MEED Middle East Economic Digest articles from May 2007

MEED Middle East Economic Digest archives from May 2007

Taking a central role.(COMMENT)
May 4, 2007... Few people still doubt the impact of human activity on climate change. Most will blame the developed economies of Western Europe, the US, Japan and Australia, whose cars, factories and power plants have been spewing greenhouse gasses into the...

Peace process in jeopardy: a compromised government in Israel is causing concern for Palestinians and Lebanese who fear what shape its successor might take.(REGIONAL)
May 4, 2007... As pressure mounts on Israeli Prime Minister Ehud Olmert to resign in the wake of a report on last year's Lebanon war, concerns are mounting that the political crises in Tel Aviv could have negative consequences for the Palestinian peace...

Looking back ...(SEVEN DAYS)
May 4, 2007... 4 May 1967 In an interview with Baghdad daily Al-Manar, the Shah of Iran describes his country's differences with Iraq as "artificial and accidental". 1 May 1992 Implementation of UN sanctions against Libya over the Lockerbie...

On the record.(SEVEN DAYS)(conference on Iranian foreign relations)(Quotation)(Brief article)
May 4, 2007... "IF WE ENCOUNTER EACH OTHER THEN I AM CERTAINLY PLANNING TO BE POLITE AND SEE WHAT THAT ENCOUNTER BRINGS" US Secretary of State Condoleezza Rice on talking to Iranian Foreign Affairs Minister Manouchehr Mottaki on the sidelines of an Iraq...

Dialogue offers hope for Western Sahara resolution.(REGIONAL)
May 4, 2007... The agreement by Rabat and Laayoune to hold face-to-face talks on the political status of the Western Sahara region offers hope that progress can be made towards the resolution of Africa's longest-running postcolonial dispute. The two...

Bedouins stage pretest at Israeli border: 27 April.(NEWS DIGEST on MEED.com this week)(Brief article)
May 4, 2007... More than 1,000 Bedouins have staged an anti-government demonstration near the Kerem Shalom crossing between Egypt and Israel, in protest at the death of two Bedouins a day earlier. The demonstrators accuse the Egyptian government of...

Riyadh detains 170 terror suspects: 27 April.(NEWS DIGEST on MEED.com this week)(Brief article)
May 4, 2007... The Saudi Interior Ministry has detained more than 170 foreign and Saudi nationals suspected of planning terrorist attacks. The ministry says large caches of weapons have been found in the desert and $5.3 million in cash has been seized. "Some...

Bahrain prepares for military threats: 27 April.(NEWS DIGEST on MEED.com this week)(Brief article)
May 4, 2007... Manama is making preparations for any escalation in the stand-off between the US and Iran over Tehran's nuclear energy programme. Bahraini Interior Minister Shaikh Rashed bin Abdullah Al-Khalifa says the kingdom has applied for membership of...

Abbas holds talks with Riyadh: 29 April.(NEWS DIGEST on MEED.com this week)
May 4, 2007... Palestinian Authority President Abbas has held talks with Saudi Arabia's King Abdullah in Riyadh. The discussions are part of the latest efforts to resolve the deteriorating situation in the Palestinian territories following the breach of a...

Baghdad claims Al-Qaeda leader killed: 1 May.(NEWS DIGEST on MEED.com this week)(Abu Ayyub al-Masri)(Brief article)
May 4, 2007... Iraq's Interior Ministry claims it has received intelligence that Abu Ayyub al-Masri, the leader of Al-Qaeda in Iraq, has been killed. He is believed to have died in clashes with rival militants, but the claim remains unconfirmed, with the...

Larijani visits Iraq in run-up to conference: 1 May.(NEWS DIGEST on MEED.com this week)( Ali Larijani)(Brief article)
May 4, 2007... Iran's chief negotiator, Ali Larijani, has become the highest-ranking Iranian official to visit Iraq since the 2003 invasion, as high-level international diplomacy continues ahead of the conference on Iraq, to be held in Egypt. Larijani met...

White House draws up new read map: 2 May.(NEWS DIGEST on MEED.com this week)(Brief article)
May 4, 2007... The Bush administration has drawn up a timetable for Israeli and Palestinian leaders to complete steps to boost prospects for peace. It includes dates for when Tel Aviv should let Palestinian convoys travel between the Gaza Strip and the...

Race begins for Iraq's oil: as MP's prepare to vote on a new oil law, a host of foreign companies are vying for a stake in the country's lucrative oil reserves, but there are many hurdles to be overcome.(IRAQI OIL)
May 4, 2007... Soon after the fall of Saddam Hussain's government in April 2003, David Regan, Middle East head of Anglo-Australian energy giant BHP Billiton, met with Australia's Foreign Affairs Minister Alexander Downer in London to discuss the company's...

Middle East warms to carbon capture: the region is beginning to realise the potential opportunities in emerging market carbon trading and how its used oil and gas fields could make it a key player in the sector.(BRIEFING: CARBON TRADING)
May 4, 2007... As governments worldwide rush to tackle the growing threat of climate change by reducing carbon emissions and investing in environmental projects, the Middle East should have something to smile about. It may be sitting on the world's largest...

Fast-track tender boosts production: eight prequalifiers set to bid for $800m deal.(KUWAIT)(Brief article)
May 4, 2007... Kuwait Oil Company (KOC) has tendered the second phase of its early production facilities (EPF) project. The estimated $600 million-800 million fast-track scheme will significantly increase the state's oil and gas production (see Tenders). ...

National Petroleum calls meeting on Al-Zour.(KUWAIT)(Kuwait National Petroleum Company KSC)(Brief article)
May 4, 2007... State refinery operator Kuwait National Petroleum Company (KNPC) has invited international contractors to attend a meeting on 9 May to outline its contracting strategy for the retender of the Al-Zour refinery. At the meeting, KNPC will...

Muscat to set up engineering and design office.(OMAN)(Brief article)
May 4, 2007... Petroleum Development Oman (PDO) is planning a shake-up of its engineering operations by employing an in-house front-end engineering and design (FEED) office for the first time. Under the terms of the initial five-year cost-plus contract,...

Amec wins engineering contract in Divided Zone.(REGIONAL)
May 4, 2007... The UK's Amec has been selected for a major engineering services contract covering the onshore portion of the Divided Zone between Kuwait and Saudi Arabia. An award is due soon. Under the terms of the four-year deal, with the option for one...

Rabat's energy plans spark viability concerns.(MOROCCO)(Brief article)
May 4, 2007... Industry sources have expressed doubts about the Energy Ministry's plans to build a liquefied natural gas (LNG) receiving terminal to help diversify its energy supplies. Energy Minister Mohamed Boutaleb said in late April that plans were...

KBR wins major project management work.(UAE)(Brief article)
May 4, 2007... The US' KBR has won two project management consultancy contracts for onshore and offshore front-end engineering and design (FEED) work on the second phase of the integrated gas development project. The scheme is one of the largest gas...

Al-Shuwaib steps temporarily into top oil job.(KUWAIT)(Saad al-Shuwaib appointed at Kuwait Petroleum Corp.)(Brief article)
May 4, 2007... Saad al-Shuwaib has been appointed acting chief executive officer and vice-chairman of Kuwait Petroleum Corporation (KPC), with effect from 1 May. He will remain in the position until a replacement is found for former boss Hani Hussain,...

Oil remains high as output questioned.(OIL PRICES)
May 4, 2007... Crude oil prices stayed just over the $67-a-barrel mark during the week as traders switched attention from the foiled attack on Saudi Arabia's oil facilities to a disagreement over oil output between Opec and the International Energy Agency...

Assembly wins Project Kuwait concession.(KUWAIT)(Brief article)
May 4, 2007... The government has conceded a key parliamentary demand over Project Kuwait, the state's landmark but much-delayed upstream initiative. It says it will now allow the National Assembly (parliament) to approve each individual contract. ...

National oil firm invites technical bids for Nimr C.(OMAN)(Brief article)
May 4, 2007... Petroleum Development Oman (PDO) has invited international contractors to submit technical bids by 14 June for a full field water injection project at the Nimr C field in the south of the sultanate. The two-year project is part of efforts...

Phase three of Marmul field development opens to bids.(OMAN)(Brief article)
May 4, 2007... Petroleum Development Oman (PDO) has invited bids for a major contract covering the third-phase development of the Marmul field in the south of the sultanate. Called Marmul central development phase 3, the scheme is aimed at providing...

Three firms bid for Qatargas North field deal.(QATAR)
May 4, 2007... Three companies have submitted technical bids for a $100 million subsea pipelines package for Qatargas 3 and Qatargas 4 projects in the North field. The deadline for commercial bids was recently extended to 8 May as the client, Qatar...

Contractors line up for pipeline packages.(SAUDI ARABIA)(Brief article)
May 4, 2007... At least six contractors submitted solicitations of interest to Saudi Aramco in late April for three major pipeline packages under wider plans to expand oil and gas capacity in the kingdom. The companies are thought to include Russia's...

US firm wins Umm Shaif work.(UAE)(Stone and Webster Canada Ltd.)(Brief article)
May 4, 2007... Stone & Webster, part of the US' Shaw Group, has won the project management services contract covering the Umm Shaif gas injection facilities project in Abu Dhabi emirate. Under the contract, Stone & Webster will oversee the design,...

Fluor starts expansion work: project delayed after client failed to agree costs with original contractor.(SAUDI ARABIA)(Brief article)
May 4, 2007... The US' Fluor Corporation has started work on the engineering, procurement and construction (EPC) element of the polypropylene expansion planned by Saudi Polyolefins Company (SPC). The contract was originally awarded last summer to US-based...

Huanqiu wins polyethylene plant contract.(SAUDI ARABIA)
May 4, 2007... China's Huanqiu Contracting & Engineering Corporation (HQCEC) has been awarded the contract to build the new high-density polyethylene (HDPE) plant at the $9,000 million Saudi Kayan Petrochemical Company complex in Jubail. HQCEC, part of...

International firms bid for ChevronPhillips cracker.(SAUDI ARABIA)(SNAMPROGETTI S.p.A.)(JGC Corp.)(Samsung Engineering Company)(Brief article)
May 4, 2007... Three global contractors have submitted technical bids and execution proposals for the ethylene package on the new multi-billion-dollar olefins complex in Jubail, planned by National ChevronPhillips Company (NCP). The bidders for the...

Sipchem sets June date for cracker tender.(SAUDI ARABIA)(Saudi International Petrochemical Company)(Brief article)
May 4, 2007... Saudi International Petrochemical Company (Sipchem) has set a date of 4 June for the issue of the tender to build its mixed-feedstock cracker, the central element of its world-scale Jubail petrochemicals complex. All five members of the...

US firms to bid for Ras Tanura.(SAUDI ARABIA)(Bechtel Corporation)(Foster Wheeler)(Huor Corporation)(KBR)(Brief article)
May 4, 2007... Four US companies have been invited to bid for the project management services contract on the Ras Tanura refinery upgrade and integrated petrochemicals complex on the Gulf coast. Saudi Aramco and the US' Dow Chemical Company have issued...

Rabat to build $1bn resorts: developments planned in the north and south of the country.(MOROCCO)(Brief article)
May 4, 2007... Rabat has unveiled plans for the construction of a Mediterranean tourist resort worth more than Eur 300 million ($408 million). At the same time, negotiations are being concluded for the development of a second resort in the south, worth an...

Prequalifiers to bid for Meydan grandstand.(UAE)(Al Basti & Muktha LLC)(Arabtec Construction LLC )(Khansaheb Civil Engineering LLC)(Brief article)
May 4, 2007... Prequalified companies have been invited to bid by the end of May for the construction of the 60,000-capacity grandstand at the Meydan racecourse in Nad al-Sheba. The prequalifiers include three local firms, Al-Basti & Muktha, Arabtec and...

Foreign contractors win Duqm port marine work.(OMAN)(Brief article)
May 4, 2007... Belgium's Jan de Nul with Turkey's STFA and Athens-based Consolidated Contractors International Company has been awarded the RO 187 million ($479 million) marine works package at Duqm port. Located in the sultanate's Al-Wusta region, the...

Binladin to build city.(SAUDI ARABIA)(Saudi Binladin Group)(Brief article)
May 4, 2007... The Saudi Binladin Group has been awarded the first residences at the $50.000 million King Abdullah Economic City (KAEC) development at Rabigh, on the Red Sea coast, The contract involves the construction of 1,040 apartments with supporting...

Tameer awards contracts.(UAE)(Tameer Holding )(Brief article)
May 4, 2007... Sharjah-based Tameer Holding has awarded two contracts totalling more than AED 500 million ($136 million). At Dubai Silicon Oasis, the local United Engineering Construction has been awarded the AED 300 million ($82 million) contract to build...

Nurol takes bridges deal.(UAE)(Brief article)
May 4, 2007... Turkey's Nurol has won a AED 223 million ($61 million) contract to build 13 bridges on Reem island in Abu Dhabi. The 21-month contract involves building bridges across 4 kilometres of artificial canals that will run through Shams Abu Dhabi....

Indians win Jumeirah bid.(UAE)(Brief article)
May 4, 2007... India's Larsen & Toubro has been awarded a AED 178 million ($48 million) contract to build 31 villas and associated infrastructure at Jumeirah islands. The contract duration is 18 months. Local real estate developer Nakheel is the client.

Abu Dhabi develops coast.(UAE)(Brief article)
May 4, 2007... The local Tourism Development & Investment Company is planning a $3,000 million development on eight islands and a coastal strip in Abu Dhabi's Western Region, The project includes hotels, marinas and nature reserves on Sir Bani Yas island,...

Nakheel revamps selection process for contractors.(UAE)(Brief article)
May 4, 2007... The local Nakheel has radically revamped the way it chooses contractors, in an effort to bring its projects in on time and on budget. The new Al-Burj tower will be one of the first projects to benefit. The real estate developer has been...

Palm Deira to be enlarged.(UAE)(Brief article)
May 4, 2007... Local real estate developer Nakheel has radically changed the design of Palm Deira to increase the island's land area. The cost savings have been achieved by shortening the island from more than 14 kilometres to 12.5 kilometres. The new...

Abu Dhabi to outline city masterplan.(UAE)(Brief article)
May 4, 2007... The government of Abu Dhabi is expected to release details of a comprehensive urban planning initiative on 8 May that will serve as a template for development in the city until 2030. In a keynote address at Cityscape Abu Dhabi conference,...

Bilfinger wins contract.(QATAR)(Bilfinger Berger )(Brief article)
May 4, 2007... Bilfinger Berger of Germany has been awarded a QR 4.890 million ($1,310 million) contract to build the Barwa City residential development n Doha. The three-year contract involves the construction of a residential compound with 6,000 housing...

Al-Ghurair selects bidders.(UAE)(Brief article)
May 4, 2007... Selected companies have been invited to bid by 22 May for an extension to Al-Ghurair City. The prequalifiers, all local, include Alec. Al-Habtoor Engineering Enterprises and ETA Ascon, The project involves the construction of a hotel,...

Universal plans Dubailand.(Universal Studios Inc.)(Brief article)
May 4, 2007... Universal Studios, based in US. plans to develop a $2,200 million theme park at Dubailand. The 600,000-square-metre park will be managed by Universal Parks & Resorts, which operates similar theme parks in Hollywood, Florida and Japan.

Joint venture wins Emal deal: SNC Lavalin and WorleyParsons chosen for first phase of smelter project.(UAE)
May 4, 2007... A joint venture between Canada's SNC Lavalin and Australia's WorleyParsons has been selected for the first phase smelter package on the Emirates Aluminium (Emal) project at Taweelah in Abu Dhabi emirate. The joint venture beat a competing...

Maaden joins Alcan for Ras Al-Zour project.(SAUDI ARABIA)(Saudi Arabian Mining Company )(Brief article)
May 4, 2007... Saudi Arabian Mining Company (Maaden) and Canada's Alcan have signed a heads of agreement to form a joint venture to develop a world-scale integrated aluminium complex at Ras al-Zour on the Gulf coast. The estimated $7,000 million project...

Addax launches sugar refinery in expansion plan.(REGIONAL)(Addax Investment Bank)(Brief article)
May 4, 2007... A new sugar refinery company is due to be set up by Addax Investment Bank, part of the Bahrain institution's expansion activities. The bank has investments in hospitality; real estate, education, media and a private equity firm in Jordan....

Bidders submit proposals for Amman-Zarqa.(JORDAN )(The Public Transport Regulatory Commission receives proposals for Amman-Zarqa light rail system)(Brief article)
May 4, 2007... The Public Transport Regulatory Commission has received three proposals for the build-operate-transfer contract for the Amman-Zarqa light rail system. Three consortiums submitted offers on 30 April for the estimated $200 million project....

Systra starts metro work.(SYRIA)(Brief article)
May 4, 2007... The Governorate of Damascus and the Municipalities Ministry have awarded the consultancy contract for the capital's first metro line to France's Systra and Khatib & Alami of Lebanon. The 18-month study will cover the construction of the...

Etihad aims to raise $900m: airline splits fundraising between Islamic and international finance.(UAE)(Brief article)
May 4, 2007... Etihad Airways is to increase its fundraising to $900 million this year, as the Abu Dhabi-based airline seeks to expand its fleet. The fundraising includes a $400 million Islamic finance facility--the largest transaction of its type by an...

Four groups invited to bid on Landbridge after delays.(Brief article)
May 4, 2007... Four groups have been given until December to submit proposals for the Saudi Landbridge, as the project moves forward after a series of delays. On 28 April, the Saudi Railways Organisation (SRO) issued requests for proposals to the four...

Gulf Air axes politicians' perks.(REGIONAL)(Brief article)
May 4, 2007... Gulf Air is to end discounted travel facilities for politicians and businessmen as it seeks to further reduce its costs. The Bahraini/Omani-owned airline, which recently announced huge losses and launched a restructuring of its business...

Iran-Dubai power deal moves closer: subsea power line proposed to meet emirates' rapidly increasing demand for electricity.(REGIONAL)(Brief article)
May 4, 2007... Tehran is close to agreeing a deal to supply electricity to Dubai via a new subsea power line, as the emirate struggles to cope with rapidly rising demand for power. Officials at Dubai Electricity & Water Authority (Dewa) have refused to...

State invites bids for Doha East as blackout fears grow.(KUWAIT)(Brief article)
May 4, 2007... The threat of widespread blackouts is becoming a reality in the state after power cuts lasting for an hour were reported in Jahra, Farwaniya and Khaitan on 30 April. However, political agreement has yet to be reached over what to do in the...

Ministry retenders Hartha power plant for third time.(Brief article)
May 4, 2007... The Electricity Ministry has retendered for the third time the engineering, procurement and construction contract to rehabilitate the Hartha power station in the south. The 800-MW plant is located 33 kilometres from Basra and 25 kilometres...

Energy company seeks bidders for transmission line.(Office Nationale de l'Eleetricite)(Brief article)
May 4, 2007... State electricity company Office Nationale de l'Eleetricite (One) has invited companies to bid for the construction of a 225-kv double-circuit transmission line linking substations at the Ain Beni Mathar solar/ combined cycle power plant to...

Daewoo gets go-ahead.(LIBYA)(Daewoo Engineering and Construction Co and General Electricity Corp. (Libya) contracts)(Brief article)
May 4, 2007... After months of protracted decision-making, Tripoli has cleared the way for South Korea's Daewoo Engineering & Construction to build two power plants for the General Electricity Company of Libya (Gecol). The 750-MW gas-fired, combined-cycle...

Doubts delay Cap Ghir.(MOROCCO)(Cap Ghir power project has been postponed)(Brief article)
May 4, 2007... The issue of tender documents for the Cap Ghir independent power project has been postponed while Office National de l'Electricite deals with doubts over the site for the plant. "There is another possible site, but I expect that the site won't...

Power firm plans plant.(OMAN)(Oman Power & Water Procurement Company)(Brief article)
May 4, 2007... The Oman Power & Water Procurement Company (PWP) is inviting expressions of interest by 11 June from international consultants for a new independent water and power project. PWP is seeking legal, financial and technical consultants. The scheme...

Norwegians win upgrade.(UAE)(AnoxKaldnes)(Brief article)
May 4, 2007... Norway's AnoxKaldnes has been awarded a contract to upgrade the capacity of a 37.500-cubic-metre-a-day (cm/d) sewage treatment plant (STP) in Sharjah to 53,000 cm/d. Under the contract, AnoxKaidnes will also operate the facility. The consultant...

Rabat plans to revamp ancient Taourirt Kasbah.(Brief article)
May 4, 2007... Rabat is planning to modernise the 300-year-old Taourirt Kasbah in Ouarzazate in the south and convert it into luxury hotel accommodation. The Tourism Ministry is set to issue a tender in late-May on the three-year contract for the project,...

Sharjah boosts hotel capacity.(UAE)
May 4, 2007... Two hotels are planned for the emirate of Sharjah. The two properties will offer a total of 500 rooms and will be built at Sharjah Expo Centre and Sharjah Airport. At the Expo Centre, the government will invest AED 150 million ($40...

Commission plans first tourist city: development is key to tourism programme.(SAUDI ARABIA)(Brief article)
May 4, 2007... The Supreme Commission for Tourism (SCT) is lining up developers for the kingdom's first tourist city as a key part of its multi-billion-dollar tourism investment programme. Speaking at MEED's Arabian Hotel Investment Conference in Dubai...

Jumeirah to run Palm resort.(UAE)(Al-Fattan Properties)(Brief article)
May 4, 2007... Dubai-based Jumeirah has signed a letter of understanding with Dubai-based Al-Fattan Properties to manage a resort development on the Palm Jumeirah. The development, which is still under construction, includes a 213 room-hotel, along with...

Gold trade fails Saudisation test: jewellers claim skills shortage among locals.(SAUDI ARABIA)(Brief article)
May 4, 2007... Part of Riyadh's Chamber of Commerce & Industry has called on the government to reduce the targets for the employment of domestic workers in favour of expatriates because of the lack of a skilled domestic workforce. It is the latest...

Finances hit record surplus.(KUWAIT)(Brief article)
May 4, 2007... Figures released by the Finance Ministry have revealed that for the fiscal year to 31 March 2007, the government's finances recorded a record surplus of $24,000 million. The surplus represents 35 per cent of GDP, the highest in the region,...

Unicorn plans fund for bank purchases: controlling stakes sought in retail sector.(REGIONAL)(Unicorn Investment Bank)(Brief article)
May 4, 2007... Unicorn Investment Bank of Bahrain is planning to raise a $1,000 million fund to buy a number of retail banks in the region. Majid al-Sayed Bader al-Refai, chief executive officer of Unicorn, says he hopes to raise the first $300 million of...

Qatar Islamic to lead $1bn investment bank consortium.(SUDAN)
May 4, 2007... Qatar Islamic Bank (QIB) is set to lead a consortium of banks in a $1,000 million commercial and investment bank in Sudan. QIB is undertaking a feasibility study for the establishment of the bank as part of its strategy to increase its...

Addax to create investment banking arm.(REGIONAL)(Addax Investment Bank)(Brief article)
May 4, 2007... Addax Investment Bank of Bahrain is applying to Saudi Arabia's Capital Market Authority for a licence to set up a new SR 200 million ($53 million) investment banking subsidiary. It will join a group of more than 50 investment banks setting up...

Companies block release of unfavourable credit ratings.(REGIONAL)(Brief article)
May 4, 2007... Middle East businesses are blocking the release of unfavourable credit ratings from some agencies and are only releasing the best corporate debt ratings. However, bond issuers will have to overcome this reluctance to provide a balanced...

Lead arrangers for cracker project increase five-fold.(SAUDI ARABIA)(Saudi Kayan Petrochemical Company)(Arab Banking Corporation)(amba Financial Group)(BNP Paribas)(ABN Amro and HSBC)(Brief article)
May 4, 2007... The group of five mandated lead arrangers participating in the financing of Saudi Kayan Petrochemical Company's ethylene cracker project is expected to expand to 25 when the transaction goes to market in the second half of 2007. Financial...

Restrictions on NBD sale.(EGYPT)(National Bank for Development)(Brief article)
May 4, 2007... The government has imposed a series of restrictions on the proposed sale of its majority stake in the National Bank for Development. The Central Bank of Egypt said a consortium led by Abu Dhabi Islamic Bank must increase the bank's paid-up...

Hollandi promotes chief.(SAUDI ARABIA)(appointment of Dou Oppedijk at Saudi Hollandi Bank)(Brief article)
May 4, 2007... Saudi Hollandi Bank has appointed chief operating officer (COO) Dou Oppedijk as managing director, following the departure of Giel-Jan van der Tol on 1 May. Van der Tol had been in the post for two years, after being promoted from the position...

Services firm to go ahead.(SYRIA)(International Financial Advisers)(Brief article)
May 4, 2007... Kuwait's International Financial Advisors (IFA) has received preliminary approval to establish a financial services company in Syria. IFA-MAG Financial Services is a joint venture of IFA's investment subsidiary IFA Securities and Mowaffaq...

Financial advisers.(CLARIFICATION)
May 4, 2007... HSBC was financial adviser on the Shuqaiq project and not mandated lead arranger, as indicated in the Gulf project financings 2007 table. Sumitomo-Mitsui Banking Corporation was financial adviser on the Nakilat ship financing deal and...

Guidance Financial enters kingdom's housing market: US finance house works with local investors to offer Islamic mortgages.(SAUDI ARABIA)(Brief article)
May 4, 2007... US-based Guidance Financial Group is setting up a sharia-compliant housing finance company with local investors in Saudi Arabia. Instalment companies already offer housing finance in the kingdom but the market is set to expand, with the...

Etisalat boosts West African investment.(UAE)(Emirates Telecommunications Corporation Ltd. purchased Atlantique Telecom)(Brief article)
May 4, 2007... Emirates Telecommunications Corporation (Etisalat) has purchased an extra 20 per cent of Atlantique Telecom, bringing its total shareholding in the West Africa telecoms company to 70 per cent. The Abu Dhabi-based business first purchased a...

Arab National to launch three joint ventures.(SAUDI ARABIA)
May 4, 2007... Arab National Bank (ANB) aims to establish three joint venture companies in the kingdom as part of plans to enter the taka-ful (Islamic insurance), equipment leasing and mortgage market. The three businesses will be established separately...

HSBC attracts Gulf interest: DIC latest to buy international bank's shares.(ANALYSIS)(HSBC Bank Middle East)(Dubai International Capital L.L.C.)(Brief article)
May 4, 2007... Dubai International Capital's (DIC's) purchase on 1 May of a stake in one of the world's largest financial groups, HSBC, is part of a strategy to diversify its investment portfolio. It is the latest in a string of deals by Gulf investors...

International quest: the Dubai bourse is seeking foreign investors but barriers remain.(MARKET IN FOCUS: DUBAI)
May 4, 2007... The Dubai Financial Market (DFM) will hold a roadshow in London at the end of May before taking it around the world to encourage foreign institutional investment in the bourse. It coincides with the introduction of new corporate governance...

Forthcoming events.(CONFERENCES)(Calendar)
May 4, 2007... The leading conference on maximising the potential of Sharia-compliant project finance 24-25 June 2007 Park Hyatt, Dubai Over the past five years Islamic project finance has grown from next to nothing to take a significant share...