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REGION NOTES

OCI snags Algerian contracts

Egyptian construction firm Orascom Construction Industries (OCI) has received two contracts for projects related to a $3 billion liquefied natural gas (LNG) facility being constructed in Algeria. OCI received the two contracts for civil works and piling installation as part of a joint venture with Treva SpA, an Italian company. American engineering and construction firm KBR Inc. awarded the two contracts for the project, which is being developed by Sonatrach, an Algerian state-owned firm.

Dubai to build rotating skyscraper

Plans are moving forward to build a skyscraper in Dubai that will be constructed of moving parts. The Dynamic Tower will be 420 meters tall and will contain 80 floors, each capable of rotating independently around the building’s core. The building will be divided into office space, a hotel and private residences, and will include 79 wind turbines to generate power, enabling it to be self-sufficient with regard to energy. It is expected to be operational by 2010.

Sudan Airways under review

Sudan’s Civil Aviation Authority (CAA) announced a one-month suspension of the country’s national carrier, Sudan Airways, on June 21. At least 30 people died when a Sudan Airways flight caught fire upon landing in Khartoum on June 10. The CAA has said that the suspension was not a result of this crash, but rather that the airline was suspended because of its failure to conform to technical and administrative regulations. The airline and CAA officials agreed on June 23 to a temporary stay of the suspension to allow the airline to address these problems.

Kuwaiti women launch Islamic holding company

An Islamic holding company created by women to serve women’s needs – the first of its kind – was launched last month in Kuwait. The firm, Tejarati Holding Co. KSCC, has a paid-up capital of 30 million Kuwaiti dinars. The 300 million shares, valued at KD 0.10 per share, were available to all Kuwaiti women in June through subscription, with a minimum purchase of 100,000 shares.

Morocco’s key indicators improve

Government officials in Morocco have announced a number of improvements in both poverty and unemployment indicators in the North African nation. The overall poverty rate decreased from 15.3 percent to 9 percent between 2001 and 2007, dropping to 4.8 percent in urban areas and 14.5 percent in rural areas, they said. The Moroccan unemployment rate has also fallen significantly since 1999, when it was 13.9 percent, to 9.6 percent in the first quarter of this year.

Libya revises oil agreements

Libya’s National Oil Company (NOC) signed a total of five agreements last month with Austrian oil and gas firm OMV and American energy firm Occidental to revise the terms of previous agreements governing the relationships between NOC and these foreign companies. The new accords were signed as part of an effort by the state-owned firm to improve upon the terms of previous agreements. Under the new terms, Libya’s earnings will increase and the output shares of the two companies will decrease.

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