Richard Melson

August 2006

Zawya: Persian Gulf

www.zawya.com

The Weekly Newsletter Aug 9 - 15, 2006

Agriculture | Construction | Commodities | Equities | Financial Services | Healthcare | Legal | Money

Oil & Gas | Power & Utilities | T.M.I.T | Transport | Travel & Tourism

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Inside Corporate Monitor

As a provider of integrated telecommunications services, publicly listed Bahrain Telecommunications Company (Batelco) is the leading mobile operator at home with over 80% penetration rate. After losing the bid for Jordan's latest mobile operator license, Batelco came back a year later and acquired the winner, Umniah Telecom, for a price ten times higher.

Inside MacroWatch

Latest report from

Libya: Country outlook - 11 Aug

More about a zawya Premium subscription

Research Monitor

FEATURED RESEARCH

Jordan Telecom

1H2006 Results - 2Q Better Than Expected

EFG Hermes - 14 Aug 2006

EFG - Hermes maintains a NEUTRAL recommendation for Jordan Telecom (JT). EFG perceives 2006 as a difficult year for JT, given the rising level of competition in the fixed and mobile markets. JT's adjusted fair value on its share is JOD 5.02 implying a 12.55% upside potential to the current share price of JOD4.46

Read Research

More on Research Monitor

As the half yearly results for 2006 begin to roll-out, please visit our 2006 Reporting Season channel to keep abreast of the significant advances that have been made in the region's equity markets.

Visit our Radio Channel daily to hear the best audio interview broadcasts from the award winning Business Breakfast Show on Dubai Eye 103.8FM.

ANALYSIS

Bitten Gulf investors react

Gulf funds return to pastures in the West

Where to next?

Expats make it big in Dubai

Lost in the Middle East

Sukuk Assumes Greater Complexity

THIS WEEK'S TOP STORIES

Persian Gulf Beefing Up Foreign Investment, Wary Of US

Dow Jones Newswires - 15Aug 14:13GMT

While high energy prices and economic growth are prompting countries in the oil-rich Persian Gulf to increase foreign investment, the region's investors are still wary about sinking revenues into the United States.

COMMODITIES NEWS

Saudi To Allow Exportation Of Scrap Metal

Egypt To Invest EGP1B In Egyptian Iron & Steel

Bahrain's Alba Reaches Record Production Levels

Oman: National Mining plans major investment in development of Ghuzayn copper deposits

Iran: Aluminum import hits all-time 70% low

CONSTRUCTION & REAL ESTATE NEWS

Kuwait To Invest Over KWD2.5 Billion In New Projects

Expatriates suffer as rents go through the roof in Abu Dhabi

DWTC selects architect for AED 16 billion 'masterplan'

Qatar: Barwa Real Estate unveils plan to build city in Egypt

New real estate company formed in Ras Al Khaimah

EQUITIES NEWS

UAE: Regional markets show gains as ceasefire holds

UAE: Sorouh fined for delaying results

Gulf Navigation IPO 3.5 Times Oversubscribed - Shuaa

Red Sea Housing IPO Oversubscribed; Subscription SAR563.3M

Saudi Airlines Expects Bids For Stake In Catering Arm

Saudi CMA Approves New Regulations For GCC Trading

FINANCIAL SERVICES NEWS

DFSA announces major Islamic Finance initiative with Malaysia

Saudi Arabia: 13 Insurance Firms Likely to Get Licenses Soon

UAE: NBAD finalises plans to launch a $2b Euro bond

UAE: Cash-flush banks make an aggressive move on region

Qatar Islamic Bank Rts Issue 168%-Subscribed At QAR2.38B

Syria's ISC Approves 3 Islamic JV Insurance Cos

HEALTHCARE NEWS

Kuwait: Otaibi tables proposal on setting up 'Medical City'

Qatar-backed Entrepreneur Eyes UK Nursing Homes

Mubadala & Imperial College London launch Diabetes centre in Abu Dhabi

Globalpharma signs rights deal for five new products

LEGAL NEWS

Condominium law to boost confidence in Dubai realty market

Saudi Arabia: New Law to Prevent Electronic Crimes

Trust law issued in Bahrain

MONEY NEWS

Lebanon: 'Economy gates to reopen'

Dubai ranks as 36th most expensive city

Lebanon Infrastructure Rebuild To Cost $3 Billion

Egypt's Foreign Reserves $23.05 Bln At End Of July

Qatar Central Bank to maintain rate at 5.15pc

OIL & GAS NEWS

Middle East sitting on 62% of world's oil

Arab refinery output rises by 600,000 bpd

CPC and Adnoc plan $1 billion Abu Dhabi venture

Libya names dates for third round

UAE's IPIC To Sell 35% Of Hyundai Oilbank - Report

POWER & UTILITIES NEWS

GCC electricity inter-exchange grid project to be operational in five years

Umm Al Quwain, Al Rajhi Form Desalination Company

Egypt To Spend EGP33M To Modernize Aswan High Dam

Oman: Hasan Juma Backer bags major water supply project

Bahrain: Major plans to up water supply

TELECOMS, MEDIA & IT NEWS

Middle East spends $4.7 billion on e-security

etisalat to launch second mobile phone area code

Egypt's 3rd Mobile Network To Operate 1Q 07 - Report

Bahrain could get new ISP soon

Saudi Arabia: Mobile Industry Set for Massive Investment With 3G

UAE's Thuraya Signs $60M Deal With Hughes Systems

TRANSPORT NEWS

Dubai close to Dh10.5 billion London Gateway project

DCA launches free wireless Internet service at Dubai Airport

Saudi Arabia: NAS to Launch Low-Budget Regional Carrier

Dubai Ports Clinches New Thames Port Deal

Emirates among top 10 airlines

TRAVEL & TOURISM NEWS

UAE has second highest number of recreational shoppers in the world

Libya opens up tourism sector

Bahrain: Ossis signs MoU with JAL Hotels

Abu Dhabi to improve hospitality sector quality

Bahrain: BD12 million facelift for Adhari

zawya Premium

Inside Corporate Monitor

Taking a Wish

As a provider of integrated telecommunications services, publicly listed Bahrain Telecommunications Company (Batelco) is the leading mobile operator at home with over 80% penetration rate. After losing the bid for Jordan's latest mobile operator license, Batelco came back a year later and acquired the winner, Umniah Telecom, for a price ten times higher.

Inside MacroWatch

Latest report from

Libya: Country outlook - 11 Aug

More about a zawya Premium subscription

Research Monitor

FEATURED RESEARCH

Jordan Telecom

1H2006 Results - 2Q Better Than Expected

EFG Hermes - 14 Aug 2006

EFG - Hermes maintains a NEUTRAL recommendation for Jordan Telecom (JT). EFG perceives 2006 as a difficult year for JT, given the rising level of competition in the fixed and mobile markets. JT's adjusted fair value on its share is JOD 5.02 implying a 12.55% upside potential to the current share price of JOD4.46

Read Research

More on Research Monitor

As the half yearly results for 2006 begin to roll-out, please visit our 2006 Reporting Season channel to keep abreast of the significant advances that have been made in the region's equity markets.

Visit our Radio Channel daily to hear the best audio interview broadcasts from the award winning Business Breakfast Show on Dubai Eye 103.8FM.

ANALYSIS

Bitten Gulf investors react

Gulf funds return to pastures in the West

Where to next?

Expats make it big in Dubai

Lost in the Middle East

Sukuk Assumes Greater Complexity

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Persian Gulf Beefing Up Foreign Investment, Wary Of US

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Tue, 15 Aug 2006