MEED Middle East Economic Digest articles from January 2003

MEED Middle East Economic Digest archives from January 2003

New year, old problems. (Seven Days).(Israeli elections)(Brief Article)
January 3, 2003... The start of the New Year saw no let up in the cycle of violence in the occupied territories. And, with Israel's general elections only weeks away, many Palestinians fear that the Israeli army tactics will become increasingly heavy-handed in...

Time was. (Seven Days).(Brief Article)(Chronology)
January 3, 2003... 4 January 1963 The Kuwaiti Ministry of Foreign Affairs denies secret negotiations took place between Kuwait and Iraq on the establishment of a Federation 2 January 1988 Kuwait Investment Office announces that it has raised its...

New cast for Security Council's Iraq drama.(new UN Security Council members are Angola, Germany, Spain, Pakistan and Chile)
January 3, 2003... The start of the New Year has brought changes to the composition of the UN Security Council which could have a significant impact on the organisation's willingness to sanction military action against the regime of Saddam Hussein in Iraq. ...

GCC approves common customs tariff.(Gulf Cooperation Council)
January 3, 2003... The supreme council of the GCC, which recently held its annual summit in Doha, approved the long-awaited common customs tariff. A new rate of 5 per cent has been fixed, which came into effect on 1 January. Import duties previously varied...

Dual attacks reveal hand of mujahidin. (Yemen).(attacks were carried out by veterans of Afghanistan's resistance to invasion by Soviet Union)
January 3, 2003... The shooting of four US medical staff in Jibla and the assassination of a leading politician in Sanaa have thrown Yemen's struggle against violent militancy into sharp relief. The attacks, which were separated by just two days, were both...

Brent: 26 Dec-1 Jan.(crude oil prices)(Brief Article)
January 3, 2003... Brent: 26 Dec -- 1 Jan ($ a barrel) Brent: 30.03 Dubai: 26.01 WTI: 31.12 Source: MEED Note: Table made from line graph

Zen and the art of oil market maintenance. (Cover Story Oil).(Cover Story)
January 3, 2003... The start of a new year has rarely seen oil markets so volatile. Political, macroeconomic and corporate uncertainty make the forecaster's game a difficult one. Angus McDowall highlights the major variables in a complex equation ...

Banks invited for aluminium advisory: new momentum on smelter project. (Banking & Finance: Oman).(Brief Article)
January 3, 2003... A string of international banks have been invited to bid for the main financial advisory mandate on the proposed aluminium smelter project in Sohar. The banks understood to have received the request for proposals (RFPs) includes ABN Amro, ANZ...

BMB in technical default with debt rollover delayed. (Banking & Finance).(Bahrain-based BMB Investment Bank)(Brief Article)
January 3, 2003... Negotiations are continuing between Bahrain-based BMB Investment Bank and a group of syndicated lenders over the rolling over of a $75 million term loan. The facility matured on 23 December and BMB is now in a state of technical default. ...

Only two bid for GCCIA advisory. (Banking & Finance).(GCC Interconnection Authority)(Brief Article)
January 3, 2003... Only two of the five shortlisted banks submitted bids for the financial advisory mandate offered by the Dammam-based GCC Interconnection Authority (GCCIA). The two bids received by the 15 December deadline came from HSBC and Gulf Investment...

ABC seeks buyer for Hong Kong subsidiary. (Banking & Finance).(Bahrain-based Arab Banking Corporation)(Brief Article)
January 3, 2003... Bahrain-based Arab Banking Corporation (ABC) has entered into negotiations for the sale of its 55 per cent stake in Hong Kong-based International Bank of Asia (IBA). It is understood that talks are being held with banking groups from Malaysia...

IFC back investing in Tehran. (Banking & Finance: Iran).(International Finance Corp. to invest in Iranian leasing company)(Brief Article)
January 3, 2003... Washington-based International Finance Corporation (IFC) announced on 19 December that it is to make its first investment in Iran for 28 years. The institution, the private sector arm of the World Bank, will loan $3 million and invest $2...

Fortis Bank. (News in Brief: Algeria).(opens representative office in Algiers)(Brief Article)
January 3, 2003... Fortis Bank is to open a representative office in Algiers, following approval from the authorities. The office will primarily focus on projects requiring medium and long-term foreign currency credit.

US rating agency Moody's Investors Service. (News in Brief: Jordan).(downgrades rating of Cairo-Amman Bank )(Brief Article)
January 3, 2003... US rating agency Moody's Investors Service has downgraded its financial strength rating of Cairo-Amman Bank to E+ from D. The outlook is stable. "This rating action concludes a review that stemmed from the recent deterioration in the loan...

US rating agency Standard & Poor. (News in Brief: Lebanon).(revises ratings of three Lebanese banks to negative)(Brief Article)
January 3, 2003... Following its outlook change to stable from negative on Lebanon, US rating agency Standard & Poor's (S&P) has revised its outlook to stable from negative on Banque Audi, Banque de la Mediterranee and Banque du Liban & d'Outre Mer (BLOM). The B-...

Byblos Bank. (News in Brief: Lebanon).(expects to raise $150 million from preferential share offering)(Brief Article)
January 3, 2003... Byblos Bank has launched a preferential share offering expected to raise $150 million. Holders of the shares, which are priced at $100 each, will receive dividends before common stock-holders, but will have no voting rights. The bank said it...

Qatar National Bank. (News in Brief: Qatar).(receives BBB+ long-term rating from Fitch Ratings)(Brief Article)
January 3, 2003... London-based Fitch Ratings announced on 20 December that it had upgraded the long-term rating of Qatar National Bank (QNB) to A- from BBB+. Its short-term, individual and support ratings have been affirmed at F2, B/C and 2 respectively. The...

Citigroup Alternate Investments. (News in Brief: UAE).(introduces private equity fund for investing in real estate sector in UK, Europe and Dubai)(Brief Article)
January 3, 2003... Citigroup Alternate Investments, wholly-owned by Citigroup, and the investment office of the Dubai government announced in mid-December the launch of a private equity fund dedicated to investing in the real estate sector in the UK, Europe and...

First Islamic Investment Bank. (News in Brief).(forms real estate investment joint venture)(Brief Article)
January 3, 2003... Bahrain-based First Islamic Investment Bank has announced a real estate joint venture agreement with Lend Lease Real Estate Investments, a subsidiary of Australia's Lend Lease Corporation. The joint venture, Crescent Euro Industrial...

US fund management group Invesco. (People).(appoints Cormac Sheedy as associate director with responsibility for the Middle East)(Brief Article)
January 3, 2003... US fund management group Invesco has appointed an associate director with specific responsibility for the Middle East. Cormac Sheedy, a former member of the asset management team at Bank of Ireland, will be responsible for setting up a division...

TotalFinaElf to hand over landmark scheme, discusses LNG proposal: South Pars buy-back approaches fruition. (Oil & Gas: Iran).(South Pars Gas will take over offshore gas project)
January 3, 2003... France's TotalFinaElf is gearing up to hand over in January phases 2 and 3 of the South Pars offshore gas development scheme to the newly-established local operator, South Pars Gas Company (SPGC). The $2,000 million, two-phase development is...

Russians gatecrash the private oil party. (Oil & Gas).(Russia now has more top 50 oil companies than any other nation)
January 3, 2003... For the first time ever, Russia has more top-50 oil companies than any other country, according to the latest ranking of the world's largest oil companies by Petroleum Intelligence Weekly (PIW). The ranking also shows a more general shift...

Repsol YPF signed a participation agreement on 23 December. (News in Brief: Algeria).(to operate exploration license in partnership with other companies)(Brief Article)
January 3, 2003... Spain's Repsol YPF signed a participation agreement on 23 December, paving the way for the company to operate an exploration licence on Block 401d in partnership with Woodside Petroleum of Australia and Portugal's Partex. Repsol won the...

Eni announced on 23 December that its subsidiary IEOC Exploration. (News in Brief: Egypt).(successfully drilled exploration well in East Delta Marine concession)(Brief Article)
January 3, 2003... Italy's Eni announced on 23 December that its subsidiary IEOC Exploration had successfully drilled an exploration well in the East Delta Marine concession jointly owned with the UK'S BP. The Tenin-l well, drilled at a water depth of 300 metres,...

Oil & Natural Gas Corporation with Oil India (OIL) -- has been awarded an exploration and production contract for the Farsi field. (News in Brief: Iran).(Brief Article)
January 3, 2003... A team of two state-owned Indian companies -- Oil & Natural Gas Corporation with Oil India (OIL) -- has been awarded an exploration and production contract for the Farsi field. The four-year contract, estimated to be worth $27 million, will...

National Petroleum Construction Company (NPCC) confirmed on 19 December the award of the Bul Hanine wellhead platform contract from Qatar Petroleum. (News in Brief: Qatar).(Brief Article)
January 3, 2003... Abu Dhabi's National Petroleum Construction Company (NPCC) confirmed on 19 December the award of the Bul Hanine wellhead platform contract from Qatar Petroleum. The engineering, procurement, installation and commissioning (EPIC) contract covers...

Bids opened for NEAD tender. (Oil & Gas: UAE).(Abu Dhabi oil pipeline project)(Brief Article)
January 3, 2003... A team of Paris-based Technip-Coflexip with the local National Petroleum Construction Company (NPCC) has submitted the low bid for the Northeast Abu Dhabi (NEAD) project (MEED 1:11:02; 11:10:02). Four groups submitted commercial prices by...

Bids imminent for PDO gas work. (Oil & Gas: Oman).(Petroleum Development Oman)(Brief Article)
January 3, 2003... Bids were due in early January for the contract to build pipeline infrastructure to link the new Saih Nihayda processing facilities with Saih Rawi and the main 48-inch pipeline supplying Oman LNG. Contractors have been asked to quote for three...

Oil price goes Caracas.(as of December 30, 2002, benchmark Brent crude was trading at over $30/bbl)
January 3, 2003... The oil price reached two-year highs in the last week of the year as the Venezuelan crisis lurched on and more US troops arrived in the Gulf. Benchmark Brent crude was trading at more than $30 a barrel on 30 December, prompting speculation that...

Parsons Engineering Corporation. (News in Brief: Kuwait).(Kuwait Oil Co's Ahmadi oil storage and export facilities project)(Brief Article)
January 3, 2003... The bid submission deadline has been further extended to 4 February for the engineering, procurement and construction (EPC) contract on the Ahmadi oil storage and export facilities project. Three international groups are expected to price the...

Technip-Coflexip has submitted a low bid of KD 8.2 million ($26 million) for a contract to revamp the existing 70,000-barrel-a-day (b/d) vacuum distillation unit at Mina Abdulla refinery. (News in Brief: Kuwait).(Brief Article)
January 3, 2003... The Italian office of Paris-based Technip-Coflexip has submitted a low bid of KD 8.2 million ($26 million) for a contract to revamp the existing 70,000-barrel-a-day (b/d) vacuum distillation unit at Mina Abdulla refinery. Its offer is about 18...

Snamprogetti of Italy, SK Engineering & Construction of South Korea and Paris-based Technip-Coflexip--attended a pre-tender meeting on 29 December for a contract to supply and install an acid gas treatment plant at the Shuaiba refinery. (News in Brief: Kuwait).(Kuwait National Petroleum)(Brief Article)
January 3, 2003... Three international companies--Snamprogetti of Italy, SK Engineering & Construction of South Korea and Paris-based Technip-Coflexip--attended a pre-tender meeting on 29 December for a contract to supply and install an acid gas treatment plant...

The Oil Ministry signed on 29 December a final agreement with Japan's Arabian Oil Company (AOC). (News in Brief: Kuwait).(Kuwait Oil will be new operator of Khafji and Hout fields when AOC gives up drilling rights)(Brief Article)
January 3, 2003... The Oil Ministry signed on 29 December a final agreement with Japan's Arabian Oil Company (AOC) for the take-over of operations in the Hout and Khafji fields in the Neutral Zone. Kuwait Gulf Oil Company (KGOC) will be the new upstream operator...

Abu Dhabi Oil Refining Company (Takreer). (News in Brief: UAE).(extends deadline for submission of bids for crude oil and condensate export facility project)(Brief Article)
January 3, 2003... Abu Dhabi Oil Refining Company (Takreer) has extended the deadline to 7 January for submission of commercial bids for the post of project management consultant on a major crude oil and condensate export facility at Ruwais. Four US-based...

Hamad medical complex takes shape for games: Asian Games development moves ahead. (Construction: Qatar).(Hill International wins project management contract for medical complex/athlete village project)(Brief Article)
January 3, 2003... The US' Hill International has been appointed project manager for Doha's proposed Hamad medical complex/Asian Games athlete village project. Estimated to cost QR 1,300 million ($356 million), the project calls for the construction of three...

Tender due for Messilah beach hotel. (Construction: Kuwait).(hotel will have 308 rooms, 78 service apartments and other features)(Brief Article)
January 3, 2003... Tender documents are due to be issued on 15 January for a contract to build a new five-star seafront hotel at Messilah, southeast of Kuwait City (MEED 25:10:02). Six groups of local and international companies are prequalified to submit...

AA Nass Group. (News in Brief: Bahrain).(is frontrunner for subcontract for Aluminium Bahrain's potline expansion project)(Brief Article)
January 3, 2003... The local AA Nass Group is the frontrunner for the main earthworks subcontract on the fifth potline expansion at Aluminium Bahrain (Alba). The contract covers the excavation of up to 500,000 cubic metres of earth on the site of the new smelter....

Gredeco-Ansari Consultants. (News in Brief: Bahrain).(is project manager for proposed commercial building and lagoon)(Brief Article)
January 3, 2003... Contractors are preparing to bid for two major shopping and leisure developments in Manama. Bids are due on 18 January for the contract to build a two-storey commercial building and lagoon on a site in the Seef district. The local...

Gulf Consult, in association with the US' Skidmore Owings & Merrill, has been appointed consultant for a proposed military academy to be built near Jahra, west of Kuwait City. (News in Brief: Kuwait).(Brief Article)
January 3, 2003... The local Gulf Consult, in association with the US' Skidmore Owings & Merrill, has been appointed consultant for a proposed military academy to be built near Jahra, west of Kuwait City. Estimated to cost KD 20 million ($64 million), the project...

Parsons International & Company. (News in Brief: Oman).(Brief Article)
January 3, 2003... The local/US Parsons International & Company is carrying out design work to convert two existing roundabouts in Muscat into free-flow interchanges. A tender is due in February for the conversion of AI-Khoud roundabout, located near Seeb, into a...

Saudi International Petrochemical Company (SIPC). (News in Brief: Saudi Arabia).(awards pipeline and port contract)(Brief Article)
January 3, 2003... Saudi Arabia Saudi International Petrochemical Company (SIPC) has announced the award of a contract to the Irish/local Saudi Arabian Kent for the pipeline and port package at its Jubail complex. The engineering, procurement and construction...

Fresh prequals called for Des housing project. (Contraction: UAE).(Abu Dhabi housing project)(Brief Article)
January 3, 2003... Local and international companies have resubmitted prequalification applications for two major packages on the proposed Sahil housing complex on Das island in Abu Dhabi (MEED 5:4:02; 20:7:01). Applicants include Al-Hamed Development &...

Field narrows for PFI college. (Construction: Oman).(construction of tri-services military training college in Muscat)(Brief Article)
January 3, 2003... Two groups have emerged as frontrunners for the contract to develop a tri-services military training college in Muscat following the submission of bid clarifications in December. They are the UK's Vosper Thornycroft, with the UK/local Tarmac...

Great Lakes Dredge & Dock Company. (News in Brief: Bahrain).(is one of four companies expected to compete for Bahrain dredging and shore reclamation contract)(Brief Article)
January 3, 2003... The Works & Housing Ministry has extended the bid deadline to 4 February for the dredging, reclamation and installation of shoreline protection at Busaitin and west Hidd. The four dredgers expected to quote for the work are Great Lakes Dredge &...

Aluminium Bahrain (Alba). (News in Brief: Bahrain).(plans 2.2 km-long water intake pipeline)(Brief Article)
January 3, 2003... Bids are due on 7 January for the contract to install a 2.2-kilometre-long water intake pipeline ac Aluminium Bahrain (Alba). The project is part of the scheme to relocate Alba's existing service corridor some 500 metres further west to make...

Al-Hatmy Design & Engineering Consultants. (News in Brief: Oman).(is project manager for planned 5,000 seat stadium project in Oman)(Brief Article)
January 3, 2003... Contractors have been invited to bid by 20 January for a contract to build a 5,000-seat stadium at Ourum in Muscat. The scope of work includes two main grandstands, substation compound, external works, car parking area and associated sewage,...

Consolidated Contractors International Company (CCC). (News in Brief: Oman).(is one of several bidders for Oman carriageway contract)(Brief Article)
January 3, 2003... The Transport & Communications Ministry is evaluating technical proposals from eight contractors for the construction of a 76-kilometre-long single carriageway from Rustaq, west of Muscat, to Miskin. The bidders are Athens-based Consolidated...

Larsen & Toubro (Oman). (News in Brief: Oman).(low bidder for contract to build hangar at Seeb International Airport)(Brief Article)
January 3, 2003... The local Larsen & Toubro (Oman) is low bidder at RD 16.3 million ($41 million) for the contract to build a new royal flight hangar at Seeb International Airport. Seven other companies quoted for the project. The hangar will sit on the site of...

KEO International Consultants. (News in Brief: Qatar).(this Kuwait company is program and construction manager for College of Technology project in Qatar)(Brief Article)
January 3, 2003... Seven international contractors have been prequalified to submit bids for the main works package on the College of Technology (CoT) project, part of Education City. A tender is expected to be issued by mid-January. Called package 2, it calls...

Contraco Engineering Works. (News in Brief: Qatar).(submitted low bid for Museum of Islamic Arts project)(Brief Article)
January 3, 2003... The Central Tenders Committee opened in mid-December bids from contractors for the substructure package on the Museum of Islamic Arts project. The local Contraco Engineering Works submitted a low bid of OR 27.5 million ($7.5 million), followed...

Al-Basti & Muktha. (News in Brief: UAE).(receives contract for proposed Dubai Knowledge Village)(Brief Article)
January 3, 2003... The local Al-Basti & Muktha has been awarded the main package on the proposed Dubai Knowledge Village (DKV) project Estimated to be worth AED 100 million ($27 million), the contact calls for the construction of 13 blocks of office space, each...

Belhasa Engineering & Contracting Company. (News in Brief: UAE).(gets main works contract for Dubai shopping mall)(Brief Article)
January 3, 2003... The local Belhasa Engineering & Contracting Company has been awarded the main works package for a new shopping mall to be built in Deira, Dubai. Called Reef, the 250,000-square-feet complex calls for the construction of a two-level complex...

Arabian Construction Company. (News in Brief: UAE).(is one of about ten local firms applying for prequalification for contract to build accommodation complex)(Brief Article)
January 3, 2003... About 10 local companies applied for prequalification by 28 December for a contract to build an accommodation complex at Bu Hasa in Abu Dhabi emirate. They include Arabian Construction Company, Al-Hamed Development & Construction, AI-Habtoor...

Stanley Consultants, part of the US' Stanley Group. (News in Brief: UAE).(serves as consultant for airbase projects)(Brief Article)
January 3, 2003... Following an extension to the deadline, bids are now due to be returned by 5 January for two major packages to expand and upgrade the AI-Dhafra airbase in Abu Dhabi emirate. The larger of the two packages, estimated to be worth AED 180...

Diwan Architects & Consultants. (News in Brief: UAE).(to serve as consultants for mixed-use development project)(Brief Article)
January 3, 2003... Eight local and international companies applied for prequalification by the end-December deadline for the superstructure package on a major mixed-use development in Abu Dhabi. A tender is expected to be issued by early March. Called the...

Svedala Industries. (Industry: Kuwait).(acts as technology provider for proposed coke plant)(Brief Article)
January 3, 2003... Companies applied for prequalification by the 21 December deadline to bid for a concession to set up a calcined coke plant at Shuaiba. Estimated to cost at least $105 million, the plant will take 20 months to build and will have nameplate...

Iran Shipbuilding & Offshore Industries. (Transport: Iran).(container vessels contract)(Brief Article)
January 3, 2003... Iran Shipbuilding & Offshore Industries Complex Company (ISOICO) announced in late December that its $188 million contract with Islamic Republic of Iran Shipping Lines had come into force. ISOICO will build in collaboration with Germany's MPC...

COWI and WS Atkins International. (Transport: UAE).(submits bids for Jebel Al port project)(Brief Article)
January 3, 2003... Eight international firms submitted bids in late December for a contract to design a new deepwater container berth and related facilities at Jebel Al port. They are Canada's Cansult, Tebodin Middle East, part of Tebodin of the Netherlands,...

GMRA invites bids for phase 4: Great Man-made River flows to next phase. (Power & Water: Libya).(Brief Article)
January 3, 2003... A tender is due to be issued by mid-January for the phase 4 development of the Great Man-made River (GMR) project. The design, procurement and construction contract covers the development of the giant water conveyance scheme from the Ghadames...

Aluminium Bahrain (Alba). (News in Brief: Bahrain).(accepts bids for water tank constructioni project)(Brief Article)
January 3, 2003... Bids are due on 7 January for the contract to build three water tanks, each with capacity to store 10 million gallons of excess water produced by the coke calcination plant of Aluminium Bahrain (Alba). The prospective bidders are Ahmed Mansoor...

Al-Kawther Industries. (News in Brief: Bahrain).(seeks Ministry of Electricity and Water contract)(Brief Article)
January 3, 2003... The Ministry of Electricity & Water (MEW) is evaluating bids from three companies for the contract to expand the Ras Abu Jarjur reverse osmosis (RO) desalination plant. They are from Germany's Preussag, Saudi Arabia's Al-Kawther Industries and...

The Ministry of Electricity & Water (MEW). (News in Brief: Bahrain).(Brief Article)
January 3, 2003... The Ministry of Electricity & Water (MEW) has extended the bid deadline to 4 February for the contract to provide consultancy services on the phase 3 expansion of the Hidd power and desalination complex. Twelve international firms are...

Ondeo Group. (News in Brief: Lebanon).(signs Lebanon Energy Ministry contract)(Brief Article)
January 3, 2003... France's Ondeo Group signed in mid December a four-year contract with the Energy Ministry to manage the Tripoli water and wastewater networks. Under the terms of the contract, financed by a Eur 20 million ($21 million) soft loan from the French...

Petroleum Development Oman (PDO). (News in Brief: Oman).(seeks contractors for reverse osmosis plant)(Brief Article)
January 3, 2003... Contractors ware due to respond by 4 January to an expression of interest for a contract to build a 3,000 cubic-metre-a-day (cm/d) reverse osmosis (RO) plant at Mina al-Fahal. The client is Petroleum Development Oman (PDO), which is also due to...

Dubai Electricity & Water Authority. (News in Brief: UAE).(accepts bids for supply and installation of substations)(Brief Article)
January 3, 2003... Dubai Electricity & Water Authority has invited companies to submit bids by 8 February for a contract to supply and install five 132/11-kV substations at various locations in Dubai city. The contract is estimated to be worth at least AED 100...

Lahmeyer International. (News in Brief: UAE).(to issue Dubai Electricity and Water Authority report)(Brief Article)
January 3, 2003... Companies responded by the 28 December deadline to a questionnaire seeking technical clarifications for two major packages on the first phase of the Jebel Ali L power and desalination project. The two packages cover the installation of 650-700...

Dubai Electricity & Water Authority. (News in Brief: UAE).(accepts bids for pipeline installation project)(Brief Article)
January 3, 2003... Eight companies submitted bids by the end of December for a contract to supply and install water distribution pipelines at various locations in Dubai emirate. Estimated to be worth AED 60 million ($16 million), the 12-month contract will cover...

MTC buys out OT in Fastlink: MTC broadens reach as Orascom contracts. (Telecoms & IT).(Orascom Telecom divests statke in Jordan Mobile Telephone Services Fastlink to Mobile Telecommunications Co.)(Brief Article)
January 3, 2003... Cairo-based Orascom Telecom (OT) has sold its stake in Jordan Mobile Telephone Services (Fastlink) to one of Kuwait's GSM operators, Mobile Telecommunications Company (MTC). The deal, completed on 24 December, was worth $424 million. ...

GSM privatisation on the blocks. (Telecoms & IT: Lebanon).(telecommunication compainies invited to submit bids for 20-year licenses)(Brief Article)
January 3, 2003... International telecoms companies have been invited to submit bids by 10 February for 20-year licences to operate two existing GSM systems. The request for applications (RFA) issued by the Higher Council for Privatisation on 20 December also...

Final push for capital markets law: deregulation of capital markets underway. (Economy: Saudi Arabia).
January 3, 2003... The capital markets law is now expected to be ratified by the cabinet in the first quarter, following the approval of the draft bill by the Majlis al-Shoura (consultative council) on 29 December. However, most parts of the law will not be...

Yemen approves 2003 budget. (Economy: Yemen).(Brief Article)
January 3, 2003... Parliament has approved the 2003 budget and passed it to President Saleh for ratification According to Economy Minister Alawi al-Salami, the government is projected to run a YR 64,000 million ($387.9 million) deficit next year, representing 3...

Delta Industries Company (IDEAL). (Companies & Markets: Egypt).(merges subsidiaries)(Brief Article)
January 3, 2003... The local Delta Industries Company (IDEAL) has announced that it is merging five of its wholly-owned subsidiaries - International Company for Advanced Industries, Cairo Company for Light Industries, Cairo Company for Advanced Engineering...

Holding Company for Chemical Industries. (Companies & Markets: Egypt).(subsidiaries to be sold by Ministry of Public Enterprise)(Brief Article)
January 3, 2003... The Ministry of Public Enterprise announced in late December that it has decided to sell 10 companies in the chemical and pharmaceutical industries. Four of the companies are subsidiaries of the Holding Company for Chemical Industries: Rakta,...

Tehran leads the way.(Middle East market data; December 31)(Illustration)
January 3, 2003... The year-long rally on the TEHRAN STOCK EXCHANGE has pushed the bourse to the forefront of the regions bull markets, with the benchmark Tepix index rising 42 per cent over the course of 2002 to close the year at 5,044.06 points. A late ebb on...

The return of the reformers. (Special Report Iran).
January 3, 2003... Eighteen months after his re-election, President Khatami is on the offensive, strengthening his constitutional powers and asserting his authority in the face of increasing pressure from conservative forces. Oliver Klaus asks whether his...

Databank.(economic forecasts, 2002-2003)(Illustration)
January 3, 2003... Databank Databank: Economic forecasts, 2002-2003 Real GDP growth Current account (%) ($ million) 2002 2003 2002 2003 ...

Almost 225,000 candidates signed up for municipal elections on 28 February. (News in Brief: Iran).(Brief Article)
January 10, 2003... Almost 225,000 candidates signed up for municipal elections on 28 February, the Interior Ministry announced on 7 January. Candidates, who will need to be approved by the ministry and a parliamentary committee, will have one week for campaigning...

A foreign group is suspected to have been behind a multiple bomb attack in the southeastern city of Zahedan. (News in Brief: Iran).(Brief Article)
January 10, 2003... A foreign group is suspected to have been behind a multiple bomb attack in the southeastern city of Zahedan, a government spokesperson announced on 8 January. The well-co-ordinated explosion of four bombs in different locations of the city on 5...

Long-standing Iraqi Oil Minister General Amer Mohammed Rasheed. (News in Brief: Iraq).(Replaced)(Brief Article)
January 10, 2003... Iraq Long-standing Iraqi Oil Minister General Amer Mohammed Rasheed has been replaced by a senior member of the Baath party, Samir Abdulaziz AI-Najm, the official media reported on 7 January.

US war games reach new level.
January 10, 2003... Over the last six months Washington has turned the screws on Iraq, matching an escalation of militant rhetoric with a conspicuous build up of military hardware in the Gulf. As a further 25,000 US military personnel prepare to join their 60,000...

Israel moves against London summit: Situation grows worse for Sharon at home and abroad.
January 10, 2003... Israel has banned a Palestinian delegation from attending a meeting in London intended to discuss reform of the Palestinian administration. The move, which could scupper a UK initiative to restart dialogue on a Middle East settlement, has drawn...

Time was. (Seven Days).(Brief Article)
January 10, 2003... 11 January 1963 Britain is on the eve of resuming diplomatic relations with Saudi Arabia as the Buraimi dispute remains in abeyance. Recognition of the republican regime in Yemen could be made at the same time 9 Jan 1988. The...

The Algerian ambassador to the US has denied a report published in Algiers daily Le Matin on 8 January. (News in Brief: Algeria).(Brief Article)
January 10, 2003... The Algerian ambassador to the US has denied a report published in Algiers daily Le Matin on 8 January which said that he had been called into the US State Department to be told of the US' displeasure over Algeria's "unacceptable interference"...

MEED/ITIM mission to Saudi Arabia.(Brief Article)
January 10, 2003... MEED and TIM are pleased to announce a joint European mission to Saudi Arabia on 1-5 March, to be led by Sir Jeremy Hanley, former minister of state at the Foreign Office, and Sir Alan Munro, British ambassador to Saudi Arabia during the Gulf...