MEED Middle East Economic Digest articles from February 2005

MEED Middle East Economic Digest archives from February 2005

A call to arms.(nuclear policy)
February 4, 2005... To many people watching US President Bush's State of the Union address, the cautionary expression "quis custodiet ipsos custodes?"--"who will guard the guards?"--may well have occurred. Buoyed by his own election victory, it is clear that the...

On the record.(Seven Days)(Brief Article)
February 4, 2005... "To promote this democracy, I will ask Congress for $350 million to support Palestinian political, economic and security reforms, The goal of two democratic states, Israel and Palestine, living side by side in peace is within reach--and America...

Looking Back.(Seven Days)
February 4, 2005... 5 February 1965 Iraq accuses Iran of violating its frontiers after Tehran awards five offshore oil concessions in disputed territorial waters 9 February 1990 More than 10 years after the Iranian revolution, Washington and Tehran...

Raffarin calls for reform from Tunis: 31 January.(News Digest)(Jean-Pierre Raffarin)(Brief Article)
February 4, 2005... French Prime Minister Jean-Pierre Raffarin calls for democratic reform in Tunisia as he begins a tour of three North African countries. "We will resolutely support Tunisia's economic and social modernisation," Raffarin says. His visit focuses...

New weapons law to curb militants: 1 February.(News Digest)(Brief Article)
February 4, 2005... Kuwait's parliament passes a law giving authorities wide-ranging new powers to seek out and seize illegal firearms, following several recent gun battles between security forces and suspected militants. The new law will be in force for a year...

Soldiers killed in Kirkuk ambush: 1 February.(News Digest)(Brief Article)
February 4, 2005... In a return to violence after a brief lull since the elections, 12 Iraqi soldiers die in an ambush near the northern city of Kirkuk after being shot in the head by five gunmen. Two soldiers survive and flee to a nearby village, the Iraq...

Egypt to host Israeli and Palestinian leaders: 2 February.(News Digest)(Brief Article)
February 4, 2005... Egyptian President Mubarak offers to host talks between Israeli Prime Minister Ariel Sharon and Palestinian Authority leader Mahmoud Abbas at a summit in Sharm el-Shaikh. Jordan's King Abdullah will also join the talks, which are scheduled for...

Fighting greets Sanaa's weapons plan: 2 February.(News Digest)(Brief Article)
February 4, 2005... Tribesmen and troops clash in northern Yemen after an initiative to prevent the public carrying of weapons. Five people die and 10 are wounded in the fighting in Marib. President Saleh recently renewed his long-standing call for Yemenis to...

Baghdad confident on security: 3 February.(News Digest)(Brief Article)
February 4, 2005... Iraq's Interior Minister says security forces could be ready to take over fully from foreign troops within 18 months. Falah al-Naqib says it would not be long before Iraq's forces are capable of maintaining security. "In the last six weeks, we...

Just making friends, in high places: Harry Stonecipher is a man on a mission. After returning from retirement, the president of Boeing tells John Irish how the aircraft manufacturer plans to swing the regional momentum away from Airbus.(Interview)
February 4, 2005... You've made several trips to the region in the last few months. Can we assume some more orders are in the pipeline? I realised we were simply not doing well enough in the Middle East. I decided it was time to change that and actively...

Bids in for Aramco gas plant projects: work part of Hawiyah NGL recovery programme.(Saudi Arabia)
February 4, 2005... Bid evaluation has started on one of the largest projects being tendered by Saudi Aramco this year, following the submission of proposals by four international companies on 29 January for the contract to build a major natural gas liquids (NGL)...

Europeans out in front for Gasco NGL package.(UAE)(natural gas liquids)(Brief Article)
February 4, 2005... Italy's Snamprogetti is the frontrunner to take package 4 on the third phase of the onshore gas development (OGD-3) and phase 2 of the Asab gas development (AGD-2) programme, following the opening of commercial bids in late January by the...

Bid validity expires on LNG management tender.(Iran)(liquefied natural gas)(Brief Article)
February 4, 2005... The validity of project management consultancy (PMC) bids for the National Iranian Oil Company (NIOC) liquefied natural gas (LNG) plant expired on 1 February, with none of the bidders being invited for negotiations. An engineering, procurement...

New plant mulled for South Pars 6-8.(Iran)(Brief Article)
February 4, 2005... Debottlenecking on South Pars phases 6-8 could produce enough gas for a fourth onshore gas train. Norway's Statoil, part of the offshore development team, is understood to have completed a study on production maximisation that shows enough...

MEED conferences: premier networking events.(Calendar)
February 4, 2005... 3rd Middle East Telecoms 8-9 February 2005, Bahrain Major New Project Opportunities in the Eastern Province 1-2 March 2005. Bahrain Major Project Developments in Dubai 15-16 March 2005. Dubai 2nd Middle East ...

Halliburton not to seek further contracts in Iran.(Iran)(Brief Article)
February 4, 2005... The US' Halliburton has announced that its Cayman Islands subsidiary working in Iran will not seek new work as existing contracts come to a close. The company has always said that by working through a foreign-based subsidiary it is not breaking...

Revised bids in for Bid Boland.(Iran)(Brief Article)
February 4, 2005... Revised commercial bids were due to be submitted in early February for the Bid Boland gas treatment plant after the conclusion of technical clarifications. Three bidders made proposals to the client, National Iranian Gas Company, in November....

Anadarko-led group wins Subba-Luhais study.(Iraq)(Anadarko Petroleum Corp.)(Brief Article)
February 4, 2005... A group led by the US' Anadarko Petroleum Corporation and comprising the UAE's Dome International and Switzerland's Vitol has been awarded a contract by the Oil Ministry to carry out reservoir studies for the Subba-Luhais oil field. The...

Crude export tender delayed.(Kuwait)(Brief Article)
February 4, 2005... The bid deadline has been postponed by almost two months to 5 April for the retendered engineering, procurement and construction (EPC) contract covering the Ahmadi oil storage and export facilities project. Six of the 17 originally prequalified...

OPEC suspends obsolete price band.(Analysis)(Organization of Petroleum Exporting Countries)
February 4, 2005... Oil price levels receded in the first week of February as tension over OPEC's potential quota cut dissipated and Iraqi elections passed off more peacefully than had been hoped. Spot Brent was trading at $44.32 on 2 February, compared with...

Sanaa launches bid round.(Yemen)
February 4, 2005... The Petroleum Exploration & Production Authority; part of the Oil & Mineral Resources Ministry, has invited bids by 15 March for seven oil blocks across the country. Successful companies will be invited to sign the standard production sharing...

Consortium seeks upstream investment.(Qatar)(Brief Article)
February 4, 2005... Petrocanada and state-owned Kuwait Foreign Petroleum Exploration Company (Kufpec) are understood to have joined Malaysia's Petronas and Kuwait Finance House (KFH) in a consortium seeking to invest in upstream gas in Qatar. Negotiations are...

Gulf Piping wins Russian job.(Regional)(Gulf Piping Co., ABB Lummus Global Inc.)(Brief Article)
February 4, 2005... Abu Dhabi-based Gulf Piping Company has won an $18 million contract from US-based ABB Lummus Global for the procurement, fabrication, erection and mechanical completion of two modules on the Molikpaq tie-in project off Sakhalin island in...

Aromatics bid deadline pushed back.(Kuwait)(Kuwait Aromatics Co.)(Brief Article)
February 4, 2005... The bid deadline for the engineering, procurement and construction (EPC) contract covering the planned aromatics plant has been postponed by a month to 3 April. Five international companies and groups are pre-qualified for the estimated $1,000...

Qafco V moves a step closer.(Qatar)(Qatar Fertiliser Company SAQ plans expanision)(Brief Article)
February 4, 2005... Plans for another major expansion of the Qatar Fertiliser Company (Qafco) complex at Mesaieed took a significant step forward in early February, when Qafco shareholders signed a letter of intent (Lol) for gas supplies with Qatar Petroleum (QP)....

Four tussle for Tasnee ethane/propane cracker: cracker part of a major Tasnee/Sahara/Sipchem olefins complex.(Saudi Arabia)(Tasnee Petrochemicals)(Brief Article)
February 4, 2005... Four members of the ethylene club submitted commercial bids on 27 January for the technology supply and engineering, procurement and construction (EPC) contract to build a major ethane/ propane cracker in Jubail for the local Tasnee...

Yanbu cracker bids in; Sharq bidders get more time.(Saudi Arabia)(Brief Article)
February 4, 2005... Five teams submitted commercial bids on 31 January for the contract to build a major mixed feedstock cracker for Saudi Basic Industries Corporation (Sabic) at its planned greenfield olefins complex at Yanbu. The bid deadlines on another cracker...

February bidding for revised Kharg methanol.(Iran)(Brief Article)
February 4, 2005... A deadline of 15 February has been set for fresh bids on the Kharg methanol project, which was last year rebid to new specifications after a contract was signed for the original project. National Petrochemical Company (NPC) has limited the...

Dubai unveils world's largest waterfront development: new company will allow international investors into local real estate.(UAE)
February 4, 2005... Government-owned property developer Nakheel unveiled on 29 January what it claims will be the world's largest waterfront property development. Called Dubai Waterfront, the scheme will cover an area of 170 square miles, almost three times the...

Prequals sought for King Hamad hospital.(Bahrain)
February 4, 2005... Applications for prequalification have been invited by late February for the main construction contract on King Hamad General Hospital in Muharraq, and a tender is due by the end of the first half. Total project costs are currently estimated at...

Ahmadiah gets Raya 2 under way.(Kuwait)(Ahmadiah Contracting and Trading Company WLL, Salhia Real Estate Company SAK)(Brief Article)
February 4, 2005... The local Ahmadiah Contracting & Trading Company has mobilised on the estimated KD 8 million ($27.6 million) Raya 2 commercial tower development in the Sharq district of Kuwait City after winning the construction contract late last year. The...

Local firms win roads contracts.(Oman)(Transport & Communications Ministry)(National Construction & Trading, Oman Gulf Co.)(Brief Article)
February 4, 2005... The Transport & Communications Ministry has awarded two road building contracts to local firms. National Construction & Trading has won the RO 4.5 million ($11.5 million) contract to build the 86.6-kilometre Thumrait-Marmul link, while Oman...

Parsons lands airport PMC.(UAE)(Parsons International selected as a project management consultant by Abu Dhabi International Airport)(Brief Article)
February 4, 2005... The US' Parsons International has been selected as project management consultant (PMC) on the proposed expansion of Abu Dhabi International Airport. Parsons is the latest international firm to win work on the development, joining the US'...

Bids due for DHCC buildings.(UAE)(Dubai Healthcare City )(Brief Article)
February 4, 2005... Bids are due by mid-February for a contract to build the structures for seven buildings in the Dubai Healthcare City (DHCC) development. The estimated AED 250 million ($68 million) project is part of DHCC's second-phase development, covering a...

NIC invites bids for Marina Villages.(UAE)(National Investment Corp.)(Brief Article)
February 4, 2005... National Investment Corporation (NIC) has invited contractors to bid by 15 February for the estimated AED 280 million ($76 million) Marina Village 1 and Marina Village 2 contract to build 231 residential villas on the breakwater island...

Dubai World Trade Centre begins conversion.(UAE)(Brief Article)
February 4, 2005... Demolition of the World Trade Centre (WTC) residences in Dubai will begin in March after the UK's Demolition Control was awarded the contract to bring down the building. Final designs for the construction of a new 38-storey tower are expected...

Five in for Bandar Abbas container port project.(Iran)(Brief Article)
February 4, 2005... Five groups submitted technical bids on 30 January to the local Ports & Shipping Organisation for the estimated $400 million phase 2 contract on the Shahid Rajaee container port project at Bandar Abbas. The teams were also asked to bring...

Award nears on NDIA landfill work.(Qatar)(New Doha International Airport)(Brief Article)
February 4, 2005... A contract award is imminent for the landfill engineering package on the New Doha International Airport (NDIA) project, following the opening of six bids. Abu Dhabi's Al-Jaber Transport & General Contracting Establishment is the low bidder at...

Bidders prepare for T2 extension.(UAE)(Brief Article)
February 4, 2005... Only three contractors are now expected to submit bids by 9 February for the terminal 2 package on the Dubai International Airport expansion programme. For AX 273, prospective bidders are the local/Cypriot National Wheel J&P, Kuwait's Mohamed...

Pivot plots Khaladiya villas.(UAE)(Al-Rayyan Investment Co. awards construction contract to Pivot Engineering & General Contracting Co.)(Brief Article)
February 4, 2005... Abu Dhabi-based Pivot Engineering & General Contracting Company has been awarded the contract to build the Khaladiya residential complex in Abu Dhabi. The 14-month contract calls for the construction of 150 villas with associated leisure and...

Strong interest in Tripoli hotel development.(Libya)(Brief Article)
February 4, 2005... Pakistan's Hashoo Group has received almost 40 prequalification applications for a contract to build a mixed-use development worth an estimated Eur 170 million ($221 million) in Tripoli. A tender for the work is expected to be issued shortly,...

Bids in for North Town dredging.(Bahrain)(Brief Article)
February 4, 2005... Prices were opened in early February for the North Bahrain New Towns (NBNT) dredging and reclamation contract. Five bids were opened by the Ministry of Works & Housing, with the lowest announced price coming in as an option from Royal Boskalis...

Bids invited for airport consultancy.(Bahrain)(Brief Article)
February 4, 2005... Bids have been invited by 25 February for the consultancy contract on the expansion of Bahrain International Airport. Seventeen companies have been prequalifled to bid for the contract by the Ministry of Works & Housing, working in co-operation...

Regeneration schemes target Amman, Zarqa.(Jordan)
February 4, 2005... The local Abdali Investment & Development Company (ADIC), a public-private partnership between state-owned National Resources Investment & Development Company Corporation (Mawared) and Saudi Oger, is reviewing bids for site preparation work on...

Masterplan nears for Lost City.(UAE)(Brief Article)
February 4, 2005... The overall masterplan for the Lost City development in Dubai is expected to be completed by mid-February, after changes to the initial layout slowed progress on the new development. Once complete, the client, local property developer Nakheel,...

Dubai gets serious about outsourcing.(UAE)(Dubai Technology, e-commerce & Media Free Zone Authority )(Brief Article)
February 4, 2005... Dubai Technology, e-commerce & Media Free Zone Authority (Tecom) has invited companies to bid by mid-February for the first phase of construction on the Dubai Outsource Zone (DOZ). The project entails the construction of seven low-level...

Hexagon close to tendering.(UAE)(Hexagon Dubai)(Brief Article)
February 4, 2005... The tender for the main construction package on the estimated AED 955 million ($260 million) mixed-use Hexagon development at the Dubai International Financial Centre (DIFC) is due to be issued by the end of the first quarter. Swiss-based...

East-West rail accelerates: concessionaire to be appointed next year.(Saudi Arabia)
February 4, 2005... The project to link the Red Sea coast with the Gulf via a new freight and passenger railway line and to privatise state-owned Saudi Railways Organisation (SRO) is gathering momentum following the scheme's presentation to a large number of...

TangMed moves forward.(Morocco)(bids invited for Tangier-Mediterranean port project)(Brief Article)
February 4, 2005... Major steps have been taken on the Tangier-Mediterranean (TangMed) port project, with invitations to bid (ITBs) issued for a second container terminal and for towage and salvage facilities at the port. ITBs are also awaited for work on a...

Al-Jazeera acquires Airbuses.(Kuwait)(Brief Article)
February 4, 2005... Low-cost carrier Al-Jazeera Airways has placed an order with Europe's Airbus for four A320 aircraft, with an option to purchase four more. Delivery will begin in October 2005. Al-Jazeera, owned by the local Boodai Group, is due to start...

New high-speed rail links planned.(Morocco)(Brief Article)
February 4, 2005... Local railway authority Office National des Chemins de Fer (ONCF) is conducting a study on the development of a high-speed railway network, Equipment & Transport Minister Karim Ghallab has announced. ONCF is planning a 320-kilometre link...

Helton sails away.(Oman)(Salalah Port Services Co SAOG's Jack Helton steps down)(Brief Article)
February 4, 2005... Jack Helton has stepped down as chief executive officer (CEO) of Salalah Port Services Company (SPS) after eight years in the post. He is replaced by Tiemen Meester, who was formerly CEO of Maersk Eastern Europe. Maersk Group owns a 30 per...

Passengers numbers soar at DIA.(UAE)(Dubai International Airport)(Brief Article)
February 4, 2005... Dubai International Airport (DIA) says that passenger throughput grew by 20.2 per cent to 21.7 million in 2004 and cargo volumes rose by 18 per cent to 1,111,647 tonnes. The number of flights increased by 16 per cent to 168,511. DIA expects to...

Oasis finances Etihad.(UAE)(Etihad Airways)(Oasis International Leasing Company (Al-Waha))(Brief Article)
February 4, 2005... Abu Dhabi-based Etihad Airways has signed a letter of intent with the local Oasis International Leasing Company (Al-Waha) for the financing of several new Airbus planes. The deal covers eight A330-200s from the European manufacturer at an...

More time for ACT bidders.(Yemen)(Aden Container Terminal)(Brief Article)
February 4, 2005... Pre-bid meetings were held in mid-January with prospective bidders for the management of Aden Container Terminal (ACT) and the deadline for submissions has been extended to 5 March, Bidders also indicated that their preference was for the phase...

Bids in for Sohar smelter EPCM: two in for job to build a single potline.(Oman)(Sohar Aluminium Company L.L.C.'s engineering, procurement and construction management project)(Brief Article)
February 4, 2005... Technical presentations were due to be made in early February by the two bidders for the engineering, procurement and construction management (EPCM) contract on the Sohar smelter project. The client, Sohar Aluminium Company (SAC), is expected...

Cement advisory let.(Oman)(Brief Article)
February 4, 2005... India's Holtec has been awarded the consultancy contract on the expansion of the existing plant of Oman Cement Company (OCC) and the construction of a green-field plant at Sohar. Holtec will advise throughout the expansion process, from...

CAT wins cooling job.(Qatar)(CAT International Qatar)(Brief Article)
February 4, 2005... Mobilisation has begun on Qatar Cool's district cooling project in West Bay, following the award of the network package to CAT International Qatar. Under the estimated $20 million contract, CAT will install about 25 kilometres of network. The...

DIC buys Daimler stake.(UAE)(Dubai International Capital)(DaimlerChrysler)(Brief Article)
February 4, 2005... Dubai International Capital (DIC), the investment arm of Dubai Holding, has purchased a $1,000 million stake in Germany's DaimlerChrysler, giving DIC a 2 per cent stake in the German car manufacturer behind Deutsche Bank and state-owned Kuwait...

GMRA issues tenders for phase 2 extension: lines to go to Al-Agar and Sahl Jafara.(Libya)
February 4, 2005... The Great Manmade River Authority (GMRA) has invited international contractors to submit bids by 15 March for two contracts to supply, install, test, operate and maintain concrete pipes for the extension of the phase 2 line. The first...

Ministry invites bids for substation work.(Kuwait)(Ministry of Energy)(Brief Article)
February 4, 2005... The Ministry of Energy has issued two separate tenders for the supply and installation of six 132/11-kV substations at different locations across the state, Twelve local and international contractors are prequalified to bid by 1 March for the...

L&T scoops Sohar substation.(Oman)(Ministry of Housing, Electricity & Water awards contract to Larsen and Toubro Ltd.)(Brief Article)
February 4, 2005... India's Larsen & Toubro (L&T) has been awarded the RO 15.9 million ($40.8 million) contract to install a substation to serve Sohar industrial area, having submitted the lowest bid for the work in November. The turnkey contract calls for the...

ESBI wins consultancy contract.(Qatar)(ESBI International, Planning Council)(Brief Article)
February 4, 2005... Ireland's ESBI International has been awarded a QR 2.7 million ($700,000) contract to conduct a feasibility study into the relocation of high-voltage transmission lines and substations throughout the country. The one-year consultancy contract...

DEWA signs contracts.(United Arab Emirates)(Dubai Electricity & Water Authority, Arabian Bemco, Emirates Electrical Engineering)(Brief Article)
February 4, 2005... Dubai Electricity & Water Authority (DEWA) signed on 2 February three contracts, totalling almost AED 1,300 million ($354 million). The largest, worth AED 801 million ($218 million), was awarded to the consortium of Arabian Bemco Contracting...

Turks set to quit: "no choice but to drop deal" if decision is adopted.(Iran)(Turkcell Illetism Hizmetleri A.S., Telecommunication Company of Iran)
February 4, 2005... A Majlis (parliament) commission has recommended limitations on Turkcell's role in establishing Iran's second GSM network, including majority local ownership in the operating consortium and Information Ministry supervision of its running of the...

MTC plans Baghdad launch.(Iraq)(MTC Atheer, MTC-Vodafone)
February 4, 2005... MTC Atheer, the consortium led by Kuwait's MTC-Vodafone which holds the mobile licence covering southern Iraq, plans to extend services to Baghdad by the end of February. Under the terms of the three two-year licences granted by the now-defunct...

New chairman for Batelco.(Bahrain)(Hassan Ali Juma, Bahrain Telecommunications Co.)(Brief Article)
February 4, 2005... Hassan Ali Juma has been appointed chairman of Bahrain Telecommunications Company (Batelco), replacing Rasheed al-Maraj, who was made governor of the Bahrain Monetary Agency (BMA--central bank) in January's cabinet reshuffle. Ali Juma is...

Etisalat records healthy profits.(United Arab Emirates)(Emirates Telecommunications Corporation Ltd.)(Brief Article)
February 4, 2005... Emirates Telecommunications Corporation (Etisalat) has posted a 19 per cent rise in net profits in 2004 to AED 3,400 million ($926 million). Total revenues climbed by 13 per cent to AED 10,400 million ($2,832 million). The positive results...

Alwaleed continues to build portfolio: East Africa, Indian Ocean targeted.(Saudi Arabia)(Alwaleed bin Talal, Tanruss Investment's Royal Palm hotel acquired, Monte Carlo Grand Hotel acquired)(Brief Article)
February 4, 2005... Riyadh-based Kingdom Hotel Investments (KHI), a subsidiary of Prince Alwaleed bin Talal's Kingdom Holding Company, has embarked on an aggressive expansion drive on the African continent, only weeks after the company formed a joint venture in...

Russia relieves bulk of debt: remainder will be long-term debt.(Syria)(Brief Article)
February 4, 2005... Moscow in late January agreed to write off about 75 per cent of Damascus' $13,400 million debt, cutting the country's foreign debt to less than 10 per cent of gross domestic product (GDP) and close to 8 per cent of total exports. During...

IMF urges more reform.(Algeria)(International Monetary Fund)
February 4, 2005... Algeria's economic performance in 2004 was positive, with growth in real gross domestic product (GDP) estimated at 5.5 per cent, inflation remaining below 4 per cent and the unemployment rate continuing to fall, according to the IMF's latest...

Parliament passes budget.(Syria)(Brief Article)
February 4, 2005... Parliament has approved the 2005 state budget, projecting a deficit of Syr 103,800 million [pounds sterling] ($2,070 million)--a steep cut compared to Syr 226,500 [pounds sterling] million ($4,500 million) for the previous year--made possible...

Council to drive creation of bourse.(Syria)(Brief Article)
February 4, 2005... Damascus has created a high-level representative body to oversee the establishment of a stock exchange, Finance Ministry sources say. Although the committee is already functioning, a law formally creating the body is currently awaiting prime...

IDB mandates MTN arrangers: paper could have multiple listings.(Regional)(Islamic Development Bank)(medium-term note)
February 4, 2005... The Jeddah-based Islamic Development Bank (IDB) is close to mandating a four-strong group of lead arrangers for its $1,000 million sharia-compliant medium-term note (MTN) programme. The first drawdown, expected to be of $500 million, will be...

BMA plans new sukuk.(Bahrain)(Bahrain Monetary Agency)(Brief Article)
February 4, 2005... The Bahrain Monetary Agency (BMA--central bank) plans to launch subscription to a $70 million sukuk al-ijara in late February. The sovereign issue, which will have a tenor of three or five years, will be managed in-house. The BMA launched its...

Signing due for methanol club.(Oman)(Oman Methanol Company, Hermes, Proman)(Brief Article)
February 4, 2005... A club of banks is due to sign up to join the Oman Methanol Company (OMC) financing facility, lead arranged by Kreditanstalt fuer Wiederaufbau, by the end of February. The $360 million package is 90 per cent covered by Germany's Hermes. "This...

Four join Nawras deal.(Oman)(Nawras Telecom, Arab Bank PLC, Bank Muscat, Gulf International Bank, Qatar National Bank SAQ)(Brief Article)
February 4, 2005... A club of banks has joined the financing facility for Nawras Telecom to fund its purchase of the sultanate's second GSM licence, equipment supply and the rollout of services. Qatar National Bank (QNB) is lead arranging the seven-year, $220...

Local banks post profits growth.(UAE)(Brief Article)
February 4, 2005... The rude health of the local banking sector has been further underlined with the release of 2004 results by five banks. Net profit at National Bank of Abu Dhabi (NBAD) topped the billion-dirham mark for the first time, rising by 41 per cent to...

EMTN programmes blossom.(Regional)(euro medium term note, Emirates Bank International, HSBC Bank Middle East's service)(Brief Article)
February 4, 2005... The popularity of euro medium term note (EMTN) programmes in the GCC as a means of diversifying funding sources and stretching liability tenors continues to increase, with Emirates Bank International (EBI) staging its third drawdown and HSBC...

Regional syndications launched.(Regional )(Bank Mellat and Commercial Facilities Company SAK loans)(Brief Article)
February 4, 2005... General syndication has been launched of loan facilities for Bank Mellat and Kuwait's Commercial Facilities Company (CFC) while syndication has closed of a loan for Tunisia's Banque Nationale Agricole (BNA). Subscribers to the $240...

High hopes in troubled times: Kuwait was rocked by a series of shootings in early January, raising speculation that the state could be facing a homegrown insurgency. The situation has remained tense since.
February 4, 2005... Words of warning have greeted Westerners visiting Kuwait in recent weeks. "You ought to be careful," said one local businessman. "Keep your head down and you'll be fine, but don't venture out alone at night in certain areas. There is trouble...

On the right track for reform: on the back of high oil prices, surging liquidity and a renewed sense of confidence, the economy is set to beat all records.(Economy)
February 4, 2005... Despite all the rising political tension, the Kuwaiti economy's performance over the last 12 months is enough to make even the most pessimistic of finance ministers smile. Record oil prices, rising gross domestic product (GDP), widening budget...

Taking on the world: Kuwait has ambitious plans to almost double its oil output capacity to 4 million barrels a day through a substantial investment programme.(Farouk Al-Zanki, KOC)
February 4, 2005... Recently-appointed Kuwait Oil Company (KOC) chairman and managing director Farouk al-Zanki is a man who is very much in demand. As head of the state's onshore upstream operator, with daily production of 2.3 million barrels a day (b/d) and total...

New complex, multiple identities: Kuwait's original olefins complex has been a qualified success. Now, with a new plant in the pipeline, Equate Petrochemical Company looks forward to the challenges ahead.(Petrochemicals)(Al-Qurain Petrochemical Company)
February 4, 2005... The initial public offering (IPO) in the local Al-Qurain Petrochemical Company in late December was by far the largest in Kuwait's history. Closing 2.4 times oversubscribed, it was also one of the most popular. The strong level of interest in...