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Modon allocates first factory in Jeddah 2nd Industrial City
Saudi Industrial Property Authority (Modon) has announced that it has allocated an area of 300,000 sq.m in the Jeddah 2nd Industrial City for the Saudi Industrial Projects (Pepsi Cola - Bugshan) to transfer its projects and factories for the production of soft drinks and juices, healthy water, gas water cylinders and cans manufacturing. The project is the largest industrial unit for PepsiCo in the Middle East and Africa, with an investment close to SR1 billion.
Egypt's Alcotexa sells 1,005 T of cotton in past week
Egypt's Alexandria Cotton Exporters' Association (Alcotexa) has said it had committed to sell 1,005 tons of cotton, comprising 700 tons of Giza 88 and 305 tons of Giza 86, in the week that ended on June 13, Reuters reported. The new commitment brings Alcotexa's export commitments for the 2008/2009 season, which began in September, to 19,421 tons of cotton worth $50.29m.
Halwani plans Saudi expansion
Saleh Hefni, chief executive of Saudi-based food company Halwani Brothers has said that the firm plans to spend up to SR250m on the first phase of its expansion, which will include a date biscuit plant and a packaging unit that will start before the end of 2010. The group is aiming to double to 10% its annual sales growth, beginning in 2011. The company has been posting an annual sales growth of 5% 'which is not acceptable to our management,' he said. The expansion will be 50% funded by the stateـowned Industrial Development Fund, 25% through Islamic loans and 25% by Halwani, Hefni said.
Almarai buys Egypt's Beyti
Saudi-based Almarai, the kingdom's largest dairy company by market value, has agreed to buy 100% of Egypt's International Company for Agro-Industrial Projects (Beyti) for $115m, allowing a new joint venture with Pepsico to be set up in Egypt, Reuters reported. The deal also includes a 75-hectare piece of land, the company added.
Agthia opens unit in Egypt
Abu Dhabi-based Agthia Group has opened recently its first entity outside the UAE, Al Ain Food and Beverages in Egypt. The new facility is expected to employ 110 people and process 1000 tonnes of fresh tomatoes per day. It will also house production lines for tomato concentrate, fruit concentrate, fruit puree, french fries, frozen vegetables, and will source tomatoes from local farms in and around Saadat city.
Thani forms AngloGold JV
UAE-based Thani Dubai Mining has said in a statement that it has formed a 50-50 joint venture with South Africa's AngloGold Ashanti to explore, develop and operate gold and other precious metals mines in countries including Saudi Arabia, Yemen, Eriteria, Egypt, Ethiopia and Sudan. The final name for the new joint venture company has yet to be finalized.
5% customs duty raises demand for local steel
Demand for locally produced steel has increased since the UAE government reintroduced the 5% customs duty on steel and cement, senior industry officials have said. According to RAK Steel CEO, Ajay Aggarwal, the advantage with locally produced steel is the flexibility as the local mills can produce steel according to the customers' specifications. In addition payment cycle is also reduced which is a preferred aspect in the current times of severe liquidity crunch. Last March, the UAE Government removed the 5% customs duty on the import of steel and cement following a drastic increase in prices and a shortage of stocks. Earlier this year, local producers had demanded the reintroduction of customs duty stating that cheap exports to the UAE, coupled with a global slowdown were creating a glut in the local market. (Mac Capital)
S.S. Lootah invests Dhs64m in new manufacturing plant
UAE-based S.S. Lootah Group has announced the investment of Dhs64m in a manufacturing plant in Dubai which will engineer, fabricate, and assemble gas infrastructure equipment. The plant will adhere to British and North American standards for design and safety, the company said.
UAE firm buys 60% stake in Dhofar Fisheries
Dubai-based conglomerate ANC Holdings LLC has bought a 60% majority stake in Dhofar Fisheries Industries Company, a regional leader in the processing and canning of tuna and sardines, based in Salalah, Oman. The new acquisition will see ANC Holdings, and its foods division Freshly Frozen Foods, take over management control of Dhofar Fisheries from the company's other main shareholder Oman & Emirates Investment Holding Company, a joint venture between the Governments of the Sultanate of Oman and the UAE together with other founder shareholders from both countries.
Dewa offers concessions for projects over Dhs2bn
The Dubai Electricity and Water Authority (Dewa) on Monday announced that it has lowered the bid bond to 25 from 5% of the project value for tenders exceeding Dhs2bn, in order to help the contractors overcome the current economic situation. In a statement, Dewa has also halved the performance bond to 10% from 20%.
Egypt tenders gold search blocks
The Egyptian Mineral Resources Authority has announced that the Petroleum Ministry has launched a bid round for gold exploration in seven blocks in its Eastern Desert. The Authority also said that interested exploration firms should submit their bids before 10:00 GMT on October 7th. The blocks on offer range in size between 790 and 1597 sq. km, the statement said.
Bahrain's Ministry of Works seeks funding
Bahrain's Minister of Works has said that if the government is unable to provide the required funding, the Ministry would either privatize projects like sewage and electricity to speed up work, or work with the Finance Ministry to get loans from regional funds to help ensure work goes ahead, the Gulf Daily News reported. The Bahraini government is already accepting bids from the private sector for a sewerage network in Muharraq, which will see the successful bidder build the network for free and then charge the government for using it.
El Sewedy forecasts 20-25 % profit growth in 2010
Ahmed El Sewedy, chief executive of El Sewedy Cables, the largest cable maker in the Middle East, has said he expects net profits to climb 20-25% in 2010, up from an expected 10% rise in 2009. He said the increase would come from investments in Saudi Arabia, Qatar, Yemen and Algeria that had not yet come online or were still not generating revenue, reported Reuters.
Cristal Global to up prices
Cristal Global (Saudi Arabia) has announced that it will increase prices on all of its anatase and rutile Tiona and Cristal titanium dioxide (TiO2) products sold in the Middle East, Europe and North America. Effective from July 2009, or as permitted by contract, prices in the Middle East for all Tiona and Cristal titanium dioxide (TiO2) products will increase by $100 per metric ton.
Southern Province Cement reviews growth plans
Saudi Arabia's Southern Province Cement Company (SPCC) has said that the country's ban on cement exports may force the company to freeze expansion plans and prevent it from meeting contracts. Safar Dhufayer, chief executive of SPCC has said that last year's ban had prevented the company from fulfilling some of its contracts with firms based in Spain, Yemen, and South Africa. SPCC had been planning to expand one of its three factories by the end of 2010 but has now decided to wait until market conditions improve, he added.
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