Dewa hosts leading power developers

Dubai Electricity and Water Authority (Dewa) yesterday hosted 18 of the world's leading global power developers in Dubai for the pre-bid conference for the Hassyan 1 Independent Power Project. Interest in the project remains strong with participants coming from Japan. Korea, South East Asia, India, Europe, the USA and the GCC. This is the first project under the independent power programme launched by Dewa in May. Bidders are being invited to design, finance, construct and operate a new 1,500 megawatt gas-fired power plant which will be commissioned in phases through November 2014 to 2016 and will guarantee the future security of power supplies for the Emirate of Dubai. Saudi petrochemical companies are expected to post strong top and bottom-line growth in the second quarter, supported by overall higher crude prices, says Al Rajhi Capital in a note. "Driven by strong economic outlook, we anticipate overall decent results by the Saudi companies in the second quarter," it said. It expects strong growth for Mobily, while it sees Saudi Telecom's revenue to increase year-on-year, but record a slight negative growth in net profit. Saudi Arabia's Abdullah Abdul Mohsen Al Khodari Sons Co. said yesterday it has signed a 57 million Saudi riyals (Dh55.81 million) contract with the Ministry of Water and Electricity, and has formed a joint venture to bid on a project for the Interior Ministry. The Water and Electricity Ministry contract is for the construction of a sewerage network in Wadi Al-Dawaser over 36 months, with the financial impact likely to be felt in the third quarter of 2011, the company said in a statement it posted on the website of the Saudi bourse. Its joint venture was signed with Al Yamama Co. for Trading and Contracting and Al Kifah Group to bid for the development of security facilities at the Riyadh and Jeddah medical centres of the Interior Ministry security forces. Air Arabia Egypt, a leading low-cost carrier in the region, has launched direct flights to Istanbul from its main hub in Alexandria. The airline's inaugural flight to the Turkish city took off from the Burj Al Arab International Airport on Friday. Round-trip flights will operate twice per week between Alexandria, the second largest city in Egypt, and Istanbul Sabiha International Airport. Turkey's biggest glassmaker Sisecam is interested in possible buying opportunities including a European glass manufacturing brand as it seeks to expand overseas, its chief executive Ahmet Kirman said. The company also plans to invest in Iraq. "We are focusing on Iraq. If you consider the high need for construction, priority will be given to flat glass," Kirman said on Friday. Kirman said Sisecam is evaluating investing in China, Greece and Egypt in addition to Iraq. The company's growth plans also include holding an initial public offering in Russia for its local unit. Global advisory and auditing firm KPMG said yesterday it has appointed Neil Miller as global head of Islamic finance. Miller joins KPMG from law firm Norton Rose. He will lead KPMG's global Islamic finance group from Dubai, where he has been based since 2009, the company said. KPMG's global Islamic finance team provides audit, tax and advisory services to clients throughout the world. From / Gulf News