Middle East Information - MEIC Issues and analysis of the Middle East: Conflicts, News, History, Religions and Discussions

Dubai creates utilities regulator
10 Mar 2010 at 11:31pm Saeed Mohammad Al Tayer, CEO of the Dubai Electricity and Water Authority (Dewa) has said the emirate's government has created a regulatory body under the Higher Committee for Energy and Environment to oversee the utilities sector and pave the way for the entry of private firms into the sector, Gulf News has reported. 'The regulator will set up a legislative and monitoring agency that will create a healthy environment to encourage private-public sector partnerships,' Al Tayer told the newspaper.

ABB inks $2.8m Qatar deal
10 Mar 2010 at 11:30pm ABB, the Swiss-headquartered power and automation technology group, has signed a $2.8m contract with Qatar-based contractor, Black Cat Engineering & Construction to design and develop a major integrated Safety Integrity Level 3(SIL 3) and process control solution for a gas pipeline project in Dukhan, Qatar. According to the contract, ABB will supply SIL 3 controllers for emergency shutdown, process control, and fire and gas systems as well as its SIL3-compliant System 800xA for new and existing plants on the field as part of an upgrade and development plan.

DME plans oil swaps
10 Mar 2010 at 11:25pm Ahmad Sharaf, Chairman of the Dubai Mercantile Exchange (DME) has revealed plans to introduce oil swaps and options against its benchmark sour-crude in the coming months, Bloomberg has reported. DME is awaiting approval from the US Commodity Futures Trading Commission (CFTC) before introducing the derivatives, based on the DME's Oman crude contract, a Gulf benchmark for Asia, he said.

Arab refining projects may be scrapped
9 Mar 2010 at 10:10pm A new report by the Organization of Arab Petroleum Exporting Countries has said that uncertainty over future rates of global demand for oil derivatives, the fluctuation of construction material costs and pressure arising from environmental protection laws could lead to the delay or cancellation of new oil refinery projects in several Arab countries, Kuna has reported. In its monthly report, Oapec said that despite efforts by the Arab refining industry, the pace of development is very slow.

Syria seeks to develop nuclear energy
9 Mar 2010 at 10:08pm Syrian deputy foreign minister, Faysal Mekdad, has said his country wants to pursue nuclear power to meet growing energy needs, the Associated Press has reported. 'The peaceful application of nuclear energy should not be monopolized by the few that own this technology but should be available to all,' Mekdad said at a nuclear conference in Paris.

Jordan, Italy discuss possibility of debt swab agreement
10 Mar 2010 at 11:59pm Egypt Ctrl Bk To Keep Rates Steady Next Week - HC
10 Mar 2010 at 11:05pm Dubai World creditors to get multiple options
10 Mar 2010 at 10:45pm Lebanon ranks 82nd globally, 13th in MENA in country risk
10 Mar 2010 at 10:45pm UAE: Trade surplus dips 59% on lower oil prices, bank credit
10 Mar 2010 at 10:17pm Markets Seen Subdued; Global Weakness
10 Mar 2010 at 9:00pm Saudi Annual Inflation Hits 8-Mo High Of 4.6%-CDSI
10 Mar 2010 at 7:46pm 'Reforms can cut Jordan's deficit to safe levels in 5 years'
10 Mar 2010 at 7:37pm Jordan inflation up slightly in first two months
10 Mar 2010 at 7:36pm Austrian exports to UAE fall 31%
10 Mar 2010 at 4:00pm US delegation's visit aims to strengthen Dubai ties
10 Mar 2010 at 4:00pm RAK to host global business meet
10 Mar 2010 at 4:00pm Reforms Needed
10 Mar 2010 at 4:00pm Jordan's Inflation Rate Rises To 4.8% On Year In Feb
10 Mar 2010 at 8:25am Moody's reviews Qtel's A1 rating for possible downgrade
10 Mar 2010 at 4:46am

Economy

UAE completes VAT study
10 Mar 2010 at 11:47pm The Director General of the UAE's ministry of finance, Younis al Khoori has confirmed that the ministry had completed a study of a value-added tax (VAT) and its potential impact on the economy, The National has reported. "We have submitted our report to the Cabinet," he said, while declining to say when a VAT could be introduced.

Saudi inflation rises
10 Mar 2010 at 11:46pm Official statistics indicate that Saudi Arabia's annual inflation rate rose to its highest level since June, up from 4.1% in January to 4.6% in February, on rising food costs, Reuters has reported. Month-on-month, the inflation rate in the world's largest oil exporter, as measured by the cost of living index, stood at 0.5% in February, up from 0.2% in January. The kingdom's index of cost of living rose to 126.1 points in February from 120.6 points a year earlier, the data showed.

Egypt urban annual consumer inflation drops to 12.8%
10 Mar 2010 at 11:40pm Egypt's statistics agency CAPMAS has said that the country's urban annual consumer price inflation dropped below forecasts to 12.8% in the year to February, Reuters has reported. Prices of food and beverages, which account for more than 40% of the weighting of the basket Egypt uses to measure inflation, rose 22.6% from February 2009 but were lower month-on-month, the index showed. Annual inflation in January was 13.6%, the agency said.

Tadawul climbs 0.55%
10 Mar 2010 at 5:03am Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.55% to 6,565, with 71 stocks rising and 41 falling. All sectors ended higher save Insurance, Real Estate Development, and Transport. Alinma Bank, the day's most active stock by value and by volume, climbed 0.78% to SR12.85, while fellow market leader Kingdom Holding gained 2.06% to SR9.75.

ADX gains 1.16%
10 Mar 2010 at 3:58am The Abu Dhabi Securities Exchange climbed 1.16% to 2,827, with 15 stocks rising and 15 stocks falling. The Real Estate sector led the way, gaining 2.33%, while the Consumer sector fell the most, down 4.12%. Aldar, the day's most active stock by value and by volume, gained 3.92% to Dhs3.96. The National Bank of Ras Al-Khaimah was the day's big gainer, rising 8.53% to Dhs4.20.

GTCC wins Dhs484m Damac contracts
11 Mar 2010 at 12:06am Gulf Technical Construction Co (GTCC), a subsidiary of Drake & Scull Construction (DSC), has won two contracts valued at Dhs484m from Dubai-based Damac Properties. The first contract is worth Dhs371m and involves construction work on Lakeside, an eco-friendly residential building comprised of four towers located in Dubai's International Media Production Zone, while the second is worth Dhs113m and covers the 15-storey The Corner project in Dubai's Business Bay.

Al Habtoor Leighton to expand operations
11 Mar 2010 at 12:04am Laurie Voyer, CEO of Al Habtoor Leighton, the Middle East division of Australia's Leighton Holdings has unveiled plans to expand the firm's operations in Saudi Arabia, Qatar and Kuwait during the next year, the Australian newspaper has reported. The company plans to grow in these markets to the same scale as its UAE operations, Voyer said. The company, which has 35,000 employees, is a joint venture formed in 2007 between Australia's Leighton and the UAE's Al Habtoor group.

Emaar EC inks deal with Jurong on Saudi project
9 Mar 2010 at 11:22pm Emaar, The Economic City (Emaar EC), the Saudi unit of UAE-based developer Emaar which is developing King Abdullah Economic City, has announced the signing of an agreement with Singapore's Jurong International to develop the second phase of the Industrial Valley within KAEC. According to the agreement, Jurong International will undertake the master planning and infra engineering of the 2 million square metres located for Phase 2 of the Industrial Valley project, one of the six components of KAEC that sprawls over an area of 63 million sq m with 4,400 net hectares of land.

Barwa submits offer to buy shares of Alaqaria
9 Mar 2010 at 11:19pm Qatar-based developer, Barwa Real Estate Co, has said it has submitted its official offer to acquire Doha-based Qatar Real Estate Investment Co (Alaqaria). Shareholders of the two companies will be given the opportunity to vote on the proposed transaction when they hold separate meetings in Doha on March 30. Qatari Diar, the largest shareholder in both companies, would maintain a 45% share in the enlarged Barwa company through a contribution of land in the Lusail area, set to become an education and medical district.

World's second tallest building to open in Saudi
8 Mar 2010 at 11:16pm The world's second tallest building will be opened next August in Saudi Arabia, Meed has reported. The 577-metre Makkah Clock Royal Tower will be 59 metres taller than the 508-metre tall Taipei 101 tower in Taiwan, but 251 metres shorter than the Dubai's 828-metre tall Burj Khalifa. Makkah Clock Royal Tower is part of the 4.5 million-square-metre, seven-building Abraaj al-Bayt complex, owned by Riyadh's Kingdom Holding Co. Kingdom is planning to build an even taller tower as part of its Jeddah Kingdom City development.

Political Affairs

Biden scolds Israel over settlement plan
RAMALLAH: U.S. Vice President Joe Biden publicly scolded Israel Wednesday over a Jewish settlement plan, saying it was undermining peace efforts after Palestinians agreed to U.S.-mediated talks.

Israeli general says "all options" needed on Iran
NEW YORK: All options "should remain on the table" to force Iran to stop its nuclear program, Israel s top general said on Tuesday during a visit to New York.

Head of Egypt s al-Azhar dies in Saudi Arabia
DUBAI: Egyptian religious leader Sheikh Mohamed Sayed Tantawi, the head of al Azhar, has died on a visit to Saudi Arabia, Al Jazeera television reported on Wednesday, quoting its correspondent.

Libya accepts US apology over diplomatic row
TRIPOLI: Libya signaled the end of a diplomatic row with the United States Wednesday, saying it accepted an apology for acerbic comments made by a U.S. official and wanted to deepen relations in all areas.

Yemen offers talks with separatists as unrest flares
DUBAI: Yemen, under international pressure to quiet domestic unrest and focus its sights on al Qaeda, has offered to hold talks with southern separatists and hear their grievances, state media said on Tuesday.

No US word on Reliance s fuel sale to Iran: Indian minister
NEW DELHI: The United States has not raised the issue of gasoline sales by Reliance Industries to Iran, but New Delhi has told the U.S. government that issues with Tehran should be settled by talks, not sanctions, India s junior oil minister said.

Ally denies Khatami barred from leaving Iran
TEHRAN: A close ally of Mohammad Khatami denied a report by a semi-official news agency Tuesday that the reformist former president had been barred from leaving Iran.

Iran says hopes China won t bow to sanctions pressure
TEHRAN: Iran said on Tuesday it hoped China would not give in to pressure to agree to new sanctions that the United States and its allies hope to win U.N. approval for over its nuclear program.

Ahmadinejad plans Afghan visit on Wednesday
TEHRAN: Iranian President Mahmoud Ahmadinejad plans to travel to Afghanistan on Wednesday, the Foreign Ministry said on Tuesday, a day after the United States accused the Islamic state of a "double game" in its neighbor.

Kurdish newcomer sees robust showing in Iraq poll
SULAIMANIYA/ARBIL: An up-and-coming Kurdish party expects to capture seats in Iraq s next parliament from entrenched rivals, its leader said after Sunday s national poll, threatening to upset the country s most cohesive bloc.

Opinion & Region Specific

Barak Destroys Synagogue Foundations in Efrat
11 Mar 2010 at 2:25am The foundations of a synagogues in Efrat, laid before the freeze orders were distributed, were razed today, at the order of Defense Min. Barak.

PA Pulling Out of 'Proximity Talks'?
11 Mar 2010 at 1:26am The PA may be backing out of the "proximity talks," using this week's approval of a years-old planned Jerusalem housing project as an excuse.

PA Cancels Terror Square Celebration
11 Mar 2010 at 12:38am The Palestinian Authority has canceled - for now - a ceremony to honor the terrorist who led the 1978 Coastal Road massacre and murdered 37 people.

New Bill to Grant Citizenship to Pre-State Heroes
11 Mar 2010 at 12:33am Those who died fighting for Israel before getting a chance to become citizens of the new country will receive their citizenship posthumously.

Israel: We Will Continue to Build in Jerusalem
10 Mar 2010 at 11:57pm Gov?t Rep: Those who say we flustered VP Biden by building in Jerusalem don?t understand that Jerusalem is ours. Commentator: That's Israel's fault

February Brings Highest Number of Tourists in Israeli History
10 Mar 2010 at 1:06pm The people of Israel welcomed more visitors in February 2010 than in any other month since establishment of the Jewish state.

Knesset to Biden: Free Pollard as Gesture Toward Israel
10 Mar 2010 at 12:40pm Heads of most Knesset factions plead with US Vice President Biden to free Jonathan Pollard prior to the Passover holiday.

Secret Report: NIF-Funded Women's Organizations Weaken IDF
10 Mar 2010 at 11:51am Maariv reports New Israel Fund's women's groups may undermine military, describes 'brick wall' against investigating the fund.

Good Times: Israel's GDP, Jobs, Consumer Confidence Up, Up, Up
10 Mar 2010 at 11:32am A powerful rebound from the global economic crisis is making its mark in the job market.

'Obama and Biden, Hands Off Jerusalem!" Says Likud MK Danon
10 Mar 2010 at 10:49am Vocal nationalist Knesset member tours planned neighborhood in Ramat Shlomo, says construction in capital is a matter of national consensus.

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