MEED Middle East Economic Digest articles from March 2005

MEED Middle East Economic Digest archives from March 2005

Exploring new avenues.
March 4, 2005... Most Gulf states display all the characteristics of developing economies, including heavy dependence on a limited range of industries such as oil and gas. But the present petrodollar-based boom has seen regional governments acting with far...

Syria pledges withdrawal, but no timescale; President Asad promises a full troop redeployment "within months".(Bashar al-Asad )
March 4, 2005... After decades of involvement in Lebanese affairs, the future influence of Damascus over its neighbour looks uncertain. Demands for the withdrawal of 15,000 Syrian troops from Lebanon have grown in Beirut and the broader international community,...

On the record.(Seven Days)
March 4, 2005... "It should be very soon and maybe in the next few months. Not after that. I can't give you a technical answer. The point is the next few months" Syrian President Asad confirms plans to withdraw Syrian Troops from Lebanon

Looking back.(Calendar)
March 4, 2005... 5 March 1965 A tripartite arms deal between the US, Germany and Israel begins to unravel under intense public scrutiny, opening the door to negotiations between Washington and Tel Aviv for the first bilateral sale of US heavy weaponry to...

Mubarak opens the doors to democracy.(Hosni Mubarak)(Brief Article)
March 4, 2005... President Mubarak in late February confirmed that he had asked the People's Assembly and upper house to amend the constitution to allow multiple candidates to stand in the upcoming presidential elections in October. "I have asked the parliament...

Bomber kills four in Tel Aviv: 25 February.(News Digest)(Brief Article)
March 4, 2005... A suicide bomber kills four people in an attack on a nightclub in Tel Aviv. Following the bombing, Israeli troops and Palestinian police arrest seven people. Palestinian leader Mahmoud Abbas promises to punish those responsible. "The...

Tehran, Moscow sign nuclear deal: 27 February.(News Digest)(Brief Article)
March 4, 2005... Moscow and Tehran sign an agreement for Russia to supply fuel for the Iranian nuclear reactor at Bushehr. Under the scheme, Tehran must return spent nuclear fuel rods from its reactor, designed and built by Moscow. The stipulation is designed...

Car bomb kills more than 115: 28 February.(News Digest)(Brief Article)
March 4, 2005... At least 115 people are killed in a car bomb attack in Hilla, south of Baghdad, in one of the deadliest bombings since the fall of Saddam Hussain. The attack comes as interim Prime Minister Iyad Allawi acknowledged that Iraqi security forces...

Jordan, Syria sign border accord: 1 March.(News Digest)(Brief Article)
March 4, 2005... Amman and Damascus sign an agreement settling a long-standing border dispute between the two states. Syria will retain 125 square kilometres of territory in Jordan and Amman will be given an equivalent area in the border zone between the two...

Saddam judge killed: 1 March.(News Digest)(Brief Article)
March 4, 2005... A judge on the tribunal set up to try former president Saddam Hussain is killed. Barwaz Mahmoud Marwani and one of his relatives are shot dead by gunmen outside their home. The tribunal, set up in December 2003, has been delayed due to security...

Jaafari seeks Kurdish support: 2 March.(Ibrahim Jaafari)(Brief Article)
March 4, 2005... The Shia United Iraqi Alliance (UIA) prime minister-designate IbrahimJaafari meets Kurdish Democratic Party (KDP) leader Massoud Barzani in Salahuddin, near Irbil. Negotiations are expected to focus on attempts to form a new government....

Eastern Province elections held: 3 March.(News Digest)(Brief Article)
March 4, 2005... Voters in Saudi Arabia's Eastern Province go to the polls in the second stage of the country's landmark municipal elections. The Eastern Province is where most of the kingdom's Shia minority lives. The Azir, Baha, Jizan and Najran regions are...

The birth of a gas shipping giant; mid-February saw the close of the initial public offering in Qatar Gas Transport Company, set to become the world's biggest liquefied natural gas (LNG) shipping firm. But the company's ambitions extend far beyond the LNG market.(Cover Story)
March 4, 2005... It is easy to miss the offices of Qatar Gas Transport Company (QGTC--Nakilat). Tucked away on a side street just off the E ring-road, they are housed in a two-storey villa on the outskirts of Doha. Were it not for the brass plate on the wall or...

On the hunt for new markets: after two years of major economic reforms, Riyadh is exploring fresh avenues, Commerce & Industry Minister Hashim Yamani tells Richard Thompson.(Interview: Hasmim Yamani, Saudi Commerce & Industry Minister)(Interview)
March 4, 2005... With record oil revenues grabbing the headlines it has been easy to miss Saudi Arabia's other economic success story--the growth of its non-oil economy Riyadh's non-off sector grew by 5.7 per cent in 2004, its highest growth rate in 20 years...

Jaafari set to manage transition: Ibrahim Jaafari is set to become Iraq's first democratically-elected prime minister. Victoria Robson profiles the new face of the transitional government.(Ibrahim Jaafari)
March 4, 2005... Whoever assumes the mantle of Iraq's political leadership faces a range of pressing economic issues. The transitional government will have to deal with the legacy of chronic under-investment in essential services, unemployment and disrupted oil...

Doha ramps up its gas investment: major moves on Qatargas II and Qatargas 4.
March 4, 2005... The scale of Qatar's gas export ambitions was further underlined at the early-March Doha Natural Gas conference, with a host of agreements being signed between Qatar Petroleum (QP) and international oil companies for new liquefied natural gas...

Costain goes low for bid Boland gas plant.
March 4, 2005... A consortium of the UK's Costain and the local Sazeh Consult and Jahanpars submitted the lowest bid for package A, the plant contract, on the Bid Boland gas project. The lowest price for package B, comprising the pipelines and storage tanks,...

SRAK to spud three wells.(Saudi Arabia)(South Rub al-Khali)
March 4, 2005... Western Geco GSI, part of the US' Schlumberger, is due to complete by December a 2D seismic survey over a 16,000-kilometre-area in the Rub al-Khali (Empty Quarter). The survey and data acquisition is part of a contract awarded in mid-2004 by...

Qatar-Pakistan to study gas import options.(Regional)(Qatar Petroleum Corp.)(Brief Article)
March 4, 2005... A technical committee between Qatar Petroleum (QP) and Pakistan's Oil Ministry due to hold its first meeting in Doha by the end Of March on the options for Supplying Qatari gas to Pakistan. The Committee will study the volume of gas robe...

MEED conferences: premier networking events.(Calendar)
March 4, 2005... Major Project Developments in Dubai 15-16 March 2005, Dubai 2nd Middle East Power & Water 21-23 March 2005, Abu Dhabi Arabian Hotel Investment Conference 30 April-2 May 2005, Dubai For further details visit our...

NOC studies refinery plans.(Libya)(National Oil Corporation)
March 4, 2005... National Oil Corporation (NOC) is reviewing options to build a new refinery in the southwest of the country. The project is part of a larger scheme aimed at bringing on board joint venture partners to support NOC's efforts to upgrade and expand...

Damascus mulls options for refinery projects.(Syria)(Brief Article)
March 4, 2005... The Petroleum & Mineral Resources Ministry is holding discussions with several organisations about the financing of a new $1,500 million refinery at Deir alZor, following the completion of a 12-month feasibility study in January. The...

Naimi predicts sustained price highs.(Oil Prices)(Petroleum & Mineral Resources Minister Ali Naimi)(Brief Article)
March 4, 2005... Oil prices continued their surge in early March as the new month failed to bring spring weather and OPEC officials made bullish statements on the price outlook for the year ahead. The upward trend makes it increasingly unlikely that the...

Tender out for further Wafra telemetry work.(Kuwait)(Brief Article)
March 4, 2005... Saudi Arabian Texaco/Kuwait Oil Company (KOC) joint operations has invited four international contractors to bid by 13 March for an estimated $50 million contract to supply and install a telemetry system covering the Wafra field. An award is...

0xy negotiates for Mukhaizna.(Oman)(Occidental Petroleum)(Brief Article)
March 4, 2005... Negotiations are understood to be ongoing with the government over the possibility of the US' Occidental Petroleum taking over responsibility for the Mukhaizna thermal injection enhanced oil recovery (EOR) project from Petroleum Development...

AES Arabia wins Aramco jobs.(Saudi Arabia)(Saudi Arabian Oil Co.)(Brief Article)
March 4, 2005... AES Arabia, a local affiliate of the US' American Engineering Services, is pressing ahead with work on two contracts awarded recently by Saudi Aramco on a programme to replace water treatment facilities at two plants in Abqaiq and Jubail. Under...

Exploration awards imminent.(Egypt)(Egyptian General Petroleum Corp.)(Brief Article)
March 4, 2005... The award of three licences to explore for oil in the Western Desert is imminent following the completion of bid evaluations by Egyptian General Petroleum Corporation (EGPC). Sources in Cairo say EGPC has submitted the names of its preferred...

CB&I wins second-phase terminal contract.(Qatar)(Chicago Bridge and Iron Co.)(Brief Article)
March 4, 2005... US-based Chicago Bridge & Iron (CB&I) has been awarded the estimated $325 million second-phase engineering, procurement and construction (EPC) contract for the UK gas receiving terminal on the Qatar Liquefied Gas Company II (Qatargas It)...

UK firm to assist Qatargas II team.(Qatar)(Qatar Liquefied Gas Company II)(Brief Article)
March 4, 2005... The UK's Wavespec has been appointed to provide specialist engineering staff to the Qatar Liquefied Gas Company II (Qatargas II) integrated liquefied natural gas (LNG) project. The personnel will carry out studies on future shipping...

OVL signs up for offshore acreage.(Qatar)(ONGC Videsh )(Brief Article)
March 4, 2005... India's ONGC Videsh (OVL) signed on 2 March an appraisal, development and production sharing agreement with Qatar Petroleum (QP) for the offshore Najwat Najem oil acreage. Under the agreement, OVL will take two years carrying out appraisals of...

Shell to open new tech centre.(Qatar)(Royal Dutch-Shell Group of Cos.)(Qatar Shell Research & Technology Centre)(Brief Article)
March 4, 2005... The Royal Dutch/Shell Group has signed a 10-year lease with the Qatar Foundation (QF) for its Qatar Shell Research & Technology Centre. Shell plans to invest up to $100 million in the facility, located in QF's Science & Technology Park in...

Zadco plans new pipeline.(UAE)(Zakum Development Co)(Brief Article)
March 4, 2005... JP Kenny, part of the UK's Wood Group, has announced the award of a contract to carry out a conceptual study for the proposed replacement of a crude oil pipeline in offshore Abu Dhabi. Placed by Zakum Development Company (Zadco), the contract...

Takreer confirms OGD-3 tankage award.(UAE)(Abu Dhabi Oil Refining Company)(onshore gas development )(Brief Article)
March 4, 2005... Abu Dhabi Oil Refining Company (Takreer) announced on 1 March the award of package 5 on the third phase of the onshore gas development (OGD-3) to the local National Petroleum Construction Company (NPCC), The estimated $57 million engineering,...

Nexans wins Dolphin umbilicals.(Regional)(Dolphin Energy Ltd.)(Brief Article)
March 4, 2005... The last major engineering, procurement and construction (EPC) package has been placed on the first phase of the Dolphin gas pipeline project, with the award of the umbilicals package to the Norwegian office of Nexans. The contract, valued at...

Sound progress at Sipchem: phases 2-3 on track Bhairi, tells MEED Eastern Province conference.(Saudi Arabia)(Saudi International Petrochemical Co.)
March 4, 2005... Saudi International Petrochemical Company (Sipchem) is pressing ahead with plans to carry out its phase 2 and phase 3 expansions, which are due to be completed by 2010 at a cost of up to $3,500 million, according to Abdullatif Bhairi, Sipchem's...

Shell signs up for ethane cracker.(Qatar)(Shell Chemicals)(Brief Article)
March 4, 2005... Qatar Petroleum (QP) and Shell Chemicals, part of the Royal Dutch/Shell Group, signed on 1 March a letter of intent (LoI) for the development of a world-scale ethane cracker complex at Ras Laffan. The LoI provides for the two parties to define...

Lurgi, SocGen work on Salalah methanol.(Oman)(Lurgi GmbH)(Societe Generale )(Brief Article)
March 4, 2005... Germany's Lurgi has been awarded the engineering, procurement and construction (EPC) contract and Societe Generale is acting as financial adviser on the planned methanol plant at Salalah. A shareholders' agreement was signed for the project in...

KBR-led consortium unveils Suez ammonia plant.(Egypt)(Kellogg, Brown & Root)(Brief Article)
March 4, 2005... A local/US consortium has unveiled plans to develop the country's biggest ammonia plant in the Gulf of Suez. The 2.000-tonne-a-day-capacity anhydrous ammonia plant is to be built in the Suez Industrial Zone near the Red Sea port of Ain...

Three teams fight for Shiraz fertiliser.(Iran)(Shiraz Fertiliser Company )(Brief Article)
March 4, 2005... Three bids have been submitted for the Shiraz Fertiliser Company (SFC) urea and ammonia expansion project. expected to be worth $200 million. The engineering, procurement and construction (EPC) bidders are: Japan's Kawasaki Heavy Industries...

Mitsubishi group bids low for metro: DRRT consortium comprises two Mitsubishi entities, two other Japanese firms and a Turkish firm.(UAE)(Dubai Rapid Rail Transit)
March 4, 2005... The consortium led by Japan's Mitsubishi Corporation is the low bidder for the first phase of the Dubai light rail transport (LRT) project after commercial bids from four consortia were opened on 28 February. The opening of commercial bids...

Wade takes DSO infrastructure.(UAE)(Wade Adams Contracting)(Dubai Silicon Oasis)
March 4, 2005... The local Wade Adams Contracting has been awarded the estimated AED 250 million ($68 million) main infrastructure contract on the Dubai Silicon Oasis (DSO) development. The contract involves grading, roadworks, telecommunications...

Eols sought for JLT tower.(UAE)(expressions of interest )(Jumeirah Lake Towers)(Dubai Metals and Commodities Centre)(Brief Article)
March 4, 2005... Invited contractors have been requested to submit expressions of interest (Eols) by 5 March for the 20-month main construction package on the estimated $150 million DMCC Al-Mas tower at the Jumeirah Lake Towers (JLT) development in Dubai. The...

Stadium project kicks off.(UAE)(Dewan Architects & Engineers)(AFL Co.)(Brief Article)
March 4, 2005... A team of the local Dewan Architects & Engineers and the UK's AFL has been selected as consultant for the redevelopment of Abu Dhabi's Al-Jazeera football stadium. The project calls for the reconstruction of the single-tier stands into a...

Lulu marine bids due.(Bahrain)(Lulu Tourism Company)(Brief Article)
March 4, 2005... Bids are due by 23 March for the marine works package on the planned BD 200 million ($526.3 million) Lulu Island resort off the coast of Manama. The contract covers quay walls and revetments and is estimated to be worth in excess of $30...

Hospital prequals in.(Bahrain)(King Hamad General Hospital )(Brief Article)
March 4, 2005... About 34 companies have applied to prequalify for the main construction contract on the King Hamad General Hospital in Muharraq. The consultant, Australian Hospital Design Group, is due to submit its shortlist to the Works and Housing Ministry...

Bids in for Texas A&M.(Qatar)(Texas A&M College of Engineering )(Brief Article)
March 4, 2005... Bids are under evaluation at Qatar Petroleum (QP) for the contract to build the Texas A&M College of Engineering at Education City. About five local and international contractors are competing for the estimated $120 million award, which calls...

Platinum tower bids in.(Qatar)(Brief Article)
March 4, 2005... Bids were submitted on 1 March for the estimated $100 million main package on the Platinum tower project in West Bay. Bidders for the 24-month contract include China State Construction Engineering Company, Interbeton--part of the UK's Higgs &...

New tax for foreign PMCs.(Saudi Arabia)(project management consultancy)(Brief Article)
March 4, 2005... International project management consultancy (PMC) firms and consultants are now under an obligation to pay a new tax to the Department of Zakat & Income Tax at the Finance Ministry. Known as the withholding tax, the fee is 5-20 per cent of the...

Proposals in for DCCI tower.(UAE)(Dubai Chamber of Commerce & Industry )(Brief Article)
March 4, 2005... Five companies have submitted design proposals for a second tower for the Dubai Chamber of Commerce & Industry (DCCI) in Deira. The project calls for the construction of a landmark 24-storey building at a cost of about AED 200 million ($54...

Sharjah road revamp gets into gear.(UAE)(Sharjah Municipality)(Brief Article)
March 4, 2005... Sharjah Municipality (SM) has invited contractors to bid by mid-March for two road projects aimed at easing traffic congestion in the city. Bids are due by 14 March for package 1. Located near the National Paints roundabout on King Abdul-Aziz...

Five in for IMPZ.(UAE)(International Media Production Zone )(Brief Article)
March 4, 2005... Five companies submitted bids in mid-February for the estimated AED 300 million-400 million ($82 million-109 million) main infrastructure contract on the International Media Production Zone (IMPZ) in Dubai. The 24-month contract is the first...

Capital Plaza PMC up for grabs.(UAE)(project management consultancy)(Brief Article)
March 4, 2005... Bids have been submitted by at least four companies for the project management consultancy (PMC) contract on the Capital Plaza project in Abu Dhabi. Bidders are understood to include Australia's Bovis Lend Lease, CRSS International--a...

Dhabi takes more International City work.(UAE)(Dhabi Contracting Company )(Brief Article)
March 4, 2005... The local Dhabi Contracting Company has been awarded its second contract on the residential district of the estimated $1,900 million International City development in Dubai. Valued at AED 242 million ($68 million), package 8 calls for the...

National library goes for retender.(Qatar)(Qatar National Library )(Brief Article)
March 4, 2005... Bidding has recommenced for the main package on the Qatar National Library project, after Qatar Petroleum (QP) issued the retender for the landmark project. Prequalifiers have been given until 3 April to submit design and build bids for the...

BOT problems highlighted.(Kuwait)(build operate transfer)(Kuwait Commercial Markets Complex Company )(Brief Article)
March 4, 2005... The government must do more to help private investors if it wishes to push ahead with its ambitious build-operate-transfer (BOT) plans, according to local companies speaking at a two-day conference held to discuss the issue in February. The...

Six shortlisted for Blue Pearl tower.(Bahrain)(Brief Article)
March 4, 2005... Six groups have been prequalified for the main construction contract on a 47-storey tower, called the Blue Pearl, in central Manama, close to the Sheraton Hotel and the planned Bahrain World Trade Centre towers. The client is a member of the...

Bids due for airport consultancy.(Bahrain)(Bahrain International Airport)(Brief Article)
March 4, 2005... About 13 consultants are expected to bid by the revised 22 March deadline for the consultancy contract on me expansion of Bahrain International Airport out of the 17 firms prequalified by the Works & Housing Ministry, working on the project in...

Ruwais harbour goes for bid.(UAE)(Abu Dhabi National Oil Co)(Brief Article)
March 4, 2005... Abu Dhabi National Oil Company has invited nine prequalified contractors to submit technical bids by 24 April for the engineering, procurement and construction (EPC) contract on the Ruwais small boat harbour project. The estimated $30...

Aprons award close to being tied up.(UAE)(Abu Dhabi International Airport)(Brief Article)
March 4, 2005... The award of the first major construction package on the Abu Dhabi International Airport expansion project was imminent in late February, after five contractors submitted bids on 22 February. The local/Belgian Six Construct Abu Dhabi is the low...

Salco plans new smelter for Bandar Abbas; smelter to be powered by Almahdi plant.(Iran)(South Aluminium Corporation)(Brief Article)
March 4, 2005... South Aluminium Corporation (Salco) has issued a tender for a new aluminium smelter planned at the mines and minerals economic zone in Bandar Abbas. The 300,000-tonne-a-year (t/y) smelter will be adjacent to the Almahdi smelter, which is now...

Bechtel is preferred bidder for Sohar smelter.(Oman)(Bechtel Group Inc.)(Sohar Aluminium Company)(Brief Article)
March 4, 2005... The US' Bechtel has been officially named as preferred bidder by Sohar Aluminium Company (SAC) for the engineering, procurement and construction management (EPCM) contract on its planned smelter at Sohar. Negotiations are expected to be...

Dubai Investments floats into action.(UAE)(Emirates Float Glass plant )(Brief Article)
March 4, 2005... Dubai Investments (DI) is expecting to issue a tender to specialised contractors for a float glass plant by the middle of the year. The estimated AED 735 million ($200 million) Emirates Float Glass plant will cover an area of about 200,000...

Germans and Chinese compete for metro work; Rtico to incorporate foreign assistance.(Iran)(Rail Transportation Industry Company)(CTIC )
March 4, 2005... Germany's Siemens and China's CTIC are competing to become the main foreign partner of Rail Transportation Industry Company (Rtico) for the development of Tehran's metro line 3. China North Industries Company (Norinco) has already finalised the...

Big plans for Kish and Qeshm airports.(Iran)(Kish Free Zone Organisation)(Qeshm Free Authority)(Brief Article)
March 4, 2005... Kish Free Zone Organisation and Qeshm Free Authority have issued tenders for development of the airports on their respective islands on a build-operate-transfer (BOT) basis (MEED 12:9:03). The Kish project involves the construction and...

SWCC ponders privatisation option; state water body could float in three years.(Saudi Arabia)(Saline Water Conversion Corporation )(Brief Article)
March 4, 2005... The Saline Water Conversion Corporation (SWCC) is gearing up to appoint a team of consultants to study options on how to privatise the state-owned body, which is in charge of water desalination and transmission across the kingdom. Under the...

Good response to Almanakher IPP tender.(Jordan)(independent power project)(Brief Article)
March 4, 2005... At least 10 companies in late February registered interest in bidding for the contract to develop Jordan's first independent power project (IPP)--a 280-400-MW combined cycle power plant at Almanakher, near Amman. The winner of the 25-year,...

Damietta to expand.(Egypt)(Damietta Port Authority )(Brief Article)
March 4, 2005... Kuwait & Gulf Link Transport Company has signed a memorandum of understanding (MoU) with Damietta Port Authority to carry out a six-month feasibility study into a planned expansion of the container terminal at the port. The port was recently...

Power privatisation accelerates.(Bahrain)(Hidd power and desalination complex )(Brief Article)
March 4, 2005... Phases 1 and 2 of the Hidd power and desalination complex are expected to be offered for sale to a private operator by the end of 2005, say government officials. The acceleration of the power privatisation programme follows the smooth...

New wind farm tender issued.(Egypt)(New & Renewable Energy Authority )(Brief Article)
March 4, 2005... The New & Renewable Energy Authority (NREA) has issued a tender for the construction of an 80-MW wind farm at Zaafarana in the Gulf of Suez. International contractors have until 28 March to prequalify for the estimated $80 million design,...

Tender issued for major substation work.(Kuwait)(Brief Article)
March 4, 2005... The Energy Ministry has prequalified five international contractors for a contract to supply and install a 300/132/11-kV substation at Al-Siddiq West. They are: Germany's Siemens; ABB of Europe; a joint venture of AE Power Systems Corporation...

Ras Laffan IWPP project agreements signed.(Qatar)(independent water and power project)(Brief Article)
March 4, 2005... The key project agreements, including the 25-year power and water purchase agreement (PWPA), were signed on 1 March between Qatar General Electricity & Water Corporation (Kahramaa) and the three-strong consortium awarded the state's second...

GE signs up for Ajman power plant.(UAE)(GE Power Systems)(Brief Article)
March 4, 2005... The US' GE Power Systems has been awarded an estimated $180 million contract from the Federal Electricity & Water Authority (FEWA) to build a 750-MW open cycle power station at Al-Zahra in Ajman emirate. One other company, Germany's Siemens,...

Consultancy tender out for H station.(UAE)(Dubai Electricity and Water Authority)(Brief Article)
March 4, 2005... Another major expansion of the H station plant at Al-Aweer is on the cards after Dubai Electricity & Water Authority (DEWA) invited consultants to submit bids by 19 March for the phase 3 consultancy contract. The project is expected to involve...

OT lands fixed-line: Egyptian consortium goes west.(Algeria)(Orascom Telecom)(L'Autorite de Regulation de la Poste & des Telecommunications )(Brief Article)
March 4, 2005... An Egyptian consortium of Orascom Telecom and state-owned Telecom Egypt (TE) has been awarded the country's second national and international fixed-line licence for $65 million by the regulator, L'Autorite de Regulation de la Poste & des...

Etisalat creates global entity.(UAE)(Emirates Telecommunications Corporation Ltd.)(Etisalat International )(Brief Article)
March 4, 2005... Emirates Telecommunications Corporation (Etisalat) is set to broaden its sphere of influence after creating Etisalat International to manage all global investments and operations. Obaid Saeed bin Mishar has been appointed chief operating...

Movement at MoFNE.(Bahrain)(Ministry of Finance and National Economy )(Brief Article)
March 4, 2005... Mahmood al-Kooheji, formerly head of the directorate of government shareholdings at the Ministry of Finance & National Economy (MoFNE), has been promoted to assistant undersecretary for economic affairs. He is replaced by Shaikh Mohammed bin...

IMF commends reform.(Morocco)(International Monetary Fund)(Brief Article)
March 4, 2005... Rabat was commended for its trade liberalisation policy--culminating in a free trade agreement (FTA) with the US in 2004--but was urged to accelerate structural reform in order to enjoy the full fruits of greater openness by IMF managing...

CBO plans bond issues.(Oman)(Central Bank of Oman)(Brief Article)
March 4, 2005... The Central Bank of Oman (CBO) is planning to issue sovereign local currency bonds worth RO 60 million ($154 million) during 2005, CBO executive president Hamoud Sangour al-Zadjali announced in early March. One tranche will be launched in the...

NBO calls off merger talks; Bank Muscat reduces NBO's valuation.(Oman)(National Bank of Oman )(Brief Article)
March 4, 2005... National Bank of Oman (NBO) on 1 March announced its withdrawal from merger talks with Bank Muscat, citing ongoing procedural delays to the process. Bank Muscat, in a letter to the Capital Markets Authority (CMA) on the same day; indicated that...

SABB eurobond priced.(Saudi Arabia)(Saudi British Bank)(Brief Article)
March 4, 2005... Saudi British Bank (SABB), the local affiliate of HSBC, has issued its debut eurobond, the first international bond issue by a local corporate. The size of the deal was increased to $600 million, from the $300 million-400 million originally...

NBB plans Saudi launch.(Bahrain: National Bank of Bahrain )
March 4, 2005... National Bank of Bahrain (NBB) plans to start operations in Saudi Arabia by the end of the second quarter, chief executive officer Hassan Juma said after the bank's annual general meeting (AGM) on 28 February. NBB was granted a licence in 2002....

BMA issues sukuk.(Bahrain)(Bahrain Monetary Agency )(Brief Article)
March 4, 2005... The Bahrain Monetary Agency (BMA--central bank) has issued a BD 30 million ($78 million) sukuk al-ijara, which closed more than 50 oer cent oversubscribed. The five-year paper carries an annual rental return of 4.5 per cent and takes out a...

US censures Arab Bank.(Jordan)(Comptroller of the Currency )(Brief Article)
March 4, 2005... The US Office of the Comptroller of the Currency (OCC), the US bank regulator, in late February ordered the New York branch of Arab Bank to end its wire transfer business, because of fears it has assisted in illegal money transfers to the...

Islamic windows open.(UAE)
March 4, 2005... Union National Bank (UNB) and First Gulf Bank have lodged applications with the Central Bank of the UAE to establish Islamic windows. while National Bank of Dubai and National Bank of Abu Dhabi are considering doing so, The moves follow...