MEED Middle East Economic Digest articles from January 2005

MEED Middle East Economic Digest archives from January 2005

Debt of honour.(Comment)(Arab governments slow response for disaster relief)(Brief Article)
January 7, 2005... The tsunami may have skirted around the Arab world, but the Indian Ocean disaster sent more than a ripple through the Gulf states, where hundreds of thousands of Indians, Sri Lankans and Indonesians are employed in every field from chauffeuring...

Palestinian militants defy calls for calm: violence escalates in Gaza as election approaches.(Regional)
January 7, 2005... Palestinian fighters injured 12 Israeli soldiers in a rocket attack on an Israeli army base on 5 January, defying calls for a ceasefire from Mahmoud Abbas, the frontrunner to inherit the mantle of Yasser Ararat in the 9 January leadership...

On the record.(Seven Days)
January 7, 2005... "We stepped into the modern world with them, and through them. Its sons are helping today in building our country and raising our children" Kuwait daily Al-Qabas points out that Kuwait owes a great debt to the people of southern Asia, and...

Looking back ...
January 7, 2005... 1 January 1965 Yemen is plunged into a state of anarchy after the resignation of the entire government and the resumption of fighting between republican and royalist forces 12 January 1990 The Iranian government continues to fend...

Civil war fears grow as Shia election victory looms.(Iraq)
January 7, 2005... Baghdad and Washington are coming under increasing pressure to postpone Iraq's first elections since the US-led invasion in March 2003, as local leaders weigh up the ramifications of the likely victory of the country's Shia parties. Far...

IAEA head is left standing: 2 January.(News Digest)(International Atomic Energy Agency, Mohammed el-Baradei reappointment )(Brief Article)
January 7, 2005... Mohammed el-Baradei, the head of the International Atomic Energy Agency (IAEA), emerges as the only candidate for the post as elections loom. However, Washington has been critical of El-Baradei for being too lenient towards Iran and Iraq. His...

Seven die in Gaza violence: 4 January.(News Digest)(army firing)(Brief Article)
January 7, 2005... Seven Palestinians die from Israeli army fire in the northern Gaza Strip, as Israeli forces return fire at Palestinian militants. Relatives of the dead say they were all children or teenagers. Interim Palestinian leader and presidential...

Reformist camp split as candidates stand: 4 January.(News Digest)(presidential elections, Mehdi Karrubi, Mostafa Moin )(Brief Article)
January 7, 2005... Iran's former parliamentary speaker Mehdi Karrubi announces his intention to stand as a reformist candidate in June's presidential elections, effectively splitting the reformist camp. Moderate reformist Karrubi will compete against Education...

Reports: Bank Alexandria to be sold: 4 January.(News Digest)(Bank of Alexandria )(Brief Article)
January 7, 2005... Cairo is planning to privatise one of the country's big public banks, according to news agency reports. An Investment Ministry official tells Reuters that the privatisation of Bank of Alexandria will take place in 2005. It is unclear whether...

Insurgent attacks kill 25: 5 January.(News Digest)(car bombing)(Brief Article)
January 7, 2005... At least 25 people are killed in the latest series of attacks by insurgents in Hilla, Baqubah and Ramadi. A car bomb outside a police academy kills more than 15 people during a graduation ceremony for police trainees in Hilla, south of Baghdad....

Tehran to allow inspection of Parchin: 5 January.(News Digest)(International Atomic Energy Agency, military sites)(Brief Article)
January 7, 2005... Iran will allow the International Atomic Energy Agency (IAEA) to inspect one of its most secret military sites. Inspectors from the UN's nuclear watchdog are preparing to visit the Parchin plant. IAEA chief Mohammed el-Baradei says inspectors...

Amman rallies leaders for Iraq election support: 6 January.(News Digest)(Brief Article)
January 7, 2005... Jordan plays host to Iraq's neighbours to rally support for Iraqi elections on 30 January, Foreign affairs ministers and delegations from seven Arab nations and the UN were expected to attend. Iran's Foreign Affairs Minister Kamal Kharrazi...

Telethon launched for tsunami victims: 6 January.(News Digest)(Brief Article)
January 7, 2005... Saudi Arabia launches a telethon to raise aid for victims of the Asian tsunami disaster, after heavy media criticism over government donations. The first donor pledged $266,600, while a bank's board of directors donated $533,300. Riyadh has...

Trading blows: the US' plan to sign bilateral free trade agreements across the Middle East has sparked a row within the GCC, as Riyadh raises public objections to Manama's signature of a deal. But other regional governments appear undeterred.(Free Trade)(Cover Story)
January 7, 2005... "The signing of unilateral free trade agreements on the part of any GCC member is in clear violation of the GCC economic pact ratified by all council members," Saudi Arabia's Finance Minister Ibrahim al-Assafsaid in an address on 3 January. ...

Mubadala's multifaceted mandate: Khaldoon al-Mubarak, chief operating officer of Mubadala Development Company, talks to Angus Hindley about the investment agency's role, strategy and future plans.(Mubadala Development Company)(Interview)
January 7, 2005... When Mubadala Development Company was established by Emiri decree in October 2002, observers could have been forgiven for thinking that this was just another government investment agency Formed as an offshoot of the UAE Offsets Group (UOG),...

Aramco decides on AFK field hybrid development: fast-track approach to FEED-cum-EPC project.(Saudi Arabia)(Saudi Arabian Oil Co., Abu Hadriyah, Fadhili and Khursaniyah, front-end engineering and design, engineering, procurement and construction)
January 7, 2005... Saudi Aramco has chosen a fast-track approach on its programme to develop the onshore Abu Hadriyah, Fadhili and Khursaniyah (AFK) oil fields in the Eastern Province. International contractors were informed by Aramco at a job explanation meeting...

OGD-3/AGD-2 tank package goes to the wire.(United Arab Emirates)(Abu Dhabi Oil Refining Co. contracts)
January 7, 2005... Final prices were submitted on 5 January for package 5 on the third phase of the onshore gas development (OGD-3) and the second phase of the Asab gas development (AGD-2) project in Abu Dhabi. The client, Abu Dhabi Oil Refining Company...

Green diesel takes shape.(United Arab Emirates)(Abu Dhabi Oil Refining Co. contracts)(Brief Article)
January 7, 2005... Abu Dhabi Oil Refining Company (Takreer) is expected to issue tenders imminently for two separate contracts covering the proposed sulphur-free gas-oil (SFGO) project at Ruwais. The first contract will be to provide front-end engineering and...

MEED conferences: premier networking events.(Calendar)
January 7, 2005... 2nd Middle East Real Estate 1-2 February 2005, Dubai 3rd Middle East Telecoms 8-9 February 2005, Bahrain Major New Project Opportunities in the Eastern Province 1-2 March 2005, Bahrain Major New Project Opportunities...

Interest called for Arak refinery.(Iran)(National Iranian Oil Engineering Company)(Brief Article)
January 7, 2005... National Iranian Oil Engineering Company (NIOEC) has requested companies to express interest in bidding for the main engineering, procurement and construction (EPC) package on the project to upgrade Arak refinery. The invitation to bid (ITB)...

NOC denies further EPSA-4 delays.(Libya)(National Oil Corporation)(exploration and production sharing agreement)(Brief Article)
January 7, 2005... Sources at National Oil Corporation (NOC) have denied reports that the company is to extend for a second time the deadline for bids for its fourth exploration and production sharing agreement (EPSA-4) licensing round. The denials came in...

PDO awards ODCs.(Oman)(Petroleum Development Oman, off-plot delivery contracts)(Brief Article)
January 7, 2005... Galfar Engineering & Contracting and Al-Turki Enterprises, both local, have been awarded two five-year off-plot delivery contracts (ODCs) by Petroleum Development Oman (PDO). Galfar took the ODC for PDO's northern operations at a price of about...

Prequals due for ENOC refinery expansion.(United Arab Emirates)(Emirates National Oil Company Ltd.'s contracts)(Brief Article)
January 7, 2005... Invited engineering, procurement and construction (EPC) contractors are preparing to submit prequalification applications on 14 January for the main contract on the Jebel Ali condensate refinery project. The client, Emirates National Oil...

IPO beckons for NPCC.(UAE)(National Petroleum Construction Company)(Initial public offering)
January 7, 2005... A restructuring of Abu Dhabi-based National Petroleum Construction Company (NPCC) is to be undertaken in advance of a planned initial public offering (IPO), the company announced in early January. A new board of directors has also been...

Commercial bids due for Abu Dhabi pipeline project.(United Arab Emirates)( Abu Dhabi Oil Refining Co., Dodsal)(Brief Article)
January 7, 2005... Five companies are preparing to submit commercial bids by 29 January for the engineering, procurement and construction (EPC) contract on the estimated $400 million inter-refineries pipeline (IRP) project in Abu Dhabi emirate. The scheduled...

Pars 15-16 edges forward.(Iran)(National Iranian Oil Co. contracts)(Brief Article)
January 7, 2005... A contract award on South Pars 15-16 remains some way off, despite comments attributed to a senior National Iranian Oil Company (NIOC) official in the local press that a winner had been selected. Bid clarifications are still taking place for...

Bangestan to be retendered.(Iran)(National Iranian Oil Co.)(Brief Article)
January 7, 2005... National Iranian Oil Company (NIOC) has revised its strategy for the Bangestan development project. It has cancelled the tender, which would have seen an international oil company (IOC) being brought on board for the development, and will...

Bid round deadlines loom.(Egypt)(Egyptian Natural Gas Holding Co., Egyptian General Petroleum Corp.)(Brief Article)
January 7, 2005... Egyptian Natural Gas Holding Company (EGAS) has extended to 17 January the deadline for bids for exploration and production sharing agreements (EPSAs) covering the nine blocks offered in its second bid round of 2004. The acreage on offer...

Strong new year for oil prices.(Oil Prices)(Brief Article)
January 7, 2005... Oil prices entered the new year some $10 a barrel above their level at the start of 2004, with Riyadh's resolution to adhere to output cuts and terrorist attacks in the Saudi capital helping to support the market. Fears about US winter heating...

Prequals sought for Qafac II: $800 million expansion under way.(Qatar)(Qatar Fuel Additives Co.'s expansion contract)(Brief Article)
January 7, 2005... About 10 engineering, procurement and construction (EPC) contractors have been invited to submit prequalifications in mid-January for the estimated $800 million expansion of the Qatar Fuel Additives Company (Qafac) complex at Mesaieed. ...

GIC signs up for OPP.(Oman)(Oman Oil Company signs agreement with Gulf Investment Corp to acquire stakes in Oman Polypropylene)(Brief Article)
January 7, 2005... Oman Oil Company (OOC) has signed the formal agreement with Kuwait's Gulf Investment Corporation (GIC) for the Kuwaiti firm to take a 20 per cent stake in the $313 million Oman Polypropytene (OPP) venture (MEED 2:7:04).

Three shortlisted for Skikda PMC.(Algeria)(project management consultancy, Entreprise Nationale d'Industrie Petrochimique contracts, ABB Asea Brown Boveri Ltd., Foster Wheeler USA Corp., Stone and Webster Construction Company Inc.)(Brief Article)
January 7, 2005... Entreprise Nationale d'Industrie Petrochimique (ENIP), the petrochemicals subsidiary of state energy company Sonatrach, has shortlisted three companies for the project management consultancy (PMC) on the rehabilitation of the Skikda ethylene...

Uhde, Sazeh win Kermanshah HDPE job.(Iran)(Sazeh Consultants, Kermanshah Polymer Company, high-density polyethylene )(Brief Article)
January 7, 2005... A team of Germany's Uhde and the local Sazeh Consultants in late December signed the contract to build a new high-density polyethylene (HDPE) unit in the west for Kermanshah Polymer Company (KPC), a subsidiary of the newly formed Gharb...

Indians decline olefins 12.(Iran)(Indian Oil Corporation)(National Petrochemical Company)(Brief Article)
January 7, 2005... Indian Oil Corporation (IOC) interest in developing the massive olefins 12 project officially ended on 31 December. National Petrochemical Company (NPC) will now decide how to proceed with the project, which will involve the construction of a...

CCC signs up for JGC subcontracts.(Regional)(Consolidated Contractors International Co., Qatar Petrochemical Company contracts)(Brief Article)
January 7, 2005... Athens-based Consolidated Contractors International Company (CCC) has been awarded two construction subcontracts by Japan's JGC Corporation for work on projects in Saudi Arabia and Qatar, The larger of the two subcontracts worth an estimated...

Thermo wins huge airport MEP: Alcatel, Arinc and Amec to assist on package.(UAE)(Thermo LLC)
January 7, 2005... The local Thermo received a letter of intent in late December for what is regarded as the largest mechanical, electrical and plumbing (MEP) contract ever placed in the Dubai construction sector. Valued at an estimated AED 1,800 million ($490...

Contrack JV exits.(Iraq)(Contrack International Inc., joint venture )(Brief Article)
January 7, 2005... The joint venture led by the US' Contrack International has pulled out of a $325 million contract to design and rebuild the country's transport system (MEED 28:03:04).

Dizart sets terms for Failaka development.(Kuwait)(Divided Zone Agreements & Kuwaiti Islands & Mega Projects Development Team's contract)(Brief Article)
January 7, 2005... Terms of reference have been released for the main development package on the estimated $3,320 million Failaka island development. Nine investor groups are prequalified to submit proposals by 30 March for the 20-year, build-operate-transfer...

PAAET plans new buildings at Ardiya.(Kuwait)(Public Authority of Applied Education & Training)(Brief Article)
January 7, 2005... International consultants have been invited to submit proposals by 17 February for a construction management contract covering the construction of four new colleges at Ardiya for the Public Authority of Applied Education & Training (PAAET)....

Alamiah in line for KOC office work.(Kuwait)(Alamiah Building Company bids to build office building for Kuwait Oil Company)(Brief Article)
January 7, 2005... The local Alamiah Building Company is low bidder at KD 26 million ($89.7 million) for a contract to build an office complex for state-owned Kuwait Oil Company (KOC) at Ahmadi. Alamiah is followed by Syed Hamid Behbehani at KD 26.1 million ($90...

STFA takes bulk terminal contract.(Oman)(Transport & Communications Ministry)(Brief Article)
January 7, 2005... Turkey's STFA has been awarded a contract worth RO 7.6 million ($19.5 million) to build a bulk liquids terminal at Sohar port, having bid low for the job when four prices were submitted in mid-December. The contract calls for construction of a...

Saudi Binladin lands Sharjah airport job.(United Arab Emirates)(Sharjah Civil Aviation Authority)(Brief Article)
January 7, 2005... Saudi Binladin Group has been awarded a contract worth AED 227 million ($62 million) to redevelop and expand Sharjah International Airport. The client is Sharjah Civil Aviation Authority (SCAA-MEED 26:11:04). The contract, which is...

New hotel planned for Jumeirah.(United Arab Emirates)(Archon Engineering Consultants contract)(Brief Article)
January 7, 2005... At least five contractors submitted bids in late December for the estimated AED 300 million ($82 million) contract to build a new five star luxury hotel on Jumeirah Beach road. The hotel will include around 300 rooms, restaurant outlets and...

Local bidders line up for Imam Islamic University expansion.(Saudi Arabia)(Brief Article)
January 7, 2005... Six local companies submitted bids on 4 January for the contract to expand Imam Muhammad bin Saud Islamic University in Riyadh. The expansion will see the addition of three new colleges and a major car park. Bid prices were opened...

Bids in for Hidd port work.(Bahrain)(Ministry of Works & Housing, Kuwait Fund for Arab Economic Development)(Brief Article)
January 7, 2005... The local Ahmed Mansour Al-A'Ali (AMA) emerged as low bidder for the contract to build the infrastructure for the Khalifa bin Salman port and industrial area when bids were opened on 29 December. Seven firms submitted prices for the...

Designs for Pinnacle close to completion.(United Arab Emirates)(Axis Design Group, Turner Construction International)
January 7, 2005... A US team of Pei Partnership Architects (PPA) and Axis Design Group (ADG) is close to completing the designs for Pinnacle Tower on Palm Jumeirah. Initial plans call for the construction of a 750-metre-high skyscraper rising from a lagoon in the...

Race narrows for Emirates HQ.(UAE)(Brief Article)
January 7, 2005... Dubai-based Emirates is expected to award in mid-January the main contract on its $150 million new headquarters project in Garhoud, next to Dubai International Airport. The client shortlisted in late December three bidders --Turkey's Tepe Akfen...

Dubai T2 expansion goes for bid.(UAE)(Dubai International Airport's terminal expansion)(Brief Article)
January 7, 2005... The Department of Civil Aviation has invited about nine prequalified firms to bid by 9 February for the contract to extend terminal 2 under the $4,100 million expansion of Dubai International Airport. The contract, known as AX 273 and worth an...

Stamp of approval for JLT tower.(United Arab Emirates)(Jumeirah Lake Towers, ETA-Ascon, Giga Group )(Brief Article)
January 7, 2005... The local/Pakistani joint venture of ETA-Ascon and the Giga Group (Star-Giga Establishments) has unveiled plans to develop a second skyscraper in the Jumeirah Lake Towers (JLT) development. Named Goldcrest Views 2, the estimated AED 735 million...

Al-Hamed plans new private hospital.(UAE)(Projacs International contract, Al-Noor hospital)(Brief Article)
January 7, 2005... Bahrain-based Projacs International has been awarded the project management services (PMS) contract for a 120-bed private hospital in Abu Dhabi. The Al-Noor hospital will cost about AED 120 million ($32.1 million), including both construction...

UAE/Qatar causeway planned.(Regional)(joint company by Abu Dhabi and Doha )(Brief Article)
January 7, 2005... Abu Dhabi and Doha are to set up a joint company to oversee implementation of the proposed UAE/Qatar causeway, which was announced in late December following the GCC heads of state summit in Bahrain. The causeway, which is expected to start...

French bid for Suez Cement fails: but CF becomes the largest shareholder.(Egypt)(Brief Article)
January 7, 2005... France's Ciments Francais (CF)--a subsidiary of Italy's Italcementi Group--and a consortium of local and regional investors have failed in their bid for a controlling stake in Suez Cement Company (SCC), the country's biggest cement producer....

Tavex invests in textiles giant.(Morocco)(Tavex Algodonera, Settavex)(Brief Article)
January 7, 2005... Spain's Tavex Algodonera is to invest Eur 57 million ($77 million) in its local subsidiary Settavex, the kingdom's biggest textiles company The investment will go towards diversification of the company's product range, increased flexibility of...

Companies established for Taweelah B IWPP: Al-Taweelah United Power and Asia-Gulf Power Holding to sign agreements.(United Arab Emirates)(independent water and power project)(Brief Article)
January 7, 2005... Implementation of the Taweelah B independent water and power project (IWPP) has taken another step forward with the establishment by Emiri decree of two new companies to participate in the brownfield IWPP According to the decrees issued by Abu...

Doosan bids low for Subiya phase 3.(Kuwait)(Doosan Heavy Industries & Construction Company Ltd., Energy Ministry)(Brief Article)
January 7, 2005... South Korea's Doosan Heavy Industries & Construction Company has submitted a low bid of KD 76.2 million ($262.8 million) for the engineering, procurement and construction CEPC) contract on the third-phase expansion of the Subiya desalination...

Asians win Shuaiba pumping plant job.(Kuwait)(Public Authority for Industry contracts, Doosan Heavy Industries & Construction Company Ltd., Torishima Pump Manufacturing Company Ltd.)(Brief Article)
January 7, 2005... A Japanese/South Korean group of Torishima Pump and Doosan Heavy Industries & Construction Company has been awarded the long-awaited engineering, procurement and construction (EPC) contract to expand and upgrade pumping plant C at Shuaiba. The...

ABB wins more substation work.(Algeria)(ABB Asea Brown Boveri Ltd., Sonelgaz contracts)(Brief Article)
January 7, 2005... State power company Sonelgaz has awarded a $25 million turnkey contract to Europe's ABB to improve the electricity supply in and around Algiers. The contract calls for the upgrade of eight 220/60/30-kV and 10-kV substations near the capital and...

Globeleq takes control at Sidi Krier.(Egypt)(Brief Article)
January 7, 2005... The UK's Globeleq, part of the UK's CDC Group, has acquired a controlling stake in the build-own-operate-transfer (BOOT) Sidi Krier power project, with the purchase of a 61 per cent stake in the plant from InterGen, a joint venture between the...

Canadians sign new GMR agreement.(Libya)(SNC-Lavalin Group Inc., Great Manmade River Authority)(Brief Article)
January 7, 2005... Canada's SNC Lavalin has signed a memorandum of understanding (MoU) with the Great Manmade River Authority (GMRA) for contracts reported to be worth about $1,000 million. Sources in Tripoli say the MoU covers two contracts. One is for the...

New deadline set for water conveyor.(Saudi Arabia)(Saline Water Conversion Corp. contracts)(Brief Article)
January 7, 2005... The bid deadline on the estimated $900 million water transmission scheme in the western region has been extended by almost two months to 27 March. The extension was granted by the client, Saline Water Conversion Corporation (SWCC), to enable...

IWPP advisory team appointed.(Oman)(independent water and power project, National Economy Ministry contracts)(Brief Article)
January 7, 2005... The team led by ABN Amro has been awarded the advisory mandate for the sultanate's next independent water and power project (IWPP). The US' Black & Veatch International is the technical adviser and Berwin Leighton Paisner is legal counsel. ...

Power projects move forward.(Egypt)(East Delta Electricity Production Company contracts)(Brief Article)
January 7, 2005... East Delta Electricity Production Company (EDEPC) has awarded a joint venture of the local Orascom Construction Industries (OCI) and its Belgian affiliate Besix the 283 million [pounds sterling]E ($45.5 million) civils package on the $315...

Falck takes Parehsar IPP.(Iran)(independent power project)(Falck Luxembourg contracts)(Brief Article)
January 7, 2005... Falck Luxembourg, a subsidiary of Italy's Falck Group, has become the lead developer on the 900-MW Parehsar independent power project (IPP) two years after an energy conversion agreement (ECA) was signed. The company was in December awarded an...

Kingdom signs $1.5bn hotel deal: new JV aims to go down The Strand.(Saudi Arabia)(Kingdom Hotel Investment Group sigsn joint venture with Bank of Scotland and Fairmont Hotels & Resorts )(Brief Article)
January 7, 2005... Kingdom Hotel Investment Group (KHI), a subsidiary of Riyadh-based Kingdom Holding Company, has signed a joint venture agreement with Bank of Scotland Corporate and Canada's Fairmont Hotels & Resorts to invest in luxury hotels in Europe. ...

Cabinet approves budget: draft founded on more realistic oil price.(Kuwait)(Brief Article)
January 7, 2005... The cabinet has approved the draft budget for 2005/06, projecting a fiscal deficit of KD 2,330 million ($8,034 million), an 18 per cent decrease from the 2004/05 budget. Total expenditure is projected to climb by almost 11 per cent to KD 6,930...

Alwaleed takes stake in KIHC.(Regional)(Prince Alwaleed bin Talal, Kuwait Invest Holding Company )(Brief Article)
January 7, 2005... Prince Alwaleed bin Talal, chief executive officer of Riyadh-based Kingdom Holding Company (KHC), has acquired a 5 per cent stake in Kuwait Invest Holding Company (KIHC), his first direct investment in a company quoted on the Kuwait Stock...

Sovereign ratings rise.(United Arab Emirates)(Brief Article)
January 7, 2005... International rating agency Moody's Investors Service has upgraded the UAE's long-term foreign currency ceiling for bonds and bank deposits to A1 from A2 and its short-term currency ceiling to Prime 1 from Prime 2. Moody's said that the...

Government unveils 2005 budget.(Oman)(Brief Article)
January 7, 2005... National Economy Minister Ahmed bin Abdulnabi Macki on 2 January unveiled the state budget for 2005, projecting a deficit of RO 540 million ($1,385 million). However, he also revealed that the cautious oil price estimate used to calculate...

Landmark Saudi Hollandi bond priced: kingdom's first subordinated debt issue oversubscribed.(Saudi Arabia)(Brief Article)
January 7, 2005... Saudi Hollandi Bank has issued the kingdom's debut subordinated debt instrument, a SR 700 million ($187 million) offering which was priced at 85 basis points over Sibor. Bank officials reported oversubscription, but expectations that the bond...

Egyptian Cement completes bond issue.(Egypt)(Brief Article)
January 7, 2005... Egyptian Cement Company (ECC) has completed a E 1.000 [pounds sterling] million ($160 million) bond issue, Company sources say the E 500 [pounds sterling] million ($80 million) Local currency tranche, which carries a coupon of 11.75 per cent,...

Al-Barka IPO oversubscribed.(Oman)(Al-Barka Power Company, initial public offering )(Brief Article)
January 7, 2005... The initial public offering (IPO) of Al-Barka Power Company (ABPC) closed on 20 December oversubscribed more than 17 times. Commitments of RO 189 million ($485 million) were received while 11.2 million shares were on offer--35 per cent of the...

Bank Muscat to select NBO auditor.(Oman)(National Bank of Oman Limited SAO's merger plans)(Brief Article)
January 7, 2005... Bank Muscat and National Bank of Oman (NBO) nave formally announced the new schedule for their merger plans and a change in the auditing procedure. Both sides reaffirmed their commitment to the deal and the process is still expected to be...

IPO of 50 per cent of NCCI closes.(Saudi Arabia)(initial public offering, National Company for Cooperative Insurance )(Brief Article)
January 7, 2005... The initial public offering (IPO) of shares in National Company for Co-operative Insurance (NCCI) closed one-and-a-half times oversubscribed on 3 January, after a two-week subscription period NCCI had aimed to raise SR 1,435 million ($383...

ADWEA begins privatisation programme.(United Arab Emirates)(Abu Dhabi Water & Electricity Authority, Al-Wathba Company for Central Services)(Brief Article)
January 7, 2005... Abu Dhabi Water & Electricity Authority (ADWEA) is planning to sell off its 51 per cent stake in Al-Wathba Company for Central Services to Abu Dhabi Investment Company (ADIC). The deal is expected to be finalised by March. Al-Wathba provides...

Emirates seals Japanese financing.(United Arab Emirates)(Emirates Airline)(Brief Article)
January 7, 2005... Dubai-based carrier Emirates has signed a $138 million 13-year operating lease agreement for me acquisition of an Airbus A340-500, The lease was arranged through a combination of Japanese equity from Orix Corporation and commercial debt from...

UGB signs loan.(Regional)(United Gulf Bank EC, Calyon, Bawag International Bank)(Brief Article)
January 7, 2005... Bahrain-based United Gulf Bank--a subsidiary of Kuwait Projects Company--in mid-December signed a $65 million, three-year Islamically structured loan. The mandated lead arrangers on the deal are Calyon, which took a $20 million ticket, and...

Arig completes capital increase.(Regional)(Arab Insurance Group of Bahrain, General Pension & Social Security Authority, Real Estate Bank)(Brief Article)
January 7, 2005... Arab Insurance Group (Arig) has completed its capital increase through a private placement, after the existing shareholders failed to take up their full allocations n September's rights issue (MEED 8:10:04). The remaining 9.6 million shares,...

Pointing the way forward: as President Khatami's second term draws to a close, his predecessor is preparing to assume the mantle of power once again, Angus McDowall reports on the fall and rise of one of Iran's most remarkable politicians.(Special report: Iran)
January 7, 2005... For the first time since the founding of the Islamic republic, Iranians are five months from a presidential election without knowing who will stand. But as potential candidates warily circle each other, unwilling to declare, it has become...

Windfall worries: a likely surplus of some $9,000 million suggests it is a suitable time for structural reforms.(Economy)
January 7, 2005... Hopes and fears ride on the performance of the economy as never before. On the one hand, the country is due to reap a budget oil surplus of more than $9,000 million this year, helping to stimulate rapid economic growth. On the other,...

Relaxing the rules: Tehran's rainy-day fund is being spent while the sun shines.(The Oil Stabilization Fund)
January 7, 2005... Much of the government's increased spending comes directly from the Oil Stabilisation Fund (OSF), which was created to distance oil income surpluses from current spending and cushion the budget from the adverse effects of energy market...

The choice of the new generation: educational and social reforms have created a new, nonrevolutionary class with high expectations.(Education)
January 7, 2005... When the first free university was opened in Tehran in the late 1980s, Mashallah Shamsolvaezin told then president AliAkbar Hashemi Rafsanjani that he was creating something that could not be controlled. The well known sociologist and...

A powerful current of change: unlike in other sectors, private development of power projects is beginning to be accepted.(Power)(build-operate-transfer)(Brief Article)
January 7, 2005... Iran's first independent power project (IPP) is already 50 per cent complete. Developed by a foreign/local consortium under the build-operate-transfer (BOT) model, Iran Power Development Company (IPDC) aims to make South Isfahan the first such...

English lessons for energy reformers: the history of Iran's relationship with the British Empire continues to affect its relations with foreign investors.(Foreign Relations)
January 7, 2005... "In kar kar-eh Ingleesast..." (This is the work of the English)was the catchphrase of the protagonist in what remains Iran's best-loved television serial: a pre-revolution satire on the manners of the modern middle class. Uncle, a quixotic...

Assaluyeh warrior: National Petrochemical Company managing director Mohammed Reza Nematzadeh outlines the firm's plans.(Interview)(Interview)
January 7, 2005... National Petrochemical Company (NPC) is widely regarded among Western companies as the most advanced state-owned Iranian company Banks compete to lend it money, Projects move to a schedule that is the envy of other state affiliates. And NPC's...