2006
- The news you choose »
- Login to Add to Watchlist
Consortium gets Aqaba port deal
The UAE's Lamnalco and the Jordan National Shipping Lines Company have signed a deal with the Aqaba Development Corporation to establish a joint venture to handle marine services at Aqaba's port, reported the Jordan Times. The joint venture will look after the rehabilitation, development, management and operation of the port. The Lamnalco/JNSL consortium, which won a tender in March, has been granted a 15 year contract by the ADC.
Arabian Cement for Jordan
Arabian Cement, a Saudi Arabian company, is to construct a factory in Qatranah, about 90 km south of Amman, reported the Jordan Times. Investment in the project, which should begin construction in Q2 2007, will amount to about $220m. Once completed in 2009, the factory will produce around 5,000 tonnes per day of cement, most of it to meet local demands.
DuPont opens Dammam office
Global chemical firm DuPont has opened an office in Dammam as it looks to establish itself in emerging markets, reported Arab News. DuPont initially hopes to sell its safety solutions, productivity solutions and anti-corrosion solutions to Saudi companies such as Saudi Aramco. DuPont is already part of a joint venture in the kingdom, DuPont Powder Coatings Saudia Company.
Vehicles Show ends at Autodrome
More than 1,600 regional transport industry professionals attended the first Middle East Commercial Vehicles Show which ended last Thursday at the Dubai Autodrome. More than 60 exhibitors participated in the event which featured trucks, trailers, tankers, buses, fire engines, ambulances, mounted cranes and rough terrain cranes.
Qatar Navigation ships deal
Qatar Navigation has awarded a $71.7m contract to South Korea's Daesun for the construction of three container vessels, with a capacity of 1,015 TEUs, reported The Peninsula. The vessels, which will have a maximum speed of 18 knots, will help meet the increase in container traffic at Qatari ports.
Saudi, UAE date trade up 15%
Saudi Arabia's date exports to the UAE have increased by 15% this year despite a ban on imports lasting from June to November, reported Gulf News. The trade ban came about due to the UAE wanting Saudi exporters to secure import licences prior to shipping produce. Saudi is the world's largest producer of dates and the UAE accounts for 80% of all its exports.
Savola eyes petrochem deal
The Savola Group's Board of Directors has approved the possible acquisition of the Egyptian Fertilisers Company, reported Arab News. Savola already holds a 30% stake and the proposed deal, worth about $800m, would see a complete takeover. Once the deal is done, the EFC is expected to contribute about $80m to Savola's operating profits and will aid Savola's drive to become a major player in the petrochemical industry.
Global, CBK Mayadeen deal
Global Investment House and the Commercial Bank of Kuwait have drawn up a loan agreement for all those interested in investing in Mayadeen's $347.1m capital increase. The CBK is offering a one to one financing ratio loan, which translates into a loan equal to the value of one share for every share subscribed to. Mayadeen's capital increase offering close on December 13.
Jafza International, Incheon deal
Dubai's Jafza International, the overseas arm of the Jebel Ali Free Zone Authority, has signed a deal to look at setting up an industrial park in Incheon in South Korea, reported Gulf News. Jafza International wants to develop and manage the business park within the $15bn free trade zone, which should be completed by 2020. A tie-up was first mooted back in September.
Iran eyes Dubai Flower Centre
Iran and several other central Asian countries are looking at the facilities available at the Dubai Flower Centre as a means to boosting their exports to Europe and the Far East, reported the local WAM news agency. Ibrahim Ahli, the centre's Marketing Director, said the 180,000 tonne capacity facility already houses a number of international operators.
DP World, no to Gwadar
DP World has walked away from a bid to manage Pakistan's Gwadar port citing commercial reasons for the decision, reported Gulf News. Last week, an Indian newspaper reported that the country's National Security Council had voiced concerns about DP World's ventures in India, alongside its Pakistani plans. DP World's COO Anil Wats said the Gwadar pull-out was well considered and India need not have any security worries.
Maritime industry examined
Delegates at Seatrade Middle East Maritime are hoping to formulate a blueprint for the region's marine sector, say organisers. Issues to be examined include energy transportation and Middle East tanker demand, port infrastructure, finance for shipping and the state of the region's ship repair industry. There will be more than 250 exhibitors from 32 countries. SMEM runs from 4-6 December.
Al Salam signs Euronet for ATMs
Bahrain-based Al Salam Bank has signed an outsourcing agreement with Euronet Middle East. The contract calls for Euronet to manage the bank's debit cards, drive its ATM installed base, and provide gateway services to local and international networks, the bank said in statement. The bank will introduce debit card and ATM services later this year.
Dubal double exports on FTA
Dubai Aluminium says it would double its exports to Europe under an EU-GCC free trade agreement, Emirates Today reported. CEO Abdullah Kalban said an FTA would take away a 6% EU tax on primary aluminium imports. Dubal currently exports 240,000 metric tonnes a year to Europe, where there is a huge demand for the product, Kalban said.
Citigroup eyes Arab investors
Citigroup Private Bank is planning a major drive to tap wealthy Saudis and Kuwaitis. It expects to be handling about $40bn in assets for Gulf Arabs within five years, Reuters quoted a senior regional executive as saying. The private bank is currently in talks to set up operations in Saudi Arabia and expects to get a licence to operate in Kuwait in 2007, the news agency reports.
It looks like you are using a Mac - check out our 
Web Feeds