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Gulf Business Review: April 2008 April 2008 April 2008
Gulf Business ReviewMonitoring the Latest News
Dear reader,
Welcome to the monthly Gulf Business Review Newsletter, a deeply resume of what is happening in the Gulf Business specially related to energy.
The price of diesel per gallon went up from Dh14.30 to Dh15.30 in Dubai last night, the single biggest increase since October. Diesel sold at Dh11.00 per gallon in the city on October 23, according to transport industry sources.
If you would like to learn more about this newsletter or forthcoming events, or perhaps would like to suggest an event or article for inclusion in the next edition, please do not hesitate to contact me at projects@meconsult.co.uk
Kind regards,
Laura H. Sandoval MEC International Ltd. Fax: 020 7591 4801 Email:projects@meconsult.co.uk
Gulf investors make big gains on Indian market. Gulf investors, an emerging force on the Indian capital markets, earned substantial gains last year from both debt and equity funds, according to Lipper - an international fund-tracking firm. 23/04/08
Tamweel profit jumps 249% to Dh176.34m.Islamic mortgage lender Tamweel on Tuesday reported a 249 per cent jump in net profit, reaching Dh176.34 million during the first quarter this year compared to Dh50.47 million in the first quarter of 2007, the company said in a statement. 23/04/08
UNB will expand network to 60 branches.Union National Bank (UNB) is planning to expand its network to 60 branches by the end of 2008, compared to the present 47 branches, an executive said on Tuesday. 23/04/08
Enoc and Eppco stations get supplies. Petrol was finally delivered to most Eppco and Enoc service stations on the East Coast after almost a day of dry pumps that caused a major problem for motorists with nearly empty fuel tanks. 23/04/08
UAE equities post gains. UAE markets on Tuesday continued with the slow but consistent uptrend, accumulating 3.35 per cent of gains since the beginning of 2008. 23/04/08
Growth engines. Bahrain’s campaign to diversify income sources is paying off with new sectors spearheading the economic growth, the Prime Minister said yesterday. In an interview to the Associated Press news agency, Shaikh Khalifa bin Salman Al Khalifa said finding new avenues of growth has been a priority for Bahrain for a long time. 23/04/08
Key governance issues analysed. More than 70 senior executives and professionals from Bahrain’s financial industry took part in Solidarity’s first corporate governance seminar yesterday. It was held under the patronage of the Central Bank of Bahrain (CBB). 23/04/08
Forum on financial awareness set. Orion Brokers DMCC is organising a seminar on technical analysis of various financial instruments, mainly Forex in Bahrain tomorrow. 23/04/08
Inflation and weak dollar push Gulf business confidence lower. Inflation and weak dollar and high oil prices are taking their toll on regional economies as business confidence dwindles, according to the latest survey by HSBC. 10/04/08
Opec president says no need to raise oil production. Opec members see no need to raise oil production to counter rising prices, the Opec President said on Sunday. 20/04/08
ConocoPhillips and GE Collaborate in Global Water Sustainability Research Center. ConocoPhillips and GE Water & Process Technologies announced that GE has become an equal co-venturer in ConocoPhillips’ Water Sustainability Center (WSC) in Qatar. Set within the Qatar Science & Technology Park (QSTP) in Doha and expected to open in late 2008, the WSC will research and develop water solutions primarily for the petroleum and petrochemical sectors, but also will focus on municipal and agricultural solutions. 21/04/08
GE Compression Technology Selected to Increase Production of Depleted Gas Wells in Oman. For more efficient extraction of gas from depleted wells in four of its gas fields, Petroleum Development Oman (PDO) has turned to advanced, high-pressure compression technology from GE Oil & Gas. Under a multi-year, multi-project contract valued at more than US$250 million, GE will supply 16 electric motor-driven centrifugal compressors for high-pressure injection applications in the Kauther, Saih Nihayda and Yibal gas fields of Oman. 21/04/08
Halliburton Awarded Contract to Develop Manifa Offshore Project. Halliburton has been selected to provide a variety of oilfield services in support of the offshore portion of Saudi Aramco’s Manifa mega-project. The Manifa project has a production target of 900 MBCD (thousand barrels of oil per calendar day), making it Saudi Aramco’s second largest incremental oil production project. 21/04/08
Sabic Reports First Quarter 2008 Results. Saudi Basic Industries Corporation (SABIC), reported first quarter 2008 (1Q08) profits of 6.92 billion Saudi Riyals, compared with 6.28 billion Saudi Riyals for the same period in 2007, an increase of 10 percent. 20/04/08
Borouge announces further strategic expansion of polyolefins operations beyond Borouge 2. Borouge announced that it has initiated the feasibility study for Borouge 3: a further expansion of its polyolefin operations in Abu Dhabi to add approximately 2.5 million tonnes per year of capacity by 2014. 07/04/08
Foster Wheeler Awarded Pre-Feed To Revamp/Expand Banagas’ LPG Facilities In Bahrain. Foster Wheeler awarded a contract by the Bahrain National Gas Company (BSC) (BANAGAS) to carry out the pre-FEED (pre-front-end engineering design) for the revamp and expansion of the BANAGAS liquefied petroleum gas (LPG) facilities in Bahrain. The expansion will allow the plant to increase its gas throughput, which is planned to reach 530 million standard cubic feet per day by 2020. 16/04/08
Middle East sees growth in regional jet market. A new market is emerging in the Middle East for regional jets with seating capacity of 30 to 120 that can serve destinations within three hours of flying distance. According to Brazilian aircraft manufacturer Embraer, this new market is emerging because of the boom in low cost aviation across the region. 19/04/08
UAE economy runs the risk of a realty ’bubble’. Investment bank UBS has warned of its concerns regarding the risks of a real estate "bubble" to the UAE economy and that it presents a greater threat to growth than inflation.24/04/08
Gulf Arabs Put Brakes on Buying Spree, Await Bargains. Gulf Arab exporters awash with cash from record oil income have put the brakes on foreign asset buys as the global credit crisis promises more bargains later and the political spotlight falls on how they invest.Economists say the battle against domestic inflation in the world’s top oil-exporting region is capping spending at home, leaving sovereign funds that invest much of the surplus oil revenue struggling to find a profitable home for their money. April 2008
A Nuclear Mideast. IT may be more than just a little ironic that the oil- and gas-rich Mideast could prove to be a leader in the civilian use of nuclear energy. In 2006, the Gulf Cooperation Council (GCC) overturned a one year-old nuclear-free policy in favor of a common policy to develop nuclear power. Already, Saudi Arabia, Qatar, Bahrain and the UAE have announced nuclear development plans and interest has been expressed by nearby Egypt, Morocco, Algeria and Tunisia. The UAE is expected to be the first to have reactors up and running with the first power station slated to be on-line by 2016. April 2008
Gulf Finance House Plans $10 Billion Energy Hub in Kazakhstan. Gulf Finance House E.C., Bahrain’s largest investment bank by market value, plans to build a $10 billion business park for energy companies in Kazakhstan, holder of 3.3 percent of the world’s oil. 09/04/08
Dubai diesel prices up 40% in six months. The price of diesel at Dubai’s filling stations has increased by 40 per cent in six months, making it almost 80 per cent more expensive than that sold by Adnoc-operated pumps in Abu Dhabi. 24/04/08
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