the resignation of the cabinet on 1 July following the election of 36 reformists to the 50-seat National Assembly. The resignation of the cabinet following elections is required by law.

  • Landbridge RFP due by year-end

    Requests for proposals (RFPs) on the planned $5,000 million Saudi landbridge rail project will be issued by the end of the year, according to the client on the scheme, state-owned Saudi Railways Organisation (SRO).'We have held meetings to start work on recourse and revenue clarification with each of the four prequalified consortiums,' says a senior SRO official. 'We are hoping to issue RFP documents by the end of the year.' Four consortiums, led by Saudi Binladin Group with El-Sei

  • Landbridge RFP due by year-end

    Requests for proposals (RFPs) on the planned $5,000 million Saudi landbridge rail project will be issued by the end of the year, according to the client on the scheme, state-owned Saudi Railways Organisation (SRO).

  • Landmark privatisation nears

    The first privatisation of a local bank moved a step closer in late July. Rothschild, the financial adviser on the proposed sale of a majority stake in Credit Populaire d'Algerie (CPA), has submitted its strategic report on the deal to the Finance Ministry. The sale is expected to begin in late September, with the issue of the tender. The report follows the due diligence evaluation of the bank, submitted to the ministry in late May (MEED 26:5:06). 'We have had very strong interest from a sign

  • Landmark privatisation nears

    The first privatisation of a local bank moved a step closer in late July. Rothschild, the financial adviser on the proposed sale of a majority stake in Credit Populaire d'Algerie (CPA), has submitted its strategic report on the deal to the Finance Ministry. The sale is expected to begin in late September, with the issue of the tender. The report follows the due diligence evaluation of the bank, submitted to the ministry in late May (MEED 26:5:06). 'We have had

  • Lebanon's torture is the GCC's challenge and opportunity

    Economists estimate Israel's war on Lebanon is costing its government more than $100 million a day and that Tel Aviv's total bill by the time you read this will be close to $2,000 million. The indirect costs are likely to be at least as much again. Hezbollah rocket attacks since 12 July had in the first 12 days killed 17 Israeli civilians and caused up to half the permanent population in affected areas to flee.

  • Libya rids itself of nuclear fuel

    Three kilogrammes of highly enriched uranium were removed from Libya on 27 July. This brings the total nuclear fuel put under international control to 20 kilogrammes since the country ended its nuclear weapons programme in 2003. The transfer was facilitated by Russia, the US Energy Department and the UN's International Atomic Energy Agency. 'Libya's co-operation and commitment was key to this joint non-proliferation effort. It is a clear indication of Libya's continued commitme

  • LIBYA: Tripoli's turnaround

    One of the more striking features of Tripoli International Airport is the large number of people lounging about. For every official involved in checking passports or screening baggage, there are at least two others standing idly by. It is the same in the country's state-run hotels, banks, shops and factories. The scenes highlight that creating meaningful employment for its people is one of Tripoli's top challenges.

  • Litwin-led group signs for phosphoric acid

    A group led by France's Litwin and comprising Tekfen of Turkey and Saudi Oger, signed on 18 July the contract to build a phosphoric acid plant at the Ras al-Zour fertiliser complex, planned by Saudi Arabian Mining Company (Maaden). The group was the only bidder for the 140,000-tonne-a-year facility when bids were submitted earlier in the year (MEED 14:4:06). Like the three other main process units at the complex, the engineering, procurement and construction (EPC) contract will be carried out on

  • Local banks downgraded

    Rating agency Standard & Poor's (S&P) has assigned a B- long-term credit rating on Bank Audi, BLOM Bank and BankMed, following Beirut's B- sovereign credit rating. According to S&P, the banks' ratings reflect the high risks of operating in the country because of Beirut's high level of public debt, fiscal deficit and fragile political stability. Local bank fortunes are linked to those of the government as they channel their surplus liquidity into government securities.

  • Local banks downgraded

    Rating agency Standard & Poor's (S&P) has assigned a B- long-term credit rating on Bank Audi, BLOM Bank and BankMed, following Beirut's B- sovereign credit rating. According to S&P, the banks' ratings reflect the high risks of operating in the country because of Beirut's high level of public debt, fiscal deficit and fragile political stability. Local bank fortunes are linked to those of the government as they channel their surplus liquidity into government securities.

  • Local powerhouses take metro lines

    Mostazafan & Janbazan Foundation (MJF), the country's largest bonyad, has been awarded the contract to build line 6 on the Tehran metro and Khatam-ol-Anbia (Ghorb), the engineering arm of the Islamic Revolutionary Guards Corps, line 7. The projects are each worth about $1,200 million and were awarded through direct negotiation. The client is Tehran Urban & Suburban Railway Company (see Special Report, pages 39-41).

  • Local/UK JV makes a splash at Atlantis

    The joint venture (JV) of the local Septech Emirates and the UK's Ashbrook Simon-Hartley has been awarded a $30 million contract to supply and install water process equipment to the $1,500 million Atlantis resort located on the crescent of Palm Jumeirah. The award is the latest in a raft of awards on the project, which is following a packaging strategy for its procurement. Canada's NORR Group Consultants International is the design, structural, mechanical and electrical consultant; the UK's K Ho

  • LoI issued for Ghobash tower

    The local Seidco General Contracting has received a letter of intent (LoI) worth an estimated AED 60 million ($16 million) for the Ghobash office tower project in the tourist club area of Abu Dhabi. The 20-storey tower will have a built-up area of 16,000 square metres. The other bidders were: Al-Fara'a General Contracting Company, Commodore Contracting Company, and Gulf Contracting Company, all local. The local office of KEO International Consultants is the consultant. The client is a private de

  • Maaden steps up mining plans

    Saudi Arabian Mining Company (Maaden) is moving ahead with plans to develop the Al-Jalamid phosphate mine in the far northwest of the kingdom. Tender documents are expected to be issued imminently for the contract to operate the mine, while prequalification is due to be launched soon for the mine's 24-month beneficiation plant contract (MEED 2:6:06).

  • Maaden steps up mining plans

    Saudi Arabian Mining Company (Maaden) is moving ahead with plans to develop the Al-Jalamid phosphate mine in the far northwest of the kingdom. Tender documents are expected to be issued imminently for the contract to operate the mine, while prequalification is due to be launched soon for the mine's 24-month beneficiation plant contract (MEED 2:6:06).Ten international and local mining companies have been prequalified for the mining services contract, with a bid deadline dat

  • Maaden's minerals railway moves on

    The Public Investment Fund (PIF) has invited companies to submit bids by the end of September for three of the four main construction packages on its 2,400-kilometre-long minerals railway project. PIF is already evaluating bids for the two advanced earthworks packages in the Al-Nufud region (MEED 23:6:06).

  • Mahmoudiya blast kills 55

    As many as 55 people were killed and 58 injured on 17 July in a suicide attack on a market in the town of Mahmoudiya, just outside Baghdad. Officials gave conflicting accounts of events, with early reports of explosions and heavy gunfire. According to local police, however, the market was hit with mortars, after which police engaged in a gunfight with the attackers. Officials in Baghdad however, said the explosions were caused by a car bomb. The town has a mixed Sunni-Shia population.

  • Mahmoudiya blast kills 55

    As many as 55 people were killed and 58 injured on 17 July in a suicide attack on a market in the town of Mahmoudiya, just outside Baghdad. Officials gave conflicting accounts of events, with early reports of explosions and heavy gunfire. According to local police, however, the market was hit with mortars, after which police engaged in a gunfight with the attackers. Officials in Baghdad however, said the explosions were caused by a car bomb. The town has a mixed Sunni-Shia popu

  • Majan homes in on Sohar

    The local Majan Gulf Properties has announced plans to develop a new mixed-use project at Sohar. The scheme is one of several planned by the developer across the sultanate.

  • Majan homes in on Sohar

    The local Majan Gulf Properties has announced plans to develop a new mixed-use project at Sohar. The scheme is one of several planned by the developer across the sultanate.

  • Majlis attacks IGAT-7 award

    Majlis (parliament) deputies have questioned the government's decision to award the $1,300 million IGAT-7 pipeline to Khatam-ol-Anbia (Ghorb), the engineering arm of the Islamic Revolutionary Guards Corps, without a tender. The contract, awarded in late June, involves the installation of a 900-kilometre pipeline that will connect the gas hub of Assaluyeh with Iranshahr in Sistan-Baluchistan Province, near the Pakistan border. Eventually, IGAT-7 will be linked to the proposed Iran-Pakistan-India

  • Making this Israel's last war on Lebanon

    On 6 June 1982, Israeli Likud Prime Minister Menachem Begin ordered the invasion of Lebanon to destroy Palestinian bases and communities across Lebanon. Just over one week later, Israel's army was entrenched around Beirut. On 1 September, the last Palestinian fighters were evacuated from the Lebanese capital but fighting continued until Israeli forces withdrew to the south in 1983. By then, Israel had wrecked west Beirut and much of south Lebanon. The war caused more than 17,000 civilian deaths.

  • Marina Residence design work let

    The UK's Broadway Malayan has been appointed as design consultant on the Marina Residence, part of the multi-billion-dollar Raha Beach development in Abu Dhabi, planned by local real estate developer ALDAR Properties. The Marina Residence will be located in Al-Bandar, one of eight districts making up Raha Beach. It will include luxury waterfront apartments, restaurants and a central ferry terminal to serve water taxis transporting residents to Abu Dhabi island. ALDAR says construction on the dev

  • MARKET IN FOCUS: Lebanon violence hits regional bourses

    The impact of the spiralling crisis in Lebanon was felt in late July on bourses around the region. All markets reacted to investor jitters and concerns that the escalating violence would spread. 'People are being careful about where their money is going,' says one UAE-based analyst. 'Foreigners are afraid of the possibility of a region-wide war and UAE investors are also unsure whether to invest in the region.'The Saudi Arabian stock exchange mirrored the region-wide trend. 'Markets are

  • MARKET IN FOCUS: Lebanon violence hits regional bourses

    The impact of the spiralling crisis in Lebanon was felt in late July on bourses around the region. All markets reacted to investor jitters and concerns that the escalating violence would spread. 'People are being careful about where their money is going,' says one UAE-based analyst. 'Foreigners are afraid of the possibility of a region-wide war and UAE investors are also unsure whether to invest in the region.'

  • MARKET IN FOCUS: No holiday for CMA

    Many nationals may have already packed their bags to enjoy a welcome break from the searing summer heat. But the Capital Market Authority (CMA) is certainly not relaxing, nor have four months of stock market-induced stress persuaded investors to take a few weeks off. And those that have will return to a resurgence of primary market activity.

  • MB Petroleum secures credit

    National Bank of Oman and Commercialbank are joint arrangers on a $51 million credit facility for the local MB Petroleum Services. The loan will help finance the purchase of new rigs by MB Petroleum, which has an equity stake in the producing block 5 concession.

  • McDermott confirms AKG-2 award

    Jebel Ali-based J Ray McDermott (Middle East) announced on 18 July the award of the offshore package on phase 2 of the Al-Khaleej gas development (AKG-2) project. The engineering, procurement, construction and installation (EPIC) contract, valued at over $300 million, centres on two unmanned wellhead platforms and includes two intra-field pipelines. The installation of the platforms is due to be completed in 2009. The work was included as an option in McDermott's RasGas III contract, which was a

  • Melamine group signs up

    The shareholders' agreement and the two key engineering and procurement (E&P) contracts were signed on 13 July for the estimated $250 million grassroots melamine project at Mesaieed. The 60,000-tonne-a-year plant will be built and operated by Qatar Melamine Company, a 60:40 joint venture of Qatar Fertiliser Company (Qafco) and Qatar Intermediate Industries Holding Company (Waseeta). Commercial production is due to begin in the first quarter of 2009 (MEED 2:6:06).Milan-based Eurotecnica

  • Melamine group signs up

    The shareholders' agreement and the two key engineering and procurement (E&P) contracts were signed on 13 July for the estimated $250 million grassroots melamine project at Mesaieed. The 60,000-tonne-a-year plant will be built and operated by Qatar Melamine Company, a 60:40 joint venture of Qatar Fertiliser Company (Qafco) and Qatar Intermediate Industries Holding Company (Waseeta). Commercial production is due to begin in the first quarter of 2009 (MEED 2:6:06).

  • Middle East banks post reassuring results

    The first-half results reporting season has begun. A number of big-hitting regional banks have posted healthy profits, allaying concerns that exposure to falling stock markets would have a serious impact on bottom lines.

  • Middle East banks post reassuring results

    The first-half results reporting season has begun. A number of big-hitting regional banks have posted healthy profits, allaying concerns that exposure to falling stock markets would have a serious impact on bottom lines.

  • Militants give Israel ultimatum

    Palestinian militants holding the Israeli soldier Gilad Shalit on 3 July set a deadline for the release of Palestinian prisoners held by Israel. In a statement issued by the military wing of Hamas - the Ezzedine al-Qassam Brigades - together with the Popular Resistance Committees and the Islamic Army, the groups demanded that Israel comply by 6am (0300 GMT) on 4 July. 'If the enemy does not agree to our humanitarian demands... we will regard this case as closed,' the statement said. 'The

  • Mitsubishi wins substation job

    Japan's Mitsubishi Electric Corporation has been selected for the contract, worth KD 19.6 million ($68 million), to build the Qurain W 300/132/11-kV substation. Mitsubishi was low bidder for the contract when bids were submitted late last year. The client on the 24-month contract is the Ministry of Energy (Electricity & Water MEED 16:12:05).

  • Mogadishu death toll on the rise

    Up to 60 people have been killed in fighting between Islamist militants and forces loyal to the interim government, eyewitnesses said. The militants are using missiles and artillery in an attempt to take control of an area in south Mogadishu which is ruled by the warlord Abdi Qeybdid. Clashes broke out on 9 July when militia from the Islamic Courts Union ambushed forces loyal to the interim government's interior minister, Hussain Abeid and to Abdi Qeybdid. At least 21 people were killed

  • Mogadishu death toll on the rise

    Up to 60 people have been killed in fighting between Islamist militants and forces loyal to the interim government, eyewitnesses said. The militants are using missiles and artillery in an attempt to take control of an area in south Mogadishu which is ruled by the warlord Abdi Qeybdid. Clashes broke out on 9 July when militia from the Islamic Courts Union ambushed forces loyal to the interim government's interior minister, Hussain Abeid and to Abdi Qeybdid. At least 21 people we

  • Moody's rates NBO, IDB

    Moody's Investors Service has upgraded National Bank of Oman's D- financial strength rating from stable to positive, recognising 'the improvement in the bank's financial fundamentals over the recent reporting periods and our expectation these positive trends will continue'.

  • Moody's takes regional action

    International rating agency Moody's Investors Service has amended the financial strength ratings of Bank Aljazira (BAJ) and National Bank of Egypt (NBE). BAJ's rating has been upgraded to D from D- with a positive outlook. Moody's attributed the change to an improvement in the bank's financial fundamentals and the strengthening of its franchise. 'BAJ's strategy of converting into a full sharia-compliant bank and diversifying its product range and customer reach away from stock market-related act

  • More deaths in Iraq blasts

    At least five people were killed and 28 injured in a car bomb explosion aimed at a police patrol in Mosul on 3 July, while a market in Mahmoudiya was targeted twice in two days. Attacks on 2 and 3 July each left at least three people dead and 20 wounded.The incidents come after an explosion killed at least 66 people in a market in a predominantly Shia area of Baghdad on 1 July while government forces clashed with insurgents in northern Baghdad on 2 July. The fighting broke

  • More gas discovered in Eastern Province

    Petroleum & Mineral Resources Minister Ali Naimi announced on 4 July the discovery of yet another new gas field in the Eastern Province. The discovery is located 50 kilometres south of the world's largest onshore field, Ghawar. Initial flows were reported at 20 million cubic feet a day (cf/d) of associated gas and 1,400 barrels a day of condensate, according to tests carried out by Saudi Aramco at the Zalmah 1 well. In late April, Naimi announced the discovery of gas at the Karan 6 well, located

  • More time for IWP bidders

    The bid closing date has been extended to 24 July for the Sharqiyah independent water project (IWP). Six companies are prequalified to bid for the project, which calls for the installation of 15 million gallons a day (g/d) of new capacity and the acquisition of about 2.7 million g/d of existing capacity in the area. The advisory team on the project comprises Bank Muscat, Denton Wilde Sapte and the UK's Mott MacDonald (MEED 20:1:06).

  • More time for Salalah methanol bidders

    Oman Oil Company has extended the deadline to late September for invited companies to submit bids for the engineering, procurement and construction (EPC) contract on a 3,000-tonne-a-day methanol plant in Salalah. Prequalifiers include South Korea's GS Engineering & Construction, Oslo-based Aker Kvaerner, Paris-based Technip, Spain's Tecnicas Reunidas, Germany's Uhde and Japan's Chiyoda Corporation. Not all the companies are expected to bid. National Bank of Oman and National Bank of Scotland are

  • Morganti to file for stricken Gaza plant

    US-based Morganti Group is drawing up plans for the repair of the 140-MW Gaza power plant which it will present as part of its insurance claim with the US' Overseas Private Investment Corporation (OPIC). Israeli air strikes on 28 June targeted transformers at Gaza's only power plant. It supplies two-thirds of the territory's 1.3 million residents with electricity. The material losses from the strike amount to $10 million, while the costs resulting from a loss of production are estimated at a fur

  • Morganti to file for stricken Gaza plant

    US-based Morganti Group is drawing up plans for the repair of the 140-MW Gaza power plant which it will present as part of its insurance claim with the US' Overseas Private Investment Corporation (OPIC). Israeli air strikes on 28 June targeted transformers at Gaza's only power plant. It supplies two-thirds of the territory's 1.3 million residents with electricity. The material losses from the strike amount to $10 million, while the costs resulting from a loss of production are estimated at a

  • MOROCCO

    Expressions of interest. Tender no 24/DAM/AE/06. Provision of consultancy services for the ninth drinking water network and sanitation development project. Financed by the African Development Bank.

  • Mosques targeted in Iraq

    Several mosques were targeted by Iraqi insurgents following Friday prayers on 7 July. A mortar round killed three people and injured two when it landed outside a Sunni mosque in the Al-Wazeriya district of Baghdad. A second explosion at a Sunni mosque in the district of Al-Jihad left two people dead and two wounded. A mosque in Baqubah was also targeted and seven people were wounded.Two more Iraqis were killed and four policemen wounded when fighting between police and ins

  • Mott to power Saadiyat island

    The UK's Mott MacDonald has confirmed its appointment as consultant for the entire power and water distribution system on the $27,000 Saadiyat island development.

  • M'sharie on the move

    Dubai-based private equity house M'sharie expects to hold a private placement of 30-40 per cent of its shares in the autumn, offering stakes to GCC and other investors. The company, which is the wholly-owned acquisitions arm of Dubai Investments, is currently being valued. Once the placement is complete, M'sharie plans to stage an initial public offering (IPO) of shares.M'Sharie typically buys majority stakes in UAE companies posting profits of at least AED 6 million ($1.6 million). 'Aft

  • MTC signs $4bn loan

    Local telco MTC has signed a $4,000 million, five-year revolving loan agreement, lead arranged by BNP Paribas, Calyon, Credit Suisse First Boston and UBS. The margin is 85 basis points over Libor.Joining at the mandated lead arranger (MLA) level were: Arab National Bank, Barclays Capital, Citigroup, National Bank of Kuwait, Qatar National Bank, Royal Bank of Scotland, Samba Financial Group and Sumitomo-Mitsui Banking Corporation.The lead arrangers were: ABN Amro, Arab Bank, Bank

  • MTC signs $4bn loan

    Local telco MTC has signed a $4,000 million, five-year revolving loan agreement, lead arranged by BNP Paribas, Calyon, Credit Suisse First Boston and UBS. The margin is 85 basis points over Libor.

  • Mubarak says no need for vice-president

    Egyptian President Mubarak said on 11 July there was no need for a vice-president to be appointed. In an interview with Massai newspaper, Mubarak said there was no obligation to fill the position that he held under former president Sadat. 'Our experience since the establishment of the republican system does not call to maintain it,' Mubarak said. 'If anyone says that I was deputy to President Sadat, well that happened before we moved on the path of democracy. Frankly, I fear th

  • Mubarak says no need for vice-president

    Egyptian President Mubarak said on 11 July there was no need for a vice-president to be appointed. In an interview with Massai newspaper, Mubarak said there was no obligation to fill the position that he held under former president Sadat. 'Our experience since the establishment of the republican system does not call to maintain it,' Mubarak said. 'If anyone says that I was deputy to President Sadat, well that happened before we moved on the path of democracy. Frankly, I fear that this po

  • Muscat approves Saraya

    Dubai-based Saraya Holdings has signed a memorandum of understanding with the Tourism Ministry to launch a mixed-use tourism development in Muscat. Saraya, Oman Tourism Development Company and Arab Oman Bank are partners in the project, which is at the planning stage (MEED 20:1:06; 16:9:05).www.meed.com/tourism

  • MUSEUM OF ISLAMIC ART: An artistic touch

    'The king of Qatar is here,' says an eager security guard at the entrance of the Museum of Islamic Arts (MIA) site. It's a mid-May afternoon in Doha, battered by the shamal winds and poor visibility. Despite the inclement weather, Emir Sheikh Hamad bin Khalifa al-Thani has made an unscheduled visit to the site of the near-complete MIA. The close interest being shown underlines that this project is something special. 'The collection assembled for the Museum of Islamic Art in Doha will quite simpl

  • Nasrallah, Assad meet Iran security chief in Syria

    The head of Iran's Supreme National Security Council Ali Larijani on 27 July met Hezbollah leader Sheikh Hassan Nasrallah and Syrian President Asad, the Kuwaiti daily newspaper Al-Siyassah reported. The newspaper said it learned about the meeting from 'well informed Syrian sources'. Iranian media reported that Larijani was visiting Damascus to discuss the ongoing Middle East crisis. The US has accused both Iran and Syria of backing Hezbollah.

  • Nasrallah, Assad meet Iran security chief in Syria

    The head of Iran's Supreme National Security Council Ali Larijani on 27 July met Hezbollah leader Sheikh Hassan Nasrallah and Syrian President Asad, the Kuwaiti daily newspaper Al-Siyassah reported. The newspaper said it learned about the meeting from 'well informed Syrian sources'. Iranian media reported that Larijani was visiting Damascus to discuss the ongoing Middle East crisis. The US has accused both Iran and Syria of backing Hezbollah.

  • NBK CAPITAL: Rising star

    In the highly competitive world of investment banking, financial institutions often find it hard to distinguish themselves from their rivals. However, recently established Kuwait-based NBK Capital reckons it has found the edge it needs to carve out a niche in the market. Set up in July 2005 as the investment banking arm of National Bank of Kuwait (NBK), the finance house has rapidly expanded through the region, opening offices in Dubai International Financial Centre (DIFC) and Beirut, and wit

  • NCC wins Al-Jouf work

    The local National Contracting Company (NCC) has won the SR 247 million ($66 million) contract to expand the crude-fired Al-Jouf power plant, near the Jordanian border. NCC was widely expected to win the work after submitting the lowest bid earlier in the year. The scope of works on the 17-month contract calls for the supply and installation of one 60-MW GE Frame-7 turbine, with the option to install an additional unit. The client is Saudi Electricity Company (SEC - MEED 12:5:06).

  • NCT&H signs Saadiyat resort agreement

    Abu Dhabi-based National Corporation for Tourism & Hotels (NCT&H) has signed an agreement with the Tourism Development & Investment Company (TDIC), a wholly owned subsidiary of Abu Dhabi Tourism Authority, to develop a 75,000-square-metre plot of land on Saadiyat island. The resort, which will feature a six-storey hotel with up to 400 rooms, will be set among natural beach dunes and in an eco-environment on the shores of the Saadiyat Beach district one of six in the masterplan for the 27-square

  • Nepheline prequals issued

    Iran Mines & Mineral Industries Development & Renovation Organisation (Imidro) has launched prequalification for the main engineering, procurement and construction (EPC) contract on a new mine and processing complex to make alumina from nepheline syenite. The client is asking contractors to bring finance for the estimated $200 million project (MEED 2:12:05).The EPC package will include the development of a mine at Sarab in East Azerbaijan province and associated facilities to produce 200

  • New airport goes to bid

    The Civil Aviation Authority (CAA), on behalf of the Ministry of Finance, has invited international contractors to submit bids by mid-November for the construction of the $530 million Khartoum New International Airport (KNIA) project. Eight firms were prequalified in June for the 42-month engineering, procurement and construction (EPC) contract (MEED 29:6:06). The project calls for the construction of the core facilities of the greenfield airport, located at Omdurman, about 40 kilometres so

  • New airport goes to bid

    The Civil Aviation Authority (CAA), on behalf of the Ministry of Finance, has invited international contractors to submit bids by mid-November for the construction of the $530 million Khartoum New International Airport (KNIA) project. Eight firms were prequalified in June for the 42-month engineering, procurement and construction (EPC) contract (MEED 29:6:06). The project calls for the construction of the core facilities of the greenfield airport, located at Omdurman, about 40 kilometres

  • New Atlas chief

    Jawadat Halabi has been appointed chief executive officer of Atlas Investment Group, the investment banking arm of Amman-based Arab Bank. He replaces Omar Masri, who has stepped down.

  • New Egypt party launches

    Osama Ghazali Harb, a former member of the ruling National Democratic Party (NDP), on 16 July launched a campaign to gather support for his breakaway party, the Democratic Front. Harb, the editor of the quarterly Al-Siyassa al-Dawliya, said the party was based on 'the build up of a true and complete democratic system' and a free market economy. 'Oppression, corruption and hypocrisy have led us to suffocation,' a statement by the party said. Former minister Yehya al-Gamal w

  • New Egypt party launches

    Osama Ghazali Harb, a former member of the ruling National Democratic Party (NDP), on 16 July launched a campaign to gather support for his breakaway party, the Democratic Front. Harb, the editor of the quarterly Al-Siyassa al-Dawliya, said the party was based on 'the build up of a true and complete democratic system' and a free market economy. 'Oppression, corruption and hypocrisy have led us to suffocation,' a statement by the party said. Form

  • New gas find announced

    State upstream operator Kuwait Oil Company (KOC) has announced a further non-associated gas find of 5 trillion cubic feet (tcf) in the state's western region, raising the total amount of natural gas found this year to 40 tcf. According to KOC deputy managing director Khalid al-Sumaiti, initial production from the new find will reach 180 million cubic feet a day by the end of 2007 (MEED 10:3:06).

  • New head for HSBC Islamic arm

    Razi Fakih has been appointed chief executive officer of HSBC Amanah, following the resignation of Iqbal Khan to establish a new Islamic financial services firm. Fakih is currently managing director and head of the global onshore banking unit.

  • New jetty, storage tanks for Adgas

    Abu Dhabi Gas Liquefaction Company (Adgas) plans to build a new liquefied natural gas (LNG) loading jetty and two additional pentane storage tanks on Das island, as part of its five-year business plan starting in 2006. Japan's Chiyoda Corporation has prepared a feasibility study for the proposed facilities, estimated to cost a total of $115 million. The tanks and jetty are targeted to be completed by 2009. Adgas, which operates three LNG trains with total capacity of 6 million tonnes a year (t/y

  • New line-up for Oasis

    The local Landmark Group has invited companies to bid by 25 July for the redevelopment of the Oasis Centre on Sheikh Zayed road. The contract calls for the construction of a shopping mall with a built-up area of 149,000 square metres. The original Oasis Centre was destroyed by a fire last September. The local Middle East Foundations is working on the foundations package.

  • New market planned for Aqaba

    The local Madaen al-Nour Real Estate Investment & Development Company has appointed Madaen Asalam, also local, as main contractor on the phase 1 infrastructure package for an estimated $9 million central market in Aqaba's city centre. To be called the Aqaba Development Investment Market, the new development will have a total built-up area of 7,300 square metres, including car parks and warehouse facilities. Conceptual design for the market was carried out by local firm Al-Bashir. Work is expecte

  • New mortgage refinance company set up

    The Central Bank of Egypt (CBE) has taken a 20 per cent stake in the newly established Egyptian Company for Mortgage Refinancing (ECMR), launched in early July with an initial capital of £E 200 million ($34.8 million). It was set up with contributions from 24 private and financial institutions. The World Bank will support the ECMR with technical assistance and also provide a $37.1 million loan. The ECMR will provide 20-year secured loans to banks and mortgage companies as part of the government'

  • New refinery plans on hold

    France's Beicip Franlab has completed a three-month feasibility study for the planned 150,000-200,000-barrel-a-day (b/d) refinery. The study's first phase looked at the location and configuration of the proposed refinery. However, the project is expected to be delayed following the Israeli assault on Lebanon. 'We were planning to hold a meeting in August, but that is likely to be postponed,' says a project source. The study is being carried out under a memorandum of understanding signed between

  • New tenders issued for T2 expansion

    Dubai's Department of Civil Aviation has invited companies to bid for package AX 272/F, covering an extension to terminal 2 on the Dubai International Airport expansion. The project has been tendered twice before as package AX 273: AX 272/F is understood to being tendered with a reduced scope of works. AX 272 involved structural, mechanical, electrical and plumbing (MEP) and finishes works for an 80,000-square-metre extension and refurbishment of the existing 15,000-square-metre facility. The co

  • New W hotel for Doha

    The W hotel chain, part of Starwood Hotels & Resorts Worldwide, has signed a hotel management agreement for a new five-star, 28-storey hotel and residential tower in the Dafna area of Doha. The new hotel, to be owned and developed by the local J&A Jaidah Holdings, will have 291 suites and 156 serviced apartments. It is being built by Multiplex Medgulf, a joint venture of Australia's Multiplex and Ensrv, a member of the J&A group.

  • Nile Cement plans greenfield cement plant

    The local Nile Cement Company (NCC) has invited companies to submit bids by the end of July for the equipment supply contract on a greenfield cement plant near Rabak. Located about 30 kilometres from its existing facility, the new plant will have capacity of about 1.1 million tonnes a year (t/y). A tender for the civils package will be issued once the equipment has been procured. India's Ercom Engineers, which is the consultant on the project, is also advising NCC on the expansion of its existin

  • Nine in line for Nuayyim

    Saudi Aramco has prequalified nine international companies for the second lump-sum turnkey (LSTK) contract on the Nuayyim oil field development project. The tender for the gas-oil separation plant (GOSP) package is due to be issued on 19 July, with a bid closing date of 30 August. A job explanation meeting is scheduled to be held in Dhahran on 22 July (MEED 21:4:06).

  • Nine killed in mosque attacks

    At least seven people were killed and four wounded when a bomb exploded on a main road in the north of Baghdad. The blast occurred as worshippers were leaving the Sunni Ismail al-Qubaisi mosque following Friday prayers. A mortar attack on a Shia mosque in Balad Ruz, northeast of Baghdad, left at least 2 people dead and five wounded. In a separate incident, gunmen attacked a checkpoint on a road south of Kirkuk, killing at least 12 soldiers

  • Nine killed in mosque attacks

    At least seven people were killed and four wounded when a bomb exploded on a main road in the north of Baghdad. The blast occurred as worshippers were leaving the Sunni Ismail al-Qubaisi mosque following Friday prayers. A mortar attack on a Shia mosque in Balad Ruz, northeast of Baghdad, left at least 2 people dead and five wounded. In a separate incident, gunmen attacked a checkpoint on a road south of Kirkuk, killing at least 12 soldiers

  • Nine Palestinians die in Israeli raids

    At least nine Palestinians were killed on 19 July in clashes in the Gaza Strip and West Bank. Four gunmen and two civilians died as Israel entered the Mughazi refugee camp in central Gaza, in a pre-dawn raid. Residents said 30 armoured vehicles had entered the camp, under the cover of heavy machine gunfire. At least 52 Palestinians and five Israeli soldiers were injured in the operation.Israeli forces shot three Palestinians in the West Bank city of Nablus and surrounded a

  • Nine Palestinians die in Israeli raids

    At least nine Palestinians were killed on 19 July in clashes in the Gaza Strip and West Bank. Four gunmen and two civilians died as Israel entered the Mughazi refugee camp in central Gaza, in a pre-dawn raid. Residents said 30 armoured vehicles had entered the camp, under the cover of heavy machine gunfire. At least 52 Palestinians and five Israeli soldiers were injured in the operation.Israeli forces shot three Palestinians in the West Bank cit

  • Oger goes Churchillian

    Deyaar Development, the real estate subsidiary of Dubai Islamic Bank (DIB), has awarded Oger Dubai, the local subsidiary of Saudi Oger, the contract to build the Churchill twin-tower development in Business Bay. Work is scheduled to be completed by late 2008 (MEED 24:3:06).

  • OIL & GAS: Adapting to change

    A new era is dawning for Syria's oil and gas sector. Having grown used to the industry making up more than half of its total exports and about one-third of its budget revenues, Damascus is preparing to become a net oil importer by 2010.

  • OIL & GAS: Adapting to change

    A new era is dawning for Syria's oil and gas sector. Having grown used to the industry making up more than half of its total exports and about one-third of its budget revenues, Damascus is preparing to become a net oil importer by 2010.

  • Oil price boom fires economy

    Nominal gross domestic product (GDP) increased by 24 per cent in 2005 driven by rising oil prices, the Central Bank of Oman (CBO) said in its annual report, published in late June. The oil and gas sector expanded by a healthy 44.3 per cent, compared to 17.8 per cent in the non-oil sector. The strong performance of the hydrocarbons sector, which accounted for 49 per cent of GDP and 79 per cent of government revenues, came despite a slight drop in oil production.

  • Oil price hits $76 a barrel

    Oil prices hit a new high on 13 July, reaching $76 per barrel. The market was agitated by Israel's offensive in Lebanon as well as by worries over supply from Nigeria and Iran's referral to the UN Security Council on 12 July. US crude traded at $76.30, while London Brent jumped to $76.15, but many analysts predicted the hike in prices would be shortlived. 'Usually these things tend to calm down again,' said Andreas Utermann, global chief investment officer at Allianz Globa

  • OIL ROUND-UP: Israel crisis pushes prices up

    Oil prices remained in the mid-$70-a-barrel range in the last week of July, on the back of the continued crisis between Israel and Lebanon, Iran's nuclear defiance and a sharp drop in US gasoline supplies. Spot Brent was trading at $74.81 a barrel on 26 July, compared with $75.92 a barrel a week earlier. US crude supplies remained flat in the week to 21 July, at 335.5 million barrels. However, gasoline stocks fell by 1.5 per cent to 211.0 million barrels, worrying the market.

  • OIL ROUND-UP: Israel crisis pushes prices up

    Oil prices remained in the mid-$70-a-barrel range in the last week of July, on the back of the continued crisis between Israel and Lebanon, Iran's nuclear defiance and a sharp drop in US gasoline supplies. Spot Brent was trading at $74.81 a barrel on 26 July, compared with $75.92 a barrel a week earlier. US crude supplies remained flat in the week to 21 July, at 335.5 million barrels. However, gasoline stocks fell by 1.5 per cent to 211.0 million barrels, worrying the market.OPEC held a

  • OIL ROUND-UP: Israeli action drives up prices

    Oil prices rose by $1 a barrel in the second week of July on growing tension in the Middle East. Spot Brent was trading at $74.52 a barrel on 12 July, compared with $73.53 a barrel a week earlier.

  • OIL ROUND-UP: Prices edge up again

    Oil prices rose slightly in the first week of July, on further global tension with Iran, an unexpected signal of military defiance from North Korea and a gasoline stock fall ahead of the US Independence Day holiday. Spot Brent was trading at $73.53 a barrel on 5 July, compared with $72.16 a barrel a week earlier.

  • OIL: Slow and subtle

    China has had its fair share of energy anxieties in the past decade. Self-sufficient in oil for more than 30 years, the Asian state became a net importer of crude for the first time in 1993 as its offshore Daqing field - billed as the world's fourth largest - went into terminal decline.

  • OIL: The elusive prize

    It has not been an easy relationship. For more than 30 years, the national oil companies (NOCs) of the Middle East have jealously guarded their territory, home to nearly two-thirds of the world's proven crude reserves. In that time, international oil companies (IOCs) have prowled around the borders, primarily sniffing out service contracts or technical services agreements in the hope of greater upstream access to come. But in three decades they have made little progress. The reality today is

  • OIL: The elusive prize

    It has not been an easy relationship. For more than 30 years, the national oil companies (NOCs) of the Middle East have jealously guarded their territory, home to nearly two-thirds of the world's proven crude reserves. In that time, international oil companies (IOCs) have prowled around the borders, primarily sniffing out service contracts or technical services agreements in the hope of greater upstream access to come. But in three decades they have made little progress. The reality today is tha

  • Oil: The right time to exploit

    In April, Amman raised fuel prices for the third time in less than a year. The bad news for Jordanians and local industries is that the increases are unlikely to be the last as the government attempts to slash its budget deficit and cope with a buoyant oil market. The good news for the government is that record oil prices have fuelled interest from international oil companies (IOCs) in the development of the kingdom's crude oil and oil shale reserves.

  • Oil: The right time to exploit

    In April, Amman raised fuel prices for the third time in less than a year. The bad news for Jordanians and local industries is that the increases are unlikely to be the last as the government attempts to slash its budget deficit and cope with a buoyant oil market. The good news for the government is that record oil prices have fuelled interest from international oil companies (IOCs) in the development of the kingdom's crude oil and oil shale reserves.

  • Old port set for iconic redevelopment

    Aqaba Development Corporation (ADC) has appointed Boston-based ICON Architecture to prepare a detailed masterplan for the old port district of Aqaba.

  • OMAN

    Tender no 90/2006. Carrying out fillet widening works at Seeb International Airport for Oman Airport Management Company.Details on payment of RO 602 from Tender Board, PO Box 787, PC 133, Al-Khuwair, telephone (96824) 602073, fax (96824) 602063.

  • OMAN

    Tender no 91/2006. Carrying out the engineering, procurement and construction of pig traps for non-piggable pipelines for Oman Gas Company.Details, available until 19 July, on payment of RO 190 from Tender Board, PO Box 787, PC 133, Al-Khuwair, telephone (96824) 602073, fax (96824) 602063.

  • OMAN

    Tender no 97/2006. Design, fabrication and supply of an HDS reactor for Oman Refinery Company.Details, available until 19 July, on payment of RO 272 from Tender Board, PO Box 787, PC 133, Al-Khuwair, telephone (96824) 602073, fax (96824) 602063.

  • OMAN

    Tender no 95/2006. Carrying out the engineering, procurement and construction of instrument gas back-up and uninterrupted power supply (UPS) systems for Oman Gas Company.

  • OMAN

    Tender no 99/2006. Supply of laboratory items including chemicals, reagents, glassware, instruments, consumables and disposables for the Health Ministry.

  • OMAN

    Tender no 100/2006. Installation, integration, testing and commissioning of 48F and 24F fibre optic cable from Safa to Fahud for Oman Telecommunications Company.

  • OMAN

    Tender no 110/2006. Construction of the Hail North 33/11-kV primary two-by-20-MVA substation and construction and modification of two 33-kV power and pilot cable lines from the Mawalleh grid substation for Muscat Electricity Distribution Company.

  • OMAN

    Tender no 112/2006. Provision of consultancy services for the development of the Duqum Beach hotel for Oman Tourism Development Company.

  • OMAN

    Tender no 105/2006. Upgrading of the existing Al-Khoudh primary substation from two-by-10-MVA and rearrangement of existing 11-kV feeders for the Muscat Electricity Distribution Company.

  • Oman embarks on labour law reforms

    A decree issued by Oman's Sultan Qaboos on 8 July has introduced a number of measures to protect the rights of workers in the country. The decree legalises trade unions and allows for limited strike action by employees. The independent trade unions will together form an overarching national union. The new legislation also bans employers from discriminating against union representatives by dismissing them or punishing them for their role in any way. Employers who do not act in accordance

  • Oman embarks on labour law reforms

    A decree issued by Oman's Sultan Qaboos on 8 July has introduced a number of measures to protect the rights of workers in the country. The decree legalises trade unions and allows for limited strike action by employees. The independent trade unions will together form an overarching national union. The new legislation also bans employers from discriminating against union representatives by dismissing them or punishing them for their role in any way. Employers who do not act in a

  • OMAN: Holidays halt MSM

    The summer lull has come early to the Muscat Securities Market (MSM). Investors are in holiday mood and trading volumes have plummeted.

  • Omar Effendi passes into Anwal's hands

    Holding Company for Trade (HCT) has approved the sale of state-owned retail chain Omar Effendi to Saudi Arabia-based clothing retailer Anwal United Trading. Anwal will pay £E 655 million ($114 million) for the company, make a £E 50 million ($8.7 million) contribution to the employees' pension fund and allocate £E 200 million ($34.8 million) for immediate capital expenditure. The offer follows nine months of talks between the government and Anwal and raises the company's previous offer of £E 504

  • Omar Effendi sale uncertain again

    A Saudi-based businessman has submitted a late bid to acquire retail chain Omar Effendi, one week after its sale to the Saudi Anwal Group was understood to have been finalised. The offer of£E 2,000 million ($348 million) from the businessman, identified as Mohammed Said el-Hanash, was more than double the offer made by Saudi Anwal Group. The Egyptian Holding Company for Trade, which owns Omar Effendi, could consider the bid as approval has still to be given by its general assembly for the sale t

  • OMV strikes again

    Austria's OMV has made a second oil and gas discovery in the Jenein Sud concession, which covers an area of 1,992 square kilometres in the Tatouine region, 700 kilometres south of Tunis. The Nawara 1 well tested at 5,970 barrels a day (b/d) of oil and 58 million cubic feet a day of gas. Acquisition of 3D seismic is expected to start in August 2006 and additional wells will be drilled next year. In March, OMV announced its first discovery in the Jenien Sud permit, with the Warda 1 well producing

  • Orascom completes cement rehab

    A consortium led by Egypt-based Orascom Construction Industries (OCI) and including France's Polysius announced in mid-July the completion of the part-rehabilitation of the 2.3 million-tonne-a-year (t/y) cement plant in the Kurdish town of Tasluja. The work is estimated to be worth $70 million. The plant is currently operating at 50-60 per cent capacity and OCI expects to reach full production capacity by early 2007. In 2004, the consortium was awarded a 12-year rehabilitation, operation and mai

  • ORC loan sealed

    Oman Refinery Company (ORC) has signed a $120 million loan agreement with four local banks to finance its working capital requirements. National Bank of Oman is the agent bank on the two-year facility and is joined by Bank Dhofar, Oman Arab Bank and Oman International Bank. ORC has expansion plans that include increasing the capacity of its Mina Fahal refinery to 106,000 barrels a day (b/d) from 85,000 b/d and building a 52-MW cogeneration plant at the site (MEED 7:7:06).

  • Palestinian Foreign Ministry hit

    Israel bombed the Hamas-led Foreign Ministry in Gaza City on 13 July in a raid aimed at the foreign minister, Mahmoud Zahar. Israel said Zahar 'had knowledge of the recent hostage taking, and he is part of a leadership that has orchestrated rocket attacks against Israeli urban areas.' An Islamic Jihad militant was killed in a separate air strike near Deir al-Balah in central Gaza.A day earlier Israeli jets destroyed a three-storey building in Gaza where Mohammed Deif, a se

  • Papyrus Tower project turns a page

    Egyptian Holding Company for Airports & Air Navigation is now due to issue a tender by late August for the new air traffic control (ATC) tower at Cairo International Airport, following the submission of final designs. Called Papyrus tower, the project will involve the construction of a 100-metre tower and related facilities. Contractors will be given a bidding period of 45 days, with an award due by late October. The facilities will take 32 months to build. Beirut-based Dar al-Handasah (Shair

  • Papyrus Tower project turns a page

    Egyptian Holding Company for Airports & Air Navigation is now due to issue a tender by late August for the new air traffic control (ATC) tower at Cairo International Airport, following the submission of final designs. Called Papyrus tower, the project will involve the construction of a 100-metre tower and related facilities. Contractors will be given a bidding period of 45 days, with an award due by late October. The facilities will take 32 months to build. Beirut-based Dar al-Handasah

  • Pars contract heralds rise of Ahmadinejad's alma mater

    Khatam ul-Anbia (Ghorb), the engineering subsidiary of the Islamic Revolutionary Guards Corps (IRGC), has signed the $2,300 million contract to develop South Pars phases 15-16. The award underlines the rise of Ghorb as a major force in the local projects market, with the contractor widely expected to win major pipeline and rail contracts. However, some foreign and local private contractors warn that the company's extensive experience in civil engineering will count for little in the technically

  • Parsoli passes to GIS

    The local Gulf Investment Services (GIS) is planning to buy a 20 per cent stake in Indian sharia-compliant financial services company Parsoli Corporation. The company is listed on the Bombay Stock Exchange and has additional operations in Saudi Arabia and the UK. The stake is being offered through a private placement. The GIS board has approved the purchase, which will take place once shareholders in Parsoli have agreed to a significant capital increase. 'We see an opportunity to expand on a rec

  • PDO mulls Qarn options

    Petroleum Development Oman (PDO) is considering its options on the Qarn Alam enhanced oil recovery project after bids for the engineering, procurement and construction (EPC) contract came in at almost double its estimated budget of $800 million-900 million. Two groups of companies are competing for the award. They are: a team of Italy's Saipem with Canada's SNC Lavalin; and Spain's Tecnicas Reunidas (TR MEED 10:3:06).

  • Petrojet takes Agoco pipeline

    State-owned Arabian Gulf Oil Company (Agoco) has awarded Egypt's Petrojet the engineering and construction contract to replace a part of the 600-kilometre Sarir-Tabruk main oil pipeline. Worth LD 25 million ($19 million), the contract covers the installation of an 80-kilometre, 34-inch pipeline, launchers, slug catchers and valves. Agoco will supply the line pipe. The award came after eight companies submitted revised commercial bids in April. Awards are imminent at Sirte Oil Company for two mor

  • Phase 7 bids go in to Kahramaa

    Qatar General Electricity & Water Corporation (Kahramaa) has begun evaluating bids for the consultancy contract on phase 7 of the Qatar transmission programme.

  • Phase 7 bids in

    Qatar General Electricity & Water Corporation (Kahramaa) has begun evaluating bids for the consultancy contract on phase 7 of the Qatar transmission programme. The client is also preparing to receive contractor bids in early August for the main packages on the programme, which calls in the first phase for the construction of about 25 new substations and the installation of more than 100 kilometres of overhead lines and a similar amount of cabling (MEED 30:6:06).For the consultancy contra

  • Pidco to build five-star Ramallah hotel

    Gaza-based Palestinian Investment & Development Company (Pidco) has drawn up plans to build a $30 million-35 million five-star hotel in the Al-Taira area of Ramallah. The site has been prepared, but the project, which was to go ahead in partnership with a French investor, has been put on hold. Pidco is also planning in Ramallah a $10 million project to build a 16,000-square-metre complex which will house offices, a convention centre and two restaurants.

  • Pilers picked for JLT business centre

    Local real estate developer Al-Fajer Properties has awarded the local/Swiss Arabian Forasol the AED 55 million ($14.9 million) enabling works contract on its estimated AED 2,000 million ($544 million) five-tower development within Jumeirah Lake Towers (JLT). Forasol will undertake the shoring, excavation, de-watering and piling works for buildings in the Jumeirah Business Centre (JBC) project. JBC calls for the construction of five commercial towers ranging from 39 to 44 storeys. The local Natio

  • Piling starts on Palm monorail stations

    The local/Swiss Arabian Forasol has been awarded two piling packages for monorail stations on Palm Jumeirah. The contracts cover the Trump Tower station on the island's trunk and the Atlantis station on the crescent. Two other major stations are planned for the Palm, located at the base and the village centre; two medium-sized stations will be built at the mid-point of the island's trunk; and a small station is planned on the spine. A Japanese consortium of Hitachi Corporation, Marubeni Corporat

  • Piraeus launches new brokerage

    Greece's Piraeus Bank Egypt will launch a new brokerage firm on the Cairo & Alexandria Stock Exchange (CASE) with a total capital of£E 5 million ($870,000), the minimum required by law. An application has been lodged with the Capital Market Authority for the Piraeus-Egypt Brokerage Company, which will be wholly owned by Piraeus. Piraeus Bank Greece increased its stake in Piraeus Egypt by 5.5 per cent to 94 per cent in early July, after buying almost 1.8 million shares at£E 30.50 ($5.30) each.

  • PKF glad about Gade

    Dubai-based hotel and property advisers PKF The Consulting House has appointed Sven Gade to replace Guy Wilkinson as head of consulting. Gade joins PKF from management consultants Middle East Strategy Advisors, where he was director of its tourism, travel and real estate advisory group.

  • PMC on board for GAE

    Australia's WorleyParsons has been awarded the contract to provide project management consultancy (PMC) services to Abu Dhabi Oil Refining Company (Takreer) for its planned world-scale aromatics complex at Ruwais. Commercial bids for the contract were submitted in early June (MEED 9:6:06).

  • Polysius to supply cement plant

    Germany's Polysius has been awarded the equipment supply contract for the construction of a greenfield cement plant located at Jabal Farasan, about 100 kilometres north of Jeddah. The estimated SR 940 million ($250 million) project is due for completion by the end of 2008. The plant will have capacity of about 1.4 million tonnes a year (t/y MEED 24:3:06).Two other packages, for the civil works and a power station with generating capacity of about 25 MW, have still to be awarded. The cli

  • Port project fast-tracked

    The government is preparing to invite international operators to submit expressions of interest (EoIs) in July for a new container terminal port concession at the proposed greenfield deepwater port at Enfidha. Tendering on the development had originally been expected to begin in September, but the government has fast-tracked the project to take advantage of the lack of port capacity in the central Mediterranean (MEED 9:6:06).

  • Poyry wins on Ras Laffan

    UAE-based Dodsal has awarded Poyry Energy of Finland an estimated $22 million engineering design services subcontract for the phase 2 expansion of the common seawater cooling facility at Ras Laffan. It will cover hydraulic modelling, physical model testing, pipelines and process engineering and should be completed within 19 months. Dodsal has the estimated $950 million-1,000 million main contract (MEED 7:04:06).

  • Preferred bidder due for Aqaba marine services

    Aqaba Development Corporation (ADC) is set to announce a preferred bidder for the 15-year contract to rehabilitate, equip, finance, operate and transfer the marine service assets at the port of Aqaba. 'An award will be made by the end of the last quarter,' says a senior ADC official. Bidders include Copenhagen-based SvitzerWijsmuller and Abu Dhabi-based Zakher Marine International. The successful bidder will form a joint venture with ADC to: provide pilotage services, pilot boats, towage and moo

  • Prequals out for Qatalum power plant

    Qatalum, the local/Norwegian joint venture of Qatar Petroleum (QP) and Hydro, has invited prequalification by 1 August for the engineering, procurement and construction (EPC) contract to build the captive power plant serving its smelter at Mesaieed. The contract will centre on the construction of a 1,350-MW combined-cycle plant. The successful contractor will also build a 220-kV substation, a 400-kV grid connection, a water treatment plant and a district control system. The consultant is the UK'

  • Prices in for OAG package

    Evaluation of commercial bids is under way at Abu Dhabi Gas Industries Company (Gasco) for package 3 on the offshore associated gas (OAG) project in the emirate. Five companies submitted bids in mid-June for the engineering, procurement and construction (EPC) contract. They were: Athens-based Consolidated Contractors International Company (CCC); Paris-based Technip, with Pakistan's Descon Engineering; India's Larsen & Toubro; Abu Dhabi-based National Petroleum Construction Company (NPCC); and th

  • Profits grow at ALDAR as assets gain value

    Abu Dhabi-based real estate developer ALDAR Properties has reported a 57 per cent increase in net profits for the first half of 2006 to AED 526 million ($143 million) from AED 335 million ($87 million) for the same period in 2005. Investment properties under development continued to grow and were valued at AED 478.5 million ($130 million). Total net assets reached AED 2,600 million ($707 million) an increase of 21 per cent from last year. ALDAR has more than 30 million square metres of land val

  • Profits keep rolling in

    Any lingering worries of a decline in bank profits were soundly dismissed in mid-July, with the release of another batch of results. Banks in the UAE and Bahrain reported continued profit growth, backed by fee and interest income.

  • Profits keep rolling in

    Any lingering worries of a decline in bank profits were soundly dismissed in mid-July, with the release of another batch of results. Banks in the UAE and Bahrain reported continued profit growth, backed by fee and interest income.

  • Profits surge at Etisalat

    Emirates Telecommunications Corporation (Etisalat) recorded net profits of AED 2,813 million ($765 million) after royalty payments for the first half of 2006 a 33 per cent increase on the same period last year. Etisalat now has more than 4.995 million mobile customers in the federation, representing a penetration of more than 100 per cent. Fixed-line subscribers reached 1.266 million at the end of June, and Internet subscribers 578,000. Etisalat is also pursuing an aggressive overseas expansion

  • Publishing boycott over Egypt's new press law

    Up to 300 journalists gathered in front of the parliament building in Cairo on 9 July to protest against a new press law, which they say will prevent them from investigating corruption. The protestors received the support of some 28 opposition and independent newspapers which refused to publish on 9 July in the latest development of the ongoing battle over press freedom in Egypt. The new draft law, which is currently before parliament, would mak

  • PWC buys Swiss

    The local PWC Logistics is planning to buy Swiss-based Kronat Transport Holding Group for $27 million. Kronat is a freight forwarding company with subsidiaries in France, Italy and the US.

  • QATAR

    Tender no PWA/GTC/16/06-07. Construction of seven new schools in Doha and its surrounding villages. Bid bond is QR 600,000.

  • QATAR

    Tender no PWA/GTC/029/06-07. Provision of professional, general and site supervision consultancy services for the refurbishment of a pumping station, phase 6, civil project 208/F-DFA-0207S1. Bid bond is QR 280,000.

  • QATAR

    Tender no GTC/06/238/FSD. Upgrading of existing approach roads and construction of car shelters for various Qatar Petroleum facilities within the Dukhan fields and township. Bid bond is QR 350,000.Details on payment of QR 500 from Qatar Petroleum, Contracts Department, Room G-14, Fourth Floor, Block G, Royal Plaza, Al-Sadd Street, Doha.

  • QATAR

    Tender no PWA/GTC/057/05-06/R. Construction of internal road works and lighting at Rawdat al-Faras farm (BMC-2004128). Bid bond is QR 120,000.

  • QATAR

    Tender no GTC/06/237/OED. Rehabilitation of crude oil and fire water tanks in the Dukhan fields. Bid bond is QR 500,000.

  • QATAR

    Tender no GTC/06/177/OEG. Provision of engineering, procurement, installation and construction services for the upgrade of a natural gas liquids (NGL) 3 booster compressor turbine control system. Bid bond is QR 100,000.

  • QATAR

    Tender no PWA/GTC/038/06-07. Implementation of the Musaimeer road project (RA-06/07-C-003-G). Bid bond is QR 6 million.

  • QATAR

    Tender no PWA/GTC/035/06-07. Extension of the Duhail road.

  • QATAR

    Tender no GTC/06/212/MIC. Maintenance of roads, walkways and fences at various locations in Mesaieed. Bid bond is QR 900,000.

  • QATAR

    Tender no GTC/06/237/OED. Rehabilitation of crude oil and fire water tanks in the Dukhan fields. Bid bond is QR 500,000.

  • QATAR

    Tender no PWA/GTC/034/06-07. Construction of the Qatar primary routes north road project (contract 2&3 - ERC0638/C1B). Bid bond is QR 10 million.

  • QATAR

    Tender no PWA/GTC/037/06-07. Beautification of Al-Jazira al-Arabia street. Bid bond is QR 250,000.

  • QATAR

    Tender no 86/2005. Provision of consultancy services for water loss control and network management. Bid bond is QR 250,000.

  • QATAR

    Tender no PWA/GTC/016/06-07. Construction of seven new schools around Doha and its surrounding villages. Bid bond is QR 5.6 million.

  • QATAR QATAR

    Tender no PWA/GTC/036/06-07. Provision of professional general and site supervision and QS consultancy services for the Gharrafa area sewerage, phases 2 and 3, civil project.

  • Qatargas 4 debt launched

    The debt package on the Qatargas 4 liquefied natural gas (LNG) project has been launched. The financing will consist of a combination of bank and bond debt, along the lines of the RasGas II/III project financing last year and the recent corporate borrowing by Qatar Petroleum (QP). Royal Bank of Scotland (RBS) is acting as financial adviser.The financing will comprise a $1,500 million bank tranche, a $1,300 million bond, $225 million worth of letters of credit (LCs) and a $1,200 million l

  • Qatari Diar forms facilities management JV

    Local real estate developer Qatari Diar Real Estate Investment Company has formed a joint venture (JV) with Capital International Asset Management, part of Singapore's RSP Group, to provide facilities management services. The JV will initially focus on local Qatari Diar projects but will expand to cover the company's overseas real estate investment developments including Morocco and Egypt. The agreement follows the establishment of a JV between Qatari Diar and France's Vinci Construction Grands

  • Qena cements Aswan plans

    Misr Cement Company (Qena) is pressing ahead with plans to build a greenfield cement plant in Aswan. The project is one of four new plants to which the government awarded licences in 2005.

  • QGM builds to ABS standards

    UK-based ABS has announced that the two jack-up drilling rigs under construction at the QGM Group fabrication yard in Sharjah will be built to its own patented standards. Called Super M2, they will be designed to operate at water depths of 300 feet and will have capacity to drill to 30,000 feet. QGM has already started work on two engineering, procurement and construction (EPC) contracts under an order placed by Norway's Thule Drilling. The order is worth $252 million. The first rig is due for d

  • QP plans study for Dukhan produced water

    Qatar Petroleum (QP) has invited companies to submit bids by 13 August for a feasibility study covering the separation, treatment and disposal of produced water at the onshore Dukhan field. The study to cover all seven production stations will recommend the best technology to improve water separation, reduce salt from the export crude to export specifications and maximise oil recoveries. The Dukhan oil field produces about 300,000 barrels a day (MEED 24:2:06).

  • QP tenders new campus project

    Qatar Petroleum, on behalf of the Qatar Foundation for Education, Science & Community Development (QF), is evaluating bids for the estimated QR 730 million-910 million ($200 million-250 million) Carnegie Mellon University's college of business and computer science at Education City in Doha. The contract covers the construction of a four-level building with a built-up area of 42,500 square metres located within the south of the university campus (MEED 2:6:06).The bidders include: Geosan D

  • R Holdings unveils tower

    The local R Holdings announced on 2 July its new Lavender Tower project in its planned Emirates City development in Ajman. The AED 260 million ($71 million) residential tower will have 40 storeys comprising one, two and three-bedroom apartments. The scheme is the second tower project to be announced on the estimated AED 15,000 million ($4,087 million) Emirates City development. Earlier this year, R Holdings unveiled its AED 320 million ($87 million) Lilies Tower (MEED 23:6:06).

  • Rabat, Paris get connected

    Paris-based Alcatel announced on 4 July the award of a contract to lay a submarine cable network linking the kingdom with France. Called Atlas Offshore, the Eur 26 million ($33 million) contract is aimed at enhancing the network capacity of the client, Maroc Telecom. The new network will be more than 1,600 kilometres long and stretch between Marseille and Asilah. Once completed in early 2007, it will enable Maroc Telecom to handle an increasing number of DSL subscribers by using enhanced conn

  • Radisson bomber could face execution

    Jordan's public prosecutor on 9 July called for the execution of Sajida al-Rishawi, an Iraqi woman on trial in connection with the triple bombings of hotels in Amman on 9 November 2005. 'This defendant and others like her are a scourge who seek to spread death and destruction in this country,' the prosecutor told the court. 'The prosecution and Jordanian society at large appeal to your honour to get rid of such elements and give them the sentence they deserve.'Al-Rishawi s

  • Radisson bomber could face execution

    Jordan's public prosecutor on 9 July called for the execution of Sajida al-Rishawi, an Iraqi woman on trial in connection with the triple bombings of hotels in Amman on 9 November 2005. 'This defendant and others like her are a scourge who seek to spread death and destruction in this country,' the prosecutor told the court. 'The prosecution and Jordanian society at large appeal to your honour to get rid of such elements and give them the sentence they deserve.'

  • RAF B2 debt sold down

    Syndication is due to be closed imminently on the debt package to fund the Ras Abu Fontas (RAF) B2 power project. A single ticket of $25 million is on offer for the 25-year deal. About $180 million of the $485.5 million facility is expected to be sold down. Financial close on the project was reached last month between the client, Qatar Electricity & Water Company (QEWC), and a group of six mandated lead arrangers (MEED 23:6:06).

  • RAK Ceramics moulds loan

    BNP Paribas has signed a $175 million amortising term loan facility for RAK Ceramics. BNP has been appointed as mandated lead arranger (MLA) and bookrunner on the facility, with Gulf International Bank and WestLB as MLAs. The facility will have a tenor of five years and an initial margin of 85 basis points.

  • RAK Ceramics moulds loan

    BNP Paribas has signed a $175 million amortising term loan facility for RAK Ceramics. BNP has been appointed as mandated lead arranger (MLA) and bookrunner on the facility, with Gulf International Bank and WestLB as MLAs. The facility will have a tenor of five years and an initial margin of 85 basis points.

  • RAK PROPERTIES: Home from home

    In early June, RAK Properties awarded Sharjah-based Al-Hamad Contracting the largest building contract in Ras al-Khaimah's history. After two years of planning and preparatory works, the award of the $116 million Julfar Towers construction package was a clear signal that development in the emirate is moving ahead. 'It changes the face of Ras al-Khaimah,' says RAK Properties chief operating officer (COO) Alastair Burns. 'It shows action, instead of just talk.'

  • Refinery takes shape

    Rome-based APS Engineering Company is carrying out a combined front-end engineering and design (FEED) and project management consultancy (PMC) contract covering the construction of a new refinery at Port Sudan (MEED 2:9:05). Estimated to cost $1,200 million, the grassroots facility will have nameplate capacity of 150,000 barrels a day (b/d). It will be designed to convert heavier crude to lighter products and will primarily entail the installation of coker and cracker fluidised catalytic unit

  • REFINING: Boosting capacity

    Over the past year, the Petroleum & Mineral Resources Ministry has been on a charm offensive to attract investment in its ageing oil refineries at Banias, on the Mediterranean coast, and at Homs, in the northwest, while at the same time looking at the construction of a third crude oil refinery.A host of refinery projects have been put forward over the past 12 months. In October, the ministry announced that it had signed a memorandum of understanding (MoU) with Stroytransgaz Oil Progress,

  • REFINING: Boosting capacity

    Over the past year, the Petroleum & Mineral Resources Ministry has been on a charm offensive to attract investment in its ageing oil refineries at Banias, on the Mediterranean coast, and at Homs, in the northwest, while at the same time looking at the construction of a third crude oil refinery.

  • Reserves update for block 26

    Houston-based Ryder Scott has completed an economic valuation of the possible reserves on the Tigris structure in the 11,000-square-kilometre block 26, in the northeast. Ryder has classified the Tigris structure as having a total estimated hydrocarbon potential of 4.3 trillion cubic feet of gas and 512 million barrels of oil. Houston-based Gulfsands Petroleum and the UK's Emerald Energy, through its subsidiary SNG Overseas, each have a 50 per cent stake in block 26 (MEED 16:6:06).

  • RFP out for advisories on kingdom's mega refineries

    The request for proposals (RFP) has been issued to separate groups of three banks by Saudi Aramco for its two planned export refineries in Jubail and Yanbu, to be built in partnership with France's Total and the US' ConocoPhillips. A non-overlapping shortlist was drawn up for the two projects to ensure that no single bank is overloaded and that both schemes are financed as efficiently as possible.For the Jubail refinery, the banks invited are Calyon, HSBC and Mizuho Financial G

  • RFP out for Disi conveyor project

    The request for proposals (RFP) has been issued for the 25-year build-operate-transfer (BOT) contract to develop the Disi Mudawarra-Amman water conveyor project.

  • RFP out for Disi conveyor project

    The request for proposals (RFP) has been issued for the 25-year build-operate-transfer (BOT) contract to develop the Disi Mudawarra-Amman water conveyor project.

  • Rice arrives in Beirut

    US Secretary of State Condoleezza Rice arrived in Beirut on 24 July in an effort to address the ongoing crisis in the Middle East. Rice met Lebanese Prime Minister Fouad Siniora before travelling to Israel to hold talks with Prime Minister Ehud Olmert. 'Thank you for your courage and your steadfastness,' Rice told Siniora prior to their meeting. Earlier she said there was an 'urgent' need for a ceasefire, but stipulated that certain conditions must first be in place. Hezbollah must not b

  • Rice arrives in Beirut

    US Secretary of State Condoleezza Rice arrived in Beirut on 24 July in an effort to address the ongoing crisis in the Middle East. Rice met Lebanese Prime Minister Fouad Siniora before travelling to Israel to hold talks with Prime Minister Ehud Olmert. 'Thank you for your courage and your steadfastness,' Rice told Siniora prior to their meeting. Earlier she said there was an 'urgent' need for a ceasefire, but stipulated that certain conditions must first be in place. Hezbollah

  • Rice evasive on return to Middle East

    US Secretary of State Condoleezza Rice says she will return to the Middle East when the time is right. Rice was speaking at an ASEAN summit in Malaysia. 'The question is when is it right for me to return to the Middle East,' she said on 28 July. Rice was due to leave Kuala Lumpur, but delayed her departure until 29 July.Assistant Secretary of State David Welch and senior White House official Elliott Abrams - both US negotiators on the Middle Eas

  • Rice evasive on return to Middle East

    US Secretary of State Condoleezza Rice says she will return to the Middle East when the time is right. Rice was speaking at an ASEAN summit in Malaysia. 'The question is when is it right for me to return to the Middle East,' she said on 28 July. Rice was due to leave Kuala Lumpur, but delayed her departure until 29 July.Assistant Secretary of State David Welch and senior White House official Elliott Abrams - both US negotiators on the Middle East- are in Israel. Rice said

  • Rice, Olmert hold talks

    US Secretary of State Condoleezza Rice held talks with Israeli Prime Minister Ehud Olmert on 25 July in an effort to defuse the ongoing Middle East crisis. 'A durable solution will be one that strengthens the forces of peace and democracy in the region,' Rice said. 'It is time for a new Middle East. It is time to say to those who do not want a new Middle East that we will prevail.' She did not call for an immediate ceasefire and Olmert stressed that the Israeli offensive in Lebanon would

  • Rice, Olmert hold talks

    US Secretary of State Condoleezza Rice held talks with Israeli Prime Minister Ehud Olmert on 25 July in an effort to defuse the ongoing Middle East crisis. 'A durable solution will be one that strengthens the forces of peace and democracy in the region,' Rice said. 'It is time for a new Middle East. It is time to say to those who do not want a new Middle East that we will prevail.' She did not call for an immediate ceasefire and Olmert stressed that the Israeli offensive in Leb

  • RTA receives bids for Ras al-Khor phases 5 and 6

    Dubai's Roads & Transport Authority has received bids for phases 5 and 6 of its Ras al-Khor crossing project. The packages cover the double-decking of Doha road running from Al-Khail road alongside the Burj Dubai development up to interchange 1 on Sheikh Zayed road, and the upgrade of interchange 1, also known as Defence roundabout, into a free-flowing junction (MEED 21:4:06).

  • Rumsfeld on surprise trip to Iraq

    US Secretary of State Donald Rumsfeld arrived on a surprise visit to Iraq on 12 July. He will meet Iraqi Prime Minster Nouri al-Maliki to discuss security and national reconciliation issues following a week in which the country has seen an upsurge in sectarian violence. 'We're at a point now when the security situation depends as much on the reconciliation process and on the strengthening of ministries,' Rumsfeld said. 'Success in those areas will determine the success from a security st

  • Rumsfeld on surprise trip to Iraq

    US Secretary of State Donald Rumsfeld arrived on a surprise visit to Iraq on 12 July. He will meet Iraqi Prime Minster Nouri al-Maliki to discuss security and national reconciliation issues following a week in which the country has seen an upsurge in sectarian violence. 'We're at a point now when the security situation depends as much on the reconciliation process and on the strengthening of ministries,' Rumsfeld said. 'Success in those areas will determine the success from a s

  • Russians arrive in Beirut

    Russia's Gazprombank has received a licence to operate in the country. To be called Gazprombank Invest, its main investors include Gazprombank, the local Quantic Group and a private investor Samy Maroun, managing director of Quantic Group. 'The capital of the new bank is yet to be decided,' says Maroun. 'The new bank is aiming to start operations in October.'

  • RWE Dea increases Delta stake

    Germany's RWE Dea announced on 20 July the signing of an eight-year concession agreement with Egyptian Natural Gas Holding Company (EGAS) and the Oil Ministry for the 2,066-square-kilometre North El-Amriya field. Seismic studies and drilling are expected to begin in El-Amriya soon. RWE plans to spend $25 million on the block and drill four wells within eight years. The block is situated between two RWE-operated concessions, the offshore North Idku field and the onshore Disouq concession. The Nil

  • S&P rates BSF stable

    Standard & Poor's (S&P) has assigned long- and short-term counterparty credit ratings of A/A-1 to Banque Saudi Fransi (BSF) with a stable outlook. 'The ratings reflect BSF's adequate market position and risk profile, strong profitability and sound capitalisation,' S&P said. However, they were constrained by 'the bank's limited geographical diversification, concentration of risks and increasing competition from the Saudi banking market'.

  • Sabic buys more Ibn Zahr

    Saudi Basic Industries Corporation (Sabic) completed on 3 July the purchase of the 10 per cent shareholding of Finland's Neste in Saudi European Petrochemical Company (Ibn Zahr), taking its stake to 80 per cent. Arab Petroleum Investments Corporation and Italy's Ecofuel each have 10 per cent stakes.

  • Sabic confirms Kayan advisers

    Saudi Basic Industries Corporation (Sabic) formally appointed on 15 July BNP Paribas, Arab Banking Corporation and Samba Financial Group as financial advisers and lead arrangers on the $4,800 million project financing of the world-scale Saudi Kayan Petrochemical Company complex in Jubail (MEED 7:7:06, Petrochemicals). Sabic also appointed on the same day Samba as its financial adviser on the initial public offering (IPO) of shares in Saudi Kayan, planned for later this year. The new company's c

  • Sabic reports dip in profits

    Saudi Basic Industries Corporation (Sabic) has reported total profits of SR 8,800 million ($2,346 million) for the first half of 2006, which were down SR 1,000 million ($267 million) on the corresponding period in 2005. Rising raw materials prices were blamed for the drop. First-half production reached 23.5 million tonnes, a rise of 1 million tonnes, while income climbed to SR 4,200 million ($1,120 million MEED 28:4:06).

  • Sabic sukuk clears final hurdle

    The long-planned sukuk issue by Saudi Basic Industries Corporation (Sabic) has received the approval of the Capital Market Authority, paving the way for roadshows to be launched in Riyadh on 4 July. The company has been cleared to issue Islamic bonds of up to SR 3,000 million ($800 million), with the first issue expected to be worth at least SR 1,000 million ($267 million). HSBC with local affiliate SABB is the financial adviser (MEED 30:6:06).

  • Sabic sukuk issued

    Saudi Basic Industries Corporation (Sabic) has issued a SR 3,000 million ($800 million) sukuk. The long-awaited instrument matures after 20 years, but the borrower has committed to repurchase the assets in five years. The co-managers are Banque Saudi Fransi, Gulf International Bank, National Commercial Bank, Samba Financial Group and Saudi Hollandi Bank. The riyal-denominated instrument was cleared by the Capital Market Authority (CMA) in early July and was allocated 49 per cent to pension, mutu

  • Saddam Hussein goes on hunger strike

    Saddam Hussein and three of his co-defendants have been on hunger strike for almost a week in protest over court procedures, a US military source said on 13 July. The action comes as the detainees and their lawyers boycotted their trial for the second day running, forcing the chief judge to adjourn proceedings on 11 July. The defence team has called for greater security following the death of their colleague, Khamis al-Obaidi, who was kidnapped from his home on 21 June and later murdered

  • Saddam says he was forced back into court

    Ousted Iraqi leader Saddam Hussein said he was returned to court against his will on 26 July. 'Your honour the presiding judge, I was brought here forcibly,' he said. Saddam was admitted to hospital on 23 July, 16 days after he went on hunger strike. 'I wrote you a petition clarifying that I don't want to come to court, but they brought me against my will I have been on hunger strike since 8 July,' Saddam told the judge.Defence lawyers for Saddam and his seven co-defendant

  • Saddam says he was forced back into court

    Ousted Iraqi leader Saddam Hussein said he was returned to court against his will on 26 July. 'Your honour the presiding judge, I was brought here forcibly,' he said. Saddam was admitted to hospital on 23 July, 16 days after he went on hunger strike. 'I wrote you a petition clarifying that I don't want to come to court, but they brought me against my willI have been on hunger strike since 8 July,' Saddam told the judge.Defence lawyers for Saddam

  • Saddam trial adjourned after defence boycott

    The trial of Saddam Hussein was adjourned for two weeks on 11 July following the second day of a boycott by the former Iraqi leader and his defence team. Also absent were Saddam's half brother and former intelligence chief Barzan al-Tikriti, former vice-president Taha Yassin Ramadan, Revolutionary Court judge Awad Hamed al-Bander and their lawyers. The court heard final statements from the four other defendants. In a letter to the court, Saddam condemned the trial, saying

  • Saddam trial adjourned after defence boycott

    The trial of Saddam Hussein was adjourned for two weeks on 11 July following the second day of a boycott by the former Iraqi leader and his defence team. Also absent were Saddam's half brother and former intelligence chief Barzan al-Tikriti, former vice-president Taha Yassin Ramadan, Revolutionary Court judge Awad Hamed al-Bander and their lawyers. The court heard final statements from the four other defendants. In a letter to the court, Saddam

  • Saddam trial ends

    The trial of former Iraqi leader Saddam Hussein and seven co-defendants ended on 27 July after defence lawyers made their final statements. Averdict is expected on 16 October. Having given his closing summation the day before, Saddam was absent from court. Both Saddam and his defence team have been boycotting the trial since 9 July, but the former Iraqi leader returned for his closing statement, read out by a court-appointed lawyer. Two of Saddam's co-defendants, former vi

  • Saddam trial ends

    The trial of former Iraqi leader Saddam Hussein and seven co-defendants ended on 27 July after defence lawyers made their final statements. Averdict is expected on 16 October. Having given his closing summation the day before, Saddam was absent from court. Both Saddam and his defence team have been boycotting the trial since 9 July, but the former Iraqi leader returned for his closing statement, read out by a court-appointed lawyer. Two of Sadda

  • Saddam trial resumes for summing up

    The trial of former Iraqi president Saddam Hussein resumed on 10 July, with the defence lawyers preparing to give their final statements. Saddam, his main lawyers and seven co-defendants were all absent, although it is unclear whether this was in protest or because they were not required at the proceedings. The court is due to hear closing statements from the lawyers of all eight defendants in turn, followed by statements from the defendants themselves. The prosecution made their closing

  • Saddam trial resumes for summing up

    The trial of former Iraqi president Saddam Hussein resumed on 10 July, with the defence lawyers preparing to give their final statements. Saddam, his main lawyers and seven co-defendants were all absent, although it is unclear whether this was in protest or because they were not required at the proceedings. The court is due to hear closing statements from the lawyers of all eight defendants in turn, followed by statements from the defendants themselves. The prosecution made the

  • Saddam's daughter is Jordanian royal guest

    Jordan announced on 3 July that Saddam Hussein's daughter Raghd and her children are guests of the royal family. 'She does not engage in any political or media activities. Mrs. Raghd Saddam and her children are guests of the Hashemites,' said Jordan's Prime Minister Marouf Bakheet. An extradition request 'will have to be made according to the procedures in force in Jordan and Jordan will handle any request it receives in the appropriate manner',

  • SAFETY: Changing the mindset

    In early June, the UAE's Labour Ministry announced that it would begin using satellites to monitor local building sites, to assist its under-staffed inspection department. Although it is too early to judge the effectiveness of this unorthodox approach, it does highlight the scale of the problem that Gulf governments face when it comes to improving safety standards on regional construction sites.

  • Sanaa revises schedule for licensing round

    Bids are now due by 1 November for the 14 blocks on offer in Sanaa's latest international licensing round. The 34 prequalified companies have been given until 14 September to review data on the concessions, which are located in the Rub al-Khali, Aden-Abyan, Marib-Sabatayn, Tihama, Bel Haf-Hajar and Sayun-Masilah basins. The results are due to be announced on 30 November. The client is the Petroleum Exploration & Production Authority (MEED 17:3:06).

  • Saudi Arabia blames Hezbollah for Lebanon crisis

    Saudi Arabia on 13 July accused Hezbollah, without naming it, of undertaking 'uncalculated adventures' leading to 'an extremely serious situation, which could subject all Arab nations and its achievements to destruction.' 'The kingdom sees that it is time for those elements to alone shoulder the full responsibility for this irresponsible behaviour and that the burden of ending the crisis falls on them alone,' a Saudi official told the official Saudi Press Agency. He added

  • Saudi Arabia blames Hezbollah for Lebanon crisis

    Saudi Arabia on 13 July accused Hezbollah, without naming it, of undertaking 'uncalculated adventures' leading to 'an extremely serious situation, which could subject all Arab nations and its achievements to destruction.' 'The kingdom sees that it is time for those elements to alone shoulder the full responsibility for this irresponsible behaviour and that the burden of ending the crisis falls on them alone,' a Saudi official told the official S

  • Saudi Arabia gives Lebanon $500 million in aid

    Riyadh announced on 25 July that it would donate aid packages worth $500 million to the Lebanese people. King Abdullah also granted $1,000 million to the Central Bank of Lebanon to help stabilise the country's currency. King Abdullah 'has given instructions to give a grant of $500 million to Lebanon to be a nucleus for an Arab fund to reconstruct Lebanon', a royal decree read on state television said. Riyadh donated a further $250 million in aid to the Palestinians. Saudi

  • Saudi Arabia gives Lebanon $500 million in aid

    Riyadh announced on 25 July that it would donate aid packages worth $500 million to the Lebanese people. King Abdullah also granted $1,000 million to the Central Bank of Lebanon to help stabilise the country's currency. King Abdullah 'has given instructions to give a grant of $500 million to Lebanon to be a nucleus for an Arab fund to reconstruct Lebanon', a royal decree read on state television said. Riyadh donated a further $250 million in aid to the Palestinians.

  • Saudi Arabia pledges $50 million in aid to Lebanon

    Saudi Arabia on 16 July pledged to donate $50 million in immediate aid to Lebanon following calls for international help from the Lebanese government. Lebanese Prime Minister Fouad Siniora on 16 July said Lebanon was a 'devastated zone.' The aid is to help the Lebanese government 'reduce the suffering of our brotherly Lebanese people,' the statement said. Kuwait and the UAE have also pledged $20 million each to Lebanon.

  • Saudi Arabia warns Israel of war risk

    King Abdullah of Saudi Arabia issued a stark statement on the 25 July, warning Israel of grave consequences if it continued its offensives against Lebanon and Palestine. 'No-one knows the repercussions that this will have on the region. War spares no-one, including those whose military power is tempting them to play with fire,' he said.In a statement from the Royal Court, King Abdullah appealed to the international community, asking for the US in particular to act accordin

  • Saudi Arabia warns Israel of war risk

    King Abdullah of Saudi Arabia issued a stark statement on the 25 July, warning Israel of grave consequences if it continued its offensives against Lebanon and Palestine. 'No-one knows the repercussions that this will have on the region. War spares no-one, including those whose military power is tempting them to play with fire,' he said.In a statement from the Royal Court, King Abdullah appealed to the international community, asking for the US i

  • Saudi Telecom, Mobily modernise GSM networks

    Sweden's Ericsson, Finland's Nokia, and China's Huawei have each won multi-million-dollar contracts to upgrade the GSM networks of the kingdom's two mobile operators, Saudi Telecom Company and Mobily.

  • Savola gets capital boost

    The local Savola Group plans to increase its capital to SR 3,750 million ($999.8 million) from SR 3,000 million ($799.9 million) through the issue of bonus shares. One free share will be granted for every four held by investors, covered by the transfer of funds from the company's reserve to its share capital. The company's board has approved the move. The group has holdings in edible oil and fats, sugar and packaging companies and the Azizia Panda supermarket chain. It also has a 40 per cen

  • Savola gets capital boost

    The local Savola Group plans to increase its capital to SR 3,750 million ($999.8 million) from SR 3,000 million ($799.9 million) through the issue of bonus shares. One free share will be granted for every four held by investors, covered by the transfer of funds from the company's reserve to its share capital. The company's board has approved the move. The group has holdings in edible oil and fats, sugar and packaging companies and the Azizia Panda supermarket chain. It also has a 40 per cent

  • SEC gets PIF loan

    Saudi Electricity Company (SEC) has signed a SR 2,600 million ($693.3 million) loan with the Public Investment Fund (PIF) to fund the extension of the PP9 power station in Riyadh. The expansion is being carried out by Jeddah-based Arabian Bemco Contracting (MEED 12:5:06).

  • SEC goes for a bigger 10

    Saudi Electricity Company (SEC) has invited international and local consultants to submit bids by 31 July for the design contract covering its new PP10 power plant, 80 kilometres west of Riyadh. The new facility will have capacity of 2,000 MW, making it one of the biggest to be built in the kingdom. SEC's original plan was for a 1,750-MW plant, but rising demand has seen it upgrade planned capacity.

  • SEC invites bids for Tihama expansion

    Saudi Electricity Company (SEC) has issued a tender for the expansion of the Tihama power plant, on the Red Sea coast south of Jeddah. Three local contractors - National Contracting Company (NCC), Al-Toukhi Contracting and Arabian Bemco Contracting - are understood to have been invited to submit technical bids by the end of July for the contract, which involves the supply and installation of two additional turbines at the distillate-fired facility. The turbines will each have a capacity of 60

  • Seeb harbour anchors bidders

    Six companies submitted bids on 24 July to build a new harbour at Seeb. The bidders are Al-Adrak Trading & Contracting, Galfar Engineering & Contracting, Larsen & Toubro (Oman), Modern Construction Company and Oman Shapoorji Construction Company, all local, and Athens-based Consolidated Contractors International Company (CCC). The 15-month contract involves the construction of two breakwaters, a concrete block quay wall, a boat ramp, dredging and reclamation works and roads, utilities and harbou

  • Seeb, Salalah project managers appointed

    The Transport & Communications Ministry has awarded National Engineering Services of Pakistan (Nespak) with France's Aeroports de Paris (AdP) the contract to provide project management services on the expansion of Seeb International Airport and Salalah Airport (MEED 24:2:06).

  • Seeb, Salalah project managers appointed

    The Transport & Communications Ministry has awarded National Engineering Services of Pakistan (Nespak) with France's Aeroports de Paris (AdP) the contract to provide project management services on the expansion of Seeb International Airport and Salalah Airport (MEED 24:2:06).

  • SembCorp signs up for Fujairah IWPP

    The 12-month process to select a foreign developer on the Fujairah independent water and power project (IWPP) has come to an end after Singapore's SembCorp Industries announced on 5 July that its wholly-owned subsidiary SembCorp Utilities had established a new joint venture with Abu Dhabi Water & Electricity Authority to acquire and expand the plant.

  • Seven in for La Skhira refinery

    Seven companies are expected to be prequalified by early August for the estimated $2,000 million, 30-year concession to develop a 120,000-barrel-a-day grassroots refinery at La Skhira, following applications from 13 companies in late June. The client is Societe Tunisienne des Industries de Raffinage (STIR). The shortlist is understood to include Qatar Petroleum International and Engineers India (EIL). Technical and commercial bids are due by late January 2007, with an award expected in March (ME

  • Seven killed in Sadr City clashes

    At least seven people were killed and 30 wounded in clashes between Iraqi and US forces and Shia militias in Sadr City on 7 July. Members of the Mehdi Army attacked Iraqi troops as they carried out a raid aimed at capturing an 'insurgent leader', US military officials said. There were no reports of casualties among US and Iraqi troops. The raid could be linked to the abduction of the Sunni MP Taiseer Mashhadani on 1 July.

  • Seven terror suspects escape Saudi prison

    Seven terror suspects have escaped from Malaz prison in Riyadh, said a statement released on 8 July by the Interior Ministry. The statement did not say when the prisoners had escaped. The fugitives, six Saudis and a Yemeni had been arrested in separate incidents over the past year and were believed, to be followers of Takfiri Islam, a radical Sunni ideology. A government security adviser said the men had no proven links with Al-Qaeda. The incident comes after King Abdullah

  • Seven terror suspects escape Saudi prison

    Seven terror suspects have escaped from Malaz prison in Riyadh, said a statement released on 8 July by the Interior Ministry. The statement did not say when the prisoners had escaped. The fugitives, six Saudis and a Yemeni had been arrested in separate incidents over the past year and were believed, to be followers of Takfiri Islam, a radical Sunni ideology. A government security adviser said the men had no proven links with Al-Qaeda. The incide

  • Shadeed powers on

    The local Shadeed Iron & Steel has invited bids by 15 July for the turnkey contract to build a 220/33/6.6-kV substation to serve its 1.5 million-tonne-a-year integrated steel complex at Sohar. Prequalifiers include France's Areva T&D, the Europe's ABB, Germany's Siemens, Dubai-based Emirates Trading Agency (ETA), the local Bahwan Engineering Company (BEC) and the local/Indian Larsen & Toubro Oman. The client is seeking to make a fast track award and the contract is due to be placed by the end of

  • Shalit deadline passes

    A deadline set by Palestinian militants to free prisoners in Israeli jails in return for the release of an abducted Israeli soldier ran out at 6am on 4 July. Palestinian groups responsible for the kidnapping of Corporal Gilad Shalit had threatened unspecified consequences if Tel Aviv failed to comply with their demands. A spokesman for the Islamic Army said no more information about the soldier's situation would be released. 'Discussion is closed,' said Abu al-Muthana. 'Whether he will b

  • SHIPPING: The cost of riding the high seas

    It has been a good three years for the shipping industry. Faced with limited spare vessel capacity and a global trade boom spurred by spectacular economic growth in China, shipowners have made the most of the market, as demands on their services outstrip supply. But not for much longer. With an unprecedented spate of new vessel orders placed since 2003, the industry is preparing for a reversal of fortunes as new capacity comes on stream.

  • SHIPPING: The cost of riding the high seas

    It has been a good three years for the shipping industry. Faced with limited spare vessel capacity and a global trade boom spurred by spectacular economic growth in China, shipowners have made the most of the market, as demands on their services outstrip supply. But not for much longer. With an unprecedented spate of new vessel orders placed since 2003, the industry is preparing for a reversal of fortunes as new capacity comes on stream.

  • Shoura approves central bank law

    The appointed Shoura Council has approved legislation creating the Central Bank of Bahrain to replace the Bahrain Monetary Agency (BMA - central bank). The new law, which has been in the pipeline since the BMA took on responsibility for the insurance industry and stock market as well as the banking sector in 2002, was passed by parliament in June. The law will increase the central bank's freedom to develop and implement new regulations. The BMA recently issued a new regulatory framework for b

  • Shoura approves central bank law

    The appointed Shoura Council has approved legislation creating the Central Bank of Bahrain to replace the Bahrain Monetary Agency (BMA central bank). The new law, which has been in the pipeline since the BMA took on responsibility for the insurance industry and stock market as well as the banking sector in 2002, was passed by parliament in June. The law will increase the central bank's freedom to develop and implement new regulations. The BMA recently issued a new regulatory framework for

  • SIAC takes first Marsa Alam extension work

    The local Industrial Construction & Engineering Company (SIAC) has been awarded the first construction package on the upgrade and expansion of Marsa Alam International Airport (MAIA). Estimated to be worth£E 40 million ($7 million), the scope of works for the site preparation contract includes moving 65,000 cubic metres of earth and related works. Kuwait's MA Kharafi Group announced in mid-June plans to expand MAIA to handle a projected increase in traffic. It includes doubling the size of the t

  • Siemens selected for substation work

    Germany's Siemens has been selected for the KD 20.6 million ($71 million) contract to supply and install eight 132-kV substations in various locations around the state. The client, the Energy Ministry (Electricity & Water), is expected to sign the contract soon. Siemens was low bidder for the contract when bids were submitted in early March, beating off competition from three other international contractors. The project covers substations, Hawally F and G, Khiran D and Ras al-Siddiq A, B, C, E a

  • SINGLE POINT ENTRY: A winning combination

    When the GCC member states established a customs union with a common tariff of 5 per cent at the start of 2003, a unique opportunity was created. The agreement allowed the region's logistics industry to develop a range of new services that combine the benefits of a uniform tariff and the absence of value-added tax (VAT) to improve delivery times, cut costs and promote trade.Three years on and the first product to take advantage of this brave new world has recently been launched by US-bas

  • Sinopec signs up for Garmsar exploration

    China's Sinopec has signed an exploration and development agreement with National Iranian Oil Company (NIOC) for the Garmsar block southeast of Tehran. The contract calls for the drilling of three appraisal wells and two exploration wells and carrying out 2D seismic surveys over a 700-square-kilometre area. Sinopec is to invest at least $19.6 million in exploration over four years, rising to a maximum of $58.6 million if oil is discovered.

  • Sipchem MLAs appointed

    A nine-strong group of mandated lead arrangers (MLAs) has been appointed on the financing of the Saudi International Petrochemical Company (Sipchem) acetyls complex in Jubail. They are Arab Banking Corporation, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, The National Commercial Bank, Riyad Bank, SABB, Samba Financial Group and Saudi Hollandi Bank. The tenor of the $550 million conventionally structured deal is 12 years. HSBC, with local affiliate SABB, is the financial a

  • Sipchem MLAs appointed

    A nine-strong group of mandated lead arrangers (MLAs) has been appointed on the financing of the Saudi International Petrochemical Company (Sipchem) acetyls complex in Jubail. They are Arab Banking Corporation, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, The National Commercial Bank, Riyad Bank, SABB, Samba Financial Group and Saudi Hollandi Bank. The tenor of the $550 million conventionally structured deal is 12 years. HSBC, with local affiliate SABB, is the financial

  • Sipchem PMC bids in

    At least three international companies submitted bids in mid-July for the project management consultancy (PMC) contract on the third phase Jubail petrochemicals complex planned by Saudi International Petrochemical Company (Sipchem). The bidders include Australia's WorleyParsons, and Fluor Corporation and Foster Wheeler, both of the US. Sipchem is aiming to award the five-year contract by the end of July, although August is a more likely date. The multi-billion-dollar third phase development will

  • SITA wins DGCA APP contract

    Amsterdam-registered SITA Information Network Computing has been awarded a contract, worth an estimated $37 million, to provide an advanced passenger processing (APP) solution to Kuwait International Airport (KIA). Under the terms of the five-year contract, SITA will install the software and equipment to reduce delays by allowing the instant checking of passenger data against watch and visa lists. The network will push basic biographical data available on a passenger's passport to an Interior Mi

  • Six bid for Hasdrubal work

    Six companies submitted technical bids in mid-Julyfor the onshore package on the estimated $700 million scheme to develop the Hasdrubal gas and condensate field on the Amilkar permit in the Gulf of Gabes (MEED 3:2:06).The bidders are: Paris-based Technip, Italy's Snamprogetti, Stone & Webster of the US, South Korea's Hyundai Engineering & Construction Company, UAE-based Petrofac International and a consortium of Italy's Saipem and Punj Lloyd of India. Commercial bids are expected to be s

  • Six in for Falcon Cement

    The local Falcon Cement Company has received bids from six international companies for the lump-sum turnkey (LSTK) contract to build a new greenfield cement plant in the Hafeera industrial area. The bidders include China's Sinoma International, India's Promac Engineering Industries, Germany's Cemag, two unidentified Chinese companies and an unidentified Indian firm. The estimated BD 19 million ($50 million) plant will have capacity of about 730,000 tonnes a year with construction due to begin by

  • Sixco scoops Sharjah sewerage

    A joint venture of Belgium's Six Construct and its sister company Sanotec has received a letter of award for the main construction package on phase 7 of the Sharjah sewage treatment plant programme. Valued at AED 315 million ($86 million), the 24-month contract calls for the addition of 75,000 cubic metres a day of new treatment capacity. Four other contractors were competing for the Sharjah Municipality contract. The consultant is the UK's Halcrow (MEED 2:6:06).

  • SK, Tecnimont sign aromatics deal

    The Italian/South Korean consortium of Tecnimont and SK Engineering & Construction signed in early July the engineering, procurement and construction (EPC) contract, worth $1,240 million, to build an aromatics plant for Kuwait Aromatics Company (Karo) in the Shuaiba industrial area. The consortium was low bidder for the project when revised offers were submitted last year, beating off competition from South Korea's GS Engineering & Construction and Paris-based Technip (MEED 28:10:05). Under the

  • Snasco plans Sharjah industrial development

    Saudi-based real estate company Snasco plans to develop a AED 1,500 million ($408 million) commercial and industrial cluster in the Emirate of Sharjah. Known as Sharjah Investment Park (SIP), the project will be located on 2.9 million square metres of land off Emirates road.

  • Sohar investment company unveiled

    Oman Oil Company plans to launch a company to invest in the development of downstream industries in Sohar. The company will invest in ventures linked to aluminium, olefins and aromatics projects. The company is under formation and will be called Takamul.

  • Sohar Refinery ships first product

    A 5,000-cubic-metre consignment of refined products was shipped from Sohar refinery on 23 July the first commercial delivery from the 116,000-barrel-a-day grassroots refinery. Sohar Refinery Company, which built the refinery in Sohar industrial port at a cost of $1,000 million, is looking to install an additional crude distillation unit at the site (MEED 2:6:06).

  • Sohar Refinery ships first product

    A 5,000-cubic-metre consignment of refined products was shipped from Sohar refinery on 23 July - the first commercial delivery from the 116,000-barrel-a-day grassroots refinery. Sohar Refinery Company, which built the refinery in Sohar industrial port at a cost of $1,000 million, is looking to install an additional crude distillation unit at the site (MEED 2:6:06).

  • Solar goes solo

    The US' Solar Turbines is the sole bidder for the contract to supply seven gas turbine-driven compressor packages to Oman Gas Company. The first three packages, which will have capacity of 4 million cubic metres a day (cm/d) each, will be installed at the Buraimi booster station. The remaining four, with capacity of 16.7 million cm/d each, will be installed at Fahud station. The contract covers the design, engineering co-ordination, fabrication, inspection, testing and delivery of the compressor

  • Somali government in u-turn over talks

    Interim Somali President Yusuf said on 17 July that he would no longer oppose peace talks with the Islamic Courts Union, the Islamist group that controls Mogadishu. According to reports, the governmental delegation is due is Mogadishu 'in the next couple of days'. The announcement followed a meeting of the International Contact Group (ICG) in Belgium. The weak, UN-backed Somali government had called for the deployment of international peacekeepers and the lifting of the we

  • Somali government in u-turn over talks

    Interim Somali President Yusuf said on 17 July that he would no longer oppose peace talks with the Islamic Courts Union, the Islamist group that controls Mogadishu. According to reports, the governmental delegation is due is Mogadishu 'in the next couple of days'. The announcement followed a meeting of the International Contact Group (ICG) in Belgium. The weak, UN-backed Somali government had called for the deployment of international peacekeepe

  • Somali Islamists deny Bin Laden link

    Sheikh Hassan Dahir Aweys, leader of Somalia's Islamic Courts Union, denied on 3 July any affiliation with Al-Qaeda chief Osama bin Laden following the release of a recording allegedly by Bin Laden on 1 July. The speaker urged Somalis to back the courts union in its efforts to established Islamic rule in the country. 'The statement made by Osama has nothing to do with us,' Aweys said. 'We have no connection with him. No-one has the right to dictate what we should do.'The p

  • Somalia arrests World Cup killers

    Gunmen responsible for the killing of a cinema owner and a girl who were watching a World cup match between Germany and Italy have been arrested, Somali officials announced on 6 July. 'Those who killed the two civilians will face sharia law as soon as possible,' said Sheikh Hassan Dahir Aweys, leader of the Islamic Courts Union. The gunmen fired into a crowd which was protesting against their attempts to close down the cinema showing the World Cup. Islamist leaders have de

  • Sonatrach buys first VLCC

    New Ocean Shipping Venture (NOVSL), a joint venture (JV) of Sonatrach Petroleum Corporation (SPC) and Japan's Kawasaki Shipbuilding Corporation (KSC), has placed a contract for a very large crude carrier (VLCC) with NanTong COSCO KHI Ship Engineering (NACKS). The 333-metre-long vessel, costing $120 million, has a crude oil capacity of 315,000 cubic metres and is SPC's first fully-owned VLCC. Construction of the carrier will begin in February 2007, with delivery expected in December. The acquisit

  • Sonatrach strikes again in Berkine

    State energy company Sonatrach has made a further discovery in the Berkine basin, following the drilling of the Ait Hamouda Sudouest 1 well in block 405a. Drilled to a depth of 4,325 metres, the well flowed at 12,093 cubic metres an hour (cm/h) of gas and 13.1 cm/h of condensate, with a wellhead pressure of 3,550 psi. The discovery is the second recent success for Sonatrach in the area.

  • Sonker soaks up bunkering bids

    The local Sokhna Bunkering Company (Sonker) is evaluating technical and commercial bids for a combined conceptual study and front-end engineering and design (FEED) contract involving the construction of a major new bunkering facility at Sokhna port. Bidders for the four-month contract include Australia's WorleyParsons, Tebodin Middle East, part of Tebodin of the Netherlands, and the UK's Scott Wilson. An award is due by late March.

  • Sonker soaks up bunkering bids

    The local Sokhna Bunkering Company (Sonker) is evaluating technical and commercial bids for a combined conceptual study and front-end engineering and design (FEED) contract involving the construction of a major new bunkering facility at Sokhna port. Bidders for the four-month contract include Australia's WorleyParsons, Tebodin Middle East, part of Tebodin of the Netherlands, and the UK's Scott Wilson. An award is due by late March.Estimated to cost $200 million-250 million, the project w

  • Sorouh gets moving with Shams infrastructure

    More construction work is due to start at Shams Abu Dhabi as local real estate developer Sorouh Real Estate issues tenders for the main infrastructure package, and prepares to make an award for an earthworks package. Once completed, the 1.3 million-square-metre mixed-use development will occupy about 25 per cent of the 6.3 million-square-metre Reem island located 300 metres off Abu Dhabi island (MEED 4:11:05).

  • Sorouh gets moving with Shams infrastructure

    More construction work is due to start at Shams Abu Dhabi as local real estate developer Sorouh Real Estate issues tenders for the main infrastructure package, and prepares to make an award for an earthworks package. Once completed, the 1.3 million-square-metre mixed-use development will occupy about 25 per cent of the 6.3 million-square-metre Reem island located 300 metres off Abu Dhabi island (MEED 4:11:05).

  • Sorouh tees off at Golf Gardens

    Local developer Sorouh Real Estate has invited companies to bid by 31 July for the main construction contract on its AED 1,000 million Golf Gardens development. The project will cover an area of 347,000 square metres on the existing Abu Dhabi Golf Club and consists of 389 villas and town homes. Completion is scheduled for the third quarter of 2008. US-based Otak is the consultant (MEED 5:5:06).

  • SOUTH KOREAN SHIPBUILDERS: Seoul traders

    In late May, South Korean shipyards once again underlined their dominant position in the Middle East oil and gas carrier market, when the three biggest Samsung Heavy Industries (SHI), Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering Company (DSME) shared an estimated $4,000 million order from Qatar Gas Transportation Company (Nakilat). The order had been expected, given that in late 2004, Nakilat reserved building slots with the three yards for its massive procuremen

  • Spanish scoop canal work

    Befesa, a subsidiary of Spain's Abengoa, has been awarded an estimated $20 million contract to build a canal to serve the phosphoric acid production plants at Jorf Lasfar on the Atlantic coast. The project calls for the construction of a canal to transport 75,000 cubic metres of seawater. It also includes the supply and installation of electrical equipment for a new pump station and pipelines. The Jorf plant produces about 3 million tonnes a year of phosphate derivatives. The client is Societe P

  • SRAK drills first well in Isharat 1

    Al-Khobar-based South Rub al-Khali Company (SRAK) announced on 6 July the spudding of the first well wildcat/exploration well at its contract area in the Rub al-Khali (Empty Quarter) basin. The well will be drilled at Isharat 1 in block 6 to a targeted depth of 15,000 feet. Drilling will take four months to complete. KCA Deutag Drilling, part of the UK's Abbot Group, is the drilling contractor, under an estimated $20 million-25 million contract awarded in early 2006 (MEED 10:2:06).

  • State considers financial centre options

    The government has appointed US consultancy firm McKinsey & Company to carry out an assessment of how to turn the state into a financial hub. Under the terms of the contract, McKinsey will review various possibilities for how Kuwait can attract the financial sector to the state, including the setting up of a financial centre akin to the Dubai International Financial Centre and other similar schemes. Transport integration will also be a key theme and the study will look at possible integration

  • State gets new energy minister

    Sheikh Ali al-Jarrah al-Sabah has been appointed the minister of energy, following the formation of the new Council of Ministers (cabinet) on 9 July. Sheikh Ali, an economist, is an energy sector outsider, but held the post of social affairs and labour minister in the previous cabinet. He replaces the outgoing Sheikh Ahmed al-Fahad al-Sabah, who has become head of the National Security Council with ministerial rank. Sheikh Ahmed was unpopular with opposition parliament members and his removal

  • Sudan calls for Egypt's support over Darfur

    Mini Minnawi, leader of the Sudanese Liberation Movement (SLM), on 6 July urged Egypt to support peace efforts in Darfur. 'We have asked Egypt to support the efforts to achieve stability and to help with the funds for the reconstruction,' Minnawi said.A faction of the SLM signed a peace agreement with the Khartoum government in Abuja on 5 May. Two other rebel groups refused to endorse the deal, and the deal appeared to have broken down after reb

  • Sunni MPs boycott parliament

    Sunni lawmakers boycotted a session of the Iraqi parliament for the second day running on 3 July in protest against the abduction of their colleague Tayseer al-Mashhadani, who was kidnapped by Shia militias two days earlier. Members of the Iraqi Accordance Front, the Baghdad parliament's largest Sunni bloc, said they would not attend plenary meetings until the MP is released. No one has yet claimed responsibility for the abduction. Al-Mashhadani and seven of her bodyguards were

  • Sunnis kidnapped amid continued violence

    Up to 20 government workers were kidnapped by armed gunmen on 19 July. The workers, who maintain Sunni mosques and shrines, were seized as they drove home from work in Baghdad. The abduction came as at least 20 people were killed in a spate of attacks across the country. A triple blast killed five in the capital when a car bomb was detonated near Baghdad Technology University. An initial explosion was followed by two further blasts, seemingly targeted at the police who res

  • Sunnis kidnapped amid continued violence

    Up to 20 government workers were kidnapped by armed gunmen on 19 July. The workers, who maintain Sunni mosques and shrines, were seized as they drove home from work in Baghdad. The abduction came as at least 20 people were killed in a spate of attacks across the country. A triple blast killed five in the capital when a car bomb was detonated near Baghdad Technology University. An initial explosion was followed by two further blasts, seemingly ta

  • Supreme leader restates privatisation plans

    Supreme leader Ayatollah Ali Khamenei has reiterated the state's commitment to privatisation. 'The government's role will undergo a shift from direct involvement in ownership and running the large companies to supervisory and guidance of different sectors of the economy to meet the regulations of the World Trade Organisation [WTO],' he said on 2 July in comments reported by the official Iranian News Agency (Irna).

  • Swiss roll out high-end funds

    Switzerland's Liechtensteinische Landes Bank (LLB) has launched two equity funds with a combined target value of $2,000 million. The Middle East Pearl, a capital guarantee fund, will invest in 30 stocks linked to the ABN Middle East index, including finance, telecommunications and real estate companies in Egypt, Kuwait, Jordan, Qatar and the UAE. Minimum subscription is $500,000. The sharia-compliant Middle East growth sector certificate will invest in a basket of 12 shares in construction, f

  • Swiss roll out high-end funds

    Switzerland's Liechtensteinische Landes Bank (LLB) has launched two equity funds with a combined target value of $2,000 million. The Middle East Pearl, a capital guarantee fund, will invest in 30 stocks linked to the ABN Middle East index, including finance, telecommunications and real estate companies in Egypt, Kuwait, Jordan, Qatar and the UAE. Minimum subscription is $500,000. The sharia-compliant Middle East growth sector certificate will invest in a basket of 12 shares in construction, fina

  • Syndication accelerates

    Syndication has been launched of a $150 million, three-year loan for Awal Bank, a Bahrain-based subsidiary of Saudi Arabia's Saad Group launched in early 2004. Several other deals have recently closed or are about to.

  • Syndication accelerates

    Syndication has been launched of a $150 million, three-year loan for Awal Bank, a Bahrain-based subsidiary of Saudi Arabia's Saad Group launched in early 2004. Several other deals have recently closed or are about to.

  • SYRIA

    Prequalification. Construction of infrastructure works in the Khan Esheih and Khan Dannoun Palestine refugee camps. The project includes the supply, installation, construction and commissioning of 30 kilometres of main sewers, 38 kilometres of water networks, three 400-cubic-metre reinforced concrete elevated storage reservoirs, a stormwater system and 124,000 square metres of road works.

  • Syria says it will not hold back if provoked

    Syrian Information Minister Mohsen Bilal said on 23 July, that the country would join the Middle East conflict if it is provoked. 'If Israel invades Lebanon over ground and comes near to us, Syria will not sit tight. She will join the conflict,' Bilal said.Bilal was speaking during a visit to Madrid, where he held talks with Spanish Foreign Affairs Minister Miguel Angel Moratinos. 'We have co-operation forces on alert,' Bilal told the Spanish daily ABC. 'If Israeli troops

  • Syria says it will not hold back if provoked

    Syrian Information Minister Mohsen Bilal said on 23 July, that the country would join the Middle East conflict if it is provoked. 'If Israel invades Lebanon over ground and comes near to us, Syria will not sit tight. She will join the conflict,' Bilal said.Bilal was speaking during a visit to Madrid, where he held talks with Spanish Foreign Affairs Minister Miguel Angel Moratinos. 'We have co-operation forces on alert,' Bilal told the Spanish da

  • SYRIA: Standing firm

    Iranian Foreign Affairs Minister Manouchehr Mottaki flew into Damascus on 17 July to hold talks with Syrian President Asad. Coming just days after Tehran vowed 'unimaginable damage' to Tel Aviv if it attacked Syria, the visit underlined the strong ties between the two countries. The united front has been cemented by the unfolding events in Lebanon but the alliance has also become a useful way for Damascus to counterbalance the growing pressure that it has faced over the past year from the US

  • SYRIA: Standing firm

    Iranian Foreign Affairs Minister Manouchehr Mottaki flew into Damascus on 17 July to hold talks with Syrian President Asad. Coming just days after Tehran vowed 'unimaginable damage' to Tel Aviv if it attacked Syria, the visit underlined the strong ties between the two countries. The united front has been cemented by the unfolding events in Lebanon but the alliance has also become a useful way for Damascus to counterbalance the growing pressure that it has faced over the past year from the US and

  • Tabreed sukuk priced

    The $200 million sukuk issue for Abu Dhabi-based National Central Cooling Company (Tabreed) was priced on 10 July at 125 basis points over Libor. Subscription to the five-year paper came mostly from within the region, with some demand from Asia. The funds raised will be used for general corporate purposes. Dresdner Kleinwort Wasserstein, Commerce International Merchant Bankers and HSBC were the lead managers. The issue is the second by Tabreed, which launched its debut $100 million sukuk in earl

  • Takreer pushes ahead with Ruwais GUP expansion

    Abu Dhabi Oil Refining Company (Takreer) has invited companies to submit bids by 29 July for a contract to provide project management consultancy (PMC) services for a major expansion of the existing seawater cooling system at Ruwais. The expansion of the general utilities and power plant (GUP) will serve the needs of several new industrial projects planned in the Ruwais area.

  • Takreer pushes ahead with Ruwais GUP expansion

    Abu Dhabi Oil Refining Company (Takreer) has invited companies to submit bids by 29 July for a contract to provide project management consultancy (PMC) services for a major expansion of the existing seawater cooling system at Ruwais. The expansion of the general utilities and power plant (GUP) will serve the needs of several new industrial projects planned in the Ruwais area.

  • Taweelah smelter location fixed

    The joint venture of the local Mubadala Development Company and Dubai Aluminium Company (Dubal) has confirmed the location of its $6,000 million grassroots smelter complex project in Taweelah. The plant will be built on a 6 square-kilometre plot of land adjacent to the Taweelah power stations complex in the northeast of the heavy industry zone of the Khalifa Port & Industrial Zone. The first phase of the project will be operational in 2010 with capacity of 700,000 tonnes a year (t/y). A second p

  • Taweelah smelter location fixed

    The joint venture of the local Mubadala Development Company and Dubai Aluminium Company (Dubal) has confirmed the location of its $6,000 million grassroots smelter complex project in Taweelah. The plant will be built on a 6 square-kilometre plot of land adjacent to the Taweelah power stations complex in the northeast of the heavy industry zone of the Khalifa Port & Industrial Zone. The first phase of the project will be operational in 2010 with capacity of 700,000 tonnes a year (t/y). A secon

  • TDIC issues Saadiyat dredging

    The local Tourism Development & Investment Company (TDIC), a wholly-owned subsidiary of Abu Dhabi Tourism Authority (ADTA), has invited six companies to submit bids by 12 August for the dredging works contract on its Saadiyat island development. Prequalified dredgers are Van Oord Gulf and Royal Boskalis Westminster, both of the Netherlands, Dredging International and Jan de Nul, both of Belgium, Geneva-registered Archirodon Construction (Overseas) and the local National Marine Dredging Company (

  • Tebodin studies main line

    Tebodin of the Netherlands is due to complete by late September a conceptual study covering the construction of a main oil line (MOL) from Habshan in Abu Dhabi emirate to Fujairah on the east coast.

  • Tebodin studies main line

    Tebodin of the Netherlands is due to complete by late September a conceptual study covering the construction of a main oil line (MOL) from Habshan in Abu Dhabi emirate to Fujairah on the east coast.

  • TEHRAN METRO: Tunnel vision

    There has been mixed news in recent months for Tehran's embattled commuters, who spend hours each day stuck in traffic jams. On a positive note, the Resalat tunnel has finally opened under Argentine Square. The hope is that it will relieve some of the congestion that clogs up the city's major arteries every rush-hour - and much of the time in between. More depressing has been the growing realisation among commuters that, with the major expansion of the city metro at a standstill, road transpo

  • TEHRAN METRO: Tunnel vision

    There has been mixed news in recent months for Tehran's embattled commuters, who spend hours each day stuck in traffic jams. On a positive note, the Resalat tunnel has finally opened under Argentine Square. The hope is that it will relieve some of the congestion that clogs up the city's major arteries every rush-hour and much of the time in between. More depressing has been the growing realisation among commuters that, with the major expansion of the city metro at a standstill, road transport w

  • Tehran tenders two new South Pars phases

    Pars Oil & Gas Company (POGC) has launched prequalification for the buyback development of phases 23-24 of the South Pars gas field development. The project is likely to be worth more than $2,000 million and comes just months after a tender was issued for phases 19-22. The last phases to be awarded 15-16 and 17-18 are being carried out by local consortiums (MEED 3:3:06).The project is open to local/foreign joint ventures with local partners holding at least 51 per cent. It will involve

  • Tender due for Fahahil

    Qatar Petroleum (QP) plans to issue a tender in the third quarter for the front-end engineering and design (FEED) of two new glycol regeneration trains at the Fahahil stripping plant in Dukhan, to replace the existing facilities. The successful company will also prepare the scope of works for an engineering, procurement, installation and commissioning (EPIC) contract and work out the project cost.

  • Tender due for Khursaniyah ponds

    Saudi Aramco has invited companies to submit prequalifications by 26 July for a lump-sum procure and build (LSPB) contract to construct evaporation ponds and related facilities to serve the Khursaniyah oil field project in the Eastern Province. Estimated to be worth $50 million, the scope of works covers the construction of: oily and clean stormwater and disposal ponds; overflow lines; and high-density polyethylene (HDPE) lining. The 10-month contract also entails related civil works. Italy's

  • Tender due for Marib plant

    Yemen LNG (YLNG) is due to issue a tender in late July for an engineering, procurement and construction (EPC) contract covering the construction of a gas processing plant to provide feedstock for the grassroots liquefied natural gas (LNG) plant, under construction at Bal Haf. To be located at Marib, the proposed facility will have capacity of 420 million cubic feet a day (MEED 9:9:05).

  • Tender out for Jubail berths

    Prequalified contractors have been invited to submit bids by 20 August for a procurement and construction contract covering three new petrochemical berths at King Fahd Industrial port at Jubail Industrial City. The project is valued at about SR 300 million ($80 million). The scope of works covers construction of berths 31, 32 and 33 on the east side of the new petrochemical quay 2 and will have capacity to handle tankers up to 80,000 dwt. The berths, with an approximate depth of about 15 metr

  • Tenders due for second Anoud tower

    The Princess Al-Anoud bint Abdulaziz al-Jalawi Charity Organisation is reviewing designs for the construction of a second Anoud tower in Riyadh. The project will be located adjacent to the first tower on King Fahd street. The scope of works calls for the construction of a commercial and office building rising to about 130 metres. The first tower, for which the local Al-Redwan Contracting has the main contract, is due to be finished by 2007. The 22-storey structure has a built-up area of about 42

  • Tenders issued for Abu Dhabi transport study

    Abu Dhabi's Municipalities & Agriculture Department has invited consultants to bid by 5 September for a study covering the transport masterplan for Abu Dhabi island and surrounding areas. The contract also includes preliminary designs for a proposed mass transit system. A number of major developments have been launched in the capital over the last 18 months, and the authorities are keen to avoid the chronic congestion experienced in Dubai.

  • Tenders out for Al-Ruya

    Saudi Arabia's Al-Ruya Industries has invited companies to submit bids by August to build a greenfield integrated cement plant in Sharjah's Hamriyah Free Zone. The proposed facility will see the installation of a 3.6 million-tonne-a-year clinker line and new crushing units. The estimated AED 1,500 million ($415 million) scheme will be equity-financed and covers an area of about 1 million square metres. India's Holtec is the consultant on the 22-month project (MEED 10:2:06).

  • Tenders out for Saadiyat highway

    The Municipalities & Agriculture Department has invited firms to bid by 5 August for the consultancy contract for a proposed highway linking Saadiyat island and Abu Dhabi International Airport. The planned 25-kilometre highway is the second link to be launched for Saadiyat. In June, the local Tourism Development & Investment Company (TDIC), a wholly owned subsidiary of Abu Dhabi Tourism Authority, invited 10 groups of contractors to bid for a bridge connecting to the Mina area of Abu Dhabi islan

  • test3

    The Public Works Authority (Ashghal) has invited companies to bid by 6 September for the second construction contract on the North road scheme. The 720-day contract covering sections 2 and 3, will involve the construction of 160 kilometres of roads and 20 bridges.Section 2 will involve the construction of a four-lane dual carriageway will starts at Duhail and passes through Kheessa, Khuraityat, Umm Salal All and Umm Salal Muhammad and ends beyond the Al-Khor road intersection. It will al

  • Thales secures fare contract

    The UK's Thales Group has been selected by the Dubai Rapid Link (DURL) consortium to provide a secure fare collection system for the Dubai Metro. Under the terms of the agreement, Thales will equip all the stations with access gates, ticket vending machines, station computers and a central controlling system. The system will be compatible with other public transportation modes.

  • THE P&O DEAL: After the buying spree

    When DP World bought the UK's P&O in February for more than $6,000 million, it found itself propelled into the major league of port operators. The move also put the company onto the front pages of the world's business papers and not for all the right reasons.Under pressure from the US Congress, DP World agreed in March to voluntarily sell off its newly acquired US assets. The company has begun approaching potential buyers for the six ports, and the sale is scheduled to be completed by y

  • Thirty-one killed in Baghdad attacks

    At least 31 people were killed and 153 injured on 27 July in a car bombing and mortar attack in a busy commercial district of central Baghdad. The car bomb exploded in the predominantly Shia Karrada district. According to an Iraqi security official, the blast was followed by several rounds of mortars fired from the nearby Sunni area of Al-Dura. The car bomb exploded just 200 yards from the house of vice-president Adil Abdul-Mahdi, a leading member of the Supreme Council of the Islamic Re

  • Thirty-one killed in Baghdad attacks

    At least 31 people were killed and 153 injured on 27 July in a car bombing and mortar attack in a busy commercial district of central Baghdad. The car bomb exploded in the predominantly Shia Karrada district. According to an Iraqi security official, the blast was followed by several rounds of mortars fired from the nearby Sunni area of Al-Dura. The car bomb exploded just 200 yards from the house of vice-president Adil Abdul-Mahdi, a leading member of the Supreme Council of the

  • Three bid for sulphur storage units

    Three companies submitted technical bids on 8 July to Abu Dhabi Gas Industries Company (Gasco) for the contract to carry out the front-end engineering and design (FEED) package on a proposed major sulphur stockpiling facility in the emirate. No date has been set for the submission of commercial bids. The bidders, all US-based, are Washington Group International, Devco and Mustang Group. The project calls for the design and construction of a 400,000-tonne storage facility at Habshan, with the opt

  • Three in for 3G licences

    Three companies are set to be awarded by late July licences for third-generation (3G) services by telecoms regulator Agence Nationale de Reglementation des Telecommunications (ANRT).The two GSM incumbents, Meditel, a joint venture of Spain's Telefonica and Portugal Telecom, and Maroc Telecom, the local subsidiary of France's Vivendi Universal, are in line to take two of the licences. The third, which is exclusively for 3G services, is set to be awarded to the local Maroc Connect. Four compa

  • Three in for 3G licences

    Three companies are set to be awarded by late July licences for third-generation (3G) services by telecoms regulator Agence Nationale de Reglementation des Telecommunications (ANRT).The two GSM incumbents, Meditel, a joint venture of Spain's Telefonica and Portugal Telecom, and Maroc Telecom, the local subsidiary of France's Vivendi Universal, are in line to take two of the licences. The third, which is exclusively for 3G services, is set to be awarded to the local Maroc Connect. Four compani

  • Total takes Qatargas II stake

    France's Total signed an agreement on 6 July to acquire a 16.7 per cent equity stake in the Qatargas II venture. Under the terms of the agreement, Total will also purchase up to 5.2 million tonnes a year (t/y) of liquefied natural gas (LNG) from Qatargas II, which is building two liquefaction trains, each with capacity of 7.8 million t/y, as part of the $12,800 million integrated project. Total plans to deliver the LNG to a number of destinations, including new customers for Qatari LNG in France

  • Trade routes

    The mountain trails and ocean routes of the Silk Road once stretched from Hangzhou to the tin mines of Cornwall. For several hundred years, the Middle East was an integral part of this vast trade network, and Arab countries dine out on the experience to this day. Governments, tour guides and property developers still advertise the Gulf as a gateway to the Orient, a place 'where East meets West'.

  • Trans-Saharan gas line from 2015, says study

    A consortium of Algerian state energy company Sonatrach and Nigerian National Petroleum Corporation (NNPC) is reviewing the findings of a feasibility study conducted into a proposed 4,300-kilometre gas pipeline across the Sahara desert from Nigeria to Algeria (MEED 23:12:05). The study, submitted in May, was carried out by a consortium of the UK's Penspen, IPA Consulting and NKUK, the UK subsidiary of Nippon Koei. Addressing environmental, social, technical and economic issues, the study conclud

  • Travelling beyond the budget

    If the transport ministers of the Middle East had their way, the region would be honeycombed with bullet trains, 10-lane motorways and ocean-spanning suspension bridges. Any engineering company that has worked for some time in the Gulf is likely to have, filed away in a back room, the blueprints for some hugely ambitious transport project that never was. The Riyadh metro; the Doha-Abu Dhabi causeway: simple economics has done for them all.

  • Travelling beyond the budget

    If the transport ministers of the Middle East had their way, the region would be honeycombed with bullet trains, 10-lane motorways and ocean-spanning suspension bridges. Any engineering company that has worked for some time in the Gulf is likely to have, filed away in a back room, the blueprints for some hugely ambitious transport project that never was. The Riyadh metro; the Doha-Abu Dhabi causeway: simple economics has done for them all.

  • Trial resumes without Saddam

    The trial of ousted Iraqi leader Saddam Hussein resumed in Baghdad on 24 July. Saddam, who was taken to hospital a day earlier, was not present. It is believed that the former leader and three of his co-defendants went on hunger strike on 7 July in protest at proceedings at the trial and to demand better security for their defence lawyers, three of whom have been killed since the trial began. Defence lawyers for Taha Yassin Ramadan, Awad Hamad al-Bandar, Saddam and his hal

  • Trial resumes without Saddam

    The trial of ousted Iraqi leader Saddam Hussein resumed in Baghdad on 24 July. Saddam, who was taken to hospital a day earlier, was not present. It is believed that the former leader and three of his co-defendants went on hunger strike on 7 July in protest at proceedings at the trial and to demand better security for their defence lawyers, three of whom have been killed since the trial began. Defence lawyers for Taha Yassin Ramadan, Awad Hamad a

  • Trio to list on DFM

    Three companies will list shares on the Dubai Financial Market (DFM) in mid-July. Qatar's Salam International Investment Company, Kuwait's Grand Real Estate Projects Company and the local Tamweel have all received approval from the Emirates Securities & Commodities Authority (ESCA) to list. Salam International floated on the Doha Securities Market in 2000. Real estate developer, manager and agent Grand Real Estate listed on the Kuwait Stock Exchange in 2005. Sharia-compliant finance company Tamw

  • TUNISIA

    Tender no 10/7220BIRD/2006. Project no P082999. Supply of language laboratory equipment as part of the education quality improvement programme, phase 2 (Paqset II). Financed by the World Bank.

  • TUNISIA

    Tender no 58/2006. Project no P099811. Implementation of a water sanitation project as part of the Tunis West sewerage project. Financed by the World Bank. Bid bond is TD 300,000.

  • TUNISIA

    Tender no 13/2006/DGPC. Extension and reinforcement of a second tranche of a road network as part of a road upgrade project, phase 4. Financed by the African Development Bank.

  • TUNISIA

    Tender no DEP.AC-621028. Supply of 980,000 various nuts/bolts for a railroad modernisation project. Financed by the African Development Bank. Bid bond is TD 100,000.

  • TUNISIA

    Tender no 2006-D-3349. Supply of lightening arrestors as part of an electricity network distribution project. Financed by the African Development Bank.

  • Two in for Sur IWP

    Two out of the six prequalified groups submitted proposals on 24 July for the Sur independent water project (IWP). The bidders are France's Veolia and UDCH. The project calls for the installation of 15 million gallons a day (g/d) of new capacity, expandable to 20 million g/d. The selected developer will also acquire about 2.7 million g/d of existing capacity in the area. The team advising the National Economy Ministry on the project comprises Bank Muscat, Denton Wilde Sapte and the UK'

  • Two in for Sur IWP

    Two out of the six prequalified groups submitted proposals on 24 July for the Sur independent water project (IWP). The bidders are France's Veolia and UDCH. The project calls for the installation of 15 million gallons a day (g/d) of new capacity, expandable to 20 million g/d. The selected developer will also acquire about 2.7 million g/d of existing capacity in the area. The team advising the National Economy Ministry on the project comprises Bank Muscat, Denton Wilde Sapte and the UK's Mott

  • Two mosque bombs as Baghdad curfew extended

    At least two people were killed and four injured in bomb attacks on Iraqi mosques on 21 July. The blasts occurred outside Sunni mosques in Khalis, north of Baghdad, and in the predominantly Shia eastern part of the capital and came as a daytime curfew on Baghdad was extended in an effort to curb attacks on the capital's mosques after Friday prayers. The existing four-hour ban on traffic will be extended to most of the day. An overnight curfew is also in place.The move come

  • Two mosque bombs as Baghdad curfew extended

    At least two people were killed and four injured in bomb attacks on Iraqi mosques on 21 July. The blasts occurred outside Sunni mosques in Khalis, north of Baghdad, and in the predominantly Shia eastern part of the capital and came as a daytime curfew on Baghdad was extended in an effort to curb attacks on the capital's mosques after Friday prayers. The existing four-hour ban on traffic will be extended to most of the day. An overnight curfew is also in place.

  • UAE

    Tender no CE/242/2006.

  • UAE

    Tender no CE/241/2006. Supply of 11-kV overhead line materials. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CE/272/2006. Installation and commissioning of 11-kV cables. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CE/282/2006. Provision of consultancy services for the identification of 400-kv circuit-type routes and system studies for the Baraha 400-132-kV substation. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CE/332/2005. Supply, installation, testing and commissioning of a fibre optic cable and associated civil works along the Jind, Jebel Ali Habab pumping station, phases 1, 2 and 3. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CE/238/2006. Provision of consultancy services for the construction of residential accommodation over 20 floors plus ground floor at Jebel Ali. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CW/526/2005. Supervision of water transmission pipelines and associated works. Bid bond is 5 per cent of tender price.

  • UAE

    Tender no CE/305/2006. Provision of consultancy services for feasibility and conceptual design of a power supply scheme for the World island project and an island near to the Palm Jumeirah project. Bid bond is 5 per cent of tender price.

  • UAE investors seal TT deal

    A UAE group of Dubai Technology & Media Free Zone Authority (Tecom) and Dubai Investment Group (DIG) announced on 18 July the acquisition of a 35 per cent stake in state telecoms company Tunisie Telecom for a total of $2,250 million.The group has been in line to make the acquisition since it substantially outbid France's Vivendi Universal in March, increasing by 28 per cent its first-round bid of $1,758 million (MEED 31:3:06).The winning bid significantly exceeds expectations for

  • UAE LABOUR: A cooling off period

    Under the slogan 'men at rest', Labour Minister Ali al-Kaabi on 8 July launched the summer working hours campaign in the UAE. The initiative, which states that workers operating outside and under the sun must be given a break between 12.20pm and 3.00pm during the months of July and August, is part of a much wider programme planned by the ministry to improve the working conditions and protection of labourers.

  • UAE LABOUR: A cooling off period

    Under the slogan 'men at rest', Labour Minister Ali al-Kaabi on 8 July launched the summer working hours campaign in the UAE. The initiative, which states that workers operating outside and under the sun must be given a break between 12.20pm and 3.00pm during the months of July and August, is part of a much wider programme planned by the ministry to improve the working conditions and protection of labourers.

  • UAE passes anti-slavery bill

    A government panel on 10 July approved a bill which makes slavery and people trafficking punishable by life imprisonment in the UAE. The legislation broadens the definition of offences and extends the prison sentence for crimes against women, children, the disabled or crimes committed by the guardian of the victim to life.'In the proposed law, human trafficking is defined to include all forms of sexual exploitation, involuntary servitude, enslaving, slave trading and all s

  • UAE passes anti-slavery bill

    A government panel on 10 July approved a bill which makes slavery and people trafficking punishable by life imprisonment in the UAE. The legislation broadens the definition of offences and extends the prison sentence for crimes against women, children, the disabled or crimes committed by the guardian of the victim to life.'In the proposed law, human trafficking is defined to include all forms of sexual exploitation, involuntary servitude, enslav

  • UGCC bids low for girls' college

    The local United Gulf Construction Company (UGCC) is low bidder at KD 38.8 million ($133.8 million) for the contract to build a new college of basic education for girls at its Ardiya campus. UGCC's bid is 1 per cent cheaper than the second lowest offer of KD 39.5 million ($136.2 million) from Kuwait Company for Process Plant Construction & Contracting. The other bidders, all local, are Mohamed Abdulmohsin Kharafi & Sons, Combined Group, Syed Hamid Behbehani, Fouad al-Ghanim & Sons and Mushrif Tr

  • UK targets UAE financials

    The UK government is ramping up efforts to increase trade and investment with the federation over the next two years, Richard Makepeace, the UK's ambassador to the UAE, said on 23 July. The ambassador, who leaves his post after the summer, said the UK would prioritise the financial services sector by improving advisory services and promoting investment opportunities in the UK.

  • UK targets UAE financials

    The UK government is ramping up efforts to increase trade and investment with the federation over the next two years, Richard Makepeace, the UK's ambassador to the UAE, said on 23 July. The ambassador, who leaves his post after the summer, said the UK would prioritise the financial services sector by improving advisory services and promoting investment opportunities in the UK.

  • UN reaches informal deal on Iran

    The five permanent members of the UN Security Council plus Germany reached an informal agreement on 27 July on a resolution demanding the suspension of Iran's uranium enrichment activities. 'We had a good discussion, an intense exchange of views... and I think we are moving closer and closer,' Russian Ambassador Vitaly Churkin told reporters after the morning session. 'We are moving rather smoothly towards our goal of a draft resolution.' Negotiations over the resolution h

  • UN reaches informal deal on Iran

    The five permanent members of the UN Security Council plus Germany reached an informal agreement on 27 July on a resolution demanding the suspension of Iran's uranium enrichment activities. 'We had a good discussion, an intense exchange of views... and I think we are moving closer and closer,' Russian Ambassador Vitaly Churkin told reporters after the morning session. 'We are moving rather smoothly towards our goal of a draft resolution.' Negoti

  • UN to send human rights mission to Palestine

    The UN's newly-established Human Rights Council is to send a fact-finding mission to Gaza and the West Bank. Holding its first ever special session on 6 July, the Council adopted a resolution proposed by the Organisation of the Islamic Conference to 'dispatch an urgent fact-finding mission by [John Dugard] the Special Rapporteur on the situation of human rights in the Occupied Palestinian Territories.' The resolution also calls on Israel to release arrested MPs, ministers and all other P

  • UN urges Sudan to accept Darfur mission

    Western powers urged Sudan to accept the deployment of a UN peacekeeping mission on its territory ahead of an international conference on Darfur in Brussels. 'I still am hopeful that we will get the Sudanese government to co-operate and to support the [UN] force because after all we are going there to help the government, we are going to help them protect their own people,' UN Secretary-General Kofi Annan said. The UN and aid agencies also called on international donors to

  • UN urges Sudan to accept Darfur mission

    Western powers urged Sudan to accept the deployment of a UN peacekeeping mission on its territory ahead of an international conference on Darfur in Brussels. 'I still am hopeful that we will get the Sudanese government to co-operate and to support the [UN] force because after all we are going there to help the government, we are going to help them protect their own people,' UN Secretary-General Kofi Annan said. The UN and aid agencies also calle

  • Unitel back in the running for GSM licence

    Saudi Arabia's House of Integrated Technology & Systems (HITS) and Kuwait Finance & Investment Company acquired in early July 25 per cent and 12 per cent stakes respectively in the local/Chinese Unitel, in a combined deal thought to worth more than $150 million.The acquisitions are understood to have come as Unitel resumes negotiations with the Telecommunications & Information Technology Ministry for the country's third GSM licence.Unitel was the highest bidder at $149 million fo

  • UNRWA invites PQs for refugee camp work

    The UN Relief & Works Agency (UNRWA) has invited local and EU-based contractors to submit prequalification applications by 3 August for a contract to build infrastructure works at the Khan Esheih and Khan Dannoun Palestinian refugee camps in the Damascus area. The scope of works covers the supply, installation, construction and commissioning of 30 kilometres of sewers, 38 kilometres of water networks, three 4,000-cubic-metre elevated storage reservoirs, a stormwater system and 124,000 square met

  • Up to 23 dead in Gaza offensive

    Up to 22 Palestinians and an Israeli soldier were killed on 6 July in the worst fighting since Israel launched its Gaza offensive on 28 June. Israeli forces moved deeper into northern Gaza, extending a buffer zone five kilometres into the territory. At least 11 Palestinians were killed in the bombardment of Beit Lahiya and an Israeli soldier died in fighting on the ground. A second air strike on the town killed a further four Palestinians. Israeli troops also attacked a re

  • UPPER ZAKUM: A major breakthrough

    Taking more than 1,300 days from the submission of bids to final contract award, the Upper Zakum deal was one of the most drawn-out upstream oil concession agreements to be signed recently in the Gulf. Kick-started in early 2002 when Abu Dhabi National Oil Company (ADNOC) decided to grant a 28 per cent stake in its giant offshore oil field to an international oil company (IOC), the curtain came down on 27 March with the US' ExxonMobil Corporation signing the landmark deal.

  • UPPER ZAKUM: A major breakthrough

    Taking more than 1,300 days from the submission of bids to final contract award, the Upper Zakum deal was one of the most drawn-out upstream oil concession agreements to be signed recently in the Gulf. Kick-started in early 2002 when Abu Dhabi National Oil Company (ADNOC) decided to grant a 28 per cent stake in its giant offshore oil field to an international oil company (IOC), the curtain came down on 27 March with the US' ExxonMobil Corporation signing the landmark deal.

  • US army, Halliburton deal ends

    The US army announced on 12 July it will end its multi-billion dollar logistics contract with Halliburton KBR in September. Halliburton, which has provided support services to US troops, has faced criticism for winning non-competitive government contracts. The army has said a new contract will be put to tender and Halliburton KBR will be allowed to submit a bid, but it has been suggested that the army may hire three smaller contractors rather than a single large one.Follow

  • US army, Halliburton deal ends

    The US army announced on 12 July it will end its multi-billion dollar logistics contract with Halliburton KBR in September. Halliburton, which has provided support services to US troops, has faced criticism for winning non-competitive government contracts. The army has said a new contract will be put to tender and Halliburton KBR will be allowed to submit a bid, but it has been suggested that the army may hire three smaller contractors rather than a single large one.

  • US delays departure of troops from Iraq

    US Defence Secretary Donald Rumsfeld on 27 July announced that some 3,500 US troops from the 172nd Stryker Brigade Combat Team would remain in Iraq for up to four months beyond their planned departure date. Rumsfeld was responding to a request by Army General George Casey to prolong the brigade's mandate. The troops have been operating in the Mosul area in northern Iraq. The move comes two days after US President Bush said troops from around Ira

  • US delays departure of troops from Iraq

    US Defence Secretary Donald Rumsfeld on 27 July announced that some 3,500 US troops from the 172nd Stryker Brigade Combat Team would remain in Iraq for up to four months beyond their planned departure date. Rumsfeld was responding to a request by Army General George Casey to prolong the brigade's mandate. The troops have been operating in the Mosul area in northern Iraq. The move comes two days after US President Bush said troops from around Iraq would be redeployed to Bag

  • US lifts sanctions on Libya air transport

    The US announced it had lifted sanctions on Libya's air transport on 12 July. The announcement followed a meeting between US State Department official Paula Dobriansky and Libyan Prime Minister Baghdadi Mahmoudi. The US restored full diplomatic ties with Libya on 15 May. Relations between the two countries were severed in 1980 after protesters attacked the US embassy in Tripoli. Libya has also been held responsible for the 1988 bombing of a Pan Am flight over Lockerbie, Sc

  • US lifts sanctions on Libya air transport

    The US announced it had lifted sanctions on Libya's air transport on 12 July. The announcement followed a meeting between US State Department official Paula Dobriansky and Libyan Prime Minister Baghdadi Mahmoudi. The US restored full diplomatic ties with Libya on 15 May. Relations between the two countries were severed in 1980 after protesters attacked the US embassy in Tripoli. Libya has also been held responsible for the 1988 bombing of a Pan

  • US soldier charged over Iraq crimes

    Former US soldier Steven Green appeared in a US federal court in North Carolina on 3 July charged with murder and rape following an investigation into the killing of an Iraqi woman and three of her family members in Mahmoudiya on 12 March.According to an affidavit, Green led two adults and a five-year-old girl into a bedroom before shots were heard. 'Green came to the bedroom door and told everyone 'I just killed them. All are dead,'' the statement said. He then allegedly

  • US soldiers' torture video released

    A video showing the mutilated bodies of two US soldiers was released by the Mujahideen Shoura Council, a group linked to Al-Qaeda in Iraq, on 11 July. The council linked the capture and killing of the soldiers to the rape and murder of an Iraqi woman in Mahmoudiya, saying it had acted in 'revenge for our sister who was dishonoured by a soldier of the same brigade'. The US had previously denied any connection between the two incidents. The US mil

  • US to deploy more troops in Baghdad

    The US has said it will redeploy thousands of US and Iraqi troops from around Iraq to Baghdad. 'One of the first challenges, obviously, is to go ahead and find an effective way to secure Baghdad,' White House spokesman Tony Snow said on 24 July. The move comes as the security situation in the capital continues to deteriorate, with reports saying that 100 people are killed in sectarian violence in Baghdad every day. However, US President Bush insists that Iraq has not descended into civil

  • US to deploy more troops in Baghdad

    The US has said it will redeploy thousands of US and Iraqi troops from around Iraq to Baghdad. 'One of the first challenges, obviously, is to go ahead and find an effective way to secure Baghdad,' White House spokesman Tony Snow said on 24 July. The move comes as the security situation in the capital continues to deteriorate, with reports saying that 100 people are killed in sectarian violence in Baghdad every day. However, US President Bush insists that Iraq has not descended

  • US vetoes UN resolution on Gaza

    The US on 13 July rejected a UN Security Council resolution calling for an end to the Israeli military operation in Gaza. Ten of the Council's 15 member states voted in favour of the bill while four countries - the UK, Denmark, Peru and Slovakia - abstained.The resolution was put forward by Qatar on behalf of Arab states and demanded that Israel and the Palestinians 'take immediate steps to create the necessary condition for the resumption of negotiation and restarting the

  • US vetoes UN resolution on Gaza

    The US on 13 July rejected a UN Security Council resolution calling for an end to the Israeli military operation in Gaza. Ten of the Council's 15 member states voted in favour of the bill while four countries - the UK, Denmark, Peru and Slovakia - abstained.The resolution was put forward by Qatar on behalf of Arab states and demanded that Israel and the Palestinians 'take immediate steps to create the necessary condition for the resumption of ne

  • US warns Iran over delayed response

    The US warned Iran on 12 July that it could face UN Security Council action after the Islamic republic again failed to respond to a package of nuclear incentives during a meeting with EU foreign policy chief Javier Solana a day earlier. 'The time for Iran to give a clear indication that we are on the path of negotiations, not on the path of the Security Council, has come and the indications are that the decision will be forced tonight,' said US Secretary of State Condoleez

  • US warns Iran over delayed response

    The US warned Iran on 12 July that it could face UN Security Council action after the Islamic republic again failed to respond to a package of nuclear incentives during a meeting with EU foreign policy chief Javier Solana a day earlier. 'The time for Iran to give a clear indication that we are on the path of negotiations, not on the path of the Security Council, has come and the indications are that the decision will be forced tonight,' said US

  • US, Russia show common stance on Iran

    Russian President Putin and US President Bush on 17 July expressed concern over Iran's failure to respond to an offer of incentives aimed at ending its uranium enrichment programme. The two leaders issued a joint statement during the G8 summit in St. Petersburg. 'We are especially concerned by the failure of the Iranian government to engage seriously on the proposals,' the statement said. While Britain, France, Germany and the US support the use of economic sanctions again

  • US, Russia show common stance on Iran

    Russian President Putin and US President Bush on 17 July expressed concern over Iran's failure to respond to an offer of incentives aimed at ending its uranium enrichment programme. The two leaders issued a joint statement during the G8 summit in St. Petersburg. 'We are especially concerned by the failure of the Iranian government to engage seriously on the proposals,' the statement said. While Britain, France, Germany and the US support the use

  • Violence in Iraq continues

    At least 17 people were killed on 28 July when a Shia shrine, located between the Iraqi towns of Balad Ruz and Mandalay, was blown up. Several bombs were detonated inside the shrine, completely destroying the monument. West of the shrine, gunmen opened fire in a small village, killing three brothers. In a separate attack, a mortar bomb struck a Baghdad mosque, killing four Iraqis. At least six were injured in the blast at the Sunni Al-Ali al-Aatheem mosque on the outskirts

  • Violence in Iraq continues

    At least 17 people were killed on 28 July when a Shia shrine, located between the Iraqi towns of Balad Ruz and Mandalay, was blown up. Several bombs were detonated inside the shrine, completely destroying the monument. West of the shrine, gunmen opened fire in a small village, killing three brothers. In a separate attack, a mortar bomb struck a Baghdad mosque, killing four Iraqis. At least six were injured in the blast at the Sunni Al-Ali al-Aat

  • Violence spikes oil price

    Oil prices rose by a further $1.40 to $75.92 a barrel on 18 July, compared with $74.52 a barrel six days earlier, in the wake of unabated violence in the Middle East.Israeli forces have been relentless in their bombing of targets in Lebanon for the eighth consecutive day, with at least 40 civilian deaths reported in the south and east.As part of its commitment to maintain oil market stability, on 14 July OPEC said: 'Geopolitical developments have been behind the strong upward pre

  • Violence spikes oil price

    Oil prices rose by a further $1.40 to $75.92 a barrel on 18 July, compared with $74.52 a barrel six days earlier, in the wake of unabated violence in the Middle East.

  • VISION 2019: Anniversary gifts

    The starting point for the New Economic Strategy (NES) is a vision for Libya in 2019 - the 50th anniversary of the revolution that brought Muammar Gaddafi to power. Under the vision, Libya will be: Egalitarian: a leader in social welfare. All Libyans will control their own economic needs;Democratic: direct democracy will allow Libyans to efficiently make decisions;Productive: the employment rate will be in excess of 90 per cent;International: the economy will be fully integrated with global m

  • VISION 2019: Anniversary gifts

    The starting point for the New Economic Strategy (NES) is a vision for Libya in 2019 the 50th anniversary of the revolution that brought Muammar Gaddafi to power. Under the vision, Libya will be: Egalitarian: a leader in social welfare. All Libyans will control their own economic needs;Democratic: direct democracy will allow Libyans to efficiently make decisions;Productive: the employment rate will be in excess of 90 per cent;International: the economy will be fully integrat

  • Waiting for the end

    Trading on the Beirut Stock Exchange came to an abrupt halt on 17 July, as Israel stepped up its air assault on the capital. But the growing crisis had a limited impact on the performances of other regional exchanges, where investor attention is more focused on corporate performance.'Investors have adopted a wait-and-watch strategy,' says Faisal Hassan, analyst at Global Investment House. 'They are seeing how the political situation develops, but more importantly they are waiting for sec

  • Waiting for the end

    Trading on the Beirut Stock Exchange came to an abrupt halt on 17 July, as Israel stepped up its air assault on the capital. But the growing crisis had a limited impact on the performances of other regional exchanges, where investor attention is more focused on corporate performance.

  • WATER: To the last drop

    Close to the border with Saudi Arabia lies the desert area known as Disi-Mudawarra. Beneath its sands is a fossil aquifer that has become a source of some frustration for policymakers in Amman.

  • WATER: To the last drop

    Close to the border with Saudi Arabia lies the desert area known as Disi-Mudawarra. Beneath its sands is a fossil aquifer that has become a source of some frustration for policymakers in Amman.

  • WATG to masterplan Yiti

    Sama Dubai, part of Dubai Holding, has appointed the UK office of Wimberly Allison Tong & Goo (WATG) to prepare the masterplan for its Yiti development in the sultanate. The development includes two five-star hotels and a deluxe time-share hotel, 1,000 villas, apartments, a retail centre, a marina, an 18-hole golf course, a country club and a marine eco-tourism centre. The UK's Currie & Brown is the cost consultant. Australia's Bovis Lend Lease is the project manager (MEED 3:3:06).

  • WATG to masterplan Yiti

    Sama Dubai, part of Dubai Holding, has appointed the UK office of Wimberly Allison Tong & Goo (WATG) to prepare the masterplan for its Yiti development in the sultanate. The development includes two five-star hotels and a deluxe time-share hotel, 1,000 villas, apartments, a retail centre, a marina, an 18-hole golf course, a country club and a marine eco-tourism centre. The UK's Currie & Brown is the cost consultant. Australia's Bovis Lend Lease is the project manager (MEED 3:3:06).

  • Woodside-led venture hits gas find

    A joint venture of international oil companies led by Australia's Woodside Petroleum announced on 14 July the discovery of a significant new gas deposit in the Murzuq basin, 1,000 kilometres southwest of Tripoli. 'A production test of the deepest zone confirmed the presence of a gas column and flowed 5.5 million cubic feet a day [cf/d] of gas through a 52/64-inch choke,' said Agu Kantsler, Woodside director for exploration and new ventures, in an open briefing. 'The absolute flow is calculated t

  • Woodside-led venture hits gas find

    A joint venture of international oil companies led by Australia's Woodside Petroleum announced on 14 July the discovery of a significant new gas deposit in the Murzuq basin, 1,000 kilometres southwest of Tripoli. 'A production test of the deepest zone confirmed the presence of a gas column and flowed 5.5 million cubic feet a day [cf/d] of gas through a 52/64-inch choke,' said Agu Kantsler, Woodside director for exploration and new ventures, in an open briefing. 'The absolute flow is calculate

  • Work begins at Hadjret Ennous

    Canada's SNC Lavalin has signed two contracts worth a total of $1,139 million to build and operate the 1,227-MW Hadjret Ennous power plant in Tipaza, almost seven months after the original awards were made (MEED 23:12:05). The contracts were signed with a newly-created project company, Shariket Kahraba Hadjret Ennous (SKH). SKH is 51 per cent owned by Algerian Utilities International, a 51:49 joint venture of SNC and Abu Dhabi government-owned Mubadala Development Company. The remaining 49 per c

  • World leaders to discuss Middle East crisis in Rome

    World leaders began arriving in Rome on 24 July ahead of talks which will address the continuing violence in the Middle East. 'We wanted this summit to tackle fundamental problems: the first is a ceasefire,' said Italian Prime Minister Romano Prodi. 'The second is to tackle humanitarian problems of refugees, the third is a possible peace force, because we want to provide a basic level of security for the medium term both to Israel and to Lebanon.'Representatives from Canad

  • World leaders to discuss Middle East crisis in Rome

    World leaders began arriving in Rome on 24 July ahead of talks which will address the continuing violence in the Middle East. 'We wanted this summit to tackle fundamental problems: the first is a ceasefire,' said Italian Prime Minister Romano Prodi. 'The second is to tackle humanitarian problems of refugees, the third is a possible peace force, because we want to provide a basic level of security for the medium term both to Israel and to Lebanon.'

  • YEMEN

    Expressions of interest. Project no P086886. Provision of sector management and restructuring team (SMART) consultancy services as part of a fisheries resources management and conservation project. Financed by the International Development Association.

  • YEMEN

    Expressions of interest. Tender no GSCP/CS/QCBS-2006-5. Project no P074413. Preparation of a water resources assessment plan for the Dhamar plain, as part of a groundwater and soil conservation project. Financed by the International Development Association.

  • YEMEN

    Expressions of interest. Project no P086886. Provision of sector management and restructuring team (SMART) consultancy services as part of a fisheries resources management and conservation project. The SMART time schedule and composition will function for four years and comprise a six-person team during the first two years and for the last two years, staffing will be reduced to a four-person staff as most institutional restructuring activities will be carried out during the first two years of th

  • Yemen rejects 14 presidential candidates

    The Yemeni parliament on 13 July recognised 49 out of 64 presidential candidates as eligible to run for elections - 14 applications were rejected on the grounds that they failed to meet constitutional demands and one candidate withdrew in favour of frontrunner President Saleh. 'We applied the constitutional laws fiercely,' said Abdul Aziz Abdul Ghani, the moderator of the parliamentary session. Rejected applicants can, however, challenge the decision and appeal to the pres

  • Yemen rejects 14 presidential candidates

    The Yemeni parliament on 13 July recognised 49 out of 64 presidential candidates as eligible to run for elections - 14 applications were rejected on the grounds that they failed to meet constitutional demands and one candidate withdrew in favour of frontrunner President Saleh. 'We applied the constitutional laws fiercely,' said Abdul Aziz Abdul Ghani, the moderator of the parliamentary session. Rejected applicants can, however, challenge the dec

  • Yemen selects presidential candidates

    Yemen's parliament gave final approval to five presidential candidates on 25 July. President Saleh received votes from 237 MPs attending a joint session of the two chambers of parliament. Opposition candidate Faisal bin Shamlan won the support of 51 legislators. Islamist Fathi al-Azab, socialist Ahmed al-Majidi and Yaseen Abdu Saeed were also approved. The parliament excluded 41 candidates, including three women. The elections are due to be held in September 2006 (

  • Yemen to produce nuclear power

    Yemen's President Saleh says he will seek to produce nuclear power for civilian use. Speaking on 4 July as he registered for the upcoming presidential election Saleh said: 'My future tasks include the huge development file and that of the energy production required to meet growing needs, including producing electricity through nuclear energy.' Saleh was the first candidate to register with the parliament after the registration period began. Opposition parties have fielded

  • Ynna outlines its Tangier dream

    The local Ynna is to invest MD 4,250 million ($486 million) in a series of real estate and tourism projects in Tangier on the north coast.The plans include two major holiday resorts. They are:the estimated MD 800 million ($92 million), 151-hectare Montagne de Tanger, featuring: a 600-bed hotel; a 120-unit apartment hotel; a complex of 96 villas; a thalassotherapy centre; fitness and spa complexes; golf and other sporting facilities; and a heliport;a MD 1,400 million ($160 million) develo

  • Ynna outlines its Tangier dream

    The local Ynna is to invest MD 4,250 million ($486 million) in a series of real estate and tourism projects in Tangier on the north coast.

  • Yuksel wins Damad dam

    Yuksel Insaat Saudia Company, a subsidiary of Turkey's Yuksel Construction Company, has been awarded a contract, worth SR 134 million ($35.7 million) to build a new dam near Jizan. The Damad dam will have a water catchment area of more than 900 million square metres, with a maximum storage capacity of 55 million cubic metres and a flood control value of 34 million cubic metres. The client is the Water & Electricity Ministry.

  • Zadco gears up for Satah scheme

    Zakum Development Company (Zadco) has invited companies to express interest by early August for the engineering, procurement and construction (EPC) contract covering the Satah full-field development project in offshore Abu Dhabi. Estimated to be worth $300 million, the 30-month contract will be carried out in two packages onshore and offshore (MEED 23:9:05).The scope of works for the offshore package includes the supply and installation of four new six-22-inch-diameter subsea crude oil

  • ZFP takes Holiday Inn work

    Saudi Real Estate Development Company (Sredco), a subsidiary of Omar Kassem Alesayi Group, has selected the local Zuhair Fayez Partnership (ZFP) Consultants as architect and engineering design consultant on its programme to build 15 three-star Holiday Inn Express hotels in the kingdom. The company has now finalised land acquisition for the hotels with the first ones expected to be located either in Riyadh or Jeddah. The US' V3 is the programme manager. The properties will be a franchise of US-ba

Newsletter Sign-up

More sector and country newsletters

Subscribe to MEED to receive your choice of premium newsletters

Find out more

Knowledge Bank

Company Profiles

Biographies

Databank

Top 100 projects

Top 100 listed companies

Qatar Projects 2012

Order your copy here

Read sample chapter

Follow MEED on

Linkedin     Twitter     RSS Newsletter