Economy

Gulf states to decide on monetary union this month

The Gulf Cooperation Council (GCC) will decide on a new target deadline for the monetary union by the end of this month, according to senior GCC officials. GCC finance ministers and central bank governors will meet immediately after the International Monetary Fund's annual meeting for talks.

Forward thinking Qatar to diversify revenue sources

Qatar has taken large strides toward diversifying its economy and becoming a key financial and investment hub on both the regional and international levels, particularly following stake acquisitions in the London Stock Exchange and Nordic bourse operator OMX.

US rate cut stirs debate over Gulf currency peg

The US interest rates cut has revived a fierce debate on whether the oil-rich Gulf Arab states should keep their currencies pegged to the dollar and bear the crunch of high inflation. The six-nation Gulf Cooperation Council (GCC) states are experiencing high growth rates of between four to eight percent, thanks to soaring oil revenues that boosted liquidity to new levels.

Bahrain ranks amongst top West Asian economies in attracting foreign direct investments (FDIs)

Bahrain?s positive investment environment enabled it to be ranked amongst the top five economies in West Asia to attract Foreign Direct Investments (FDIs) in 2006. The total volume of investments showed an increase of US$1.62 billion, compared with the UAE, to surpass US$3.89 billion in FDIs, in 2006.

IMF warns of Middle East inflation dangers

The IMF raised its growth forecast for Middle Eastern economies on the back of higher oil prices and healthy local demand but warned that inflationary pressures were building. The International Monetary Fund said momentum in the region, which includes oil and non-oil exporters, would edge up to 5.9 percent this year from 5.6 percent in 2006, an increase of half a percentage point from an earlier projection in July.

Qatar: Building integration

Although on the rise, trade among members of the Gulf Co-operation Council (GCC) is low compared to trade with other economic blocs. The recent push for implementation of a common currency in the region, now scheduled for 2015, has led many analysts and financiers to question the rationale. With regard to GCC integration, the real question has been in seeking to find out what the drivers behind this further push truly are.

Mutual trade between Bahrain and USA reaches US$1.167 billion

The US statistical bureau announced that the volume of trade between Bahrain and USA reached US$1.167 billion during the first year of the Free Trade Agreement (FTA) for the period from August 2006 to July 2007.

Energy

Naftoil Saudi Arabia sign multi billion dollar oil exploration contract

Naftoil Saudi Arabia S.A. a privately-owned Saudi petroleum company, has teamed up with Gulf Regal Corporation (a company with interests in both America and UK) to sign an outline memorandum of understanding that secures drilling, exploration, and development rights in two high-prospect blocks in the Islamic Republic of Mauritania.

Egypt looks to deepen cooperation with EU in oil industry

The Egyptian Petroleum sector is looking to deepen and expand its cooperation with members of the European Union as a channel to benefit from investments and expertise in the coming period, according to Sameh Fahmy, the country's Minister of Petroleum.? "This channel will enable our country to benefit from sophisticated technologies in oil and gas exploration and development," the minister said.

Egypt signs contract for solar power plant

Egyptian Electricity and Energy Minister Hasan Yunis attended the signing ceremony of a contract on the implementation of a solar component in the first Egyptian solar power station. The project, to be established in Kuraymat, will work with a capacity of 140 megawatts and with an investment cost of 606m Egyptian prounds.

Tough task to deliver

Qatar's smooth ascent to the peak of the liquefied natural gas industry is an impressive achievement. In little more than a decade, the tiny emirate has become the giant among LNG exporters. Helped by oil major partners, notably ExxonMobil, Qatar has along the way earned a formidable reputation for combining effective project management with innovation and exploitation of economies of scale.

NoozzVIEW; Why are oil prices so high?

Scarcely a day has gone by recently without a new scare about oil prices. Last Friday in Asian trade, they broke the US$83-a-barrel mark and approached their record level, as a weak dollar and supply fears once again boosted buying.

Saudis planning a US$8 billion refinery

Saudi Arabia's national oil company, Saudi Aramco, has received three bids for a contract to build an US$8-billion refinery in eastern Saudi Arabia. Three international engineering firms, SNC-Lavalin, Foster Wheeler and WorleyParsons, submitted bids for the contract that includes project management and early engineering on the planned 400,000-barrel-a-day crude oil refinery.

US Oxy, Thai PTTEP win Bahrain oil, gas tender

U.S. firm Occidental and Thailand's PTT Exploration and Production PCL have won a tender to explore for oil and gas in Bahraini waters. The kingdom's tender board approved the bids, which will now be passed to parliament and its upper chamber, the Shura council, for approval.

EIB: GCC oil production to lift 30 pct in three years

A report released by the Emirates Industrial Bank (EIB) highlighting the petroleum refining industry in the Arabian Gulf region indicated that refining capacity in the region had lifted by 18.3 percent between 2000 and 2005 to reach 4.33m barrels per day in 2005. The report expects refining capacity to further edge up to 6.3m bpd by 2010, upon the installing of four new refineries in Kuwait, Saudi Arabia, Qatar and Oman.

Kuwait to start producing natural gas in December

Oil-rich Kuwait will begin producing free natural gas for the first time ever in December, but it will be for local consumption only. Farouk al-Zinki, chief executive of the state-owned Kuwait Oil Co., said that the company will initially pump 175m cubic feet a day at the end of the year.

China eyes enhanced cooperation with the UAE in oil, gas exploration

The Chinese premier has told the vice president and prime minister of the UAE that China is ready to boost cooperation with the UAE in oil and gas exploration. The premier said the two countries have achieved a lot in their cooperation in trade, energy, infrastructure construction and other areas, calling for both sides to maintain high-level exchanges and expand two-way investment, and step up cooperation in oil reservation facilities and engineering technologies.

UAE's Taqa, Kuwait Energy eye oil, gas ventures

Abu Dhabi National Energy Co and Kuwait Energy Company have signed an agreement to seek joint oil and gas ventures in the Middle East and Caspian region. The two companies form part of a rapidly growing new group of Gulf Arab oil and gas companies gaining prominence in the international energy sector. Taqa is one of the fastest growing, and it has announced acquisitions worth almost US$8 billion in Canada in the last six months.

KAMCO debuts in global energy sector

Kuwait Asset Management Co. (KAMCO) announced the launch of investment in support services feeding the energy sector at the regional and global levels.? A company statement ascribed the move toward external investment to booming growth rates in oil and gas-related activities, in addition to coal and alternative energy sources.

Finance

Dubai deal with Qatar could end LSE doubt

Talks between organisations controlled by Dubai and Qatar could soon bring to an end three years of uncertainty and turbulence at the London Stock Exchange (LSE). Bourse Dubai and the Qatari Investment Authority (QIA), both of which have big shareholdings in the LSE, are understood to be seeking an amicable resolution of the future ownership of the Exchange.

Egypt plans baby bourse

Egypt plans to launch the Middle East's first bourse for small and medium-sized companies. Mahmoud Mohieldin, the minister of investment, said the exchange would open on October 25, with between four and eight companies expected to list initially.

Report: Omani financing sector woos US$48 billion projects

A recent report has estimated the financing sector in Oman ? the bulk of it comprised of banks - to be worth US$48 billion, placing the sector in an advantageous position to benefit from the robust growth in the Sultanate's economy. The report maintained that Bank Muscat - being a pioneering and major player in the project financing sector in Oman ? is nominated to play a key role in financing and providing advisories to the project developments.

Kuwait Stock Exchange flourishes despite controversy

Even though there has been dispute about the rules for listings, the Kuwait Stock Exchange has prospered, breaking new barriers. On October 7, the Kuwait stock exchange benchmark broke through the 13,000 barrier for the first time. Even at the height of Ramadan, and despite controversy over regulation, the exchange continues to perform well.

Borse Dubai/Nasdaq offer for OMX to run from January

Borse Dubai and Nasdaq's public offer for Nordic stock exchange operator OMX should be launched in January. The cash offer of 265 kronor per share values OMX at some 32 billion kronor (US$4.9 billion, ?3.47 billion)

CBB grants licence to Islamic Bank of Asia

The Central Bank of Bahrain (CBB) has granted a licence to the Islamic Bank of Asia (IB Asia), to establish a Representative Office in Bahrain. The licence clears the way for IB Asia to establish its first overseas presence, following its launch in May 2007 as the first Islamic bank to be licensed in Singapore.

DP World on verge of dollars US$4 billion Dubai float

DP World, the Dubai ports operator, is set to launch its much-anticipated market listing in what should be the largest flotation in the Middle East. The world's third-largest container group is seeking to raise US$4 billion by floating 20 per cent of its equity, valuing the company at about US$20 billion.

JP Morgan to advise on Banque Du Caire sale

The investment bank JP Morgan has been appointed financial advisor for the sale of Banque Du Caire, beating five other international investment banks in the competition. A tentative agreement would be signed with JP Morgan before the end of this month and the sale of the state-owned bank will take six or eight months to complete.

U.S. insurance regulators sign cooperation pact with Egypt

The Arab Republic of Egypt has become the 9th global insurance jurisdiction to enter a formal dialogue with U.S. regulators, as the Egyptian Insurance Supervisory Authority signed an MOU with the National Association of Insurance Commissioners. The deal spells out a framework for regulators in both countries to share information, provide technical assistance, and cooperate on cross-border regulatory functions affecting the performance of insurance markets.

ICBC plans Dubai, Doha outlets

The Industrial and Commercial Bank of China is on the verge of setting up outlets in the Gulf Area. The state bank plans to establish a wholly owned subsidiary in Dubai International Financial Centre with working capital of US$50m and a Doha branch in Qatar Financial Centre with working capital of US$10m.

Doha Bank hopeful of getting licence

Doha Bank hopes to get a banking licence to operate in India, after a wait of three years, as it believes RBI would be more open to give one after ICICI Bank's recent entry into Qatar.? A banking licence would help Qatar's fourth-largest bank get a toehold in India to launch a range of products and services straightaway and scale up fast once the sector gets further liberalised in 2009.

NoozzVIEW; Regulator wanted in short order

The Kuwaiti authorities have begun an urgent hunt for a financial regulator of impeccable international standards in a much-needed bid to defuse the unceremonious row that has damaged its Stock Market and set back its ambitious plans to emulate its neighbours Dubai and Bahrain and transform into a regional financial hub.

Construction & Real Estate

Skyscraper frenzy sprawling in Arabian Gulf

A report by the Middle East Economic Digest (MEED) said that Doha comes in first place in the Gulf region in terms of the costs of commercial office units' incumbency, ranking 15th globally, while London, Hong Kong and Paris assumed the first three places, respectively.

Gulf real estate development breaks through US$1 trillion

The sheer scale of new development in the GCC countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates is impressive by any standard. According to data from Dubai-based research company Proleads, there are now a total of 885 active civil buildings projects in the region, each with values of more than US$10m.

Abu Dhabi: Planning for the future

At present, 930,000 people reside in the metropolitan area of Abu Dhabi and this number is expected to grow to over 3m by 2030. To accommodate this growth, the government has set forth targets for hotel rooms, schools, office and retail space and an integrated public transportation network. The increased capacity in all these areas is expected to be the catalyst for continued growth in the emirate and ensure the necessary infrastructure to support the booming population.

Construction sector suffers supply gap, labour shortages and cost hikes

Sources in the UAE construction sector estimated the shortage in contractors in the local market at between 30 and 40 percent, underscoring that the supply gap will need time to overcome setbacks, and necessitates granting more facilities to international companies to lure them into the local market at preferential terms.

Canal to set new benchmark

Limitless, the global development arm of Dubai World, has described its Arabian Canal project as the Middle East's biggest civil engineering project and Dubai's most ambitious mega-project. Work on the 75 kilometre man-made canal will involve digging and moving more than a million cubic metres of earth - enough to fill 400 Olympic-sized swimming pools every day.

Dubai: Looking eastward

Dubai World's property development subsidiary Limitless has clinched another major deal in Asia, signing on with Indian developer DLF for a US$12 billion mixed-use real estate project outside of the Indian city of Bangalore. The project will involve developing a satellite city 35 kilometres to the southwest of Bangalore, the heartland of India's information technology industry.

Qatari Diar buys London property project

Qatar's Diar real estate investment company announced it has agreed to buy phase two of the Grosvenor Waterside residential development in the upmarket London district of Chelsea. The purchase was the second deal in London for the state-owned firm following its acquisition of Chelsea Barracks, Nasser al-Ansari, chief executive officer of Diar, said.

Telecoms & ITC

Middle East IT outsourcing starts to grow

The Middle East and North Africa (MENA) region has been slower than others to capitalise from the global wave in information technology (IT) outsourcing. As countries in the region strive to develop knowledge-based economies, the skills can not come fast enough to fill businesses' growing demands for IT services and outsourcing.

MVNO's to arrive in UAE, and the Gulf

The natural process of competition in the Gulf mobile market is almost certain to bring MVNOs into the picture despite regulator resistance.? The announcement by the Jordanian telecommunications regulator that it would allow Mobile Virtual Network Operators, or MVNOs, to operate in the country clearly anticipates the introduction of MVNOs in the rest of the Gulf, analysts say.

World's first nationwide WiMAX network launches in Bahrain

The technology liberalises the fixed telecommunications market in the Kingdom for the first time and means customers at home can bundle together high speed broadband internet connectivity (up to 2 Mbps), fixed line voice and mobile services without the need for a land line. The network has been launched by Zain's pioneering operation in Bahrain and shifts the mobile services provider to an integrated telecommunications operator by offering high speed wireless internet access and fixed line services.

UAE not to open up telecom sector to foreign firms

The UAE government has ruled out opening up the telecommunications sector to foreign players in the near future and expects tariffs to become competitive because Etisalat no longer has a monopoly on running phone and internet services.

Pakistan eyes the US$13.4 billion Middle East IT market

Pakistan has launched a major drive to step up IT exports to the Gulf countries. The six Gulf Cooperation Council (GCC) countries offer huge potential for Pakistan IT industry, an official of Pakistan Software Export Board said in a statement.

Iraq telco services markets anticipated to reach US$1.5 billion for cellular systems

The number of mobile subscribers in Iraq for the three largest companies is at 9m users at the end of 2006, representing a mobile penetration rate of approximately 33%. The market added a total of 1.36m subscribers over the quarter to end-2006, representing the strongest number of user additions since launching service in December 2003.

Mobinil obtains 3G license for US$603M

The Egyptian Mobile Phone Services Company (Mobinil) has sealed an agreement with the Ministry of Communication on a 3G license for E?3.34 billion (US$603m) in addition to 2.4 per cent of total annual revenues from the company's services.? The new license will give Mobinil the opportunity to provide its customers with a range of new services, including visual communication and video messaging, file downloads, data transfer, and high-speed internet navigation.

Transport

Construction of Bahrain-Qatar causeway to start next year

The construction of the 45-km Friendship Causeway linking Qatar and Bahrain will start in seven months and last four years. The Qatar and Bahrain Causeway Foundation (QBCF) signed a memorandum of understanding with a joint venture formed by Qatari company Al Diyar and French construction group Vinci, announcing the beginning of work by May 2008.

Donor countries promise US$30 million to rehabilitate Basra?s International Airport

The Basra Governorate Council has held a number of meetings with investors and donor countries to invite them to invest and bring capital in from donor countries to Basra, one of the most important cities for the economy of Iraq and the region.

Ahli United Bank and Arab Banking Corporation to finance US$480m port development in Egypt

Ahli United Bank B.S.C. (AUB) and Arab Banking Corporation (ABC) announced the signing of a landmark US$480m facility agreement with Damietta International Port Company (DIPCO). The facility will be used to finance the development of a new container terminal, set to be the largest of its kind in the Middle East, within the Port of Damietta on Egypt's Mediterranean coast.

Arabs pump US$1 billion into upgrading transport infrastructure

Several Arab countries are striving to develop public transportation projects and infrastructure, capitalising on record economic growth in their national economies and colossal liquidity levels, generated from soaring oil and energy prices.? Experts forecast the coming months and years to witness the establishment of new underground, metro, railway and bus networks, alongside advanced road grids, to accommodate the rapid population growth sprawling across the region.

DAE to sign deal for 30 aircraft within six weeks

Dubai Aerospace Enterprise (DAE) will sign in four to six weeks deals to acquire 30 aircraft as part of a plan to build a fleet of 125 planes within five years. These purchases will be in the secondary market and involve up to four transactions, DAE Capital's chief executive officer Bob Genise said.

Industry

Kobe Bussan of Japan to build sugar plant in Upper Egypt

Japan?s Kobe Bussan Company has submitted a proposal to Egypt?s General Authority for Industrial Development on starting up a plant for sugar production in the industrial zone of Qena, south of Egypt.? The chairman of GAID Amr Assal told NOOZZ that Kobe Bussan sought the authority?s approval to allocate 40 feddans of land for construction of a large sugar plant to produce sugar from 7,000 feddans that would be cultivated with sugarcane in the area.

Several billion dinars for marshlands revitalisation in Thi-Qar

The Governorate Council of Thi-Qar has referred a number of projects for the revitalisation of the marshlands to local companies and contractors as new service projects have been completed in the Fadliyya district.

Saudi Basic says planned China projects worth US$2 billion

Saudi Basic Industries Corp (SABIC), the world's largest chemical company by market value, said two chemical projects it is considering in China are worth about US$2 billon.

Arabian Gulf's yacht sector on course for 30% growth

With the GCC now widely recognised as one of the world's most robust emerging markets for the boating industry, an industry analyst has estimated that with the dominance of waterfront property and reclamation projects, the sector is on course for growth of up to 30 percent in the next 12 months.

Government signs to agreements on gold mining in Eastern Desert

The Egyptian Minister of Petroleum Sameh Fahmy attended the signature ceremony for two gold mining agreements between the General Authority of Mineral Resources and the Russian SMW mining company, which will explore for gold in the Eastern Desert in Egypt.? Fahmy said the first agreement allows the Russian company to explore for Gold on 900 square kilometres in Om Balad with investments of US$6m.

Gulf Extrusions signs major deal with UK company

Gulf Extrusions, one of the largest aluminium extrusion plants in the Gulf, has signed a deal with Sport Carrier Limited, a UK-based firm that delivers components and assemblies to automotive plants in Britain, Germany and the US, to supply 1500 metric tonnes of aluminium, with an estimated value of Dhs28m. The aluminium will be used in the automotive parts of a range of vehicles manufactured in Europe after January 2008.

Malaysia's MMC, Saudi Binladin, Chalco in US$3 billion Middle East smelter project

MMC Corp Bhd said its wholly-owned subsidiary MMC International Holdings Ltd and partner Saudi Binladin Group has made a deal with Aluminum Corp of China Ltd to build an aluminium smelter with associated anode plants worth US$3 billion in Jazan Economic City (JEC) in Saudi Arabia. The smelter will be equipped with three potlines and is expected to have an annual production capacity of about 1m metric tonnes upon completion of the plants' three phases.

Tourism

Hyatt International to operate 5 star hotel at Capital Gate in Abu Dhabi

Abu Dhabi National Exhibitions Company (ADNEC) has announced that the exclusive new 200 room, 5 star hotel in Abu Dhabi?s Capital Gate building, adjacent to the Abu Dhabi National Exhibition Centre, will be operated by Hyatt International. The hotel will open in 2009 and will be the first Hyatt operated facility in the UAE capital city. It will be one of the most exclusive hotels in the world.

New US$1 billion Sunland project for Dubai

Surfers Paradise-based Sunland Group announced plans for a US$1 billion waterfront development in Dubai - its sixth project in the Middle East. The group, which is behind Q1, Circle on Cavill and Palazzo Versace, announced plans for the lavish mixed-use purpose development after it acquired the site in the Dubai Waterfront precinct for US$80m.

Dubai's tender for MGM shares fizzles

Dubai World's offer to buy 14.2m shares of MGM Mirage, the world's second-largest casino company, expired with investors selling less than 3% of the stock the firm was seeking. The investment company, run by Dubai's government, said that it would still buy 14.2m MGM shares directly from the Las Vegas-based company at US$84 each. The firm said that it might purchase more stock on the open market.

Louvre adores the Abu Dhabi deal

The French parliament gave its approval for a branch of the Louvre museum to be built in the United Arab Emirates, defying a petition signed by thousands of French art experts.? Abu Dhabi signed an accord with France in March to use the Louvre's name for 30 1/2 years as part of a deal for paintings from the Paris museum to be exhibited in a new museum that will be built on a resort island.

Almulla launches world's first international Sharia compliant hotel chain

Dubai-based hospitality group Almulla, launched the world's first Sharia compliant hotel brand portfolio under three core brand names of Cliftonwood, Adham and Wings. The hotel group strategic plan calls for 30 properties by the end of 2008.

Utilities

First solar power plant to be constructed in Egypt

Electricity Minister Hassan Yunis signed a contract to set up the first solar power station in Egypt with investments of LE870m. The 140-MW plant will be built in Al-Koraimat, Bani Suwayf Governorate, Yunis said in statements after the signing. The project comes as part of the electricity sector's plan to make the best use of renewable energies.

U.S. concerned as Iraq awards power deals to Iran and China

Iraq has agreed to award US$1.1 billion in contracts to Iranian and Chinese companies to build a pair of enormous power plants, the Iraqi electricity minister said. Word of the project prompted serious concerns among American military officials, who fear that Iranian commercial investments can mask military activities at a time of heightened tension with Iran.

Chinese firm awarded US$970m contract as foreign companies rehabilitate Iraq's shattered electricity sector

A number of international firms have won contracts to rehabilitate or build a number of electrical stations throughout Iraq in order to generate more badly needed electricity for the country and reduce power outages in Baghdad and the governorates.? The ministry has signed a contract with two British companies to rehabilitate the Hilla gas-powered station in Babylon and also build the Bazargan station in Imara. He hinted that an Italian company will rehabilitate both al-Dibs and al-Dora gas-powered stations in Baghdad at a cost of ?50m.

Nasiriyya receives the US$250m Unified Water projects from the American Flora Co.

The local authorities in Nasiriyya have taken over control of the Greater Unified Nasiriyya Water Project from the American administration. It is located in the Badaa area of the Shatra County in the governorate of Thi-Qar.? The project is now ready for operation after the American Flora Company had built it in cooperation with the Iraqi Qaswaa Company.

Saudi Arabia: Water contracts

Contracts to provide water facilities and operating services for three Saudi industrial cities were recently signed by Hashem Yamani, the minister of commerce and industry and chairman of the Saudi Organisation for Industrial Estates and Technology Zones (SOIETZ). In April 2007, the minister of water and electricity, Abdullah Al Hussayen, announced US$93.33 billion was necessary for water projects within the kingdom over the next 20 years.

Defence & Security

NoozzVIEW; Kuwait gets US shield

Kuwait, which saw US Patriot anti-missile batteries lent to Saudi Arabia during the first Gulf War, is now to get its own version of the US-made system as part of a comprehensive US scheme to boost the defences of its Arab allies in the Gulf at the time when a clash with Iran over its nuclear ambitions is considered a strong possibility.

Energy City Qatar signs MoU with leading security services provider

The Middle East's first energy hub, Energy City Qatar (ECQ), announced its strategic collaboration with EMEA Enterprise Solutions WLL at Cityscape Dubai 2007. The signing of the MoU between the two parties signals the beginning of a strategic partnership that will enable ECQ to develop, build and operate a state-of-the-art, high capacity physical security infrastructure, by providing basic and premium data centre, IP and end user services to its tenants.

NoozzVIEW; Gulf cooperation in the skies

Amid the sheer speculation and the deliberate misrepresentation that is surely part of the early stages of the so-called ?Fog of War,? that shrouds any conflict and helps complicate the process of dividing truth from lies, there are certain facts that point towards increasing possibility of warfare ahead. One is the fact that the American air force has begun working with moderate Arab military leaders from the Gulf to train and prepare Arab air forces for a possible war with Iran.

Saudi Arabia awards Raytheon two air defence contracts

The Kingdom of Saudi Arabia has awarded two contracts to Raytheon Company totalling more than $100m. The awarded contracts include a multi-year contract to Raytheon to continue to provide technical, training and logistics support from 2007 through 2009 for the Kingdom's Patriot and Hawk air defence systems. The other is a contract extension to provide local support services for 2007.

Iraq orders US$100m arms supply from China

Iraq has ordered light military equipment from China worth US$100m because the United States is unable to meet Baghdad's requirements, President Jalal Talabani said. The weapons are intended for Iraq's police where only one in five officers are armed.

Bahrain receives new Lockheed Martin radar

Lockheed Martin [LMT] said it has delivered an AN/TPS-59(V)3B ballistic missile defence radar system to Bahrain. The radar is in use by the Bahrain Defence Force for air surveillance after a successful site acceptance test in August. In May 2004, the U.S. Marine Corps awarded Lockheed Martin a US$43.6m contract to provide the long-range radar system to Bahrain, along with associated supplies, equipment and services, as a foreign military sale (FMS).

Thales wins air defence contract with Saudi Arabia

France's Thales said it has won a contract worth ?125m (US$176.6m) to supply an electronic air defence system to the Saudi Air Force.

Education & Media

Arab Media Group and MTV Networks International to launch Nickelodeon Arabia in 2008

Arab Media Group (AMG), the largest media group in the United Arab Emirates, and MTV Networks International (MTVNI) has announced the expansion of their long-term partnership to launch Nickelodeon Arabia, a localised, Arabic language free-to-air channel dedicated exclusively to kids across the Middle East.

Abu Dhabi: Focus on education

In accordance with the government's focus on education, degree-level learning received a major boost last week when the government announced a partnership with New York University (NYU) for the establishment of a satellite campus in the emirate. NYU will be the second foreign university to create a satellite campus in the emirate after Paris-Sorbonne University Abu Dhabi (PSUAD) was established in May 2006.

The Times - Live in the Gulf

The Times newspaper relocates its business desk to the Middle East to focus on the Gulf as a crucial centre of global business. The Times newspaper, one of the most respected and influential news sources in the world, has confirmed it is relocating its business desk from London, UK, to the Middle East for one week during The Times Gulf Business Forum, Sunday October 28 - Friday November 04 2007.

EFTC signs education agreement with US Cornell University

The Egyptian Federation of Tourism Chambers has sealed an agreement with Cornell University, one of the top hospitality schools in the United States. Under the agreement, Cornell University will provide five educational programs on hospitality for the first time in the Middle East and Africa to Egyptian tourism workers. Tourism workers in Egypt account for 12 per cent of the country?s total workforce.

NoozzVIEW; 24-hour BBC Arabic TV lifts off

Tucked away in the highly controversial and mercilessly mocked (by the opposition Tories) comprehensive spending review announced by new Chancellor of the Exchequer, Alistair Darling, was a key passage for the Middle East giving the OK to the BBC World Service to expand its Arabic TV news service to a 24-hour operation. This gave the go ahead to the founding of a BBC news and information division in Farsi, for Iran, which will be launched next year.

Abu Dhabi film fest seeks to boost movie industry

Abu Dhabi launches its first film festival and fund this month in a bid to grow a movie industry in a Gulf Arab region often seen as a cultural desert and where films are often heavily censored. Running from Oct 14-19, the Middle East International Film Festival aimed to encourage home-grown talent and emerging film makers both with cash and the Black Pearl Awards trophies.

At a cost of IQD42 billion, phase one of Nasiriya's University City begins

The total cost of the University City in Nasiriya - in its three phases - is estimated at IQD42 billion and work is not expected to be completed until 2009.

Retail

Sainsbury's board to recommend ?10.6 billion takeover offer from Qatar

The board of supermarket giant J Sainsbury is set to recommend a revised takeover offer from Delta Two, the Qatari-backed investment fund. It is believed that Delta Two has also won the backing of the Sainsbury's pension fund trustees, who had been concerned that the deficit in the fund would not be plugged in the event of a leveraged takeover of the retailer. The scheme has 85,000 members and ?4.25 billion of funds under management. At the end of the last financial year, it reported a deficit of ?100m.

Dubai spins success as textile trading hub

The UAE may have lost its status as a garment producer, but Dubai has gained as a hub for textile imports and re-exports. Dubai's imports of textiles and related materials grew at an average of 11 per cent per year between 2002 and 2006, while re-exports registered an average growth of 13.3 per cent during the same period, according to an Emirates Industrial Bank study.