Saudi Arabia Oil, Gas, Energy and Business News May 2015

Five myths about Saudi Aramco
27 May 2015 | By Kevin Baxter
Debunking some of the recent rumours and claims about the world’s largest oil company

Saudi interbank offered rate
Heavyweights dominate deal flow
20 May 2015 | By James Gavin
Saudi Aramco’s success in sealing a $10bn facility at extremely low pricing will not necessarily lead to a flood of deals

Assets of Saudi commercial banks
Saudi banks to gain from market opening
20 May 2015 | By Edmund O’Sullivan
The kingdom’s locally incorporated commercial banks are well capitalised and are expected to be the first choice for foreign investors after the Tadawul opening on 15 June

Saudi IPO market
Foreign investors await June opening
19 May 2015 | By James Gavin
From next month, qualified foreign investors will have full access to the Gulf’s largest stock market, the Tadawul

Banking
Saudi banking: Sector in rude health
18 May 2015
The kingdom’s locally incorporated lenders have posted promising profits in 2014 as well as the first quarter of 2015, despite low oil prices and new regulations

Saudi banking sector market share 2014
Banks enjoy healthy first quarter
17 May 2015 | By James Gavin
Most of the kingdom’s banks recorded profit growth in the first three months of 2015, after a generally positive 2014, despite concerns about the impact of lower oil prices on the sector

Projects due for award in next 12 months
Projects market loses its momentum
12 May 2015 | By Mark Watts
While essential schemes are still likely to move forwards, the drop in oil prices means projects that are more speculative could be put on hold

Top 10 contractors and EPC spend by country
Oil price drop reshapes top 10 contractors
11 May 2015 | By Kevin Baxter
The decline in oil prices has led to a slowdown in project spending in the region, meaning MEED’s annual contractor survey has seen a big shake up this year

Saudi Defence Minister Prince Mohammed bin Salman bin Abdulaziz al-Saud (C) at a defence exhibition in February
MEED board report, May 2015
7 May 2015 | By Richard Thompson
Key events and trends in the region over the past month and their impact on the outlook for the Middle East and North Africa

Saudi Arabia
Focus falls on Saudi Arabia’s deputy crown prince
6 May 2015 | By Kevin Baxter
Prince Mohammed bin Salman is taking on a more powerful role in the kingdom

Regional construction awards
Construction awards dip in Middle East
5 May 2015 | By Robert Jones
Value of contract awards in region’s construction sector have fallen in first quarter

Construction projects in Mecca province
Vision for Mecca under threat
4 May 2015 | By Hossam Abougabal
While many major projects in the holy city have pressed ahead, with some nearing completion, delays have occurred as Saudi Arabia struggles to stick to its masterplan for 2040

MEED contracts awarded April 2015
Middle East contracts awarded: April 2015
3 May 2015
Nearly $5bn of contracts awarded in April in the Middle East

Al-Naimi: The legendary oil minister may retire soon
Al-Naimi’s succession challenge
30 April 2015 | By Kevin Baxter
Assistant oil minister and son of King Salman are now favourites to replace Saudi Arabia’s veteran oil minister

Divided Zone: Some analysts believe the Saudi Arabia-Kuwait dispute could degenerate into more serious problems
Trouble in the Divided Zone
28 April 2015 | By Wil Crisp
Oil production in the zone is expected to halt as Saudi Arabia and Kuwait fail to find common ground

Oil drop
Oil price drop hits Saudi Arabia
28 April 2015 | By Robert Jones
The latest IMFdata on Saudi Arabia illustrates the impact the decline in oil prices is having on the kingdom’s economy

US-based GE’s distributed power business finds promising markets in areas of volatility
GE sees opportunity in instability
27 April 2015 | By Philippa Wilkinson
Firm’s CEO of distributed power talks about supply and generation challenges in region

Corporate legal battle
The AH al-Gosaibi debt default
22 April 2015 | By Rebecca Spong
The largest corporate financial scandal that shook Saudi Arabia

Abdelmalek al-Houthi
Yemen crisis – main players
22 April 2015 | By Mark Watts
A guide to the major actors in the ongoing Yemen conflict

Global oil production
Oil price still not ready for recovery
21 April 2015 | By Kevin Baxter
Opec optimism unfounded while global market remains oversupplied

Qatar Energy, Oil, Gas and Business Update May 2015

Losing the 2022 World Cup may help Qatar’s economy
28 May 2015 | By Wil Crisp
Fitch Ratings says if Qatar is stripped of the tournament its robust economic growth will continue

Colin Foreman
Oil price drop stress tests GCC projects
26 May 2015 | By Colin Foreman
There are long term positives to the slowdown

Andrew Roscoe
Japanese gain ground in region’s utilities market
26 May 2015 | By Andrew Roscoe
Companies from Japan have won the first three major developer contracts of the year

Doha in Qatar
Construction is risky business in Qatar
19 May 2015 | By Colin Foreman
Aecom encounters “delivery challenges” as industry braces for surge in disputes

Qatar IMF data Q2 2015
Qatar real GDP to grow
14 May 2015 | By Wil Crisp
Qatar’s real GDP is expected to rise to $110.3bn in 2015

QP’s risky Al-Shaheen strategy
QP’s risky Al-Shaheen strategy
12 May 2015 | By Kevin Baxter
Re-tendering concession for technically challenging oil field is mystifying

Projects due for award in next 12 months
Projects market loses its momentum
12 May 2015 | By Mark Watts
While essential schemes are still likely to move forwards, the drop in oil prices means projects that are more speculative could be put on hold

Saudi Defence Minister Prince Mohammed bin Salman bin Abdulaziz al-Saud (C) at a defence exhibition in February
MEED board report, May 2015
7 May 2015 | By Richard Thompson
Key events and trends in the region over the past month and their impact on the outlook for the Middle East and North Africa

Refining and petrochemicals developments in the region are bearing the brunt of lower oil prices
Downstream projects most under threat
4 May 2015 | By Mark Watts
Refining and petrochemicals developments in the region are bearing the brunt of lower oil prices

Qatar shifts its project spending plans
Qatar shifts its project spending plans
28 April 2015 | By Andrew Roscoe
Falling energy prices have forced Doha to focus on infrastructure programme

Qatar’s Emir Sheikh Tamim (left) is working more closely with Gulf leaders including Saudi King Salman
Welcomed back into the fold
28 April 2015 | By Wil Crisp
Qatar has made amends with Saudi Arabia, in a sign of a turnaround in GCC attitudes to Doha led by the kingdom’s newly appointed monarch

Renewable energy
Renewables market hotspots taking off
28 April 2015 | By Philippa Wilkinson
Excitement over Egypt, but Saudi Arabia’s plans remain unclear

Qatar must diversify projects pipeline
Qatar: Must diversify projects pipeline
27 April 2015
Qatar’s economy is booming right now, but this is only on the back of the Fifa 2022 World Cup and the country’s ample reserves of gas

Qatar imports and exports
Hamad Port prepares for first cargo
27 April 2015 | By Austyn Allison
The delivery of the project to provide Qatar with a new port has been pushed forward by a decade, but the authorities are still managing to make good progress

Qatar population
More work needed on labour reforms
27 April 2015 | By Austyn Allison
Doha has announced a series of reforms and draft laws aimed at improving the lives of migrant workers employed in the country, but human rights organisations want the government to take concrete steps

Qatar bank liquidity at risk from oil slump
Qatar bank liquidity at risk from oil slump
27 April 2015 | By Rebecca Spong
Qatari banks continue to post strong results, but continued low crude prices and upcoming investment programmes could affect their deposit levels

Middle East contracts March 2015
Middle East contracts awarded: March 2015
15 April 2015
Over $6bn of contracts awarded in March in the Middle East

Iran nuclear talks in Lausanne
MEED board report, April 2015
8 April 2015 | By Richard Thompson
Key events and trends in the region over the past month and their impact on the outlook for the Middle East and North Africa

Doha in Qatar
Optimism for Qatar amid uncertainty
7 April 2015 | By Wil Crisp
Steady growth forecast for Qatar’s economy

US oil production
The impact of US shale oil on the Middle East
6 April 2015 | By Kevin Baxter
Cheaper production could spell disaster for many of the region’s conventional oil fields

Qatar roads
Rail spearheads transport plans
1 April 2015
Qatar aims to revamp its transport links to counter congestion

Cover
Qatar Projects 2015
1 April 2015
World Cup projects gather pace

Gas field
Qatar’s oil dilemma
31 March 2015 | By Kevin Baxter
It’s LNG and not oil that is Doha’s core business and it should be concentrating its efforts there

Al-Saad Multi-purpose Hall
Qatar Building Project of the Year
24 March 2015
Al-Saad Multipurpose Hall

Energy Management System
Ramboll Sustainable Project of the Year – Qatar
24 March 2015
Energy Management System (Solar MicroGrid System)

Hamad airport
Hyder Consulting Transport Project of the Year – Qatar
24 March 2015
New Doha (Hamad) International airport Passenger Terminal Complex – CP18

Tunnel boring machine for metro
No more distractions for Qatar infrastructure
23 March 2015 | By Colin Foreman
The World Cup date is fixed so Doha has to concentrate on infrastructure

Islamic studies
Qatar Social Infrastructure Project of the Year
22 March 2015
Qatar Faculty of Islamic Studies (QFIS)

Khalifa International Stadium in Qatar
Qatar to 2022 and beyond
19 March 2015 | By Edmund O’Sullivan
Fifa confirms the Qatar World Cup Finals are to be held in November 2022 to avoid the Gulf’s heat and humidity

Real estate
Prices fluctuate in maturing real estate market
18 March 2015 | By Robert Jones
The region is seeing sharp differences in office and housing costs, depending on the maturity of the market

Oman Business, Oil, Gas, Energy Update May 2015

Middle East contracts awarded: April 2015
3 May 2015
Nearly $5bn of contracts awarded in April in the Middle East

Middle East contracts March 2015
Middle East contracts awarded: March 2015
15 April 2015
Over $6bn of contracts awarded in March in the Middle East

US oil production
The impact of US shale oil on the Middle East
6 April 2015 | By Kevin Baxter
Cheaper production could spell disaster for many of the region’s conventional oil fields

Hospital beds in Oman
Oman changes gears
30 March 2015 | By Philippa Wilkinson
The sultanate has committed to spending billions on health projects such as hospitals and medical complexes, although few schemes have materialised since 2013

Alila Jabal Akhdar Resort
Drake & Scull Leisure & Tourism Project of the Year – Oman
24 March 2015
Alila Jabal Akhdar Resort

Barka
Oman Power & Water Project of the Year
24 March 2015
Barka 3 and Sohar 2

Muscat, the capital of Oman
Slow and steady residential real estate market in Oman
22 March 2015 | By Dominc Dudley
Residential prices in Muscat are rising at a steady pace, but office space is in short supply

UAE Business, Oil, Gas and Energy News May 2015

Abu Dhabi oil’s pivot to Asia
18 May 2015 | By Mark Watts
South Korea takes first stake in major oil concession as part of a growing interest of Asian companies in UAE production

Emirates airline
Emirates rises on falling oil
12 May 2015 | By Richard Thompson
Strong financial performance lifts carrier’s mood as it seeks to tackle head on the accusations of unfair government support by US rivals

Projects due for award in next 12 months
Projects market loses its momentum
12 May 2015 | By Mark Watts
While essential schemes are still likely to move forwards, the drop in oil prices means projects that are more speculative could be put on hold

Flanagan: I knew Emirates was going to grow
Obituary: Maurice Flanagan
12 May 2015 | By Austyn Allison
The former executive vice-chairman of Emirates airline talked to Austyn Allison in January about the carrier’s spectacular growth through the years. He passed away on 7 May

Top 10 contractors and EPC spend by country
Oil price drop reshapes top 10 contractors
11 May 2015 | By Kevin Baxter
The decline in oil prices has led to a slowdown in project spending in the region, meaning MEED’s annual contractor survey has seen a big shake up this year

Forum: Buamim leads the delegation in Bratislava
Interview: Hamad Buamin, President and CEO, Dubai Chamber
5 May 2015 | By Colin Foreman
The Czech and Slovak republics have been identified as target markets for trade with Dubai. Colin Foreman reports from Prague and Bratislava

Sultan bin Saeed al-Mansouri, UAE Economy Minister
Interview: Sultan bin Saeed al-Mansouri, UAE Economy Minister
5 May 2015 | By Colin Foreman
The fall in oil prices has reinforced the UAE’s commitment to economic diversification

UAE infographic
UAE still exposed to crude market
5 May 2015 | By Mark Watts

Dubai contract awards
Dubai counters market inertia with new projects
4 May 2015 | By Colin Foreman
As the emirate’s property market slows down, government clients have been busy driving forward projects, led by Expo 2020-related schemes

Construction
Contractors push for more design-and-build schemes
4 May 2015 | By Robert Jones
International contractors want more clients to award design-and-build deals for their major projects

Dubai Business, Oil, Gas and Energy News Update

Nakheel plans to build resort
3 May 2015 | By Hossam Abougabal
Local developer plans four-star hotel on Deira Islands in Dubai

Dubai confirms metro briefing
3 May 2015 | By Colin Foreman
Route 2020 is the most eagerly awaited Expo project

Dubai approaches contractors for museum
3 May 2015 | By Colin Foreman
Futuristic building will be constructed on Sheikh Zayed Road

Acwa Power group submits lowest Dubai coal project tariff
30 April 2015 | By Andrew Roscoe
Low bidder also submitted alternative price for larger capacity plant

Nakheel profits more than double
30 April 2015 | By Colin Foreman
Development business performs strongly in first quarter of 2015

Dubai tenders Expo contracts
30 April 2015 | By Colin Foreman
Development work at Jebel Ali site is gathering pace

Faithful+Gould appointed for Atlantis project management
29 April 2015 | By Colin Foreman
Contractors are bidding for the main construction contract

Bidders finalise Dubai coal project submissions
29 April 2015 | By Andrew Roscoe
Bids are due on 30 April

Tunisia gives Dubai developer ultimatum
29 April 2015 | By Philippa Wilkinson
Developer told to start works or lose prime Tunis plot

Dubai appoints consultants for metro study
28 April 2015 | By Colin Foreman
Team given study as a variation to existing work

Tall towers make a comeback in Dubai
28 April 2015 | By Colin Foreman
High-rise schemes stalled following the global financial crisis

Dubai approaches contractors for world’s tallest commercial tower
28 April 2015 | By Colin Foreman
The Burj 2020 will be at least 541 metres tall

Dubai aims to cut electricity demand by 30 per cent
27 April 2015 | By Philippa Wilkinson
Dubai sets out sustainability strategy

Dubai retenders solar innovation centre
27 April 2015 | By Philippa Wilkinson
Bids did not meet expected quality

Dubai tenders new Atlantis hotel
27 April 2015 | By Colin Foreman
New property will be built on Palm Jumeirah

Mediclinic plans new Dubai hospital
27 April 2015 | By Philippa Wilkinson
Completion of Al-Quoz health care facility planned for 2018

Dubai plans metro lines for 2020 and beyond
27 April 2015 | By Colin Foreman
New Expo link first of new rail links planned by RTA as it enhances infrastructure

Dubai to brief firms on new metro project
26 April 2015 | By Colin Foreman
New line will connect to the Expo 2020 site

Brookfield Multiplex wins Lapita theme park hotel
26 April 2015 | By Colin Foreman
Canadian contractor joins other firms working on development

Abraaj forms partnership for Latin America and Caribbean
26 April 2015 | By Colin Foreman
Venture will make equity investments in high-growth companies

UAE focuses on boosting exports
22 April 2015 | By Colin Foreman
Government seeks a better balance with trading partners

Mashreq reports profit rise
20 April 2015 | By Rebecca Spong
Bank has supported key projects in the Gulf

Contractor wins Dubai exhibition halls
20 April 2015 | By Colin Foreman
Nine-month contract will increase space to over 122,000 square metres

Emaar Misr records profit jump
20 April 2015 | By Hossam Abougabal
Emaar Misr reports an increase in profits and revenues

Al-Fattan plans to build more Dubai towers
20 April 2015 | By Colin Foreman
Scheme will be built close to Sheikh Zayed Road

Chairman departure means more uncertainty for Arabtec
19 April 2015 | By Colin Foreman
Khadem al-Qubaisi will leave the construction company after not being nominated for the board

Emirates signs $9.2bn deal for Rolls-Royce engines
19 April 2015 | By Mark Watts
Airbus A380 engines contract is largest ever order for UK-based group

Second phase planned for Dubai wastewater plant
19 April 2015 | By Andrew Roscoe
Planned expansion of existing Jebel Ali sewage treatment plant will more than double capacity

Nshama awards earthwork deal for Dubai project
16 April 2015 | By Hossam Abougabal
UAE developer lets $6m deal

Emaar predicts $1bn net profit for 2015
16 April 2015 | By Hossam Abougabal
Local developer concludes annual general meeting with profit projections and 15 per cent capital equivalent for shareholders

Two tenders launched for Downtown Jebel Ali
16 April 2015 | By Hossam Abougabal
Local developer invites contractors to submit bids for work on Downtown Jebel Ali project

Bid deadline postponed for Dubai hospital construction
15 April 2015 | By Colin Foreman
New healthcare centre will be built at Dubai Silicon Oasis

Dubai bank reports 34 per cent rise in profits
15 April 2015 | By Rebecca Spong
Dubai Islamic Bank continues to lower bad loan ratio

Deutsche Bank branch fined in Dubai
15 April 2015 | By Rebecca Spong
Dubai Financial Services Authority penalises German lender

Cayan Group announces plans for Dubai and Riyadh
15 April 2015 | By Hossam Abougabal
Local developer announces projects in Dubai and Riyadh

Deyaar reports profit increase
15 April 2015 | By Hossam Abougabal
Local developer announces an increase in net profits as it seeks necessary approvals for AED3.5bn development

Fall in Middle East outwards property investment
15 April 2015 | By Philippa Wilkinson
GCC fails to capture global real estate inflows

Drake & Scull wins Dubai contract
13 April 2015 | By Hossam Abougabal
Local firm awarded contract for mixed-use development

Dubai projects push on despite property price fall
13 April 2015 | By Colin Foreman
Emirate’s ruler has approved a raft of new construction projects

Dubai plans power plant expansion
13 April 2015 | By Philippa Wilkinson
Feasibility study tendered

Dubai seeks interest for Expo metro
12 April 2015 | By Colin Foreman
Route 2020 will be 15 kilometres long