MEED Middle East Economic Digest articles from February 2003

MEED Middle East Economic Digest archives from February 2003

Weapons, lies and videotape. (Seven Days).
February 7, 2003... US Secretary of State and seasoned soldier Colin Powell approached his 5 February presentation to the UN Security Council in the careful manner of a military campaign. In making the case for using force against Iraq, he attempted to bury his...

8 February 1963. (Time Was).(Brief Article)
February 7, 2003... As Iraqi oil officials prepare to visit oil fields and installations in the USSR, Baghdad passes a law establishing the Iraqi National Oil Company

6 February 1988. (Time Was).(Brief Article)
February 7, 2003... Washington steps in with a revived initiative aimed at restarting peace talks on the Israeli-Palestinian conflict

6 February 1998. (Time Was).(Brief Article)
February 7, 2003... The US launches a diplomatic drive in Europe and the Middle East to prepare the ground for a military attack on Iraq following its failure to co-operate with UN weapons inspectors

The Bahrain Monetary Agency (BMA--central bank) approved on 4 February the appointment of Khalid Shaheen as the new chief executive officer of troubled Bahraini Saudi Bank. (News in Brief: Bahrain).(Brief Article)
February 7, 2003... * Bahrain The Bahrain Monetary Agency (BMA--central bank) approved on 4 February the appointment of Khalid Shaheen as the new chief executive officer of troubled Bahraini Saudi Bank. His appointment follows an interim period during which a...

The Bahrain Monetary Agency (BMA--central bank) plans to issue on 27 February an Islamic leasing Sukuk instrument valued at $80 million. (News in Brief: Bahrain).(Brief Article)
February 7, 2003... * The Bahrain Monetary Agency (BMA--central bank) plans to issue on 27 February an Islamic leasing Sukuk instrument valued at $80 million. The bond will be made up of $10,000 notes carrying a tenor of three years and paying an annual rental...

Regional Bahrain-based First Islamic Investment Bank (FIIB) has entered a $142.9 million aircraft leasing venture in partnership with Bank of America affiliate Montrose & Company International. (News in Brief).(Brief Article)
February 7, 2003... * Regional Bahrain-based First Islamic Investment Bank (FIIB) has entered a $142.9 million aircraft leasing venture in partnership with Bank of America affiliate Montrose & Company International. FIIB was the equity arranger in the deal, which...

Oryx GTL loan prepares for targeted syndication. (Banking & Finance).(Brief Article)
February 7, 2003... All the financing documents for the Oryx GTL debt package were signed on 31 January, a day after Paris-based Technip-Coflexip signed the $675 million engineering, procurement and construction (EPC) contract to build the 34,000-barrel-a-day...

Oman Air signs aircraft financing. (Banking & Finance).(Brief Article)
February 7, 2003... Flag carrier Oman Air signed on 4 February an $80 million aircraft financing agreement with BankMuscat, Oman Arab Bank and Arab Bank. Under the terms of the deal the three lenders will act as lead arrangers for the loan, which is intended to...

Egypt Commercial International Bank (CIB). (News in Brief: Egypt).(Brief Article)
February 7, 2003... * Egypt Commercial International Bank (CIB) has posted a 5.2 per cent fall in profits to LE 380.89 million ($71 million) for the year ending 31 December 2002. CIB attributed the fall in earnings to a 62.9 per cent decline in foreign exchange...

New credit facilities have been made available to the Islamic republic with the extension of a $200 million credit line to seven local banks by Export-Import Bank of India (Exim Bank). (News in Brief: Iran).(Brief Article)
February 7, 2003... * New credit facilities have been made available to the Islamic republic with the extension of a $200 million credit line to seven local banks by Export-Import Bank of India (Exim Bank). The bank on 25 January signed an agreement with Bank...

US-based Moody's Investors Service has upgraded the long and short-term foreign currency deposit ratings of Kuwait Finance House. (News in Brief: Kuwait).(Brief Article)
February 7, 2003... * US-based Moody's Investors Service has upgraded the long and short-term foreign currency deposit ratings of Kuwait Finance House by two notches to A3 and P-2 respectively end placed a positive outlook on the Islamic bank's 0+ financial...

Oman BankMuscat. (News in Brief: Oman).(Brief Article)
February 7, 2003... * BankMuscat announced in early February a set of strong preliminary financial results for 2002. Net profits more than doubled to RO 22.9 million ($57 million), while loan loss provisioning by the bank, which along with many other local lenders...

A AED 285 million ($77.6 million) syndicated financing facility has been closed for Faisel bin Jassim Holding Company, the owner of the Doha City Centre. (Banking & Finance: Qatar).(Brief Article)
February 7, 2003... * Qatar A AED 285 million ($77.6 million) syndicated financing facility has been closed for Faisel bin Jassim Holding Company, the owner of the Doha City Centre. Lead arranged by Mashreqbank, the hybrid transaction is made up of two tranches, a...

Financing fixed for South Pars onshore work: award of onshore EPC contract imminent. (Oil & Gas).(Brief Article)
February 7, 2003... Japanese trading house Mitsui & Company has reached an agreement-in-principle to provide financing for the onshore facilities for phases 6-8 of the South Pars gas development scheme. The development is expected to pave the way for a swift award...

Regional Abu Dhabi-based Dolphin Energy (DEL). (News in Brief).(Brief Article)
February 7, 2003... * Regional Abu Dhabi-based Dolphin Energy (DEL) announced on 6 February the signing of two key agreements, which will see Omani gas being supplied to the Fujairah power and desalination plant for a period of three-and-a-half-to-five years. The...

Corinth Pipeworks of Greece is low bidder at RO 2.4 million ($6.1 million) for the contract to supply 45 kilometres of 24-inch-diameter X65 carbon steel gas pipes and induction bends for installation on the Oman-UAE gas link. (News in Brief: Oman).(Brief Article)
February 7, 2003... * Corinth Pipeworks of Greece is low bidder at RO 2.4 million ($6.1 million) for the contract to supply 45 kilometres of 24-inch-diameter X65 carbon steel gas pipes and induction bends for installation on the Oman-UAE gas link. The other...

Revised bids were submitted in late January for the engineering, procurement and construction (EPC) contract involving the upgrade and revamp of the NGL-1 and NGL-2 plants at Mesaieed. (News in Brief: Qatar).(Brief Article)
February 7, 2003... * Revised bids were submitted in late January for the engineering, procurement and construction (EPC) contract involving the upgrade and revamp of the NGL-1 and NGL-2 plants at Mesaieed. The request for revised bids came after the original bids...

New prices due for Abu Dhabi oil project. (Oil & Gas).(Brief Article)
February 7, 2003... Abu Dhabi Company for Onshore Oil Operations (Adco) has invited four groups of companies to submit revised commercial prices by 15 February for the Northeast Abu Dhabi (NEAD) project (MEED 31:1:03). The bidders are: Paris-based...

Bids in for Bu Hasa upgrade. (Oil & Gas).(Brief Article)
February 7, 2003... Five companies submitted the first set of technical bids by 4 February for the engineering, procurement and construction (EPC) contract covering the Bu Hasa production upgrade facilities and reservoirs development project, in Abu Dhabi. The...

Prequals due for sulphur pipeline. (Oil & Gas).(Brief Article)
February 7, 2003... Abu Dhabi Gas Industries Company (Gasco) has invited companies to apply for prequalification by 17 February for the proposed liquid sulphur pipeline project (MEED 28:6:02; 29:3:02). Estimated to be worth $80 million-90 million, the...

War threat drives oil prices. (Oil & Gas).(Brief Article)
February 7, 2003... The threat of a war in Iraq continued to drive oil prices in early February, as OPEC members indicated their probable responses and Venezuelan production crept up. Before US Secretary of State Colin Powell made his 5 February address to the UN,...

Granherne takes Mina al-Fahal FEED. (Oil & Gas).(Brief Article)
February 7, 2003... Granherne & Company of the US has been awarded the front-end engineering and design (FEED) contract for the isomerisation unit project at Mina al-Fahal refinery The FEED will take about six months, after which a tender for the main engineering,...

Bids awaited for Sohar pipeline FEED. (Oil & Gas).(Brief Article)
February 7, 2003... Bids are due on 15 February for the contract to draw up front-end engineering and design (FEED) studies for the proposed 200-kilometre mixed feedstock pipeline to link the oil export terminal of Petroleum Development Oman at Mina al-Fahal with...

Kuwait Oil Company has invited companies to submit bids by 6 April for an estimated KO 5 million-7 million ($17 million-23 million) contract to install a new desalination unit at gathering centre (GC) 27. (News in Brief: Kuwait).(Brief Article)
February 7, 2003... * Kuwait Oil Company has invited companies to submit bids by 6 April for an estimated KO 5 million-7 million ($17 million-23 million) contract to install a new desalination unit at gathering centre (GC) 27. The two-year contract will cover the...

Kuwait Oil Company has once again extended the bid submission deadline for the engineering, procurement and construction (EPC) contract on the proposed Ahmadi oil storage and export facilities project. (News in Brief: Kuwait).(Brief Article)
February 7, 2003... * Kuwait Oil Company has once again extended the bid submission deadline for the engineering, procurement and construction (EPC) contract on the proposed Ahmadi oil storage and export facilities project. Three international companies -- Japan's...

Kuwait National Petroleum Company has extended the bid submission deadline to 30 March for the contract to supply and install an acid gas treatment plant at Shuaiba refinery. (News in Brief: Kuwait).(Brief Article)
February 7, 2003... * Kuwait National Petroleum Company has extended the bid submission deadline to 30 March for the contract to supply and install an acid gas treatment plant at Shuaiba refinery. The project is estimated to cost KD 13 million )S43 million) and...

Full steam ahead for PIC projects: boost for planned olefins project and aromatics plant. (Petrochemicals).(Brief Article)
February 7, 2003... Plans by the local Petrochemical Industries Company (PIC) to build two new petrochemical plants at Shuaiba are taking shape. PIC is understood to have signed a memorandum of understanding (MoU) with the multinational Dow Chemical Company to act...

Bids invited for new Emaar towers: strong local interest in high-rise development. (Construction).(Brief Article)
February 7, 2003... Bids are due to be returned by 2 March for the contract to build the second batch of buildings on the Dubai Marina project. Known as 7WX, the design-and-build contract covers the construction of six towers of 25-40 storeys, a five-level...

The Public Authority for Applied Education & Training has invited companies to prequalify by 18 February for a contract to build a new College of Training at Sabahiya. (News in Brief: Kuwait).(Brief Article)
February 7, 2003... * The Public Authority for Applied Education & Training has invited companies to prequalify by 18 February for a contract to build a new College of Training at Sabahiya. Estimated to be worth KD 10 million ($33 million), the 24-month contract...

Saudi Arabia's Kingdom Hotel Investment Group (KHI). (News in Brief: Syria).(Brief Article)
February 7, 2003... * Saudi Arabia's Kingdom Hotel Investment Group (KHI) on 3 February announced that three companies had joined the firm as investors on the estimated $100 million Damascus Four Seasons hotel. Kuwait's Syrian Holding Company,...

More time for Heliopolis Sheraton bidders. (Construction).(Brief Article)
February 7, 2003... The local/Kuwaiti Gulf Egypt for Hotels & Tourism has extended the bid deadline for the contract to expand the Sheraton Heliopolis Hotel in Cairo by three weeks to 29 March. At least seven groups of international contractors are prequalified...

Samsung awarded Tabreed cooling plants contract. (Construction).(Brief Article)
February 7, 2003... South Korea's Samsung Corporation has received a letter of award for a contract to build two district-cooling plants at the AlDhafra airbase in Abu Dhabi. Estimated to be worth AED 130 million ($35 million), the engineering, procurement and...

Bids in for township dredging. (Construction).(Brief Article)
February 7, 2003... Seven companies bid on 4 February for the contract to dredge two sites close to Manama for major housing developments. The local Al-Ganah Contracting is low bidder at BD 24.9 million ($64 million). Quotes for the work ranged up to BD 39.1...

The Cairo Airport Authority has prequalified 11 companies for the contract to build new storage facilities at Cairo International Airport. (News in Brief: Egypt).(Brief Article)
February 7, 2003... * The Cairo Airport Authority has prequalified 11 companies for the contract to build new storage facilities at Cairo International Airport. Prequalifiers are understood to include Arab Contractors (Osman Ahmed Osman & Company), Sacrete and...

The local Al-Adrak Trading & Contracting is low bidder at RO 1.4 million ($3.5 million) for the contract to build a sports stadium at Qurum in Muscat. (News in Brief: Oman).(Brief Article)
February 7, 2003... * The local Al-Adrak Trading & Contracting is low bidder at RO 1.4 million ($3.5 million) for the contract to build a sports stadium at Qurum in Muscat. Seven other local contractors quoted for the work. which entails the construction of two...

The local Hassan bin Juma bin Baker Trading & Contracting. (News in Brief: Oman).(Brief Article)
February 7, 2003... * The local Hassan bin Juma bin Baker Trading & Contracting is low bidder at RO 9.8 million ($25 million) for the contract to build a 76-kilometre single carriageway from Rustaq, west of Muscat, to Miskin. Seven other contractors bid for the...

Transport: Air Arabia-takes off. (Transport/Power & Water).(Brief Article)
February 7, 2003... A new carrier -- Air Arabia -- was launched in Sharjah in early February. Initially the airline, which is due to begin services in October, is expected to cater for Hajj and Umrah customers flying to Jeddah. The airline, which will have a...

Two group in for IPDC power contract: four stations with 3,000-MW capacity required. (Power Water).(Brief Article)
February 7, 2003... Two groups of companies submitted bids by 1 February for the engineering, procurement and construction (EPC) contract to build four power stations with total capacity of 3,000 MW The client is Iran Power Development Company (IPDC). The power...

Six line up for BOO projects. (Power & Water).(Brief Article)
February 7, 2003... Six groups of companies have purchased tender documents from state power generation and transmission company Tavanir for the project to build two independent power plants (IPPs) with total capacity of 1,000 MW, The tender is part of the Islamic...

More T&D work beckons in Kuwait. (Power & Water).(Brief Article)
February 7, 2003... Thirteen companies are prequalified to submit bids by 2 March for a contract to supply and install three 33/11-ky substations at Doha, Sulaibikhat and Mina Abdulla. The estimated KD 6 million ($20 million) contract is the first of four tenders...

Five bid for RAK desal plant. (Power & Water).(Brief Article)
February 7, 2003... Bids are under study for the contract to supply and install new multi-effect distillation (MED) capacity in Ras al-Khaimah. Five companies submitted in late January two sets of prices for the engineering, procurement and construction (EPC)...

The local Panorama Contracting & Engineering Services has won a 8D 800,000 ($2.1 million) contract to build a water conveyance pipeline between the coke calcination facility of Aluminium Bahrain (Alba) and three proposed pumping stations. (News in Brief: Bahrain).(Brief Article)
February 7, 2003... * The local Panorama Contracting & Engineering Services has won a 8D 800,000 ($2.1 million) contract to build a water conveyance pipeline between the coke calcination facility of Aluminium Bahrain (Alba) and three proposed pumping stations. The...

More than 50 companies picked up prequalification documents by 31 January for the mechanical and electrical works package on the Siah-Bisheh hydropower project. (News in Brief: Iran).(Brief Article)
February 7, 2003... * More than 50 companies picked up prequalification documents by 31 January for the mechanical and electrical works package on the Siah-Bisheh hydropower project. Energy Ministry affiliate Iran Water & Power Resources Development Company (IWPC)...

Alstom of France has submitted a low bid of KD 4.9 million ($16 million) for the contract to supply and install control systems for 21 substations along the borders with Iraq and Saudi Arabia. (News in Brief: Kuwait).(Brief Article)
February 7, 2003... * Alstom of France has submitted a low bid of KD 4.9 million ($16 million) for the contract to supply and install control systems for 21 substations along the borders with Iraq and Saudi Arabia. Two companies priced the 18-month contract, with...

Bids are under evaluation at Qatar General Electricity & Water Corporation (Kahramaa) for the power supply contract to the Education City development. (News in Brief: Qatar).(Brief Article)
February 7, 2003... * Bids are under evaluation at Qatar General Electricity & Water Corporation (Kahramaa) for the power supply contract to the Education City development. Bidders for the contract include Oman's Bahwan Engineering Company, the UAE's Emirates...

Mid-March decision on GSM licence: new GSM licences could follow in 2004. (Telecoms & IT).(Brief Article)
February 7, 2003... The board of the telecoms regulator, the Saudi Communications Commission (SCC), is to approve by mid-March a liberalisation plan for the sector, setting out the schedule for opening up parts of the market and the number of competitors to be...

The US' Tekelec has won a contract for the turnkey restructuring of the signalling network belonging to state-owned GSM operator Maroc Telecom (MT). (News in Brief: Morocco).(Brief Article)
February 7, 2003... * The US' Tekelec has won a contract for the turnkey restructuring of the signalling network belonging to state-owned GSM operator Maroc Telecom (MT). Tekelec will begin work on installing the four system transfer points in mid-February and...

Mobinil tightens its belt. (Telecoms & IT).(Brief Article)
February 7, 2003... The Egyptian Company for Mobile Services (Mobinil) is reining in its marketing drive for new customers for its GSM network, after a year in which devaluation of the local currency continued to put pressure on the company's dollar-denominated...

Ericsson of Sweden has been awarded the contract to supply and install general packet switched radio services (ISPRS) and message services for the GSM network run by Vodafone Egypt. (News in Brief: Egypt).(Brief Article)
February 7, 2003... * Ericsson of Sweden has been awarded the contract to supply and install general packet switched radio services (ISPRS) and message services for the GSM network run by Vodafone Egypt. At the end of 2002, Vodafone had more than 2 million...

Industry: FL Smidth signs up for cement plant. (News in Brief: Iran).(Brief Article)
February 7, 2003... Denmark's FL Smidth has been awarded the contract to provide equipment for a new private cement plant. The project is part of a major expansion drive by local cement producers looking to meet rising domestic demand and export opportunities. ...

Cairo markets buoyed by floating pound: Global mutual funds target Cairo and Alexandria again. (Economy).
February 7, 2003... The decision to fully liberalise the Egyptian currency exchange rate on 29 January has raised hopes of a fresh injection of foreign capital into the flagging economy, hopes that appear to be born out by the surge in activity on the local stock...

The International Finance Corporation has extended a $5 million loan to the local Sekem Group. (News in Brief: Egypt).(Brief Article)
February 7, 2003... * The International Finance Corporation has extended a $5 million loan to the local Sekem Group to help finance a $14.5 million agricultural project at Balbeis, to the north of Cairo. The scheme comprises 120 farms producing organic fruits,...

Step forward for foreign investors. (Economy).(Brief Article)
February 7, 2003... The Supreme Economic Council on 2 February approved a revised negative list of activities barred to foreign investors. The changes will allow direct foreign investment in some telecoms activities, insurance and printing (Saudi Arabia, MEED...

The budget deficit is expected to widen to more than 4 per cent of gross domestic product (GOP) in 2003. (News in Brief: Jordan).(Brief Article)
February 7, 2003... * The budget deficit is expected to widen to more than 4 per cent of gross domestic product (GOP) in 2003, Finance Minister Michel Marto announced on 5 February Marto said that government spending under the new budget was forecast to reach JD...

Amman slumps as war looms closer. (Companies & Markets).
February 7, 2003... Share prices on the AMMAN STOCK EXCHANGE dropped to their lowest levels for over a year as pessimism about events in Iraq prompted investors to seek cash over stocks. The gloomy sentiment wiped out previous rallies at the bourse. However, the...

Boom time. (Special Report Construction).
February 7, 2003... In spite of the threat of war in Iraq, much of the Middle East is witnessing a sharp upturn in construction activity. MEED reports on a sector that is demonstrating resilience in the face of regional uncertainty and looks in detail at the...

Contracts.
February 7, 2003... Contracts More than $3,083 million of contracts were awarded in the Middle East in January according to this checklist compiled from MEED reports. If you want details of your organization to be included, please send information to the...

Databank: Economic forecasts, 2002-2003.
February 7, 2003... Databank: Economic forecasts, 2002-2003 Real GDP growth Current account (%) ($ million) 2002 2003 2002 2003 Algeria ...

Currency exchange rates.(Brief Article)
February 7, 2003... Currency exchange rates $ [pounds [euro] 100 [yen] sterling] 1 0.61 0.93 1.20 Algeria (AD)...

Ariel bombardment. (Cover Story Israeli Politics).
February 7, 2003... With the drama of Israel's general elections over, the ritual of coalition building begins. Despite his overwhelming success at the polls, Prime Minister Ariel Sharon may yet discover he has won a hollow victory if he is unable to rally a...

Options still open on Alba finance: two syndications expected to close by March. (Banking & Finance).
February 7, 2003... Two tranches of the $1,550 million financing package for Aluminium Bahrain (Alba) have been launched to general syndication and progress is being made on other tranches. Syndication of the $500 million commercial tranche opened in late...

Sadaf refinancing signed and sealed. (Banking & Finance).(Brief Article)
February 7, 2003... Syndication of a $650 million debt refinancing package for Saudi Petrochemical Company (Sadaf) closed in late January and was signed on 2 February. Eight banks joined the deal during syndication. They are Arab Petroleum Investments Corporation...

Databank: Economic indicators, 2001.
February 7, 2003... Databank: Economic indicators, 2001 ($ million) GDP Population GDP per GDP Imports Exports 2001 capita growth (million) ($) (%) Algeria...

"Gang of three" holds up US war wagon.(Frrance, Germay and Belgium)
February 14, 2003... * Iraq US politicians from both sides of the senate lashed out at Nato members France, Belgium and Germany after they blocked a request from Washington to bolster the defensive capabilities of Turkey, one of the key staging posts for a...

Seven days.(Saudi Arabia: Accicent during Hajj)(Brief Article)
February 14, 2003... * Saudi Arabia Fourteen people were crushed to death in Makkah on 11 February during the annual Hajj pilgrimage. The incident, the latest in a series of tragedies to occur during the Hajj, took place during the ritual stoning of Satan at Mina....

Iranian nuclear plans spark US fears.(Brief Article)
February 14, 2003... * Iran US fears over Iran's nuclear ambitions were heightened following the 9 February announcement by President Khatami that Tehran was planning to begin mining and processing its domestic uranium reserves. In a televised statement,...

Lawyers prepare for 11 September lawsuit.(Suit against Saudi officials)(Brief Article)
February 14, 2003... * Saudi Arabia Attorneys representing senior Saudi officials and businessmen are likely to appear in US courts by early April to file dismissal actions against the multitrillion-dollar lawsuit brought by 11 September victims. So far there...

Sharon woos Labour.(Israeli Prime Minister, Ariel Sharon)
February 14, 2003... * Israel The political, jockeying continued in the second week of February as Israeli Prime Minister Ariel Sharon sought to form a government following his party's victory in the general elections. However, the prospect of Sharon achieving...

Time was.(Brief Article)
February 14, 2003... 15 February 1963 Yemen asks the British government to close its legation in Taiz, after the UK refuses to recognise the Yemeni Republic 13 February 1988 Imam Khomeini establishes a special assembly to break the deadlock on...

Bitter sweet. (Cover Story Healthcare).(Diabetes is reaching epidemic proportions in the Gulf.)(Brief Article)
February 14, 2003... Diabetes is reaching epidemic proportions in the Gulf. Unless action is taken to halt its relentless onslaught, more than a quarter of the region's adult population will be affected. Andy Critch low and Ashok Dutta report on the regional...

Accenture's oil market message. (The Meed Interview).(Interview)
February 14, 2003... MEED: How far will US efforts to reduce dependence on Middle Eastern oil be effective? Mowat: In the end, countries will sell oil to whoever wants to buy it. However, there is domestic political pressure in the US to reduce dependence on...

Loan demand is back: smaller banks lead the way. (Banking & Finance).(Saudi Arabia )(Brief Article)
February 14, 2003... Saudi Arabia Small and medium-sized banks led the Saudi pack in 2002, with significantly higher rates of profit growth than those registered by the three largest banks listed on the stock market -- Saudi American Bank (Samba), Riyad Bank...

Moody's downgrades Ras Laffan, confirms Oman LNG. (Banking & Finance).(Brief Article)
February 14, 2003... * Regional US credit rating agency Moody's Investors Service on 10 February has issued two notes on GCC liquefied natural gas (LNG) projects. The debt rating on Ras Laffan Liquefied Natural Gas Company (RasGas) was lowered to Baa3 from...

Arab Bank. (News in Brief).( Amman-based Arab Bank )(Brief Article)
February 14, 2003... * Jordan Amman-based Arab Bank has posted net profits of JD 130.2 million ($183.4 million) for the year ending 31 December 2002, a 6.4 per cent fall in profits from the previous year, according to headline figures released in early February....

Regional A three-year, $110 million syndicated loan for London-based National Bank of Egypt International was signed on 7 February. (News in Brief).(Brief Article)
February 14, 2003... * Regional A three-year, $110 million syndicated loan for London-based National Bank of Egypt International was signed on 7 February. Lead arranged by Bank of Tokyo-Mitsubishi, Natexis Banques Populaires and WestLB, the facility has a margin of...

Participants in general syndication. (News in Brief).(Brief Article)
February 14, 2003... * Lead Arranger (taking $10 million ticket) Dresdner Kleinwort Benson * Arrangers (taking $7.5 million tickets) British Arab Commercial Bank, Erste Bank, KBC Bank, Raiffeisen Zentralbank Osterreich, Standard Bank London * Co-Arrangers...

Regional Bahrain-based Arab Banking Corporation (ABC) has reached financial close on a highly structured aircraft financing transaction. (News in Brief).(Brief Article)
February 14, 2003... * Regional Bahrain-based Arab Banking Corporation (ABC) has reached financial close on a highly structured aircraft financing transaction. The bank provided acquisition finance for a special purpose company to purchase three Airbus A320-111s...

Dubai International Financial Centre. (People).(Appoints new managing director)(Brief Article)
February 14, 2003... * People Dubai International Financial Centre (DIFC) has appointed David King, former head of the London Metal Exchange, as managing director of supervision. He will be responsible for developing and implementing the DIFC's regulation of...

KOC gears up for growth: Al-Arbeed targets 4 million-b/d capacity by 2020. (Oil & Gas).(Kuwait Oil Co.)
February 14, 2003... Kuwait Kuwait Oil Company (KOC) will actively pursue plans over the next 12 months to increase production capacity in line with a directive from Kuwait Petroleum Corporation (KPC). "We are at present producing 1.966 million barrels a...

Banks line up for Sasol GTL advisory. (Oil & Gas).(Iran)
February 14, 2003... * Iran South Africa's Sasol is evaluating bids from international banks for the mandate to carry out a financial feasibility study for its planned gas-to-liquids (GTL) plant in the south of Iran. National Petrochemical Company (NPC) and...

Award nears for ULG subcontract. (Oil & Gas).(United Arab Emirates, unleaded gasoline)(Brief Article)
February 14, 2003... * UAE Three bidders have been shortlisted for the second subcontract on the unleaded gasoline (ULG) and low-sulphur gas oil (LSGO) project at Ruwais refinery. The shortlist was finalised in late January by the main contractor, the Italian...

Canadians sign oil block deal. (Oil & Gas).(Oman)(Brief Article)
February 14, 2003... * Oman Canada's EnCana Corporation signed on 9 February a three-year exploration and production sharing agreement for blocks 3 and 4, which cover a 39,000-square-kilometre area in the Jiddat al-Harasis area of eastern Oman. The blocks were...

Europeans win pipeline projects. (Oil & Gas).(In Algeria )
February 14, 2003... * Algeria Naftal, the wholly-owned transportation division of state energy company Sonatrach, has awarded three contracts totalling $68 million to European companies as part of its programme to significantly expand the domestic petroleum...