GCC News Roundup – December 28, 2009
News & Views General
- Topaz Energy and Marine, a wholly owned subsidiary of Oman’s Renaissance Services, divested its offshore support vessel TEAM Siam to Thailand’s Mermaid Offshore Services Ltd for $29.5 Mn.
- Bahrain Flour Mills Company received about BD10 Mn as a government subsidy in 2009, due to the rise in the global wheat prices. The company is expected to receive a subsidy of BD14 Mn in 2010.
- UAE awarded a $20.4 Bn contract to the Korean-led consortium to build four nuclear power plants. The contract includes construction, commissioning and fuel loads for four 1,400 MW reactors.
- ABB bagged an order worth $21 Mn from Saudi based SOLB South Steel Company to design, supply, and install a 132-kv substation in Jazan Economic City.
- Qatar Petroleum hiked its 2010 budget oil price to $55 per barrel from $45 in 2009, citing revival in oil prices. The increase will come into effect from January 2010
- Saudi Arabia’s real GDP is expected to rise by 4.1% in 2010, due to the rise in the domestic demand- EFG Hermes.
- Orascom Telecom is considering paying 20% of $596.6 Mn claim by Algeria for back taxes and penalties.
- French nuclear energy giant Areva’s Transmission and Distribution (T&D) division won a 200 Mn euro order from Dubai Electricity and Water Authority for supply of 11 high voltage gas-insulated substations.
- Saudi Hollandi Bank has raised SR725 Mn from the sale of its second sukuk.
- Saudi Kayan Petrochemical Company signed a preliminary agreement with South Korea’s Daelim Industrial Company to build a petrochemical plant in Jubail.
- Saudi government has allocated SR61 Bn to boost the Kingdom’s healthcare system through key projects including construction of new hospitals in the 2010 budget.
- Saudi Aramco has invited firms to bid for the contract to build its SR1.5 Bn King Abdulaziz Centre for Knowledge and Culture in the Eastern Province.
- Oil & Natural Gas Corporation Limited awarded Abu Dhabi based National Petroleum Construction Company an EPC contract worth $162 Mn for RS-12 Well Platform Project at offshore Mumbai High Field.
Real Estate and Private Equity
- Kuwait Finance House signed $242 Mn worth direct residential real estate investment deal in Chicago. The project which involves 40 floors and more than 80 flats is scheduled for completion by the end of 2011.
- Abyaar Real Estate Development signed an agreement with ‘Better Life’, to supply its project ‘Acacia Villas’ with kitchen equipment.
- Drake & Scull International Board of Directors approved the acquisition of Drake & Scull International for Electrical Contracting, owned by Drake & Scull Group and Kuwait Holding Company.
- Convrgnt Value Engineering LLC has signed multi-million Dirham agreement with Jashanmal Group to build its new Headquarters at Al Barsha.
