MEED Middle East Economic Digest articles from December 2003

MEED Middle East Economic Digest archives from December 2003

Industrial developments.(Comment)(Editorial)
December 5, 2003... Most Gulf states have stirring memories of their seafaring past. But few have better reasons for nostalgic pride than Oman. At high tide, the Omani maritime empire stretched across to Zanzibar and the East African coast, straddling the...

Powell visit rewards the US' North African allies.(Regional)(Colin Powell)
December 5, 2003... The nations of North Africa were thrust into the international limelight on 2-3 December when US Secretary of State Colin Powell conducted a whistle-stop tour of Algeria, Morocco and Tunisia. The experience was less uncomfortable than it might...

On the record.(Seven Days)
December 5, 2003... "The more we talk about peace, the better. I welcome ideas from whatever the source" Colin Powell speaking in Morocco on the Geneva Accord

6 December 1963.(Looking Back ...)(Jordan railway contract)(Brief Article)
December 5, 2003... Amman awards a contract to a British consortium to build the first part of the planned Hijaz railway linking Syria to Saudi Arabia. Shortly afterwards, the project runs into "preliminary difficulties" over an equipment supply contract

9 December 1988.(Looking Back ...)(Brief Article)
December 5, 2003... Oil prices rise by $2 to $12 a barrel after an intense round of negotiations between OPEC representatives in Vienna secures an agreement between Iran and Iraq on quota parity

11 December 1998.(Looking Back ...)(Rafiq Hariri resigns)(Brief Article)
December 5, 2003... Lebanese Prime Minister Rafiq Hariri resigns his post after the appointment of Emile Lahoud as president, citing a breach of the constitution

Palestine peace plans move a long parallel tracks.(Regional)
December 5, 2003... The future of a divided Palestine is being decided once again in a divided Washington. As in early December the White House continued to push for a roadmap that increasingly bears little relation to the political landscape in Israel and the...

UNHCR says 1,800 Palestinians stranded: 28 November.(News Digest)(United Nations Human Rights Commissioner)(Brief Article)
December 5, 2003... The UN Human Rights Commissioner says that there are about 1,800 Palestinians living in refugee camps in eastern Jordan, most of them refugees from Iraq.

Foreign workers killed: 29 November.(News Digest)(Brief Article)
December 5, 2003... A Colombian oil worker, two South Korean engineers and two Japanese diplomats are killed when their vehicles are shot at on the Tikrit-Samarra road.

Majlis al-Shoura powers enhanced: 29 November.(News Digest)(Saudi Arabia)(Brief Article)
December 5, 2003... King Fahd issues a royal decree increasing the power of Saudi Arabia's Majlis al-Shoura (consultative council). The council will now be allowed to propose new laws and amendments to existing laws without first asking permission from the king.

New deputy crown prince named: 30 November.(News Digest)(Abu Dhabi)(Brief Article)
December 5, 2003... UAE President Shaikh Zayed bin Sultan al-Nahyan announces the appointment of Shaikh Mohammed bin Zayed al-Nahyan as deputy crown prince of Abu Dhabi.

US soldiers kill 54 in attempted robbery: 30 November.(News Digest)(Brief Article)
December 5, 2003... At least 54 Iraqis are killed by US soldiers in a gun battle in Samarra as US forces fight off an attempted banknote robbery.

Hamas bombers imprisoned: 30 November.(News Digest)(Brief Article)
December 5, 2003... An Israeli court gives two members of the Palestinian militant group Hamas 36 life sentences each for helping to plan suicide bombings in Tel Aviv and Jerusalem in 2002, which killed 12.

Al-Hakim takes IGC seat: 1 December.(News Digest)(Brief Article)
December 5, 2003... Abdul Aziz al-Hakim, a member of the Supreme Council for Islamic Revolution in Iraq, takes up the rotating leadership of the interim governing council.

Terror threat in Saudi Arabia: 2 December.(News Digest)(Brief Article)
December 5, 2003... The US embassy in Riyadh issues a warning to its 30,000 registered citizens in the kingdom of possible terrorist attacks against compounds housing Westerners.

US to form paramilitary group: 2 December.(News Digest)(Iraq)(Brief Article)
December 5, 2003... Reports emerge suggesting that the Coalition Provisional Authority in Iraq is to establish a 750-member paramilitary group formed of militiamen from members of the country's five main political parties.

Sudan negotiations continue: 3 December.(News Digest)(Brief Article)
December 5, 2003... The leader of the Sudan People's Liberation Army (SPLA), John Garang, says that a delegation of senior SPLA members will travel to Khartoum on 8 December to continue peace talks the government.

Iran criticises US envoy's comments: 4 December.(News Digest)(Brief Article)
December 5, 2003... Tehran critises comments made by US deputy secretary of state John Bolton on 3 December, in which he condemns Iran's "illegitimate" Nuclear weapons programme and criticises the government's Economics incentives and aggressive propaganda.

Building capacity: developing a vibrant industrial base is essential if Oman is to break its dependence on hydrocarbons exports. The development of Sohar's port and industrial hinterland will be decisive.(Cover Story: Oman)(Cover Story)
December 5, 2003... Once the busiest port in the Islamic world, the sleepy town of Sohar is on the cusp of returning to its historic past. In its heyday, Sohar sat at the centre of an Omani maritime trading empire that stretched from Zanzibar in East Africa as far...

Middle East tops tourism league: Gulf travellers cushion the blow of regional instability.(Economic briefing: tourism)
December 5, 2003... The Middle East enjoyed a 17 per cent increase in tourist arrivals to 28 million last year, making it the fastest growing travel market in the world, according to a recent report issued by the World Tourism Organisation. Political instability...

Kurds to lead economic restructuring: conference launch of federal plan.(Economy)(Brief Article)
December 5, 2003... The Kurdistan Regional Government of northern Iraq is preparing to launch a proposal to restructure the Iraqi economy on a federal basis, which would involve pooling national resources and income and redistributing wealth via five autonomous...

More time for Zubair compressor bidders.(Oil & Gas)(Brief Article)
December 5, 2003... The Oil Ministry has extended the bid deadline to 15 January for the contract to supply and install compression facilities in the Zubair oil and gas field, located in the south. The project calls for five compressors to boost gas from the...

Perini Corporation seeks M&E subcontractors.(Power & Water)(Brief Article)
December 5, 2003... The US' Perini Corporation is seeking mechanical and electrical (M&E) subcontractors with Middle East experience to construct two new power stations at Nasiriyah. The US Army Corps of Engineers (USACE) issued the inquiry on behalf of...

Bechtel reviews water bids.(Power & Water)(Brief Article)
December 5, 2003... The US' Bechtel is evaluating bids from 10 international companies for the contract to rehabilitate water treatment and supply infrastructure in the south. The project covers the restoration of 15 treatment plants, pumping stations and 120...

State of repairs examined.(Power & Water)(United States. Army. Corps of Engineers)
December 5, 2003... With the US Army Corps of Engineers (USACE) issuing in late November pre-solicitation notices for contracts worth up to $5,000 million for the reconstruction the power sector, the existing state of the infrastructure is of considerable...

C Meed conferences: premier networking events.(Calendar)
December 5, 2003... Middle East Family Business 8-9 December, Dubai Lead sponsor: Major New Project Opportunities in Qatar 13-14 January 2004, Doha Lead sponsors: 2nd Middle East Telecoms 20-21 January 2004, Bahrain Exclusive Lead Sponsor: 3rd Asset...

Aramco aims for refinery expansions: Al-Falih predicts spending of $18bn to 2007.(Saudi Arabia)(Saudi Arabia Petroleum Corp.)
December 5, 2003... Saudi Aramco's ambitions in crude oil production and exports, refining, gas and petrochemicals were outlined in a wide-ranging speech delivered at MEED's Investing in Saudi Arabia Conference in London on 1 December by Khalid al-Falih,...

NPCC signs Oxy contract.(Qatar)(National Petroleum Construction Co.)(Occidental Petroleum of Qatar)(Brief Article)
December 5, 2003... Abu Dhabi-based National Petroleum Construction Company (NPCC) has signed a major contract with Occidental Petroleum of Qatar (OPQL) to supply and install platforms and pipelines in the offshore Idd al-Shargi north dome field. The contract...

RasGas maintenance contract goes for bid.(Qatar)(Brief Article)
December 5, 2003... Ras Laffan Liquefied Natural Gas Company (RasGas) has invited prequalified contractors to submit technical bids by 29 January for its consolidated maintenance contract. The five-year contract, which contains two one-year options, is one of the...

Prices drop on OPEC decision.(Analysis)
December 5, 2003... Oil prices fell on 4 December as OPEC took the widely-anticipated decision to leave its output ceiling unchanged and US stock data showed a strong build. Brent was trading at below $28 a barrel following the OPEC announcement, compared with...

Tender issued for Sharjah gas project.(UAE)(Brief Article)
December 5, 2003... Bids are due to be returned by 5 January for the estimated $150 million-200 million engineering, procurement and construction (EPC) contract to build a major gas-receiving facility and processing plant at the onshore Sajaa field in the emirate...

Consortium awarded Murzuq, Sirte EPSA deal.(Libya)(Brief Article)
December 5, 2003... A consortium comprising Australia's Woodside Energy, Repsol of Spain and Greece's Hellenic Petroleum signed on 1 December an exploration and production sharing agreement (EPSA) with National Oil Corporation (NOC). The EPSA covers four...

NIOC to clarify E&D contracts.(Iran)(National Iranian Oil Company)(exploration and development)(Brief Article)
December 5, 2003... National Iranian Oil Company (NIOC) has invited prequalified bidders for 16 exploration and development (E&D) contracts to attend two meetings to clarify the terms of the new licences. The blocks are onshore in the south and offshore in the...

Tender out for bitumen terminal.(Qatar)(Brief Article)
December 5, 2003... Qatar Petroleum (QP) has invited contractors to submit engineering, procurement, installation and commissioning (EPIC) bids by 21 December for a new bitumen storage and loading facility at Mesaieed. The facility, which will be operated by the...

Veritas wins seismic work.(Syria)(Brief Article)
December 5, 2003... UK-based Veritas DGC, a subsidiary of the US' Veritas, has been awarded a license to carry out seismic work in a 4,700-square-kilometre offshore area. The contract calls for seismic, geophysical and geological surveying. Veritas will share with...

Full FEED for sulphur pipeline.(UAE)(front-end engineering and design feed)(Brief Article)
December 5, 2003... US-based Parsons Corporation has completed the front-end engineering and design (FEED) work for the proposed liquid sulphur pipeline project in Abu Dhabi. Minor changes were made in the scope of works during the FEED, including the relocation...

Contractors make beeline for KNPC project.(Kuwait)(Kuwait National Petroleum Co.)(Brief Article)
December 5, 2003... About 12 international companies expressed interest by 30 November in the engineering, procurement and construction (EPC) contract to build an ethane recovery unit (ERU) at the Mina al-Ahmadi refinery in Shuaiba (MEED 21:11:03). They are...

FCP completes fourth well.(Algeria)(First Calgary Petroleum)(Brief Article)
December 5, 2003... Canada's First Calgary Petroleum (FCP) announced in late November the completion of a fourth successive gas well, MLE-4, located in its 100 per cent-held Ledjmet block 405b. The well was drilled to a depth of 4.595 metres and analysis indicates...

NPPC equity in place: agreement to be signed for the Jubail PHD/PP complex.(Saudi Arabia)(National Polypropylene Company)(Brief Article)
December 5, 2003... National Polypropylene Company (NPPC) was due to sign on 3 December a joint development agreement with shareholders coming on board for the proposed integrated propane dehydrogenation (PDH)/polypropylene (PP) facility planned at Jubail. The...

Kharg complex begins to take shape.(Iran)
December 5, 2003... Plans for a new grassroots petrochemical complex on Kharg island are taking shape. Evaluation of bids is under way at National Petrochemical Company (NPC) for the methanol unit, the release of tender documents is imminent for the neighbouring...

Bids in for JCP expansion scheme.(Saudi Arabia)(Jubail Chevron Phillips)(Brief Article)
December 5, 2003... Jubail Chevron Phillips (JCP) is in the process of evaluating bids from three international groups for the contract to build a new petrochemical complex, following the submission of technical and commercial offers in October and late November....

Zagros takes first steps to launch DME facility.(Iran)(Zagros Petrochemical Company)(dimethyl ether (DME) facility)(Brief Article)
December 5, 2003... International contractors have been approached by Zagros Petrochemical Company to name potential local partners for the project to build a large-scale dimethyl ether (DME) facility at the Zagros complex in the Pars Special Economic/Energy Zone...

Rail transit and road projects planned on Palm: reclaimed land to get monorail system and road network.(UAE)(Palm Jumeirah project in Dubai)
December 5, 2003... Local property developer Nakheel has invited companies to submit bids by 13 December for a contract to design and build a rail transit system to serve the Palm Jumeirah project in Dubai. The tender is the latest issued for infrastructure works...

Prequals launched for main package on Burj Dubai.(UAE)(Brief Article)
December 5, 2003... Local property developer Emaar Properties has invited companies to apply for prequalification by 15 December for the main package contract on the proposed Burj Dubai project--set to be the tallest tower in the world (MEED 21:11:03). The...

Local firm scoops township dredging work.(Bahrain)(Al-Ghanah Contracting)(Brief Article)
December 5, 2003... The local Al-Ghanah Contracting has been awarded a BD 24.9 million ($65.5 million) contract to carry out dredging, reclamation and shoreline protection work for two new townships, to be built at Busaiteen and West Hidd. The client is the...

Down Town wins causeway access job.(Bahrain)(Down Town Construction)(Brief Article)
December 5, 2003... The local Down Town Construction has been awarded the contract to construct an access road on the Mina Salman side of the Shaikh Khalifa bin Salman causeway, linking Hidd and Manama. The 2.9-kilometre, three-lane stretch of highway will link...

More Alba subcontracts awarded.(Bahrain)(Brief Article)
December 5, 2003... Two more subcontracts were awarded in November on the fifth potline expansion at Aluminium Bahrain (Alba). Saudi Arabia's Arabian International Company for Steel Structures was selected to carry out structural steel, siding and roofing work on...

BFH infrastructure bids in.(Bahrain)(Brief Article)
December 5, 2003... Bids were received on 1 December for the estimated $250 million first-phase infrastructure package on the Bahrain Financial Harbour project. The design and build contract calls for the construction of an eight-storey financial mall, two...

Solidere moves into the red.(Lebanon)(Brief Article)
December 5, 2003... Real estate company Solidere recorded a Ioss of $5.8 million in the first half of 2003, compared with a profit of $15.6 million in the corresponding period of 2002. However, company officials said that the loss did not reflect actual...

Award delayed on La Goulette bridge.(Tunisia)(Brief Article)
December 5, 2003... An award has been postponed on the estimated $70 million project to construct a road bridge linking Tunis' northern port of La Goulette with the southern Rades area. The contract is now due to be awarded early in the new year. A decision had...

Ten bid for Aga Khan project.(UAE)
December 5, 2003... Ten local and regional companies submitted bids by 3 December for a contract to build a religous/cultural centre at Oud Mehta in Dubai. To be called the Ismaili Centre, the project calls for the construction of a five-storey building with a...

Companies line up for Foreign Affairs HQ.(UAE)(United Arab Emirates)(Brief Article)
December 5, 2003... About 10 groups of international and local companies are understood to have sought prequalification by late November for the contract to build a new headquarters complex in Abu Dhabi for the Foreign Affairs Ministry. They include Athens-based...

Atkins on course for Al-Aweer bus depot.(UAE)(Brief Article)
December 5, 2003... The UK's WS Atkins International is due to complete by early 2004 the designs for the second-phase works on the bus maintenance depot project at Al-Aweer in Dubai emirate. The fast-track project will call for the construction of mechanical...

Sheraton award awaited.(Egypt)(Sheraton Heliopolis)(Brief Article)
December 5, 2003... The local/Kuwaiti Gulf Egypt for Hotels & Tourism is expected to announce on 8 December the successful bidder for the electro-mechanical works subcontract on the estimated $50 million-55 million expansion of the Sheraton Heliopolis in Cairo....

Bids opened for Ashbiliya infrastructure contract.(Kuwait)(Brief Article)
December 5, 2003... A close contest is in store for the contract to carry out major infrastructure works at Ashbiliya, at the intersection of the sixth ring-road and the Ghazali expressway (MEED 21:11:03). The local House of Trade has submitted a low bid of KD...

Bids due for border roads.(Kuwait)(Brief Article)
December 5, 2003... Bids are due to be returned by 7 December for two contracts, worth KD 2 million-3 million ($6 million-10 million) each, involving the upgrade of existing border roads in north and south Kuwait. Nine companies are prequalified to submit...

Infrastructure work planned at Al-Barsha.(UAE)(Brief Article)
December 5, 2003... Dubai Municipality has invited eight local companies to submit bids by 16 December for a contract covering infrastructure works at the Al-Barsha residential development in Dubai. They are Kier Dubai, Al-Naboodah Engineering Services, Mabani...

Study starts for new Dubai creek bridge.(UAE)(Brief Article)
December 5, 2003... The US' De Leuw Cather International is carrying out a feasibility study for a new bridge to be built across the Dubai creek. To be called Garhoud bridge II. the new structure will be located east of the existing crossing. The US firm will also...

More construction work in NZ.(Regional)(neutral zone)(Brief Article)
December 5, 2003... Khafji Joint Operations (KJO) has invited companies to prequalify by 10 January for the lump-sum procure and build (LSPB) contract to carry out renovation and expansion works of the south jetty and dredging and widening of the access channel in...

New concrete venture formed.(Saudi Arabia)(Zamil Industrial Investment Company (ZIIC) and Al-Zamil Group, and Aerated Concrete Industries Company (Acico))(Brief Article)
December 5, 2003... The local Zamil Industrial Investment Company (ZIIC) and Al-Zamil Group, and Aerated Concrete Industries Company (Acico) of Kuwait, have formed a SR 48.8 million ($13 million) concrete joint venture. ZIIC and Al-Zamil will each take a 27.5 per...

Maaden railway takes shape: seven groups prequalified for design work.(Saudi Arabia)(Saudi Arabian Mining Company (Maaden))(Brief Article)
December 5, 2003... Saudi Arabian Mining Company (Maaden) and Saudi Oger have shortlisted seven groups of international companies for the contract to prepare detailed technical designs for the estimated $1,500 million minerals railway, which will link the...

Mining Law shaped to attract investors.(Saudi Arabia)(Brief Article)
December 5, 2003... The proposed Mining Law has been drafted with a number of key clauses aimed at attracting foreign companies into the sector, says a senior official from the Ministry of Petroleum & Mineral Resources. The law has received all the necessary...

Maaden power scheme moves forward: firms await prequalification.(Saudi Arabia)
December 5, 2003... Saudi Arabian Mining Company (Maaden) is pressing ahead with the implementation of a captive power and desalination plant at Jubail, but is keeping open the option to carry out the project on a private basis or as an engineering, procurement...

Bids under study for Abu Dhabi T&D contract.(UAE)(Brief Article)
December 5, 2003... Five international companies submitted bids by a 30 November deadline for the contract to supply and install four 220-kV substations. The Abu Dhabi Water & Electricity Authority (ADWEA) project calls for the new substations to be installed in...

Bids in for three southern power station expansions.(Saudi Arabia)
December 5, 2003... Local and international companies submitted bids by 1 December for three power plant expansion projects at Asir, Bisha and Jizan in the south. The deadlines for three other expansion schemes in Arar, Rafah and Riyadh--originally due on 1...

Wataniya wins third GSM licence: Kuwait operator bids $421 million.(Algeria)(Brief Article)
December 5, 2003... The post and telecom regulator, L'Autorite de Regulation de la Poste & des Telecommunications (ARPT), announced on 2 December that Kuwait's National Mobiles Telecommunications Company (Wataniya) had been awarded the country's third GSM licence...

More time for second GSM license bidders.(Iran)(Brief Article)
December 5, 2003... The deadline has been extended by a month to 15 December for companies to express their interest in bidding for the second GSM licence. Telecommunications Company of Iran (TCI) is planning a two-phase bidding procedure for the licence....

Profits up at OT.(Egypt)(Orascom Telecom )(Brief Article)
December 5, 2003... Orascom Telecom (OT) has recorded a net profit of E 554 [pounds sterling] million ($90 million) for the first three quarters of the year, compared with losses of E 96 [pounds sterling] million ($16 million) for the same period in 2002. The...

Kingdom acquires LBC stake.(Lebanon)(LBSCAT)(Brief Article)
December 5, 2003... Prince Alwaleed bin Talal, chairman of Kingdom Holdings, has acquired a 49 per cent stake in LBCSAT, the satellite channel of local broadcaster LBC International, in a deal worth some $98 million. The share was bought from Saleh Kamel, chairman...

Siemens to expand Q-Tel offerings.(Qatar)(Brief Article)
December 5, 2003... Germany's Siemens has been awarded a contract to extend the services offered over the general packet-switched radio service (GPRS) platform of Qatar Telecom (Q-Tel). Siemens, the original contractor for the GPRS platform, will install a...

Change of guard at central bank: bankers urge monetary discipline.(Egypt)
December 5, 2003... Cairo has appointed Farouk el-Okdah as the new governor of the Central Bank of Egypt, but has stressed there will be no significant changes to monetary policy. El-Okdah was formerly chairman of the state-owned National Bank of Egypt, and an...

King grants more power to the Shoura.(Saudi Arabia)
December 5, 2003... In a significant move towards political reform in the kingdom, King Fahd on 29 November issued a royal decree granting the Majlis al-Shoura (consultative council) a wider and more active legislative role. So far, the Shoura council has only...

S&P raises sovereign rating outlook.(Bahrain)(Brief Article)
December 5, 2003... International credit rating agency Standard & Poor's (S&P) has raised its sovereign foreign currency outlook to positive from stable, citing an improving fiscal position, greater transparency and structural reforms undertaken by the government....

World Bank extends grant.(Gaza/West Bank)(Brief Article)
December 5, 2003... The World Bank is to provide an emergency $15 million grant to the Palestinian Authority (PA) to fund the provision of health, education and social services in Gaza and the West Bank. The grant was prompted by a shortfall in funding from other...

ADB approves Morocco and Tunisia loans.(Regional)(African Development Bank)(Brief Article)
December 5, 2003... The African Development Bank (ADB) announced on 3 December the approval of a Eur 215 million ($260 million) loan to help finance Morocco's water sector adjustment programme. The loan, provided in the form of budget support, is earmarked for new...

Two picked for RasGas bond: funds will be used to refinance existing debt.(Qatar)(Ras Laffan Liquefied Natural Gas Company)(Brief Article)
December 5, 2003... Ras Laffan Liquefied Natural Gas Company (RasGas) has awarded a mandate to Goldman Sachs and Credit Suisse First Boston (CSFB) for its proposed $750 million bond issue. Although nominally a joint mandate, it is understood that Goldman...

Syndication closed on Q-Ship financing.(Qatar)(Qatar Shipping Co.)(Brief Article)
December 5, 2003... Syndication closed in late November on the $230 million financing for Qatar Shipping Company (Q-Ship). The deal is expected to be signed in January. The financing was lead arranged by Credit Lyonnais, with 70 per cent of the loan covered...

Oger ups Arab Bank stake.(Regional)(Brief Article)
December 5, 2003... Saudi Oger has acquired an 11 per cent stake in Amman-based Arab Bank, the second largest bank in the Arab world, in a deal reported to be worth about $375 million. Under the terms of the deal, Oger will be obliged to sell on 4 per cent of its...

NIOC signs South Pars 9-10 financing.(Iran)(National Iranian Oil Company)(Brief Article)
December 5, 2003... National Iranian Oil Company (NIOC) has signed a $1,745 million financing agreement to fund the development of phases 9-10 on the South Pars offshore gas scheme. Deutsche Bank is acting as financial adviser and is leading the financing...

Sonatrach plans new bond.(Algeria)(Brief Article)
December 5, 2003... State-owned energy company Sonatrach is to issue an AD 5,000 million ($72 million), five-year bond. Details of the bond, along with the identity of the financial institution handling it, will be announced in the week beginning 8 December. The...

BCM merges with Wafabank.(Morocco)(Brief Article)
December 5, 2003... Banque Commercial du Maroc (BCM) and Wafabank announced on 1 December their intention to merge in January BCM initiated the move with its purchase on 24 November of Omnium de Gestion Marocain (OGM) from the Kettani family for MD 2,080 million...

BNP arranges BCFC loan.(Bahrain)(Bahrain Commercial Facilities Company)(Brief Article)
December 5, 2003... Bahrain Commercial Facilities Company (BCFC) has signed a $40 million syndicated loan facility. Lead arranged by BNP Paribas, Gulf International Bank and National Bank of Bahrain came on board at the co-lead arranging stage and other...

HSBC plans Saudi investment bank.(Saudi Arabia)(Hongkong and Shanghai Banking Corp.)(Saudi British Bank)
December 5, 2003... HSBC and Saudi British Bank (SABB), its local affiliate, are to establish a joint venture investment bank in Saudi Arabia. Speaking at the MEED Investing in Saudi Arabia Conference on 1 December, David Gore-Booth, adviser to the chairman of...

Emirates signs first Islamic aircraft financing.(UAE)(Emirates Airlines)
December 5, 2003... Dubai-based Emirates has signed a $112 million lease financing agreement to fund the acquisition of an A330-500 aircraft from Europe's Airbus. The 12-year deal is Islamically-structured and was arranged by Dubai Islamic Bank, which also made a...