MEED Middle East Economic Digest articles from February 2007

MEED Middle East Economic Digest archives from February 2007

Building trust.(COMMENT)(Stock market crashes)(Editorial)
February 2, 2007... It is almost a year since disappointing results at Dubai's Emaar Properties marked the beginning of the Gulf's stock market crash. Since then, nearly 60 per cent has been knocked off the value of equities. Only now are we beginning to see the...

Looking back ...(SEVEN DAYS)(Sonatrach bought British Petroleum Company PLC refinery)(Palestinian delegation declines to attend a Middle East peace conference)
February 2, 2007... 2 February 1967 Sonatrach buys out BP's distribution network in Algeria as a first step towards establishing its own distribution network. The deal also doubles Sonatrach's stake in Algiers refinery to 20.8 per cent 7 February 1992 A...

On the record.(SEVEN DAYS)(Quotation)
February 2, 2007... "THE ONES WHO FOMENTED CHAOS IN LEBANON, WHO DESTROYED LEBANON, WHO KILLED WOMEN AND CHILDREN, OLD AND YOUNG IN LEBANON, ARE GEORGE BUSH AND CONDOLEEZZA RICE, WHO ORDERED THE ZIONISTS TO LAUNCH THE WAR ON LEBANON" Hizbollah leader Shaikh...

Quartet urged to ignore calls for final status talks: EU in favour of advancing stalled negotiations ahead of US summit.(GAZA--WEST BANK)
February 2, 2007... Tel Aviv has called for the Quartet of the UN, the EU, the US and Russia to reaffirm support for the 2003 roadmap and back Palestinian moderates rather than the Hamas-led government when it meets in Washington on 2 February. The group of...

Washington and Tehran reject "time out" plan.(IRAN)
February 2, 2007... Washington has rejected a call from the International Atomic Energy Agency (IAEA) for a proposed "time out" on both Iran's nuclear programme and current UN sanctions against Tehran. IAEA head Mohammed el-Baradei suggested on 26 January that...

US report warns of civil war.(IRAQ)(Brief article)
February 2, 2007... A report published by the Washington-based Brookings Institution has warned that the security situation in Iraq continues to spiral out of control. "With each passing day, Iraq sinks into the abyss of civil war," the report says. It urges the...

Forum sets up joint business council: 26 January.(NEWS DIGEST on MEED.com this week)(Brief article)
February 2, 2007... The World Economic Forum is planning to establish an Israeli-Palestinian business council to stimulate foreign investment. Klaus Schwab, founder and executive chairman of the Davos forum, says plans are at an advanced stage. The announcement...

Maghreb ministers to pursue economic union: 26 January.(NEWS DIGEST on MEED.com this week)(Brief article)
February 2, 2007... Maghreb trade ministers agree to renew their efforts towards the creation of an economic community. Meeting in Tunis as part of the Eighth Maghreb Ministerial Trade Council, ministers from Algeria, Libya, Mauritania, Morocco and Tunisia examine...

Algerian jobless rate falls to new low: 29 January.(NEWS DIGEST on MEED.com this week)(Brief article)
February 2, 2007... Figures published by the national statistics office show that unemployment in Algeria fell to 12.3 per cent in 2006 from 15.3 per cent the previous year. "[It] is a positive result and we should be proud of it," says Employment Minister Djamel...

Riyadh appoints new ambassador to Washington: 30 January.(NEWS DIGEST on MEED.com this week)(Brief article)
February 2, 2007... Saudi Arabia appoints a new ambassador to the US. Adel al-Jubeir, a US-educated diplomat and former foreign policy adviser in Riyadh, came to prominence after the terrorist attacks on 11 September 2001, when he was recruited by King Abdullah to...

Algeria set for WTO accession in 2007: 30 January.(NEWS DIGEST on MEED.com this week)(Brief article)
February 2, 2007... Algeria is close to completing the process to join the World Trade Organisation (WTO) and hopes to formally join by the end of the year, according to its chief negotiator. "We are in the final stages of the accession process," says Cherif Zaaf,...

Egyptian parliament urges action on inflation: 31 January.(NEWS DIGEST on MEED.com this week)(Brief article)
February 2, 2007... The People's Assembly urges the government to reduce the price of basic consumer items, link wages to inflation and review the level of the minimum wage every three years. The move follows the announcement days earlier that the country's annual...

Israel mulls wall extension: 31 January.(NEWS DIGEST on MEED.com this week)(Brief article)
February 2, 2007... Israeli officials say they are reviewing proposals to alter the route of the barrier being built in the West Bank. According to the local Haaretz newspaper, the wall would extend further into the Palestinian territory in order to encompass two...

Too much of a good thing: a global surge in refining capacity may cause more problems than it solves, slashing the profit margins of operators and destabilising global energy markets, Middle East producers hope they can gain an edge before the downturn hits.(REFINING CAPACITY)(Statistical data)
February 2, 2007... In the past few years, oil producers have been united on one issue: high oil prices are not due to a scarcity of barrels of crude. Instead, they argue, the key culprits are bottlenecks related to delivery, and the biggest of these is refining...

A lesson in refinement: anyone who thought building a refinery was a simple task need only look at Kuwait's Al-Zour project.(PROJECT PROFILE)(Kuwait National Petroleum Company KSC)
February 2, 2007... With capacity of 615,000 barrels a day (b/d), the grassroots Al-Zour facility will be by far the biggest ever built in the region, and one of the largest in the world. But development of the new refinery project (NRP) has brought home the...

Paris rematch: with up to $7,600 million pledged at the Paris conference, Beirut has a real chance to deal with its debt. But it cannot always rely on international donors to help.(ECONOMIC BRIEFING: LEBANON)
February 2, 2007... Beirut has pulled it off, again. For the second time in six years the country has managed to persuade the international community to part with large sums of money and give it yet another chance to sort out the parlous state of its economy It...

Aramco speeds up mega gas project: Seven line up for Karan field onshore work.(contracts)(Saudi Aramco)
February 2, 2007... Saudi Aramco has fast-tracked plans for the development of the Karan gas field, the single largest gas development in the kingdom. At least seven international companies have been invited to prequalify for a combined front-end engineering...

Repsol shrugs off US attention over gas plan.(contracts)(Repsol)(Brief article)
February 2, 2007... The UK's Royal Dutch/Shell Group and Spain's Repsol look certain to press ahead with their deal to develop a liquefied natural gas (LNG) project in Dan, despite coming under US pressure to reconsider. A US State Department spokesman says...

Two bids in for La Skhira.(Brief article)
February 2, 2007... Tunis' ambitious plans to build a 120,000-barrel-a-day grassroots refinery at La Skhira in the Gulf of Gabes have moved forward, with the submission of bids on 31 January for the 30-year concession to build, finance and operate the facility....

In Salah gas field out to bid.(Brief article)
February 2, 2007... Tender documents have been issued for an estimated $300 million contract to address falling production on one of the country's largest gas fields, the In Salah field in the east. The 36-month engineering, procurement and construction...

Burgan wins rig work.(Burgan Company)(Brief article)
February 2, 2007... The local Burgan Company for Well Drilling, Trading & Maintenance has won a contract worth KD 20.6 million ($71 million) to supply pulling units for well workover operations. Under the terms of the contract, Burgan will supply the units--also...

Oil services work bids in.(Brief article)
February 2, 2007... Local contractors Ahmadiah Contracting & Trading Company and Mushrif Trading & Contracting Company are low bidders for two oil field services contracts from Kuwait Oil Company. Ahmadiah is low bidder at KD 5.6 million ($19.3 million) to upgrade...

Croats carry out seismic.(SYRIA)(Brief article)
February 2, 2007... Croatia's Geofizika is carrying out a 2D seismic survey across a 260-square-kilometre area in block 22 in the north. The operator of the block is Cairo-based Hadi Bouchamaoui Sons (HBS) International, which is carrying out the first stage of...

Anadarko begins survey.(Anadarko Petroleum Corp.)(Brief article)
February 2, 2007... A consortium of state energy company Entreprise Tunisienne des Activites Petrolieres, the US' Anadarko Petroleum Corporation and Petro-Canada is to begin by early March the acquisition of seismic data on the 7,648-square-kilometre offshore...

New ministry adds to gas confusion.(LIBYA)(Brief article)
February 2, 2007... The latest cabinet reshuffle in Tripoli has added to the confusion of companies operating in the country's oil and gas sector. The reorganisation saw the creation of a new General People's Committee for Electricity, Water Resources & Gas--the...

Chinese bid low for Al-Feel.(LIBYA)(Brief article)
February 2, 2007... China Petroleum Engineering Construction Company (CPECC) is low bidder for the contract to build water treatment and reinjection facilities on the Al-Feel oil field, at $150 million. However, there is speculation that Eni Oil may request...

Crude endures a rollercoaster ride.(MARKET ROUND-UP)
February 2, 2007... Oil markets endured a rollercoaster week, with a surge of almost $3 a barrel in Brent on 30 January largely wiped out the following day when a US Energy Information Administration report showed a larger-than-expected rise in inventories. ...

Pipeline manager signed.(contracts)(Brief article)
February 2, 2007... Abu Dhabi-based International Petroleum Investment Company has selected China Petroleum Engineering Construction Corporation as its negotiating partner for construction of the 360-kilometre trans-emirate Habshan-Fujairah oil pipeline. The 1.5...

Technip wins gas work.(contracts)(Brief article)
February 2, 2007... Paris-based Technip has been formally awarded the $610 million contract for the offshore associated gas project in Abu Dhabi. in November, three companies submitted commercial bids for the contract to Abu Dhabi Gas Liquefaction Company (Adgas),...

Strong output lifts Shell.(financial report)(Financial report)(Brief article)
February 2, 2007... The Royal Dutch/Shell Group, Europe's largest oil company, posted a 21 per cent increase in fourth-quarter net income to $5,283 million. Full-year income for 2006 edged up 1 per cent to $25,442 million, driven by a 4.1 per cent rise in...

Energy Minister selected.(PEOPLE)(Tunisia's Minister of Industry)(Abdelaziz Rassaa)(Brief article)
February 2, 2007... Abdelaziz Rassaa has been appointed Tunisia's Minister of Industry, Energy & Small & Medium-Sized Enterprises. He was promoted from his position as director of energy at the ministry. Rassaa takes over from Afif Chelbi, who has moved to the...

BP makes huge gas discovery in the Med.(British Petroleum Company PLC)(Brief article)
February 2, 2007... BP Egypt has discovered more than 1 trillion cubic feet (tcf) of natural gas in its North Alexandria Mediterranean concession in a find that could ease the country's gas supply fears. As well as using the find for its own gas production, BP...

New refinery project on hold.(LEBANON)(Brief article)
February 2, 2007... Plans for the country's first new refinery in 14 years have been put on hold indefinitely, according to the Water & Energy Ministry. "Our focus is on the reform of Electricite du Liban for the present. The refinery project has been put on...

Bids sought for Jebel Dhanna crude tank.(contracts)(Brief article)
February 2, 2007... Eight companies have been invited to submit commercial bids by 21 February for the concept and front-end engineering and design contract to build a 1.8 million-barrel crude oil storage tank at Jebel Dhanna in Abu Dhabi. Abu Dhabi Company...

Kayan gets the green light: Samsung Engineering and Simon Carves win third and fourth packages.(contracts )(Brief article)
February 2, 2007... South Korea's Samsung Engineering Company and the UK's Simon Carves have been awarded two process packages on the Saudi Kayan Petrochemical Company complex in Jubail, the world's largest grassroots petrochemicals project. Samsung's...

Butanol project on the cards.(SAUDI ARABIA)
February 2, 2007... The local Dammam 7, part of the Yousef Bin Ahmed Kanoo Group, is to build a new butanol plant in Jubail. It is part of a wider project to produce mixed acrylate plastics and other acrylic acid derivatives. The new unit will produce 80,000...

Barwa builds Al-Dhahlya.(Barwa Real Estate Company)(contracts)(Brief article)
February 2, 2007... The local Barwa Real Estate Company has received bids for a major housing complex at Al-Dhahiya, southwest of Doha. The development will be made up of 120 buildings with 6,000 apartments. The bidders for the $1,000 million-plus contract are...

Greeks picked for Shams.(UAE)(Athena)(Brief article)
February 2, 2007... Greece's Athena has been awarded an estimated AED 63 million ($17 million) marine works contract for the Shams Abu Dhabi development on Reem island. The works include a two-kilometre-long sea wall and a marina. The client, the local Sorouh Real...

Wedi walk phases let.(contracts)(Brief article)
February 2, 2007... Two contracts totalling AED 1,200 million ($327 million) have been awarded to local contractors for two phases on the Wadi Walk development at City of Arabia in Dubailand. Dhabi Contracting has been awarded zones 6 and 6a and Al-Nekreh...

Fresh prices for Landmark.(contracts)(Brief article)
February 2, 2007... Revised bids are due to be submitted in the first week of February for the Landmark project in Abu Dhabi. Two groups--the local Al-Habtoor Engineering Enterprises with Athens-based Consolidated Contractors International Company (CCC), and South...

Dubai acts on crash fears: Emirate likely to introduce licensing system for property brokers.(UAE)(Brief article)
February 2, 2007... Dubai's real estate sector is set for a massive shake-up, with a new law to end the deregulated market in property sales and a growing consensus that prices are heading for a steep correction. According to a new report by EFG-Hermes,...

New malls planned in Dubai.(UAE)(Brief article)
February 2, 2007... Developers in Dubai are planning two major projects that will greatly increase retail space in the emirate. The local Majid al-Futtaim Investments (MAF) has invited contractors to express interest in a new shopping mall in Mirdif. The...

Royal Complex cleared for Abu Dhabi island.(contracts)(Elite Holding)(Brief article)
February 2, 2007... Local real estate developer Elite Holding plans to build an estimated AED 1,500 million ($409 million) mixed-use project close to Abu Dhabi mall on Abu Dhabi island. The project, known as the Royal Complex, will consist of a 26-storey...

Mubadala plans Al-Suwwa island stock exchange.(UAE)(Mubadala Development Company )(Brief article)
February 2, 2007... Abu Dhabi government-owned Mubadala Development Company is considering plans for the development of Al-Suwwa island in Abu Dhabi emirate. Located between Reem island and the Mina area off Abu Dhabi island, the proposed development will...

North road work speeds on.(QATAR)(Brief article)
February 2, 2007... Evaluation of bids is under way at the Public Works Authority (Ashghal) for another major road contract on the Qatar primary routes programme. Covering phase 2 of the North road scheme, the estimated $800 million-l,000 million contract...

Rolling stock award due.(Brief article)
February 2, 2007... The Transport Ministry is expected to make an award imminently for the $100 million contract to provide 30 new locomotives for its rail network. Seven companies, including General Electric and Electro-Motive Diesel, both US-based, and China's...

TWO vie for tram advisory.(Brief article)
February 2, 2007... Two companies have submitted bids for the design and construction supervision contract on the estimated Eur 290 million ($377 million) Rabat-Sale tram scheme. Bouregreg Valley Development Agency received bids from France's Semaly and SNC...

Binladin seeks Hajj funds.(contracts)(Brief article)
February 2, 2007... Saudi Binladin Group is inviting proposals from regional and international banks to provide funding for the renovation of the Halj terminal at Jeddah airport. The construction group is considering options for financing the $250 million project....

Gulf Air gets new chief.(REGIONAL)(Brief article)
February 2, 2007... Gulf Air has appointed Andre Dose, the former head of Crossair and Swiss, as its new chief executive officer. He replaces James Hogan, who left to lead rival Etihad Airways. Dose held a range of management positions at Crossair prior to the...

Tunis to relieve congestion: light rail system set for extension; suburban lines to be electrified.(TUNISIA)(Brief article)
February 2, 2007... Tunis is pressing ahead with plans to alleviate its huge congestion problem, with a doubling of its light rail system and the electrification of suburban rail lines. Societe du Metro Leger is increasing the length of the Tunis light rail...

Final awards near for first phase of new Doha airport.(contracts)(Brief article)
February 2, 2007... The committee in charge of the New Doha International Airport (NDIA) is preparing to award the final packages on the estimated $3,000 million first phase of the project. Just a handful of awards remain on phase 1, which by 2009 will...

Rail upgrades pick up pace.(MOROCCO)(Brief article)
February 2, 2007... Rabat's plans to build a high-speed network between the kingdom's major cities have come a step closer with the award to France's Systra of a 15-month contract to draw up detailed designs for the $1,200 million Setttat-Marrakech link. The...

GE to build $1bn war chest for regional investment: GE chief Jeff Immelt spells out plans on tour of the region.(General Electric Co.)(Brief article)
February 2, 2007... The US' GE, one of the world's largest companies, will substantially increase its investment in the region as it seeks to take advantage of the economic boom. "Our investment in the Middle East could go up to $1,000 million from a couple...

Baghdad steps up site security.(IRAQ)(Brief article)
February 2, 2007... The government is reorganising security at industrial sites across the country as it pushes ahead with a raft of major new projects. "The industrial, electrical and oil and gas sectors all provide individual security offices managed from...

Alborz builds new Gulf coast pelletising plant.(IRAN)(Alborz Industrial Development Investment Company)(Brief article)
February 2, 2007... The local Alborz Industrial Development Investment Company (AIDIC) is planning a new Eur 223 million ($288 million) iron ore pelletising project near Bandar Abbas (see Tenders). The new plant, at Gachin near Bandar Abbas on the Gulf coast,...

Abu Dhabi invests in manufacturing base.(UAE)(Arkan Building Materials)(Construction Production Company )(Brief article)
February 2, 2007... Abu Dhabi-based Arkan Building Materials and Saudi Arabia's Construction Production Company (CPC) are to invest AED 750 million ($204 million) in a joint plan for a series of materials manufacturing plants in Abu Dhabi emirate. The...

Abu Dhabi to exploit solar power: Government's Masdar alternative energy initiative builds up a head of steam.(UAE)(Brief article)
February 2, 2007... Abu Dhabi is to build the Gulf's first major solar power plant as part of its Masdar advanced energy iniative. Masdar, which is being pro-rooted by the government-owned Abu Dhabi Future Energy Company, was set up last April to promote...

Kahramaa steps up investment.(QATAR)(Brief article)
February 2, 2007... Qatar General Electricity & Water Corporation (Kahramaa) is to make record investment in the state's power and water networks in 2007 to meet surging demand from new residential and office developments. Of Kahramaa's budget of QR 12,599...

Substation contractor on board for Reem.(UAE)(ABB)(Brief article)
February 2, 2007... Europe's ABB has been awarded the turnkey contract to build the 400/132-kV substation on the Recto island mixed-use development in Abu Dhabi. The contract, valued at about $135 million, is the first major utility award on the development,...

Al-Toukhi bids low for Tihama extension.(contracts)(Brief article)
February 2, 2007... The local Al-Toukhi Contracting is low bidder at SR 483 million ($129 million) to extend the Tihama power plant by 60-80 M\V. The client, Saudi Electricity Company, is due to make an award by the end of March. Al-Toukhi's offer was nearly...

Algiers goes long with water transfer plan.(Brief article)
February 2, 2007... Technical and commercial bids have been submitted for the construction and pipeline supply contracts on one of the longest water transfer projects in North Africa, estimated to be worth $1,000 million. The project, which calls for two...

Amiantit scoops pipe work.(Amiantit Egypt )(Brief article)
February 2, 2007... The local Amiantit Egypt has won two contracts worth a combined E 90 million [pounds sterling] ($16 million) to supply water and sewage pipes. The first covers a 29-kilometre-long, 1,000-millimetre-diameter pipe for the local Arab...

Ministry outsources capital's water network management.(contracts)(Brief article)
February 2, 2007... The Water & Electricity Ministry has started the process for outsourcing its urban water operations by inviting companies to prequalify for the contract to manage Riyadh's water network. Companies have until 13 February to submit...

Treatment plant planned.(contracts)(Brief article)
February 2, 2007... Hyundai Engineering & Construction Company and Kolon Engineering, both of South Korea, have submitted prequalification documents for the contract to build a 31,000-cubic-metre-a-day wastewater treatment plant in the South Amman area. The work...

Saudis build substations.(contracts)(Brief article)
February 2, 2007... Saudi Arabia's National Contracting Company (NCC) has been awarded three contracts, totalling KD 15 million ($51.7 million), to build and extend substations for Kuwait Oil Company. NCC was low bidder for each package when bids were submitted...

Wood maintains Rusayl.(Brief article)
February 2, 2007... Belgium's Suez Energy International has awarded the UK's Wood Group Gas Turbine Services a $92 million maintenance contract for gas turbines at Rusayl power plant, part of the Barka 2/Rusayl independent water and power project. The 16-year...

Jebel All bidders sought.(UAE)(Brief article)
February 2, 2007... Dubai Municipality has extended the bid deadline for the contract to build a 300,000-cubic-metre-a-day sewage treatment plant at Jebel All to 11 February. The delay came after only two bids were submitted on 21 January. The bidders were the...

Room shortage to lead to rate spike: top-tier sector needs new additions soon.(OMAN)(Brief article)
February 2, 2007... Muscat is facing significant pressure on its hotel sector, with visitors likely to be hit by soaring room rates this year after a quarter of all five-star rooms were taken off the market. The closure for renovation of the Al-Bustan Palace...

Orascom enters Morocco.(contracts)(Caisse de Depot et de Gestion)(Brief article)
February 2, 2007... The local Orascom Hotels & Development (OHD) is to build a new tourist resort on 15 square kilometres of land it has bought in the southern Moroccan province of Guelmim. Announcing its plans on 31 January, OHD said it would develop a...

Small businesses receive capital reform boost: government seeks to encourage investment in small firms.(EGYPT)(Brief article)
February 2, 2007... Egypt's small and medium-sized enterprises (SMEs) received a much-needed boost on 27 January after the Investment Ministry issued a decree that should increase the amount of investment available to them. The reform, to reduce the minimum...

New investment law and agency planned.(SYRIA)(Brief article)
February 2, 2007... Damascus has issued two new presidential laws to boost investment by foreign companies. Under investment law 8, the telecoms, environmental, electricity, petroleum and mineral resources sectors will all be opened up to investors. The...

S&P upgrades Muscat's sovereign rating.(OMAN)
February 2, 2007... Standard & Poor's has upgraded its ratings for the sultanate, raising its long-term foreign and local currency level to A from A- and its short-term sovereign credit rating to A1 from A2 with a stable outlook. The boost is supported by...

Millions in reconstruction funds wasted.(IRAQ)(Brief article)
February 2, 2007... The US-led invasion of Iraq has been further criticised in a report revealing that millions of dollars in reconstruction funds have been wasted. The results of an audit by Stuart Bowen, the special inspector general for Iraq...

Profits follow the market slide: downturn reported at main Abu Dhabi bank.(UAE)(Financial report)
February 2, 2007... National Bank of Abu Dhabi (NBAD) has become the first major bank in the region to see profits slashed by the stock market downturn. The bank, one of the largest in the UAE, reported net profits in 2006 of AED 2,100 million ($571 million),...

Foreign banks set to multiply.(ALGERIA)(Brief article)
February 2, 2007... The number of foreign banks in Algeria could double in the coming months, as the authorities in Algiers consider up to 12 applications to operate in the country. Credit Agricole Indosuez, the international banking arm of Credit Agricole,...

Dar al-Arkan extends sukuk to $750m.(SAUDI ARABIA)(Brief article)
February 2, 2007... Dar al-Arkanis to extend its $425 million sukuk to $750 million to cater for overwhelming demand from international banks. The Saudi Arabian real estate developer will issue a further sukuk later this year to help meet demand from...

Vodafone seeks 3G loan.(EGYPT)(Brief article)
February 2, 2007... The local Vodafone Egypt is in talks with a number of banks over a loan to cover the E 3,340 million [pounds sterling] ($578 million) cost of its third-generation (3G) telecoms licence. State-owned Banque Misr and Commercial International Bank...

Orascom bond rated.(EGYPT)
February 2, 2007... International rating agencies Moody's Investors Service and Standard & Poor's (S&P) have rated the forthcoming bonds from the local Orascom Telecom at B2 and B- respectively. The company itself has been rated Ba3 by Moody's and B+ by S&R...

Bank outlooks brighten.(Al-Ahli Bank of Kuwait and Burgan Bank have their credit ratings raised)(Brief article)
February 2, 2007... Rating agency Standard & Poor's has boosted its outlook ratings for two Kuwaiti banks. Both Al-Ahli Bank of Kuwait and Burgan Bank have seen their ratings raised from stable to positive. The changes reflect the banks' improving financial...

Sahara Bank sale planned.(mergers and acquisitions)(Central Bank of Libya)(Brief article)
February 2, 2007... The Central Bank of Libya has announced plans to sell off a minority stake in Sahara Bank to an international financial institution. Rothschild has been appointed to coordinate the process. Baker & McKenzie is acting as legal adviser, while...

BankMuscat upgraded.(OMAN)
February 2, 2007... Rating agency Standard & Poor's (S&P) has upgraded its long-term counterparty credit rating for the sultanate's largest bank, BankMuscat. The rating has risen to BBB+ from BBB. S&P has also reaffirmed the bank's short-term counterparty credit...

Mobily hits profit.(Financial report)(Brief article)
February 2, 2007... Mobile operator Mobily has recorded a 167.3 per cent turnaround in pre-tax profit in the past year, wiping out the start-up costs from the previous year. The operator's preliminary results for 2006 show a profit of SR 700 million ($186.6...

Advisory firm unveiled.(Brief article)
February 2, 2007... Gulf One Investment Bank and the Gulf Organisation for Industrial Consulting (GOIC) are teaming up to form a new company to advise on infrastructure and energy projects. The project development company will provide private sector investors with...

Carlyle gets regional head.(appoinment of Hassan el-Khatib)(Brief article)
February 2, 2007... One of the world's largest private equity firms, the US-based Carlyle Group, has appointed a managing director to its new Middle East and North Africa team to oversee investments in Egypt and other North African markets. Hassan el-Khatib joins...