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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.
Almarai to take over Hadco
Saudi-based Almarai Co. has acquired Hail Agricultural Development Company (Hadco) for $253.2m, giving the latter's shareholders one new Almarai share and SR2.5 for five Hadco shares, in its bid to gain entry into the Saudi poultry business. Hadco has said its board would recommend to shareholders acceptance of the bid. The two firms have fixed a November 30 deadline for conclusion of the acquisition.
Rubber plant starts output in Saudi
Armacell Zamil Middle East Company (AZMEC), a joint venture between Zamil Industrial Investment Company and Armacell International Holding of Germany, has said its new factory in Dammam, Saudi Arabia, has begun its commercial production of technical rubber insulation materials. The joint venture will market its production locally, as well as regionally through a network of sole distributors.
RAK Ceramics conferred SuperBrand status
Members of the SuperBrand council have voted RAK Ceramics, the $800m global conglomerate, as one of the UAE's SuperBrands for 2009. The company has been recognised for being one of the world's leading producers of a comprehensive line of premium-quality ceramic and sanitary ware products.
Gozour buys 'Enjoy from Haykala
Regional agrifood platform Gozour, established by Citadel Capital and a group of regional co-investors, has acquired the Nile Company for Food Industries (Enjoy), from Haykala, the Egyptian private equity firm founded by Commercial International Bank. Neither party disclosed the value of the transaction.
Abu Dhabi to build $100m aluminium plant
Abu Dhabi Basic Industries Corp. (ADBIC) has signed a joint venture agreement with Bahrain's Midal Cable to build a $100m aluminium rod and conductor plant. The plant will produce 150,000 metric tonnes a year of aluminium rods and conductors to serve as feedstock to further Abu Dhabi's downstream industries and to be exported internationally. The construction of the plant will begin in the first quarter of 2010 at Khalifa Port, near Abu Dhabi.
Iran sets aside $3bn for industry support
Iran has set aside $3bn for loans to domestic industrial and production units. The Ministry for Industries and Mines has identified over 2,200 industrial companies in Iran that are struggling with financial problems and has proposed that the government extend their loan repayment periods by another year. The proposal has been approved.
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