Middle East Economic Survey » Top Story http://www.mees.com/cms Just another WordPress weblog Wed, 08 Sep 2010 07:45:44 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Former CEO Sues TAQA, Seeking $460Mn In Damages http://www.mees.com/cms/2010/09/former-ceo-sues-taqa-seeking-460mn-in-damages/ http://www.mees.com/cms/2010/09/former-ceo-sues-taqa-seeking-460mn-in-damages/#comments Mon, 06 Sep 2010 05:26:06 +0000 Editorial Team http://www.mees.com/cms/?p=2199 An alleged “Enron-like accounting scheme” raises questions about UAE transparency and corporate governance. The case against TAQA’s US subsidiary further weakens confidence in investing in the Gulf.

Abu Dhabi National Energy Company’s (TAQA’s) former CEO, Peter Barker-Homek, is suing the company in a US court seeking $460mn in compensation and damages. The suit alleges he was forced out after trying to call a halt to “kickbacks, bribery, accounting fraud and corruption,” according to court documents seen by MEES.

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]]> http://www.mees.com/cms/2010/09/former-ceo-sues-taqa-seeking-460mn-in-damages/feed/ 0 Egypt’s 2010-11 Budget To Pursue Growth Path http://www.mees.com/cms/2010/09/egypt%e2%80%99s-2010-11-budget-to-pursue-growth-path/ http://www.mees.com/cms/2010/09/egypt%e2%80%99s-2010-11-budget-to-pursue-growth-path/#comments Mon, 06 Sep 2010 05:25:13 +0000 Editorial Team http://www.mees.com/cms/?p=2197 The Egyptian government’s adoption of  an expansionary fiscal policy to stimulate the economy in the wake of the world financial crisis has helped it to withstand the adverse effects of the recession. The new budget for 2010-11 will partly maintain this expansionary policy in order to ensure that Egypt is placed on the road of sustained economic growth. But the economy continues to face many challenges ahead despite the recent achievements – high unemployment and inflation, budget deficits and external debt and the need to carry on with economic reforms.

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]]> http://www.mees.com/cms/2010/09/egypt%e2%80%99s-2010-11-budget-to-pursue-growth-path/feed/ 0 Kurds Make Further Nabucco Progress http://www.mees.com/cms/2010/09/kurds-make-further-nabucco-progress/ http://www.mees.com/cms/2010/09/kurds-make-further-nabucco-progress/#comments Mon, 06 Sep 2010 05:24:12 +0000 Editorial Team http://www.mees.com/cms/?p=2194 The Kurdistan Regional Government (KRG) of northern Iraq and Germany’s RWE have signed a gas cooperation deal, which in addition to developing the KRG gas grid will design export gas infrastructure with a view to supply the planned 31 bcm/year Nabucco pipeline project, the KRG announced on 26 August.

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]]> http://www.mees.com/cms/2010/09/kurds-make-further-nabucco-progress/feed/ 0 Gulf Producers Progress Refineries And Petrochemical Plants In Asia http://www.mees.com/cms/2010/09/gulf-producers-progress-refineries-and-petrochemical-plants-in-asia/ http://www.mees.com/cms/2010/09/gulf-producers-progress-refineries-and-petrochemical-plants-in-asia/#comments Mon, 06 Sep 2010 05:23:18 +0000 Editorial Team http://www.mees.com/cms/?p=2192 Qatar is moving ahead with its $9.8bn petrochemical investments in China and Vietnam, MEES understands. The planned plants will use Qatari LPG as feedstock.

State-owned overseas investment vehicle Qatar Petroleum International (QPI) is on target to build a $4bn, 1.5mn tons/year olefins plant by 2015. It has signed project framework with partners Thai conglomerate Siam Cement Group and Japanese trading firm Itochu.

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]]> http://www.mees.com/cms/2010/09/gulf-producers-progress-refineries-and-petrochemical-plants-in-asia/feed/ 0 Gulf Banks Weather Financial Turmoil http://www.mees.com/cms/2010/09/gulf-banks-weather-financial-turmoil/ http://www.mees.com/cms/2010/09/gulf-banks-weather-financial-turmoil/#comments Mon, 06 Sep 2010 05:22:07 +0000 Editorial Team http://www.mees.com/cms/?p=2190 By Andrew Cunningham

Mr Cunningham is a Managing Director with the Financial Services Volunteer Corps in New York, where he organizes technical assistance to banks and financial regulators in the Middle East. He was previously a Senior Vice President with Moody’s, the rating agency, specializing in the analysis of Middle East and Islamic banks. Before that he spent five years as the Finance Editor on MEES.

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]]> http://www.mees.com/cms/2010/09/gulf-banks-weather-financial-turmoil/feed/ 0 Hawrami Eyes Filling Half Nabucco, As Pipeline Consortium Targets Iraqi Gas http://www.mees.com/cms/2010/08/hawrami-eyes-filling-half-nabucco-as-pipeline-consortium-targets-iraqi-gas/ http://www.mees.com/cms/2010/08/hawrami-eyes-filling-half-nabucco-as-pipeline-consortium-targets-iraqi-gas/#comments Mon, 30 Aug 2010 05:18:05 +0000 Editorial Team http://www.mees.com/cms/?p=2115 The consortium behind the planned 31 bcm/year Nabucco gas pipeline said on 23 August that it was looking to source gas supply from the Caspian region and Iraq, and gave the green light for engineering studies for feeder pipelines to both the Turkish-Iraqi and Turkish-Georgian borders. But “due to the current political situation,” the consortium “is not planning a third one to the Turkish-Iranian border so far.”

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]]> http://www.mees.com/cms/2010/08/hawrami-eyes-filling-half-nabucco-as-pipeline-consortium-targets-iraqi-gas/feed/ 0 Saudi Aramco Announces New Board http://www.mees.com/cms/2010/08/saudi-aramco-announces-new-board/ http://www.mees.com/cms/2010/08/saudi-aramco-announces-new-board/#comments Mon, 30 Aug 2010 05:17:18 +0000 Editorial Team http://www.mees.com/cms/?p=2113 State-owned Saudi Aramco on 23 August announced its new board of directors. Two new members – former Chevron CEO David O’Reilly and Saudi Aramco Senior Vice-President for the Upstream, Amin Nasser, join the board for its next three-year term. Mr O’Reilly maintains Saudi Aramco’s Chevron-Texaco link, replacing former Texaco president James Kinnear, while Mr Nasser replaces former Saudi Aramco CEO ‘Abd Allah al-Jum’a, who retired at the end of 2008 and was this June appointed to the board of US oil services giant Halliburton.

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]]> http://www.mees.com/cms/2010/08/saudi-aramco-announces-new-board/feed/ 0 MEES Agenda: Oil Revenue Accusations Fly In Run-Up To Sudan’s Election http://www.mees.com/cms/2010/08/mees-agenda-oil-revenue-accusations-fly-in-run-up-to-sudan%e2%80%99s-election/ http://www.mees.com/cms/2010/08/mees-agenda-oil-revenue-accusations-fly-in-run-up-to-sudan%e2%80%99s-election/#comments Mon, 30 Aug 2010 05:16:32 +0000 Editorial Team http://www.mees.com/cms/?p=2111 Oil revenues have become a lightning rod in the run up to South Sudan’s independence referendum in January. Juba has accused the central government of pocketing its share of Sudan’s oil revenue, while Khartoum has rebutted claims made by a non-governmental organization (NGO) that there are financial irregularities in its accounting.

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]]> http://www.mees.com/cms/2010/08/mees-agenda-oil-revenue-accusations-fly-in-run-up-to-sudan%e2%80%99s-election/feed/ 0 Political Deadlock Threatens Iraqi Stability And Oil Development http://www.mees.com/cms/2010/08/political-deadlock-threatens-iraqi-stability-and-oil-development/ http://www.mees.com/cms/2010/08/political-deadlock-threatens-iraqi-stability-and-oil-development/#comments Mon, 23 Aug 2010 05:22:08 +0000 Editorial Team http://www.mees.com/cms/?p=2044 Delays in forming a new Iraqi government are increasingly destabilizing the country, with a ratcheting up of attacks both on civilians and infrastructure, including oil facilities, since the 7 March elections.

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]]> http://www.mees.com/cms/2010/08/political-deadlock-threatens-iraqi-stability-and-oil-development/feed/ 0 Dubai’s Mandatory Currency Declaration Could Curb Iranian Capital Movement http://www.mees.com/cms/2010/08/dubai%e2%80%99s-mandatory-currency-declaration-could-curb-iranian-capital-movement/ http://www.mees.com/cms/2010/08/dubai%e2%80%99s-mandatory-currency-declaration-could-curb-iranian-capital-movement/#comments Mon, 23 Aug 2010 05:20:11 +0000 Editorial Team http://www.mees.com/cms/?p=2042 Last week’s decision by the Dubai government to introduce mandatory currency declaration for all visitors to the UAE emirate could restrict the outflow of capital from Iran. Dubai Customs official Yusuf al-Sahlawi announced that incoming visitors to Dubai are now required to declare any cash amounts they carry in excess of Dh40,000 ($10,890) or their equivalent in other currencies, in accordance with a currency declaration requirement issued by the UAE Central Bank.

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