Asry in $80 million key quay wall deal

MANAMA: As a major part of its expansion plan, Asry has awarded a design and build contract for the construction of a 1,380-metre quay wall to Bahrain-based Nass Contracting. The $80 million contract comprises the construction of a 1,200m quay wall, with a water depth of up to 12m, designed to receive 300,000 DWT vessels as well as a 180m berth for 40,000 DWT vessels.

The quay wall, which will have the first 400m delivered by end of next year, will be fully operational by the end of 2011. It will be equipped with all services, utilities and crainage required for providing efficient alongside repairs. The project, reviewed by consulting engineers, Haskoning UK, also includes the construction of all support facilities and infrastructure necessary to ensure a high level of reliability to Asry's valued customers. The support facilities and infrastructure are currently in the design phase and are planned for tendering in the second quarter of next year.

Source : Gulf Daily News

Kuwait's Investment Dar reaches deal with creditors

by Eman Goma

Kuwait's Investment Dar (TID) said on Monday it reached an agreement with its creditors and investors on a debt restructuring plan.

In November, the Islamic investment firm presented its creditors and investors with a proposal to restructure about 1 billion dinars ($3.51bn) of its debt.

The deal between Dar and its coordinating committee - which represents all creditors and investors - endorsed the proposed five-year restructuring plan, it said in a statement.

"The proposed plan is based on a restructuring of the existing financial arrangements with scheduled amortizations over a five year period," it said. Dar, which owns half of British luxury carmaker Aston Martin, defaulted on a $100 million Islamic debt issue last May - the first of its kind on a major, public Islamic instrument in the region - and has said it may sell some assets to meet its obligations.

"TID will satisfy its financial arrangements in full over the five year period. In addition, the proposed plan would provide TID's banks and investors with an enforceable security package," Dar said. In September, Kuwait's central bank appointed a temporary supervisor to monitor debt restructuring and the compilation of financial results at Dar.

Trading in Dar shares has been suspended since April 1, after the group failed to submit its 2008 financial records on time. Dar had said it was seeking to borrow up to $1 billion to refinance its debt. (Reuters)