MEED Middle East Economic Digest articles from September 2005

MEED Middle East Economic Digest archives from September 2005

Labour movements.(COMMENT)
September 2, 2005... A good sense of balance and an iron nerve are required to ride the crest of a wave, and companies are having to adapt quickly to make the most of the economic boom in the Gulf. As our fourth HSBC-MEED Middle East Business Confidence Survey...

On the record.(SEVEN DAYS)
September 2, 2005... "Qaddafi will realise the dreams of Africa" Banner at anniversary celebration of Libyan leader Muammar Qaddafi's 1969 coups

Looking back ...(SEVEN DAYS)
September 2, 2005... 3 September 1965 Egypt and the Soviet Union issue a joint communique denouncing the supply by West Germany of arms to Israel 31 August 1990 Thousands find themselves trapped in Kuwait as Iraqi occupying forces refuse to allow...

One thousand killed in Baghdad stampede: national mourning declared after Shia festival disaster.(IRAQ)
September 2, 2005... Baghdad declared three days of national mourning after a stampede during a Shia religious festival in the capital left more than 960 people dead. As many as 1 million pilgrims had converged on the Kadamiya mosque on 31 August to celebrate the...

Hariri probe moves ahead.(Rafiq Hariri)
September 2, 2005... The plodding UN probe into the assassination of former Lebanese prime minister Rafiq Hariri took a huge leap forward at the end of August. After nearly three months of interviews, house searches and collection of evidence by the inquiry led by...

Tehran talks about talks: 26 August.(NEWS DIGEST in MEED.com this week)(Brief Article)
September 2, 2005... Chief Iranian nuclear negotiator Ali Larijani meets International Atomic Energy Agency (IAEA) head Mohammed el-Baradei. Larijani says Tehran will come up with new proposals for nuclear talks with the EU. The meeting is their first and takes...

Bomber targets Israeli bus station: 28 August.(NEWS DIGEST in MEED.com this week)(Brief Article)
September 2, 2005... A suicide bomber injures at least 10 people at a bus station in Beersheba in southern Israel. The bombing is the most serious Palestinian militant attack in Israel since an Islamic Jihad suicide bomber killed himself and four others in the...

OPEC to consider production increase: 29 August.(NEWS DIGEST in MEED.com this week)(Brief Article)
September 2, 2005... OPEC members will discuss raising oil production when they meet in mid-September, the cartel's spokesman Abdulrahman al-Kheraigi says. "Increasing the [production] ceiling has not been ruled out, but no decision has been made," he says.

Al-Aqsa Martyrs Brigade will not disarm: 31 August.(NEWS DIGEST in Meed.com this week)(Brief Article)
September 2, 2005... Al-Aqsa Martyrs Brigade says it will not disarm following a Palestinian Interior Ministry announcement that it will not allow any armed groups in Gaza. "We will continue to brandish our weapons in the face of the occupation as Gaza is only the...

PA assets frozen in US.(NEWS DIGEST in MEED.com this week)(Palestinian Authority)(Brief Article)
September 2, 2005... The federal court in Rhode Island freezes all the US assets of the Palestinian Authority (PA). The court makes its ruling after the PA fails to compensate the family of a Jewish couple murdered by Hamas in 1996. Hasan Abdel Rahman, the PA's...

Egyptian troops get the OK for Gaza border deployment.(NEWS DIGEST in MEED.com this week)(Brief Article)
September 2, 2005... The Israeli parliament approves the deployment of Egyptian troops along Gaza's border with Egypt. "The agreement commits Egypt to combating arms smuggling and terrorist infiltration and opens the way to future security co-operation between our...

Crowds flock to Qaddafi celebrations.(NEWS DIGEST in MEED.com this week)(Muammar Qaddafi)(Brief Article)
September 2, 2005... People from across Libya gather in Tripoli to mark Libyan Leader Muammar Qaddafi's 36 years in government. About 1 million Libyans are estimated to have travelled to the city to take part in state-organised celebrations marking the 1 September...

Tel Aviv to move border terminal: 1 September.(NEWS DIGEST in MEED.com this week)(Brief Article)
September 2, 2005... Tel Aviv confirms plans to build a new border terminal at Kerem Shalom on its joint frontier with Gaza and Egypt. The relocation of the border post from Rafah will ensure Tel Aviv retains control of the movement of goods in and out of Gaza.

Labour pains: Middle East business leaders remain confident in the performance of the oil-driven economies of the Gulf. But as the fourth HSBC-MEED Middle East Business Confidence Survey reveals, labour shortages and price inflation are making themselves felt.(BUSINESS CONFIDENCE SURVEY)(Cover Story)
September 2, 2005... In a country where midday temperatures often exceed 50[degrees]C, the decision to give open-air labourers a long lunch break was long overdue. It is unfortunate, in the case of the UAE, that it had to be enforced by government...

The north-south divide: the controversy surrounding the award of a large oil concession in southern Sudan is putting the fragile peace in the country to the test.(BRIEFING: SUDAN)
September 2, 2005... Investors on the London Stock Exchange (LSE) have been gripped recently by the precipitous ups and downs of shares in the new petroleum investment company White Nile, set up by former England cricketer Phil Edmonds. Behind the share price...

YLNG gets the go-ahead: two main EPC awards now imminent.(Yemen LNG, engineering, procurement and construction)
September 2, 2005... The final investment decision (FID) has been taken by the shareholders on the Yemen LNG (YLNG) project, following government approval for the estimated $3,100 million scheme, bringing to an end almost a decade of deliberations on the liquefied...

Aramco plans twin export refineries.(Saudi Arabian Oil Co.)
September 2, 2005... Plans have emerged for the construction of a second in-kingdom grassroots export refinery to be built by Saudi Aramco and international oil companies (IOCs). With a nameplate capacity of 400,000-420,000 barrels a day (b/d), a possible site for...

HHI picked for Ahmadi crude export facility.(Hyundai Heavy Industries Company Ltd.)
September 2, 2005... Kuwait Oil Company (KOC) has awarded a KD 361 million ($1,244 million) contract to South Korea's Hyundai Heavy Industries (HHI) to build new crude export facilities at Ahmadi. The award came after KOC's parent, Kuwait Petroleum Corporation,...

MEED conferences: premier networking events.(Brief Article)(Calendar)
September 2, 2005... 3rd Middle East Capital Markets 20-21 September 2005, Dubai www.meed.com/capitalmarkets 2nd Middle East Rail Projects 27-28 September 2005, Dubai www.meed.com/rail Port of Sohar, Oman: Anchoring success 15-16...

Foster Wheeler gets RGD Lol.(Foster Wheeler Italiana S.p.A., refinery gas desulphurisation, letter of intent )(Brief Article)
September 2, 2005... Foster Wheeler Italiana has been issued with a letter of intent (Lol) for the engineering, procurement and construction (EPC) contract on the refinery gas desulphurisation (RGD) project, part of the refinery upgrade being carried out by Bahrain...

PCO cancels KBR oil contract.(Iraq Project and Contracting Office, Kellogg, Brown & Root)(Brief Article)
September 2, 2005... The Project & Contracting Office (PCO) has cancelled the US' Kellogg Brown & Root's (KBR) 24-month indefinite delivery/indefinite quantity (ID/IQ) contract to repair and upgrade oil infrastructure in the country's 60 southern oil fields. The...

Award nears for Mina al-Ahmadi oil pier work.(KUWAIT)(Brief Article)
September 2, 2005... South Korea's Hyundai Engineering & Construction Company has been selected for the award of the contract to expand the existing oil pier at Mina al-Ahmadi. Estimated to be worth KD 40 million ($140 million), the engineering, procurement and...

KNPC begins the ARDS yards.(Kuwait National Petroleum Company KSC, atmospheric residue desulphurisation)(Brief Article)
September 2, 2005... Kuwait National Petroleum Company (KNPC) has begun the procurement of long-lead items for its planned new refinery at Al-Zour, with the issue of a tender for the supply of compressors for the atmospheric residue desulphurisation (ARDS) unit....

Novus plans unmanned platform at West Bukha.(Novus Oman)(Brief Article)
September 2, 2005... Bids were submitted in late August to Novus Oman, part of Novus Petroleum of Australia, for a contract to carry out front-end engineering and design (FEED) and detailed engineering for the fabrication of an unmanned wellhead platform at the...

Petronas invests in Port Sudan refinery.(Petroliam Nasional Bhd.)(Brief Article)
September 2, 2005... Malaysia's Petronas has signed an agreement with the Energy & Mining Ministry to develop jointly a new refinery at Port Sudan. India's ONGC Videsh was earlier offered the opportunity by Khartoum to develop the facility. (MEED 11:2:05). ...

Katrina and the waves cause market havoc.(OIL PRICES)(Brief Article)
September 2, 2005... Oil prices jumped in the final week of August, as Hurricane Katrina devastated oil facilities in the Gulf of Mexico. Pledges by OPEC to raise supply and the release of supplies from the US' Strategic Petroleum Reserve had minimal impact, Spot...

Sixty-six prequalify for licences.(LIBYA)(Brief Article)
September 2, 2005... National Oil Corporation (NOC) has prequalified 66 international oil companies (IOCs) for its second oil and gas exploration licensing round since the lifting of international trade sanctions in mid-2004. About 97 IOCs expressed interest in the...

SPC joins forces with EWOS.(East and West Oilfield Services, Syrian Petroleum Co.)(Brief Article)
September 2, 2005... Sharjah-based East & West Oilfield Services (EWOS) on 31 August received a licence from the Petroleum & Mineral Resources Ministry to set up a new joint venture company to pursue oil field services contracts. Called Orient Oilfield Service...

Tender due for green diesel FEED.(Abu Dhabi Oil Refining Co., front-end engineering and design )(Brief Article)
September 2, 2005... Abu Dhabi Oil Refining Company (Takreer) is due to issue a tender by early October for the front-end engineering and design (FEED) package for the sulphur-free gas-oil (SFGO) project at Ruwais. Companies interested in bidding for the 12-month...

Four in for Gasco FEED.(front-end engineering and design, WorleyParsons)(Brief Article)
September 2, 2005... Abu Dhabi Gas Industries Company (Gasco) has invited four companies--Tebodin Middle East, part of Tebodin of the Netherlands. the US/Canadian VECO. Australia's WorleyParsons and Paris-based Technip--to submit commercial bids by 6 September for...

EIL takes on tanks.(Engineers India Ltd.)(Brief Article)
September 2, 2005... Engineers India (ELL) has been formally selected as project manager on the scheme to build two 1 million-barrel crude oil storage tanks at Jebel Dhanna in Abu Dhabi emirate. The engineering, procurement and construction (EPC) contract, for...

Fuel prices hiked.(UAE)(Brief Article)
September 2, 2005... Petroleum retailers announced on 30 August a 30 per cent rise in the price of petrol and diesel across the federation, following approval by the government. The price of petrol rose to AED 6.25 ($1.70) a gallon from AED 4.75 ($1.29) a gallon...

Foster Wheeler takes Sharq utilities work: award worth $150m covers Sharq's phase 3 PE expansion.(Foster Wheeler USA Corp., Eastern Petrochemical Co.)(Brief Article)
September 2, 2005... Jubail-based Eastern Petrochemical Company (Sharq) announced on 28 August the issue of a letter of intent (LoI) to US-based Foster Wheeler to carry out the offsites and utilities package on the third phase expansion of its planned polyethylene...

Prices sought for Qatofin LLDPE.(linear low-density polyethylene )(Brief Article)
September 2, 2005... Commercial bids are due to be submitted on 11 September to the local/French Qatofin for the engineering, procurement and construction (EPC) contract covering its planned 450,000-tonne-a-year (t/y) linear low-density polyethylene (LLDPE) plant...

Mustang studies CFC units for Petrokemya.(Mustang Engineering Inc., chlorofluorocarbon, Arabian Petrochemical Co.)(Brief Article)
September 2, 2005... US-based Mustang Engineering is due to complete by late September a concept study covering the replacement of chlorofluorocarbon (CFC) units at the refrigeration facilities serving the vinyl chlorine monomer (VCM) process plant of Jubail-based...

Tender due for aromatics FEED.(UAE)(front-end engineering and design )(Brief Article)
September 2, 2005... Abu Dhabi Oil Refining Company (Takreer) is due to issue a tender by early November for a contract to carry out the front-end engineering and design (FEED) package on its planned world-scale aromatics complex at Ruwais. Companies interested in...

Saudi Binladin rebuilds Jamarat bridge in Mina: vital revamp for key Hajj facility now under way.(Municipal & Rural Affairs Ministry)(Brief Article)
September 2, 2005... Saudi Binladin Group (SBG) has started work on the Jamarat bridge facilities expansion project in Mina, following the long-awaited award of the contract. Estimated to be worth at least SR 4,000 million ($1,067 million), the expansion is aimed...

Sultanate's tourism projects take shape.(Al-Sawadi Investment & Tourism Company, Alfa International)(Brief Article)
September 2, 2005... The estimated $15,000 million Blue City project, located about 100 kilometres northwest of Muscat along the Al-Sawadi seafront, is moving forward, with consultants appointed and prequalification of contractors completed for the first-phase...

Alamara moves ahead with boutique hotel.(Alamara Projects )(Brief Article)
September 2, 2005... Local investment group Alamara Projects is pressing ahead with plans to build a boutique hotel catering to business travellers in the centre of Kuwait City, Located in Khaleej street, the scope of works entails construction of an 18-storey,...

Deyaar twin towers take shape.(Deyaar Development)(Brief Article)
September 2, 2005... The US' Michael Graves & Associates has been appointed as architect for a $125 million, 30-storey twin tower project, near the Phoenicia Intercontinental Hotel in the Beirut Central District. The twin towers will house residential apartments,...

Karagulla builds student centre.(Karagulla Engineering & Contracting Company)(Brief Article)
September 2, 2005... The local Karagulla Engineering & Contracting Company has started work on a contract to build the Charles Hostler Student Centre at the American University of Beirut. The project involves the construction of a basketball hall. a swimming pool,...

Boskalis bids low for sports club dredging.(Royal Boskalis Westminster N.V.)(Brief Article)
September 2, 2005... Royal Boskalis Westminster of the Netherlands and the US' Great Lakes Dredge & Docks are the only two bidders for the contract to carry out dredging and reclamation work for the Al-Najma model sports club development. Boskalis offered three...

Road bids in.(Muscat Municipality)(Brief Article)
September 2, 2005... Bids were submitted on 29 August for the 24-month contract to widen the existing road and build new sections of highway between Al-Amerat and Quriyat. It is unclear which of the prequalified companies submitted bids, but a number of those on...

Emiri terminal goes for bid.(New Doha International Airport)(Brief Article)
September 2, 2005... Bids are due to be submitted by 13 November for the Emiri terminal package on the New Doha International Airport (NDIA) expansion project. Twenty-two local and international companies applied for prequalification for the estimated $100 million...

DFC unveils hilly plans.(UAE)(Dubai Festival City, Abdullah al-Futtaim Group )(Brief Article)
September 2, 2005... The local Abdullah al-Futtaim Group (AFG) has unveiled its latest project in the Dubai Festival City (DFC) development. The developer is negotiating directly with contractors for the estimated $380 million Hillside Community scheme. The project...

Bids in for WTC redevelopment.(World Trade Centre)(Brief Article)
September 2, 2005... At least two contractors submitted bids on 24 August for the superstructure package on the Dubai World Trade Centre (WTC) residence project. The bidders include Al-Basti & Mukhta (ABM) and Dubai Contracting Company (DCC), both local. The...

Eight line up for Al-Raha.(ALDAR Properties)(Brief Article)
September 2, 2005... Abu Dhabi-based ALDAR Properties has invited eight local and international companies to submit technical and commercial bids by 21 September for the dregding and reclamation package on the Al-Raha beach development project in the emirate. They...

Tiger prowls in Damascus.(Tiger Real Estate)(Brief Article)
September 2, 2005... Tiger Real Estate, a subsidiary of Sharjah-based Tiger Contracting, is gearing up to invest $545 million in five projects across the capital, after receiving provisional approval from the Syrian Investment Office (SIO). The first project will...

Mouchel runs DMC project.(Mouchel Consulting, Dubai Maritime City)(Brief Article)
September 2, 2005... The UK's Mouchel Parkman has been selected to provide consultancy services for all infrastructure works on the Dubai Maritime City (DMC) project--a major mixed-use offshore facility to serve the region's maritime industry, Located at a site...

Awards made for JAFZA expansion.(Ghantout Transporting & General Contracting, Jebel Ali Free Zone Authority)(Brief Article)
September 2, 2005... Jebel Ali Free Zone Authority (JAFZA) has awarded two local companies contracts for the earthworks and road infrastructure package on the expansion of the southern sector of Jebel Ali Free Zone. The area encompasses part of the proposed Jebel...

Golf Towers phase 3 out.(UAE)(Brief Article)
September 2, 2005... Dubai-based Emaar Properties has invited contractors to bid by 13 September for the contract to build the third phase of the Golf Towers complex within the Views development. Phase 3 calls for the construction of three towers of 30, 35 and 40...

More work out for Al-Quoz development.(Associated Construction & Investment Company, Dubai Properties )(Brief Article)
September 2, 2005... Bids are due by 14 September for the infrastructure package on the Al-Quoz land development programme. The scope of works includes the construction of internal reads, telecommunications infrastructure, potable water, sanitary and drainage...

Bid extension for Industrial City.(Higher Corporation for Specialised Economic Zones, Abu Dhabi Industrial City)(Brief Article)
September 2, 2005... The Higher Corporation for Specialised Economic Zones (HCSEZ) has extended the bid deadline to 18 September for the estimated $110 million infrastructure works contract on the phase 1 extension of Abu Dhabi Industrial City. Singapore-based...

Dar al-Handasah takes Hurghada airport job.(Dar Al Handasah Consultants)
September 2, 2005... Beirut-based Dar al-Handasah (Shair & Partners) has been awarded the design contract on the new terminal and runway project planned at Hurghada airport. The project is one of several being pursued by the Civil Aviation Ministry under a $235...

DM eyes overhaul of Al-Sufouh: increasing traffic necessitates new plan.(Dubai Municipality)
September 2, 2005... Dubai Municipality (DM) has unveiled plans for a comprehensive transport system for the Al-Sufouh district of Dubai. The move is seen as a pre-emptive measure to avoid transport mayhem in what will be one of Dubai's most congested areas. The...

Deadline extended for KHIA, logistics park.(King Hussain International Airport )(Brief Article)
September 2, 2005... Bids are due by 11 September from prequalified companies and consortia for the 10-year contract to equip and operate the existing cargo terminal at King Hussain International Airport (KHIA) in the Aqaba Special Economic Zone (ASEZ). Submissions...

ATG moves ahead with steel plans: Saudis plan major Sharjah complex.(UAE)(Al-Tuwairqi Group)
September 2, 2005... Saudi Arabia's Al-Tuwairqi Group (ATG) is planning to invest more than $800 million on various new steel units throughout the federation. The largest project will be a steel complex in Sharjah's Hamriyah Free Zone. The plant is due to be...

ADIC revamps steel plant plans.(Abu Dhabi Investment Co.)(Brief Article)
September 2, 2005... Abu Dhabi Investment Company (ADIC) is evaluating revised commercial bids for the engineering, procurement and construction (EPC) contract to build a grassroots steel plant in the federation. The move follows a decision to change the proposed...

Federation's cement plans move ahead.(Tawiyeen Cement Plant Company, Star Cement, Pioneer Cement Industries)(Brief Article)
September 2, 2005... Plans to increase capacity in the local cement sector are moving ahead rapidly Capacity is set to increase by 3 million-4 million tonnes a year (t/y) by 2007 from the current 11 million t/y (MEED 24:6:05). China's Sinoma is in final...

IFC plots Bazyan cement plants.(International Financial Corp.)
September 2, 2005... The International Finance Corporation (IFC), the private sector lending arm of the World Bank, has started work on an environmental review of the first proposed private sector-operated cement plant in Iraq. The review, which will be followed by...

Dutch plan industrial zone upgrade.(JORDAN)(Royal Haskoning)(Aqaba Special Economic Zone)(Brief Article)
September 2, 2005... Royal Haskoning of the Netherlands is preparing a masterplan for the southern industrial zone in the Aqaba Special Economic Zone (ASEZ). The plans entail the expansion of the existing industrial port with a multi-purpose jetty and terminal as...

Empower cools Business Bay.(UAE)(Emirates Central Cooling Systems Corporation)(Dubai Properties)(Brief Article)
September 2, 2005... The local Emirates Central Cooling Systems Corporation (Empower), a subsidiary of Dubai Holding, has signed a 25-year agreement with its sister company Dubai Properties to supply district cooling to the Business Bay development. Empower will...

Plans rev up for Hamriyah IPP: crescent to supply feedstock for plant.(UAE)(independent power project)(Brief Article)
September 2, 2005... Plans for the construction of Sharjah's first independent power project (IPP) are gathering pace after the selection of a developer for the proposed grassroots plant. To be located in the Hamriyah Free Zone, the project aims to supply the...

PCO tenders more power work.(IRAQ)(United States. Department of Defense. Iraq Project and Contracting Office)(Brief Article)
September 2, 2005... The Project & Contracting Office (PCO) has issued three solicitation notices for power projects throughout the country, valued in total at about $30 million. Proposals are due by 8 September to carry out the engineering, procurement, supply,...

More time for DSC sewage plant.(UAE)(Dubai Sports City)(Brief Article)
September 2, 2005... Six companies have now been given until 26 September to submit bids for the engineering, procurement and construction (EPC) contract on a 25.000-cubic-metre-a-day (cm/d) sewage treatment plant (STP) at Dubai Sports City (DSC) using a membrane...

Long-awaited Gaza water carrier gets going.(GAZA/WEST BANK)(Brief Article)
September 2, 2005... US-based Morganti is understood to be preparing to start construction of the long-suspended Gaza regional water carrier by the end of 2005. The US' Metcalf & Eddy is the construction management consultant on the project and US-based Montgomery...

Kureimat II tender out soon.(EGYPT)(Egyptian Electricity Holding Co.)(Brief Article)
September 2, 2005... Egyptian Electricity Holding Company (EEHC) has issued a general procurement notice for the second combined-cycle power project at Kureimat, 90 kilometres south of Cairo. The 750-MW Kureimat II station will comprise two 250-MW gas turbines and...

Consultants sought for Alex growth pole project.(EGYPT)(Alexandria, Egypt (Governorate))(Brief Article)
September 2, 2005... Alexandria governorate has invited expressions of interest (Eols) for two consultancy contracts being tendered under the Alexandria growth pole project. The World Bank-financed scheme aims at supporting local authorities within the framework of...

Six make list for North Gaza plant.(GAZA/WEST BANK)(water treatment plants)
September 2, 2005... The Palestinian Water Authority has shortlisted six companies for the consultancy contract on the $34 million north Gaza wastewater treatment plant. Requests for proposals have been invited by 13 September from Dorsch Consult and Fichtner, both...

West Bank well bids due.(GAZA/WEST BANK)(contracts for construction of pumping stations)(Brief Article)
September 2, 2005... Bids are due on 15 September for the contract to equip the East Herodian well number 2 between Bethlehem and Hebron. Works include the construction of a pumping station for the existing 1.7 million-cubic-metre well and the installation of a...

Bemco scoops SEC air cooling jobs.(SAUDI ARABIA)(Saudi Electricity Company)(Arabian Bemco Contracting )(Brief Article)
September 2, 2005... The local Arabian Bemco Contracting has been awarded the SR 125 million ($33 million) contract to install inlet air cooling systems at two power plants for Saudi Electricity Company (SEC). Under the engineering, procurement and construction...

Budget approved for six desal projects.(SAUDI ARABIA)(desalination plants)(Brief Article)
September 2, 2005... King Abdullah has approved a budget of SR 820 million ($219 million) for the construction of six desalination plants in the western region for Saline Water Conversion Corporation (SWCC), the official Saudi Press Agency said on 30 August. The...

Third GSM licence to hit market in September: low penetration means good potential.(EGYPT)(global system for mobile communications)(Brief Article)
September 2, 2005... The National Telecommunications Regulatory Authority (NTRA) is gearing up to release request for qualification (RFQ) documents in September for the country's much-anticipated third GSM licence. International operators, in particular...

Prequals invited for Tunisie Telecom stake.(TUNISIA)(Brief Article)
September 2, 2005... Expressions of interest have been invited by 20 September from companies interested in bidding for a stake in state-owned operator Tunisie Telecom. On offer is a 35 per cent stake. Banque d'Affaires de Tunisie is advising the government on the...

US releases direct aid to PA.(GAZA/WEST BANK)(Brief Article)
September 2, 2005... Washington and the Palestinian Authority (PA) have agreed the transfer of $50 million in direct US aid to fund projects in Gaza. The money will finance the construction of new housing, roads, water infrastructure and education and health...

UK looks to train Iraqi doctors.(IRAQ)(Brief Article)
September 2, 2005... The UK's Department of Health has invited specialised organisations or consortia to submit bids by 7 October to provide clinical training and development for Iraqi doctors. Based in the UK, the estimated $10 million programme is the next phase...

Regulator cracks down on DIB scam: Saudi investors caught out.(UAE)(Dubai Islamic Bank)(Brief Article)
September 2, 2005... The Securities & Commodities Authority (SCA) cancelled all trades in the shares of Dubai Islamic Bank (DIB) on 28 August, after a large-scale attempt to manipulate the market by two Saudi investors. The regulator won approval from observers for...

Two bid for bank sale advisory.(ALGERIA)(Brief Article)
September 2, 2005... Banks have been given until early September to bid for the advisory mandate on the sale of the government's stake in Credit Populaire d'Algerie (CPA). A two-week extension was granted after only two banks--Rothschild and Lazard --submitted bids...

ELNG train 2 financing drawn down.(EGYPT)(Egyptian LNG)(Brief Article)
September 2, 2005... Financial close has been achieved and first drawdown been made on the $880 million financing package for the second train on the Egyptian LNG (ELNG) project at Idku. The deal involved two debt facilities and two loans. The $180 million local...

EFIC eyes strategic investors.(EGYPT)(Egyptian Financial & Industrial Company)(Brief Article)
September 2, 2005... Metallurgical Industries Holding Company has announced plans to sell a 36.2 per cent stake or 4.7 million of the public sector's shares in Egyptian Financial & Industrial Company (EFIC) to a strategic investor, Companies have been given the...

Kuwaitis take stake in Palestinian bank.(GAZA/WEST BANK)(Global Investment House acquires stake in Al-Quds Bank for Development and Investment)(Brief Article)
September 2, 2005... Global Investment House (GIH) has bought a 5 per cent stake in Al-Quds Development & Investment Bank (ADIB). GIH bought 1 million shares at a nominal rate of $1 a share. The Palestinian bank's share price surged by 15 per cent at the end of...

Philadelphia takeover complete.(JORDAN)(Jordan National Bank merges with Philadelphia Investment Bank)(Brief Article)
September 2, 2005... The merger between Jordan National Bank (JNB) and Philadelphia Investment Bank has been completed, and JNB shares were relisted on 24 August. The conversion ratio was one JNB share to 500 Philadelphia shares, creating a merged entity with...

AMOC part-privatisation goes first in energy sell-off.(EGYPT)(Alexandria Mineral Oils Co.)
September 2, 2005... The initial public offering (IPO) of shares in Alexandria Mineral Oils Company (AMOC) is due to begin on 13 September, the company announced on 30 August. The mineral oils and paraffin waxes producer is the first of several part-privatisations...

PWC stages rights issue.(KUWAIT)(PWC Logistics )(Brief Article)
September 2, 2005... The local PWC Logistics has launched a KD 160 million ($551,7 million) rights issue. Subscription closes on 7 September to the 71 million new shares, priced at KD 2.25 ($7.76) each. National Bank of Kuwait is the sole selling agent. PWC will...