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Almarai to invest $533m in Hail
Saudi Arabia's largest food producer by market value, Almarai Co. has said it will invest SR2bn ($533.3m) to expand the business of Hail Agricultural Development Co. (Hadco) it had acquired recently, according to Arabic al-Eqtisadiah newspaper. The firm would focus these investments on raising Hadco's poultry output fivefolds to an average of 120,000 chicken per hour, Chairman Prince Sultan Mohamed al-Kabeer al-Saud was quoted as saying.
Last giant synthesis reactor in place at Pearl GTL
Qatar Petroleum and Shell have announced the installation of the last of 24 heavy paraffin synthesis reactors at their Pearl GTL project at Ras Laffan, Gulf Times has reported. The project's construction is expected to be complete around Q4 2010 with project ramp-up then taking about 12 months. Heavy paraffin synthesis reactors are the core of the process of turning natural gas into high quality liquid transport fuels, base oils for lubricants, and chemical feedstock.
Iran opens gem cutting plant
Iran's first gem cutting and polishing plant has been commissioned in the city of Shahroud, Semnan Province, Mehr news agency has reported, citing the Islamic Republic of Iran Broadcasting (IRIB). The factory has been built at the cost of $1.2m, IRIB said.
Borouge 3 site preparation contract awarded
Borouge has awarded the contract for the site preparation of Borouge 3 expansion to Al Asab General Transportations and Contracting Establishment of Abu Dhabi. The preparation is estimated to take one year for the expansion of the company's petrochemical complex in Ruwais. The Borouge 3 petrochemical complex includes an ethane cracker, second generation Borstar polypropylene and polyethylene units, a low density polyethylene unit and a Butene unit.
Lecico Q3 profits up 13%
Egyptian ceramics manufacturer, Lecico has said its third-quarter net profit climbed 13% to EGP29.5m ($5.4m), Reuters has reported. Currency gains had helped offset lower sales as tile output was hit by maintenance shutdowns, the firm said. Net sales fell to EGP273.2m this quarter, compared with EGP295.6m in the same period last year.
Motabaqah opens petrochem laboratory
The Saudi Specialized Laboratory Co., (Motabaqah), has announced the opening of its new Petrochemical Testing Laboratory located in the First Industrial City district of Dammam. The new laboratory will enable testing of a wide range of petrochemical products and significantly enhance the firm's capacity to provide high quality testing of products traditionally imported into the kingdom, Motabaqah said in a statement.
Kuwait opens $2bn aromatics plant
Kuwait's Petrochemical Industries Company (PIC) has started operations at a $2bn aromatics plant this week that is expected to reach full capacity by early December, Reuters has reported. The Kuwait Aromatics plant, which has a nameplate capacity of 830,000 tons per year (tpy) of paraxylene and nearly 400,000 tpy of benzene, can produce up to 1 million tpy of light naphtha, and is currently operating at 60%. PIC and Kuwait National Petroleum Company (KNPC) each have a 40% stake in the plant, with Qurain Petrochemical Industries holding a 20% share.
Almutlak plans 2010 IPO
Saudi-based automotive specialist, Almutlak Trade and Industries plans to sell 30% of its shares to the public early next year as part of plans to expand its business, Reuters has reported. The money raised from the IPO will be taken by the existing shareholders while future expansion of the business will be funded from a capital increase, planned one year after listing, the IPO's adviser said. 'The plan is to have it in the first quarter of 2010 but the exact date is subject to the Capital Market Authority's approval,' according to the Financial Transaction House Co.
RAK glass processing plant opens
Global Glass Solution, a regional designer, manufacturer and distributor of glass products, has opened a Dhs100m glass processing facility in the Al Ghail Industrial Park in the emirate of Ras Al Khaimah. The new plant has a 1,000 square metres glass processing capacity per day and will initially cater to markets in the UAE and the GCC region.
Gulf Cement 9-month profit drops 47%
UAE-based Gulf Cement has announced that its nine-month profit declined 47% as operating income dropped. Net income fell to Dhs107.4m ($29m), from Dhs202.5m in the year-earlier period, the company said today.
Almarai to build baby-formula food plant
Georges Schorderet, chief financial officer of Almarai Co., the largest food producer in Saudi Arabia by market value, has said the company plans to invest ($173m) to build a baby-formula food plant to tap rising demand in the kingdom, Bloomberg has reported. 'Demographics are very favourable to dairy companies,' he said. 'Look at the young population. That is fantastic for us. There is room to continue to grow in the region.'
Egypt invites India to build industrial zone
The Egyptian government has offered to let India build an industrial zone in the Suez development area for setting up joint ventures with Egyptian companies, India's Economic Times has reported. The Suez development area, located on the north-west coast of the Gulf of Suez, has less bureaucratic barriers to business formation and provides tax incentives. Indian companies have invested about $750m in 40 projects in Egypt.
Zad eyes IPO for new poultry firm
Qatar-based Zad Holding has announced plans to sell a 50% stake in a new poultry company under creation, including through an initial public offering, Reuters has reported. A 20% stake will be offered to strategic partners, while the remaining 30% will go to the public as an IPO, Zad said.
Saudi firm to build airstrips in industrial cities
Saudi Industrial Property Authority (Modon) has signed an agreement with the Saudi Red Crescent Authority to establish airstrips for landing of ambulance helicopters and emergency service centres in Modon's 18 industrial cities, the Saudi Gazette has reported. The agreement aims to provide first-aid service in record time for workers of more than three thousand factories, Modon said.
Falling Abu Dhabi cement prices expected to continue
Prices of Portland cement and sulphate-resistant cement in Abu Dhabi fell almost 7% in October when compared to September, due to falling demand. Al Etihad Portland Cement, which was selling for Dhs330 in late September was priced at Dhs305 a month later, while prices for Al Etihad sulphate-resistant cement fell from Dhs340 to Dhs315 over the same period. Prices are expected to fall further, as there has been no increase in demand and officials told Emirates Business 24/7 that it is likely to take up to 18 months for demand to get back to 2007 levels.
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