MEED Middle East Economic Digest articles from November 2004

MEED Middle East Economic Digest archives from November 2004

The American dream, part 2.(Comment)
November 5, 2004... Two very different Americas were pitted against each other in this landmark election. To many onlookers, the one that voted for George W Bush seems a strange place with strange beliefs--of the 42 per cent of US citizens who still believe Saddam...

On the record.(Seven Days)
November 5, 2004... "It is actually a moment of opportunity for the democratic world to come together and to work on items and issues, particularly the Middle East, on which we have seen frustratingly small progress in recent years" UK Foreign Secretary Jack...

Looking back ...(Seven Days)(Brief Article)
November 5, 2004... 6 November 1964 Crown Prince Faisal bin Abdulaziz al-Saud becomes king of Saudi Arabia after his brother Saud is deposed 3 November 1989 After three weeks of debate in the Saudi summer capital of Taif, the Lebanese parliament agrees to...

Middle East dismay as Bush secures four more years; leaders urge US president to rethink policies.(Regional)
November 5, 2004... Governments across the Middle East have called for US President Bush to rethink his Middle East policies following his re-election for a second four-year term on 2 November. Egyptian President Mubarak called on Bush to step back from the...

Unrest continues as US prepares Fallujah assault.(Iraq)
November 5, 2004... The security situation in Iraq continued to deteriorate in early November, as militant groups stepped up their campaign with a spate of attacks against coalition personnel, civilians and oil infrastructure. In an effort to stem the insurgency...

Majlis backs nuclear programme: 31 October.(News Digest)(Brief Article)
November 5, 2004... Iran's conservative-dominated Majlis passes a bill obliging the government to continue with its nuclear energy programme. Although the bill does not specifically state that Iran must resume uranium enrichment, it calls on the government to...

Bouteflika hints at amnesty: 31 October.(News Digest)(Brief Article)
November 5, 2004... President Bouteflika suggests he may propose an amnesty for Islamist rebels implicated in violence during the past 12 years. "If you are looking for an amnesty, I am among those who would support one," Bouteflika says, adding that an amnesty...

Power cut in Kuwait disrupts oil production: 31 October.(News Digest)(Brief Article)
November 5, 2004... Three oil refineries in Kuwait halt production after the state's first major power cut in more than 13 years. The outage was caused by a technical failure at the Omariyah electricity transformer plant.

Bomber kills four in Tel Aviv: 1 November.(News Digest)(Brief Article)
November 5, 2004... A teenage Palestinian suicide bomber detonates a device at a crowded outdoor market in central Tel Aviv, killing at least four people and wounding 32.

Ghanem to cut $5,000 million in subsidies: 1 November.(News Digest)(Libyan Prime Minister Shukri Ghanem)(Brief Article)
November 5, 2004... Libyan Prime Minister Shukri Ghanem promises to abolish subsidies worth $5,000 million on electricity, fuel and basic food items in a major move to liberalise the economy. He says the subsidies "breed corruption" and promises to soften the...

New Saudi terror chief announced: 1 November.(News Digest)(Brief Article)
November 5, 2004... The Saudi Arabian branch of the Al-Qaeda network appoints a new leader, reports say; Saud bin Hamoud al-Otaibi is identified on an Islamist website as the new chief of "Al-Qaeda in the Arabian peninsula", fuelling rumours that the kingdom's...

Khartoum threatens refugee camps--says UN: 2 November.(News Digest)(Brief Article)
November 5, 2004... Sudanese military and police in the country's troubled Darfur region are surrounding several refugee camps and refusing access to humanitarian groups, the UN alleges. Khartoum denies the charges but admits angry Arab militiamen were gathering...

Senior Iraqi oil official killed: 3 November.(News Digest)(Brief Article)
November 5, 2004... Gunmen assassinate a senior figure in Iraq's Oil Ministry on his way to work. Hussain Ali al-Fattal, director-general of the ministry's oil by-products distribution company was killed as he left his home in Baghdad's Yarmuk district.

Arafat in intensive care: 4 November.(News Digest)(Brief Article)
November 5, 2004... Palestinian leader Yasser Arafat's health deteriorates, as he falls into a coma and is taken to the intensive care unit at the Paris hospital where he is being treated for a serious blood disorder.

The end of an era.(Shaikh Zayed)(Cover Story)
November 5, 2004... The UAE is in mourning following the death of its president, Shaikh Zayed bin Sultan al-Nahyan. MEED looks back at the man who was the driving force behind the creation of the UAE, its rapid development and its position as a moderate and...

Over a barrel: the latest IEA report is reassuring on oil supply for the next 25 years but has sobering warnings for governments on the need to invest in alternatives.(Economic Briefing: 2004 World Energy Outlook)(International Energy Agency)
November 5, 2004... The world's primary energy demand will increase by 59 per cent by 2030, oil will continue to be the dominant fuel and OPEC's share of global supply will strengthen considerably, according to the 2004 World Energy Outlook, the flagship biennial...

Growing optimism: latest responses show increasing confidence among business leaders, but concerns remain about governments' economic policies.(Economic Briefing: HSBC-MEED Middle East Confidence Survey)(Gulf Cooperation Council)
November 5, 2004... Most European leaders would die for the numbers. A pull of influential businessmen reveals that 48 per cent strongly support the introduction of a single currency and a further 36 per cent tend to support it. Only 7 per cent feel opposed....

Asians step up investment drive: MoUs will need considerable firming up.(Iran)(memoranda of understanding)
November 5, 2004... Tehran signed in late October and early November memoranda of understanding (MoUs) with China and India for major investments in the local energy sector. It is unclear if the deals can be implemented as they stand, but they reflect a growing...

Technip to take on Kharg NGL contract.(Iran)(engineering, procurement and construction)(natural gas liquids)(Brief Article)
November 5, 2004... Paris-based Technip is close to taking the leading role in the engineering, procurement and construction (EPC) consortium selected for the Kharg island natural gas liquids (NGL) project. The company is expected to enter contract negotiations by...

Field narrows for crude storage retender.(Kuwait)(engineering, procurement and construction)(Brief Article)
November 5, 2004... A clearer picture has emerged of the prospective bidders for the Ahmadi oil storage and export facilities project, after just seven of the 17 prequalified companies attended an obligatory pre-tender meeting on 31 October. The seven have until...

JV signs up for RasGas maintenance.(Qatar)(Brief Article)
November 5, 2004... A three-strong joint venture, comprising Transfield Services and Worley, both of Australia, and the local TRAGS, signed on 1 November the landmark consolidated maintenance contract for Ras Laffan Liquefied Natural Gas Company (RasGas). The...

Conferences: premier networking events.(Calendar)
November 5, 2004... MEED CONFERENCES PREMIER NETWORKING EVENTS 2nd Middle East Airports 29-30 November 2004, Bahrain www.meed.com/airports Exclusive Lead Sponsor: Supporting Sponsor & Lunch Sponsor Official Airline Sponsor: Damily...

Sonatrach acquires LNG tankers.(Algeria)(liquefied natural gas )(Brief Article)
November 5, 2004... State oil company Sonatrach signed on 31 October deals with Itochu Corporation and Mitsui & Company, both of Japan, for the purchase of two 75,000-cubic-metre liquefied natural gas (LNG) tankers. A financing agreement for the estimated $160...

Discovery at Berkine basin.(Algeria)(Brief Article)
November 5, 2004... A partnership of Sonatrach and Canada's First Calgary Petroleum has made a new gas and condensate discovery in the Berkine basin, some 300 kilometres southeast of Hassi-Messaoud. Initial results from the drilling of MZLS-1 on Ledjmet block 405b...

Facilities upgrade extended again.(Kuwait)(engineering, procurement and construction)(Brief Article)
November 5, 2004... Kuwait Oil Company (KOC) has again extended the deadline, to 21 November, for the submission of engineering, procurement and construction (EPC) bids on the facilities upgrade and flowlines replacement project. Five companies are understood to...

Power cut shuts down refineries.(Kuwait)(Brief Article)
November 5, 2004... A technical fault in a transformer caused the state's first major power outage in a decade on 31 October and shut down all three of the state's refineries. Power was restored the same day, and the refineries, which have total refining capacity...

KOC issues new GC tender.(Kuwait)(engineering, procurement and construction)(Kuwait Oil Company)(Brief Article)
November 5, 2004... State-owned upstream operator Kuwait Oil Company (KOC) has invited companies to submit bids by 7 December for an engineering, procurement and construction (EPC) contract to install a new air-assisted flare system at four of its gathering...

Sixty prequalify for EPSA-4.(Libya)(National Oil Corp.'s exploration and production sharing agreement)(Brief Article)
November 5, 2004... National Oil Corporation (NOC) has prequalified 60 firms to bid for 15 concessions to explore 55 oil and gas blocks being offered in its fourth exploration and production sharing agreement (EPSA-4) licensing round. The 60 companies, which...

Ethane pipeline tender goes out for bid.(Qatar)(Brief Article)
November 5, 2004... Tender documents were released on 3 November for the engineering, procurement, installation and commissioning (EPIC) contract to build an ethane pipeline running from Ras Laffan to Mesaieed. The tender is open to the same 26 prequalifiers...

Bidding nears on Harweel EPC.(Oman)(engineering, procurement and construction)(Brief Article)
November 5, 2004... Petroleum Development Oman (PDO) is expected to release tender documents in the second week of November to pre-qualified bidders for the engineering, procurement and construction (EPC) contract on the Harweel enhanced oil recovery (EOR)...

Cegelec wins refinery work.(Morocco)(Brief Article)
November 5, 2004... France's Cegelec has been awarded the contract to upgrade the general electric system at the Mohammedia refinery for state-owned Societe Anonyme Marocaine de l'Industrie du Raffinage (Samir). The Eur 17.8 million ($22.6 million) contract is...

Bids in for bulk terminal.(Oman)(Transport and Communications Ministry)(Brief Article)
November 5, 2004... Bids have been opened from 10 companies for the contract to build a bulk liquids terminal at Sohar port. The estimated RO 5 million ($12.8 million) contract calls for construction of a loading platform, breasting and mooring dolphins with...

Cooling water job deadline extended.(Qatar)(engineering, procurement, installation and commissioning contract)(Brief Article)
November 5, 2004... The bid deadline has been extended by three weeks to 28 November for the engineering, procurement, installation and commissioning (EPIC) contract on the LNG1/W4 project. Prequalifiers for the estimated $50 million-100 million contract include...

More Dolphin subcontracts let.(Qatar)(Brief Article)
November 5, 2004... Japan's JGC Corporation has selected the US' Honeywell for the control and safety system package on the Dolphin gas processing plant project at Ras Laffan. The subcontract, due to be completed in late 2005, also covers the two offshore...

MAN set for Amal EOR work.(Libya)(enhanced oil recovery)(Brief Article)
November 5, 2004... Germany's MAN GHH is close to being awarded the engineering, procurement and construction (EPC) contract on the estimated $45 million enhanced oil recovery (EOR) project at the Amal field in the northeast. The company has been invited to...

China move cuts price.(Oil Prices)(Brief Article)
November 5, 2004... Oil prices fell by more than $5 a barrel in the lust week of November, as Beijing finally took a step to calm China's runaway economic growth, traders took profits ahead of the US presidential election and US crude stocks registered two...

Daelim scoops Amir Kabir EPC.(Iran)(Daelim Industrial Company Ltd.)(engineering, procurement and construction contract)(Brief Article)
November 5, 2004... South Korea's Daelim Industrial Company has been awarded the $100.4 million engineering, procurement and construction (EPC) contract to install a low-density polyethylene (LDPE) unit for Amir Kabir Petrochemical Company, a subsidiary of...

Only two prequalified for ethylene EPC.(Kuwait)(engineering, procurement and construction)(Brief Article)
November 5, 2004... Only two firms, Paris-based Technip and SK Engineering & Construction of South Korea, are understood to have been prequalified to bid for the engineering, procurement and construction (EPC) contract to build the ethane cracker on the estimated...

PDH/PP bids invited.(Saudi Arabia)(Sahara Petrochemical Company)(polypropylene (PP) and propane dehydrogenation (PDH) plant)(Brief Article)
November 5, 2004... The local Sahara Petrochemical Company has invited engineering, procurement and construction (EPC) bids by mid February for the contract to build a polypropylene (PP) and propane dehydrogenation (PDH) plant in Jubail. Companies such as Italy's...

Further progress on PMD's Jubail complex: the ethylene club to attend a London meeting held by PMD.(Saudi Arabia)(Project Management and Development Company)(Brief Article)
November 5, 2004... The local Project Management & Development Company (PMD) is moving ahead on several fronts with the programme to set up its estimated $2,500 million petrochemicals complex at Jubail, following a kick-off meeting with its project management...

Negotiations begin for Pars polystyrene plant.(Iran)(Pars Petrochemical Company )(Brief Article)
November 5, 2004... Pars Petrochemical Company (PPC), a subsidiary of National Petrochemical Company (NPC), has entered negotiations with the lowest-price bidder for its new polystyrene plant, a partnership of the local Oil Industries Engineering Company (OIEC)...

Bidders line up for Shiraz fertiliser.(Iran)(Shiraz Petrochemical Company)(Brief Article)
November 5, 2004... Contractors are preparing proposals for an estimated $300 million upgrade and expansion of the ammonia and urea facilities at Shiraz Petrochemical Company (SPC). The current bid deadline is 20 November, although this is expected to be extended....

Projects gather pace on Failaka Islands development; southern portion PMC awarded by Al-Mal Real Estate Company.(Kuwait)(project management consultancy)(Brief Article)
November 5, 2004... The $5,000 million development of Failaka island gathered pace in late October, with the award by the local Al-Mal Real Estate Company of the project management consultancy (PMC) contract for its planned resort on the southern portion of the...

Tower height restrictions lifted.(Kuwait)(Brief Article)
November 5, 2004... The government has lifted building height restrictions, allowing towers to be built up to 70 storeys high. The move paves the way for investors to develop buildings almost twice the height of current projects, currently limited to 40 storeys....

Tenders out for phase 2 bridge project.(UAE)(Ras al-Khor bridge project)(Brief Article)
November 5, 2004... Dubai Municipality (DM) has issued tenders for the second construction package on the Ras al-Khor bridge project. Companies have been given until the end of November to submit proposals for the estimated AED 350 million ($95 million) package,...

Local firm to invest in Amwaj towers.(Bahrain)(Syrconsult)(Al-Damur Real Estate Company)(Brief Article)
November 5, 2004... Abu Dhabi-based Syrconsult has been appointed by the local Al-Damur Real Estate Company to prepare concept designs for a twin tower block on the Amwaj Islands resort. Project costs for the two 23-storey residential towers are estimated at BD 19...

GFH launches real estate project.(Jordan)(Gulf Finance House)(Brief Article)
November 5, 2004... Bahrain-based Gulf Finance House (GFH) has announced plans for a $1,000 million real estate project in Amman, launched during a visit of GFH's senior management to the Jordanian government. The Royal Metropolis development will be carried out...

Strong interest in Heritage Village.(Kuwait)(Brief Article)
November 5, 2004... Ten investor groups submitted proposals on 31 October for the second-phase development of Heritage Village, a major commercial and entertainment complex in Kuwait City. The client, Kuwait Municipality, plans to award the contract by the end of...

First design work awarded La Plage Pearl.(Qatar)(RNL International)(Brief Article)
November 5, 2004... A team comprising the local office of KEO International Consultants and the US' RNL International has won the design contract for the first La Place villas on the $2,500 million Pearl of the Gulf project. The 43 four-six-bedroom villas will be...

Bids invited for Fanateer peninsula development.(Saudi Arabia)(Royal Commission for Jubail and Yanbu)(Brief Article)
November 5, 2004... The Royal Commission for Jubail & Yanbu (RCJ&Y) has invited firms to bid by 7 December for the contract to complete the site development of the Al-Fanateer peninsula at Jubail. Under the contract, the successful bidder will build infrastructure...

First Islamic launches new golf venture.(Bahrain)(Bahrain International Golf Course Company)(Brief Article)
November 5, 2004... First Islamic Investment Bank has launched a $300 million joint venture with Bahrain International Golf Course Company to create a themed residential community centred around Riffa golf course. Completion is scheduled for late 2007. First...

Smart Alec wins tower work.(UAE)(Al-Jaber Grinaker LTA)(Brief Article)
November 5, 2004... The local/South African Al-Jaber Grinaker LTA (Alec) has been awarded the estimated AED 200 million ($55 million) contract to build a mixed-use development adjacent to Dubai Media City. The 22-month contract calls for the construction of the...

High-Point wins more road work.(UAE)(Brief Article)
November 5, 2004... The UK's High-Point Rendel has been appointed by Abu Dhabi's Works Department as consultant for another package related to the Shaikh Zayed bridge crossing project, previously known as the third crossing. High-Point's latest contract, covering...

Al-Huda enters the Gate.(UAE)(Focal National Business Investment Company)(Brief Article)
November 5, 2004... The local Al-Huda Contracting Company has been awarded the main construction package to build the New Dubai Gate (1) tower at the Jumeirah Lake Towers (JLT) development. The contract calls for the construction of a 40-storey high-rise building...

Federal building goes under design.(UAE)(Federal National Council)(Brief Article)
November 5, 2004... Abu Dhabi-based Emirates Real Estate Corporation (EREC) has selected the local Arenco as consultant for the Federal National Council building in Dubai. Designs for the project are due to be completed by the end of the year, with tender...

Tripoli to get major real estate development.(Libya)(Dubai Reality International)(Brief Article)
November 5, 2004... Plans are being drawn up for a major commercial, residential and leisure development in the capital, to be called New Tripoli. The mega project will encompass six separate zones, covering 2.2 million square metres along Tripoli's coastline,...

Al-Suwaiket ties with Chinese.(Saudi Arabia)(Al-Suwaiket Trading & Contracting Company)(memorandum of understanding)(Brief Article)
November 5, 2004... The local Al-Suwaiket Trading & Contracting Company has signed a memorandum of understanding (MoU) with China's Xinjiang Construction Engineering Company to provide investment for the future development of commercial properties in China. The...

Saptco expands fleet.(Saudi Arabia)(Saudi Arabian Public Transport Company)(Al-Juffali Company)(Brief Article)
November 5, 2004... Saudi Arabian Public Transport Company (Saptco) has awarded the local Al-Juffali Company an estimated SR 300 million ($80 million) contract to sup ply 450 new Mercedes Benz luxury coaches. The deal will take the Saptco fleet up to 3,150 from...

Tech bids in for first LRT packages.(UAE)(Light rail transport)(Brief Article)
November 5, 2004... The first set of bids for the Dubai light rail transport (LRT) project were submitted on 1 November, with all five of the prequalified groups submitting technical proposals for the rolling stock and electro mechanical works packages, Commercial...

Austrians win major Hadeed jobs; VAI to build world's largest DRI plant.(Saudi Arabia)(Voest Alpine Industrieanlagenbau)(direct reduction iron)(Brief Article)
November 5, 2004... Austria's Voest Alpine Industrieanlagenbau (VAI) has won two contracts worth Eur 300 million ($383 million) to expand the flat production facilities at Jubail for Saudi Iron & Steel Company (Hadeed). Under the contracts, VAI will build the...

Maaden awaits decision on railway project.(Saudi Arabia)
November 5, 2004... The Council of Ministers is expected to make a final decision before the end of the year on the estimated $1,500 million minerals railway project, which is being handled by the Finance Ministry's Public Investment Fund (PIF). Once approved,...

Adviser appointed for Qasco expansion.(Qatar)(Brief Article)
November 5, 2004... Norton Rose has been appointed legal adviser for the financing package on the expansion of the Qatar Steel Company (Qasco) Mesaieed plant. ANZ Investment Bank is acting as financial adviser. Qasco is expected to seek about $550 million....

Anode plant takes shape.(Kuwait)(carbon anode plant)(Brief Article)
November 5, 2004... Plans are gathering pace for the construction of an estimated KD 200 million ($689 million) carbon anode plant at the West Shuaiba industrial area. Agreement has been reached on the feedstock supply for the 600,000-tonne-a-year (t/y) plant,...

Qatar Cool tenders out.(Qatar)(Brief Article)
November 5, 2004... Qatar Cool has invited bids by late November from 12 prequalifiers for the plant number 1 contract on its West Bay district cooling project. Bids are also due in at the same time for the contract to build the cooling network, which will deliver...

Prequalifiers line up for GCC grid; phase 1 contains five packages covering 13 lots.(Regional)(GCC Interconnection Authority)
November 5, 2004... Dammam-based GCC Interconnection Authority (GCCIA) has announced the prequalifiers for the engineering, procurement and construction (EPC) packages on the first phase of the GCC electricity grid project. The client is due to release tender...

Prequals in for Rabigh IWSPP captive power.(Saudi Arabia)(independent water, steam and power project)(Brief Article)
November 5, 2004... Applications for prequalification have been submitted by potential developers for the captive independent water, steam and power project (IWSPP) to serve the $4,300 million integrated refinery and petrochemicals complex at Rabigh. A shortlist...

First prequalifiers line up for SWC network.(Saudi Arabia)(Saline Water Conversion Corporation)(Brief Article)
November 5, 2004... Two companies have been prequalified and received invitation to bid (ITB) documents by the local Saline Water Conversion Corporation (SWCC) for the estimated $900 million water transmission scheme in the western region. The prequalification...

Two in line for Muscat O&M advisory.(Oman)(operation and maintenance)(Oman Wastewater Services Company)(Brief Article)
November 5, 2004... Two teams of financial advisers are in the running for the contract to advise Oman Wastewater Services Company (OWSC) on the establishment of an operation and maintenance (O&M) joint venture with an international company for the Muscat...

Desal deadlines extended ... again.(Algeria)(Brief Article)
November 5, 2004... Algerian Energy Company has again extended the deadlines for the submission of technical bids for the construction of five new desalination facilities. Bids are now due on 10 November for two 100,000-cubic-metre-a-day (cm/d) facilities at...

New power plant planned for Assaluyeh.(Iran)(Brief Article)
November 5, 2004... Iran Power Development Company (IPDC) has invited local and international companies to prequalify by 5 December for the project to build a new power plant at Assaluyeh on a build-operate-transfer (BOT) basis. The successful bidder will be...

Germans take Deir Ezor advisory.(Syria)(Brief Article)
November 5, 2004... Germany's Fichtner has been awarded the contract to evaluate bids for the estimated $350 million turnkey contract to build a 750-MW combined cycle power plant at Deir Ezor in the northeast. Sources at the Public Establishment of Electricity for...

Hyflux to treat Nakheel developments.(UAE)(Istithmar)(Brief Article)
November 5, 2004... Istithmar, the investment arm of Dubai-based property developer Nakheel, has signed an estimated AED 1,470 million ($400 million) contract with Singapore's Hyflux for the construction of new water treatment plants in the emirate. Hyflux will...

Bids in for MCI GSM expansion; general service work for Mobile Company of Iran.(Iran)(Brief Article)
November 5, 2004... Bids were submitted in early November for the general service contract to expand the country's GSM network. About eight companies are understood to have participated in the tender, which will involve work at about 1,900 sites across the country...

Rabat approves IPO.(Morocco)(Brief Article)
November 5, 2004... The initial public offering (IPO) of 15 per cent in Maroc Telecom has been approved by Rabat. Most of the shares will be floated on the Casablanca Stock Exchange, with the remainder to be offered on the Bourse de Paris. The subscription period...

Cabinet reshuffle steadies the boat; ministries merged; first woman gets portfolio.(UAE)(Brief Article)
November 5, 2004... The first cabinet reshuffle in seven years was announced on 2 November, just hours before the federation was rocked by the news that UAE President and Abu Dhabi Ruler Shaikh Zayed bin Sultan al-Nabyan had died (see Cover Story). The new...

World Bank approves education grant.(Iraq)(Brief Article)
November 5, 2004... The World Bank has signed a $60 million grant agreement with the Education Ministry to finance the construction of more than 100 schools, and the repair of 140 primary and secondary schools across the country. The funds have been donated under...

Manama to house world trade centre.(Bahrain)(Brief Article)
November 5, 2004... A world trade centre is to be established in the two 50-storey towers under construction on the seafront side of the Sheraton hotel complex in Manama, and UK-based property consultant DTZ has been appointed as marketing and leasing agent for...

IMF launches technical assistance centre.(Regional)(Brief Article)
November 5, 2004... IMF managing director Rodrigo de Rato in late October launched the Middle East Technical Assistance Centre (METAC), to be based in Beirut and serving Afghanistan, Egypt, Iraq, Jordan, Lebanon, Libya, Sudan, Syria, Gaza and the West Bank and...

ADDAR launches its IPO; ADIC and The National Investor the arrangers.(UAE)(initial public offering)(ADDAR Properties)(Brief Article)
November 5, 2004... Share subscription is due to close on 8 November for the initial public offering (IPO) in Abu Dhabi-based ADDAR Properties, which is expected to take over ADDAR Real Estate Services. The offering, which is open to UAE nationals and fully-owned...

Syndication closed on Sohar IWPP debt.(Oman)(Independent Water and Power Production )(Brief Article)
November 5, 2004... Syndication has closed on the $545 million debt package for the developer group--led by Belgium's Tractebel--awarded the Sohar independent water and power project (IWPP) in July The facility is split into a $410 million commercial loan and a...

Bond issues approach, sukuk on hold.(Jordan: Jordan Securities Commission )(Brief Article)
November 5, 2004... Prospectuses have been flied with the Jordan Securities Commission for the planned bond issues by Zara Investment and Middle East Complex for Engineering, Electronics & Heavy Industries. Both issues will be arranged by Atlas Investment Group,...

Green light for Al-Bilad.(Saudi Arabia)(Al-Bilad Bank)(Brief Article)
November 5, 2004... The Council of Ministers on 1 November approved the licensing of Al-Bilad Bank, a new Islamic bank formed through the merger of eight local foreign exchange houses. The approval follows initial endorsement for the formation of the bank by the...

Dubai Holding launches investment arm.(UAE)(Brief Article)
November 5, 2004... Dubai Holding, which was recently created to manage some of the emirate's largest developments, has launched an investment arm aimed at merging and acquiring assets abroad. Dubai International Capital will invest across all sectors with...

Ettihad Etisalat IPO 51 times oversubscribed.(Saudi Arabia)(Brief Article)
November 5, 2004... Details have emerged of the extent of the appetite for shares in Ettihad Etisalat, following closure of the initial public offering (IPO) in the company, which has the kingdom's second mobile licence (MEED 29:10:04). The 20 million shares,...