The Middle East

A Russian-Kazakh consortium has gained control of Turkey's largest petrochemicals company, bidding more than $2bn to win a 51% stake in formerly state-owned corporation Petkim.

Abu Dhabi has taken another step in its programme to guarantee oil exports, calling for bids to construct a pipeline bypassing the Strait of Hormuz and connecting its oil field at Habshan with Fujairah on the Gulf of Oman.

The ever-increasing number of ships plying the Gulf - oil tankers to cargo and container ships to barges, dredgers, tugboats and a whole array of specialised craft - is providing many opportunities for the ship-repair and maintenance industry.

According to a recent economic report compiled by the International Bank of Qatar (IBQ) and its partner National Bank of Kuwait (NBK), Qatar's economy, the fastest growing in the Middle East in terms of nominal gross domestic product (GDP), is expected to see the pace of growth sustained at high levels over the next five years and as a result, its economy could double in size by 2012.

Ras-al-Khaimah's industrial and commercial fabric is continuing to rapidly expand, with the RAK Free Trade Zone (RAK FTZ) playing a strategic role in this development.

One of Turkey's biggest corporations has flagged a major shake-up of its operations, looking to consolidate its core activities and divest peripheral interests in a drive to improve profits and build up capital for future investments.