MEED Middle East Economic Digest articles from April 2008

MEED Middle East Economic Digest archives from April 2008

Cairo to increase wages and subsidies.(Project news on MEED.com)(Brief article)
April 4, 2008... [ILLUSTRATION OMITTED] Egypt's budget for the next year includes a doubling of food subsidies and a 15 per cent rise in wages, deputy finance minister Hani Kadry Dimian tells MEED in an exclusive interview. The draft budget has been sent...

Rabat awards two cement plants.(Project news on MEED.com)
April 4, 2008... Morocco's Ciments de l'Atlas (Cimat) has awarded France's Polysius a contract to build two cement plants in the country.

Samba seeks $400m Mobily acquisition finance.(Project news on MEED.com)
April 4, 2008... Samba Financial Group is arranging a SR1.5bn ($400m) loan for Saudi telecoms firm Mobily, to pay for its acquisition of data provider Bayanet al-Oula.

Dewa to build four substations at Dubai Industrial City.(Project news on MEED.com)
April 4, 2008... The Dubai Electricity & Water Authority (Dewa) is building four substations at Dubai Industrial City, with the first two plants to be completed this year.

Kuwait to sign refinery deal.(Project news on MEED.com)
April 4, 2008... Kuwait Petroleum International (KPI) is to sign a joint venture deal with Japanese refiner Idemitsu Kosan, to build a $5.8bn refinery in Vietnam.

Aldar Besix invites contractors to tender for Yas mall.(Project news on MEED.com)(contracts )(Brief article)
April 4, 2008... Aldar Besix has invited contractors to express interest in the civil works package for the retail centre on the $40bn Yas island development in Abu Dhabi.

Lindner wins contract for Dubai metro stations.(Project news on MEED.com)
April 4, 2008... Lindner Depa Interiors has been awarded an AED375m ($102m) contract for the complete fit-out of 13 stations on the red line of the Dubai metro.

Conferences.(Calendar)
April 4, 2008... Building Tall 2008 Designing and engineering tall towers 10-11 June 2008 Park Hyatt Hotel, Dubai, UAE www. meed.com/events/buildingtall The Middle East's tall-building boom is providing unprecedented opportunities for the...

The Gulf boom is an unprecedented challenge for economic thinkers.(THE LAST WORD)(Brief article)
April 4, 2008... [ILLUSTRATION OMITTED] The Gulf boom is an unprecedented challenge for economic thinkers Soaring inflation has created a policy dilemma for GCC governments that has no easy answers. Currency revaluation has major political ramifications,...

Gulf projects ($m).(MEED PROJECTS)(Statistical table)(Brief article)
April 4, 2008... GULF PROJECTS ($m) % change % change 31 March 25 March on 30 March on 2008 2008 week 2007 week ...

Conduct code can build trust: as funds grow more ambitious, they are likely to come up against more entrenched national interests: a code of conduct will cause some funds short-term discomfort, but it is a small price for access to deals.(SOVEREIGN WEALTH FUNDS)(Brief article)
April 4, 2008... [ILLUSTRATION OMITTED] When asked to name a deal by a sovereign wealth fund that has endangered their national security, government officials in the US and Europe talk vaguely about strategic assets and point to their airports, telecoms...

Local banks risk losing out: the tight credit market gives clients ample opportunity to separate the banks that can raise funds quickly from those that rest on reputations.(BANKING & FINANCE)(Brief article)
April 4, 2008... Banks working with large corporates in booming sectors of the economy usually fall over themselves to lend money to their customers. These relationships offer great financial rewards to institutions that can support developing businesses and...

Gas hunt should be stepped up: it will take a huge discovery to propel the gas industry to a level that can cope with booming demand: production from Karan and Manifa fields cannot come soon enough.(ENERGY)(Brief article)
April 4, 2008... The region's hunger for gas shows no sign of abating and unless a large find is made soon, it will outstrip supply. Investments are being made. The $2.6bn financing for Yemen's liquefied natural gas (LNG) project is moving ahead and Riyadh...

Partnerships will solve gridlock.(EGYPT)(Brief article)
April 4, 2008... [ILLUSTRATION OMITTED] Public-private partnerships on this scale are new to the region. If successful, others will follow The Egyptian government has reformed the stock exchange, the telecoms market, its customs and courts. The...

Riyadh must ease investment risks: investors would be reassured if Riyadh reduces the risks by offering subsidies and guarantees of demand.(SAUDI ARABIA)
April 4, 2008... Anyone trying to raise $500bn should be shivering with fear in the current financial climate. However, the Saudi Arabian General Investment Authority (Sagia) is bullish about its chances of attracting private sector interest in the kingdom's...

Sabb ousts rivals to underwrite Sipchem: eight regional banks lose out on $745m project finance deal for Jubail plant after slow response.(BANKING & FINANCE: SAUDI ARABIA)
April 4, 2008... The local Sabb bank has agreed to fully underwrite a $745m project finance loan to Sandi International Petrochemical Company (Sipchem), after the banks originally approached to fund the deal took too long to confirm their commitments. ...

Sheikh Mohammed confirms review of dirham's dollar peg: the UAE vice-president says inflation in the federation will solve itself.(ECONOMY: UAE)
April 4, 2008... UAE Vice-President and Prime Minister Sheikh Mohammed bin Rashid al-Maktoum has confirmed the federation is considering removing the dirham's peg to the US dollar, while saying he is confident that inflation in the federation will solve itself....

Cairo seeks single nuclear provider.(POWER: EGYPT)(Brief article)
April 4, 2008... Egypt is likely to hand control of its nuclear power programme to a single company, according to a source close to the scheme. The country's first 1,000MW nuclear power plant is due to come on line in 2017/18 at El-Dabaa and a further four...

Aramco to boost gas output at Karan: masterplan sets out multi-billion-dollar investment in gas processing and sulphur recovery facilities.(ENERGY: SAUDI ARABIA)(Saudi Arabian Oil Co.)
April 4, 2008... Saudi Aramco has confirmed plans to increase gas production from its Karan field by 50 per cent and develop two gas processing units, as well as two major sulphur recovery facilities. The plans by the state-owned oil giant, which have been...

Abu Dhabi bourse chief calls for common capital market.(COMPANIES & MARKETS: UAE)(Brief article)
April 4, 2008... The head of the Abu Dhabi stock exchange, Tom Healy, has called for a common market for government and corporate debt across the Gulf, saying it would help the region become a major global financial player. Healy, director general of the...

Tehran fails to attract foreign investors to export rail route: Iran railways shelves plans for transport link to its neighbours in the east.(TRANSPORT: IRAN)
April 4, 2008... Tehran has abandoned plans to begin work on a critical rail link between the port of Chabahar and its eastern neighbours this year, because of a lack of funds. Iran had intended to begin construction on a $700m project to link the southern...

Rafidain bank to pay foreign creditors.(BANKING & FINANCE: IRAQ)(Brief article)
April 4, 2008... The UK High Court has approved a scheme of arrangement that allows foreign creditors to reclaim $300m in unpaid debts from Iraq's Rafidain Bank. At a hearing on 3 April, the court sanctioned the scheme, which was approved at a meeting of...

Dubai developer plans cities across Africa: Middle East Developments seeks US and European investors for scheme to build a series of urban centres.(CONSTRUCTION: REGIONAL)
April 4, 2008... Dubai-based real estate firm Middle East Developments is seeking US and European investors for a string of cities across the Middle East and Africa. The developer, which is owned by Tarek bin Laden, who is also a principal shareholder in...

Firms vie to manage causeway project: consultancy contract award will pave way for construction to start on long-delayed Qatar-Bahrain crossing.(CONSTRUCTION: GCC)
April 4, 2008... The Qatar-Bahrain Causeway Foundation has received bids from at least two firms for the consultancy contract to carry out programme management services on the $2bn project. The bidders include the UK's Halcrow with UK-based KBR, and...

Cairo demands financial disclosure from Etisalat subsidiary.(TELECOMS: EGYPT)(Brief article)
April 4, 2008... Cairo will publish details in May of the financial performance of Etisalat Misr, the subsidiary of UAE's Etisalat, for the first time. Egypt's move will make the financial operations of the Middle East's second-largest operator more...

Pressure grows on funds to sign code: world's second-largest sovereign wealth fund backs Abu Dhabi agreement governing investment activity.(BANKING & FINANCE: GCC)
April 4, 2008... Gulf governments are to come under increasing pressure to sign up to a code of conduct covering their sovereign wealth fiends, after the world's second-largest fired put its weight behind a recent agreement between Abu Dhabi, Singapore and the...

Cairo set to end government monopoly of electricity supply: parliament debates legislation allowing private sector suppliers to compete.(POWER: EGYPT)
April 4, 2008... Egypt is set to open its electricity market to competition between suppliers, ending the government's monopoly. A new electricity law, which will be submitted to parliament before the summer recess, will allow customers to buy power...

Amman faces cuts to pay for subsidies.(ECONOMY: JORDAN)(Brief article)
April 4, 2008... Amman will have to cut spending by 24 per cent this year or find an additional JD267m ($377m) in revenue, after the reintroduction of subsidies for gas and barley. If the government fails to find a way of paying for the subsidies, the...

Masdar selects site for Abu Dhabi carbon-capture facility.(ENERGY: UAE)(Abu Dhabi Future Energy Company )
April 4, 2008... Abu Dhabi Future Energy Company (Masdar) has selected the location for its first carbon-capture plant, as it pushes ahead with its multi-billion-dollar carbon-capture and storage programme. Two shortlisted sites--one industrial, the other...

Rising costs set to trigger Chiyoda losses: Japanese firm set to announce further $150m drop in revenues from Qatari liquefied natural gas projects.(ENERGY: QATAR)(Financial report)
April 4, 2008... Japan's Chiyoda Corporation could make a loss in 2008 because of rising costs at its liquefied natural gas (LNG) operations in Qatar. The company has already lowered its operating profit estimate for the year to 31 March from $214m to $68m,...

Al-Futtaim Carillion in final talks over Abu Dhabi contracts.(CONSTRUCTION: UAE)(Brief article)
April 4, 2008... The local/UK Al-Futtaim Carillion is in final negotiations for two major construction contracts, on Aldar Properties' Yas island and Al-Raha beach developments, one of which it has already started work on. On Yas island, the contractor is...

Galsi gas pipeline stalls as route awaits authorisation: project to transport Algerian gas to Italy faces delay until 2012.(ENERGY: ALGERIA)
April 4, 2008... The Galsi pipeline scheme to export Algerian gas to Italy could be delayed until mid-2012, according to the head of the project. The 8 billion-cubic-metre-a-year pipeline, which will transport gas to the Italian mainland though Sardinia,...

Work to start on $3bn Ajman Marina in May.(CONSTRUCTION: UAE)(Brief article)
April 4, 2008... Construction work is expected to start on the $3bn Ajman Marina project in May, with the masterplan now finalised and the first marine package due to be awarded in the coming weeks. Tenders for the contract are due to be submitted on 7...

The drive for full disclosure: the West is calling for sovereign wealth funds to open up, but the Gulf has little to fear.(SOVEREIGN WEALTH FUNDS)
April 4, 2008... These are mixed days for sovereign wealth funds. They are experiencing substantial losses from investments in large banks such as Citigroup and Merrill Lynch, whose shares have continued to slide. Yet they have more money to invest than ever...

Mahmoud Mohieldin: Investment Minister, Egypt: employment and education will drive future policies in Egypt, says the man who has become the public face of economic reform.(dialogue with Mahmoud Mohieldin)(Interview)
April 4, 2008... "The law in Egypt is excellent for business," says a grey-suited Arab businessman attempting to flatter Egypt's Investment Minister Mahmoud Mohieldin. "Is it?" asks Mohieldin, before the businessman can move on from his flattery to pose a...

Emirates NBD: the Dubai bank is looking beyond the UAE following the integration of its two founding institutions.(BANKING)(National Bank of Dubai)
April 4, 2008... Emirates NBD is the largest bank by assets in the region. It listed on the Dubai Financial Market in October 2007, following the merger of Dubai's two leading institutions: Emirates Bank International (EBI) and National Bank of Dubai (NBD). In...

Opposition secures first round advantage: President Ahmadinejad has claimed victory after the first phase of Iran's parliamentary elections, but it is his opponents who are in the stronger position. MEED reports.(IRAN ELECTIONS)
April 4, 2008... Iran is in political limbo while it waits for the second round of elections to the Majlis (parliament). On 14 March, the Islamic Republic held the first round of elections. According to the Interior Ministry, voter turnout was 60 per cent, up...

Gulf benefits from soaring demand: the global LNG industry is expanding rapidly, but there are concerns over dwindling supplies beyond 2012.(LIQUEFIED NATURAL GAS)
April 4, 2008... According to the International Energy Agency (IEA), global liquefied natural gas (LNG) imports reached 236 billion cubic metres In 2007, 69 per cent more than In 2000 and up 39 per cent since 2003. Over the past two years, LNG trade has...

Saudi Arabia.(Special Report)(Brief article)
April 4, 2008... [ILLUSTRATION OMITTED] Since launching King Abdullah Economic City near Jeddah in December 2005, Riyadh has revealed the mammoth scale of its ambitions by unveiling a series of mega-city projects that include five other economic cities and...

Developing the city model: following its success at Jubail and Yanbu, Saudi Arabia is building six more economic cities, but its approach is markedly different this time around.(ECONOMIC CITIES)
April 4, 2008... More than 30 years ago, critics said that plans to use booming oil revenues to transform several small villages in the deserts of Saudi Arabia into key industrial zones for the future of the country would never work. But today, investment...

Attracting the private sector: Riyadh is relying on private investors to provide the $500bn needed to fund the development of its six economic cities.(INVESTMENT)
April 4, 2008... Even by the standards of the Gulf's recent spending boom, raising $500bn is a colossal target. But this is the amount Riyadh requires to develop six new economic cities across the country. The government's plan is to tap private sector...

Time to deliver on promises: the first of the economic cities has been promoted as offering the potential to transform the Saudi economy. It now needs to prove it can attract the investment to do so.(KING ABDULLAH ECONOMIC CITY)
April 4, 2008... Sandi Arabia's biggest economic city shares the king's name, and as the first of the mega cities, there is a lot of pressure on it to succeed. King Abdullah Economic City (KAEC) will cost nearly $27bn, cover 168 square kilometres and house a...

Where technology meets faith: the holy city of Medina is planned to become a centre of excellence for information technology and communications as well as religious scholarship.(MEDINA KNOWLEDGE ECONOMIC CITY)
April 4, 2008... Medina al-Munawwarah, or City of the Enlightened, is synonymous with culture and learning, and Saudi Arabia's government is drawing on this legacy to launch Medina Knowledge Economic City (KEC), located 5 kilometres east of the Prophet...

A spur to development: despite being launched almost two years ago, little progress has been made on the economic city at Hail. But that could change with the recent signing of an agreement.(PRINCE ABDULAZIZ BIN MOSAED ECONOMIC CITY)
April 4, 2008... Launched just six months after King Abdullah Economic City, Prince Abdulaziz bin Mosaed Economic City reinforced the kingdom's latest drive to diversify its economy through the development of privately funded industrial centres. Otherwise...

Building industry from scratch: creating an economic city in the southwest region, where there is no history of industrial activity, will provide the biggest challenge in Riyadh's ambitious development plans.(JIZAN ECONOMIC CITY)
April 4, 2008... Adopting the all-inclusive model pioneered by King Abdullah Economic City, Jizan Economic City (JEC) faces the starkest development challenge of all four of the Saudi mega cities currently under way. The southwest is among the kingdom's most...

The $40bn mega city: the industrial city planned for Sudair will be the largest in the kingdom, dwarfing even King Abdullah Economic City.(SUDAIR)
April 4, 2008... The Saudi Industrial Property Authority (Sipa) is drawing up plans to develop the kingdom's latest industrial city in Sudair, which is set to become the biggest project in Sandi Arabia. Measuring 257 square kilometres, it will be 70 per cent...

Iran oil: the six most prominent people in Iran's oil sector.(The MEED List)
April 4, 2008... Gholamhossein Nozari POSITION Oil Minister BIOGRAPHY Gholamhossein Nozari's rise to become Iranian Oil Minister following the sacking of Kazem Vaziri-Hamaneh in August 2007 has united the notoriously divisive Majlis (parliament). When...

Arabtec secures Dubai housing work.(Project news on MEED.com)(Mohammed bin Rashid Housing Establishment)(Brief article)
April 11, 2008... [ILLUSTRATION OMITTED] The UAE's Arabtec Construction has been awarded a AED3bn ($817m) contract for design and build work for Mohammed bin Rashid Housing Establishment. The agreement involves the construction of 2,290 villas in the...

Iran to finalise Yadavaran oil deal.(Project news on MEED.com)
April 11, 2008... National Iranian Oil Company expects to finalise a contract with China's Sinopec in April for the Yadavaran field.

China Harbour to work on Umm al-Qaiwain resort.(Project news on MEED.com)
April 11, 2008... China Harbour Engineering Company has won a AED200m ($55m) contract for civil and infrastructure works at White Bay in Umm al-Qaiwain.

Development Bank offers loan for Moroccan solar power.(Project news on MEED.com)
April 11, 2008... The African Development Bank has granted a further $237.9m loan to Rabat to fund a solar-power project in the northeast of the country.

Bid deadline for Kuwait hospital extended.(Project news on MEED.com)
April 11, 2008... Kuwait's Public Authority for Housing Care has delayed the closing date for infrastructure bids on the multi-billion-dollar Sabah al-Ahmed Future City.

Majid al-Futtaim to develop Qatar Entertainment City.(Project news on MEED.com)
April 11, 2008... Abu Dhabi Investment House and Dubai's Majid al-Futtaim Group are to develop entertainment precincts on the outskirts of Doha.

Nesma wins Manifa contract.(Project news on MEED.com)
April 11, 2008... Saudi Aramco has awarded a $67m construction contract on the Manifa field to Nesma & Partners Contracting Company.

Gulf projects ($m).(MEED PROJECTS)(Statistical table)(Brief article)
April 11, 2008... MEED PROJECTS GULF PROJECTS ($m) 7 April 31 March % change 39,544 % change 2008 2008 on month 2007 on year Bahrain 33,507 33,642 -0.4 ...

Conferences.(Calendar)
April 11, 2008... Islamic Project Finance 2008 Capitalise on the potential of the sharia-compliant project finance sector 1-3 June 2008 Park Hyatt Hotel, Dubai, UAE www.meed.com/islamicproject Islamic Project Finance is your opportunity to meet the...

The GCC power & water report: the struggle to keep supplies ahead of demand.(INSIGHT)(Brief article)
April 11, 2008... [ILLUSTRATION OMITTED] GCC utilities are facing the most challenging time in their history. In this 80-page report, MEED Insight provides a comprehensive overview of developments in the power and water generation sector and the outlook up...

Gas find must be used wisely: Kuwait will be judged on how it uses its new-found non-associated gas. Other states have made errors: the state wastes $4bn a year on burning oil that it could export.(KUWAIT)(Brief article)
April 11, 2008... [ILLUSTRATION OMITTED] Kuwait's first production of non-associated gas in late March came as a welcome boost for a nation that has suffered because of a lack of gas, both financially and environmentally. But it has a long way to go before...

Competition is a risk for cities: if developments do not create jobs they have promised and population growth fails, competition between Dubai and Abu Dhabi will be fierce.(UAE)(Brief article)
April 11, 2008... Ask any government official or real estate developer from Abu Dhabi or Dubai whether the two emirates compete and nine times out of 10 you will get the same reply: "We don't compete, we complement." The news that Abu Dhabi is to develop...

Middle East should not be complacent: the region will be outpaced in economic growth by every area of Asia except Japan, as well as Africa.(ECONOMY)(Brief article)
April 11, 2008... The latest figures from the IMF lay out in clear terms the shifting centre of gravity of the world's economy. While the US will grow by just 0.6 per cent next year, China's economy will expand by 9.5 per cent. On a broader level, the...

Private finance is priority for Cairo: Cairo's plans to boost power capacity depend on support from developers sooner rather than later.(EGYPT)
April 11, 2008... [ILLUSTRATION OMITTED] While private investment in the power and water sectors has grown more prevalent in most countries around the region, Egypt has for the most part looked on from afar. A brief encounter with independent power...

Algiers needs a decision maker: Libya has sold stakes in two banks at reassuringly high prices. Algeria should learn from its neighbour.(BANKING & FINANCE)(Brief article)
April 11, 2008... Clear winners and losers are emerging in the race to privatise North African banks. Over the past 18 months, Libya has quickly moved from having no bank privatisation programme at all to successfully selling stakes in two banks at reassuringly...

Abu Dhabi developer plans Ghantoot city: International Capital Trading to build multi-billion-dollar project covering 60 square kilometres.(REAL ESTATE: UAE)
April 11, 2008... Local developer International Capital Trading (ICT) is planning a major city in the Ghantoot area of Abu Dhabi, close to the Dubai border, which will cost tens of billions of dollars to develop. The name of the project is not yet finalised,...

Dubai to import liquefied natural gas at Jebel Ali port: Emirate will source LNG from Qatar, Egypt and Far East for power generation.(POWER: UAE)(liquefied natural gas )
April 11, 2008... Dubai is planning to import liquefied natural gas (LNG) for use in power generation, with the Dubai Supply Authority (Dusup) developing proposals to build a terminal at Jebel Ali. It is expected that the terminal will initially import LNG...

Joint venture fails to attract foreign banks.(BANKING & FINANCE: SAUDI ARABIA)
April 11, 2008... The syndication of the $2.3bn finance on the Saudi Arabian Mining Company (Maaden) joint venture with Saudi Basic Industries Corporation (Sabic) is suffering from weak demand from banks because of low pricing. Although a small number of...

Sabic exits Osos Yanbu negotiations.(PETROCHEMICALS: SAUDI ARABIA)
April 11, 2008... Saudi Basic Industries Corporation (Sabic) is understood to have pulled out of talks to take a stake in the estimated $1bn polybutylane terephthalate (PBT) complex in Yanbu, planned by the local Osos Petrochemicals. MEED revealed in...

Riyadh extends Srak drilling deadline for Empty Quarter: exploration company is granted 18-month extension to complete programme.(ENERGY: SAUDI ARABIA)(South Rub al-Khali )
April 11, 2008... The South Rub al-Khali (Srak) exploration company has received a crucial 18-month extension from the Petroleum & Mineral Resources Ministry, which will allow it to complete its seven-well drilling programme in the Empty Quarter. It is...

First Calgary pursues gas plans despite board dispute: energy minister warns a successful bid to oust board will endanger deal.(ENERGY: ALGERIA)(Brief article)
April 11, 2008... Canada's First Calgary Petroleums is pushing ahead with plans to develop an oil and gas concession in Algeria with state energy company Sonatrach, despite fears a shareholder dispute could jeopardise its operations in the country. The...

Amman reopens talks on railway.(TRANSPORT: JORDAN)(Brief article)
April 11, 2008... Jordan is in negotiations with the second-placed bidder to build a light railway between Amman and Zarqa, after terminating its agreement with the initial winners. Amman has reopened talks with a consortium of Kuwaiti real estate group...

Dreamliner delay hits expansion plans: Gulf airlines reconsider growth strategies as Boeing postpones delivery of 787s by at least 18 months.(TRANSPORT: GCC)
April 11, 2008... Airlines across the Middle East are having to review their expansion plans, as a result of flesh delays in the production of Boeing's 787 Dreamliner aircraft. The US manufacturer has announced further delays to production and testing of...

Kurds seek finance for power projects: plants will add 1,300MW of generation capacity by 2015 following 1,650MW increase over next 12 months.(POWER: IRAQ)(Kurdistan Regional Government)
April 11, 2008... The Kurdistan Regional Government (KRG) is seeking to attract private finance to add 1,300MW of power generation capacity by 2015 in an effort to meet growing demand. It is planning to add 500MW from thermal power, another 500MW from...

Saudi Aramco in negotiations over role at Jizan oil refinery: project was to be the first in decades to be owned and operated by private sector.(ENERGY: SAUDI ARABIA)(Brief article)
April 11, 2008... Saudi Arabia's Supreme Petroleum Council, which sets the country's oil and gas policy, is in talks with Saudi Aramco over the state-owned oil major taking a role in the development of the Jizan oil refinery. Progress on the...

Gulf Air sheds more staff to curb losses.(TRANSPORT: BAHRAIN)
April 11, 2008... Gulf Air is planning further reductions to its workforce in a bid to cut costs and return the company to profitability. Bahrain's national carrier has already slashed its workforce by about 1,500 over the past year as it tried to curb...

Cairo puts pressure on firms to meet governance rules: listed companies will be asked to explain how they comply in annual reports.(COMPANIES & MARKETS: EGYPT)(Brief article)
April 11, 2008... Egyptian companies are coming under pressure to become more transparent and adhere to tougher corporate governance rules, with a series of initiatives by government-owned bodies. Cairo & Alexandria Stock Exchanges (Case) is planning a fresh...

Survey probes strength of finance sector.(ECONOMY: WEST BANK & GAZA)(Palestinian National Authority)(Brief article)
April 11, 2008... The Palestinian National Authority has launched a survey of the finance and insurance markets in the West Bank and Gaza. The three-month investigation is being conducted by the Palestinian Central Bureau of Statistics (PCBS) and will assess...

Firms vie for Abu Dhabi terminal deal: contract to build midfield airport complex attracts bids from France, Singapore, Germany and Turkey.(TRANSPORT: UAE)
April 11, 2008... Abu Dhabi Airports Company (Adac) has received four bids for the build-operate-transfer contract for the midfield terminal on the $6.8bn redevelopment of Abu Dhabi International airport. The four bidders are France's Aeroports de Paris...

Amec to win Upper Zakum consultancy: contract to manage increment programme for Zadco will be one of the largest awarded in Abu Dhabi.(ENERGY: UAE)
April 11, 2008... The UK's Amec is understood to have been selected for one of the largest project management consultancy contracts ever tendered in Abu Dhabi. The five-year contract covers the multi-billion-dollar Upper Zakum crude increment programme...

Korean firms line up for Jubail work.(PETROCHEMICALS: SAUDI ARABIA)(Arabian Chlor Vinyl Company)(Brief article)
April 11, 2008... Technical and commercial bids are due to be submitted by 25 April for a major contract to build the grassroots ethylene dichloride (EDC) complex planned by the local Arabian Chlor Vinyl Company at Jubail. Four South Korean contractors are...

Abu Dhabi plans chemicals city in bid for global stage: multi-billion-dollar development set to boost emirate's downstream industry.(PETROCHEMICALS: UAE)
April 11, 2008... Abu Dhabi is planning an ambitious overhaul of its petrochemicals sector as it seeks to become a major global player in the industry and attract more investment in its downstream manufacturing sector. Industry sources tell MEED the...

Inflation increases pressure for contract model change: contractors' bids are coming in up to 40 per cent higher than clients expect.(CONSTRUCTION: SAUDI ARABIA)
April 11, 2008... Construction clients are coming under pressure to change the traditional forms of contracts used in Saudi construction because of rising inflation, say industry sources. Inflation in Saudi Arabia, which reached a 27-year high of 8.7 per...

Iron ore price hikes hit Gulf steel makers.(INDUSTRY: GCC)(Brief article)
April 11, 2008... Steel producers are facing cuts to their profit margins, with customers unwilling to accept the full cost of rising raw materials prices, according to industry executives. Iron ore costs have increased faster than expected this year. In...

Privatisation stalls progress at Kahnuj: delay is latest sign that Tehran is struggling to secure finance for projects because of US sanctions.(INDUSTRY: IRAN)(Kahnuj titanium dioxide complex )
April 11, 2008... Progress at Iran's $500m Kahnuj titanium dioxide complex has stalled while the government searches for international investors to take shares in the plant. Sources tell MEED Tehran's decision to privatise the complex, which was originally...

North Africa's big bank sell-off: despite the global banking crisis, countries of the Maghreb are pushing ahead with privatisation.(BANKING)
April 11, 2008... If anyone had to choose a time to sell a bank, it is unlikely that they would choose now. With the international banking sector undergoing a crisis of confidence and authorities around the world frantically drawing up new regulations to avoid a...

Gas find unlocks options: after announcing the discovery of non-associated gas for the first time in 2006, Kuwait is preparing to accelerate production in a bid to cash in on crude exports.(Kuwait)
April 11, 2008... Despite its oil riches, the Gulf could soon be facing an energy shortage in a critical area. Gas demand is increasing rapidly from industrial developments across the region and, unless new finds are made to meet the rising demand, plans for...