2006
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QIB funds Lavender Village
An Istisna'a financing contract has been signed between the Qatar Islamic Bank and Sheikh Fahad Abdullah Al Thani for the construction of a residential project at the cost of $77.8m in Doha. The 650,000 sqft Lavender Village project will create 240 villas and 40 apartments and is planned to be completed within 24 months.
SNC-Lavalin, Qatar project
Canada's SNC-Lavalin has won a $700m contract from Qatar Petroleum and Hydro Aluminium for the construction of an aluminium smelter, according to a company statement. SNC-Lavalin will undertake the engineering, procurement and construction of the services area and potroom building of the Qatalum plant in Mesaieed Industrial City. The project is scheduled to be completed in 2009.
Shiplift for Dubai Maritime City
Dubai Maritime City has said that the lifting and placement of the first shiplift within its industrial precinct took place last week. The industrial precinct will incorporate two shiplifts side-by-side. One will be designed to lift vessels of up to 3,000 tonnes while the other will be designed to lift boats of up to 6,000 tonnes; the new shiplift facilities should be commissioned by March 2007.
Nico in Kazakh tanker venture
Kazmortransflot, a Kazakh marine company, is launching a joint venture with the UAE based ship repairer Nico International to build oil tankers for use in the Caspian Sea, according to Lloyd's List. The ship yard would be 121 km south of the port of Aktau and will aim to build tankers 150 metres long and 17 metres wide, capable of carrying 12,000 metric tonnes.
Conmex opens in Sharjah
Conmex, a trade exhibition featuring construction related machinery, equipment and vehicles, has opened at the Expo Centre, Sharjah. The four day event features commercial vehicles, lifting and conveying equipment, scaffolding, construction site facilities and safety equipment. The event, featuring more than 250 companies from 21 countries, runs until November 28 and is open from 9am-1pm and 5pm-9pm.
New COO for ABC
Bahrain's Arab Banking Corporation has appointed Sael Al Waary as its Chief Operating Officer. Al Waary joined the ABC Group in 1981 and, from 1986, was the General Manager and Director of ABC - IT Services, the wholly-owned subsidiary and technology arm of ABC International Bank, London. In 1997, Al Waary relocated to Bahrain and last year took the role of Head of Group Support.
Mashreq Capital, EMCO fund
Mashreq Capital has launched a specialist emerging markets debt fund, the Emerging Market Credit Opportunities fund, following approval from the Dubai Financial Services Authority. It is the first specialist fixed income hedge fund at the DIFC and was developed entirely within the DFSA's collective investment law framework. The EMCO fund will invest in a range of fixed income assets from within the global emerging markets sector.
Qatalum costs jump 50%
Norway's Norsk Hydro, an oil and aluminium producer, has revised upwards by 50% the construction costs for the Qatalum aluminium plant project, a joint venture with Qatar Petroleum, reported Reuters. Costs have now been put at $4.5bn, up from $3bn in 2004, due to currency variations and design changes. Hydro's shares dropped 1.5% on Oslo's bourse as a result.
Jeddah port, 27th in world
A senior official at the Jeddah Islamic Port has claimed that it is the 27th largest port in the world, reported Gulf News. The port deals with 59% of all goods handled at Saudi ports according to Captain Saher Tahlawi, its DG. The facility dealt with a record 3m containers last year or around 7,000 per day.
UIB, $1bn buyout fund
Bahrain's Unicorn Investment Bank is to establish a $1bn fund to acquire other banks, according to CEO Majid Al Sayed Bader Al Refai and cited by Reuters. Targets would be similar to Bank Islam Malaysia which the UIB had been eyeing before losing out to the Dubai Investment Group. Al Refai said the UIB had one or two Gulf based institutions in mind.
EIB opens at Khorfakan
Emirates Islamic Bank has opened a branch in Khorfakan on the UAE's east coast. The branch offers retail banking products and services, ladies' section and 24-hour ATM. The bank now has 17 branches in the country and wants to add three more before the end of the year.
Chinese companies at Sharjah expo
More than 600 companies from the Chinese mainland, Hong Kong and Macau will show their products at the Chinese Commodities Fair Sharjah from 25-29 November 2006. Major exhibitors include Huaqi Information Digital Technology, Beijing Double-Crane Pharmaceutical, and Xuzhou Construction Machinery Group. The event is China's largest trade event in the Middle East, according to hosts Expo Centre Sharjah.
Hydrolink opens in Jebel Ali
Hydrolink has opened its headquarters in Jebel Ali Free Zone South to design and assemble hydraulic equipment, Trade Arabia reports. The 150,000 sqft facility marks the beginning of ambitious regional investment, according to Hyrdolink executives. Hydrolink currently operates in ten countries throughout the Middle East and Central Asia.
AD banks lead the way
Banks operating in the UAE could increase their earnings buy up to 20% in 2007, according to National Bank of Abu Dhabi CEO Michael Tomalin. Citing healthy Q3 2006 results for Abu Dhabi banks, Tomalin said the capital's financial institutions are performing better than global counterparts. He was speaking at a CEO roundtable organised by Oxford Business Group.
Optical firm to invest in DSO
Europe's Optical Disc Group and Solar Technologies Group will invest $30.5m in Dubai Silicon Oasis, the technology free zone said in statement, cited by Gulf News. They will manufacture optical media products, and solar cells and panels.
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