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In This Issue |
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O News
· Region
- Yassin's 'Murder' Casts Shadow Over
Arab Summit
- Arabs Uncovinced By New US Mideast Plan
-
U.S. Steps Back From Call For Reforms In
Saudi, Kuwait
- Arabs Can Handle Their Own Affairs,
Says Prince Saud
-
Saudis Criticize US Reform Plan
-
Qatar: Arabs Can't Reform Alone
- Arabs Urged To Take Part In Iraq
Rebuilding
- US Shrugs Off Saudi Complaint
- Global Powers 'Marginalizing' Arab Red
Crescent Societies
- Japan ASDF Members Head Home From
Kuwait After 3-Month Tour
-
Arab Bank For The Poor To Be Launched
- Britain's Straw In Riyadh
· Bahrain
- RCSI'S Bahrain College Plan Backed
- Full House For Bahrain F1 Debut
· Kuwait
- Finance Chief Survives Key Kuwait Vote
-
Powell Says U.S., Kuwait Committed To
Peace In Mideast
· Oman
- Top US Commander Visits Oman
-
Oman To Build Multi-Million Dollar Dam
Project
- Pact On Extending TV, Radio Broadcast
Signed With Arabsat
· Qatar
- U.S. Helped Qatar Link Russians To
Killing
- Russia To Ensure Return Of Intelligence
Agents From Qatar
- Qatar Appoints New Minister
- Tapping Gas Resources Top Priority
- U.S., Qatar Sign Trade And Investments
Framework Agreement
- Qatar Examines F-16, European Fighters
- Qatar Shows 'Passion Of The Christ
· Saudi Arabia
-
Saudi Arabia Detains Reformers
- Saudi
Arabia Releases Some Reformists
- Saudi
Reformers Recoup After Blow
- U.S.,
Saudi Arabia United In War Against Terror, Powell Says
- Two
Terrorists Shot Dead In Riyadh
- Cabinet
Affirms Independence Of Rights Body
- Saudi
Sets Up Separate Labor Ministry
- Saudi
Passports Issued Before 2002 Now Invalid
- Haramain
Charity Set To Focus More On Serving Saudis
- Saudi
Candidate Loses ABCC Election
- Poverty
Line To Be Defined Later This Year, Says Al-Namlah
- Al-Ula
Region To Get Airport
- Female
Inspection Teams Proposed For City Entrances
- Saudis
Urged To Enroll In German Universities
· UAE
- Dubai
Starts To Build 'Textile City'
- UAE-GCC
Public Transport Link Planned
- Dubai
To Build $4 Billion Subway
- Australia,
UAE Agree To Boost Flights Between The Two
Countries
- UAE
Air Force Delegation Briefed On EGOV Advanced Solutions
- Maktoum
To Get Ireland Surgeon's College Honor
O Business & Finance News
·
Region
- Energy
Futures - 03.22.04
- Mideast
Economy Outperforms Expectations
- OPEC
To Slash Output In April
- Saudi
Minister Frets On Oil
- United
Gulf Bank Upbeat On Growth
- Malaysia
Sees 20pc Surge In Tourists From Mideast
- Gulf
Air And Oman Air Enter Into Marketing Relationship
· Bahrain
- Bahrain's
Economy 'To Grow By 4.5 Percent'
- Bahrain
& Jordan Agree To Launch Mobile Multimedia Messaging
- Bahrain
Job Open
- Sand
Shortage Hits Construction Industry
- Bahrain
Bazaar Offers Traditional Fare
- Traditional
Welcome For F1 Guests At Heritage Festival
- Bahrain
Firm To Open $8m Zanzibar Resort
- Airlines
To Increase Flights For F1 Event
· Kuwait
- Capital
Intelligence Raises Kuwait's Foreign Currency Rating
- STME'S
Mega Storage Deal In Kuwait
- Kuwait
Approves Private Airline
- Islamic
Bank In Kuwait Flotation Of Shares To Start On April 1
· Oman
- OOMCO
Gets ISO Certification
- Oman's
Gas Project Develops Ahead Of Schedule
· Qatar
- Qatar
Unveils Giant LNG Facility
- Emir
To Open RASGAS Train-3
- New
LNG Projects To Cost $30B
- Qatar
Signs Deal For $258m Drilling Firm
- French
Team Exploring Business Ties In Qatar
- Qatar
Navigation Sees 43PC Profit Rise
- Jordan,
Qatar: Bolstering Trade Ties
· Saudi Arabia
- Naimi:
Saudi Arabia Working For Market Stability
- New
Investment Channels For Expatriates Planned
- $20bn
Investment Seen In Saudi IWPPS
- Solid
Infrastructure Key For Development Of Saudi It Market
- Saudization
Deadline Has No Effect On Jeddah's Toyshops
· UAE
- UAE,
US Promoters Form New Firm
- UAE
Power Grid Contract To Be Awarded Soon
- Taweelah
A2 Completes $541M Refinancing Deal
- Tunnel
Maintenance Deal For UAE Firm
- UAE
Gold Demand Set To Rise 10 Percent In 2004
- METITO
Awarded $1.3 Million Project
- UAE
E-Learning Fastest Growing Learning Tool
- Novel
$250M Bridge Coming Up In Capital
- UAE,
Iranian Firms Jointly Win 66.7M Dollars Contract
- Nahyan
Seeks Wider Role For Gulf Entrepreneurs
- UAE,
Japan Discuss Trade Ties
- Abu
Dhabi To Float Major Projects To Private Sector
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News -
Region |
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YASSIN'S
'MURDER' CASTS SHADOW OVER ARAB SUMMIT
"Arab leaders'
hope to relaunch Saudi-sponsored peace initiative are
now fading following Sheikh Yassin's assassination.." Complete
report..
ARABS
UNCONVINCED BY NEW US MIDEAST PLAN
"The Bush
administration is trying to convince Arab governments
that a new U.S. initiative is an attempt to encourage --
not impose -- political, social and economic reform in
the Arab world. But some Arab leaders say no initiative
will succeed unless it also addresses the
Israeli-Palestinian conflict.." Complete
report.. (Audio)
U.S.
STEPS BACK FROM CALL FOR REFORMS IN SAUDI,
KUWAIT
"Secretary of State Colin Powell sought to
allay the furor in the Middle East over the Bush
administration's proposed democracy initiative for the
region, assuring the leaders of Kuwait and Saudi Arabia
this weekend that there was no intention to impose
reforms on their countries.." Complete
report..
ARABS
CAN HANDLE THEIR OWN AFFAIRS, SAYS PRINCE
SAUD
"Foreign Minister Prince Saud Al-Faisal [Mar.
21] slammed Washington's calls for reform in the Middle
East and said Arab countries could tackle their problems
by themselves. The US proposals "include clear
accusations against the Arab people and their
governments that they are ignorant of their own
affairs," the Saudi Press Agency quoted Faisal as saying
in the Yemeni capital.." Complete
report..
SAUDIS CRITICIZE US REFORM PLAN
"Saudi
Arabia says Washington's Mid-East reform plans ignore
Arabs' abilities to handle their own affairs.." Complete
report..
QATAR: ARABS CAN'T REFORM ALONE
"Arab
countries are not ready to carry out reforms from within
and may be better off taking a closer look at a US
democracy plan, Qatar's foreign minister has said. "The
Arab world is not ready to launch its own (reform)
initiative due to diverging interests," said Foreign
Minister Hamid bin Jasim bin Jabr al-Thani in reports
published in local newspapers on [Mar 16].. ..He called
on Arabs to 'study the contents and to rationally
examine the ideas and objectives' of the US plan.." Complete
report..
ARABS
URGED TO TAKE PART IN IRAQ REBUILDING
"Arab
businessmen, bankers, economic and financial experts
started deliberations on how to secure maximum share for
the Arab investors and companies in the $60 billion
re-construction and rebuilding process of Iraq at a
conference opened [Mar. 20]. Over 1,000 businessmen,
investors and economic and banking experts attended the
opening session of the three-day conference titled
'Iraq-Arab Alliance for Reconstruction, Trade, and
Investment'".. Complete
report..
US
SHRUGS OFF SAUDI COMPLAINT
"Saudi investors'
complaints about the closure of the Iraqi-Saudi border
were shrugged off yesterday by US-appointed Iraq
Reconstruction Task Force chairman William Lash. The
investors said Saudi has a lot to offer to Iraq in terms
of investment and that the US' insistence of keeping the
border closed was hampering their efforts.." Complete
report..
GLOBAL POWERS 'MARGINALIZING' ARAB RED
CRESCENT SOCIETIES
"Arab Red Crescent Societies are
being "marginalized" by international powers during
regional conflicts, such as in Iraq and Palestine,
complained an Arab delegate to the fourth Middle East
and North Africa (Mena) conference of the Red Cross and
Red Crescent Societies.. ..Jordanian Red Crescent
Society president Dr Mohammed Al Hadeed.. ..complained
about the lack of Arab-speaking officials at the
International Federation of the Red Cross and Red
Crescent Societies. 'It seems the federation ignores the
fact that Arabic is one of its official languages..'" Complete
report..
JAPAN ASDF MEMBERS HEAD HOME FROM KUWAIT
AFTER 3-MONTH TOUR
"About half of the 200-strong Air
Self-Defense Force (ASDF) contingent stationed mainly in
Kuwait left for Japan on a government jet after their
replacements arrived last week in the first personnel
rotation since Japan began deploying noncombat troops to
Iraq and its vicinity nearly three months ago.." Complete
report..
ARAB
BANK FOR THE POOR TO BE LAUNCHED
"The first Arab bank
for the poor will be established in Yemen shortly as
Prince Talal, president of AGFUND, will launch the
project by signing an agreement with a Yemeni minister
[Mar 17].. ..The idea of the banks for the poor relies
on the principle of extending micro-credit to the
poorest of the poor who cannot borrow from commercial
banks because of the guarantees required by these
banks.. ..'Micro-credit has become a powerful tool as
recognized worldwide for the alleviation of poverty,
raising the standards of living, and promoting economic
growth,' AGFUND said.." Complete
report..
BRITAIN'S STRAW IN RIYADH
"Jack Straw,
British secretary of state for foreign and commonwealth
affairs, arrived in the Saudi capital [Mar 15] at the
start of a Gulf tour during which he will hold talks
with top Saudi and Gulf officials. The talks will mainly
focus on the developments in the region, notably the
situation in Iraq, the Middle East peace process and
terrorism with special reference to Spain.." Complete
report..
Back to
top | |
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News -
Bahrain |
|
RCSI'S BAHRAIN
COLLEGE PLAN BACKED
"Johnson & Johnson Middle
East applauded the efforts of Royal College of Surgeons
in Ireland (RCSI) to set up their medical university in
Bahrain.." Complete
report..
FULL
HOUSE FOR BAHRAIN F1 DEBUT
"A full house is almost
guaranteed for the Bahrain Grand Prix on April 4, the
first F1 race in the Middle East, the organizers said on
[Mar. 21] after already selling 30,000 tickets.." Complete
report..
Back to top
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News -
Kuwait |
|
FINANCE CHIEF
SURVIVES KEY KUWAIT VOTE
"Kuwait's finance minister
narrowly survived a no-confidence motion in parliament
[Mar. 22] after some deputies accused him of
mismanagement and wasting public funds. The
no-confidence move had put a dampener on Kuwait's
soaring stock market recently amid investor jitters that
it could threaten to strain government-parliament ties
and possibly plunge the country into a political
crisis.." Complete
report..
POWELL SAYS U.S., KUWAIT COMMITTED TO PEACE
IN MIDEAST
"Secretary of State Colin Powell, in
meetings with high-ranking Kuwaiti officials, discussed
cooperative efforts between the United States and Kuwait
to advance the cause of peace in the Middle East, the
secretary told reporters March 20.." Complete
report..
Back to top
| |
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News -
Oman |
|
TOP US
COMMANDER VISITS OMAN
"US Central Command chief
General John Abizaid met here [Mar. 21] with the chief
of staff of the sultanate's armed forces, General Ahmad
bin Hareth bin Nasser al-Nabhani, the official ONA news
agency announced. The meeting, also attended by
Abizaid's accompanying delegation and senior Omani
military officers, focused on "bilateral relations" and
other "joint matters," ONA said.." Complete
report..
OMAN
TO BUILD MULTI-MILLION DOLLAR DAM PROJECT
"The Omani
government has unveiled a multi-million dollar dam
project to feed the growing demand for water resources
in Muscat and the surrounding areas, said an official
report [Mar. 21]. The dam, which has a proposed capacity
of 105 million litres (23 million gallons) per day, will
be built across the 110-kilometre (68-mile) wide
water-rich Wadi Dhayaqah, which extends from the eastern
to southwest Muscat region.." Complete
report..
PACT
ON EXTENDING TV, RADIO BROADCAST SIGNED WITH
ARABSAT
"Hamad bin Mohammed Al Rashdi, information
minister, received at his office yesterday Khalid
Balkhiyor, director-general of the Arab Organization for
Satellite Telecommunications (Arabsat), and his
accompanying delegation who are currently on a visit to
the Sultanate. During the meeting, the two sides
exchanged copies of an agreement signed between the
ministry and the organization to extend transmission of
the Sultanate of Oman's Television and Radio to four
continents in the world.." Complete
report..
Back to top
| |
|
News -
Qatar |
|
U.S. HELPED
QATAR LINK RUSSIANS TO KILLING
"The United States
assisted Qatar's special services in the investigation
that led to two Russian secret agents being charged with
killing a Chechen separatist leader, a top U.S. diplomat
said in an interview published [Mar. 22]. The United
Nations considered Zelimkhan Yandarbiyev a terrorist.
Helping find his killers could roil relations with a
U.S. ally in the war on terror.." Complete
report..
Also:
JAILED
AGENTS ADMIT GUILT IN QATAR
RUSSIA TO ENSURE RETURN OF INTELLIGENCE
AGENTS FROM QATAR
"Russia will do its best to ensure
the return the Russian intelligence agents jailed for
alleged murdering Chechen separatist Zelimkhan
Yandarbiyev in Qatar, Alexander Yakovenko, the official
representative of the Russian Foreign Ministry, told
journalists. He did not elaborate on the measures
implemented by the Russian party for the return of the
agents from Qatar. But he stressed that Moscow would
stick to its position.." Complete
report..
QATAR
APPOINTS NEW MINISTER
"Qatari Amir Shaikh Hamad bin
Khalifa Al Thani appointed a new minister of municipal
affairs and agriculture today in a minor cabinet
reshuffle, it was reported. Sultan Dossari, who was
named by decree as the new minister, would soon take his
oath of office before the emir, the QNA news agency
said.." Complete
report..
TAPPING GAS RESOURCES TOP PRIORITY
"The
Emir H H Sheikh Hamad bin Khalifa Al Thani said [Mar.
21] that the development of the gas sector and the
realization of optimum utilization of the country's
natural resources are among the most important national
goals and constitute major factors in the process of
economic development in the country.." Complete
report..
U.S.,
QATAR SIGN TRADE AND INVESTMENT FRAMEWORK
AGREEMENT
"The United States and Qatar signed a Trade
and Investment Framework Agreement (TIFA) March 19 in
Washington as a step towards developing closer trade
ties. The TIFA opens the possibility of working towards
a comprehensive U.S.-Qatar Free Trade Agreement,
according to U.S. Trade Representative (USTR) Robert
Zoellick.." Complete
report..
QATAR
EXAMINES F-16, EUROPEAN FIGHTERS
"Qatar has been
examining a range of European fighter-jets as part of
its air force modernization program. Gulf defense
sources said the Qatari Air Force has been briefed on
such aircraft from France, Germany, Sweden and the
United States. They include the F-16, Rafale, Gripen and
Eurofighter.
The next-generation aircraft is meant to
replace the Mirage-200 fighters. Qatar has about 12 such
aircraft.." Complete
report..
QATAR
SHOWS 'PASSION OF THE CHRIST'
"Qatar is first Gulf
Arab state to publicly screen Gibson's controversial
film accused of encouraging anti-Semitism.." Complete
report..
Back to
top
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News - Saudi
Arabia |
|
SAUDI ARABIA
DETAINS REFORMERS
"Saudi Arabia detained several
prominent reformers [Mar 16] in a move their supporters
described as a major setback to democratic change in the
conservative Muslim kingdom.. ..the men were being
questioned for issuing announcements 'which do not serve
national unity or the cohesion of society based on
Islamic Sharia law.' Sources close to the detainees said
eight liberal and moderate Islamists had been taken in
by police.." Complete
report..
SAUDI
ARABIA RELEASES SOME REFORMISTS
"The Saudi
authorities have released seven of 13 detained
reformists, easing a situation that sparked tension
between Riyadh and Washington.." Complete
report..
SAUDI
REFORMERS RECOUP AFTER BLOW
"Activists in Saudi
Arabia are trying to continue on the path of political
reform despite last week's detention of their top
leaders, criticism from the government, and being
labeled "a true enemy" by the country's highest
religious authority. Since the detentions, many Saudis
who previously spoke freely have been reluctant to go on
the record, fearing they, too, could be targeted by the
authorities. But they have continued to meet in small
groups and have gathered signatures for a petition in
support of the detainees.." Complete
report..
U.S.,
SAUDI ARABIA UNITED IN WAR AGAINST TERROR, POWELL
SAYS
"U.S. Secretary of State Colin Powell emphasized
the strength of the relationship between the United
States and Saudi Arabia in a press briefing March 19
after meetings with Crown Prince Abdallah bin Abd
al-Aziz Al Saud and Foreign Minister Saud Al-Faisal.."
Complete
report..
TWO
TERRORISTS SHOT DEAD IN RIYADH
"Two of Saudi Arabia's
most wanted terror suspects were shot dead [Mar 15] in a
shootout with police forces. The shootout took place in
the Naseem district in south Riyadh at 5 p.m., according
to the Saudi Press Agency.. ..One of the suspects was
identified as Khaled Ali Haj, a Yemeni national and one
of the 26 most wanted terror suspects posted last
November. The second man was believed to be Abdul Rahman
Muhammad Yazji.." Complete
report..
CABINET AFFIRMS INDEPENDENCE OF RIGHTS
BODY
"The Council of Ministers [Mar 15] stressed the
independence of the recently formed National Human
Rights Association. 'Custodian of the Two Holy Mosques
King Fahd and Crown Prince Abdullah have ensured the
independence of NHRA, which enjoys the authority to deal
with all matters related to human rights in the
Kingdom'.. ..quoted Minister of Culture and Information
Dr. Fouad Al-Farsy.." Complete
report..
SAUDI
SETS UP SEPARATE LABOR MINISTRY
"Saudi Arabia's
cabinet has decided to set up a separate Ministry of
Labor and abolished the Manpower Council, it was
reported. Culture and Information Minister Fouad Al
Farsy, quoted by the Arab News, said the Manpower
Council would be absorbed into the Ministry of Labor,
which will also deal with labor disputes, employment in
the private sector and labor visas.." Complete
report..
SAUDI
PASSPORTS ISSUED BEFORE 2002 NOW INVALID
"Saudi
passports issued before 2002 are now invalid everywhere,
the Passports Department has announced. The new
electronically readable passports, which were first
introduced two years ago, will continue to be issued
free of charge unless the old passport has expired.." Complete
report..
HARAMAIN CHARITY SET TO FOCUS MORE ON
SERVING SAUDIS
"The Al-Haramain Foundation, which has
been accused by the United States of funding terrorism,
is refocusing on Saudi Arabia, investing 80 percent of
its efforts and $23 million in the Kingdom over the last
12 months.. ..The organization figured among a number of
Saudi charities accused by Washington of financing
terrorism after the Sept. 11, 2001 attacks in the United
States. In January, Riyadh joined the US Treasury in
asking the United Nations to add four foreign offshoots
of Al-Haramain to a list of terrorist groups linked to
Al-Qaeda.." Complete
report..
SAUDI CANDIDATE LOSES ABCC
ELECTION
"The new secretary-general of the
Arab-British Chamber of Commerce is Muhammad Al-Sumadi,
the Jordanian candidate. Earlier this week, Saudi Arabia
threatened to withdraw from the organization if its
candidate Mustafa Al-Hujailan was not elected.. ..Saudi
Arabia now has to decide whether to stay in the Arab
British Chamber of Commerce or make good on its threat.
The chamber is a non-profit organization governed by a
board of directors made up of 50 leading Arab and
British businessmen.." Complete
report..
POVERTY LINE TO BE DEFINED LATER THIS
YEAR, SAYS AL-NAMLAH
"Saudi Arabia will define its
poverty line later this year, when the Ministry of Labor
and Social Affairs finalizes a national census begun 15
months ago. 'The study of all the facts relating to
poverty in the Kingdom is going according to plan and
helping us find positive solutions for poverty
eradication,' said Dr. Ali Al-Namlah.. ..the Planning
Ministry's early action to count the Saudi population
would help establish the exact number of the poor in the
Kingdom, though the principal objective of the project
was to establish the poverty line.." Complete
report..
AL-ULA REGION TO GET AIRPORT
"Plans are
under way to establish an airport in the historical
region of Al-Ula, home to the ancient Nabatean
settlement of Madain Saleh.. ..Emphasizing the tourist
potential from developing the archaeological sites,
Sudairy said that the new development plans for the
region would turn Al-Ula into one of the major tourist
centers in the Middle East.." Complete
report..
FEMALE INSPECTION TEAMS PROPOSED FOR CITY
ENTRANCES
"The Passports Department has recommended
posting female inspection teams at all checkpoints in
the Kingdom. A source at the department told Arab News
that deployment of female inspectors at checkpoints in
Makkah during the Haj season had been very successful,
particularly in spotting Umrah overstayers disguised as
women.. ..The female inspectors had been on loan from
the Kingdom's international airports.." Complete
report..
SAUDIS URGED TO ENROLL IN GERMAN
UNIVERSITIES
"A team from the German Academic
Exchange (DAAD) will visit the Kingdom on March 28-April
1. The team will encourage Saudis to study at one of
Germany's 359 universities.. ..Saudis who study in a
German university for the first time will enjoy free
tuition. Scholarships are offered to graduate students
studying for masters or doctorate degrees.." Complete
report..
Back to
top
| |
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News -
UAE |
|
DUBAI STARTS
TO BUILD 'TEXTILE CITY'
"The Dubai-based Textile
Merchants Group (Texmas) launched [Mar 15] a $60-million
'textile city' here to help promote the ambitious Gulf
emirate as a major trading hub. Dubai Textile City is to
be built on approximately six million square feet
(557,000 square meters) of land in the emirate's
Al-Warsan area and is to be completed by mid-2005.." Complete
report..
UAE-GCC PUBLIC TRANSPORT LINK PLANNED
"A
public transport service is being planned between the
UAE and GCC states, said a report. The proposed bus
service, planned jointly by Abu Dhabi and Dubai, will
enable Gulf-based residents move more freely throughout
the region.." Complete
report..
DUBAI
TO BUILD $4 BILLION SUBWAY
"The Gulf emirate of Dubai
[Mar 15] announced plans to construct its first
underground railway network at an estimated cost of
nearly $4 billion to be completed around 2012.." Complete
report..
AUSTRALIA, UAE AGREE TO BOOST FLIGHTS
BETWEEN THE TWO COUNTRIES
"Australia and the United
Arab Emirates agreed [Mar. 22] to expand their air
services agreement, granting Emirates Airlines, Gulf Air
and Qantas Airways Ltd. the right to increase flights
between the two countries.." Complete
report..
UAE
AIR FORCE DELEGATION BRIEFED ON EGOV ADVANCED
SOLUTIONS
"A delegation from the UAE Air Force and
Air Defence Institute, led by Lieutenant Colonel Saeed
Salim Obaid Al Tounaiji, recently paid a visit to Dubai
eGovernment to study its advanced systems and eServices
and showed a keen interest in the various online
courses. Lieutenant Colonel Saeed and his team were
briefed on the strategic objectives of Dubai eGovernment
and the progress achieved so far in meeting the goal of
providing nearly 70 per cent of public services through
electronic channels by the year 2005.." Complete
report..
MAKTOUM TO GET IRELAND SURGEON'S COLLEGE
HONOR
"His Highness Sheikh Maktoum bin Rashid Al
Maktoum, Vice President and Prime Minister of the UAE
and Ruler of Dubai, will receive an honorary membership
certificate from the Royal College of Surgeons in
Ireland (RCSI) at a grand ceremony [Mar 16].. ..the
scientific honor bestowed on Sheikh Maktoum was in
appreciation of his support for international scientific
research, where theses and research are meant to
alleviate the suffering of people everywhere.." Complete
report..
Back to top
| |
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|
Business -
Region |
|
[GulfWire] ENERGY FUTURES -
03.22.04
Light Crude (NYM) $36.75 bbl UP from $35.80 bbl on
03.12.04
Brent Crude (IPE) $32.85 bbl UP from $31.90 bbl on
03.12.04
Heating Oil (NYM) $.90 gal UP from $.8825 gal on
03.12.04
Natural Gas (NYM) $5.53 mmbtu DOWN from $5.79
mmbtu on 03.12.04
Unleaded Gas (NYM) $1.119 gal UP from
$1.107 gal on 03.12.04
Source: CNNfn
The Best Energy Resource in the
World:
Country
Analysis Briefs
by DOE/EIA
MIDEAST
ECONOMY OUTPERFORMS EXPECTATIONS
"Standard Chartered Bank
held a Middle East Economic Roadshow for its customers on
Sunday to update them with the latest news and developments on
the international financial markets. The roadshow featured the
Bank's Global Head of FX Strategy, Claudio Piron, and its
Middle Eastern Economist, Daniel Hanna. Claudio Piron
emphasized that he expects the dollar to continue its fall.
"Investors are seeking better investment opportunities outside
of the US, while imbalances within the US economy remain a
risk," he said. He went on to highlight that "It is not by how
much you grow, but how much you owe that matters for the US
dollar. The twin budget and current account deficits will
remain a burden for the dollar". He forecast that the dollar
will hit a low of 1.38 against the euro, 2.00 against the
British pound and 90 against the yen in 2004. Piron and his
team have received recognition from the Bloomsberg News Agency
as the most accurate forecasters of currency movements in the
international financial markets for two years running.." Complete
report..
OPEC TO
SLASH OUTPUT IN APRIL
"Members of the OPEC group stood [Mar
15] by a pledge to slash oil production in April, despite
soaring oil prices that have triggered complaints from
consumer countries. Their stance pushed world prices up, to
$32.42 a barrel for April delivery of benchmark Brent North
Sea crude in London at around 1100 GMT.. ..market was well
supplied and that demand in the second quarter would drop
because of the end of the winter season in the northern
hemisphere. They also said OPEC should raise its official
target prices, because the weak dollar was hurting their
economies which depend heavily on oil exports priced in the US
currency.." Complete
report..
SAUDI
MINISTER FRETS ON OIL
"OPEC power Saudi Arabia is concerned
by high oil prices but said speculators and tight stockpiles
of U.S. gasoline are driving the market rally.." Complete
report..
UNITED GULF
BANK UPBEAT ON GROWTH
"Bahrain-based United Gulf Bank is
predicting strong growth this year.
Its bright future was
spotlighted at the Kipco Financial Outlook Forum's second
session, at Kuwait Stock Exchange. Members heard forecasts for
increased profits and growth from UGB and Kuwait-based Burgan
Bank, two companies in the financial services sector of the
Kipco Group's corporate portfolio.." Complete
report..
MALAYSIA
SEES 20PC SURGE IN TOURISTS FROM MIDEAST
"..'We are
optimistic about the huge tourist potential this region holds
for a modern Muslim country like Malaysia. This year, after
fully recovering from a year-long slump, we expect to see a 20
per cent surge in tourist traffic from the Middle East..'" Complete
report..
GULF AIR
AND OMAN AIR ENTER INTO MARKETING RELATIONSHIP
"Gulf Air
and Oman Air announce they have entered into a comprehensive
marketing relationship (code share), combining the carriers'
complementary capabilities to offer more competitive and
convenient air travel services in the Gulf, East Africa and to
a number of other destinations around the world.." Complete
report..
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Business -
Bahrain |
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BAHRAIN'S ECONOMY 'TO GROW BY 4.5
PERCENT'
"Bahrain's economy is expected to grow by 4.5
percent this year, according to a leading financial
institution. Standard Chartered Bank international economist
(Middle East) Daniel Hanna described that as a "good
performance" for the country - with preliminary estimates
indicating a 4.9pc growth last year.." Complete
report..
BAHRAIN
& JORDAN AGREE TO LAUNCH MOBILE MULTIMEDIA
MESSAGING
"'Batelco is continuously forging regional
relationships with mobile operators to provide the best
value-for-money service to its mobile customers. The region's
first ever MMS interconnection agreement with Kuwait's
Wataniya took place at the end of 2003', said Tony Hart,
Batelco chief executive officer. "We're delighted to now also
be working with MobileCom to support advanced messaging
services between our two networks.'".. Complete
report..
BAHRAIN JOB
OPEN
"The Bahrain government expects Malaysian companies to
be among the bidders for the construction of its $1 billion
commercial hub project - Bahrain Financial Harbour. Bahrain
Chamber of Commerce and Industry and Gulf Corporation Council
director Hassan Ebrahim Hassan Kamal says the first phase of
the project amounting to $250 million had been awarded to
several Bahrain companies via an agreement signed last week.."
Complete
report..
SAND
SHORTAGE HITS CONSTRUCTION INDUSTRY
"A shortage of good
quality sand that began in the middle of last year has pushed
up construction costs in Bahrain and has led to considerable
environmental damage as manufacturers of ready-mixed concrete
switch to marine sand that requires much more processing and
cleaning in order to comply with technical specifications. Now
representatives of the Bahrain construction materials industry
have appealed to the Bahrain Chamber of Commerce and Industry
(BCCI) as well as the Cabinet to unblock supply from Saudi
Arabia, which is the Kingdom's biggest supplier of sand and
help the construction boom continue without slowdown.." Complete
report..
BAHRAIN
BAZAAR OFFERS TRADITIONAL FARE
"Bahrain Bazaar, which has
opened in the Manama suq, is tipped to become one of the
country's leading tourist attractions.." Complete
report..
TRADITIONAL
WELCOME FOR F1 GUESTS AT HERITAGE FESTIVAL
"Formula One
guests, VIPS and famous personalities will be treated to a
traditional Bahraini welcome at the 12th Heritage Festival.
Guests will be taken into a virtual tour of the "popular arts"
in Bahrain, the theme of this year's festival. Another 300,000
people including, the sporting events visitors, are expected
to attend the 10th festival to be held at the heritage village
at the Bahrain National Museum.." Complete
report..
BAHRAIN
FIRM TO OPEN $8M ZANZIBAR RESORT
"The Bahrain Hotels
Company (BHC), which owns the Gulf Hotel, is to open a $8
million (BD3 million) international resort in Zanzibar next
month.." Complete
report..
AIRLINES TO
INCREASE FLIGHTS FOR F1 EVENT
"Influx of visitors big boost
for travel industry. Some airlines operating to Bahrain from
neighboring countries are to increase their flights into the
Kingdom on April 4, while a leading travel agent yesterday
announced they were bringing in a charter flight on that day.
"While Emirates Airlines has announced it'll bring in an extra
incoming flight on the final day of Formula One from Dubai to
return the same night, Qatar Airways has also announced it'll
operate three extra flights from Doha to Bahrain," said Al
Gosaibi Travels general manager Issac Mathew. "We've also
learnt that Gulf Air is to operate 10 flights that day, twice
the number it operates normally between Bahrain and Dubai as
well as Bahrain and Abu Dhabi," the general manager told the
Tribune. "This is very good for Bahrain, and we're all very
excited at the business prospects waiting to happen.".." Complete
report..
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Business -
Kuwait |
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CAPITAL INTELLIGENCE RAISES KUWAIT'S
FOREIGN CURRENCY RATING
"Capital Intelligence (CI), the
international emerging markets rating agency, today announced
that it has raised Kuwait's long-term foreign currency rating
to A+, from A, and affirmed its short-term foreign currency
rating at A1. The rating agency also assigned a long-term
local currency rating of A+ and a short-term local currency
rating of A1 to the sovereign. The outlook is stable.."
Complete report..
STME'S MEGA
STORAGE DEAL IN KUWAIT
"STME, the Middle East's premier
enterprise storage company, announced its largest-ever deal in
the Gulf state of Kuwait. The Kuwait National Petroleum
Company (KNPC) has invested more than $1.5m in a comprehensive
disaster recovery infrastructure, provided by STME, to manage
and protect over 1 terabyte, or one trillion bytes, of
mission-critical data.." Complete
report..
KUWAIT
APPROVES PRIVATE AIRLINE
"Kuwait Cabinet has approved the
establishment of its first private airline following the
opening up of the domestic aviation sector to private
investors, a senior minister said. Al Jazeera Airways will
operate as a Kuwaiti shareholding company.." Complete
report..
ISLAMIC
BANK IN KUWAIT FLOTATION OF SHARES TO START
"The
flotation of shares of a new Islamic bank in Kuwait, the
second in the state, will start on April 1, a government panel
decided [Mar.15]. The panel also decided that only Kuwaiti
nationals will have the right to buy shares in the Bubiyan
Islamic Bank, which obtained the necessary license from the
Central Bank of Kuwait (CBK) three months ago.." Complete
report..
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Business - Oman |
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OOMCO GETS ISO CERTIFICATION
"Mina
Al Fahal, the joint venture terminal operated by Oman Oil
Marketing Company (OOMCO), has been awarded the BVQI Quality
Assurance Certificate ISO9001:2000 on its operation of the
fuel storage and distribution terminal.." Complete
report..
OMAN'S GAS
PROJECT DEVELOPS AHEAD OF SCHEDULE
"Oman's Ministry of Oil
and Gas has taken first delivery of natural gas from the
Northern Oman Gas Joint Venture (NOGJV), four months ahead of
schedule.." Complete
report..
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Business -
Qatar |
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QATAR UNVEILS GIANT LNG
FACILITY
"Qatar has unveiled the world's largest LNG
processing facility at this giant Gulf industrial city which
has sent the first supplies of liquefied natural gas to India.
Amir Shaikh Hamad bin Khalifa Al Thani lifted up a light bulb
in the shape of an oil drum to mark the official inauguration
of the train three project which has seen $2.3 billion of
investment in both Qatar and India.." Complete
report..
EMIR TO
OPEN RASGAS TRAIN-3
"RasGas will mark a new milestone in
the development of Qatar's gas sector when the Emir H H Sheikh
Hamad Bin Khalifa Al Thani inaugurates [Mar. 23] at Ras Laffan
Industrial City the world's largest and most technically
advanced LNG train. The RasGas Train-3 is the world's largest
LNG train so far with a design production capacity of 4.7
million tonnes per annum (mtpa) that would raise RasGas
production at its first and second trains by 44 per cent,
bringing to 11.3mtpa the total output of RasGas three
trains.." Complete
report..
NEW LNG
PROJECTS TO COST $30B
"Second Deputy Premier and Minister
of Energy and Industry, H E Abdullah bin Hamad Al Attiyah,
[Mar. 21] said major LNG projects being planned will require
the massive investment of $30bn, including the cost of
production field development, plant construction, port
expansion, the building of huge carriers as well as the
receiving terminal infrastructure in new consumer markets.."
Complete
report..
QATAR SIGNS
DEAL FOR $258M DRILLING FIRM
"Qatar Petroleum (QP) and
Japan Drilling Company (JDC) signed [Mar. 22] an agreement to
establish the first national drilling company in Qatar, the
Gulf Drilling International (GDI). GDI will be initially based
on six rig operations, four offshore jack-up and two land rigs
with an investment capital of $258m, during the initial three
years of the joint venture with QP owning 60 per cent and JDC
40 per cent shares of the newly formed company.." Complete
report..
FRENCH TEAM
EXPLORING BUSINESS TIES IN QATAR
"The delegation of some 25
companies from France who are currently attending the
international LNG-14 conference in Doha are exploring business
ventures in Qatar's natural gas industry, the French
ambassador to Qatar, Alain Azaouau said here [Mar. 22]. The
French delegation is one of the largest of its kind that is
participating in this event.." Complete
report..
QATAR
NAVIGATION SEES 43PC PROFIT RISE
"..owing to the modern
fleet and a reputation for providing prompt service, the
company's share in marine transportation operations between
Qatar and other GCC ports grew to 85 percent. Returns from
marine transportation increased by 31 percent.. ..Two
container ships were added to the fleet in 2003, a year during
which competition also grew sharply.." Complete
report..
JORDAN,
QATAR: BOLSTERING TRADE TIES
"Qatari Emir Sheikh Hamad bin
Khalifa Al Thani made a brief visit to Jordan, during which he
reviewed the situation in Iraq and the Israeli-Palestinian
conflict, Petra news agency reported. Sheikh Hamad also
discussed with King Abdallah II ways of bolstering economic
ties with Jordan, particularly investments in the Jordanian
tourism sector, officials said.." Complete
report..
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Business - Saudi
Arabia |
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NAIMI: SAUDI ARABIA WORKING FOR MARKET
STABILITY
"Saudi oil minister says his country insists on
necessity of maintaining oil market stability for consumers,
producers.." Complete
report..
NEW
INVESTMENT CHANNELS FOR EXPATRIATES PLANNED
"Saudi Arabia
is expected to open new channels of investment for expatriates
in order to make use of their annual foreign remittances which
are estimated at SR56 billion ($15 billion).. ..The
authorities came up with the new plan after reports of the
large amounts that expatriates had been sending abroad. A
recent report by the Ministry of Economy and Planning
estimated the expatriates' remittances during the past 10
years at SR585.4 billion.. .. economists warned the Saudi
authorities that the drain on the country's hard currency
through expatriates' foreign remittances would weaken the
economy and called for quick remedial action.." Complete
report..
$20BN
INVESTMENT SEEN IN SAUDI IWPPS
"Saudi Arabia plans to set
up 10 new independent water and power plants (IWPPs) by 2016,
according to a senior minister.
Abdullah Al Hussayen, Saudi
Vice-Minister of Water and Electricity, was quoted as saying
the projects, costing about SR60 billion ($20 billion) will
provide investment opportunities for international
investors.." Complete
report..
SOLID
INFRASTRUCTURE KEY FOR DEVELOPMENT OF SAUDI IT
MARKET
"Saudi organizations are very aware of the latest
technologies and the need to pursue them, but need to
carefully examine their core infrastructures to ensure that
these technologies can be supported in the future.." Complete
report..
SAUDIZATION
DEADLINE HAS NO EFFECT ON JEDDAH'S TOYSHOPS
"Some 24 days
after the Feb. 21 deadline for their partial Saudization,
toyshops in Jeddah show no signs of change. The business was
one of 25 economic activities to start Saudization last
month.. ..One businessman said he did not mind employing
Saudis just to maintain the quota. This happened in the
vegetable market, where Saudis were hired as a front,
sometimes by several shops at once, while expatriates
continued to do the work.." Complete
report..
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Business - UAE |
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UAE, US PROMOTERS FORM NEW FIRM
"Al
Taasees, the joint venture between UAE promoters and two
American companies, has created a new concept in import
procurement and financing. The concept will provide
information about turnkey services to investors and
businessmen seeking to import goods, equipment and
machineries, particularly from the US as well as from other
parts of the world.." Complete
report..
UAE POWER
GRID CONTRACT TO BE AWARDED SOON
"A Dh814 million contract
to establish the UAE National Power Grid, which will include
Abu Dhabi, Dubai, Sharjah and Fujairah power grids, will be
awarded next month, according to the UAE MInister of
Electricity and Water. Humaid bin Nasser Al Owais told this
correspondent [Mar. 22] that seven companies, which
participated in the tender and have been chosen out of a
number of other bidders for the project, have already
submitted their quotations and the contract is likely to be
signed on April 15. The project will take two and a half years
to complete.." Complete
report..
TAWEELAH A2
COMPLETES $541M REFINANCING DEAL
"Abu Dhabi's first
independent water and power project - the Taweelah A2 -
successfully completed a $541 million landmark refinancing,
comprising conventional and Islamic financing. Emirates CMS
Power Co, the special purpose company set up in 1998 for the
project, signed the refinancing agreement - the first in the
Gulf - with several banks led by the National Bank of Abu
Dhabi (NBAD).." Complete
report..
TUNNEL
MAINTENANCE DEAL FOR UAE FIRM
"A UAE company has won a
Dh7.89 million ($2.5 million) contract to carry out
maintenance works on Al Shindagha Tunnel, said Dubai
Municipality director-general Qassim Sultan. The project
involves the routine and preventive maintenance of Al
Shindagha Tunnel.." Complete
report..
UAE GOLD
DEMAND SET TO RISE 10 PERCENT IN 2004
"Gold consumption of
the United Arab Emirates (UAE) is expected to increase by 10
percent in 2004 over last year, the official news agency WAM
reported [Mar. 22]. According to Moaz Barakat, managing
director of Middle East, Turkey and Pakistan market in World
Gold Council (WGC), the gold consumption in UAE, which dropped
to 90.3 tonnes in 2003 from 93.1 tonnes in 2002, will go up by
10 percent by the end of 2004.." Complete
report..
METITO
AWARDED $1.3 MILLION PROJECT
"METITO, the UAE-based water,
wastewater and desalination treatment projects and technology
company has won $1.3 million contract to set up sewage
treatment and water filtration plants in Equatorial Guinea in
West Africa.." Complete
report..
UAE
E-LEARNING FASTEST GROWING LEARNING TOOL
"UAE's e-learning
market, estimated at US$ 14 million, will surge to US$ 56
million by year 2008. According to recent research conducted
by the Dubai based Madar Research Group, the market is
expected to grow at a compound average growth rate (CAGR) of
32 per cent. The growth in the e-learning market will cover
content providers, technology providers and service providers
to e-learning initiatives of the country's public and
education sectors, as well as the corporate learning programs
of large corporations.." Complete
report..
NOVEL $250M
BRIDGE COMING UP IN CAPITAL
"Abu Dhabi city is promised to
have another eye-catching and permanent feature of its
landscape with the completion of the $250 million Shaikh Zayed
Bridge, which is currently under construction.." Complete
report..
UAE,
IRANIAN FIRMS JOINTLY WIN 66.7M DOLLARS CONTRACT
"The joint
alliance of Abu Dhabi-based Gulf Piping Co (GPC) and Iran's
Petrochemical Industries Design and Engineering Co (Pidec) has
won a 66.7-million-US-dollar contract from the Iranian
Offshore Oil Company (IOOC), reported the newspaper Gulf News
on [Mar. 21]. The contract involves engineering, procurement,
fabrication, testing, pre-commissioning, transportation to
offshore, installation, hook-up and commissioning of the Kharg
Island Gas Gathering and NGL Recovery Project in Iran, the
report said.." Complete
report..
NAHYAN
SEEKS WIDER ROLE FOR GULF ENTREPRENEURS
"Gulf entrepreneurs
must be empowered to play influential roles in shaping the
region's economic future, Shaikh Nahyan bin Mubarak Al Nahyan,
Minister of Higher Education and Scientific Research, and
Chancellor of the Higher Colleges of Technology, said [Mar.
20]. The Minister, in his opening address at the first annual
HCT-MIT Global Entrepreneurship Conference at the Jumeirah
Beach Hotel, said entrepreneurship should be promoted as a
force to ensure the sustained development of the nation and
its participation in the global economy.." Complete
report..
UAE, JAPAN
DISCUSS TRADE TIES
"Officials of the Abu Dhabi Economic
Department held talks here yesterday with a visiting Japanese
delegation on means of enhancing bilateral trade and
investment.. .. 'Japan is a major trade partner in the region
and there are 85 Japanese firms operating in the country, out
of which 48 are functioning on a Japanese-UAE partnership
basis. The figure is set to increase,' Qubeisi said.." Complete
report..
ABU DHABI
TO FLOAT MAJOR PROJECTS TO PRIVATE SECTOR
"Abu Dhabi is set
to float major projects to the local private sector this year
as it pushes ahead with plans to privatize key industrial
plants and set up one of the world's largest oil services
complex. To achieve its target of attracting foreign capital
of nearly $10 billion into its burgeoning industrial zones,
the emirate is also planning to revise its economic and
investment laws in line with WTO rules.." Complete
report..
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