MEED Middle East Economic Digest articles from January 2006

MEED Middle East Economic Digest archives from January 2006

A year of change.(middle east and its politics)
January 6, 2006... The hush that enveloped the malls and building sites of Dubai on the news of the death of Shaikh Maktoum bin Rashid al-Mak-toum on 4 January provided a poignant tribute to the late ruler. Although Maktoum left the day-to day running of the...

On the record.(Abdul Halim Khaddam expulsion from the party )(Brief Article)
January 6, 2006... "The national leadership has decided to throw Khaddam out of the party. It considers him a traitor. Khaddam has betrayed the party, the homeland and the Arab nation" A Baath party statement on the expulsion of former vice-president Abdul...

Looking back ...(Paris providing technical assistance to Tel Aviv)(Iran approves legislation for defendants to have lawyers)(Saddam Hussain fires more tha 140 shots in a military parade)(Brief Article)
January 6, 2006... 14 January 1966 Paris announces that it is lending technical assistance to Tel Aviv in research and general work on medium-range rockets 18 January 1991 Iran's Majlis approves legislation giving defendants in all legal cases the...

Dubai mourns loss of Shaikh Maktoum: Crown Prince Shaikh Mohammed appointed ruler of Dubai and vice-president of the federation.(Shaikh Maktoum bin Rashid al-Maktoum)(Obituary)
January 6, 2006... It was in many ways a fitting location for Dubai's ruler to pass away At the age of 62, Shaikh Maktoum bin Rashid al-Maktoum died on 4 January in the luxurious surroudings of the Palazzo Versace hotel on-Australia's Gold Coast. The hotel chain...

Sharon in critical condition.(Ariel Sharon suffers major stroke)(Ehud Olmert appointed as acting Prime Minister)
January 6, 2006... A major stroke suffered by Prime Minister Ariel Sharon on 5 January is expected to have ended his longstanding role in Israeli politics and thrown the prospects for the peace process into question. Despite several hours of apparently...

Egyptian cabinet.(Illustration)
January 6, 2006... EGYPTIAN CABINET (announced 31 December) Administrative Development Ahmed Mahmoud Darwish ** Agriculture & Land Reclamation Amin Ahmed Abaza * Awqaf & Endowments ...

Lebanese cabinet splits over inquiry: 22 DECEMBER.(investigating assassination of Rafiq Hariri)(Brief Article)
January 6, 2006... Shia ministers in the Lebanese cabinet boycott a cabinet meeting. The boycott by the two main Shia parties, Hizbollah and Amal, is in protest at the decision of the government of Prime Minister Fouad Siniora to ask the UN to expand the brief of...

Fatah factions reunite: 28 DECEMBER.(NEWS DIGEST in MEED.com this week)(Brief Article)
January 6, 2006... Ruling party Fatah announces it has reunited and submitted a joint list of candidates ahead of elections on 25 January The move follows an announcement in mid-December by a younger breakaway group, led by jailed activist Marwan Barghouti, that...

UN endorses Iraq election result: 29 DECEMBER.(NEWS DIGEST in MEED.com this week)(Brief Article)
January 6, 2006... The UN adviser to the Independent Electoral Commission of Iraq endorses the result of Iraq's national election and says there is no need for a re-run. The endorsement follows large public protests against the result by Sunni and secular groups,...

Baath expels former vice-president: 1 JANUARY.(Abdul Halim Khaddam)(Baath Party (Syria))(Brief Article)
January 6, 2006... Syria's ruling Baath party expels a senior party official, former vice-president Abdul Halim Khaddam, one day after the parliament voted to bring charges of treason against him over comments made in a television interview. Khaddam had claimed...

Tehran bans newspaper: 2 JANUARY.(The Asia banned for contravening Islamic values)(Brief Article)
January 6, 2006... Tehran orders the closure of a daily newspaper for the first time since President Ahmadinejad assumed power in August. The Asia was banned over charges of publishing photographs deemed to contravene Islamic values.

Export fall triggers Al-Uloum's resignation: 2 JANUARY.(Ibrahim Bahr al-Uloum )(Brief Article)
January 6, 2006... Iraqi Oil Minister Ibrahim Bahr al-Uloum resigns after government figures show that oil exports have fallen to their lowest level since the official end of coalition combat operations in 2003. Iraq exported 1.1 million barrels a day (b/d) in...

Gaza kidnap suspect arrested: 4 JANUARY.(Alaa al-Hams)(Brief Article)
January 6, 2006... A man suspected of involvement in the kidnapping of British aid worker Kate Burton and her parents in Gaza is arrested. The arrest of Alaa al-Hams, who led a faction of the Fatah-affiliated Al-Aqsa Martyrs' Brigades, triggers protests by...

Bomb kills at least 49 in Karbala: 5 JANUARY.(during national elections)(Brief Article)
January 6, 2006... A suicide bomb attack leaves at least 49 dead and 68 injured in the southern city of Karbala. The explosion comes one day after Iraq suffers its worst day of violence since the national elections in mid-December. More than 50 people died on 4...

Rich states, rogue cousins: political tensions will continue to run high in the Middle East in 2006, but strong economic growth is helping to bolster stability and governments are getting to grips with reform.(POLITICAL OUTLOOK, 2006)(Cover Story)
January 6, 2006... If 2005 was the year of the election in the Middle East, then reform will be the watchword of 2006, as a host of opposition parties, rights movements and religious groups try to consolidate political gains made in the last 12 months. For...

From strength to strength: consistently high oil prices fuelled strong economic growth across the region in 2005. And the benign conditions are set to continue in 2006.(BRIEFING: ECONOMIC OUTLOOK 2006)
January 6, 2006... If 2005 was good for the economies of the Middle East, 2006 promises to be even better. A region sitting on 60 per cent of global oil reserves could hardly fail to be enjoying economic buoyancy Hefty surpluses, double-digit growth and strong...

Adco full-field SAS development goes for bid: eight invited to bid for Sahil, Asab and Shah work.(Abu Dhabi Company for Onshore Oil Operations)(Brief Article)
January 6, 2006... Abu Dhabi Company for Onshore Oil Operations (Adco) issued for bid in late December the front-end engineering and design (FEED) package on the proposed Sahil, Asab and Shah (SAS) full-field development project. Eight companies have been invited...

Dana Gas signs up for Hamriyah pipeline.(agreement with Emirates General Petroleum Corp.)(Brief Article)
January 6, 2006... The local Dana Gas announced on 3 January that its 100 per cent subsidiary United Gas Transmissions Company (UGTC) had signed an estimated AED 670 million ($183 million) build-own-operate (BOO) agreement with Emirates General Petroleum...

Spudding starts in north Rub al-Khali basin.(Sino Saudi Gas drilling oil wells)
January 6, 2006... Sino Saudi Gas (SSGL), the 80:20 joint venture (JV) of China's Sinopee International Petroleum Exploration & Production Corporation (SIPC) and Saudi Arameo, has spudded the first well in the north Rub al-Khali (RAK) basin. SSGL plans to drill...

Oasis seals return to Waha concession.(contracts with National Oil Corp. (Tripoli, Libya) in retun of its susbsidary Waha Oil Company )(Brief Article)
January 6, 2006... The Oasis Group of US oil companies announced in late December that agreement had been reached with National Oil Corporation (NOC) on the terms to return to its Waha oil and gas concessions after a 19-year absence. The agreement, sealed after...

Chalabi fills oil ministry gap.(Ahmed Chalabi)
January 6, 2006... Deputy Prime Minister Ahmed Chalabi took interim control of the Oil Ministry on 2 January after incumbent Ibrahim Bahr al-Uloum resigned. The outgoing minister had been suspended the previous week after openly attacking the government's...

Project Kuwait stalls again.(to boost the production of international oil companies)(Brief Article)
January 6, 2006... The National Assembly (parliament) voted on 25 December to withdraw the economy and finance committee's report on Project Kuwait just three weeks before MPs were due to debate the landmark upstream initiative, The withdrawal of the report,...

Burgan nails drilling contract.(Well Drilling, Trading & Maintenance contracts with Kuwait Oil Company KSC)(Brief Article)
January 6, 2006... The local Burgan Company for Well Drilling, Trading & Maintenance has been awarded a contract worth KD 44.6 million ($153.8 million) by Kuwait Oil Company to drill medium-depth wells at all KOC's fields. The contract's duration is five years...

Mukhaizna EOR project rolled out.(enhanced oil recovery)(Brief Article)
January 6, 2006... A consortium led by the US' Occidental Petroleum Corporation and Abu Dhabi government-owned Liwa Petroleum issued on 4 January a preliminary information notice inviting pre-qualifiers to bid for the main contract on the estimated $2,000 million...

McDermott wins Qatargas jackets.(J Ray McDermott awarded contract to Qatar Liquefied Gas Company Ltd.)(Brief Article)
January 6, 2006... Jebel Ali-based J Ray McDermott (Middle East) announced on 2 January the award of the fabrication and installation contract covering wellhead jackets in the North field to serve the Qatargas 3 and 4 liquefied natural gas (LNG) projects. The...

GE to service RasGas.(GE Energy)(Ras Laffan Liquefied Natural Gas Company Ltd.)(Brief Article)
January 6, 2006... US-based GE Energy announced in late December the signing of a multi-million-dollar contract with Ras Laffan Liquefied Natural Gas Company (RasGas) to service 22 gas turbines at the RasGas liquefaction complex. The 25-year agreement covers the...

Aramco to drill deeper.(Saudi Arabian Oil Co. forecasts about the oil wells)(Brief Article)
January 6, 2006... Saudi Aramco plans a 61 per cent increase in the number of development wells to be drilled in 2006, compared with last year. The initiative is part of the company's efforts to sustain production levels and increase capacity, according to an...

Koreans up stake in block 70.(Petroleum Exploration & Production Authority contracts with group of Korean petroleum companies)(Brief Article)
January 6, 2006... A four-member Korean group signed in late December an agreement with the Petroleum Exploration & Production Authority (PEPA), part of the Oil & Mineral Resources Ministry, to acquire a controlling stake in block 70. Under the deal, the group,...

Moscow raises energy security fears.(OIL PRICES)
January 6, 2006... The oil market entered the new year on a bullish note. Prices spiked in reaction to the stand-off between Russia and Ukraine that threatened gas supplies to Western Europe and raised wider questions about security of supply. Spot Brent was...

Sonatrach, Iberdrola ink $12bn deal.(ALGERIA)(Brief Article)
January 6, 2006... State energy company Sonatrach signed in late December an estimated Eur 10,000 million ($12,000 million) strategic agreement with Spain's Iberdrola for the development and marketing of gas and for co-operation in the power and alternative...

Honam hones Mesaieed: South Koreans to work on QP complex.(Honam Petrochemical Company Ltd. memorandum of understanding with Qatar Petroleum Corp.)(Brief Article)
January 6, 2006... South Korea's Honam Petrochemical Corporation signed in late December a memorandum of understanding (MOLT) with Qatar Petroleum (QP) to participate in the estimated $2,600 million ethane cracker-cum-aromatics complex planned at Mesaieed. Under...

Greco-Turkish JV sails into Blue City: Enka, Aktor take 5.5-square-kilometre phase 1.(Aktor)(Enka)
January 6, 2006... A joint venture (JV) of Greece's Aktor and Turkey's Enka has been awarded the $1,900 million design and build contract for the first phase of the Blue City (Al-Madinat al-Zarqa) development. The project promoter, Al-Sawadi Investment & Tourism...

Bids in for Sitra bridges.(BAHRAIN)(Brief Article)
January 6, 2006... Prices were opened in late December from four bidders for the contract to expand the Sitra causeway. The client is the Works & Housing Ministry; the Danish/local COWI-Almoayed is the consultant (MEED 16:9:05). A team of Belgium's Six...

US funding nears end.(for Iraq)(Brief Article)
January 6, 2006... Washington has indicated that it is likely to halt its funding programme for Iraq once the initial $18,400 million investment comes to an end. Brigadier-General William McCoy, commander of the US Army Corps of Engineers in the Gulf and chief of...

Strong interest in Duqm.(28 contrcution companies bidding for marine facilities to be built at Duqm)(Brief Article)
January 6, 2006... Applications for prequalification were submitted by 28 companies on 2 January for the marine works contract on the port and shipyard planned at Duqm. The contract covers two four-five-kilometre breakwaters, dredging, reclamation and the...

Aleppo awards rail work.(contract to Fouad Takla)(Brief Article)
January 6, 2006... The local Fouad Takla has been awarded a two-year, $20 million contract to build a railway station and train repair centre at Jabreen, 20 kilometres east of Aleppo. To be built on a 24,000-square-metre plot of land, the project will involve the...

Punj Lloyd bids low for NDIA fuel systems.(New Doha International Airport)(Brief Article)
January 6, 2006... Prices were opened in late December for the fuel systems package on the estimated $2,800 million phase 1 of the New Doha International Airport (NDIA) project. According to the bid opening prices, India's Punj Lloyd is low bidder at QR 291...

New masterplan for Makkah.(urban development)(Brief Article)
January 6, 2006... Makkah Development Authority (MDA) approved in late December an updated masterplan for proposed major new developments in the holy city. Saudi Consolidated Engineering Company (Khatib & Alami) assisted MDA in revising the 23-year-old plan,...

Contrack/Darwish JV sign up for more QF work.(Contrack International Inc.)(Darwish Engineering)(Brief Article)
January 6, 2006... The joint venture (JV) of the US-based Contrack International and the local Darwish Engineering was awarded in late December the $355 million contract to build the Qatar Science & Technology Park (QSTP) at Education City on the outskirts of...

Bel Hasa is JLT X-men.(Bel Hasa Engineering & Contracting was awarded contract to build towers)(Brief Article)
January 6, 2006... The local Bel Hasa Engineering & Contracting has been awarded the estimated AED 480 million ($131 million) main construction package for three towers on cluster X at Jumeirah Lake Towers. The 23-month contract calls for the construction of...

Gammon goes Greek at International City.(UAE)(Brief Article)
January 6, 2006... Local real estate developer Nakheel has awarded Gammon & Billimoria, the local affiliate of India's Gammon, the estimated AED 300 million ($82 million) package 7 at International City. The 20-month contract calls for the construction of...

Contract let for Al-Qasr mega project.(SAUDI ARABIA)
January 6, 2006... The local Building Project Establishment (BPE) has been awarded the first construction package on the Al-Qasr mixed-use development at Suwaidi, south of Riyadh. Worth SR 200 million ($53 million), the contract will involve the construction of...

Dubai Select picks DCE.(Dubai Civil Engineering)(Brief Article)
January 6, 2006... Local developer Dubai Select has awarded the AED 395 million ($108 million) main construction package for its 74-storey Torch tower project in Dubai Marina to the local Dubai Civil Engineering (DCE). The two-year contract calls for the...

Darwish starts work on towers and roads.(Darwish Engineering)
January 6, 2006... The local Darwish Engineering ended 2005 with three major contract awards in three emirates. The projects include two high-rise residential projects and one road scheme. In Dubai, Darwish has started work on the estimated AED 155 million...

JXB runway takes off.(Jebel Ali International Airport )(Brief Article)
January 6, 2006... Bids were submitted on 27 December for the first runway package at the proposed Jebel Ali International Airport (JXB) and Dubai Logistics City (DLC). The contract entails the construction of a 4.5-kilometre runway (MEED 23:12:05). The...

Bids in for Jebel Ali work.(Jebel Ali International Airport's terminals)(Brief Article)
January 6, 2006... Bids are now due to be submitted on 14 January for an estimated $200 million-250 million infrastructure package at the Jebel Ali new container terminal project. Prospective bidders include: the local/UK Al-Futtaim Carillion; the local/UK Dutco...

Khalidiya kicks off.(UAE)(Brief Article)
January 6, 2006... Bids have been invited by 13 February for a major hotel and residential development on Abu Dhabi island. Known as the Khalidiya Rotana hotel and residences, the estimated $200 million project will have a built-up area of about 200,000 square...

Metac chilis with DM contract.(Dubai Municipality)(Metac General Contracting)(Brief Article)
January 6, 2006... The local Metac General Contracting has been awarded the main construction package on an estimated AED 107 million ($29 million) cold stores facility at Dubai Central Fruits & Vegetables Market. The Dubai Municipality project involves...

Al-Habtoor awarded Limitless contract.(Al Habtoor Engineering Enterprises Company Private Ltd. contracts with Nakheel subsidiary Limitless)(Brief Article)
January 6, 2006... The local Al-Habtoor Engineering Enterprises has been awarded the main construction package on the Downtown Jebel Ali project being developed by Nakheel subsidiary Limitless. The design and build cost-plus with cap contract entails the...

Creek opera house approved.(UAE)(Brief Article)
January 6, 2006... Dubai's new ruler Shaikh Mohammed bin Rashid al-Maktoum has approved plans being developed by Dubai Properties (DP) to build an opera house and museums. The 300,000-square-metre, 2,500-capacity opera house will be built on a man-made island in...

Bids due for next Ras al-Khor phase.(for the construction industry)(Brief Article)
January 6, 2006... Bids are due to be submitted on 29 January for phase 3b of the Ras al-Khor creek crossing project that will link the Garhoud area on the Deira side of the creek with the first interchange/Defence roundabout on Shaikh Zayed highway. The Dubai...

Prequals in for new Khartoum airport: Shortlist and ITB documents to follow soon.(Khartoum New International Airport )(Brief Article)
January 6, 2006... The Civil Aviation Authority (CAA), on behalf of the government. has received prequalification documents for the main construction contract on its Khartoum New International Airport (KNIA) project. Under the proposed bidding schedule, a...

Prequals sought for Saadiyat bridge.(Abu Dhabi Tourism Authority inviting companies for construction of bridge contract)(Brief Article)
January 6, 2006... Abu Dhabi Tourism Authority (ADTA) has invited companies to submit prequalification documents by 15 February for a proposed bridge linking Saadiyat island to Abu Dhabi island. ADTA alms to complete the prequalification process by 1 March. and...

AFC scores with community work.(Al-Futtaim Carillion)(Brief Article)
January 6, 2006... The local/UK Al-Futtaim Carillion (AFC) has started work on the enabling works package at the Green Community West project. The estimated $270 million development will cover 104 hectares to the west of the Green Community on Emirates road. The...

Tenders sought for SEWA marine works.(Shariah Electricity & Water Authority)(Brief Article)
January 6, 2006... Shariah Electricity & Water Authority (SEWA) has invited companies to bid by 21 January for land reclamation works and sea walt construction at Layyah power station. The package calls for the removal of an existing breakwater, the reclamation...

Bids in for RAK diamond factory.(UAE)(Brief Article)
January 6, 2006... Companies submitted bids on 28 December for the estimated AED 35 million ($9.5 million) mare construction package for a diamond factory in Ras al-Khaimah, The contract calls for the construction of a two-storey factory building with one...

Tameer to build 17-storey tower in Emirates Hills.(Tameer Holding)(Brief Article)
January 6, 2006... The local/Saudi Tameer Holding has announced plans to build an estimated AED 50 million ($13.6 million) tower called Al-Shahd in the Emirates Hills area of Dubai. The 17-storey tower will have a build-up area of 15,900 square metres and will...

MAF plans new Mirdif mega mall.(Majid al-Futtaim Investments)(contracts with Callison)(Brief Article)
January 6, 2006... The local Majid al-Futtaim Investments (MAF) has appointed US-based architect Callison to prepare concept designs for a new large-scale shopping mall on a plot of land in Dubai's Mirdif area. The UK's Mace International is the project manager...

ICAO monitors from Dubai.(International Civil Aviation Organisation's monitoring office in Dubai)(Brief Article)
January 6, 2006... The International Civil Aviation Organisation (ICAO) has opened an international monitoring office in Dubai. The new office will be located in the UAE General Civil Aviation Authority's premises and will be the first ICAO office in the Gulf and...

Shaikh Khalifa creates transport administration.(Shaikh Khalifa bin Zayed al-Nahyan )(Brief Article)
January 6, 2006... President Shaikh Khalifa bin Zayed al-Nahyan issued a decree at the end of December creating the Abu Dhabi Transport Administration. The new administration will be managed at Abu Dhabi Department of Municipalities & Agriculture. The department...

WorleyParsons wins Maaden PMC: PMC is for Ras al-Zour phosphate/fertiliser plant.(Saudi Arabian Mining Co.)(Brief Article)
January 6, 2006... Saudi Arabian Mining Company (Maaden) has selected Australia's WorleyParsons for the contract to provide project management consultancy (PMC) services on its project to build a phosphate and fertiliser complex at Ras al-Zour, north of Jubail in...

Qatalum inquiry issued.(quay wall construction)(Brief Article)
January 6, 2006... Contractors have been invited to express their interest by 11 January in bidding for the site preparation and quay wall construction pack age on the proposed Qatalum project at Mesaieed. The engineering, procurement and construction (EPC)...

Industrial wharf concession signed.(AI-Khaleej Development Co. contracts with Commerce & Industry Ministry)(Brief Article)
January 6, 2006... The local AI-Khaleej Development Company (Tameer) has signed a 50-year land lease agreement with the Commerce & Industry Ministry for the creation of Bahrain Industrial Wharf. The 170-hectare business park will be located on reclaimed land off...

Al-Attar to build glass factory in DIC.(Dubai Industrial City)
January 6, 2006... The local Al-Attar Group has signed an agreement to establish a new aluminium and glass factory in Dubai Industrial City (DIC). Construction of the 100,000-square-metre factory is expected to start in February and will take about 10 months to...

FLS signs cement deal.(FL Smidth)(Emirates Cement Co.)(Brief Article)
January 6, 2006... Denmark's FL Smidth has signed the $221.5 million contract with Emirates Cement Company (ECC) to supply all the machines and auxiliary equipment for a new cement plant in Fujairah. When complete at the end of 2007, the plant will have a...

Dubal plans Algerian venture.(Dubai Aluminium Company Ltd planning to build alumnium smelter in Algeria)(Brief Article)
January 6, 2006... Dubai Aluminium Company (Dubal) plans to build an alum minium smelter in Algeria at a cost of some $5,400 million, following a mid-December meeting of Industry Minister Mahmoud Khedri and Dubal chief executive officer Abdullah Kalban, the...

WEC issues Shuqaiq RFP: thirteen companies prequalified for IWPP.(Water and Electricity Co.)(Brief Article)
January 6, 2006... Water & Electricity Company (WEC) issued on 30 December the request for proposals (RFP) for the Shuqaiq independent water and power project (IWPP). The client has set a bid closing date of 30 July, which it says will not be extended (MEED...

Mubadala joins scheme.(Mubadala Development Co. joint venture with SNC-Lavalin Group Inc.)(Brief Article)
January 6, 2006... Abu Dhabi government-owned Mubadala Development Company has signed a joint venture agreement with Canada's SNC Lavalin for the development of the 1,200-MW combined cycle power plant at Hadjret Ennous. Under the agreement, the two companies...

Mushrif bids low for pumping stations.(Mushrif Trading and Contracting Co.)(Brief Article)
January 6, 2006... Kuwait's Mushrif Trading & Contracting Company is low bidder at BD 24.6 million ($64.7 million) for a contract to build new pumping stations at Hidd Salm mabad and Buqawan and to modify severa existing pumping stations, Mushrif's price is 5,6...

Bids in for Wadi Dayqah dam.(OMAN)(Brief Article)
January 6, 2006... Technical offers were opened on 2 January from eight bidders for the contract to build Wad Dayqah clam, The bidders are: India's Hindustan Construction: France's Vinci with Athens-based Consolidated Contractors International Company (CCC);...

Bids invited for sewerage rehab.(OMAN)(Brief Article)
January 6, 2006... Bids gave been invited by 6 February for the design and construction supervision contract on the rehabilitation of the existing sewerage network in Ruwi and construction of a new system for the Wad Kabir area of the capital. The work Is Dart of...

Consultancy team picked for substation roll-out.(Fichtner Group)(Energoprojekt, Power Engineering and Study Design Co.)(Brief Article)
January 6, 2006... A consortium of Germany's Fichtner and Belgrade-based Energoprojekt has been appointed consultant to supervise construction of phase 6 of the Qatar transmission programme. The estimated $525 million programme, which involves the construction of...

Three bid for Almanakher.(for power plants being built there)
January 6, 2006... Three international consortiums submitted bids on 21 December for the kingdom's first independent power project (IPP) at Almanakher. The bidders for the 280-400-MW combined cycle scheme, which will be carried out on a build-own-operate...

Shortlist out for Tangier wind farm.(MOROCCO)(Brief Article)
January 6, 2006... Five groups have been prequalifled for the estimated $200 million contract to develop a 140-MW wind farm near Tangier. They are: a consortium of Spain's Cobra, Denmark's Nordex, and Energia y Recursos Ambientales, a subsidiary of Spanish...

IFA grabs stake in Yotel capsule concept.(IFA Hotels & Resorts bought a majority stake )(Brief Article)
January 6, 2006... The local IFA Hotels & Resorts, a subsidiary of International Financial Advisors, has bought a majority stake in UK-based Yotel. The acquisition will finance the development of two hotels at London Gatwick and Heathrow airports, inside the...

Kempinski selected for Raouche hotel.(United Real Estate Company signed Kempinski Hotels)(Brief Article)
January 6, 2006... United Real Estate Company, a subsidiary of Kuwait Projects Company (Kipco), has signed a memorandum of understanding with Swiss-based Kempinski to manage an estimated $50 million, five-star hotel in the Raouche district of Beirut. To be built...

Emerald enters hotel agreements.(Emerald Palace Group, Kempinski Hotels)(Brief Article)
January 6, 2006... Local property developer Emerald Palace Group has entered into 15-year agreements with Swiss-based hotel operator Kempinski to manage the Kempinski Palm Jumeirah Residence and the Emerald Palace Kempinski Hotel. The Kempinski Palm Jumeirah...

Muscat unveils budget: government also reports expansion in 2005 GDP.(gross domestic product)(Brief Article)
January 6, 2006... Muscat released an expansionist budget for 2006 in early January, and announced that gross domestic product (GDP) expanded by 21.7 per cent in 2005. The government has also released details of the seventh five-year development plan. The...

World Bank funds rural services.(rural development)(Brief Article)
January 6, 2006... The World Bank has approved a $60 million loan to support Rabat's effort to improve drinking water supply, living standards and economic development in rural areas: The funding will support a programme undertaken by national drinking water...

Federal budget released.(United Arab Emirates)(Brief Article)
January 6, 2006... The Finance Ministry has approved a balanced federal budget for 2006. Revenues and expenditure both increase by 13 per cent to AED 25,740 million ($7,014 million). The education sector is the biggest beneficiary of the spending rise; being...

Dubai GDP surges.(gross domestic product)(Brief Article)
January 6, 2006... The Dubai economy grew by 16 per cent in 2005 to AED 136,000 million ($37,000 million), according to a statement issued by the Department of Economic Development in late December. Non-oil gross domestic product (GDP) increased by 14,9 per cent...

WEC signs Shuaibah finance: twenty-three banks sign up with the five MLAs.(mandated lead arrangers)
January 6, 2006... Financing documents were signed in late December for the debt package on the Shuaibah independent water and power project (IWPP), with 23 banks joining the five core mandated lead arrangers (MLAs). The commercial financing consists of a $947...

Dubai bourse set for IPO.(initial public offering)(Brief Article)
January 6, 2006... The Dubai government will stage an initial public offering (IPO) of 20 per cent of Dubai Financial Market (DFM) in the first quarter of 2006, according to a decree issued in late December. The shares will be listed on the DFM, with more than...

Cairo announces another bank merger.(Bank of Commerce & Development, National Bank of Egypt)(Brief Article)
January 6, 2006... The government on 29 December announced the merger of 97 per cent state-owned Bank of Commerce & Development with the country's largest bank. National Bank of Egypt, also government-owned. No further details have been released on the merger,...