MEED Middle East Economic Digest articles from October 2007

MEED Middle East Economic Digest archives from October 2007

A singular solution.(COMMENT)(Brief article)
October 5, 2007... UAE central bank governor Sultan Nasser al-Suweidi this week killed off any lingering hopes of a GCC single currency by 2010 when he said that monetary union was unlikely even by 2015 (see News, page 34). It has looked increasingly doubtful...

Looking back ...(SEVEN DAYS)(briefs)(INVAP S.E. )(Brief article)
October 5, 2007... 12 October 1967 Italian state oil company Eni denies rumours that oil produced by Israel from the Belayim oilfields in Sinai is being refined in Italy. The oilfields, jointly explored by Eni and Egyptian General Petroleum Organisation, were...

Elections dominate debate: west plays politics over Iraq, but local voice is lost amid election plans.(IRAQ)
October 5, 2007... [ILLUSTRATION OMITTED] Election fever and widespread discontent with the four-year war in Iraq make for a potent mix, and Western domestic politics are playing a greater role in Iraq than at any time since the invasion. UK Prime...

On the record.(SEVEN DAYS)(refugee problem )(Quotation)(Brief article)
October 5, 2007... "THE OCCUPYING POWER [THE US] SPENDS HUNDREDS OF BILLIONS OF DOLLARS ON MILITARY OPERATIONS INSIDE IRAQ BUT FALLS TO ALLOCATE ANY RESOURCES TO ASSIST IRAQIS WHO HAVE BEEN FORCED OUT" Syrian Foreign Minister Walid Moallem complains about the...

Rebel attack threatens Darfur peace mission.(REGIONAL)
October 5, 2007... UN and African Union (AU) officials have blamed rebel splinter groups for an attack on AU forces in southern Darfur on 1 October. The ambush, which left 10 soldiers dead and many missing, was the worst attack on AU troops since they were...

Cairo rejects US criticism: 27 September.(NEWS DIGEST on MEED.com this week)(Egyptian Foreign Affairs Ministry)(Brief article)
October 5, 2007... Cairo reacts angrily to US criticism over the lack of freedoms in Egypt. The Egyptian Foreign Affairs Ministry accuses the US of interfering in its domestic affairs. In the past month, seven journalists have been jailed, four for defaming...

Shia cleric holds talks with Sunni vice-president: 27 September.(NEWS DIGEST on MEED.com this week)(Brief article)
October 5, 2007... Grand Ayatollah All al-Sistani, the most senior Shia cleric in Iraq, holds talks with Sunni vice-president Tariq al-Hashemi in a bid to end sectarian violence. A day earlier, Al-Hashemi launched the Iraqi National Compact, a set of principles...

Ankara and Baghdad unite to fight Kurdish rebels: 28 September.(NEWS DIGEST on MEED.com this week)(Brief article)
October 5, 2007... Ankara and Baghdad sign an anti-terrorism deal to curb the activities of Kurdish rebels in northern Iraq. However, they fail to agree over Turkey's ability to pursue rebels into Iraq. An estimated 3,000 Kurdistan Workers Party guerrillas are...

Syria snubs peace talks: 1 October.(NEWS DIGEST on MEED.com this week)(Brief article)
October 5, 2007... Syria says it will not attend a US-led Middle East peace conference unless its concerns are dealt with. Syria's President Bashar al-Assad questions the US' commitment to force a true compromise from Israel on the Palestinian issue. Syria also...

Israel confirms Syria strike: 2 October.(NEWS DIGEST on MEED.com this week)(Brief article)
October 5, 2007... Nearly a month after an alleged breach of Syrian airspace by Israeli warplanes, Tel Aviv confirms the 6 September strike on its neighbour's territory Israel had previously refused to confirm or deny the incident. US officials had suggested the...

Parties search for compromise candidate: 2 October.(NEWS DIGEST on MEED.com this week)(Brief article)
October 5, 2007... The March 14 alliance of anti-Syrian political parties in Lebanon votes to find a compromise candidate for the country's presidency. The group will negotiate with opposition parties to agree on a candidate acceptable to all of Lebanon, ahead of...

Olmert and Abbas meet over peace programme: 3 October.(NEWS DIGEST on MEED.com this week)(Ehud Olmert)(Mahmoud Abbas )(Brief article)
October 5, 2007... Israeli Prime Minister Ehud Olmert and Palestinian President Mahmoud Abbas meet in Jerusalem to agree on a programme for a peace conference in mid-November. In the days leading up to the meeting, Israel released 86 Palestinian prisoners as a...

Working for a common goal: by focusing on currency union and the peg to the US dollar, GCC governments are failing to acknowledge that a key factor behind the rising inflation in the Gulf is the lack of a single market.(GCC SINGLE MARKET)
October 5, 2007... The US dollar, long held as a benchmark currency and vital component of the world economy, is reaching new lows by the day The US Federal Reserve has cut interest rates in order to encourage borrowing that it hopes will sustain growth and ward...

Reconciliation benefits all: the deal struck by Qatar and Saudi Arabia to restore diplomatic relations will help both sides and do much to improve GCC unity at a challenging time for the six nations.(BRIEFING: QATAR-SAUDI RELATIONS)
October 5, 2007... [ILLUSTRATION OMITTED] After two rounds of negotiations, Qatar's Emir Shaikh Hamad bin Khalifa al-Thani and Sandi Arabia's King Abdullah bin Abdulaziz struck a deal to restore diplomatic relations in late September 2007. Under the...

Tax strategy drives outsourcing boom: innovation and tax cuts have helped Jordan catch up with Egypt, the region's former leading centre for outsourcing.(BRIEFING: TELECOMS OUTSOURCING)
October 5, 2007... It is a good time to be an IT services company in the Middle East, with governments eager to attract more businesses. Just how good was made clear in mid-September when Jordan became the latest country to cut its tax rates for IT companies. ...

Carriers struggle to take off: despite rapid growth, regional airlines are failing to deliver their predicted profits. But the biggest challenge is not high fuel costs, it is a shortage of pilots.(BRIEFING: AIRLINES)
October 5, 2007... In late September, the International Air Transport Association (IATA), a trade body representing airlines around the world, dramatically reduced its prediction for profitability among Middle East airlines. Anticipated profits were slashed...

Aramco to press ahead with Yanbu: group invites interest in construction phase.(SAUDI ARABIA)
October 5, 2007... Saudi Aramco is understood to be prepared to develop the Yanbu export refinery without the assistance of international oil companies (IOCs), after asking for submissions of interest on the next engineering and construction phase of the project....

Trio line up for $3.5bn Al-Zour package.(KUWAIT)(Kuwait National Petroleum Company KSC)(Brief article)
October 5, 2007... State refinery operator Kuwait National Petroleum Company (KNPC) has finalised the prequalification shortlist for its $14,000 million refinery project at Al-Zour in the south. Three groups are prequalified for the estimated $3,500 million...

Backlog restricts Ras Tanura bids.(SAUDI ARABIA)(Brief article)
October 5, 2007... Saudi Aramco has received just three bids for the project management and basic engineering contract at the world-scale $7,000 million-8,000 million, 400,000-barrel-a-day (b/d) East Coast refinery at Ras Tanura. The low number of bids...

Koreans bid low for gas train.(KUWAIT)(Brief article)
October 5, 2007... South Korea's SK Engineering & Construction is low bidder at KD 190 million ($678.6 million) for the contract to build the fourth gas fractionation train project planned by Kuwait National Petroleum Company (KNPC). Following the submission...

Khelil confirms solo plan.(ALGERIA)(Chakib Khelil)(Brief article)
October 5, 2007... Algiers will not seek an international partner to develop the Gassi Touil integrated liquefied natural gas project. Energy Minister Chakib Khelil has confirmed. State energy company Sonatrach will carry out the project a one following the...

Date set for Mostorod.(EGYPT)(Mitsui Corp.)(GS Engineering and Construction Corp.)(Brief article)
October 5, 2007... The estimated $1.800 million main construction package to develop a diesel oil plant at Mostorod will come into effect in early 2008, according to a senior industry source. "The effective date for the engineering, procurement and construction...

Schlumberger wins deal.(KUWAIT)(N. Schlumberger USA Inc.)(Kuwait Oil Company KSC)(Halliburton Co.)(Brief article)
October 5, 2007... The US' Schlumberger has won a contract, worth KD 22.5 million ($80.4 million), to provide oil field services to Kuwait Oil Company. Under the five-year contract. Schlumberger will provide the state upstream operator with measurement services...

Crescent targets Mubarek.(UAE)(Crescent Petroleum Co.)(Brief article)
October 5, 2007... UAE's Crescent Petroleum is to target development of the offshore Mubarek field in Sharjah in 2008. after successfully completing drilling in the northern and southern flanks of the reservoir. Crescent says the wells, flowing at 742 barrels a...

Bids below budget for facilities project.(KUWAIT)(Processes Unlimited International Inc. )
October 5, 2007... State upstream operator Kuwait Oil Company (KOC) is in an unusual situation after two bids for its second-phase early production facilities project came in substantially below budget. California-based Processes Unlimited International is...

Four firms compete for $4bn El-Merk export pipeline work.(ALGERIA)(Brief article)
October 5, 2007... Stiff competition is expected in the race to secure contracts on the estimated $3,000 million-4,000 million El-Merk oil field development, with at least four companies shortlisted for each of the six packages. Those selected to bid for the...

WorleyParsons wins Mesaieed.(QATAR)(Brief article)
October 5, 2007... Australia's WorleyParsons has beaten the US' Mustang Engineering to win the front-end engineering and design (FEED) contract for the $200 million gas sweetening facilities integrated project at Mesaieed. The Qatar Petroleum project will...

Winter supply concerns push prices higher.(OIL PRICES)(Brief article)
October 5, 2007... Oil prices continued to edge toward record highs, buoyed by speculation that US stockpiles fell last week. In turn, rising prices sparked concern that the market would tighten further during the peak winter demand season. Brent crude...

Gasco mega-project attracts little interest.(UAE)(Abu Dhabi Gas Industries Ltd.)(Brief article)
October 5, 2007... Bids have been submitted for the project management consultancy contract on the independent sour gas mega-project being planned by Abu Dhabi Gas Industries Company (Gasco). The contract has attracted little interest, with just a handful of...

Eight to bid for hydro-treater.(SAUDI ARABIA)(Brief article)
October 5, 2007... At least eight companies are expected to submit bids by the new 20 October deadline for a $500 million contract to install a diesel hydro-treater at the Ras Tanura refinery. Four South Korean companies--Hyundai Heavy Industries, Hyundai...

Jacobs secures management consultancy.(SAUDI ARABIA)(Jacobs Engineering Group Inc.)(Arabian Chlor Vinyl Company)(Brief article)
October 5, 2007... The US' Jacobs Engineering has been awarded the project management consultancy contract on the $400 million ethylene dichloride complex (EDC) in Jubail, which is being planned by the local Arabian Chlor Vinyl Company. Under the terms of...

Sabic pursues plastics plan: joint venture plants at Jubail and Yanbu to produce synthetic rubber.(SAUDI ARABIA)
October 5, 2007... Saudi Basic Industries Corporation (Sabic) and the US' ExxonMobil Chemical are pushing ahead with plans to manufacture synthetic rubber products at their joint venture plants in Jubail and Yanbu. Proposals have been invited for the various...

Sadaf reviews styrene plant.(SAUDI ARABIA)(Saudi Petrochemical Co.)(Brief article)
October 5, 2007... Saudi Petrochemical Company (Sadaf) is considering relaunching its planned styrene plant. The project was postponed two years ago because of rising development costs. Contractors are being sounded out for participation in the retender of...

Melamine plans attract interest.(UAE)(Abu Dhabi Polymers Co.)(Brief article)
October 5, 2007... A host of international firms have expressed interest in engineering and construction elements of the Ruwais melamine plant planned by Abu Dhabi Polymers Company (Borouge). Interested firms include Paris-based Technip, Italy's...

Commission opens college bids: Saudi firm is low bidder for two out of three construction packages.(SAUDI ARABIA)(Saudi ABV)(Royal Commission)(Brief article)
October 5, 2007... Saudi ABV is in pole position to land the contracts to extend two colleges in Yanbu following the opening of bids by the Royal Commission for Jubail and Yanbu. The Royal Commission opened bids on 3 October for the contracts that cover 10...

Malaysian Resources holds talks over transport hub.(SAUDI ARABIA)(Brief article)
October 5, 2007... Developer Malaysian Resources Corporation Berhad is in talks to set up a $2,000 million transport and property development hub in one of four major cities in the kingdom. Malaysian Resources is responsible for the $2,050 million, 72-acre...

Mushrif to build Abu Dhabi souk.(UAE)(Mushrif Trading and Contracting Co.)(Brief article)
October 5, 2007... Kuwait's Mushrif Trading & Contracting has been awarded the estimated AED 213 million ($58 million) contract to build the souk component of the redevelopment of the central market in Abu Dhabi. The contract involves the construction of a...

Ministry tenders HQ work.(KUWAIT)(headquarters)(Brief article)
October 5, 2007... The Communications Ministry has issued a tender for the renovation and modernisation of its headquarters in Kuwait City. All local grade one contractors are invited to bid for the estimated $50 million contract. The closing date for the...

Binladin signs for roads.(SAUDI ARABIA)(Brief article)
October 5, 2007... Saudi Binladin Group has signed a SR 129 million ($34.4 million) contract with Gnaar the Economic City to build a 13kilometre-long road connecting the King Abdullah Economic City's main gate with the Bay La Sun Village residential area. It is...

Malaysian firms win plaza.(UAE)(Brief article)
October 5, 2007... The Malaysian joint venture of Zelan Contracting and Al-Ambia has been awarded an estimated AED 932 million ($254 million) contract to build the Meena Plaza development in Abu Dhabi. Local developer Tamouh Investments is the client. Earlier...

Fischer to design park.(UAE)(Fischer Architects)(Brief article)
October 5, 2007... Germany's Fischer Architects has been selected to design the German Business Park at Dubai Silicon Oasis. The AED 7.50 million ($204 million) scheme has two slender towers, rising 12 floors and 60 metres high. Its total built-up area is 82,000...

Consortium lands Khalifa marine work.(UAE)
October 5, 2007... The consortium of Geneva-registered Archirodon Construction (Overseas) with Netherlands-based Royal Boskalis Westminster and South Korea's Hyundai Engineering & Construction Company has been awarded the AED 5,500 million ($1,500 million) marine...

Arabian starts building twin towers in Dubai.(UAE)(Arabian Construction Company Group)(Brief article)
October 5, 2007... Lebanon's Arabian Construction Company has started work on a AED 873 million ($237 million) twin tower development on Dubai's Shaikh Zayed road. Located near the Burj Dubai development, the 30-month contract involves the construction of a...

Qatar-Bahrain causeway takes shape: work on bridge linking Doha and Manama is due to begin in May 2008.(ANALYSIS)
October 5, 2007... News that the proposed construction of a $2,000 million 45-kilometre causeway linking Qatar and Bahrain will start in May 2008 is good for both Doha and Manama (MEED.com 2:10:07), as many had begun to question whether the project would ever...

Contractor costs hit smelter: rising prices place $1bn charge on region's first copper refinery.(EGYPT)(El-Sewedy Cables )(Brief article)
October 5, 2007... Rising contracting prices are likely to increase the cost of the region's first copper smelter and refinery to in excess of $1,000 million, according to a senior project source. A consortium of the local El-Sewedy Cables and Swiss-based...

Chinese to construct Jizan aluminium plant.(SAUDI ARABIA)
October 5, 2007... A Chinese firm will build a $3,000 million aluminium smelter as part of the Jizan Economic City project. The local Saudi Binladin Group and Malaysia's MMC, the joint developers of the $30,000 million city, have signed a deal with Aluminium...

Zamil wins $16m contracts.(SAUDI ARABIA)
October 5, 2007... Local Zamil Air Conditioners, a subsidiary of Zamil Industrial, has won SR 62 million ($16 million) worth of air conditioning contracts. The Dammam-based firm is supplying equipment to the Rabigh Development Project, the Saline Water Conversion...

Whitesea orders tug boats.(UAE)(Whitesea Shipping and Supply )(Brief article)
October 5, 2007... Sharjah-based offshore services company Whitesea Shipping and Supply has placed a $120 million order for six new tug supply vessels. The boats will be built by Astillero Rio Santiago of Argentina and delivered within three years. Whitesea says...

Al-Habtoor builds centre.(UAE)(Brief article)
October 5, 2007... The local Al-Habtoor Motors will build a AED 350 million ($95 million) services, distribution and warehousing centre in the transport zone in Dubai Industrial City. The city will be operational by the second quarter of 2009 and will have six...

Port plan shifts to Mesaieed: Emir relocates $5.5bn port development originally planned for Doha.(QATAR)(Brief article)
October 5, 2007... Plans to build a port facility at Doha have been abandoned, following a decree by the Emir of Qatar, Shaikh Hamad bin Khalifa al-Thani. Instead, the $5,500 million Doha port project is to be moved to the Mesaieed area south of Al-Wakrah. ...

Gulf Air ends summer of discontent with unions.(BAHRAIN)(Brief article)
October 5, 2007... Gulf Air management is restoring relations with trade unions after a summer of discontent came to a close following an agreement over an improved salary package for staff. Officials from the Gulf Air Trade Union (Gatu) have been allowed...

Anesrif awards rail contracts.(ALGERIA)
October 5, 2007... Algerian national railway investment company Anesrif has provisionally awarded billions of dollars' worth of rail contracts. Condotte with Rizzani de Eccher, both of Italy, will build a 130-kilometre line from Oued Tlelat to Tlemcen and a...

World Bank studies roads.(EGYPT)(Brief article)
October 5, 2007... The International Finance Corporation, an arm of the World Bank, is carrying out feasibility studies for road projects to be developed under a public-private partnership scheme. The six-month study is due to be completed by February 2008....

Two bid for rail scheme.(EGYPT)(Delta Capital Investments)(Naeem Holding)(Brief article)
October 5, 2007... Delta Capital Investments and Naeem Holding have submitted new financial offers for a pilot scheme for private investors to develop 12 railway stations in the Nile Delta and Alexandria areas. The Egyptian Company for Railway Projects and...

State offers fuel discount.(KUWAIT)(Brief article)
October 5, 2007... The government has announced plans to offer a 10 per cent discount on fuel charges to all airlines operating in and out of the country. The decision was made by Communications Minister Abdul Wahid al-Awadi and passed to the Directorate General...

State carrier buys Boeings.(OMAN)(Aviation Lease and Finance Company)(Oman Air )(Brief article)
October 5, 2007... Oman Air has agreed to purchase six Boeing 787 Dreamliner jets over the next eight years. Oman's national carrier has signed a memorandum of understanding with Kuwait's Aviation Lease and Finance Company (Alafco). The long-haul aircraft will be...

Abu Dhabi invites bids for transport plan.(UAE)(Brief article)
October 5, 2007... Abu Dhabi's Department of Transport has invited firms to bid by 16 October for a transport plan covering Abu Dhabi island and its surrounding areas. The firms invited to submit bids include three UK-based firms, Arup, Atkins and Halerow,...

Damascus plans airport.(SYRIA)(Brief article)
October 5, 2007... Damascus is seeking to upgrade its main international airport to meet increasing passenger demand, according to Minister of Transport Yarub Badr. A delegation of aviation experts, engineers and technicians from Malaysia arrived in the country...

Gulf Capital buys Marine.(UAE)(Gulf Capital acquires Gulf Marine Services)(Brief article)
October 5, 2007... A consortium led by Gulf Capital has completed its acquisition of Gulf Marine Services, buying the remaining 50 per cent of shares for an undisclosed sum. Gulf Capital's partners in the deal are local companies Al-Bateen Investments and...

Riyadh pushes for airport efficiencies: the kingdom is upgrading its airports to global standards.(ANALYSIS)
October 5, 2007... On 2 October, four airport operator groups Submitted bids for the right to manage the kingdom's three main international airports in Riyadh, Jeddah and Dammam (MEED.com 2:10:07). The condition of these airports has long been an embarrassment...

Marubeni buys into Taweelah: Japanese firm to take 40 per cent stake in Abu Dhabi power project.(UAE)
October 5, 2007... Japan's Marubeni Corporation has agreed to buy a 40 per cent stake in the Taweelah A2 independent water and power project (IWPP) from Abu Dhabi National Energy Company (Taqa) for $140 million. The deal is widely seen as a way of restoring...

Marafiq to request proposals for Yanbu power project.(SAUDI ARABIA)(Brief article)
October 5, 2007... Major international developers are lining up for the Yanbu independent water and power project, with The Power & Water Utility Company for Jubail and Yanbu (Marafiq) due to issue a request for proposals in late October or early November. ...

Muscat assesses water proposals.(OMAN)(Oman Wastewater Services Company )(Brief article)
October 5, 2007... Oman Wastewater Services Company is evaluating proposals from three firms for a major sewage conveyance contract on the $1,000 million Muscat wastewater scheme. A team of the local National Construction & Trading with Cairo-based The Arab...

Al-Zour applications due.(KUWAIT)
October 5, 2007... Companies have until 11 November to submit applications for prequalification for three pipeline packages and two pumping stations for the Al-Zour North project. The scheme involves building pipelines from Al-Zour North to Mina Abdulla; from...

Mushrif wins sewer deal.(KUWAIT)(Mushrif General Trading & Contracting Company )(Brief article)
October 5, 2007... The local Mushrif General Trading & Contracting Company has been awarded a contract for the latest stage of the Kuwait Sewerage Improvement Project. Under the engineering, procurement and construction contract for phase nine, Mushrif will...

Jeddah deadline nears.(SAUDI ARABIA)
October 5, 2007... Bids are due by 27 November for the contract to manage Jeddah's water networks. Seven groups are prequalified to bid. Five of the groups are already bidding for the Riyadh water network management contracts. Other prequalifiers include Spain's...

Jafza bidding opens.(UAE)(Brief article)
October 5, 2007... Bids are due by early December for the engineering, procurement and construction contract for the AED 2,000 million ($550 million) Jebel All free zone (Jafza) utility project. Two firms previously thought to have been involved, Sharjah-based...

Tripoli to build first solar plant.(LIBYA)(Gengroup)(Brief article)
October 5, 2007... Construction of the country's first solar thermodynamics plant is due to start in mid-2008. The plant, which will be on the coast near Tripoli, will consist of a solar and combined cycle component with a capacity of 5.8 MW each. It will...

Beirut consults on reform: critics question commitment to restructure.(ANALYSIS: BEIRUT)
October 5, 2007... Beirut has embarked on a comprehensive restructuring of state electricity company Electricite du Liban (EdL), with a series of consultancy contracts awarded in recent days. It is an attempt to transform the fortunes of a company running up...

Mobinil seeks $1.1bn for 3G: operator to raise debt to finance third-generation licence and network.(EGYPT)(Brief article)
October 5, 2007... Mobinil, Egypt's largest mobile phone operator, is looking to raise E 6,340 million [pounds sterling] ($1,137 million) to finance its new 3G network. The operator, which is owned by Egypt's Orascom Telecom and France Telecom, needs E 3,340...

Business software sales soar to $500m.(REGIONAL)(Brief article)
October 5, 2007... Sales of business software systems in the Middle East will hit $500 million by the end of 2007, according to US-based IT consultant Gartner. Software giants SAP from Germany and Oracle from the US will be the main beneficiaries. The rapid...

Amman vows to protect virtual operators.(JORDAN)(Brief article)
October 5, 2007... Amman is giving new mobile phone companies protection from incumbent operators, in a bid to encourage more operators to enter the market. The Telecommunications Regulatory Commission says it will license an unlimited number of virtual...

Doha considers plans to build free trade zones.(QATAR)(Brief article)
October 5, 2007... Doha has announced tentative plans to build three new free trade zones in the country. Finance Minister and Acting Minister of Economy & Commerce Yousuf Hussain Kamal says the government has identified three sites for the zones. The...

IMF urges further reform: growth record receives praise but falling oil reserves cause concern.(YEMEN)(Brief article)
October 5, 2007... The IMF has urged Sanaa to continue with its economic reform programme, but warns there is still a long way for the country to go as it seeks to reduce poverty and drive up living standards. In its latest Article IV consultation with Yemen,...

Al-Suwaidi casts doubt on union.(UAE)(Brief article)
October 5, 2007... UAE central bank governor Sultan bin Nasser al-Suwaidi has cast further doubt on plans for a GCC single currency, which is due to be introduced by 2010. "It is something we cannot see taking place even in 2015," he says. The dirham will...

Surge in rent prices drives inflation to seven-year high.(SAUDI ARABIA)(Brief article)
October 5, 2007... Inflation in the kingdom struck a seven-year high of 4.4 per cent in August on the back of a surge in rents, putting further pressure on the government to contain prices. A 12.1 per cent rise in rental costs for the year to August, coupled...

Supermarkets dominate sales.(UAE)(Brief article)
October 5, 2007... Supermarkets have started to account for the majority of food sales in the UAE for the first time, according to market research firm Nielsen. Large retailers, including supermarkets and hypermarkets, accounted for more than 50 per cent of...

Sabic and Maaden seek $2bn: region's largest Islamic finance deal to fund phosphate mine development.(SAUDI ARABIA)(Maaden/Sabic)(Brief article)
October 5, 2007... Saudi Basic Industries Corporation (Sabic) and Saudi Arabian Mining Company (Maaden) are planning to raise $2,000 million in what would be the region's biggest Islamic project finance deal. The financing will be used on their joint venture...

Al-Kayan syndication faces delay until November.(SAUDI ARABIA)(Brief article)
October 5, 2007... Saudi Basic Industries Corporation (Sabic) is unlikely to come to the market for syndication of $1,800 million in debt for its Al-Kayan project until the beginning of November. Bankers close to the deal say that roadshows prior to...

Local banks sign Chemanol deal.(SAUDI ARABIA)(London interbank offered rate)(Brief article)
October 5, 2007... A $320 million project financing deal has been agreed for Chemanol. The deal, which was signed on 2 October, was financed entirely through sharia-compliant means. The financing is understood to have been priced at about 140 basis points...

Algiers to privatise bank.(ALGERIA)(Banque du Developpement Local)(Brief article)
October 5, 2007... Algiers is to sell a minority stake in Banque du Developpement Local, the country's smallest state-owned bank. The process of selling a 30 per cent stake in the bank will be launched in 2008, following the completion of the sale of 51 per cent...

Deposits hit record high.(ALGERIA)(Brief article)
October 5, 2007... Deposits in Algeria's banks in the first half of the year reached record levels of more than AD 3.5 trillion ($50,000 million), according to Banque d'Algerie, the central bank. The country's foreign exchange reserves at the end of June were...

Equity fund launches.(EGYPT)(Emirates Capital Egypt)(Brief article)
October 5, 2007... Abu Dhabi-based Emirates International Investment Company and the Cairo office of Abu Dhabi Islamic Bank are launching a private equity fund called Emirates Capital Egypt. It will be involved in direct investment, underwriting and securities,...

Abu Dhabi delays bonds.(U&E)(National Bank of Abu Dhabi)(Brief article)
October 5, 2007... National Bank of Abu Dhabi is to delay the issue of $1,700 million worth of bonds until conditions in the debt markets improve, Chief executive officer Michael Tomalin says although shareholders approved the issue of the bonds on 5 September,...