MEED Middle East Economic Digest articles from September 2008

MEED Middle East Economic Digest archives from September 2008

Iraq approves $3bn oil deal with China.(Project news on MEED.com)(Brief article)
September 5, 2008... [ILLUSTRATION OMITTED] Iraq's cabinet has approved a renegotiated agreement with China for the development of the Al-Ahdab oil field in the province of Wasit. It is the first field contract to be approved by Baghdad since the end of the...

Bids in for Dubai Techno Park infrastructure contract.(Project news on MEED.com)
September 5, 2008... Bids have been submitted to the Jebel Ali Free Zone Authority for a $545m infrastructure package at Dubai Techno Park, close to Jebel Ali airport.

Iran prepares Lavan gas masterplan.(Project news on MEED.com)(Brief article)
September 5, 2008... Iran Offshore Oil Company expects to issue a masterplan for its Lavan gas field by October, with an award for its development due by March 2009.

Local firm wins Jeddah second ringroad package.(Project news on MEED.com)
September 5, 2008... The local Shibh al-Jazira Contracting has won $70m contract to build a 15km stretch of the Jeddah ringroad.

Riyadh issues tender for Hail university building.(Project news on MEED.com)
September 5, 2008... A tender has been issued for a new faculty of medicine building at the University of Hall in Saudi Arabia.

Arabian Construction wins Pearl-Qatar contract.(Project news on MEED.com)
September 5, 2008... Lebanon's Arabian Construction Company has won a $155m contract to build residential buildings on the Pearl-Qatar development.

Bids in for Oman water consultancy contract.(Project news on MEED.com)
September 5, 2008... Six companies have submitted bids for a contract for consultancy services to Oman's Public Authority for Electricity & Water.

Online poll result.
September 5, 2008... Can production-sharing deals entice oil majors back to Iran Yes 53% No 47% www.meed.com

The Middle East Steel report 2008.(INSIGHT)(Brief article)
September 5, 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...

Events.(Calendar)
September 5, 2008... Middle East Rail Projects 2008 14-16 October Park Hyatt Hotel, Dubai, UAE www.meed.com/events/rail The Middle East rail sector offers some of the most exciting business opportunities in the world. More than 7,500 kilometres of rail...

Gulf projects.(MEED PROJECTS)(Statistical table)(Brief article)
September 5, 2008... GULF PROJECTS ($m) % % change change 01 Sep 26 Aug on 01 Sep on ...

Riyadh should welcome delays.(ENERGY)
September 5, 2008... Riyadh may take heart from the fact its new production is not all coming on line while prices are below $110 Any further price drop and Saudi Arabia may regret chasing capacity [ILLUSTRATION OMITTED] With oil prices dropping by...

Foreigners can raise standards; hurdles to foreign investment need to be removed if the region's improving standards are to reach international stock market norms.(COMPANIES & MARKETS)(Brief article)
September 5, 2008... Saudi Arabia may have the largest stock market and Dubai the highest international profile, but Qatar could soon be the best regulated financial centre in the Gulf. In the autumn, Doha is expected to approve a law to create a single...

Code is no threat to Gulf funds; GCC funds have little to fear from a new code; it is Chinese and Russian funds that are in the West's sights.(FINANCE)(Brief article)
September 5, 2008... Given the secrecy of so many of the world's sovereign wealth hinds, it is appropriate that the details of the new International Monetary Fund (IMF) sponsored code of conduct for them remain under wraps until it has been approved. But when they...

Region needs better rail links; the Gulf and North Africa are both investing in high-speed rail links to provide an alternative to air travel.(TRANSPORT)(Brief article)
September 5, 2008... [ILLUSTRATION OMITTED] Travellers in the Middle East do not have many options when it comas to moving around the region. Journeys between cities, separated as they are by vast expanses of desert, are almost always made by air. When...

Gaddafi's victory has cost little; the US deal officially ends Gaddafi's tenure as a political outcast and confirms the legitimacy of his regime.(LIBYA)(Muammar Gaddafi)(Brief article)
September 5, 2008... Libyan leader Muammar Gaddafi is no doubt feeling victorious--and understandably so. In the week of the 39th anniversary of the revolution, he concluded two chapters in the history of his country's troubled relations with the West. A...

Aramco delays Khursaniyah output rise; problems at associated gas plant stall plans for field to start full production of 500,000 barrels a day.(ENERGY: SAUDI ARABIA)(Saudi Arabian Oil Co.)
September 5, 2008... Saudi Aramco has again postponed the start of full production at its 500,000-barrel-a-day (b/d) Khursaniyah oil field because of ongoing delays to the construction of an associated gas plant. It is the largest production increase to be...

Doha suspends Ras Laffan petrochemicals expansion; plans for common cooling system shelved because of a lack of interest in plots.(PETROCHEMICALS: QATAR)
September 5, 2008... Contractors are expressing doubts over plans to expand the multibillion-dollar petrochemicals complex at Ras Laffan Industrial City after the client, Qatar Petroleum (QP), told them it was temporarily suspending work on a key project. QP...

Ahli United to agree $800m debt facility.(BANKING & FINANCE: BAHRAIN)(Brief article)
September 5, 2008... Ahli United Bank was scheduled to agree a new $800m syndicated loan on 5 September in a bid to beat the deteriorating global finance market and improve its funding position. The deal is a refinancing of an existing $1.2bn debt that was due...

Qatar Islamic to list foreign subsidiaries: bank to float firms on local exchanges as part of plans to develop international Islamic banking hubs.(BANKING & FINANCE: QATAR)(Qatar Islamic Bank )
September 5, 2008... Qatar Islamic Bank (QIB) is planning to list its growing network of international subsidiaries on their local stock exchanges, as part of a strategy to encourage the development of Islamic banking hubs around the world. Salah Jaidah, chief...

Landbridge on schedule despite reports of severe delays.(TRANSPORT: SAUDI ARABIA)(Brief article)
September 5, 2008... Talks over developing the Sandi Landbridge scheme are on track, a source close to the project tells MEED, despite reports of a breakdown in communications between Riyadh and the preferred bidder. Recent media reports have suggested that the...

Three firms pull ahead in bid for $2.7bn Arabian Canal deal; Australian, Iranian and local companies vie to win first-phase excavation work.(CONSTRUCTION: UAE)
September 5, 2008... Three companies are emerging as front runners to in the contract for the first phase of excavation work on the 80-kilometre-long Arabian Canal in Dubai, planned by local developer Limitless. Sources close to the project tell MEED that the...

Masdar delays deadline for Shams 1 plant.(POWER: UAE)(Abu Dhabi Future Energy Company )(Brief article)
September 5, 2008... Abu Dhabi Future Energy Company (Masdar) is extending the deadline for bids for the largest solar power plant in the world by a month to 30 September. Bids for the Shams I project were originally due to be submitted on 31 August, but the...

Adco wins approval to split Sas work; full-field development at Sahil, Asab and Shah to be awarded in two more manageable packages.(ENERGY: UAE)(Abu Dhabi Company for Onshore Oil Operations)
September 5, 2008... Abu Dhabi's Supreme Petroleum Council is allowing the $4.5bn Sahil, Asab and Shah (Sas) full-field development to be awarded in two separate packages. Sources close to the project tell MEED that the client, Abu Dhabi Company for Onshore...

Gaz de France invites bids for Touat gas-processing plant.(ENERGY: ALGERIA)(Brief article)
September 5, 2008... Gaz de France (GDF) is pressing ahead with the commercial development of its Touat concession in southern Algeria by inviting companies to bid for the contract to build gas-processing facilities at the field. International companies need...

DP World invites firms to bid for Jebel Ali port expansion; work to create an offshore island to boost capacity will start by the end of 2008.(TRANSPORT: UAE)(Jebel Ali port)(Dubai Ports World)
September 5, 2008... DP World is inviting at least six companies to bid by 25 September for dredging and civil engineering works on a fresh expansion scheme at Jebel Ali port in Dubai. The Dubai-based port operator is preparing to start construction work by...

Three groups vie for $1.5bn Hassyan deal.(POWER: UAE)(Brief article)
September 5, 2008... Dubai Electricity & Water Authority (Dewa) has received bids from three groups for the $1.5bn contract to build the Hassyan seawater cooling system. The bidders are Geneva-registered Archirodon Construction Services, China Harbour...

Riyadh to award border fence work at third of original price; bids resubmitted in August following a scaling back in the project's scope.(CONSTRUCTION: SAUDI ARABIA)
September 5, 2008... Riyadh could award the second phase of the kingdom's border fence contract at less than one-third of the original highest bid, sources close to the deal tell MEED. Three groups are competing for the Interior Ministry contract that is due...

CBI Lummus wins lbn Rushd deal.(PETROCHEMICALS: SAUDI ARABIA)(Brief article)
September 5, 2008... The US' CBI Lummus has won the technology licensing contract for the world's largest propane dehydogenation (PDH) plant, at the Arabian Industrial Fibres Company (Ibn Rushd) complex at Yanbu. CBI will supply its proprietary PDH technology...

IMF draws criticism over code for sovereign wealth funds; guidelines offer no explanation of how conduct will be policed, say observers.(BANKING & FINANCE: REGIONAL)(International Monetary Fund)
September 5, 2008... The International Monetary Fund (IMF) is facing criticism over new guidelines governing the conduct of sovereign wealth funds, with industry observers claiming it fails to outline how the new rules will be policed. The voluntary code of...

Muscat invites bids for Sohar styrene plant.(PETROCHEMICALS: OMAN)(Brief article)
September 5, 2008... State-owned Oman Refineries & Petrochemicals Company (ORPC) is planning a new ethylbenzene/ styrene monomer (EBSM) plant at its Sohar refinery. The $200m facility will have a capacity of 220,000 tonnes a year. It will be fed with ethylene...

State firms fall behind on governance; survey reveals better performance from Egypt's largest listed companies in 12 out of 16 categories.(COMPANIES & MARKETS: EGYPT)(Survey)
September 5, 2008... Egypt's state-owned firms are falling behind the country's largest listed companies in implementing corporate governance standards, according to a survey by the Egyptian Institute of Directors (EIOD). The EIOD surveyed board directors and...

Nakheel seeks acquisitions in falling global property markets.(CONSTRUCTION: UAE)
September 5, 2008... Dubai-based developer Nakheel plans to capitalise on the global downturn in property markets by acquiring further real estate assets overseas. Real estate markets in North America and Europe have performed poorly over the past year, with...

Tripoli begins abolition of ministries; state-owned utilities companies have been set up to manage Libya's power, water and gas sectors.(ECONOMY: LIBYA)
September 5, 2008... Contractors in Libya have begun working directly with a new network of state-owned utility firms, in the first sign that plans to disband many of the existing government ministries are taking effect. Libyan leader Muammar Gaddafi announced...

Al-Rihab selects Alec to build 99-storey tower in Dubai.(CONSTRUCTION: UAE)(Brief article)
September 5, 2008... The local Alec has been selected for the AED1.8bn ($490m) contract to build a 99-storey tower at Dubai International Financial Centre, the highest yet of a series of new towers planned for the area. The mixed-use tower will include offices,...

Gulf overhauls financial rulebook; countries in the region are reforming their regulatory regimes in a bid to attract multinational firms.(FINANCE)
September 5, 2008... There is no such thing as a financial services regulator with a perfect track record. But governments across the region are making a concerted effort to improve the patchy records of their financial watchdogs by reducing the number of financial...

Dar al-Handasah (Shair & Partners): the Lebanese firm is pursuing international expansion while maintaining its core business in the Gulf.(CONSTRUCTION)(Dar Al Handasah Consultants)(Company overview)
September 5, 2008... COMPANY SNAPSHOT Date established 1956 Main business sectors Engineering and construction consulting Headquarters Beirut Main business region Middle East and Africa Chairman/president Kamal Shair Dar al-Handasah...

Developers raise tariffs as costs soar: rising engineering, procurement and construction costs are forcing power project bidders to up their prices.(POWER & WATER)
September 5, 2008... UAE Since May this year, four major independent water and power projects (IWPPs)--in Abu Dhabi, Bahrain, Oman and Saudi Arabia--have received bids from international developers. With the exception of the Salalah IWPP in Oman, where the...

Tripoli to herald Rice visit as victory; as compensation claims for past terrorist attacks near settlement, the US Secretary of State's trip to Libya marks a warming of relations.(LIBYA)
September 5, 2008... On 4 September, US Secretary of State Condoleezza Rice began her latest tour of North African states, which for the first time includes Libya. She will be the highest-ranking US official to visit Tripoli since 1953, when one of her...

Special report: construction.(Brief article)
September 5, 2008... [ILLUSTRATION OMITTED] It is ironic that the transport sector is one of the main beneficiaries of high oil prices. Buoyed by massive fiscal surpluses, the region's governments are now able to invest heavily in infrastructure, and...

Building links across the region: trade between Gulf states is set to improve as the difficulties of crossing the region's vast open spaces are resolved with a series of major road, rail and airport projects.(TRANSPORT)
September 5, 2008... If it were not for the sight of aeroplanes criss-crossing the skies, there would be little to differentiate the Middle East's transport infrastructure now from what existed 100 years ago. The region's cities remain largely unconnected and are...

Transforming Saudi industry: a series of multi-billion-dollar rail projects is set to boost the kingdom's industrial development and aid the diversification of its economy.(SAUDI ARABIA: RAIL)
September 5, 2008... While the GCC Railway project remains under study, all eyes are on Saudi Arabia. Across the region, industry leaders are waiting to see how the kingdom manages three multi-billion-dollar projects that are set to transform its transport...

Putting the Maghreb back on track: with the cost of air travel soaring, Cairo, Tripoli and Algiers are finally taking steps to overhaul their dilapidated railway infrastructure after years of underinvestment.(NORTH AFRICA: RAIL)
September 5, 2008... Unlike Saudi Arabia, where three huge projects are set to give much of the kingdom a rail connection for the first time since the Hejaz railway at the beginning of the 20th century, North Africa has a legacy of rail from colonial times. ...

A template for public transport: Dubai's pioneering development of a light rail network is set to be reproduced across the region as GCC states strive to reduce car use and integrate their transport systems.(LIGHT RAIL)
September 5, 2008... These are exciting times for the Gulfs log-jammed urban commuters. This time next year, if all goes to plan, the Dubai Metro will be dropping commuters off at Burj Dubai and other stations on the Red Line, the first on the emirate's twin-track...

Bringing Gulf states together: a series of projects to build bridges and causeways will improve political links between countries in the region as well as providing economic benefits.(BRIDGES & CAUSEWAYS)
September 5, 2008... The drive to build man-made island projects in the Gulf, as a result of developers seeking to develop waterfront properties, has spawned a boom in bridge and causeway projects across the region. But these links, typically somewhere between a...

Why Dubai is overtaking Abu Dhabi; after more than three years of battling with congestion, the UAE's largest city will begin to get the problem under control with the opening of its metro next year, while the situation in the capital is getting worse.(UAE: ROADS)
September 5, 2008... For those who want to avoid the nightmare of commuting in Dubai, the UAE's largest city, the only solution is to live so close to their work that they do not have to. Traffic has become the bug-bear of people living in the city. A study last...

Price pressures begin to ease: after five years of soaring materials costs, falls in the commodities markets are set to bring some relief to the Gulf's overheating construction sector.(MATERIALS)
September 5, 2008... With commodities prices continuing their five-year climb throughout the first half of 2008, there seemed little sign of any respite for the Gulf construction industry as it continued to struggle with rising construction materials costs. But the...

Oman energy: the six most influential figures in the country's energy sector.(The MEED List)
September 5, 2008... Maqbool bin All bin Sultan POSITION Chairman, Oman Oil Company; Minister of Commerce & Industry BIOGRAPHY Maqbool bin Ali bin Sultan became chairman of Oman Oil Company (OOC) in January 1996 and has been instrumental in forming...

Sasol claims Oryx GTL project is on schedule.(Project news on MEED.com)(Qatar Petroleum Corp.)(Oryx gas-to-liquids)(Brief article)
September 12, 2008... [ILLUSTRATION OMITTED] South Africa's Sasol says the "majority of teething problems" have been resolved at its Oryx gas-to-liquids (GTL) venture in Qatar, although production remains at just two-thirds of its 34,000-barrel-a-day (b/d)...

National Bank arranges $245m loan for Fujairah port expansion.(Project news on MEED.com)
September 12, 2008... National Bank of Fujairah (NBF) has arranged a AED900m ($245m) syndicated loan for the expansion of the Port of Fujairah.

RMJM to design Libyan college campuses.(Project news on MEED.com)
September 12, 2008... UK-based RMJM has been selected by the Organisation for the Development of Administrative Centres (Odac) to design two new college campuses in Libya.

Al-Mabani begins mobilisaton work at Najran.(Project news on MEED.com)
September 12, 2008... Saudi contractor Al-Mabani General Contractors has begun mobilisation works on the Najran airport project.

Velosi wins Aramco service contract.(Project news on MEED.com)(Saudi Arabian Oil Co.)(Brief article)
September 12, 2008... UK-listed oil consultant Velosi has won a five-year general inspection services contract from Saudi Aramco and a two-year deal from Al-Khafji Joint Operations in the Divided Zone.

EgyptAir announces $529m Boeing deal.(Project news on MEED.com)
September 12, 2008... EgyptAir has placed an order for two new Boeing 777-300ER airliners in a deal worth $529m at list prices.

Saba Properties awards Jumeirah Lake Towers work to Arabtec.(Project news on MEED.com)
September 12, 2008... Local developer Saba Properties JLT has awarded Arabtec Construction a AED664m ($180m) contract on its Saba 4 tower at Jumeirah Lake Towers.

Events.(Calendar)
September 12, 2008... Middle East Capital Market 2008 20-22 October Park Hyatt Hotel, Dubai, UAE www.meed.com/events/capitalmarkets In the current economic climate, Middle East capital markets offer investors undoubtable opportunities, the challenge is...

The GCC power & water report: the struggle to keep supplies ahead of demand.(INSIGHT)(Brief article)
September 12, 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 ($m).(MEED PROJECTS)(Statistical table)(Brief article)
September 12, 2008... GULF PROJECTS ($m) 08 Sept 01 Sept % change 2008 2008 on week Bahrain 43,599 46,343 -5.9 Kuwait 296,319 296,319 0.0...

Ambitious plan will help locals: the capital district could create work for many local contractors: the development will be the UAE's answer to Paris' Champs-Elysees.(CONSTRUCTION)(Brief article)
September 12, 2008... [ILLUSTRATION OMITTED] Abu Dhabi's decision to launch its new capital district this year will surprise many observers of the emirate's real estate and project market. When revealed as part of the Plan Abu Dhabi 2030 urban masterplan last...

Deals should be staggered: careful planning and management will be needed to successfully raise more than $20bn from the debt markets in the next few months.(PROJECT FINANCE)(Brief article)
September 12, 2008... As the cost of borrowing ticked upwards at the end of 2007 because of the credit crunch, many project sponsors believed that if they held on long enough, the uncertainty would pass and normality would return to the banking market. An...

Iraq and Kuwait need each other: the future of aviation in Iraq and Kuwait lies in co-operation, and both sides must swallow their pride.(TRANSPORT)(Brief article)
September 12, 2008... The latest talks aimed at resolving the dispute between the national airlines of Kuwait and Iraq typify the current state of relations between the two neighbours as they try to heal old wounds: acrimonious, mistrustful, and wary of giving an...

Old guard holds back Algeria: Bouteflika's fortunes are dependent on an old guard of revolutionaries who hope of reform.(ECONOMY)(Abdelaziz Bouteflika )(Brief article)
September 12, 2008... [ILLUSTRATION OMITTED] Not for the first time, Algeria's President Bouteflika has sacrificed his economic reform programme in favour of his political ambition. Bouteflika sent shockwaves through the country's economy at the end of June...

Islamic banks must address risk: the dearth of Islamic financial tools available to hedge GCC currencies means spreading risk is not easy.(FINANCE)
September 12, 2008... A diverse portfolio of investments and good risk management are key to the continued growth of the Gulf's Islamic banks. Islamic finance is starting to catch on. New Islamic institutions are springing up across the Gulf, and a group of GCC...

Abu Dhabi fast-tracks civic centre plan: capital district development will include retail and residential units as well as government offices.(CONSTRUCTION: UAE)
September 12, 2008... Abu Dhabi is fast-tracking the launch of a major civic centre development, the capital district, as part of plans to reaffirm its position as capital of the federation and claw back momentum from its rival Dubai. Abu Dhabi will launch the...

Riyadh set to wind up rail regulator: process of replacing Saudi Railways Organisation with new regulatory body will begin in October.(TRANSPORT: SAUDI ARABIA)
September 12, 2008... Riyadh will start winding up the Saudi Railways Organisation (SRO) in early October, creating a new regulator to oversee contract awards and the development of the country's multi-billion-dollar rail programme. Work to establish the...

New Doha airport faces two-year delay: upgrade of service facilities forces contractors to reschedule completion of phases 1 and 2 on $11bn project.(CONSTRUCTION: QATAR)(New Doha International airport)
September 12, 2008... Delays have hit the $11bn New Doha International airport, with the first two phases of the project now set to open in 2011, two years later than originally planned. Sources close to the project tell MEED an official completion date is...

U-turn on foreign investment stalls progress at Beni Saf.(INDUSTRY: ALGERIA)(Mubadala Development Company)(Dubai Aluminium Company Ltd.)(Brief article)
September 12, 2008... Dubai Aluminium (Dubal) and Abu Dhabi-based Mubadala are in talks with Algeria over the ownership structure for the Beni Saf aluminium smelter, following changes to the country's investment law. Construction on the project, valued at more...

Iraqi compensation offer fails to break deadlock in talks: national airlines and politicians meet to resolve dispute over looted planes.(TRANSPORT: IRAQ/KUWAIT)
September 12, 2008... High-level talks are continuing after a $200m cash offer from Baghdad to settle a compensation claim over planes and equipment stolen during the 1990 Iraqi invasion of Kuwait failed to break the deadlock. Representatives of Iraqi Airways...

Shell to extend gas deal with Baghdad.(ENERGY: IRAQ)(Royal Dutch-Shell PLC)(Brief article)
September 12, 2008... The UK/Dutch Shell Group expects to expand its initial agreement with Iraq's South Gas Company for the development of associated gas in the southern region into a 20-year deal following cabinet approval from Baghdad in early September. The...

Mubadala considers listing divisions: Abu Dhabi investment vehicle could float offshoots on local bourses to drive expansion plans.(ENERGY: UAE)(Mubadala Development Company )
September 12, 2008... State-owned Mubadala Development Company is to consider floating several of its divisions on UAE stock markets in the medium term as part of its expansion plans. The developer, established by Emiri decree in October 2002, is one of the...

Increase in steel imports to relieve pressure on prices.(CONSTRUCTION: SAUDI ARABIA)(Brief article)
September 12, 2008... Contractors in Saudi Arabia are optimistic that a rise in steel imports will lead to falls in the price of steel. With a fall in the commodities market acting as a further boon to the industry, many predict the next 12 months could offer a...

Riyadh to sign tower deals worth $10bn: design and build contracts for King Abdullah Financial District to be awarded by the end of September.(CONSTRUCTION: SAUDI ARABIA)
September 12, 2008... More than $10bn worth of construction contracts are set to be signed in the coming weeks on the development of the King Abdullah Financial District in Riyadh. MEED understands that contracts for a total of 10 high-rise towers are due to be...

Telecoms sell-off delays creation of a markets regulator.(BANKING & FINANCE: LEBANON)(Brief article)
September 12, 2008... The creation of an independent capital markets regulator in Lebanon will be delayed until the government of national unity approves the sale of its two state-owned mobile phone companies, according to a senior executive at one of Lebanon's...

Project sponsors seek $20bn in funding: developers to approach the debt markets with series of financing requests in the final quarter of 2008.(BANKING & FINANCE: REGIONAL)
September 12, 2008... Project sponsors will begin testing the capacity of the debt market in the final quarter of the year as they seek funds for deals totalling $20bn, despite signs that difficult market conditions are likely to continue over the short term. ...

Regulator to begin talks over licences: negotiations with MTN Syria and Syriatel over conversion of build-own-operate contracts set for December.(TELECOMS: SYRIA)
September 12, 2008... Telecoms regulator the Syrian Telecommunications Establishment (STE) will enter formal talks with the country's two mobile phone operators in December over converting their existing contracts into hall licences. MTN Syria, a subsidiary of...

Royal Bank of Scotland relocates finance team to Dubai.(BANKING & FINANCE: REGIONAL)(Brief article)
September 12, 2008... Royal Bank of Scotland (RBS) is planning to relocate some of its project finance expertise to Dubai as part of a wider plan to build up its global banking capabilities in the region. The new initiatives come as part of the bank's plans to...

Tehran to decentralise sale of crude: Petroleum Ministry signs controversial deal with political and economic foundation to sell oil.(ENERGY: IRAN)(Bonyad Mostazafin)
September 12, 2008... Tehran is to decentralise the sale of oil for the first time following a deal with Bonyad Mostazafin, a charitable government organisation, to buy and resell off on international markets. Bonyad Mostazafin, known as the Economic Foundation...

Foreign funds increase exposure to the region by $1bn.(COMPANIES & MARKETS: REGIONAL)
September 12, 2008... Foreign investment funds have boosted their exposure to the largest stock markets in the Middle East and North Africa by more than $1bn in the first seven months of the year, following the downturn in Western bourses. Mutual funds, which...

Algiers reins in foreign ownership: President Bouteflika's plans to limit the activities of overseas firms will undermine economic reform.(ALGERIA)
September 12, 2008... Algeria's President Abdelaziz Bouteflika has spent much of his nine-year tenure championing the cause of foreign investment in the country. Under his watch, Algiers has established a national agency for investment development, introduced laws...

Doubts surface over Ras Laffan: rising feedstock prices and a shortage of supplies are delaying the expansion of Qatar Petroleum's giant petrochemicals complex and threatening the state's plans to become the dominant force in the sector.(Energy)(Exxon Mobil Corp.)(Qatar Petroleum Corp.)
September 12, 2008... When the US' ExxonMobil Corporation surprised the market by abruptly pulling out of a major gas-to-liquids (GTL) project in Qatar last year because of spiralling costs, the state-run Qatar Petroleum (QP) immediately announced a replacement...

Nawras: Oman's only private telecoms company faces a challenge in the form of further market reforms.(TELECOMS)(Company overview)
September 12, 2008... COMPANY SNAPSHOT Date established 2005 Main business sector Telecommunications Headquarters Muscat, Oman Main business region Middle East Chief executive officer Ross Cormack Launched in March 2005, Nawras is the only...

Q&A Ross Cormack, CEO.(Business Close-up)(Nawras)(Interview)
September 12, 2008... How does Nawras differentiate its service from Oman Mobile? When we were launching, we asked customers of the existing service what they did and did not like. We also asked non-customers why they were not using the existing service. ...

Steel prices take a tumble: mass stockpiling has led to a fall from the summer peak in rebar prices as demand drops off.(COMMODITIES)
September 12, 2008... GCC Having hit record highs of up to $1,900 a tonne in July, Gulf reinforcement steel bar (rebar) prices have plummeted, losing almost one-third of their value in just six weeks. Much to the relief of construction contractors, retail...

Doha increases diplomatic influence: Qatar's presence at the Damascus summit highlights its growing role in regional affairs as Washington and Riyadh shift their focus to domestic matters.(QATAR)
September 12, 2008... The presence of Emir of Qatar Sheikh Hamad bin Khalifa al-Thani and Prime Minister Hamad bin Jasim al-Thani at the four-nation summit in Damascus on 3 September highlights the growing status of the tiny Gulf state as an actor in regional...