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UAE workers go on rampage
About 1,500 workers at an electro-mechanical company in the UAE emirate of Sharjah went on a rampage on Tuesday over a salary dispute, reported state-owned Emirates News Agency (WAM). The protesters destroyed documents, broke glass facades of their accommodation, and burned cars. The workers had recently named a representative to speak with labour officials for a salary hike. The officials were in discussions with the company management to reach a solution when the protest broke out.
RAK Cement says it needs to hike prices
Mike Richardson, CEO of Ras Al Khaimah Cement, a UAE cement producer, said his company will not survive if the government does not allow the firm to raise its prices, reported Bloomberg. The company has asked the government to lift a cap of 295 dirhams ($80.4) per tonne on cement that the government imposed last year. Richardson said the company needs about a 15% price increase.
Ducab sales surge 50%
Ducab, the first purpose-built cable manufacturing company in the UAE, has reported a 50% jump in sales to Dhs2.4bn ($654m)in 2007 backed by record-breaking half-yearly sales exceeding Dhs1.1bn, reported Gulf News. The company, which is equally owned by the governments of Dubai and Abu Dhabi, said its expansion of factories in both emirates was partially responsible for the growth.
Saudi Arabia to spend $60bn on water infrastructure
Saudi Arabia plans to invest up to $60bn over the next 20 years to expand its water infrastructure and meet the needs of its rising population, reported Gulf News. Loay Al Musallam, head of privatisation team and deputy minister for planning and development, said the demand for water in Saudi Arabia is growing at six per cent annually. The kingdom's population is expected to rise more than 63.6% to 36 million by 2032.
Gulf Extrusions expands in Qatar
Gulf Extrusions has started constructing a new plant in Qatar as part of its expansion strategy to double the company's production to 100,000 tonnes within the next six years, said news reports. The phase 1 of new facility will cost $32m and will be operational my mid-2009.
RAK Ceramics profit hikes 10%
RAK Ceramics announced a net profit of Dhs169.7m for the year 2007, registering a 10% increase from Dhs153.7m in 2006. The report mentioned an approved 20% bonus share will be issued to shareholders. The company has ventured into RAK Paints LLC, RAK Warehouse Leasing LLC, and 70% stake in Acacia Hotels LLC.
Dubai Islamic loans for Dodsal
Dubai Islamic Bank (DIB) has agreed to finance Dodsal Engineering & Construction's project to replace the NGL Pipeline Network Project awarded by Abu Dhabi Gas Industries Limited to Dodsal, said news reports. DIB and Dodsal signed for a Dhs577m facility agreement.
Mammut wins DURL contract
Mammut Building Systems has been awarded two contracts by Dubai Rapid Link (DURL) to construct 2 auxiliary depots for the Dubai Metro project in Al Rashidiya and Jebel Ali. Mammut is a subsidiary of Emaar Industries & Investments (EII) and one of the region's largest manufacturers of pre-engineered steel buildings and polyurethane injected sandwich panels.
Dubai lifts customs duties
Dubai has eliminated import duties on cement and steel 'until further notice' to help stabilise the price of building materials, reported Gulf News. The decree, issued by UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum, also allows all contractors and real estate developers to import these two materials without restrictions. The move comes at a time when contractors are trying to cope with a 50% jump in steel and cement prices.
Empower to invest in $327m in plants
Emirates Central Cooling Systems Corporation (Empower) has announced that it plans to invest Dhs1.2bn ($327m) this year in building new plants, reported Gulf News. Empower, a joint venture between Dubai Holding unit Tecom Investments and Dubai Electricity and Water Authority, has invested a similar amount in district cooling projects so far. It has built a 60,000 refrigeration tonne capacity plant for Jumeirah Beach Residence and a 56,000 RT plant for Dubai Healthcare City.
Saudi aims to boost manufacturing
A new report by Global Investment house said Saudi Arabia is providing increased investment and training into the manufacturing sector, as the kingdom pushes to become less reliant on oil for its economy. The report also said the Kingdom is pushing ahead with a number of industrial cities which are expected to attract investment, develop a much broader economy and provide more job opportunities for the Kingdom's young population. A dozen industrial estates have been built throughout the Kingdom accommodating more than 1,600 industrial units. The number of manufacturing and industrial enterprises in the Kingdom now total more than 3,800.
Profit dips for Qatar EWC
The Qatar Electricity and Water Company (QEWC) posted a decline in net profit from the 2006 QR772m to QR614m, reported The Peninsula. QEWC also announced it has 55% stake in a Qatar power project that will generate 1,025MW of electricity and 60m gallons of fresh water, which will be completed during the summer.
Emirates Glass profit surges 106%
Emirates Glass announced its 2007 results indicated an increase of 106% in its net profits for 2007 compared to the previous year. Overall productivity also posted a total of 30% increase. Over 30% of the company's production is exported to various countries other than the GCC such as India, Iran, the UK and many African countries.
Al Maha Ceramics opens Sohar unit
Al Maha Ceramics, producers of wall and floor tiles in Oman has opened a manufacturing unit in Sohar Industrial Area. Al MAha has a production capacity of up to 5 million sqm tiles per annum. The comapny also announced expansion plans and dealerships around GCC, India and African regions.
ADSB to build boats for UAE Coast Guard
Abu Dhabi Ship Building, the Gulf's only specialised naval warship builder, has received a multimillion dollar contract to build 12 patrol boats for the UAE Coast Guard, reported Gulf News. The 34-metre boats, constructed in composite materials, will have a 'mother-daughter' design. The 'mother' vessel will have a stern ramp that will accommodate a smaller, high-speed, 'daughter' boat that can be launched at sea to enable fast interception. The patrol boats will be laminated in ADSB's new composite workshop at the company's Musaffah shipyard.
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