In the Gulf Region, 2,000 Projects Worth $1 Trillion
Hashim Al-Rifa'i, president of the Association of Project Management in Kuwait, said the Gulf region is going through an unprecedented period of prosperity.
He said there are currently in excess of 2,000 projects underway, at a cost of $1 trillion.
Source: Al-Qabas, Kuwait, May 31, 2007
Sabic To Borrow $29 Billion
The Saudi Basic Industries Corporation, the largest public corporation in the Middle East, is set to borrow $29 billion in the next three to five years to expand its petrochemical projects and acquire new companies.
The loans will come in the form of bonds, direct borrowing from financial institutions and the issuance of sekouk or Islamic bonds.
[SABIC acquired, early this month, the plastic business from General Electric, for $11.6 billion.]
Source: Al-Sharq Al-Awsat, London, May 31, 2007
Gulf Bank To Turn Islamic
The secretary-general of the High Council for Islamic Banks and Financial Institutions, which is located in Bahrain, has declared that the banks in the Gulf countries are moving toward becoming Islamic banks over the next 10 years.
He said that the number of Islamic financial institutions had increased from 176 in 1997 to 350 in 2005, apart from Islamic banking windows in non-Islamic banks and insurance companies.
In terms of their distribution in the GCC countries in 2006, 36% of such institutions are in Saudi Arabia, 27% in Kuwait, 23% in U.A.E., 9% in Bahrain, and 5% in Qatar.
Source: Al-Hayat, London, May 31, 2007
Dubai International To Develop London Gateway
The U.K. government has given its approval to Dubai International Port, one of the largest owners and operators of ports in the world, to develop the “London Gateway” project on the Thames River in Essex County. The port area, formerly owned by Shell Haven, will be used to provide logistical support throughout the U.K. The cost estimate is $3 billion and the construction will take 10-15 years to complete. The project will create 14,000 new jobs.
Source: Al-Khaleej, U.A.E., May 31, 2007
Qatar Offers Egypt Gift Of 40 New Locomotives
Qatar has is paying for 40 new locomotives to Egypt, at a cost of $120 million.
The locomotives will be supplied at a rate of 10 locomotives per month, to modernize Egypt's rail system.
The gift includes free maintenance for the first two years.
Source: Al-Sharq, Qatar, May 31, 2007
Lebanon Could Suffer Economic Difficulties
The 100-day political truce that was supposed to take effect in Lebanon on June 1 appears to be in jeopardy because of the terrorist activities by Fateh Al-Islam in Nahr Al-Bared, and because of the stirrings by Syria and its agents in Lebanon [in particular, Hizbullah and president of the republic Emil Lahoud] following yesterday's U. N. Security Council resolution to establish an international tribunal for the assassination of former Lebanese prime minister Rafiq Al-Hariri.
[in which Syria is implicated].
Source: Al-Sharq Al-Awsat, London, May 31, 2007
Iraqi Families Receiving Food Rations For Deceased Members
To mitigate the consequences of U.N. sanctions in the 1990s, the Saddam regime introduced a system of food rationing for all Iraqis.
This system was kept in place even after the fall of the regime, notwithstanding the abundance of food and consumer goods in the markets.
Iraqi families have for a long time refrained from informing authorities of deaths in the family so that they can continue to receive their food rations.
The Ministry of Trade considers the practice "theft" but doubts that it can do anything to change it.
Source: Al-Sharq Al-Awsat, London, May 31, 2007
Directors of Sudanese Companies Shrug Off New U.S. Sanctions
The directors of Sudanese companies shrugged off the new U.S. sanctions announced by President Bush early this week.
They said that some forms of sanctions have been in existence since 1996, and that companies have learned to live with them.
They also claimed that the U.S. has avoided the big players, particularly those which maintain business relationships with China.
Source: Al-Sharq Al-Awsat, London, May 31, 2007
Qatar Currency Remains Pegged To Dollar
The governor of the Central Bank of Qatar confirmed that Qatar's currency will continue to be pegged to the dollar, unlike Kuwait, which has recently decided to peg its dinar to a basket of currencies.
Qatar is facing a problem of rising inflation, which reached 15 percent through March 15, and is generated largely by rapid public spending.
Source: Al-Dustour, Jordan, May 31, 2007
Date Posted: May 31, 2007