MEED Middle East Economic Digest articles from June 2007

MEED Middle East Economic Digest archives from June 2007

Sorting fact from fiction.(COMMENT)
June 1, 2007... For some time, the received wisdom among economists in Dubai has been that widespread speculation has built an unsustainable property bubble and that, after a four-year boom, a correction is on its way There is plenty of evidence to support...

Looking back ...(SEVEN DAYS)(Republic of Yemen joins Arab Common Market)(Central Bank of the UAE releases funds to the Sharjah)(change to the constitution in Tunisia)
June 1, 2007... 1 June 1967 The Republic of Yemen ratifies the Arab Economic Unity Agreement, becoming the sixth Arab country to do so and the fifth to join the Arab Common Market. 29 May 1992 The Central Bank of the UAE releases funds to the...

On the record.(SEVEN DAYS)(Brief article)
June 1, 2007... "I HAVE DECIDED TO ANSWER THE CALLS TO BE A CANDIDATE FOR THE PRESIDENCY. I HAVE OCCUPIED ALMOST EVERY SENIOR POSITION IN THE LAND. I HAVE KNOWN FAILURES BUT HAVE ALSO HAD SUCCESSES THAT I HOPE HAVE CONTRIBUTED TO BUILDING THE NATION" ...

US-Iran talks prove positive; Baghdad meeting could lead to trilateral approach to stabalising Iraq.(IRAN)
June 1, 2007... Iran and the US could pursue further talks on the conflict in Iraq after a first round of ambassadorial discussions was described as positive by the US representative and clear and transparent by his Iranian counterpart. However, the talks...

UN Hariri tribunal raises hope of uniting factions.(LEBANON)
June 1, 2007... Factions in Lebanon are being urged to unite around the UN's decision to establish an independent international tribunal to try suspects in the assassination of former prime minister Rafik Hariri. However, difficulties in appointing judges and...

Military aid arrives in Lebanon: 25 May.(NEWS DIGEST on MEED.com this week)(Brief article)
June 1, 2007... Planes carrying military aid from the US and Arab countries have arrived at Beirut airport, as Lebanon deploys more troops to the Nahr el-Bared refugee camp where the army has been battling Islamist militants. The UN Relief & Works Agency says...

Abbas calls for halt to rocket attacks: 25 May.(NEWS DIGEST on MEED.com this week)(Palestinian Authority President Mahmoud Abbas )(Brief article)
June 1, 2007... Palestinian Authority President Mahmoud Abbas has called for a halt to rocket attacks on Israel by militants in Gaza, which he says are hindering efforts to re-establish the peace process. He calls the persistent firing of Qassam rockets into...

Iran offers nuclear help to Gulf: 29 May.(NEWS DIGEST on MEED.com this week)(Conference news)(Brief article)
June 1, 2007... Iranian Foreign Minister Manouchehr Mottaki says the Islamic republic can help its Gulf neighbours develop peaceful nuclear energy under the supervision of the International Atomic Energy Agency Mottaki spoke at the 17th International Gulf...

Foreigners kidnapped from Iraqi ministry: 29 May.(NEWS DIGEST on MEED.com this week)(Brief article)
June 1, 2007... Five foreigners, believed to be British, have been kidnapped during a raid on the Iraqi Finance Ministry in Baghdad. Witnesses say the kidnappers, who were wearing police camouflage, arrived in up to 40 police vehicles before storming the...

Lebanon charges 20 over refugee camp violence: 30 May.(NEWS DIGEST on MEED.com this week)(Brief article)
June 1, 2007... A Lebanese military magistrate has filed terrorism charges against 20 people allegedly linked to the fighting around Nahr el-Bared refugee camp. They are accused of being members of Fatah al-Islam, a militant Islamist group. The suspects could...

Abbas says he will meet Olmert: 30 May.(NEWS DIGEST on MEED.com this week)(Palestinian Authority President Mahmoud Abbas )(Israeli Prime Minister Olmert )(Brief article)
June 1, 2007... Palestinian Authority President Mahmoud Abbas is to meet Israeli Prime Minister Olmert on 7 June, for the first time in two months. In March, the two leaders agreed to meet on a biweekly basis, but events on the ground have derailed the plans.

US claims Guantanamo prisoner committed suicide: 31 May.(NEWS DIGEST on MEED.com this week)(Brief article)
June 1, 2007... The US military says a Saudi Arabian prisoner found dead at the Guantanamo Bay detention centre committed suicide. "The detainee was found unresponsive and not breathing in his cell by guards," said the US Southern Command in Miami. He is the...

Israeli air strikes injure two in Gaza: 31 May.(NEWS DIGEST on MEED.com this week)(Brief article)
June 1, 2007... At least two Palestinians have been injured in an Israeli air strike against rocket launchers in the Gaza strip. Palestinian militant groups have fired more than 270 rockets into Israel in the last two weeks, killing two Israelis. Tel Aviv has...

Sustainable development: despite the widespread belief that Dubai's residential property bubble is about to burst, new research suggests the market is more robust than many observers realise.(DUBAI REAL ESTATE)(Cover story)(Statistical data)
June 1, 2007... It is probably the most asked question in Dubai: when will the property market crash? For the past three years, the question has been ubiquitous, from boardrooms and dinner parties, to radio talk shows and coffee shops. The answers range from...

Commerce catches up; office market set to cool.(OFFICE SPACE)(Brief article)
June 1, 2007... As Dubai has ploughed ahead with residential projects, office space has lagged behind, leading to soaring rents that have made Dubai's central business district one of the most expensive in the world. "There is a substantial lack of supply...

Project financing takes off; as commercial conditions improve in North Africa, banks that have previously stayed out of the region are beginning to realise its potential.(BRIEFING: LIBYA)
June 1, 2007... The North African project finance market is growing fast, but continues to be far outweighed in terms of size and maturity by the Gulf. With few exceptions, debt financing is a largely untapped resource for the countries of the Maghreb. But...

BP gas deal set to reach $25bn; oil giant signs $2bn exploration contract.(LIBYA)(National Oil Corp. )
June 1, 2007... The UK's BP could spend up to $25,000 million in Libya, after returning to the country following a gap of more than 30 years. In what is its biggest exploration commitment to date, the company signed an estimated $2,000 million deal with...

Aramco plans further domestic refineries.(SAUDI ARABIA)(Saudi Arabian Oil Co.)(Brief article)
June 1, 2007... Saudi Aramco is looking at opening two major crude oil refineries for domestic use on the east coast to keep pace with rampant demand from the local power, industrial and energy sectors. Sources in Saudi Arabia say that the company has...

Abu Dhabi set to award Zakum gas field contract.(UAE)(Brief article)
June 1, 2007... An award is imminent on the estimated $300 million contract to build new gas processing facilities at the offshore lower Zakum field. Two groups, Jebel Ali-based J Ray McDermott and a consortium of Paris-based Technip and the local National...

Kharafi bids low for upgrade.(KUWAIT)(Brief article)
June 1, 2007... The local Kharafi National, with the UK's Costain Oil & Gas as its engineering subcontractor, is low bidder at KD 33.3 million ($115 million) for the contract to upgrade tank farms at the state's three refineries. Kharafi's bid is...

Indian team wins Soha work.(OMAN)(Oiltanking Odfjell Terminals & Company)(Indian Oiltanking Company)(Brief article)
June 1, 2007... Oiltanking Odfjell Terminals & Company (OOT) has awarded an estimated $110 million contract to a consortium led by Indian Oiltanking Company (IOT) for the first-phase construction of bulk liquid storage tanks and terminals at Sohar port. ...

Qatar to study La Skhira before finalising deal.(TUNISIA)(Brief article)
June 1, 2007... Qatar Petroleum International (QPI) is to commission a feasibility study for the planned 150,000-barrel-a-day La Skhira refinery prior to a final project agreement, say sources close to the project. The US' Foster Wheeler is understood to be in...

Parliament calls on oil minister to resign.(KUWAIT)(Brief article)
June 1, 2007... Kuwait's energy sector is facing a fresh crisis after members of parliament (MPs) demanded that Oil Minister Shaikh Ali al-Jarrah al-Sabah resign. The calls have come over recent comments he made to the press that suggested he was taking advice...

Takreer invites bids for green diesel project.(UAE)(Brief article)
June 1, 2007... Abu Dhabi Oil Refining Company (Takreer) has issued invitation to bid documents for the main package on its green diesel project at Ruwais. Eight contractors are prequalified to submit technical bids by 8 July for the estimated $400...

Oil softens as political tensions ease.(OIL PRICES)
June 1, 2007... Oil prices dropped back into sub $70-a-barrel territory as positive developments with major producers Iran and Nigeria helped to ease pressing geopolitical concerns. Brent crude traded at $68 a barrel on 30 May, compared with $69.71 on 23...

Operator opens gas tender.(KUWAIT)(Kuwait Oil Company KSC)(Brief article)
June 1, 2007... State upstream operator Kuwait Oil Company has issued tender documents for a contract to provide gas compression services for gathering centre 16 and gas reinjection services at the Minagish field (see Tenders, page 50). The project aims...

Aramco invites prequalification for Manifa.(SAUDI ARABIA)(Saudi Arabian Oil Co.)(Brief article)
June 1, 2007... Saudi Aramco has invited up to 30 international contractors to submit prequalification applications for four main packages on the onshore portion of its Manifa gas field development. The lump sum turnkey contracts are worth an estimated $3,000...

Firms bid for refinery work.(KUWAIT)(Brief article)
June 1, 2007... A German/local team of Hans Huber and Ahmadiah Contracting & Trading Company is low bidder at KD 50.4 million ($174 million) to revamp wastewater facilities at three refineries. The second bid is KD 54.7 million ($187 million) from France's...

Amec takes refinery deal.(KUWAIT)(Kuwait National Petroleum Company KSC)(Brief article)
June 1, 2007... The UK's Amec has been formally awarded the KD 23.3 million ($80.3 million) in-house contract to provide project management and engineering services for Kuwait National Petroleum Company. Amec was low bidder for the deal earlier this year. The...

Raith wins well work.(KUWAIT)(Raith Engineering and Manufacturing Company WLL)(Kuwait Oil Company KSC)(Brief article)
June 1, 2007... The local Raith Engineering & Manufacturing Company has been awarded the $20.8 million contract to provide well completion, equipment and associated services for Kuwait Oil Company. The firm was low bidder for the work when bids were submitted...

Upgrade goes to Bemco.(SAUDI ARABIA)(Saudi Arabian Oil Co.)(Arabian Bemco)(Brief article)
June 1, 2007... Saudi Aramco has awarded a lump-sum turnkey contract to Jeddah-based Arabian Bemco for the upgrade of wastewater treatment facilities at the Juaymah gas plant. The work, estimated to be worth $47 million, covers a membrane bio-reactor system,...

US companies compete for Ras Tanura contract.(SAUDI ARABIA)
June 1, 2007... Three US firms--Fluor Corporation, Foster Wheeler and KBR--have submitted bids for the world's largest front-end engineering and design (FEED) contract, covering the massive Ras Tanura refinery upgrade and integrated petrochemicals complex. ...

Samsung wins $1.4bn in deals; Koreans to build ammonia and amines plants.(SAUDI ARABIA)(Samsung Engineering and Construction Company Ltd.)(Saudi Arabian Mining Co.)(Saudi Kayan Petrochemical Company)(Brief article)
June 1, 2007... South Korea's Samsung Engineering Company won two major engineering, procurement and construction (EPC) contracts in the space of a week in late May, totalling more than $1,400 million. The larger of the two contracts, worth almost $1,000...

Firms submit cracker bids.(SAUDI ARABIA)(Brief article)
June 1, 2007... Commercial proposals were submitted in late May for the ethylene package on a multibillion-dollar olefins complex in Jubail, planned by National ChevronPhillips Company. The bidders for the contract are Italy's Snamprogetti, Japan's JGC...

Saudi Kayan to complete financing in June.(SAUDI ARABIA)(Brief article)
June 1, 2007... The $6,000 million Saudi Kayan Petrochemical Company debt financing is expected to be completed by mid-June, according to senior banking sources. The tenor of the debt will be 15 years and will include an Islamic tranche, the size of which...

Honeywell wins automation order.(SAUDI ARABIA)(Saudi European Petrochemical Company)(Brief article)
June 1, 2007... The US' Honeywell has won a subcontract to provide its process automation technology at the Saudi European Petrochemical Company (Ibn Zahr) polypropylene project in Jubail. The subcontract has been placed by South Korea's Samsung...

Ahmadiah starts on tower.(KUWAIT)(Brief article)
June 1, 2007... The local Ahmadiah Contracting & Trading Company has started work on the estimated KD 8.6 million ($30 million) main construction contract for the Panasonic office tower in Kuwait city. The 44-storey office building is on Fahad al-Salem Street,...

MP building tender opens.(KUWAIT)(Ministry of Public Works)(Brief article)
June 1, 2007... Selected companies have been invited to bid for an estimated $100 million contract to build and operate an information centre and buildings for members of parliament in Kuwait City. Twenty-one companies have prequalified for the tender. The...

Joint venture plans mall.(UAE)(Bawadi)(Brief article)
June 1, 2007... Bawadi has formed a joint venture with Al-Ghurair Investment to develop an estimated AED 10,000 million ($2,720 million) shopping mall as part of Bawadi's development in Dubailand. Phase one of the project is scheduled to be completed by 2012,...

Groups bid for grandstand.(UAE)(Al-Naboodah Laing O'Rourke)(Arab Technical Construction Co.)(Brief article)
June 1, 2007... At least two groups have bid for the contract to build the 60,000-capacity grandstand at the Meydan racecourse development in Nad al-Sheba. They include the local/UK Al-Naboodah Laing O'Rourke, and the local Arabtec Construction in joint...

Sama sets up firms to deliver projects; two offshoots to fill gaps left by independents.(UAE)(Sama Dubai )(Brief article)
June 1, 2007... Local developer Sama Dubai has established two new companies to deliver its projects in Dubai and the GCC. It is the latest sign that developers are struggling to attract independent contractors in what is a highly competitive market. In...

Carillion to build concert hall.(OMAN)(Carillion Alawi )(Brief article)
June 1, 2007... The local/UK Carillion Alawi has been awarded an estimated $250 million main construction contract for a concert hall in Muscat. Located in Al-Sarooj, the 1,000-seat House of Musical Arts will host a range of entertainment, including music,...

Kingdom Holding plans country's tallest tower.(SAUDI ARABIA)(Kingdom Holding Company )(Brief article)
June 1, 2007... Riyadh-based investment house Kingdom Holding Company is to build the tallest tower in the country as part of a SR 75,000 million ($20,000 million) investment in two mega real estate developments in Jeddah and Riyadh. The Jeddah scheme is...

Dubai launches $12bn roadbuilding plan.(UAE)(Brief article)
June 1, 2007... Dubai's Roads & Transport Authority is to spend $12,000 million by 2020 as part of a comprehensive plan to boost the capacity of the emirate's roads. The authority estimates that the local economy loses $1,250 million each year because of...

Foundation to open medical centre tendering.(QATAR)(Qatar Foundation )(Brief article)
June 1, 2007... The Qatar Foundation is preparing to issue tender documents for its $1,000 million Sidra Medical & Research Centre at Education City. The three prequalifiers are France's Bouygues, Athens-based Consolidated Contractors International Company and...

Budget carrier mixes fleet; Saudi airline set to announce major purchase from rival supplier Boeing.(SAUDI ARABIA)(National Air Services )(Brief article)
June 1, 2007... NAS Air is set to become the Gulf's first low-cost airline to move away from an all-Airbus fleet. The Saudi airline's holding company; National Air Services (NAS), is poised to announce the purchase of five new commercial aircraft at the Paris...

Eight bid for Tripoli airport.(LIBYA)(Brief article)
June 1, 2007... The Civil Aviation Authority (CAA) has received pre-qualification documents from eight companies to build an airport in Tripoli. The $1,350 million airport will consist of two passenger terminals, each able to handle 10 million passengers a...

Safari underbids Binladin in Jeddah airport retender.(SAUDI ARABIA)(Brief article)
June 1, 2007... Saudi Binladin Group is set to miss out on the latest contract to renovate King Abdulaziz Airport in Jeddah after aviation authorities insisted the award be re-tendered. Safari Group is now the lowest bidder on the contract to build new...

Queen Alia team finalises finance.(JORDAN)(Queen Alia International Airport )(Brief article)
June 1, 2007... The Alfa Airport consortium upgrading Queen Alia International Airport near Amman has completed its financing, meaning the project can go ahead next year. The six consortium members have raised finance for 40 per cent of the JD 500 million...

Dubai Drydock weighs up deals.(UAE)(Brief article)
June 1, 2007... Dubai Drydock World is considering further international expansion after buying a controlling stake in its Singapore-based rival Pan-United Marine. The ship repair group, part of Dubai World, will finance the $424 million acquisition from...

Five bid for Esco expansion: continuous steel casting contract attracts international joint ventures.(IRAN)(Esfahan Steel Company)(Brief article)
June 1, 2007... Five joint ventures are expected to bid for a continuous casting project for Esfahan Steel Company (Esco), as Iran seeks to boost its steel production. Following the completion of the prequalification process, an invitation to bid is...

Joint venture to run Sangaredi alumina refinery.(UAE)(Dubai Aluminium Company; Mubadala Development Company)(Brief article)
June 1, 2007... Dubai Aluminium Company (Dubal) and Abu Dhabi-based Mubadala Development Company have formed a $3,000 million joint venture to operate the Sangaredi refinery in the Republic of Guinea. Guinea has about one-third of the world's bauxite...

Qatari Diar set to develop industrial zone near Cairo.(EGYPT)(Qatari Diar Real Estate Investment Company )(Brief article)
June 1, 2007... Qatar has signed an agreement to develop an industrial zone near Cairo, which is expected to produce goods worth $10,000 million in the next 10 years. The deal follows a similar agreement between Jordan and Egypt. Cairo's Industrial...

Nicico to boost lime kiln capacity.(IRAN)(National Iranian Copper Industries Company )(Brief article)
June 1, 2007... National Iranian Copper Industries Company (Nicico) has issued a tender to increase its lime burning capacity before embarking on a major expansion of copper production. A prequalification notice has been issued for two lime shaft kilns of...

Maaden looks at Ras al-Zour bids.(SAUDI ARABIA)(Saudi Arabian Mining Company )(Brief article)
June 1, 2007... Saudi Arabian Mining Company (Maaden) has received bids from at least three groups for the estimated $700 million design and build marine works package on its new industrial zone at Ras al-Zour. The bidders include China Harbour Engineering...

Globeleq sells Sidi Krier.(EGYPT)(Aljomaih Holding Company; Tanjong Energy Holdings )(Brief article)
June 1, 2007... The US' Globeleq is to sell its power assets in Latin America, North Africa and Asia for more than $1,000 million. The assets, including the Sidi Krier natural gas-fired power plant in Egypt, will be sold to a consortium of Malaysia's Tanjong...

Ahwaz issues tender.(IRAN)(Ahwaz Water & Wastewater Company)(Brief article)
June 1, 2007... Ahwaz Water & Wastewater Company (AWWC) has issued a tender for the main trunk line of the city's sanitation project. The nine-month project includes the construction of a 3.7-kilometre-long pipeline with a diameter of up to 1.4 metres, it is...

Water agreement signed.(QATAR)(Qatar General Electricity & Water Corporation; Qatar Electricity & Water Company )(Brief article)
June 1, 2007... Qatar General Electricity & Water Corporation (Kahramaa) has signed an agreement with Qatar Electricity & Water Company to buy 45 million gallons a day of desalinated water for 25 years. Supplies will start entering the Kahramaa network in...

Imdad looks at plant bids.(UAE)(Brief article)
June 1, 2007... The local Imdad is evaluating bids from eight companies for the engineering, procurement and construction contract to build a desalination plant in Umm al-Qaiwain. They are South Korea's Doosan Heavy Industries & Construction, France's Veolia...

Mitsui to build Shuaiba North: tenders committee opts for lowest bidder.(KUWAIT)(Mitsui & Company)(Shuaiba North power and desalination plant)(Brief article)
June 1, 2007... An international consortium led by Japan's Mitsui & Company is set to win the contract to build the Shuaiba North power and desalination plant after the Central Tenders Committee approved its offer of KD 366 million ($1,262 million). In...

Al-Toukhi wins plant deal.(SAUDI ARABIA)(Al-Toukhi Contracting)(Saudi Electricity Company)(Brief article)
June 1, 2007... The local Al-Toukhi Contracting has won the SR462 million ($123 million) contract for the 500MW expansion of the PP8 power plant in Riyadh. It beat the local National Contracting Company (NCC) to the 19-month contract, which covers...

Gecol reviews Sirte plant over cost concerns.(LIBYA)(General Electricity Company of Libya )(Brief article)
June 1, 2007... The General Electricity Company of Libya (Gecol) is reviewing plans for a 40,000-cubic-metre-a-day (cm/d) desalination plant at Sirte, sources close to the project say It could now be scrapped because of high costs. Instead, Gecol could...

Doha West to be upgraded.(KUWAIT)(Babcock; Ali Alghanim General Trading & Contracting)(Brief article)
June 1, 2007... A German/local team of Babcock and Ali Alghanim General Trading & Contracting has been selected for the KD 30.4 million ($105 million) contract to upgrade distillation units at the Doha West power and desalination plant. The work will...

Mena to launch state-wide wireless network.(BAHRAIN)(Mena Telecom)(Brief article)
June 1, 2007... Bahrain will get the world's first nationwide wireless network in the third or fourth quarter of 2007 when Mena Telecom deploys Wimax technology in the kingdom. The population of 700,000 will benefit from wireless broadband services,...

City seeks advice of hi-tech experts; developers talk to international IT companies.(SAUDI ARABIA)(Brief article)
June 1, 2007... Al-Madinah Knowledge Economic City is to consult international IT and telecoms companies over the design of the 4.8 million-square-metre development. At least six suppliers, mostly US, will be consulted during the design and site...

Mobitel secures funds to increase coverage.(SUDAN)(National Bank of Kuwait SAK; Arab Bank PLC (Jordan))(Brief article)
June 1, 2007... Kuwaiti mobile operator MTC has secured $362.6 million worth of funding to increase the coverage of its Mobitel network in Sudan to 80 per cent of the population by the end of 2007. MTC is using a murabaha facility provided by four banks to...

Prices drive record inflation; soaring property rents and energy prices continue to heat economy.(QATAR)(Statistical data)
June 1, 2007... Inflation soared to record levels in the first quarter of 2007, up nearly 15 per cent year-on-year, driven by surging rents and energy bills. The latest data released by Doha's Planning Council shows the state's consumer price index rose...

Move against speculators leads to rate drop.(KUWAIT)(Brief article)
June 1, 2007... The decision by the Central Bank of Kuwait to stop banks placing excess liquidity with it, intended to stop currency speculation, has led to a fall in inter-bank interest rates of over 1 per cent. However, the drop is likely to boost...

Tehran plans bank sell-off; government to sell shares in institutions on the Tehran Stock Exchange.(IRAN)(Brief article)
June 1, 2007... Iran plans to sell shares in some state banks on the Tehran Stock Exchange (TSE) in the next few months, according to Economy & Finance Minister Davoud Danesh-Jafari. The republic's privatisation plans have slowed down in recent years...

Ras Issa loan moves ahead.(YEMEN)(International Finance Corporation; Arab Banking Corporation)(Brief article)
June 1, 2007... Arab Banking Corporation (ABC) has been appointed as the mandated lead arranger and sole underwriter on a $180 million International Finance Corporation (IFC) loan for the grassroots Ras Issa refinery on the Red Sea. The loan is due to be...

Bid rumour puts exchanges under pressure to merge; speculation grows over Dubai move to acquire Swedish bourse.(UAE)(Dubai Financial Market; OMX)(Brief article)
June 1, 2007... Pressure is mounting on the Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX) to merge, in the wake of speculation over a local bid for the Swedish stock exchange OMX. The Dubai International Financial Centre...

Taqa purchases Northrock.(REGIONAL)(The Abu Dhabi National Energy Company; Northrock Resources )(Brief article)
June 1, 2007... The Abu Dhabi National Energy Company (Taqa) has acquired Canadian oil firm Northrock Resources in a cash deal worth $2,000 million. The purchase gives Taqa a foothold in the Canadian upstream sector, with an average production of 37,000...

Dubai switches pricing to trade energy futures.(REGIONAL)(Brief article)
June 1, 2007... The Dubai government has given the Dubai Mercantile Exchange's (DME) energy futures market a boost after switching its pricing mechanism to the DME's Oman crude futures contract. Until now, the government has priced its export crude oil...

Tadawul falls as investors prepare for Kingdom IPO.(SAUDI ARABIA)(The Saudi stock exchange )(Brief article)
June 1, 2007... The Saudi stock exchange (Tadawul) fell by more than 2 per cent in the last week of May as investors held back for the flotation by Kingdom Holdings, expected to occur before the end of June (MEED 25:507). Bryan D'Aguiar, head of research...

Recovery begins: international investors help push markets up.(MARKET IN FOCUS: UAE)
June 1, 2007... Markets in the UAE are displaying the first signs of recovery and have reached a new peak for 2007. The Dubai Financial Market (DFM) hit a new high for the year of 4,505.08 points on 27 May, while the market in Abu Dhabi has risen by about...

Forthcoming events.(CONFERENCES)(Calendar)
June 1, 2007... SUCCESSFUL DISPUTE RESOLUTION How do you resolve potential conflict issues efficiently and effectively without unnecessary delay, disruption and cost? 20 June, Park Hyatt, Dubai www.meed.com/claims Even the most carefully planned...

Reluctant reformer: with Qatar's economy booming and confidence growing, there is little will to carry out long-planned changes to the state's political system.(SPECIAL REPORT: QATAR)
June 1, 2007... Qatar's influential foreign minister stepped up to take the prime minister's mantle in early April with the minimum of fuss. Widely considered the mastermind of Doha's non-conformist foreign policies, Shaikh Hamad Jassim bin Jaber al-Thani...

High oil price boosts government spending; the 2007/08 budget points to another year of strong growth in the Qatari economy, although inflation remains a concern.(ECONOMY)(Statistical data)
June 1, 2007... With its economy tripling in size since 1998, Qatar is firmly established as the star performer in the Middle East, outstripping its neighbours on the back of high oil prices and a $130,000 million projects blitz. The growth shows no sign of...

Qatar enters global arena; petroleum group's new international arm will lead state's efforts to head off future oil shocks through overseas investment.(OIL & GAS)
June 1, 2007... With state revenues swelling from record oil and gas production, Qatar Petroleum International (QPI), a new standalone government-backed arm of the national oil company, is being set up to invest in global petroleum projects. For a country...

Chemical inaction: a lack of gas feedstock is hampering the state's drive to join the premier league of petrochemicals producers.(PETROCHEMICALS)(Statistical data)
June 1, 2007... Having been blessed with the world's largest non-associated gas field, it may seem unlikely that Qatar would ever suffer from gas feedstock concerns. But that is precisely the situation the local petrochemicals industry is experiencing as it...

Keeping up with demand: increasing power generation capacity in line with a rapidly expanding economy represents Doha's greatest challenge.(KAHRAMAA)
June 1, 2007... The technical snags at power plants belonging to Ras Laffan Power Company, Qatar Power company and Qatar Electricity & Water Company (Kahraba) that left residents of Doha without power for several hours on 30 May highlighted a growing problem...

A gap in the supply chain: international contractors drawn to Qatar's building boom are struggling to cope with resource shortages and spiralling costs.(CONSTRUCTION)(Statistical data)
June 1, 2007... In late May, 10 leading Taiwanese construction companies visited Doha to explore business opportunities. The Taiwanese are not the first international contractors attracted by the construction boom. In fact, with full order books preventing...

Infrastructure upgrade stretches resources; a multi-billion-dollar construction programme will transform the state, but materials shortages will need to be overcome.(ASHGHAL)(Statistical data)
June 1, 2007... Doha's long-suffering motorists, stranded in the traffic jams that never used to afflict the Gulf state in its sleepy, pre-boom days, are desperate for Ashghal, the public works authority, to complete its mammoth road-building programme. ...

Tenders.(BUSINESS OPPORTUNITIES)
June 1, 2007... For up-to-date information on the region's largest projects go to www.meedproject.com To promote your business opportunity to thousands of business professionals every week, send details to: MEED Editor, 151 Rosebery Avenue, London EC1R 4GB...