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Saturday, 11 July 2009

Singapore-based firm wins 1.2 bln dlrs of contracts in Libya

A Singapore-based company said Friday it has won more than 1.2 billion US dollars worth of contracts to build commercial and residential developments in Libya.

Sembawang Engineers and Constructors, a wholly owned subsidiary of Indian diversified conglomerate Punj Lloyd Group, said the biggest of the three contracts involves building a resort on the Mediterranean coast next to the domestic airport in Tripoli.

The two other projects involve building high-end residential apartments and a five-star hotel with 150 rooms.

Tim to urge 'buy American'

The United States is set to underline the point that inflows from foreign investment funds are more than welcome when Treasury Secretary Timothy Geithner meets leaders of the UAE's biggest sovereign wealth funds.

Geithner is visiting the United Kingdom, Saudi Arabia, the Emirates, and France next week for discussions on a range of issues, not least the global economy.

On Wednesday in Abu Dhabi, the Treasury Secretary will have a breakfast meeting followed by bilateral meetings with Mohammed bin Zayed al Nahyan, Crown?Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the finance minister and heads of Abu Dhabi Investment Authority (Adia) and Abu Dhabi Investment Corporation.

Source posted yesterday:

Across the oceans again: QE2’s owner plans trip to Cape Town

Just seven months after her “final voyage” from Southampton to Dubai to become a floating hotel off the Palm Jumeirah, the Queen Elizabeth 2 may have one more trip ahead of her.

Dubai World, the ports and property conglomerate, has applied to the National Ports Authority of Cape Town, South Africa, to berth the cruise liner in the commercial port area.

Ronel Bester, a spokeswoman for the country’s tourism ministry, confirmed that the application had been filed, and said a decision would be made by July 17.

As posted yesterday:

Political turmoil turns Iran's energy sector towards Beijing

Political upheaval in Iran will hamper the country's beleaguered oil and gas industries, energy experts say, and encourage Tehran to look to China for investment.

Iran's oil and gas sectors were suffering from a lack of investment before the dispute over last month's election because most western operators were wary of engagement. But disquiet following the re-election of Mahmoud Ahmadi-Nejad as president, dismissed as fraud by Mir-Hossein Moussavi, his challenger, has exacerbated that fear.

"Western companies and international oil companies are waiting to see what happens next, especially as there is talk of more sanctions," said Julia Nanay, a senior director at PFC Energy, the consultancy.

Clock ticking for Almatis restructuring - sources

Lenders to German alumina company Almatis have until September to agree a restructuring deal or a sale of the company, sources close to the situation said on Friday.

Almatis needs to make payments by the end of September to former owner Alcoa (AA.N) to pre-fund this year's commitment to its feedstock supply contract, two of the sources said.

"They are looking to fix their balance sheet before the payment is made, so that's the reason for the urgency," one of sources added.