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South Steel receives SR600m plant loan
Saudi Arabia-based steelmaker South Steel Company (SSC) has received a SR600m loan from the Saudi Industrial Development Fund, to partially fund its new SR1.35bn project in Jizan Economic City. The plant is expected to have an annual production capacity of one million tonnes of plate and 500,000 tonnes of reinforced bars. SSC began the construction of the plant in January 2009, and steel production is scheduled to begin in 2011.
Iran to mass produce missiles
Iran's Defence Minister Brigadier General Mostafa Mohammad-Najjar has inaugurated the production line of domestically-made supersonic ground-to-air missile system 'Shahin', which has a range of more than 40km, according to Press TV. Najjar said the research and production phases of the defence system, including missile, missile interceptors, hardware and software networks and launch pad have been carried out by Iranian experts. The system is capable of targeting fighter jets and helicopters, he added.
RAK Steel eyes 50% more production
RAK Steel has announced its plans to increase production by 50% its current annual capacity of 500,000 tonnes of deformed steel reinforcement bars by the end of 2009. The company has reported a marked increase in demand and is now running to full capacity. RAK Steel produces deformed reinforcement bars with diameter ranging from 8mm to 40mm in variable lengths of six to 18 metres.
Kuwait Petroleum moots acid gas plant
Asaad Al-Saad, vice chairman of Kuwait National Petroleum Company has said that the company is considering building an acid gas manufactory west of Kuwait in order to turn this sulfur-rich gas into marketable natural gas, according to Kuna. He said that the initial cost of the project would be at KD200m but stressed that it was still too early to determine the costs.
Proplant given Qatar Fertiliser deal
Qatar Fertiliser Company has awarded Proplant an EPC contract to perform engineering, procurement and construction for its scheduled 10 month ammonia and urea plants Steam Integration Project. The project includes tying in a new cogeneration steam production plant and integrating all their existing production facilities.
Syria, Iraq may set up industrial border zones
The Syrian Ministry of Industry has said in a statement that the Joint Syrian-Iraqi Industrial Committee had discussed prospects of establishing industrial border zones in cooperation with chambers of commerce and industry in both countries. The committee also discussed the required infrastructure and the participation of the private sector in establishing the zones, as well as providing incentives for investors.
Nadec receives $28m state loan
Saudi-based National Agricultural Development Co (Nadec) said it has signed an agreement with the Saudi Industrial Development Fund for a$27.7m loan to finance 'expansion through projects dedicated to food processing industry,' reported Reuters.
New cable plant to be built in RAK
Hadeed Emirates Contracting and Saudi Arabia-based Middle East Specialised Cables Company have signed a Dhs150m deal to build the first cable-manufacturing plant in the UAE emirate of Ras Al Khaimah. The 53,000 square metre facility, to be known as MESC RAK, is slate to be completed eight months.
Saudi Paper opens new plant
Mubarak Al-Khater, chief executive of the Saudi Paper Manufacturing Co has said that the company has started production at its SR50m new plant in the kingdom and plans to expand in the Middle East and North Africa. The new plant has an annual production capacity of 25,000 tons of paper tissue, and is expected to operate in full capacity within two years, he said.
Chartered denies report of bid by Abu Dhabi
Singapore's Chartered Semiconductor Manufacturing has denied a report by the Business Times that it had received a bid for 60% of its shares from Abu Dhabi's Advanced Technology Investment Company (ATIC). 'From time to time, Chartered engages various parties in discussions to pursue business opportunities or concerning the strategic direction of the company, with a view to maximising value for all shareholders. There is no assurance that any definitive or binding agreement will result from these discussions,' the company said in a statement.
Danube eyes Saudi expansion
Danube Building Materials has announced plans to invest Dhs80m in Saudi Arabia in 2009. It is also planning to launch of a retail complex in Jeddah next month as well as two two manufacturing plants, including factories that produce Malemaine pressing units and gypsum ceiling tiles.
Esfahan Steel furnace to come online
Blast furnace Number 3 project of the Esfahan Steel Company will be ready to come on stream in the near future, according to the Tehran Times. The furnace has the capacity of producing 1.4 million tons of molten cast iron per annum, which will increase the Esfahan Steel Company's annual molten cast iron output from the current 2.2 million tons to 3.6 million tons.
Mott MacDonald wins chemical storage contract
Dubai-based Solvochem has appointed Mott MacDonald to provide conceptual design, feasibility assessments, engineering services as well as assistance with tendering and construction management on the expansion of the existing chemical storage terminal at Jebel Ali Free Zone, which includes construction of additional 1,350m2 bulk storage and warehouse facilities. The project is due for completion by the 2nd quarter of 2010.
Sabic rated 'overweight' by Morgan Stanley
Saudi Basic Industries, the world's largest chemical maker, has been rated 'overweight' in new coverage at Morgan Stanley. The company is in a 'strategically advantaged cost position', Morgan Stanley said, thanks to the fact that it enjoys low, long-term contract prices on key raw materials through Saudi Aramco. Morgan Stanley set a price estimate of 88 riyals on the company's shares, which closed at 63.75 yesterday.
El Sewedy to build power cables plant in Yemen
Egypt's El Sewedy Cables, in association with Hassan & Massoud Company, is establishing a low-voltage cable production plant in Yemen. The maximum output of the plant will be 12,000 tonnes of copper and aluminum. El Sewedy will own 70% of the plant, while Hassan & Massoud will own the remaining 30%.
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