MEED Middle East Economic Digest articles from September 2003

MEED Middle East Economic Digest archives from September 2003

Relations between London and Tehran were plunged into turmoil in early September after a UK court failed to grant bail to a former Iranian diplomat and gunmen fired on the British embassy in Tehran.(Brief Article)
September 5, 2003... Iran Relations between London and Tehran were plunged into turmoil in early September after a UK court failed to grant bait to a former Iranian diplomat and gunmen fired on the British embassy in Tehran. Iran on 2 September recalled its UK...

Riyadh announced on 4 September that authorities had seized a lorry-load of surface-to-air missiles.(Brief Article)
September 5, 2003... Saudi Arabia Riyadh announced on 4 September that authorities had seized a lorry-load of surface-to-air missiles. The weapons, said to be heading for an unnamed terrorist group, were captured in late August near Jeddah, and were believed to...

Time was.(historical moments in the Middle East)(Brief Article)
September 5, 2003... 13 September 1963 Delegates at an Arab League Council meeting in Cairo reject an Iraqi proposal for the creation of a Palestinian entity comprising the West Bank and Gaza Strip 9 September 1988 Libyan attempts to reconcile the...

Anger and grief mark cleric's death.(Ayatollah Mohammed Baqr al-Hakim, Iraq)
September 5, 2003... Progress in shaping the country's political future in early September was overshadowed by the outpouring of grief that followed the death of leading Shiite cleric Ayatollah Mohammed Baqr al-Hakim. A huge car bomb exploded outside the Imam Ali...

Abu Mazen seeks mandate.(Gaza/West Bank)(Brief Article)
September 5, 2003... Palestinian Prime Minister Mahmoud Abbas (Abu Mazen) is battling to consolidate his authority as the power struggle at the heart of the Palestinian leadership continues to militate against him. In a 4 September meeting of the Palestinian...

French lift threat of UN veto.(Libya)(Brief Article)
September 5, 2003... Four years after Paris accepted a compensation deal from Tripoli for the bombing of UTA Flight 772 in 1989, the two governments are finalising details of a further payout, clearing the path for the long-awaited lifting of UN sanctions. ...

MEED conferences: premier networking events.(Calendar)
September 5, 2003... * 2nd Mediterranean Gas Congress 23-24 September, Cairo * Middle East Capital Markets 30 September-1 October, Dubai * MEED Project Finance 7-8 October, Bahrain Lead sponsor: GIB * 2nd MEED Retail Banking 12-13 October, Dubai *...

A piece of American pie: US military expenditure in the Gulf has risen exponentially this year. The bulk has been focused on the reconstruction of Iraq, but major infrastructure projects have also been initiated elsewhere, notably in Bahrain and Qatar.
September 5, 2003... AS the bids went in on 27 August for the Millennium Village expansion of the Al-Udeid airbase in Qatar, the planned spending of the US Army Corps of Engineers (USACE) in the Middle East edged over $2,400 million for the year so far. The...

Bechtel.(subcontracts in Iraq)
September 5, 2003... US prime contractor Bechtel awarded 31 reconstruction subcontracts in the two weeks up to 25 August under its $680 million US Agency for International Development (USAID) capital construction contract. All but two of the contracts went to local...

Defence Estates (DE), the property arm of the UK's Ministry of Defence, is to delay announcing the prequalifiers for its contract to convert a hotel complex at Basra International Airport into the UK Army's divisional headquarters.(Brief Article)
September 5, 2003... Defence Estates (DE), the property arm of the UK's Ministry of Defence, is to delay announcing the prequalifiers for its contract to convert a hotel complex at Basra International Airport into the UK Army's divisional headquarters. The delay is...

JP Morgan team bags Trade Bank of Iraq deal.(Brief Article)
September 5, 2003... A consortium of 13 banks headed by JP Morgan Chase & Company has won the contract to set up the Trade Bank of Iraq (TBI). Coalition Provisional Authority (CPA) director for economic policy Peter McPherson expects the bank to be issuing trade...

The Coalition Provisional Authority (CPA) has postponed the award of three regional telecommunications network licences to 12 September from 5 September.(Brief Article)
September 5, 2003... The Coalition Provisional Authority (CPA) has postponed the award of three regional telecommunications network licences to 12 September from 5 September. Sources at the CPA said the move was prompted by the large number of applicants for the...

A team of the regional Projacs, with Jordan's Arabtech-Jardaneh and US consultants Montgomery Watson Harza, has completed a report on the state of the country's infrastructure for the World Bank.(Brief Article)
September 5, 2003... A team of the regional Projacs, with Jordan's Arabtech-Jardaneh and US consultants Montgomery Watson Harza, has completed a report on the state of the country's infrastructure for the World Bank. The damage evaluation study covers the water,...

Simon Haselock has been appointed head of media affairs for the Coalition Provisional Authority.(Brief Article)
September 5, 2003... Simon Haselock has been appointed head of media affairs for the Coalition Provisional Authority. As media commissioner, a role he formerly held for the UN Mission in Kosovo (UNMIK), Haselock will be responsible for regulating local broadcast...

Kellogg Brown & Root.(pipeline contract cancelled)(Brief Article)
September 5, 2003... Bidders for the Iraq/Turkey pipeline loop contract have been notified by the client, the US' Kellogg Brown & Root, that the tender has been cancelled due to the deteriorating security situation. Six regional contractors were invited to bid for...

Tavanir.(emergency electricity sales to Iraq)(Brief Article)
September 5, 2003... Iran has received a request from Iraq for emergency electricity sales. The mayor of Mehran, a city in Ilam Province, was quoted as saying in late August that the Ilam grid would be connected to that of Wasset and Meysan provinces in Iraq. A...

Moody's withdraws BIB, BMB ratings: ratings of limited use in current situation, says Moody's.(BMB Investment Bank, Bahrain International Bank)
September 5, 2003... International rating agency Moody's Investors Service on 1 September withdrew its ratings from BMB Investment Bank and Bahrain International Bank (BIB), citing failure to resolve debt default problems and a lack of financial reporting. Both had...

CBJ moves to encourage consolidation.(Central Bank of Jordan )(Brief Article)
September 5, 2003... The minimum paid-up capital held by local commercial banks is to be doubled to JD 40 million ($56.3 million) by 1 January 2008, under regulations issued by the Central Bank of Jordan (CBJ)in late August. The ceiling was increased from JD 10...

Societe Tunisienne de Banque (STB).(profits)(Brief Article)
September 5, 2003... Net profits at Societe Tunisienne de Banque (STB), the country's largest bank in term of assets, dropped by 68 per cent in the first half of the year, the bank announced on 25 August. The decline in income to TD 6.2 million ($4.6 million)from...

International rating agency Moody's Investors Service has upgraded the financial strength rating (FSR) of National Bank of Abu Dhabi (NBAD) to C from C-.(Brief Article)
September 5, 2003... UAE International rating agency Moody's Investors Service has upgraded the financial strength rating (FSR) of National Bank of Abu Dhabi (NBAD) to C from C-. The outlook on the FSR is stable. Moody's attributed the upgrade to NBAD'S increased...

Arab Banking Corporation (ABC) and HSBC have been appointed lead arrangers by Al-Ahli Bank of Kuwait (ABK) on a $100 million syndicated loan.(Brief Article)
September 5, 2003... Regional Arab Banking Corporation (ABC) and HSBC have been appointed lead arrangers by Al-Ahli Bank of Kuwait (ABK) on a $100 million syndicated loan. The three-year facility has a margin of 45 basis points (bp) over Libor. HSBC and ABC will...

Correction.(Correction Notice)
September 5, 2003... Correction In the table showing Saudi banks' first-half results in MEED 22:8:03, a number of errors were made in the entries for Saudi Investment Bank. First half 2003 net profit was SR 221.8 million, not SR 121.0 million as stated, and first...

More time for project Kuwait bidders: late-October deadline for IOC development plans.(international oil companies )(Brief Article)
September 5, 2003... Kuwait Petroleum Corporation (KPC) has extended the deadline by a month to 27 October for the three consortia of international oil companies (IOCs) to submit development plans for the proposed Project Kuwait scheme (MEED 25:7:03). The...

Snamprogetti signs Bu Hasa contract.(United Arab Emirates)(Brief Article)
September 5, 2003... Italy's Snamprogetti signed in late August the engineering, procurement and construction (EPC) contract for the Bu Hasa production facilities upgrade and reservoirs development project in onshore Abu Dhabi. Snamprogetti was the low bidder at...

Contractors prepare prices for Dolphin EPC packages.(engineering procurement and construction )
September 5, 2003... Bidding for the main engineering procurement and construction (EPC) packages on the Dolphin gas project is nearing a close, with contractors preparing to submit commercial bids for three contracts. Dolphin Energy (DEL) is expected to award the...

Three bid for Sitra refinery upgrade.(Bahrain)(Brief Article)
September 5, 2003... Three international contractors submitted bids on 31 August for the engineering, procurement and construction management (EPCM) contract on the Bahrain Petroleum Company (Bapco) expansion project at Sitra. The $400 million-500 million contract...

Kharg bids go to transaction committee.(Kharg Island natural gas liquids project)(Brief Article)
September 5, 2003... The Iran Offshore Oil Company (IOOC) transaction committee has started assessing the two valid bids for the Kharg island natural gas liquids (NGL) project. A 31 August deadline for other companies to submit reference quotations expired without...

Kuwait Petroleum Corporation.(budget)(Brief Article)
September 5, 2003... An emiri decree has been issued approving the Kuwait Petroleum Corporation budget for fiscal 2003/04. Net profits are forecast at about KD 525 million ($1,743 million). Revenues are forecast at KD 4,435 million ($14,784 million) and expenditure...

French oil giant Total has started up production from block NC-137 in the offshore Al-Jurf field.(Libya)(Brief Article)
September 5, 2003... French oil giant Total has started up production from block NC-137 in the offshore Al-Jurf field. Plateau production from the structure is expected to reach 35,000 barrels a day NC-137 was discovered in 1975 and is operated by Total, which...

Sohar Refinery Company has nominated LG Engineering & Construction of South Korea as the preferred bidder for the contract to operate and maintain its proposed 116,000-barrel-a-day refinery in Sohar.(Oman)(Brief Article)
September 5, 2003... Sohar Refinery Company has nominated LG Engineering & Construction of South Korea as the preferred bidder for the contract to operate and maintain its proposed 116,000-barrel-a-day refinery in Sohar LG was selected following the...

Eleven groups have applied to prequalify for the contract to install a 10,000-barrel-a-day isomerisation unit at the Mina al-Fahal refinery.(Oman)(Brief Article)
September 5, 2003... Eleven groups have applied to prequalify for the contract to install a 10,000-barret-a-day isomerisation unit at the Mina al-Fahal refinery. They are understood to include Galfar Engineering & Contracting and Al-Hassan Engineering, both local;...

US-based VECO is understood to be in line to win the contract to carry out the front-end engineering and design (FEED) contract on the Huwaila oil field development in onshore Abu Dhabi emirate.(Brief Article)
September 5, 2003... US-based VECO is understood to be in line to win the contract to carry out the front-end engineering and design (FEED) contract on the Huwaila oil field development in onshore Abu Dhabi emirate. Three other companies--Sharjah-based Petrofac...

Asian firms build up Sudanese oil holdings.
September 5, 2003... Even as peace talks entered a new round in Nairobi in early September, intense pressure from Washington and human rights groups continued to force Western oil companies to abandon operations in Sudan, in turn opening up new acreage for more...

Prices fall on end of American driving season.(oil prices)
September 5, 2003... Oil prices fell by more than $2 a barrel at the beginning of September, as the Labour Day holiday on the first day of the month signalled the traditional end of the US driving season. Nevertheless, uncertainty remains about the resumption of...

Announcement due on Skikda olefins: plans for an integrated complex await approval.(Algeria)(Brief Article)
September 5, 2003... Results of the feasibility study for a proposed petrochemical plant at Skikda are due to be announced in October, a source at state energy company Sonatrach confirmed on 2 September. Sonatrach has undertaken the studies in partnership with...

Prequalification has been launched for the engineering, procurement and construction (EPC) package on the Qatar Chemical Company II (Q-Chem II) project at Mesaieed, after the client sent out a solicitation of interest to contractors.(Brief Article)
September 5, 2003... Prequalification has been launched for the engineering, procurement and construction (EPC) package on the Qatar Chemical Company II (Q-Chem II) project at Mesaieed, after the client sent out a solicitation of interest to contractors. Interested...

Bids under study for Dubai mixed-use project: Uptown Mirdif's major work will take 18 months to complete.(Brief Article)
September 5, 2003... Bids are under evaluation for the first major construction package on the proposed UpTown Mirdif project in Dubai (MEED 25:7:03). Three companies--Al-Hamed Development & Construction and Al-Habtoor Engineering Enterprises, both local, and...

Contracts awarded for Dubai Autodrome project.(Brief Article)
September 5, 2003... The local/UK Al-Naboodah Laing has been awarded two contracts worth a total of AED 100 million ($27.2 million) for two packages on the first phase of the Dubai Autodrome project, which involves the construction of a multi-purpose business park...

Pittsburgh-based architects Burt Hill Kosar Rittelmann Associates announced on 2 September the establishment of a wholly-owned subsidiary in Dubai.(Brief Article)
September 5, 2003... Pittsburgh-based architects Butt Hill Kosar Rittelmann Associates announced on 2 September the establishment of a wholly-owned subsidiary in Dubai. Burt Hill International will offer architecture, engineering and design services for the region....

Bids in for Fujairah freeway contract.(United Arab Emirates)
September 5, 2003... The local Al-Muhairy General Contracting Company is the clear low bidder for contract 1 on the Fujairah freeway project, having substantially undercut the two other companies bidding for the major road tender. The client, the Public Works &...

New port planned for Bubiyan.(Kuwait)(Brief Article)
September 5, 2003... The local Kuwait Consulting & Investment Company has prepared an initial feasibility study for a project to build a new port on Bubiyan island, northeast of Kuwait City. The project, which is expected to be carried out in five phases, is...

Bids under study for Fintas marine college.(Kuwait)(Brief Article)
September 5, 2003... The local United Gulf Construction Company (UGCC) has submitted a low bid of KD 11.4 million ($38 million) for the contract to build a college of marine science near the coastguard headquarters at Fintas (MEED 13:6:03). Seven local...

Major hospitals planned in Kuwait.
September 5, 2003... Five new hospitals, providing over 1,300 new beds, are planned to be built in Kuwait by both the government and the private sector. The largest of the proposed schemes is an 800-bed facility planned to be built at South Surra. Four...

Mediterranean bypass to go for rebid.(Morocco)
September 5, 2003... The contract to build the Jebha-Al-Hocima section of the Mediterranean highway is expected to be retendered in late September, sources close to the project say. All five bids submitted for the project in July are understood to have been deemed...

Riyada Consulting.(beach resort in Al-Jazair, Bahrain)(Brief Article)
September 5, 2003... The Economic Development Board (EDB) is to retender by the end of the year the project to finance, design, build and operate the planned beach resort at Al-Jazair. The decision follows a disappointing response to the EDB's original request for...

The local Gulf Consult with Dubai-based Harradine Golf has completed designs for a major upgrade to international standards of the existing 18-hole golf course located near the Hunting & Equestrian Club on the sixth ring-road.(Kuwait)(Brief Article)
September 5, 2003... The local Gulf Consult with Dubai-based Harradine Golf has completed designs for a major upgrade to international standards of the existing 18-hole golf course located near the Hunting & Equestrian Club on the sixth ring-road. Under the...

OCI posts strong first-half performance.(Orascom Construction Industries )
September 5, 2003... The local Orascom Construction Industries (OCI) has announced net profits of [pounds sterling]E 255.3 million ($41.5 million) for the first half of the year, a 63 per cent increase on net income for the corresponding period of 2002. The profit...

The Transport & Communications Ministry has awarded the two main contracts on the second-phase development of the Quriyat-Sur road project.(Oman)(Brief Article)
September 5, 2003... The Transport & Communications Ministry has awarded the two main contracts on the second-phase development of the Quriyat-Sur road project. Turkey's STFA was awarded the contract, valued at RO 33.5 million ($88 million), to build the first...

Belgium's Six Construct is the low bidder for the contract to build a naval jetty and associated facilities at Ras Musandam.(Oman)(Brief Article)
September 5, 2003... Belgium's Six Construct is the low bidder for the contract to build a naval jetty and associated facilities at Ras Musandam. The company submitted a base price of RO 6.2 million ($16.3 million)for the project. Contractors were asked to quote...

Muscat Municipality has awarded Larsen & Toubro Oman, the local subsidiary of India's Larsen & Toubro, the estimated R0 3 million ($8 million) contract to convert Al-Koud roundabout, located near Seeb, into a free-flow traffic interchange.(Brief Article)
September 5, 2003... Muscat Municipality has awarded Larsen & Toubro Oman, the local subsidiary of India's Larsen & Toubro, the estimated R0 3 million ($8 million) contract to convert Al-Koud roundabout, located near Seeb, into a free-flow traffic interchange. Four...

Eighteen companies have applied to prequalify for the contract to develop industrial infrastructure at Sohar port.(Oman)(Brief Article)
September 5, 2003... Eighteen companies have applied to prequalify for the contract to develop industrial infrastructure at Sohar port. They include Athens-based Consolidated Contractors International Company (CCC); the local/UK Carillion Alawi; India's Larsen &...

A contract award is awaited for the second package on the Museum of Islamic Arts project, following the opening of bid prices by the Central Tenders Committee (CTC)in late August.(Qatar)(Brief Article)
September 5, 2003... A contract award is awaited for the second package on the Museum of Islamic Arts project, following the opening of bid prices by the Central Tenders Committee (CTC)in late August. According to the bid opening prices, the lowest offer came from...

The US Army Corps of Engineers (USACE) received bids on 27 August for its $95 million Millennium Village contract at the Al-Udeid airbase.(Qatar)(Brief Article)
September 5, 2003... The US Army Corps of Engineers (USACE) received bids on 27 August for its $95 million Millennium Village contract at the Al-Udeid airbase. Bidders are understood to include: the US' Contrack International; a joint venture between American...

Dubai-based Emirates has extended the deadline to 13 October for submission of bids for the main package on the proposed new hangar project at Dubai International Airport (DIA).
September 5, 2003... Dubai-based Emirates has extended the deadline to 13 October for submission of bids for the main package on the proposed new hangar project at Dubai International Airport (DIA). Fourteen local and international companies are prequalified to...

Dubai-based Nakheel has invited companies to submit bids by 10 September for a contract to build the headquarters building on the proposed Mohammed bin Rashid technology park project.(Brief Article)
September 5, 2003... Dubai-based Nakheel has invited companies to submit bids by 10 September for a contract to build the headquarters building on the proposed Mohammed bin Rashid technology park project. Called Techno Park, the project will be built on a...

The Department of Civil Aviation (DCA) has invited companies to apply for prequalification by 9 September for structural works on the Dubai International Airport terminal 2 expansion project.(Brief Article)
September 5, 2003... The Department of Civil Aviation (DCA) has invited companies to apply for prequalification by 9 September for structural works on the Dubai International Airport terminal 2 expansion project. Called PQ 27, the 12-month contract covers...

The Works Department has invited consultants to submit bids by 29 September to carry out a study for new electromechanical works at Abu Dhabi International Airport.(Brief Article)
September 5, 2003... The Works Department has invited consultants to submit bids by 29 September to carry out a study for new electromechanical works at Abu Dhabi International Airport. The project will include the upgrade of taxiway lighting, signage and close...

Ducab pushes ahead with Abu Dhabi cable plant: site set for Mussafah industrial area.(Dubai Cable Co.)(Brief Article)
September 5, 2003... Bids are due to be submitted by 20 September for the proposed new Dubai Cable Company (Ducab) plant in Abu Dhabi's Mussafah industrial area (MEED 11:4:03). Estimated to be worth at least AED 100 million ($27 million), the project calls for...

Dubai rolling mill goes to bid.(Emiroll contract)(Brief Article)
September 5, 2003... Dubai-based Emiroll has invited companies to submit bids by 4 October for the main contract covering the construction of an aluminium foil rolling mill. The estimated $125 million plant, to be located at the Dubai Investments Park, will have...

National Investment Bank (NIB) has acquired a 4 per cent stake in Suez Cement following a tender offer to buy up to 5.76 million shares from shareholders, an offer that was swiftly countered by a proposal from Ciments Francais, which already holds a 34.1 per cent stake in the company, to put forward a more attractive bid.(Brief Article)
September 5, 2003... National Investment Bank (NIB) has acquired a 4 per cent stake in Suez Cement following a tender offer to buy up to 5.76 million shares from shareholders, an offer that was swiftly countered by a proposal from Ciments Francais, which already...

Companies eye Shouaiba IWPP: the tally of interested companies has reached 37.(independent water and power project )
September 5, 2003... More details have emerged about the prospective bidders for the kingdom's first independent water and power project (IWPP) at Shouaiba for Saudi Electricity Company (SEC) and Saline Water Conversion Corporation (SWCC). Thirty-seven companies...

More power station work goes to bid.(Saudi Arabia)(Brief Article)
September 5, 2003... Local and international companies have been invited by Saudi Electricity Company (SEC) to bid by late October for the expansion of three existing power stations in the south. Under the scheme, which will be carried out on a fast-track basis, up...

Two in for Disi BOT contract.(build-operate-transfer )(Brief Article)
September 5, 2003... Evaluation of technical bids is under way at the Water & Irrigation Ministry for fine $600 million-700 million Disi water conveyance project. The ministry has informed bidders that commercial proposals from qualifying bidders will be opened in...

Three companies submitted revised prices by the mid-August deadline for the contract to expand the Ras Abu Jarjur reverse osmosis (RO) desalination plant.(Bahrain)(Brief Article)
September 5, 2003... Three companies submitted revised prices by the mid-August deadline for the contract to expand the Ras Abu Jarjur reverse osmosis (RO) desalination plant. Germany's Preussag submitted a low bid of BD 8.5 million ($22.4 million). The other two...

ABB.(receives contracts)(Brief Article)
September 5, 2003... Zurich-based ABB has been awarded two contracts totalling $59 million to upgrade and expand power transmission and distribution systems for Abu Dhabi Water & Electricity Authority (ADWEA). The first contract covers the supply of 50 33/11-kV...

Lebanese land substation contracts.(Syria)(Brief Article)
September 5, 2003... Lebanon's Matelec in late August won contracts totalling $46.1 million to supply and install substations for the Public Establishment of Electricity for Generation & Transmission (PEEGT) at various locations throughout the country. The...

First ISP and VAS licences awarded: American/Kuwaiti firms pick up the contracts.(internet service provider, value-added service, Bahrain)(Brief Article)
September 5, 2003... Interest has been strong for the value-added service (VAS) licences offered by the Telecoms Regulatory Authority (TRA) in mid-August, while take-up for internet service provider (ISP) licences has been slower (MEED 15:8:03). Kuwait's MTC...

BAE to extend Al-Yamamah deal: defence contract to be pushed beyond 2015.(BAE Systems, Saudi Arabia)
September 5, 2003... The UK's BAE Systems is in negotiations to extend its multi-billion-dollar Al-Yamamah defence contract to supply the kingdom with Tornado, Hawk and PC-9 aircraft. The new deal will involve extending the operational service life of a number of...

Two shortlisted groups submitted in early September final prices for the contract to develop a military training college in Muscat.(Oman)(Brief Article)
September 5, 2003... Two shortlisted groups submitted in early September final prices for the contract to develop a military training college in Muscat. Cerco Training of the UK, with the local Bahwan Trading Company and BNP Paribas, is competing with a team of...

Developers converge on tourism projects: coastal resorts at forefront of tourism initiative.(Morocco)
September 5, 2003... Spanish real estate company Fadesa on 27 August signed the long-awaited contract to develop an ambitious tourism project on the far east of the kingdom's Mediterranean coastline. The project is one of the six sites proposed for development as...

Kingdom takes major step towards WTO accession.(World Trade Organization )
September 5, 2003... Ten years of negotiations over accession to the World Trade Organisation (WTO) are coming to a close following the signing of a trade agreement with the EU on 31 August. The landmark deal leaves only one major agreement--with the US--to be...

Damascus plans stock exchange.
September 5, 2003... The government's planning to launch the country's first stock exchange as part of its ongoing programme of economic reform, Economy Minister Ghassan al-Rifai said in an interview in nearly September. A launch is scheduled for 2004, but is...

The consumer is king: the interim results published so far by the GCC banks suggest full-year 2003 will be a good one. They also demonstrate that some of the best performers have been those with a clear focus on consumer banking. Tom Everett-Heath reports on the fastest growing credit market in the region.(Gulf Cooperation Council)
September 5, 2003... The king is dead. Long live the king. Forget old school corporate lending and the parking of liquidity in international money markets. In a growing number of Middle East banking sectors, the consumer market has emerged as the playground of...

Beirut banks focus on the future.(Lebanon)
September 5, 2003... You can take the banks out of Beirut but you can't take the Beirutis out of banking. Lebanon may have lost its status as the Middle East's financial centre, but the domestic banking sector is strong, well-structured and increasingly ambitious....

Middle East bank ratings.
September 5, 2003... Middle East bank ratings CAPITAL INTELLIGENCE STANDARD & POOR'S Long-term Domestic Counterparty ratings foreign strength ...

Funding development.(International Monetary Fund and World Bank)
September 5, 2003... Twenty thousand visitors are expected to descend on Dubai around 23-24 September as the UAE becomes the first Arab state to host the annual meeting of the IMF and World Bank governors. Dubai is revelling in the kudos and cash attached to its...

Contracts.(Public Notice)
September 5, 2003... Contracts More than $2,829 million worth of contracts were awarded in the Middle East in July, according to this checklist compiled from MEED reports. If you want details of your organisation to be included, please send information to...

Tenders.(Public Notice)
September 5, 2003... MEED Tenders is the most comprehensive weekly listing of business opportunities in Middle East countries. To promote your business opportunity to more than 50,000 business people who read MEED every week, send details to MEED editor-in-chief,...

Databank.
September 5, 2003... Databank: Economic forecasts, 2002-2003 Budget Real GDP growth Current account deficit/surplus (%) ($ million) (% of GDP)...

US backs down from Iran nuclear threat.(Brief Article)
September 12, 2003... The International Atomic Energy Agency (IAEA) has granted Tehran more time to prove its compliance with the nuclear non-proliferation treaty (NPT), but has set an October deadline for Iran to sign up to additional protocols of the treaty or...

Time was.(historical moments in the Middle East )(Brief Article)
September 12, 2003... 13 September 1963 Japan's Arabian Oil Company announces the discovery of a new oilfield in the Hout area of the Neutral Zone 16 September 1988 In the latest of a series of contracts awarded in Iraq's power sector, the UK's NEI...

Violence overshadows Abu Ala appointment.(new Palestinian prime minister )(Brief Article)
September 12, 2003... The early-September appointment of a second Palestinian prime minister in five months has done little to check the inexorable unravelling of the Middle East peace process. Israel's policy of assassinating alleged Palestinian militants has...

US looks to share the strain.(Iraq)
September 12, 2003... Washington is showing signs of increasing willingness to compromise on the extent of US control over the country, in an effort to secure international support and reduce its financial burden. "We have no desire to own this problem or to control...

On the record.(Seven days)(Brief Article)
September 12, 2003... "We will not allow America to dream of security until we see it is applied in Palestine and all Islamic countries... To our struggling brothers in Iraq, we greet you and we pray to God to be on your side in fighting the crusaders" Excerpt...