MEED Middle East Economic Digest articles from October 2008

MEED Middle East Economic Digest archives from October 2008

Muscat to shortlist bidders for sewage plant.(Project news on MEED.com)(Brief article)
October 3, 2008... [ILLUSTRATION OMITTED] The government of Bahrain is close to approving a shortlist of developers interested in building the $150m Muharraq sewage plant. The developers are expected to be asked to submit requests for proposals by...

Takreer awards Ruwais refinery deal to UOP.(Project news on MEED.com)
October 3, 2008... Abu Dhabi Oil Refining Company (Takreer) has awarded a technology and engineering services contract at Ruwais refinery to UOP.

Tunisia set to build 14 desalination plants.(Project news on MEED.com)
October 3, 2008... Tunis has announced plans to build 14 reverse-osmosis desalination plants in the southeast of the country.

Tristar wins $2.1bn Arabian Canal contract.(Project news on MEED.com)
October 3, 2008... Tristar Transport & Contracting, based in Abu Dhabi, has been awarded a $2.1bn earthworks contract on the Arabian Canal.

Indian firm bids low for Shinas port study.(Project news on MEED.com)
October 3, 2008... India's Consulting Engineering Services is the low bidder for a feasibility study into the development of Shinas port in Oman.

Gulfsands to boost oil production in Syria.(Project news on MEED.com)
October 3, 2008... Gulfsands Petroleum is launching an expansion programme at its early-production facility in Syria to boost production to 18,000 barrels a day.

Desert Line wins Duqm airport contract.(Project news on MEED.com)
October 3, 2008... Oman's Desert Line Projects has been awarded a $71m construction package at Duqm airport in Oman.

Supply chain management & logistics 2008.(EVENTS)(Brief article)(Calendar)
October 3, 2008... 15-16 December The Westin Hotel, Dubai, UAE www.meed.com/events/logistics The Gulf's unprecedented economic growth has powered a parallel boom in the logistics sector. With eight major ports, the Kingdom of Saudi Arabia leads the way...

Gulf projects.(MEED PROJECTS)
October 3, 2008... MEED PROJECTS GULF PROJECTS ($ million) 29 September 22 September % change 2008 2008 on week Bahrain 44,769 44,769 0.0 Kuwait ...

The Middle East steel report 2008.(INSIGHT)
October 3, 2008... [ILLUSTRATION OMITTED] The latest sector report from MEED Insight examines recent developments in, and the outlook for, the regional steel market. Record project activity in the Gulf, coupled with strong global demand, has resulted in...

Infrastructure is top priority.(BANKING & FINANCE)
October 3, 2008... The drying-up of project finance poses a tough challenge to GCC states Pushing ahead with infrastructure development must be the priority [ILLUSTRATION OMITTED] The Gulf may have escaped the worst of the turmoil on international...

Caution is key for Gulf carriers: finding credit to pay for all the new planes will become difficult for all but the largest and wealthiest Gulf aviation operators.(TRANSPORT)(Brief article)
October 3, 2008... Aviation in the Middle East has performed so strongly for so long that it has appeared immune from the turbulence elsewhere. While other parts of the industry have been hammered by rising fuel costs, Middle East carriers have continued...

Muscat has to secure gas supply: any delays to the Iran deal will almost certainly put the brakes on the country's economic growth.(OMAN)(Brief article)
October 3, 2008... Muscat's impending deal to import gas from Iran cannot come soon enough for the energy-hungry sultanate. While the deal has yet to be finalised, both sides are eager to settle on a contract this year. A first phase will provide Oman with I...

Riyadh must meet power needs first: the kingdom's restructuring plans look more like an academic exercise than an achievable reality for now.(POWER)(Brief article)
October 3, 2008... [ILLUSTRATION OMITTED] Riyadh knows it needs to reform its state-centric power sector, if its growing power needs are to be met at a reasonable cost. The kingdom's electricity restructuring plan is meant to lead to a fully liberalised,...

Wheat strategy carries risks: from 2009, Riyadh will begin importing wheat, ending almost three decades of self-sufficiency.(SAUDI ARABIA)(Brief article)
October 3, 2008... From 2009 Saudi Arabia will begin importing wheat, ending almost three decades of self-sufficiency. By the end of 2016 Riyadh will have to import roughly 3 million tonnes a year. But with wheat prices recently hitting record highs, it is...

Finance houses exit Gulf aviation market: airlines struggle to fund fleet expansions as debt markets tighten and passenger numbers fall.(TRANSPORT: REGIONAL)
October 3, 2008... Middle East airlines will struggle to fund orders for new planes as the aircraft finance market contracts in the wake of the global banking crisis, industry experts tell MEED. The tightening of the debt markets could put a brake on the...

Adnoc invites interest in Shah gas field: record $10bn energy project to develop onshore sour gas reserves will be tendered in 10 packages.(Abu Dhabi National Oil Company)
October 3, 2008... Abu Dhabi National Oil Company (Adnoc) is approaching contractors to establish interest in the largest energy project ever undertaken in the UAE--the $10bn plan to develop sour gas reserves from the onshore Shah field. Adnoc is...

Cairo will pay more for deep-sea gas: oil majors strike fresh deals to explore the deep-water gas reserves of the Mediterranean Sea.(ENERGY: EGYPT)
October 3, 2008... Cairo is to pay higher gas prices to producers operating in the deep waters of the Mediterranean Sea, emphasising that it is prepared to offer incentives to keep energy majors on side. Sources at international oil companies (IOCs) tell MEED...

Bidding deadline for Al-Zour pipeline faces third delay.(ENERGY: KUWAIT)(Brief article)
October 3, 2008... State upstream operator Kuwait Oil Company (KOC) is extending the bidding deadline for the contract to build a pipeline network serving the planned refinery at Al-Zour for the third time. KOC has previously twice put back bids from the...

Baghdad to auction off West Qurna field in licensing round: bid by Russia's Lukoil to revive mid-1990s exploration deal fails.(ENERGY: IRAQ)
October 3, 2008... Baghdad has rejected a bid by Russia's Lukoil to revive a deal struck in the mid-1990s for the exploration of the West Qurna oil field after deciding to include the field, which holds some 6 billion barrels of oil, in its second-bid round to be...

Bechtel wins smelter deal at Ras al-Zour.(INDUSTRY: SAUDI ARABIA)
October 3, 2008... US-based Bechtel has been appointed as the engineering, procurement and construction management (EPCM) contractor for the Al-Zabirah aluminium smelter project at Ras al-Zour. Bechtel expects to receive the notice to proceed in August 2009...

Sewerage scheme nears financial close: consortiums to secure two financing packages totalling $550m for Abu Dhabi water treatment plants.(BANKING & FINANCE: UAE)
October 3, 2008... Financing worth AED2bn ($550m) to build four sewage treatment plants in Abu Dhabi emirate is close to being finalised by the two construction groups working on the projects, according to sources close to the deal. If the deals are agreed...

Kingdom draws up shortlist for women's college campus.(Riyadh University for women)(Brief article)
October 3, 2008... The Saudi Finance Ministry has prequalified a number of local and international contractors, including Saudi Oger and Saudi Binladin Group, to build a university campus north of Riyadh. Part of the Riyadh University for Women, it will cover...

Concerns mount over exposure of Dubai banks to real estate.(BANKING & FINANCE: UAE)
October 3, 2008... Dubai is likely to come under increasing pressure to protect its real estate industry, after concerns were raised over local banks' exposure to the property sector. In a report issued on 30 September, credit ratings agency Moody's warned...

Contractors focus on state-backed deals: small private schemes lose appeal as confidence is hit by financing crisis and mistrust of real estate.(CONSTRUCTION: REGIONAL)
October 3, 2008... Contractors working in the Gulf are to focus on government-backed projects amid concerns over the viability of smaller real estate projects in the wake of the global financial crisis. Difficulties in raising finance and diminishing...

Muscat nears multi-billion-dollar gas deal: Oman and Iran in final talks to secure 3 billion-cubic-feet-a-day deal following 2007 agreement.(ENERGY: OMAN)
October 3, 2008... Muscat expects to sign a multi-billion-dollar contract with Iran to import up to 3 billion cubic feet a day (cf/d) of gas by the end of this year in one of the sultanate's biggest-ever energy deals. It follows confirmation that Oman will be...

Gulf Investment House shelves $1bn healthcare city plan.(CONSTRUCTION: OMAN)(Brief article)
October 3, 2008... Kuwait-based Gulf Investment House (GIH) is dropping plans to develop a OR300-400m ($780m-1bn) healthcare city near Muscat. In March, GIH announced it was conducting a feasibility study for the scheme, which was to be built on a 1 square...

Wastewater project stalls as Cairo revises pricing model: government seeks to balance end user tariffs and operator incentives.(WATER: EGYPT)
October 3, 2008... Talks on the New Cairo wastewater treatment project have stalled, with companies close to the project telling MEED that Cairo is having problems in finalising the pricing model under which the new plants will operate. Companies selected to...

Dubai Holding and Emaar plan ventures.(REAL ESTATE: UAE)(Brief article)
October 3, 2008... Local developer Emaar Properties and Dubai Holding are planning a series of joint ventures for projects in Dubai. Emaar will develop projects in partnership with Dubai Holding's real estate subsidiaries, such as Sama Dubai and Dubai...

Riyadh faces calls to help economic cities: global financial crisis threatens to derail progress on the kingdom's private-sector developments.(CONSTRUCTION: SAUDI ARABIA)
October 3, 2008... Riyadh is being called on to offer government support to ensure the private sector development of the kingdom's economic cities remains on track as the global financial crisis continues. Plans by the Sandi Arabian General Investment...

Irish firm sole bidder for $8.8m deal to expand power grid.(POWER: BAHRAIN)
October 3, 2008... Bahrain's Electricity & Water Authority (EWA) is likely to award a consultancy contract to Ireland's ESB International (ESBI) in the latest stage of a programme to upgrade and expand its power distribution network. ESBI has emerged as the...

Sponsors explore financing options: as global liquidity dries up, Gulf governments will be increasingly called upon to provide project funding.(PROJECT FINANCE)
October 3, 2008... For project sponsors surveying the finance market today, it is almost unbelievable that just 18 months ago, banks were queuing up to lend them money. Bankers say that until recently, many project sponsors believed the finance market would...

Tripoli strives to retain interest: after nearly two decades in the political wilderness, Libya has become a major centre for oil and gas exploration, but it must remove bureaucratic hurdles if it is to keep the oil majors on board.(Libya)
October 3, 2008... Since Tripoli volunteered to abandon its programme to develop weapons of mass destruction in December 2003, it has become one of the most attractive territories for international oil majors. The move to end its weapons programme followed...

Dubai seeks arbitration role: contract disputes are on the rise in the Gulf but in the wake of fresh legislation, the Dubai International Financial Centre is seeking to become a regional hub for resolution services.(Contract disputes)
October 3, 2008... In an environment of rapidly rising construction costs and major contracts commonly awarded on a fixed-price basis, it is little wonder that disputes between contract parties are on the rise, particularly in the construction sector. ...

Qatar Shipping Company: the Doha Securities Market-listed company plans to expand its fleet while the market is in a downturn.(SHIPPING)(Company overview)
October 3, 2008... COMPANY SNAPSHOT Date established 1992 Main business sectors Shipping Main regions Global, headquartered in Qatar Chairman Salem bin Butti al-Naimi CEO Kamal Kothari Despite a downturn in the global shipping industry...

Q&A: Kamal Kothari, CEO.(Business Close-up)(Interview)
October 3, 2008... What is the outlook for the shipping market? In the next 12 months, the shipping market is going to change. The number of ships on order today is unprecedented. Going on the number of ships currently on order, the global fleet will increase...

Riyadh outsources wheat industry: Saudi Arabia is phasing out its domestic wheat growers and seeking to shift production overseas.(AGRICULTURE)
October 3, 2008... SAUDI ARABIA Saudi Arabia has been self-sufficient in wheat production since 1985 when, flush with petrodollars, it embarked on an ambitious plan to expand its agricultural sector. Its bid to boost agricultural output has reaped rewards,...

Rising demand for electricity, coupled with chronically inadequate physical and financial infrastructure, means the region's emerging markets have enormous potential for private power developers.(Special Report: Power & Water)(Brief article)
October 3, 2008... [ILLUSTRATION OMITTED] Rising demand for electricity, coupled with chronically inadequate physical and financial infrastructure, means the region's emerging markets have enormous potential for private power developers. But the...

Suez heads off Asian challenge: Belgium's Suez Energy International dominates MEED's power and water private developer rankings after winning every project awarded this year, but Japanese firms are climbing the table.(DEVELOPER RANKINGS)
October 3, 2008... It has been a momentous year for Belgium's Suez Energy International. The developer has won every independent water and power project (IWPP) awarded in the Gulf so far in 2008. To put this into perspective, MEED's rankings of the top...

Top 20 power and water developers in the GCC by capacity, September 2008.(Special Report: Power & Water)(Statistical table)
October 3, 2008... POWER Rank Capacity Capacity No. of last 2007 2008 * IPPS/ Rank Company year (MW) (MW) IWPPS 1 Suez Energy...

The Gulf's leading developers: with competition in the region's power and water sector remaining strong, MEED speaks to the largest companies about their business growth strategies.(PROFILES)
October 3, 2008... Rising costs, equipment shortages, projects delays and difficulties in securing engineering, procurement and construction (EPC) contractors are just some of the issues with which private power project developers operating in the GCC have had to...

Riyadh and Cairo relinquish control: Egypt and Saudi Arabia are beginning the process of liberalising their electricity industries, but they are a long way from leaving behind the state-dominated structures of the past.(Electricity & Cogeneration Regulatory Authority)
October 3, 2008... When competition is introduced to any industrial sector, it is expected to inspire innovation, improve efficiency and drive down costs. So it is no wonder that two of the most populous countries in the Middle East--Saudi Arabia and Egypt- are...

Gulf power projects.(Special Report: Power & Water)(Statistical data)
October 3, 2008... GULF POWER PROJECTS Additional Additional power desalination capacity capacity Value Client ...

Muscat's model for power: the privatisation of Oman's electricity transmission company will be a first in the Middle East, creating a blueprint for other governments to follow.(TRANSMISSION & DISTRIBUTION)
October 3, 2008... By inviting international firms to participate in its power generation sector in the mid-1990s, Muscat has enabled its state utilities to build additional capacity and meet rapidly rising demand far faster than would otherwise have been...

Sanctions benefit local firms: while leading international developers remain deterred from investing in Iran, smaller regional companies have an opportunity to build up their power portfolios.(IRAN)
October 3, 2008... With electricity consumption rising by almost 10 per cent a year and subsidies being phased out, Iran's power sector should be a highly attractive investment prospect for private developers. Tehran has embarked upon a vast capacity-building...

Politics deters private investors: with power shortages a common occurrence, Lebanon urgently needs additional capacity. But investment will not come until the government sets out clear plans for the sector.
October 3, 2008... Walking through Beirut's shopping malls, it is not uncommon to be plunged into darkness for a few seconds. Then the click and whir of the generators kicking in is greeted with applause from unruffled shoppers. The Lebanese have long been...

Rising demand forces Amman to act: the success of Jordan's efforts to cope with rapidly growing electricity consumption hinge on its ability to accelerate the development of a third independent power project.(JORDAN)
October 3, 2008... As the Middle East's power generators come under intense pressure to meet soaring electricity demand, Amman is managing to keep the lights on, but only just. This year's peak electricity demand is expected to come within 50MW of the country's...

Libya foreign investment: the six key figures in Libyan investment.(Libyan Investment Authority)(Economic Development Board)(Economic & Social Development Fund)
October 3, 2008... Mohammed Layas POSITION Executive director, Libyan Investment Authority BIOGRAPHY Mohammed Layas heads up Libya's sovereign wealth fired, the Libyan Investment Authority (LIA). The LIA, also known as the Libyan Investment Corporation,...

Kuwait extends Subiya plant deadline.(Project news on MEED.com)(Water & Electricity Ministry)(Brief article)
October 10, 2008... [ILLUSTRATION OMITTED] Kuwait's Water & Electricity Ministry has extended the bid deadline for the contract to build the Subiya power plant by two weeks to 21 October. Bids for the 2,000MW combined-cycle plant had been due to be submitted...

Firms to prequalify for Abu Dhabi sewer.(Project news on MEED.com)
October 10, 2008... At least six firms have submitted prequalification documents for a $545m sewer project in Abu Dhabi emirate.

Meydan prepares tender for 72-floor tower.(Project news on MEED.com)
October 10, 2008... Tender documents are being prepared for the main tower at the Meydan racecourse development, in the Nad al-Sheba area of Dubai.

Veolia and Mubadala to target regional water projects.(Project news on MEED.com)
October 10, 2008... France's Veolia Water and the UAE's Mubadala Development Company are to set up a joint venture company for water and wastewater projects.

Dubai Properties invites bids for Signature Towers.(Project news on MEED.com)
October 10, 2008... Dubai Properties has invited at least three companies to submit first-stage bids to build its Signature Towers in Business Bay.

Firms bid for Qatar north-coast gas field.(Project news on MEED.com)
October 10, 2008... Qatar Petroleum has received bids from six oil majors for the first new gas acreage in the country in several years.

Tehran delays bids for power programme.(Project news on MEED.com)
October 10, 2008... Iran Power Development Company has delayed the release of tenders for 3,000MW of gas-fired power generation capacity.

Events.(Calendar)
October 10, 2008... Middle East Project Finance 2009 Outlining the challenges and opportunities in project finance resulting from the global credit crisis 25-27 January The Ritz Carlton Hotel, Manama, Bahrain www.meed.com/events/projectfinance ...

The GCC power & water report: the struggle to keep supplies ahead of demand.(INSIGHT)
October 10, 2008... [ILLUSTRATION OMITTED] GCC utilities are facing the most challenging time in their history. In this 80-page report, MEED Insight provides a comprehensive overview of developments in the power generation and water sector, and the outlook up...

Gulf projects ($m).(MEED PROJECTS)(Statistical table)(Brief article)
October 10, 2008... GULF PROJECTS ($ m) 6 Oct 29 Sep % change 6 Oct % change 2008 2008 on week 2007 on year Bahrain 47,504 44,769 6.1 28,795 65.0...

Vital projects need funding: bankers in the Gulf are considering invoking escape clauses in contracts. The importance of utility projects means financing has to be found.(FINANCE)(Brief article)
October 10, 2008... [ILLUSTRATION OMITTED] For the first time in a decade, Gulf bankers are seriously considering invoking escape clauses in their contracts so they can walk away from underwriting deals they have already agreed. France's Calyon has...

Dubai can beat the downturn: the signs are that Dubai will manage to provide a soft landing for property owners and investors.(REAL ESTATE)(Brief article)
October 10, 2008... How long Dubai's real estate boom can continue is a question that is being asked with increasing frequency and concern these days. In the past, confidence in the emirate's property market seemed to be unshakable as prices doubled,...

UAE must address structural faults: past weeks prove that, as far equity markets are concerned, the UAE and the West are joined at the hip.(EQUITY MARKETS)(Brief article)
October 10, 2008... Now is not a good time to be a listed company in the UAE. Of the two main stock exchanges, the Dubai Financial Market is down 33 per cent since the beginning of September, while the Abu Dhabi Securities Exchange has lost 27 per cent. Real...

Doha right to go slow on regulator: Qatar knows that the success of its financial hub and new regulations lies in the planning.(QATAR)(Brief article)
October 10, 2008... It took the UK almost 20 years to agree on the form its Financial Service Authority (FSA) would take, before a deal to set up the new body was finalised in 2001. So the people behind Qatar's bid to roll its three financial regulators into...

Tehran should learn from West: a plan for an international financial centre in Tehran is one way to prod the banking sector into action.(IRAN)(Brief article)
October 10, 2008... While the current financial storm is expected to tip much of the world into recession, Iran's relative lack of exposure to global financial markets means the economy has hardly been affected by the turmoil of the past few weeks. As the world...

Calyon reconsiders Gulf finance deals: French bank enters talks over escape clauses after underwriting more than $1bn in project financing.(BANKING & FINANCE: REGIONAL)
October 10, 2008... French bank Calyon is in talks, which could lead to it walking away from more than $1bn worth of financing commitments to strategically important utilities projects in the Middle East. It is the clearest sign yet that major Gulf projects are...

Samsung wins contract for $95bn Jumeira Gardens tower: three-tower 1-Dubai building is designed by the team behind the Burj Dubai.(CONSTRUCTION: UAE)
October 10, 2008... South Korea's Samsung Corporation has been appointed as the main contractor for the 600-metre-plus tower on the AED350bn ($95bn) Jumeira Gardens development in Dubai, planned by the local Meraas Development. The tower, 1-Dubai, will be one...

Iran agrees Kuwait gas export deal.(ENERGY: REGIONAL)(Brief article)
October 10, 2008... Iran has sealed a long-awaited deal to initially export gas to Kuwait via a trunk pipeline, with the first phase of the deal, which involves 1 billion cubic feet a day, (cf/d) starting by 2011. National Iranian Gas Export Company (Nigec),...

Gulf firms face $6.5bn bond refinancing: almost $3bn worth of bonds are due to mature in the first half of 2009, with a further $3.5bn in the second.(BANKING & FINANCE: REGIONAL)
October 10, 2008... Gulf institutions have $6.5bn worth of bonds due to mature in 2009 that are likely to need refinancing at far higher rates, according to bankers. This will significantly increase the risks associated with the companies' growth plans. ...

Friendship causeway group lines up programme manager.(CONSTRUCTION: REGIONAL)(Brief article)
October 10, 2008... The US' KBR with UK-based Halcrow has been selected as the preferred bidder to provide programme management services on the $2bn project to build a causeway between Qatar and Bahrain. If appointed, the two companies will oversee the...

Tehran agrees production-sharing deal: contract with Brazil's Petrobras to develop an oil and gas field in the Caspian Sea will be Iran's first.(ENERGY: IRAN)
October 10, 2008... Iran has confirmed it is to sign its first production-sharing deal within weeks, with Brazil's Petrobras taking a stake in the development of oil and gas resources in the Caspian Sea. The contract is due to be signed in the next month, and...

Overseas investors sell stakes in UAE-listed real estate firms: financial turmoil drives foreign investors to move investments to safe havens.(COMPANIES & MARKETS: UAE)
October 10, 2008... Foreign investors are cutting their holdings in the UAE's largest real estate companies as they react to the ongoing global financial turmoil, by shifting assets from emerging markets to safe havens, such as fixed-interest securities and gold....

Gasco invites bids for gas development.(ENERGY: UAE)(Abu Dhabi Gas industries Company )(Brief article)
October 10, 2008... Abu Dhabi Gas industries Company (Gasco) is inviting at least eight firms to submit bids by 19 October for a project management consultancy contract on its multibillion-dollar integrated gas development project. The companies invited to bid...

Share sale to fund Mecca regeneration: developer Dallah al-Baraka seeks to raise $5.6bn for the scheme by selling shares in a new project company.(CONSTRUCTION: SAUDI ARABIA)
October 10, 2008... Riyadh-based developer Dallah al-Baraka Group hopes to raise SR21bn ($5.6bn) to fund the construction of the Tareeq al-Mawazee project in Mecca by selling shares in a new project company in the first half of 2009. The Tareeq al-Mawazee...

Low bidders emerge for $2bn Ras al-Zour water pipeline.(WATER: SAUDI ARABIA)(Brief article)
October 10, 2008... Two low bidders have emerged for the contract to build the world's largest water pipeline, running from Dammam to Riyadh. The two low bidders for the engineering, procurement and construction (EPC) work are Turkey's Mapa and the local...

Nakheel revises terms for Jebel Ali plants: delays likely as contractors await full details of agreements for desalination schemes on Palm development.(WATER: UAE)
October 10, 2008... Bidders have received revised contract terms from Dubai-based Nakheel for the development of two desalination plants on Palm Jebel Ali, four months after the real estate developer said it was reviewing the agreements. Further delays are...

Riyadh invites interest in $3.7bn rehabilitation project.(CONSTRUCTION: SAUDI ARABIA)(Brief article)
October 10, 2008... The Interior Ministry is inviting firms to bid on a SR14bn ($3.7bn) network of rehabilitation centres for prisoners across the kingdom by 15 November. At least seven firms have been invited to bid on the project, including Sandi Oger,...

Crescent enters negotiations with provinces over gas cities: Kurdish facility could become model for developments country-wide.(ENERGY: IRAQ)(Crescent Petroleum )
October 10, 2008... The UAE's Crescent Petroleum is in talks with provincial authorities in Iraq to replicate the gas city it set up in northern Iraq, with further cities to be established in the southern region of Basra and Al-Anbar in the west. Majid Jafar,...

Gulf Air to expand in Europe.(TRANSPORT: BAHRAIN)(Gulf Air Company GSC)(Brief article)
October 10, 2008... Gulf Air is poised for a major expansion in the long-haul market, adding up to six European destinations to its network next year. As part of its summer schedule for 2009, the Bahraini national carrier says it is hoping to launch flights to...

Bourse plans international finance centre: Iran financial centre will host state-run, private and international banks alongside the stock exchange.(BANKING & FINANCE: IRAN)
October 10, 2008... Tehran is planning to create its first international financial centre, bringing together state-run, private and international banks, along with the city's stock exchange, in a bid to follow the successes of similar zones elsewhere in the Gulf....

Jeddah Islamic Port reaches staffing deal with Riyadh.(TRANSPORT SAUDI: ARABIA)(Brief article)
October 10, 2008... The authorities at Jeddah Islamic Port have reached agreement with the Labour Ministry to make it easier to bring in temporary staff, in an effort to prevent further damaging delays. The authorities are keen to avoid a repeat of the...

Tehran seeks $20bn from Gulf investors: cash injection is needed for liquefied natural gas plants as sanctions deter international oil majors.(ENERGY: IRAN)
October 10, 2008... Iran is seeking up to $20bn in private investment from the Gulf for two liquefied natural gas (LNG) projects after oil majors claimed UN sanctions were stopping them from investing in the schemes. Tehran says the international oil companies...

Samba and Riyad Bank to record falls in annual profits: third-quarter results show banks have suffered significant declines in income.(BANKING & FINANCE: SAUDI ARABIA)(Financial report)
October 10, 2008... Two of Saudi Arabia's largest banks--Samba and Riyad Bank--are expected to report falls in annual profits for 2008, after posting third-quarter results revealing significant declines in income levels, analysts tell MEED. Samba made a...

Local firm wins $266m power deal.(POWER: SAUDI ARABIA)(Najm al-Jazeera Contracting Company)(Brief article)
October 10, 2008... The local Najm al-Jazeera Contracting Company, a subsidiary of Al-Arrab Contracting Company, has won a SR1bn ($266m) contract for the construction of a 300MW power plant in Tabuk, in the northwest of the kingdom. Najm al-Jazeera will...

Nervousness hits Dubai property: caution enters the market as global recession looms, but developers remain optimistic for the long term.(REAL ESTATE)
October 10, 2008... After five years of frenetic activity, developers in Dubai's real estate market are getting nervous as the global economic crisis worsens. The new mood was apparent when local developer Nakheel launched its Nakheel Harbour & Tower project,...

Grounded by bureaucracy: government lethargy and a slow-moving regulator are preventing the Saudi aviation sector from achieving its enormous potential.
October 10, 2008... In late September, Saudi low-cost airline Sama announced it was cutting a host of domestic services. Unable to pass its soaring fuel bill on to customers because of a state-imposed fare cap on domestic flights, Sama's chief executive officer...