JANUARY

Dubai stalls work on landmark schemes - 9 January

The Dubai government is adopting a new strategy of delaying construction projects that are already under way, as the credit crunch continues to hit its real estate sector. The latest schemes to be delayed are the One Zabeel project and the Meydan racecourse grandstand, which are being built by government-owned or government-backed developers. The move is a U-turn for the government.

Qatari banks seek to mask losses on bourse - 9 January

Banks in Doha are seeking approval from the financial authorities to use accounting techniques that critics say will overstate their profits and fail to give an accurate picture of their losses on equity investments. Several local banks, including Doha Bank, Commercial Bank of Qatar, Al-Khaliji Bank and Ahli Bank, have approached Qatar Central Bank for permission to treat their losses on investments in the stock market as temporary.

Aramco lifts gloom with $2bn Yanbu award - 16 January

Saudi Aramco is defying the gloom in the -global refining sector by awarding the first elements of a $2bn upgrade of its 400,000-barrel-a-day refinery at Yanbu, and attracting strong interest from contractors for a new $10bn east coast refinery at Ras Tanura. Australia’s WorleyParsons is to be awarded the contract that combines front-end engineering and design and engineering, procurement and construction management on the facility at Yanbu, which is owned by a joint venture of Aramco and the US’ ExxonMobil Corporation.

Oil firms express doubts over Iraq licensing round - 23 January

Several prominent international oil companies that have prequalified to bid for exploration licences in Iraq’s first oil round warn they will not proceed with firm bids because of the sharp drop in oil prices. Senior industry sources at Asian and European companies tell MEED the slump in the global economy and low oil prices are likely to deter them from making bids, raising significant doubts over Baghdad’s ability to attract much-needed investment and expertise from oil majors.

FEBRUARY

UAE central bank seeks to boost lending - 27 February

The Central Bank of the UAE is expected to launch fresh measures within weeks to encourage the domestic banking sector to resume lending, senior industry sources tell MEED. To encourage lending, the central bank is working on initiatives to boost deposits such as increasing the size of deposits made by government departments in local banks, say UAE bankers. It is also understood to be evaluating a scheme to ring-fence the bad assets of local banks.

MARCH

Tehran targets Asian energy investors - 13 March

Tehran is switching its focus for attracting investment of up to $20bn in two liquefied -natural gas projects to India and China, after acknowledging that it is unlikely to secure finance from Gulf investors. Tehran announced in October 2008 that it wanted to revitalise its -flagging gas projects by attracting Gulf -investors after international energy majors said UN sanctions were deterring them from -participating. However, initial interest from investors in Abu Dhabi and Oman has since fizzled out.

Kuwait’s political turmoil threatens megaprojects - 20 March

Kuwait’s $235bn programme of megaprojects is under threat after a turbulent -couple of days in which the government resigned and the emir dissolved parliament. Under Kuwait’s constitution, both government and parliament need to approve megaprojects before work can begin. The state’s ability to finance its mega-projects has also been called into question after ratings agency Moody’s Investors Service placed Kuwait’s sovereign debt under review for a possible downgrade.

Aramco plans $60bn production boost - 27 March

State oil giant Saudi Aramco is to invest $60bn in boosting onshore and offshore oil and gas production over the next five years, with the bulk of its capital investment going into 17 megaprojects. Announcing the spending, Motaz al-Mashouk, manager for project support and controls at Aramco, told inter-national contractors they would have to create joint ventures with local firms to compete for engineering, procurement and construction contracts.

MAY

Algiers invites bids for $1.5bn rail network - 1 May

Algiers is inviting bids for a $1.5bn passenger and freight rail project, and launching a study for a $1bn oil-export railway. Contractors have until the end of June to bid for the High Plateau railway, which will run from east to west. The work is split into four packages that will cover 630 kilometres of new track. The second, 800km line will link oil and gas facilities in the centre of the country to the coast.

Qatargas considers lifting North field moratorium by 2014 - 15 May

Doha says it plans to lift the moratorium on new exploration of the North field, the world’s largest non-associated gas field, by 2014 as it seeks to further increase production. Faisal al‑Suwaidi, chief executive officer of state-owned Qatargas, tells MEED that although the state has extended ongoing studies on the field, he expects the country’s state-run energy firm, Qatar Petroleum, will lift the moratorium within five years.

JUNE

Riyadh reviews wastewater sell-off - 5 June

State-owned National Water Company (NWC) may ditch plans to involve the private sector in the contract to build new wastewater plants in Riyadh if it fails to receive government financial support for the scheme. NWC is exploring an engineering, procurement and construction option after growing impatient waiting for credit support for the planned wastewater privatisation programme.

Nakheel bond risk threatens ratings of Dubai companies - 5 June

Dubai-based real estate developer Nakheel will have to seek government support to repay $3.5bn worth of bonds maturing in December, or the credit ratings of other entities in the emirate risk being downgraded. Credit ratings agency Moody’s Investors Service tells MEED Nakheel will have to rely on government support. “To the best of our knowledge, Nakheel does not have the standalone capacity to repay this bond,” says Philipp Lotter, senior vice-president of corporate ratings at Moody’s.

JULY

Adnoc opens bidding on key projects - 10 July

Abu Dhabiis pushing ahead with plans to increase its oil and gas production by asking contractors to bid on three major projects worth billions of dollars in total, including the multi-billion-dollar Integrated Gas Development. However, contractors say Adnoc and its subsidiaries are negotiating hard to ensure they take advantage of the downturn elsewhere in the region to secure the lowest possible prices.

Gulf Air set for major restructuring - 17 July

Gulf Air is to launch a full strategic review of its business that is likely to lead to a major restructuring once Samer Majali joins as chief executive officer from Royal Jordanian in early August. The Bahraini national carrier will issue a tender by the end of July seeking an adviser to oversee the restructuring of the -business, which continues to haemorrhage cash. “The consultant will support Majali in looking at all aspects of the business,” says one  senior airline official. “There are cuts to be made in every area.”

AUGUST

BP signs Jordan exploration deal - 7 August

UK energy major BP is to produce and export gas from Jordan’s Risha field after striking a deal with the Natural Resources Authority (NRA). Maher Hijazin, director general of the NRA, says the authority finalised the deal in July. It had previously signed a preliminary agreement with BP in January. BP will invest $237m in the field over an initial three-year exploration period.

Riyadh to bankroll $7bn Landbridge rail project - 21 August

Riyadh is to fund the $7bn Saudi Landbridge project itself because private banks are unwilling to finance the scheme linking the kingdom’s Gulf and Red Sea coasts. After months of speculation, one source close to the Saudi rail authorities says Riyadh will now finance the scheme itself and retender it on an engineering, procurement and construction basis. The government had previously planned to award the contract as a build-operate-transfer scheme on a 50-year concession.

SEPTEMBER

Kuwait prepares $11bn utilities upgrade - 11 September

Kuwait is planning to build facilities with 14,260MW of power generation capacity and 506 million gallons a day of desalination capacity by 2017 at a cost of KD5bn ($17.4bn). The expansion programme will more than double the country’s capacity for power and desalinated water. The Electricity & Water Ministry plans 11 power and seven water projects, including new plants at Shuaiba North and Shuaiba South, Al-Zour North and Al-Zour South, Subiya, Jeleiaa, Shuwaikh and Doha East. The Shuaiba North plant will be the first to begin operations.

Iraqi ministries clash over port plans - 18 September

Plans for a multi-billion-dollar port on Iraq’s Gulf coast are in disarray as government ministries pursue separate agendas ahead of national elections. The Transport Ministry has spent months weighing up two rival proposals for a deep-sea port on the Al-Faw peninsula: a new port at Ras al-Bisha and the redevelopment of the existing port at Al-Faw. It appeared to have backed the plans at Al-Faw in early September. However, the Oil Ministry has disrupted these plans with its own proposal for a new deep-water oil export facility off the Gulf coast.

OCTOBER

Aramco sets listing date for joint ventures - 2 October

Saudi Aramco has created a plan for up to five engineering and design joint ventures to list on the Saudi stock exchange (Tadawul) by 2015. The state-run oil giant is promoting the listing of the contracting firms to help develop a local workforce capable of working on the early stages of major oil and gas projects with the assistance of experienced international firms. Aramco has invited global contractors to form joint ventures with local firms and bid for lucrative five-year engineering deals in an effort to build up specialist contracting knowledge in the kingdom.

Tripoli launches $54bn energy cities plan - 16 October

Tripoli has announced a $54bn initiative to turn the Gulf of Sirte into an industrial hub in a bid to create thousands of jobs and attract multi-billion-dollar investments from major international companies. The development of the oil-export towns of Marsa el-Brega and Ras Lanuf into ‘energy cities’ was two years in the planning and will take 20 years to execute. The scheme includes new petrochemicals production, power stations and oil refineries, along with a major holiday resort, all of which are to be developed with foreign companies.

NOVEMBER

Kuwait seeks consultant for $7bn metro - 6 November

Kuwait’s Partnerships Technical Bureau is inviting consultants to express interest in its planned metro railway project by 22 November. The $7bn scheme will involve building a 171-kilometre-long inner-city metro with four lines. About 60km will be underground.

Dubai World seeks time to repay debts - 27 November

The Dubai government has asked investors owed money by state-owned Dubai World to allow it to suspend debt repayments until at least 30 May 2010, increasing fears that it will not repay tens of billions of dollars of debt owed by its state-backed companies. The request applies to all Dubai World subsidiaries, including real estate developer Nakheel, which alone has debts of $7.1bn.

Saad denies debt deal with Saudi banks - 27 November

Saudi conglomerate Saad Group has denied it has a deal in place to repay billions of dollars it owes to Saudi banks before it pays off its debts to regional and international banks. In a letter to creditors in mid November, seen by MEED, the company says it is “not a party to any settle-ment or agreement with the Saudi banks”. In September, Saudi banks said Saad had agreed to pay their debts.

DECEMBER

UAE asks for lower prices for nuclear project - 4 December

The Emirates Nuclear Energy Corporation has asked a French consortium bidding to build the country’s first nuclear plants to revise its price to bring it closer to the lowest bid, according to sources close to the project. The French team was ranked second on price when three groups submitted bids in July, behind a South Korean group.