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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%.
Saudi Arabia to end steel export ban
Tariq Barlas, CEO of Al-Tuwairqi Group, the owner one of Saudi Arabia's top three steel makers, has told Reuters that he expects the government to end a ban on steel exports that has hurt profitability in the industry, before the end of July. 'Saudi Arabia will soon shift from being an importing country of metals to an exporting one. That is why the government wants to lift the ban,' Barlas said.
Arabian Cement Jordan plant to open in 2010
Muhammad Uthman, CEO of Saudi Arabia's Arabian Cement, said the company will launch its first plant in Jordan next year to boost capacity, reported Reuters. The new plant, which is currently under construction, will have an annual production capacity of 2 million tonnes by the first quarter of next year.
Oman Cement to borrow $52m from Bank Sohar
Oman Cement has announced plans to borrow 20 million rials ($52m) from Bank Sohar to help finance a project to double its clinker production capacity. The company plans to spend $162m to raise its clinker production capacity to 2.4 million tons a year from 1.2 million tons, reported Bloomberg.
Mena fertiliser capacity to hit 70 million tonnes
A report by Kuwait-based Global Investment House has predicted that fertiliser capacity in the Mena region will increase to 70 million tonnes in 2012 from 46 million tonnes last year, and that the "outlook remains positive on the back of sound fundamentals and better cost control measures". The report forecasts an addition of 9.5 million tonnes and 8.9 million tonnes would be built up in terms of capacity in urea and ammonia up to 2012, while sulphuric acid and diammonium phosphate will increase by 176% and 132% during the period.
Al-Ghosaibi defaults on $1bn loans
Ahmad Hamad Al-Gosaibi & Brothers, a Saudi holding company owned by the Al-Gosaibi family, has defaulted on foreign exchange transactions, trade finance loans and swap agreements amounting to $1bn, according to MEED. There is concern that the company may also default on the next payment, due in November, of its $700m-loan facility arranged by BNP Paribas and Germany's WestLB in May 2007. Saudi and Bahraini banks, as well as some of the Gulf's international banks, have exposure to Al-Gosaibi's debt.
Saudi's Tabuk signs food investment deal
Saudi agricultural company Tabuk Agricultural Development (Tadco) has told the Tadawul that it has signed a memorandum of understanding with local partners, a consortium called Jenat and the Arab Authority for Agricultural Investment and Development, to set up an agricultural firm to invest abroad, without providing further details. The Jenat consortium includes dairy firm Almarai, Food Products and Aljouf Agricultural Development.
Al Sorayai carpets expand to Equador
Saudi-based carpets manufacturer Al Sorayai Trading Industrial Group has expanded into Latin America, as it widens its client base in Equador. The company will launch a new brand, in line with its increased production. The Group has reported 20% higher returns during the first quarter of 2009, compared to the same period in 2008.
Borouge to up production on demand surge
Borouge, a joint venture between the Abu Dhabi National Oil Company and Borealis, has said that in order to support the growing demand from China, Asia and the Middle East, it is tripling its polyolefins manufacturing capacity to two million tpa by 2010, and is planning to bring on stream an additional 2.5 million tpa of polyolefins. Furthermore, the company said it will also be investing in an Innovation Centre in Abu Dhabi, as well as a new Shanghai compounding manufacturing unit that will be able to supply up to 50,000 of compounded resins to its customers in addition to a range of bumpers, body panels, dashboards and door claddings.
Gulf cement prices to fall on oversupply
Khaled Gahal Hegazy, VP of Egyptian cement trading company Hegazy has said that weak demand and large number of supply projects coming online by the end of the year will flood the market and drop prices by at least 20%. By 2011, Saudi Arabia would produce 11.5 million tonnes more cement than it needed, and Iran would have an excess of 20m tonnes, while the UAE would have 11.5m tonnes of oversupply.
Metal fabrication plant to launch in Oman
Construct Altayf, a new plant specialising in metal engineering and truss structural manufacturing, will be opened in Oman's Buraimi Industrial Estate next month. The facility with a capital investment of RO850000 is the first of its kind in the Gulf region with a capability to fabricate truss structures for buses, and the second largest of its kind in the Sultanate in terms of its capacity of 500 tons per month of ironware.
Brazilian firm takes over Sadia
Perdigao SA, Brazil's largest food company, has agreed to take over rival Saudi Arabia-based Sadia in a share-swap transaction that will form the world's biggest poultry processor by market value, reported Bloomberg. Perdigao has pursued a takeover of Sadia after the latter had posted the first annual loss in its 65-year history. Perdigao will change its name to BRF Brasil Foods SA and incorporate Sadia shares owned by HFF Participacoes SA, a holding company formed by investors who have more than 51% of Sadia's voting stock.
Maaden may offer 49% stake in smelter
Abdallah Dabbagh, CEO of Saudi Arabian Mining (Maaden), told Bloomberg his company is in talks with Dubai Aluminium to offer as much as a 49% stake in its smelter, after Rio Tinto Group, the world's second-largest iron ore producer, abandoned a joint venture with the firm. Companies such as Rio are shelving projects amid falling aluminum prices, as demand for products such as cars and planes slumps, reported the news service.
Egypt cement exports to fall
Egypt-based CI Capital has said that cement exports were expected to drop to 700,000 tonnes in 2009 from 1.3 million last year. Exports should recover slightly the following year and hit 2.3 million tonnes in 2011 and 3.9 million tonnes by 2013. The fall is mostly due to a government ban on exports for four months, beginning in April, in a bid to stabilise local prices.
Egypt mine to produce first gold bullion
Egypt's Minister of Petroleum and Mineral Resources, Sameh Fahmy has told the Mena news agency that the country will produce the first block of gold bullion from the Sukari mine in the Eastern Desert in June. Gold explorer Centamin Egypt said in April the reserve estimate for the mine stood at 6.4 million ounces.
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