MEED Middle East Economic Digest articles from January 2004

MEED Middle East Economic Digest archives from January 2004

Looking to the future.(Comment)
January 2, 2004... As 2003 drew to a close, a number of momentous events hit the Middle East which will have an impact on the region's politics in the year to come. Following hard on the heels of Saddam Hussain's capture, Libyan leader Muammar Qaddafi made a...

Looking back ...(includes multiple articles)
January 2, 2004... 3 January 1964 Moscow announces that work on a nuclear reactor being built in Iraq with Soviet aid will be completed by the end of the year 13 January 1989 US and Libyan aircraft clash over the Mediterranean, raising fears of an...

Earthquake devastates historic city of Bam: up to 50,000 feared dead as search and rescue missions called off.(Iran)
January 2, 2004... Tens of thousands of people are feared dead in the powerful earthquake that struck the southeast city of Bam on 26 December. The precise number of casualties will probably never be known as the scale of the tragedy forced immediate mass...

Libya plays ball, IAEA inspects.(Libya)(International Atomic Energy Agency)
January 2, 2004... In late December, the International Atomic Energy Agency (IAEA) sent its first delegation to Libya to inspect four nuclear sites. After the visit, IAEA director-general Mohammed el-Baradei announced that Libya had been co-operative and...

New year, new fear of terrorism.(Regional)(Washington and London issue travel advisory for Bahrain, Saudi Arabia and Yemen)(Brief Article)
January 2, 2004... Washington and London issued a string of warnings against travel to Middle Eastern states as the new year approached. Fearing that terrorists might strike during the Western holiday season, the two architects of the Iraq war between them...

Qaddafi admits to WMD programmes: 19 December.(News Digest)(Brief Article)
January 2, 2004... Libyan leader Muammar Qaddafi announces that Libya will halt its programmes to develop weapons of mass destruction.

GCC states agree on anti-terror measures: 22 December.(News Digest)(Brief Article)
January 2, 2004... GCC leaders agree on a number of anti-terrorism measures at the GCC annual meeting in Kuwait.

Maher suffers assault: 22 December.(News Digest)(Ahmed Maher)(Brief Article)
January 2, 2004... Egyptian Foreign Affairs Minister Ahmed Maher is assaulted by a group of Palestinians as he enters the Al-Aqsa mosque.

UN Syria-Israel mission extended: 22 December.(News Digest)(Brief Article)
January 2, 2004... The UN Security Council extends the mandate of the UN Disengagement Observer Force (UNDOF), which oversees the ceasefire in the Golan Heights, for six months.

CPA agrees to army pay rise: 22 December.(News Digest)(Coalition Provisional Authority )(Brief Article)
January 2, 2004... The Coalition Provisional Authority (CPA) agrees to a pay rise for Iraqis serving in the national security forces, two weeks after nearly half of Iraq's First Regiment resigned due to poor pay.

Israeli army raids Gaza: 23 December.(News Digest)(Brief Article)
January 2, 2004... At least 10 people--eight Palestinians and two Israel soldiers--are killed during raids by the Israeli military in the Gaza Strip.

Saudi intellectuals ask for speedy reforms: 23 December.(News Digest)(Brief Article)
January 2, 2004... A group of about 100 leading Saudi Arabian intellectuals petitions the government to accelerate political reforms.

Suicide bombing kills four: 25 December.(News Digest)(Brief Article)
January 2, 2004... Four are killed in a suicide bombing on the outskirts of Tel Aviv. The Popular Front for the Liberation of Palestine claims responsibility.

European hostages released: 27 December.(News Digest)(Brief Article)
January 2, 2004... A group of three European tourists--two Germans and an Irishman--held hostage in Iran are released.

Coalition attacked in Karbala: 27 December.(News Digest)(Brief Article)
January 2, 2004... Six coalition troops are killed and many more were injured in simultaneous attacks in the holy city of Karbala.

IAEA team visits Libyan sites: 29 December.(News Digest)(Brief Article)
January 2, 2004... The International Atomic Energy Agency director general, Mohammed el-Baradei, concludes a preliminary visit to Tripoli.

Saudi Arabia denies terror threat: 29 December.(News Digest)(Brief Article)
January 2, 2004... Riyadh denies that Islamist militants in the kingdom are in the final stages of an operation to fly light aircraft packed with explosives into British aircraft operating in the kingdom.

Court "freezes" FLN party: 30 December.(News Digest)(Brief Article)
January 2, 2004... A court in Algiers freezes the activities of the ruling National Liberation Front (FLN) party. FLN secretary general, Ali Benflis, is expected to stand against President Abdelaziz Bouteflika in the elections scheduled to take place in April.

Oil on troubled waters: Middle East governments will be able to gauge the success of internal reform programmes as various nations go to the polls in 2004. US presidential elections in November will also have a profound effect on Washington's dealings with the region.(The Year Ahead)(Cover Story)
January 2, 2004... Twelve months ago, few would have predicted that Libya would volunteer to abandon its weapons programme, or that Saudi Arabia would decide to hold municipal elections. Twelve weeks ago, fewer still would have predicted that a bearded Saddam...

Returning to the fold: the international spotlight turns back to North Africa.(Maghreb)
January 2, 2004... As the International Atomic Energy Agency (IAEA) prepared for its first inspections of Libyan nuclear facilities in late December, the region began to digest the news that Libyan leader Muammar Qaddafi had agreed to dismantle the country's...

2004: the year ahead.(conferences and seminars in Middle East)(Illustration)(Calendar)
January 2, 2004... 2004: THE YEAR AHEAD January January US-Bahrain free trade talks take place 10-12 January Democracy and human rights conference, Yemen 13-14 January MEED Conference: Major New Project Opportunities in ...

Driving the market: Maureen Kempston Darkes, General Motors (GM) group vice-president and president for Latin America, Africa and Middle East, talks to Oliver Klaus.(Interview: Maureen Kempston Darkes)
January 2, 2004... What are the key markets in the region for the GM group? When it comes to the Middle East, we see tremendous growth potential. Clearly, Saudi Arabia is one of the largest markets, but Kuwait is also very important. Basically, we are looking...

IPA seeks private investment: 10-year concessions to be offered.(Iraq)(Iraqi Ports Authority)(Brief Article)
January 2, 2004... The Iraqi Ports Authority (IPA) is calling for up to $1,000 million of investment to help develop the country's five main ports. Speaking to MEED in late December, Abdul Razzaq, director-general of the Basra based IPA, said the deadline for...

Key reconstruction contracts delayed.(Construction)(Coalition Provisional Authority (Iraq))(Brief Article)
January 2, 2004... The Coalition Provisional Authority (CPA) will miss its 1 February deadline to award key reconstruction contracts. The US authority issued on 24 December a notice announcing that problems in issuing the request for proposals (RFP) documents had...

Limited progress made on easing foreign debt.(Economy)(Iraq)(Brief Article)
January 2, 2004... A US-led initiative to alleviate Iraq's foreign debt burden received a boost in late December following pledges of support from major creditor nations. Russia and Japan both issued statements saying they would reduce their portions of Iraq's...

USAID to award second economic restructuring contract.(Economy)(Brief Article)
January 2, 2004... The US Agency for International Development (USAID) issued on 24 December a call for expressions of interest for a two-year contract to restructure Iraq's economy, including the privatisation of state-owned industries. The contract...

Al-Faw tank farm extended.(Oil & Gas)(Brief Article)
January 2, 2004... State Company for Oil Projects (SCOP) has extended the bid deadline to 31 January for the contract to build a crude oil storage facility at Al-Faw. The engineering, procurement and construction (EPC) project calls for eight floating-roof...

JGC wins Bapco EPCM: way cleared for decision on financing proposals.(Bahrain)(Brief Article)
January 2, 2004... Japan's JGC Corporation has been awarded the engineering, procurement and construction management (EPCM) contract for the upgrade of the Sitra refinery of Bahrain Petroleum Company (Bapco). A formal signing is scheduled for late January ...

Bids invited for OGD-3.(UAE)(onshore gas development)(Brief Article)
January 2, 2004... Abu Dhabi Gas Industries Company (Gasco) has invited bids for the second and biggest engineering, procurement and construction (EPC) package on the third phase of the estimated $2,000 million onshore gas development (OGD-3) and the second phase...

Discount requested for Kharg NGL.(Iran)(natural gas liquids )(Brief Article)
January 2, 2004... The two bidders for the Kharg island natural gas liquids (NGL) project have been asked to submit discounts by the client, Iran Offshore Oil Company (IOOC). The two consortia, led by Japan's JGC Corporation and Kawasaki Heavy Industries (KHI),...

Six up for NIOC LNG.(Iran)(six bidders for the National Iranian Oil Co. liquefied natural gas project)
January 2, 2004... National Iranian Gas Export Company (NIGEC) has prequalified six international oil companies as lead bidders for Iran's first liquefied natural gas (LNG) project. Tender documents will be available to bidders as soon as they have signed...

Prices soften in thin trading.(Oil Prices)
January 2, 2004... Oil prices dipped back below the $30-a-barrel mark in slow trading leading up to the new year. US crude stock data and weather forecasts created bearish sentiment. Pushing in the opposite direction were a heating oil drawdown and events in the...

Regional firms dominate world's top 50.
January 2, 2004... Middle East and North African (MENA) oil companies continue to dominate the world hydrocarbons industry, the annual ranking of the world's top 50 oil companies by London-based Petroleum Intelligence Weekly illustrates. Eleven regional firms...

EU clears In Salah purchase.(Algeria)(Statoil to purchase stakes of British Petroleum Company PLC )(Brief Article)
January 2, 2004... The EU granted regulatory approval on 19 December for Norway's Statoil to purchase the 49 per cent stake belonging to the UK's BP in the In Salah joint venture, The two companies originally agreed, in June, the $740 million deal, which includes...

Apache signs up for West Med investment.(Egypt)(Brief Article)
January 2, 2004... The US' Apache Corporation has signed a memorandum of understanding (MoU) with the Egyptian General Petroleum Corporation (EGPC) and Egyptian Gas Holding Company (Egas) for a gas sales agreement, field development plan and deepwater development...

Bids in for 48-inch loop.(Oman)(pipeline construction)(Brief Article)
January 2, 2004... A team of the local Al-Hassan Engineering with India's Punj Lloyd is low bidder at around $57 million for the contract to build a 48-inch-diameter gas loop-line from central Oman to the planned liquefaction plant of Qalhat LNG in Sur. Seven...

GC 27 out to bid.(Kuwait)(Kuwait Oil Company KSC plans expansion of gas gathering centre )(Brief Article)
January 2, 2004... Kuwait Oil Company (KOC) has issued the tender for the engineering, procurement and construction (EPC) contract covering the expansion of gas gathering centre (GC) 27. Located at Umm Gudair, the estimated KD 20 million ($66 million) project...

Damascus to launch a new concessions.(Syrian Petroleum Company to award oil exploration licenses)(Brief Article)
January 2, 2004... Syrian Petroleum Company (SPC) is to launch in early January a new round of oil exploration licences. Ten oil blocks are to be offered to international oil companies (IOCs) for exploration and development into production sharing agreements...

QP invites pipeline bids.(Qatar)(Qatar Petroleum Corp.)(Brief Article)
January 2, 2004... Qatar Petroleum (QP) is understood to have invited 14 prequalified companies to bid by 18 January for the Ras Laffan-Mesaieed gas pipeline project. The engineering, procurement and construction (EPC) contract covers a 121-kilometre-long,...

Second oil discovery for Paladin.(Tunisia)(Paladin Resources)(Brief Article)
January 2, 2004... The UK's Paladin Resources has announced the discovery and successful testing of oil in its Hawa-1 exploration well in the Borj el-Khadra production concession in southern Tunisia. The well was spudded on 18 September and encountered 46 metres...

Methanol JV signed: offtake negotiations to start soon.(Oman)(joint venture to build a methanol plant )(Brief Article)
January 2, 2004... Plans to build a methanol plant in Sohar were given a boost in late December following the signing of a joint venture agreement by the project's promoters. A new entity known as Oman Methanol Company has been created to own the plant. The...

Oriental gears up for global expansion.(Egypt)(Oriental Weavers Group)(Brief Article)
January 2, 2004... Oriental Weavers Group is preparing for a new phase of expansion in the US and Europe after a year in which the company's worldwide exports have grown by nearly 50 per cent. US subsidiary Oriental Weavers USA-Sphinx has merged with Oriental...

Financial harbour field narrows: prequal notices imminent on quay wall work.(Bahrain)(Brief Article)
January 2, 2004... Four international groups have been shortlisted for the main infrastructure package on the Bahrain Financial Harbour (BFH) project. Three of the bidders are understood to have quoted comparable prices, while the fourth is significantly lower....

Road building programme accelerates.(Morocco)(Highway authority Societe Nationale des Autoroutes du Maroc (ADM) announces that Turkey's Mak-yol Insaat won motorway construction contract)(Brief Article)
January 2, 2004... Highway authority Societe Nationale des Autoroutes du Maroc (ADM) has announced that Turkey's Mak-yol Insaat won the contract to construct the 28-kilometre Fnideq-Tetouan motorway after submitting a bid of $90 million. The project was financed...

Douglas wins Sohar work.(Oman)(Brief Article)
January 2, 2004... The UK/local Douglas OHI has won a $29 million contract for building works on the proposed Sohar refinery project being carried out by Japan's JGC Corporation. The engineering, procurement and construction (EPC) contract covers 33 plant and...

Nizwa road loan signed.(Oman)(Brief Article)
January 2, 2004... The government has signed a RO 7 million ($20 million) loan with the Arab Fund for Economic and Social Development to finance the repair and rehabilitation of the Nizwa-Thumrait highway. The loan carries a tenor of 19.5 years with a three-year...

Prequals sought for ports.(Kuwait)(Kuwait Ports Authority invites companies to prequalify for upgrading ports)(Brief Article)
January 2, 2004... Kuwait Ports Authority (KPA) has invited companies to prequalify for four contracts covering the upgrade and redevelopment of the ports of Shuwaikh and Shuaiba (MEED 13:6:03). They are: * contract 1, which calls for the replacement of...

MPWH issues tenders for Amman bypass project.(Jordan)(The Ministry of Public Works and Housing plans to build ring road around Amman.)(Brief Article)
January 2, 2004... The Ministry of Public Works and Housing (MPWH) is calling for consultants and contractors to build a 116-kilometre ring-road around Amman to ease congestion in the city. Sources at MPWH said the request for proposals notice would give...

New deadline for Khasab infrastructure.(Oman)(Transport & Communications Ministry extends bid deadline for expansion of Khasab port)(Brief Article)
January 2, 2004... The Tender Board has extended the bid deadline to 5 January for the contract to expand buildings and infrastructure at Khasab port, located on the Musandam peninsula. The terms of reference cover two options, which include the construction of a...

QA tenders hangar scheme.(Qatar)(Brief Article)
January 2, 2004... Qatar Airways (QA) is evaluating bids from four consultants for a new hangar to be located at Doha International Airport, The proposed three-bay hangar will house Airbus A340 and Boeing 767 aircraft. The bidders for the detailed design and...

High-rise planned on Palm Jumeirah.(UAE)(Brief Article)
January 2, 2004... The local Saba Real Estate (SRE) was due to issue tender documents by the end of December for the contract to build the first major high-rise on Palm Jumeirah. Estimated to be worth AED 100 million ($27 million), the project involves the...

Nakheel pushes back Mina Seyahi expansion.(UAE)
January 2, 2004... Dubai-based Nakheel has extended the bid deadline to 18 January for the expansion of Mina Seyahi in Dubai. Ten companies have been invited to bid for the estimated AED 100 million ($27 million) scheme. They include the local/Austrian Overseas...

Isfahan metro accelerates: drilling programme to start in April.(Iran)(Tunnel boring machinery purchased by Esfahan Urban Railway to speed construction)(Brief Article)
January 2, 2004... Esfahan Urban Railway Organisation (EURO) has purchased two tunnel boring machines (TBMs) from Germany's Herrenknecht for the construction of Isfahan's metro. The revamped TBMs were due to be delivered to EURO in late December. Drilling...

Railway electrification contract awarded.(Algeria)(to consortium of Alstom, and locally based Infrarail and Baticim)(Brief Article)
January 2, 2004... National rail transport company Societe Nationale des Transports Ferroviaires (SNTF) announced on 28 December that a group comprising France's Alstom, and the locally-based Infrarail and Baticim had won the provisional contract to upgrade 300...

Tender out for Aqaba Port container terminal.(Jordan)(Aqaba Special Economic Zone Authority (ASEZA) issues tender for the contract to manage port container terminal.)(Brief Article)
January 2, 2004... Aqaba Special Economic Zone Authority (ASEZA) issued on 27 December a tender for the contract to manage and develop Aqaba port container terminal. The deadline for bids for the two-year contract is 9 January. ASEZA is working to increase by 50...

GCC grid starts prequalifications: EPC contract awards due by year end.(Regional)
January 2, 2004... Invitations to prequalify for the engineering, procurement and construction (EPC) contracts on the first phase of the proposed GCC power grid were issued at the end of December. The estimated $1,200 million first phase targets the...

Fresh movement on Zaafarana.(Egypt)(The New & Renewable Energy Authority prepares tender for the fifth phase of the Zaafarana wind farm project)(Brief Article)
January 2, 2004... The New & Renewable Energy Authority is preparing a tender for the 120-MW fifth phase of the Zaafarana wind farm project, after securing a $125 million loan from the Japan Bank for International Co-operation. The authority has also awarded an...

Control centre bid deadline extended.(Lebanon)(Council for Development and Reconstruction extends electric network bid deadline)(Brief Article)
January 2, 2004... The Council for Development & Reconstruction (CDR) has extended the bid deadline to 30 January for construction of a control centre for the local electricity network. The 24-month contract calls for site surveying, design, procurement, civil...

SEWA invites bids for Layyah expansion.(UAE)(Brief Article)
January 2, 2004... Sharjah Electricity & Water Authority (SEWA) has invited bids by 10 January for the contract to expand the Layyah power and desalination plant The project, which will boost the plant's installed capacity by 47 MW, entails the installation of a...

ECAs signed on Aramco IPPs.(Saudi Arabia)(Brief Article)
January 2, 2004... Energy conversion agreements (ECAs) were signed on 20 December on the four independent power plants (IPPs) planned by Saudi Aramco. Under the 20-year agreements, the developing consortium of Saudi Oger and the UK's International Power (IP) will...

Mott studies hybrid options.(UAE)(Brief Article)
January 2, 2004... Mott Macdonald of the UK is carrying out studies on the options for building a hybrid technology desalination plant as part of the proposed phase 2 expansion of the Jebel Ali L power and desalination station in Dubai. The study involves...

Group wins Al-Jalamid feasibility study: SNC Lavelin wins Al-Amar EPCM contract.(Saudi Arabia)(Brief Article)
January 2, 2004... Saudi Arabian Mining Company (Maaden) and Saudi Oger have mandated a consortium comprising Canada's SNC Lavalin and the US' Jacobs Engineering Group to prepare a full feasibility study on the $1,500 million Al-Jalamid phosphate project. The...

ANZ wins Qasco advisory.(Qatar)(Brief Article)
January 2, 2004... ANZ Investment Bank has been appointed financial adviser by Qatar Steel Company (Qasco) for its proposed project for the expansion of its Mesaieed complex. Qasco had previously appointed HSBC to conduct a financial feasibility study and it is...

Finns awarded tissue contract.(Algeria)(Groupe Tonic Emballage subsidiary SARL Ouate-Industries to build paper mill in Bou-Ismail)(Brief Article)
January 2, 2004... Finland's Metso Paper has won a Eur 36 million ($45 million) contract to supply and install a complete tissue making line for a new paper mill planned by the local SARL Ouate-Industries, the newly-created tissue-making subsidiary of Algeria's...

Financing sought for Emiroll project.(UAE)(Brief Article)
January 2, 2004... Dubai-based Emiroll is in negotiations with a group of banks to raise $70 million-80 million to part-finance the construction of its proposed 25,000 tonnes a year (t/y) aluminium foil rolling mill, to be located at the Dubai Investments Park...

GSM networks get fresh boost: telecom Egypt gives up third GSM licence.(Egypt)(Brief Article)
January 2, 2004... Egyptian Company for Mobile Services (Mobinil) and Vodafone Egypt have reached an agreement with the National Telecoms Regulatory Authority to pay E 1,240 million [pounds sterling] ($201 million) each to acquire additional spectrum of 1,800 MHz...

Regulator to re-issue fixed-line licence.(Morocco)(Agence Nationale de Reglementation des Telecommunications (ANRT) )(Brief Article)
January 2, 2004... Telecoms regulator Agence Nationale de Reglementation des Telecommunications (ANRT) will issue a tender in January for the consultancy mandate on a relaunch of the second fixed-line licence. After the selected consultant has carried out the...

Etisalat first with 3G in Middle East.(UAE)(Brief Article)
January 2, 2004... Emirates Telecommunications Corporation (Etisalat) launched the Middle East's first third-generation 3G) mobile services on 24 December. The roll-out of services follows the recent award of an AED 60 million ($16.3 million) contract to install...

MTC launches services.(Bahrain)(Brief Article)
January 2, 2004... The Kuwaiti/UK venture MTC-Vodafone officially launched GSM and third-generation (3G) services to the local market on 28 December, ending the GSM monopoly of the incumbent. Bahrain Telecommunications Company (Batelco), MTC was awarded the...

ADSB to build corvettes: regional defence spending on the rise.(UAE)(Abu Dhabi Ship Building (ADSB) signs deal with the UAE Armed Forces for six missile corvettes)(Brief Article)
January 2, 2004... The local Abu Dhabi Ship Building (ADSB) signed on 28 December a deal valued at $500 million with the UAE Armed Forces for six missile corvettes. Under the terms of the contract, ADSB will supply the UAE Navy with four of the new class of...

EU and Syria to sign trade agreement in January: tariff cuts and economic reform linked to financial support.(Syria)
January 2, 2004... After six years of negotiations Damascus and Brussels have concluded a trade agreement dismantling tariffs on EU products and encouraging economic reform in the country. Under the terms of the EU Association Agreement finalised after a...

Aramco IPP debt syndication launched: deal seems targeted at Saudi banks.(Saudi Arabia)(Brief Article)
January 2, 2004... Syndication of the debt package for the four captive independent power projects planned by Saudi Aramco was launched in the last week of December. "The signing of the ECA (energy conversion agreement) opened the door and the lead arrangers...

TNI, CSFB wins Tabreed mandate.(UAE)(Brief Article)
January 2, 2004... Abu Dhabi-based National Central Cooling Company (Tabreed) has mandated Credit Suisse First Boston (CSFB) to join the local The National Investor (TNI) in arranging a $100 million sukuk issue. TNI will act as adviser and lead manager. CSFB is...

Emirates plans international bond debut.(UAE)(to help pay for an order book comprising more than 40 aircraft and purchase agreements )(Brief Article)
January 2, 2004... Dubai-based Emirates is to launch a $400 million bond to raise further funds for its ambitious fleet expansion plans. The pricing of the seven-year floating-rate paper has yet to be decided. Lead arrangers on the issue are HSBC, Emirates...

QVC debt syndication goes smoothly.(Qatar)(multinational bank syndicate finance Qatar Vinyl Company)(Brief Article)
January 2, 2004... Three more regional banks remain interested in joining the syndication of the $460 million debt package for Qatar Vinyl Company (QVC). They are understood to have been given until mid-January to table their commitments. The schedule sees them...

ABC finds Atlantico buyer.(Regional)
January 2, 2004... Bahrain-based Arab Banking Corporation has sold its stake in Spain's Banco Atlantico to fellow Spanish bank Banco de Sabadell. ABC divested its 68.5 per cent holding for Eur 71.8 ($89.3) a share, valuing the holding at Eur 1,027 million ($1,277...

Fortis chosen for Sonatrach pipeline control financing.(Algeria)(Brief Article)
January 2, 2004... The Belgian arm of Fortis Bank has been selected by state energy company Sonatrach to finance the renovation of the control systems for four gas pipelines. The financing will be in the form of loans worth Eur 42.4 million ($52 million) and...

CBK Islamic licensing round begins.(Kuwait)(Brief Article)
January 2, 2004... The Central Bank of Kuwait (CBK) has begun accepting applications for licences to operate Islamic banks. The timetable for the process, set out in legislation passed in June, called for the applications process to begin within six months. The...

Al-Mal stages bond issue.(Kuwait)(Al-Mal Kuwaiti Company stages a KD 15 million ($51.7 million) bond issue)(Brief Article)
January 2, 2004... The local Al-Mal Kuwaiti Company is to stage a KD 15 million ($51.7 million) bond issue, lead arranged by Burgan Bank and Kipco Asset Management (Kamco). The paper win have a tenor of three years. "The new funds will be used to finance an...

Jarir lists directly.(Saudi Arabia)(Brief Article)
January 2, 2004... Jarir Marketing Company listed on the Tadawul All Shares Index on 16 December Shares were distributed through a direct listing, after the original plan to issue them through an initial public offering (IPO) ran into Opposition at the Ministry...

Banque du Sud prequal documents issued.(Tunisia)(Brief Article)
January 2, 2004... The government has issued a prequalification notice for the sale of its 33.5 per cent stake in Banque du Sud. Potential buyers will be invited to submit expressions of interest in early January with tender documents for pre-qualified bidders...

IB plans takaful expansion.(Regional)(Investor's Bank of Bahrain increasing capital base)(Brief Article)
January 2, 2004... Bahrain-based Investors Bank (IB) is in the process of increasing its capital base. Capital is being increased to $50 million from about $32 million. Existing shareholders have exercised their right of first refusal of the new shares and the...

The end of the affair: nearly seven years after the election of President Khatami, Iranians are enjoying greater social freedoms, but the struggle between reformists and clerics is heating up.(Special report: Iran)
January 2, 2004... The crowd outside Mehrabad International Airport was several thousand strong. Wearing white head-scarves or t-shirts and carrying bouquets of white flowers, Tehranis turned out in September to welcome home the new Nobel peace laureate Shirin...

Planning for the long term: the Iranian economy remains heavily dependent on oil exports, despite efforts to diversify.
January 2, 2004... Oil prices, as usual, will greatly impinge on the health of the Iranian economy in the financial year 2004/05, starting 21 March. So far, the signs are not bad. Energy markets are unlikely to be as high as this year unless Iraq spirals into...