In This Issue

o   LINK OF THE WEEK - Saudi-US Relations Discussion Forum
o   GULFWIRE FLASHBACK - Over Three Years of GulfWire
o   BUSINESS & FINANCE NEWS
  ·   Region
      - Energy Futures - 05.02.03
      - SAGIA Proposes Pan-Arab Body to Attract  FDI 
      - Gulf Tourism Sector Set for Surge in Foreign Investments
      - GCC Banks Play a Greater Role in Gulf Economies
      - Sharjah-GCC Trade Grew 19.55%
      - Hotel Industry Faces Grave Crisis
      - Gulf States' Power Sell Off Moves Into Higher Gear
      - Using Iraq to Remake the Economy of Mideast
      - Special Report: Trade Reforms Vital for Arab Countries
      - Iraqi Rebuilding Draws Expats, Kuwaitis
  ·   Bahrain
      - Bahrain Firm to Launch Iraq Private Equity Fund
      - Bahrain Vows to End Piracy
  ·   Kuwait
      - Kuwait Sector May Grow to $712M
  ·   Oman
      - Occidental Signs Natural Gas Supply Agreement With Oman
      - Maqbool to Open Comex 2003 In Oman
  ·   Qatar
      - Qatar Airways in  'Sky Newspapers' World First
  ·   Saudi Arabia
      - U.S. Energy Secretary, Saudis Discuss Oil
      - Oil Output Capacity to Top 11M BPD By 2007: Report
      - Tax On Foreign Firms Slashed
      - SAGIA Governor Calls for Further Cut in Tax on Foreign Firms 
      - Telecom Market to be Opened up to Foreign Investment
      - Hectic Efforts on to Merge Taxi Companies
 ·   UAE
      - U.S. Firm Sells Stake in UAE Shipbuilder
      - DH65M Budget Set for DSS
      - Road Show for Dubai 2003 Bond Issue Set to Kick Off
      - Abu Dhabi GDP Rises Sharply 
      - Dubai's Ports Rank 13th in the World
      - UAE, Egypt to Set Up Chain of Fuel Stations
      - Trade Exchange Between UAE and France Exceeds Two Billion
        Euros
      - UAE Private Sector Investments Reach DH59 Billion
      - UAE-Lebanon Trade Expected to Expand
      - DMCC to set up Diamond Exchange

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News - Region

LONG-AWAITED MIDEAST ROAD MAP IS PRESENTED 
"After months of delays, an international road map to revive the Middle East peace process and end 31 months of bloody conflict was finally presented to the Palestinian and Israeli premiers [Apr. 30]… …It remained unclear how soon implementation of the plan would begin…" Complete report… 
~~GulfWire Links~~
BUSH PROMISES MID-EAST PLAN 'SOON' - GWD - Mar. 31, 2003
BUSH PROMISES TO ADOPT PLAN FOR THE MIDEAST - GWD - Mar. 17, 2003

U.S. SEEKS TO KEEP GULF MILITARY PRESENCE
"The United States wants to keep using military bases in friendly Persian Gulf countries, including a high-tech command center in Qatar… …U.S. military presence in the region might increase, at least in the short term, as stability and humanitarian relief missions in Iraq and Afghanistan continue…" Complete report…
Also:
US TROOPS TO LEAVE SAUDI ARABIA 
U.S. TO MOVE AIR BASE TO QATAR 
US STILL TO DECIDE ON FOOTPRINT IN GULF

DIVIDED BUT WORRIED, IRAQ'S NEIGHBORS CONFER
"With varying degrees of dread, Iraq's neighbors are coming to grips with a new Middle East that is dominated as never before by the United States… …In the view of many diplomats and officials, the region's leaders are torn between their desire to see the United States go and their fear that Iraq may be too volatile to be left to its own devices any time soon. That ambivalence has begun to appear in Arab news reports after weeks of condemnation of any American administration of Iraq…" Complete report… 
~~GulfWire Link~~
IRAQ NEIGHBORS WARNED: U.S. IS WATCHING BEHAVIOR - GWD - Apr. 14, 2003

OIC CHIEF CALLS FOR SPEEDY US PULLOUT FROM IRAQ
"US-led forces that toppled the regime of Saddam Hussein must leave Iraq as soon as possible, the secretary general of the Organization of Islamic Conference (OIC) said [Apr. 27]… …He stressed that OIC member states too should have a major input in 'defending the rights of the Iraqi people'…" Complete report… 

ARAB MEDIA COMES UNDER FIRE FROM VIEWERS 
"Arab media came under fire for leading viewers into believing Iraq would win the U.S.-led war at a seminar held at the American University in Sharjah [May 1]. Representatives from three leading Arab television news channels were put on the hot seat to field questions from the public…" Complete report…

News - Bahrain

HAMAD OFFERS TO HOST IRAQI MEET 
"Bahrain [May 1] offered to host an Iraqi conference intended to form a national government that should include all segments of the Iraqi society and end the U.S.-led occupation…" Complete report…

WOMEN WEARING FULL FACE VEILS NOT PERMITTED TO DRIVE 
"A parliament committee has refused a proposal to allow veiled women to drive in Bahrain… …A spokesman for the defense and interior committee in the house said the panel was satisfied with the traffic department's position and said the ban was justified…" Complete report…

News - Kuwait

RUMSFELD THANKS KUWAIT FOR HELP IN IRAQ WAR 
"The U.S. Secretary of Defense concluded a tour of the Gulf region [May 1] in Kuwait where he thanked leaders for their help in the U.S.-led overthrow of former Iraqi leader Saddam Hussein… …Secretary Rumsfeld stopped in Kuwait after visiting Iraq and other countries in the region…" Complete report…
~~GulfWire Link~~
2,000 KUWAITIS DEMONSTRATE IN SUPPORT OF US-LED WAR - GWD - Apr. 7, 2003

KOREA, KUWAIT CONCLUDE SOFA 
"South Korea and Kuwait have signed a Status of Forces Agreement (SOFA) to govern the legal status of Korean troops during their mission to help the U.S.-led rehabilitation of Iraq…" Complete report… 

News - Qatar

QATARIS VOTE ON CONSTITUTION 
"Qataris voted [Apr. 29] in a referendum on the country's first written constitution, which would usher in a Gulf-style democracy without political parties under the rule of the emir and his family… …The proposed constitution would set up a separation of executive, legislative and judicial powers. Legislative power would be vested in a Shoura (consultative) council made up of 45 members, two-thirds of who would be elected in 2004 to four-year terms and the rest appointed by the emir…" Complete report…
Also:
QATARIS HAIL NEWLY ENDORSED CONSTITUTION
~~GulfWire Link~~
QATAR TO HOLD CONSTITUTION REFERENDUM - GWD - Apr. 21, 2003

U.S. TO MOVE AIR BASE TO QATAR
"The United States is shifting its major air operations center for the Middle East from Saudi Arabia to Qatar, the first step in what is likely to be a significant reduction of American forces in Saudi Arabia and a realignment of American military presence in the region… …American commanders believe that the time is right to see if the Qatar base can serve as the United States Central Command's air operations center of the future…" Complete report…
~~GulfWire Link~~
QATAR BASE BECOMES U.S. MILITARY HUB - GWD - Jan. 6, 2003 

CENTRAL COMMAND TO REDUCE PRESENCE IN QATAR
"After President Bush declares war in Iraq over, most of the U.S. Central Command in Qatar will go home. But a small force will remain to monitor developments in the region…" Complete report…
~~GulfWire Link~~
QATAR HAS GROWING ROLE IN US AIR FORCE OPERATION

QATAR WELCOMES NEW U.S. MILITARY PRESENCE
"Most people of this Gulf nation see the decision by the United States to move its troops from Saudi Arabia to Qatar as a way to improve security and enhance ties to Washington - despite lingering resentment about U.S. forces being based anywhere in the Arab world… …But such sentiments don't appear to be shared in neighboring Qatar…" Complete report…

News - Saudi Arabia

US TROOPS TO LEAVE 
"The United States has decided to withdraw its forces from the Kingdom, US Defense Secretary Donald Rumsfeld told reporters here [Apr. 29] at a joint press conference with Prince Sultan… …Rumsfeld said a small number of military personnel would stay back to train the Saudi military…" Complete report…
~~GulfWire Link~~
SAUDI MINISTER: US TIES MAY BE HIT IF WAR DRAGS ON - GWD - Mar. 31, 2003
SAUDI HINTS U.S. TROOPS MAY BE CUT AFTER WAR - GWD - Mar. 17, 2003

NEW CABINET UNVEILED
"In only the third major government reshuffle in 30 years, Custodian of the Two Holy Mosques King Fahd [Apr. 30] announced a new Cabinet, making structural changes in several ministerial portfolios. Most of the important ministers retained their positions. However, eight lost their jobs and five new faces were introduced. The reshuffle also saw the abolition of some ministries and the merger of others…" Complete report…
Also:
LINEUP OF NEW CABINET 
~~GulfWire Link~~
NEW MINISTRIES, MERGERS LIKELY IN NEXT MONTH'S CABINET RESHUFFLE - GWD - Apr. 28, 2003

CABINET RESTRUCTURING WILL BOOST EFFICIENCY, CUT PUBLIC SPENDING
"The restructuring and downsizing of the ministries is seen as part of the Kingdom's efforts to promote administrative efficiency, rein in public expenditure…" Complete report…

CROWN PRINCE RECEIVES U.S. DEFENSE SECRETARY
Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz received visiting U.S. Secretary of Defense Donald Rumsfeld April 29. Secretary Rumsfeld pointed out that the region has become more secure after the regime change in Iraq, and that U.S. forces in Saudi Arabia are leaving by mutual agreement.  Prince Sultan affirmed that the Kingdom had not requested the departure. 
Source:  Saudi Press Agency

U.S. EXIT IS NO SURE CURE FOR SAUDI ROYALS' TROUBLES 
"Osama bin Laden rose to prominence stoking Muslim anger over the American military presence in the land of Islam's holiest shrines. So the [Apr. 29] announcement that United States military forces will withdraw from Saudi Arabia fortifies the Saudi royal family against its most vociferous critics at home. But that does not mean that the political crisis in Saudi Arabia's relationship with the United States is over - either for the royal highnesses in Riyadh or for the Bush administration, a number of experts say…" Complete report…
~~GulfWire Link~~
SAUDI ARABIA SEEMS CALM, BUT, MANY SAY, IS SEETHING - GWD - Mar. 31, 2003

US WARNS OF TERROR PLANS, BUT KINGDOM HAS NO INFORMATION
"Interior Minister Prince Naif said that the government has no knowledge about the contents of a security message issued by the US Embassy in Riyadh [Apr. 30] warning that terrorist groups may be in the final phases of planning attacks against the American community in Saudi Arabia…" Complete report… 
Also: 
U.S. WARNS OF IMMINENT ATTACK IN SAUDI ARABIA
PLOT AGAINST U.S. IN SAUDI ARABIA 'CREDIBLE'
~~GulfWire Link~~
VICTIM OF RIYADH EXPLOSION IDENTIFIED AS TERRORIST - GWD - Mar. 31, 2003
WESTERNERS ON EDGE IN SAUDI AFTER BRITON KILLED - GWD - Feb. 24, 2003

AMERICAN CIVILIAN SHOT IN JUBAIL 
"An American working at a Saudi naval base was shot and injured here [May 1]… …A US diplomat told Arab News that the victim was an American civilian working for a contractor here. The diplomat said [the American] was shot four times and had been taken to a local hospital where he was in the intensive care unit and expected to recover…" Complete report…
Also: 
U.S. MAN'S ATTACKER WAS IN SAUDI UNIFORM

PRINCE SULTAN TO BE HONORED ON MAY 27 
"A ceremony honoring Prince Sultan bin Abdulaziz, Second Deputy Prime Minister, Minister of Defense and Aviation and Inspector-General of Saudi Arabia, who was awarded the Sheikh Rashid Humanitarian Personality of the Year Award, will be held on May 27…" Complete report… 

STRANGERS IN THEIR OWN HOMELAND 
"Many young Saudis who were being educated in the United States were forced to return to the Kingdom as a result of the Sept. 11, 2001 attacks… …In a series of candid interviews with Arab News, a number of them talked about how they feel about being back in their homeland…" Complete report…

RESTRICTIONS ON SAUDI BUSINESSMEN EASED: US CONSUL GENERAL 
"The American consul general in Dhahran has said that all measures taken in the aftermath of 9/11 against Saudi and Gulf businessmen had now been canceled…" Complete report…
~~GulfWire Link~~ 
SAUDI BUSINESSMEN SHY AWAY FROM US, EYE OPTIONS ELSEWHERE - GWD - Mar. 3, 2003

SAUDI TELETHON RAISES MILLIONS FOR IRAQIS
"A telethon on Saudi state television has raised about 43.3 million Saudi riyals ($11.5m) in aid donations to Iraq… …The Saudi Press Agency (SPA) said the entire fund would be given to the Iraqis in need directly by Saudi relief agencies…" Complete report…
Also: 
FAHD DONATES SR10 MILLION TO IRAQ FUND
~~GulfWire Link~~
EXCLUSIVE: KINGDOM IN WAR RELIEF EFFORTS - GWD - Apr. 14, 2003

SAUDI PRINCESS HAYA DIES AT 90 
"Princess Haya bint Saad al-Sudairi, one of the wives of the founder of modern Saudi Arabia, has died at the age of 90… …Princess Haya was one of numerous wives of King Abdul Aziz, who founded modern Saudi Arabia in 1932 following the defeat and merger of rival regional forces…" Complete report…

HOSPITAL APPOINTS FIRST WOMAN CHAIRPERSON
"For the first time, King Faisal Specialist Hospital in Jeddah has appointed a woman as chairperson of a department… …With a background in the UK National Health Service general practice, private health care for a major private health company in the UK, Dr. Lawson has experience coordinating private organizational concerns, health and hospital concerns, and the insurance industry…" Complete report…
~~GulfWire Link~~
MANPOWER COUNCIL TO BROADEN SCOPE FOR SAUDI WOMEN - GWD - Apr. 21, 2003
CHALLENGES BEFORE THE KINGDOM'S FIRST WOMAN NURSING CHIEF - GWD - Apr. 14, 2003

FAHD ORDERS RELEASE OF 5,000 PRISONERS
"…King Fahd has ordered the release of 5,000 Saudi and expatriate prisoners jailed for minor offenses… …Saudi Arabia was planning to abolish jail terms for a number of offenses as part of a major review of the Kingdom's prison service …" Complete report…

WOMEN IN THE SHOURA
"Some Saudis want to admit women members to the Shoura Council. At the same time, they want the women only to be present, with their appearance being considered enough of a sop…" Complete report…
~~GulfWire Link~~
WOMEN CALL FOR SHOURA COUNCIL REPRESENTATION - GWD - Mar. 10, 2003

News - UAE

KHALIFA RECEIVES RUMSFELD 
"…Sheikh Khalifa welcomed Secretary Rumsfeld and expressed hope that his visit would further bolster the current UAE-US cooperation and friendship. The meeting also reviewed bilateral relations, particularly in the technological, military and defense areas…" Complete report…

UAE REMOVED FROM U.S. PIRACY WATCHLIST 
"The UAE recognized internationally for its excellent record in combating piracy and implementing intellectual property rights, has been removed from the U.S. Special 301 Watch list… …There are five Arab countries on the list. Egypt and Lebanon remain on the Priority Watch list, Kuwait and Saudi Arabia on the General Watch list, while Qatar is back on the latter…" Complete report… 
~~GulfWire Link~~
UAE JOINS TREATY ON CRIME PREVENTION - GWD - Mar. 3, 2003

EXPAT WORKERS TO BE TESTED FOR VIRUS
"'…All expatriate workers are tested for infectious diseases before they are given their visas. From now on, they will also be tested for SARS, which falls in the category of infectious disease. This will be in the interest of the country'…" Complete report…

Link of the Week

LINK OF THE WEEK

SAUDI-US RELATIONS INFORMATION SERVICE DISCUSSION FORUM

GUEST HOST IN THE FORUM - KEVIN TAECKER
STARTING MONDAY, MAY 5, 2003

"What can be done to address the crisis of confidence issues in the U.S.-Saudi relationship, and to rebuild and reinvigorate the relationship?"

GulfWire Flashback - 3 Years of GW

GULFWIRE FLASHBACK - FROM THE ARCHIVES OF GULFWIRE

<<ONE YEAR AGO>>
GULFWIRE DIGEST (#145) WEEK OF MAY 6, 2002

ANALYSIS-BUSH, ABDALLAH SHOW U.S.-SAUDI TIES STILL VITAL
"U.S. President George W. Bush and Saudi Crown Prince Abdullah may seem an odd couple to lead a new quest for Middle East peace, but their relationship is rooted in shared trade, security and oil interests.  While the September 11 attacks on the United States put the 57-year-old alliance with Saudi Arabia under unusual strain, last week's visit by the kingdom's de facto ruler to Bush's Texas ranch seems to have shored it up for now…" 

<<TWO YEARS AGO>>
GULFWIRE DIGEST (#95) WEEK OF MAY 7, 2001

IN THE ARABIAN DESERT, U.S. TROOPS SETTLE IN
Temporary Deployment Has Permanent Feel 
"…A decade after the Persian Gulf War ended with Iraq's withdrawal from neighboring Kuwait, the U.S. military has settled in for the long haul in the Persian Gulf. U.S. warships, fighter planes and Patriot missile batteries, and the more than 10,000 troops who run them, have become the
oil-heavy region's chief guardians…"

<<THREE YEARS AGO>>
GULFWIRE DIGEST (#43) WEEK OF MAY 1, 2000

IMPLICATIONS OF NEW SAUDI INVESTMENT LAW 
"In a step that could greatly prompt foreign investments into Saudi Arabia, the government passed a new foreign investment law and approved the formation of the General Investment Authority (GIA).  By reducing taxes on foreign investments, the new law makes the country more attractive to foreign capital."

Business News - Region

Source: CNNfn 

The Best Energy Resource in the World:
Country Analysis Briefs
by DOE/EIA
  

SAGIA PROPOSES PAN-ARAB BODY TO ATTRACT FDI
" Saudi Arabia, Bahrain and the UAE have proposed an Arab umbrella association to attract foreign direct investment to the Middle East… …the formation of the proposed Arab-wide investment promotion institution would enhance national efforts as well as efforts of specialized agencies like the Inter-Arab Investment Guarantee Corporation and the Arab Monetary Fund…" Complete report…
Also:
ARAB STATES FACE HURDLES IN ATTRACTING FOREIGN FUNDS
REGION 'MUST BE CAUTIOUS WHILE ATTRACTING FDI'

GULF TOURISM SECTOR SET FOR SURGE IN FOREIGN INVESTMENTS
"Leading global investment bankers, Goldman Sachs, believe that new investment flows into the Middle East will be into the reconstruction of Iraq and into leisure and tourism sectors in places such as Dubai… …The deputy chairman of Goldman Sachs International says that there are signs that the global market downturn has reached a bottom. He discounted the political overtones of 9/11 saying that economic fundamentals will ultimately drive investor flows…" Complete report…

GCC BANKS PLAY A GREATER ROLE IN GULF ECONOMIES
"While GCC banks have benefited from the oil boom of the late 1970s and early 1980s, the operating environment has somewhat changed with volatile oil prices, largely under a downward pressure, and the near completion of most of the major infrastructure projects. Consequently, GCC banks are now faced with a tougher, more competitive, environment that requires higher efficiency and a wider revenue base…" Complete report…
~~GulfWire Link~~ 
$61B IN BANK LOANS FOR GULF PROJECTS - GWD - Feb. 3, 2003

SHARJAH-GCC TRADE GREW 19.55%
"The movement of exports and re-exports from Sharjah to the GCC countries grew last year by 19.55 per cent to Dh1.59 billion compared to Dh1.33 billion in 2001… …Saudi Arabia topped the list of the UAE's exports and re-exports to the GCC countries with goods and products worth Dh841.9 million…" Complete report…
~~GulfWire Link~~
SULTAN URGES GCC CHAMBERS TO BOLSTER JOINT COOPERATION - GWD - Feb. 3, 2003

HOTEL INDUSTRY FACES GRAVE CRISIS
"The hotel industry is facing a crisis with one of the lowest room occupancy rates in decades. A majority of five-star and deluxe hotels averaged a steep 30 percent drop in room occupancies during the month of April… …'We expected an upturn in our business with the end of the Iraq war, but just then the outbreak of the Severe Acute Respiratory Syndrome (SARS) got in the way of free flow of travel'…" Complete report…
~~GulfWire Link~~
$15B TO BE SPENT ON NEW MIDEAST HOTEL PROJECTS - GWD - Mar. 3, 2003

GULF STATES' POWER SELL OFF MOVES INTO HIGHER GEAR
"The composition of the consortium led by International Power that took 40 per cent of Abu Dhabi's $1.2 billion Umm Al Nar power and water desalination project is another indication of the growing interest of Japanese power companies in Gulf privatization projects…" Complete report…

USING IRAQ TO REMAKE THE ECONOMY OF MIDEAST
"As much as the Bush administration would like to use Iraq as a beacon of democracy in the Arab world, the bigger impact of the war may be a transformation of the economy of the Middle East… …with the transition in Iraq moving from conflict to reconstruction, the US is hoping to marry political reform and economic development in a way that could improve endemic problems in the region…" Complete report…
~~GulfWire Link~~
MIDEAST FIRMS SEEK IRAQ CONTRACTS - GWD - Apr. 28, 2003

SPECIAL REPORT: TRADE REFORMS VITAL FOR ARAB COUNTRIES
"Arab countries need to integrate trade into their national development plans effectively and proactively participate in the negotiations of the WTO program. This was the message that came out loud and clear at the end of the two-day Joint Meeting of Arab Ministers of Trade and Finance, which ended last week in Abu Dhabi…" Complete report…
~~GulfWire Link~~
WTO URGES ARAB TRADE TALKS - GWD - Jan. 1, 2003

IRAQI REBUILDING DRAWS EXPATS, KUWAITIS
"Iraqi expatriates and Kuwaiti entrepreneurs are inundating U.S. reconstruction officials with requests to build everything from plush resorts to cement factories for the new Iraq… …Reconstruction spending could reach $600 billion over the next decade and talk of privatizing parts of the economy may open room for new businesses to move in…" Complete report…

Business News - Bahrain

BAHRAIN VOWS TO END PIRACY
"The Bahrain government [Apr. 27] said it will continue to crack down on intellectual piracy… …The ministry's efforts led to a drop in pirated movies from 95 per cent in 1998 to less than 15 per cent in 2002…" Complete report…
~~GulfWire Link~~
IPR PROTECTION INITIATIVES - GWD Apr. 21, 2003

Business News - Kuwait

KUWAIT SECTOR MAY GROW TO $712M
"Kuwait's IT sector is expected to grow from the current $400 million to $712 million by the year 2006 if the concerted campaign against piracy continues… …Kuwait has already begun to acquire the benefits received from a 13-point drop in piracy rates since 1996…" Complete report…

Business News - Oman

OCCIDENTAL SIGNS NATURAL GAS SUPPLY AGREEMENT WITH OMAN
"Occidental Petroleum Corp. announced an agreement to sell 120 to 130 million gross cubic feet of natural gas per day from its Block 9 operations in Oman to the Omani Government beginning mid-year 2004…" Complete report…

MAQBOOL TO OPEN COMEX 2003 IN OMAN
"Minister of Commerce and Industry Maqbool bin Ali Sultan will declare open the 13th edition of the event at the Oman International Exhibition Center at Seeb… …COMEX is the country's premier technology event represented by almost all leading government and private entities in IT…" Complete report…

Business News - Qatar

QATAR AIRWAYS IN 'SKY NEWSPAPERS' WORLD FIRST 
"Qatar Airways has become the first airline to introduce 'Sky Newspapers' - an innovative service which delivers quality copies of the world's most respected newspapers to First and Business class passengers often before the actual papers hit the street stands…" Complete report…
~~GulfWire Link~~
QATAR AIRWAYS PLANS FLEET EXPANSION - GWD - Mar. 10, 2003

Business News - Saudi Arabia

U.S. ENERGY SECRETARY, SAUDIS DISCUSS OIL
"Energy Secretary Spencer Abraham visited Saudi Arabia [Apr. 30] to discuss developments in the oil sector in the region with his Saudi counterpart, Ali Naimi… …a U.S. diplomat, speaking on condition of anonymity, said Abraham and Naimi were reviewing [a] decision taken by the Organization of Petroleum Exporting Countries to reduce oil output by 2 million barrels a day, tightening the taps they had opened when the Iraq war threatened to create a shortage…" Complete report…
~~GulfWire Link~~
OIL PRICES AND IMPACT OF WAR TO DOMINATE SAUDI ARABIAN ECONOMY - GWD - Apr. 7, 2003

OIL OUTPUT CAPACITY TO TOP 11M BPD BY 2007: REPORT
"Saudi Arabia plans to boost oil production capacity to more than 11 million barrels per day (bpd) by 2007… … Saudi Aramco is undertaking several projects to increase crude output by 1.75 million bpd, 800,000 bpd of which will offset normal reductions in mature oilfields…" Complete report…
~~GulfWire Link~~
NEW TECHNOLOGY TO BOOST OIL RECOVERY - GWD - Apr. 7, 2003

TAX ON FOREIGN FIRMS SLASHED
"Saudi businessmen have welcomed [Apr. 28] the Shoura Council decision to cut taxes on profits of foreign companies from 45 percent to a maximum of 25 percent, saying the move will boost foreign investment in the Kingdom…" Complete report…
~~GulfWire Link~~
TAX CUT ON FOREIGN FIRMS UNDER STUDY - GWD - Apr. 7, 2003

SAGIA GOVERNOR CALLS FOR FURTHER CUT IN TAX ON FOREIGN FIRMS
"The Kingdom has already brought down the rate of tax on corporate profits above SR100, 000 from 45 percent in the past to 30 percent. It was further reduced to 25 percent on [Apr. 28]… …Prince Abdullah stressed the need for a uniform taxation regime for overseas and domestic businessmen to stimulate the level of investments…" Complete report…

TELECOM MARKET TO BE OPENED UP TO FOREIGN INVESTMENT
"Minister of Telecommunications and Information Technology Muhammad Jameel Mulla [May 2] said his ministry would try to open up the Kingdom's technology market to fair international competition… …The minister promised to do his best to remove the obstacles facing investors in information technology…" Complete report…
~~GulfWire Link~~
OBSTACLES HAMPERING INFLOW OF FOREIGN INVESTMENT IDENTIFIED - GWD - Apr. 21, 2003
KINGDOM TO OPEN UP INSURANCE SECTOR FOR FOREIGN INVESTMENT - GWD - Apr. 21, 2003

HECTIC EFFORTS ON TO MERGE TAXI COMPANIES
"The last few days witnessed hectic movements among limousine companies to merge with each other with the aim of forming bigger companies that can deal with new measures and terms effective [May 4] concerning Saudization…" Complete report…
~~GulfWire Link~~
SAUDIZATION OF CABBIES CLEARED - GWD - Jan. 13, 2003

Business News - UAE

U.S. FIRM SELLS STAKE IN UAE SHIPBUILDER
"U.S. firm Newport News Shipbuilding has sold its 30 per cent sake in loss-making Abu Dhabi Shipbuilding (ADS) for an undisclosed amount… …the government of Abu Dhabi had bought the U.S. company's stake, raising its holding in the firm to 50 per cent…" Complete report…

DH65M BUDGET SET FOR DSS
"The sixth Dubai Summer Surprises (DSS), from June 19 to August 29, will have a budget of Dh65 million… …DSS CEO, estimated the turnover of DSS 2003 to increase by 18 per cent from last year's Dh1.2 billion mark and visitors' influx to rise by 17 per cent from last year's 1.3 million figure…" Complete report…

ROAD SHOW FOR DUBAI 2003 BOND ISSUE SET TO KICK OFF
"The road show for the much-awaited Dh1.5 billion Dubai 2003 bond, is expected to begin before mid-May - most likely on May 10… …The road show is the first process in the bond issue, which will be followed by the issue and thereafter the listing on the Dubai Financial Market (DFM). Sources said the minimum subscription for the bond is likely to be Dh1 million, and these bonds are likely be traded in multiples of Dh25, 000 once they are listed on DFM…" Complete report…
~~GulfWire Link~~
DUBAI TO LAUNCH MASSIVE ECONOMIC SURVEY - GWD - Mar. 31, 2003

ABU DHABI GDP RISES SHARPLY
"The Gross Domestic Product (GDP) of Abu Dhabi rose significantly last year to Dh150 billion against Dh110 billion in 1997… …the GDP recorded an annual growth rate of 6.4 per cent against 7.1 without oil and gas, which shows a tremendous performance in the non-oil sector…" Complete report…

DUBAI'S PORTS RANK 13TH IN THE WORLD
"Dubai's ports ranked 13th among the world's top 30 ports last year, with a record of handling 4.19 million TEUs in 2002… …The outlook for Dubai ports' growth this year is that it will be much higher, due to prospects of heavy traffic to Iraq because of the upcoming reconstruction of the battered country…" Complete report…
~~GulfWire Link~~
DUBAI EYES CRUISE TOURISM HUB STATUS - GWD - Mar. 3, 2003

UAE, EGYPT TO SET UP CHAIN OF FUEL STATIONS
"The UAE and Egypt will form a company to set up a chain of fuel stations in Egypt… …The agreement for the Dh300 million company was signed recently in Cairo to establish 69 filling stations across the country…" Complete report…

TRADE EXCHANGE BETWEEN UAE AND FRANCE EXCEEDS TWO BILLION EUROS
"Two-way trade between the UAE and France exceeded two billion euros at the end of last year… …French companies have long-standing history of cooperation with UAE firms and also of implementing major projects in the country…" Complete report…

UAE PRIVATE SECTOR INVESTMENTS REACH DH59 BILLION
"The UAE private sector investments topped at Dh59 billion, or 24.6 per cent of the total investments, in 2001…" Complete report…
~~GulfWire Link~~
UAE RANKED SECOND AMONG ARAB NATIONS IN ECONOMIC FREEDOM - GWD - Apr. 14, 2003

UAE-LEBANON TRADE EXPECTED TO EXPAND
"Trade between the UAE and Lebanon is expected to expand under a free trade agreement which came into effect early this year… …Sheikh Fahim hoped that co-operation between the two countries would not only concentrate on traditional trading channels but extend to various sectors such as tourism…" Complete report…

DMCC TO SET UP DIAMOND EXCHANGE
"Dubai Metals and Commodities Center (DMCC), the only such center in the world to put gold, other precious metals, diamonds and commodities under one roof, is working towards setting up a diamond exchange to facilitate trading in rough and polished diamonds… …The move will also pave the way for this bourse to become a member of the prestigious World Federation of Diamond Bourses…" Complete report…
~~GulfWire Link~~
UAE ACCOUNTS FOR 7PC OF GLOBAL JEWELRY TRADE - GWD - Apr. 28, 2003

Contact Info

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