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Sewedy wins $183 power contract
Egypt-based El Sewedy Cables has announced it was part of a consortium that has won an EGP1bn ($183m) electricity link project, Reuters has reported. The project will link the Abu Qir area in the north of Egypt to Badr City, 50km east of Cairo, through a 340km power line, the firm said. The project is scheduled for completion within two years, the company added.
Sabic Q3 proft falls 50%
Saudi Basic Industries Corp. (SABIC), the world's largest petrochemicals maker, has reported a 50% fall in third-quarter profit, Bloomberg has reported. Net income plunged to SR3.6bn ($960m) from SR7.24bn a year earlier, the firm said.
Pierlite upgrades Sharjah facility
Pierlite Middle East, a manufacturer of light fittings and accessories, has said it has completed the first phase of expansion of its production and administrative facility at Sharjah Airport International Free Zone, Emirates Business has reported. The Dhs22m upgrade would add 100,000 sq ft to the existing facility and would house new machinery available. By the end of 2009, the new facility will have an output capacity of 1.2 million units of recessed ceiling light fittings and Louvres, along with an additional capacity of 1.8 million units of Batten fittings, the firm said.
Almarai completes Hadco takeover
Almarai Co. has said it had completed the $253.2m cash and stock takeover bid of Hail Agricultural Development Co (Hadco), allowing the firm entry into the lucrative poultry business, Reuters has reported. Hadco shareholders would be paid by October 29 at the latest, the company said.
MAR Group signs ThyssenKrupp MoU
Abu Dhabi-based shipbuilder, the MAR Group has signed a memorandum of understanding with Germany-based ThyssenKrupp AG to establish Blohm+Voss Naval, a 50-50 joint venture to design and make naval frigates and offshore patrol vessels, Reuters has reported. The deal will also give MAR Group an 80% stake in the yacht business of ThyssenKrupp's Hamburg-based Blohm + Voss Shipyards, Blohm + Voss Ship Repair and Blohm +Voss Industries units.
Saudi expands licensing in mineral sector
A report from the Ministry of Petroleum and Mineral Resources in Saudi Arabia has shown an earning of SR14.5bn through exploitation of various minerals, and profits amounted to SR5.4bn, Gulf News has cited. Investments in Saudi Arabia's mineral sector were reported to have reached an estimated SR50bn. A total of 488 licences issued in the mineral sector in 2008, including 269 licences renewed. A total of 192 licences were issued for quarries of building materials, 49 for survey, 14 for exploration, 5 for quarries of raw materials, and 9 for small mines.
Orascom Construction rating upgraded
CI Capital has upgraded its rating on Egypt's largest producer of nitrogen fertilizers, Orascom Construction Industries (OCI) to 'hold' and raised its target price on to EGP268.4 per share, Reuters has reported. 'We believe OCI's 2010 fertiliser ... margins will be supported by a number of factors, including fertiliser price increases, the establishment of strategic alliances with global fertiliser distributors and production capacity growth,' the research firm said. CI Capital forecast OCI's fertiliser income would grow to $668.9m in 2010, compared to its forecast of $427.8m for 2009.
Industries Qatar posts 47% drop
Industries Qatar has recorded a 47% drop in its nine-month profit, as the global recession cut demand for petrochemicals and steel, Bloomberg has reported. Net income declined to QR3.8bn ($1.04bn), from QR7.2bn in the year-earlier period, the firm has said.
Sewedy Cables begins production in Ethiopia
Egypt-based El Sewedy Cables has announced it had started production at its power cables plant in the Ethiopian capital, Addis Ababa, with an annual capacity of 10,000 tonnes of copper and aluminium, Reuters has reported. The company owns 85.7% of the new $35m facility while its partner, Dynamic General Trading, owns the balance.
Sipchem's new plant to start fully in November
Saudi International Petrochemical Co (Sipchem) has said it will fully start its new $1.8bn petrochemical plant in November, Reuters has reported. The new facility is the second phase of a Sipchem project, and will consist of an acetyls complex that will produce 450,000 tonnes of acetic acid, 330,000 tonnes of vinyl acetate monomer and 345,000 tonnes of carbon monoxide annually.
Centamin Egypt aims to boost gold output
Centamin Egypt, the gold mining firm which had moved into production at the end of June, expects to end the year with gold output at some 200,000 ounces a year, Reuters has reported. The company is targeting an increase to at least 500,000 ounces in 2012, Centamin's chief executive Josef El-Raghy said. The company also said it expects to move up to the London Stock Exchange's main market in the first week of November. It had previously announced it expected to move from the junior AIM market before the end of the year.
Kraft Foods post 10% growth in Mideast
UAE-based food and beverage manufacturer, Kraft Food Middle East and Africa, has reported 10% growth in the first half of the current year. The half-yearly growth has exceeded the group's global organic net revenue growth of 2.9% for the same period, the firm said.
Savola in deal for Turkish sugar plants
Saudi Arabia's second-largest food producer, Savola Al Azizia United, has announced the signing of an agreement to form a venture with Turkey-based Tarim Kredi and Saudi Arabia-based Nesma Group to buy Turkish sugar plants, Bloomberg has reported. Under the terms of the preliminary agreement, Savola and Tarim Kredi will each hold a 40% stake in the venture, while the Nesma Group will hold the remaining 20%. Savola and its partners plan to buy six sugar plants in Turkey, which are being sold by the Turkish government, the company said.
Kuwait's PIC to close, sell fertilizer business
Petrochemicals Industries Company, a unit of Kuwait Petroleum Corporation, is planning to sell or shut its fertilizers business to focus on its more profitable petrochemicals division. 'Our plan is to quit from the fertilizers business in the medium to long-term through privatization or closing down,' Yousef Al-Ateeqi, the company's deputy managing director, told Reuters.
Torah Cement's H1 2009 profit up 9%
Egypt-based Torah Cement has reported an 8.6% rise in net profit to EGP178.3m in the first six months of 2009, according to the Egyptian stock exchange. The firm had made a net profit of EGP164.3m in the same period of 2008. Torah Cement is a subsidiary of Suez Cement, which is itself majority-owned by Italy's Italcementi.
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