MEED Middle East Economic Digest articles from February 2008

MEED Middle East Economic Digest archives from February 2008

Spanish-US group wins $2bn contract for Qatar hospital.(Project news on MEED.com)
February 1, 2008... [ILLUSTRATION OMITTED] The joint venture of Spain's OHL and US-based Contrack International has been awarded a $2.3bn contract to build Sidra Medical & Research Centre in Qatar. Located at Doha's Education City, the complex will include a...

Emal to build Saudi Economic City smelter.(Project news on MEED.com)
February 1, 2008... Abu Dhabi-based Emal International is to build a $5bn aluminium smelter in Saudi Arabia's King Abdullah Economic City.

Bond funding sought by Qatar Energy City.(Project news on MEED.com)
February 1, 2008... Qatar Energy City is seeking to raise $300m through an Islamic bond to help fund construction of an economic zone.

DP World to expand Jebel Ali port.(Project news on MEED.com)(Dubai Ports World)(Brief article)
February 1, 2008... DP World is to expand capacity at Jebel Ali port in Dubai to 80 million 20-foot equivalent units (TEUs) by 2030, almost eight times greater than its current capacity.

Iran awards South Pars utilities deal.(Project news on MEED.com)(Brief article)
February 1, 2008... The National Iranian Gas Export Company has awarded a $100m contract for South Pars Phase 12 to Itok Iran and Pars International Development and Engineering Company.

Expansion boost for Ras al-Khaimah port.(Project news on MEED.com)
February 1, 2008... KGL Ports International is to expand Mina Saqr port in Ras al-Khaimah to 1.7 million TEUs at a cost of $250m.

Riyadh seeks interest in power plant.(Project news on MEED.com)(Saudi Electricity Company)(Brief article)
February 1, 2008... Saudi Electricity Company has issued a request for qualifications to build its first independent power project, a 1,200MW plant at Rabigh on the Red Sea coast.

Conferences.(Brief article)(Calendar)
February 1, 2008... Arabian World Construction Summit Risk versus Opportunity: Understand, Debate, Resolve' 11-12 February 2008 Emirates Palace Hotel, Abu Dhabi www.arabianconstructionsummit.com Arabian World Construction Summit (AWCS) is the...

Gulf projects ($ million).(MEED PROJECTS)(Statistical table)(Brief article)
February 1, 2008... GULF PROJECTS ($ million) 28 January 21 January % change 28 January 2008 2008 on week 2007 Bahrain 27,821 27,821 0.0 33,155 Kuwait ...

The gas bottleneck that could half Gulf growth.(THE LAST WORD)(Brief article)
February 1, 2008... [ILLUSTRATION OMITTED] Electricity demand in the Gulf is growing by 8-10 per cent a year. But, perverse as it seems in a region that is more richly endowed with hydrocarbons than any other, there is not enough available energy to satisfy...

Boom brings competition.(CONSTRUCTION)
February 1, 2008... A buoyant market is attracting global players. Life will get harder not easier for local contractors Firms offering the best salaries and training will get the best staff and it is here that firms must compete [ILLUSTRATION OMITTED]...

The customer comes first: rather than expansion for expansion's sake, the smartest port operators will focus on providing value for money.(TRANSPORT)(Brief article)
February 1, 2008... Deep-running fault lines are emerging between port operators and their customers. While operators across the region are eager to unveil unprecedented expansion plans, their customers have a different story to tell. Shipping groups are lamenting...

GCC membership is no panacea.(ECONOMY)(Gulf Cooperation Council)(Brief article)
February 1, 2008... The Yemeni government has chased GCC membership as the solution to its economic ills Yemen should open its economy to foreign direct investment and aid new business to achieve growth Yemen wants to grow its economy by joining the GCC....

Ratings will ease access to funding: access to additional sources of finance gives Ras al-Khaimah fresh hope for future growth plans.(ECONOMY)
February 1, 2008... [ILLUSTRATION OMITTED] On the face of it, it is odd that Ras al-Khaimah should receive a sovereign rating from Standard & Poor's and Fitch. After all, it is not even a sovereign state. Nonetheless, the A ratings announced on 27 January...

Exploration drive is smart move: record prices for oil on global markets means rising exploration costs can be absorbed.(ENERGY)(Brief article)
February 1, 2008... For an industry already grappling with labour shortages and hikes in raw material prices, the surge in the cost of off rigs in recent years is a further, unwelcome complication. Rig costs have been going up by as much as 430 per cent in...

Sub-prime crisis hits regional banks: fears mount over asset-backed debt exposure as ratings agencies prepare to downgrade major institutions.(BANKING: GCC)
February 1, 2008... Several major regional banks are expected to report losses for 2007, as fears mount over their exposure to assets related to the US subprime mortgage crisis. Ratings agencies say they are already preparing to downgrade some banks. Ratings...

Poor port management costs shipping sector $615m a year: Maersk chief says productivity has fallen by 20 per cent since 2000.(TRANSPORT: REGIONAL)(Maersk Line)
February 1, 2008... Poor management and inefficiencies at Gulf ports are costing the shipping sector millions of dollars each year. Speaking at MEED's Ports Development conference in Dubai on 28 January, Poul Woodall, Gulf operations manager for Danish...

Low bidder challenges Duqm award.(TRANSPORT: OMAN)(China Harbours Engineering Co. (Hawalli, Kuwait))(Brief article)
February 1, 2008... The China Harbour Engineering Company-led consortium is launching a legal challenge to its defeat in a bid to build a ship repair and drydock complex at Omen's Duqm port. Despite China Harbour having submitted the lowest bid, Omen's...

Doha prepares solar and nuclear plans: Kahramaa to build world's largest solar power plant or nuclear facility to meet surge in energy demand.(POWER: QATAR)(Qatar General Electricity and Water Corp.)
February 1, 2008... Qatar's General Electricity & Water Company (Kahramaa) has drawn up plans to build either the world's largest solar power complex or a nuclear power plant, to deal with the expected surge in demand for power over the coming decades. The...

Saudi Aramco to boost capacity at offshore Karan gas field.(ENERGY: SAUDI ARABIA)
February 1, 2008... Saudi Aramco is to increase capacity at its Karan gas field development by 50 per cent as it looks to keep pace with soaring domestic demand. The offshore field, which is thought to contain more than 9 trillion cubic feet of gas, was...

Big Oil assists with North field studies: Qatar Petroleum brings in international expertise to gain greater understanding of the giant reservoir.(ENERGY: QATAR)
February 1, 2008... Major international oil firms including the US' ExxonMobil Corporation have been assisting Qatar Petroleum (QP) with a series of studies on the North field, according to sources close to the project. It is the first time the state-run firm...

GCC under pressure to agree rail route: consortium conducting technical study calls on secretariat to confirm plan or risk missing deadline.(TRANSPORT: GCC)(Gulf Cooperation Council)
February 1, 2008... The consortium conducting the feasibility study into the GCC rail project is calling on the GCC Secretariat to finalise the route of its network this month, or risk missing its deadline. The GCC Secretariat has demanded that the feasibility...

Abu Dhabi holds talks on rail plan to ease road congestion.(TRANSPORT: UAE)(Brief article)
February 1, 2008... Abu Dhabi has held talks with potential operators of a rail network linking it to Saudi Arabia and the rest of the UAE, as it presses ahead with plans to relieve pressure on its roads. The rail network will extend from the Sandi border,...

Gas shortfall stalls Libya-Tunisia pipeline: project in doubt as Tripoli re-evaluates its ability to enter into long-term supply agreements.(ENERGY: REGIONAL)
February 1, 2008... Plans to pipe gas from Libya to neighbouring Tunisia are in doubt, as Tripoli is understood to be re-evaluating its ability to enter into a long-term supply agreement, according to sources from both countries. A project to build a...

Abu Dhabi gas distribution deal attracts little interest.(ENERGY: UAE)(Brief article)
February 1, 2008... Only two companies are expected to bid for the contract to build a gas distribution network on Abu Dhabi island: Lebanon's Contracting & Trading (CAT) and Athens-based Consolidated Contractors Company (CCC). About eight International and...

Benefits plan puts pressure on deficit.(ECONOMY: JORDAN)(Brief article)
February 1, 2008... Jordan's budget deficit could grow in 2008 despite the end of fuel subsidies, because of the government's commitment to paying benefits to the poor, according to analysts. Jordan has been able to manage its budget deficit, which is...

Muscat backs masterplan for Duqm integrated refinery: more than 20 firms express interest as planners issue tender for free zone.(ENERGY: OMAN)(Brief article)
February 1, 2008... Ambitious plans for an integrated refinery and petrochemicals complex at Duqm look set to go ahead after the Supreme Committee for Town Planning issued a tender for a masterplan covering the integration of the refinery complex within the free...

Benchmark index boosts Dubai bourse.(COMPANIES & MARKETS: UAE)(Dubai International Financial Exchange Ltd.)(Brief article)
February 1, 2008... A new benchmark index being developed for the Dubai International Financial Exchange (DIFX) could boost its recently launched structured product platform, DIFX Trax. The Dubai exchange launched Trax in August. It currently lists 23...

Skills shortage prevents firms upgrading computer systems: software giant Oracle says lack of skilled workers is restricting growth.(IT: REGIONAL)
February 1, 2008... A chronic lack of skilled IT workers has prevented companies and government agencies across the Middle East and North Africa from implementing computer systems, according to the largest business software supplier in the region. "The thing...

Riyadh delays wastewater services privatisation plan: Supreme Economic Council yet to give ministry approval to begin the process.(WATER: SAUDI ARABIA)
February 1, 2008... The Water & Electricity Ministry is delaying until March calling for interest in its plans to privatise Riyadh's wastewaster services, as it awaits approval from the Supreme Economic Council. An invitation to express interest in the...

Bidders line up for $2bn causeway.(CONSTRUCTION: REGIONAL)(Causeway Foundation )(Brief article)
February 1, 2008... The Qatar-Bahrain Causeway Foundation is to issue tenders for the contract to carry out programme management services for the $2bn Qatar-Bahrain causeway. Prospective bidders include the US' CH2M Hill and Parsons International, and the...

Firms line up for Doha New Port project.(TRANSPORT: QATAR)(Brief article)
February 1, 2008... Doha New Port Steering Committee is prequalifying firms for contracts to project manage and provide engineering services on the $5.5bn Doha New Port project at Mesaieed. It follows a decision in 2007 to scrap plans for a port in Doha, in...

Riyadh considers plan double Dammam capacity: King Abdulaziz port officials finalise scheme to enhance its commercial appeal.(TRANSPORT: SAUDI ARABIA)
February 1, 2008... Officials at King Abdulaziz Port in Dammam are finalising a $430m proposal to nearly double container capacity. Under the plans, to be submitted to the Saudi Transport Ministry in February, a 400-square-metre container terminal will be...

ZincOx starts work on $176m mine.(INDUSTRY: YEMEN)(ZincOx Resources PLC)(Brief article)
February 1, 2008... UK mining company ZincOx has started work on its 22-month, $176m project to build Yemen's first industrial-scale mine. ZincOx, which manages the mine through its project company Jabal Salab, will first develop a 15-kilometre road at a cost...

Five groups to bid for $1bn Mesaieed ethylene cracker: contract for Qatar Petroleum and Honam plant to be awarded in August.(PETROCHEMICALS: QATAR)
February 1, 2008... Qatar Petroleum (QP) and South Korea's Honam Petrochemical Corporation are inviting five groups to submit technical bids by 7 May to build a cracker at their petrochemical complex at Mesaieed. The $900m-l.lbn contract covers provision of...

The rising cost of growth: inflation is the price the Gulf is paying for rapid economic expansion.(ECONOMY)
February 1, 2008... Nobel Prize-winning economist Milton Friedman famously said: "Inflation is the one form of taxation that can be imposed without legislation." In the tax-free GCC, businesses have long thought they do not have to worry about such issues. Over...

Xenel Industries: the Saudi conglomerate is using its wide-ranging business interests to expand into other countries.(INDUSTRY)(Company overview)
February 1, 2008... COMPANY SNAPSHOT Date established 1973 Main business sectors Diversified Main business regions Saudi Arabia, Gulf, Asia, Africa, North America, Latin America. Executive director Khalid Ahmed Zainal Alireza Xenel was...

Rig prices soar as oil hits new highs: a boom in oil and gas exploration activity is pushing up the cost of drilling rigs.(ENERGY)
February 1, 2008... REGIONAL The high oil prices have encouraged a surge in exploration that has put the market for upstream oil and gas services under intense pressure. In particular, the cost to hire or purchase a drilling rig is rocketing. Between 2002 and...

Sanaa reforms to boost growth: Yemen is brushing aside the terrorist threat in a bid to attract tourists and diversify its economy away from oil.(YEMEN)
February 1, 2008... The murder of two Belgian tourists and their two local guides on 18 January is the latest reminder that Yemen can be a dangerous place for foreigners. The attack in the eastern Hadramout province followed a suicide bombing in July 2007...

Contractor survey 2008.(Special Report)(Brief article)
February 1, 2008... [ILLUSTRATION OMITTED] For four years, the Gulf's construction industry has been grappling with spiralling costs. With oil prices showing no sign of decreasing, and an acceleration in government infrastructure spending, there will be no...

Global heavyweights arrive in force: MEED's latest contractor survey shows that while local companies are gaining more work than ever in the region, international firms are increasingly competing for awards.(RESULTS)
February 1, 2008... After years of delay, the announcement was made in October 2007 that the 45-kilometre-long Friendship Causeway linking Qatar and Bahrain would finally go ahead. As one of the most ambitious projects in the Gulf, the proposed $2bn causeway,...

Labour shortage delays development: contractors are flocking to the emirate as Doha spends billions on much-needed infrastructure improvements. But difficulties in getting workers into the country could undermine its plans.(QATAR)
February 1, 2008... The value of Qatari projects awarded to the region's top contractors has more than doubled over the past year, from $3.2bn in 2006 to $7.3bn in 2007. With a limited number of local firms competing in the market, international rivals have...

Smaller firms struggle to compete: as Riyadh attempts to diversify its economy with a series of megaprojects, contract awards are being dominated by local giants Saudi Oger and Saudi Binladin Group.(SAUDI ARABIA)
February 1, 2008... The $2.7bn contract to build Jabal Omar, the enormous mixed-use development located next to the Grand Mosque in Mecca, involves the kingdom's two biggest contractors joining forces to build a project that will include the world's largest retail...

Private developers drive boom: following the launch of a series of large, privately financed real estate projects, the kingdom's construction sector is beginning to catch up with the rest of the region.(BAHRAIN)
February 1, 2008... Predictably for a small country, Bahrain's construction market is dominated by a few local contractors: Cebarco, Ahmed Mansoor al-Aali (AMA) Company and Nass Group. As they work across all areas of infrastructure, they have the skills to carry...

Abu Dhabi closes gap on Dubai: the big four UAE contractors all did well in 2007, but Al-Jaber Group won the most work as Abu Dhabi launched a series of megaprojects.(UAE)(United Arab Emirates)
February 1, 2008... The UAE construction market showed no sign of slowing in 2007 as contractors enjoyed another good year and total project awards increased by one-third. Four players dominate the year's rankings: Abu Dhabi's Al-Jaber Group, Dubal's Arabtec...

Slow market forces firms overseas: as Kuwait struggles to move forward with its ambitious development plans, local contractors are looking for work elsewhere in the region to maintain profit margins.(KUWAIT)
February 1, 2008... In early June 2007, the Public Works Ministry signed a $429m contract with China Harbour Engineering Company for the first phase of the multi-billion-dollar Bubiyan port project. The agreement, which calls for the construction of a 34-kilometre...

Tourism drive stretches resources: the sultanate's construction market has been quiet compared with the rest of the Gulf, but with the launch of a series of projects aimed at boosting tourism, local contractors will be put to the test.(OMAN)
February 1, 2008... Oman is often forgotten when assessing construction opportunities in the Gulf, but its location on other side of the Arabian Peninsula to the development hotbeds of Dubai, Abu Dhabi and Qatar has become an advantage as it seeks to attract...

Lebanon telecoms: the six most important figures in the Lebanese telecommunications sector.(The MEED List)(Kamal Shehadi)(Ineke Botter)(Gilbert Najjar)(Biography)
February 1, 2008... Kamal Shehadi POSITION Chairman and CEO, Telecommunications Regulatory Authority BIOGRAPHY Kamal Shehadi is the architect of the privatisation process for Lebanon's two mobile phone operators. He is also one of the few people involved...

Gulf consortium to build Qatar plant.(Project news on MEED.com)(Brief article)
February 8, 2008... [ILLUSTRATION OMITTED] A $20m aluminium extrusion facility is to be built at Mesaieed, by a consortium of six companies. They include Qatar Industrial Manufacturing Company and Abu Dhabi-based Q-Industrial. The deadline for bids for the...

WorleyParsons wins Oman engineering contract.(Project news on MEED.com)
February 8, 2008... Australia's WorleyParsons is to provide Petroleum Development Oman (PDO) with in-house engineering support.

Subiya causeway bids due by September.(Project news on MEED.com)
February 8, 2008... Bids for the latest design of the 36-kilometre Subiya causeway, connecting Kuwait City and Subiya, could be called for by the end of the summer.

Saudi Freyssinet wins Economic City contract.(Project news on MEED.com)
February 8, 2008... Saudi Freyssinet has been awarded a $95m contract to develop commercial buildings in King Abdullah Economic City, on Saudi Arabia's Red Sea coast.

Contracts awarded for Dubars parallel roads.(Project news on MEED.com)
February 8, 2008... Al-Naboodah Contracting has won a $260m contract and Italy's Todini $122m contract on the parallel roads scheme.

Kuwait to import gas for power plants.(Project news on MEED.com)(Brief article)
February 8, 2008... Kuwait is to import liquefied natural gas from 2009 to meet rising power demand. The gas will be used to fire power plants during the summer months, when demand is highest.

Egypt awards steel production licences to Arcelor Mittal.(Project news on MEED.com)
February 8, 2008... Cairo has awarded licences to Arcelor Mittal, Kuwait's A1-Kharafi Group and Sandi Arabia's Al-Tuwairqi Group, for a series of steel production plants.

Conferences.(Conference news)(Calendar)
February 8, 2008... Middle East Aluminium 2008 18-19 February 2008, Park Hyatt, Dubai, UAE www.meed.com/aluminium Taking advantage of cheap gas and huge liquidity driven by oil at almost $100 a barrel, a strategic location and a buoyant local market for...

Weight of money will drive Kuwait forward.(THE LAST WORD)(Brief article)
February 8, 2008... [ILLUSTRATION OMITTED] The sheer scale of public and private investment being pumped into Kuwait is breaking down the obstacles that have held the country back. There is no reason why the country cannot regain its place at the vanguard of...

MEED projects.(Statistical table)(Brief article)
February 8, 2008... MEED PROJECTS GULF PROJECTS ($m) 4 February 28 January % change 4 February 2008 2008 on week 2007 Bahrain 27,821 27,821 0.0 33,355...

Disclosure will calm nerves.(SOVEREIGN WEALTH FUNDS)
February 8, 2008... Sovereign wealth funds are making US and European financial markets nervous over their intentions Gulf funds appear uninterested in addressing the West's fears, yet this may be their best moment to do so [ILLUSTRATION OMITTED] ...

Dollar has not yet had its day.(ENERGY)(Brief article)
February 8, 2008... If Opec ditches the falling dollar merely to replace it with the euro, it would be a short-sighted move. A mix of currencies could be a solution The difficulties faced by Opec members as a result of the falling US dollar remain a deep...

Operators must work together.(TELECOMS)(Brief article)
February 8, 2008... Telecoms rivals must put differences aside to co-operate on building the infrastructure the region needs Just days after severed cables in the Mediterranean disrupted phone and internet services in the Gulf, the region's largest fixed-line...

Kuwait needs to keep momentum.(ECONOMY)(Brief article)
February 8, 2008... Kuwait has a poor record of turning plans into realities, but in 2008 it may just confound its critics The list of multi-billion-dollar projects being planned by Kuwait is impressive, from a $50bn five-year investment plan for its oil...

It is time to tackle inflation.(QATAR)(Brief article)
February 8, 2008... Qatar's failure to act on inflation could cause the emirate to miss the single currency convergence criteria Qatar's economic advisers are warning the emirate that major change is needed to tackle soaring inflation, which, at 13.7 per cent,...

Opec considers switch to euro pricing: secretary general says cartel could abandon the dollar in favour of EU currency within 10 years.(REGIONAL: ENERGY)(Organization of the Petroleum Exporting Countries)(Interview)
February 8, 2008... Opec has rekindled talk of switching the pricing of oil to the euro from the dollar, because of the continued weakness of the US currency. The cartel is under pressure from its members, who have seen the potential value of their earnings...

Regional banks exposure to sub-prime debt to reach $1bn: extent of US mortgage collapse revealed as more banks report results.(BANKING & FINANCE: GCC)
February 8, 2008... Middle East banks are facing the prospect of writing off at least $1bn from their investments, because of their exposure to subprime-related assets. With many expecting the figure to rise further as more bad news is expected from the US economy...

Sama to offer Hollandi to global bank.(BANKING & FINANCE: SAUDI ARABIA)(Sandi Arabian Monetary Agency)(Saudi Hollandi Bank)(Brief article)
February 8, 2008... The Sandi Arabian Monetary Agency (Sama) is understood to favour selling the 40 per cent of Saudi Hollandi Bank previously owned by ABN Amro to another international bank, rather than to a regional institution. The central bank has drawn...

Crown prince boosts control over reform: Economic Development Board expands membership and remit in a bid to beat bureaucratic delays.(ECONOMY: BHARAIN)
February 8, 2008... The Economic Development Board (EDB) is being expanded to include almost the entire Bahrani cabinet, in a move that will give its chairman, Sheikh Salman bin Hamad al-Khalifa, the crown prince and commander-in-chief of the Bahrain Defence...

Gulf stock markets to benefit from series of local listings.(COMPANIES & MARKETS: UAE)(Brief article)
February 8, 2008... An Ajman-based Islamic bank is to stage an initial public offering (IPO) of shares in mid-February, as stock market activity continues to be strong across the Gulf. Despite volatility on global markets, a series of share issues arc planned...

Tehran opens energy sector to overseas investment: holding company for 47 oil and gas firms to list on international bourses.(ENERGY: IRAN)
February 8, 2008... Iran is to target foreign investment in its energy sector by creating an umbrella group of nearly 50 state-run firms and listing its shares on four international stock exchanges. Under Tehran's privatisation plan, 47 oil and gas companies...

Tractebel to draw up gas masterplan.(ENERGY: LIBYA)(Brief article)
February 8, 2008... Tripoli has appointed Brussels-based consultant Tractebel Engineering to prepare a strategic gas masterplan for the country. It follows speculation that Libya will abandon plans to export gas to Tunisia because of uncertainty over its...

Baghdad plans to double oil production: oil minister reveals five-year plan for a further three fields to increase output to 6 million barrels a day.(ENERGY: IRAQ)
February 8, 2008... Iraq has revealed plans to more than double oil production within five years in tandem with international oil companies (IOCs). The ambitious plans come despite the failure of the Iraqi parliament to pass a new oil law. However, Baghdad...

Kuwaiti firms to build plant at Yanbu.(PETROCHEMICALS: SAUDI ARABIA)(Brief article)
February 8, 2008... Three Kuwaiti companies-House of Invention International, Al-Muwakaba for Industrial Development & Overseas Commerce (Midroc) and Sara Holding Company--are to build an advanced chemicals plant at Yanbu on the Red Sea coast. It will produce...

Aramco draws up shortlist for Ras "ranura financing: banks line up to raise $10bn for first phase of chemicals and plastics complex.(BANKING & FINANCE: SAUDI ARABIA)
February 8, 2008... Financial advisers on the world's largest project financing deal, the Ras Tanura chemicals and plastics complex in Saudi Arabia, are expected to be appointed soon, after shortlists for international and local banks were drawn up. Once...

Operators to invest in sub-sea cable: regional telecoms firms to spend $400m on link between India and Europe to avoid further disruptions.(TELECOMS: GCC)
February 8, 2008... The Middle East's largest telecoms companies will spend up to $400m over the next two years on a new undersea cable between India and Europe in an attempt to avoid disruption to internet services when cables break. It follows severe...

Political instability jeopardises rescue bid for state utility firm.(POWER: LEBANON)(Brief article)
February 8, 2008... A rescue bid to save the beleaguered Lebanese state utility company Electricite du Liban (EdL), which is losing up to $1bn a year, could be delayed because of the country's political instability. Prime Minister Fouad Siniora is expected to...

Financing for Ras Laffan C project nears.(BANKING & FINANCE: QATAR)(Royal Bank of Scotland PLC)(Brief article)
February 8, 2008... Financing for the Ras Laffan C power project in Qatar is due to go to the banking market in early March. Financial adviser Royal Bank of Scotland is expected to approach a large group of banks to join the deal. The $2.5bn project will also...

Adbic to launch polymer park in Mussafah economic zone: construction of plant's utilities infrastructure to begin in March.(INDUSTRY: UAE)(Abu Dhabi Basic industries Corporation)
February 8, 2008... Abu Dhabi Basic industries Corporation (Adbic) is to launch a dedicated manufacturing centre for polymer-based products in March. Adbic is working with Abu Dhabi's Higher Corporation for Special Economic Zones (Zonescorp) to develop the...

Low bidders face losing out on Al-Zour: Kuwait National Petroleum Company set to award contracts based on technical quality rather than price.(ENERGY: KUWAIT)
February 8, 2008... Contracts for the refinery at AlZour may not be awarded to the contractors who have submitted the lowest bids, according to sources close to the project. State refinery operator Kuwait National Petroleum Company (KNPC) is due to announce...

Abu Dhabi tenders deals worth $2.2bn.(CONSTRUCTION: UAE)(Brief article)
February 8, 2008... Tendering has started for construction contracts on two major mixed-use developments in Abu Dhabi, with a combined value of AED8bn ($2.2bn). The larger of the two is for the Tameer Towers project on Reem island. Firms have been invited to...

Nakheel to award contracts for Waterfront development: construction deals worth $3.2bn to be announced in next 12 months.(REAL ESTATE: UAE)
February 8, 2008... Property developer Nakheel is to award AED12bn ($3.2bn) worth of construction contracts on its Waterfront project in the next 12 months, accelerating development following four years of planning. Located on Dubai's final stretch of...

Dubai to launch megacity in March: Sheikh Mohammed commissions UK architect to design project similar to Kuwait's City of Silk.(CONSTRUCTION: UAE)
February 8, 2008... A new megacity will be launched in Dubai next month, designed by Eric R Kuhne & Associates, the firm behind the City of Silk project in Kuwait. Eric Kuhne, managing director of the architecture firm, says ruler of Dubai Sheikh Mohammed bin...

West calls for greater disclosure: the Gulfs funds are coming under pressure to introduce a code of conduct.(SOVEREIGN WEALTH FUNDS)
February 8, 2008... What the West thinks of the growing power of the Gulfs state-owned investment funds should become clearer after 9 February, when finance ministers from the G7 group of leading industrial countries meet in Tokyo. What is already obvious is...

Hidden costs of alternative energy: Abu Dhabi has ambitious plans for its alternative and renewable energy sectors through its multibillion-dollar Masdar initiative. However, there are doubts over the scheme's commercial viability.
February 8, 2008... When the Abu Dhabi Future Energy Company (Masdar) initiative was formally launched in mid-January, it was met with a predictable round of approval. The world's largest hydrogen plant and its largest solar/thermal power scheme, the first...

Feedstock advantage drives growth: Gulf fertiliser companies are boosting capacity despite rising project costs and fears of falling profit margins.(FERTILISERS)(Qatar Fertiliser Company SAQ)
February 8, 2008... REGIONAL With gas feedstock prices in the region well below the global average, Gulf fertiliser producers such as Qatar Fertiliser Company (Qafco) are continuing to build extra capacity, despite rising project costs and predictions that...