MEED Middle East Economic Digest articles from May 2008

MEED Middle East Economic Digest archives from May 2008

Dubai selects contractors for tram system.(Project news on MEED.com)
May 2, 2008... A consortium of France's Alstom and the local/Belgian Bel Hasa Six Construct has been selected for the estimated AED2bn ($544m) contract to build the first phase of the Al-Sufouh tram system in Dubai. The group was the low bidder when prices...

Axens wins Al-Shaheen refinery contract.(Project news on MEED.com)
May 2, 2008... Qatar Petroleum has awarded a process technology package for its 250,000-barrel-a-day (b/d) Al-Shaheen oil refinery to France's Axens.

Khatib & Alami to design West Bank project.(Project news on MEED.com)
May 2, 2008... Khatib & Alami has been appointed to draw up a masterplan for a $200m real estate development in the West Bank.

Sabic to raise $1.3bn through sukuk.(Project news on MEED.com)
May 2, 2008... Saudi Basic Industries Corporation (Sabic) has received approval from the Capital Market Authority to sell up to SR5bn ($1.3bn) worth of sukuk (Islamic bonds).

Kuwait issues Subiya tender.(Project news on MEED.com)
May 2, 2008... The Electricity & Water Ministry has issued the long-awaited tender for the contract to build the Subiya power plant.

Binladin wins economic city contract.(Project news on MEED.com)
May 2, 2008... Sandi Binladin Group has been awarded the SR1.4bn ($370m) contract to build residential towers in King Abdullah Economic City.

Petroleum Development Oman tenders gas pipelines.(Project news on MEED.com)
May 2, 2008... Petroleum Development Oman has invited bids for the contract to build two gas pipelines in the south of the sultanate.

Conferences.(Conference news)(Brief article)(Calendar)
May 2, 2008... Building Tall 2008 Designing and engineering tall towers 9-11 June Park Hyatt Hotel, Dubai, UAE www.meed.com/events/buildingtall The Middle East's tall-building boom is providing unprecedented opportunities to the world's contractors,...

The Middle East steel report 2008.(INSIGHT)
May 2, 2008... [ILLUSTRATION OMITTED] The latest sector report from MEED Insight examines recent developments in, and the outlook for, the regional steel market. Record project activity in the Gulf, coupled with strong global demand, has resulted in...

MEED projects.
May 2, 2008... MEED PROJECTS GULF PROJECTS ($M) 28 April 21 April % change 27 April % change 2008 2008 on week 2007 on year Bahrain 33,507 33,507 0.0 ...

Regional banks can fill the void.(FINANCE)
May 2, 2008... [ILLUSTRATION OMITTED] Foreign banks are taking a step back to nurse their losses in other markets The question is how much progress local banks can make in the interim The attractions of the Gulf markets for international...

Power link-up makes sense.(ENERGY)(Brief article)
May 2, 2008... A grid link with Egypt will allow not only Saudi Arabia but also the rest of the GCC to draw on electricity from its western neighbours As a concept, the GCC electricity grid is very attractive. All member states would find it helpful if...

Reforms will help markets mature.(CAPITAL MARKETS)(Brief article)
May 2, 2008... A new report has identified key reforms that Gulf markets must make to reach their potential The financial districts of the six GCC countries have never looked more healthy. The skyscrapers that house bankers, brokers and the stockmarkets...

Building brands is the way forward.(TOURISM)(Brief article)
May 2, 2008... [ILLUSTRATION OMITTED] Shaking off an over-reliance on established hotel operators will help the region hit its tourism targets More than 46 million tourists visited the Middle East in 2007 and the figure is growing by 5 per cent a...

Gulf firms are world leaders.(CONSTRUCTION)(Brief article)
May 2, 2008... Arabtec's win in St Petersburg is a sign that the region is starting to take a lead on high-rise buildings This week, Dubai-based Arabtec Construction was preparing to start on its first project in Europe: the AED10bn ($2.7bn) Okhta Centre...

Global investors exit local debt markets: international institutions are turning away from the region because of concerns over local currency pricing.(BANKING & FINANCE: REGIONAL)
May 2, 2008... International investors are becoming more wary of Middle East debt, because of sub-prime losses in other markets and a shift towaSaudiinancing being raised in local currencies. Last year, global interest in Middle East debt was so high that...

Aramco selects contractors for five-year development plan: companies to compete exclusively for billions of dollars worth of projects.(ENERGY: SAUDI ARABIA)
May 2, 2008... Saudi Aramco has drawn up a shortlist of 27 local and international engineering and construction contractors to compete exclusively for billions of dollars worth of energy projects over the next five years. Aramco has submitted the list of...

Algiers revives Bougzoul city project.(CONSTRUCTION: ALGERIA)(Brief article)
May 2, 2008... Algeria has revived long-running plans to build a new multi-billion-dollar city south of Algiers, as it seeks to provide housing and jobs for its fast-growing population. The scheme dates back to the 1970s but has suffered from economic...

Riyadh to bankroll Sudair city loans: private developers will pay low interest rates on funding that could run into billions of dollars.(CONSTRUCTION: SAUDI ARABIA)
May 2, 2008... Riyadh has drawn up plans to provide billions of dollars in funding to assist private developers at Sudair Industrial City, near Riyadh. The Saudi Industrial Property Authority (Sipa), which is in charge of industrial zones in the kingdom,...

Hollandi fails to secure partner for Ras Tanura financing deal.(BANKING & FINANCE: SAUDI ARABIA)(Brief article)
May 2, 2008... Saudi Hollandi Bank has fallen out of the running for the advisory mandate on the project financing deal for the Ras Tanura refinery, after failing to secure an international banking partner for its bid. The deal is expected to be world's...

Doha fast-tracks programme to increase crude production: Gaz de France and Wintershall frontrunners for two offshore exploration blocks.(ENERGY: QATAR)
May 2, 2008... Paris-based Gaz de France (GdF) and Germany's Wintershall are frontrunners to win the first of two new offshore exploration blocks as Qatar looks to fast-track its programme to increase crude production to 1.1 million barrels-a-day (b/d) by...

Mobile phone privatisation faces delays.(TELECOMS: LEBANON)(Brief article)
May 2, 2008... Lebanon is expected to postpone the $6bn privatisation of its state-owned mobile phone operators for a second time when it updates potential bidders on the sale in May, because of the continued political turmoil. In January, the...

Kuwait compensation bid stalls as discussions collapse: Iraqi president walks out of talks after US-backed plea to drop debt fails.(TRANSPORT: REGIONAL)
May 2, 2008... The search for a compensation agreement between the national airlines of Iraq and Kuwait has again stalled, after an acrimonious meeting in the Kuwaiti capital. The meeting, held on the fringe of the US-led Iraq neighbours conference in...

Ras al-Zour hits further delay.(POWER: SAUDI ARABIA)(Brief article)
May 2, 2008... The deadline for the world's largest independent water and power project (IWPP), at Ras al-Zour in Saudi Arabia, has again been delayed after a request from bidders. The delay comes at a time of strong activity in the wider market, with...

Dewa to complete $1bn securitisation: deal is one of a series of issues planned in the Middle East as the region avoids the global downturn.(BANKING & FINANCE: UAE)(Dubal Electricity & Water Authority )
May 2, 2008... Dubal Electricity & Water Authority (Dewa) is close to finalising a $1bn securitisation deal, in the first sign that the region may be avoiding the global downturn in asset-backed finance. The deal follows a similar $1bn issue Dewa...

Riyadh and Cairo consider plans to connect power grids: project could provide a link between planned GCC network and Europe.(POWER: REGIONAL)
May 2, 2008... Saudi Electricity Company (SEC) and Egyptian Electricity Holding Company (EEHC) are seeking government approval for a project to connect the two countries' power grids, following the completion of a feasibility study into the scheme. If it...

Adco receives bids to boost oil output.(ENERGY: UAE)(Brief article)
May 2, 2008... All four prequalified groups have submitted bids for the estimated $3.5bn project to boost Abu Dhabi's oil output by 60,000 barrels a day (b/d). Abu Dhabi Company for Onshore Oil Operations (Adco) received the technical bids for the...

Abu Dhabi to invest $20bn in Taweelah: site will be location for chemicals city being developed as part of plans to diversify the economy.(PETROCHEMICALS: UAE)
May 2, 2008... Abu Dhabi is to invest more than $20bn to develop its petrochemicals industry at Taweelah under a newly formed company that is likely to be led by Harri Bucht, a former chief executive officer of Abu Dhabi Polymers Company (Borouge). The...

Finance chiefs defend progress on corporate governance.(COMPANIES & MARKETS: GCC)
May 2, 2008... GCC financial markets have hit back at criticism over poor corporate governance and large state shareholdings in listed companies in a report by the City of London Corporation. Senior figures in the Gulf have cited ongoing reforms aimed at...

Dubai plans waterways to link Business Bay to Gulf: additional 42km of canal creates opportunities for more waterfront residences.(REAL ESTATE: UAE)
May 2, 2008... A second major canal scheme is being planned for Dubai to link Business Bay with the Gulf, as developers focus on creating more waterfront residences. In all, Dubai is now planning more than 120 kilometres of inland waterways and canals...

Operator to build $500m network.(TELECOMS: SUDAN)(Brief article)
May 2, 2008... MTN, the South African telecoms operator, will spend $500m building a mobile phone network in southern Sudan, after winning permission to operate in 10 states run by the breakaway government in Juba. "We intend to spend $100m from now until...

Locals export expertise in building tall: Emirati firms' experience in constructing high-rise towers is increasingly winning them work overseas.(CONSTRUCTION: UAE)
May 2, 2008... International contractors are increasingly losing out to UAE-based firms in bids to construct high-rise towers, with Dubai-based companies in particular able to use their experience in their domestic market to win contracts overseas. The...

Riyadh eases inflation pressure: the Saudi government is assessing ways to reimburse contractors for losses caused by rising prices.(CONSTRUCTION)
May 2, 2008... As Riyadh plans, develops and constructs a swathe of major projects across Saudi Arabia, contractors have plenty of issues to deal with. But the one that dominates their thoughts is inflation. Rising costs are placing a huge strain on the very...

Gulf International Bank: the bank is working hard to repair its reputation after suffering heavy losses in the global sub-prime crisis.(BANKING)(Company overview)
May 2, 2008... COMPANY SNAPSHOT Date established 1975 Main business sectors Banking Headquarters Bahrain Main business region GCC CEO Khaled al-Fayez Since announcing nearly $1bn worth of provisions and a $757m loss for 2007, Gulf...

Q&A: Khaled Al-Favez, CEO.(Business Close-up)(Interview)
May 2, 2008... Why did GIB have greater exposure to sub-prime assets than any other bank in the region? Within the context of our region, GIB is a big investment bank with assets of about $30bn, and our international investment portfolio is probably...

Price fall threatens Saudi gold rush: with gold prices set to drop, keeping down production costs will be key to Maaden's expansion plans.(GOLD)
May 2, 2008... SAUDI ARABIA Rarely has an emerging commodities producer been greeted with such a welcoming market outlook: an affluent regional customer base, sustained high global prices and the prospect of long-term production decline at a major rival....

Gas shortage threatens growth: Muscat will struggle to increase the contribution of non-oil industries to its economy unless flesh gas supplies can be found.(OMAN)
May 2, 2008... Gross domestic product (GDP) figures for Oman released on 21 April show a healthy overall economic performance that is likely to continue. Shrugging off the devastation wreaked by Cyclone Gonu in June 2007, which left a $4bn reconstruction...

Hotel investment.(Special Report)(Brief article)
May 2, 2008... [ILLUSTRATION OMITTED] Developers across the Gulf are realising that the branding of their hotels and apartments is critical to their future competitiveness. As an increasing number of hotels and hotel apartments are built, business...

Building a regional brand: Gulf developers have traditionally signed up foreign companies to manage their hotels, but this is changing as local firms seek to become established names in the region's hospitality sector.(OPERATORS)
May 2, 2008... Inspired by the UAE's Jumeirah Group, which now has 11 wholly managed hotel properties at home and overseas and is expanding fast, Gulf-based real estate and investment companies are taking on the multinationals and managing their own hotels....

Development approaches its peak: with the Gulf outperforming many parts of the world in terms of tourism growth, the number of hotels in the region is increasing rapidly. But by 2010, supply will catch up with demand.(INVESTMENT)
May 2, 2008... Hotels and holiday apartments are being built right across the Gulf, from the suburbs of Mecca to the headlands of Mnssandam, and from Kuwait City to Salalah on the indian Ocean. For every new project that appears, a dozen more are unveiled,...

Islamic hospitality sector emerges: investors are backing a new breed of culturally sensitive hotel that can provide the facilities and environment demanded by the increasing number of Muslim tourists in the region.(SHARIA HOTELS)(Luthan Hotel & Spa )
May 2, 2008... When a small, 25-room hotel opened in Riyadh in March, it attracted global media coverage. The Luthan Hotel & Spa is the first hotel in Saudi Arabia where women can publicly attend conferences, swim, dine or use the gym, unveiled and at any...

Egypt Orascom: the six most important people at Egyptian conglomerate Orascom Group.(The MEED List)
May 2, 2008... Onsi Sawiris POSITION Chairman, Orascom Construction Industries BIOGRAPHY Onsi Sawiris is the founder of the Orascom Group, one of the largest and most successful conglomerates in Egypt. Born in 1930 in Sohag in Upper Egypt, he studied...

Nakheel selects contractors for Jumeirah Heights.(Project news on MEED.com)(Brief article)
May 9, 2008... [ILLUSTRATION OMITTED] Nakheel selects contractors for Jemeirah Heights UAE developer Nakheel has selected two contractors to build its Jumeirah Heights development in the Jebel Ali area of Dubai. Athens-based Consolidated Contractors...

Dolphin bidding enters final stage.(Project news on MEED.com)(Brief article)
May 9, 2008... Dolphin bidding enters final stage Contractors bidding for the $500m contract to build the Dolphin Energy gas pipeline from Abu Dhabi to Fujairah had to submit their commercial proposals by 7 May.

DP World seeks refinancing approval.(Project news on MEED.com)(Brief article)
May 9, 2008... DP World seeks refinancing approval DP World is to seek permission for a share buyback of about AED600m ($163m) and hopes to issue securities worth up to $553m.

Halliburton wins Abu Dhabi oil deal.(Project news on MEED.com)(Brief article)
May 9, 2008... Halliburton wins Abu Dhabi oil deal Dubai-based Halliburton has won an oil field services contract to upgrade increasing the performance of onshore oil and gas wells in Abu Dhabi.

Oman appoints Bank Muscat as adviser.(Project news on MEED.com)(Oman Power & Water Procurement Company)(Brief article)
May 9, 2008... Oman appoints Bank Muscat as adviser Oman Power & Water Procurement Company (OPWP) has named Bank Muscat as financial adviser on its project to build an independent water and power project.

Saudi Lebanese Modern Construction wins court contract.(Project news on MEED.com)
May 9, 2008... Saudi Lebanese Modern Construction wins court contract The Saudi Lebanese Modern Construction Company has won a SR352m ($94m) contract to build a criminal court in Riyadh.

Adams wins drainage contract.(Project news on MEED.com)
May 9, 2008... Adams wins drainage contract Wade Adams Contracting has been awarded a AED260m ($71m) contract to build drains and sewers in Dubai.

Gulf projects.(MEED PROJECTS)
May 9, 2008... MEED PROJECTS GULF PROJECTS ($m) 6 May 28 April % change 2008 2008 on week Bahrain 32,607 33,507 -2.7 Kuwait 248,914 ...

Conferences.
May 9, 2008... Islamic Project Finance 2008 1-3 June Park Hyatt Hotel, Dubai, UAE www.meed.com/islamicproject MEED's Islamic Project Finance event brings you a world-class line-up of project sponsors from the most dynamic developments across the...

Meed has launched its second annual survey of the region's national oil companies (NOCs).(NOC SURVEY)
May 9, 2008... [ILLUSTRATION OMITTED] Meed has launched its second annual survey of the region's national oil companies (NOCs). The results of the survey, which examines the performance of the region's NOCs across a range of performance indicators, will...

Workers need to be housed: firms claim they are being held to ransom by labour camp landlords: if unchecked, rising camp costs will threaten the viability of projects.(CONSTRUCTION)(Brief article)
May 9, 2008... [ILLUSTRATION OMITTED] With more than $2.1 trillion worth of projects under development, the demand for construction resources today is unrecognisable from just five years ago, when there was less than $500bn worth of projects in the...

Riyadh right to focus on locals: there is no suggestion that the kingdom is culturally or socially ready to accept tourism on a mass scale, so Riyadh's focus will be local.(TOURISM)(Brief article)
May 9, 2008... Saudi Arabia's nascent tourism industry received a significant boost this week following the announcement that the Supreme Economic Council has approved plans for its Red Sea tourism masterplan. The masterplan has identified 19 sites along...

Perseverance pays in Libya: while the Al-Khaleej steam project has financing, Gecol has failed to secure funds for Tripoli West.(POWER)(Brief article)
May 9, 2008... Any guide to doing business in Libya would not be complete without emphasising the need for perseverance. Some might go so far as to say it also requires a degree of masochism. South Korean contractors are some of the most adept at sticking...

Index needs new privatisations: the Case 30's rise has been relentless, but investors have not succumbed to hysteria.(EGYPT)(Brief article)
May 9, 2008... [ILLUSTRATION OMITTED] Investors love the Cairo & Alexandria Stock Exchanges. The index of Egypt's 30 largest companies, the Case 30, has grown sevenfold since the country's liberalising executive government was appointed in July 2004. ...

Opec cannot ignore concerns: sympathy for the cartel seems to evaporate by the day over its unwillingness to act over prices.(ENERGY)(Organization of the Petroleum Exporting Countries)(Brief article)
May 9, 2008... With oil prices setting yet another record in early May, rising above $120 a barrel, grumbles within consuming nations about Opec's laissez-faire approach grow louder by the day. The world's biggest gas guzzler, the US, has been the most...

Riyadh approves $38bn Red Sea plan: sites in Medina or Jeddah are set to be the first of up to 19 developments aimed at domestic tourists.(TOURISM: SAUDI ARABIA)
May 9, 2008... Riyadh has approved an ambitious $38bn tourism masterplan for the Red Sea coastline, that will see 19 locations being considered for development in addition to a $10bn Gulf coast development at Al-Auqair. The plan received approval from the...

Tripoli West faces delays as Gecol tries to secure budget: contractors fear project will be postponed as financing is not yet in place.(POWER: LIBYA)
May 9, 2008... A project to build a 1,400MW power plant near Tripoli is facing major delays after the developers failed to secure funding for the scheme. No payment has been made for work on the Tripoli West project and contractors now fear it will...

Jubail export refinery gains final approval.(ENERGY: SAUDI ARABIA)(Brief article)
May 9, 2008... Sandi Aramco and France's Total have given final investment approval for the 400,000-barrel-a-day (b/d) Jubail export refinery almost three years after it was first proposed by the state-run company. Total is understood to have given...

Emal signs 30-year gas deal with Adnoc: contract will provide feedstock for the $5.6bn aluminium smelter at Khalifa Port & Industrial Zone.(INDUSTRY: UAE)(Emirates Aluminium )
May 9, 2008... Emirates Aluminium (Emal) has signed a 30-year gas supply deal with Abu Dhabi National Off Company (Adnoc) for its $5.6bn aluminium smelter at Khalifa Port & Industrial Zone at Taweelah. It was widely assumed that the smelter would receive...

Joint venture wins $540m deal to expand Mesaieed port.(CONSTRUCTION: QATAR)(Middle East Dredging Company )(Brief article)
May 9, 2008... A joint venture of Belgium's Jan De NUl and Turkey's STFA has been awarded the $540m contract for the expansion of Mesaieed port. The deal involves the construction of a 350-metre-long quay wall for unloading and loading aggregates, and 5...

Shell selects firms for Ras Laffan work.(ENERGY: QATAR)(UK/Dutch Shell Group )(Brief article)
May 9, 2008... The UK/Dutch Shell Group has prequalified a select group of companies for lucrative integrated service contracts on its $16bn-plus Pearl gas-to-liquids (GTL) facility at Ras Laffan. The long-term deals are rare in Qatar's oil and gas sector...

Palm Utilities seeks change in tariff to reflect efficiency: company claims Dewa fails to consider energy saving at district cooling plants.(POWER: UAE)
May 9, 2008... Dubai water and district cooling company Palm Utilities has requested a formal review of the tiered tariff structure imposed by the Dubai Electricity & Water Authority (Dewa), claiming it fails to take into account the energy efficiency of...

Saudi Hollandi considers selling stake on the Tadawul: lack of interest from international buyers forces reassessment of sale strategy.(BANKING & FINANCE: SAUDI ARABIA)
May 9, 2008... Saudi Hollandi is considering floating a 40 per cent stake, valued at about $1bn, on the local stock market after struggling to find an international bank to buy into the company. One source close to Hollandi says although some...

Riyadh curbs spending to slow inflation.(ECONOMY: SAUDI ARABIA)(Brief article)
May 9, 2008... The Saudi government is attempting to curb public spending in a bid to ease the kingdom's worsening inflation problem, which hit 9.7 per cent in March. "We are trying to curb spending without affecting investment, because the investment...

Oman Air faces decade of losses to enter long-haul market.(TRANSPORT: OMAN)
May 9, 2008... Oman Air says it could be 10 years before the national carrier turns a profit, as it expands into the international long-haul market. The company is preparing for the next stage of its transformation from a regional to an international...

National Commercial Bank to target project finance sector: bank aims to capture 20 per cent of kingdom's lucrative megaproject financing.(BANKING & FINANCE: SAUDI ARABIA)
May 9, 2008... National Commercial Bank (NCB), is set to invest billions of dollars in the kingdom's megaprojects sector as part of a plan to capture a 20 per cent share of the country's project finance market. Abdulkareem Abu al-Nasr, chief executive...

Landbridge to use $1bn of Islamic finance.(BANKING & FINANCE: SAUDI ARABIA)(Brief article)
May 9, 2008... Project finance for the Saudi Landbridge rail scheme is expected to include an Islamic tranche that will be worth about $1bn, according to one banker close to the project. Local Islamic bank Al-Rajhi Bank is expected to underwrite the...

Transport studies near completion.(TRANSPORT: SAUDI ARABIA)(Brief article)
May 9, 2008... Two studies for major transport projects in Saudi Arabia are nearing completion, with the Mecca light-rail project proposal due in September, followed by the feasibility plan for the GCC railway in October. The Mecca network will link up...

Tehran plans cross-border rail link from ports to Basra: network will open trade route and offer direct line into Iraqi territory.(TRANSPORT: IRAN)(Brief article)
May 9, 2008... Iran has launched feasibility studies for a cross-border rail network to link two of its Gulf ports to the southern Iraqi city of Basra. The first phase of the proposed line would run for 30 kilometres from Basra across the border to the...

Tehran rethinks privatisation plans: parliament scales back annual target for sell-off of state-owned companies to $5bn from $30bn.(ECONOMY: IRAN)
May 9, 2008... Iran has scaled back its privatisation campaign by lowering its target for the sale of state-owned enterprises from $30bn to just $5bn for the current Iranian year. The target for the privatisation campaign was slashed when the budget law...

Salama profits to soar as Islamic insurance demand grows.(COMPANIES & MARKETS REGIONAL)
May 9, 2008... Salama, the Dubai-based Islamic insurance company, is forecast to grow its net premiums by a third in 2008 on the back of a surge in sharia-compliant insurance, according to market analysts. The business sells sharia products using Takaful...

Dubai sets, 2012 deadline, for canal.(CONSTRUCTION: UAE)(Brief article)
May 9, 2008... Developers have been told the first water must be flowing through the $11bn Arabian Canal by 2012, just four years after excavation works for the 80 kilometre-long waterway are set to start. Tenders for the excavation are due this month...

Causeway winners face wait to discover value of contracts: work will be priced after the nine-month design process has been completed.(CONSTRUCTION: GCC)(Middle East Dredging Company)
May 9, 2008... The four winners of the design-and-build deal for the 40-kilometre-long Qatar-Bahrain causeway face an additional nine-month wait to determine the value of their contracts after being instructed by the client to work on an open-book basis until...

Opec loses its grip on oil prices: as the cartel's control over the price of crude slips, it runs the risk of becoming irrelevant.(OIL PRICES)(Organization of the Petroleum Exporting Countries)
May 9, 2008... While they may not yet have triggered a slowdown in the global economy, there is no doubt that high oil prices are becoming a political problem for Western politicians. US Presidential hopefuls Hillary Clinton and Barack Obama traded blows over...

Saudi Electricity Company: the state utility is introducing a series of changes to improve efficiency and performance.(POWER)(Saudi Electricity Co.)(Company overview)
May 9, 2008... COMPANY SNAPSHOT Date established 1999 Main business sectors Power generation, transmission and distribution CEO Ali Saleh al-Barrak Saudi Electricity Company (SEC) is the largest utility in the Gulf, both by market...

Labour camp shortage raises costs: a lack of workers' accommodation is hitting contractors but provides an opportunity for investors.(CONSTRUCTION)
May 9, 2008... UAE For several years, investors have concentrated on building high-rise towers and luxury waterfront properties in their quest to derive the richest returns in the real estate sector, but contractors working in the emirate know that...

Unrest stalls economic progress: following the collapse of a ceasefire between the Yemeni army and followers of the Zaydi sect, security is once again the key issue facing the government.(YEMEN)
May 9, 2008... Yemen's fragile peace process was shattered in early May when more than 18 people were killed and about 60 wounded in an explosion outside a mosque in the volatile northern city of Saada. The deaths marked the collapse of the ceasefire...

Capital markets.(Special Report)(Brief article)
May 9, 2008... [ILLUSTRATION OMITTED] The region's stock exchanges have had great success in making headlines as they have attempted to boost their profile as regional hubs for international capital. They have sought to take advantage of the growing...

A fair exchange: fledgling Gulf bourses and established Western stock markets are finding that forming alliances bring increasingly attractive benefits.(PARTNERSHIPS)
May 9, 2008... When a fledgling Dubai bourse entered a strategic relationship with one of the largest and longest-standing stock exchanges in the world in September 2007, the audacious move created large pools of liquidity stretching from North America to...

Regulation restores confidence: the introduction of new roles to improve transparency on the Saudi stock exchange is increasing its attractiveness to foreign and domestic investors.(SAUDI ARABIA)
May 9, 2008... Confidence among investors on the Saudi stock exchange (Tadawul) appears to have been bolstered by the introduction in April of a new market structure that brings increased transparency, by subdividing indices into 15 different business...

Market strength bolsters Manama: Robust returns, strong growth in initial public offerings and high levels of trading activity despite the global downturn are helping Bahrain maintain its position as the Gulf's financial centre.(BAHRAIN)
May 9, 2008... If the volume of shares traded is an accurate measure of the Bahrain Stock Exchange's (BSE) health, the Manama bourse has little to worry about, even as global markets slide. The kingdom's stock market is defying the worst of the global...

Pressure builds for reform: despite strong performance, Kuwait needs to set up an independent body to settle disputes and regulate its stock market if it is to compete with its regional rivals.(KUWAIT)
May 9, 2008... Having long boasted the Gulf's most maitre and sophisticated bourse, Kuwait is coming under increasing pressure to reform its capital market. It has performed strongly in the first few months of the 2008, posting 15 per cent gains on the start...