MEED Middle East Economic Digest articles from February 2006

MEED Middle East Economic Digest archives from February 2006

The need to avoid sanctions.(COMMENT)
February 3, 2006... It is to be hoped that a compromise can be found in the diplomatic row between Iran and the West over Tehran's nuclear ambitions. Sadly, with both sides entrenching their positions in the lead up to the expected reporting of Tehran to the UN...

Bush calls to reduce Middle East energy dependence: OPEC ministers warn that the State of Union address could jeopardise investment in oil infrastructure.(REGIONAL)
February 3, 2006... In a much-anticipated and wide-ranging annual State of the Union address to the US Congress on 31 January, President Bush warned that the US must break its "addiction" to oil by reducing its dependence on Middle East supplies, aiming for a 75...

On the record.(Libya closes embassy in Copenhagen)(Brief Article)
February 3, 2006... "The Danish media continued to show disrespect to the Prophet Mohammed and because the Danish authorities failed to take any action on that, Libya decided to close its embassy in Copenhagen" Libyan Foreign Ministry statement. Saudi Arabia...

Looking back ...(SEVEN DAYS)(Brief Article)
February 3, 2006... 4 February 1966 The European branch of Kuwaiti Shipping Company (SAK) opens in Liverpool. The new service between the Mersey and ports on the Arabian and Iranian coasts will start in April. 8 February 1991 Following a cabinet...

West reacts to Hamas victory.(European Union and United States)(Brief Article)
February 3, 2006... The two biggest international donors to the Palestinian Authority (PA)--the EU and the US--reacted to Hamas' win in the Palestinian Legislative Council (PLC) elections by urging the Islamist organisation to renounce violence and officially...

Danish cartoon raises few smiles in Arab world.(Jyllands-Posten A/S publishes cartoons caricatures the Prophet Mohammed)(Brief Article)
February 3, 2006... The row over the publication of cartoons depicting the Prophet Mohammed published by a Danish newspaper drew more heat at the beginning of February when European dailies reprinted the images that many Muslims have decried as blasphemous. ...

UN lawyer in Lebanon for talks on Hariri court: 29 January.(NEWS DIGEST on MEED.com this week)(Brief Article)
February 3, 2006... UN legal councillor Nicolas Michel discusses creating an international court to try anyone suspected of involvement in the killing of the former Lebanese prime minister Rafiq Hariri. Michel says he consulted officials in Beirut on ways the UN...

Security Council states agree on Iran referral: 30 January.(NEWS DIGEST on MEED.com this week)(Brief Article)
February 3, 2006... The five permanent members of the UN Security Council and Germany agree that the International Atomic Energy Agency (IAEA) should report Iran to the Security Council over its nuclear programme. However, there will be no action until March, when...

Kadima launches campaign: 31 January.(political campaigns)(Brief Article)
February 3, 2006... Israel's governing Kadima party launches its political campaign ahead of general elections on 28 March. Led by acting prime minister Ehud Olmert, the party is forecast to become the largest party in the Knesset after the elections. "History has...

Churches hit in Iraq blasts: 31 January.(Brief Article)
February 3, 2006... Muslim and Christian leaders in Iraq condemn the co-ordinated bombing of four churches and the Vatican mission to Iraq. The bomb attacks on 29 January, three of which occurred in Baghdad and two in the northern city of Kirkuk, killed three...

Bus crash in Egypt leaves 14 dead: 31 January.(Brief Article)
February 3, 2006... A bus crash in southern Egypt leaves 14 tourists dead and another 30 wounded. The tourists, most of whom are from Hong Kong, were travelling to the southern Nile city of Luxor when their bus overturned. Earlier in January, six Australian...

Saddam demands new chief judge: 1 February.(NEWS DIGEST on MEED.com this week)(Brief Article)
February 3, 2006... A defence lawyer for former Iraqi president Saddam Hussain says that Saddam will boycott the trial until a new chief judge is appointed. Saddam's chief counsel Khalil al-Dulaimi outlines other conditions of the defendant returning to the trial,...

Lebanese blast follows Al-Qaeda warning: 2 February.(bombings)(Brief Article)
February 3, 2006... A bomb explodes near a Beirut army barracks after a local newspaper receives a telephone warning of an attack on a security target from someone claiming to be a member of Al-Qaeda. No casualties are reported. The caller also demands the release...

Sanctioning action: the spectre of sanctions looms over Iran, as Western countries prepare to bring Tehran to book over its nuclear programme. But how seriously would an embargo affect the Iranian economy, and could it be enforced in practice?(IRAN)(Cover Story)
February 3, 2006... Iran is bracing itself for a fight. As an emergency meeting of the International Atomic Energy Agency (IAEA) approached on 2 February, and erstwhile allies such as Russia and China agreed to report Tehran to the UN Security Council, the Islamic...

Reality bites: the afterglow from the Palestinian elections is fading rapidly as Hamas and the Palestinian Authority feel their way through the political quagmire.(BRIEFING: GAZA/WEST BANK)
February 3, 2006... In the first election of its kind in a decade, the Islamist militant group Hamas on 25 January won 76 of the 132 seats in the Palestinian Legislative Council (PLC) and emerged as the dominant force in Palestinian politics. The group now lays...

Developing markets: a boom in infrastructure investments in the Middle East is central to GE's growth strategy, says chairman and chief executive officer Jeffrey Immelt.(General Electric Co.)
February 3, 2006... Leaning back on a desk and sipping water as he fields questions from journalists, Jeffrey Immelt exudes confidence. You would expect nothing less than immense self-belief from the chairman and chief executive officer of General Electric...

Baghdad tenders $2bn refinery: Nasiriyah set for 300,000-b/d grassroots plant.(engineering and design services contract from Iraq's Ministry of Oil)
February 3, 2006... The Planning Department of the Oil Ministry issued for bid in late January the feasibility study and front-end engineering and design (FEED) package for the proposed 300,000-barrel-a-day (b/d) grassroots light crude refinery near Nasiriyah in...

February tenders for Pars LNG and South Pars 11.(engineering, procurement and construction contracts from Pars LNG, South Pars Gas Co. and Pars Oil and Gas Company)(Brief Article)
February 3, 2006... Major engineering, procurement and construction (EPC) contracts covering Iran's first liquefied natural gas (LNG) project and the associated upstream phase of the South Pars gas field will go to tender in February,, according to project...

Abu Dhabi gas grid enters prequalification.(UAE)(Brief Article)
February 3, 2006... Prequalification has been launched by ADNOC Distribution for the first phase of the Abu Dhabi gas distribution network project. Invited companies have been given until 28 February to submit prequalifications for the engineering, procurement and...

OPEC keeps to quotas.(Organization of the Petroleum Exporting Countries keeps quotas on hold)(Brief Article)
February 3, 2006... Oil prices rose in the final week of January, as the increasing international tension with Iran outweighed both Tehran's own pledge not to deploy the oil weapon and OPEC's decision to keep quotas on hold. Spot Brent was trading at $65.68 a...

Khurais development forges ahead.(Saudi Arabian Oil Co.'s contract)
February 3, 2006... Technical and commercial bids from three prequalified companies and groups were submitted on 28 January for the offsites and utilities (O&U) package on the Khurais oil increment programme. Tenders have also been issued for the associated...

Medgaz tenders out.(gas pipeline construction)(Brief Article)
February 3, 2006... Tenders were issued to pre-qualified companies at the end of January for two contracts on the estimated Eur 630 million ($762 million) subsea sechon of the Medgaz pipeline from Algeria to Spain. Five companies have been invited to submit bids...

Transmed expansion brought forward.(ALGERIA)(Brief Article)
February 3, 2006... Italy's Eni has decided to accelerate the second-phase capacity expansion of the Tunisian section of the Transmed gas pipeline between Algeria and Italy by more than two years. Eni and state energy company Sonatrach originally agreed in May...

Qatargas topsides go for bid.(construction contracts from Qatar Liquefied Gas Company Ltd.)(Brief Article)
February 3, 2006... Technical bids nave been invited by 27 February for the contract to fabricate and install topsides in the North field for the Qatargas 3 and Qatargas 4 projects. Preoualifiers include Jebel Ali-based J Ray McDermott (Middle East) and Abu...

McDermott picked for Khafji work.(Al-Khafji Joint Operations contracts J. Ray McDermott Middle East Inc.)(Brief Article)
February 3, 2006... Jebel Ali-based J Ray McDermott (Middle East) has been awarded two engineering, procurement, construction, installation and commissioning (EPCIC) contracts worth about $57 million, covering offshore works in the Divided Zone. The first contract...

Tenders out for Hasdrubal EPC.(engineering, procurement and construction contract)(Brief Article)
February 3, 2006... The UK's BG has issued tender documents for the engineering, procurement and construction (EPC) contract to develop the Hasdrubal gas field on the Amilkar permit in the Gulf of Gabes. The development of the field, on which BG made a major gas...

Shaw takes styrene package: TKSC awards two-year Olefins II Shuaiba job.(The Kuwait Styrene Company contracts Shaw International )(Brief Article)
February 3, 2006... US-based Shaw International is understood to have been awarded the contract to build the styrene monomer plant at the Olefins II petrochemical complex in Shuaiba. Construction will take about two years. The client is The Kuwait Styrene Company...

Sabic to join Kayan project.(Saudi Basic Industries Corp. to partner with Kayan Petrochemicals Co.)(Brief Article)
February 3, 2006... Saudi Basic Industries Corporation (Sabic) has signed a memorandum of understanding (MoU) with the local Kayan Petrochemicals Company to partner it on its planned Jubail olefins complex. Under the terms of the MoU, Sahic will review all...

Almabani has Yanbu airport job: new double-gateway terminal planned.(Saudi Arabia'a General Authority for Civil Aviation contracts Almabani General Contractors)(Brief Article)
February 3, 2006... The local Almabani General Contractors was awarded in late January a SR 180 million ($48 million) contract to upgrade Yanbu airport. Construction will take 24 months. The client is the General Authority for Civil Aviation (GACA). Called...

Bids due for Marina West.(construction contract)(Brief Article)
February 3, 2006... Bids have been invited by late February from about five companies for me main construction contract on the estimated $320 million Marina West project in Budaiya. Those approached are understood all to be foreign firms, among then- Saudi Oger...

Italians, locals design Amman corridor scheme.(Lotti and Associati contracted for a road construction project)(Brief Article)
February 3, 2006... A team of Italy's Lotti & Associati and the local Engicon has been selected for the design contract for phases two and three of the estimated $161 million Amman development corridor project (ADCP), Under the terms of the contract, Lotti will...

Consultants gear up for eighth ring-road.(construction contract)(Brief Article)
February 3, 2006... International consultants are preparing to submit proposals by 21 February for the contract to design the long-awaited eighth ring-road project. An award is also awaited for the design consultancy contract on the completion of the fifth...

Indians bid low for Muscat road.(Al-Amerat-Quriyat road construction contract)(Brief Article)
February 3, 2006... India's Nagarjuna is low bidder at RO 68.6 million ($175.9 million) for the contract to build the Al-Amerat-Quriyat road Its price is 11.5 per cent cheaper than the next lowest offer from Turkey's STFA at RO 76.5 million ($196.2 million), Eight...

Three shortlisted for Qipco tower.(Qatar Investments & Projects Development Holding Company)(Brief Article)
February 3, 2006... Three groups have been shortlisted by Qatar Investments & Projects Development Holding Company (Qipco) for the mare contract on its estimated $200 million office building in West Bay. The three--Austria's Alpine Bau, Belgium's Six Construct and...

Shark rides the Wave.(Greg Norman Golf Course Design gets a contract to design a golf course)(Brief Article)
February 3, 2006... Greg Norman Golf Course Design (GNGCD) has been appointed to design the 18-hole golf course planned as part of the $1,000 million Wave resort, off the coast of Muscat. Contracting is also moving forward on other elements of the resort. ...

JV wins terminal 3 and concourse 3 piling.(Dubai International Airport contracts Al-Naboodah Contracting, and Cleveland Bridge and Engineering Middle East Private Ltd.)(joint venture)(Brief Article)
February 3, 2006... A joint venture of Germany's Bauer and the local Middle East Foundations has been awarded the piling package for the estimated AED 2,000 million ($545 million) terminal 3, concourse 3 project at Dubai International Airport. The contract calls...

El-Seif wins NDIA package.(New Doha International Airport contracts El-Seif Engineering Contracting Establishment)(Brief Article)
February 3, 2006... Saudi Arabia's El-Seif Engineering Contracting Establishment has received a letter of intent for the airport operations facilities on the estimated $2.800 million first phase of the New Doha International Airport (NDIA) project. El-Seif was low...

TAV clinches marina high-rise.(TAV Gulf gets a contract from National Engineering Bureau )(Brief Article)
February 3, 2006... TAV Gulf, part of Turkey's TAV, has been awarded the estimated $100 million contract to build the Sulafa tower in Dubai Marina. The award, the largest so far won by TAV in the Gulf, involves the construction of a 270-metre-high residential...

DWTC preparing exhibition hall tenders.(Dubai World Trade Centre )(Brief Article)
February 3, 2006... Dubai World Trade Centre (DWTC) is preparing to issue tenders for the main contract to build an extension at the Dubai International Convention & Exhibition Centre (DICEC). Prequalifiers include: the local ALEC the local/UK Al-Naboodah Laing...

Ghantoot wins DIC deal.(Ghantoot Transport and General Contracting wins Dubai Industrial City )(Brief Article)
February 3, 2006... The local Ghantoot Transport & General Contracting has been awarded the estimated AED 50 million ($14 million) main infrastructure oackage at Dubai Industrial City (DIC). In October, Dubai Contracting Company (DCC) won an estimated AED 255...

Qassim Sultan retires.(Dubai Municipality)(Brief Article)
February 3, 2006... Qassim Sultan, the long-serving director-general of Dubai Municipality, has retired. Sultan worked at the municipality for more than 30 years. Hussain Nasser Lootah, the deputy director-general, will take over as acting director-general.

Abu Dhabi central market goes for bid.(Brief Article)
February 3, 2006... The local ALDAR Properties issued tender documents in late January for the souk and basement package on the estimated $350 million redevelopment of the Abu Dhabi central market. Eight companies are prequalified to bid by 26 March for the...

Key awards made on DLR scheme.(Dubai Rapid Link )(Brief Article)
February 3, 2006... The Dubai Rapid Link (DURL) has made awards on a number of key packages for the Dubai Light Rail (DLR) transit scheme. The awards include four station foundation packages and the ready-mix concrete supply contract. The local/Swiss Arabian...

Only one in for dredge job.(Gulf Dredging and General Contracting Company bid for Shuwaikh port )(Brief Article)
February 3, 2006... The local Gulf Dredging & General Contracting Company (GDC) is the only bidder for the contract to deepen the main approach channel and basin at Shuwaikh port following the passing of the 25 January bid deadline. Local tender rules require at...

OHL takes Algiers ring-road.(Obrascon Huarte Lain)(Brief Article)
February 3, 2006... A consortium led by Spain's Obrascon Huarte Lain (OHL) has been awarded the Eur 459 million ($555 million) contract to build a second ring-road around the capital. OHL has a 55 per cent stake in the consortium, alongside Portugal's Teixeira...

Mushrif RAKs up diamond factory contract.(Mushrif Trading and Contracting Co.)(Brief Article)
February 3, 2006... Kuwait-based Mushrif Trading & Contracting Company has Been awarded the $7.6 million main construction package for a new diamond factory in Ras al-Khaimah The 15-month contract calls for the construction of a two-storey factory building with...

Bids in for Palm replenishment works.(Jan de Nul Dredging, Van Cord Gulf for Nakheel)(Brief Article)
February 3, 2006... Bids are under evaluation at Dubai-based Nakheel for beach replenishment works on Palm Jumeirah. The bidders include Belgium's Jan de Nul Dredging and Van Cord Gulf of the Netherlands. The scheme revolves the dredging of about 15 million cubic...

More buildings planned for DAFZA.(Dubai Airport Free Zone Authority)(Brief Article)
February 3, 2006... Bids are due to De submitted on 6 February for a new headquarters building at Dubai Airport Free Zone. The local Al-Hashemi Engineering Consultants is the consultant. Two more buildings are also planned for the free zone. Expressions of...

CREC piles into Zabeel mall.(China Railway Engineering Corp.)(Brief Article)
February 3, 2006... China Railway Engineering Corporation (CREC) has been awarded the piling package on the estimated AED 550 million ($150 million) Zabeel Mall project next to Al-Wasl sports club in Dubai Once complete, the mall will have a built-up area of...

DSC plans to build 19 towers.(Dubai Sports City )(Brief Article)
February 3, 2006... The developers behind Dubai Sports City (DSC) plan to build 16 residential towers and three office buildings on the 5 million-square-metre Dubailand development. Seven of the towers are under design by the local Diar Consult, five by the local...

Muwailah villas project starts.(Ghantoot Transport and General Contracting)(Brief Article)
February 3, 2006... The local Ghantoot Transport & General Contracting has been awarded the AED 30 million ($8 million) grading and enabling works package for the Muwailah land development project in Sharjah. Lebanon's Khatib & Alami is the consultant. The local...

Chinese set for Sanaa T3.(Sanaa International Airport's project to be developed by Beijing Urban Construction Investment and Development Company Ltd.)(Brief Article)
February 3, 2006... China's Beijing Urban ConstruCtion Investment Development Company has resumed contract negotiations with the Civil Aviation & Meteorological Authority to carry out the third terminal project at Sanaa International Airport. The Chinese...

Tehran Metro seeks major rolling stock PQs: new trains intended to operate on the expanded lines 1-2, and line 5.(Tehran Urban and Suburban Railway Co.)(Brief Article)
February 3, 2006... Tehran Urban & Suburban Railway Company (TUSRC) has invited prequalification for rolling stock contracts with a combined value of more than $470 million. The new trains will operate on lines 1 and 2 of the metro, which are being expanded, and...

Amman presses on with rail plans.(CPCS Transcom, Holland Rail Consult, and Dar al-Handasah selected by rail network)
February 3, 2006... A consortium of Canada's CPCS Transcom, Holland Rail Consult and Beirut-based Dar al-Handasah (Shair & Partners) has been awarded the contract to carry out a one-year feasibility study into modernising the kingdom's rail network and linking it...

Dubal aims high: Jebel Ali capacity set to grow to 1 million t/y.(Dubai Aluminium Company Ltd.)(Brief Article)
February 3, 2006... Dubai Aluminium (Dubal) is considering another major expansion of its Jebel Ali smelter. The project will see the construction of two new potlines taking the smelter's capacity to well over 1 million tonnes a year (t/y-MEED 6:1:06). ...

PQs out for Zarshuran mine.(Brief Article)
February 3, 2006... Iran Mines & Mineral Industries Development & Renovation Organisation (Imidro) and Iranian Minerals Production & Supply Company (Impasco) have issued a request for prequalification for a gold processing plant at Zarshuran gold mine near Takab....

Selection nears for Mukhalla cement plant.(Arab Yemen Cement Company)(Brief Article)
February 3, 2006... A selection is imminent for the main equipment supply contract on the estimated $260 million grassroots cement plant planned by Arab Yemen Cement Company (AYCC) at Mukhalla in Hadramout governorate. The award of the contract will be followed...

Four in for suburban rolling stock.(Societe Nationale des Transports Ferroviaries evaluates its contracts)(Brief Article)
February 3, 2006... Four bids are under evaluation at Societe Nationale des Transports Ferroviaires (SNTF) following the opening of commercial bids for a contract to supply 64 train carriages to be used for suburban transport around the capital, They are: Canada's...

DP World back in front for P&O.(Dubai Ports World, )(Brief Article)
February 3, 2006... Dubai-based DP World on 26 January launched a counter-bid for UK port and ferry operator P&O, offering 5,20 [pounds sterling] ($9.23) a share or 3,880 million [pounds sterling] ($6,890 million) for the company. The move follows a bid of 3,540...

Future uncertain for WEC's Jubail IWPP: reclassification of Marafiq IWPP as a national project will delay Jubail.(Water and Electricity Company's independent water and power project )(Brief Article)
February 3, 2006... The Jubail independent water and power project (IWPP) planned by Water & Electricity Company (WEC) is expected to be substantially delayed following the reclassification of The Power & Water Utilities Company for Jubail & Yanbu (Marafiq) IWPP,...

Shuaibah conveyors move on.(Saline Water Conversion Corp. awards contract to Al Rashid Trading and Contracting Co., Saudi Services for Electro-Mechanical Works Company Ltd., Hak International)(Brief Article)
February 3, 2006... The Royal Court in late January gave final approval for the giant western water transmission system project, paving the way for the two long-awaited contracts to be awarded. The chent is Saline Water Conversion Corporation (SWCC--MEED 20:1:06)....

Bids invited for new cement plant.(Saudi-Algeria Cement Company)(Brief Article)
February 3, 2006... Tenders are due to be issued in February for the 24-month turnkey construction contract to develop a 1 million-tonne-a-year greenfield cement plant at Djelfa in the Ouled Nail mountains south of Algiers. The estimated $200 million project is...

Bids in for magnesite EPCM contract.(Aker Kvaerner ASA, Mustang Engineering Inc., SNC-Lavalin Group Inc., WorleyParsons Ltd. bid for Saudi Arabian Mining Co.)(engineering, procurement and construction management)(Brief Article)
February 3, 2006... Four companies submitted technical and commercial bids in late January for the estimated $35 million engineering, procurement and construction management (EPCM) contract covering the development of magnesite deposits in Yanbu. They are:...

Al-Wasit digs in at DIC.(Brief Article)
February 3, 2006... The local Al-Wasit Machinery plans to build the region's first construction equipment assembly plant in Dubai Industrial City. The facility will be located in the transport equipment and parts zone and will cover an area of about 100,000 square...

Local/Turkish JV to take sewerage job.(Almabani General Contractors awarded Jeddah sewerage network )(Brief Article)
February 3, 2006... A letter of award is pending for a local/Turkish joint venture of Almabani General Contractors, Dallah and Guris to carry out the south central Jeddah sewerage network upgrade project. The group was low bidder for the scheme when bids were...

Germans say BOO to Irbil.(Aktar Group selects Lahmeyer International GmbH to build own operate )(Brief Article)
February 3, 2006... Amman-based Mass Jordan Trading Company, a subsidiary of the Baghdad-based Aktar Group, has selected Germany's Lahmeyer International as the lead consultant for its proposed $250 million build-own-operate (BOO) power plant in Irbil in the...

Two vie for Hartha rehab.(Azarab Energy, EEE win contract for ministry of electricity)(Brief Article)
February 3, 2006... The Ministry of Electricity (MOE) has shortlisted two companies for the engineering, procurement and construction (EPC) contract to rehabilitate units two and three at Hartha power station in the south. Technical and commercial bids were...

Bids in for water pipeline.(Kuwait Controls Company, Kuwait Development Co.)(Brief Article)
February 3, 2006... Kuwait Controls Company (KCC) is low bidder at KD 12.4 million ($42.8 million)for the contract to build a fresh water pipeline between the Mina Abdulla water distribution complex and the water storage complexes at West Funaitees and AI-Zour....

Turks wait on Youssefiyah.(Teknotes on the project)(Brief Article)
February 3, 2006... Turkey's Teknotes has completed the conceptual design work for the estimated $350 million thermal power plant station located at Youssifiyah, about 15 kilometres south of Baghdad. The project will be the second power generation scheme in the...

Al-Zour conversion job attracts only one offer.(Brief Article)
February 3, 2006... The shortcomings of local tender regulations and the state's failure to attract international contractors to its power and water sector were again brought into focus in late January after only one bid was received for a major contract to...

KHI buys Fairmont: Alwaleed vehicle plans huge $5.5bn deal.(SAUDI ARABIA)(Brief Article)
February 3, 2006... Riyadh-based Kingdom Hotels International (KHI), a subsidiary of Prince Alwaleed bin Talal's Kingdom Holding Company, has entered an agreement to acquire Canada's Fairmont Hotels & Resorts in a deal worth $5,500 million. The all-cash...

Indians bid low for seawater cooling.(OMAN)(TEC Consulting Engineers, National Economy Ministry)(Brief Article)
February 3, 2006... India's TEC Consulting Engineers is low bidder at RO 309,000 ($792,308) for the contract to provide consultancy services for the outline design, project management and construction supervision on the construction of a second seawater intake...

All change at Ajman.(Ajman Sewerage (Private) Co.)(Brief Article)
February 3, 2006... Belgium's Besix and France's Veolia have replaced the UK's Thames Water as the principal shareholders on the $140 million Ajman integrated waste-water project. Under a restructuring agreement signed on 30 January, Thames Water's 60 per cent...

Etisalat eyes overseas targets: UAE operator builds up $5bn war-chest.(Emirates Telecommunications Corporation Ltd.)(Brief Article)
February 3, 2006... Emirates Telecommunications Corporation (Etisalat) has set aside at least $5,000 million to invest abroad for the coming year, chief executive officer Mohammed Hasan Omran told MEED in an interview on 31 January. "There is still plenty of...

Revenues, spending set to rise again: deficit forecast in view of rise in spending.(Brief Article)
February 3, 2006... The government has presented the budget for the 2006/07 financial year beginning in April, projecting a $5,900 million deficit. However, the budget has forecast a deficit for the past six years while recording considerable surpluses. The...

Batelco's profits edge up.(Bahrain Telecommunications Co.)(Brief Article)
February 3, 2006... Bahrain Telecommunications Company (Batelco) has reported a 6 per cent increase in net profits for 2005 to BD 87.5 million ($230.3 million), Gross revenues climbed by 4 per cent to BD 211.6 million ($556.8 million), Earnings per share rose to...

Mobily chases STC.(Saudi Telecommunications Co.)(Brief Article)
February 3, 2006... Saudi Telecom Company (STC) has announced a 34 per cent increase in net profits to SR 12,447 million ($3,319 million) for 2005. Turnover rose by 7 per cent to SR 32,540 million ($8,677 million), down from 12 per cent growth in 2004. STC has...

US FTA signed.(Brief Article)
February 3, 2006... Muscat and Washington in late January signed their free trade agreement (FTA), following the conclusion of negotiations in October (MEED 7:10:05). The deal will remove 100 per cent of duties on industrial goods and 87 per cent of taxes on...

Advisers selected for Economic City IPO: deal for 30 per cent of new firm set to come to market by end of March.(HSBC Holdings PLC, Saudi British Bank)(Brief Article)
February 3, 2006... HSBC with local affiliate Saudi British Bank has been appointed financial adviser on the initial public offering (IPO) of shares in the project company under formation to implement the SR 100,000 million ($26,670 million) King Abdullah Economic...

Dolphin to seek finance.(Dolphin Energy Ltd.)(Brief Article)
February 3, 2006... Abu Dhabi-based Dolphin Energy is planning to invite banks in late February to submit proposals for the long-term financing of the Dolphin energy project. "We are reaching the end of the construction phase--first gas is due within a...

Shares up for grabs in Al-Salam subsidiary.(Brief Article)
February 3, 2006... Al-Salam Bank Bahrain, the local subsidiary of Sudan's Al-Salam Bank, will launch an initial public offering (IPO) of 35 per cent of its shares on the Bahrain Stock Exchange on 5 February, Subscription to the IPO. which will raise the bank's...

MTC in talks for credit facility.(MTC Kuwaiti Cellular Telephone Co.)(Brief Article)
February 3, 2006... Local mobile phone operator MTC is in negotiations with international banks to secure a $5,000 million credit facility to fund further expansion plans. "This is in line with MTC's objectives to be prepared and to have the funds ready at hand...

Al-Rayyan share rush ends.(initial public offerings)(Brief Article)
February 3, 2006... The initial public offering (IPO) of shares in the greenfield Islamic bank Al-Rayyan closed on 29 January Allocations remain to be finalised but the scramble to obtain shares by both local and Gulf investors indicates that the offering was many...

Kingdom confirms IPO plans.(Kingdom Hotel Investment Group offer initial Public offering )(Brief Article)
February 3, 2006... Kingdom Hotel Investments (KHI), a subsidiary of Prince Alwaleed bin Talal's Kingdom Holding Company, has confirmed its intention to stage an initial Public offering (IPO). KHI will seek a listing of ordinary shares on the Dubai International...