MEED Middle East Economic Digest articles from November 2007

MEED Middle East Economic Digest archives from November 2007

Forging closer ties.(COMMENT)(Saud al-Faisal's visit to United Kingdom)(Brief article)
November 2, 2007... Speaking at the end of the state visit to the UK by King Abdullah, Saudi Foreign Minister Prince Saud al-Faisal said he was "happy and pleased with the discussions and agreements" that took place. But despite his soothing words, the visit was...

Looking back ...(SEVEN DAYS)
November 2, 2007... 9 November 1967 British Foreign Secretary George Brown announces that South Arabia will become independent in the second half of November. 30 October 1992 The Tehran-based Supreme Council for the Islamic Revolution in Iraq says...

On the record.(SEVEN DAYS)
November 2, 2007... "WE HAVE INTELLIGENCE ABOUT THIS. THE INTELLIGENCE IS CORRECT AND OUR SECURITY SERVICES ARE WORKING ON IT" Lebanese parliamentary majority leader Saad Hariri responds to a question about alleged Syrian assassination plots against him and...

Arab states offer nuclear deal: proposal to supply uranium to Iran aimed at ending stand-off with the US.(SAUDI ARABIA)
November 2, 2007... [ILLUSTRATION OMITTED] The six GCC states are offering to provide enriched uranium to Iran as away of resolving the stand-off with the West over its nuclear programme. The surprise move, which was made to Tehran earlier this year, was...

US hands control of Karbala province to Iraqi authorities.(IRAQ)
November 2, 2007... On 29 October, US forces ceded control of the predominantly Shia province of Karbala to Iraqi authorities. Karbala is the eighth of 18 provinces that have been handed over since the invasion of Iraq in 2003. At the handover ceremony, Iraqi...

Cairo urges Lebanon to compromise over president: 26 October.(NEWS DIGEST on MEED.com this week)(Brief article)
November 2, 2007... Egyptian Foreign Affairs Minister Ahmad Abu al-Gheit visits Beirut to urge Lebanese politicians to find a solution to their differences over the election of a new president. On a one-day visit to the Lebanese capital on 25 October, Al-Gheit met...

Baghdad in talks with Ankara on Kurdish crisis: 26 October.(NEWS DIGEST on MEED.com this week)(Abdul-Qader al-Obeidi)(Sherwan al-Waili)(Brief article)
November 2, 2007... Iraqi Defence Minister Abdul-Qader al-Obeidi and Minister of State for National Security Sherwan al-Waili hold talks with their Turkish counterparts in Ankara to try to prevent a full-scale Turkish assault on northern Iraq. It follows a visit...

Riyadh questions UK efforts to tackle terrorism: 29 October.(NEWS DIGEST on MEED.com this week)(King Abdullah of Saudi Arabia )(Brief article)
November 2, 2007... King Abdullah of Saudi Arabia accuses the UK of failing to act on information passed on by his country that could have helped avert the 2005 London bombings. The king also criticises the UK for not doing enough to combat terrorism, adding that...

Cairo revives plans for nuclear plants: 29 October.(NEWS DIGEST on MEED.com this week)(Hosni Mubarak)(Brief article)
November 2, 2007... Egyptian President Hosni Mubarak says the country will build a series of nuclear power stations. The president also says he will revive the Supreme Council for the Peaceful Purposes of Nuclear Power, which would oversee the nuclear programme....

Elections hit by smear campaign allegations: 29 October.(NEWS DIGEST on MEED.com this week)(Brief article)
November 2, 2007... Jordan's parliamentary election becomes embroiled in allegations of dirty tricks after an Islamist MP for the Baqaa refugee camp claims he has been the subject of a smear campaign. Mohammad Akel, who is standing as an independent candidate,...

UK criticises plans to cut Gaza power supply: 30 October.(NEWS DIGEST on MEED.com this week)(United Kingdom)(Brief article)
November 2, 2007... The UK condemns the decision by Israel to restrict the supply of fuel to the Gaza Strip in response to rocket fire into Israel. Israel provides about 60 per cent of the power supply to Gaza. On 19 September, Israel's security cabinet voted to...

Israeli strike kills four Palestinians: 31 October.(NEWS DIGEST on MEED.com this week)(Brief article)
November 2, 2007... An Israeli air strike on a Hamas-run police station in Khan Younis leaves four Palestinians dead. The Israeli military says it targeted a position used by militants to launch rockets into Israel. A day earlier, two children were injured when an...

Privatisation plan stalls: tough new US sanctions will be a further impediment to Iran's economic liberalisation, as the supreme leader's plans to sell off state assets come up against entrenched interests.(IRANIAN ECONOMY)(Cover story)
November 2, 2007... [ILLUSTRATION OMITTED] Most countries embarking on major privatisation programmes do not discover that their best state-owned organisations have been labelled sponsors of terrorism or guilty of nuclear weapons proliferation. But Iran is...

DP World listing bolsters bourse: port operator's decision to sell shares on the Dubai International Financial Exchange is an opportunity for the bourse to begin to fulfill its potential.(BRIEFING: DUBAI STOCK EXCHANGES)
November 2, 2007... The Dubai International Financial Exchange (DIFX) was beginning to look like a flop that would cost Dubai in credibility and cash. Two years have passed since its launch in September 2005 and still volumes on the offshore exchange are flat. But...

Strong finish key for banks: with profits down in the early part of the year, the Saudi banking sector will have to perform well in the final quarter if it is to match last year's profits.(BRIEFING: SAUDI BANKS)
November 2, 2007... The kingdom's banking sector will have to significantly outperform previous fourth-quarter profit figures if it is to avoid a disappointing end to 2007, an analysis of financial statements for the first nine months of 2007 shows. The...

Boosting business: an agreement signed during King Abdullah's state visit to the UK establishes a Saudi/UK joint stock company aimed at improving economic ties.(BRIEFING: SAUDI/UK RELATIONS)(United Kingdom)
November 2, 2007... [ILLUSTRATION OMITTED] King Abdullah's visit to the UK in late October was not the diplomatic success for which many had hoped. Although the first state visit to the UK by a Saudi monarch in 20 years reflected the deep ties that exist...

Empty Quarter comes up dry: Aramco set for talks with drilling consortiums.(SAUDI ARABIA)(Saudi Aramco Co.)
November 2, 2007... Saudi Aramco is facing crisis talks with a string of international companies searching for gas in the Rub al-Khali (Empty Quarter) after it emerged that no gas has been discovered despite five more wells being drilled. The South Rub...

Aramco to invest $31bn to boost capacity.(SAUDI ARABIA)(Saudi Arabian Oil Co.)(Brief article)
November 2, 2007... Saudi Aramco is to spend $31,000 million in an effort to boost crude production capacity to 12.2 million barrels a day (b/d) by 2012, from the current figure of 10.8 million b/d. The capacity increase, the largest in Aramco's history, forms...

Sadr to license Sahara blocks.(REGIONAL)(Saharawi Arab Democratic Republic )(Brief article)
November 2, 2007... The Saharawi Arab Democratic Republic (Sadr) has launched a second oil and gas licensing round for nine blocks in the Western Sahara region, despite the political status of the territory being unresolved. Six offshore blocks are on offer:...

BP seeks opportunities in Qatar oil and sector.(QATAR)(Brief article)
November 2, 2007... UK oil major BP is in discussions with Qatar Petroleum (QP) to re-enter the state's upstream oil and gas sector after a break of 15 years. However, any opportunities are likely to be delayed until the next round of oil and gas exploration...

Sonatrach expands fleet.(ALGERIA)(Brief article)
November 2, 2007... State energy company Sonatrach has taken delivery of its first giant crude carrier, Mesdar. The 2-million-barrel, 330-metre-long tanker was ordered in February 2006. The $120 million vessel was built by the Chinese/Japanese Nantong Cosco KHI...

Fugro wins Galsi study.(ALGERIA)(Survey)
November 2, 2007... The Netherlands' Fugro has won the Eur 18 million ($26 million) contract for a marine survey on the planned Galsi gas pipeline to Italy. Work includes geophysical and hydrographical surveys of the planned route and a survey of landing points in...

Nalpetco awards West Med.(EGYPT)(North Alamein Petroleum Company)(West Mediterranean)
November 2, 2007... North Alamein Petroleum Company (Nalpetco) has awarded a front-end engineering and design contract to the US' KBR for facilities on two fields on its deepwater West Mediterranean concession. The $10 million job covers onshore processing...

Damascus plans refinery.(SYRIA)(Brief article)
November 2, 2007... Damascus has signed an agreement with Tehran, Caracas and Malaysia's Bukhary Group for a 140,000-barrel-a-day (b/d) refinery in the Al-Faraqlus area, 180 kilometres north-east of Damascus. Venezuela and Iran will supply crude oil to the...

Exxon quadruples Barzan gas capacity.(QATAR)(Exxon Mobil Corp.)(Brief article)
November 2, 2007... The Barzan gas development has grown four-fold from its initial target of 1,500 million cubic feet a day (cf/d), with plans now in place for six gas trains to be developed over the next eight years. The development, owned by Qatar Petroleum...

Industry welcomes minister despite political allegations.(KUWAIT)(Brief article)
November 2, 2007... The local hydrocarbons sector has broadly welcomed the appointment of former finance minister Bader al-Humaidhi as the new oil minister, despite continued criticism of him in parliament. "Unlike his two predecessors, Al-Humaidhi has a...

Veco to modify Gasco plants.(UAE)(VECO Engineering Inc.)(Gas Industries Company)(Brief article)
November 2, 2007... The US/Canadian Veco has been selected for the front-end engineering and design contract on the Asab, Bab, Bu Hasa and Ruwais modifications project, planned by Abu Dhabi Gas Industries Company (Gasco). Veco will carry out engineering work...

Supply fears push oil to $94 a barrel.(OIL PRICES)(Brief article)
November 2, 2007... West Texas Intermediate (WTI) crude surged by more than $3 on the final day of October to hit $94, while Brent oil also broke the $90 mark. Much of the gains were sparked by a 3.9 million barrel drop in US inventories to a two-year low,...

Chevron seeks to renew Divided Zone concession.(REGIONAL)(Brief article)
November 2, 2007... Saudi Arabian Chevron (SAC), a subsidiary of the US' Chevron Corporation, has started negotiations with Riyadh over the renewal of its 50-year onshore concession in the Divided Zone. The concession, which expires in February 2009, is the...

Doubts over licensing plan: new model for oil and gas licensing is ill thought-out, say analysts.(ANALYSIS: ALGERIA)
November 2, 2007... Energy analysts have reacted with scepticism to Energy Minister Chakib Khelil's announcement on 27 October that Algiers is on the verge of introducing a new model for oil and gas licensing. The model will require bidders to demonstrate that...

Strikes hit Dubai developers: protests fuel debate over low pay and poor working conditions.(UAE)(Brief article)
November 2, 2007... The construction industry has been hit by a series of protests, calling into question the success of Dubai in tackling poor conditions for workers. Workers employed by Arabtec Construction began a strike on 1 November, demanding higher...

Al-Habtoor joint venture in line to build Trump tower.(UAE)(Al Habtoor Engineering Enterprises Company Private Ltd.)(Brief article)
November 2, 2007... The local/South African joint venture of Al-Habtoor Engineering Enterprises and Murray & Roberts Contractors (Middle East) is the frontrunner for the estimated AED 2,000 million ($545 million) contract to build the Trump International Hotel and...

Bourse to move to Business Bay.(UAE)(Brief article)
November 2, 2007... The Dubai Financial Market (DFM) has been granted land for a new stock exchange building at Business Bay. The government has instructed Dubai Properties to allocate a 36,000 square metre plot for the project, worth AED 280 million ($76...

Chinese bid low for Yanbu.(SAUDI ARABIA)(Brief article)
November 2, 2007... The local/Chinese China Harbour Engineering Arabia Company is the low bidder with a price of $100 million for the dredging and excavation contract on the please 1 and 2 waterfront development of the Madinat Sinaiyah al-Yanbu project. The other...

Binladin wins library deal.(SAUDI ARABIA)(Saudi Binladin Group)(Brief article)
November 2, 2007... Saudi Binladin Group has been awarded a SR 288 million ($77 million) contract to build the King Fahd National Library in Riyadh. The building will use a combination of membrane, cable and steelwork with a gross floor area of about 85,000 square...

Aldar builds headquarters.(UAE)(Brief article)
November 2, 2007... The local/UK joint venture of Aldar Properties and Laing O'Rourke has started work on a new headquarters for Aldar at its Al-Raha Beach development in Abu Dhabi. The 110-metre-tall office building will be the first spherical building in the...

Sharjah goes to Darwish.(UAE)(Brief article)
November 2, 2007... The local Darwish Engineering has been awarded a AED 500 million ($136 million) infrastructure works contract for Sharjah Investment Centre. The project covers an area of 300.000 square metres close to Sharjah International Airport and the...

Tehran fails to attract private metro funding.(IRAN)(Brief article)
November 2, 2007... The Iranian government has effectively admitted defeat in its efforts to find private sources of finance for the $18,500 million expansion of the Tehran Metro. Speaking at MEED's Middle East Rail conference in Dubai on 31 October, Mohammad...

Rail hub to link with Europe: construction of transport network costing $14bn to begin in 2008.(KUWAIT)(Brief article)
November 2, 2007... Kuwait has completed the masterplan on a $14,000 million rail network aimed at turning the country into a freight and passenger hub linking Europe with the Arabian Peninsula. A feasibility study on the project will be completed in November,...

Riyadh replaces regulator to avoid conflict of interests.(SAUDI ARABIA)(Brief article)
November 2, 2007... The Saudi Railways Organisation (SRO), which manages the kingdom's rail network, is to be shut down and replaced with a new government regulator. The moves comes as Riyadh seeks to avoid a conflict of interest once the contract to build...

Doha adds link to airport.(QATAR)(railroad construction)(Brief article)
November 2, 2007... Efforts are under way to build a rail link to the new international airport under construction in Doha, an element that was left out of the original design. Bids will be submitted by the second week of November for a preliminary design...

Dubai Metro costs spiral as deadline looms.(UAE)(railroad construction)(Brief article)
November 2, 2007... Dubai Metro is set to run up to AED 2,325 million ($633 million) over budget as the emirate's transport regulator seeks to complete the construction of the Red and Green lines on schedule. Speaking at MEED's Middle East rail conference in...

World Bank predicts 2010 start date for Gulf railway.(REGIONAL)(Brief article)
November 2, 2007... Construction work on the GCC railway project could begin by 2010, after completion of a feasibility study in 2008, according to the World Bank, which is advising the GCC Technical committee on the tendering process. With the full support...

Rail project to begin next year.(UAE)(Brief article)
November 2, 2007... A project to build a UAE rail network linking all seven emirates will get under way in 2008, with completion anticipated in 2012, according to a senior official at the Abu Dhabi Department of Transport. A search is under way to put...

Cargo-handling tariff rises.(JORDAN)(Brief article)
November 2, 2007... Royal Jordanian has signed a memorandum of understanding with Jordanian Logistics Association to put a new cargo-handling tariff in place at Queen Alia International Airport. The deal, supervised by the Civil Aviation Regulatory Commission....

Kuwait to privatise ports.(KUWAIT)(Brief article)
November 2, 2007... Kuwait's port sector is to be opened to private ownership, after a decision by the cabinet's economic committee. It has agreed in principle to offer the Kuwait Ports Authority's shares in Shuwaikh, Shuaiba and Doha ports. Special purpose...

Etihad agrees fleet finance.(UAE)(Etihad Airways P.J.S.C.)(National Bank of Abu Dhabi)(Brief article)
November 2, 2007... Etihad has agreed a $288 million 12-year loan with the National Bank of Abu Dhabi (NBAD) to finance the acquisition of four new aircraft. The Airbus A330-200 planes have been delivered in phases by the manufacturer since July 2007 and are...

Dubai Drydocks buys rival.(UAE)(Brief article)
November 2, 2007... Dubai Drydocks World, part of Dubai World, has made a $1.63 billion cash offer for Singapore's Labroy Marine. It has already gained the backing of shareholders owning 65 per cent of the company. The deal strengthens Dubai Drydocks' position in...

Adwea fast-tracks Shuweihat: authority invites proposals from previous bidders to accelerate project.(UAE)(Brief article)
November 2, 2007... Abu Dhabi Water & Electricity Authority (Adwea) has taken the unprecedented step of inviting two developer groups to submit proposals for Shuweihat 2, its latest independent water and power project (IWPP). Instead of the usual process of...

Saline Water invites bids for three plants.(SAUDI ARABIA)(Saline Water Conversion Corp.)(Brief article)
November 2, 2007... State-owned desalination company Saline Water Conversion Corporation (SWCC) has issued a tender to build three small-scale multi-effect distillation desalination plants. The deadline for bids is 6 January 2008. Three of the plants will be...

Firms revise Laffan bids.(QATAR)(Brief article)
November 2, 2007... The General Electricity & Water Corporation (Kahramaa) has received three revised proposals for the Ras Laffan C independent water and power project. The bidding groups are led by the UK's International Power, Marubeni Corporation of Japan and...

Eight vie for Al-Zour.(SAUDI ARABIA)(Brief article)
November 2, 2007... Saudi Arabian Mining Company (Maaden) has invited eight companies to bid by 23 February for the $1,300-1,500 million contract to build a power plant at the Ras al-Zour aluminium complex. The plant will have capacity of 1,800-2,400 MW. The firms...

Jeddah deal faces delay.(SAUDI ARABIA)(Brief article)
November 2, 2007... The Electricity & Water Ministry has delayed the deadline for bids on the Jeddah water network management contract until 5 January. Bids were originally due on 27 November. Prequalified companies include France's Veolia Water; France's Suez...

Rentable space to triple at Garri free zone.(SUDAN)(Brief article)
November 2, 2007... The Sudanese Free Zones & Markets Company (SFZMC) is launching a second phase of development at one of the country's largest industrial free zones in 2008. SFZMC plans to increase the amount of rentable space at the Garri free zone, 70...

China to set up industrial zone: first overseas Chinese industrial area expected to bring in $2,500 million.(EGYPT)(Brief article)
November 2, 2007... China's Tianjin Economic & Technological Development Area (Teda) has signed an agreement with Cairo to develop the first Chinese industrial zone outside the country. The zone is set to attract up to $2,500 million in investment from Chinese...

Solios wins Qatalum deal to build treatment centres.(QATAR)(Brief article)
November 2, 2007... France's Solios Environnement has been awarded the engineering, procurement and construction contract for gas treatment centres on the $4,800 million Qatalum aluminium smelter at the Mesaleed industrial area. The contract covers the supply...

Two firms vie for feasibility studies.(SUDAN)(Brief article)
November 2, 2007... Two international companies are competing for the contract to draw up feasibility studies for an estimated $500 million port development in the Red Sea Free Zone, near Port Sudan. China Harbour Engineering Company and an unidentified German...

Wataniya loses in price war: Algerian subsidiary Nedjma expected to post losses for third quarter.(ALGERIA)(Financial report)
November 2, 2007... Kuwait's Wataniya Telecom is expected to reveal further losses by its Algerian operations when it releases results for the third quarter of the year later this month. Its local subsidiary, Nedjma, is suffering the effects of a price war...

Maroc rules out network sharing.(MOROCCO)(Brief article)
November 2, 2007... Maroc Telecom, Morocco's largest mobile phone operator, will not share its network with other companies that want to enter the local market, according to its majority shareholder. "Maroc Telecom will not try to push for virtual network...

Mobinil subscriber numbers rise but costs dent margins.(EGYPT)(Brief article)
November 2, 2007... Profits at Egypt's largest mobile phone operator, Mobinil, have fallen over the past three months despite strong growth in customer numbers, as the company struggles to keep down costs. Mobinil's net profit for the three months to the end...

Batelco looks overseas.(BAHRAIN)(Bahrain Telecommunications Company B.S.C.)(Brief article)
November 2, 2007... Batelco, Bahrain's largest mobile phone operator, wants to spend $4,000 million on foreign telecoms companies or new licences over the next two to three years. Chief executive officer Peter Kaliaropoulos says Batelco is targeting the new...

One in four use mobiles.(IRAN)(Brief article)
November 2, 2007... Iran's mobile phone penetration has reached 25 per cent of its population, according to Communications and IT Minister Mohammad Soleymani. The country's largest mobile phone operator, Mobile Company of Iran. a subsidiary of Telecommunications...

Omantel links districts.(OMAN)(Brief article)
November 2, 2007... Omantel expects to sign up 14,000 broadband users by extending its network to three districts that have never had a high-speed connection before. The monopoly fixed-line operator wiII have capacity for up to 170,000 broadband connections in the...

Mobily speeds up service.(SAUDI ARABIA)(Brief article)
November 2, 2007... Mobily has begun offering customers mobile broadband at speeds of up to 7.2 Mb a second. Most other broadband services in the region, including broadband over fixed-line connections, have top speeds of about 2 Mb per second. Mobily's new...

Regulator rules against virtual networks.(EGYPT)(Brief article)
November 2, 2007... The Egyptian mobile phone market is too immature to support virtual network operators (VNOs), according to the country's telecoms regulator. VNOs, which use existing operators' networks to sell their own mobile services, will not be...

Zain to bid for licence.(LEBANON)(Brief article)
November 2, 2007... Zain, the Kuwaiti telecoms giant, will bid for one of the two mobile licences to be offered in Lebanon in 2008. Communications Minister Marwan Hamada has valued the 20-year licences and the networks that are being sold with them at $3,000...

Du extends market reach.(UAE)(Emirates Integrated Telecommunications Company )(Brief article)
November 2, 2007... Emirates Integrated Telecommunications Company (Du), the second telecoms operator in the UAE, has now signed up 880,000 mobile phone customers, taking its reach to 21 per cent of the UAE population. The company's sales revenues reached AED 412...

Court to decide Tunisiana ownership: resolution to legal dispute between Orascom and Wataniya due within weeks.(ANALYSIS)
November 2, 2007... Tunisiana, the country's largest mobile phone operator, may soon have a change of owner as the legal dispute between its two shareholders approaches a showdown in the International Court of Arbitration, in Paris. Egypt's Orascom Telecom...

Etisalat secures financing: banks back expansion of mobile operator with $850m loan facility.(EGYPT)(Brief article)
November 2, 2007... Etisalat Egypt, a subsidiary of the UAE's Etisalat is close to raising bank loan facilities of nearly $850 million to develop its mobile network in the country. It is approaching banks to take part in the deal, which is split between local...

Sorfert targets local banks.(ALGERIA)(Brief article)
November 2, 2007... The $1,600 million funding for the construction of the Sorfert Algerie fertiliser plant is due to come to market before the end of 2007 and will be aimed exclusively at local banks. A source close to the deal says the decision to borrow...

Citadel seeks advisers for $2.4bn refinery project.(EGYPT)(Brief article)
November 2, 2007... Banks are being approached to take on a supplementary adviser role in the financing of the $2,400 million refinery project planned by local private equity firm Citadel Capital. It is expected to be the largest ever project financing deal in the...

China offers cheap loans.(EGYPT)(Brief article)
November 2, 2007... The Chinese government has extended $200 million in credit to Egyptian companies to finance capital goods imports from China. The facility is being offered for the purchase of Chinese production lines and to promote technology transfer from...

Qafco raises train budget.(QATAR)(Brief article)
November 2, 2007... Qatar Fertiliser Company (Qafco) has increased by $400 million the amount it will raise in project finance for the construction of a fifth production train, because of rising costs, Part of the increased costs come from rising interest rates in...

Kuwait stalks Al-Watany.(REGIONAL)(Brief article)
November 2, 2007... National Bank of Kuwait has raised its stake in Egypt's Al-Watany Bank to 93.8 per cent, The Kuwait bank acquired a 51 per cent stake in Al-Watany n August as part of the government's privatisation scheme. It then offered to buy out the...

Bank giant enters region.(REGIONAL)(Brief article)
November 2, 2007... The Chinese Industrial and Commercial Bank, the world's largest by assets, is entering the Middle East for the first time by opening branches in the Dubai International Financial Centre and the Qatar Financial Centre. Both are still awaiting...

Regulator to rule on funds: Qatar Financial Centre set to open to private equity and venture capital.(QATAR)(Brief article)
November 2, 2007... Private equity and venture capital funds should be able to set up in the Qatar Financial Centre (QFC) by the end of 2007, once laws governing limited and general partnerships are approved. The public consultation phase for the draft rules...

Commerzbank considers fund investing in sukuk.(REGIONAL)
November 2, 2007... Germany's Commerzbank is considering launching a fund that will invest in sharia-compliant bonds (sukuk). If it goes ahead, it will be one of only a few that invest in tradeable sukuk. "A sukuk fund is on the radar," says Michael Klimek...

Dubai bourse to hold US roadshow.(UAE)(Brief article)
November 2, 2007... The Dubai Financial Market (DFM) will hold a roadshow in New York in mid-November to promote its listed companies to US investors. Emaar Properties and Air Arabia are among the 14 companies participating. "There is interest in emerging...

State approves Al-Masane.(SAUDI ARABIA)(Al-Masane al-Kobra Mining Company)(Brief article)
November 2, 2007... The Commerce & Industry Ministry has approved the formation of the Al-Masane al-Kobra Mining Company. The joint stock company will be 50 per cent owned by the US-based Arabian American Development Company, The remaining 50 per cent will be held...

JP Morgan to open office.(SAUDI ARABIA)
November 2, 2007... The Riyadh-based investment subsidiary of JP Morgan will start operations by the end of 2007. The firm established a branch office in the kingdom in 2006. The wholly owned subsidiary will offer advice on mergers and acquisition deals, capital...

Emirates looks at listing.(UAE)
November 2, 2007... Local carrier Emirates Airline has confirmed that it is considering an initial public offering. The shares could list on the Dubai International Financial Exchange (DIFX), although the company says no decision has yet been made. The DIFX says...

S&P to set up in Dubai.(UAE)
November 2, 2007... Standard & Poor's will be the third ratings agency to establish a presence in the Dubai International Financial Centre when it opens an office there in February 2008, Moody's Investors Service and Fitch Ratings already operate in the centre....

Instituting change: foreign investors are giving a much-needed boost to local bourses.(MARKET IN FOCUS: LOCAL EQUITIES)
November 2, 2007... Foreign institutions are finally gaining a foothold in local markets. The ongoing rally in stock markets in Dubai, Abu Dhabi and Doha has been powered in part by the buying activities of institutions from the US and Europe. Conversely, in those...

Forthcoming events.(CONFERENCES)(Calendar)
November 2, 2007... ARABIAN WORLD CONSTRUCTION SUMMIT Risk versus Opportunity: Understand, Debate, Resolve 11-12 February 2008, Emirates Palace Hotel, Abu Dhabi Arabian World Construction Summit (AWCS) is the 'who's who' event of the Middle...