MEED Middle East Economic Digest articles from August 2003

MEED Middle East Economic Digest archives from August 2003

Tehran mulls protocols signature.(nuclear non-proliferation treaty)(Brief Article)
August 1, 2003... Iran's position on its nuclear programme appeared to be softening in late July, as Tehran's representative to the International Atomic Energy Agency (IAEA), Akbar Salehi, made clear he supported the signature of two additional protocols to the...

On the record.(Seven days)
August 1, 2003... "How would you feel if you were the King of Jordan and you learned that the US Defence Department was taking bets on your being overthrown within a year?" US Senator Byron Dorgan on 28 July, after the Pentaqon announced plans to set up an...

Hunt for Saddam intensifies as guerrilla attacks continue.
August 1, 2003... US hopes that the deaths of Saddam Hussain's sons, Uday and Qusay, on 22 July would quell the resistance being faced by American troops patrolling the former president's strongholds have proved unfounded. A spate of guerrilla attacks in the...

US continues to probe Saudi 9/11 links.(Saudi Arabia)(Brief Article)
August 1, 2003... Riyadh has bowed to US pressure to let the CIA and FBI interrogate Omar al-Bayoumi, a Saudi civil aviation official, in connection with his links to at least two of the hijackers responsible for the attacks on New York and Washington on 11...

Time was.(Seven days)
August 1, 2003... 16 August 1963 Negotiations between Tehran and Baghdad raise hopes of a resolution to the long-standing dispute over navigation rights in the Shatt al-Arab waterway 12 August 1988 UN attempts to arrange a Gulf war ceasefire are...

The US administration continued to press Damascus in late July on its alleged support of terrorism, despite indications that Syria has acceded to US requests for co-operation.(Syria)(Brief Article)
August 1, 2003... * Syria The US administration continued to press Damascus in late July on its alleged support of terrorism, despite indications that Syria has acceded to US requests for co-operation. On 29 July, US National Security Council spokesman Sean...

Obstacles hinder roadmap progress.(Regional)(talks on transferring Israeli control of West Bank towns to the Palestinians broke down on 7/29/03)
August 1, 2003... Talks on transferring Israeli control of West Bank towns to the Palestinians broke down on 29 July after the two sides failed to reach an agreement over which cities Israeli troops would withdraw from first. The stand-off marks yet another...

MEED conferences premier networking events.(upcoming business events in the Middle East)(Brief Article)(Calendar)
August 1, 2003... * 2nd Mediterranean Gas Congress 23-24 September, Cairo * Middle East Capital Markets 30 September-1 October, Dubai * MEED Project Finance 7-8 October, Bahrain Lead Sponsor: GIB * 2nd MEED Retail Banking 12-13 October, Dubai *...

Benefiting from bad times: the invasion of Iraq refocused the world's attention on the Middle East and the political ramifications of the conflict are still not clear. But the economic impact is already discernible. Tom Everett-Heath reports on how most of the major Middle East states have benefited from the conflict and forecasts that 2003 will be a vintage year for regional economic growth.(Economics)(Illustration)
August 1, 2003... When OPEC members arrived in Vienna for their 31 July extraordinary meeting, there was a faint feeling that they had gathered under false pretences. Back on 11 June--when the meeting was called--the arrival of Iraqi crude in what was beginning...

Trade bank RFP issued.(Iraq reconstruction)(the Coalition Provisional Authority invites financial institutions to submit proposals for a contract for Trade Bank of Iraq)
August 1, 2003... The Coalition Provisional Authority (CPA) has invited financial institutions to submit proposals by 8 August for a contract to provide expertise and services to the recently-created Trade Bank of Iraq (TBI). The tight deadline underlines the...

Basra airport to open for limited flights.(Iraq reconstruction)(the Coalition Provisional Authority invites international airlines to apply for the right to use Basra international airport)(Brief Article)
August 1, 2003... The Coalition Provisional Authority (CPA) in late July invited international airlines to apply for the right to use Basra international airport, with a view to reopening the airport for limited operations in mid-August. Applications were due by...

BearingPoint to draw up economic blueprint.(Iraq reconstruction)(BearingPoint wins a $9 million contract from the U.S. Agency for International Development for work in Iraq)(Brief Article)
August 1, 2003... US management consultant BearingPoint has been awarded a $9 million contract by the US Agency for International Development (USAID) to assist in the restructuring of Iraq's economy. BearingPoint was one of 10 consultants to be shortlisted for...

The US' Bechtel awarded in the 10 days up to 28 July a further nine subcontracts on its $680 million US Agency for International Development (USAID) capital construction contract.(Brief Article)
August 1, 2003... * The US' Bechtel awarded in the 10 days up to 28 July a further nine subcontracts on its $680 million US Agency for International Development (USAID) capital construction contract. Five of the new subcontracts, all to be carried out by local...

Bechtel subcontracts.(Iraq reconstruction)(Brief Article)(Illustration)
August 1, 2003... Date of Subcontractor Scope Award 19 July Snafee Company, Repair of schools, Iraq Basra 20 July Al-Marwa Company, Repair of...

Baghdad sets oil production targets.(Iraq reconstruction)(Iraq's Oil Ministry finalizes plans to increase production to 2.8 million barrels/day by 4/03)(Brief Article)
August 1, 2003... The Oil Ministry has finalised plans to increase production to 2.8 million barrels a day (b/d) by April next year, according to Cyprus-based Middle East Economic Survey (MEES). Current production is about 1 million b/d, compared with pre-war...

The Kuwaiti cabinet has allocated a budget of $8 million to re-equip the existing civilian hospital at Basra.(Brief Article)
August 1, 2003... * The Kuwaiti cabinet has allocated a budget of $8 million to re-equip the existing civilian hospital at Basra. The official Kuwait News Agency, quoting Health Minister Ahmed al-Jarallah, said on 28 July that the amount will be spent on the...

Pipeline loop bidders given more time.(Iraq reconstruction)(bids are due to be returned on 8/10/3 for the Iraq/Turkey pipeline loop tender)(Brief Article)
August 1, 2003... Bids are now due to be returned on 10 August for the Iraq/Turkey pipeline loop tender, following a one-month bid extension. The project, a central element in the coalition's attempts to resume oil exports through the north, is to be implemented...

Regional telcos cut out of mobile bidding.(Iraq reconstruction)(the Coalition Provisional Authority issues a tender for the rights to operate mobile networks in Iraq)(Brief Article)
August 1, 2003... The Coalition Provisional Authority (CPA) has issued a tender for the rights to operate mobile networks in Iraq, initially covering the northern, southern and central regions. Bids are due on 14 August. A key requirement is that governments...

IDB expands sukuk on strong demand.(Regional: issue raised from $300 million to $400 million)(Islamic Development Bank )
August 1, 2003... Jeddah-based Islamic Development Bank (IDB) closed the books on its debut sukuk offering on 27 July. Due to heavy over-subscription--offers totalling just under $500 million were received--the issue was raised from $300 million to $400 million....

Umm al-Nar syndication launched.(UAE)(Arabian Power Co. announces a planned $855 million commercial debt package)(Brief Article)
August 1, 2003... Financial institutions interested in participating in the syndication of the $855 million commercial debt package for Arabian Power Company (APC), the project company for the Umm al-Nar independent water and power project (IWPP), have until...

Bahrain-based ABC Islamic Bank (ABCIB), a wholly-owned subsidiary of Arab Banking Corporation, has signed the first stage mudaraba syndication of a $80 million murabaha agreement with Swiss oil trader Vitol.(Regional)(Brief Article)
August 1, 2003... * Regional Bahrain-based ABC Islamic Bank (ABCIB), a wholly-owned subsidiary of Arab Banking Corporation, has signed the first stage mudaraba syndication of a $80 million murabaha agreement with Swiss oil trader Vitol. London-based ABCIB...

Bahrain-based United Gulf Bank (UGB) on 22 July announced that net profits more than doubled, to $15.4 million, in the first half of 2003 compared with the corresponding period in 2002.(Regional)(Brief Article)
August 1, 2003... * Regional Bahrain-based United Gulf Bank (UGB) on 22 July announced that net profits more than doubled, to $15.4 million, in the first half of 2003 compared with the corresponding period in 2002. Assets climbed marginally to $951 million while...

Dubai International Financial Centre (DIFC) on 30 July announced the appointment of Lynton Jones as chairman of the Dubai Regional Financial Exchange.(People)(Brief Article)
August 1, 2003... * Dubai International Financial Centre (DIFC) on 30 July announced the appointment of Lynton Jones as chairman of the Dubai Regional Financial Exchange. Jones has previously served as managing director of Nasdaq's European operations and chief...

Investcorp.(People)(Investcorp appoints Gary Long as its chief operating officer)(Brief Article)
August 1, 2003... * Bahrain-based Investcorp announced on 30 July that Gary Long, formerly chief financial officer for the group, had been appointed chief operating officer. His promotion comes before the retirement at the end of June 2004 of two of the bank's...

OPP financing mandate award nears.(Oman)(Oman Polypropylene seeks financing)(Brief Article)
August 1, 2003... After submitting bids in mid-July, three banks were invited back on 27 July to discuss the proposed financing needs of Oman Polypropylene (OPP). OPP originally shortlisted five banks interested in the financial advisory mandate in January but...

National Bank of Kuwait (NBK).(Kuwait)(announces the opening of a branch in Bahrain)(Brief Article)
August 1, 2003... * Kuwait National Bank of Kuwait (NBK) announced on 26 July the opening of a branch in Bahrain as part of its regional expansion drive. The new fully-commercial banking branch will be officially unveiled on 10 August and will operate under an...

Sohar Refinery Company (SRC).(Oman)(a commercial debt package is being planned for Sohar Refinery Co.)(Brief Article)
August 1, 2003... * Oman Plans for the syndication of the commercial debt package for Sohar Refinery Company (SRC) are being drawn up by the 10-strong group of mandated lead arrangers (MEED 13:6:03). A launch date of 1 September has been pencilled in and the...

Bapco resumes the search for expansion finance.(Bahrain)(Bahrain Petroleum Co. )
August 1, 2003... Once again discussions are under way for the proposed debt package for the refinery upgrade project at Bahrain Petroleum Company (Bapco). The deal was suspended in May 2002 after the three bids submitted for the engineering, procurement and...

GIB profits fall in first half.(Regional)(Gulf International Bank posts its first-half financial results)(Brief Article)(Illustration)
August 1, 2003... Bahrain-based Gulf International Bank (GIB) on 21 July posted a 12.8 per cent fall in first-half net profits to $61.5 million for 2003, compared with the corresponding period in 2002. The decrease was attributable mainly to a sharp 15.3 per...

Azadegan talks continue.(Iran: phase-1 commercial deal still to be concluded)(negotiations take place between Iranian and Japanese oil officials)
August 1, 2003... Negotiations between local and Japanese oil officials are continuing despite their failure to reach an agreement by the 30 June deadline for exclusive talks on the Azadegan oil field. A technical agreement was signed in mid-July for phase 1 of...

Three compete for Arab C.(Quatar Petroleum examines bids)(Brief Article)
August 1, 2003... Qatar Petroleum (QP) has begun evaluating bids for the Arab C gas recycling project after three international groups submitted quotes. The award of the engineering, procurement, installation and commissioning (EPIC) contract on the $300...

Contractors shortlisted for two more OGD-2 packages.(UAE)(Abu Dhabi Gas Industries Co. finalises the prequalification list for two more engineering, procurement and construction packages)
August 1, 2003... Abu Dhabi Gas Industries Company (Gasco) finalised in late July the prequalification list for two more engineering, procurement and construction (EPC) packages on the third phase of the onshore gas development (OGD-3) and the second phase of...

Sonatrach.(Algeria)(thirteen groups are bidding for the Gassi Touil integrated gas project)(Brief Article)
August 1, 2003... Algeria The 13 groups bidding for the Gassi Touil integrated gas project are not expected to submit financial proposals until the fourth quarter of the year. The bid timetable for the scheme to develop an integrated liquefied natural gas (LNG)...

A production sharing agreement (PSA) between Canada's Tanganyika Oil Company (TOC) and Syrian Petroleum Company was ratified by parliament in late July.(Syria)(Brief Article)
August 1, 2003... Syria A production sharing agreement (PSA) between Canada's Tanganyika Oil Company (TOC) and Syrian Petroleum Company was ratified by parliament in late July. The approval clears the way for T0C to commence development of the...

Engineers India (EIL) has been formally awarded the contract to carry out the front-end engineering and design (FEED) package on the new crude oil and condensate export facility at Ruwais.(UAE)(Brief Article)
August 1, 2003... UAE Engineers India (EIL) has been formally awarded the contract to carry out the front-end engineering and design (FEED) package on the new crude oil and condensate export facility at Ruwais. Called the inter-refinery pipelines (IRP) project,...

President Mubarak of Egypt and King Abdullah of Jordan on 27 July inaugurated the subsea section of the Egypt-Jordan gas pipeline, which was recently completed by Switzerland-based Allseas under a $70 million contract awarded in February.(Regional)(Brief Article)
August 1, 2003... Regional President Mubarak of Egypt and King Abdullah of Jordan on 27 July inaugurated the subsea section of the Egypt-Jordan gas pipeline, which was recently completed by Switzerland-based Allseas under a $70 million contract awarded in...

Gail and Shell in gas partnership talks.(Egypt)(the Gas Authority of India shows interest to the Royal Dutch/Shell Group for a 24% stake in the North East Mediterranean concession)
August 1, 2003... The Gas Authority of India (Gail) is preparing to submit an expression of interest to the Royal Dutch/Shell Group for a 24 per cent stake in the offshore North East Mediterranean (Nemed) concession, in which Shell has a 63 per cent controlling...

Prices steady as all eyes turn to OPEC.(Oil & Gas)(oil prices hold study at the last week of July)
August 1, 2003... Oil prices held steady in the final week of July, as the market awaited the outcome of OPEC's extraordinary meeting in Vienna on 31 July. Brent was trading at $28.19 a barrel on 30 July, compared with $27.78 a week earlier. As MEED went to...

ITB issued for Ras Laffan cracker.(invitation to bid)
August 1, 2003... The invitation to bid (ITB) package for the Ras Laffan ethane cracker has been issued following meetings between the five members of the ethylene club and the client in Doha, starting on 22 July In a phased bidding schedule, prospective bidders...

Award approaches on Gulf Farabi LAB project.(petrochemicals)(Brief Article)
August 1, 2003... Canada's SNC Lavalin is the frontrunner to take the engineering, procurement and construction (EPC) contract on the Gulf Farabi Petrochemicals Company (GFPC) project, although an award is not expected until the financing is in place on the $250...

Bidders line up for Ilam olefins.(petrochemicals complex )(Brief Article)
August 1, 2003... Bidders for the Ilam olefin petrochemicals complex are preparing to submit bids for the engineering, procurement and construction (EPC) package on 11 August. The work has been divided, into two packages, comprising the ethylene and high-density...

Saudi Basic Industries Corporation (Sabic).(Saudi Arabia)(announces increase in profits)(Brief Article)
August 1, 2003... Saudi Arabia Saudi Basic Industries Corporation (Sabic) has announced a 224 per cent jump in net profits for the first half of the year. Profits stood at SR 3,190 million ($851 million) at the end of the first six months, compared with SR 985...

Dubai hangar project for tender.
August 1, 2003... Dubai-based Emirates has issued the tender for the main package on the proposed new hangar project at Dubai International Airport (DIA). Bids are due to be returned by 3 September for the contract, which is estimated to be worth AED 350 million...

Fresh prices due for ADCB HQ.(Abu Dhabi Commercial Bank )(Brief Article)
August 1, 2003... A new tender has been issued for the superstructure and demolition package on the Abu Dhabi Commercial Bank headquarters project. Fresh prices are due to be submitted by 3 September (MEED 27:6:03). Revised prices were invited after bids...

Bids in for Fujairah naval base.(Brief Article)
August 1, 2003... Up to three companies are understood to have submitted bids by the 27 July deadline for the second package on the Fujairah naval base project. They are: Belgium's Six Construct; the local Al-Habtoor Engineering Enterprises, with STFA of Turkey;...

New college campus in Ardiya.(Kuwait)(design contract awarded to local Gulf Consult)(Brief Article)
August 1, 2003... The local Gulf Consult has been awarded a design contract for a new College of Business Studies campus to be built at Ardiya. Estimated to cost KD 30 million-35 million ($100 million-116 million), the project will cover the construction of...

Road to El-Jadida beckons.(Casablanca-El-Jadida motorway contract)
August 1, 2003... The National Roads Authority (SNAM) has begun evaluating 14 bids for the road and bridge packages on the final stage of the Casablanca-El-Jadida motorway. The contract to build the 31-kilometre stretch of dual-carriageway between Tnine Chtouka...

Prequalification is nearing completion for the lump-sum contract on the proposed Bahrain Financial Harbour (BFH) project.(Brief Article)
August 1, 2003... Bahrain Prequalification is nearing completion for the lump-sum contract on the proposed Bahrain Financial Harbour (BFH) project. The contract, expected to bi tendered by late August, covers: land reclamation of 300,000 cubic metres and...

A close contest is in store for a contract to build a new headquarters complex for the Interior Ministry on the sixth ring-road at north Sabahan.(Kuwait)(Brief Article)
August 1, 2003... Kuwait A close contest is in store for a contract to build a new headquarters complex for the Interior Ministry on the sixth ring-road at north Sabahan. The local Khalid al-Kharafi Contracting Company has submitted a low bid of KD 18.3 million...

Tender documents have been issued for a contract to build a cardiac care hospital at Shuwaikh.(Kuwait)(Brief Article)
August 1, 2003... Kuwait Tender documents have been issued for a contract to build a cardiac care hospital at Shuwaikh. Bids are due to be returned by 1 September for the estimated KD 11 million ($36 million)contract. The 22-month contract will cover the...

Twelve local companies are prequalified to submit bids by 5 October for the second-phase contract to build a multi-storey car park for at least 2,000 vehicles at the Kuwait University campus in Shuwaikh.(Brief Article)
August 1, 2003... Kuwait Twelve local companies are prequalified to submit bids by 5 October for the second-phase contract to build a multi-storey car park for at least 2,000 vehicles at the Kuwait University campus in Shuwaikh. The 30-month contract is...

The local/Cypriot J&P National Wheel has submitted a low bid of AED 257.5 million ($70 million) for two packages covering infrastructure works on the proposed Global Village relocation project in Dubai.(Brief Article)
August 1, 2003... UAE The local/Cypriot J&P National Wheel has submitted a low bid of AED 257.5 million ($70 million) for two packages covering infrastructure works on the proposed Global Village relocation project in Dubai. J&P's offer was about 3 per cent...

Frederic R. Harris.(contract offered for construction of container port)(Brief Article)
August 1, 2003... UAE The bid submission deadline has been extended to 15 September for the contract to build a new container terminal at Mina Zayed. Thirteen local and international companies are prequalified to price the estimated $100 million contract. It...

Bids are due to be returned by 9 August for a contract to build two bridges for the Palm Jumeirah island development.(Brief Article)
August 1, 2003... UAE Bids are due to be returned by 9 August for a contract to build two bridges for the Palm Jumeirah island development. Estimated to be worth AED 75 million ($21 million), the eight-month contract covers the construction of 250-metre-long and...

Up to 25 local and international companies applied for prequalification by the mid-July deadline for a contract to build a residential high-rise in Dubai Marina.(Brief Article)
August 1, 2003... UAE Up to 25 local and international companies applied for prequalification by the mid-July deadline for a contract to build a residential high-rise in Dubai Marina. A list of about 10 prequalifiers is expected to be announced in early...

UAE Dubai Technology, e-commerce & Free Zone Authority (Tecom).(second media freezone announced)(Brief Article)
August 1, 2003... UAE Dubai Technology, e-commerce & Free Zone Authority (Tecom) has announced the establishment of a second media freezone in the emirate. To be called the International Media Production Zone (IMPZ), the new facility will be built over 35...

Developer selection begins on Mirfa IWPP.( independent water and power project, United Arab Emirates )(Brief Article)
August 1, 2003... The process of selecting a foreign partner on Abu Dhabi's fifth independent water and power project (IWPP) has been launched after Abu Dhabi Water & Electricity Authority (ADWEA) invited international developers to express interest in bidding...

Work begins on FEWA desal contracts.(Federal Electricity and Water Authority, desalination)(Brief Article)
August 1, 2003... France's Sidem has started work on an estimated AED 265 million ($72 million) engineering, procurement and construction (EPC) contract to build two desalination plants with total capacity of 15 million gallons a day (g/d) in the northern...

Local consultant wins Beirut Port job.(Pierre Dammous and Partners )(Brief Article)
August 1, 2003... The local Pierre Dammous & Partners has been awarded the Beirut Port Authority (BPA) contract to design a back-up power plant for the port's new $200 million container terminal. The consultant is responsible for preparing the specifications for...

Damascus plans two new power plants.
August 1, 2003... The Public Establishment for Electricity Generation & Transmission (PEEGT) is planning to issue tenders in the autumn for two turnkey contracts to supply two new 750-MW power plants. The tender for the design, construction and commissioning...

September deadline for Gaza pipeline.(water pipeline)(Brief Article)
August 1, 2003... Bids are due to be submitted on 4 September for the $65 million Gaza water conveyance pipeline. Representatives for the shortlisted US companies--Morganti Group, ABB SUSA and Perini Corporation--carried out a three-day site visit between 21-23...

About 10 joint ventures between local and international companies have applied to prequalify for the contract to install 30 gas-insulated switchgear (GIS) substations around the country.(Iran)(Brief Article)
August 1, 2003... Iran About 10 joint ventures between local and international companies have applied to prequalify for the contract to install 30 gas-insulated switchgear (GIS) substations around the country. An invitation to bid will be issued to selected...

The Ministry of Public Works has further extended the deadline for three major sewage treatment projects planned at various locations.(Kuwait)(Brief Article)
August 1, 2003... Kuwait The Ministry of Public Works has further extended the deadline for three major sewage treatment projects planned at various locations. They are: the estimated KD 18 million ($60 million) Eqaila pumping station project, for which bids are...

Bids are due to be returned by 9 September for a contract to supply and install two 132/33/11-kV substations at Abdalli near the Iraq border.(Kuwait)(Brief Article)
August 1, 2003... Kuwait Bids are due to be returned by 9 September for a contract to supply and install two 132/33/11-kV substations at Abdalli near the Iraq border. Twelve international companies are prequalified to price the estimated KD 6 million ($20...

Qatar The Central Tenders Committee (CTC) opened bid prices from local contractors in late July for the engineering, procurement, installation and commissioning (EPIC) contract on the Doha South sewage treatment plant extension project.(Brief Article)
August 1, 2003... Qatar The Central Tenders Committee (CTC) opened bid prices from local contractors in late July for the engineering, procurement, installation and commissioning (EPIC) contract on the Doha South sewage treatment plant extension project....

Bids in on Tehran sewage trunkline.(Brief Article)
August 1, 2003... Five bids are under evaluation for package 3 on the Tehran eastern main sewage trunkline. Bids for package 4 will be invited by the end of the third quarter. Tehran Sewerage Company (TSC) in May awarded Austria's VA Tech the lump-sum turnkey...

Siemens to install Gulf's first 3G network.(Brief Article)
August 1, 2003... Germany's Siemens has been awarded the contract to supply the Middle East's first third-generation (3G) mobile network. Placed by the Kuwaiti/UK venture MTC-Vodafone, the 3G network in Bahrain will be operational by early 2004. The award comes...

Jordan Telecom (JT) has announced the appointment of Laurent Mialet as its new chief executive.(Jordan)(Brief Article)
August 1, 2003... Jordan Jordan Telecom (JT) has announced the appointment of Laurent Mialet as its new chief executive. JT said that Mialet, who arrives from France Telecom's international division, will be responsible for taking the operator into its next...

Qatar Telecom (Q-Tel).(Qatar)(announces increase in profits, revenues)(Brief Article)
August 1, 2003... Qatar Net profits at Qatar Telecom (Q-Tel) reached QR 580 million ($159 million) in the first six months of the year, a 12 per cent increase on the corresponding period in 2002. Revenues were up by 14 per cent to QR 972 million ($267 million)...

Dubai-based Emirates Group announced on 23 July that its IT subsidiary Mercator had been selected by Air Niugini for a contract to provide revenue accounting systems.(Brief Article)
August 1, 2003... UAE Dubai-based Emirates Group announced on 23 July that its IT subsidiary Mercator had been selected by Air Niugini for a contract to provide revenue accounting systems. Called Fastrac, the passenger/cargo accounting solution will be...

Five line up for Zanjan zinc.(plant contract for Iran Zinc Production Co.)(Brief Article)
August 1, 2003... Five consortia are preparing to bid by a revised 24 September deadline for the estimated $150 million lumpsum turnkey (LSTK) contract to build a zinc plant at Zanjan. The client, Iran Zinc Production Company (IZPC), aims to make a contract...

Bahrain-based Arab Banking Corporation (ABC) and Jeddah-based National Air Services (NAS) have announced the signing of a financing agreement for a $30 million Gulfstream IV-SP aircraft.(Brief Article)
August 1, 2003... Saudi Arabia Bahrain-based Arab Banking Corporation (ABC) and Jeddah-based National Air Services (NAS) have, announced the signing of a financing agreement for a $30 million Gulfstream IV-SP aircraft. The deal is the second international bank...

Union Aviation Company (UAC).(UAE)(five-member board appointed for recently-established company)(Brief Article)
August 1, 2003... UAE An Emiri decree was issued on 27 July governing the appointment of a five-member board for the recently-established Union Aviation Company (UAC). Headed by Shaikh Ahmed bin Sail al-Nahyan, the board also includes Hamad al-Hat al-Suweidi,...

Country index.
August 1, 2003... Country index Algeria * Gassi Touil bids delayed 12 Bahrain * Bapco debt discussions resume 10 * BFH prequals approach 15 * Siemens wins first 3G...

Sabic results boost bourse.(Saudi Basic Industries )
August 1, 2003... Share prices on the Saudi Arabian stock exchange continued to surge at the end of July with the benchmark NCFEI index closing the week to 30 July up 4 per cent at 3891.16 points, an increase of 55 per cent since the start of the year. The...

The pure drop: water is at premium in the Middle East and North Africa, where 5 per cent of the world's population struggle to share just 1 per cent of its fresh water. MEED reports on the region's response to an increasing pressing need.
August 1, 2003... The possibility of towing icebergs from the poles to supply drinking water to arid countries has long been dismissed as the stuff of fantasy. So residents of Dubai were in for a shock when a 70-tonne block of ice gently floated up the city's...

Reclaiming the land.(Egyptian agriculture and the Toshka project)(a discussion of Egypt's agricultural industry)(Industry Overview)
August 1, 2003... Molokhia, the national dish of Egypt, is not to everyone's taste. But if you have a particularly good bowl of cooked mallow you might murmur 'fayoum" to yourself as you settle back in your seat. The Fayoum oasis to the west of Cairo is so famed...

Efficient flow.(Thames Water)(Thames Water gains access to a top player in the reverse osmosis business)
August 1, 2003... Few outside the water sector paid much attention last September when German utility RWE paid Spanish electricity group Iberdola Diversificacion Eur 94.5 million ($108.6 million) for a 75 per cent stake in Spanish water contractors Pridesa and...

Desalination by the book.(Special report: water)(Book Review)
August 1, 2003... Desalination technology was introduced to the Gulf some 50 years ago. Without it, the region could not have achieved the economic prosperity it enjoys today. Anybody wishing to gain a basic understanding of the issues involved in this most...

Contracts.(a list of several contracts that have been issued in the Middle East)(Illustration)
August 1, 2003... Contracts More than $5,750 million worth of contracts were awarded in the Middle East in July, according to this checklist compiled from MEED reports. If you want details of your organisation to be included, please send information to...

Tenders.(a list of tenders issued in the Middle East)
August 1, 2003... ALGERIA * Emulsifier Tender no 261/013 / 2003. Supply of 12,000 litres of anti-alcohol emulsifier. Details on payment of AD 3,000 from Societe Nationale de la Petrochimie (ENIP), Complexe Methanol & Resines Synthetiques CP1/Z, BP...

Databank.(economic forecasts for several countries)(Illustration)
August 1, 2003... Databank: Economic forecasts, 2002-2003 Real GDP Current account Budget deficit/ growth (%) ($ million) surplus (%...

IAEA visits Tehran for new talks on protocols.(International Atomic Energy Agency, nuclear non-proliferation treaty)(Brief Article)
August 8, 2003... * Iran A legal team from the International Atomic Energy Agency (IAEA) visited Tehran in early August to explain more fully the requirements of two additional protocols to the nuclear non-proliferation treaty (NPT). Iran, which is under...

On the record.(President Mohammed Khatami, Iran; quote on nuclear weapons program)(Brief Article)
August 8, 2003... "I emphasise that Iran is totally against any form of weapons of mass destruction and denounce as false and groundless the claims that Iran is producing nuclear weapons" Iranian President Mohammed Khatami