MEED Middle East Economic Digest articles from March 2007

MEED Middle East Economic Digest archives from March 2007

Educational needs.(COMMENT)
March 2, 2007... The most intractable economic challenge facing the Middle East is creating jobs for nationals. The high oil prices of the last four years, which have delivered unprecedented economic prosperity, have simply masked the fact that the Middle East,...

Looking back.(SEVEN DAYS)(South Arabian Federation meeting in Aden)(Washington and London demand trial over Libyan bombers)(Lebanese security forces destroy opium crops)(Brief article)
March 2, 2007... 2 March 1967 A clear majority of the 17 states forming the South Arabian Federation meeting in Aden approves a proposal for a constitution after independence from the UK. But a president has yet to be found for the new state 28...

On the record.(SEVEN DAYS)(Dick Cheney on the possibility of war with Iran)(Brief article)
March 2, 2007... "I'VE MADE THE POINT, AND THE PRESIDENT HAS MADE THE POINT, THAT ALL OPTIONS ARE ON THE TABLE" US Vice-President Dick Cheney on 24 February leaves open the possibility of war with Iran

US changes policy on Iran; but are US talks with Iran and Syria a step towards military action?(IRAQ)
March 2, 2007... The Bush administration's apparent softening of its stance on Syrian and Iranian involvement in Iraq could simply be another step in building up a case for military action against Tehran, say observers. Having initially rejected the Iraq...

Prince Turki slams West over Israeli weapons.(REGIONAL)(Prince Turki al-Faisal)
March 2, 2007... The challenge facing the US and its allies in building up regional support for military action against Iran has been highlighted, after Prince Turki al-Faisal, the former Saudi ambassador to London and Washington, attacked the West's inaction...

GCC pay lags behind living costs; 22 February.(Gulf Cooperation Council)(Survey)(Brief article)
March 2, 2007... The cost of living in the Gulf is outstripping the increase in salaries, according to a survey conducted by Bayt.com and Dubai-based market research company YouGovSiraj. The survey found that salaries in the GCC increased by 15 per cent in 2006...

Bomb caches found in Beirut; 23 February.(NEWS DIGEST on MEED.com this week)(Brief article)
March 2, 2007... Lebanon's security forces find three bomb caches in locations across Beirut. A cache of 19 sticks of TNT were found in a dustbin lorry on Hikmeh Avenue, opposite the Murr television station and the Mont Liban Radio building. Half an hour later,...

Chancellor urges recognition of Israel; 23 February.(NEWS DIGEST on MEED.com this week)
March 2, 2007... German Chancellor Angela Merkel re-emphasises the EU's policy that any Palestinian government must recognise Israel. Merkel made the comments during a visit to Berlin by Palestinian Authority President Abbas. The Palestinian president is...

Riyadh seeks to improve relations with Damascus; 26 February.(NEWS DIGEST on MEED.com this week)(Conference news)(Brief article)
March 2, 2007... Riyadh invites Syrian President Asad to attend the 19th Arab League summit in a move to improve the poor relations that have existed between the two countries since the assassination of former Lebanese prime minister Rafiq Hariri in February...

Controversial date set for elections; 27 February.(Rabat hold parliamentary elections )(Brief article)
March 2, 2007... Rabat announces it will hold parliamentary elections on 7 September. The country's main political parties failed to reach a consensus on the timing of elections after the government asked them to choose between July and September. Secularists...

Iraqi president receives treatment in Amman; 27 February.(Jalal Talabani)(Brief article)
March 2, 2007... Iraqi President Talabani is in a stable condition after receiving treatment for dehydration at the King Hussein Medical Centre in Amman. "He's suffering from exhaustion. The reports about him having a heart attack or a stroke are completely...

Investing in the futures: the region's first energy futures bourse is scheduled to start trading on 1 May, giving the Middle East control over its most precious resource: sour crude oil. But does it have the support to succeed where other efforts have stalled?(COMMODITIES EXCHANGES)
March 2, 2007... Cover Story In just under two months, all eyes will turn to the Dubai Mercantile Exchange (DME) as it launches the region's first energy futures contract, potentially altering the way nearly one-quarter of the world's crude oil is priced...

Reformers make their move: A packed conference hall in Tripoli highlights the interest in Libya's attempts to reform. But can it deliver? Karin Maree reports from Tripoli.(BRIEFING: LIBYA)(Libyan Economic Development Board)
March 2, 2007... Most of the delegates crammed into the conference suite of Tripoli's Corinthia hotel on 22 February have heard promises of economic reform before. And many have become doubtful whether Tripoli is capable of delivering real change. For despite...

First Calgary find tripled in size; development plans likely to be expanded.(ALGERIA)(First Calgary Petroleum Ltd.)
March 2, 2007... Plans by Canada's First Calgary Petroleums (FCP) to develop a major gas discovery on the Berkine Basin in the east could be significantly expanded in the coming months, MEED has learned. Probable reserves on the field are three times that...

Ganope names operators on delayed bidding round.(EGYPT)(Ganoub el-Wadi Petroleum Company)(Egyptian General Petroleum Company)(Brief article)
March 2, 2007... The delayed block awards from the 2006 international bidding round of Ganoub el-Wadi Petroleum Company (Ganope) have been completed. Awards have been made on five of the eight blocks offered in the round; three attracted no bids. The awards...

Saudi Aramco records strong discovery figures.(SAUDI ARABIA)(Brief article)
March 2, 2007... Saudi Aramco discovered six per cent more crude oil than it produced last year and more than doubled its target for new gas reserves with 10.4 trillion cubic feet (tcf). At its latest board meeting, in late February, the company revealed...

Aramco signs enlarged Chinese refinery deal.(SAUDI ARABIA)(Brief article)
March 2, 2007... State oil giant Saudi Aramco is to go ahead with an enlarged multi-billion dollar refinery and petrochemical project in China's Fujian province. The deal, which will boost the potential market for Aramco's heavy crude, expands on the...

BP in major gas field talks.(LIBYA)(Brief article)
March 2, 2007... The National Oil Corporation is in talks with the UK's BP over the "largest gas field in the history of gas exploration", according to Sail al-Islam Qaddafi, the son of the leader Muammar Qaddafi. He was speaking at a press conference in...

Oil companies face Iraq investment lag.(IRAQ)(Brief article)
March 2, 2007... International oil companies (IOCs) are still years away from striking deals in Iraq, according to a former adviser to the Iraqi oil ministry, despite the approval of a draft hydrocarbons law last week. Muhammad-Ali Zainy, the former adviser...

Tekfen awarded Khurais work.(SAUDI ARABIA)(Khurais programme water injection facilities )(Brief article)
March 2, 2007... Turkey's Tekfen has won a major subcontract, worth an estimated $200 million, on the multi-billion-dollar Khurais programme. The 16-month contract covers mechanical erection, casing and piping work on the seawater re-injection facilities of...

Oil breaks $60 a barrel barrier.(MARKET ROUND-UP)(nuclear plans influence)(Brief article)
March 2, 2007... Oil prices sliced through the $60 mark but endured a rollercoaster ride during the week as traders digested a plunge in the Chinese stock market and continued uncertainty over Iran's nuclear plans. Spot Brent briefly topped the $61 level on...

Melrose on target.(EGYPT)(Brief article)
March 2, 2007... Edinburgh-based Melrose Resources has announced that its gas production expectations are being achieved in its West Khilala development. Production began in early February at an initial rate of 34.1 million cubic feet a day (cf/d) of gas before...

Bids called for liner work.(KUWAIT)(Brief article)
March 2, 2007... Kuwait Oil Company has invited three international oilfield services companies to submit bids by 10 April for the contract to supply liner hangers and associated services. The prequalifers are Canada's TIW Corporation, and Baker Oil Tools and...

Costain takes Das work.(UAE)(underground pipeline at Das island)(Brief article)
March 2, 2007... The local/UK Costain Abu Dhabi has been awarded an estimated $51 million contract to replace a 14-kilometre underground pipeline network on Das island. The order, placed by Abu Dhabi Marine Operating Company (Adma-Opco), will take four years...

Fugro wins seismic work.(high-density marine seismic)(Brief article)
March 2, 2007... Fugro of the Netherlands has been awarded a contract worth $38 million to carry out 2D and 3D seismic surveys in the offshore Divided Zone, between Kuwait and Saudi Arabia. The 12-month contract covers high-density marine seismic data...

Bureaucracy cramps Alrar gas field revamp work.(ALGERIA)(Brief article)
March 2, 2007... State energy company Sonatrach is set to issue tenders by the end of March for an estimated $100 million contract to revamp gas facilities on the Alrar field on the southwest border with Libya. But the successful execution of the project, and...

Aramco launches Karan field.(SAUDI ARABIA)(Brief article)
March 2, 2007... Saudi Aramco has underlined its intention to implement the Karan gas field development on fast-track basis by issuing a tender for the joint front-end engineering and design and project management consultancy contract, just three weeks after...

State initiates scheme to lift gas output.(KUWAIT)(Brief article)
March 2, 2007... State upstream operator Kuwait Oil Company (KOC) is due to tender its second phase early production facilities (EPF) project by the end of March. Once completed, it will significantly increase the state's gas production. The estimated $600...

Qatar Petroleum looks for expansion capital.(QATAR)
March 2, 2007... Qatar Petroleum (QP) plans to raise $27,000 million in debt over the coming three years to support its capital investment programme. Of the total, about $10,000 million will be closed this year and a further $11,000 million in 2008, the...

Gas plant tender nears.(SYRIA)(gas treatment and liquefied petroleum gas (LPG) plant )(Brief article)
March 2, 2007... Croatia's INA Naftaplin is set to issue an engineering, procurement and construction contract by mid-March for a planned 3 million-3.5 million-cubic-metre-a-day gas treatment and liquefied petroleum gas (LPG) plant in its 4,900-square-kilometre...

Shell makes four new finds.(EGYPT)(Shell Egypt discoveries )(Brief article)
March 2, 2007... Shell Egypt, the local venture of UK-based Royal Dutch/Shell Group, has made four discoveries in the Western Desert. Two of the wells, in the West Sitra concession are operated by Shell Egypt, while the other two, in the Badr el-Din...

Sonatrach offers majority stake in subsidiary: three groups put in technical bids for up to 99 per cent share.(ALGERIA)(Entreprise Nationale d'Industrie Petrochimique)(Brief article)
March 2, 2007... State energy company Sonatrach has invited international companies to take a majority stake in its subsidiary Entreprise Nationale d'Industrie Petrochimique (ENIP) following the collapse in mid-2006 of plans to rehabilitate the country's...

Tripoli backs two joint ventures.(LIBYA)(Brief article)
March 2, 2007... The government has approved two joint ventures between the National Oil Corporation (NOC) and foreign investors to develop petrochemicals facilities in the country. The first venture will see US company' Dow Chemical upgrade and expand the...

Korea's Hanwha wins aromatics plant deal.(SAUDI ARABIA)
March 2, 2007... South Korea's Hanwha Corporation has won the estimated $500 million contract to build the second-phase aromatics plant in Yanbu, planned by the local Safra Company. Hanwha beat competition from its compatriot Daelim Industrial Company and...

Frustrated Sabic considers China withdrawal.(SAUDI ARABIA)(Brief article)
March 2, 2007... Saudi Basic Industries Corporation (Sabic) may shelve its $5,200 million petrochemical plant in China due to frustrations over delays to the deal. The company has been waiting for more than a year to start work on the complex, which...

Township tenders issued.(KUWAIT)(Saad al-Abdullah)(Public Authority for Housing Welfare)(Brief article)
March 2, 2007... The Public Authority for Housing Welfare has issued to bid two major construction contracts on block 8 of its Saad al-Abdullah township programme. The first contract, worth an estimated $125 million, covers the construction of 561 villas. The...

Sobha takes Fatima.(UAE)(Sobha Contracting)(Fatima International)(Brief article)
March 2, 2007... India's Sobha Contracting has been awarded the estimated AED 125 million ($34 million) main construction contract for the IT Plaza tower project at Dubai Silicon Oasis. Completion is expected by July 2008. The local National Engineering Bureau...

Chinese take Bayswater.(UAE)(China State Construction & Engineering Corp)(ayswater commercial tower)(Brief article)
March 2, 2007... Beijing-based China State Construction & Engineering Corporation has been awarded the AED 180 million ($49 million) main construction contract for the 25-storey Bayswater commercial tower at Business Bay. APCC has completed the piling works....

Rolex tower job awarded.(UAE)(Rolex tower )(Brief article)
March 2, 2007... The local Dubai Contracting Company has been selected to build the 63-storey Rolex tower on Shaikh Zayed road, The building will nave a glass facade with ground floor shops, 30 floors of commercial space, and 23 floors of residential...

Design work starts on Tameer Towers.(UAE)(Tameer Holding)(Brief article)
March 2, 2007... The US' Gensler has won the design contract on the new Tameer Towers mixed-use tower project in Shams. Abu Dhabi. The scheme will consist of four residential, office and hotel towers on Reem Island The client, Shaqah-based Tameer Holding, says...

Two firms price first Abu Dhabi interchange projects: slow response greets invitation to bid on first in series of contracts.(UAE)(Brief article)
March 2, 2007... Abu Dhabi Municipality has opened bids for the first in a series of major interchange projects on and around Abu Dhabi island. For the IP 44 and sea palace interchanges contract, just two contractors participated. The low bidder is Turkey's...

Tenders issued for U-Bora.(UAE)(Brief article)
March 2, 2007... Prequalified companies have been invited to bid by 7 March for the main construction contract on the U-Bora mixed-used tower complex at Business Bay. The contract involves construction of a 52-storey office tower, a 17-storey residential...

Design deal for Aqaba hotels.(JORDAN)(Brief article)
March 2, 2007... The local 2K Architects is designing three five-star hotels as part of the $362 million Saraya Aqaba project on the Gulf of Aqaba. The hotels will be managed by UAE-based Jumeirah and will cover a total built-up area of 100,000 square metres....

Move to put rapid rail link plan back on the agenda: Alexandria link would improve fortunes of Borg el-Arab, say investors.(EGYPT)(Brief article)
March 2, 2007... The New Borg el-Arab City Investors Society is trying to revitalise plans for an electrified rapid rail link between Alexandria and Borg el-Arab. Mohamed Farag Amer, head of the group, says an open forum to discuss the scheme will go ahead...

Railway upgrade deadline warning.(SYRIA)(Brief article)
March 2, 2007... Companies have until 7 March to express interest in the consultancy contract to upgrade the 22.8 kilometre-long railway from Al-Muslumieh to Jebreen station in Aleppo in the north. The study will look at upgrading the existing track to...

Mayor in drive for more buses in Amman.(JORDAN)(Greater Amman Municipality)(Omar Maani)(Brief article)
March 2, 2007... The Mayor of Greater Amman Municipality (GAM) is considering boosting public transport in the capital to deal with chronic congestion. "Amman's population is growing with Jordanian expatriates choosing Amman to buy a second home, and the...

Saudia pricing overhaul favours pilgrims.(SAUDI ARABIA)(Brief article)
March 2, 2007... Saudi Arabian Airlines (Saudia) is finalising an overhaul of its pricing structure that will give discounted fares to pilgrims during the Hajj season. The kingdom's flag carrier is also awaiting final board approval for the consortium to...

Bids in for first metro line.(SYRIA)(Brief article)
March 2, 2007... The Governorate of Damascus and the Municipalities Ministry have received five bids for the consultancy contract for Damascus' first metro line. Bidders include a French team of BCEOM with Semaly, France's Systra with Lebanon's Khatib &...

Amman-Zarqa rail deadline set.(JORDAN)(Brief article)
March 2, 2007... The Public Transport Regulatory Commission has given prequalified companies until 26 April to submit bids for the build-operate-transfer contract for the estimated $200 million Amman-Zarqa fight rail system. In early February;, the...

Dubai steel futures aims to meet booming demand: multi commodities Centre plans hope to cash in on Local Growth.(UAE)(Brief article)
March 2, 2007... Dubai Multi Commodities Centre (DMCC) has unveiled plans for a steel futures contract to capitalise on huge regional growth in steel and iron demand. DMCC chief executive David Rutledge tells MEED the steel reinforcement bar (rebar)...

Orascom looks East for cement.(EGYPT)(Orascom Construction Industries)(Brief article)
March 2, 2007... The local Orascom Construction Industries (OCI) has agreed to build a new cement plant in Saudi Arabia, just days after it launched a bid for a Turkish cement company. OCI has entered a 50:50 joint venture with Saudi Arabia's Khayyat Group...

Esfahan steel plant gears up to expand.(IRAN)(Brief article)
March 2, 2007... Esfahan Steel Company (Esco) has launched a tender for a new continuous casting unit to produce up to 1 million tonnes a year (t/y) of steel. The project will be financed on a conventional basis by Iran Mineral Industries Development &...

Cement tariff imposed.(EGYPT)(Brief article)
March 2, 2007... Trade & Industry Minister Mohammed Rachid Mohammed has imposed new tariffs on exported cement and steel in an attempt to calm rising domestic prices. Cement exports will face a tariff of E 65 [pounds sterling] ($11.4) a tonne, while steel...

Ras Laffan pipeline bids.(QATAR)(Brief article)
March 2, 2007... Commercial bids are due by 5 March for the contract to build the ethylene pipeline from Ras Laffan to Mesaieed, following the completion of technical bid evaluation by the client Qatar Chemical Company II (Q-Chem II). Prospective bidders...

Cristal buys US firm.(SAUDI ARABIA)(National Titanium Dioxide co.)(Millennium Inorganic Chemicals)(Brief article)
March 2, 2007... Saudi Arabia's National Titanium Dioxide (Cristal) has bought the titanium oxide business of US chemicals group Lyondell in a deal worth $1,200 million. Cristal will take over the operations of Lyondell's Millennium Inorganic Chemicals...

Cement plant planned.(SAUDI ARABIA)(Ahsa Development Company )(Brief article)
March 2, 2007... The local Al-Ahsa Development Company is to set up a grassroots cement plant in Al-Ahsa, close to Hofuf in the Eastern Province, The new plant will have capacity of 5,000 tonnes a day, and a development cost of SR 1,200 million ($320 million)....

New Cairo gets two water plants: five local companies pass technical evaluation to design and build 2 million cm/d plant.(EGYPT)(Egyptian Contracting Company)(Arab Contractors)(Hassan Allam and Sons)(Orascom Construction Industries)(Alexandria Contractors)
March 2, 2007... An award is imminent for the contract to build a water plant in fast-growing New Cairo, while final designs are nearly completed for a wastewater plant in the same district. Both schemes are being run on a public-private partnership (PPP)...

Contractors named for Tripoli West plant.(LIBYA)(Brief article)
March 2, 2007... Four contractors have been selected for the construction of the 1,400 MW extension to the Tripoli West steam power plant. The engineering, procurement and construction contract was divided into several packages, a first for the General Electric...

Prequals invited for Salalah project.(OMAN)(Oman Power and Water Procurement Company)(Brief article)
March 2, 2007... Government-owned Oman Power & Water Procurement Company has launched prequalification for the Salalah independent water and power project (IWPP). The plant, which is the sultanate's sixth private power project, have a capacity of about 400...

Hajj terminal contract signed.(SAUDI ARABIA)(Jeddah international airport)(Brief article)
March 2, 2007... After a delay of several months, the multinational consortium appointed to provide desalination services to the Hajj terminal at Jeddah international airport has signed its contract. The four-company consortium was awarded the $40 million...

Key Shuqaiq agreements signed.(SAUDI ARABIA)
March 2, 2007... The key project agreements on the Shuqaiq independent water and power project have been signed between Water & Electricity Company (WEC) and the developer consortium of the local ACWAPower Projects, Kuwait-based Gulf Investment Corporation and...

Power tendered.(SAUDI ARABIA)(Brief article)
March 2, 2007... Saudi Electricity Company (SEC) has issued the tender for the PP10 power plant, near Riyadh, inviting contractors to submit bids for the contract by the end of April. The contract calls for the construction of the 2,000-MW plant, including...

Rabat's power strategy in disarray.(MOROCCO)
March 2, 2007... The power sector in Morocco is in disarray as its failure to secure feedstock for two major planned power plants leaves it Struggling to meet rising electricity demand. "Morocco is in deep trouble," says one major international power plant...

Nine vie for third mobile licence: price may exceed that of $3.5bn second licence.(SAUDI ARABIA)(Brief article)
March 2, 2007... An intense battle for the kingdom's third mobile licence is expected after nine groups submitted applications in late February. The large number of prequalification bidders suggests that the final price may be greater than the $3,457...

Wataniya sale under study.(KUWAIT)(Kipco)(Brief article)
March 2, 2007... Key shareholders in the local Wataniya Telecom have formed a consortium to consider offers for a sale of their majority stake in the telco. According to Kuwait Projects Company (Kipco), which holds a 25 per cent stake in Wataniya, the...

Kingdom needs to create 3.5m new jobs, says study: government criticised for not partnering with private sector.(SAUDI ARABIA)(Brief article)
March 2, 2007... The job market in Saudi Arabia will need to double within 10 years if it is to sustain itself, according to new research. The kingdom must create 3.5 million new jobs in a decade, doubling the current market, according to James Zogby,...

Investment targets in doubt.(EGYPT)(Brief article)
March 2, 2007... Doubts have been raised over the viability of Cairo's investment targets, as Egypt fell back into deficit for the first half of the 2006/07 financial year. According to the Finance Ministry, the government's cash deficit for the first half...

Confusion over timing of mobile operators sale.(LIBYA)(Libyan Post Telecommunications and Information Technology Company)(Brief article)
March 2, 2007... Confusion surrounds the latest attempt to privatise parts of the Libyan economy; with doubts over the timetable for the sale of stakes in two mobile telecoms operators. On 22 February, Sail al-Islam Qaddafi, son of the Libyan leader...

EU loans win approval.(EGYPT)(European Union)(Brief article)
March 2, 2007... Cairo is to receive Eur 558 million ($736 million) in financial assistance from the EU. The package will be used to finance Egyptian economic reform, educational and health development and improvements in the fields of human rights and...

Bank offer moves on.(EGYPT)(Bank of Alexandria)(Brief article)
March 2, 2007... The Investment Ministry has invited banks to submit bids to arrange the initial public offering (IPO) of 15 per cent of Bank of Alexandria (BoA). The deadline for submissions is 1 March. The government sold 80 per cent of the bank's shares to...

Bank gets stable outlook.(JORDAN)(Brief article)
March 2, 2007... UK-based Fitch Ratings has affirmed a stable outlook and a short-term B and BB-issuer default rating for the Bank of Jordan. The ratings take into account "the improving, although potentially volatile, operating environment in which the bank...

Sukuk gets rated.(UAE)
March 2, 2007... Ratings agency Standard & Poor's has assigned its A preliminary rating to the dollar-denominated Dubai Islamic Bank floating rate sukuk trust certificates, due in 2012. The proceeds of the certificates will be used for the bank's general...

Doha Bank goes into UAE.(REGIONAL)(Brief article)
March 2, 2007... Doha Bank will launch operations in the UAE in April. It will be the first Qatari bank to establish in the federation and was granted a full banking licence from the Central Bank of the UAE in August 2006. This brings the number of banks in the...

Taqa borrows big in push to expand overseas: $9bn bond issue to fund acquisitions in Egypt, Algeria and Libya.(UAE)(Brief article)
March 2, 2007... Abu Dhabi National Energy Company (Taqa) will launch the sale of $9,000 million of bonds in the second half of 2007 to fund its international expansion plans. The bonds will be issued under a euro-medium term note (EMTN) programme. Of the...

Financial Centre to grow.(QATAR)(Qatar Financial Centre )(Brief article)
March 2, 2007... The Qatar Financial Centre (QFC) will double in size by the end of the year with the licensing of more than 30 companies by Qatar Financial Centre Authority (QFCA). HSBC and the Royal Bank of Scotland are among the institutions that have...

Investor favours consumer market.(KUWAIT)(Brief article)
March 2, 2007... The International Investor is moving its core business away from investment banking to consumer finance. The bank plans to reduce its 50 per cent stake in investment banking subsidiary Bait Almal to 20-30 per cent and its looking to...

Bumper year ahead for project financing: the rise in project finance looks set to continue.(ANALYSIS)
March 2, 2007... This year looks certain to be another bumper year for project finance in the region. Saudi Arabia will remain a hive of activity with at least $26,000 million of financing going to market, replicating last year's total. In Qatar, a single...

Istithmar buys a third US hotel: firm plans 10 budget hotels in Dubai.(REGIONAL)(Hotel Washington)(Istithmar Hotels)(Brief article)
March 2, 2007... Dubai's Istithmar Hotels has finalised the acquisition of its third five-star hotel in the US, while also pushing ahead with plans to develop easy Hotel-branded budget hotels. The purchase of the 250-room Mandarin Oriental Hotel in New York...

Fund targets small business.(JORDAN)(Royal Jordanian Air Academy)(Brief article)
March 2, 2007... The planned $150 million Jordan Fund II, a private equity fund aimed at supporting small and medium-sized businesses in the kingdom, will target the aviation and education sectors, according to one of its fund managers. "We are focusing on...

Busier time for insurance.(OMAN)(Capital Market Authority)(Oman United Insurance Company)(Brief article)
March 2, 2007... The number of insurance companies in the sultanate is about to double, increasing competition in the emerging insurance sector. The Capital Market Authority (CMA) has granted four companies fully competent licences, which will bring the...

Big demand for top bank traders in the Middle East.(REGIONAL)(Brief article)
March 2, 2007... Some of the world's biggest banks have begun recruiting significant numbers of new traders for their Middle East operations to manage their increased activity in the region. "Every kind of banker you can think of is in high demand in the...

Bourses escape global slump: Dubai's exchanges are struggling to become international hubs.(MARKET IN FOCUS: DUBAI)(Dubai International Financial Exchange)(Dubai Financial Market )
March 2, 2007... A dive in the value of global stock markets reverberated from Asia through to the US and back again in the last week of February, but Dubai's exchanges remained insulated from the shocks. Dubai's stability served as a reminder of both the...

Forthcoming events.(CONFERENCES)(Calendar)
March 2, 2007... PROJECT DELIVERY IN THE OIL & GAS SECTOR Implementing successful strategies for managing and mitigating project risk 12th-13th March 2007 InterContinental, Abu Dhabi, UAE www.meed.com/oilandgas The high level of activity...

Olympian dreams: Having pulled off the Asian Games, Doha is now turning its attention to hosting the Olympics, as part of a concerted international drive.(SPECIAL REPORT: QATAR)
March 2, 2007... All the talk beforehand was of a lack of hotel space, an unfinished road network and an airport that would not be able to handle the onrush. But in the end, it was neither limited capacity nor project delays that proved to be the main headache...