MEED Middle East Economic Digest articles from August 2008

MEED Middle East Economic Digest archives from August 2008

Technical bids due for Dubai gas facility.(Project news on MEED.com)(Brief article)
August 1, 2008... [ILLUSTRATION OMITTED] Technical bids are due on 4 August for the contract to build a liquefied natural gas (LNG) regasification terminal at Jebel Ali. Dubai Supply Authority confirmed in April that it plans to import LNG using a floating...

GE wins Emirates Aluminium contract.(Project news on MEED.com)
August 1, 2008... The US' GE has won a $500m contract to supply equipment to the captive power plant for Emirates Aluminium in Abu Dhabi.

Selex wins Qatari air traffic control contract.(Project news on MEED.com)
August 1, 2008... Italy's Selex Sistemi Integrati has been awarded a $105m contract for air traffic control systems at the New Doha International Airport.

Hyundai wins contract to build Jaber al-Ahmed substation.(Project news on MEED.com)
August 1, 2008... South Korea's Hyundai Engineering & Construction has won the contract to build a substation at Jaber al-Ahmed in Kuwait.

Kuwait invites bids for Burgan pipeline work.(Project news on MEED.com)
August 1, 2008... Kuwait Oil Company has invited seven contractors to submit bids to build a pipeline at the Burgan field, in southeast Kuwait.

Bids in for Palm Deira ground improvement.(Project news on MEED.com)
August 1, 2008... Dubai property developer Nakheel has received at least three bids for ground improvement works at its Dubai Palm Deira development.

Qatar awards Dukhan gas deal to France's Technip.(Project news on MEED.com)
August 1, 2008... Qatar Petroleum has handed a design contract to France's Technip for a gas sweetening unit at Dukhan, to improve its domestic fuel gas facilities.

Clarification.(MEED: Middle East Business Intelligence)(Correction notice)
August 1, 2008... In MEED's Jordan Special Report on 18 July, the following quote should have been attributed to May al-Taher, deputy director general of Amman-based independent think tank Al-Urdun Al-Jadid Research Centre: "People working in the public...

Events.(MEED: Middle East Business Intelligence)(Calendar)
August 1, 2008... Middle East Rail Projects 2008 14-16 October Park Hyatt Hotel, Dubai, UAE www.meed.com/events/rail The Middle East rail sector offers some of the most exciting business opportunities in the world. More than 7,500 kilometres of rail...

Online poll result.(MEED: Middle East Business Intelligence)
August 1, 2008... Will Saudi Aramco's production boost solve the oil price crisis? Yes 23% No 62% Perhaps 15% www.meed.com

The Middle East steel report 2008.(INSIGHT)(Brief article)
August 1, 2008... [ILLUSTRATION OMITTED] The latest sector report from MEED Insight examines recent developments in, and the outlook for, the regional steel market. Record project activity in the Gulf, coupled with strong global demand, has resulted in...

Trade-off plan is right move: Algiers will be able to diversify and gain experience of global markets: the strict requirements could lead IOCs to stay away from the bidding.(ALGERIA)(international oil company)(Brief article)
August 1, 2008... [ILLUSTRATION OMITTED] The decision by Algerian Oil Minister Chakib Khelil and state energy company Sonatrach to seek upstream positions abroad in return for stakes in its own oil and gas concessions in Algeria is a novel strategy. But it...

Industry needs partnerships: clients and contractors are sharing the risk of rising prices and delays more evenly than before, and improving fractious relationships.(CONSTRUCTION)(Brief article)
August 1, 2008... One of the first things visitors to Abu Dhabi see when they leave the airport is dozens of tower cranes at the nearby $14.7bn Al-Raha Beach project. It is the sort of development that Abu Dhabi has waited patiently for. For five years it...

Investors want greater clarity: the saga of capital gains tax for foreign investors is the latest example of regulatory uncertainty.(KUWAIT)(Brief article)
August 1, 2008... Most bankers thought that Kuwait's punitive rate of capital gains tax on foreigners had been consigned to history in February, when Emir Sabah al-Ahmad al-Jaber al-Sabah gave his approval to a law abolishing the tax. However, the Central...

Morocco's success is key for region: the success of projects in Morocco will have a domino effect across the entire North African region.(MAGHREB)(Brief article)
August 1, 2008... [ILLUSTRATION OMITTED] As France's President Nicolas Sarkozy looks south and east to the Maghreb and the Levant for his Union for the Mediterranean, Gulf-based investors are mirroring the move by looking north and west. Ever-closer...

Riyadh pays price for going private: amid speculation that there is little interest in the Jizan refinery, Riyadh is offering sweeteners to oil majors.(ENERGY)(Brief article)
August 1, 2008... Almost two years after Saudi Arabia's Petroleum & Mineral Resources Ministry announced plans for a new export refinery at Jizan, the industry remains largely in the dark about the progress of the venture. Riyadh's decision to make the...

Algiers offers oil licence trade-off: firms bidding in state's oil and gas auction will be required to offer stakes in overseas projects to Sonatrach.(ENERGY: ALGERIA)
August 1, 2008... Oil majors seeking to explore for oil and gas in Algeria's most promising areas will have to offer stakes in their overseas schemes to state energy company Sonatrach. Algiers says companies must have upstream gas assets in Egypt, Nigeria,...

Riyadh offers incentives for oil majors to support Jizan: kingdom to develop first refinery without the help of Saudi Aramco.(ENERGY: SAUDI ARABIA)
August 1, 2008... Riyadh is to offer oil majors improved crude supply agreements and financial incentives to win support for its planned Jizan oil refinery, as well as the option of developing a petrochemicals facility alongside it. Full details of the...

Koreans bid low for hospital work.(CONSTRUCTION: KUWAIT)(Syed Hamid Behbani & Sons)(Jaber al-Ahmed al-Sabah )(Brief article)
August 1, 2008... A joint venture of the South-Korean Posco Engineering & Construction with the local Syed Hamid Behbani & Sons is the low bidder for the Jaber al-Ahmed al-Sabah hospital in Kuwait. The company bid KD319m ($1.2bn) for the work, which is...

Ministry postpones capital gains tax cut: government levy of 55 per cent on share sales continues to deter international investors.(COMPANIES & MARKETS: KUWAIT)
August 1, 2008... Kuwait's Finance Ministry has told international banks that it has postponed a measure to abolish the 55 per cent rate of capital gains tax that it charges on all share sales made by foreigners. The ministry has referred the measure to its...

Al-Noor approaches local contractors for $300bn city deal.(CONSTRUCTION: YEMEN)(Brief article)
August 1, 2008... The developers of the Al-Noor City project to build a bridge crossing the Red Sea linking two new cities in Yemen and Djibouti are approaching local contractors to ascertain their interest in the $300bn project. According to Enzo Zoratto,...

Maaden board faces reshuffle following local bourse listing: minister steps down to make way for representatives from the private sector.(COMPANIES & MARKETS: SAUDI ARABIA)(Saudi Arabian Mining Co.)
August 1, 2008... Sandi Arabian Mining Company (Maaden) is to undergo a radical overhaul of its management board over the next six months, following the company's flotation on the Saudi stock exchange (Tadawul). The changes will involve company chairman and...

Aramco offers flexibility on upgrade deals.(ENERGY: SAUDI ARABIA)(Saudi Arabian Oil Co.)(Brief article)
August 1, 2008... State oil giant Saudi Aramco is departing from its usual contracting policy to offer engineering firms flexible terms on the multibillion-dollar scheme to cut the sulphur content of gasoline produced at four refineries. Aramco has...

Western professionals to fill skills gap: Gulf boom attracts US and European construction executives seeking to flee slowing markets.(CONSTRUCTION: GCC)
August 1, 2008... The downturn in the economies of Europe and North America is forcing a growing number of construction professionals to look for jobs in the Gulf, providing a potential respite to the skills shortage in the sector. The trend is particularly...

Japanese credit agency offers $3bn finance for Ras al-Zour.(BANKING & FINANCE: SAUDI ARABIA)(Ras al-Zour independent water and power project)(Japan Bank for International Cooperation )(Brief article)
August 1, 2008... Japan Bank for International Cooperation (JBIC), the country's export credit agency, is committing $3bn in loans to two of the three bids for the planned Ras al-Zour independent water and power project (IWPP). Bankers close to the deal...

Projects run three times over budget: spending on the 15 largest government schemes is expected to reach $2.4bn over the year.(ECONOMY: JORDAN)
August 1, 2008... The Jordanian government's largest capital projects are collectively running more than three times over budget at the halfway stage in the kingdom's financial year, according to officials. Overall spending on the 15 projects, which are all...

Tunis seeks open skies deal with Europe: talks with European Commission to begin in September, with an agreement expected by the end of 2009.(TRANSPORT: TUNISIA)(Tunisia)
August 1, 2008... Tunisia could sign an open skies agreement with the EU as early as next year, opening up its airspace to competition from European airlines and pre-empting a wider aviation deal between Europe and the Middle East. The European Commission...

Sonatrach invites foreign contractors to bid for gas pipeline.(ENERGY: ALGERIA)(Brief article)
August 1, 2008... State energy giant Sonatrach has invited selected international contractors to submit technical and unpriced commercial bids by 24 August for a contract to build a gas pipeline between Hassi R'Mel and Skikda. Known as GK3, the 48-inch-wide...

Dubai-based contractor to build Iranian power plant: UAE's Quest Energy to develop 1,000 MW gas-fired plant despite sanctions.(POWER: IRAN)
August 1, 2008... Dubai's Quest Energy is developing an independent power project (IPP) in Iran, in the latest sign that foreign firms are willing to invest in Tehran's power industry despite US sanctions. Quest is developing the plant in partnership with...

Qasco enters talks to revive financing deal.(BANKING & FINANCE: QATAR)(Qatar Steel Company )(Brief article)
August 1, 2008... Qatar Steel Company (Qasco) is holding preliminary negotiations with international banks over resurrecting a failed $1.3bn project finance deal designed to refinance existing debt and fund expansion. Banks including Standard Chartered ...

Ras Lanuf upgrade to go over budget: rising engineering, procurement and construction costs set to increase refinery project's $2bn price tag.(ENERGY: LIBYA)
August 1, 2008... The final cost of the project to upgrade Ras Lanuf refinery, Libya's biggest export refinery, could exceed the initial budget in light of rising engineering, procurement and construction (EPC) costs. In mid-July, the Star Consortium, which...

Sewa awards contract to build Hamriya power plant.(Power: UAE)(Sharjah Electricity & Water Authority)(Brief article)
August 1, 2008... Sharjah Electricity & Water Authority (Sewa) has awarded the engineering, procurement and construction contract for the Hamriya power plant, the largest in the emirate, to a team of the US' GE and Canada's SNC Lavalin. Sewa has issued a...

Spreading the risk of development: while partnerships are increasingly being used for Gulf projects, contractors remain sceptical over their benefits.(CONSTRUCTION)
August 1, 2008... The contracts being signed by clients and contractors in the Gulf construction industry today would have been unthinkable three years ago. But the market is forcing them to change. Limited resources, rampant cost inflation and the ever-looming...

Opening up new frontiers: investment is pouring into the 'frontier markets' of the Middle East and North Africa as the rich rewards on offer and lack of correlation to the US attracts international interest.(Finance)
August 1, 2008... When America sneezes, the world usually catches a cold, or at least most of it does. The relative insulation of the hydrocarbons-rich Middle East from the current global economic crisis is challenging this conventional wisdom. For the...

How Muscat can tackle inflation: despite inflation reaching a record high in May, Oman has yet to act to bring it under control. Christopher Sell reports on how it could deal with the problem.(OMAN)
August 1, 2008... As Oman's inflation reached a high of 13.2 per cent in May, questions were being asked about how the sultanate could counter the adverse impact of higher prices. Figures from the National Economy Ministry show that food, beverage and...

BankMuscat: the Omani bank is building on its London Stock Exchange listing with plans to expand overseas.(BANKING)(Company overview)
August 1, 2008... COMPANY SNAPSHOT Date established 1982 Main business sector Banking Main business region GCC Profit $234.1m (2007) Chairman Sheikh Abdulmalik bin Abdullah al-Khalili Chief executive officer Abdulrazak Ali Issa ...

Q&A: Sheikh Abdulmalik Bin Abdullah Al-Khalili.(Business Close-Up)(questions and answers)(Interview)
August 1, 2008... The bank's key goal is to become one of the leading banks in the GCC. How are you achieving this? We have had a branch in Bahrain since 2005 and we opened a commercial banking branch in Riyadh in April 2007. The Qatar Financial Centre...

Maghreb.(Special Report)(Brief article)
August 1, 2008... [ILLUSTRATION OMITTED] Nowhere else in the world will you find four neighbouring economies with so little in common. But Rabat, Algiers, Tunis and Tripoli do share one thing: an urgent need for foreign investment. Opening up these...

Barriers to integration: with only limited ties between the major economies of the Maghreb, plans to create a 'Union for the Mediterranean' look as remote as ever.(GOVERNANCE)(Brief article)
August 1, 2008... In an effort to breathe life into a programme of Euro-Mediterranean integration, France's President Nicolas Sarkozy launched the latest version of the process, the Union pour la Mediterranee (Union for the Mediterranean), in Paris on 13 July....

Energy boom widens economic gap: while high oil and gas prices are enabling hydrocarbons-rich North African states to cope easily with the rising cost of food on global markets, their neighbours are struggling.(ECONOMY)
August 1, 2008... For North Africa, this is a time of contrasts in macroeconomic terms, as countries across the region feel the benefits and strains of rising energy and food prices in dramatically different ways. While Algeria and Libya reap the benefits of...

The great hopes for oil and gas: after years of under-investment, but with vast tracts of potentially hydrocarbons-rich land still unexplored, Algeria and Libya are attracting much attention from the energy majors.(ENERGY)
August 1, 2008... It was not long ago that oil and gas investors looked on the hydrocarbons-rich North African states as missed opportunities. Thanks to political and civil turmoil in Algeria and economic sanctions against Libya, most potential investors chose...

Meeting rising demand: electricity producers across North Africa are investing heavily in building new capacity, with coal-fired plants and wind power accounting for an increasingly large share of the market.(POWER)
August 1, 2008... Demand for power in Algeria is growing at a rate of 6.7 per cent a year, according to state energy company Sonelgaz. Peak demand, which stood at 6,576MW in 2007, will almost double to 12,000MW by 2017. Over the same period, the utility predicts...

Investing in Europe's next frontier: North Africa's close proximity to mainland Europe is proving attractive to Middle East developers, with some of the Gulfs biggest companies planning projects in the region.(REAL ESTATE)
August 1, 2008... "Morocco is my favourite country in the world," says Marwan Shehadeh, managing director of Dubai-based Al-Futtaim Capital. "You can live there like a king. It has everything life has to offer." Shehadeh is not alone in his belief in North...

Opening gateways to Africa: countries of the Maghreb are investing heavily in expanding airport capacity in a bid to boost tourism and secure their status as the regional transport hub.(AVIATION)
August 1, 2008... North African airlines are never going to be able to match the profits attained by their peers in the Gulf. The economies of the Maghreb simply do not have the finances that am readily available to the oil-rich nations of the GCC. However,...

Iraq energy: the six key figures in the Iraqi energy sector.(The MEED List)
August 1, 2008... Hussein al-Shahristani POSITION Oil minister BIOGRAPHY A former nuclear scientist and onetime prisoner of the notorious Abu Ghraib jail, Hussein al-Shahristani was appointed oil minister in May 2006. A member of the United Iraqi...

Sulb seeks financing for Bahrain steel project.(Project news on MEED.com)(Brief article)
August 8, 2008... [ILLUSTRATION OMITTED] Sulb seeks financing for Bahrain steel project Jeddah-based Steel Rolling Mill Company (Sulb) is seeking bank support to finance a $1bn steel project in Bahrain, structured by Gulf Investment Corporation. The deal is...

Baghdad invites firms to bid for Akkas gas field.(Project news on MEED.com)(Brief article)
August 8, 2008... Baghdad invites firms to bid for Akkas gas field Iraq's North Oil Company has invited firms to bid for drilling work at the Akkas gas field and the East Baghdad oil field by 30 September.

Nakilat raises $1.5bn to finance gas tankers.(Project news on MEED.com)
August 8, 2008... Qatar Gas Transport Company (Nakilat) has raised $1.5bn to finance the construction of liquefied natural gas tankers.

LyondellBasell wins technology contract.(Project news on MEED.com)
August 8, 2008... Rotterdam-based LyondellBasell has won a contract to provide technology to a polypropylene plant planned by Arabian Industrial Fibres Company.

Plus Properties awards Reem island deal.(Taahud General Contracting Company )(Brief article)
August 8, 2008... Plus Properties awards Reem island deal Plus Properties has awarded Taahud General Contracting Company a contract to build the SkyGardens project on Reem island in Abu Dhabi.

Riyadh delays rail tender.(Project news on MEED.com)
August 8, 2008... The Saudi Railways Organisation has delayed issuing the first tenders for the high-speed Mecca-Medina rail link.

Alstom signs Fujairah 2 maintenance contract.(Project news on MEED.com)
August 8, 2008... France's Alstom has signed a deal for the maintenance of the Fujairah 2 independent water and power project with Fujairah Asia Power Company.

Online poll result.
August 8, 2008... Should clients take on more risk to cover the rising cost of projects? (M) Yes 76% (M) Q No 24%

Events.(Calendar)
August 8, 2008... The Abu Dhabi Conference 2008 A vision for economic development in the UAE capital. 8-11 November Emirates Palace Hotel, Abu Dhabi, UAE www.meed.com/events/abudhabi This is an excellent chance for you to discover first-hand...

MEED projects.(Project news on MEED.com)
August 8, 2008... In the week ending 4 August, the MEED Projects index registered a I per cent rise, with the value of projects planned and under way in the Middle East reaching $2.32 trillion. The fastest growth was recorded in the UAE and Iraq, with the value...

The GCC power & water report: the struggle to keep supplies ahead of demand.(INSIGHT)
August 8, 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 generation and water sector, and the outlook up...

Cairo risks loss of investment: the consequences of tax legislation for free zone firms will be lasting: recent actions by Cairo could take their toll on investment levels.(EGYPT)(Brief article)
August 8, 2008... [ILLUSTRATION OMITTED] The relationship between uncertainty and foreign direct investment is clear. Investors need to know that their interests will be safeguarded before they commit resources, so more uncertainty means less investment....

Lending rules need updating: banking opportunities in the UAE, with its growing population and increasing wealth, are huge, but fresh regulation is required.(UAE)(Brief article)
August 8, 2008... Bankers in the UAE often talk optimistically about the huge growth potential of the market, despite the global credit crunch and the domestic challenges of inflation and ever fiercer competition. The opportunities in a market with a rapidly...

Retail growth can be managed: as a mainstream retail market emerges in the Gulf, it must not be allowed to stifle small business.(RETAIL)(Brief article)
August 8, 2008... With consumer spending in the West falling, it is no surprise that many of the world's biggest retail chains are increasing their interest in the Gulf. Consumer spending on food and consumable goods in the GCC is growing at 10-20 per cent...

Transformation of Doha is beginning: megaprojects are good news for Doha and create welcome opportunities for contractors.(QATAR)(Brief article)
August 8, 2008... [ILLUSTRATION OMITTED] For visitors to the Doha Asian Games in late 2006, it must have appeared that construction in Qatar had reached its peak. But the consensus among those in the construction industry was that once the games were over,...

Tehran must swap rhetoric for reality: with deteriorating finances, Tehran will find it difficult to afford the additional wheat imports it needs.(IRAN)(Brief article)
August 8, 2008... President Mahmoud Ahmadinejad may have many failings as head of state, but his command of rhetoric is not one of them. Earlier this year, he described his plan to replace subsidies with cash payments to the poorest Iranians as "a great economic...

Sagia seeks help for Hail economic city: additional developer will work alongside Rakisa as concerns mount over the project's progress.(CONSTRUCTION: SAUDI ARABIA)
August 8, 2008... Riyadh is appointing a second developer to work on Prince Adbulaziz bin Mosaed Economic City in Hail, as concern mounts over progress on the project. The Saudi Arabian General Investment Authority (Sagia), which oversees the kingdom's six...

Baghdad to miss oil production target: cutting deals with oil majors from two years to one will hit plans to raise output by 500,000 barrels a day.(ENERGY: IRAQ)
August 8, 2008... Baghdad will miss its first postwar target of boosting oil production by 500,000 barrels a day (b/d), following its decision to scrap plans for two-year service deals with oil majors. Two international oil company (IOC) executives and an...

Aramco invites bids for $3bn worth of contracts at Yanbu.(ENERGY: SAUDI ARABIA)
August 8, 2008... Saudi Aramco is inviting selected firms to bid for a raft of packages worth $3bn at the 400,000-barrel-a-day Yanbu export refinery, with technical and commercial bids due within days of the main construction deals. Aramco outlined its...

Consolidated dismisses UK court ruling.(CONSTRUCTION: REGIONAL)(Brief article)
August 8, 2008... Athens-based Consolidated Contractors Company Group (CCC) says a series of recent decisions in the UK courts, including the freezing of 15 of its bank accounts, not affect its operations. The rulings refer to a dispute between CCC and...

Bank set to build high-rise head office on Doha Corniche: headquarters building for Qatar National Bank will be 510 metres tall.(CONSTRUCTION: QATAR)
August 8, 2008... Qatar National Bank (QNB) plans to build its new headquarters to a height of 510 metres on Doha Corniche, making it one of the world's tallest towers and the latest in a series of skyscraper projects in the city. If it goes ahead, it will...

Central bank to clamp down on abuse of unsecured loans: regulations to stop rogue borrowers to be introduced by the end of 2008.(BANKING & FINANCE: UAE)
August 8, 2008... The Central Bank of the UAE is to introduce regulations by the end of 2008 to prevent individuals sidestepping personal lending limits by claiming to run small businesses to gain access to larger loans. Unsecured loans to individuals are...

Muscat seeks power plant consultant.(Omen Power & Water Company )(Brief article)
August 8, 2008... Omen Power & Water Company is to issue a tender for the consultancy contract on two major power projects by mid-August. While the Ghubrah West and Duqm plant projects will follow different timelines, they will use the same consultants. The...

Nakheel streamlines procurement process: financing model for water treatment schemes to be based on a joint venture with Macquarie Bank.(WATER: UAE)
August 8, 2008... UAE-based developer Nakheel is developing a streamlined financing and procurement model for water treatment and supply on its largest projects, based on a new joint venture with Australia's Macquarie Bank. The joint venture, which is being...

Maaden to award Ras al-Zour aluminium plant deals.(INDUSTRY: SAUDI ARABIA)
August 8, 2008... Saudi Arabian Mining Company (Maaden) is set to make awards on the three remaining main packages on its multi-billion-dollar aluminium refining and smelting complex at Ras al-Zour, following confirmation that the UK/Australian Rio Tinto will...

Rising costs threaten rail network: Tehran to prioritise most critical and affordable routes after failing to attract overseas financing.(TRANSPORT: IRAN)
August 8, 2008... More than $6bn worth of rail projects in Iran are under threat because of rising project costs and an absence of overseas funding. Tehran is reviewing its entire rail strategy to prioritise the most critical and affordable routes. Iran...

Amman to approve third independent power project.(POWER: JORDAN)(Brief article)
August 8, 2008... Jordan's energy regulator is expected to give the go-ahead in mid-August for the country's third independent power project (IPP), according to the head of the country's state-owned power company. If it goes ahead, the 400MW facility will be...

Algiers invites technical bids for resin plant.(PETROCHEMICALS: ALGERIA)(Brief article)
August 8, 2008... State-owned Societe Nationale de la Petrochimie (Enip) is inviting international contractors to submit technical bids by 18 October for the contract to build a urea formaldehyde resin plant. The successful contractor will design and build a...

Abu Dhabi bank holds fresh talks over Shadeed financing: steel project in Oman struggles to attract interest as bankers exercise caution.(Shadeed Steel project)
August 8, 2008... The National Bank of Abu Dhabi (NBAD) is holding fresh talks with financiers in a bid to secure support for the $760m Shadeed Steel project in Oman. The project is suffering from a poor initial response from banks, as they restrict their...

Poor wheat harvest to increase Tehran's budget deficit.(ECONOMY: IRAN)
August 8, 2008... Tehran's growing budget deficit will increase further in the second half of 2008 as the government imports wheat for the first time in years, following a poor May harvest as a result of bad weather. Iran will import at least 2 million...

Investment summit aims to raise $1.5bn: conference to take place at Nablus in October will be used to secure funding for northern West Bank.(ECONOMY: GAZA & WEST BANK)
August 8, 2008... An investment conference is set to take place in Nablus at the beginning of October, with the hope of attracting $1.5bn in private sector funding to boost the economy of the northern West Bank. Palestine Development & Investment Company...

Riyadh sets deadline for water privatisation contracts.(WATER: SAUDI ARABIA)(Brief article)
August 8, 2008... Companies have been given until 30 August to submit bids to the National Water Company (NWC) for the advisory contracts on its newest public-private partnership (PPP) initiative. The scheme is focused on wastewater distribution networks and...

Dispute tarnishes Cairo's image: doubts over a major petrochemicals scheme have undermined Egypt's status as an investment destination.(EGYPT)
August 8, 2008... The future of one of Egypt's largest petro-chemicals schemes is in doubt after parliament voted to relocate the $1.4bn EAgrium project in June. The decision to move the ammonia plant could cost Cairo dearly. If the government cannot come to an...

Hurdles to reform: President Ahmadinejad's plan for economic change offers little in the way of new ideas, but faces some major challenges.(Iran)
August 8, 2008... To great fanfare, Iran's President Mahmoud Ahmadinejad announced his plan for economic change in two TV appearances at the end of June. After the launch of the plan, the president held a two-hour meeting with 100 economists, who were each given...

Abdallah Dabbagh CEO Maaden: the head of the Saudi mining group discusses privatisation and plans to become the third pillar of the Saudi economy.
August 8, 2008... When Riyadh launched Saudi Arabian Mining Company (Maaden) in 1997, its intention was to float the company as quickly as possible. Some 11 years later, in July this year, it finally achieved its goal. The stock market listing means that...

UIDC: United Infrastructure Developers Company is aiming to win its first independent water and power project.(POWER & WATER)(Company overview)
August 8, 2008... COMPANY SNAPSHOT Date established 2007 Location Jeddah Main business sectors Power and water Main country of business Saudi Arabia CEO Hans-Dieter Martin United Infrastructure Developers Company (UIDC) is a relative...

Tackling the root causes of inflation: for the first time in almost a year, money supply in Kuwait has fallen, indicating that measures to address inflation are working.(KUWAIT)
August 8, 2008... When UAE central bank governor Nasser al-Suwaidi told MEED in December 2007 "we do not think there is a correlation between money supply and inflation", his words had little impact on his partner, Kuwait, or its central bank. Acting...

With annual growth in GCC consumer spending over the coming five years projected at 10-20 per cent, it is easy to see why the region is witnessing a boom in the construction of shopping malls.(Special Report: Retail)(Brief article)
August 8, 2008... [ILLUSTRATION OMITTED] Caption: With annual growth in GCC consumer spending over the coming five years projected at 10-20 per cent, it is easy to see why the region is witnessing a boom in the construction of shopping malls. Not only...

The rise of the retail giants: as the Gulfs economic boom drives major local and foreign shop chains to expand in the region, smaller businesses are losing out.(SALES)
August 8, 2008... Combine high living standards with an oil price surge unprecedented since the 1970s and what do you get? A consumer boom the like of which the Gulf has never seen. Two sectors above all are feeling the positive effects: real estate and...