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Honeywell inks deals across Gulf
Honeywell Life Safety says it has several ongoing projects for 2009 and will continue to hire staff. HLS has signed contracts in Qatar, Saudi Arabia and Oman. The company specialises in fire systems, sensors and devices, home medical care, electrical safety and safety products for general industrial worker segments.
Qatar Holding in JV with Hungarian firm
Qatar Intermediate Industries Holding Company (Qatar Holding) has signed a joint venture agreement with Hungary's DKG-EAST, which will manufacture industrial products for oil, gas and petrochemical industries in Qatar and the GCC, The Peninsula has reported. The joint project is expected to produce columns tanks, separators, piping systems, heat exchanger and air coolers.
BHP to cut 6,000 jobs
Mining giant BHP Billiton will cut 6,000 jobs and close its huge Ravensthorpe nickel mine in Australia as the group battles a collapse in commodity prices. Until now BHP had set itself apart by maintaining production and just last month said sales volumes were holding up despite a global downturn. Of the 6,000 job cuts, about 70% will come from independent contractors that work BHP's mines.
Masdar, GE to build Ecomagination Centre
Masdar announced today that GE will be an anchor partner in Masdar City. In a joint Masdar-GE agreement, the two companies outlined plans to house a new Ecomagination Centre, focused on sustainable business solutions and to form a broader R&D relationship that will support the development and deployment of new and innovative technologies. This center is part of a multi-faceted strategic partnership signed by Mubadala and GE in July 2008.
Sabic's Q4 profit tumbles 95%
Saudi Basic Industries, the world's largest chemical maker by market value, has reported a record drop in profit for the fouth quarter of last year, according to Bloomberg. Net income plunged 95% to 311 million riyals ($82.9m) from 6.87 billion riyals a year earlier, the Riyadh- based company, also known as Sabic, said today. Analysts on average predicted 4.74 billion riyals in profit for the company, which is 70% owned by the Saudi government.
Almarai's profit rises 13.5%
Saudi Arabia's Almarai Co, the Gulf's largest dairy firm by market value, said it posted a 13.5% rise in fourth-quarter operating profit, reported Reuters. Almarai made 219.2 million Saudi riyals ($58.45m) in the three months to December 31 up against the 193 million riyals it made a year-earlier, the firm said.
Savola reports Q4 loss
Saudi Arabia's Savola Group has posted a Q4 loss. The company's net loss in the three months to December 31 amounted to SR464m compared with a profit of SR177m last year. Savola produces branded cooking oil and refined sugar.
Cavotec secures deal with Saudi Oger
Global engineering group Cavotec MSL has secured an order with Saudi Oger, one of the largest construction companies in Saudi Arabia. The order includes 53 in-ground pit systems, 24 converters and associated material. The systems will be installed in two aircraft hangars in Riyadh and Jeddah.
New trade name agreement signed in Dubai
The Dubai Department of Economic Development and Dubai Silicon Oasis Authority have signed an agreement to unify reservation procedures for trade names to avoid duplication across the emirate. DED will provide DSOA with a copy of its licensing system that records trade names and link them to the Department electronically. DSOA will ensure that the trade names are not duplicated before granting the preliminary approval.
Lafarge to build Abu Dhabi plant
Cement producer Lafarge is planning to set up a cement plant in Abu Dhabi through a joint venture with two Abu Dhabi-based investment companies, The National has reported. The company will team up with Al Ain International Group Holding and Novus Capital Holdings. Lafarge already has three concrete production plants in the UAE through its Dubai-based subsidiary, Readymix Gulf.
Emerson plans training unit in Doha
US-based technology firm Emerson plans to open a regional engineering and training centre in Qatar within the next year to better support its customers in the northern part of the Middle East, reported Gulf Times. In 2008, Emerson opened an office in Doha and now has more than 40 resident employees there and another 45 working on-site in Ras Laffan on start-up and commissioning activities.
Gyma Food opens plant in Dubai
Gyma Food Industries, a manufacturer of dried fruits, nuts and spices, has announced the opening of its new processing plant at Dubai Investment Park. The new facility will cater to the entire GCC region as well as Africa, Asia and Levant countries. The 100,000 sq feet facility will manufacture more than 5 million kilo grams of products per year, the company said.
Borouge to keep expansion on track
Abu Dhabi-based petrochemicals maker Borouge has no plans to slow down its expansion despite the global economic crisis, the company said. Work on its first overseas manufacturing plant in Shanghai is progressing as planned and it will build new logistics hubs in Southeast Asia and South Asia to distribute products, said William Yau, CEO of Borouge's marketing company in Singapore. The Shanghai facility will have a capacity of 50,000 tonnes when it begins production in early 2010.
Lamnalco Group receives $125m loan
Lamnalco Group, a global provider of solutions to the marine service needs of the global oil and gas industry, has received a $125m loan facility by Standard Chartered Bank, together with Rabobank and ING Wholesale Banking. The loan facility supports Lamnalco Group's new vessel acquisition programme.
Safco Q4 profits drop 28%
Saudi Basic Industries subsidiary the Saudi Arabian Fertiliser company (Safco) has announced that its profits for Q4 2008 fell by 28% to $142.9m. The drop was attributed to a general decline in prices for the group's products.
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