MEED Middle East Economic Digest articles from April 2006

MEED Middle East Economic Digest archives from April 2006

Renaissance Amman.(construction boom )(Industry overview)
April 14, 2006... "A world-class destination that embraces tourism by creating recreational and residential communities around a series of manmade lagoons... " Sound familiar? You might think this was some new multi-billion-dollar project in Dubai, sponsored by...

No money and few friends: UN one of the few not to cut links to the new .(financial support of Palestinian government)
April 14, 2006... The scale of the financial crisis facing the Palestinian Authority (PA) worsened in the second week of April, as Prime Minister Ismail Haniya vowed his government would not bow to foreign pressure to recognise Israel and the PA lost the...

On the record.(SEVEN DAYS)
April 14, 2006... "Iran's nuclear activities are like a waterfall which has begun to flow. It cannot be stopped Senior Iranian official

Looking back ...(lack of co-operation in the Gulf crisis)(Chronology)
April 14, 2006... 15 April 1966 According to official estimates, olive oil production in Tunisia for the 1965/66 season will total 60,000 tonnes, a drop of 25,000 tonnes from the previous seasons' average 12 April 1991 Six international banks are...

Unity government eludes Baghdad politicians.(roadside bomb struck a police patrol car in central Baghdad)
April 14, 2006... Plans to resolve the four-month political deadlock which has prevented the formation of a national unity government have been put on hold again, the Iraqi parliament announced on 12 April. "I spoke to the heads of all the political blocs...

Beirut foils attack on Hizbollah leader: 9 April.(military intelligence service)(Brief article)
April 14, 2006... Lebanon's military intelligence service arrests nine men over an alleged plot to assassinate Hizbollah leader Shaikh Hassan Nasrallah. The men, understood to be Lebanese and Palestinian, are suspected of planning to attack Nasrallah during the...

Siniora set for Washington trip: 10 April.(Lebanon's economic and democratic reforms)(Brief article)
April 14, 2006... President Bush will meet Lebanese Prime Minister Fouad Siniora for talks at the White House, it was announced. The leaders will discuss Lebanon's economic and democratic reforms, as well as Beirut's relationship with Damascus. Siniora will be...

Oil hits new UK peak: 11 April.(Crude oil price and rates)(Brief article)
April 14, 2006... Crude oil prices hit a new high in the UK amid speculation over a possible US military strike on Iran. Although Washington calls the rumours "wild speculation", Brent crude settles at $68.86 after earlier hitting a peak of $68.93, while US...

Iran is producing atomic fuel, says Ahmadinejad: 11 April.(low-grade enriched uranium)(Brief article)
April 14, 2006... Iranian President Ahmadinejad says that Iran is successfully producing low-grade enriched uranium. "I am officially announcing that Iran has joined the group of those countries which have nuclear technology," Ahmadinejad says during a live...

Cairo frees militants 12 April.(Egyptian government has released a members of Gamaa Islamiya)(Brief article)
April 14, 2006... The Egyptian government has released almost 900 members of Gamaa Islamiya since the start of April, the Interior Ministry announces. Gamaa Islamiya declared a ceasefire in 1999 and a number of its leaders have since renounced violence.

Saudi crown prince to stamp out terrorism: 12 April.(Terrorist actions)
April 14, 2006... Riyadh will make an all-out effort to fight terrorism and its sources of income, says Defence & Aviation Minister Crown Prince Sultan bin Abdulaziz. During a speech in Singapore, Abdulaziz says that Saudi Arabia "has emphasised its strong...

Iran rejects Russian plea: 12 April.(nuclear programme)(Brief article)
April 14, 2006... Tehran rejects a call from Moscow for it to end its programme of uranium enrichment and says its nuclear programme cannot now be stopped. A day earlier, Moscow, a key ally of Tehran, described Tehran's announcement that it had produced...

Friends and neighbours: Amman has turned itself into a safe haven for foreign investors, and money is pouring in from the Gulf. But the government is keen to see that investment goes to the right places.(Amman Stock Exchange sales and earnings)
April 14, 2006... Caught between Iraq and a hard place, devoid of natural resources, Jordan thrives on the fortunes--and misfortunes--of its neighbours. Palestinian and Syrian money runs through the veins of the banking system. Saudi and Emirati investment is...

Labouring a point: unions are now on the agenda, but will they help labourers?(labour law)
April 14, 2006... In late March, a group of workers rioted at one of Dubai's most prominent construction sites. Unlike most labour disputes in the federation, which usually pass by unnoticed, this time the news travelled fast. Two days later word had spread as...

All eyes on Umm Shaif gas reinjection award: non-compliant NPCC bid leaves HHI on its own.(National Petroleum Construction Company)(Brief article)
April 14, 2006... Abu Dhabi Marine Operating Company (Adma-Opco) is considering its options for the main engineering, procurement and construction (EPC) contract on the Umm Shaif gas reinjection project, following the opening of commercial prices in early April....

WorleyParsons takes EPCM pipeline contract.(engineering, procurement and construction management)(Brief article)
April 14, 2006... Australia's WorleyParsons received on 12 April a letter of award for the KD 64.4 million ($222 million) engineering, procurement and construction management (EPCM) contract covering the Mina al-Ahmadi-Subiya gas-oil pipeline project. The client...

New route approved for Saudi-Bahrain pipeline.(new pipeline will provide additional feedstock for future expansions of the refinery)(Brief article)
April 14, 2006... Bahrain's cabinet has approved plans for a re-routing of the existing crude pipeline from Saudi Aramco to the Bahrain Petroleum Company (Bapco) refinery at Sirra. The proposed new pipeline will provide additional feedstock for future...

Sonatrach plans new refinery at Tiaret.(construction contract)(Brief article)
April 14, 2006... State-owned energy company Sonatrach has invited prequalified companies to submit technical proposals on 15 April for a concession to take a 35 per cent equity stake in a new project company to build a 300,000-barrel-a-day grassroots refinery...

RWE takes greater onshore interest.(six wells will be drilling over the next seven years)(Brief article)
April 14, 2006... Germany's RWE Dea has agreed to acquire a 40 per cent stake in the West Wadi el-Rayyan concession operated by Italy's Edison. The block, located in the Western Desert about 140 kilometres west of Cairo, covers an area of 1,290 square...

Shell to continue drilling in the Med.(new drilling rounds in two offshore)(Brief article)
April 14, 2006... The Royal Dutch/Shell Group is set to start new drilling rounds in two offshore concessions in the Mediterranean over the next four months. Jack-up rig drilling is set to start by the end of April at its Northwest Damietta concession, where...

DNO strikes oil in the north.(IRAQ)
April 14, 2006... Norway's DNO announced on 10 April the discovery of oil in five reservoir intervals at the Tawke 1 well near the Turkish border city of Zakho in the northern Dohuk province, DNO has started well tests to determine production rates and the...

0il Ministry delays new refinery plan.(IRAQ)
April 14, 2006... The Planning Department of the Oil Ministry has extended to 1 May the deadline for the submission of bids on the contract to carry out the feasibility study and front-end engineering and design (FEED) package for a grassroots light crude...

Baghdad to meter oil output.(oil production and exports)(Brief article)
April 14, 2006... The Royal Dutch/Shell Group has signed a preliminary agreement with the Oil Ministry to advise on the establishment of a metering system that can measure the country's oil production and exports. The installation of a metering system was a key...

SK lets more subcontract work.(water treatment systems)(Brief article)
April 14, 2006... TORR Canada has been awarded a $20.9 million subcontract to supply seven sets of its proprietary water treatment systems for the facilities upgrade and flow-lines replacement project. The subcontract was placed by South Korea's SK Engineering &...

Cash injection for enhanced recovery.(introduction of new technology )(Brief article)
April 14, 2006... The sultanate will invest $10.000 million in oil production in the next five years targeted at enhanced oil recovery projects. Oil & Gas Minister Mohammed bin Hamad al-Rumhi said or 9 April at a conference in Muscat. The funds have been...

Bids in for Pearl platforms.(J Ray McDermott (Middle East) contracts)(Brief article)
April 14, 2006... Commercial bids were submitted in early April to the Royal Dutch/Shell Group for the first offshore engineering, procurement and construction (EPC) package on the Pearl GTL project. At least two companies--Jebel All-based J Ray McDermott...

Reliance puts Saudi refinery plan on hold.(Ras Issa Refinery Company)
April 14, 2006... A heavy investment programme at home has resulted in India's Reliance Industries (RIL) deciding not to pursue new refining opportunities in Saudi Arabia and Algeria, RIL president for international operations Atul Chandra told MEED on 6 April....

Aramco lets all five Shaybah packages.(captive power plant, preparation work, power transmission and residential housing)(Brief article)
April 14, 2006... SaudiAramco on 9 April signed all five packages on its estimated $1,500 million Shaybah field development scheme, letting the contracts for the project's central processing facilities (CPF), captive power plant, preparation work, power...

McDermott signs up for Aramco's Safaniya, Khursaniyah work.(J Ray McDermott (Middle East))
April 14, 2006... Saudi Aramco announced on 6 April the award of two offshore lump-sum turnkey (LSTK) contracts to Jebel All-based J Ray McDermott (Middle East) and the local McDermott Arabia Company, both part of US-based J Ray McDermott, for the installation...

Prices rise on Tehran's defiance.(methyl tertiary butyl ether)(Brief article)
April 14, 2006... Oil prices approached the $70-a-barrel mark in the second week of April, as the market reacted to Iran's statement of nuclear defiance. Continued shut-offs in Nigeria and a tight US gasoline market are helping to keep prices high. Spot Brent...

Bids in for first Al-Shaheen packages.(Maersk Oil and Gas)(Al-Shaheen oil field development project)(Brief article)
April 14, 2006... Technical bids have been submitted to Maersk Oil Qatar (MOQ), the local subsidiary of Denmark's Maersk Oil & Gas, for the first two fabrication and installation contracts on its $5,000 million Al-Shaheen oil field development project. The field...

KNPC issues Al-Zour prequalification list.(Kuwait National Petroleum Company)
April 14, 2006... State refinery operator Kuwait National Petroleum Company (KNPC) issued on 8 April the preliminary prequalification list for the four main packages on its planned 615,000 barrel-a-day (b/d) refinery at Al-Zour. Companies have until 23 April to...

SPD to manage Umm al-Qaiwain drilling.(Dubai-based Atlantis Holding Norway contracts)(Brief article)
April 14, 2006... Dubai-based SPD announced on 8 April the award of a contract to provide well engineering services for a gas exploration and production project in Umm al-Qaiwain (UAQ). The scope of services includes assisting the client, Dubai-based Atlantis...

GEM sticks with Hyundai.(Gulf Energy Maritime)(Brief article)
April 14, 2006... UAE-based Gulf Energy Maritime (GEM) has awarded a $216 million contract to South Korea's Hyundai Mipo Dockyard for the construction of four double-hulled product tankers, each with capacity of 75,000 dwt. GEM also has an option with Hyundai...

Borouge scouts for Ruwais O&U contractors; $3.5bn expansion will include a 1.4 million-t/y cracker at the complex.(offsites and utilities contractors)
April 14, 2006... Abu Dhabi Polymers Company (Borouge) has invited companies to express interest by mid-April for the engineering, procurement and construction (EPC) contract covering the offsites and utilities (O&U) package on the $3,500 million expansion of...

Arabian Amines kicks off Jubail venture.(production management for amines )(Brief article)
April 14, 2006... International companies have been invited to submit expressions of interest by 18 April for the project management consultancy (PMC) contract on a new ethylene amines complex in Jubail, planned by the local Arabian Amines Company (AAC--MEED...

Just one in for phosphoric acid scheme.(Saudi Arabian Mining Company contracts)(Brief article)
April 14, 2006... The group led by France's Litwin and comprising Turkey's Tekfen and Saudi Oger is understood to be the only bidder for the Ras al-Zour phosphoric acid plant, planned by Saudi Arabian Mining Company (Maaden), after the passing of the 8 April bid...

Petrochem bids awaited.(petrochemicals programme)(Brief article)
April 14, 2006... State energy company Sonatrach is preparing to receive by 15 April proposals to take equity stakes in seven projects under its estimated $15,000 million petrochemicals programme. The technical elements of the proposals are due to be opened on...

Four bid for Takreer PMC.(project management consultancy)(aromatics complex at Ruwais)(Brief article)
April 14, 2006... At least four companies submitted technical bids on 8 April to Abu Dhabi Oil Refining Company (Takreer) for the contract to provide project management consultancy (PMC) services on its planned world-scale aromatics complex at Ruwais. The...

Fertiliser rehab moves on.(investing in the rehabilitation of a fertiliser complex )(Brief article)
April 14, 2006... The Industry & Minerals Ministry has invited international companies interested in investing in the rehabilitation of a fertiliser complex in the south of the country to submit expressions of interest by 2July Companies have been given the...

Jabal Omar takes shape; Malaysian team takes overarching PM role.(Jabal Omar Development Company has awarded a project management contract)(Brief article)
April 14, 2006... Jabal Omar Development Company (JODC) has awarded a Malaysian team of Professional Services Development Corporation (PSDC) and Kuala Lumpur City Centre Property Berhad (KLCCPB) the project management contract to oversee the construction of the...

Ghantoot gets Jumeirah job.(Local real estate developers contracts)(Brief article)
April 14, 2006... Local real estate developer Nakheel has awarded the local Ghantoot Transport & General Contracting an estimated $100 million contract to provide infrastructure at Jumeirah Village north. The 18-month contract includes construction of...

Iranians look at Koya.(new college buildings and facilities)(Brief article)
April 14, 2006... The Sulaimaniyah Governorate of the Kurdish Regional Government's Higher Education & Scientific Research Ministry has awarded Iran's Chem Chashmeh the masterplan contract for a new university campus in Koya, 80 kilometres east of Irbil. Valued...

Aqaba project planned.(contracts)(Brief article)
April 14, 2006... Lebanon's Horizon Development and the Aqaba Special Economic Zone Authority (ASEZA) signed a memorandum of understanding (MoU) on 8 April for a $5,000 million mixed-use real estate development in Aqaba, on the Red Sea "Horizon has not yet...

Recafco takes township.(contracts)(Brief article)
April 14, 2006... The local Real Estate Construction & Fabrication Company (Recafco) has signed the KD 32,5 million ($112 million) contract to build houses and associated infrastructure in the Saad al-Abdullah township. The scope of works on the 33-month...

More towers planned for Business Bay.(facilities of World Trade Centre )(Brief article)
April 14, 2006... Development is accelerating at Business Bay, where four new tower projects have been launched by international and local developers. The local Dubai Properties (DP) is the master developer on Business Bay, which is expected to contain up to 250...

Retender for freeway.(Ministry of Public Works & Housing )
April 14, 2006... The Ministry of Public Works & Housing (MPWH) has invited companies to bid by 22 May for the first-phase package on the Dubai-Fujairah freeway project. The first-phase package has been tendered twice before in 2003 and 2005. In the most...

PQ starts for T3, C3.(major contract for construction industry)(Brief article)
April 14, 2006... Companies were due to submit prequalification documents by 13 April for the completion works on the estimated AED 3,000 million ($545 million) terminal 3 (T3), concourse 3 (C3) project at Dubai InternationalAirport. The package will be the last...

Convention centre rebid.(facilities of convention centers)
April 14, 2006... Revised bids were submitted on 9 April for the main convention centre package on the Education City development in Doha. The bidders for the estimated $400 million contract are Austria's Strabag, Belgium's Six Construct and Turkey's Baytur. The...

Ministry contract let.(contracts)(Brief article)
April 14, 2006... The local Salman al-Terais Construction Company, a subsidiary of Saudi Al-Terais Company, was awarded in early April the estimated SR 325 million ($86 million) contract to renovate and expand the Municipal & Rural Affairs Ministry complex...

ALDAR cancels central market tender.(redevelopment)(Brief article)
April 14, 2006... Local developer ALDAR Properties has notified prospective bidders for the souk and basement package on the Central Market redevelopment that the tender has been cancelled. The client is understood to be looking at a redesign. Eight companies...

Khansaheb takes DIP.(Dubai Investments Park contracts)(Brief article)
April 14, 2006... The local Khansaheb Civil Engineering has been awarded an AED 80 million ($22 million) contract to develop the fifth phase of the Dubai Investments Park (DIP) project. The scope of work includes the installation of roads, electricity and water...

Office work awarded.(Bu Haleeba contracts)(Brief article)
April 14, 2006... The local Bu Haleeba Contracting has been awarded the estimated AED 80 million ($22 million) contract to build a 14-storey office building in the Dubai Media/Internet City area with a built-up area of 32,500 square metres. The local National...

Mott tees off in Dubai.(Mott Macdonald contracts)(Brief article)
April 14, 2006... The UK's Mott Macdonald has been appointed to provide engineering consultancy services on the Jumeirah Golf Estates project. The estimated $135 million project entails construction of residential communities surrounding four themed golf...

Shams PMS work let.(Al-Qudra Holdings contracts)(Brief article)
April 14, 2006... The US' Hill International together with 3D/I+PI, made up of US-based 3D/l, Bahrain's Projacs International and the local Al-Qudra Holdings, has been appointed to provide project management services or the Shams Abu Dhabi project on Al-Reem...

PQ notice out for minerals rail; main packages issued to international firms.(SAUDI ARABIA)(Public Investment Fund)
April 14, 2006... The Public Investment Fund (PIF) has issued the pre-qualification notice for the main construction packages on its 2,400-kilometre-long minerals railway project, with international contractors being given until 15 May to submit applications...

Desalination tech bids in; proposed plants at El-Tarf, Cap Blanc and Tenes attract healthy interest.(Algerian Energy Co.)(Brief article)
April 14, 2006... Algerian Energy Company (AEC) opened in early April technical offers to build the El-Tarf, Cap Blanc and Tenes seawater desalination plants. AEC will invite commercial offers once evaluation of the technical proposals is complete (MEED...

Two bid for Kureimat.
April 14, 2006... Two companies--the US' General Electric (GE) and Germany's Siemens--submitted bids on 9 April to Egyptian Electricity Holding Company (EEHC) for the contract to supply and install two gas turbines for the 750-MW Kureimat 3 power station, A...

New Al-Zour deadline.
April 14, 2006... The Ministry of Energy (Electricity & Water) has extended the bid deadline by three months to 25 July for the contract to build the 2,500MW Al-Zour north power plant. Seven international contractor groups are prequalified to bid for the...

Wadi Dayqah PQs issued.(OMAN)
April 14, 2006... The Regional Municipalities, Environment & Water Resources Ministry has invited companies to submit prequalification documents by 17 April to build the Wadi Dayqah water supply works from Muscat to Quriyat. The project includes the design and...

Salalah dam prequals open.(OMAN)
April 14, 2006... The Regional Municipalities, Environment & Water Resources Ministry has invited prequalifications by 15 May to build an interceptor guard dam at Salalah, The project includes the construction of temporary diversion works, an earthfill...

French win water work.(Saur International, Groupe Ginger and Al-Zamil Group of Co. signed a contract with Electricity & Water Ministry of Saudi Arabia)(Brief article)
April 14, 2006... A French/local grouping of Saur International, Groupe Ginger and Al-Zamil Group has signed a contract with the Electricity & Water Ministry to carry out an audit of the Dammam and Al-Khobar water systems. The seven-eight-month contract involves...

Al-Hamra power revs up.(CH2M Hill Constructors Inc. signed a contract with Al-Hamra Power Company)(Brief article)
April 14, 2006... The US' CH2M Hill has received a letter of intent for the construction of a 27,400-cubic-metre reverse osmosis (RO) plant to serve residential and industrial projects in Ras al-Khaimah's Al-Hamra district. Finland's Wartsila has also been...

Tecom is Maltese falcon; UAE telco beats Saudi bid.(Tecom contracts)(Brief article)
April 14, 2006... Dubai Technology & Media Free Zone Authority (Tecom) has been named as the preferred bidder by the government of Malta for the purchase of a 60 per cent stake in Maltese telecom provider Maltacom. Tecom's bid of $260 million came in above the...

Etisalat heads east.(contracts of telecommunications industry)(Brief article)
April 14, 2006... Emirates TelecommunicatiOns Corporation (Etisalat) has secured a new deal in Afghanistan and is preparing to begin operations in Pakistan. In Afghanistan, the company has reached an agreement with the government to provide mobile phone...

Amman moves on sell-offs; telecoms, power and industry to raise cash.(JORDAN)
April 14, 2006... Amman is making steady progress with its privatisation programme across the telecoms, power and industrial sectors, Mohammed Abu Hammour, chairman of the Executive Privatisation Commission (EPC), told MEED on 8 April. In the telecoms...

Non-oil growth praised.(Libya economic aspects)
April 14, 2006... The economy expanded by about 3.5 per cent in 2005, according to the conclusions of the IMF's latest Article IV consultations, released on 10 April. Encouragingly for the government's diversification efforts, growth in the non-oil sector was...

S&P upgrades ratings for Bahrain, Saudi Arabia.(Standard & Poor's foreign currency ratings)(Brief article)
April 14, 2006... International rating agency Standard & Poor's (S&P) has raised the long-term foreign currency rating of Saudi Arabia to A+ from A, putting it on a par with Qatar as the highest-rated sovereign in the region. Bahrain's ratings have also been...

IFC invests in CIB.(International Financial Corp. bought securities in International Financial Corp.)(Brief article)
April 14, 2006... The International Finance Corporation, the private sector arm of the World Bank Group, has acquired a 2 per cent stake in Commercial International Bank (CIB) for about $23 million. The shares will be purchased out of the 18.7 per cent sold in...

Arrangers eye Olefins II.(Petrochemical Industries Company)(mandated lead arranger)(Brief article)
April 14, 2006... Banks are due to be notified by mid-April of the selected mandated lead arranger (MLA) group on the financing of the Olefins II project, The sponsors. the local Petrochemical Industries Company (PIC) and the US' Dow Chemical Company, are...

QP gets credit rating.(Qatar Petroleum)(Brief article)
April 14, 2006... Moody's Investors Service has assigned an Al long- and short-term foreign currency rating to Qatar Petroleum (QP), the first rating assigned to the company and in line with the state's sovereign rating. The rating comes ahead of the proposed...

UK investors eye Dubai.(Al-Mazaya Real Estate)(Brief article)
April 14, 2006... UK-based property investment company Investors Provident and Caledonian Developments Dubai have launched a $100 million Gulf Property Fund, to close on 19 May. The four-year fund is targeted at UK investors and will be managed by a joint...

SABB sets landmark bond; HSBC affiliate's issuing of a euro-denominated FRN is a regional first.(Saudi British Bank )(Brief article)
April 14, 2006... Saudi British Bank (SABB) launched a Eur 325 million ($393 million) floating-rate note in early April, the first euro-denominated paper to be issued by a GCC financial institution. HSBC, SABB's parent, acted as lead manager (MEED 31:3:06). ...

Appointments near on Al-Waha finance.(petrochemicals financing)(Brief article)
April 14, 2006... A shortlist of mandated lead arrangers (MLAs) has been drawn up for the $500 million financing of the Al-Waha polypropylene and propane dehydrogenation project at Jubail, being developed by the local Sahara Petrochemical Company. The...

DCA takes sharia finance.(Dubai Department of Civil Aviation)(Brief article)
April 14, 2006... Dubai's Department of Civil Aviation (DCA) has issued a $1,000 million ijara facility to part-fund the expansion of Dubai International Airport. The three-year facility is due to be converted into a sukuk later in the year. It was lead arranged...

Kipco bond priced.(denominated paper)(Brief article)
April 14, 2006... Kuwait Projects Company (Kipco) staged the first draw-down of its planned $2,000 million euro medium-term note (EMTN) programme in early April, the first rated corporate EMTN issuance from the GCC. The five-year, $225 million dollar-denominated...

Middle East Airlines seeks new investors; Flag carrier considers listing on local and other bourses, says El-Hout.(plans to add a existing fleet of three Airbus)(Brief article)
April 14, 2006... National carrier Middle East Airlines (MEA) is seeking to list 20-25 per cent of its shares on the Beirut Stock Exchange in an effort to seek new investors as part of its expansion plans. "The goal is to widen the base of [MENs]...

State IPOs gather pace.(initial public offering)(Brief article)
April 14, 2006... The initial public offering (IPO) of shares in Arkan Building Materials Company, which will incorporate the existing construction assets of the government-owned General Holding Company, is due to be launched in the final week of April and to...

GSM growth fuels Investcom.(Global System for Mobile Communications)(Financial report)(Brief article)
April 14, 2006... Dubai-based emerging markets telecoms operator Investcom has announced a 31 per cent rise in 2005 net profits, citing strong mobile subscriber growth and expansion into new markets as the main drivers. The company on 10 April released its...

APIC mulls IPO.(Arab Palestinian Investment Company )(initial public offering)(Brief article)
April 14, 2006... Arab Palestinian Investment Company (APIC) is planning to stage an initial public offering (IPO) by the end of the year, Plans for the share sale are still at a preliminary phase, and APIC is hoping for an improvement in the security situation...

SRMG to float subsidiary.(Saudi Research and Marketing Group)(Brief article)
April 14, 2006... Saudi Research & Marketing Group (SRMG) has announced that shares in its subsidiary, Al-Madina Printing & Publishing Company, will be sold in an initial public offering (IPO) separate from the parent company in late 2006 or early 2007. The IPO...

Alwaleed swims in Mauritius waters.(Moevenpick Resort and Spa )(Brief article)
April 14, 2006... Riyadh-based Kingdom Hotel Investments (KHI), a subsidiary of Prince Alwaleed bin Talal's Kingdom Holding Company, has acquired the Moevenpick Resort & Spa in Mauritius for $50 million. The five-star complex will continue to be operated by...

ATG goes east.(AI-tuwairqi group)(Brief article)
April 14, 2006... Pakistan's Privatisation & Investment Ministry announced in early April that a consortium led by Saudi Arabia's AI-Tuwairqi Group (ATG) had secured a 75 per cent stake in Pakistan Steel Mills Corporation (PSMC). Valued at about $362 million,...

TASI traders remain tense; shares have recovered since the slump, but instability continues.(Tadawul All-Share Index)
April 14, 2006... Volatility continues to reign on the kingdom's stock market. The most extreme example occurred on 8 April, when a miscalculation during the planned split of banking and telecoms sector shares caused the market to open apparently down more than...