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Issue : October 2005

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  • Award nears on Fujairah 400-kV substationSubscription

    News28 October, 2005

    An award is imminent for the turnkey contract to build the 400-kV gas-insulated switchgear substation at Qidfa, after Abu Dhabi Water & Electricity Authority (ADWEA) opened commercial bids from the four bidders. Contractors were requested to submit two separate prices covering ABB and Alcatel manufactured telecommunications equipment. In terms of price, Europe's ABB was the low bidder on both options quoting AED 285 million ($77.6 million) and AED 290 million ($79 million), followed by ...

  • Lobbying for Palestinian tradeSubscription

    News28 October, 2005

    The European Commission (EC) is providing $680,000 to the UN Conference on Trade & Development (UNCTAD) to establish the Palestinian Shippers Council (PSC). The PSC will represent the interests of importers and exporters in the West Bank and Gaza. PalTrade, the Palestinian Authority's trade promotion agency, will supervise the founding of the council. 'There is no better time to establish such an organisation,' says PalTrade chief executive officer Sani Daher. He expects hundreds of traders ...

  • FL Smidth sells off cement sharesSubscription

    News28 October, 2005

    Denmark's FL Smidth has announced the sale of its 7.5 per cent stake in the local Sinai Cementto Vicatof France for DKr 100 million ($16 million). Vicat in March 2003 acquired a strategic stake in Sinai Cement, which is located in the northern part of the Sinai peninsula. Sinai Cement's 1.4 million-tonne-a-year facility began production in early 2001.

  • EoI issued for Marina 23Subscription

    News28 October, 2005

    The developer on the Marina 23 tower project is seeking expressions of interest (EoI) for the main construction package, with tenders expected to be released in mid-November. The 88-storey residential tower is being developed by Hircon International, a joint venture of the local ETA Starand India's A Hiranandani. The client had originally selected the local/Australian Nasa Multiplexto carry out the main contract, as well as provide construction ...

  • Hospitality fund launchedSubscription

    News28 October, 2005

    Registration is being finalised with the Dubai International Financial Centre (DIFC) of Serai Capital, a new company being established to manage a portfolio of hotels both within the Middle East and further afield. The hotels will be acquired by the newly formed sharia-compliant Al-Yusr investment fund - already registered in the Isle of Man and legally managed out of the territory. The brand, Serai Hotels & Resorts, will focus on offering an authentically Islamic experience ...

  • Arrangers selected for Lagoon City sukukSubscription

    News28 October, 2005

    Al-Ahlia Gulf Holding Company, a wholly-owned subsidiary of Al-Ahlia Investments Company, has mandated Kuwait Finance House(KFH), Liquidity Management Centre (LMC)and Muthanna Investment Companyto arrange a $100 million musharaka sukuk issue. The funds raised will be used to fund the Lagoon City residential and commercial portion of the Al-Khiran Pearl City development.

  • Ship financing sealedSubscription

    News28 October, 2005

    Financial close has been reached on a $320 million limited-recourse financing for the construction of two liquefied natural gas (LNG) tankers under construction by South Korea's Samsung Heavy Industriesto serve the Qalhat LNGproject. The vessels will be owned 80 per cent by Oman Shipping Companyand 20 per cent by Japan's Mitsui OSK. The debt package is split about 50:50 between a 12-year commercial debt tranche, lead-arranged by BNP ...

  • Banks settle with AFGSubscription

    News28 October, 2005

    Bank Muscathas reached an agreement with the Habroud Company, part of the local Ahmed Farid Group (AFG), on the restructuring of non-performing loans (NPLs) owed to the bank, while National Bank of Oman (NBO)has reached a conditional agreement and is in the final stages of negotiations. Ahmed Farid owns both the Hyatt Regency and Radisson hotels in the sultanate and is understood to be close to launching a new chain of three-four luxury hotels, ...

  • New Emirates Bank CFOSubscription

    News28 October, 2005

    Sanjay Uppal has been appointed chief financial officer (CFO) of Emirates Bank Group. He joins the bank from Standard Chartered Bank, where he was regional CFO for wholesale banking business in the Middle East and South Asia.

  • GFH appointed as adviser for Energy CitySubscription

    News28 October, 2005

    Gulf Energy,a global consortium of energy consultants and investors, has appointed Bahrain-based Gulf Finance House (GFH)as the lead financial adviser for the $1,600 million Energy City project. The first phase of the development includes a technology centre; an education and training centre; a shipping and trading centre; an oil and gas producers centre; a service industry centre; an infrastructure and downstream centre; and an information, press and associations centre. ...

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