MEED Middle East Economic Digest articles from September 2004

MEED Middle East Economic Digest archives from September 2004

Making hay.(investments)
September 3, 2004... Even taking into account some margin for error, the forecast that there will be $200,000 million worth of project work in the GCC over the coming three years is staggering. Put against yardsticks such as the aggregate gross domestic product...

On the record.(Seven Days)(Brief Article)
September 3, 2004... "Authorities approved of the tunes that had a social theme, leaving out the love songs" A record company executive explains why Queen has become the first rock group to receive the official seal of approval from the Iranian government

Looking back ...(Seven Daysup)(Brief Article)
September 3, 2004... 4 September 1964 US Congress considers imposing a trade embargo on Egypt after President Nasser promises to provide aid to Archbishop Makarios for the overthrow of British air bases in Cyprus 1 September 1989 The PLO opens its...

Najaf truce holds, but hostage dramas continue: execution of Nepalese captives provokes widespread shock.(Iraq)
September 3, 2004... A shaky peace settled on the holy city of Najaf in early September, following the ceasefire between the security forces and followers of Shia cleric Moqtada al-Sadr. However, the spate of hostage taking incidents besetting the country took a...

Fragile peace broken by bus bombings.(Regional)(Brief Article)
September 3, 2004... A six-month period of relative calm in Israel was shattered on 31 August when suicide bombers detonated explosives on two buses in the southern city of Beersheba. Sixteen passengers were killed and scores wounded by the blasts, which occurred...

IAEA commends Tripoli but seeks further probe: 30 August.(News Digest)(Brief Article)
September 3, 2004... A report from the International Atomic Energy Agency (IAEA), the UN nuclear watchdog, commends Libya for its co-operation in the disclosure of details on its atomic weapons programme, but says questions remain over whether weapons design...

Consulate closed after vehicle comes under fire: 30 August.(News Digest)(Brief Article)
September 3, 2004... Washington temporarily closes its Jeddah consulate and repeats warnings to US citizens to leave Saudi Arabia, after a gunman reportedly fires on a US diplomatic vehicle near the US mission in the city.

Tehran arrests nuclear spies: 31 August.(News Digest)(Brief Article)
September 3, 2004... Intelligence Minister Ali Yunesi confirms the arrests of several people accused of spying on the country's nuclear programme. Reports say the detainees, whose identities are not disclosed, passed Tehran's nuclear secrets abroad. Most of the...

Lebanon criticises proposed resolution: 31 August.(News Digest)(Brief Article)
September 3, 2004... Beirut accuses Washington and Paris of interference, after the US confirms it will push through a UN Security Council resolution calling on President Lahoud to stand down at the end of his term in office. The Lebanese cabinet has approved a...

Riots in Nepal as hostage news breaks: 1 September.(News Digest)(Brief Article)
September 3, 2004... Riots erupt in Kathmandu as Nepalese authorities confirm the killing by militants of 12 Nepalese workers in Iraq. The Nepalese government imposes a curfew in response to the riots, during which the biggest mosque in the city was set alight and...

Aid worker hostages released: 1 September.(News Digest)(Sudan Liberation Movement )(Brief Article)
September 3, 2004... Six aid workers held hostage by rebels in Sudan's Darfur region are released after three days. The Sudan Liberation Movement frees the three World Food Programme staff and three members of Sudanese Red Crescent after negotiations.

Three die in shop stampede: 1 September.(News Digest)(Ikea store)(Brief Article)
September 3, 2004... Three people die and 16 are injured in a stampede at a Jeddah furniture store. Some 8,000 shoppers were waiting to claim a limited number of credit vouchers offered by the Ikea store, but barriers broke and security guards were unable to cope.

Hamza appears in court: 1 September.(News Digest)(Brief Article)
September 3, 2004... Egyptian engineer Mamdouh Hamza appears at the Old Bailey court in the UK on charges of soliciting to murder four Cairo officials, including Housing Minister Mohamed Soleiman. His trial is set for May 2005.

You ain't seen nothing yet: five years of high oil prices and an upsurge in private sector investment have transformed the Gulf projects market from recession into boom. And with over $200,000 million worth of new work planned over the coming three years, the outlook is even brighter for contractors active in the GCC.(Projects)(Gulf Cooperation Council)
September 3, 2004... For the global construction industry publication of Engineering News Record's (ENR's) top 225 international contractors is an eagerly awaited event. Released in late August, the annual survey from the US construction magazine not only provides...

Political motivations underpin debate on monetary union: Gulf currencies are already well aligned, but the mechanics of creating a monetary union are politically charged. Clare Dunkley reports on the process.(Economic briefing II: GCC monetary union)(Gulf Cooperation Council)
September 3, 2004... The economic criteria for a successful monetary union are relatively straightforward. Pegged to the dollar and so already both monetarily similar and constrained in the use of monetary policy tools, the GCC economies meet the majority of the...

New oil field development edges closer: Abu Hadriyah slated to produce 500,000 b/d.(Saudi Arabia)(Brief Article)
September 3, 2004... Saudi Aramco is pressing ahead with plans to develop the onshore Abu Hadriyah oil field, located in the Eastern Province, with the release of tender documents for the project management services (PMS) contract, which also covers front-end...

Luksar prepares for seismic works in Q1 2005.(Saudi Arabia)(Brief Article)
September 3, 2004... Lukoil Saudi Arabia Energy (Luksar), the 80:20 joint venture between Russia's Lukoil Overseas and Saudi Aramco formed to explore, develop and produce non-associated gas reserves in the Rub al-Khali (Empty Quarter), is planning to award the...

Oil companies to be consolidated into new INOC.(Iraq)(Supreme Oil & Gas Council )(Brief Article)
September 3, 2004... Baghdad is to re-establish the Iraq National Oil Company (INOC) following the inaugural meeting of the Supreme Oil & Gas Council (SOGC) in late August. A senior source at the Oil Ministry confirmed that plans were under way to incorporate South...

Reshuffle complete in oil sector.(Kuwait)(Brief Article)
September 3, 2004... The Energy Ministry announced on 31 August new personnel changes at Kuwait Petroleum Corporation (KPC) and its subsidiaries, brought about by the retirement of long-standing KPC deputy chairman and chief executive officer Nader Sultan (MEED...

MEED conferences: premier networking events.(Calendar)
September 3, 2004... 3rd Middle East Retail Banking 19-20 September 2004, Dubai www.meed.com/retailbanking Co-Sponsor: 2nd Middle East Capital Markets 21-22 September 2004, Dubai, www.meed.com/capitalmarkets Exclusive Lead Sponsor: Major...

Bids in for new acreage on fresh contract terms.(Iran)(Brief Article)
September 3, 2004... Firms submitted bids for the exploration and development of 16 new oil blocks by the 1 September deadline. The blocks are the first to give automatic development rights to companies discovering oil. However, fresh doubts have been raised about...

Fresh attacks dent Iraqi output.(Oil Prices)
September 3, 2004... Oil prices fell by $2 a barrel at the start of September, as supply fears faded marginally the US driving season drew to a close and speculators unwound long positions. However, renewed supply problems in Iraq and a substantial US crude stock...

CNPC gains upstream foothold.(Iran)(China National Petroleum Company)(Sheer Energy (Cyprus))(China National Petroleum Company International)(Brief Article)
September 3, 2004... Canada's Sheer Energy has sold its wholly owned subsidiary Sheer Energy (Cyprus) to China National Petroleum Company International, the Cayman Islands-registered subsidiary of China National Petroleum Company (CNPC). The purchase of Sheer's...

GPS takes Sohar terminal.(Oman)(Gulf Petrochemical Services)(Brief Article)
September 3, 2004... The local Gulf Petrochemical Services (GPS) has been awarded the estimated RO 19 million ($48.7 million) contract to build the terminal facilities for the crude pipeline between Mina al-Fahal and Sohar. GPS was low bidder for the contract when...

Bid Boland extended.(Iran)(Bid Boland)(Brief Article)
September 3, 2004... The deadline for bids for the Bid Boland gas treatment plant has been extended to 2 October from late August. Up to three companies are now expected to bid for the engineering, procurement and construction (EPC) contract, which is expected to...

KOC prepares for Mina al-Ahmadi retender.(Kuwait)(Kuwait Oil Company)(Brief Article)
September 3, 2004... Kuwait Oil Company (KOC) is planning to retender in October the engineering, procurement and construction (EPC) contract on the proposed Mina al-Ahmadi oil storage and export facilities project. KOC cancelled the original tender at the...

Change at the top of OOC.(Oman)(Oman Oil Company)(Brief Article)
September 3, 2004... Ahmed al-Wahaibi has been appointed as the new chief executive of Oman Oil Company, replacing David Douglas, who resigned in August. Al-Wahaibi was formerly deputy chief executive and will be replaced by Mulham al-Jarf, who leaves his previous...

Nama plans new Jubail plant: PMC award imminent for EPI plant.(Saudi Arabia)(project management consultancy)(Arabian Industrial Development Co.)
September 3, 2004... The local Arabian Industrial Development Company (Nama) is pressing ahead with plans to build a new petrochemicals plant for the production of epichlorohydrin (EPI), chlorine and caustic soda at the site of its subsidiary,, Jubail Chemical...

Fifth ring-road packages awarded: local firms win Kuwait City contracts.(Kuwait)(Burhan International Contracting Company)(Brief Article)
September 3, 2004... The local Copri Construction Enterprises and Burhan International Contracting Company have been awarded two construction packages, totalling $94 million, on the fifth ring-road extension project in Kuwait City. Copri's KD 23 million ($73...

Wind breezes into Jumeirah Lakes.(UAE)(Wind FZ)(Brief Article)
September 3, 2004... Iran-based Wind FZ is evaluating bids for the contract to build the first of two towers in the Jumeirah Lake Towers (JLT) development. Estimated to be worth $80 million-$100 million, the project calls for the construction of two luxury...

Stratum to advise on BFH insurance centre.(Bahrain)(Bahrain Financial Harbour)(Brief Article)
September 3, 2004... Locally-based Stratum has been appointed project manager by the Bahrain Monetary Agency (BMA--central bank) on the development of the Bahrain International Insurance Centre (BIIC), part of the $1,300 million Bahrain Financial Harbour (BFH)...

Mushrif starts work on marine science college.(Kuwait)(Brief Article)
September 3, 2004... The local Mushrif Trading & Contracting Company has started work on a KD 12.3 million ($41 million) project to build a new college of marine science at Fintas. The 33-month contract calls for the construction of a three-storey building, a car...

First ring-road deadline extended.(Kuwait)(Ministry of Public Works )(Brief Article)
September 3, 2004... The Ministry of Public Works has extended the bid deadline to i0 October for the first construction package on the first ring-road extension project in Kuwait City. The estimated KD 50 million ($172 million) scheme centres on the upgrade of 2.5...

Avenue bid deadline postponed.(Kuwait)(Avenue )(Brief Article)
September 3, 2004... The deadline for the submission of rebids on the main construction package for the estimated $100 million Avenue mixed-use development has been extended. The client, the local Mabani, has not notified the seven prequalifiers of the new...

CDR seeks firm for northern roads rehab.(Lebanon)(Council for Development & Reconstruction)(Brief Article)
September 3, 2004... Local and international contractors have been given until 11 October to submit bids to the Council for Development & Reconstruction (CDR) for a project to rehabilitate four roads in the north. The project comprises: the widening of a...

Bids invited for Abu Dhabi airport PMC.(UAE)(project management consultancy )(Brief Article)
September 3, 2004... The committee set up to oversee the expansion of Abu Dhabi International Airport has invited selected companies to submit proposals by 11 September for the project management consultancy (PMC) contract. The prospective bidders are...

Progress on Park Towers.(UAE)(Brief Article)
September 3, 2004... Dubai-based property developer Damac has appointed Egypt's Engineering Consultants Group (ECG) as local consultant for its estimated AED 600 million ($163 million) Park Towers project at Dubai International Financial Centre (DIFC).The project...

Turner confirms Palm shoreline role.(UAE)(Brief Article)
September 3, 2004... The US' Turner International confirmed in early September that it was acting as construction manager on the shoreline apartments development on Palm Jumeirah. The estimated $327 million development calls for the construction of 20 luxury...

Emaar prepares to award mega contracts.(UAE)(Brief Article)
September 3, 2004... The selection of a contractor is due by mid-September for the estimated $800 million contract to build the Burj Dubai tower. Seven group of contractors held final presentations and clarification meetings with the client, Dubai-based Emaar...

Prequals out for engine facility.(UAE)(Brief Article)
September 3, 2004... Dubai-based airline Emirates and General Electric of the US have invited companies to pre-qualify by 15 September for the construction of a new jet engine testing facility in Dubai, The project calls for the construction of a 6,000-square-metre...

Armada awards Al-Salam piling work.(UAE)(Al-Salam tower residential development )(Brief Article)
September 3, 2004... Dubai-based property developer selected Turkey's Zetas as piling contractor for its estimated AED 170 million ($46 million) Al-Salam tower residential development in Sharjah, It has also awarded the contract for the main concrete package to the...

ADWEA tenders pipelines: over $300 million-worth of pipeline work out to bid.(UAE)(Abu Dhabi Water & Electricity Authority)(Brief Article)
September 3, 2004... Local and international contractors are preparing to submit bids for three major water conveyance contracts in Abu Dhabi. The contracts, totalling at least $300 million, are being tendered by Abu Dhabi Water & Electricity Authority (ADWEA). ...

Selection nears on SEWA Wasit extension.(UAE)(Brief Article)
September 3, 2004... Sharjah Electricity & Water Authority (SEWA) is expected to select by mid-September a contractor to carry out the Wasit phase 5 aero-derivative turbine project. Three companies are competing for the turnkey contract, which is being implemented...

Close race for Hidd maintenance.(Bahrain)(Electricity & Water Ministry Hidd)(Brief Article)
September 3, 2004... Sogex Oman is the low bidder for the operation and maintenance (O&M) contract covering phases 1 and 2 of the Hidd power and desalination complex, following the opening of prices on 31 August. The duration of the contract is 12 years. At BD...

Dubai plans new sewage treatment plant.(UAE)(Brief Article)
September 3, 2004... Dubai Municipality is planning a major expansion of the emirate's sewage treatment capacity to meet a projected surge in demand led by the rapid growth in the real estate and tourism sectors. A new grassroots treatment plant is planned at...

Misurata deadline extended.(Libya)(Brief Article)
September 3, 2004... General Electricity Company of Libya (Gecol) has extended the deadline to 20 October for the submission of technical bids on the new 750-MW, gas-fired combined cycle power plant at Misurata. Companies invited to bid for the engineering,...

L&T wins Ibri work.(Oman)(Brief Article)
September 3, 2004... India's Larsen & Toubro (L&T) has been awarded the contract to build a sewerage network and treatment plant in Ibri. L&T was low bidder for the contract at RO 4.6 million ($11.8 million) when prices were opened in May. The scope of works calls...

Syrian first for Isolux.(Syria)(Brief Article)
September 3, 2004... The Public Establishment of Electricity for Generation and Transmission (PEEGT) has selected Spain's Grupo Isolux for the turnkey contract to supply and install two 400/230-kV air-insulated switchgear (AIS) substations in East Aleppo and...

Ducab awarded Jebel Ali L contract.(UAE)(Dubai Electricity & Water Authority )(Brief Article)
September 3, 2004... Dubai Electricity & Water Authority (DEWA) has awarded Dubai Cable Company (Ducab) an estimated AED 52 million ($14 million) contract to design, manufacture and supply all cable systems for the first phase of the L power station in Jebel Ali....

Field narrows for DEWA substations contract.(UAE)(Dubai Electricity & Water Authority )(Brief Article)
September 3, 2004... Dubai Electricity & Water Authority (DEWA) is holding first round clarification meetings with three of the bidders for its 13 132-kV substation and associated cabling project. The three--Iran's Parsian High Voltage Substation Development...

Cement projects move ahead: Gulf Cement and Union Cement plan expansions.(UAE)(Gulf Cement Co.)(Thyssen Krupp India)(Polysius)(Union Cement Co.)
September 3, 2004... Local cement producers are pressing ahead with plans to add new capacity in a bid to satisfy high cement demand across the federation. Gulf Cement Company (GCC) is expected to sign in September a contract for the expansion of its Ras al-Khaimah...

More time for steel plant bidders.(UAE)(Brief Article)
September 3, 2004... International companies have been given an additional three weeks until 18 September to submit bids for the contract to build a major greenfield steel plant financed by Abu Dhabi Investment Company (ADIC). Under the estimated $450 million...

Firms eye KASP PMS tender.(Kuwait)(Directorate-General of Civil Aviation)(Kuwait Airspace System Plan)(Brief Article)
September 3, 2004... More air space capacity sought The Directorate-General of Civil Aviation (DGCA) has invited selected international consultants to submit proposals by 19 September for the project management services contract on its air space upgrade and...

Damascus issues rail tender.(Lebanon)(General Establishment of Syrian Railways)(Brief Article)
September 3, 2004... International contractors have been given until 14 September to submit bids to the General Establishment of Syrian Railways (SRE) for a contract to build a 35-kilometre railway line from Tripoli on the coast to the northern border town of...

New chairman for KAC.(Kuwait)(Kuwait Airways Corporation)(Brief Article)
September 3, 2004... Shaikh Talal Mubarak Abdullah al-Ahmad al-Sabah has been appointed chairman and managing director of the state-owned Kuwait Airways Corporation (KAC). The appointment follows the resignation in February of Ahmad al-Zaben. Shaikh Talal...

Firms line up for institute: RFPs due out in late September.(Egypt)(Brief Article)
September 3, 2004... At least 10 local and international consultants are understood to have expressed interest in the advisory contract for the project to set up a private Institute of Directors in Cairo. "We are now in the process of opening envelopes,...

IFC to advise ALC.(Algeria)(International Finance Corporation)(Arab Leasing Corporation)(Arab Leasing Corporation )(Brief Article)
September 3, 2004... Washington-based International Finance Corporation (IFC), the private sector arm of the World Bank, signed on 28 August a mandate to advise the local Arab Leasing Corporation (ALC) on a partnership agreement with an international leasing...

US to reallocate funding.(Iraq)(Iraq Relief & Reconstruction fund )(Brief Article)
September 3, 2004... The US State Department may reallocate up to $3,300 million of the Iraq Relief & Reconstruction fund to improve security and boost oil production in the country. According to US daily The Washington Post, the US ambassador to Iraq John...

BoP data for 03/04 shows strong recovery.(Egypt)(Balance of payments)
September 3, 2004... Hard currency-carrying tourists continued to flood into Egypt in the spring, funding a 44 per cent year-on-year increase in tourism receipts to $5,475 million for the 12 months ending 30 June. Wedded to the steady recovery of Cairo's service...

Three more licences granted: ABC, Housing Bank and Bank Melli get licences.(Iraq)(Arab Banking Corporation )(Brief Article)
September 3, 2004... The Central Bank of Iraq (CBI) has granted three more foreign banking licences to regional institutions. The three banks are Bahrain-based Arab Banking Corporation (ABC), Jordan's Housing Bank for Trade & Finance and Bank Melli Iran. The...

Zagros methanol facilities agreements signed.(Iran)(HypoVereinsbank)(HSBC)(Brief Article)
September 3, 2004... Facilities agreements have been signed for the financing of a new methanol unit planned by Zagros Petrochemical Company, an affiliate of National Petrochemical Company, at Pars Special Economic & Energy Zone. Financial close is expected in...

CML moves closer.(Saudi Arabia)(capital markets law)
September 3, 2004... The five-member board heading the Capital Markets Authority (CMA) is preparing to finalise and approve the by-laws of the new capital markets law (CML). Industry sources say the approval, expected as early as October, will be followed by the...

Qatargas II rounds out financing packages.(Qatar)
September 3, 2004... The multi-tranche financing package for Qatar Liquefied Gas Company II (Qatargas II) is being filled out with mandate awards imminent on the Islamically structured facility, bookrunners assigned for the syndication of the commercial debt and...

Cegco borrows $14m to fund power upgrades.(Jordan)(Jordan Arab Investment Bank)(Central Electric Generating Company )(Brief Article)
September 3, 2004... Cairo Amman Bank and Jordan Arab Investment Bank signed in late August an agreement extending a JD 10 million ($14 million) loan to Central Electric Generating Company (Cegco) to support the upgrades of the Risha and Rehab power plants (MEED...

Beirut completes record eurobond deal.(Lebanon)(Brief Article)
September 3, 2004... Beirut completed its biggest-ever eurobond deal in late-August, when local and international investors swapped $1,186 million worth of maturing dollar-denominated eurobonds--about 54 per cent of the $2,200 million worth available--for two new...

More change at DIFC.(UAE)(Dubai International Financial Centre )(Brief Article)
September 3, 2004... The Dubai International Financial Centre (DIFC) lost another senior figure in late August, with the dismissal of Lawrence Elms, chief executive of its land management company. A DIFC spokesperson said the removal was prompted by Elms' failure...

Dubai Bank capital hike approved.(UAE)(Brief Article)
September 3, 2004... The Central Bank of the UAE has approved a proposal by Dubai Bank to increase its capital to $136 million from $81.7 million. The fresh funds will be injected by Emaar Properties, which wholly owns Dubai Bank, and will be used partly to launch...

Dubai plans credit bureau.(UAE)(D&B Corp.)(Dubai Department of Economic Development)(Brief Article)
September 3, 2004... Dubai's Department of Economic Development has signed an agreement with the US' Dun & Bradstreet to establish a credit bureau, which will provide financial institutions with swift access to prospective borrowers' credit ratings. The bureau is...

Islamic facility for Aramco offtake.(Regional)(Pertamina Humas P.T.)(Brief Article)
September 3, 2004... Indonesia's state-owned oil company Pertamina has mandated three banks to provide a $200 million Islamically structured facility to finance oil imports from Saudi Aramco. The banks are Dubai Islamic Bank, HSBC Amanah and Kuwait Finance House....

Regional banks enter Qatari market.(Regional)(Ahli United Bank)(Al Ahli Bank of Qatar QSC)(Grindlays Qatar Bank)(National Bank of Kuwait SAK)(Brief Article)
September 3, 2004... Plans by regional banks to enter the Qatari market made progress in late August. Final emiri approval was granted for Bahrain-based Ahli United Bank (AUB) to take a 40 per cent stake in, and management control of, Al-Ahli Bank of Qatar. Both...

Building bonds: on the back of unprecedented deal flow, 2004 is becoming the Year of the Bond in the GCC. The evolution of debt capital markets is creating new opportunities for the region's financial services sector.(Gulf Cooperation Council)
September 3, 2004... TWO subjects can be relied on to provoke healthy debate whenever Gulf bankers gather. They are the need and prospects for regional bank mergers, and the need and prospects for the development of regional bond markets. With a couple of...

Adding zeros: interim results point to the health and wealth of GCC banks.(Gulf Cooperation Council)
September 3, 2004... The party goes on for GCC bankers. The trend of substantial quarterly hikes in profitability is showing no signs of slowing, illustrated by the six-month results of the largest institutions (see page 29). And the night may still be young, as...

Private equity: public success: Abraaj Capital is heading the pack in the development of a regional private equity business.(Abraaj Capital)(Company Profile)
September 3, 2004... The private equity business in the Gulf is becoming a little less private and a little more business-like. Headline-grabbing deals such as the imminent initial public offering (IPO) of Aramex--a rare but significant public market exit from a...

Chasing the dream: opportunities in the banking sector are likely to remain limited until key legislative changes are made.(Iran)
September 3, 2004... With billions of dollars worth of private projects planned in the energy, petrochemicals, metals, telecommunications and power sectors, Iran should be a dream destination for investment bankers. Some institutions have found rich pickings, but...

Tenders.(Business Opportunities)
September 3, 2004... 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, 33-39...

Contracts: August.(Illustration)
September 3, 2004... More than $3,253 million worth of contracts were awarded in the Middle East in August, according to this selected checklist compiled from MEED reports. If you want details of your organisation to be included, please send information to the MEED...

Investors repack CASE after holiday: positive economic signals are luring investors back to Cairo.(Capital markets: Egypt)(Cairo & Alexandria Stock Exchanges)
September 3, 2004... Trading activity on the Cairo & Alexandria Stock Exchanges (CASE) rebounded in August after the familiar slowdown as the summer months approached, when total turnover dropped to E 1,639 million [pounds sterling] ($265 million) in June from an...

Databank.(Illustration)
September 3, 2004... DATABANK: ECONOMIC INDICATORS, 2002 ($ MILLION, UNLESS OTHERWISE STATED) GDP Population GDP GDP (million) per capita growth ...

The road to currency union is rarely smooth: a GCC central bank might be opened in less than two years, clearing the way for currency union in 2010. The economic case is strong. But what about the politics?(Arab Gulf Cooperation Council)
September 3, 2004... Robert Mundell, Nobel Prize winner for economics in 1999, is best known to a generation of bored undergraduates for his theory of optimal currency areas, which sets the criteria for establishing a common currency He laid the intellectual...

Open season.(Initial Public Offerings)
September 10, 2004... Gulf investors have returned refreshed from the summer break, with the flurry of recent initial public offerings in the GCC continuing unabated in the late summer months. In our Cover Story this week (pages 4-7), MEED reports on the seemingly...

On the record.(Seven Days)(quotes)(Brief Article)
September 10, 2004... "It is a certain fact that not all Muslims are terrorists, but it is equally certain, and exceptionally painful, that almost all terrorists are Muslims" Abdelrahman al-Rashid, managing director of Saudi satellite channel Al-Arabiyya

Looking back ...(Seven Days)
September 10, 2004... 11 September 1964 After 14 months' effort to settle a dispute between Egypt and Saudi Arabia over the future shape of Yemen, a UN mission admits defeat and withdraws from the country 8 September 1989 Syria comes under sustained...

Upturn in violence puts pressure on coalition; kidnapping and targeting of local security forces continue.(Iraq)
September 10, 2004... Peace is so far holding in the city of Najaf, following the ceasefire between supporters of Shia cleric Moqtada al-Sadr and the interim government, with negotiations ongoing over the details of the truce. However, as many members of Al-Sadr's...

Lahoud vote sparks storm over Syrian interference.(Lebanon)(Emile Lahoud)
September 10, 2004... A parliamentary vote amending Lebanon's constitution to allow President Lahoud to extend his term in office by three years has triggered a political storm over Syria's role in the country. Four ministers resigned in protest at Syrian...