MEED Middle East Economic Digest articles from July 2004

MEED Middle East Economic Digest archives from July 2004

Building opportunities.(Comment)
July 2, 2004... A few moments after 10.26 am--Baghdad time--on 28 June, President Bush was passed a note by National Security Adviser Condoleezza Rice that read: "Mr President, Iraq is sovereign." Bush wrote "Let freedom reign!" on the note and passed it back....

Looking back ...(Seven Days)(Brief Article)(Calendar)
July 2, 2004... 3 July 1964 Saudi Arabian Oil Minister Ahmed Zaki al-Yamani has announced that geographical prospecting has indicated "sound evidence" of huge oil deposits in central Saudi Arabia, near the capital Riyadh 30 June 1989 The Soviet...

Court orders barrier re-routing: security wall ruled to cause unnecessary suffering.(Regional)
July 2, 2004... Israel's attempts to build a security barrier straying inside the pre-1967 border hit a setback on 30 June, when the Israeli High Court ordered changes to its planned route to avoid encroaching on Palestinian land. "The route disrupts the...

Twin-track approach to terror starts to pay dividends.(Saudi Arabia)
July 2, 2004... Riyadh scored a double success in the battle against domestic Islamist militants on 30 June, at the same time demonstrating its new approach to the problem. Two suspected terrorists were shot dead during a police operation in the capital. And...

On the record.(Seven Days)(Brief Article)
July 2, 2004... "How can you, as an Iraqi, say the 'invasion of Kuwait's when Kuwait is part of Iraq?" Saddam Hussain questions the judge as he faces charges before an Iraqi court on 1 July

Iran tanker inferno kills seventy: 24 June.(New Digest)(Brief Article)
July 2, 2004... Seventy people are killed and 84 wounded after a petrol tanker collides with two buses at a police outpost in the southwest of the country near Nosrabad, on the road from Bam to Zahedan, the busy highway linking Iran and Pakistan.

Prime minister promises to crush insurgents: 25 June.(New Digest)(Brief Article)
July 2, 2004... Iraqi Prime Minister Iyad Allawi vows to crush the militants responsible for the previous day's attacks, which left more than 100 people dead, while US forces carry out an air strike against a house in the restive town of Falluja, thought to be...

US hands over sovereignty in Iraq: 28 June.(New Digest)(Brief Article)
July 2, 2004... The US cedes sovereignty to the interim Iraqi government led by Prime Minister Iyad Allawi, two days earlier than scheduled in order to avoid attacks by insurgents to mark the occasion. The Coalition Provisional Authority is dissolved and its...

Washington and Tripoli resume diplomatic ties: 28 June.(New Digest)(Brief Article)
July 2, 2004... The US announces that it is to resume diplomatic ties with Libya, following Libyan leader Muammar Qaddafi's decision to end his weapons of mass destruction programme and acceptance of responsibility for the 1988 Lockerbie bombing. Assistant...

Militants kill captured US soldier: 29 June.(New Digest)(Al-Jazeera)(Brief Article)
July 2, 2004... The Al-Jazeera network shows footage of an American soldier taken hostage being shot dead by his captors. Keith Maupin was one of eight US soldiers kidnapped in April, five of whom are already known to have been killed. On the same day three...

IAEA clears Iranian, Russian nuclear co-operation: 29 June.(New Digest)(International Atomic Energy Agency, Mohammed el-Baradei, Vladimir Putin)(Brief Article)
July 2, 2004... Head of the International Atomic Energy Agency (IAEA) Mohammed el-Baradei emerges from talks with Russian President Putin saying that Moscow's nuclear co-operation with Tehran over the Bushehr reactor is not a cause for concern, and expressing...

Russians jailed in Qatar: 30 June.(New Digest)(case for the assassination Zelimkhan Yandariyev)(Brief Article)
July 2, 2004... Two Russian intelligence agents are jailed for life by a court in Doha for the assassination of a leader of the Chechen separatist movement, Zelimkhan Yandariyev, in a car bomb attack in the capital in February. Moscow has denied involvement in...

Saddam transferred to Iraqi custody: 30 June.(New Digest)(Saddam Hussain)(Brief Article)
July 2, 2004... Former president Saddam Hussain and 11 of his closest allies, including former deputy prime minister Tariq Aziz and Al! Hassan al-Majid--known as "Chemical Al!" for his role in the gassing of the Kurds--are formally transferred from US to Iraqi...

Transitional authority: violence engulfed Iraq on the eve of the transfer of power on 28 June from the US-led Coalition Provisional Authority to the interim Iraqi government, The onus now falls on Prime Minister Iyad Allawi and his cabinet of ministers to rebuild the economy and restore security while preparing Iraq for its first free elections in a generation,.(Iraq)(Cover Story)
July 2, 2004... The move to return sovereignty in Iraq two days earlier than expected was explained as an attempt to avoid an outbreak of violence. It is a reflection of the extent to which security failures have overshadowed the final weeks of the Coalition...

Dealing with the debt.(Analysis)(iraq's government finance)
July 2, 2004... Iraqis are celebrating the transfer of sovereignty after 14 long months of occupation. Less welcome is the inheritance of more than $300,000 million-worth of financial obligations totted up by Saddam Hussain's regime. How far the new government...

Amman with a mission: Finance Minister Mohammed Abu Hammour talks to Richard Thompson about Jordan's improving finances.(Mohammed Abu Hammour, Jordan Finance Minister)(Interview)
July 2, 2004... What has been the effect on Jordan's economy of the war in Iraq? It is easy for a small country like Jordan to be affected by external shocks. And since 2000 there has been the intifada, 9/11 and the war in Iraq. Before the war, Jordan...

Tender imminent on Takreer project: IRP divided into pipeline and terminal packages.(UAE)(Abu Dhabi Oil Refining Co., inter-refineries pipeline)(Brief Article)
July 2, 2004... Abu Dhabi Oil Refining Company (Takreer) is understood to have finalised the list of prequalifiers for the engineering, procurement and construction (EPC) contract on the inter-refineries pipeline (IRP) project. The invitation to bid for the...

Qatar steps up Europe drive.(Qatar)(Brief Article)
July 2, 2004... Doha took steps to strengthen its position in the European gas market in late June, by signing two agreements. Qatar Liquefied Gas Company (Qatargas) signed a long-term sales and purchase agreement (SPA) with Spain's Gas Natural, while Doha...

Prices sink on Iraq handover.(Oil Prices)
July 2, 2004... Oil prices fell to a two-month low at the end of June. Hopes that the 28 June transfer of sovereignty in Iraq might bring some respite from the sabotage attacks against the country's oil infrastructure were the main factor sending prices down....

Bids opened for refinery projects consultancy.(Algeria)(Brief Article)
July 2, 2004... Naftec, the refining subsidiary of state oil company Sonatrach, on 26 June opened technical offers from six international companies for the post of project management consultant (PMC) on the rehabilitation and upgrade of the Algiers and Skikda...

MEED conferences: premier networking events.(Calendar)
July 2, 2004... 2nd Middle East Capital Markets 21-22 September 2004, Dubai Major New Project Opportunities in Abu Dhabi 26-27 September 2004, Abu Dhabi Co-Sponsor: The National Investor MEED Project Finance 2004 5-6 October 2004, Bahrain...

Mabruk goes to J&P.(Libya)(Joannou and Paraskevaides (Overseas) Ltd.)(Brief Article)
July 2, 2004... The long-awaited engineering, procurement and construction (EPC) contract for the second stage of work at the Mabruk field has been awarded to Joannou & Paraskevaides (J&P-Overseas). The Athens-based contractor, one of seven firms to bid on the...

Bids invited for field studies.(Iraq)(Brief Article)
July 2, 2004... The Oil Ministry has invited companies to bid by 29 July for the contract to provide reservoir management studies for the giant Rumaila and Kirkuk oil fields. The project, which is the first in a programme of reservoir management surveys...

Bulk terminal tender due.(Egypt)(Mashreq Petroleum)(Brief Article)
July 2, 2004... Mashreq Petroleum is preparing to issue tender documents in early August for an estimated $25-30 million bulk liquids terminal, to be built near Port Said on the Mediterranean coast, Five international companies are prequalified for the...

DNO announces Kurdistan agreement.(Iraq)(Brief Article)
July 2, 2004... Norway's DNO announced on 29 June it had entered into an agreement with the Kurdistan regional government to explore for and develop oil and gas in northern Iraq. DNO says it will be the operator and sole contractor for the area covered by the...

Agip asks for revised prices for pipeline work.(Libya)(Saw pipes.)(Brief Article)
July 2, 2004... Agip Oil has invited companies to submit revised prices by 11 July for the contract to build an estimated $180 million oil pipeline between the El-Sharara field in block NC-115 and Melitah on the coast. The first shipment of pipes for the...

Al-Rushaid buys Whessoe.(Saudi Arabia)(Al Rushaid Investment Co.)(Brief Article)
July 2, 2004... The local Al-Rushaid Investment Company (ARIC) has announced the acquisition of the UK's Whessoe from Sweden's Skanska in a deal worth just under $4 million. Whessoe is a medium-sized engineering firm specialising in the design and construction...

India approves pipeline investment.(Sudan)(Brief Article)
July 2, 2004... The Indian government in late June approved the $200 million investment by state-owned ONGC Videsh in construction of a 741-kilometre pipeline, linking the Khartoum refinery to Port Sudan. The 12-inch pipeline will have capacity of about 18,000...

Rolls-Royce seals Dolphin service deal.(Regional)(Dolphin Energy Ltd.)(Brief Article)
July 2, 2004... The UK's Rolls-Royce and Abu Dhabi-based Dolphin Energy have finalised a long-term service agreement (LTSA) to support the six Trent-powered compressor units ordered in January for the planned Ras Laffan gas processing and compression plant....

GIC takes PP stake: LG retains its 20 per cent EPC stake.(Oman)(Gulf Investment Corp., Polypropylene, Lummus Global, engineering, procurement and construction)(Brief Article)
July 2, 2004... Oman Oil Company (OOC) on 28 June announced the sale of a 20 per cent stake in the Oman Polypropylene (OPP) venture to Kuwait's Gulf Investment Corporation (GIC). The move follows the withdrawal of US-based ABB Lummus Global as an equity...

Lurgi takes MTP FEED job.(Iran)(methanol-to-propylene)(Brief Article)
July 2, 2004... Germany's Lurgi on 28 June signed the front-end engineering and design (FEED) contract for a new methanol-to-propylene (MTP) plant, expected to be located at Bandar Imam. The facility will have a capacity of 100,000 tonnes a year (t/y) and will...

Lurgi to supply technology to Qafac.(Qatar)(Qatar Fuel Additives Co.)(Brief Article)
July 2, 2004... Germany's Lurgi has been awarded the technology supply contract for the new methanol train on the Qatar Fuel Additives Company (Qafac) expansion project. The German company will also carry out basic engineering for the new unit, whose planned...

ExxonMobil eyes Ras Laffan cracker.(Qatar)(ExxonMobil Chemical Co.)(Brief Article)
July 2, 2004... Qatar Petroleum and the US' ExxonMobil Chemical Company signed on 24 June a statement of intent to conduct a feasibility study into a worldscale ethane-based cracker and ethylene derivatives complex at Ras Laffan. The study will determine the...

SMBC wins Rabigh advisory.(Saudi Arabia)(Sumitomo Mitsui Banking Corp.)(Brief Article)
July 2, 2004... Sumitomo-Mitsui Banking Corporation (SMBC) has won the financial advisory mandate on the proposed $4,300 million programme for a worldscale refining and petrochemicals complex to be developed by Saudi Aramco and Japan's Sumitomo Chemical...

Ethylene club awaits Sahara ITB packages.(Saudi Arabia)(invitations to bid)(Brief Article)
July 2, 2004... The local Sahara Petrochemical Company is due to release invitations to bid (ITBs) to international companies for the contract to provide ethylene technology and to build a major cracker as part of its planned olefins project at Jubail (MEED...

Foreign investors find fertile ground by the Nile.(Egypt)
July 2, 2004... Only a year after shortages of nitrogen-based fertilisers sparked protests in rural areas of Egypt, the chemicals industry is enjoying an unprecedented wave of private investment, spurred on by domestic demand and a burgeoning export market....

El-Seif wins more HMC work: award adds to Saudi firm's structures contract.(Qatar)(Hamad Medical City)(Brief Article)
July 2, 2004... Saudi Arabia's El-Seif Engineering Contracting was awarded in late June the biggest contract to date on the estimated $600 million Hamad Medical City (HMC) project in Doha. The award, worth an estimated $145 million, covers the finishes for...

Bids invited for Muscat's southern expressway.(Oman)(Brief Article)
July 2, 2004... Bids have been invited by 2 August for the southern expressway project to build a partial ring-road around Muscat. About 10 companies are prequalified for the estimated RO 60 million ($154 million) contract out of a large number that expressed...

Bids in for interchanges.(UAE)(Brief Article)
July 2, 2004... Dubai Municipality has opened bids for an estimated $100 million worth of new interchange work. Five contractors submitted bids in late June for the two 570-day contracts, which cover the construction of the Al-Safouh and Palm Island...

New board to govern projects.(Iraq)(Supreme Board for Reconstruction)(Brief Article)
July 2, 2004... The interim Iraqi government is expected to announce in July the formation of a new board with direct control of all infrastructure projects in the Country The authority, to be known as the Supreme Board for Reconstruction, will comprise 13...

New BFH development announced.(Bahrain)(Bahrain Financial Harbour)(Brief Article)
July 2, 2004... The holding company for Bahrain Financial Harbour has announced plans for a $200 million development, called the Eastern Commercial Complex, which is designed to provide a centre for the kingdom's insurance and reinsurance industry. An...

Locals bid low for port buildings.(Bahrain)(Brief Article)
July 2, 2004... The local Mohammed Jalal Contracting is low bidder at BD 5.1 million ($134 million) for the contract to build the administration and customs buildings at the new Khalifa bin Salman port, under construction at Hidd, The bid came in 2 per cent...

More time for Sharm bidders.(Egypt)(Sharm el-Shaikh international airport )(Brief Article)
July 2, 2004... The Civil Aviation Authority has extended the bid deadline for the contract to expand Sharm el-Shaikh international airport by two weeks to 31 July. Eighteen groups of local and international contractors are prequalified for the $44 million...

Grand Egyptian Museum ambitions get grander.(Egypt)
July 2, 2004... The Culture Ministry has delayed the tendering process for the project management consultancy (PMC) contract on the Grand Egyptian Museum project, pending the launch in late July of a major fund-raising programme by the Ministry of...

SIAC takes Port Ghalib marina village work.(Egypt)(Industrial Construction and Engineering Co.)(WBHO Construction)(Brief Article)
July 2, 2004... A team of the local Industrial Construction & Engineering Company (SIAC) and South Africa's WBHO Construction has been awarded the contract to build a marina village in the centre of Port Ghalib, near Marsa Alam. The $1,200 million development...

PIM to restart port reconstruction work.(Libya)(Projekt Ivan Milutinovic)(Brief Article)
July 2, 2004... Belgrade-based Projekt Ivan Milutinovic (PIM) has been given the go-ahead by the Ministry of Ports & Maritime Transport to restart reconstruction work on Tripoli's port. The two parties first signed the estimated $120 million contract in 1994,...

More revised prices go in for library contract.(Qatar)(Qatar Petroleum Corp.)(Brief Article)
July 2, 2004... A further round of prices were submitted to Qatar Petroleum in late June for the estimated $250 million main package on the Qatar National Library project. The latest prices were based on a list of valued engineering items and additional...

HMR takes Dubai Flower Centre contract.(UAE)(Al Habtoor Engineering Enterprises Company Private Ltd.)(Murray and Roberts)(Brief Article)
July 2, 2004... The local/South African joint venture of Al-Habtoor Engineering Enterprises and Murray & Roberts Contractors (Middle East) has been awarded the estimated $25 million balance of works contract on the Dubai Flower Centre project at the Dubai...

Bidding to kick off on Raha Beach complex.(UAE)(Brief Article)
July 2, 2004... Bidding is expected to begin by August for the project management contract on a major real estate project at Raha Beach in Abu Dhabi emirate. Abu Dhabi Municipality & Town Planning is understood to have finalised the list of prequalifiers for...

Bids due for Royal Jet.(UAE)(Royal Jet)(Brief Article)
July 2, 2004... Bids are due in mid-July for the contract to draw up design studies for the construction of luxury terminal facilities for the Abu Dhabi-based charter carrier Royal Jet. Seven international and local consultants are prequalified for the...

Damac signs up for DIFC towers.(UAE)(Damac Investment Co.)(Dubai International Financial Centre)(Brief Article)
July 2, 2004... Local property developer Damac has signed an agreement to build two high-rise residential buildings at the Dubai International Financial Centre (DIFC) site. Damac will invest a total of AED 600 million ($163 million) in the two 30 floor towers...

More time for Burj Dubai bidders.(UAE)(Brief Article)
July 2, 2004... The bid closing date has been extended by two weeks to 18 July for the main package on the Burj Dubai project, set to be the world's tallest tower. Twelve groups and companies are prequatified to bid for the contract, which calls for the...

Work continues on Nakheel projects.(UAE)(Wade Adams Contracting)(Brief Article)
July 2, 2004... The local Nakheel in late June announced a series of awards on its real estate projects in Dubai, The local Wade Adams was awarded the AED 160 million ($44 million) contract to carry out infrastructure and landscaping works at Jumeirah Lake...

Correction.(UAE)(Correction Notice)
July 2, 2004... The US' Parsons Brinckerhoff (PB) is the project manager overseeing infrastructure works on the Palm Jumeirah island project for the local Nakheel and not as stated in MEED 25:6:04. Under the same mandate, PB is also acting as project manager...

Tripoli seeks new aircraft deal: talks anticipate lifting of sanctions.(Libya)(Libyan Arab Airlines)(Boeing Co.)(Brief Article)
July 2, 2004... Flag carrier Libyan Arab Airlines (LAA) is understood to be in negotiations with The Boeing Company of the US, Europe's Airbus and Canada's Bombardier for the purchase of 22 new aircraft, as part of a five-year plan to more than double the size...

Bidding approaches on port privatisation.(Bahrain)(Mina Salman port)(Khalifa bin Salman port )(Brief Article)
July 2, 2004... A request for indicative bids (RIB) is due to be issued by mid-July for the privatisation of Mina Salman port and the new Khalifa bin Salman port under construction at Hidd. Prospective bidders will be asked to submit plans for pricing,...

Bids invited for Hidd maintenance: $263 million job covers first two phases.(Bahrain)(Brief Article)
July 2, 2004... Bids are due by 27 July for a maintenance and servicing contract at the Hidd power and desalination complex. The estimated BD 100 million ($263 million) contract covers phases 1-2 of the complex, which will have total capacity of about 1,050...

AEC scraps Hadjret Ennous tender.(Algeria)(Algerian Energy Co.)(Brief Article)
July 2, 2004... Algerian Energy Company (AEC) has cancelled the tender for the post of foreign partner in the project company to build, own and operate a $600 million, 1,200-MW combined cycle electricity plant at Hadjret Ennous, in the Tipasa region. Two...

CCC signs up for Cairo North 2 civils.(Egypt)(Consolidated Contractors International Company Limited SAL)(Brief Article)
July 2, 2004... A team of Athens-based Consolidated Contractors International Company (CCC) and the local Hassan Allam Sons (Misr Sons Development) has signed the $22.3 million civil works package on the 750-MW second phase of the Cairo North combined cycle...

PQs invited for new hydroelectric plants.(Egypt)(Hydro Power Plants Executive Authority)(Brief Article)
July 2, 2004... The Hydro Power Plants Executive Authority (HPPEA) has invited companies to apply for prequalification by the end of July for the consultancy contract to carry out technical studies and prepare bid documents for three 25-MW hydroelectric plants...

Pump contract award nears.(Kuwait)(Shuaiba)(Brief Article)
July 2, 2004... An award is expected in July on the estimated $40 million-45 million contract to upgrade pumping plant C at Shuaiba. Bidders for the project have been asked to extend the validity of their bid bonds until mid-September, allowing the client, the...

Gecol invites more substation work.(Libya)(Brief Article)
July 2, 2004... The General Electricity Company of Libya (Gecol) has invited selected companies to bid for the contract to build eight 220-kV gas-insulated switchgear (GIS) substations across the country; The substations, located in Tobruk, Derna, Al-Beida,...

IDB extends electricity supply loan.(Morocco)(Islamic Development Bank)(Rabat)(Brief Article)
July 2, 2004... The Islamic Development Bank (IDB) has extended two loans, totalling $50 million, to Rabat to help finance two electricity supply projects. The first loan, worth $41.5 million, will be used to finance an electrification project in seven of the...

Hydroplants PQs announced.(Morocco)(Office Nationale de l'Electricite)(Brief Article)
July 2, 2004... Office Nationale de l'Electricite (ONE) has prequalified six companies and groups for the consultancy contract to carry out technical studies on the remote processing and rehabilitation of several hydroelectric stations. An award is scheduled...

Bid deadline approaches for IWPP programme.(Qatar)(independent and water power project )(Brief Article)
July 2, 2004... Proposals are due to be submitted on 11 July for the state's next independent and water project (JWPP). Two groups--Qatar Electricity & Water Company with the UK's International Power, and Ras Laffan Power Company, in which the US' AES...

Local/US team wins Shouaiba consultancy job.(Saudi Arabia)(AM Al-Issa Consulting Engineers )(Kuljian Engineering Corp.)(Saudi Electricity Co.)(Brief Article)
July 2, 2004... A team of the local AM Al-Issa Consulting Engineers and the US' Kuljian Engineering Corporation has been selected for the contract to provide consultancy services to Saudi Electricity Company (SEC) on the $1,000 million stage 2 expansion of the...

KEC wins transmission line work from ADWEA.(UAE)(Abu Dhabi Water and Electricity Authority)(KEC International)(Brief Article)
July 2, 2004... India's KEC International has been awarded a contract worth about $79 million by Abu Dhabi Water & Electricity Authority (ADWEA) for the construction of overhead transmission lines. The 22-month contract calls for the installation of a...

Redal secures loan.(Morocco)(Veolia Environnement S.A.)(Regie de distribution d'Eau & d'Electricite de Rabat-Sale)(Brief Article)
July 2, 2004... Regie de distribution d'Eau & d'Electricite de Rabat-Sale (Redal), a subsidiary of France's Veolia Environnement, has signed an agreement for a Eur 220 million ($268.2 million) loan to finance a four-year development programme. Six local banks...

New cement capacity planned: soaring cement demand is driving expansion.(UAE)(Brief Article)
July 2, 2004... Local cement producers are responding to soaring cement demand across the UAE by pressing ahead with a series of expansions. Bids are under evaluation at two producers in Ras al-Khaimah, while Al-Ain Cement Company is moving ahead with plans to...

Alcan finally commits to Sohar aluminium smelter.(Oman)(Alcan Inc.)(Brief Article)
July 2, 2004... Canada's Alcan has signed a memorandum of understanding (MoU) to take a 20 per cent stake in the greenfield aluminium smelter planned at Sohar. The long-awaited commitment, delayed due to Alcan's takeover of France's Pechiney, clears the way...

Fibre-glass project heads for Bahrain.(Bahrain)(Saleh and Abdulaziz Abahsain Company Ltd.)(Fiberex Glass Corp.)(Brief Article)
July 2, 2004... Saudi Arabia's Saleh & Abdulaziz Abahsain and Canada's Fiberex Glass Corporation have selected Bahrain as the site for an estimated $80 million fibre-glass plant, The two companies are now in the process of obtaining the required industrial...

Eight line up for GSM licence: licence award expected by year-end.(Saudi Arabia)(Communications Information Technology Commission )
July 2, 2004... Eight local and international consortia submitted bids on 26 June to the Communications & Information Technology Commission (CITC) for the second GSM licence in the kingdom. Eleven consortia were prequalified in April to participate in the...

Batelco signs GSM expansion contract.(Bahrain)(Bahrain Telecommunications Co.)(Telefonaktiebolaget LM Ericsson)(Brief Article)
July 2, 2004... Bahrain Telecommunications Company (Batelco) has awarded a contract to Sweden's Ericsson to expand the company's mobile network by 70,000 tines to 550,000. The work is part of a wider plan to expand and upgrade Batelco's services, requiring...

ZTE wins 3G work.(Tunisia)(RCS/ZTECH)(Centre d'Etudes & de Recherche des Telecommunications )(Brief Article)
July 2, 2004... The Centre d'Etudes & de Recherche des Telecommunications (CERT) has awarded China's ZTE a multimillion dollar contract to supply and install wireband code division multiple access (WCDMA) equipment for a third-generation (3G) network in Tunis...

Telecoms liberalisation enters final phase.(Bahrain)
July 2, 2004... Licences for fixed-line and international services were opened for applications on 1 July, in what is the final element in the process of liberalising the kingdom's telecoms market. "We have become the first market in the Middle East to open...

IMF urges greater transparency: but the federation makes good progress.(International Monetary Fund)
July 2, 2004... The UAE is making good progress towards diversification but needs to improve transparency and economic co-ordination between the emirates, says the IMF in the conclusion of its latest Article IV consultation, released on 29 June. This is the...

Banks hungry for Dolphin: RFP solicits big response; financing to exceed $600 million.(Regional)(Dolphin Energy Ltd.)
July 2, 2004... Abu Dhabi-based Dolphin Energy has been inundated with responses to its request for proposals from local, regional and some international banks for its proposed conventional bridge financing. One of the two deadlines for responses passed on 26...

PIM out on Oman LNG's equity loan.(Oman)(preliminary information memorandum)(Oman LNG L.L.C.)(Brief Article)
July 2, 2004... The preliminary information memorandum (PIM) for a debt package to finance the equity stake Oman LNG will take in the Qalhat LNG (QLNG) project was issued in late June. Prospective bidders have been given until 16 July to reply and the facility...

Nine sign up for Safco debt package.(Saudi Arabia)(Saudi Arabian Fertiliser Co.)(Brief Article)
July 2, 2004... A total of nine local and regional banks have joined the club financing for Saudi Arabian Fertiliser Company (Safco). The $330 million package will be used to part finance the expansion programme under which Germany's Uhde is adding 1.1 million...

Emirates CMS power bond approaches market.(UAE)(Brief Article)
July 2, 2004... Roadshows for the project bond issued out of the commercial debt refinancing for Abu Dhabi's Taweelah A2 independent water and power project (IWPP) were staged in Abu Dhabi, Dubai and Bahrain in late June, with further meetings scheduled in...

Banks circle Khodro bond.(Iran)(Iran Khodro)(Brief Article)
July 2, 2004... Iran Khodro is in negotiations with a group of three European banks to prepare a Eur 250 million-300 million ($305 million-365 million) eurobond. Two other bond issues, each worth less than Eur 300 million, are under study at National Iranian...

ACC signs cement plant loan agreement.(Algeria)(Algerian Cement Co.)
July 2, 2004... Algerian Cement Company (ACC), a subsidiary of Egypt's Orascom Construction Industries (OCI), signed on 27 June a $112 million debt package to part-finance the construction of a second cement production line at its M'sila plant, 240 kilometres...

OIB takes $55 million revolver.(Oman)(Oman International Bank)(Brief Article)
July 2, 2004... Oman International Bank signed a $55 million revolving credit facility on 30 June. The club deal was lead arranged by Bank of Tokyo-Mitsubishi (BTM), Raiffeisen Zentralbank Osterreich Aktiengesellschaft and Wachovia Bank. ING Bank came in at...

MLA group assembled for Sohar debt.(Oman)(Tractebel S.A./N.V.)
July 2, 2004... The bank group supporting Belgium's Tractebel, the preferred bidder on the Sohar independent water and power project (IWPP), has been expanded Standard Chartered Bank. Bank Muscat, HSBC, Gulf International Bank, Sumitomo-Mitsui Banking...