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Emirates
Airlines has been selected as offering
the "Best First Class 2004" by the global business
information website Forbes.com. Also, it became
the world's first and largest buyer of the new
'super jumbo' Airbus A380 placing an order for
45.
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Saudi
Aramco and National
Iranian Oil Company received informal
invitations from the Indian Government to acquire
10 to 15 per cent stake in its refineries HPCL
or BPCL from the secondary market in a bid to
secure long-term oil supplies.
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Privatization
of Pakistan
Telecommunication (PTCL) has attracted
interest from 14 local and foreign investors,
including Telecom Malaysia, Etisalat, and Sing
Tel.
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Libya's
State-run National
Oil Company awarded Libya's first contracts
to American companies since the US eased its trade
embargo. The Company awarded total of 15 oil and
gas exploration licenses for onshore and offshore
blocks.
---
Saudi
Basic Industries Corp (Sabic), the worlds
most profitable petrochemical company, announced
that its net profit rose 113 per cent to a record
14.25 billion riyals ($3.8b) in 2004.
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The
Asian Wall Street Journal reported that Mr. Abu
Hassan Kendut, chairman of Malaysia's national
carmaker Proton
Holdings Bhd., has resigned because he
felt former Prime Minister Mahathir Mohamad, with
no formal Proton affiliation, was interfering
with management efforts.
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Koc
Group's company Koc Finance buys
Yapi
Kredi Bank, one of the largest banks of
Turkey. This is the biggest sale in the history
of banking in Turkey
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Turkey's
Privatization Authority has pre-qualified 13 investors
to sell off majority shares in the state-owned
landline monopoly Turk
Telekom. Candidates include a joint venture
between Turkey's Koc and Sabanci groups; Telecom
Italia; Saudi Telecom, and a joint venture of
Emirates Telecommunications Corporation/Cetel
Calik Enerji/Dubai Islamic Bank.
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Turkey's
favorite firms were announced in a survey done
by Adecco Turkey. Top spot went to Koc
Holding's company Arçelik, a manufacturer
of white goods and electronics. Vestel
came second and Türkcell
came third.
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Maroc
Telecom's (MT) total revenues for 2004
reached a record $2.1 billion, up 12.8% from last
year. The company became a subsidiary of France's
Vivendi Universal (VU) with completion of 51%
stake in the Company in Nov. 2004.
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Emaar
Properties, Middle East's largest real
estate developer, plans to launch a local version
of NBC's hit reality show The Apprentice. Sixteen
contestants will compete for the chance to run
one of the Emaar companies for a year while being
paid a hefty salary. Emaar's chairman Mohamed
Ali Alabbar will take on the role of corporate
magnate Donald Trump's.
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Iranian
car manufacturing giant Iran-Khodro
industrial group's unit car production has surpassed
435,000 last year, registering a 17 percent increase
over the previous year. The company presented
its Samand models for the first time in Istanbul
international auto exhibition.
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UAE's
Etisalat
reported 2004 revenues of $2.8 billion and profits
of $926 million; a growth of 13 percent and 19
percent respectively over 2003. Company will continue
to pursue international growth opportunities building
upon recent successes in the Saudi and Sudan markets.
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Abdul
Latif Jameel (ALJ) Company will give $1
million each year to support Arab scientists and
nurture innovation . The Arab Science and Technology
Foundation, a NGO that aims to boost Arab science,
will administer the funds.
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Maxis
Communications Bhd looks to emulate its
Malaysian success in Indonesia through its recent
investment in Indonesia based PT Natrindo Telepon
Selular (NTS)
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