MEED Middle East Economic Digest articles from February 2002

MEED Middle East Economic Digest archives from February 2002

EU swings behind Arafat. (Seven days).(European Union supports Yasser Arafat)(Brief Article)
February 1, 2002... The EU has reaffirmed its support for Palestinian leader Yasser Arafat, as both Israel and the US are getting steadily closer to explicitly calling for his removal from office. EU foreign affairs ministers issued a statement on 28 January...

Bush slams "Dangerous Regimes".(countries react to Bush's statements)(Brief Article)
February 1, 2002... Baghdad has dismissed as "baseless" and "stupid" accusations by US President Bush that Iraq is one of the states forming "an axis of evil, arming to threaten the peace of the world". Bush made the comments on 29 January in his State of the...

Time was.
February 1, 2002... 2 February 1962 Libya's National Oil Company has announced that 51 per cent of its share capital will shortly be offered to local investors, with the remaining 49 per Cent to he held by US, Swedish and Dutch partners 31 January 1987...

Abdullah speaks out. (Saudi Arabia).(Crown Prince Abdullah speaks on relations with the United States)(Brief Article)
February 1, 2002... Crown Prince Abdullah has affirmed his belief that a strong bond of friendship remains between the kingdom and the US. In an interview published in the Washington Post and the New York Times on 28 January, he made clear his determination to...

The Foreign Ministry is considering changing a street name that has been a major strain on Iranian-Egyptian relations for years. (News in brief: Iran).(Brief Article)
February 1, 2002... The Foreign Ministry is considering changing a street name that has been a major strain on Iranian-Egyptian relations for years. The ministry took up the matter after Tehran's city council decided in favour of amending the name of Khaled...

Interior Minister Prince Naif has firmly denied allegations made in a UK newspaper that three Britons held in the kingdom had been tortured. (News in brief: Saudi Arabia).(Brief Article)
February 1, 2002... Interior Minister Prince Naif has firmly denied allegations made in a UK newspaper that three Britons held in the kingdom had been tortured. "These reports are totally baseless," said Prince Naif at a Beirut conference on 31 January. "They are...

The government has agreed to permit private broadcasting in the country for the first time in 50 years. (News in brief: Syria).(Brief Article)
February 1, 2002... The government has agreed to permit private broadcasting in the country for the first time in 50 years. The cabinet added a clause to a 1951 media law to allow commercial radio stations whose "programming is limited to music and advertising"....

The UK has accused Syria of importing Iraqi oil in defiance of the UN sanctions regime. (News in brief: Regional).(Brief Article)
February 1, 2002... The UK has accused Syria of importing Iraqi oil in defiance of the UN sanctions regime. The accusation was made by British officials at a meeting of the UN Security Council in New York on 28 January. It is the first time that Damascus has been...

New source for Europe's gas. (Cover Story Gas).(Egypt)(Statistical Data Included)
February 1, 2002... Cairo's bid to become a player in the global gas market has been given a major boost with the decision of Gaz de France (GdF) to buy the entire output of the first train of one of the first new Liquefied Natural Gas (LNG) terminals to be built...

NBK ups profits, eves expansion: Geographical diversification is firmly on the agenda. (Banking & Finance).(Brief Article)
February 1, 2002... National Bank of Kuwait (NBK) has maintained its record of healthy income growth, despite the difficult operating conditions of recent months, and is aiming to expand its operations in the Gulf through acquisition. The bank made net...

State energy company Sonatrach on 28 January received a $51.3 million loan from Societe Generale (SG). (News in brief: Algeria).(Brief Article)
February 1, 2002... Algeria State energy company Sonatrach on 28 January received a $51.3 million loan from Societe Generale (SG) to help finance oil recovery services performed by the US Halliburton in the Hassi Messaoud basin. The seven-year loan, which was...

Malta's Bank of Valletta (BOV) opened a representative office in Tripoli. (News in brief: Libya).(Brief Article)
February 1, 2002... Libya Malta's Bank of Valletta (BOV) opened a representative office in Tripoli on 24 January. It is the first fully foreign-owned bank to have a representative office in Libya. In addition to providing banking services for foreign residents...

People. (News in brief).(Trowers and Hamlins names new partners in Gulf offices)(Brief Article)
February 1, 2002... London-based law practice Trowers & Hamlins has named four new partners, including two in the firm's offices in the Gulf -- Andrew Rae from the Oman office and Edward Rose from the Abu Dhabi office. Trowers & Hamlins has 30 lawyers based...

MEED conference seeks more value from local investment. (Banking & Finance).
February 1, 2002... How to generate more income from the savings of the GCC was the theme of MEED's first global asset management conference held at Le Royal Meridien in Bahrain on 29-30 January. The conclusion was that investors should review their investment...

Saudi banks give strong performance. (Banking & Finance).(Saudi Arabian bank profits)(Statistical Data Included)
February 1, 2002... Saudi banks enjoyed another profitable year in 2001, with increased income at all but one of the banks to have announced their results so far. The aggregate rise in profits of the eight banks is 7.4 per cent. The exception is Al-Rajhi...

GIB profits hit by higher provisions. (Banking & Finance).(Gulf International Bank)(Brief Article)(Statistical Data Included)
February 1, 2002... Bahrain-based Gulf International Bank (GIB) has reported a net profit of $1005 million for 2001, 15 per cent below 2000 earnings of $118.1 million. The drop in net income resulted mainly from higher provisions and a one-off restructuring...

Fresh bank merger in Muscat beckons. (Banking & Finance).(Bank Dhofar al-Omani al-Fransi, Majan International Bank to merge)(Brief Article)
February 1, 2002... Another move has been made in the consolidation of the Omani banking sector. Bank Dhofar al-Omani al-Fransi and Majan International Bank have announced their intention to merge to the Central Bank of Oman and the Muscat Securities Market. ...

Banks eye Omifco debt. (Banking & Finance).(Oman India Fertiliser Co. loan)(Brief Article)
February 1, 2002... Invitations were due to go out at the beginning of February for banks to participate in the syndication of a $650 million project finance facility for the Oman India Fertiliser Company (Omifco) project. The loan will be divided 50:50 between...

Rail bond rolls out. (Banking & Finance).(Office National des Chemins de Fer in Morocco)(Brief Article)(Statistical Data Included)
February 1, 2002... The first tranche of a MD 4,920 million ($425 million) bond issue for state railway authority Office National des Chemins de Fer (ONCF) closed on 24 January. Proceeds from the MD 1,700 million ($147 million) private placement comprising 11,340...

BMB stems losses. (Banking & Finance).(BMB Investment Bank)(Brief Article)(Statistical Data Included)
February 1, 2002... BMB Investment Bank is starting to make headway in its efforts to recover from the heavy losses incurred in 2000, the latest set of figures issued by the Bahrain-based finance house show. BMB has reported a net loss of $15.6 million for...

Banque Libano-Francaise and Banque Saradar have called off merger negotiations. (News in brief).(Brief Article)
February 1, 2002... * Lebanon - Banque Libano-Francaise and Banque Saradar have called off merger negotiations, after the two sides reportedly disagreed over the valuation of Saradar's assets. The merger would have created the second largest financial institution...

Qatar, Kuwait sign gas pipeline agreement: SPA expected to be signed by the summer. (Oil & Gas).(sale and purchase)(Brief Article)
February 1, 2002... The governments of Qatar and Kuwait signed on 30 January the protocol for a gas sale and purchase (SPA) agreement for the proposed gas pipeline from Ras Laffan to Kuwait. A second agreement was signed on the same day by Kuwait Petroleum...

Syria opens up new acreage. (Oil & Gas).(Brief Article)
February 1, 2002... The Petroleum & Mineral Resources Ministry has set a fresh deadline of 28 February for five exploration licences. Several international oil companies have expressed interest in the five upstream blocks, which will be awarded in March on a...

Pars Oil & Gas Company (POGC). (News in brief: Iran).(postpones offshore gas development bid deadline)(Brief Article)
February 1, 2002... The local Pars Oil & Gas Company (POGC) has postponed the release of the new bid deadline for phases 9 and 10 of the South Pars offshore gas development scheme, industry sources say. POGC, the National Iranian Oil Company (NIOC) subsidiary in...

The local Oil Industries Engineering & Construction (OIEC) has released more details on its estimated $106 million contract. (News in brief: Iran).(for supply of compressor stations)(Brief Article)
February 1, 2002... The local Oil Industries Engineering & Construction (OIEC) has released more details on its estimated $106 million contract to supply compressor stations for the third Iranian gas trunkline (IGAT 3). The company says it will install six...

Kuwait Oil Company. (News in brief: Kuwait).(invites bids for building contract)(Brief Article)
February 1, 2002... Kuwait Oil Company has invited international companies to prequalify by 9 March for the engineering, procurement and construction (EPC) contract to build new oil storage and export facilities at Ahmadi (see Tenders). The estimated KU 270...

Kuwait Petroleum Corporation. (News in brief: Kuwait).(invites non-operator bids)(Brief Article)
February 1, 2002... Kuwait Petroleum Corporation (KPC) has invited new oil and gas companies to prequalify by 17 February for the position of non-operator on the proposed Project Kuwait KPC says that the move followed requests from oil majors in the US, Europe and...

Petroleum Development Oman (PDO). (News in brief: Oman).(to announce prequalifiers for steam injection project)(Brief Article)
February 1, 2002... Petroleum Development Oman (PDO) is expected to announce in mid February the shortlist of prequalifiers for the Darn Alam steam injection project. Some 15 international companies are understood to have applied to prequalify for the main...

Four international companies submitted bids. (News in brief: UAE).(crude oil processing feasibility study)(Brief Article)
February 1, 2002... Four international companies submitted bids by the 29 January deadline to carry out a feasibility study on a project to increase the capacity of crude oil processing facilities on Des island. The bidders are Australia's Worley, Stone & Webster,...

Petro-Canada, BP in Veba deal. (Oil & Gas).(Brief Article)(Statistical Data Included)
February 1, 2002... The UK's BP has agreed to sell the upstream assets of its German subsidiary Veba Oil & Gas (VOG) to Calgary-based Petro-Canada, the Canadian firm announced on 29 January. The estimated $2,000 million deal complements Petro-Canada's existing...

Market balance sought as West pins down Iraq. (Oil & Gas).(crude oil prices)(Brief Article)
February 1, 2002... The market was struggling in late January to reconcile the contradictory effects of supply cuts and faltering demand, leading the oil price to waver in the range of $19-20 a barrel for Brent crude. As OPEC worked to drive up the price, the US...

The US/Norwegian Petroleum Geo-Services (PGS) and China National Chemicals Import & Export Corporation (Sinochem) signed on 22 January a definitive agreement. (News in brief: Regional).(Petroleum Geo-Services to sell Atlantis subsidiary to Sinochem)(Brief Article)
February 1, 2002... The US/Norwegian Petroleum Geo-Services (PGS) and China National Chemicals Import & Export Corporation (Sinochem) signed on 22 January a definitive agreement for the sale of PGS' Atlantis subsidiary. Sinochem is expected to pay about $215...

Egypt-Jordan gas line takes shape. (Oil & Gas/Petrochemicals).(Al-Sharq Gas seeks funding)(Brief Article)
February 1, 2002... A team from the Kuwait Fund for Arab Economic Development visited Cairo at the end of January to evaluate technical and financial proposals for the El-Arish-Aqaba pipeline. The fund is expected to initial a $100 million loan agreement with the...

Petrochemical Industries Company. (Petrochemicals: Kuwait).(seeks project manager for aromatics project)(Brief Article)
February 1, 2002... The local Petrochemical Industries Company has extended to 10 February the deadline for submission of bids on the position of project management consultant for the proposed Shuaiba aromatics project. Four companies have been prequalified to bid...

The Saudi Company of Chemical Trading (Chemtrade). (Petrochemicals: Saudi Arabia).(puts off expansion of storage facilities in Yanbu)(Brief Article)
February 1, 2002... The Saudi Company of Chemical Trading (Chemtrade) has postponed plans to expand its storage facilities in Yanbu. Chemtrade had originally planned to double its 13,000-cubic-metre facilities this year, but a company official says that early...

Almabani to build Sabic centre: Centre is part of Sabic's R&D expansion. (Construction).(Saubic Basic Industries' research and development center)(Brief Article)
February 1, 2002... Saudi Basic Industries Corporation (Sabic) has awarded a SR 115 million ($30.7 million) contract to the local Almabani General Contractors Company for the construction of a new technology centre at Jubail. Six contractors submitted bids in June...

New exhibition centre for Riyadh. (Construction).(Al-Issa Consulting Engineers gets design contract)(Brief Article)
February 1, 2002... Long-standing plans to build a new international exhibition centre in the Saudi capital were revived in late January with the award of the design contract to the local Al-Issa Consulting Engineers. The company won first place in a design...

Bids invited for Cairo North civils. (Construction).(Egyptian Electricity Holding Co.; combined ycle power station)(Brief Article)
February 1, 2002... The Egyptian Electricity Holding Company has invited six prequalified local firms, each with international partners, to bid for the civil works package on the 750-MW CARIO NORTH combined cycle power station project. The closing date is 1 April....

Vinci called for Naga Hammadi civils talks. (Construction: Egypt).(Vinci S.A.-led consortium negotiates barrage project contract)(Brief Article)
February 1, 2002... Contract negotiations for the civil works package on the Naga Hammadi barrage project have started between the grand barrages section of the Irrigation & Water Resources Ministry and a consortium of Vinci of France, Bilfinger & Berger of...

Bids in for Dubai airport package. (Construction: UAE).(Dubai International Airport)(Brief Article)
February 1, 2002... Seven groups of companies submitted bids by 22 January for the first major construction package on the estimated $2,500 million Dubai International Airport (DIA) expansion project. The estimated $110 million package, known as AX 056, will...

Mina Zayed harbour project takes shape. (Construction: UAE).(Brief Article)
February 1, 2002... Bids were submitted on 28 January by 19 local and international companies for the contract to relocate the Iranian market and harbour at Mina Zayed. All the bidders submitted a main price and an alternate offer for the estimated AED 220 million...

Orascom Construction Industries. (News in brief: Egypt).(gets lighting contract for Almaza airbase)(Brief Article)
February 1, 2002... Contrack International, the US-based affiliate of the local Orascom Construction Industries, has a contract valued at $2 million for the construction of new lighting systems at the Almaza airbase. The client is the US Army Corps of Engineers....

Burhan Kuwait Trading & Contracting Company. (News in brief: Jordan).(to build Prince Hamzah Hospital in Amman, Jordan)(Brief Article)
February 1, 2002... Work is under way on the 400-bed Prince Hamzah hospital in Amman. The Housing Ministry awarded the construction contract to Burhan Kuwait Trading & Contracting Company at the end of last year. The JD 21 million ($29.6 million) project is fully...

Burhan Kuwait Trading & Contracting Company. (News in brief: Kuwait).(Brief Article)
February 1, 2002... The local Burhan Kuwait Trading & Contracting Company has been awarded, a KD 8.1 million ($26 million) contract to build a new hospital at Bneid al-Garh in Kuwait City. The proposed 150-bed facility will be located next to the Al-Salam...

Almabani General Contractors Company has received a letter of intent for the new Jeddah municipality building. (News in brief: Saudi Arabia).(Brief Article)
February 1, 2002... * Saudi Arabia - The local Almabani General Contractors Company has received a letter of intent for the new Jeddah municipality building. Five companies submitted bids in June for the estimated SR 215 million ($57 million) lump sum turnkey...

Bids due for Fahaheel seafront project. (Construction).(Brief Article)
February 1, 2002... Up to five companies have been prequalified to submit bids by 5 March for the main package on the FAHAHEEL waterfront development project. Estimated to be worth KD 10 million-12 million ($32 million-38.6 million), package 5 covers the...

Prequalification closed on 31 January for a major road project in Sudan. (News in brief: Sudan).(Brief Article)
February 1, 2002... Prequalification closed on 31 January for a major road project in Sudan. The estimated $100 million project involves construction of a 550-kilometre highway from Lake Nuba, on the Egyptian border, to Port Sudan. It is fully financed by a loan...

Eleven international and local contractors have been prequalified for the contract to build a new headquarters. (News in brief: Syria).(Brief Article)
February 1, 2002... Eleven international and local contractors have been prequalified for the contract to build a new headquarters for the Syrian Foreign Affairs Ministry. Bids are due on 5 March for the contract, which will involve construction of administrative...

Wade Adams Contracting. (News in brief: UAE).(Brief Article)
February 1, 2002... A close contest is in store for a contract to build a new road network in the Zabeel area in Dubai. The local Wade Adams Contracting has submitted a low bid of AED 55.6 million ($15 million). However, the price of second placed bidder Saudi...

Mixed fortunes for UAE container ports: Dubai and Sharjah ports post growth. (Transport: UAE).(Brief Article)(Statistical Data Included)
February 1, 2002... Container ports enjoyed differing fortunes in 2001, according to results issued by three port authorities. While Dubai Ports Authority (DPA) and Sharjah-based Gulf tamer Company both announced a steady rise in throughput, the Port of Fujairah...

The Transport Ministry is seeking to set up a partnership with the government of the Netherlands. (News in brief: Egypt).(Brief Article)
February 1, 2002... The Transport Ministry is seeking to set up a partnership with the government of the Netherlands to carry out an estimated [pounds sterling]E 1,700 million ($375 million) project to build a high-speed rail link between Cairo and the 10 Ramadan...

The port of Chabahar, located in the southeastern province of Sistan-Baluchestar. (News in brief: Iran).(Brief Article)(Statistical Data Included)
February 1, 2002... The port of Chabahar, located in the southeastern province of Sistan-Baluchestar, handled 920,000 tonnes of goods in the first 10 months of the current Iranian year, which ends on 20 march. The figure represents a year-on-year increased of 27...

Developers line up for Sinai co-gen: Plant will have a capacity of 300-500 MW. (Power & Water).(Brief Article)
February 1, 2002... International developers have been invited to submit expressions of interest by the end of February for a project to set up a power and desalination complex in SINAI. Conceptual designs have been prepared for the Egyptian Electricity Holding...

Siemens to build Khartoum power plant. (Power & Water).(Brief Article)
February 1, 2002... An international group led by Siemens of Germany has been awarded an estimated $175 million contract to build a turnkey power station near KHARTOUM. The joint venture of Siemens and H Cegielski Poznan (HCP) of Poland will be responsible for...

Japanese in line for Arzew EPC. (Power & Water).(Itochu Corp. and Ishikawajima-Harima Heavy Industries receive engineering, procurement, and construction contract)(Brief Article)(Statistical Data Included)
February 1, 2002... The - Japanese consortium of Itochu Corporation and Ishikawajima-Harima Heavy Industries has been awarded the engineering, procurement and construction (EPC) package on the ARZEW independent water and power project (IWPP) after bids were opened...

Xenel goes for Tabriz IPP. (Power & Water).(Xenel Industries pursues independent power project)(Brief Article)(Statistical Data Included)
February 1, 2002... Jeddah-based Xenel Industries has emerged as the second Saudi investor pursuing an independent power project (IPP) in Iran. The company in mid-December signed a memorandum of understanding (MoU) with the Iran Power Development Company (IPDC) to...

Egyptians bid low for 400-kV projects. (Power & Water).(Kahromica and Hidelco submits proposal for General Electricity Company of Libya contract)(Brief Article)(Statistical Data Included)
February 1, 2002... An Egyptian team of Kahromica with Hidelco is low bidder at LD 156 million ($243 million, at the exchange rate in use when bids were submitted) for the contract to build a 1,500-kilometre 400-kV transmission network for the General Electricity...

Financing sought for interconnection. (Power & Water).(Office National de l'Electricite seels proposals)(Brief Article)(Statistical Data Included)
February 1, 2002... The government has requested funding of up to MD 2,030 million ($177 million) to help cover the equipment costs of a major project to expand the kingdom's international electricity interconnection network. Proposals were submitted on...

Vivendi seeks Rabat concession. (Power & Water).(possible acquisition of Redal partnership utilities concession)(Brief Article)(Statistical Data Included)
February 1, 2002... France's Vivendi is in discussions with members of the Redal partnership over the possibility of taking control of the Rabat utilities concession. Redal, led by Spain's Dragados, with Electricidad de Portugal (EDP), Portuguese investment...

The high-voltage arm of European-controlled ABB Egypt. (News in brief: Egypt).(receives Egyptian Electricity Transmission Co. contract)(Brief Article)
February 1, 2002... The high-voltage arm of European-controlled ABB Egypt has a contract valued at [pounds sterling]E 17.3 million ($3.8 million) to supply and install the 68/22-kV equipment at the Shaikh Zayed City substation. Contracts for other elements of the...

The consultant on the Hormozgan Regional Water Company project the local Mahab Qods Consulting Engineers, expects to award the contract by mid February. (News in brief: Iran).(Brief Article)
February 1, 2002... Four local firms submitted bids in early January for the third package on the Oeshm island water supply scheme. Works on the package include the supply, construction and installation of a complementary watersupply system, including several...

The Jordanian National Consortium for Disi Project comprises Arab Bank Group, Housing Bank for Trade & Investment and Edgo, all local, with Astra of Saudi Arabia. (News in brief: Jordan).(companies that applied for prequalification of Disi water conveyance project)(Brief Article)
February 1, 2002... Further details have emerged of one of the 14 groups which applied to prequalify for the Disi water conveyance project in early January. The Jordanian National Consortium for Disi Project comprises Arab Bank Group, Housing Bank for Trade &...

Russias Technopromexport signed on 23 January a lump sum turnkey contract for the 850-MW phase 1 expansion of the Tripoli West power plant. (News in brief: Libya).(General Eelectrocity Corp. of Libya is the client)(Brief Article)(Statistical Data Included)
February 1, 2002... Russias Technopromexport signed on 23 January a lump sum turnkey contract for the 850-MW phase 1 expansion of the Tripoli West power plant. Technoprom will install two 325-MW oil fired units at the plant, bringing total capacity to 1,350 MW....

STC appoints GSM adviser: Marconi to work on network redesign. (Telecoms & IT).(Marconi Corporation PLC, wins contract from Saudi Telecommunications Co.)(Brief Article)(Statistical Data Included)
February 1, 2002... UK-based Marconi has been awarded the contract to advise Saudi Telecommunications Company (STC) on the redesign and expansion of its GSM network. Under the $28.5 million contract, Marconi subsidiary Marconi (MSI) will advise STC on the redesign...

Bahrain Telecommunications Company (Batelco). (News in brief: Bahrain).(expands services to Kenya, signs with Safaricom)(Brief Article)
February 1, 2002... Bahrain Telecommunications Company (Batelco) has expanded its international roaming services to Kenya, the company announced on 20 January. The carrier signed an agreement with Kenya's Safaricom, enabling Batelco subscribers to use their mobile...

Bids are due to be submitted on 9 February for the contract. (News in brief: Saudi Arabia).(to build underground telephone cable to Port Sudan from Jeddah)(Brief Article)(Statistical Data Included)
February 1, 2002... Bids are due to be submitted on 9 February for the contract to lay a submarine telephone cable under the Red Sea from Jeddah to Port Sudan. Industry sources say that 10 foreign companies have been prequalified for the estimated $20 million...

Tunis has high hopes for GSM licence. (Telecoms & IT).(various companies bidding on mobile project)(Brief Article)(Statistical Data Included)
February 1, 2002... The response to the retendered GSM licence has been much better than when it was first tendered last March, Communictions Ministry officials say. At least six international operators are expected to submit bids for the country's first private...

Telecom Egypt has held discussions with a number of foreign operators. (News in brief: Egypt).(including Telefonica S.A. and Turkcell A.S. for partnership in GSM operation)(Brief Article)
February 1, 2002... Telecom Egypt has held discussions with a number of foreign operators interested in becoming a partner in its GSM operation; which is scheduled to start up at the end of 2002. It is understood that the prospective partners include Telefonica of...

Local cement output jumps: a revival in construction activity in the kingdom fuels growth. (Industry).(Saudi Arabia cement and cement clinker production)(Brief Article)(Statistical Data Included)
February 1, 2002... Saudi cement and clinker production rose steeply in 2001, indicating a revival of construction activity in the kingdom after two lean years. Cement output was 20.6 million tonnes, a rise of 14 per cent on the previous year. The best news for...

Egyptian National Railways (ENR). (Industry: News in brief - Egypt).(joint venture with VAE AG)(Brief Article)
February 1, 2002... Austria's VAE has agreed to set up a joint venture with Egyptian National Railways (ENR) for the local manufacture of turnouts for the railway network. The Austrian partner, which will hold a 51 per cent stake in the venture, will supply...

The Finance, Economy & Trade Ministry is to be split into two according to an emiri decree issued on 29 January. (Economy: Qatar).(Brief Article)
February 1, 2002... The Finance, Economy & Trade Ministry is to be split into two according to an emiri decree issued on 29 January. While former finance, economy & trade minister Youssef Hussain Kamal will head the new Finance Ministry, Shaikh Hamad bin Faisal...

Bahrain-based Gulf International Bank (GIB). (Companies & Markets: Bahrain).(will list Falcon funds on Bahrain Stock Exchange)(Brief Article)
February 1, 2002... Bahrain-based Gulf International Bank (GIB) is to list its Falcon family of funds on the Bahrain Stock Exchange. The funds, managed by GIB's UK subsidiary, offer a range of diverse products including fixed income, equity and alternative...

Alexandria Portland Cement Company. (Companies & Markets: Egypt).(had tender offer from Blue Circle Industries suspended by officials)(Brief Article)
February 1, 2002... A tender offer tabled by an affiliate of France's Lafarge to buy 100 per cent of the shares in Alexandria Portland Cement Company was suspended by the Capital Market Authority on 30 January, shortly before the offer was due to close. The offer,...

Prices slump on economic fears. (Companies & Markets).(Middle East stock exchange results)(Brief Article)(Statistical Data Included)(Illustration)
February 1, 2002... Shares dropped across the board at the CAIRO & ALEXANDRIA STOCK EXCHANGES in the week ending 30 January, as investors rushed to offload stocks in light of a gloomy macroeconomic outlook. The benchmark Hermes index closed the week down 7 per...

Reviewing the situation. (Special Report Power).(overview of Middle Eastern electricity market)(Statistical Data Included)
February 1, 2002... The emerging Middle East private power market has survived the fall-out from 11 September with minimal damage. But the knock-on effects from the Enron collapse could prove harder to overcome. MEED reports. Officials at Abu Dhabi Water &...

Databank: Economic forecasts, 2001-2002.(data on gross domestic product, budget deficit/surplus)(Brief Article)(Illustration)(Statistical Data Included)
February 1, 2002... Databank: Economic forecasts, 2001-2002 Real GDP growth Current account (%) ($ million) 2001 2002 2001 2002 Algeria 3.5 ...

Currency exchange rates. (Databank).(Brief Article)(Illustration)(Statistical Data Included)
February 1, 2002... Currency exchange rates $ [pounds sterling] [euro] 1 0.71 1.16 Algeria (AD) 77.59 109.40 ...

Databank: Economic indicators, 2000.(Middle East)(Brief Article)(Illustration)(Statistical Data Included)
February 1, 2002... Databank: Economic indicators, 2000 ($ million) Population GDP per GDP 2000 capita growth GDP (million) (S) (%) Imports Exports Algeria...

Allies waver as US stands firm. (Seven Days).(on hardline Iraqi policy)(Brief Article)
February 15, 2002... Washington is maintaining its hardline stance on Iraq, but has made clear that there are no immediate plans to launch a military attack on the country. However, US allies appear wary of US intentions and many are seeking to distance themselves...

Israel launches Gaza blitz. (Seven Days).(Brief Article)
February 15, 2002... Israeli forces poured into Palestinian-controlled areas of the Gaza Strip on 13 February in one of the largest operations of its kind since the intifada began 16 months ago. The latest actions have provoked the first criticisms of Israel from...

Emir sets election dates. (Seven Days).(in Bahrain)(Brief Article)
February 15, 2002... Exactly a year after the historic approval of the national charter, Emir Shaikh Hamad bin Isa al-Khalifa announced on 14 February the creation of a constitutional monarchy in Bahrain. The emir also said that municipal elections would be held on...

Anniversary marked by demonstrations. (Seven Days).(in Iran)(Brief Article)
February 15, 2002... Iranians marked the 23rd anniversary of the Islamic revolution with large demonstrations against the US. Tens of thousands took to the streets of Tehran on 11 February, denouncing President Bush for comments made in his 29 January state of the...

Armed Islamic Group. (News in Brief: Algeria).(Algerian officials kill Antar Zouabri)(Brief Article)
February 15, 2002... One of the country's most wanted men, Armed Islamic Group (GIA) leader Antar Zouabri, was shot dead by government forces on 8 February, the official APS flows agency has announced. Zouabri's death has been reported several times before, but...

Iran Air Tours. (News in Brief: Iran).(loses 117 passengers in airline crash)(Brief Article)
February 15, 2002... All 117 people on board an Iranian airliner were killed, when it crashed into the mountains en route to Khorramabad in western Iran on 12 February. The Russian-built Tupolev-154 was operated by Iran Air Tours, an affiliate of state carrier Iran...