MEED Middle East Economic Digest articles from December 2005

MEED Middle East Economic Digest archives from December 2005

Private pioneers.(COMMENT)
December 2, 2005... It is difficult to overstate the importance of the Shuaibah independent water and power project (IWPP). Not only will the huge cogeneration scheme help Riyadh meet the rising demand for water and electricity from Saudi Arabia's growing...

President under pressure as insurgency continues: Bush speculates that improved conditions next year will lead to a pullback.(international relations)
December 2, 2005... The White House announced on 30 November that it expects conditions in Iraq to improve sufficiently in 2006 to enable a significant reduction in US troop numbers in the country. Although no figures were mentioned, the move is significant and is...

On the record.(SEVEN DAYS)
December 2, 2005... "Everything this person has said is lies" Saad Hariri in response to accusations that he offered a former Syrian intelligence agent $1 million to make accusations against senior Syrian officials over the murder of his father

Looking back ...(SEVEN DAYS)
December 2, 2005... 3 December 1965 Paris ratifies the Franco-Algerian oil agreement aimed at co-operation on exploitation and research, and providing each side with an equal share of crude output 30 November 1990 US President Bush heads for the...

Fatah primary elections back on, says Abbas.(REGIONAL)
December 2, 2005... Palestinian Authority President Mahmoud Abbas on 30 November announced that primary elections for the Farah Movement in Gaza would resume. The announcement came only a day after Abbas had suspended voting due to the outbreak of violence and...

Islamists warn new Jordanian PM against crackdown: 25 November.(NEWS DIGEST in MEED.com this week)(Islamic Action Party)(Brief Article)
December 2, 2005... Moderate Islamist groups in Jordan's parliament warn the new prime minister that potentially repressive policies would fuel extremism. "I am not belittling what happened [the Amman bombings], but I think there is now a climate of fear of...

Ten dead in Qeshm quake: 28 November.(NEWS DIGEST in MEED.com this week)(Brief Article)
December 2, 2005... At least 10 Iranians are reported to have died in an earthquake that struck Qeshm island near the port of Bandar Abbas. The earthquake damages up to two-thirds of houses on the island. Measures 6.1 on the Richter scale, the earthquake is...

Talks on terrorism at Euro-Med summit: 28 November.(NEWS DIGEST in MEED.com this week)(Brief Article)
December 2, 2005... A summit of leaders from the 25 EU countries and their counterparts from nations in the southern Mediterranean began in Barcelona. Terrorism and illegal immigration dominate the summit, which is chaired by UK Prime Minister Tony Blair. However,...

IAEA hopes for Iran breakthrough: 28 November.(NEWS DIGEST in MEED.com this week)(International Atomic Energy Agency)(nuclear programme )(Brief Article)
December 2, 2005... UN nuclear watchdog the International Atomic Energy Agency (IAEA) endorses an initiative to give Tehran more time to reach an agreement on its nuclear programme and to consider a Russian offer to take on Iran's uranium enrichment activity. "We...

Muslim Brotherhood hit by government crackdown: 29 November.(NEWS DIGEST in MEED.com this week)(Brief Article)
December 2, 2005... Egyptian police arrest 200 members of the banned Muslim Brotherhood organisation. The organisation claims that the arrests are a deliberate tactic to limit its chances in the third and final round of parliamentary elections on 1 December....

Syrian witness recants evidence: 29 November.(NEWS DIGEST in MEED.com this week)(Brief Article)
December 2, 2005... A witness questioned in the UN inquiry into the assassination of former Lebanese prime minister Rafiq Hariri claims the evidence he gave to the inquiry is untrue. Hossam Taher Hossam alleges he had been bribed by Saad Hariri, tortured and...

US and Iranian officials to meet: 29 November.(NEWS DIGEST in MEED.com this week)(Brief Article)
December 2, 2005... US ambassador to Iraq Zalmay Khalilzad is to meet Iranian officials in what will be the first high-level talks between the two countries in years, the former US ambassador to Afghanistan says. The talks will only address security on the...

Building a benchmark: the landmark Shuaibah IWPP will not only meet potable water and power needs in western Saudi Arabia, it will also provide a template for private participation in the sector.(SAUDI ARABIA)(Shuaibah independent water and power project)(electric power plant construction)(Cover Story)
December 2, 2005... Lunchtime television viewers in Saudi Arabia may have been forgiven for being a little confused on 15 November. Instead of the normal scheduling, they were taken live to the signing ceremony of the third-phase Shuaibah independent water and...

Shuaibah shows the way: WEC president Omar al-Ghamdi talks about the significance and challenges faced on the Shuaibah IWPP.(Water Electricity Company)(Shuaiba Water and Electricity Company )
December 2, 2005... How important is Shuaibah for Water Electricity Company (WEC) and Saudi Arabia? It is just as important for WEC to meet the increasing demand for power and water, as it is for WEC to show the market that its first project is successful. We...

Visitors unfazed by turmoil: new figures from Beirut's Tourism Ministry suggest Lebanon's economy may not have been as badly disrupted as many had feared by the political turmoil caused by the assassination of former prime minister Rafiq Hariri.(tourism industry)
December 2, 2005... The year was supposed to be a great one for Lebanese tourism. With a record 1.3 million visitors in 2004, only a 10 per cent growth rate was needed for the country to reach its pre-civil war tourism levels. This was not an unrealistic target,...

Controlling the thirst for demand: regional governments must learn to manage electricity demand if they are to become energy-efficient and avoid power outages.(usage of electricity)
December 2, 2005... Power demand can grow suddenly and abruptly, as Jordan learned earlier this year. The country's demand for electricity jumped by 10 per cent this summer, against forecast growth of 3-5 per cent. Such a rapid rise in demand can lead to power...

Full steam ahead for Khurais: five companies prequalified for GOSP package.(Gas-Oil Separation Plant )
December 2, 2005... Tendering is gathering pace on the kingdom's largest onshore oil development project of the past decade, with Saudi Aramco completing prequalifications for three key packages. Called the Khurais oil increment programme, the estimated $11,000...

Award nears for Rabigh refinery packages.(Brief Article)
December 2, 2005... An award is close for two major subcontracts covering the mechanical and erection packages on the Rabigh refinery expansion project, for which companies submitted bids in mid-November. The bidders for both subcontracts, worth a total of...

PQ shortlist nears for new refinery.
December 2, 2005... State refinery operator Kuwait National Petroleum Company (KNPC) has finalised the first stage of prequalification for its planned 615,000-barrel-a-day (b/d) refinery at Al-Zour. The final shortlist will be released after a second stage of...

Bids in for Abu Dhabi gas link.(Brief Article)
December 2, 2005... At least five companies submitted technical bids on 28 November to Abu Dhabi Gas Industries Company (Gasco) for the contract to provide project management consultancy (PMC) services for the engineering, procurement and construction (EPC) phase...

American Eagles swoops for oil transport job.(contracts)(Hyproc)(Brief Article)
December 2, 2005... State energy company Sonatrach and its shipping subsidiary Hyproc signed on 27 November a joint venture agreement with American Eagle Transport of the US to lease three oil tankers for 15-20 years. The agreement calls for the delivery of one...

LNG ship charter signed.(Qatar Gas Transportation Company)(Teekay Nakilat)(liquified natural gas)(Brief Article)
December 2, 2005... Ras Laffan Liquefied Natural Gas Company III (RasGas III) signed agreements on 28 November with Qatar Gas Transportation Company (Nakilat) and joint venture Teekay Nakilat to charter 12 Q-Flex liquefied natural gas (LNG) carriers. South Korean...

Aramco relinquishes all shares in Greek refinery.(Vardinoyannis Industrial Group)(Brief Article)
December 2, 2005... Saudi Aramco announced in late November that its 100 per cent-owned affiliate Aramco Overseas Company (AOC) had sold its remaining 41.9 per cent stake in the 100,000-barrel-a-day (b/d) Motor Oil Hellas (MOH) refinery near Corinth to Greece's...

Dolphin negotiates more gas.(Dolphin Energy)(Brief Article)
December 2, 2005... Abu Dhabi-based Dolphin Energy is in negotiations to expand its gas production by more than 1,000 million cubic feet a day (cf/d), a senior government official told the Second MEED Major New Project Opportunities in Abu Dhabi conference in late...

Zadco seeks Upper Zakum project manager.(Zakum Development Co.)(Brief Article)
December 2, 2005... At least five companies responded by 28 November to an initial inquiry for a contract to provide project management consultancy (PMC) services on a major gas treatment and reinjection scheme at the Upper Zakum field in off-shore Abu Dhabi. The...

CNPC signs up for refinery.(China National Petroleum Corporation)(Petroleum & Mineral Resources Ministry)(Brief Article)
December 2, 2005... China National Petroleum Corporation (CNPC) has signed a memorandum of understanding (MoU) with the Petroleum & Mineral Resources Ministry to build an estimated $1,400 million refinery at Deir al-Zor in the northeast. Sources at the ministry...

WorleyParsons wraps up Musandam contract.(Brief Article)
December 2, 2005... Oman's Oil & Gas Ministry has approved the award of the contract to Australia's WorleyParsons to carry out front-end engineering and design (FEED) and detailed engineering for an unmanned wellhead platform at the offshore West Bukha gas field...

Focus turns to OPEC meet.(Brief Article)
December 2, 2005... Oil prices steadied at the start of December as warmer weather drifted over the US northeast and distillate stocks increased. The market's eyes turned to OPEC, as its next meeting approaches and as some of its leading players hinted at their...

Hunt in dispute over block 18.
December 2, 2005... Yemen Exploration & Production Company (YEPC), a US joint venture of Hunt Oil and ExxonMobil Corporation, has filed arbitration at the Paris-based International Chamber of Commerce against the government over the removal of YEPC as operator of...

Four bid for Adgas filtration package.(Abu Dhabi Gas Liquefaction Company)(Brief Article)
December 2, 2005... Four companies submitted technical and commercial bids on 27 November to Abu Dhabi Gas Liquefaction Company (Adgas) for the estimated $15 million engineering, procurement and construction [EPC) contract to upgrade filtration systems and related...

Tender imminent for Adco tanks.(Abu Dhabi Company for Onshore Oil Operations)(Brief Article)
December 2, 2005... Abu Dhabi Company for Onshore Oil Operations (Adco) is due to issue a tender by 15 December for the engineering, procurement and construction (EPC) contract to build two 1 million-barrel crude oil storage tanks at Jebel Dharma. Five companies...

Chinese sail into Port of Arabia: Khor Qurm development will be built over a 10-year period.(Brief Article)
December 2, 2005... China Harbour Engineering Company has been awarded the marine works contract on the Port of Arabia (Mina al-Arab) development in Ras al-Khaimah (RAK). The project is the most advanced under the newly established developer RAK Properties (MEED...

Dutch/Belgian JV lands DMC quay walls.(joint venture)(Dubai Maritime City)(Brief Article)
December 2, 2005... A joint venture of Van Oord Gulf of the Netherlands and the local/Belgian Bel Hasa Six Construct has been selected for the design and build contract coveting the quay wall package at Dubai Maritime City (DMC). The contract is expected to be...

ABM wins work on two Emaar projects.(Al-Basti and Muktha)(Brief Article)
December 2, 2005... The local Al-Basti & Muktha (ABM) has been awarded the latest construction package on local developer Emaar Properties' Old Town project in the Burj Dubai development. ABM has also started work on the next phase of the Golf Towers scheme, also...

Rebid for Hidd.(Works & Housing Ministry)(Brief Article)
December 2, 2005... Bidders have been notified of a planned retender of the contact to build the infrastructure for the new Khalifa bin Salman port and industrial area at Hidd. The move is understood to be at the request of the Kuwait Fund for Arab Economic...

Designers get more time to envisage the Future.(contracts)(Brief Article)
December 2, 2005... Local and international architects have been given an additional five weeks until 20 December by the local Arab Contractors (Osman Ahmed Osman & Company), to submit design proposals for a new urban development on the outskirts of Cairo. called...

Bids invited for Shahid Beheshti port.(IRAN)(Brief Article)
December 2, 2005... Technical and commercial bids have been invited by 21 January for the engineering, procurement and construction (EPC) contract on the Shahid Beheshti deepwater port project. at Chabahar in the southeastern province of Sistan-Baluchistan...

GFH unveils Royal Dead Sea project.(JORDAN)(Gulf Finance House)(Brief Article)
December 2, 2005... Bahrain-based Gulf Finance House (GFH) has unveiled plans for an estimated $200 million resort to be built on the Dead Sea. To be called Royal Resort & Spa, the development will involve the construction of a five-star hotel, a business centre a...

Bel Hasa wins Marina Diamonds, Al-Nahda work.(UAE)(Belhasa Engineering & Contracting )(Brief Article)
December 2, 2005... The local Belhasa Engineering & Contracting has been awarded two major construction packages on two residential projects in Dubai. In Dubai Marina, it has won the main construction package for three towers and has been selected for a fourth. In...

More hotel plans for Garhoud/airport area.(UAE)(Millennium Airport Hotel)(Brief Article)
December 2, 2005... Two new hotel projects will be developed close to Dubai International Airport (DIA) next year. The projects are the latest in a string of hotel developments to be built in the Garhoud area. The Aviation Club and Dubai Duty Free, both local,...

Project managers eye airport expansion.(BAHRAIN)(Brief Article)
December 2, 2005... Technical and commercial bids are due to be submitted on 13 December for the position of project manager on the proposed Bahrain International Airport (BIA) expansion scheme. Prospective bidders include Parsons International, Parsons...

Duqm port moves ahead.(OMAN)(Transport and Communications Ministry)(Royal Haskoning)(Brief Article)
December 2, 2005... Applications for prequalification have been invited by 26 December for the marine works contract on the planned new port and shipyard at Duqm, in the Gulf of Masirah. The client is the Transport & Communications Ministry; the consultant is the...

Emaar and ONA launch second golf project.(MOROCCO)(Emaar Properties)(ONA Group)(Brief Article)
December 2, 2005... Dubai-based Emaar Properties and the local ONA Group have released details of their plans to build a $1.200 million golfing community development called Bahia Bay on the coast. The 530-hectare project will be built on the Casablanca-Rabat...

Ministry invites Sohar berth bids.(OMAN)(Ibn Khaldun Consulting Engineers)(Brief Article)
December 2, 2005... Bids have beer invited by 23 January to carry out phase 3 berth work at Sohar Industrial Port. The contract covers berths eight-14. It includes the deepening of existing berths and of the approach channel to 18 metres from 16 metres, in...

Al-Sufouh job awarded.(contracts)(Transemirates Contracting Company)(National Engineering Bureau)(Brief Article)
December 2, 2005... The local Transemirates Contracting Company has been awarded an AED 200 million ($55 million) contract to build a 40-storey office tower in AI-Sufouh, next to Dubai Internet City, The construction period is 24 months. The local Middle East...

Eols out for DP's Mirdif villas.(Dubai Properties)(expressions of interest)(Brief Article)
December 2, 2005... Dubai Properties (DP) has invited expressions of interest (Eols) from 24 contractors for the estimated AED 1,000 million ($272 million) main building construction package on a new residential development in Mirdif. Known as the Mirdif villas...

Dubai Waterfront masterplan completed.(UAE)(Brief Article)
December 2, 2005... US-based Gruzen Samton has completed the masterplan for Dubai Waterfront. The project will be built on the last remaining stretch of coastline between Palm Jebel Ali and the Abu Dhabi border. The development comprises 10 districts covering an...

Adearest and TAS prepare to issue tenders.(TAS International)(Brief Article)
December 2, 2005... A consortium of the local Adearest and US-based TAS International is preparing to issue tenders for the main civil construction package for the district cooling plant complex planned on the crescent of Palm Jumeirah. Work is expected to start...

Dubai extends bridge deadline.(Brief Article)
December 2, 2005... Dubai Municipality has extended the bid deadline to 25 December for the new Garhoud bridge project, The project involves the construction of two 520-metre-long single-span bridge decks crossing the creek to the east of the existing Garhoud...

Khansaheb starts work on Wafi subterrania.(Khansaheb Civil Engineering)(Brief Article)
December 2, 2005... The local Khansaheb Civil Engineering has started work on the construction of a diaphragm wall on the estimated AED 70 million ($19 million) underground Persian-themed shopping mall at Waft City in Dubai. Excavation work is expected to start in...

DP World cruising to P&O acquisition: P&O board approves $5.7bn Dubai takeover offer.(P and O Containers Ltd.)(Brief Article)
December 2, 2005... The directors of UK ferry operator P&O have unanimously recommended to shareholders acceptance of an offer by Dubai-based DP World to acquire 100 per cent of the company for a total of 3,326 million [pounds sterling] ($5,736 million), the two...

Madrid signs train loan.(ALGERIA)(Brief Article)
December 2, 2005... The Transport Ministry has announced the signing of a Eur 102 million ($120 million) loan from the Spanish government for the purchase of 17 trains to relieve pressure On the public transport System! Spain!S Construcciones y Auxiliar de...

Delays on the lines.(contracts)(Rail Transportation Industry Company)(Tehran Urban & Suburban Railway Company)(Brief Article)
December 2, 2005... Plans to finalise the contracts to extend lines 3 and 4 of Tehran's metro system this year are facing delays. Officials now say they do not expect awards until the end of the Iranian year in March 2006 at the earliest. As a result, proposals to...

Sellhorn wins port study.(Sellhorn Ingenieurgesellschaft)(Beirut Port Authority)(Brief Article)
December 2, 2005... Germany's Sellhorn Ingenieurgesellschaft has been selected to carry, out a feasibility study and draw up a masterplan for the expansion of Beirut container port and related facilities. Officials at the Beirut Port Authority (BPA) say the study...

Damascus to become regional gateway.(SYRIA)(State Planning Commission )(Brief Article)
December 2, 2005... International consultants have beer given until 7 December to submit expressions of interest for the contract to provide consultancy services to the State Planning Commission on a comprehensive transport plan aimed at developing the country...

Rail link study completed.(contracts)(Dornier Consulting)(DE-Consult)(Brief Article)
December 2, 2005... An all-German consortium of Dornier Consulting, Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ) and DE-Consult has completed a pre-feasibility study for the proposed inter-emirate rail network that will run from Abu Dhabi to Fujairah....

CITIC and Salco sign up: study for alumina smelter nearly complete.(China International Trust and Investment Corporation)
December 2, 2005... China International Trust & Investment Corporation (CITIC) was due to sign on 3 December the engineering, procurement and construction (EPC) contract for the South Aluminium Corporation (Salco) smelter at Bandar Abbas. Salco says it is also...

Potline 6 study submitted.(Brief Article)
December 2, 2005... A feasibility study has been submitted by the US' Bechtel for the construction of a sixth potline at the Hidd smelter of Aluminium Bahrain (Alba). However, a final decision on whether to go ahead, likely early in the new year. awaits the...

Carillion bids low for earthworks.(Brief Article)
December 2, 2005... The UK/local Carillion Alawi is understood to be low bidder for the earthworks package on the planned aluminium smelter at Sohar. About seven companies submitted bids for the contract, estimated to be worth in the range of RO 3 million-6...

Water plans need $50bn of liquidity: WEC outlines reuse strategy at MEED conference.(Middle East Economic Digest )(Brief Article)
December 2, 2005... Riyadh plans to spend SR 187,000 million ($50,000 million) over the next 25 years on increasing well sourced potable water and wastewater treatment plant capacity across the kingdom. "We have major investment plans to raise the water reuse rate...

Thirteen prequalify for Shuqaiq IWPP.(independent water and power project)
December 2, 2005... Water & Electricity Company (WEC) has prequalified 13 local and international companies and groups for the estimated $1.250 million Shuqaiq independent water and power project (IWPP). Request for proposals (RFP) documents for the 850-MW. 47...

Single bid for Riffa power upgrade.(Brief Article)
December 2, 2005... A single bid of BD 49.7 million ($130.7 million) was opened from Paris-based Alstom Power in late November for the long-awaited phase 2 upgrade and rehabilitation of Riffa power station. according to the Tender Board, The contract includes work...

Panorama in picture for storage tanks.(BAHRAIN)(Panorama Engineering)(Brief Article)
December 2, 2005... The local Panorama Engineering is low bidder at BD 8.7 million ($23 million) for the contract to build two 10 million-gallon water storage tanks at Buquwah and to replace old tanks with new 5 million-gallon storage tanks at several locations....

Kahramaa signs up substation contractors.(Brief Article)
December 2, 2005... Qatar General Electricity & Water Corporation (Kahramaa) signed on 28 November substation contracts, totalling almost $1,000 million, for work on phase 6 of the Qatar transmission programme and the West Bay programme. Contractors were selected...

World Bank funds water supply upgrades.(Brief Article)
December 2, 2005... The World Bank has approved a $38 million sovereign-guaranteed loan to national water company Societe Nationale d'Exploitation et de Distribution des Eaux (Sonede) to help fund a project to sustain the reliability and quality of water services...

More time for DEWA bidders.(Dubai Electricity & Water Authority)(Brief Article)
December 2, 2005... Dubai Electricity & Water Authority (DEWA) has announced bid extensions on three major tenders. A revised bid closing date of 9 January has been set for the H station phase 3 power island package. which covers the supply and installation of...

PCA to launch desal BOT.(Presidency of Civil Aviation)(build-operate-transfer )(Brief Article)
December 2, 2005... The Presidency of Civil Aviation (PCA) intends to issue soon a solicitation notice inviting companies to submit expressions of interest for a contract to develop a 30,000-cubic-metre-a-day (cm/d) desalination plant to supply potable water to...

Desal planned for facility B.(Brief Article)
December 2, 2005... Expressions of interest were submitted by international developers in late November for the post of foreign partner on the Mesaieed independent water and power project (IWPP). Submissions were delayed by a week after the steering committee...

Deir al-Zor EPC award inches closer.(engineering, procurement and construction)(Public Establishment of Electricity for Generation & Transmission)(Brief Article)
December 2, 2005... The Public Establishment of Electricity for Generation & Transmission (PEEGT) will announce a preferred bidder by the end of December for the engineering, procurement and construction (EPC) contract to build a 750-MW combined-cycle power plant...

NCMC dials up local RFP: seventeen prequalifiers to bid for three national licences.(National Communications and Media Commission)(request for proposals)
December 2, 2005... The National Communications & Media Commission (NCMC), the independent telecoms and media regulator, has issued request for proposals (RFP) documents for national and provincial licences to provide local telecommunications services. Prospective...

Siemens upgrades GSM in the regions.(Global System for Mobile Communications )(Brief Article)
December 2, 2005... Germany's Siemens has been awarded a RO 7.8 million ($20 million) contract by Oman Mobile, a subsidiary of Oman Telecommunications Company (Omantel), to extend GSM networks to the Sharqiyah, Dakhliya, Dharia and Wusta regions. The deal is the...

Canar gets cable link-up.(Canar Telecommunications)(Brief Article)
December 2, 2005... Local fixed-line operator Canar Telecommunications. a subsidiary of Emirates Telecommunications Corporation (Etisalat), has reached a multi-million dollar deal with UK-based FLAG Telecom to connect to the Falcon submarine fibre-optic cable...

Dardari outlines reforms for 2006: "window of opportunity"--says deputy PM.(Abdullah Dardari)(prime minister)(Interview)
December 2, 2005... Damascus is set for wide-ranging reforms aimed at boosting the local economy, deputy prime minister for economic affairs Abdullah Dardari said in London on 30 November. The minister acknowledged that the initiative was largely driven by the...

GE in set up in QSTP.(General Electric)(Qatar Science and Technology Park)(Brief Article)
December 2, 2005... US-based General Electric (GE) is the latest big name to sign up for the Qatar Science & Technology Park (QSTP), located in Doha's Education City, after signing a 15-year agreement in late November. The 15,000-square-metre GE Technology &...

ADCCI approves 117 nominations.(Abu Dhabi Chamber of Commerce and Industry)(Brief Article)
December 2, 2005... Abu Dhabi Chamber of Commerce and Industry (ADCCI) has approved 117 candidates to stand in the board of directors elections on 5 December. The approved candidates include 102 nationals and 15 expatriates. A total of 15 members will be elected,...

Beirut has "unique opportunity".
December 2, 2005... Political change has created a "unique opportunity" for sweeping economic, administrative and social reforms, the IMF concluded in its latest Article IV consultation with Beirut, published in late November. Despite the economy's ability to...

Maghreb to boost economic co-operation.(Brief Article)
December 2, 2005... Senior ministerial finance and trade representatives from Algeria, Morocco and Tunisia agreed in late November in Algiers on key initiatives aimed at advancing the dialogue on strengthening regional cooperation to facilitate greater economic...

IMF: economy is stable, but growth will fall.
December 2, 2005... Macroeconomic and financial conditions in the kingdom remained stable in 2004, with strong growth in gross domestic product (GDP), low inflation and abundant liquidity; according to the results of the IMF's latest Article IV consultations,...

YanSab IPO approaches: Samba ready to arrange offer of YanSab project company.(initial public offering)
December 2, 2005... The initial public offering (IPO) of 35 per cent of shares in the project company for the Yanbu National Petrochemicals Company (YanSab) venture is due to be launched by the end of the year. Saudi Basic Industries Corporation (Sabic), the main...

PetroRabigh MLAs chosen.(mandated lead arrangers)(Rabigh Refining & Petrochemicals Company)(Brief Article)
December 2, 2005... A 15-strong group of mandated lead arrangers (MLAs) has been formally appointed on the $1,500 million conventional financing tranche for the integrated Rabigh refining and petrochemicals complex. The client, Rabigh Refining & Petrochemicals...

DP World plans mega sukuk.(Brief Article)
December 2, 2005... Dubai Islamic Bank (DIB) and Barclays Capital have been appointed joint lead managers and bookrunners on a $2,800 million sukuk issue to part-fund the $5,700 million acquisition by Dubai-based DP World of UK-based ferry operator P&O. The issue...

Investcorp fund closes oversubscribed.(Technology Ventures Fund II)(Brief Article)
December 2, 2005... Bahrain-based Investcorp closed its Technology Ventures Fund II (ITV II) in late November with a committed capital of $300 million. The fund was subscribed $50 million above its target size. Investcorp's Technology Investment Group (TIG)...

VCBank offers Islamic gem.(Venture Capital Bank)(Brief Article)
December 2, 2005... The newly established Venture Capital Bank (VCBank) and US-based private investment group Global Emerging Markets (GEM) will open subscription for a $250 million venture capital fund in early 2006. The sharia-compliant fund will invest in small...

Banadar, Nass list on BSE.(BAHRAIN)(Banadar Hotel Company)(Nass Corporation)(Bahrain Stock Exchange)(Brief Article)
December 2, 2005... Banadar Hotel Company and Nass Corporation. both local. have listed their shares on the Bahrain Stock Exchange (BSE). Both companies staged initial public offerings (IPOs) in October (MEED 14:10:05).