MEED Middle East Economic Digest articles from July 2007

MEED Middle East Economic Digest archives from July 2007

Smoothing the path.(COMMENT)(Editorial)
July 13, 2007... The largest ever corporate merger in the Gulf is finally going ahead (see News, page 25). After almost a decade of discussions, Dubai-based Emirates Bank International and the National Bank of Dubai have at last announced details of their...

Looking back ...(SEVEN DAYS)
July 13, 2007... 13 July 1967 Plans for an Arab summit in Khartoum in the wake of the Six-Day War with Israel disintegrate as leaders dispute the agenda in the wake of their defeat. 10 July 1992 A summit is proposed between King Fahd of Saudi...

On the record.(SEVEN DAYS)(Quotation)
July 13, 2007... "JUST AS WE STOOD TOGETHER TO CONFRONT THE [ISRAELI] AGGRESSION... I TAKE THIS OPPORTUNITY TO EXTEND MY HAND AGAIN TO ALL OUR BROTHERS. WE HAVE TO RETURN TO DIALOGUE AND RECONCILIATION" Lebanese Prime Minister Fouad Siniora marks the first...

Tel Aviv calls for direct peace talks with Damascus; lack of US participation raises doubts over success of negotiations.(REGIONAL)
July 13, 2007... Israeli Prime Minister Ehud Olmert announced on 11 July that he is ready for direct peace talks with Syrian President Bashar Asad. But doubts remain over the sincerity of the gesture and the viability of talks without Washington's involvement....

Baghdad's fortified Green Zone comes under attack.(IRAQ)(Brief article)
July 13, 2007... With President Bush under increasing domestic pressure to announce a withdrawal of troops from Iraq, the lack of security in Baghdad has again been highlighted with attacks on the centre of power in the Iraqi capital. Three people were...

Death sentences to stand.(LIBYA)(Brief article)
July 13, 2007... The Libyan Supreme Court has upheld the death sentences passed in 2004 on five Bulgarian nurses and a Palestinian doctor for infecting children with HIV. The five medics have been imprisoned since 1999. They were accused of deliberately...

Donor countries snub Iraqi refugees: 6 July.(NEWS DIGEST on MEED.com this week)(Brief article)
July 13, 2007... The Geneva-based UN High Commissioner for Refugees (UNHCR) accuses donor countries of leaving Damascus and Amman "in the lurch" by failing to offer aid as Iraqi refugees overwhelm public services. Syria and Jordan have received about two...

Police seize explosives linked to militants: 6 July.(NEWS DIGEST on MEED.com this week)(Brief article)
July 13, 2007... Egyptian police seize more than a tonne of explosives in an area commonly used by smugglers to bring weapons into Gaza. The explosives were found buried in 27 sacks following a tip-off. Islamic militants have been active in the area in the...

Turkish soldiers line Iraq border: 9 July.(NEWS DIGEST on MEED.com this week)(Brief article)
July 13, 2007... Iraq's Foreign Minister Hoshyar Zebari calls on Turkey to give it more time to deal with Kurdish rebels, claiming Ankara has massed 140,000 troops on its northern border. Turkey accuses Kurdish separatists of staging attacks from inside Iraq...

US claims Iraq insurgents use Chinese weapons: 9 July.(NEWS DIGEST on MEED.com this week)(Brief article)
July 13, 2007... Iraqi insurgents are using Chinese weapons, including armour-piercing ammunition, to attack US forces, according to the US Defense Department. The US suspects the weapons are being bought by Iran and then smuggled into Iraq. Richard Lawless, a...

Cairo aims for closer ties with Madrid: 9 July.(NEWS DIGEST on MEED.com this week)(Brief article)
July 13, 2007... The first official visit by an Egyptian minister to Spain for a decade begins with the arrival in Madrid of Rachid Mohamed Rachid, the Trade & Industry Minister. The trip will be used to promote political and economic ties between the two...

German mother set free in Iraq: 11 July.(NEWS DIGEST on MEED.com this week)(Brief article)
July 13, 2007... A 61-year-old German woman kidnapped in Iraq is released after 155 days in captivity. Hannelore Krause was snatched from her home in west Baghdad in February together with her 20-year-old son, Sinan, who remains a hostage. Her captors had...

Refugees flee Lebanon camp: 11 July.(NEWS DIGEST on MEED.com this week)(Brief article)
July 13, 2007... The Palestinian Red Crescent has helped at least 150 Palestinians escape from the Nahr el-Bared refugee camp in the north of the country, ahead of an expected assault by the Lebanese army The refugees were searched by soldiers, and some were...

Cultural aspirations: as international auction houses take an increasing interest in Middle Eastern art, Abu Dhabi and Dubai are competing to become the region's cultural centre. But which is most likely to succeed?(ART INVESTMENT)(Cover story)
July 13, 2007... Middle Eastern art and culture traditionally conjures up visions associated with the Levant and North Africa, while thoughts of business lead to the Gulf. In the UAE, the two pictures are merging, with different emirates trying to brand...

Artistic intent: Doha is joining the race to become a regional art hub.(QATAR)(Brief article)
July 13, 2007... In the summer, there is a usually a surge in Islamic art sales in Europe. Middle Eastern buyers shop for paintings, jewellery and clocks in London, which is the global hub of the Islamic art market. "It is an international centre and so it...

Providing a platform for regional art: interest in local contemporary art is increasing fast, with private galleries tapping into demand.(LOCAL MARKET)
July 13, 2007... Alongside the major government-backed museums, there is a growing demand for contemporary art from individual buyers. The number of galleries in the Middle East selling art by Arab and Iranian artists is rising, and nowhere more so than in...

A blow to oil renaissance: the resignation of yet another Kuwaiti oil minister is a setback for the sector, but the changes he introduced should ensure its recovery continues.(BRIEFING: KUWAIT OIL)(Shaikh Ali al-Jarrah al-Sabah )
July 13, 2007... It is not easy being the oil minister in Kuwait. With eight men holding the position in the 16 years since liberation, it is a high-profile job that is often short-lived. The resignation of Shaikh Ali al-Jarrah al-Sabah on 30 June...

Qatargas doubles Laffan capacity; expansion will include aromatics plant.(QATAR)(Brief article)
July 13, 2007... Qatar Liquefied Gas Company (Qatargas) is to double the capacity of its 146,000-barrel-a-day (b/d) Laffan refinery condensate facility in a bid to keep pace with rising volumes of condensate from the ongoing development of the North field. ...

Sonatrach takes Skikda risk.(ALGERIA)(Brief article)
July 13, 2007... State energy company Sonatrach has agreed to take the bulk of the cost inflation risk to close a deal with the US' KBR for a new 4.5 million-tonne-a-year liquefied natural gas (LNG) plant at Skikda in the north-east. After more than 18...

Majors will pass on gas round, say analysts.(LIBYA)(Brief article)
July 13, 2007... Much of the acreage offered in Tripoli's first international gas exploration round, launched on 8 July, has little prospectivity and is unlikely to attract major Western oil companies, say industry sources. State-owned National Oil Company...

Operator brings in consultants.(KUWAIT)(Kuwait Oil Company; WorleyParsons Ltd.; Fluor Corp.; Amec)(Brief article)
July 13, 2007... State upstream operator Kuwait Oil Company (KOC) is to increase the number of its in-house project management consultancy firms from two to three. KOC has decided to increase the amount of in-house engineering as its workload increases....

Shell signs supply and shipping deal with Nakilat.(QATAR)(Brief article)
July 13, 2007... The UK/Dutch Shell Group has signed a 25-year deal with Qatar Gas Transport Company (Nakilat) to manage a fleet of gas tankers while accessing supplies from the Qatargas 4 integrated liquefied natural gas (LNG) project. Under the...

Technip wins Al-Shaheen refinery contract.(QATAR)(Brief article)
July 13, 2007... France's Technip has won the combined front-end engineering and design (FEED) and project management consultancy package on the grassroots Al-Shaheen refinery project. It is the first major package awarded on the project, with Technip...

BP seeks contractors for gas programme.(OMAN)(Brief article)
July 13, 2007... The UK's BP has invited more than 30 local and international companies to submit prequalification applications for the front-end engineering and design (FEED) contract on the first phase of its tight gas programme at the central Khazzan and...

Washington lines up Adco deal.(UAE)(Brief article)
July 13, 2007... The US' Washington Group International is understood to be the frontrunner for the front-end engineering and design contract on the programme to increase Abu Dhabi's onshore oil capacity to 1.8 million barrels a day (b/d) from 1.4 million b/d....

Oil hits year high on "supply crunch".(OIL PRICES)(Statistical data)
July 13, 2007... Oil veered down slightly from 11-month highs but remained near the $76-barrel mark with Opec showing no sign of loosening its output restraint. The market continued to focus on the supply side after the International Energy Agency (IEA) warned...

Aramco invites bids for Ras Tanura project.(SAUDI ARABIA)(Saudi Aramco )(Brief article)
July 13, 2007... Saudi Aramco has released invitation to bid documents for the $500 million contract to install a diesel hydrotreater unit at the Ras Tanura refinery. The engineering, procurement and construction contract covers a diesel hydro-treating...

Contractors line up for tank work.(KUWAIT)(Brief article)
July 13, 2007... A total of 17 international and local contractors have been invited to submit bids by 31 July for a major contract to build a new dry crude storage tank for Kuwait Oil Company (KOC). The 18-month lump-sum engineering, procurement and...

Port Sudan refinery award due by year-end.(SUDAN)(Brief article)
July 13, 2007... Contracts for the development of an estimated $2,500 million refinery near Port Sudan are set to be awarded by the end of the year, according to sources close to the project. Three companies have submitted bids for the main 36-month...

International firms compete for fourth gas train project.(KUWAIT)(Brief article)
July 13, 2007... International engineering, procurement and construction contractors have indicated their interest in the fourth gas fractionation train project planned by Kuwait Nationl Petroleum Company (KNPC). GS Engineering & Construction and SK...

Three bid for Ras Laffan storage.(QATAR)(Brief article)
July 13, 2007... Three companies have submitted technical bids to client Dolphin Energy for a low-sulphur condensate storage facility at Ras Laffan. Engineering, procurement and construction (EPC) bids were submitted by the US' Chicago Bridge & Iron and the...

US firm wins Ras Tanura deal; consultancy contract covers project management of refinery upgrade.(SAUDI ARABIA)
July 13, 2007... The US' KBR has been selected for one of the largest ever consultancy contracts, covering the project management of the Ras Tanura refinery upgrade and integrated petrochemical complex. As exclusively reported by MEED on 10 July, the...

Sipchem issues delayed cracker tender.(SAUDI ARABIA)(Saudi International Petrochemical Company )(Brief article)
July 13, 2007... After a delay of more than six months, Saudi International Petrochemical Company (Sipchem) finally issued tender documents in early July for the contract to build the cracker on its multi-billion-dollar olefins and derivatives complex in...

Chemanol to build production facility in Jubail.(SAUDI ARABIA)(Brief article)
July 13, 2007... The local Chemanol is planning a major new pentaerythritol production facility at its existing formaldehyde complex in Jubail. The plant will have a total capacity of about 20,000 tonnes a year. It will be fed with formaldehyde,...

Limitless studies Amman plan: multi-billion-dollar project will redevelop old downtown area of the city.(JORDAN)(Brief article)
July 13, 2007... Dubai-based property developer Limitless is considering plans for a multi-billion-dollar mixed-use development in the old downtown area of Amman. The project, known as the central urban strip, is expected to involve the development of a...

Saudi Oger takes Suwwa contract.(UAE)(Brief article)
July 13, 2007... Oger Abu Dhabi, the local affiliate of Saudi Oger, has been selected for the first construction contract on Suwwa island in Abu Dhabi. The estimated AED 3,670 million ($1,000 million) design-build contract is understood to involve the...

Nakheel to issue tender for Trump hotel and tower.(UAE)(Brief article)
July 13, 2007... Local property developer Nakheel is preparing to issue tender documents for the Trump International Hotel & Tower on the Palm Jumeirah in Dubai. The tower will be a 48-storey mixed-use development comprising a 300-room condominium hotel...

Al-Salem agreement due.(KUWAITA)(Brief article)
July 13, 2007... Kuwait Arab Contractors has been selected for a KD 10.3 million ($36 million) infrastructure contract covering block 2 of the Sabah al-Salem township. The 30-month contract, which is due to be signed by the end of July, includes road building,...

Duo plan for Muscat.(OMAN)(Brief article)
July 13, 2007... A joint venture of the local Radiance International and Malaysia's Transmit Nanyang Engineering Construction plans to build a $500 million mixed-use development in the Muscat area. Known as Green Acres, the project will include a nine-hole golf...

Muria signs tourism deal.(OMAN)(Muria Tourist Development Company )(Brief article)
July 13, 2007... Muria Tourist Development Company has signed an agreement with the Tourism Ministry to develop projects in Muscat's Al-Seifa area and Salalah. The Al-Seifa development will cover six square kilometres and the Satalah project will cover 15. Both...

Airport invites interest.(UAE)(Brief article)
July 13, 2007... The supervision committee for the expansion of Abu Dhabi International airport has invited companies to express interest in the design-and-build contract for the rehabilitation and upgrade of the existing cargo terminal An $8,000 million...

Emaar to build mall.(EGYPT)(Brief article)
July 13, 2007... Emaar Misr for Development, a wholly-owned subsidiary of Dubai-based Emaar Properties, has unveiled plans for a shopping mail as part of its Cairo-Alexandria Desert road project. The $700 million Cairo Gate will extend for one kilometre near...

Forrec to design city.(QATAR)(Brief article)
July 13, 2007... Abu Dhabi Investment House (ADIH) has appointed Canada's Forrec as the design consultant for the $3.000 million Entertainment City project in the Lusail development to the north of Doha. The 1 million-square-metre development aims to attract up...

Ashghal tenders Doha.(QATAR)(Public Works Authority)(Brief article)
July 13, 2007... The Public Works Authority (Ashghal) has invited companies to bid by 28 August for package nine of the Doha Expressway scheme. The contract covers 11 kilometres of new highway running from the existing Al-Muntazah roundabout on the E ring-road...

Aviation club work begins.(UAE)(Brief article)
July 13, 2007... The local/German Al-Rostamani Pegel has started work on the estimated AED 350 million ($95 million) Aviation Club hotel project in the Garhoud area of Dubai. The protect involves the construction of an eight-storey, 250-room. five-star hotel...

Masterplan to reveal mega project details.(UAE)(Brief article)
July 13, 2007... Abu Dhabi is expected to reveal a host of previously unannounced mega projects when it launches its comprehensive masterplan for the emirate later this year. Plan Abu Dhabi 2030, drawn up by the Executive Affairs Authority, is expected to...

Local firms clean up as ministry awards road deals.(SAUDI ARABIA)(Brief article)
July 13, 2007... The Transport Ministry has awarded a host of nationwide road contracts totalling more than SR 1,700 million ($453 million). All of the contracts were won by local firms. The largest contract, worth SR 600 million ($160 million), went to...

High bids delay Ahmadi hospital.(KUWAIT)(Brief article)
July 13, 2007... Kuwait Oil Company (KOC) has postponed plans to build a hospital in Ahmadi after bids for the scheme came in over budget. Kuwait Company for Process Plant Construction & Contracting (KCPC) was the low bidder at KD 75.6 million ($262.4...

Abu Dhabi plans rail link; plan Abu Dhabi 2030 expected to include urban transport system.(UAE)(Brief article)
July 13, 2007... Plans for a high-speed rail link and urban transport system for the capital are expected to be unveiled as part of Abu Dhabi's comprehensive materplan. Plan Abu Dhabi 2030, prepared by the Executive Affairs Authority, is understood to...

US blocks Iran Air purchases.(IRAN)
July 13, 2007... Iran Air claims that the US has sabotaged the company's acquisition of 22 Boeing aircraft. As revealed in MEED in June, Iran's national airline has been seeking a way to avoid the US embargo that prevents it from purchasing US-manufactured...

Cyclone delays airport plan.(OMAN)(Brief article)
July 13, 2007... The expansion of Seeb International Airport is expected to face significant delays in the wake of tropical cyclone Gonu in June. The opening of the facilities was originally scheduled for November 2010. Tenders for the main building and...

Muscat moves to re-nationalise Oman Air.(OMAN)(Brief article)
July 13, 2007... A new board of directors has been appointed to Oman Air as part of Muscat's re-nationalisation of the airline. Several senior government figures will sit on the board, with Minister of National Economy Ahmed bin Abdulnabi Macki confirmed as...

Amman sells off national carrier.(JORDAN)
July 13, 2007... Amman has finalised its plans for selling a 74 per cent stake in national flag carrier Royal Jordanian. In early July, the Council of Ministers approved a phase 1 report from Citigroup on the planned privatisation. "We have approved...

Riyadh to strengthen border security: international defence contractors and local construction firms invited to bid for Iraq fence project.(SAUDI ARABIA)(Brief article)
July 13, 2007... Saudi Arabia's northern border with Iraq will be defended by a 10-kilometre-wide exclusion zone packed with surveillance equipment, according to documents seen by MEED. Some of the world's biggest defence contractors, including Europe's...

Al-Jaber to build city infrastructure.(UAE)(Brief article)
July 13, 2007... The local Al-Jaber Group has been awarded the AED 416 million ($113 million) infrastructure contract for Industrial City of Abu Dhabi 3. The 15-month contract involves the construction and installation of roads, drainage and other utilities...

Cairo begins projects to reduce carbon emissions.(EGYPT)(Brief article)
July 13, 2007... The Egyptian Environmental Affairs Agency is forging ahead with projects to reduce carbon emissions in the country's industrial sector. "We have at least three upcoming carbon emission-reduction [CER] projects to interest the private...

Algiers drops bid bond mining rule.(ALGERIA)(Brief article)
July 13, 2007... Algiers has dropped its requirement for bid bonds for mining concessions, following controversial awards in the country's latest minerals licensing round in early June, according to a senior industry source. In at least one case, the...

Amman extends power sector sell-off; government to finalise deal to sell 51 per cent stake in Central Electricity Generating Company.(JORDAN)(Brief article)
July 13, 2007... Amman is moving towards the wholesale sell-off of its power sector by the end of the summer, as the government finalises a deal to sell a 51 per cent stake in Central Electricity Generating Company (Cegco). Mohamed Abu-Hammour, chairman of...

Marafiq plans second power and water plant for Yanbu.(SAUDI ARABIA)(Power & Water Utility Company for Jubail & Yanbu )(Brief article)
July 13, 2007... The Power & Water Utility Company for Jubail & Yanbu (Marafiq) is planning a second independent water and power project (IWPP) at Yanbu, 350 kilometres north of Jeddah on the Red Sea. The capacity of the plant has yet to be finalised, but could...

Abdulla deadline nears.(KUWAIT)
July 13, 2007... Bids are due by 28 August for the contract to supply and install a 300/132/11-kV main transformer station at Saad Abdulla. Seven companies and consortiums have been prequalified for the contract. which is estimated to be worth $90 million. The...

Ministry to tender Az Zour.(KUWAIT)(Brief article)
July 13, 2007... Tenders for three pipeline packages and two pumping stations are to be issued by the Ministry of Energy (Electricity & Water) in August for the Az Zour North project, They involve pipelines from Az Zour North to Mina Abdulla: from there to West...

Alstom wins turbine deal.(KUWAIT)(Brief article)
July 13, 2007... France's Alstom has been awarded a Eur 150 million ($204 million) contract to supply five gas turbines to the local Alghanim International Trading & Contracting for the open-cycle 800-MW AI-Zour power plant. The turbines are due to be delivered...

Riyadh studies green fuel.(SAUDI ARABIA)(Brief article)
July 13, 2007... Riyadh has set up a research centre to look mto the use of renewable energy technology. The centre will be located in Dhahran at the King Fahd University of Petroleum & Minerals. According to SU Rahman. director of the Centre of Research...

Riyadh plans water treatment plant sale.(SAUDI ARABIA)
July 13, 2007... The Water & Electricity Ministry is planning to sell off up to nine wastewater treatment plants in Riyadh under its privatisation programme. The plants are to be offered on a public-private partnership basis in an international tender....

ConocoPhillips to set up water research centre.(QATAR)(Brief article)
July 13, 2007... The US' ConocoPhillips is to establish a water sustainability centre to be based at the Qatar Science & Technology Park (QSTP) at Education City in Doha. The centre will focus on ways of treating and using by-product water from oil production...

Ansaldo bids low for Msila plant.(ALGERIA)(Brief article)
July 13, 2007... Italy's Ansaldo is low bidder for the contract to build a 500MW combined cycle power plant at Msila in the north of the country, after the opening of commercial proposals on 8 July by State-owned energy company Sonelgaz. Ansaldo has proposed an...

Mobinil nears 3G decision; potential $585m investment will cater to growth in customer numbers.(EGYPT)(Brief article)
July 13, 2007... Mobinil, Egypt's largest mobile operator, will decide on a potential E 3,340 million [pounds sterling]($585 million) investment on a 3G mobile phone licence on 18 July. Alex Shalaby, chief executive officer at Mobinil, will recommend to...

Oracle closes gap on rival SAP.(REGIONAL)(Brief article)
July 13, 2007... Business software supplier Oracle is catching up on the Middle East market share of its arch-rival SAP, according to IT consultancy Gartner. Oracle's software sales in the Middle East and Africa leapt from $56.1 million in 2005 to $92...

Du's fixed-line service set to end Etisalat monopoly.(UAE)(Emirates Integrated Telecommunications Company)(Brief article)
July 13, 2007... Emirates Integrated Telecommunications Company (Du) will offer voice calls over its rival Etisalat's fixed-line network by the end of 2007. Osman Sultan, chief executive officer of Du, says: "Obviously, we do not have our own...

Regulator lowers tariffs.(BAHRAIN)(Brief article)
July 13, 2007... The Telecommunications Regulatory Authority in Bahrain has imposed price cuts on the incumbent operator Batelco. The regulator has imposed price cuts of up to 50 per cent on its broadband charges to business customers. "We will continue making...

MTC launches financing.(SAUDI ARABIA)(Brief article)
July 13, 2007... Kuwait's MTC is preparing to issue a new murabaha financing arrangement to fund the SR 18,328 million ($4,887 million) it must pay the Communications & Information Technology Commission by 4 August, MTC has to pay the money in return for the...

Etisalat gains customers.(UAE)(Brief article)
July 13, 2007... Etisalat has reached 142 per cent mobile phone penetration in its home market. According to its half-year results to 30 Junei Etisalat has signed up 500,000 subscriptions, taking its total number of accounts to 6 million. The company has 1.3...

Mobile penetration grows.(REGIONAL)(Brief article)
July 13, 2007... The majority of people in the region now have mobile phones after the penetration rate went past 50 per cent in the second quarter of 2007. According to trade body the GSM Association, the Middle East is the second fastest growing region in the...

Cairo extends liberalisation; equal treatment for foreign and domestic investors required by OECD.(EGYPT)(Organisation for Economic Co-operation and Development)(Brief article)
July 13, 2007... Cairo has committed itself to a massive opening up of its economy by becoming the first country in the region to participate in the Organisation for Economic Co-operation and Development's (OECD) investment committee. As a condition of...

Kuwait approves record budget.(KUWAIT)(Brief article)
July 13, 2007... The National Assembly (parliament) has approved the largest budget in the state's history, projecting a deficit of KD 2,980 million ($10,345 million). Spending for the 2007-08 fiscal year is projected at KD 11,300 million ($39,379...

Land of emerging retail markets: global retailers flock to the Middle East and North Africa as markets ripen for development.(ANALYSIS)
July 13, 2007... The Middle East and North Africa has more retail markets ripe for development than any other region of the world, according to research by management consultancy AT Kearney. Egypt, Morocco, Saudi Arabia, Tunisia and the UAE are among the 20...

Dubai banks to finalise merger: deal due to go ahead in the autumn.(UAE)(Brief article)
July 13, 2007... Shareholders are set to approve the merger of Emirates Bank International (EBI) and National Bank of Dubai (NBD) by early September, creating the largest bank in the region by assets. The deal to create Emirates NBD is expected to be finalised...

Sharia banking lifts profits.(QATAR)(Brief article)
July 13, 2007... Islamic finance and overseas acquisitions have helped drive record profits in the first half of this year at Qatar National Bank (QNB), according to Ali Shareef Al-Emadi, the group's chief executive officer. Net income for the first six...

State sells airline stake.(KUWAIT)
July 13, 2007... The Kuwaiti government has decided to sell an 80 per cent stake in its loss-making national carrier Kuwait Airways, An initial public offering (IPO) will sell off 40 per cent of the airline, with a further 40 per cent offered lay auction to...

Kingdom goes to market.(SAUDI ARABIA)(Brief article)
July 13, 2007... The initial Public offering of shares in Kingdom Holding Company opened on 10 July, priced at SR10.25 ($2.7). Half of the $875 million offering is reserved for institutional investors. "It is very cheap," says John Sfakianakis. chief economist...

Sabic issues sharia sukuk.(SAUDI ARABIA)(Saudi Basic Industries Corporation )(Brief article)
July 13, 2007... Saudi Basic Industries Corporation (Sabic) began issuing its second sharia-compliant sukuk on 11 July, following approval from the Saudi Capital Market Authority. HSBC Saudi Arabia and Riyad Bank are the mandated lead managers and book runners...

Amwal invests in Egypt.(REGIONAL)(Amwal al-Khaleej )(Brief article)
July 13, 2007... Riyadh-based private equity firm Amwal al-Khaleej plans to invest up to SR 250 million ($67 million) in Egypt. after closing its Amwal II private equity fund at SR 1.000 million ($267 million). It is looking to buy minority stakes in companies...

Air Arabia sale loses appeal; shares set to drop below offer price after subscribers receive full order.(UAE)(Brief article)
July 13, 2007... Investor appetite for Air Arabia shares is expected to be subdued when the company lists on the Dubai Financial Market (DFM) on 17 July, according to analysts. Subscribers for the $680 million initial public offering (IPO) received almost...

Islamic market to devise rules for derivatives trading.(REGIONAL)(Brief article)
July 13, 2007... Bahrain-based International Islamic Financial Market (IIFM) is devising an agreement to govern the trading of derivatives between sharia-compliant banks. The agreement would be based on the International Swaps & Derivatives Association...