MEED Middle East Economic Digest articles from October 2003

MEED Middle East Economic Digest archives from October 2003

Squaring the circle.(Middle East economy)
October 3, 2003... The quest for foreign direct investment (FDI) continues in the Gulf. Perhaps nowhere is the need greater than in Iraq, and in our Interview on page 3 the new interim governor of the Central Bank of Iraq, Sinan al-Shabibi, outlines his plans to...

On the record.(Jay Rockefeller )(Brief Article)
October 3, 2003... "I don't think he's going to have a lot to tell us US Senator Jay Rockefeller as David Kay, head of Iraq Survey Group, prepared to brief Congress on the outcome of the search for weapons of mass destruction In Iraq"

Looking back ...(historical moments in the Middle East)(Brief Article)
October 3, 2003... 4 October 1963 Informal talks between Kuwait and Baghdad mark one of the final steps towards Iraqi recognition of its southern neighbour 7 October 1988 Oil prices plummet to a two-year low, but Iraq indicates it may be prepared to...

Draft resolution on Iraq to strengthen UN role; Washington makes direct call for greater international assistance.
October 3, 2003... Washington tabled a new draft resolution on Iraq at the UN Security Council on 2 October, calling on the organisation to take a central role in reconstruction and appealing to the international community for military and financial support....

Nuclear inspectors in Tehran.(Brief Article)
October 3, 2003... Officials from the International Atomic Energy Agency (IAEA) arrived in Tehran in early October to discuss Iran's nuclear power programme. The agency has set Iran a 31 October deadline to reveal the complete scope of its nuclear programme and...

International unease as Israel extends wall.
October 3, 2003... The Israeli cabinet disregarded international opinion on 1 October by approving construction of the central section of the security wall enclosing the West Bank. The measure was passed by 18 votes to four. Opposition came from the right rather...

Explosion strikes Baghdad hotel: 25 September.(Brief Article)
October 3, 2003... A bomb explodes at the Aike Hotel in central Baghdad, killing a security guard and injuring several others. The hotel was being used as a base by the US television network NBC and the blast raises fears that foreign journalists are now being...

Edward Said dies: 25 September.(Brief Article)(Obituary)
October 3, 2003... Internationally-renowned Palestinian scholar Edward Said dies in New York aged 67. He had been suffering from leukaemia. Said rose to prominence after the publication of his book Orientalism in 1978 examining Western perceptions of the Arab...

EU pledges Eur 200 million for Iraq reconstruction: 26 September.(European Union)(Brief Article)
October 3, 2003... Brussels pledges Eur 200 million ($234 million) towards the reconstruction effort in Iraq ahead of the 23-24 October donors' conference in Madrid. The donation is widely criticised as being too small.

Kuwait drafts law on female suffrage: 26 September.(Brief Article)
October 3, 2003... The government announces the finalisation of a draft law which would allow women to vote and run for office in the next municipal elections. A similar bill was rejected by the National Assembly in 1999.

Egypt's rulling party promises change: 28 September.(Brief Article)
October 3, 2003... The National Democratic Party (NDP) pledges to undertake sweeping political reforms during a three-day party conference. "The time has come to say that human rights include political and economic rights," says the president's son and head of...

Iran seeks nuclear trade-off: 29 September.(Brief Article)
October 3, 2003... Tehran indicates potential willingness to accept more comprehensive inspections by the International Atomic Energy Agency in return for assurances that the development of uranium enrichment technology for civilian purposes can continue.

Barghouti concludes his defence: 29 September.(Marwan Barghouti )(Brief Article)
October 3, 2003... Palestinian grassroots leader Marwan Barghouti concludes his defence in his trial for leading a unit of the Al-Aqsa Martyrs Brigade and orchestrating attacks by the group on Israeli targets. He ends on a defiant note, telling the courtroom: "I...

US senators call for loans to Iraq: 30 September.(Brief Article)
October 3, 2003... Republicans in the US Senate call for some of the $20,300 million earmarked for reconstruction in Iraq to be given in the form of loans, rather than grants as the White House bill proposes. Senators were debating a $87,000 million budget for...

Israeli cabinet approves security wall extension: 1 October.(Brief Article)
October 3, 2003... The Israeli cabinet approves construction of the 28-mile central section of the security wall encircling the West Bank but puts off a decision over which side of the fence the 18,000-strong Ariel settlement will end up on.

Positive thinking.(Middle East business confidence)
October 3, 2003... During a six-week period in August and September, MEED conducted a survey of the chief executives and general managers of the 75 most valuable quoted companies in the GCC. The aim was to assess business confidence within the Gulf and to...

Central Bank of Iraq calls for foreign investment; New interim governor Sinan al-Shabibi calls for a 'suitable climate' for foreign investment.(Interview)
October 3, 2003... Sin an al-Shabibi, the new interim governor of the Central Bank of Iraq, has returned to Baghdad after a long exile. On leaving the country in 1980 he spent the following 23 years working for the UN Conference for Trade & Development. Prior to...

Companies line up for Daura: mid-November deadline for proposals.( Daura refinery, Iraq)(Brief Article)
October 3, 2003... Eight international contractors are understood to have picked up tender documents for the contract to upgrade processing units at the Daura refinery located close to Baghdad. The list includes three US contractors, along with companies from...

Infrastructure II RFP imminent.(request for proposals, Iraq)
October 3, 2003... The US Agency for International Development (USAID) expects to issue the tender documents for its $1,500 million infrastructure reconstruction contract imminently, a source said in late September. The agency published in mid September a draft...

Oil restoration costs near $1,500 million.(Iraq )(Brief Article)
October 3, 2003... The cost of rebuilding Iraq's oil industry has reached $1,451 million, according to figures published on 30 September by the US Army Corps of Engineers (USACE). Of that, $1,428 million has gone to oil contractor Kellogg, Brown & Root...

KBR to award pump supply deal.(Kellogg Brown and Root )(Brief Article)
October 3, 2003... Kellogg Brown & Root (KBR) of the US is understood to be evaluating bids for the supply of oil field pump equipment in Iraq. The total value of the supply contract is estimated to be in the region of $75 million. An award is expected by the...

$4bn needed for education.(Iraq)(Brief Article)
October 3, 2003... Up to $4,000 million of investment is required over the next four years to rehabilitate the country's education system, according to a needs assessment report drawn up by the World Bank and the IMF. The report states that 80 per cent of the...

CPA to hold Madrid business conference.(Coalition Provisional Authority )(Brief Article)
October 3, 2003... Open for Business, a one-day conference aimed at companies interested in trading with and investing in Iraq, is to be held in Madrid on 23 October, the day before the Iraq donors' conference. Council for International Co-ordination (CIC)...

OPEC decision has desired effect.(oil prices)
October 3, 2003... Oil prices continued to climb in the week that followed OPEC's unexpected decision on 24 September to cut output, as the market absorbed the news. A sharp drop in temperatures in the northern hemisphere also focused minds on the impending...

Technical bids in for 48-inch loop; commercial bids to follow in December.(Oman)(Brief Article)
October 3, 2003... Petroleum Development Oman (PDO) is evaluating technical bids for the contract to build a 48-inch-diameter gas loop-line from central Oman to the planned liquefaction plant of Qalhat LNG in Sur. The proposals were submitted on 27 September via...

Subcontracts let on Abu onshore projects.(United Arab Emirates)(Brief Article)
October 3, 2003... Descon Engineering of Pakistan has been awarded two sub-contracts worth a total of AED 92 million ($25 million) for work in the Abu Dhabi oil and gas sector. The larger of the two contracts is worth AED 70 million ($19 million) and covers the...

Major Ras Laffan-Mesaieed pipeline projects beckon.(Qatar)(Brief Article)
October 3, 2003... Australia's Worley is due to be complete by the end of the year the front-end engineering design (FEED) package on the Ras Laffan-Mesaieed gas pipeline project. The client is Qatar Petroleum. The project, which will go for bidding among...

BG signs ELNG offtake.(Egyptian LNG )(Brief Article)
October 3, 2003... The partners of Egyptian LNG (ELNG) have signed two sales and purchase agreements with BG Group of the UK for the entire output of train 2 of the liquefied natural gas (LNG) complex being developed at Idku. Under the terms of the offtake...

KGOC firms up plans for takeover.(Kuwait Gulf Oil Co.)(Brief Article)
October 3, 2003... Kuwait Gulf Oil Company (KGOC) is due to submit by December a formal proposal to Kuwait Petroleum Corporation for the proposed takeover of three oil fields currently operated by Kuwait Oil Company (KOC), South Umm Gudair, Humma and Wafra...

Bids studied for BeAAT project.(central environment protection facilities, United Arab Emirates)(Brief Article)
October 3, 2003... Commercial bids are under evaluation at Abu Dhabi Oil Refining Company (Takreer) for the contract to build a major hazardous waste treatment plant at Ruwais. The four bidders are: SNC Lavalin of Canada; the local Al-Jaber Transport & General...

DEL signs MoU with Emarat.(Dolphin Energy, memorandum of understanding)(Brief Article)
October 3, 2003... Abu Dhabi-based Dolphin Energy (DEL) and Emirates General Petroleum Corporation (EGPC) signed on 30 September a memorandum of understanding (MoU) to work on future gas projects in the northern emirates. The MoU provides for both parties to...

Bids in for Ilam HDPE: 300-000-t/y HDPE unit due to come on stream in 2006.(high-density polyethylene, Iran)(Brief Article)
October 3, 2003... Bids were submitted by the 29 September deadline for the high-density polyethylene (HDPE) package at the Ilam olefins complex. Bids for an ethylene cracker at the same complex are due at the end of October. The client is Petrochemical...

Damascus plans petrochems future.(Syria)
October 3, 2003... The Ministry of Petroleum & Mineral Resources is to issue in November a tender for international consultants to carry out an economic and technical feasibility study for a scheme to launch a local petrochemical industry The consultant will be...

NPPC to complete equity arrangements.(National Polypropylene Co., Saudi Arabia)(Brief Article)
October 3, 2003... Equity arrangements were due to be completed in early October for the proposed integrated propane dehydrogenation (PDH)/polypropylene (PP) facility planned by National Polypropylene Company (NPPC). The private placement of NPPC's equity is...

New MEG/DEG unit for Kharg Island.(monoethylene glycol/diethylene glycol, Iran)(Brief Article)
October 3, 2003... New ethylene glycol capacity is to be installed at Kharg island petrochemical complex in place of the ammonia plant that had originally been planned at the site. The new units will have capacity to produce 500,000 tonnes a year (t/y) of...

United to build second EG unit.(Jubail United Petrochemical, ethylene glycol )(Brief Article)
October 3, 2003... Saudi Basic Industries Corporation (Sabic) announced on 1 October that a second ethylene glycol unit is to be built at the Jubail United Petrochemical Company (United) complex. The plant, Sabic's seventh, will have capacity of 625,000 tonnes a...

New Palm resort planned: $650m Atlantis resort is Dubai's latest real estate project.(United Arab Emirates)(Brief Article)
October 3, 2003... Dubai-based property developer Nakheel took the opportunity of the IMF/World Bank meetings in the emirate to announce another major real estate project. Nakheel is to form a joint venture with the US' Kerzner International to develop the $650...

Morganti/AICI jv lands Al-Udeid contract.(American International Contractors, Al-Udeid airforce base)(Brief Article)
October 3, 2003... A joint venture between Morganti, the US affiliate of Athens-based Consolidated Contractors International Company (CCC), and American International Contractors (AICI), the US affiliate of Geneva-registered Archirodon Construction (Overseas),...

Thinet wins cultural village contract.(Qatar)(Brief Article)
October 3, 2003... France's Thinet International has received a letter of award, worth QR 257 million ($70.6 million), for the main package on the cultural village project. The award, made after a repricing exercise took place, is the first major contract won by...

Bahwan wins Sur MEI.(Bahwan Engineering Co., mechanical and electrical instrumentation)(Brief Article)
October 3, 2003... The local Bahwan Engineering Company has received a letter of intent for the estimated $40 million onshore mechanical and electrical instrumentation (MEI) subcontract on the third liquefied natural gas (LNG) train project at Sun Bahwan carried...

Bids in for cultural centre.(Oman)(Brief Article)
October 3, 2003... The local Oman Shapoorji Construction Company is low bidder at RO 13.6 million ($34.9 million) for the contract to build a cultural centre at Sultan Qaboos University. The price is based on the full scope of works for the project. Contractors...

Awards due for new Kuwait township.(infrastructure works package)
October 3, 2003... The Central Tenders Committee (CTC) has approved the award of two contracts worth a total of KD 48.3 million ($161 million) for the infrastructure works package on the first phase of the Al-Khiran new township project. Al-Khiran is close to the...

Contrack wins Manama naval base work.(Bahrain)(Brief Article)
October 3, 2003... Contrack International, the US affiliate of Egypt's Orascom Construction Industries (OCI), was awarded on 29 September the US Army Corps of Engineers (USACE) contract to expand the US naval base in Manama. The $23 million contract calls...

Four line up for King Fahd dredging work.(Saudi Arabia)(Brief Article)
October 3, 2003... Four companies submitted bids on 30 September for the contract to build a second petrochemicals quay at King Fahd industrial port at Jubail. The client on the estimated $60 million-70 million project is the Royal Commission for Jubail & Yanbu...

Mushrif bids low for BOT project.(build-operate-transfer, Kuwait)(Brief Article)
October 3, 2003... The local Mushrif Trading & Contracting Company has submitted a low bid of about KD 8 million ($26 million) for the first build-operate-transfer (BOT) project tendered by the Public Authority of Industry (PAI), covering infrastructure works for...

Strong international turnout for Cairo airport project.(Egypt)
October 3, 2003... Seven groups of local and international contractors have submitted applications to Cairo Airport Company to prequalify for the estimated $350 million-400 million project to build a third terminal for Cairo international airport. The consultant,...

Main package out on Beirut Four Seasons.(Lebanon)(Brief Article)
October 3, 2003... The main package on the Beirut Four Seasons hotel project has been issued for bid, with contractors preparing to submit quotes on 7 November. At least 15 local and international contractors have bought tender documents for the contract, which...

AHA bids low for harbour work.(Ahmed Mansoor Al-A'ali, Bahrain)(Brief Article)
October 3, 2003... The local Ahmed Mansoor Al-A'ali (AHA) is the low bidder for marine and civil works contracts at Sitra, Muharraq and Budaiya harbours. AHA priced the contract at BD 4.7 million ($12.4 million), The local AA Nass quoted the second lowest price...

Revised prices in for Messilah project.(seafront hotel, Kuwait)(Brief Article)
October 3, 2003... Three local companies--Mohamad Abdulmohsin Kharafi & Sons, Kuwait Company for Process Plant Construction & Contracting (KCPC) and Consolidated Contractors Company (Conco)--submitted fresh prices on 29 September for the contract to build a new...

Sofcon wins second RCJ&Y consultancy job.(Royal Commission for Jubail and Yanbu, Saudi Arabia)(Brief Article)
October 3, 2003... A joint venture of the local Al-Saihati, Fattani & Al-Othman Consulting Engineering Company (Sofcon) and the US' Stanley Consultants on 28 September signed the contract to provide detailed engineering for the power distribution and...

Bids submitted for Fujairah freeway.(United Arab Emirates)(Brief Article)
October 3, 2003... The local Al-Muhairy General Contracting Company has submitted a low bid of about AED 222 million ($60 million) for phase-3 works on the Dubai-Fujairah freeway. Its offer is about 24 per cent lower than the next price of about AED 275 million...

Bids studied for Palm island corridor.(United Arab Emirates)(Brief Article)
October 3, 2003... A dose contest is in store for the proposed Palm island road corridor and access scheme The local Wade Adams Contracting has submitted a low bid of AED 233.7 million ($63.6 million), some 0.3 per cent cheaper than the next price of AED 234.5...

More time for Abu Dhabi mall bidders.(Brief Article)
October 3, 2003... The bid submission deadline has been extended to 21 October for the second package on the Marina Mall development in Abu Dhabi. Estimated to be worth at least AED 80 million ($22 million), the 17-month contract calls for the addition of...

FL Smidth wins more Iran cement contracts: main job calls for supply of machinery.(Brief Article)
October 3, 2003... Denmark's FL Smidth has announced the award of two more equipment contracts, worth a total value of Eur 37 million ($42.5 million), for work in the local cement sector. The larger of the two contracts, worth Eur 23 million ($26.4 million),...

Hadeed plans further expansion at Jubail.(Saudi Iron and Steel Co.)(Brief Article)
October 3, 2003... The board of Saudi Iron & Steel Company (Hadeed) approved on 29 September a 500,000-tonne-year (t/y) expansion of iron bar capacity at its 2.5 million-t/y complex in Jubail. The project is one of several major expansion schemes under...

Bidding nears on Ras Laffan smelter.(Qatar)(Brief Article)
October 3, 2003... The local United Development Company (UDC) and Dubai Aluminium Company (Dubal), the promoters of the Ras Laffan aluminium project, are planning to issue in October two key tenders on the estimated $2,100 million scheme. "We anticipate that we...

Ports development programme moves ahead: Shuaiba, Shuwaikh await new manager and equipment.(Kuwait)(Brief Article)
October 3, 2003... Bids are due to be returned by mid-October for two contracts covering a concession to manage the Shuaiba and Shuwaikh ports and the supply and installation of new gantry cranes (MEED 13:6:03). The first contract is for a 1520-year...

Two in race for Shouaiba stage 2: Alstom competes with Japanese team for supply of three 350-MW turbines.(Saudi Arabia)(Brief Article)
October 3, 2003... Two international companies submitted bids by the late September deadline for the stage-2 expansion of the Shouaiba power plant in the Western Province. The 1,050-MW expansion scheme is the largest to be tendered by Saudi Electricity Company...

Two bid for Siah Bisheh plant.(Iran)(Brief Article)
October 3, 2003... Two groups have submitted bids to build a hydroelectric plant at Siah Bisheh in the Alborz mountains. A third group declined to bid after requesting an extension to the 27 September deadline. A contractor is expected to be selected by the end...

Award made on Hidd desal.(power and desalination plant, Bahrain)(Brief Article)
October 3, 2003... The UK's Black & Veatch Consulting has received a letter of intent for the consultancy contract on the phase-three expansion of the Hidd power and desalination plant (MEED 22:8;03). Black & Veatch was low bidder on the estimated BD 1.5 million...

Morganti to upgrade Alex networks.(Alexandria General Water Authority)(Brief Article)
October 3, 2003... Morganti, the US affiliate of Athens-based Consolidated Contractors International Company (CCC), has been awarded a $65 million contract by the Alexandra General Water Authority to upgrade water and wastewater networks in the city. The scheme,...

Alcatel wins power contract.(Egypt)(Brief Article)
October 3, 2003... France's Alcatel has been awarded a Eur 16 million ($14 million) contract by the Egyptian Electricity Transmission Company to provide an internal communications system for the power transmission network in the Western Nile delta region. The...

Close contest for Nuberiya civils.(power plant, Egypt)(Brief Article)
October 3, 2003... Commercial bids from four groups of local and international contractors have been opened for the civil works package on the 1,500-MW combined cycle power plant at Nuberiya. The frontrunner for the contract is a partnership of Besix of Belgium...

Transmission lines for Khorasan.(Khorasan Regional Electric Co., Iran)(Brief Article)
October 3, 2003... Khorasan Regional Electric Company (KREC) has invited contractors to submit bids by 5 November for a major power transmission contract. To be carried out on a design, build and finance basis, the contract involves the construction of 485...

Prequals over for Shuaiba pumping station.(Kuwait)
October 3, 2003... The Public Authority for Industry (PAI) has prequalified 14 international pump manufacturers and equipment suppliers for an estimated $40 million-45 million contract to revamp and upgrade the existing seawater cooling plant at Shuaiba (MEED...

US/French team scoops Wadi Main water project.(Jordan)(Brief Article)
October 3, 2003... A joint venture between Morganti, the US affiliate of Athens-based Consolidated Contractors International Company (CCC), and France's Ondeo Degrement signed on 28 September the contract to design, build and operate the $125 million Wadi Main,...

Hussain power tender cancelled.(Jordan)(Brief Article)
October 3, 2003... The Ministry of Energy & Mineral Resources has cancelled the tender for the upgrade of the 400-MW Hussain power station in Zarqa and returned the bid bonds to the bidding groups. Four contractors had submitted bids for the $80 million...

REE to study power network.(Red Electrica d'Espana, Libya)(Brief Article)
October 3, 2003... Red Electrica d'Espana (REE), the Spanish electricity distributor, has signed a consultancy contract with the General Electricity Company of Libya (Gecol) for the improvement of the local transmission system. The three-year contract, with an...

Deir Ali goes to bid.(power station, Syria)(Brief Article)
October 3, 2003... The Public Establishment of Electricity for Generation & Transmission (PEEGT) has invited contractors to bid by 18 December for the estimated $350 million turnkey contract to build a 750-MW combined cycle power station at Deir Ali, 36...

Tishreen bid extended.(Tishreen power plant, Syria)(Brief Article)
October 3, 2003... The Public Establishment of Electricity for Generation & Transmission (PEEGT) has extended the bid deadline to 20 October for the contract to convert and expand the Tishreen power plant to combined cycle. PEEGT says the new extension is to...

Six bid to manage TeleYemen: selected manager may take operator into GSM sector.(Brief Article)
October 3, 2003... Six international companies submitted bids by the 1 October deadline for the five-year contract to manage local telecoms operator TeleYemen. The bidders are France Telecom, Deutsche Telekom, Telecom Egypt, Monte Carlo-based Mediterranean...

Bid round starts for third GSM licence.(Algeria)(Brief Article)
October 3, 2003... International telecoms operators are preparing to submit expressions of interest (EoI) by 20 October to participate in the contest for Algeria's third GSM licence. Under the terms of the prequalification notice, only companies with three...

TRA and Batelco in dispute over numbers.(Telecoms Regulatory Authority, Bahrain Telecommunications Co.)(Brief Article)
October 3, 2003... A dispute has arisen between the Telecoms Regulatory Authority (TRA) and Bahrain Telecommunications Company (Batelco) over plans to change the kingdom's telephone numbers. Following a seven-month consultation, the TRA announced in early...

Award on Iran-Kuwait link.(Pirelli receives contract)(Brief Article)
October 3, 2003... Italy's Pirelli has been awarded a contract to supply submarine and land fibre-optic cables, terminal transmission equipment and accessories linking Kuwait and Iran. The new system will allow transmission of voice, data and multimedia broadband...

SAMA releases capital markets law details: law sets out stall for new regulator.(Saudi Arabian Monetary Agency )
October 3, 2003... In a first public exposition of the new capital markets law (CML), Jammaz al-Suhaimi, deputy governor of the Saudi Arabian Monetary Agency (SAMA--central bank), outlined on 30 September the powers the planned capital markets authority (CMA)...

Iran and Bahrain in new market alliance.
October 3, 2003... The Tehran Stock Exchange (TSE) and the Bahrain Stock Exchange signed a memorandum of understanding (MoU) on 28 September to develop a co-operative alliance. The move represents the latest attempt to promote TSE to regional and international...

World Bank gives qualified support for Cairo.
October 3, 2003... Negotiations between the government and the World Bank over funding for the expansion of the main international airports of Cairo and Sharm el-Shaikh are at an advanced stage, but a further $1,000 million in support for economic reform is...

CI lowers Egypt sovereign ratings.(Capital Intelligence )(Brief Article)
October 3, 2003... Nicosia-based rating agency Capital Intelligence (CI) has lowered Egypt's long-term foreign currency rating to BB+ from BBB- and its short-term foreign currency rating to B from A3. The agency also assigned a long-term local currency rating of...

Beirut prepares draft 2004 budget.(Lebanon)(Brief Article)
October 3, 2003... The Finance Ministry is preparing to present to the cabinet in early October a draft budget for 2004 that projects a deficit of $1,600 million-$1,900 million, representing as much as 30.8 per cent of GDP. The draft, budget does not provide for...

Sovereign sukuk sets new record: offering set mid-way between introductory and demand levels.(Qatar)
October 3, 2003... Doha launched a $700 million sukuk on 30 September, the largest-ever sovereign Islamic issue. The size of the offering was raised from $500 million as a result of high demand for subscription, which reached more than $1,000 million. The sukuk...

Bahwan commits to NBO.(Suhail Bahwan Group agreement with National Bank of Oman )(Brief Article)
October 3, 2003... Suhail Bahwan Group signed on 23 September an agreement with National Bank of Oman (NBO) to raise the bank's paid-up capital by RO 24 million ($62 million) to RO 70 million ($180 million). The deal--which has been approved in principle by the...

PWC stages $100m bond issue.(Public Warehousing Co., Kuwait)(Brief Article)
October 3, 2003... The local Public Warehousing Company (PWC) on '30 September issued a $100 million bond, lead managed and underwritten by Global Investment House, also local. The instrument is unusually structured: it is made up of two equal tranches, one...

Sohar refinery syndication launch approaches.(Oman)(Brief Article)
October 3, 2003... Syndication is now expected in the first week of October of the commercial debt package for Sohar Refinery Company. The launch had been set for 15 September but finalisation has taken slightly longer than expected. Syndication of the...

UGB stages floating rate bond issue.(United Gulf Bank )(Brief Article)
October 3, 2003... Bahrain-based United Gulf Bank (UGB) on 29 September issued a $60 million floating rate note. The five-year paper will carry a coupon of 100 basis points (bp) over Libor in the first three years, rising to 125 bp in the final two years....