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CCL inks deal with Pacman Group
Dubai-based Pacman Group has signed a licensing deal with CCL Industries Inc., Canada-based maker of specialty packaging for the consumer products and healthcare industries, to expand the Canadian company's label sales to the Middle East and Africa. Under the agreement, which will come into effect August 1, Pacman Group is granted exclusive rights to manufacture CCL labels in the Middle East and Africa, outside of South Africa. The company will change its corporate identity to Pacman-CCL as part of the licensing deal, but will remain a wholly owned unit of privately held Albwardy Investment, also based in Dubai.
Cement sales climb in Saudi
The annual growth in cement sales by Saudi firms rose to 4.7% in June, more than twice its level in May, according to a new report by Saudi Arabia-based NCB Capital. In the five months to May 2009, cement sales had climbed 1.96% from the same period a year earlier, the report said.
Ezz awaits new Algerian law to start project
Egypt-based El Ezz Steel Rebars has said it is waiting for Algerian government to ratify the new investment law before it starts the $1bn first stage of Ezz Steel project in the Algerian city of Wahran. The company has concluded the technical and engineering studies and started negotiating with suppliers for the project equipments and machinery, reported Arab Finance.
Qatar National Cement posts slight H1 profit
Qatar National Cement Co has reported less than 1% rise in its first-half profit, Bloomberg has reported. Net income had climbed to QR253.3 million ($70m) from QR251.9 million in the year-earlier period, the firm said.
National Petrochem gets loan approval
Saudi Alujain has announced its subsidiary, National Petrochemical Company (Natpet), has received the Saudi Public Investment Fund's (PIF) approval to get an additional $75m financial loan aimed at financing its propylene and polypropylene complex located in Yanbu, on the western coast of the Kingdom, the Saudi Gazette has reported. The loan will be used to finance the additional charges arising from the delay of the construction of the propylene plant which is the feedstock of the polypropylene plant.
Emaar, MGF IPO still on the books
Dubai-based Emaar Properties has said it is still considering an initial public offering for its India MGF joint venture, in line with its strategy announced last year, Reuters has reported. The IPO is still in the preliminary stage, the developer has added.
Interstate Paper Industries launches operations
Indevco Group has announced that Interstate Paper Industries in Sadat City, Egypt has begun operations and exported its first containers of jumbo tissue rolls to Saudi Arabia and Cyprus at the beginning of July. The tissue mill is said to produce up to 30,000 MT of premium grade tissue paper annually using imported virgin pulp, which will be run by gas-fired power plant starting in August.
Sabic, Exxon push petrochem project
Saudi Basic Industries Corp. (Sabic) and Exxon Mobil Chemical are looking to drum up interest from bidders for a new petrochemical project, Reuters has reported citing contracting sources. Sabic and Exxon Mobil's chemical unit signed a preliminary agreement in November to establish the multi-billion dollar synthetic rubber joint venture at their plants in Jubail and Yanbu. The two companies would issue bid packages for the Jubail plant by the end of the year, Saudi-based contracting sources said.
Sabic seeks steel export licence
Mutlaq al-Morshed, Vice President of Saudi Basic Industries Corp (SABIC) has told the Arabic daily Al-Watan the company is in negotiations with the government to obtain a license to export steel, Reuters has reported. The Saudi government has lifted a ban this month imposed on steel exports last year.
Almarai plans new plants
Almarai Co, the Gulf's largest diary company by market value, has said it will begin production on a $173.3m infant formula plant and a $53.3m baked goods factory before the end of next year. The formula factory, which is expected to generate revenues of between $50m and $70m, will begin production toward the end of the last quarter of 2010, the company said.
Cotton factory to begin production in Iraq
A new ID4.7bn ($4m) cotton production factory has started experimental operation in Iraq's Wassit province at a total capacity of 150 tonnes per day, Aswat al-Iraq news agency has reported. The Wassit Company for Fabric Production is part of the Iraqi Industry Ministry's investment plan.
Zamil Steel wins New Zealand contract
Saudi Arabia's Zamil Steel Industries said it has won a SR88 million ($23.5m) contract for the fabrication and supply of lattice steel towers for the 400kV overhead line of the North Island Grid Upgrade Project in New Zealand. The contract calls for the proto-assembly and load testing of six types of 400kV double-circuit overhead line towers as well as the fabrication and supply of over 425 towers as part of Transpower's North Island Grid Upgrade Project. Delivery of the towers is to be completed by the end of 2010, the company said.
Sabic to boost its petrochemical production
Saudi Basic Industries Corp (Sabic) plans to boost petrochemical production by 12 million tons over the next two years by expanding foreign ventures and domestic plants. The increase will mainly come from a joint venture with China Petroleum & Chemical Corp., or Sinopec, and from the Yanbu and Asharq facilities in Saudi Arabia, Chairman Prince Saud bin Abdullah Bin Thunayan Al-Saud said yesterday at a press conference.
Dubai to open world's largest single cut and bend rebar plant
Dubai is set to commission the world's largest single cut and bend facility for steel rebars costing Dhs350m at Techno Park in Jebel Ali this month, Khaleej Times has reported. The 1.2 million square feet plant, a development by G2 International, a member of Geap International Group, has been under construction since January 2008 and will produce a monthly 60,000 metric tons of rebars cut and bend of international standard.
Savola profit drops 18%
Saudi Arabia's largest food products firm by market value, Savola Group has reported a17.5% drop in second-quarter profit, on lower income and provisions for an investment in a listed property developer. Net profit of SR212.5 million ($56.7m) in the three months to June 30, compared with SR257.7m in the same period last year, the company said. Savola has projected third-quarter earnings would rise 58.2% from the same period last year, backed by growth in revenue from traditional sugar, edible oil and plastic businesses.
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