MEED Middle East Economic Digest articles from August 2004

MEED Middle East Economic Digest archives from August 2004

Power play.(Comment)(Brief Article)
August 6, 2004... Necessity is the mother of invention, and arguably the father of private power. At this time of year, the use of air-conditioning drives electricity use across the region to peak levels, highlighting how fast-growing populations and expanding...

On the record.(Seven Days)(Brief Article)
August 6, 2004... "Israel has made a commitment... We look forward to Israel abiding by that commitment and sticking by the roadmap" The US State Department's response to Israeli plans to expand the West Bank settlement of Maale Adumim, in contravention of...

Looking back ...(Seven Days)
August 6, 2004... 31 July 1964 A new currency is to be introduced in Bahrain by July 1965 to replace the Gulf rupee at present current in Bahrain and other Gulf states, with the exception of Kuwait. The unit will be the Bahraini dinar. 4 August 1989...

Insurgents hit new targets: Christian churches struck in co-ordinated attacks.(Iraq)
August 6, 2004... There has long been suspicion that attacks by insurgents opposing the new political order are aimed at stoking tension between the Sunni and Shia communities, rather than genuinely sectarian attacks. The tactic took a new twist on 1 August,...

Election timetable set as violence continues.(Saudi Arabia)
August 6, 2004... Government officials on 4 August announced that the kingdom's first municipal elections are to be held in three stages starting in November. Agreement was reached with UN experts that the first polls, which are to elect half the members of 178...

Militants give Italy 15 days to leave Iraq: 31 July.(News Digest)
August 6, 2004... A militant group claiming links to Al-Qaeda gives Italy a 15-day deadline to withdraw its troops from Iraq or face attacks, in a statement sent to London-based newspaper Al-Quds al-Arabi. "We are mobilising our cells everywhere in Rome and...

Suspected militants held in Jordan: 1 August.(News Digest)
August 6, 2004... Jordanian officials confirm the arrest of three more militants in connection with a plot in April to attack the US embassy and Jordanian government offices with chemical and conventional weapons. Nine suspected militants have now been detained...

Khartoum rejects UN deadline: 1 August.(News Digest)
August 6, 2004... The Sudanese cabinet condemns the 30-day deadline set by the UN Security Council on 30 July to rein in militias in Darfur, but agrees to implement a 90-day programme with the same aim, proposed by UN Secretary-General Kofi Annan. Sudanese...

Dahlan warns of West Bank chaos: 2 August.(News Digest)(Brief Article)
August 6, 2004... Influential Palestinian politician Mohammed Dahlan calls for Palestinian leader Yasser Arafat to yield to growing demands for an end to corruption within his government or face mass protests. Dahlan, security minister to former premier Mahmoud...

Tel Aviv defies Washington to expand in West Bank: 3 August.(News Digest)(Brief Article)
August 6, 2004... Israeli plans emerge to add 600 houses to the West Bank's largest settlement, Maale Admuim, despite having assured Washington it would not expand existing settlements. The plan would expand key territory sought by the Palestinians for an...

King Abdullah calls for Palestinian reform: 3 August.(News Digest)
August 6, 2004... Jordan's King Abdullah publicly expresses frustration with the Palestinians in a television interview, calling for reflection on past mistakes and the beginning of wide-ranging reform. He calls for the adoption of a "clear vision" in peace...

US helicopter shot down in Iraq: 5 August.(News Digest)(Brief Article)
August 6, 2004... A US helicopter is shot down in Iraq's holy city of Najaf, wounding two crewmen. The incident occurs as US troops with Iraqi security forces fight fierce battles in Najaf against supporters of radical Shia cleric Moqtada al-Sadr. Meanwhile,...

Two's company: the first independent water and power projects are moving ahead in Saudi Arabia, with Marafiq and Shouaiba coming to market at the same time.(Saudi Arabia)(Cover Story)
August 6, 2004... They don't do things by halves in Saudi Arabia. Long the laggard in shifting utilities generation to the private sector, the kingdom now has not one, but two independent water and power projects (IWPPs) on offer to developers. While there are...

A small company gone elephant hunting: First Calgary Petroleum is concentrating its activities on the opportunities on offer in Algeria--with considerable success Clare Dunkley talks to chief executive Ric Anderson about the Canadian company's strategy.(Interview: Ric Anderson, First Calgary Petroleum)(Interview)
August 6, 2004... Why did you choose to concentrate on Algeria? Algeria has excellent prospects and is underdeveloped--for example, there are only about 15 wells per 10,000 square kilometres, whereas in North America you have about 900. And in the Berkine...

More Dolphin subcontracts let: Saudi and Japanese firms take awards.(Qatar)(Brief Article)
August 6, 2004... Japan's JGC Corporation has awarded two more subcontracts on the Ras Laffan gas processing and compression plant project. Saudi Arabia's Nasser al-Hajri has taken the civils subcontract package, valued at about $70 million, while Japan's Taisei...

Palmyra gas deal nears.(Syria)(Brief Article)
August 6, 2004... An $800 million deal to develop non-associated gas reserves in the Palmyra region could be signed in early September. An outline agreement for the 20-year production sharing agreement to develop the Palmyra middle area was reached in June by...

Developments on Daura.(Iraq)(Brief Article)
August 6, 2004... Contractors were invited in late July to submit bid clarifications for the contract to upgrade the 110,000-barrel-a-day (b/d) Daura refinery; located on the outskirts of Baghdad. Seven companies--including South Korea's SK Engineering &...

Eols invited for Western Desert maintenance.(Libya)(Brief Article)
August 6, 2004... Agip Gas has invited about 12 companies to submit expressions of interest (Eols) by 30 August on a two-year maintenance contract for the onshore section of the $4,500 million Western Desert gas project. The successful firm will provide services...

OPEC statements push prices to record levels.(Oil Prices)(Organization of the Petroleum Exporting Countries )
August 6, 2004... Oil prices hit their highest levels for more than a decade in the first week of August on the back of terrorism warnings in the US, yet another pipeline attack in Iraq and alarmist warnings from within OPEC. Spot Brent was trading at $41.97 a...

MEED conferences premier networking events.(Brief Article)(Calendar)
August 6, 2004... 3rd Middle East Retail Banking 19-20 September 2004, Dubai www.meed.com/retailbanking 2nd Middle East Capital Markets 21-22 September 2004, Dubai www.meed.com/capitalmarkets Major New Project Opportunities in Abu...

Prequals in for PDO service contracts.(Oman)(Petroleum Development Oman)(Brief Article)
August 6, 2004... Applications for prequalification nave been submitted on two major five-year service contracts for Petroleum Development Oman (PDO). The first, worth about $75 million a year, covers "off-plot" delivery, including instrumentation work,...

PDO strikes oil.(Oman)(Petroleum Development Oman )(Brief Article)
August 6, 2004... Petroleum Development Oman (PDO) has announced a new oil discovery in the Shuaiba formation, located in the Malaan area in the northwest of the sultanate. The Malaan-3 well tested at a flow rate of 2.600 barrels a day (b/d) The first well...

Tender due for Al-Kawther FEED.(Oman)(Brief Article)
August 6, 2004... A tender is due to be issued in the first half of August by Petroleum Development Oman (PDO) for the front-end engineering and design (FEED) contract on the development of the Al-Kawther gas field. The estimated $150 million, project calls for...

Fugro awarded seismic acquisition contract.(Qatar)(Brief Article)
August 6, 2004... Oslo-based Fugro-Geoteam has been awarded a contract, worth about $6 minion, to acquire offshore 3D seismic data for Canada's Talisman Energy. The survey will be conducted over block 10, covering acreage of about 1,200 square kilometres, and is...

McDermott wins Aramco work.(Saudi Arabia)
August 6, 2004... The US' J Ray McDermott has been awarded a contract by Saudi Aramco to build, transport and install oil production facilities off the east coast. The contract covers two steel jackets four production decks, four rigid pipelines, three flexible...

Prequalification extended for Umm Shaif.(UAE)(Brief Article)
August 6, 2004... Abu Dhabi Marine Operating Company (Adma-Opco) has extended to early September the bid deadline to prequalify for the Umm Shaif gas injection project. Adma-Opco had been looking to tender the contract on an engineering, procurement and...

Fluor takes olefins II PMC ... Fluor wins mandate over Bechtel, Foster Wheeler.(Kuwait)(Brief Article)
August 6, 2004... Fluor Daniel of the US received in late July a letter of intent for the contract to provide project management consultancy (PMC) services for the olefins II project. The scheme, which is being promoted by a joint venture of the local...

... As PIC prequalifies six for aromatics EPC.(Kuwait)(Petrochemicals Industries Company)(Brief Article)
August 6, 2004... Petrochemicals Industries Company (PIC) has prequalified six bidders for the contract to build the estimated $800 million aromatics plant. They are JGC Corporation and Chiyoda Corporation, both of Japan, Paris-based Technip, LG Engineering &...

Work begins on Helwan complex.(Egypt)(Brief Article)
August 6, 2004... Germany's Uhde has begun mobilisation on the turnkey contract to build a fertiliser complex for the local Helwan Fertilisers, following the achievement of financial Close on the project and the formal activation of the agreement. A group of 16...

Phthalic anhydride for Isfahan.(Iran)(Brief Article)
August 6, 2004... Esfahan Petrochemical Company is evaluating engineering, procurement and construction (EPC) bids for a new anhydride (PTA) plant, Four companies, including Germany's Lurgi, South Korea's LG Engineering & Construction, Italy's Tecnimont and an...

JGC signed up for JCP styrene facility.(Saudi Arabia)(Brief Article)
August 6, 2004... Japan's JGC Corporation confirmed in late July the award of the engineering, procurement and construction (EPC) contract for the integrated styrene facility planned by Jubail Chevron Phillips (JCP). The estimated $1,000 million project....

Sipchem licenses Eastman technology.(Saudi Arabia)(Brief Article)
August 6, 2004... Saudi International Petrochemical Company (Sipchem) has made further progress on the phase 2 development of its Jubail petrochemical complex, with the signing of an interim agreement to license acetyl co-production technology from the US'...

Taisei lands Palm island tunnel contract: second tunnel award on Palm project.(UAE)(Brief Article)
August 6, 2004... Japan's Taisei Corporation was awarded in early August the design-and-build contract covering the subsea tunnel connecting the spine to the crescent on the Palm Jumeirah development. The Japanese contractor beat off competition from four other...

Contract awarded for Lake Terrace tower.(UAE)(Brief Article)
August 6, 2004... Dubai-based property developer Damac has awarded the local Al-Hamed Development & Construction the main construction package for the Lake Terrace block in the Jumeirah Lake Towers. The contract, valued at an estimated AED 150 million ($40...

New deadline set for AX 059 package.(UAE)(Brief Article)
August 6, 2004... The Department of Civil Aviation has extended the bid deadline by a month to 11 September for the AX 059 package on the Dubai International Airport expansion project. Prospective bidders for the contract, which is the biggest so far tendered on...

Chinese to build Rotana Hotel in Fujairah.(UAE)(Brief Article)
August 6, 2004... China National Aero Technology Import & Export Corporation (CATIC) has been awarded the estimated AED 90 million ($25 million) contract to build a new five-star luxury hotel in Fujairah. The contract calls for the construction of a low-rise...

Hamza appointed Peace Island masterplanner.(Sudan)(Hamza Associates)(Brief Article)
August 6, 2004... Egypt's Hamza Associates has been appointed masterplanner on a $500 million mixed-use development near Khartoum. The client is the Peace Island Development Company, set up in mid-2004 between Egypt's Horizon and private and government...

Two in race for financial harbour PMC.(Bahrain)(project management consultancy)(Brief Article)
August 6, 2004... The field has narrowed to two for the project management consultancy (PMC) contract on the Bahrain Financial Harbour. The shortlisted bidders are the US' Turner International and a team of Australia's Boyle Lend Lease with locally-based Projacs...

Bids invited for township.(Kuwait)(Brief Article)
August 6, 2004... The Public Works Ministry has invited 13 local companies to bid by 26 September for a contract to design and build infrastructure works for sector B on the Jaber al-Ahmed township project. They are Burhan International Contracting Company,...

Rebids awaited on The Avenue.(Kuwait)(shopping mall)(Brief Article)
August 6, 2004... Rebids are due to be submitted on 16 August for the main package on The Avenue mixed-use development For the retender, the client, the local Mabani, has expanded the prequalification list to seven from the original three, The prequalifiers now...

Beirut Mall concrete package out.(Lebanon)(Brief Article)
August 6, 2004... About 15 local contractors have been invited to submit bids by 10 August for the concrete package on the estimated $15 million Beirut Mall project. A contract award is expected by the end of August. Tenders for the remaining packages, which...

Movement on Muscat road projects.(Oman)(Brief Article)
August 6, 2004... The deadline has been extended to 13 September for the contract to construct a partial ring-road, known as the southern expressway, around Muscat About 10 companies are prequalified for the estimated RO 60 million ($154 million) contract,...

Bids in for Saud tower contract.(Qatar)(Brief Article)
August 6, 2004... Evaluation of bids is under way for the design and build contract on the Shaikh Saud office tower project in West Bay. Up to six companies are competing for the contract, including: a joint venture of Belgium's Six Construct and the local...

Dubai interchange contracts awarded.(UAE)(Brief Article)
August 6, 2004... Dubai Municipality has awarded interchange contracts totalling almost $100 million. A joint venture of the local/Belgian Bel Hasa Six Construct and the local Bin Hafeez General Contracting & Transport Establishment has taken the AED 178 million...

DMJM wins PMC for Abu Dhabi ministries.(UAE)
August 6, 2004... The US' DMJM International has been selected as project manager for the construction of a ministerial complex in Abu Dhabi. The local Dar Consult has also been appointed consultant. The estimated AED 300 million ($82 million) scheme will cover...

Conrad design tenders due out in October.(UAE)(Multi Property Development)(Brief Article)
August 6, 2004... The Netherlands' Multi Property Development (MPD) has been appointed development manager for the estimated $125 million-150 million Conrad International five-star luxury hotel to be built in Dubai. MPD has carried out a feasibility study and...

Bids in for Das housing project.(UAE)(Target Engineering Construction Company )(Brief Article)
August 6, 2004... The local Target Engineering Construction Company is low bidder for the retendered Abu Dhabi Marine Operating Company (Adma-Opco) contract to build new accommodation facilities at the Sahil housing complex on Das island. Target submitted the...

QF mulls Education City accommodation bids.(Qatar)(Qatar Foundation for Education, Science & Community Development)(Brief Article)
August 6, 2004... An award is expected by late August for the estimated $170 million-180 million project to build a major accommodation complex at Education City. The Qatar Foundation for Education, Science & Community Development (QF) received bids from at...

Washington ponders recon fund as Nash packs bags.(Iraq)(programme management office)(Brief Article)
August 6, 2004... Washington is reviewing its $18,400 million Iraq Infrastructure Reconstruction Programme (IIRP) after responsibility for the programme was handed to the State Department from the Department of Defence (DoD) following the transfer of sovereignty...

Project managers line up for prestigious contracts.(Qatar)(building developments )
August 6, 2004... International project managers are preparing to submit bids on two prestigious building developments in Doha. Bids are due on 11 August for the post of project manager on DubaiTower, which is set to be the tallest building in Doha. Four days...

Bids received for Old Town package.(UAE)
August 6, 2004... Bids are under evaluation for the first construction package on the Old Town residential area of the Burj Dubai development. A contract award is expected by late August. The first phase calls for the design and construction of eight...

Khor Fakkan bid deadline put back.(UAE)(Brief Article)
August 6, 2004... The bid closing date has been extended by a month to 6 September for the contract to expand the Khor Fakkan container terminal in Sharjah emirate. Prequalifiers for the construction package include Geneva-registered Archirodon Construction...

More time for Capital Plaza bidders.(UAE)(Brief Article)
August 6, 2004... The bid closing date has been extended by six weeks to 26 September for the main package on the Capital Plaza project in Abu Dhabi. About five international contractors have been invited to bid for the contract. The estimated $200 million...

Euro-Med transport report submitted.(Regional)(Brief Article)
August 6, 2004... The advisory team on the Euro-Med Transport Project, calling for the creation of an integrated road and rail network linking Europe and the 12 Mediterranean states to the south and east, has submitted its diagnostic report to the European...

Municipality rolls out LRT tender: five prequalified from 50 applicants.(UAE)(Dubai fight rail transport project)
August 6, 2004... Dubai Municipality released in early August the tender package for phase 1 of the Dubai fight rail transport (LRT) project. About five international groups, each containing a rolling stock supplier, are prequalified to bid for the final design,...

Linklaters wins SRO legal mandate.(Saudi Arabia)(Saudi Railways Organisation)(Brief Article)
August 6, 2004... The advisory team on the Saudi railway expansion programme has been completed following the appointment of Linklaters as legal adviser. Working in partnership with the Saudi Law Office of Abdulaziz H Fahad, the firm saw off competition from six...

Hormozgan's steel plant shapes up: work under way for completion in 2009.(Iran)(Hormozgan Steel Company)(Brief Article)
August 6, 2004... A new direct reduction steel slab plant is taking shape at Hormozgan Steel Company (Hosco) in the south. Key contracts on the estimated $600 million project are expected to be signed by the end of the Iranian year in March 2005 and be completed...

Balli signs up for Al-Mahdi aluminium offtake.(Iran)(Balli Group PLC)(Brief Article)
August 6, 2004... UK-based Balli Group has signed an offtake agreement for phase 2 of the Al-Mahdi aluminium smelter in Hormozgan province in the south. The project will cost more than $500 million and is expected to be Iran's first metals project to be carried...

VAI signs Hadeed contract.(Saudi Arabia)(Voest Alpine Industrieanlagenbau)(Saudi Iron & Steel Company)(Brief Article)
August 6, 2004... A consortium of Austria's Voest Alpine Industrieanlagenbau (VAI) and Germany's SMS Demag signed in late July the contract to expand and modernise the Saudi Iron & Steel Company (Hadeed) hot rolling mill in Jubail. The contract, worth about Eur...

Tabreed chill hits Bahrain.(Regional)(district cooling services)(Brief Article)
August 6, 2004... Abu Dhabi's National Central Cooling Company (Tabreed) has established a joint venture company to provide district cooling services in Bahrain, as part of a wider regional expansion under way by the company, which has already taken in Qatar and...

RFP out on Shouaiba IWPP: developers have until January to respond.(Saudi Arabia)(request for proposals)(independent water and power project)
August 6, 2004... The long-awaited request for proposals (RFP) was sent out to developers in late July for the Shouaiba independent water and power project (IWPP), shortly after the cabinet approved the credit support agreement for the landmark project. The 11...

Bids in for second PP9 expansion.(Saudi Arabia)(power station)(Brief Article)
August 6, 2004... Saudi Electricity Company (SEC) has started evaluating bids for a further expansion of Riyadh's PP9 power station. The bidders for the 1,200-MW expansion, estimated to be worth $700 million, are the local Arabian Bemco Contracting, with...

More time for Hidd O&M bidders.(Bahrain)(operation and maintenance)(Brief Article)
August 6, 2004... The bid deadline has been extended by a month to 31 August for the operation and maintenance (O&M) contract covering phases 1 and 2 of the Hidd power and desalination complex. The 12-year contract is worth an estimated BD 100 million ($263...

Sorenson Gross in front for Aqaba water.(Jordan)(Brief Article)
August 6, 2004... Sorenson Gross Construction of the US is low bidder for the contract to expand and rehabilitate Aqaba's water supply system after the opening of prices in after July. Sorenson's quote of $18.8 million was about 10 per cent below the next lowest...

Gecol extends Misurata deadline.(Libya)(General Electricity Company of Libya)(750-MW, gas-fired combined cycle Bower plant)(Brief Article)
August 6, 2004... General Electricity Company of Libya (Gecol) has extended by a month to 31 August the deadline for the submission of technical bids for the engineering, procurement aria construction (EPC) contract to build a new 750-MW, gas-fired combined...

Hybrid PQ application deadline extended.(Morocco)(Office National de l'Electricite)(Brief Article)
August 6, 2004... Office National de l'Electricite (ONE) has extended the deadline to 1 September for companies to submit applications for prequalification for the development of the kingdom's first solar/thermal power plant in the northeast city of Ain Beni...

Detailed designs near on Salalah desalination.(Oman)(Brief Article)
August 6, 2004... Egypt's Dr Ahmed Adel-Warith Consulting Engineers is awaiting notice from the water & transport directorate of Dhofar governorate to proceed with detailed designs for a new desalination plant at Salalah. A feasibility study has Been completed...

Bahwan wins Sohar power grid contract.(Oman)(Brief Article)
August 6, 2004... The local Bahwan Engineering Company has been awarded the RO 43.5 million ($111.5 million) contract to install a power transmission network to serve the Sohar port and industrial area. The client is the Housing, Electricity & Water Ministry...

Tractebel/GIC sign Al-Ezzal.(Bahrain)(Gulf Investment Corporation)(Brief Article)
August 6, 2004... The consortium led by Belgium's Tractebel and Kuwait's Gulf Investment Corporation (GIC) on 31 July signed the key project agreements with the Ministry of Finance & National Economy (MoFNE) for the kingdom's first independent power project...

Revised bid submitted for Disi.(Jordan)(Brief Article)
August 6, 2004... The Saudi Oger-led consortium, selected in April as the preferred bidder for the $400 million Disi water project, has submitted new prices for the scheme. The new bid, which was submitted to the Water & Irrigation Ministry in early August,...

Turkcell still hopeful as MTN waits in the wings: Turkish negotiators are back in Tehran.(Iran)
August 6, 2004... Turkcell's ambitions to establish Iran's second GSM network were cast into doubt following its failure to sign the licence agreement during Prime Minister Recep Tayyip Erdogan's 28 July visit to Tehran. However, Turkish negotiators were back in...

Bidders line up for MCI GSM network rollout tender.(Iran)(Mobile Company of Iran)(Global System for Mobile Communications)(Brief Article)
August 6, 2004... Contractors are preparing to submit offers by 23 August for the planned rollout of GSM capacity by Mobile Company of Iran (MCI). Nine companies have bought tender documents and are lining up with potential equipment vendors and investors. The...

Third GSM network prepares for start-up.(Algeria)(Global System for Mobile Communications)(Brief Article)
August 6, 2004... The technical opening of the country's third GSM network, operated by Wataniya Telecom Algeria by was completed on 2 August, after the successful testing Of short messaging service (SMS) and multimedia messaging service (MMS) platforms....

Alcatel wins two network contracts.(Tunisia)(Brief Article)
August 6, 2004... France's Alcatel has won two contracts to deploy and extend radio and multi-service networks. The first contract, worth Eur 12 million ($14.4 million), calls for the installation of a national digital microwave network for the Tunisian...

Consultants sought for tourism projects: ministry plans resort and airport projects at coastal sites.(Oman)(Brief Article)
August 6, 2004... The newly-formed Tourism Ministry has invited bids for the consultancy contracts on two new tourism projects at Ras al-Hadd and Salalah. The Ras al-Hadd project is the larger of the two and will be an eco-resort centred around the turtle...

DSM opens up to foreign investors: market liberalisation to boost activity on the stock exchange.(Qatar)(Doha Securities Market)(Brief Article)
August 6, 2004... The Economy & Commerce Ministry has issued an instruction that foreigners should be permitted to invest directly in stocks listed on the Doha Securities Market (DSM--stock exchange). Implementation of the new regulations is expected to take...

Tender due for development plan.(Oman)(Brief Article)
August 6, 2004... A consultancy tender is due to be issued by mid-August for the preparation of an overarching national development plan. The strategy will cover all aspects of economic development, including hydrocarbons, industrial and tourist projects. Bids...

Article 44 decision nears.(constitutional article)(Brief Article)
August 6, 2004... The Expediency Council is close to revising the constitutional article governing private sector participation in key sectors of the economy, including banking, telecommunications and industry. Under the proposed fourth five-year development...

Nine commit to Al-Ezzal debt: club deal after positive bank response.(Bahrain)(Al-Ezzal Power Company)(Brief Article)
August 6, 2004... A total of nine international and regional banks replied positively to invitations to join the lead arranging group on the commercial debt package for Al-Ezzal Power Company. They will be joining HSBC and Societe Generale, the two banks backing...

TE to stage bond issue.(Egypt)(Telecom Egypt)(Brief Article)
August 6, 2004... Telecom Egypt (TE) has mandated a four-strong bank group to arrange a bond issue worth E 2,000 million [pounds sterling] ($321.5 million), to be used for a combination of refinancing and future projects. The issue is expected to be launched in...

BNP wins first foreign licence.(Kuwait)(BNP Paribas )(Brief Article)
August 6, 2004... The Central Bank of Kuwait (CBK) has granted BNP Paribas the first licence for a foreign bank in the country. The decision will now be passed to the cabinet for final approval, following which the process of launching operations is expected...

SMBC advising on Rabigh.(Saudi Arabia)(Sumitomo-Mitsui Banking Corporation )(Brief Article)
August 6, 2004... Sumitomo-Mitsui Banking Corporation (SMBC) has confirmed its appointment as financial adviser on the $4,300 million integrated refinery and petrochemical project at Rabigh (MEED 2:7:04). Saudi Aramco and Japan's Sumitomo Chemical Company are...

Banks waiting to advise Hadeed.(Saudi Arabia)(Saudi Iron and Steel Co.)(Brief Article)
August 6, 2004... International and regional banks are waiting for Saudi Iron & Steel Company (Hadeed) to issue the request for proposals (RFP) for the financial advisory position on its proposed multi-phased expansion. Bankers interested in the position say...

Shuaa plans Saudi venture.(Regional)(Shuaa Capital )(Brief Article)
August 6, 2004... Dubai-based Shuaa Capital has announced plans to establish an investment bank in Saudi Arabia. Chief executive Iyad Duwaji said in early August that Shuaa would be seeking local partners to establish the institution, designed to take advantage...