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CPC inaugurates plant in Syria
Saudi-baed Construction Products Holding Company (CPC) has inaugurated its industrial complex in Adra, Syria. The $110m industrial complex which spreads over 515,000 mē is intended to supply the Syrian market with various construction products. The facility is set to be fully operational by end of this year.
Dubai diamond boiling facility opened
Dubai Diamond Exchange (DDE) has announced that Diamond Boiling Facility DMCC has set up a state-of-the-art boiling facility in the Almas Tower. According to DDE the new facility has created a new diamond trading centre in the region. Boiling is a process used to remove dirt and trace materials from rough and polished diamonds, allowing diamonds to reach their highest potential value.
Almarai posts Q2 profit rise
Saudi Arabia's largest food producer by market value, Almarai Co. has reported a rise of 22% in its Q2 profit as sales climbed by 16% to SR1.45bn. The food producer's net income increased to SR287m, from SR235.2m a year earlier. Operating profit for the three-month period ending June 30 climbed 23% to SR335.4m.
TKSC delays operation of new unit
Kuwait Styrene Company (TKSC) has announced that the start-up of its new Ethyl Benzene Styrene Monomer (EBSM) unit in the Shuaiba Industrial Area has been delayed for an estimated four to eight weeks. The delay is caused by a technical issue with an intermediate storage tank used in the production of Styrene Monomer, the company has said. The announcement comes days before the unit was scheduled to begin commercial operations.
Pharos initiates coverage on Ezz Steel
Pharos Research has initiated coverage of Egypt's Ezz Steel with a 'hold' rating, Reuters has reported. The brokerage firm said that while it expects the remainder of 2009 to be difficult, the company's ongoing business expansion should create a more efficient operation thereafter as steel price and demand recovers.
Al Abdullatif gets $24.3m loan to expand production
Al Abdullatif Industrial Investment, a Saudi Arabian carpet maker, has announced that it will borrow 91 million riyals ($24.3m) from the Saudi Industrial Development Fund to boost production. The loan agreement includes 30 million riyals for Riyadh-based Al Abdullatif and 61 million riyals for its Eastern Textile Co. unit.
Italian firm to set up manufacturing plant in UAE
Italy-based Legnano Teknoelectric, a processor of electrical steel and manufacturer of magnetic cores for transformers, announced that it will establish its first manufacturing plant in the Middle East in the Jebel Ali Free Zone (Jafza). The new plant, which covers an area of 27,500 sq.m, will process grain oriented electrical steel, from coils right up to fully built magnetic cores for distribution and electrical power transformers. The new facility, scheduled to open by 2012, will help deliver products in just a few days to markets in Asia and the Middle East that are currently three or four weeks away by sea.
Saudi allows steel exports to resume
Saudi Arabia has given local steel manufacturers licences to export the metal after a ban was lifted this month, a Ministry of Trade and Industry spokesman told Reuters. However, a ban on exporting scrap metals remained in place because the ministry believed local demand was still unfulfilled, the spokesman said. Saudi Arabia, the largest Arab economy, imposed a ban on steel exports last year to protect local consumers in the kingdom as domestic prices of the metal soared.
Halwani Brothers Q2 profit up 32%
Saudi food company Halwani Brothers Co. has reported a 32% rise in Q2 profit due to operating profit gaining 31.7% in the second quarter. Halwani has made a net profit of SR11.9m ($3.17m) in the three months to June 30, compared with SR9m a year earlier.
Saudi exporters slam China over dumping probe
Chairman of the Council of Saudi Chambers, Abdulrahman al-Zamil, has said China had no grounds to pursue the dumping investigation on imports of methanol and butanediol (BDO) it had launched in late June. He said that Saudi exporters feared China would impose punitive tariffs on the two products from Saudi Arabia, Indonesia, Malaysia and New Zealand while a lengthy investigation goes on at the request of several Chinese producers. 'The damage will take place while they are studying it for one, two, even 100 years,' he said.
Tabreed gets $204m loan from First Gulf Bank
National Central Cooling Co., the UAE-based refrigeration company known as Tabreed, said yesterday it has borrowed Dhs750m ($204m) from First Gulf Bank to meet its 'corporate and financial obligations'.
Yamama to take 20% stake in Yemeni Saudi
Saudi Arabia's third biggest cement firm by sales, Yamama Cement, has said that it has agreed to take a 20% stake in the Yemeni Saudi Cement Company for $15m. Yemeni Saudi Cement owns a cement plant near the Yemeni city of Aden with a design capacity of 1.4 million tons per year and which is expected to start production next year. The deal must be approved by the assembly of shareholders in Yemeni Saudi Cement Co. for the legal proceedings and the agreement to be finalized.
Centamin to raise $25m in share placement
Egyptian gold producer Centamin Egypt has said that it will raise a total of $25.5m from a private placement of 19 million shares, which will be placed with three large North American resource focused funds. Centamin plans to use the net proceeds for continued exploration activities and general corporate purposes.
Borouge inks $1bn expansion deal
Plastics solutions company Borouge has awarded gase and engineering company The Linde Group, a contract worth $1.075bn to build another 1.5 million tonnes per year ethane cracker at its production site in Ruwais, Abu Dhabi. The company is also expanding its polypropylene and polyethylene units, a low density polyethylene unit and a Butene unit, as well as related off-site utilities and marine facilities.
Jordan enterprise development inks Italy deal
Jordan Enterprise Development Corporation (JEDCO) has signed an agreement with an Italian company to establish a garment design centre in the kingdom. Under the agreement, the Italian company will provide €3.5m to boost the competitiveness of small and medium size enterprises, as well as consultative and technical services to develop the work of Jordanian companies operating in this field.
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