The Middle East articles from May 2004

The Middle East archives from May 2004

Pat Lancaster.(Antiterrorism measures)
May 1, 2004... The actions of the Israelis in murdering the quadriplegic Sheikh Ahmad Yassin as he returned from prayer and, within days, Abdel Aziz Al Rantissi his replacement as head of Hamas, were not the actions of a nation state but a brutal display of...

Laughing all the way to Wall St.: President George Bush has been accused of carving up the spoils of war to the exclusive benefit of US corporations. Joel Bainerman analyses the extent of the nepotism and spotlights those who are securing multi-million dollar profits to the detriment of Iraqi private enterprise.(Current Affairs)
May 1, 2004... War remains a profitable business--at least for a select few. While the US public is being asked to foot the monthly cost of nearly $4bn to occupy Iraq, a handful of US corporations with deep ties to members of the Bush Administration are...

This year, next year, sometime, never? A Qatari-sponsored conference to promote democracy and free trade in the Middle East region attracted delegates from over 50 countries. Adel Darwish and Pat Lancaster report from Doha.(Qatar)
May 1, 2004... The sentiments expressed could hardly have been more worthy but just how much difference the Fourth Qatari Conference on Democracy and Free Trade will actually achieve is less certain. There can be no doubt of the conviction of the Enair, that...

What happens next? The final scores in Turkey's local elections for councils, mayorships and greater city authorities, held at the end of March, saw the pro-islamist AKP party pull 41.6% of the votes, while the main opposition CHP achieved just 18.2%. Jon Gorvett reports from Istanbul.(Turkey)
May 1, 2004... While political leaders the world over often try to pass off shattering defeats as comprehensive victories few parry leaders in recent times can ever have attempted to put so much spin on a ballot box catastrophe as Deniz Baykal after Turkey's...

The hard road ahead: Mariam Shahin reports from Iraq on the continuing tussle between myriad factions for power and, ultimately, control of the new Iraq.(Iraq)
May 1, 2004... Iraq, in brief, is in chaos; a mess. It is ruled and run, influenced and swayed, robbed and enriched by scores of diverse interest groups, some masquerading as countries, some as multi-nationals, still others as patriots or men of God. But none...

Children of hate.(Palestine)
May 1, 2004... The recent spate of children risking death as Intifada martyrs has done the Palestinian cause no favours. The international community has been appalled at the exploitation of these minors, too young to make an informed choice about their own...

New beginnings? When British Prime Minister Tony Blair travelled to Libya and shook hands with Colonel Muammar Gadaffi in March--a simple gesture of friendship became as controversial and politically risky as greetings get.(Libya)
May 1, 2004... The meeting between Prime Minister Blair and the Libyan president may be viewed as a reward for Gadaff'i's surrendering of his country's weapons of mass destruction programme. Certainly there was very little to gain for Prime Minister Blair...

Arab league collapse carries steep economic price: efforts to create a pan-Arab trading bloc suffered a severe setback with the abrupt cancellation of the March Arab League summit. Failure to act may prove very costly, compelling Arabs to accept American or European alternatives.(Business & Finance)
May 1, 2004... When Tunisha's President Ben Ali announced cancellation of this year's Arab League Summit, literally hours before it was to open, the international response was surprisingly phlegmatic. But the true cost of that cancellation may be very high,...

Islamic investment: the multi-billion dollar Islamic portfolio offers lucrative opportunities for global fund managers. American investment bankers have long been the main players in this niche market, though Europeans are also targeting Islamic finance as a potential growth area.(Business & Finance)
May 1, 2004... he Islamic banking system is firmly embodied on the principles of ethical and equitable mode of finance. It is governed by the Shari'ah, Islamic Canon Law. Islam--the faith of 1.5bn plus people worldwide--encourages wealth creation but forbids...

IIFM endorses Tabreed Finance Corporation's $100m trust certificates.(Brief Article)
May 1, 2004... * The Shari'ah Supervisory Committee of the International Islamic Financial Market has endorsed Tabreed Finance Corporation's $100m trust certificates. It is the first global corporate Sukuk to be listed on the Luxembourg Stock Exchange.

Oasis leasing posts $1.2m profits for 2003.(Brief Article)
May 1, 2004... * Abu Dhabi-based Oasis International Leasing has consolidated its return to profitability, posting pre-tax net profits of Dh 4.69m ($1.2m) in 2003, compared to a loss of Dh 8.53m during the previous year.

Vintage petroleum announces successful well in Yemen.(Brief Article)
May 1, 2004... * Vintage Petroleum has reported that the An Nagyah #5 well in the Republic of Yemen has tested light oil from the sub-salt Upper Lain formation. Approximately $10m of Vintage's total non-acquisition budget of $225m is allocated to the drilling...

First Islamic invests $733m in UK wind farms portfolio.(Brief Article)
May 1, 2004... * Bahrain-based First Islamic Investment Bank has acquired a stake in a portfolio of wind farms in the United Kingdom with a total transaction value of over 400m [pounds sterling] ($733m).

Middle East telecoms.(Special Report)
May 1, 2004... Until fairly recently, telecoms companies in the Middle East seemed content to dominate their home markets and there was relatively little cross-border competition. However, there are signs that this situation is changing and national carriers...

Spreading the risk: the Kuwaiti government says it is keen to reduce gas flaring, to make the most of its large natural gas resources. Yet it continues to sign up to projects to import gas produced elsewhere in the region. Is the government content to live off its oil income alone or are the gas contracts more to do with promoting harmonious regional relations?(Kuwait)
May 1, 2004... It is often argued that vast oil reserves and small populations have bred economic complacency in the Gulf states and, while there is much truth in this view it should be added that such an approach is entirely understandable. Not only is there...

IMF completes second review of Jordan's $126m Stand-By Arrangement.(Brief Article)
May 1, 2004... * The Executive Board of the IMF has completed the second review of Jordan's performance under a two-year $126.26m Stand-By Arrangement. The Board commended the Jordanian authorities for their continued commitment to prudent macroeconomic...

Riyad bank's net profit up 13% in first-quarter 2004.(Brief Article)
May 1, 2004... * Riyad bank posted a 13% net profit rise for the first quarter of 2004, with earnings reaching SR436m ($116m) compared to SR 386m recorded during the same period last year.

Charity begins at home: Saudi Arabia is committed to a policy of Saudisation, which will see its own nationals play an increasing role in its economy. The move will see the exodus of tens of thousands of foreign workers but will offer a solution to the problem of unemployment, particularly among the young.(Business & Finance)
May 1, 2004... It used to be a dream job; one expatriates considered themselves fortunate to land. High pay, little or no taxation and twice-yearly, fully-paid vacations to Europe or the United States made working in Saudi Arabia both career enhancing and...

Standard Chartered forecasts growth for region.(Brief Article)
May 1, 2004... * Standard Chartered Bank has released its quarterly analysis of Middle Eastern markets. Prepared by the Bank's Global Research team of international economists the report shows that Standard Chartered expects another strong year for Middle...

Natural gas deal in doubt: negotiations to sell up to $2bn worth of Egyptian natural gas to private electricity producers and industries in Israel have ground to a halt.(Egypt)
May 1, 2004... Senior sources in the Egyptian national gas company which is a partner in the Israel-Egyptian partnership (EMG), have hinted they are losing patience with delays by the Israel Electric Corporation over the sale of natural gas. "If they want to...

ABB wins $30m power contract for Jumeirah and Jebel Ali islands.(Brief Article)
May 1, 2004... * Swedish-Swiss power group ABB has signed a contract worth $30m with the Dubai Electricity and Water Authority (DEWA) for a substation and heavy-duty gas-insulated switchgear to deliver electrical power to the palm-shaped Jumeirah and Jebel...

UK's Regal Petroleum to acquire multimillion dollar oil interest in Egypt.(Brief Article)
May 1, 2004... * UK-based Regal Petroleum has signed an agreement to acquire LK Exploration (LKE)'s interest in petroleum exploration and production rights in the East Ras Budran Area, Gulf of Suez, Egypt. The transaction is subject to Egyptian government...

Turkey turns a corner: after several years in crisis or the doldrums the Turkish economy is beginning to show signs of strong recovery. Jon Gorvett reports from Istanbul.(Business & Finance)
May 1, 2004... With inflation falling, economic growth booming and the Turkish currency appreciating for the first time in decades, things are looking good for Turkey's battered finances these days. Good, that is, unless you are one of the country's growing...

SEC gets $1.5bn loan from local banks.(Brief Article)
May 1, 2004... * The Saudi Electricity Company (SEC) has signed a SR6bn ($1.5bn) loan arrangement with six local banks to finance capital investments, according to SEC's chief executive.

Fitch affirms Lebanon's Banque Audi and Banque Saradar on $159m proposed merger.(Brief Article)
May 1, 2004... * Fitch Ratings has affirmed the ratings of Lebanon's Banque Audi and Banque Saradar following the recently announced merger between the two entities. Audi is to pay $159m for Saradar--$100m in cash, and the remainder in new shares.

Burgan Bank's net profit up 59% in 2003.(Brief Article)
May 1, 2004... * Kuwait's Burgan Bank reported a 59% net profit growth for fiscal year 2003 with earnings reaching KD20.3m ($68m). The bank made total profits of KD 35.6m in 2003.

Heaven on earth.(Mosaic)
May 1, 2004... THE MOST IMPORTANT EXHIBITION OF Islamic art to be held in London for decades is dazzling London this spring and summer. Heaven on Earth: Art from Islamic Lands is a must-see, not only for its almost overwhelming opulence--Mughal jewels the...

Transit Beirut.(Mosaic)(Book Review)
May 1, 2004... The first image that hits you in the newly published Transit Beirut is the cover. Surely that building collapsing amidst crumbling masonry is a vignette from Lebanon's ruinous 16-year-long civil war. But in the foreground you spy a man wielding...

The globetrotting Maria Theresa.(Mosaic)(Oman's Bait al Zubair museum)(The Maria Theresa Taler and Oman)
May 1, 2004... A fascinating exhibition is captivating visitors to Oman's Bait al Zubair museum in Muscat The Maria Theresa Taler and Oman--The story of an Austrian coin in Arabia, relates the history of the Empress Marie Theresa, head of the Austro-Hungarian...

Records of Dispossession Palestinian Refugee Property and the Arab-Israeli Conflict.(Book Review)
May 1, 2004... RECORDS OF DISPOSSESSION PALESTINIAN REFUGEE PROPERTY AND THE ARAB-ISRAELI CONFLICT By Michael R. Fischbach published by Columbia University Press ISBN 0 231 129785 price $39.50 No issue in the Arab-Israeli conflict has proven more...

Islam and Modernity Muslims in Europe and the United States.(Brief Article)(Book Review)
May 1, 2004... ISLAM AND MODERNITY MUSLIMS IN EUROPE AND THE UNITED STATES By Iftikhar H. Malik published by Pluto Press ISBN 0 7453 1611 5 price 14.99 [pounds sterling] paperback Much has been written about Islam and the West--as if they operate in two...

Reviving Phoenicia the Search for Identity in Lebanon.(Brief Article)(Book Review)
May 1, 2004... REVIVING PHOENICIA THE SEARCH FOR IDENTITY IN LEBANON By Asher Kaufman published by IB TAURIS ISBN 1 86064 982 3 price 45.00 [pounds sterling] hardback This study follows the social, intellectual and political development of the Phoenician...

The Search for Arab Democracy Discourses and Counter Discourses.(Brief Article)(Book Review)
May 1, 2004... THE SEARCH FOR ARAB DEMOCRACY DISCOURSES AND COUNTER DISCOURSES By Larbi Sadiki published by Hurst and Company ISBN0 1 85065 494 8 price 17.95 [pounds sterling] paperback How to be a 'democrat' and a 'Muslim' at the same time is the...

Red Wolves of Yemen the Struggle for Independence.(Brief Article)(Book Review)
May 1, 2004... RED WOLVES OF YEMEN THE STRUGGLE FOR INDEPENDENCE By Vitaly Naumkin published by The Oleander Press ISBN 0 906672 70 8 price 30.00 [pounds sterling] hardback The British military called them 'Red Wolves' for their exceptional bravery...

Libya and the West from Independence to Lockerbie.(Brief Article)(Book Review)
May 1, 2004... LIBYA AND THE WEST FROM INDEPENDENCE TO LOCKERBIE By Geoff Simons published by IB TAURIS ISBN 1 86064 988 2 price 35.00 [pounds sterling] hardback The visit to London in February 2004 by the Libyan Foreign Minister and the growing Libyan...

Sharon's banana republic.(The Last Word)
May 1, 2004... The study of American-Israeli relations has preoccupied two generations of scholars. Two competing schools of thought addressed the "who wags whom" debate. The first school spoke of "an American Israel", with the United States dictating to the...