MEED Middle East Economic Digest articles from March 2008

MEED Middle East Economic Digest archives from March 2008

Jeddah's Tower projects moving up.(Project news on MEED.com)(Brief article)
March 7, 2008... [ILLUSTRATION OMITTED] The main construction contract for a 52-floor office building in Jeddah's northern corniche, known as The Headquarters, will be awarded in March. According to Al-Dar al-Khasan, the project developer, the budget is...

Sorouh and Goodman to roll out business parks.(Project news on MEED.com)
March 7, 2008... Abu Dhabi-based Sorouh and Australia's Goodman Group are to develop business and logistics parks across the Gulf.

Two contracts to be awarded for Dubai Metro.(Project news on MEED.com)(Brief article)
March 7, 2008... Two contracts to be awarded for Dubai Metro Two further construction contracts on the Dubai Metro are to be awarded in the second quarter of the year, for the Blue line and an extension to the Red line.

Firms line up for Qatar pipeline jobs.(Project news on MEED.com)
March 7, 2008... International contractors are to submit bids by 30 April for two gas pipelines for Qatar Petroleum.

Verenex to make award for work on Libya oil concession.(Project news on MEED.com)
March 7, 2008... Canada's Verenex Energy is to make an award for early development work on its oil and gas concession in the Ghadames basin.

Tenders issued for Mudon buildings.(Project news on MEED.com)
March 7, 2008... Companies are to bid by 16 March for the first-phase building package on the $15bn Mudon development in Dubailand.

Al-Jaber wins Qatalum contract.(Project news on MEED.com)
March 7, 2008... Qatar's Al-Jaber Engineering has won the contract to carry out ground and civil works for the rectifier station at Qatalum's aluminium smelter at Mesaieed.

The last word.(Brief article)
March 7, 2008... [ILLUSTRATION OMITTED] Nothing will do more to neutralise anti-American extremists than Obama's election to the White House. But Hillary Clinton's success in key primaries suggests that US voters may not be ready. * Read Edmund...

Conferences.(Calendar)
March 7, 2008... Middle East Power & Water 2008 Meeting the demand challenge 17-19 March 2008 Beach Rotana Hotel, Abu Dhabi, UAE www.meed.com/power MEED's Middle East Power & Water Conference 2008 is an excellent chance to discover first-hand what...

Gulf projects ($m).(MEED PROJECTS)(Statistical table)(Brief article)
March 7, 2008... GULF PROJECTS (Sm) 3 March 25 February % change 2008 2008 on week Bahrain 30,883 30,883 0.0 Kuwait 264,602 262,772 0.7 Oman ...

Axing subsidies is the first step.(JORDAN)
March 7, 2008... Ending subsidies has highlighted other problems in the economy What is needed is a more transparent and competitive economy [ILLUSTRATION OMITTED] It took five years and four prime ministers, but Jordan has finally abolished fuel...

Privatisation is key to success.(MEED 100)(Saudi Basic Industries Corp.)(Brief article)
March 7, 2008... A vibrant private sector is a better strategy for economies than having a state-dominated one, particularly once oil revenues start to fall. It is no surprise that Saudi Arabian companies top MEED's list of the 100 largest publicly quoted...

Planning will ease growing pains.(DUBAI)(Brief article)
March 7, 2008... Dubai needs to push developers and municipal authorities to be more transparent about their ambitions The centralised power structure of the emirate lends itself to solving these problems If developers have their way, in a few years'...

Power stays with Gaddafi's people.(LIBYA)(Muammar Gaddafi)(Brief article)
March 7, 2008... [ILLUSTRATION OMITTED] Without flesh blood, Tripoli will not succeed in shaking off its legacy of bureaucracy and corruption Few politicians have the ability to create upheaval the way Libyan leader Muammar Gaddafi has. In his latest...

Reform will offer banks blueprint.(RISK MANAGEMENT)(Brief article)
March 7, 2008... Regulators in other GCC states would be wise to mimic what is happening in Bahrain As banks in Bahrain begin to assess their risk-management abilities, it is easy to say the moves are too little too late, given the hundreds of millions of...

Tarabot takes lead on Landbridge deal: Acwa-led consortium is set to be named preferred bidder, with the lowest charge on public finances.(TRANSPORT: SAUDI ARABIA)(Arabian Company for Power & Water Development )
March 7, 2008... The Tarabot Consortium, led by Arabian Company for Power & Water Development (Acwa Power), is set to be named preferred bidder for the $2.5bn Saudi Landbridge rail project. The consortium will edge out three other bidders, assuming its...

Manama launches probe into banks' risk management: central bank to tailor lending rules to reflect risk exposure of finance houses.(BANKING & FINANCE: BAHRAIN)
March 7, 2008... Banks in Bahrain, which have suffered the biggest hit in the region from the sub-prime crisis, are due to report to the Central Bank of Bahrain on their risk management procedures in the coming weeks. External consultants are to assess the...

Kurds study potential of local bourse.(COMPANIES & MARKETS: IRAQ)(Brief article)
March 7, 2008... The Kurdistan Regional Government (KRG) has launched a feasibility study into setting up a local bourse, which could act independently of Baghdad. Talks over the potential of a Kurdish Stock Exchange have been held between the KRG's...

Aramco to miss Khursaniyah deadline: boost in production to 500,000 barrels a day unlikely to be achieved until later in the year.(ENERGY: SAUDI ARABIA)(Saudi Arabian Oil Co.)
March 7, 2008... Saudi Aramco's plans to boost production at its Khursaniyah oil field by 500,000 barrels a day (b/d) by April are unlikely to be met, according to contractors working on the project. Two senior executives working on different parts of the...

Service giants split $1bn Manifa heavy oil drilling work.(ENERGY: SAUDI ARABIA)(Brief article)
March 7, 2008... Global oil service giants France's Schlumberger and the US' Halliburton are to be awarded separate drilling deals worth up to $1bn in total by Saudi Aramco for the 900,000-barrel-a-day (b/d) Manifa heavy oil field. Schlumberger will clinch...

Companies put share offerings on hold: firms delay stock market listings while legislation is drawn up allowing them to retain majority stakes.(COMPANIES & MARKETS: UAE)
March 7, 2008... The stream of stock market listings in the UAE is expected to slow, with more companies likely to follow Al-Qudra Holding in shelving their plans until changes in the listings laws are introduced. The Economy Ministry is preparing...

Tunis evaluates sites to produce nuclear power by 2020.(POWER: TUNISIA)(Brief article)
March 7, 2008... State power and gas utility Societe Tunisienne de l'Electricite & du Gaz (Steg) is carrying out technical and economic feasibility studies into the construction of a nuclear power plant in the country. Three sites are being studied for the...

Adco splits crude deal to aid contractors: crude increment project to be divided into three packages in response to rising material and labour costs.(ENERGY: UAE)(Abu Dhabi Company for Onshore Oil Operations)
March 7, 2008... Abu Dhabi Company for Onshore Oil Operations (Adco) has split work on its crude increment project into three packages, in the latest sign that clients are acting to ease the burden on contractors of heavy workloads and rising material and...

Standard Chartered enters race for Saudi Hollandi bank.(BANKING & FINANCE: SAUDI ARABIA)(Standard Chartered Bank PLC)(Brief article)
March 7, 2008... Standard Chartered Bank is entering the race to buy Saudi Hollandi bank, after being told by the central bank that it will not issue it with its own full licence. Senior managers at Standard Chartered recently visited Saudi Arabia to...

Mining firm to expand into Europe.(INDUSTRY: UAE)(Ras al-Khaimah Minerals & Metals Investments )(Brief article)
March 7, 2008... Ras al-Khaimah Minerals & Metals Investments (RMMI) is to expand into Eastern Europe in the latest phase of its $1bn international investment plans. The company is pursuing an ambitious programme of overseas investment in the mining...

State to sell C[O.sub.2] emissions to private sector companies: carbon-capture programme to begin at Mina al-Ahmadi and Mina Abdulla.(ENERGY: KUWAIT)(carbon dioxide )
March 7, 2008... Kuwait is set to launch a carbon dioxide (C[O.sub.2]) capture programme and is inviting the local private sector to use the emissions from its Mina al-Ahmadi and Mina Abdulla refineries. It will be the first time in the region that a...

Bank plans largest ever Islamic financing deal for Ras al-Zour: National Commercial Bank aims to fund project with $1bn tranche.(BANKING & FINANCE: SAUDI ARABIA)
March 7, 2008... A bank involved in bidding for the kingdom's Ras al-Zour independent water and power project (IWPP) is planning to finance the plant with the biggest ever Islamic project finance loan. National Commercial Bank (NCB), which is advising the...

NBK to offer mezzanine facility.(BANKING & FINANCE: KUWAIT)(NBK Capital)(Brief article)
March 7, 2008... NBK Capital, the investment banking arm of National Bank of Kuwait (NBK), is preparing to launch the region's first mezzanine fiend. Mezzanine financing is a mixture of equity and debt, and allows the find to convert any loans it makes into...

Emirates population to exceed forecasts: Dubai and Abu Dhabi face having to revise projections and increase investment in infrastructure.(REAL ESTATE: UAE)
March 7, 2008... Dubai and Abu Dhabi could be forced to revise population projections and increase investment in infrastructure, as projected population numbers for projects planned by developers are outstripping expectations. Dubai-based Limitless is...

Abolition of ministries sparks unease.(ECONOMY: LIBYA)(Brief article)
March 7, 2008... Libyan leader Muammar Gaddafi's decision to abolish most government ministries could make foreign companies more nervous about investing in the country, according to observers. "Any sort of uncertainty makes things difficult," says a...

'Justice shares' inflate results of Tehran privatisation round: Just $3.5bn worth of shares were sold, with $11.5bn worth given free to the poor.(COMPANIES & MARKETS: IRAN)(Iranian Privatisation Organisation)
March 7, 2008... Iran's privatisation programme raised just $3.5bn in capital during the current Iranian year, a fraction of the sales claimed by the head of the Iranian Privatisation Organisation (IPO) in early February. Heidari Kord Zangeneh, head of the...

Cairo to revive private sector power: Electricity & Energy Ministry encourages developers to build projects independently of government.(POWER: EGYPT)
March 7, 2008... Cairo is set to revive private sector involvement in the power generation sector, with legislation to go before parliament that will allow investors to develop plants independently of the government. The legislative changes being sought by...

Sama Dubai to develop $500m towers project in Jeddah.(REAL ESTATE: SAUDI ARABIA)(Brief article)
March 7, 2008... Sama Dubai, part of the government-owned Dubai Holding, is to enter the Saudi Arabian market for the first time, developing a major tower project in Jeddah. It is estimated to be worth $500m and will consist of two towers. One will be a...

Survey reveals extent of Israeli mobile use in West Bank.(WEST BANK: TELECOMS)(Palestine National Authority)(Survey)
March 7, 2008... A survey by local mobile operator Wataniya Palestine has shown that Israel's two largest telecoms firms are providing one-third of mobile phone services in the West Bank, despite not having Palestinian Authority (PA) licences. According to...

Baghdad reconnects to the world: Iraqi transport is finally getting the investment it needs for economic recovery.(TRANSPORT)
March 7, 2008... Baghdad is poised to spend about $6bn on up to 50 planes for Iraqi Airways, signalling a major step forward in its efforts to reconnect with the outside world. Iraq's ports and airports will also be redeveloped in 2008, and substantial sections...

Hamad Kasasbeh: Finance Minister of Jordan: Jordan's finance minister has a central role in implementing essential reforms to public finances. Will Hadfield reports from Amman.
March 7, 2008... Jordan's Finance Ministry building belies its integral position as one of the grand offices of state. The seven-storey office block on the old Salt road in the capital, Amman, is modest and unpretentious. Despite the bustle in its foyer,...

Emal: the joint venture of Abu Dhabi and Dubai is aiming to create the world's largest aluminium smelter.(ALUMINIUM)
March 7, 2008... COMPANY SNAPSHOT Date established 2006 Main business sector Aluminium production Financing $4.9bn CEO Duncan Hedditch In June 2007, Emirates Aluminium (Emal) began laying the foundations for what is set to become the...

Soaring costs blight Gulf construction: as the boom continues, the sector is set to experience further rises in salaries and raw material costs.(CONSTRUCTION COSTS)(Survey)
March 7, 2008... REGIONAL MEED's latest survey of construction costs in the Middle East, conducted in January by international cost consultant Davis Langdon, shows that contractors in the Gulf faced a massive increase in labour rates throughout 2007,...

Factional fighting boosts reformers: the controversy over banned candidates and Revolutionary Guard support for one group is fuelling speculation that Mohammed Khatami will run for president in 2009.(IRAN)
March 7, 2008... The popular demonstrations held on 11 February marking the 30th anniversary of the beginning of the Iranian Revolution could not hide the intense factional fighting that has characterised the run-up to parliamentary (Majlis) elections on 14...

MEED 100.(Special Report)(Brief article)
March 7, 2008... MEED's analysis of the Middle East's top 100 publicly quoted companies by capitalisation shows that the 18-month-long correction in the Gulf's capital markets, which began in February 2006, has created some good opportunities for investors, if...

Saudi firms maintain dominance: led by Saudi Basic Industries Corporation, companies based in the kingdom take eight of the top 20 spots in MEED's inaugural ranking of the largest listed businesses.(MEED 100)(Statistical table)
March 7, 2008... Saudi Basic Industries Corporation (Sabic) tops MEED's inaugural list of the largest listed Middle East companies by a huge margin. Its market capitalisation of $111bn in mid-February is almost three times greater than that of the...

The 100 biggest companies: financial services firms make up 40 per cent of MEED's list of the 100 largest listed companies, with real estate and telecoms businesses joint second.(SECTORS)(Statistical table)
March 7, 2008... Finance Banking stocks remain over-represented on regional exchanges, with more listings to come VICTORIA ROBSON If Riyadh follows through on its plans to sell a stake in Saudi Arabia's National Commercial Bank (NCB) to the...

Power & water.(Special Report)(Brief article)
March 7, 2008... Why is the world's most important commodity, water, also its most undervalued? While oil, gas, steel, cement and even wheat prices have reached all-time highs recently, water remains cheap in the Middle East. The answer is that those...

A clear solution: with growing demand for water, governments in the region could reduce the need to build expensive new capacity by better managing their resources.(WATER MANAGEMENT)
March 7, 2008... With the scarcest water resources in the world, no region needs good water management more than the Middle East. The World Bank predicts per capita renewable water availability will fall by 50 per cent over the next four decades, from 1,100...

Riyadh turns to private sector: the creation of the National Water Company will enable the kingdom to fulfil plans to privatise its water network, helping the sector to become economically viable.(SAUDI ARABIA)(Saline Water Conversion Corp.)
March 7, 2008... It may have taken longer than envisaged, but Saudi Arabia's National Water Company (NWC) is expected to begin operating this month. It is a manifestation of Riyadh's commitment to the process of privatising the kingdom's water infrastructure....

Amman takes action to tackle crisis: Jordan has launched a royal committee to address its chronic water supply problems, but finding a solution that will fall in line with its overall economic development could prove problematic.(JORDAN)
March 7, 2008... Water quality is a big issue for Jordan. Thousands of Jordanians were rushed to hospital complaining of stomach upsets in 2007 following reports of sporadic water contamination in towns and villages to the north of the country. In July,...

Dubai's failing wastewater system: while the emirate's sewerage network is struggling under the strain of increasing demand, better long-term planning is enabling other states to provide the necessary additional capacity.(UAE)
March 7, 2008... When power generation or desalination capacity is in short supply, the impact on consumers is clear and often immediate in the form of supply cuts, which are not uncommon across the Gulf. But it is not just the region's electricity and water...

Saudi Arabia pharmaceuticals: the six most prominent people in the Saudi Arabian pharmaceuticals sector.(The MEED List)
March 7, 2008... Hamad bin Ahmed al-Manie POSITION Minister of Health, Sandi Arabia BIOGRAPHY A former director general of the Riyadh regional Health Department, Hamad bin Ahmed al-Manie was appointed health minister in a wide-ranging cabinet reshuffle...

Dubai Properties to develop projects worth $100bn.(Project news on MEED.com)(Brief article)
March 14, 2008... [ILLUSTRATION OMITTED] Dubai Properties is planning to develop projects worth $100bn over the next 10-15 years. The developer is due to announce a large project in the near future, building on its existing portfolio, which includes...

Orascom Telecom makes $2bn profit.(Project news on MEED.com)
March 14, 2008... Orascom Telecom, Egypt's largest listed firm, made a record profit of $2bn in 2007 after selling two subsidiaries.

Riyadh issues water management tenders.(Project news on MEED.com)
March 14, 2008... The Electricity & Water Ministry has issued a request for proposals on the next phase of its water privatisation scheme, covering Greater Dammam, Medina and Mecca.

Ras Laffan C deal delayed.(Project news on MEED.com)
March 14, 2008... The signing of project agreements on Kahramaa's Ras Laffan C independent water and power project has been delayed until late March.

Mabani to award Yanbu steel contract.(Project news on MEED.com)
March 14, 2008... The UAE's Mabani Steel will award a contract to build a pre-engineered steel and hot-rolled steel structure plant in Saudi Arabia in a month.

Jeddah Headquarters postponed by two months.(Project news on MEED.com)
March 14, 2008... The main construction contract for the $214m Headquarters building in Jeddah corniche has been postponed by two months to April.

Turks win contract for Dubai tower.(Project news on MEED.com)
March 14, 2008... TAV Gulf, part of Turkey's TAV, has been awarded the estimated $218m contract to build the Marina 101 tower at Dubai Marina.

Conferences.(Calendar)
March 14, 2008... Arabian Hotel Investment Conference 2008 Ever Increasing Circles--The Ripple Effect of Hotel Investment in the Middle East May 2008 Madinat Jumeirah, Dubai, UAE www.arabianconference.com If you are at the forefront of the...

The GCC Power & Water Report: the struggle to keep supplies ahead of demand.(INSIGHT)(Brief article)
March 14, 2008... [ILLUSTRATION OMITTED] GCC utilities are facing the most challenging time in their history, In this 80-page report, MEED Insight provides a comprehensive overview of developments in the power and water generation sector and the outlook up...

Gulf projects ($m).(MEED PROJECTS)(Statistical table)(Brief article)
March 14, 2008... GULF PROJECTS ($m) 10 March 3 March % change 2008 2008 on week Bahrain 35,408 30,883 14.7 Kuwait 265,161 264,602 0.2 Oman ...

Gulf will put its interests first.(IRAN)
March 14, 2008... Tehran is now hoping to list its energy holding company in Dubai The US will exert pressure but investors will be easily tempted [ILLUSTRATION OMITTED] When Washington's State Department revealed plans in 2006 to set up an office...

Starting small is sound move.(SOVEREIGN WEALTH FUNDS)(Brief article)
March 14, 2008... Sovereign wealth funds are loved and hated with equal fervour. For some, they are a source of market stability at a time of unwelcome volatility; for others, they are a secretive threat to strategic national interests. Given the...

Abu Dhabi right to plan ahead.(REAL ESTATE)(Brief article)
March 14, 2008... The establishment of a joint venture by the Abu Dhabi government-backed Mubadala Development Company and the US' The John Buck Company is the latest sign that the UAE capital is becoming the Gulf's leading destination for international real...

Emirates must tackle free trade.(GOVERNANCE)(Brief article)
March 14, 2008... [ILLUSTRATION OMITTED] The UAE cabinet reshuffle in February put international policy and trade at the heart of its agenda. Foreign Affairs Minister Sheikh Abdullah bin Zayed al-Nahyan has a new minister of state in Mohammed Gargash,...

Focus on mining is paying off.(SAUDI ARABIA)(Brief article)
March 14, 2008... A Saudi Arabian gold rush could be about to begin, after drilling by one international company revealed unusually large concentrations of the precious metal. Discoveries like this will put the Saudi Arabian mining sector firmly on the...

Tehran in talks over Dubai bourse listing: $90bn holding company could also feature on Frankfurt and Asian bourses to widen investor pool.(COMPANIES & MARKETS: UAE)
March 14, 2008... Tehran is planning to list shares in a $90bn energy holding company on the Dubai International Financial Exchange (DIFX) in a bid to attract international investment to its struggling hydrocarbons sector. It is also considering a European...

Citadel finds gold bonanza at Shayban mining project: drilling reveals first significant find since Riyadh liberalised mining sector.(INDUSTRY: SAUDI ARABIA)
March 14, 2008... Australia's Citadel Resource Group has struck 'bonanza grade' gold at its Shayban project in Saudi Arabia. Bonanza grade refers to unusually high concentrations. The find comes after exploratory drilling results exceeded initial...

Zain invests $1bn in Darfur network.(TELECOMS: SUDAN)(Brief article)
March 14, 2008... Zain, the Kuwaiti telecoms company, will spend $1bn improving its network in Sudan, including expansion into war-torn Darfur, after the rival governments in the north and south of the country reached an agreement giving telecoms companies...

Dubai probes potential of capturing C[O.sub.2].(ENERGY: UAE)(Brief article)
March 14, 2008... Dubai Petroleum Establishment (DPE), the government-owned oil production company, has launched a study into carbon dioxide (C[O.sub.2]) capture with an international oil company. DPE, which produces less than 100,000 barrels a day (b/d) of...

Central bank studies effect of revaluing dirham after 2010: speculation grows that peg to the dollar will be changed in the near future.(ECONOMY: UAE)
March 14, 2008... An official at the Central Bank of the UAE has confirmed it has launched a study into a revaluation of the dirham, but insists this will not happen before 2010. The news comes amid widespread speculation that the bank will change the peg...

Cairo plans oil and gas licensing round: fifth bid round will cover up to 10 onshore and offshore oil and gas concessions in the south.(ENERGY: EGYPT)
March 14, 2008... Cairo is expected to launch an oil and gas licensing round in the coming weeks as it pushes ahead with plans to develop its resources in the south of the country. Two further exploration rounds are expected later in the year, covering...

Mubadala joins forces with Chicago property developer.(REAL ESTATE: UAE)
March 14, 2008... Abu Dhabi government-owned Mubadala Development Company has formed a joint venture with Chicago-based The John Buck Company to develop real estate projects in Abu Dhabi and the Middle East. Known as Mubadala Buck Properties, the joint...

Utility companies struggle to find developers for projects: mounting workloads force contractors to drop out of bidding processes.(POWER: GCC)
March 14, 2008... Gulf utility firms are struggling to maintain interest in their projects, with developers dropping out of the bidding for some schemes because of a lack of capacity. As the bid deadlines for several independent water and power projects...

Workforces set to double at Dubai firms.(CONSTRUCTION: UAE)(Brief article)
March 14, 2008... Leading construction and engineering companies plan to double their Dubai workforces over the next five years, adding to the skills shortage in the emirate. The local Arabtec is set to increase its workforce to 80,000 from 40,000 by 2010,...

Baghdad to set up utilities watchdog: a single, multi-sector regulator will oversee newly privatised water, power, telecoms and postal services.(TELECOMS: IRAQ)
March 14, 2008... Baghdad will establish a single regulator to oversee the water, power, telecoms and postal services by the end of this year, according to former telecoms minister Mohammed Allawi. The regulator will be based on the Communications & Media...

Rivals back out of race for key Ras Laffan contract.(PETROCHEMICALS: QATAR)
March 14, 2008... The joint venture of Qatar Petroleum (QP) and the US' ExxonMobil Chemical Company is on the verge of making a key award on its multi-billion-dollar petrochemicals complex at Ras Laffan, with only the US' Foster Wheeler, and possibly one other...

Cairo plans two refineries at Ain Sokhna: proposals could boost refining capacity by 50 per cent and supply overseas and domestic markets.(ENERGY: EGYPT)
March 14, 2008... Cairo is developing plans for two refineries that could increase the country's refining capacity by almost 50 per cent, say industry sources. Both refineries will be at Ain Sokhna, on the Gulf of Suez, with one producing for the domestic...

Shortages delay progress on liquefied natural gas trains.(ENERGY: QATAR)(Brief article)
March 14, 2008... Work on three of the four liquefied natural gas (LNG) trains being built in Qatar has been delayed because of a lack of labour and materials. The trains will produce 31.2 million tonnes-a-year (t/y) of LNG in total, almost doubling output...

Talks over Al-Zour refinery contracts enter final stages: awards for four main packages of $14.5bn refinery project delayed until April.(ENERGY: KUWAIT)
March 14, 2008... State refinery operator Kuwait National Petroleum Company (KNPC) is holding final-stage talks with the contractors bidding for its $14.5bn refinery project at Al-Zour, before awarding each of the four main packages on offer. Officials from...

Grain exports double with state support.(ECONOMY: IRAN)(Brief article)
March 14, 2008... Good weather and state support for farmers will enable Iran to export almost 1 million tonnes of wheat before the end of the food production year on 30 June, more than double previous forecasts. "We have had that size of commitments," says...

Jubail cracker attracts just two bidders.(PETROCHEMICALS: SAUDI ARABIA)(Brief article)
March 14, 2008... After a tendering process of more than eight months, just two technical bids have been submitted for the $1.3bn contract to build an ethylene cracker for Saudi International Petrochemical Company (Sipchem) at Jubail. Sources told MEED in...

Occidental likely partner for Abu Dhabi's Fujairah plant: alliance is logical step following agreement to evaluate and develop projects.(ENERGY: UAE)
March 14, 2008... US oil company Occidental Petroleum is likely to become the foreign partner on the planned Fujairah refinery, after signing a co-operation agreement with International Petroleum Investment Company (Ipic), the investment arm of the Abu Dhabi...

Work to start on West Bank projects: tenders for airport in Jordan to be issued soon, as drive to attract private investment gets under way.(INDUSTRY: WEST BANK/GAZA)
March 14, 2008... The Palestinian Authority (PA) is to begin work within weeks on a series of industrial projects to serve the West Bank, including an airport in Jordan. Tenders should be issued on the airport in the coming weeks, according to Public Works,...

Salalah free zone deal to get go-ahead by end of April.(INDUSTRY: OMAN)(Brief article)
March 14, 2008... The long-awaited agreement between the UAE's Jebel Ali Free Zone Authority (Jafza) International and the Omani government to develop the free zone at Salalah is set to be finalised by the end of April. "We have been in discussions with the...

Arabtec wins contract for Porto Dubai.(CONSTRUCTION: UAE)
March 14, 2008... Local developer Zabeel Investments has awarded the local Arabtec Construction the estimated AED1bn ($272m) main construction contract for the Porto Dubai project, one of the most controversial schemes in the emirate. The award involves...

Tokyo loans Baghdad $290m to redevelop Umm Qasr port: Civil Aviation Authority draws up masterplan for future airline expansion.(TRANSPORT: IRAQ)
March 14, 2008... Iraqi and US officials have agreed a [Yen]30bn ($290m) loan from Japan to redevelop Umm Qasr port, in the latest effort to rebuild the country's crumbling infrastructure, in a further move, Baghdad is preparing a complete overhaul of the...