Thursday, February 14, 2013
81 m-euro substation deal for Siemens
Siemens, the global powerhouse in electronics and electrical engineering operating in the energy, infrastructure, industry and healthcare sectors, has been awarded an 81 million-euro turnkey contract from Saudi Electricity Company (SEC) for a new high-voltage substation that will help Jeddah's power grid to cater for rapidly increasing electricity demand.
Under the terms of the contract Siemens is responsible for the design, engineering, construction, testing and commissioning the new substation, including the supply of power transformers, switchgear and protection and telecommunication systems, and the associated civil engineering and construction works.
"This latest contract award from SEC is testament to the confidence placed in Siemens as a turnkey supplier of innovative infrastructure solutions," said Wolfgang Braun, head of power transmission, Siemens Middle East. "Saudi Arabia is experiencing unprecedented growth and Siemens is proud to be a reliable and trusted partner to the Saudi Electricity Company, as it continues the expansion of a safe, dependable and efficient power grid for the Kingdom.
Read more: http://www.arabnews.com/81-m-euro-substation-deal-siemens
Indian phone firm dials up Gulf expansion
Indian mobile phone company Lava International has signed an agreement with Dubai’s Sharaf Electronics to expand its portfolio of products across the Middle East and Africa.
Set up in New Delhi in 2009, Lava International is one of the top three mobile phone brands in India and sold over 6m in India last year. The unique selling point is the phones can accommodate dual SIM cards. The deal with Sharaf Electronics will see Lava phones distributed in the Dubai-based firm’s 21 stores across the UAE and Bahrain.
"The UAE is an important part of our global expansion plan," said Shailendra Nath Rai, co-founder and director of Lava International.
Read more: http://www.arabianbusiness.com/indian-phone-firm-dials-up-gulf-expansion-489513.html
Qatar may invest $3.5bn in Russia's VTB
Qatar's sovereign wealth fund is in advanced talks with Russia's second-largest bank VTB about injecting between $3 billion and $3.5 billion into the banking giant, the Telegraph reported.
VTB will likely issue the Qataris with $1.5 billion of new equity and $1.5 billion of mandatory convertible bonds under the structure of the deal, the daily said citing sources.
The deal may be announced by next week, the paper said.
Bankers from Goldman Sachs and Citigroup are thought to be working with VTB on the capital raising, according to the Telegraph.
Read more: http://www.gulfbase.com/news/qatar-may-invest-3-5bn-in-russia-s-vtb/229262
Oman posts $8.4bn budget surplus for 2012
High oil prices helped Oman post a budget surplus of RO3.22 billion ($8.4 billion) in 2012, a turnaround from a deficit of RO113.2 million in 2011, data from the finance ministry showed on Thursday.
The surplus is equivalent to 12 per cent of the Sultanate's 2011 gross domestic product, according to a Reuters calculation based on the latest official data.
Minister for Financial Affairs Darwish al-Balushi had estimated last month that actual 2012 state expenditure was about RO13 billion, which would have produced a budget surplus of about RO1 billion.
The finance ministry did not explain why its data was so different from the minister's initial estimate.
Read more: http://www.gulfbase.com/news/oman-posts-8-4bn-budget-surplus-for-2012/229261
The surplus is equivalent to 12 per cent of the Sultanate's 2011 gross domestic product, according to a Reuters calculation based on the latest official data.
Minister for Financial Affairs Darwish al-Balushi had estimated last month that actual 2012 state expenditure was about RO13 billion, which would have produced a budget surplus of about RO1 billion.
The finance ministry did not explain why its data was so different from the minister's initial estimate.
Read more: http://www.gulfbase.com/news/oman-posts-8-4bn-budget-surplus-for-2012/229261
Let’s imagine - purely theoretically - a country in which nothing exists besides sand and a box of money. What do you have to do to develop this country economically? First you have to build a runway & establish a national carrier…
Franz, who made the remarks to a German magazine last year, continued:
The Gulf countries understood that aviation industry is a motor for economic development.In contrast to this position we in Europe see this motor more and more only as a source for taxes or as a source of noise. I think we have to change our thinking fundamentally in regards to this.
According to the National, Lufthansa plans to do this by beating Gulf airlines at their own game - upgrading its planes using German design, improving the customer experience and lowering ticket prices.
But whether that strategy will stem the falloff in business experienced by European airlines remains to be seen.
Read more: http://dohanews.co/post/43072111770/lets-imagine-purely-theoretically-a-country#ixzz2KtHOe618
Bank Muscat says committed to promoting SMEs
Bank Muscat, the flagship financial services provider in the Sultanate, extended lead support to the 5th SME Exhibition and Conference, reiterating its commitment to promoting the important role played by the small and medium enterprise (SME) sector in the economic development of Oman. The support to the 3-day event by Al Wathbah (Big leap for Small business), Bank Muscat’s comprehensive suite of finance solutions for SMEs, complemented government efforts aimed at strengthening the SME sector.
Ilham al Hamaid, AGM – SME Credit, Marketing and Regional Corporates, said: “Bank Muscat is a strong supporter of the government policy to encourage individual initiatives aimed at self-employment. The business environment in Oman offers tremendous opportunities and challenges for the SME sector. The support to SMEs stems from the bank’s strong commitment to create self-employment opportunities for youth who constitute more than 50 per cent of the country’s population.”
The exhibition and conference focused on the importance of SMEs in the business landscape of Oman. The conference discussed major challenges faced by the SME sector as experts offered new perspectives on developing an entrepreneurial culture in the Sultanate. The Bank Muscat stall at the exhibition which highlighted the bank’s initiatives in the SME arena was visited by a large number of existing and prospective entrepreneurs.
Read more: http://main.omanobserver.om/node/149703
ADCB to kick off bond roadshows Feb. 18
Abu Dhabi Commercial Bank , the United Arab Emirates' third-largest lender by market value, plans to begin investor meetings ahead of a potential dollar-denominated bond on Feb. 18, arranging banks said on Thursday.
The UAE lender said earlier this week it had mandated lead arrangers for the issue, which would be benchmark-sized, understood to mean at least $500 million.
Roadshows, which begin in Geneva, Switzerland, will also take place in London and Hong Kong, before concluding in Singapore on Feb 25, according to the roadshow schedule seen by Reuters.
Read more: http://thepeninsulaqatar.com/latest-news/225681-uae-lender-adcb-to-kick-off-bond-roadshows-feb-18.html
January inflation in Qatar edges higher on education
DOHA: Qatar's inflation, based on consumer price index (CPI), rose 3.4 percent year-on-year (y-o-y) and the index was up 0.7 percent month-on-month (m-o-m) in January 2013, figures released by the Qatar Statistics Authority (QSA) revealed.
The y-o-y inflation was mainly driven by 'entertainment, recreation and culture' group, 7.5 percent up. The increase was mainly attributed to the rise in education training services. The CPI data issued by Qatar Statistics Authority for the month of January 2013, recorded increase in all the groups except garments and footwear, where prices declined by 0.9 percent compared to January 2012.
While the rent, fuel and energy grew by 4.4 percent, furniture, textiles and home appliances became costlier by 4.1 percent than a year ago. The food, beverages and tobacco grew by 3 percent.
Saudi-owned Nile Air to expand Gulf network
Saudi-owned Egyptian airline Nile Air has announced it is to expand its reach in the Gulf by launching flights to Kuwait, it was reported.
Nile Air will start operating a new twice weekly route between Alexandria and Kuwait from February 14, Emad Al-Sabti, head of flight schedules at the airline, told KUNA.
The Cairo-based airline was launched in 2007 at the Dubai Air Show, when it announced the purchase of nine Airbus aircraft worth US$792m.
It currently operates two leased aircraft and its route network includes flights between Cairo and Borg El Arab and the Saudi cities of Qassim, Tabuk and Jeddah.
Read more: http://www.arabianbusiness.com/saudi-owned-nile-air-expand-gulf-network-489490.html
Dubai contractor HLG owes shareholder $1.1bn
Dubai contractor Habtoor Leighton Group (HLG) owes more than US$1.1bn to its Australian minority shareholder, Leighton Group, according to financial records lodged with the Australian Stock Exchange.
The massive debt includes A$807m (US$835m) in loans, letters of credit, interest and receivables, and A$298m in carrying value.
Leighton Group owns 45 percent of Habtoor Leighton Group (HLG), with the remaining shares held equally by Khalaf Al Habtoor, chairman of Al Habtoor Group, and Riad Sadik, HLG chairman.
Read more: http://www.arabianbusiness.com/dubai-contractor-hlg-owes-shareholder-1-1bn-489488.html
Al-Jouf medical city to create more than 6,000 jobs
The Prince Muhammad bin Abdul Aziz Medical City is being built on an area of over two million square meters. It will have 200 outpatient clinics, an administrative building, housing units and support services.
Dr. Nahar Al-Azmi, executive director of the city, said he briefed the governor on the project. "We handed over the site to the contractor last November and specialized national and international companies have started work on it."
The project, which is being supervised by the department of projects at the Ministry of Health, was designed following international standards. Al-Azmi said 60 doctors and health officials have been sent abroad for higher studies to meet the city's staff requirements.
Read more: http://arabnews.com/al-jouf-medical-city-create-more-6000-jobs
MidEast rapidly losing freshwater - study
The Middle East’s freshwater reserves are drying up, according to a new study which researched the region during a seven-year period.
Scientists at the University of California, NASA’s Goddard Space Flight Centre, and the National Centre of Atmospheric Research found that parts of Turkey, Syria, Iraq and Iran along the Tigris and Euphrates river basins lost 117m acre feet (144 cubic kilometers) of its total stored freshwater.
The amount is almost equivalent to the total water in the Dead Sea, and the researchers claim pumping of groundwater from underground reservoirs accounts for about 60 percent of the loss.
Read more: http://www.arabianbusiness.com/mideast-rapidly-losing-freshwater-study-489491.html
QE Index Reaches Just Above the Break – Even Line in the Early Trade
The Qatar Exchange hovers between small gains and losses during the first couple of hours trading on Thursday 14th Feb 2013. The index adding nominal 3.31 points or 0.04 percent reached just above the break – even line at 8,827.31.
Telecoms, Transportation and Banks & Financial Services sectors showed a growth of 0.59 percent, 0.56 percent and 0.25 percent respectively.
Industrials sector performed worst, trimming 0.67 percent.
The market breadth was positive with 18 stocks witnessing advances against 14 stocks witnessing declines and the price of 6 companies remained unchanged.
QE Total Volume set sold about 4.4 million shares.
Telecoms, Transportation and Banks & Financial Services sectors showed a growth of 0.59 percent, 0.56 percent and 0.25 percent respectively.
Industrials sector performed worst, trimming 0.67 percent.
The market breadth was positive with 18 stocks witnessing advances against 14 stocks witnessing declines and the price of 6 companies remained unchanged.
QE Total Volume set sold about 4.4 million shares.
Read more: http://www.gulfbase.com/news/qe-index-reaches-just-above-the-break-–-even-line-in-the-early-trade/229249
Drake & Scull Q4 net profit beats view
Contractor Drake & Scull International reported a higher fourth-quarter profit on Thursday as the firm's projects in Saudi Arabia gained momentum.
Drake, in which Goldman Sachs bought warrants worth US$40m, reported a fourth-quarter net profit of AED46m (US$12.5m), the company said in a statement on Dubai's bourse.
This compares to a net profit of AED42m reported during the same period in 2011, a spokesman told Reuters after the announcement.
The earnings beat estimates of four analysts who forecast an average quarterly net profit of AED17.5m.
Read more: http://www.arabianbusiness.com/dubai-s-drake-scull-q4-net-profit-beats-view-489464.html
Dubai stocks look interesting but the correction may be coming
Chris Mayer the managing editor of Agora Financial, the world’s largest publisher of financial newsletters was in Dubai to give a seminar at the Capital Club last night. He spoke to ArabianMoney editor and publisher Peter Cooper about his enthusiasm for Dubai and its stock market.
http://www.arabianmoney.net/gcc-economics/2013/02/14/dubai-stocks-look-interesting-but-the-correction-may-be-coming-says-financial-newsletter-guru-chris-mayer/
http://www.arabianmoney.net/gcc-economics/2013/02/14/dubai-stocks-look-interesting-but-the-correction-may-be-coming-says-financial-newsletter-guru-chris-mayer/
Hydrocarbons remain one of most active sectors for M&A
Hydrocarbons have remained one of the “most active” sectors for mergers and acquisitions in 2012 in spite of relatively stable price scenario, according to Ernst and Young (E&Y).
The oil and gas transactions totalled a staggering $402bn in 2012, representing a 19% increase compared to $337bn in the previous year, E&Y said in its latest report.
It found that 92 transactions exceeded $1bn in value compared to just 71 in 2011.
“This was despite a marginal decrease in oil and gas transaction volumes from 1,664 deals in 2011 to 1,616 in 2012,” it said.
Flydubai in talks over jet order
Budget carrier flydubai, which posted its first full year profit yesterday, is in talks with Boeing and Airbus for a 50-plane order, the airline's chairman said.
The carrier currently has a fleet of 28 Boeing aircraft.
"We are in talks about another 50 aircraft," said flydubai chairman Shaikh Ahmed bin Saeed Al Maktoum who also heads Emirates airlines.
Read more: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=347420
Alba registers healthy financial performance
MANAMA: Alba saw total sales fall last year by 16 per cent as a result of low global prices on the London Metal Exchange (LME) in spite of the company achieving its highest-ever production.
Aluminium cash prices at the LME had an average cash price of $2,019 per metric tonne against $2,398 the previous year.
Sales for the full-year were at $1.978 billion compared with $2.349bn in 2011.
The company registered a net income of $257 million compared with $564m in 2011 which was a drop of 54pc year-on-year driven by lower aluminium prices and higher energy costs.
Read more: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=347416
Exchange Rates in Qatar
| Currency | Buying | Selling |
| ======= | ====== | ====== |
| Saudi Riyal | 0.96700 | 0.97900 |
| Omani Riyal | 9.42400 | 9.51000 |
| U.A.E. Dirham | 0.98800 | 0.99900 |
| Bahraini Dinar | 9.62000 | 9.70700 |
| Kuwaiti Dinar | 12.87500 | 13.09200 |
| Jordanian Dinar | 5.08400 | 5.20100 |
| Egyptian Pound | 0.45900 | 0.54900 |
| Syrian Pound | N/A | N/A |
| Tunisian Dinar | N/A | 2.41400 |
| Moroccan Dirham | N/A | 0.44400 |
| U.S. Dollar | 3.63000 | 3.65020 |
| Canadian Dollar | 3.60600 | 3.67700 |
| Australian Dollar | 3.74100 | 3.83000 |
| New Zealand Dollar | 3.05100 | 3.14300 |
| Singapore Dollar | 2.91100 | 2.97300 |
| Hong Kong Dollar | 0.44700 | 0.48900 |
| Korean Won | N/A | 0.00390 |
| Sterling Pound | 5.54400 | 5.72100 |
| Euro | 4.81900 | 4.96600 |
| Swiss Franc | 3.90300 | 4.06100 |
| Japanese Yen | 0.03823 | 0.03916 |
| Swedish Krona | 0.57500 | 0.58500 |
| Norwegian Krona | 0.65700 | 0.66900 |
| Danish Kroner | 0.65200 | 0.66300 |
| Indian Rupee | 0.06600 | 0.06803 |
| Pakistani Rupee | N/A | 0.03724 |
| South African Rand | N/A | 0.41264 |
| Gold/USD | 1,644.51 | 1,645.28 |
| Silver/USD | 30.82 | 30.86 |
| Platinum/USD | 1,723.99 | 1,731.50 |
Gold demand falls in 2012 for first time in 3 years
Global gold demand fell last year for the first time since 2009 as jewellery buying abated in the key Indian and Chinese markets and U.S. and European coin and bar investment dropped, the World Gold Council said on Thursday.
While gold consumption is expected to stabilise this year, it may be some time before it revisits record levels seen in the depths of the financial crisis, the WGC said in a report.
"It's hard to see a major move up in demand (this year)," the WGC's managing director for investment, Marcus Grubb, said. "Demand will remain high, but we're talking small single-digit numbers in terms of growth from the current tonnage level."
"The tonnage last year was 4,405 tonnes for consumer demand, and if you add in over-the-counter demand, it's another 100 tonnes higher," he said. "We would expect 2013 to be quite similar to that."
13 Saudis among the top most powerful Arabs
Thirteen Saudis were listed among the most powerful Arab personalities of 2012, according to the latest ranking of the Gulf Business magazine.
The list topped by Prince Alwaleed bin Talal also included prominent female personalities such as Reem Asa’d, Princess Ameerah Al-Taweel, Lubna Al-Olayan, Wojdan Seraj, Sarah Attar and Manal Al-Sharif.
The magazine also noted that 28 percent of the world’s most powerful Arabs were born and brought up in Saudi Arabia.
“The world’s most powerful Arab, Prince Alwaleed’s influence pervades global finance, real estate, politics, media, health, education and philanthropy. With an estimated personal wealth of over $ 27 billion — up from around $ 23 billion last year — the founder and chairman of Kingdom Holding Company doubled his firm’s share price in 2012. Under the umbrella of his company, Prince Alwaleed owns stakes in Citibank, Apple Inc, News Corp. and Twitter among other corporations,” the report said.
National staff of Oman Air on strike in Muscat
Muscat: The national workforce of Oman Air, the country’s official airline, went on a flash strike on Tuesday night at the Muscat International Airport, forcing the management to shore up operations with available expatriate employees.
“The Omani workers went on flash strike because the company is not acting on promises made last November, and the demands of workers are not met yet,” Saleh Bin Mohammad Abdullah Al Zedjali, the leader of the airport employees union, was quoted by Al Aamil magazine.
Al Zedjali said the employees had been demanding training and promotions for Omani staff for some time but, despite promises, the company had not implemented any of the demands. He also alleged that employees were being made to work more than eight hours by the airline without being paid over-time wages.
Four new Fun City centres to come up in UAE in 2013
Landmark Leisure, the entertainment division of Landmark Group, is all set to expand its presence in the region with the planned opening of 7 new Fun City centres across the region in H1 of 2013.
This is in addition to the recent opening of spacious Fun City centres in Safeer Mall Sohar-Oman, Safeer Mall Ajman and Safeer Mall RAK, adding 52,578 sq. feet of retail space and featuring all the leading Fun City attractions.
The new Fun City centres that are planned for opening in H1 2013 are in partnership with the realty groups in the region, including Safeer Group, Al Hamra Group and Aswaq Management.
Deyaar's former CEO acquitted in first of five graft cases
Dubai: Deyaar's American ex-CEO, Z.S., has won his first acquittal in a series of five corruption and graft cases since his referral to court in 2008.
The 48-year-old American-Lebanese was cleared on Wednesday of causing a deliberate loss in public funds [as Dubai Islamic Bank owns 41 per cent in Deyaar's shares] worth Dh1.2 million.
Since April 2008, Z.S. has been standing trial before the Dubai Court of First Instance, facing five different corruption cases in which he is charged of committing financial irregularities worth more than Dh350 million in total.
BinHendi will not go public, plans revamp
BinHendi Enterprises, one of the oldest family-owned businesses in the UAE, has hired the management consultancy McKinsey to restructure the organisation and improve its management, a top official said.
"Every so often we tend to dive into the company and stay there and not come out of it," said Mohi-Din BinHendi, president of BinHendi Enterprises, told Gulf News. "We wanted professionals to look at our processes, systems and management."
Hiring the wrong people, especially during the boom years when people flocked to Dubai for jobs, resulted in lost opportunities, he said. But why go for the overhaul now?
Dubai ruler unveils $1.6bn island project
An AED6bn (US$1.6bn) island development off the coast of Jumeirah Beach Residence, including what will be the world’s tallest Ferris wheel, has been approved by Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President and Prime Minister of the UAE and Ruler of Dubai.
The Bluewaters Island project will be one of the largest tourism hot spots in the world, according to the Dubai-based developers Meraas Holding.
Revealing the project on Wednesday, Meraas said the Dubai Eye would cost AED1bn and be the feature of the development.
Read more: http://www.arabianbusiness.com/dubai-ruler-unveils-1-6bn-island-project-489417.html
Emirates launches live TV on-board
Dubai's Emirates Airline has launched four live TV channels on its new Boeing 777 aircraft, including live sport.
‘ice TV Live’ will offer passengers BBC World News in English, BBC Arabic, Euronews and Sport24 - a channel dedicated to major sports events around the world.
The airline is specifically promoting its sporting coverage on the back of its sponsorship of Formula 1 and several top tier European football teams.
Sport24 will include English Premier League and Bundesliga football matches and this year’s coverage of the Australian Open, Wimbledon, US Open Tennis, ATP Tour Masters 1000 Series, ATP World Tour Finals, US Open Golf, and the British and Irish Lions Tour.
Read more: http://www.arabianbusiness.com/emirates-launches-live-tv-on-board-489438.html
Teachers, schools threaten to sue Saudi gov't
A committee representing private girls’ schools in Saudi Arabia is threatening to take the Ministry of Education to court over its decision to impose a minimum wage for teachers with two weeks’ notice, according to local media.
Schools have been ordered to pay teachers a minimum monthly salary of SAR5,000 (US$1,333) and a transport allowance of SAR600.
Student registration or transfer has been frozen until schools implement the directive.
Read more: http://www.arabianbusiness.com/teachers-schools-threaten-sue-saudi-gov-t-489424.html
Mideast on track for business travel boom
New studies revealed a rebound in market confidence while GIBTM exhibitors report strong 12-month prospects for key regional meetings destinations.
Business travel budgets are once again on the rise and more business people in the region are traveling, research firm YouGov said in its latest “Travel Oracle” report gauging UAE and KSA traveler attitudes and habits.
Corporate and meetings business in the Middle East has bounced back from the global economic crisis and looks set to achieve strong growth in 2013, the report said.
Statistics from research house Euromonitor International showed steady growth increases in business arrivals across four key MENA markets (the UAE, Saudi Arabia, Egypt and Morocco) between now and 2016. The UAE reported 2.55 million business arrivals in 2012, rising to 2.756 million in 2013 and 3.55 million, while KSA’s figures are 3.17, 3.5 and 4.91 respectively.
Read more: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20130214153102
Warba Bank team beats 75% Kuwaitization level
Anas Yousef Al-Ateeqi, Chief Human Resources Officer at Warba Bank, announced that Kuwaitization at the management level of the bank has crossed the 75 percent.
This demonstrates the commitment of Warba Bank to utilize the leadership qualities of Kuwaitis. Despite the number of challenges, Warba Bank has been able to achieve this figure.
Due to a lack of Kuwaiti recruits in some sectors, the bank provided training to young nationals with high qualifications, enabling it to achieve Kuwaitization in some departments, including Corporate, Retail and HR, of 98 percent. Reflecting Warba’s commitment to employ local expertise and talent the bank has achieved Kuwaitization over 60 percent, across its operations.
CBB Sukuk Al-Ijara Oversubscribed by 260%
The Central Bank of Bahrain (CBB) announced yesterday that its monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, had been oversubscribed by 260%. Subscriptions worth BD 52 million were received for the BD 20 million issue, which carries a maturity of 182 days.
The expected return on the issue, which begins on 14 February 2013 and matures on 15 August 2013, is 1.10%.
The Sukuk Al-Ijara are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.
Read more: http://www.gulfbase.com/news/cbb-sukuk-al-ijara-oversubscribed-by------/229177?pageID=157
Rolls-Royce sees highest sales growth ever in Kuwait in 2012
KUWAIT: Rolls-Royce has announced that it recorded its highest sales growth ever in the Kuwait during 2012. Ali Alghanim & Sons Automotive, the sole dealer of Rolls-Royce Motor Cars in the country, concluded the year with a 36 percent increase in sales of the ultra-luxury vehicle, placing it amongst the top three best performing markets in the region.
The impressive sales results come as a natural progression for Ali Alghanim & Sons Automotive, which has seen solid growth over the past few years in its Rolls-Royce sales. The company’s focus on customer satisfaction and targeted marketing activities runs in line with Rolls-Royce Motor Cars’ pursuit of excellence and quality through every aspect of the brand.
“These impressive results further confirm the increasing importance of the Kuwaiti market for Rolls-Royce Motor Cars and highlight the increasing strength of the ultra-luxury car market in Kuwait,” said Yousef Al- Qatami, General Manager of Ali Alghanim & Sons Automotive. “It all starts with the product, and Rolls- Royce Motor Cars is respected and renowned for offering the ultimate in luxury, comfort and innovative design, making the brand a benchmark for the whole automotive industry.
Manifa offshore oifield bags ‘Innovative Oil Project of the Year’
With new technology, Saudi Aramco engineers are preparing to turn Manifa’s taps back on in March 2013, and they are already winning awards for their innovations.
At the 2012 Middle East Oil and Gas Awards, Saudi Aramco’s Manifa Development Team accepted an award for “Innovative Oil Project of the Year.” It was one of three awards given to Saudi Aramco and its employees; the others were Young Engineer of the Year and Health & Safety Initiative of the Year.
In describing the requirements for the award, Oil and Gas Awards officials said the Innovative Oil Project “will make an outstanding contribution to the success of the company” and to “highlight the technical capability of the local industry on the world stage.”
Alstom wins $116m Saudi power contract
Saudi Electric Company (SEC) has awarded two major substation contracts worth $116.2 million to Alstom Grid, a leader in the world of power generation, power transmission and rail infrastructure, in Madinah.
This is the first awarded 380 KV with Saudi Electricity Company since 2007. This is part of the Saudi Grid interconnection projects plan aimed at improving the network in Madinah to face the increasing demand.
In order to meet the demand in Madinah, a new 380/110/13.8kV BSP named Al-Salam BSP and associated 380kV circuits, will be constructed, said a statement from Alstom Grid.
Read more: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20130214153101
45 oil and gas transactions in MENA reached $ 402 billion in 2012
With an average of over four transactions announced globally every day in 2012, the oil and gas sector has remained one of the most active sectors for mergers and acquisitions. According to Ernst & Young’s Global Oil and Gas Transactions Review, oil and gas transactions totaled a staggering $ 402 billion in 2012, representing a 19 percent increase compared to 2011 ($ 337 billion). Ninety-two transactions exceeded $ 1 billion in value compared to just 71 in 2011. This was despite a marginal decrease in oil and gas transaction volumes from 1,664 deals in 2011 to 1,616 in 2012.
Middle East transactions remained concentrated on Kurdistan, with four of the five biggest deals concerning assets or operations in the oil-rich region of Iraq. Overall, there were 45 transactions in the MENA region, an increase of 14 percent from 2011. However, the average transaction size decreased from $ 3.6 billion to $2.8 billion.
Read more: http://www.arabnews.com/45-oil-and-gas-transactions-mena-reached-402-billion-2012
Bahrain’s growth seen at 6% in ’13
Despite continuing global economic uncertainty, the Bahraini economy has been fairly resilient to external shocks and the Kingdom’s real GDP growth is currently estimated to exceed 6 percent this year, said a report.
The annual pace of economic growth in the first three quarters of 2012 was 4.4 percent, led by a strong rebound in the non-oil sector of the economy, with overall growth for the year estimated at 3.9 percent, according to the latest economic quarterly report from the Bahrain Economic Development Board (EDB).
The 2012 has been a year of steady consolidation for the Bahraini economy with progress across all main sectors of the economy recording positive growth, the report stated.
Read more: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20130214153100
IEA cuts oil demand forecast even as OPEC sees upswing
The International Energy Agency (IEA) cut its world oil demand forecast for 2013 Tuesday on continuing fragility in the world economy despite signs of recovery in China and the United States.
The IEA said the marginal cut of 85,000 barrels a day was in line with the prospect for slower economic growth forecast by the International Monetary Fund, which last month cut its world growth estimate for 2013 to 3.5 per cent from 3.6 per cent.
The agency now forecasts oil demand of 90.7 million barrels per day, with the eurozone and Latin America accounting for much of the revisions.
"The reduction in the IMF economic outlook for Europe seems particularly ominous," the agency said in its monthly report on the world oil market, in part because of "the sheer size of the region’s economic footprint".
Read more: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20130214153097
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