MEED Middle East Economic Digest articles from May 2006

MEED Middle East Economic Digest archives from May 2006

Cheap and cheerful.(COMMENT)
May 5, 2006... From the Al-Faisaliah in Riyadh to the Burj al-Arab in Dubai, there are few more recognisable symbols of the Gulf states than luxury hotels and the iconic buildings that house them. With business travellers and, increasingly, sun-seeking...

On the record.(Brief article)
May 5, 2006... "The only way to hold Iraq together, and to create the conditions for our troops to responsibly withdraw, is to give Shia, Sunnis and Kurds room to breathe in their own regions" US Senator Joseph Biden calls for a plan dividing Iraq into...

Looking back ...(SEVEN DAYS)
May 5, 2006... 6 May 1966 Kuwait considers an amendment to the Company Law mandating all companies to have 100 per cent local ownership 3 May 1991 OPEC members stake claims for higher shares of output. Senior Iraqi and UAE officials say they deserve...

Lack of funds harms Hamas, as Olmert forms cabinet: formation of Fatah militia raises fears of Palestinian in-fighting.(political crisis )
May 5, 2006... Financial pressures in the first week of May continued to push the Occupied Territories towards a political crisis as uncertainty surrounding the unpaid salaries of 165,000 Palestinian Authority (PA) employees continued. Prime Minister Ismail...

Nuclear concern continues.(nuclear programme)
May 5, 2006... President Ahmadinejad in late April reiterated earlier vows that Tehran's nuclear programme would never be surrendered and was "irreversible". "The Islamic republic will not negotiate with anyone on its absolute right to use peaceful nuclear...

City battle leaves 28 dead: 29 April.(Fighting between insurgents and Iraqi police forces)(Brief article)
May 5, 2006... Fighting between insurgents and Iraqi police forces in Baqubah leaves 28 dead as more than 400 insurgents attack five police checkpoints, a police station and an army headquarters, media reports say. The city's mayor says the militants had also...

Cairo extends emergency laws: 30 April.(terrorism )(Brief article)
May 5, 2006... Egyptian MPs in the National Assembly agree to maintain the country's emergency laws for a further two years in the light of the current risk of terrorist activity. However, opposition MPs claim the legislation serves only to infringe the...

Police kill three bomb suspects: 1 May.(police shootings)(Brief article)
May 5, 2006... Egyptian police searching for the Dahab bombers kill three suspects during a gunfight, it is reported. One policeman is also killed in the clash, which occurs in northern Sinai. The deaths come a day after three others were killed in similar...

Kuwait revokes assembly law: 1 May.(permission for public meetings)(Brief article)
May 5, 2006... Kuwait's Constitutional Court repeals a 27-year-old law prohibiting public gatherings. Now Kuwaitis will not require a permit before organising public meetings, although they will be required to notify authorities in advance.

Yemen newspaper back on the stands: 2 May.(Yemen Observer' licence to print )(Brief article)
May 5, 2006... The Yemen Observer has its licence to print restored. The Sanaa-based weekly was banned after it published reproductions of the Danish cartoons of the Prophet in an article criticising the pictures. Editor Mohammed al-Asadi remains on trial on...

Saudi fears push oil prices up again: 3 May.(Brief article)
May 5, 2006... Saudi Arabian Petroleum & Mineral Resources Minister Ali Naimi says that he expects insurgents to launch more attacks on the kingdom's oil infrastructure. "They are not going to only stop at Abqaiq. They will probably try again and again," he...

Baghdad courthouse targeted: 4 May.(reports of suicide attacks)(Brief article)
May 5, 2006... A suicide attack outside a Baghdad courthouse leaves at least nine people dead and 46 injured. Apart from two policemen, all the casualties are understood to be civilians waiting to submit petitions to the court.

Hopes fade for peace in Darfur: 4 May.(negotiation of peace deals)(Brief article)
May 5, 2006... Rebel inflexibility means a Sudanese peace deal appears unlikely despite an extension to the negotiation deadline of 48 hours, media reports say Khartoum has agreed to accept a draft agreement, but the two factions of the Sudanese Liberation...

Cheap frills: hot on the heels of low-cost airlines, the region is about to witness a rapid rise in economy hotels. But as hoteliers and entrepreneurs queue up to launch their budget brands, some fear it could be too much too soon.(BUDGET HOTELS)(Cover story)
May 5, 2006... You can't keep a good man down. And it was perhaps inevitable that the booming economies of the Gulf,should attract one of the world s most renowned entrepreneurs. Stelios Haji-Ioannou, founder of easyGroup, is famous for setting up no-frills...

Staying the course: Tourism Minister Zoheir Garannah is confident that the country's tourism industry will stage a swift recovery from the terrorist attacks at Dahab.(Egyptian tourism)
May 5, 2006... I am very angry about what happened," says EgyptianTourism Minister Zoheir Garannah, referring to the 24 April terrorist bombings in Dahab on the Sinai peninsula, which left more than 20 people dead. "But we are very confident in our product...

Sabic, Aramco set to embark on big hire drive: new human resources to meet capacity hikes.(job requirement of Saudi Basic Industries corp. and Saudi Arabian Oil Co)
May 5, 2006... Saudi Aramco and Saudi Basic Industries Corporation (Sabic) will require more than 200,000 construction workers in 200709 to work on $95,000 million worth of projects, top executives from both firms told the Gulf Society for Organisational...

CCC, Punj Lloyd pick up Dolphin gas distribution work.(contracts of Consolidated Contractors International Co.)
May 5, 2006... Abu Dhabi-based Dolphin Energy (DEL) announced on 3 May that it had approved the award of the two engineering, procurement and construction (EPC) contracts on the upgrade and modification of the eastern gas distribution system (EGDS) in the...

PIDEC and ABB Lummus take Abadan refinery upgrade.(contracts of Petrochemical Industries Design & Engineering Company with ABB Lummus Global)(Brief article)
May 5, 2006... National Iranian Oil Engineering Company (NIOEC) has selected the local Petrochemical Industries Design & Engineering Company (PIDEC) as the winning bidder for the $450 million upgrade of Abadan refinery. PIDEC will be assisted by the German...

Iran tension raises prices.(petroleum prices)(Brief article)
May 5, 2006... Oil prices rose further in the first week of May, as the International Atomic Energy Agency (IAEA) delivered its verdict on Iran's nuclear programme. Some calm was provided, however, by an unexpectedly bearish set of US stock data. Spot Brent...

Q3 tender for South Pars 12.(construction of South Pars Gas Co)(Brief article)
May 5, 2006... The engineering, procurement and construction (EPC) tender for the South Pars 12 development is expected to be issued in the third quarter, says Gholam Reza Manouchehri, head of the local Petropars, the lead contractor on the project. Basic...

FCP confirms test success and discovery.(First Calgary Petroleum discovers new field)
May 5, 2006... Canada's First Calgary Petroleum (FCP) in late April announced the discovery of a new field in the Tagi zone of block 405b, initial tests showed a flow of 8,667 barrels a day of oil and 6.8 million cubic feet a day of gas. "Drilling activity on...

European independent takes concession.(exploration contracts)(Brief article)
May 5, 2006... France-based Europa Oil & Gas on 2 May announced that it had been awarded an exploration concession in the northwestern part of the Gulf of Suez by Egyptian General Petroleum Corporation (EGPC), a Petroleum Ministry affiliate. The onshore West...

Tender due soon for Mohammedia pipeline.(pipeline construction contracts)(Brief article)
May 5, 2006... Societe Anonyme Marocaine de I'Industrie du Raffinage (Samir) is due to issue a tender on 15 June for the pipeline package on the Mohammedia refinery rehabilitation project. Five groups of companies have been prequalified to price the estimated...

BG taps Oman with block 60 concession.(exploration contracts of BG Group PLC)(Brief article)
May 5, 2006... The UK's BG Group has signed an exploration and production sharing agreement (EPSA) with the government for block 60. The onshore block was part of the block 6 concession area operated by Petroleum Development Oman (PDO) and covers about 1,500...

Tender due for offplots MEI package.(mechanical, electrical and instrumentation contracts)
May 5, 2006... The US' Fluor Corporation is expected to issue a tender by early May for the mechanical, electrical and instrumentation (MEI) and structural steel package on the common offplots project at Ras Laffan. Estimated to be worth $100 million, the...

Revised bids in for GSIP FEED.(gas sweetening integrated project contracts)(front-end engineering and design)(Brief article)
May 5, 2006... At least three companies submitted revised technical bids on 30 April to Qatar Petroleum (QP) for the front-end engineering and design (FEED) contract for its proposed gas sweetening integrated project (GSIP) at Mesaieed. The GSIP has been...

Bids in for Banias bitumen plant.(Banias Refinery Company's construction contracts)
May 5, 2006... Banias Refinery Company (DRC) is evaluating proposals for the contract to install a 400,000-tonne-a-year grassroots bitumen plant at its refinery. Bidders for the estimated $10 million turn-key contract include Iran's Namvaran Engineering &...

Homs extends VDU deadline.(installation of Vacuum Distillation Units)
May 5, 2006... Homs Refinery Company (HRC) has extended to 25 May the bid deadline for the $20 million turnkey contract to supply and install six atmospheric and vacuum distillation units (VDUs) at Horns refinery. Prequalifiers include Prague-based...

Gasco to replace NGL pipeline.(natural gas liquids pipeline contracts)
May 5, 2006... Abu Dhabi Gas Industries Company (Gasco) has invited companies to submit technical bids by 21 May for the front-end engineering and design (FEED) package covering the replacement of an existing natural gas liquids (NGL) pipeline. The invitees...

Masdar partners announced.(Masdar alternative energy initiative )(Brief article)
May 5, 2006... The government of Abu Dhabi has unveiled its partners for the Masdar alternative energy initiative which it launched in March The partners are the Royal Dutch/Shell Group the US' Occidental Petroleum Corporation, the UK's BP. France's Total,...

Peacock proud to take on regional BP role.(appointments)(Brief article)
May 5, 2006... Steve Peacock has been appointed president of Middle East and Pakistan operations for the UK's BP, replacing Michael Daly, who is relocating to London as BP's vice-president for exploration and long-term renewal. Peacock, who will be based in...

Sabic signs up for Kayan olefins: new company to be formed for olefins project.(SAUDI ARABIA)(Saudi Basic Industries Corporation)(Kayan Petrochemical Company)(Arab Banking Corp.)(BNP Paribas S.A.)(Gulf International Bank)
May 5, 2006... Saudi Basic Industries Corporation (Sabic) has formally signed a partnership agreement with the local Kayan Petrochemical Company for its planned Jubail olefins complex, and established a public joint stock company to carry out the project. The...

Ammonia tank farm under construction.(DSD Ferrometalco's construction contracts)(Brief article)
May 5, 2006... The local DSD Ferrometalco is pressing ahead with work on the project to supply and install a tank farm for the country's biggest ammonia plant--now under construction--for Egypt Basic Industries Company (EBIC). DSD has already started...

Shiraz fertiliser on hold.(Brief article)
May 5, 2006... The urea and ammonia project planned by Shiraz Fertiliser Company (SFC) is on hold pending an investment decision by National Petrochemical Company (NPC). The local Petrochemical Industries Design & Engineering Company (PIDEC) submitted the...

Dubai looks to Las Vegas: Bawadi will be a key component of Dubailand.(tourism project)
May 5, 2006... Dubai rolled out yet another massive real estate development on 1 May when local developer Tatweer, part of Dubai Holding, launched an estimated AED 100,000 million ($27,200 million) tourism project. The 10 kilometre-long Bawadi project will be...

Sorouh projects accelerate.(residential development in Abu Dhabi)
May 5, 2006... Development is accelerating at local property developer Sorouh Real Estate. At Shams Abu Dhabi on Reem island, the main dredging contract has been awarded, consultants have been appointed, and bids have been submitted for the first piling...

Bids in for Khalidiya.(contracts)(Brief article)
May 5, 2006... Bids are under evaluation for the main contract on the estimated $200 million Khalidiya Rotana hotel and residences project on Abu Dhabi island (MEED 6:1:06). The bidders include: Al-Habtoor Engineering Enterprises and Arabtec Construction,...

Al-Habtoor awarded Business Bay hotel.(Al-Habtoor Engineering Enterprises awarded a construction package for the Business Bay hotel tower)(Brief article)
May 5, 2006... Local developer Dubai Properties has awarded the local Al-Habtoor Engineering Enterprises the estimated AED 200 million ($54 million) construction package for the Business Bay hotel tower. The works are an addendum to Al-Habtoor's existing AED...

Exhibition centre to be extended.(Al Habtoor Engineering Enterprises Company Private Ltd started work on the expansion of the Abu Dhabi National Exhibition Centre)(Brief article)
May 5, 2006... The local Al-Habtoor Engineering Enterprises has started work on the estimated AED 400 million ($109 million) main package on the 80,000-square-metre expansion of the Abu Dhabi National Exhibition Centre (ADNEC). The 12-month contract entails...

Sun sets on the Solarium at Silicon Oasis.(Sun Engineering & Contracting Company has started work in constructing Le Solarium project at Dubai Silicon Oasis)(Brief article)
May 5, 2006... The local Sun Engineering & Contracting Company has started work on the AED 150 million ($40 million) main construction contract for the Le Solarium project at Dubai Silicon Oasis. The 14-storey commercial complex is scheduled for completion by...

Tenders issued for Pearl marina.(Brief article)
May 5, 2006... Companies have been invited to bid by 20 May for a marina works contract at the local Tamouh Investments' Pearl of the Emirates scheme on Reem island. The prequalitiers include Geneva-registered Archirodon Construction (Overseas), Greece's...

Germans move ahead with mega hotel.(Brief article)
May 5, 2006... Germany's Steuerlehrgang is in final negotiations with contractors to build one of Dubai's largest hotels. The estimated $170 million project will comprise a 34-storey tower with 1,050 rooms. Located in Dubailand opposite City of Arabia, the...

Tenders due by August for new Grosvenor House.(contracts)(Brief article)
May 5, 2006... Tenders are expected by August for a second Grosvenor House tower at Dubai Marina. The extension, to be called Grosvenor House--The Residence, will have 288 furnished suites and five waterside villas overlooking the Marina. The Residence will...

Dubai World Central masterplan completed.(air cargo advanced component in Dubai Logistics City )(Brief article)
May 5, 2006... Beirut-based Dar al-Handasah (Shair & Partners) has completed the masterplan for the Dubai World Central project, formerly known as Jebel Ali Airport City. The 140-square-kilometre city is designed to support Dubai's aviation, tourism,...

Consultants invited for Hamriyah port expansion.(Dubai Ports Authority)(Brief article)
May 5, 2006... Dubai Ports Authority has invited companies to bid by 10 May for the design supervision consultancy services contract on the Hamriyah Port expansion project in Dubai. The project, to be implemented in two phases, centres on the construction of...

Major local developments go for redesign.(Brief article)
May 5, 2006... Local property developer Nakheel and The Trump Organisation of the US have released details of the redesign of Trump International Hotel & Tower on Palm Jumeirah. Dubai-based Emirates has also undertaken a major redesign of its flagship hotel...

Mall of Arabia goes for bid.
May 5, 2006... The largest contract on the $2,000 million City of Arabia project in Dubailand has gone to bid, with the release of tender documents for the Mall of Arabia package. Prequalifiers have been given until 26 June to submit bids for the MC02...

Bids in for Palm contracts.(UAE)(Brief article)
May 5, 2006... Local property developer Nakheel has received bids for two major contracts on its Palm island developments, covering ground improvement works on the Palm Jebel Ali and the piling package for a major mixed-use development on Palm Jumeirah. ...

Algiers eastern tramway sets off.(contracts to build a eastern line of the Algiers tramway)(Brief article)
May 5, 2006... Two international consortiums are fighting it out for the contract to build the eastern line of the Algiers tramway after commercial and technical bids were opened in late April. The project is due to be completed by the first quarter of 2009....

Six in for Makkah residence project.(contracts to build a new residences for the governor of Makkah)(Brief article)
May 5, 2006... Six local contractors submitted bids on 1 May to the Interior Ministry for the contract to build new residences for the governor of Makkah. The Saudi Lebanese Modern Construction Company has submitted a low bid of SR 374.4 million ($100...

University plans move ahead.(The local/Turkish joint venture of Federal Development & Contracting Company and Tope Construction )(Brief article)
May 5, 2006... The local/Turkish joint venture (JV) of Federal Development & Contracting Company (FDC) and Tope Construction is pressing ahead with the construction of a new campus for the University of Sulaimaniyah. The JV was awarded the six-year design and...

Sohar places long-lead items: multiple awards on $2.4bn smelter project.(Sohar Refinery Co)
May 5, 2006... Sohar Aluminium has placed a host of long-lead item packages on its $2,400 million smelter project. The awards, primarily covering speciality equipment packages, follow the signings of the power island contract with France's Alstom in December...

Award pending for stormwater masterplan.(Brief article)
May 5, 2006... Bid evaluation is ongoing at the Ministry of Planning for the updated stormwater drainage masterplan contract covering the state. Proposals were submitted last autumn from a number of different international consultants, and an award is...

NCC wins Jubail substation work.(National Contracting Company)(Brief article)
May 5, 2006... The local National Contracting Company (NCC) nas been awarded a procurement and construction contract worth SR 249 million ($66.5 million) to build a 230/115/34.5-kV substation at the Jubai 2 industrial city. The 100-week contract also includes...

Brazilian/local JV awarded STP contract.(UAE)(Odebrecht)(Bin Hafeez General Contracting & Transport Establishment )(sewage treatment plant )(Brief article)
May 5, 2006... The Brazilian/local joint venture of Odebrecht with Bin Hafeez General Contracting & Transport Establishment has been awarded the engineering, procurement and construction (EPC) contract to build a sewage treatment plant (STP) serving the...

Prequals in for KAIA desal plant: Jeddah airport job attracts healthy interest.(King Abdulaziz International Airport)(Brief article)
May 5, 2006... At least 20 local and international companies submitted prequalification applications by 22 April for the contract to develop a 30,000 cubic-metre-a-day desalination plant to supply potable water to the King Abdulaziz International Airport...

Bids due for first solar plant.(Brief article)
May 5, 2006... Interested companies have until 10 May to submit commercial bids for the estimated $250 million contract to develop the kingdom's first solar hybrid power plant at Ain Beni Mathar. The plant will have capacity of 230-250 MW, including a 30-MW...

Eleven bid for GSM licence: TE bidding with Telecom Italia.(Telecom Egypt)(Global System for Mobile Communications)(Brief article)
May 5, 2006... Eleven consortia on 4 May submitted bids for the country's third GSM licence to the National Telecommunications Regulatory Authority (NTRA). Incumbent fixed-line operator Telecom Egypt is among the bidders for the licence, having submitted an...

Hoteliers focus on the Middle East: France's Accor leads drive with big expansion.(REGIONAL)(Brief article)
May 5, 2006... Hoteliers are continuing their love affair with the region's tourism sector after announcing huge room capacity additions on the first two days of the Arabian Travel Market (ATM) exhibition, held in Dubai from 2-5 May More than 1,500...

Kempinski launches Shaza Hotels brand.(joint ventures)(Brief article)
May 5, 2006... Paris-based Guidance Financial Group (GFG) has entered a joint venture agreement with Swiss-based Kempinski Hotels to develop a chain of 20 hotels across the Middle East and North Africa, under the new t Shaza Hotels brand. The scheme will be...

Low-cost hotel operators line up.
May 5, 2006... With capacity in the five-star luxury hotel market set to soar over the coming five years, a host of new operators have announced plans to develop budget properties across the region. More than 50 three-star branded properties are set to enter...

Beirut goes boutique with hotel plan.(Brief article)
May 5, 2006... The local Kheireddine family is moving ahead with plans to build an estimated $80 million-85 million boutique hotel in Beirut's Wadi Abou Jimil district. The project calls for the construction of 12 buildings of three-five storeys in height....

Kingdom buys Thai hotel.(Kingdom Hotel Investments acquired the Karon Beach Hotel )(Brief article)
May 5, 2006... Riyad-based Kingdom Hotel Investments (KHI), a subsidiary of Prince Atwaleed bin TaIal's Kingdom Holding Company, has acquired the Karon Beach Hotel in Thailand's Phuket for $98.5 million from LaSalle Investment Management. The 352-room hotel,...

Zabeel and TUI to build palm hotels.(Zabeel Investments entered into agreement with TUl Hotels & Resorts)(Brief article)
May 5, 2006... Local developer Zabeel Investments has entered into a AED 700 million ($190 million) agreement with Switzerland's TUl Hotels & Resorts to build two hotels on Palm Jumeirah. The Robinson Club and Iberotel Hotels, to be operated by TUl, will be...

Kingdom tentatively opens to tourists.(Supreme Commission for Tourism tourism policy)
May 5, 2006... International tourists will soon be able to enter the kingdom after the Supreme Commission for Tourism (SCT) announced on 2 May that tourist visas would be made available for the first time. The move comes more than two years after the SCT...

Commercialbank eyes expansion: local, European and Asian interest sought.(planning of Commercialbank)(Brief article)
May 5, 2006... Commercialbank is planning a $1,500 million euro medium-term note (EMTN) programme, although the exact form that the first issuance will take has yet to be decided. Citigroup and HSBC are advising on the programme (MEED 7:4:06). "We need...

$3bn bank gains approval.(Bahrain Monetary Institution granted approval for the formation of sharia-compliant United International Bank)(Brief article)
May 5, 2006... The Bahrain Monetary Institution (central bank) has granted initial approval for the formation of sharia-compliant United International Bank. The $3,000 miIlion bank will be one of the biggest Islamic investment institutions in the world Saudi...

Global buys into local bank.(Global Investment House has acquired Societe Generale de Banque Jordanie)(Brief article)
May 5, 2006... Kuwait's Global Investment House (GIH) has acquired a 23 per cent stake in the local Societe Generale de Banque Jordanie (SGBJ). "G IH's acquisition will not lead to an increase in SGBJ's capital," said an SGBJ official. "SGBJ's focus will...

Bank Sohar gets ready to go public.(securities of Bank Sohar)(Brief article)
May 5, 2006... Bank Sohar plans to offer 40 per cent of its shares to the public. Its local founders will hold the remaining shares in the RO 50 million ($129,8 million) bank, The shares will be listed on the Muscat Securities Market. The bank is expected to...

Bids in for YanSab finance.(contracts)(Brief article)
May 5, 2006... Bids were submitted by banks in late April for the financing of the Yanbu National Petrochemicals Company (YanSab) project, The sponsors are understood to have covered the $2.400 million of 12-year commercial debt sought, although without...

Emirates Bank goes global.(Securities of Emirates Bank Group)
May 5, 2006... Emirates Bank has issued a $Sing 50 million ($31.7 million) bond, arranged by HSBC. The three-year notes carry a coupon of 3.875 basis points. The issue is part of an overarching euro medium-term note (EMTN) programme. and Emirates Bank has...

Calyon hires Momdjian as MD.(Albert Momdjian was appointed as a managing director for Calyon)(Brief article)
May 5, 2006... Calyon has appointed Albert Momdjian as managing director to oversee the bank's investment banking business in the Middle East and Africa Momdjian is the former Middle East and North Africa head at Credit Suisse. He will be based in Dubai and...

Financing activity gathers speed.(contracts)(Brief article)
May 5, 2006... Bank bids are due in mid-May on a corporate borrowing for Qatar Petroleum (QP). The company is understood to be looking to raise a total of about $1,200 million through a combination of bank and bond borrowing. Banks are being asked to offer...

Islamic investment house launched.(Capital Management House was launched )(Brief article)
May 5, 2006... Newly-established Bahrainbased Islamic investment company Capital Management House (CMH) has been launched, following a meeting of its constituent general assembly Capitalised at $47.7 million, the firm is the first to be granted a category 1...

MTN buys Investcom: deal will create major emerging markets player.(REGIONAL)(MTN Group)
May 5, 2006... South African GSM operator MTN announced on 2 May that it had entered into an agreement to acquire Beirutbased Investcom. MTN has offered $3.85 a share for the company which recently staged an initial public offering (IPO) of shares that listed...

Dual IPOs loom.(initial public offerings)(Arkan Building Materials Company)(Gulf Navigation Group)(Brief article)
May 5, 2006... The pipeline of initial public offerings (IPOs) in the federation took on more concrete form in late April, with the dates set for the sale of shares in Arkan Building Materials Company and announcement of a planned IPO by locally-based...

ADIH to fund Lusail district.(Abu Dhabi Investment House)(Abu Dhabi Investment House signed an agreement with Qatari Diar Real Estate Investment Company)(Brief article)
May 5, 2006... Abu Dhabi Investment House (ADIH) has signed an agreement with Qatari Diar Real Estate Investment Company to provide $1,200 million in funding for the Entertainment District part of the multi-billion-dollar Lusail real estate project The...

Real estate company unveiled.(Islamic Corporation for Development of the Private Sector)(Brief article)
May 5, 2006... Bahrain-based International Investment Bank (IIB) in joint venture with the Islamic Corporation for Development of the Private Sector (ICD) and the Saudi Economic & Development Company (Sedco), has launched a SR 400 million ($106 million) real...

Aman to stage rights issue.(Aman)(Brief article)
May 5, 2006... Dubai Islamic Insurance & Reinsurance Company (Aman) is planning to more than trouble its capital to AED 200 million ($54,5 million) from AED 60 million ($16.3 million). The increase will be done through a rights issue running from 25 May-26...

Doncasters deal approved.(President George Bush has approved takeover of the united states asset of Doncasters Group by Dubai International Capital )(Brief article)
May 5, 2006... US President George Bush has approved the takeover of the US asset of UK-based engineering firm Doncasters Group by Dubai International Capital (DIC), the international investment arm of Dubai Holding. The deal has averted fears of the kind of...

Marine engineering company launched.(Ali & Sons Company signed a contract with Albwardy Marine Engineering to establish Ali & Sons Marine Engineering)(Brief article)
May 5, 2006... Abu Dhabi-based Ali & Sons Company and Dubai-based Albwardy Marine Engineering have signed a memorandum of association to establish Ali & Sons Marine Engineering. The new company will be based in Abu Dhabi and plans to start operations in the...

DWC appoints Matt Joyce as MD.(Dubai Waterfront Company appoints Matt Joyce as a managing director)(Brief article)
May 5, 2006... Local property developer Dubai Waterfront Company (DWC) has appointed Matt Joyce as managing director. Together with Khaled al-Huraimel, chief operating officer of DWC, Joyce will be responsible for developing a corporate, operational and...

Kipco posts record profits.(KUWAIT)(Kuwait Projects Company )(Brief article)
May 5, 2006... Kuwait Projects Company (Kipco) in late April announced a 79 per cent increase in its first quarter net profits to KD 15 million ($51.7 million). Total revenues were up by 57 per cent to KD 37.9 million ($130.7 million). The company...

Companies seek to strengthen trading places.(JORDAN)(Planning & International Co-operation Ministry)(Brief article)
May 5, 2006... The Planning & International Co-operation Ministry has given companies until mid-May to submit technical and commercial proposals for a $3 million, 12-month, EU-funded consultancy contract to develop and install an automated trading system and...