MEED Middle East Economic Digest articles from March 2002

MEED Middle East Economic Digest archives from March 2002

Accusations fly over Western Sahara. (Seven Days).
March 1, 2002... * Regional Morocco rejected categorically on 27 February any proposal to divide the disputed territory of Western Sahara, saying that Algeria's support of the partition plan risked destabilising the entire region and could lead to a new...

Time was.
March 1, 2002... 2 March 1962 Oasis Oil Company announces a new oil discovery in Block 59, 350 kilometres southeast of the Libyan coastal city of Benghazi 28 February 1987 Syrian troops return to west Beirut, as President Asad seeks to curb the...

Abdullah's proposal picks up speed.(Saudi Arabian Crown Prince Abdullah's Middle East peace proposal)(Brief Article)
March 1, 2002... * Regional Crown Prince Abdullah is expected to seek formal endorsement for his Middle East peace proposal at the 27-28 March Arab League summit in Beirut. The crown prince said in a 17 February interview with the New York Times that he...

Parliamentary elections are to take place on 30 May, the cabinet said in a statement issued on 25 February. (News in Brief).(2002, Algeria)(Brief Article)
March 1, 2002... * Algeria Parliamentary elections are to take place on 30 May, the cabinet said in a statement issued on 25 February. This will be the second election held in Algeria since 1992, when the military scrapped a general election to prevent the...

Technological Development & Industry Minister Ali el-Saeedi has taken over the transport portfolio until a successor can be found for Ibrahim el-Demiri. (News in Brief).(Brief Article)
March 1, 2002... * Egypt Technological Development & Industry Minister Ali el-Saeedi has taken over the transport portfolio until a successor can be found for Ibrahim el-Demiri, who resigned as transport minister two days after a train fire killed 373 people on...

Iraqi Foreign Minister Naji Sabri will meet UN Secretary-General Kofi Annan for talks in New York in the first week of March. (News in Brief).(Brief Article)
March 1, 2002... * Iraq Iraqi Foreign Minister Naji Sabri will meet UN Secretary-General Kofi Annan for talks in New York in the first week of March, the official Iraqi News Agency confirmed on 27 February. The "comprehensive dialogue" will cover the...

Security forces have started destroying opium crops in the Bekaa valley in a fresh attempt to stamp out drug production. (News in Brief).(Lebanon)(Brief Article)
March 1, 2002... * Lebanon Security forces have started destroying opium crops in the Bekaa valley in a fresh attempt to stamp out drug production. Cultivation of opium was largely eradicated by the government in the 1990s, but the recent failure of arable...

Arab leaders have stepped up diplomatic relations with the US and Europe in preparation for a meeting of the Arab League in Lebanon in late March. (News in Brief).(Brief Article)
March 1, 2002... * Regional Arab leaders have stepped up diplomatic relations with the US and Europe in preparation for a meeting of the Arab League in Lebanon in late March. President Mubarak of Egypt is expected to discuss the recent Saudi peace initiative...

Tehran city council elects new mayor.(Mohammad Hassan Malak-Madani, Iran)(Brief Article)
March 1, 2002... * Iran A colleague and friend of Tehran's former mayor, Gholamhossein Karbaschi, on 25 February was elected as the new mayor of Tehran by the reformist city council. The appointment of Mohammad Hassan Malak-Madani still needs the...

Brent: 21 Feb - 27 Feb.(petroluem prices)(Brief Article)(Illustration)(Statistical Data Included)
March 1, 2002... Brent: 21 Feb - 27 Feb ($ a barrel) Brent 20.72 Dubai 19.65 WTI 21.40 Source: MEED

Race against the clock. (Cover Story Saudi Arabia).
March 1, 2002... Another year, another 163,000 young Saudis enter the job market. The kingdom's demographic challenge is the main driver behind a wide programme of economic reform and a growing internal debate over the best path forward. Angus McDowall...

Profits up at AUB. (Banking & Finance).(Ahli United Bank)(Brief Article)(Statistical Data Included)
March 1, 2002... * Bahrain Figures exceed group's expectations Bahrain-based Ahli United Bank. (AUB) has reported net profits of $48.4 mil]ion for 2001, a 20.5 per cent improvement on the previous year. "Profit figures were better than we had...

NSGB strengthens position. (Banking & Finance).(National Societe Generale Bank's financial results, 2001; Egypt)(Brief Article)(Illustration)(Statistical Data Included)
March 1, 2002... * Egypt National Societe Generale Bank (NSGB), the third-largest private bank in Egypt, has reported net profits of [pounds sterling]E 142.1 million ($31 million) for 2001, a 14 per cent improvement on the previous year. Total assets grew...

Computer firm weaves tangled web. (Banking & Finance).(Global Business)(Brief Article)
March 1, 2002... * Jordan The bad loans crisis which has shaken the local banking and business communities deepened on 24 February when the Jordan Securities Commission announced that the government had frozen the assets of 55 companies pending...

Shamil profits hit $11 million. (Banking & Finance).(Shamil Bank)(Brief Article)(Statistical Data Included)
March 1, 2002... * Bahrain The local Shamil Bank has announced expected profits of almost $11 million for 2001, which was its first full year of operations. Customer deposits were expected to reach $817 million, The company says it will release full...

NCCI profits weighed by claims growth. (Banking & Finance).(National Company for Cooperative Insurance)(Brief Article)(Statistical Data Included)
March 1, 2002... * Saudi Arabia Net profits at the local National Company for Co-operative Insurance (NCCI) fell by 15.9 per cent to SR 15 million ($4 million) in 2001 compared with the previous year. The company has attributed its performance to the 19.3...

Lloyd's of London. (News in Brief).(Ian Hay Davison joins Dubai International Financial Centre)(Brief Article)
March 1, 2002... * UAE Ian Hay Davison has been appointed acting chief commissioner of the recently launched Dubai International Financial Centre (DIFC). The former chief executive of Lloyd's of London will head up a regulatory commission independent of the...

Al-Watany Bank of Egypt (AWB). (News in Brief).(Brief Article)(Statistical Data Included)
March 1, 2002... * Egypt Profits at AI-Watany Bank of Egypt (AWB) rose 6 per cent to LE 107.9 million ($24 million) in 2001, the bank announced on 27 February. Total assets increased by [pounds sterling]E 1,363 million ($298 million) to [pounds sterling]E 5,597...

Arab Bank. (News in Brief).(Brief Article)
March 1, 2002... * Jordan Arab Bank has lead arranged a JO 50 million ($84 million) loan for the expansion of Jordan's GSM network. It is largest loan to be arranged by local banks for a private sector project in Jordan. According to local bankers, similar loan...

New model proposed for Egypt upstream. (Oil & Gas).
March 1, 2002... * Egypt Minister aims for new bid rounds every three-six months The 32-block exploration bid round for acreage the length and breadth of Egypt incorporates a new model concession agreement aimed at speeding up the process of awarding...

Canadian firm to close Masjid-e Soleiman deal. (Oil & Gas).(Sheer Energy will sign contract with National Iranian Oil Co.)(Brief Article)
March 1, 2002... * Iran The Cyprus office of Canada's Sheer Energy is set to sign the final agreement for the development of the large onshore Masjid-e Soleiman oil field by mid March. The service contract is based on a buy-back formula and calls for an...

Bids submitted for new Adco project. (Oil & Gas).(Brief Article)
March 1, 2002... * UAE Commercial bids were submitted on 26 February for the front-end engineering and design (FEED) package on the project to develop two reservoirs at the onshore Bu Hasa field. Three companies - the multinational VECO, SNC Lavalin of...

Condensate refinery moves ahead. (Oil & Gas).(Brief Article)
March 1, 2002... * Qatar The Ras Laffan condensate refinery project is taldng shape with the formation of the joint venture company and the appointment of a front-end engineering and design (FEED) contractor expected by early April. The refinery, first...

Five companies have submitted bids for the contract to build storage tanks for the Egyptian LNG (ELNG) project in Idku, east of Alexandria. (News in Brief).
March 1, 2002... Egypt Five companies have submitted bids for the contract to build storage tanks for the Egyptian LNG (ELNG) project in Idku, east of Alexandria. The bidders are understood to include Bouygues Offshore subsidiary SN Technigaz of France, the...

Deadline extended for Sohar refinery. (Oil & Gas).(Brief Article)
March 1, 2002... * Oman The local Sohar Refinery Company (SRC) has extended the bid deadline to 1 July for the contract to build the 75,000-barrel-a-day Sohar refinery The extension is due to the addition of a topping unit to the original scope of the...

National Petroleum Construction Company (NPCC). (News in Brief).(Brief Article)
March 1, 2002... * UAE The local National Petroleum Construction Company (NPCC) has been selected for the engineering, procurement and construction (EPC) contract to build a new crude oil pipeline between the onshore Bab oil field and Umm al-Nar in Abu Dhabi...

Abu Dhabi Oil Refining Company (Takreer) has extended the deadline to 16 March for the submission of commercial bids for the post of project management consultant on the proposed unleaded gasoline project. (News in Brief).
March 1, 2002... * UAE Abu Dhabi Oil Refining Company (Takreer) has extended the deadline to 16 March for the submission of commercial bids for the post of project management consultant on the proposed unleaded gasoline project. Technical bids were submitted on...

Egypt gains its place in the global gas chain. (Oil & Gas).(Brief Article)
March 1, 2002... * Egypt The MEED Mediterranean Gas Congress, held in Cairo on 26-27 February, provided an affirmation of Egypt's new-found position as a significant player on the global gas market. With European gas demand set to double over the next 10...

The bid deadline for the contract to supply compressor stations for the fourth Iranian gas trunkline (IGAT 4.) has been extended to 25 April from the initial 12 February submission date. (News in Brief).(Brief Article)
March 1, 2002... * Iran The bid deadline for the contract to supply compressor stations for the fourth Iranian gas trunkline (IGAT 4.) has been extended to 25 April from the initial 12 February submission date. The project covers the construction of eight...

The Energy & Mineral Resources Ministry has extended the bid deadline for Jordan's gas transmission project by one month to 21 March. (News in Brief).(Brief Article)
March 1, 2002... * Jordan The Energy & Mineral Resources Ministry has extended the bid deadline for Jordan's: gas transmission project by one month to 21 March. The extension was made at the request of six of the groups planning to bid for the construction...

The invitation-to-bid (ITB) package was due to be released in late February to prequalified engineering. (News in Brief).(Brief Article)
March 1, 2002... * Qatar The invitation-to-bid (ITB) package was due to be released in late February to prequalified engineering, precurement and construction (EPC) contractors for the gas-to-liquids (GTL) plant planned by Qater Petroleum (QP) and South...

Bapco extends hydrocracker deadline. (Oil & Gas).(Brief Article)
March 1, 2002... * Bahrain Bahrain Petroleum Company (Bapco) has extended the bid deadline to 30 March for the contract to build a new hydrocracker at its Sitra refinery Three companies are understood to be preparing bids for the main engineering,...

Market limbers up for tough second quarter.(oil market)(Brief Article)(Statistical Data Included)
March 1, 2002... Oil producers are braced for a drop in prices as the market approaches its seasonal dip with the onset of milder spring weather in the northern hemisphere. OPEC is due to meet on 15 March to set its output rates in preparation for the slack...

Foster Wheeler wins ARIC FEED. (Petrochemicals).(Brief Article)
March 1, 2002... * Saudi Arabia Two n-paraffin/LAB projects in the pipeline The local Al-Rajhi International Contracting (ARIC) appointed in mid February US-based Foster Wheeler Corporation to carry out the front-end engineering and design (FEED) and...

Bidders line up for Qapco ethylene works. (Petrochemicals).(Brief Article)
March 1, 2002... * Qatar International contractors are preparing to submit engineering, procurement and construction (EPC) bids in late March for a contract to install new furnaces at Qatar Petrochemical Company's (Qapco's) ethylene plant. The project...

The newly formed Oriental Polyester Industrial Manufacturing Group has decided not to proceed with Germany's Zimmer for the construction of its polyester plant. (News in Brief).(Brief Article)
March 1, 2002... * Egypt The newly formed Oriental Polyester Industrial Manufacturing Group has decided not to proceed with Germany's Zimmer for the construction of its polyester plant. Zimmer was awarded the $79 million contract in early November, but Oriental...

The contract to build a large-scale ammonia plant at the Razi petrochemical complex is set to be awarded in March. (News in Brief).(Brief Article)
March 1, 2002... * Iran The contract to build a large-scale ammonia plant at the Razi petrochemical complex is set to be awarded in March. The client on the scheme, National Petrochemical Company, is holding technical clarifications with three companies....

The local Bubiyan Petrochemicals Company has announced a net profit of KD 203,670 ($655,817) for 2001, according to headline figures released in late February. (News in Brief).(Brief Article)
March 1, 2002... * Kuwait The local Bubiyan Petrochemicals Company has announced a net profit of KD 203,670 ($655,817) for 2001, according to headline figures released in late February. In 2000, the company posted a net loss of KO 139,225 ($448,304). Bubiyan is...

Prequal invited for Seef flyover work. (Construction).(Bahrain plans to award contracts for highway construction)(Brief Article)(Statistical Data Included)
March 1, 2002... * Bahrain Works Ministry moves to add more capacity north of Manama The Works Ministry has invited companies to prequalify by 23 March for the contract to expand the main arterial road and flyover north of Manama. The $30 million-40 million...

The Washington-based International Finance Corporation (IFC) on 27 February signed an agreement to provide financing of up to $55.5 million to Egypt's Orascom Construction Industries. (News in Brief).(Brief Article)
March 1, 2002... * Egypt The Washington-based International Finance Corporation (IFC) on 27 February signed an agreement to provide financing of up to $55.5 million to Egypt's Orascom Construction Industries. IFC is to provide $25 million itself and has...

Kuwait Oil Company. (News in Brief).(Brief Article)
March 1, 2002... * Kuwait Kuwait Oil Company has invited 19 local companies to submit bids by 26 March for a contract to build a telecommunications centre at Ahmadi. The 16-18-month contract is estimated to be worth KD 3 million-4 million ($10 million-13...

Saudi Arabia Construction.(starts on Jeddah Hilton Palace)(Brief Article)
March 1, 2002... * Saudi Arabia Construction has started on the Jeddah Hilton Palace. The 10-storey private palace is being built alongside the existing 410-room Jeddah Hilton, the largest commercial hotel in Saudi Arabia, which was opened in July last year....

UAE The Department of Civil Aviation has invited contractors and architectural firms to prequalify by 14 March for a further two packages on the Dubai International Airport expansion project. (News in Brief).(Brief Article)
March 1, 2002... * UAE The Department of Civil Aviation has invited contractors and architectural firms to prequalify by 14 March for a further two packages on the Dubai International Airport expansion project. The larger of the two packages. PQ 15, covers the...

Bids are under evaluation for a contract to build new facilities at the Al-Jazira sports club in Abu Dhabi. (News in Brief).(Brief Article)
March 1, 2002... * UAE Bids are under evaluation for a contract to build new facilities at the Al-Jazira sports club in Abu Ohabi. The local Al-Hamed Development & Construction is the low bidder at AED 79.8 million ($22 million), some 12 per cent lower than the...

Emirates announces $1.5 billion engine deal. (Transport).(with Airbus Industrie)(Brief Article)
March 1, 2002... * UAE Order breaks Rolls Royce's monopoly with Emirates Dubai-based Emirates used the Asian Aerospace 2002 exhibition to announce a $1,500 million deal to buy engines for its A380 super-jumbos on order from Europe's Airbus Industrie. Engine...

Tehran wastewater project moves ahead. (Power & Water).(Brief Article)
March 1, 2002... * Iran Network to serve more than 10 million people The Tehran Sewerage Company (TSC) is pressing ahead with a large-scale project to install a comprehensive sewerage network in Iran's capital. The first of five project phases, which is now...

Iran Power Development Company (IPDC) is planning to award before the end of the Iranian year on 20 March the consultancy contract for Iran's fifth independent power project (IPP). (News in Brief).(Brief Article)
March 1, 2002... * Iran Iran Power Development Company (IPDC) is planning to award before the end of the Iranian year on 20 March the consultancy contract for Iran's fifth independent power project (IPP). IPDC is understood to be holding talks with several...

Solar power plant revived. (Power & Water).(Solar Millennium is sole bidder for solar hybrid power plant in southern Jordan)(Brief Article)
March 1, 2002... * Jordan The Energy & Mineral Resources Ministry has revived plans for an estimated $200 million solar hybrid power plant in southern Jordan, the minister, Mohammed Batayneh, announced following a cabinet meeting on 19 February. Solar...

Morganti, the US affiliate of Athens-based Consolidated Contractors International Company (CCC), has received a letter of intent for the second phase of the Mansoura water and wastewater project. (News in Brief).(Brief Article)
March 1, 2002... * Egypt Morganti, the US affiliate of Athens-based Consolidated Contractors International Company (CCC), has received a letter of intent for the second phase of the Mansoura water and wastewater project. The S25 million contract, which includes...

At least six companies submitted bids by 27 February to build a new 400/230/66-kV gas insulated switchgear substation near Tehran's central Vanak square. (News in Brief).(Teliran Regional Electricity Co.)(Brief Article)
March 1, 2002... * Iran At least six companies submitted bids by 27 February to build a new 400123D/66-kV gas insulated switchgear substation near Tehran's central Vanak square. Bidders on the Teliran Regional Electricity Company scheme are understood to...

Nexans. (News in Brief).(begins work on Kuwait underground cable links contract)(Brief Article)
March 1, 2002... * Kuwait Framce's Nexans has started work on a Eur 24 million ($21 million) contract to supply and install 132-kV high-valtage underground cable links at various locations in Kuwait The 22-month contract involves the installation of 96.7...

Evaluation of bids is under way at Muscat Municipality for the contract to provide consultancy services for its proposed wastewater system. (News in Brief).(Brief Article)
March 1, 2002... * Oman Evaluation of bids is under way at Muscat Municipality for the contract to provide consultancy services for its proposed wastewater system. About seven firms are understood to have submitted proposals in mid February. The bidders...

Energia Hidraulica de Navara. (News in Brief).(will study wind power project in the United Arab Emirates)(Brief Article)
March 1, 2002... * UAE Spain's Energia Hidraulica de Navara has signed a memorandum of understanding with the Industry & Economy Department of the Fujairah government for a feasibility study to set up wind farms in the emirate. The estimated $200 million-250...

Bids are due to be returned by 31 March for a subcontract to supply and install a 33/11-kV substation at Mussafah. (News in Brief).(Brief Article)
March 1, 2002... * UAE Bids are due to be returned by 31 March for a subcontract to supply and install a 33/11-kV substation at Mussafah. The six-month contract is estimated to be worth AED 15 million ($4 million). The prospective bidders are Europe's ABB,...

Three qualify for GSM licence. (Telecoms & IT).
March 1, 2002... * Tunisia Kuwait's Wataniya is the highest bidder Kuwait's second GSM operator, National Mobile Telecommunications Company (Wataniya Telecom), is understood to have submitted a bid of around $500 million for Tunisia's retendered GSM...

MobilCom plans GSM expansion. (Telecoms & IT).(Brief Article)
March 1, 2002... * Jordan Amman-based Arab Bank has lead arranged a JD 60 million (84 million) loan to finance the expansion of the local GSM network, which is owned by Jordan Telecom subsidiary MobilCom. The facility is the largest loan to be arranged by...

A new telecoms law altering the relationship between the government and the IT sector was signed by King Abdullah on 23 February. (News in Brief).(Brief Article)
March 1, 2002... * Jordan A new telecoms law altering the relationship between the government and the IT sector was signed by King Abdullah on 23 February. The new law, which comes into effect on 19 March, gives direct responsibility for drawing up government...

CASE plays the waiting game. (Companies & Markets).
March 1, 2002... CASE plays the waiting game Trading across the region was quiet after the Eid holiday, with most bourses registering a marginal rise in the week closing 27 February. Share prices barely moved on the CAIRO & ALEXANDRIA STOCK EXCHANGES...

Soaring confidence. (Special Report Qatar).(Illustration)(Industry Overview)(Statistical Data Included)
March 1, 2002... Twenty years ago, Qatar was perceived in many quarters as a sleepy backwater. By the mid 1990s, the country was stirring. Now, flushed with the success of hosting last November's World Trade Organisation talks and a rejuvenated economy, the...

Contracts.
March 1, 2002... Contracts More than $3,000 million-worth of contracts were awarded in the Middle East in February according to this checklist compiled from MEED reports. If you want details of your organisation to be included, please send information...

Databank.(for Gross Domestic Product, deficit data)(Illustration)(Statistical Data Included)
March 1, 2002... Databank: Economic forecasts, 2001-2002 Real GDP growth Current account Budget deficit/su ...

Baghdad creeps towards co-operation. (Seven Days).(Foreign Minister in talks with UN Secretary-General Kofi Annan)(Brief Article)
March 8, 2002... The US revealed evidence to the UN Security Council on 6 March purporting to show that Baghdad has broken the terms of the UN oil-for-food programme. The satellite pictures were presented on the eve of the 7 March meeting between UN...

Abdullah garners Arab support for peace plan. (Seven Days).(Crown Prince Abdullah of Saudi Arabia)(Brief Article)
March 8, 2002... The peace plan prepared by Crown Prince Abdullah of Saudi Arabia is to be presented formally to Arab foreign affairs ministers on 9 March, as a preliminary step for it to be approved at the Arab summit conference in Beirut at the end of the...

UN High Commission. (News in Brief: Egypt).(Brief Article)
March 8, 2002... UN High Commission for Human Rights president Mary Robinson on 1 March called on the Egyptian government not to extend emergency laws that give the security forces broad powers of detention. The laws have been routinely renewed every three...

Mohammed VI rounded off a two-day trip to the Western Sahara by reiterating Morocco. (News in Brief).(Brief Article)
March 8, 2002... Regional King Mohammed VI rounded off a two-day trip to the Western Sahara by reiterating Morocco's refusal to give up any part of the disputed territory. His 6 March comments come after a UN report in February suggested four options for...

9 March 1962. (Time was).(Brief Article)
March 8, 2002... A new deep water oil export terminal at the south of the Shatt al-Arab has been completed, allowing Iraq to increase oil exports to 70 million tonnes a year

7 March 1987. (Time was).(Brief Article)
March 8, 2002... Contractors are invited to bid for the construction of a cricket ground and a hockey stadium in Dubai

7 March 1997. (Time was).(Brief Article)
March 8, 2002... Qatar inaugurates its first gas liquefaction plant

Sharon's war spirals out of control. (Seven Days).(Ariel Sharon)(Brief Article)
March 8, 2002... The latest round of fighting sparked off by Israel's end-February thrust into two Palestinian refugee camps in the West Bank has raised questions over the durability of Prime Minister Ariel Sharon's coalition government and roused the US into...

Full house for MEED Awards dinner. (Seven Days).(MEED Awards for Business Excellence 2002)(Brief Article)
March 8, 2002... All places at the MEED Awards for Business Excellence 2002 gala dinner at the Emirates Towers Hotel in Dubai on the evening of 20 March have now been sold. "There is going to be a full-house on the night, a sure sign of the success of MEED's...

Pipelines come back into fashion.(natural gas)(Cover Story)
March 8, 2002... Once the preserve of North Africa, cross-border gas pipeline projects are now taking off in the Gulf. MEED surveys the proliferation in regional pipeline schemes and asks: why now? Back in 1996, an official from the Paris-based...

Oman LNG gets strong response. (Banking & Finance).(Brief Article)
March 8, 2002... Syndication of the $1,300 million refinancing facility for Oman LNG has had an excellent response at syndication (MEED 11:1:02). "We are aiming to raise around $400 million but we've been swamped," says a banker at one of the lead arranging...

Bridge finance fixed for Fujairah desal complex. (Banking & Finance).(United Arab Emirates)(Brief Article)
March 8, 2002... A $950 million bridge financing facility has been arranged for the Fujairah power, water and pipeline project being developed by Union Water & Electricity Company, a subsidiary of Abu Dhabi-based UAE Offsets Group. Lead arranged by...

HSBC Bank Middle East ups earnings sharply. (Banking & Finance).(year 2001 profits)(Brief Article)(Statistical Data Included)
March 8, 2002... Dubai-headquartered HSBC Bank Middle East on 5 March announced cash-basis pretax profits of $179 million for 2001, a 23 per cent improvement on the $139 million generated in 2000. Much of the surge in the bottom line came from a sharp...

Omifco prepares to go to market. (Banking & Finance).(Oman India Fertiliser Co. receives financing)(Brief Article)(Statistical Data Included)
March 8, 2002... General syndication of the debt package for Oman India Fertiliser Company (Omifco) was due to be launched by 8 March, bankers close to the deal say. The total financing package is for $674 million, including $320 million-worth of export...

Dubai studies bond options. (Banking & Finance).(Brief Article)(Statistical Data Included)
March 8, 2002... The government of Dubai is considering recommendations put to it by local and international banks for its planned debut bond. The debt issue, first announced in January, is expected to target upwards of $400 million, which will be used to...

MIBank gets ready for relaunch. (Banking & Finance).(Misr International Bank, includes year 2001 full-year income data)(Brief Article)(Statistical Data Included)
March 8, 2002... A new strategy being drawn up for Misr International Bank (MIBank) with the help of Lloyds TSB is scheduled to go into effect in the second half of 2002, says recently appointed deputy chairman and managing director Hatem Sadek. New initiatives...

UIB sale begins. (Banking & Finance).(Economic Development Ministry of Tunisia selling majority stake in Union Internationale de Banques)(Brief Article)(Statistical Data Included)
March 8, 2002... Banks wanting to acquire a majority stake in the state-owned Union Internationale de Banques (UIB) have until 23 March to submit expressions of interest to the Economic Development Ministry (see Tenders). The bank was one of 26 institutions...

Insurers square up to market losses. (Banking & Finance).(incurred from September 11)(Brief Article)(Statistical Data Included)
March 8, 2002... Global insurance markets are still counting the cost of the 11 September attacks on the US, and will be for some time to come. "Our own estimates put insurers' total exposure at between $32,000 million and $58,000 million, but it could take up...

HSBC extends loan facility. (Banking & Finance).(to Iran's Bank Tejerat)(Brief Article)
March 8, 2002... HSBC Investment Bank on 5 March announced the extension of an export credit loan to Iran's Bank Tejarat. The $34 million facility, which is guaranteed by the UK's Export Credits Guarantee Department (ECGD), will be used to finance a carbon...

Gulf International Bank. (News in Brief).(year 2001 full-year profits)(Brief Article)(Statistical Data Included)
March 8, 2002... Regional Bahrain-based Gulf International Bank has released full-year figures for 2001. Net profits fell by 15 per cent to $101 million, headline figures released in late January showed (MEED 1:2:02). The full results show significant balance...

Union National Bank. (News in Brief: UAE).(year 2001 net profits)(Brief Article)(Statistical Data Included)
March 8, 2002... Abu Dhabi-based Union National Bank has posted net profits of AED 243 million ($66 million) for 2001, a 20 per cent improvement on the previous year. The strong earnings growth is translated into strong performance indicators: the return on...

Abu Dhabi Islamic Bank. (News in Brief: UAE).(year 2001 net profits)(Brief Article)(Statistical Data Included)
March 8, 2002... Abu Dhabi Islamic Bank on 5 March posted net profits for 2001 of AED 80.4 million ($21.9 million), a 33 per cent increase on the previous year. Some of the improvement in earnings stemmed from a 44 per cent increase to AED 79.5 million ($22...

People.(Hassan Abdalla appointed managing director and vice chairman of Arab African International Bank)(Brief Article)
March 8, 2002... Hassan Abdalla has been appointed vice-chairman and managing director of Arab African International Bank (AAIB), effective from 3 March. Abdalla joined the bank in 1992, and has served as general manager since November 1999. The position he has...