MEED Middle East Economic Digest articles from November 2008

MEED Middle East Economic Digest archives from November 2008

Abu Dhabi awards gas management deal to KBR.(Project news on MEED.com)(Abu Dhabi Gas Liquefaction Company Ltd.)(Brief article)
November 7, 2008... [ILLUSTRATION OMITTED] Abu Dhabi Gas Liquefaction Company (Adgas) has awarded a project management consultancy contract to the US' KBR to cut flare handling and gas emission levels at its Das island liquefied natural gas plant. KBR says...

Dewa delays deadline for P Station.(Project news on MEED.com)
November 7, 2008... Dubai Electricity & Water Authority (Dewa) has delayed the deadline for bids for phase 2 of the P Station power and water project at Hassyan.

Scott Wilson wins Durrat Marina design work.(Project news on MEED.com)
November 7, 2008... UK-based Scott Wilson has been appointed as the infrastructure design consultant for the Durrat Marina development in Bahrain.

Riyadh awards $100m water contract.(Project news on MEED.com)
November 7, 2008... Al-Muhaidib Contracting Company has won a $100m supply and installation contract for a water outflow pipe in North Jeddah.

Qatar agrees paraffin supply deals.(Project news on MEED.com)
November 7, 2008... Qatar's Pearl gas-to-liquids venture has signed paraffin supply deals with Gulf Petroproducts Company and Tamilnadi Petroproducts.

South Koreans awarded Creek bridges.(Project news on MEED.com)
November 7, 2008... South Korea's Sungwon Corporation has won a $207m contract to build two bridges in Dubai, to take Sheikh Zayed road over Business Bay.

Manazel awards Abu Dhabi office package.(Project news on MEED.com)
November 7, 2008... Real Estate has awarded Fibrex a $1bn contract for office buildings at Building Material City in Abu Dhabi.

Events.(Project news on MEED.com)(Conference news)(Brief article)(Calendar)
November 7, 2008... The Abu Dhabi Conference. A vision for economic development in the UAE Capital 9-11 November Abu Dhabi National Exhibition Centre, Abu Dhabi, UAE www.meed.com/events/abudhabi The Abu Dhabi Conference 2008 is being organised by MEED...

Online poll result.(MEED[M] Middle East Business Intelligence)
November 7, 2008... Will a Barack Obama presidency be good for the Middle East? Yes 76% No 24%

GCC District Cooling: the start of an era.(INSIGHT)
November 7, 2008... [ILLUSTRATION OMITTED] District cooling is coming of age in the GCC as a result of the unprecedented investment in real estate and the growing need to conserve energy resources. MEED Insight provides an overview of the district cooling...

MEED projects.(Project news on MEED.com)(Statistical table)(Brief article)
November 7, 2008... MEED PROJECTS GULF PROJECTS ($ million) 03 November 27 October % change 2008 2008 on week Bahrain 57,729 53,163 8.6 Kuwait ...

Banks need a new model: finance houses are turning away from the investment banking model: the real test will be if the recession hits the real estate market.(BANKING)(Brief article)
November 7, 2008... [ILLUSTRATION OMITTED] As the world's financial system tries to untangle itself from a web of debt, confusion and paralysis, many different factors have been blamed. The US Federal Reserve, ratings agencies and mortgage brokers have all...

Abu Dhabi must seek balance: Abu Dhabi invests billions of dollars into megaprojects to increase gas capacity, despite problems extracting reserves.(GAS)(Brief article)
November 7, 2008... With oil prices dropping by more than 60 per cent since their $147 peak in July, Gulf oil and gas producers are putting the brakes on some investments. But for the UAE, gas may be an exception. Despite having the world's sixth-largest...

Metro funding will set example: Tehran makes progress by attracting local private-sector investment to finance infrastructure projects.(IRAN)(Brief article)
November 7, 2008... Like its peers around the Gulf, Tehran is pouring billions into renovating its national transport infrastructure. Unlike its neighbours, however, Iran has found it all but impossible to entice foreign banks to invest in these projects. Still...

Reforms boost performance: reforms are among Nazif's most notable achievements, improving Egypt's business environment.(EGYPT)(Brief article)
November 7, 2008... [ILLUSTRATION OMITTED] Egyptian Prime Minister Ahmed Nazif has gained many plaudits for the business reforms he has pushed through since being appointed in 2004. According to the International Finance Corporation, part of the World Bank,...

Rail plan set to raise confidence: the UAE's government-funded 573-kilometre rail network will be welcomed with open arms.(TRANSPORT)(Brief article)
November 7, 2008... The UAE government's decision to try and develop the first phase of the inter-emirates rail network by 2011 will be welcomed with open arms by construction firms. As the credit chinch continues to erode the self-assurance of consultants,...

Riyadh rolls out $21bn capacity boost: Saudi Electricity Company plans nine more independent power projects with total capacity of 9,360MW.(POWER: SAUDI ARABIA)
November 7, 2008... Saudi Electricity Company (SEC) is planning a SR79.6bn ($21bn) programme to award contracts for nine independent power projects (IPPs) between 2010 and 2017, adding 9,360MW to the kingdom's power generating capacity. Ali al-Barrak, chief...

Adnoc struggles to attract interest in Shah gas package: concerns mount over safety and maintenance of sulphur pipeline.(ENERGY: UAE)(Abu Dhabi National Oil Co.)
November 7, 2008... Abu Dhabi's $12bn-plus energy project to develop onshore sour gas reserves is facing its first major stumbling block. Doubts are emerging over whether any contractors will bid for the 275-kilometre-long sulphur pipeline package due to concerns...

Riyadh to fast-track Saudia sale.(TRANSPORT: SAUDI ARABIA)(Saudi Arabian Airlines Corp.)(Brief article)
November 7, 2008... Riyadh is accelerating plans to partly privatise Saudi Arabian Airlines (Saudia) by selling off stakes in two divisions simultaneously in the spring. The national carrier is preparing to sell minority stakes in its ground handling and...

Rabigh bid wins international support: Standard Chartered and Calyon back bid for $2.5bn independent power plant on Red Sea.(BANKING & FINANCE: SAUDI ARABIA)
November 7, 2008... A consortium of the UK's International Power, Belgium's Suez Energy and Sandi Oger has secured strong support from banks to finance its bid to develop the $2.5bn Rabigh independent power project (IPP), sources close to the deal tell MEED. ...

Market turmoil forces Dubai World to delay developments.(REAL ESTATE: UAE)(Brief article)
November 7, 2008... Dubai World, the Dubai government-owned holding company, says it may delay projects that have yet to secure finance due to the global financial turmoil. But it says it remains committed to developing all the projects it has already secured...

Emirates railway set to open in 2011: official documents reveal plans to open first phase of rail link in 2011 and the entire network by 2015.(TRANSPORT: UAE)
November 7, 2008... The UAE plans to complete the first stage of the long-awaited interemirates rail network by mid-2011, with the entire network complete by late 2015, according to official documents seen by MEED. The project will be managed by a new agency...

Riyadh to invite technology park bids: local construction giants line up for three packages worth $1.3bn to build complex in Nakheel district.(CONSTRUCTION: SAUDI ARABIA)(El-Seif Engineering & Contracting Company)
November 7, 2008... The local Saudi Binladin Group, Saudi Oger and El-Seif Engineering & Contracting Company, are among contractors that will be invited to bid for contracts covering 21 buildings at the IT business park in Riyadh, sources close to the project tell...

Financing problems force Muscat to delay Duqm refinery.(ENERGY: OMAN)(Brief article)
November 7, 2008... Oman has placed its ambitious integrated Duqm refinery and petrochemicals complex on hold after raising doubts over securing vital project finance for the deal. Oil & Gas Minister Mohammad bin Hamad al-Rumhy tells MEED that with the...

Abu Dhabi considers offshore deep gas licensing round: Shell could lose out on exploration and development deal to rival oil majors.(ENERGY: UAE)
November 7, 2008... Energy majors expect Abu Dhabi to launch a multi-billion-dollar offshore deep gas round next year, which could see the UK/Dutch Shell Group losing out on a deal to develop its reserves. Abu Dhabi National Oil Company (Adnoc) signed a...

Kingdom to retender light railway.(CONSTRUCTION: SAUDI ARABIA)(Brief article)
November 7, 2008... The Mecca light raft project is likely to be retendered following concerns that the timeframe for the project is unrealistic. Only two of the four invited local firms submitted bids for the estimated SR6bn ($1.6bn), 14-month engineering,...

Mobile phone markets face slowdown: growth in Saudi Arabia, the UAE, Egypt and Morocco will fall to single digits in 2010.(TELECOMS: REGIONAL)
November 7, 2008... The Middle East's fast-growing mobile phone markets will slow rapidly within the next two years, with four of the largest markets growing in single, rather than double digits. Next year will be the last year of double digit growth in mobile...

National Guard invites housing bids.(CONSTRUCTION: SAUDI ARABIA)(Brief article)
November 7, 2008... The Saudi Arabian National Guard is expected to invite bids for a major housing project in the kingdom in January. Estimated to be worth several billion riyals, the project will see the construction of 17,000 housing units at various sites...

Tehran seeks to raise $4bn in private finance for city metro: funding plan expands on pilot scheme encouraging private sector participation.(TRANSPORT: IRAN)(Brief article)
November 7, 2008... Iran is seeking to raise up to $4bn in private sector investment to assist with the construction of the Tehran Metro, after deciding to expand a pilot scheme launched earlier this year to fill a funding shortfall on the project. Under the...

Abu Dhabi seeks to retender oil field deal: Gulf state-run companies seek to renegotiate deals as commodity and materials prices continue to fall.(ENERGY: UAE)(Abu Dhabi Company for Onshore Oil Operations)
November 7, 2008... Abu Dhabi Company for Onshore Oil Operations (Adco) is asking its international shareholders to consider supporting a retender of bids for the company's $4.5bn Sahil, Asab and Shah (Sas) full-field development due to the drop in commodity and...

Du high-speed internet launch ends Etisalat monopoly.(TELECOMS: UAE)(Emirates Integrated Telecommunications Company)(Brief article)
November 7, 2008... Emirates Integrated Telecommunications Company, which trades as Du, will start selling high-speed internet services across the UAE from the end of 2009 at the earliest, according to Osman Sultan, chief executive officer at Du, ending Etisalat's...

Riyadh accelerates Yanbu development: Saline Water Conversion Corporation considers offering Yanbu 3 to developer on standalone basis.(WATER: SAUDI ARABIA)
November 7, 2008... Saudi Arabia's Saline Water Conversion Corporation (SWCC) is considering offering its Yanbu 3 independent water and power project (IWPP) to a developer on a standalone basis, rather than making it part of a wider deal with existing plants at...

King Abdullah Financial District to award infrastructure deals.(CONSTRUCTION: SAUDI ARABIA)(Brief article)
November 7, 2008... Three infrastructure packages for the King Abdullah Financial District in Riyadh are to be awarded in the coming weeks. The engineering procurement and construction (EPC) contract for the monorail, which will link the various areas of the...

Manama builds power plants to meet increasing demand: electricity authority to raise capacity by 4,800MW and 100 million g/d.(POWER: BAHRAIN)
November 7, 2008... Bahrain is to increase its power and water production capacity by 4,800MW and 100 million gallons a day (g/d) by 2015, according to Abdulmajeed Alawadhi, chief executive officer of the Electricity & Water Authority (EWA). Four new plants...

Tehran issues tenders for Umm Qasr.(TRANSPORT: IRAQ)(port of Umm Qasr)(Brief article)
November 7, 2008... Iraq has issued tenders to international shipping groups to run two berths at the country's deep sea port of Umm Qasr. Groups are to submit expressions of interest by mid-November, with the three-year contracts likely to be awarded late...

Rethinking investment banking: regional investment banks face a major revision of business strategies after the demise of US giants.(FINANCE)
November 7, 2008... When Nouriel Rubini, a former economics adviser to the White House and professor of economics at New York's Stem School of Business, warned in September 2006 that the US was facing an economic downturn that could destroy its investment banks,...

Falling oil prices ease inflation: as the international financial crisis continues, Jordan's economy is feeling the benefit, as the squeeze on global oil prices brings the country relief from inflation caused by fuel imports.(Jordan)
November 7, 2008... Amman has long made capital out of its position as a relative haven of stability in a turbulent region. Jordan's policy makers are now daring to hope that the country's economy will be in a similar position with regard to the global financial...

Gulf to focus on global stability: despite investing in Barclays and Credit Suisse, further bank rescues by Middle East funds are unlikely as they turn their attentions to an IMF bid to help countries suffering from the credit crisis.(Sovereign wealth funds)
November 7, 2008... Just when the Gulf's sovereign wealth funds seemed to have had enough of investing in banks, after seeing previous investments fall in value, they have returned to the market in recent weeks. On 31 October, the UK's Barclays announced a...

Cement sector banks on recovery: Gulf cement producers' commitment to boosting capacity is sparking fears of oversupply as construction megaprojects across the region face delays due to the fallout of the credit crunch.(Industry)
November 7, 2008... Despite signs that the global credit crunch is hitting construction projects in the Arabian peninsula, cement producers remain committed to their plans to dramatically expand capacity. Cement capacity is predicted to double, reaching more...

Tom Healy: CEO, Abu Dhabi Securities Exchange: a global market downturn will not distract the Abu Dhabi bourse from executing its long-term expansion plans.(Interview)
November 7, 2008... The Abu Dhabi Securities Exchange (ADX) might have fallen by 23 per cent since the beginning of this year, but that is still far better than the 46 per cent drop at its nearest rival, the Dubai Financial Market (DFM). Tom Healy, chief...

Abu Dhabi Polymers (Borouge): the UAE petrochemicals giant outlines its ambitious plans to diversify into international markets.(PETROCHEMICALS)(Company overview)
November 7, 2008... COMPANY SNAPSHOT Date established 1998 Main business sectors Petrochemicals Number of employees 700+ Total production capacity 2007 1.18 million tonnes a year (t/y) Main business region Middle East and Asia Pacific...

Private sector drives Gulf healthcare: Gulf states are seeking international help to increase capacity at public and private hospitals.(HEALTHCARE)(Mubadala Healthcare)
November 7, 2008... GCC To prepare for a rapidly growing and ageing population, as well as a predicted epidemic of chronic diseases such as diabetes, the GCC countries are set to embark on an unprecedented capacity building programme. The most populous GCC...

Bouteflika seeks to extend his tenure: changes to Algeria's constitution are likely to be pushed through parliament to allow the president a third term in office.(ALGERIA)(Abdelaziz Bouteffika )
November 7, 2008... When President Abdelaziz Bouteffika announced, on 29 October, that he was preparing to revise the country's constitution, he gave no indication of what would change. But most observers have jumped to the same conclusion. A cartoon in the...

Egypt.(Special Report)(Brief article)
November 7, 2008... [ILLUSTRATION OMITTED] Egypt's housing sector offers great potential for investment-hungry mortgage finance companies. Mortgage-backed spending contributes just i per cent to the country's gross domestic product (GDP) but this is...

Egypt faces barriers to democracy: Cairo continues to stifle freedom of expression, political opposition and is accused of rolling back steps towards democracy, while seeking to reassert itself on the regional diplomatic stage.(GOVERNANCE)
November 7, 2008... Traditionally regarded as one of the key powerbrokers in the Middle East, Egypt continues to have a strong political influence in the region. Yet, despite being the most populous Arab nation in the world, Egypt is increasingly referred to as...

Reform drives economic growth: Egypt is not immune to the effects of the global downturn, but Cairo's overhaul of its banking sector shows the country is well placed to weather the economic storm.(BANKING)
November 7, 2008... Reform has been the buzz-word in Egypt in recent years, with positive economic growth being accredited to a programme for change set in motion by Prime Minister Ahmed Nazif, in 2004. Nazif and his reformist government oversaw real growth in...

Cairo seeks to elude downturn: Egypt is facing an economic slowdown, but Cairo says liberalising the economy, tapping fresh sources of investment and enforcing firmer regulations will mitigate its impact.(ECONOMY)(Company rankings)
November 7, 2008... The faltering global economy has undermined forecasts made by Cairo in 2007 that gross domestic product (GDP) growth of 7 per cent could be expected until 2010. Spurred on by impressive GDP growth of 7.2 per cent last year, analysts began...

Housing finance fuels property boom: lower property taxes and registration fees are encouraging Egyptians to take advantage of home loans to buy properties, and mortgage finance companies are flooding into the untapped market.(MORTGAGES)
November 7, 2008... The property mortgage financing market in Egypt is still in its infancy. Egypt's Housing Minister Ahmed El-Maghraby said in October that 97 per cent of privately-owned houses in Egypt are self-financed, with mortgage activity contributing I per...

Sharia banking takes root: Cairo has recognised the value of Islamic banking products and is starting to support its development to provide project finance, home loans and insurance.(ISLAMIC FINANCE)(Company rankings)
November 7, 2008... The Mit Ghamr Savings Bank was established in a small town of the same name in Egypt's Nile Delta in 1963. One of the modern world's first Sharia-compliant financial institutions, it developed 53 branches in five years, and focused on...

GCC rail: six leading figures in the GCC rail sector.(The MEED List)(Gulf Cooperation Council)
November 7, 2008... Abdullah Salem al-Katheeri POSITION Executive director, National Transport Authority, Abu Dhabi BIOGRAPHY Engineer Abdullah Salem al-Katheeri joined Abu Dhabi Municipality in 1987 as a project manager. He went on to work as group...

Qatargas awards gas deal to Emerson Process Management.(Project news on MEED.com)(Qatar Liquefied Gas Company Ltd.)(Brief article)
November 14, 2008... [ILLUSTRATION OMITTED] Qatargas has awarded a five-year support and services agreement to the US' Emerson Process Management (EPM) for the expansion of its liquefied natural gas operations. EPM will supply asset management services, skills...

Consultants win New Doha Port work.(Project news on MEED.com)
November 14, 2008... WorleyParsons and Cansult Maunsell have won contracts totalling $183m at New Doha Port, to be located outside the Qatari capital, near Mesaieed.

Nesma wins Saudi economic city contract.(Project news on MEED.com)
November 14, 2008... Nesma Holding Company has been awarded a $45m infrastructure contract at King Abdullah Economic City.

Damac appoints supervisor for Riyadh tower.(Project news on MEED.com)
November 14, 2008... Damac Properties has appointed Beirut-based Khatib & Alami as architectural and engineering design supervisor for a 45-floor tower in Riyadh.

Egypt delays wind-farm bids.(Project news on MEED.com)
November 14, 2008... The New & Renewable Energy Authority has extended the bid deadline for consulting services to develop a 200MW wind farm in Gulf al-Zayt.

South Koreans win Algeria refinery deal.(Project news on MEED.com)(Brief article)
November 14, 2008... Naftec, the refining arm of state energy company Sonatrach, has awarded a $400m contract to upgrade its ageing refinery at Arzew to a consortium of three South Korean firms.

Abu Dhabi invites firms to prequalify for sewer project.(Project news on MEED.com)
November 14, 2008... Abu Dhabi has invited companies to prequalify to design and build the link sewers in the emirate.

GCC District cooling: the start of an era.(INSIGHT)
November 14, 2008... [ILLUSTRATION OMITTED] District cooling is coming of age in the GCC as a result of the unprecedented investment in real estate and the growing need to conserve energy resources. MEED Insight provides an overview of the district cooling...

Events.(Calendar)
November 14, 2008... Middle East Airport Projects 22-24 February 2009 Park Hyatt Hotel, Dubai, UAE www.meed.com/events/airports The MEED Middle East Airport Projects Conference in Dubai will focus on the most urgent topics that have emerged from MEED's...

MEED projects.(Project news on MEED.com)(Statistical table)(Brief article)
November 14, 2008... MEED PROJECTS GULF PROJECTS ($m) 10 November 3 November % change 2008 2008 on week Bahrain 57,742 57,729 0.0 Kuwait ...

Property fall is unavoidable: Central bank must let market find its floor and allow recovery: the first waves of redundancies at developers are under way.(UAE)(Brief article)
November 14, 2008... [ILLUSTRATION OMITTED] The rapid deterioration in sentiment in the UAE has caught even the most pessimistic of observers by surprise. Predictions that the once unshakable real estate market in the emirates, particularly Dubai, was set...

Risky plans will have to wait.(ENERGY)(Brief article)
November 14, 2008... The rapid ascent of oil prices in the first half of 2008, followed by an equally dramatic fall, has caused widespread fear among the world's crude producers. From an all-time high of $147 a barrel in July, the price dropped to $55 on 13...

Airlines must fight to survive.(AVIATION)(Brief article)
November 14, 2008... The travails at Sama continue. It has emerged this week that the Saudi low-cost carrier has struggled to raise the cash to pay its employees. The business has been poorly served by the aviation authority in Riyadh, which is still dragging...

Single currency is still years away.(GCC)(Gulf Cooperation Council)(Brief article)
November 14, 2008... [ILLUSTRATION OMITTED] The birth of the GCC's single currency is enduring almost as long a gestation as that of its European cousin the euro. It was 20 years after the European Monetary System was created in 1979 that the euro was...

Riyadh in danger of overstretching.(SAUDI ARABIA)(Brief article)
November 14, 2008... In the face of market uncertainty, Riyadh continues to push ahead with a host of ambitious megaprojects seemingly impervious to any slowdown in the world economy With Gulf markets in turmoil, plans have been announced for yet another...

Leaked memo confirms market fears: Emirates NBD denies axing credit to expats working in real estate but fails to comment on internal email.(REAL ESTATE: UAE)
November 14, 2008... MATTHEW MARTIN AND COLIN FOREMAN Emirates NBD, the region's biggest bank by assets, has suspended all lending to expatriate employees of Dubai's leading real estate developers, according to an internal bank email seen by MEED. In the...

Aramco enters talks to reduce costs: Saudi oil major seeks to renegotiate contracts with contractors and suppliers following a drop in oil prices.(ENERGY: SAUDI ARABIA)
November 14, 2008... Saudi Aramco has entered talks with contractors and suppliers in a bid to bring down costs, following a review of major projects in the wake of the drop in oil prices. Contractors that have won major engineering, procurement and...

Firms submit bids for $5bn Gasco plant in Abu Dhabi.(ENERGY: UAE)(Brief article)
November 14, 2008... Firms have submitted technical bids for the project management consultancy (PMC) contract for the four main engineering, procurement and construction packages on Abu Dhabi's $5bn-plus integrated gas development (IGD). Final prices will be...

Credit crisis spreads to Abu Dhabi.(REAL ESTATE: UAE)(Brief article)
November 14, 2008... Abu Dhabi real estate developers are struggling to attract the support they need from the debt and project finance markets because of the global credit crisis. With its vast hydrocarbons reserves, Abu Dhabi was seen as relatively well...

Nakheel scales back dredging work on Dubai Waterfront: local developer concedes credit crunch is forcing a review of projects.(CONSTRUCTION: UAE)(Nakheel Private J.S.C.)
November 14, 2008... Local developer Nakheel is scaling back work on another of its landmark man-made island projects in Dubai and reviewing activity at several of its other schemes, just weeks after MEED revealed it was halting dredging work at Palm Deira. ...

Sipa signs up for fourth industrial city at Al-Kharj: deal with Commerce & Industry Ministry follows plans to expand existing sites.(CONSTRUCTION: SAUDI ARABIA)(Saudi Industrial Property Authority)
November 14, 2008... The development authority responsible for industrial cities in the kingdom has signed agreements with the Commerce & Industry Ministry to acquire and develop a 100-square-kilometre city at Al-Kharj, near Riyadh. The deal, signed in early...

Clients return to traditional tender terms.(CONSTRUCTION: UAE)(Brief article)
November 14, 2008... Clients are returning to former procurement methods as the construction market slows on the back of the global credit crisis. Direct negotiations, partnering agreements and multi-stage tenders are making way for traditional single-stage...

Shell seeks to fast-track gas exports: oil major commissions study of southern Iraqi gas fields to secure supply of liquefied natural gas.(ENERGY: IRAQ)(South Gas Company)(Shell Oil Co.)
November 14, 2008... The UK/Dutch Shell Group is to accelerate plans to export liquefied natural gas (LNG) from the southern gas fields in Iraq, with the oil major hopeful of securing a dedicated supply of gas to export soon after production starts. The move...

Citibank to sell exposure to $6bn Dubai debt at a loss.(BANKING & FINANCE: UAE)(Investment Corporation of Dubai)
November 14, 2008... The US' Citibank is selling its exposure to a $6bn debt at a loss after the syndication of the loan to the sovereign fund, the Investment Corporation of Dubai (ICD), failed to secure bank support. Citigroup is among 15 underwriters on the...

State-backed funds struggle to gain support for loan deals: syndications fail to attract interest from either international or regional investors.(BANKING & FINANCE: REGIONAL)
November 14, 2008... Lenders to government-backed investment companies in Qatar and the UAE are struggling to secure support from international and regional investors for debt syndications. A $1bn debt package for Dubai Aerospace that was launched in July has...

Developer reviews plans for Tobruk.(WATER: LIBYA)(General Desalination Company )(Brief article)
November 14, 2008... Benghazi-based General Desalination Company (GDC) is considering using reverse osmosis desalination technology for a power and water plant at Tobruk. The move is a significant departure from recent government policy, which has focused on...

Injaz plans for rising housing demand.(REAL ESTATE: SAUDI ARABIA)(Injaz Development Company)(Brief article)
November 14, 2008... The local Injaz Development Company is planning a second major mixed-use real estate project in the kingdom, with a possible third scheme being considered. Omar Abdullah al-Kadi, managing director of Injaz, says the company is finalising...

Credit crunch set to reduce impact of mortgage law: global downturn will deter finance houses from lending to home buyers.(BANKING & FINANCE: SAUDI ARABIA)(Brief article)
November 14, 2008... Banks and real estate developers are warning that Saudi Arabia's long-awaited mortgage law, which is awaiting final ratification from the Council of Ministers, could be made irrelevant by the current global economic crisis. Industry...

Fuel bills leave Sama unable to pay employees on time: internal emails reveal staff unrest over late payment of wages in recent months.(TRANSPORT: SAUDI ARABIA)
November 14, 2008... Local low-cost carrier Sama has struggled to pay its staff on time in recent months because it has had to pay its fuel bills in advance, according to a series of internal emails seen by MEED, which has led to unrest among the airline's...

Limitless to build towers Amman.(CONSTRUCTION: JORDAN)(Brief article)
November 14, 2008... Dubai-based property developer Limitless is inviting selected contractors to express interest in the main construction package on the $300m Sanaya Amman towers project in Jordan. Tenders for the works are expected in early 2009, once the...

United Industries seeks land deal: group enters talks with Petrochemical Industries Company aimed at securing land for chemicals plant.(PETROCHEMICALS: KUWAIT)
November 14, 2008... United Industries Company (UIC) is in talks with the state-run Petrochemical Industries Company (PIC) over a possible alliance that would secure land for an $800m petrochemicals facility. UIC, a subsidiary of Kuwait Projects Company...

Haya to issue tenders for four wastewater treatment plants: bidding for first and largest plant in Darsait expected to open in July 2009.(WATER: OMAN)(Haya Water)
November 14, 2008... Haya Water, formerly Omen Wastewater Services Company, is to issue tenders in 2009 for four treatment plants as part of the Muscat Wastewater Project. The plants will provide a total of 67,500 cubic metres a day (cm/d) of additional...

Carrier hires fifth chief in two years.(TRANSPORT: UAE)(RAK Airways)(Brief article)
November 14, 2008... RAK Airways has made a further change to its senior management team, with the appointment of its fifth chief operating officer in two years. While taking on the highest managerial position at the national carrier of Ras al-Khaimah, Mouin...

Clients gain the upper hand: as commodity prices fall, project sponsors are seeking to secure cheaper deals from contractors.(GULF PROJECTS)
November 14, 2008... The days of state clients having to accept contract prices dictated by contractors are ending. Over the past few weeks, there have been a series of decisions taken by clients in the Gulf energy and power sectors to delay projects in the hope...