MEED Middle East Economic Digest articles from December 2004

MEED Middle East Economic Digest archives from December 2004

Slaking the thirst for growth.(Comment)
December 3, 2004... As we recount in this week's Special Report (pages 29-41), life could scarcely be better for oil producers. And with a crucial OPEC meeting approaching on 10 December, the Gulf states have rarely had so much attention paid to their economic...

On the record.(Seven Days)(Hamas )(Brief Article)
December 3, 2004... "All Hamas members will abide by the decision to boycott the elections. The Palestinian people understand the need and are well aware of the Hamas position, but there is no call for ordinary Palestinians not to vote" Hamas announces it...

Looking back ...(Seven Days)
December 3, 2004... 4 December 1964 A conference on national unity intended to decide the future of Yemen is postponed indefinitely under pressure from Saudi-backed royalists 1 December 1989 The Atomic Energy Organisation of Iran reports that one of...

"I have a final piece of advice": as Washington soldiers through the Iraqi quagmire, a senior Al-Qaeda figure offers lessons on war and peace.(Iraq)
December 3, 2004... President Bush on 1 December called for an international consensus on a new quest for peace in the Middle East, even as US troops continued to struggle against a widening resistance in Iraq and a videotape recorded by Al-Qaeda deputy leader...

Leaderships under threat in Ramallah and Tel Aviv.(Gaza/West Bank)
December 3, 2004... The race to replace Yasser Ararat was thrown wide open on 1 December when the gaoled senior Fatah leader Marwan Barghouti unexpectedly registered as a candidate for the Palestinian presidential elections on 9 January. Arafat lieutenant...

King Abdullah relieves crown prince of title: 28 November.(News Digest)(Brief Article)
December 3, 2004... Jordan's King Abdullah relieves his half-brother, Prince Hamzah, of his title as crown prince, reasoning that the move allows Hamzah to play a more meaningful part in the country's political life. "Your presence in this symbolic post restricts...

UN verifies Iran suspension: 29 November.(News Digest)(United Nations)(Brief Article)
December 3, 2004... The UN's nuclear watchdog passes a resolution endorsing Iran's total freeze of all uranium enrichment activities.

Tehran: enrichment suspension is temporary: 30 November.(News Digest)(Brief Article)
December 3, 2004... Iran's chief negotiator claims Tehran would only freeze its enrichment facilities for a few months, dealing a blow to EU efforts to persuade Tehran to shelve its uranium enrichment programme and fuelling US concerns about secret nuclear weapons...

UN asks for $1,500 million of aid for Sudan: 30 November.(News Digest)(United Nations)(Brief Article)
December 3, 2004... The UN appeals to international donors for $1,500 million next year for Sudan, to promote peace in the south and alleviate the humanitarian crisis in Darfur. The amount is more than double the request for $720 million in 2004.

Pro-Syria protests in Beirut: 30 November.(News Digest)(pro-Syrian organisations)(Brief Article)
December 3, 2004... More than I00,000 Lebanese citizens demonstrate in Beirut in support of Damascus' role in the country and protesting against UN Security Council resolution 1559, which calls for the withdrawal of Syrian forces from the country. The protest is...

Taskforce to stem terror funding: 30 November.(News Digest)(Middle East & North Africa Financial Action Taskforce)(Brief Article)
December 3, 2004... Fourteen Arab nations meet in Bahrain to launch the Middle East & North Africa Financial Action Taskforce (MENFAT), a regional taskforce to combat terrorist financing and money laundering. MENFAT representatives from the 14 states agreed to set...

Khartoum to introduce new currency: 1 December.(News Digest)(Brief Article)
December 3, 2004... The Sudanese government will introduce a new currency to reflect unity in the country after the signing of a peace deal ending the 20-year civil war in the south, a senior Finance Ministry official says. Both Khartoum and the rebels agree to...

IAEA demands access to Iranian nuclear sites: 2 December.(News Digest)(International Atomic Energy Agency)(Brief Article)
December 3, 2004... The International Atomic Energy Agency (IAEA) asks Iran to give its inspectors access to two military sites suspected of developing nuclear weapons, The New York Times quotes Vienna diplomats as saying. The IAEA suspects the Parchin military...

Adopting the recovery position: after years of falling crude production at Petroleum Development Oman, the company's managing director John Malcolm is optimistic that the decline is close to being arrested. But for now, tangible results indicating a turnaround are still hard to come by.(PDO)(Cover Story)
December 3, 2004... When John Malcolm was handed the job of managing director at Petroleum Development Oman (PDO) in late 2002, the situation wasn't good for the country's largest oil and gas producer. Oil fields were maturing and oil production had been declining...

Investor security in Qatar: the new civil law promulgated in Doha has changed the landscape.(Legal briefing: the new Qatar civil law)
December 3, 2004... One issue faced by both sponsors and lenders in Qatar is the limited opportunity for lenders to take security over assets. While larger projects have often relied heavily on offshore security, particularly over payment streams, the limits on...

Bechtel wins OGD-3 Habshan prize: Gasco's award is first of five on programme.(UAE)(onshore gas development, Abu Dhabi Gas Industries Company)(Brief Article)
December 3, 2004... US-based Bechtel received a letter of award on 26 November for the Habshan plant expansion contract on the third phase of the onshore gas development (OGD-3) and phase 2 of the Asab gas development (AGD-2) programme. The engineering,...

Technip to seek Japanese partner for Kharg NGL.(Iran)(natural gas liquids, JGC Corp.)(Brief Article)
December 3, 2004... Paris-based Technip, which is negotiating to take over the Kharg natural gas liquids (NGL) contract originally won by Japan's JGC Corporation, is likely to bring in a new Japanese contractor to join the consortium. The move would ensure that...

Chiyoda/Technip bid low for Qatargas II trains.(Qatar)(Chiyoda Corp.,Qatar Liquefied Gas Co., Technip S.A.)(Brief Article)
December 3, 2004... The consortium comprising Japan's Chiyoda Corporation and Paris-based Technip is the frontrunner to take the engineering, procurement and construction (EPC) contract for the train package on the Qatar Liquefied Gas Company II (Qatargas ID...

Indians in Tehran as LNG projects inch forward.(Iran)(liquefied natural gas)(Brief Article)
December 3, 2004... Indian Oil Corporation (IOC) signed in late November an agreement to invest in a liquefied natural gas (LNG) project in return for an upstream stake in the Yadavaran oil field. The deal resembled the agreement with China's Sinopec earlier in...

New consultancy tender for Aghajari.(Iran)(National Iranian Southern Oil Company)(Brief Article)
December 3, 2004... National Iranian Southern Oil Company (NISOC) has issued a tender for consultancy work on the Aghajari reinjection scheme--giving the project new momentum after bidders responded unenthusiastically to an engineering, procurement and...

Change at the Oil Ministry.(Iraq)(Brief Article)
December 3, 2004... A major reshuffle took place at the Oil Ministry in late November, with the appointment of three senior oil sector personnel to the recreated positions of undersecretary. Abduljaber al-Wagah, chairman of Gas Filling Company; Ahmed al-Shamma,...

Five shortlisted for reservoir studies.(Iraq)(Kirkuk and Rumaila)(Brief Article)
December 3, 2004... Five companies have been invited by the Oil Ministry to submit revised bids for two contracts to carry out reservoir studies on the Kirkuk and Rumaila north and south oil fields. Fourteen companies submitted their original proposals for the...

SNC wins GC 27 work.(Kuwait)(SNC-Lavalin Group Inc., gathering centre)(Brief Article)
December 3, 2004... Canada's SNC Lavalin has been awarded the $79.3 million lump-sum turnkey (LSTK) contract to upgrade, modify and expand gathering centre (GC) 27 for state-owned upstream operator Kuwait Oil Company (KOC). The contract involves increasing GC 27's...

BG doubles up in Rosetta.(Egypt)(BG Group PLC, Mediterranean Rosetta)(Brief Article)
December 3, 2004... The UK's BG Group has doubled its stake in the Mediterranean Rosetta gas concession to 80 per cent after completing the $235 million purchase of a 40 per cent stake held by the Royal Dutch/Shell Group. Shell had agreed in June to sell its stake...

GPS takes terminal EPC.(Oman)(Gulf Petrochemical Services, procurement and construction, Tebodin)(Brief Article)
December 3, 2004... The local Gulf Petrochemical Services (GPS) signed on 29 November the $49 million engineering, procurement and construction (EPC) contract to build the terminal facilities serving the Mina al-Fahal-Sohar crude oil pipeline. The contract, due to...

Dublin signs PSA.(Syria)(production sharing agreement, Dublin International)(Brief Article)
December 3, 2004... A production sharing agreement (PSA) covering the development of the Tishreen and Shaikh Mansour oil fields was signed in Damascus on 1 December between Syrian Petroleum Company (SPC) and Dublin International (Syria). The $22 million, 20-year...

PA buys SOCO interests.(Tunisia)(PA Resources AB buys Soco International PLC)(Brief Article)
December 3, 2004... Sweden's PA Resources has agreed the estimated $25 million purchase of the interests of London-based SOCO International in the offshore Zarat permit. The concession includes a 22.2 per cent interest in the crude-producing Didon field and the...

Prequals in for Khafji.(Regional)(Brief Article)
December 3, 2004... Local and international companies have submitted prequalifications to Khafji Joint Operations (KJO) for two packages covering onshore and offshore works in the Neutral Zone shared between Saudi Arabia and Kuwait. At least 10 companies are...

Bids in for refinery.(Qatar)(Brief Article)
December 3, 2004... Engineering, procurement and construction (EPC) bids went in on 30 November for the estimated $400 million Ras Laffan condensate refinery project. Three international groups submitted technical and commercial bids for the contract, which...

Market tense as OPEC prepares to convene.(Oil Prices)(Organization of the Petroleum Exporting Countries)(Brief Article)
December 3, 2004... As oil prices continued to hover close to $50 a barrel in early December, OPEC members gave conflicting signals about the likely outcome of a planned meeting of the organisation on 10 December. Saudi Arabia continued to emphasise its role as a...

Sipchem wants acetic advice: mandate for phase 2 expansion in Jubail likely to be awarded by the end of the year.(Saudi Arabia)(Saudi International Petrochemical Company )(Brief Article)
December 3, 2004... Saudi International Petrochemical Company (Sipchem) is assessing bids from banks for the financial advisory position on its proposed phase 2 expansion. "There is some momentum on this now and we are expecting a mandate award before the end of...

Q-Chem studies debottlenecking option.(Qatar)(Qatar Chemical Company)(Brief Article)
December 3, 2004... Qatar Chemical Company (Q-Chem) has started an internal study looking into debottlenecking its Q-Chem I olefins complex at Mesaieed, which came on stream in 2003. "The debottlenecking would add about 15 per cent to [nameplate] capacity at the...

AkerKvaerner reshapes operations.(Saudi Arabia)(Brief Article)
December 3, 2004... Oslo-based AkerKvaerner on 30 November announced the consolidation of its John Brown SA and Saudi Davy Company businesses into one locally registered company, AK Gulf. AkerKvaerner says the new firm will focus on carrying out engineering and...

Four-pack in line for NDIA dredging: Belgian-Dutch-US-local team to get the work.(Qatar)(Brief Article)
December 3, 2004... The four-strong consortium of Belgium's Dredging International, the US' Great Lakes Dredge & Dock Company, Royal Boskalis Westminster of the Netherlands and Qatar Dredging Company has been selected for the dredging and reclamation package on...

DCA plans airport city for Jebel Ali.(UAE)(Department of Civil Aviation)(Brief Article)
December 3, 2004... Dubai's Department of Civil Aviation (DCA) is preparing to unveil a masterplan for its proposed new airport at Jebel Ali. A team of Beirut-based Dar al-Handasah (Shair & Partners) and Aeroports de Paris (AdP) was selected in August as the...

More packages--AX 273 and AX 101--out on Dubai airport expansion.(UAE)
December 3, 2004... Two more construction packages were issued for bid in early December on the estimated $4,100 million Dubai International Airport expansion project. The larger of the two packages, worth an estimated $135 million, covers AX 273, the structural,...

Airport upgrade plans move forward.(Bahrain)(Brief Article)
December 3, 2004... The government is shortlisting consultants for the phase 1 expansion of Bahrain International Airport, undersecretary for civil aviation affairs at the Transportation Ministry Abdulrahman al-Gaoud told MEED's 2nd Middle East Airports conference...

Firms selected for Abu Dhabi expansion.(UAE)(Brief Article)
December 3, 2004... Two international consultants have been selected by the Steering Committee for Abu Dhabi International Airport to carry out work on its proposed terminal expansion. The appointment of a third international firm, responsible for project managing...

Northern resort launched.(Bahrain)(AA Janahi Holdings )(Brief Article)
December 3, 2004... The local AA Janahi Holdings has announced plans for a BD 75 million ($197 million) resort at Al-Dafna al-Hamra in the Budaiyah district, the first major tourism project to be implemented in the Northern Municipality. Designs have been drawn up...

New HQ for Education Ministry.(Kuwait)(headquarters)(Brief Article)
December 3, 2004... The government has invited international consultants to submit proposals by early January for the design of a headquarters for the Education Ministry. The new complex will be located in South Surra and replace the existing ministry building in...

ACC wins La Cigale.(Qatar)(Arabian Construction Company)(Brief Article)
December 3, 2004... Lebanon's Arabian Construction Company (ACC) has received a letter of intent, valued at QR 183 million ($50 million), to carry out the La Cigale hotel project. The 19-month contract calls for the construction of a 180-room, five-star hotel in...

Amwaj Islands take shape.(Bahrain)(Marriott International Inc.)
December 3, 2004... The local Chapo has been awarded the contract to build seven residential towers, known as the Mina Seven, on the Al-Marsa Floating City, portion of the Amwaj Islands resort under construction off the coast of Muharraq. An agreement has also...

Enfidha BTO airport goes to bid.(Tunisia)(build-transfer-operate)(Brief Article)
December 3, 2004... Seven prequalified companies have been given until 31 January to submit proposals for the 40-year build-transfer-operate (BTO) concession on the estimated $450 million airport project in the central region of Enfidha. According to local...

Developers to give Amman a makeover ...(Jordan)(Sandi Oger)(Brief Article)
December 3, 2004... The local Abdali Investment & Development Company (ADIC), a public-private partnership between state-owned National Resources Investment & Development Corporation (Mawared) and Sandi Oger, is preparing to issue tender documents by the end of...

... And make Aqaba the main attraction.(Jordan)(Brief Article)
December 3, 2004... Aqaba is set to become a major tourist destination with the announcement of two major tourist developments, worth more than $1,200 million, at the Cityscape exhibition in Dubai on 29 November. Called Ayla Oasis and Tala Bay, the two projects...

Locals favourite for terminal job.(Morocco)(Brief Article)
December 3, 2004... Seven companies have submitted bids for the contract to build and equip a third terminal building at Mohammed V airport near Casablanca. Office National des Aeroports (ONDA) originally prequalified 12 groups for the estimated MD 620 million...

Egyptians target Doha work.(Qatar)(Engineering Consultants Group)(Brief Article)
December 3, 2004... Egypt's Engineering Consultants Group (ECG) is in negotiations with local investors to build two residential towers in Doha. The projects, each worth an estimated QR 200 million ($55 million), will include luxury apartments, leisure facilities...

Major renovation for Riyadh.(Saudi Arabia)(Brief Article)
December 3, 2004... Infrastructure work is nearing completion on a major mixed-use development in the heart of Riyadh, to be called Al-Qasr. The developer, the local Dar al-Arkan Real Estate Development Company, is planning to auction several lots to local...

Designs under way for Al-Rajhi HQ.(Saudi Arabia)(headquarters, Al Rajhi Banking and Investment Corp., Skidmore, Owings and Merrill L.L.P.)(Brief Article)
December 3, 2004... The US' Skidmore Owings & Merrill (SOM) has completed schematic designs and moved into design development for the project to build a new headquarters for Al-Rajhi Banking & Investment Corporation. To be located between King Fahd road and Olayya...

York unveils cool airport deal.(UAE)(York International Corp., Department of Civil Aviation)(Brief Article)
December 3, 2004... US-based York International has been awarded an estimated AED 92 million ($25 million) contract to supply air-conditioning services for the new terminal and associated buildings at Dubai International Airport. The contract calls for the...

Burj Dubai award goes to the wire.(UAE)(Emaar Properties)(Brief Article)
December 3, 2004... The contest to build the world's tallest tower is down to two bidding groups after the local Emaar Properties requested what are described as final clarifications for the Burj Dubai main contract. The two ventures --South Korea's Samsung...

Correction.(UAE)(Correction Notice)
December 3, 2004... The UK's Drake & Scull International will carry out heating, ventilating and air-conditioning (HVAC) work under its mechanical, electrical and plumbing (MEP) subcontract on the 58-floor Park Place tower project in Dubai, and not as stated in...

Diar plans Victory villas.(UAE)(Diar Consult)
December 3, 2004... Tenders for the construction of villas and community facilities for the estimated $400 million 500 million Victory Heights residential complex within Dubai Sports City (DSC) are due out by February 2005. Completion is scheduled for 2007. ...

Gulf Finance House makes Dubai legends a reality.(UAE)(Brief Article)
December 3, 2004... Gulf Finance House (GFH) unveiled the masterplan for its $3,800 million Legends-Dubailand project at the Cityscape exhibition in Dubai on 30 November. The Bahrain-based investment bank also announced that Saudi Arabia's Tanmiyat Group will...

Van Oord poised to start dredging on Palm Deira.(UAE)(Brief Article)
December 3, 2004... Dredging was due to start in early December on the Palm Deira development in Dubai, after Van Oord of the Netherlands began mobilising on the project. The scheme is billed as the largest dredging and reclamation project in history,...

Competition begins for industrial cities: Sharjah and Dubai go head to head.(Brief Article)
December 3, 2004... Sharjah and Dubai both unveiled plans at the end of November to build major industrial cities. The more advanced of the two projects is the estimated AED 3,000 million ($817 million) Emirates Industrial City located at Sajaa in Sharjah. The...

Holcim plans new cement plant.(Morocco)(Brief Article)
December 3, 2004... Holcim (Maroc), a subsidiary of Switzerland's Holcim, has announced plans to build a new cement plant at Settat, 70 kilometres south of Casablanca. Work is also under way to build a new packaging and distribution terminal for Holcim at Oujda....

Al-Jazeera ready for take-off: imminent launch for short-haul airline.(Kuwait)(Al-Jazeera Airways)(Brief Article)
December 3, 2004... Al-Jazeera Airways, the country's first low-cost carrier, is set to start operations by the first quarter of 2005. The airline, which is owned by the local Boodai Group, has been in talks with The Boeing Company of the US and European...

Maersk wins TangMed.(Morocco)
December 3, 2004... A consortium of Denmark's Maersk and the local Akwa Holding has been awarded the 30-year concession to operate the first container terminal on the flagship Tangier-Mediterranean (TangMed) port project. The port is clue to start operations in...

Three vie for Baghdad airport cargo job.(Iraq)(Brief Article)
December 3, 2004... Three groups have submitted bids for the contract to manage general cargo handling services at Baghdad International Airport. The bidders are: the Ministry of Transport; US logistics firm DHL; and an unidentified local company. The...

Firms shortlisted for aviation study.(Egypt)(Brief Article)
December 3, 2004... The Ministry of Civil Aviation has shortlisted at least five groups to carry out a comprehensive study of Egypt's aviation sector. The contract will focus on creating an overall masterplan ranging from privatisation programmes, management...

Consultant needed for rail development plan.(Jordan)(Brief Article)
December 3, 2004... The Transport Ministry is seeking an international consultant to carry out a one-year study into the economic viability of expanding the kingdom's rail network by providing rapid access for freight from Aqaba to regional capitals. Companies...

IFC advising Jeddah airport on expansion.(Saudi Arabia)(International Finance Corporation)(Brief Article)
December 3, 2004... Washington-based International Finance Corporation (IFC) is advising the Presidency of Civil Aviation (PCA) on attracting private sector investment in the King Abdulaziz International Airport (KAIA) expansion project. As well as advising on the...

Bemco/Siemens group wins H station extension: German-local team takes the 19-month, $218 million Al-Aweer job.(UAE)(Al-Aweer H station)(Brief Article)
December 3, 2004... The consortium made up of Arabian Bemco Contracting of Saudi Arabia and Germany's Siemens was awarded in late November the engineering, procurement and construction (EPC) contract to carry out the 400-MW extension of Al-Aweer H station in...

Prices opened for Jebel Ali L phase 2.(UAE)(Dubai Electricity & Water Authority opened bids )(Brief Article)
December 3, 2004... Dubai Electricity & Water Authority (DEWA) opened bids on 30 November for phase 2 of the Jebel Ali L power and desalination complex. Six international contractors are competing for the project, which calls for the installation of 1,200 MW of...

Extension for Marafiq, Shouaiba IWPPs.(Saudi Arabia)(independent water and power projects )(Brief Article)
December 3, 2004... The bid deadlines for developers of the Shouaiba and Marafiq independent water and power projects (IWPPs) are expected to be extended by about six-eight weeks, sources close to both projects say The current schedule sees bids in on Marafiq in...

Siemens, Bemco in for more work, at Marib.(Yemen)(Brief Article)
December 3, 2004... Germany's Siemens and Saudi Arabia's Arabian Bemco Contracting are expected to carry out the phase 2 expansion of the Marib power station for state-owned Public Electricity Corporation (PEC) following the signing of a memorandum of...

SNC bids low for Tichi Haf distribution.(Algeria)(SNC-Lavalin Group Inc.)
December 3, 2004... Canada's SNC Lavalin is the low bidder on the Agence Nationale des Barrages contract to build drinking water and industrial supply networks from the Tichi Haf dam. Four commercial bids were opened at the end of November following the...

Cairo extends Kureimat wastewater tender.(Egypt)(Brief Article)
December 3, 2004... Egyptian Electricity Holding Company (EEHC) has extended the deadline for international companies to bid for the water and wastewater treatment package on the 750-MW power plant at Kureimat. A new closing date has still to be set for the...

NREA seeks to open wind power market.(Egypt)(New & Renewable Energy Authority)(Brief Article)
December 3, 2004... The New & Renewable Energy Authority (NREA) has applied for a $20 million grant from the World Bank to support a $200 million project to develop wind power. The project involves the development of a legal and regulatory framework to support the...

Areva wins Sohar, Muladha work.(Oman)(Bahwan Engineering Co.)(Brief Article)
December 3, 2004... France's Areva T&D has announced the award of an $18 million contract to supply high-voltage gas-insulated switchgear (GIS) for three 220/132-kV substations at Sohar and Muladha. Areva will provide the equipment to the local Bahwan Engineering...

Tripoli reaches out New transport sought.(Libya)(Kharkov State Aviation Manufacturing Co.)(Brief Article)
December 3, 2004... The Libyan government is making a concerted effort to upgrade its military transport capabilities following the lifting of an 18-year European arms embargo in early October. Top of the shopping list are replacements for its fleet of Antonov...

Beirut sells another $1,375m of bonds: funds to help finance growing public debt.(Lebanon)(Beirut Bank)
December 3, 2004... Beirut announced plans in late November to raise more than $1,000 million through two sovereign eurobond issues, which will be lead managed by Banque du Liban & d'Outre Met (BLOM), Credit Suisse First Boston and Deutsche Bank. It is the first...

Damascus admits another deficit.(Syria)(Brief Article)
December 3, 2004... Damascus in late November announced a budget for 2005 which plans higher public expenditure but forecasts a budget deficit for a second consecutive year. The forecast deficit of Syr 85,000 million [pounds sterling] ($1,632 million)--equivalent...

Taweelah B bank group, grows, drops Islamic tranche: Octet invited to join lead arranging group.(UAE)(Marubeni Corporation, Pendekar Power, BTU Ventures are ANZ Investment Bank)
December 3, 2004... A raft of international and local banks are close to joining an expanded mandated lead arranging group on the debt package for the Taweelah B independent water and power project (IWPP) in Abu Dhabi. The banks backing the winning developer...

Ras Laffan power debt lined up, awaiting PWPA signing.(Qatar)(power and water purchase agreement)(Brief Article)
December 3, 2004... Terms are close to being finalised on the $720 million commercial debt package for the second Ras Laffan independent water and power project (IWPP). A group comprising BNP Paribas, Calyon, HSBC, Qatar National Bank, Societe Generale and...

Bank Alex stages loan debut.(Egypt)(Bank of Alexandria)(Brief Article)
December 3, 2004... Bank of Alexandria on 2 December launched the syndication of a $100 million term loan. The three-year facility is being lead arranged by Bank of Tokyo-Mitsubishi, Barclays Capital and Citigroup. It is the first such visit to the debt market to...

CIB lists in Kuwait and Abu Dhabi.(Egypt)(Commercial International Bank)(Brief Article)
December 3, 2004... Shares in Commercial International Bank (CIB) started trading on the Kuwait Stock Exchange and the Abu Dhabi Securities Market on 29 November (MEED 20:8:04).

Kipco taps loan market.(Kuwait)(Brief Article)
December 3, 2004... Kuwait Projects Company (Kipco) has mandated Arab Bank, HSBC and The Arab Investment Company to lead arrange a $60 million, three-year syndicated term loan. It is Kipco's debut in the syndications market.

Qalhat MLA group sticks at seven.(Oman)(mandated lead arrangers, Qalhat LNG)(Brief Article)
December 3, 2004... Seven banks have been appointed mandated lead arrangers (MLAs) on the $648 million, 15.5-year commercial debt package for Qalhat LNG (QLNG). They are Banca Intesa, Calyon, Gulf International Bank, ING Bank, Mizuho Financial Group, Royal Bank of...

A dozen hook up for Milford Haven debt.(Qatar)(Qatargas Liquefied Gas Company Ltd.)
December 3, 2004... Qatar Liquefied Gas Company II (Qatargas II) has appointed a 12-strong group of banks as the mandated lead arrangers (MLAs) on the commercial debt package for its proposed regassification terminal at South Hook, in Wales. The deal, which...

Mortgage-backed securities from the Palm.(UAE)
December 3, 2004... Mortgage-backed securities with maturities of seven-15 years totalling $300 million-$350 million for properties being built on palm Jumeirah are to be issued in the first quarter of 2005 by Emirates National Securitisation (ENSC), a joint...

Khodro's bond on the way.(Iran Khodro)(Brief Article)
December 3, 2004... Iran's first corporate bond is on track to be issued by late March, the end of the Iranian year 1383. Iran Khodro is planning a Eur 300 million ($387 million) issue, with a tenor of three five years. Investment Banking Group (IBG), the Khodro...

Banking reforms gather pace.(Egypt)(merger planning of United Bank of Egypt, Egyptian Commercial Bank, Suez Canal Bank and Central Bank of Egypt)(Brief Article)
December 3, 2004... United Bank of Egypt (UBE), Egyptian Commercial Bank (ECB) and Suez Canal Bank have filed a merger request with the Central Bank of Egypt (CBE). The new entity will have a paid in capital of E 600 million [pounds sterling] ($96.4 million), in...