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Saudi firm buys Greek marble factory
Saudi Arabia-based Marble and Granite International Co., a subsidiary of Construction Products Holding Co. (CPC), has said it has acquired a marble factory in Greece, which is expected to contribute to increase sales of Greek marble in the kingdom. The firm also said it is planning to buy marble factories in Italy and China as it pursues its growth strategy.
SABIC may build new plants to increase output
Mohamed al-Mady, CEO of Saudi Basic Industries Corp. (SABIC) has said the company is conducting an economic feasibility for new plants with the aim of boosting its production to 130 million tonnes of petrochemicals by 2020, Reuters has reported. The state-controlled firm had a production of 56 million tonnes in 2008.
Macsteel wins DMCC licence
Dubai Multi Commodities Centre Authority (DMCCA) has awarded Macsteel International, a subsidiary of global steel trading, distribution and shipping group Macsteel Holdings Group, a licence to begin operations from AG Tower as a DMCC-registered firm. Macsteel International has offices in Europe, North America, South America, Asia, Middle East and Africa for marketing and distribution of its products.
GAIC relocates plant to Saudi Arabia
Gulf Automobile Industry Corp (GAIC), which produces cars, pick-up trucks and the Camel forklift, has moved its Abu Dhabi factory to a three million square metre facility in Saudi Arabia as part of its expansion plans for 2010, Saudi Gazette has reported. "The move to a larger manufacturing plant was necessary to meet the demand for our products and while it makes sense to be in Saudi Arabia, our biggest market, the UAE continues to offer us strong sales potential," Chairman Nasser Hamad Al Hajeri said.
MidEast aluminium plants 'to meet 25% of global need'
Mahmood Hashim Al Kooheji, Chairman of Aluminium Bahrain (Alba) has said that the aluminium industry in the region is expected to meet around a quarter of the international market requirements by 2015, the Gulf Daily News has reported. "This is being made possible with the increasing number of aluminium smelters and downstream industries in the region," he said.
ThyssenKrupp unit wins Ruwais services deal
Uhde, a division of engineering firm, ThyssenKrupp, has won a contract from Samsung Engineering Co. to provide extensive licensing, engineering and supply services for the Ruwais Fertilizer Industries (FERTIL) in Abu Dhabi. The contract involves the urea granulation process licence, substantial parts of the design engineering, the supply of special equipment, and support during the construction and commissioning of the plant. The urea fertilizer production from these new plants will increase FERTIL's annual production by more than one million tons and will be used to serve the export markets.
Emirates Aluminium begins production
Emirates Aluminium (Emal), a joint venture between Abu Dhabi's Mubadala Development Company and Dubai Aluminium Company Dubal, has announced that it has officially started producing aluminium at the world's largest single smelter, Wam has reported. 'Original estimates indicated that the energising of the first pot in the smelter's pot room would only take place in the first quarter of 2010, but exceeding those expectations had long been a goal of the Emal construction teams,' Emal CEO Duncan Hedditch said.
Petrofac, Zamil eye Saudi facility
Saudi Arabia-based Zamil Group Holding Co. and US-based Petrofac have signed a joint-venture agreement to create and operate a new service centre facility in Saudi Arabia, Gulf Daily News has reported. The service centre will provide a range of capabilities covering oilfield and process plant equipment, including the overhaul, maintenance and repair for process equipment, as well as the manufacture of spare parts, component reconditioning, assembly of third-party equipment and field-service support. Petrofac operates similar facilities in the UAE.
Torishima sets up Techno Park hub
Techno Park, the Economic Zones World subsidiary, has signed an agreement with Torishima Pumps, the Japan-based suppliers of pumps for desalination, power, water, wastewater and process markets, to set up its service facility at Techno Park. The new service facility will help deliver sustainable water and power solutions to the region in addition to providing spares, repair, service and technical support.
Moody's affirms Sabic A1 rating
Moody's Investors Services has said it has affirmed the 'A1' senior unsecured ratings of Saudi Basic Industries Corp. (Sabic) and its guaranteed subsidiary Sabic Capital with a positive outlook. The rating agency has said it continues to take significant comfort from the strong global positioning of Sabic within the petrochemicals and fertilizer markets and its highly competitive cost position.
Siam Cement, Qatar ink Vietnam deal
Qatar Petroleum and Thailand's largest industrial conglomerate, Siam Cement have agreed to invest in a petrochemical complex in Vietnam worth up to $4bn, Reuters has reported. Qatar Petroleum International, Siam Cement, and a trading firm will hold 71% of the project while the remaining 29% share will go to Vietnamese partners including Petrovietnam and Vinachem. Qatar Petroleum would provide feedstock for the project.
Saudi firm inks gold extraction deal in Ethiopia
Saudi Arabia's Midroc Gold Co. has signed an agreement with the Ethiopian government to extract an estimated 20 tons of recoverable gold found in the country last month, Reuters has reported. Under the terms of the deal, Ethiopia gets 5% of royalties, takes 2% equity and will charge 35% tax. The extraction licence expires once 20 tons of gold has been extracted.
Alessa Industries launches JV with Huntair Group
Saudi Arabia-based Al Essa Industries has set up a joint venture with US-based Air Handing Units manufacturing and processing firm, Huntair Group. The new JV will share the industrial and market experience in addition to increase the manufacturing lines of Al Essa Industries. The agreement, which involves an investment of $200m, includes training the Saudi engineers in the fields of manufacturing and design in the US, as well as educating technicians and market specialists at Huntair.
Sewedy's nine-month profit down 29%
The largest Arab cable maker by market value, El Sewedy Cables has posted a 29% decline in nine-month net profit to EGP549.8m ($101m) due to a drop prices for cables and copper rods, Reuters has reported. The Egypt-based firm has said its revenues for the first nine months also dropped 24% to EGP6.82bn led by a 43% drop in revenues from exports. However, revenues from sales in Egypt gained nearly 9%, the company said.
Dubai sets up mobile TV network
Raul Alvares, project director at TECOM Investments, parent company of Dubai Internet City, has said the company is exploring the mobile TV industry through the pilot set up of a mobile TV commercial network in the region. The successful implementation of the project will create market opportunities for the IT and media sectors in the region, he said at the IPTV World Forum Middle East and Africa 2009.
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