MEED Middle East Economic Digest articles from May 2005

MEED Middle East Economic Digest archives from May 2005

Partners in oil.(COMMENT)
May 6, 2005... The pictures from Texas of US President Bush and Saudi Arabia's Crown Prince Abdullah up close and personal presented a very positive image--the world's largest oil consumer and biggest producer hand in hand in the battle to bring down soaring...

On the record.(SEVEN DAYS)
May 6, 2005... "You know, one day German unification looked impossible and a few days later it looked inevitable. And, in a sense, what you're seeing in the Middle East is that what looked impossible... now people believe it's possible and they're acting on...

Looking back ...(SEVEN DAYS)
May 6, 2005... 7 May 1965 Tripoli asks the British Thomson Foundation to train technicians for its first television station 4 May 1990 A year after launching the war of liberation, former Lebanese army commander Michel Aoun and Christian militia...

Fatah responds to mounting Hamas pressure: municipal elections spark tensions between Fatah and Hamas.(GAZA/WEST BANK)
May 6, 2005... The ruling Fatah Party of Palestinian Authority (PA) President Mahmoud Abbas unveiled in the first week of May reforms aimed at heading off the growing political threat from the militant Hamas movement. Among them are a change in party rules to...

Violence continues as government is sworn in.(IRAQ)(Brief Article)
May 6, 2005... The announcement in late April that a new government had been agreed, albeit with some key posts remaining vacant, has done nothing to prevent the continuing violence in the country as a series of attacks in the first week of May left 250...

Civil war vets emerge after Syrian withdrawal.(LEBANON)(Brief Article)
May 6, 2005... Former Lebanese army general Michel Aoun is set to make a dramatic political comeback after 15 years of exile in France, following the removal by a Beirut court of all the legal obstacles to his return to Lebanon. Magistrates at Beirut's...

Bashar's regime in danger of collapse, says Israel: 29 April.(Syrian president Bashar Assad)(Brief Article)
May 6, 2005... Syrian President Asad could be ousted by his brother-in-law General Asaf Shaukat or his brother Maher Asad, Israel's head of military intelligence says in an article published by Israeli daily Yediot Aharonot. "His regime's stability is in...

Tehran indicates it may restart nuclear programme: 30 April.(NEWS DIGEST)(Brief Article)
May 6, 2005... Tehran warns that it might resume uranium enrichment work after failing to reach an agreement with the EU over the future of its nuclear programme. Hassan Rohani, Tehran's chief negotiator and head of the Supreme National Security Council, says...

Bouteflika reshuffles his team: 1 May.(NEWS DIGEST)(Abdelaziz Bouteflika)(Brief Article)
May 6, 2005... Algerian President Bouteflika replaces the ministers of foreign affairs, finance and investment and creates the new post of junior Minister of Defence. Mohammed Bejaoui becomes Foreign Affairs Minister, Mourad Medelci takes over as Finance...

Presidential line-up takes shape in Tehran: 2 May.(NEWS DIGEST)(Brief Article)
May 6, 2005... Hardline member of parliament (Majlis) Ahmad Tavakoli withdraws from Iran's presidential elections in June to "favour the designation of a single candidate" to represent the right wing, he says. Tavakoli says there is a need to "avert the...

Cairo seeks help combating terrorism: 3 May.(NEWS DIGEST)(Brief Article)
May 6, 2005... President Mubarak asks the public to help fight terrorism, following two attacks on 1 May "We have to work hand in hand, people and government, in order to defend the stability of this safe nation confronting the elements of terrorism and...

Riyadh tackles terrorist fundraising: 3 May.(NEWS DIGEST)(Brief Article)
May 6, 2005... Riyadh will establish a financial intelligence agency to counter money laundering and terrorist fundraising, Reuters reports. The unit will collect, analyse and share financial information in an attempt to limit terrorist cashflows.

Badran cabinet clashes with parliament: 3 May.(parliament threatens Adnan Badran's government of no-confidence vote)(Brief Article)
May 6, 2005... Parliament threatens the government of new Prime Minister Adnan Badran with a no-confidence vote if he does not drop Finance Minister Bassem Awadallah from his cabinet. MPs "have clearly stated they will not vote for a confidence motion in the...

Nearly $100 million missing from Iraq reconstruction fund: 5 May.(Brief Article)
May 6, 2005... A US report says almost $100 million is unaccounted for from UN-approved funds allocated for the reconstruction of Iraq and controlled by the Coalition Provisional Authority.

Sultans of swing: the world's only swing producer, Saudi Arabia, has embarked on a $30,000 million investment programmed aimed at ramping up crude production capacity by 2.5 million barrels a day by 2010. But other measures are needed to take the heat out of the oil markets.(OIL)(Cover Story)
May 6, 2005... The US administration didn't beat about the bush in advance of the visit by Saudi Arabia's Crown Prince Abdullah to Crawford, Texas on 25 April. Official after official from the White House sent out the same message: the kingdom should pump...

Window of opportunity: the IMF urges Middle East governments to invest in the future.(BRIEFING: REGIONAL ECONOMIES)
May 6, 2005... The IMF has urged governments across the Middle East and North Africa (MENA) to pump a significant portion of their petrodollars into upgrading infrastructure and economic reform in order to support long-term economic growth. In its World...

JV discusses Qatargas 3 and 4 train contracts: awards by end of the year, sources say.(QATAR)
May 6, 2005... The Japanese/French joint venture of Chiyoda Corporation and Technip is in discussions about building trains 6 and 7 at the Qatar Liquefied Gas Company (Qatargas) complex. The trains, being handled respectively by the Qatargas 3 and Qatargas 4...

More Rabigh work hits the market.(SAUDI ARABIA)(Brief Article)
May 6, 2005... Saudi Aramco has released another package under its $4,300 million programme to turn the kingdom's biggest refinery at Rabigh into a world-scale integrated refining and petrochemical complex. Engineering, procurement and construction (EPC)...

Tekfen bids low for crude storage job.(KUWAIT)(Brief Article)
May 6, 2005... Turkey's Tekfen is low bidder at KD 64 million ($220 million) for the directly tendered engineering, procurement and construction (EPC) contract to build eight crude storage tanks at Ahmadi following the submission of bids on 30 April. The...

Fourth refinery will be region's largest.(KUWAIT)(Brief Article)
May 6, 2005... Kuwait National Petroleum Company (KNPC) has confirmed that its planned refinery at Shuaiba will have crude refining capacity of 600,000 barrels a day (b/d), making it the largest in the region by some margin. "The new facility will be built in...

MEED conferences: premier networking events.(Brief Article)(Calendar)
May 6, 2005... 2nd Major New Project Opportunities in Kuwait 17-18 May 2005, Kuwait Gulf Petrochemicals 2005 7-8 June 2005, Bahrain Middle East Retail 2005 14-15 June 2005, Dubai Developments in the Middle East Cement Industry ...

Dubai finally dives in with Dolphin.(UAE)(Dolphin Energy Ltd.)(Brief Article)
May 6, 2005... Almost six years after initial agreement was first reached, a gas sales agreement (GSA) was finally signed on 3 May between Abu Dhabi-based Dolphin Energy and Dubai Supply Authority (Dusup) for the supply of Qatari gas to Jebel Ali. The GSA...

Shell and NOC sign landmark LNG deal.(LIBYA)(Royal Dutch/Shell Group)(National Oil Corporation)(Brief Article)
May 6, 2005... The Royal Dutch/Shell Group is to invest up to $637 million in exploration and the development of the country's liquefied natural gas (LNG) capacity after concluding in early May a long-term partnership agreement with National Oil Corporation...

Oxy/Liwa team takes over Mukhaizna.(OMAN)(Brief Article)
May 6, 2005... The US' Occidental Petroleum Company and Abu Dhabi government-owned Liwa Petroleum have signed a heads of agreement with the government to take over the Mukhaizna field and the $2,000 million enhanced oil recovery (EOR) project planned in the...

Tripoli launches licensing round.(LIBYA)(Illustration)
May 6, 2005... National Oil Corporation (NOC) has launched a new oil and gas exploration licensing round. International oil companies have until 4 June to submit prequalification documents for 17 licences to explore for oil and gas in 17 areas covering 44...

Prices rise in spite of Riyadh's reassurance.(OIL PRICES)(Brief Article)
May 6, 2005... Oil prices hovered around $50 a barrel in the first week of May, with few major supply events and little market reaction to Saudi Arabia's Crown Prince Abdullah's statements reassuring the market that primary crude supply is ample (see Cover...

FEED out for Kermanshah upgrade.(IRAN)(front-end engineering and design )(Brief Article)
May 6, 2005... The main front-end engineering and design (FEED) package is out to bid on the estimated $150 million upgrade of Kermanshah refinery. The project is part of a much wider expansion and upgrade of refining capacity (MEED 8:4:05). Bids are...

Sheer sets to work on Masjid-e Soleiman.(IRAN)(Brief Article)
May 6, 2005... Canada's Sheer Energy and the local Naftgaran Engineering Services Company (Nesco) have issued tender documents for an engineering, procurement and construction (EPC) contract covering surface production facilities on the Masjid-e Soleiman oil...

EPF tender nears.(KUWAIT)(early production facilities )(Brief Article)
May 6, 2005... At least five international contractors are understood to have submitted applications for pre-qualification and letters of interest by 3 May for an estimated $120 million-150 million engineering, procurement and construction (EPC) and a...

Indian rope for NIOC LNG.(IRAN)(Brief Article)
May 6, 2005... Indian Oil Corporation (IOC) and Gas Authority India (GAIL) are expected to sign by mid-July a heads of agreement (HoA) with National Iranian Gas Export Company (NIGEC) for the long-term purchase of at east 5 million tonnes a year (t/y) of...

Japex signs oil deal.(IRAQ)(Brief Article)
May 6, 2005... Japan Petroleum Exploration Company (Japex) has signed a contract with the Oil Ministry to provide technical assistance and carry out technical studies on a number of untapped oil fields across the country, Under the terms of the one-year deal....

SK awaits final CTC approval for facilities job.(KUWAIT)(Brief Article)
May 6, 2005... Kuwait Petroleum Corporation (KPC) has approved the bid submitted by South Korea's SK Engineering & Construction for the second package on the facilities upgrade and flowlines replacement project. The recommendation has gone to the Central...

Contracts let for Adriatic terminal.(QATAR)(Brief Article)
May 6, 2005... Qatar Petroleum (QP), the US' ExxonMobil Corporation and Italy's Edison announced on 2 May the formal award of contracts covering the Isola di Porto Levante liquefied natural gas (LNG) regassification terminal off the coast of Italy. Oslo-based...

Bidding shifts up a gear on YanSab: commercial bids in for LLDPE and EG units.(SAUDI ARABIA)(engineering, procurement and construction)(linear low-density polyethylene)(YanSab olefins complex)(Brief Article)
May 6, 2005... International contractors submitted commercial proposals in late April for two packages tendered by Saudi Basic Industries Corporation (Sabic) as part of its programme to build the greenfield YanSab olefins complex at Yanbu (MEED 11:3:05). ...

Melamine plan crystallises.(UAE)(Agrolinz Melamine International)(Brief Article)
May 6, 2005... Abu Dhabi National Oil Company (ADNOC) and Austria's AMI Agrolinz Melamine International are close to signing a joint venture agreement to build an 80,000-tonne-a-year (t/y) melamine plant at Ruwais. Details of the proposed venture were...

Bids in for Kurdistan LDPE.(IRAN)(Brief Article)
May 6, 2005... Four companies have submitted bids to Kurdistan Petrochemical Company (KPC) for the construction of a low-density polyethylene (LDPE) unit on the western ethylene pipeline at Sanandaj. The unit will be a near replica of the LDPE plant under...

Four attend EO/EG meeting.(KUWAIT)(Brief Article)
May 6, 2005... Four prequalified contractors attended in late April a pre-tender meeting for the ethylene oxide/ethylene glycol (EO/EG) package on the Olefins II complex. US-based Foster Wheeler, Japan's Toyo Engineering Corporation, Spain's Tecnicas...

Prices due for GAE study.(UAE)(Brief Article)
May 6, 2005... Abu Dhabi Oil Refining Company (Takreer) has invited commercial bids by 14 May for a contract to carry out a feasibility study on its planned world scale aromatics complex at Ruwais Three companies--the Italian office of Paris-based Technip....

Abu Dhabi airport project takes off: battle to win design work begins.(UAE)
May 6, 2005... Ten international consultants have been invited to prequalify for the design contract on the new midfield passenger terminal at Abu Dhabi International Airport (ADIA). The complex is part of an estimated AED 21,000 million ($6,800 million)...

Emirates plans new hotel.(UAE)(Brief Article)
May 6, 2005... Dubai-based carrier Emirates announced on 4 May that it plans to build a new five-star hotel in Dubai. Located on Shaikh Zayed highway, the 40-storey, 350-metre-high tower will be one of the world's tallest hotels, and one of the largest in the...

Three new hotels for Tala bay.(JORDAN)(Brief Article)
May 6, 2005... Aqaba Special Economic Zone Authority (ASEZA) awarded contracts worth $141 million on 28 April for the construction of three new hotels in Tala bay in Aqaba. Local company Zara will construct a four-star. 350-room hotel; Qatar's Al-Qamar...

Hamra & Ferdous gets higher.(KUWAIT)(Brief Article)
May 6, 2005... The US' Skidmore, Owings & Merrill (SOM) is close to finalising a redesign of the Hamra & Ferdous multi-purpose complex in the Sharq district. The project's main element--a high-rise commercial tower--will be increased to 70 storeys from the...

Tender issued for major PMC work.(KUWAIT)(Brief Article)
May 6, 2005... Six international firms nave been invited to submit proposals by mid-May for a three-year project management consultancy (PMC) contract covering further development of Kuwait University's estimated $3,000 million new campus at Shadidiyan. The...

MPW invites ring-road work.(KUWAIT)(Brief Article)
May 6, 2005... The Ministry of Public Works (MPW) has invited international consultants to submit proposals by 11 June for a design contract covering the upgrade of the second and third ring-roads. Under the terms of the contract the successful company will...

Kuwait to get new Monarch.(KUWAIT)(Brief Article)
May 6, 2005... Tender documents are being prepared for the main construction and renovation package on a major hotel development in the heart of Kuwait City. Called the Monarch Kuwait, the 360-room luxury hotel will be composed of three main interlinked...

Wave site preparation begins to roll.(OMAN)(SAM Trading )(Brief Article)
May 6, 2005... The local SAM Trading has been awarded the site preparation contract on the $800 million Wave resort, off the coast of Seeb. The work is due to take about three months and the first dredging and reclamation tender is due out in the third...

Port tender set to sail.(QATAR)(Brief Article)
May 6, 2005... Qatar Petroleum (QP) is expected to release tender documents in mid-May for the dredging and reclamation contract on the Ras Laffan port expansion project The client has completed prequalification of contractors, which involves about 60 million...

Cansult wins Amwal tower work.(QATAR)(Brief Article)
May 6, 2005... Local finance house Amwal, formerly known as Qatar Ladies Investment Company, has announced the appointment of Canada's Cansult as project manager on its Amwal tower project in the West Bay district of Doha. The 22-storey office building will...

Tajamua plans new Al-Huda plaza in Jeddah.(SAUDI ARABIA)(Brief Article)
May 6, 2005... Med Design of Jordan is carrying out final designs for the second Al-Huda plaza project to be built at the corniche in Jeddah. Estimated to cost SR 100 million ($27 million), the scheme will call for the construction of a 16-storey residential...

Hariri's son takes helm.(PEOPLE)(appointed Saad Rafiq Hariri as general manager)(Brief Article)
May 6, 2005... Saad Rafiq Hariri, surviving son of former Lebanese prime minister Rafiq Hariri, has been appointed general manager of Saudi Oger. Saad was managing director of the company from 1994 to 1998. He is also chairman of the US' Omnia Holdings and...

Midmac/Sixco joint venture awarded sports tower.(QATAR)(Brief Article)
May 6, 2005... A joint venture of the local Midmac Contracting and Belgium's Six Construct has received a letter of intent for the Sports City tower project. The award, for which the value has not been disclosed, calls for the design and construction of a...

Bids invited for Durrat bridges.(BAHRAIN)(Brief Article)
May 6, 2005... Bids have been invited by 24 May for the construction of the bridges linking the various portions of the Durrat al-Baharin resort, and other elements of the scheme are moving forward. The six prequalifiers for the bridges package are: the...

Dubai gets ready to wear Versace.(UAE)(Brief Article)
May 6, 2005... A team of Australia's PTW Architects and the US' Parsons International is carrying out the masterplan for a new development in Dubai's Al-Jadaf district, next to the proposed Business Bay. Named Arabian Bays, it will be located by the existing...

Thai hospital on Shaikh Zayed.(UAE)(Brief Article)
May 6, 2005... Dubai-based investment holding firm Istithmar and Thailand's Bumrungrad Hospital Public Company (BHPCL) announced on 1 May plans to build a hospital complex on Shaikh Zayed road, which in the first phase will house 125 beds. Estimated to cost...

Wade bids low for Dubai Marina interchange 5.(UAE)(Brief Article)
May 6, 2005... The local Wade Adams Contracting has submitted the lowest bid for the retendered fifth interchange reconstruction project on Shaikh Zayed highway in Dubai. Its offer of AED 262 million ($71 million) is about 5 per cent lower than the next price...

Hill in line for La Ville Contemporaire.(UAE)(Brief Article)
May 6, 2005... The US' Hill International has been selected for the post of project manager on the La Ville Contemporaire development. the codename given to three major projects planned at Ras al-Khor, at the head of Dubai creek. International firms submitted...

Project managers gear up for Maaden contracts: PMCs needed for mining and railway work.(SAUDI ARABIA)(Public Investment Fund )
May 6, 2005... Local and international firms are preparing to submit bids to the Public Investment Fund (PIF) and Saudi Arabian Mining Company (Maaden) for the contract covering project management consultancy (PMC) services on the $2,800 million minerals...

Qasco lets remaining EPC steel packages.(QATAR)(Qatar Steel Company)(engineering, procurement and construction)(Brief Article)
May 6, 2005... Austria's Voest Alpine Industrieanlagenbau (VAI) and Italy's Danieli & Company have been awarded the two remaining engineering, procurement and construction (EPC) packages covering the expansion of Mesaieed steel complex. Under the terms of its...

Posco gets Hadeed flat steel job.(SAUDI ARABIA)(Brief Article)
May 6, 2005... Saudi Iron & Steel Company (Hadeed) on 30 April announced the award of the estimated $65 million-75 million contract to install a new flat steel paint coating line to South Korea's Posco Engineering Company. Under the deal, Posco and Daewoo...

Abu Dhabi drives industrial investment.(UAE)(Elite Holding)(Brief Article)
May 6, 2005... Abu Dhabi-based Elite Holding has announced the launch of two mixed use projects in the emirate, at a total investment of at least $2,300 million. Elite is a local joint venture between Four Directions Group and Bin Salem Group (MEED 1:10:04)....

Essar steps up investment.(REGIONAL)(Essar Construction Ltd.)(Brief Article)
May 6, 2005... Site preparations and ground levelling work is under way for the first phase of the integrated steel plant project at Bandar Abbas. The 2 million-tonne-a year (t/y) direct reduction iron (DRI) greenfield unit is being promoted by a 50:50 joint...

Coke project agreements signed.(KUWAIT)(Petroleum Coke Industries Company)(Brief Article)
May 6, 2005... Kuwait National Petroleum Company (KNPC) and Kuwait Petroleum Corporation (KPC) signed on 2 Maya series of agreements with the local Petroleum Coke Industries Company (PCIC) covering the development of a 350,000-tonne-a-year (t/y) private...

Hoteliers hungry for development: projects throughout the region announced.(REGIONAL)
May 6, 2005... In a bid to solve the increasing shortage of hotel room capacity throughout the region, a host of new hotel projects were announced on the first two days of the Arabian Travel Market exhibition, held in Dubai from 3-6 May More than 1,500...

Hogan keen to stay on at Gulf Air: "a strong mandate needs to continue"--says CEO.(REGIONAL)(James Hogan)
May 6, 2005... James Hogan, chief executive officer of Bahrain-based Gulf Air, is firmly committed to staying at the regional carrier following the successful conclusion of Project Falcon, the three-year turnaround plan for the airline. In an interview...

QA closes in on new orders.(QATAR)(Qatar Airways)(Brief Article)
May 6, 2005... Qatar Airways (QA) is in advanced negotiations with Europe's Airbus and The Boeing Company of the US to purchase new aircraft. "It is a strategic decision and we will not rush into making decisions before we are satisfied all our demands are...

Aden concession goes to second round.(YEMEN)(Brief Article)
May 6, 2005... Sanaa has requested a second round of bidding from the three companies that originally submitted bids for the concession to operate and manage Aden Container Terminal (ACT) in March, Dubai Ports International, International Container Terminal...

Metro plans take shape.(ALGERIA)
May 6, 2005... Two companies are in the running for the estimated Eur 500 million ($647 million) Entreprise Metro d'Algiers turnkey contract for the provision of integrated systems on line 1 of the planned Algiers metro. Bids were submitted by France's...

Imam Khomeini airport reopens at last.(IRAN)(Brief Article)
May 6, 2005... Imam Khomeini International Airport (IKIA) was finally reopened on 30 April, almost a year after the Islamic Revolutionary Guards Corps (IRGC) closed it down on the pretext that Turkish operator Tepe Akfen Ventures (TAV) breached security...

Three in for Rabigh IWSPP: Marubeni and Sumitomo lead teams slugging it out with UK/local group.(SAUDI ARABIA)(independent water, steam and power project)
May 6, 2005... Three proposals were submitted in late April for the captive independent water, steam and power project (IWSPP) to serve the $4,300 million integrated refinery and petrochemicals complex at Rabigh. The joint sponsors on the project, Saudi...

DEWA moves on to M.(UAE)(Dubai Electricity & Water Authority)(Brief Article)
May 6, 2005... Dubai Electricity & Water Authority (DEWA) kicked off in early May implementation of its latest co-generation project by releasing the consultancy tender for the grassroots Jebel Ali M power and desalination complex. Consultants have been given...

Revised prices in for 66-kV job.(BAHRAIN)(Brief Article)
May 6, 2005... The team of France's Areva T&D and Japan's Sumitomo Corporation has submitted the low bid at $85.2 million for the contract to carry out the third-phase improvement of the kingdom's transmission network following submission of revised prices in...

Freehold law moves step closer: "matter of processing"--says ADTA official.(UAE)(Abu Dhabi Tourism Authority)(Brief Article)
May 6, 2005... The long-awaited freehold law is expected to be issued in the coming 12 months following the completion of the first draft, a top government official told the MEED Arabian Hotel & Investment conference in Dubai on 2 May. "As I understand, the...

Syndicated loan in the pipe.(IRAN)(Ahwaz Rolling & Pipe Mills Company)(Brief Article)
May 6, 2005... Standard Chartered Bank has been appointed mandated lead arranger on a Eur 200 million ($259 million) borrowing for Ahwaz Rolling & Pipe Mills Company. The loan is priced at 275 basis points over Libor and is to be structured as a club deal,...

Isfahan loan closed.(IRAN)(Brief Article)
May 6, 2005... A two-year borrowing for Isfahan Steel Company was signed in late April. The $100 million loan was heavily oversubscribed, attracting commitments of some $137.5 million, but the borrower eventually decided not to upsize the loan. Demand was...

NIC selects MLAs.(KUWAIT)(National Industries Group)(Brief Article)
May 6, 2005... National Industries Group (NIC) has mandated Gulf International Bank and West LB to arrange a $100 million syndicated loan. The three-year facility is priced at 115 basis points and general syndication has been launched.

IFA set to list on KSE.(KUWAIT)(International Finance Advisers)(Kuwait Stock Exchange)(IFA Hotels & Resorts)(Brief Article)
May 6, 2005... The local International Finance Advisers (IFA) is finalising the closed shareholding of its subsidiary IFA Hotels & Resorts and will apply to list the company on the Kuwait Stock Exchange (KSE), according to IFA chairman and managing director...

BSF on borrowing bandwagon: five-year, $500m deal has five MLAs.(SAUDI ARABIA)(Banque Saudi Fransi)(mandated lead arrangers)(Brief Article)
May 6, 2005... Banque Saudi Fransi (BSF) has appointed a five-strong group of mandated lead arrangers (MLAs) for a syndicated borrowing, following closely those by Arab National Bank (ANB) and Saudi Hollandi Bank (SHB--MEED 18:3:05). The $500 million...

GIB loan signed.(REGIONAL)(Gulf International Bank)(Brief Article)
May 6, 2005... A five year borrowing for Gulf International Bank (GIB) was signed on 28 April, priced at 35 basis points over Libor. The mandated lead arrangers (MLAs) were Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Calyon, Citigroup,...

Omantel IPO date set.(OMAN)(initial public offering )(Oman Telecommunications Company)(Brief Article)
May 6, 2005... A date of 24 May has been set for the launch of the long-awaited initial public offering (IPO) of shares in Oman Telecommunications Company (Omantel). The offering will be the largest ever in the sultanate. About 225 million shares--30 per cent...

QFC opens for business.(QATAR)(Qatar Financial Centre)(Brief Article)
May 6, 2005... Qatar Financial Centre Regulatory Authority (QFCRA) began receiving on 1 May licence applications from international institutions and multinational corporations interested in setting up in the Qatar Financial Centre (QFC). Businesses based in...

Oger refinances loan.(SAUDI ARABIA)(Brief Article)
May 6, 2005... Calyon has been appointed the mandated lead arranger (MLA) on a $360 million loan for Saudi Oger. Part of the loan's proceeds will be used to refinance a $260 million borrowing taken out in 2004, arranged by Credit Agricole Indosuez--now part...

IPO looms in hospitality sector.(UAE)(initial public offering)(Brief Article)
May 6, 2005... Plans are under way to launch by the third quarter an initial public offering (IPO) of shares in Rotana Investments, part of Abu Dhabi-based hotel chain Rotana Group. The move will make the hotelier the first hospitality stock to be floated on...

Emirates & Sudan Bank's private placement closed.(REGIONAL)(Brief Article)
May 6, 2005... A private placement for Khartoum-based Emirates & Sudan Bank has been completed, with subscription to an initial public offering (IPO) of $28.3 million worth of shares due to open in mid-May. Among the banks signing up during the placement were...

Gathering momentum: political change is on everybody's lips in Manama, and economic reform is gathering momentum. Such debates are a sign of the kingdom's slow but sure progress.(SPECIAL REPORT: BAHRAIN)
May 6, 2005... All is relative, the saying goes. Human rights organisations last year complained about the imprisonment of a prominent activist for derogatory comments about the prime minister. This year, the government and democracy campaigners have been at...