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Japanese firm eyes acrylic plant in Saudi
Japanese synthetic fibre maker Asahi Kasei Corp has said it is planning to build acrylonitrile plant in Saudi Arabia with other firms including Saudi Basic Industries Corp (Sabic), Reuters has reported. The plant will make products used in resin and acrylic fibre. The plant would use propylene and propane gas as feedstock to produce acrylonitrile.
Yemen Gas City deal agreed
GasCities, a joint venture between Dana Gas and Crescent Petroleum, has reached an agreement with the Yemeni government to investigate the development of its proprietary Gas City Concept within Yemen. The Yemen Gas City will comprise a chemistry park containing methanol and fertiliser factories; a utilities hub that will make the project completely self-sufficient for all utilities, and will provide additional power that can be utilised by the Yemen National Electricity Grid, industrial clusters with a supporting services sector, and residential and municipal developments.
Emal smelter 60% complete
Yousuf Abdulla Bastaki, the project director of Emal Emirates Aluminium (Emal), a 50-50 joint venture between Dubai Aluminium Co. (Dubal) and Mubadala Development Co., has said that the smelter is 60% completed, Reuters has reported. 'Construction works are ongoing according to plan and the budget allocated by the company,' he has said. Dubal had said in March that it aims to bring the first phase of the aluminium smelter online in December with a capacity of 700,000 tons per year.
Almarai raises capital
Saudi-based Almarai, the Gulf's largest dairy firm, will raise its capital by 37.6%, increasing its Hail Agricultural Development's (Hadco) stake by six million shares, Reuters has reported. Almarai will increase its capital to SR1.15bn ($307m) from SR1.09bn. Hadco, based in the north of Saudi Arabia, is the fourth largest poultry producer in the kingdom.
Emirates Extrusions to launch thermal break production
Emirates Extrusions Factory (EEF), a subsidiary of M'Sharie LLC, the private equity arm of Dubai Investments, has launched a new thermal break production line which aims to improve efficiency, and increase the production and productivity of thermal broken profiles. The new thermal break production line, made by Belgium-based ALURO, comprises two knurling machines, one strip feeding machine, one rolling machine and one testing machine. The line is also equipped with an automatic CNC control to minimize the setup time.
Egypt may issue more cement licenses
Egypt's Ministry of Trade and Industry is considering extending additional licenses for cement production in an effort to boost local supply in the face of increased domestic demand, the Daily News Egypt has reported. The country's cement production stands around 43 million tonnes per year, with analysts predicting this figure to grow to around 48 million in 2010.
Arabtec launches concrete firm in Saudi
The board of Dubai-based Arabtec Holding's board has approved plans to set up a new subsidiary that will provide concrete for the Saudi market. The new firm, the Austrian Arabian Ready Mix Concrete LLC (AAC), is being established as Arabtec continues to seek business outside its domestic market and secure new contracts in the kingdom.
Zamil Air Conditioners wins Saudi contract
Saudi Arabia-based Zamil Air Conditioners has won a $13.6m contract to supply the kingdom's Ministry of Education with window type air conditioning units, to be used in the educational expansion initiative now underway at several girls' schools around the kingdom. The company will manufacture and supply more than 25,500 RAC 2-ton units according to MOE's specifications, and expects to complete delivery of the products by the end of November 2009.
Abu Dhabi buys Chartered Semiconductor
Advanced Technology Investment Co., an investment company owned by Abu Dhabi, has agreed to buy Singapore's state-controlled Chartered Semiconductor Manufacturing for $1.8bn. ATIC plans to combine the maker of chips used in Microsoft Corp.'s Xbox 360 game console with Globalfoundries Inc., a venture ATIC created with Advanced Micro Devices Inc. last year, according to Bloomberg.
Dubal expects 2009 profit
Abdulla Kalban, President and Chief Executive of Dubai Aluminium (Dubal) has said the company expects to be profitable this year, despite decreasing sales and weaker prices. As a result, it will continue its overseas expansion plans, focusing on Asia and the Middle East. Last year Dubal reported a profit of Dhs2.2bn, but Kalban did not indicate what profit level he was expecting this year. He told Emirates Business has reported since aluminium hit its bottom price of $1,253.50 in late February it has since been on a slow 'road to recovery'.
UAE closes quarries for environmental violations
The UAE's Ministry of Environment and Water has shut down two stone quarries in Ajman, with 13 more quarries in the Northern Emirates and Fujairah facing closure for non-adherence to green regulations and causing pollution, Khaleej Times has reported. The quarries were given time to rectify shortcomings, but did not improve their environmental performance in line with the ministry's guidelines, the ministry said.
Aditya Birla to expand Egyptian plants
India's Aditya Birla Group is investing $150m in a silica project in Alexandria in Egypt and will also expand its carbon black factory, already the biggest in the world. Both are part of joint ventures it is running in the country - Alexandria Carbon Black and Alexandria Fibre. Additionally, Egyptian Trade Minister Rachid Mohamed Rachid told Reuters that Indian company Bajaj Auto is also considering building a plant in Egypt. It is India's second biggest motorbike maker and number one for three-wheeled rickshaws.
Qatar plastics plant cost up 44%
Industries Qatar has said its new plastics plant scheduled for completion in 2012 will cost 44% more than previously reported, Bloomberg has reported. The low-density polyethylene plant will need QR700m more. The total cost of the plant will amount to QR2.3bn, according to Mohammed Sharif Mohammed al- Sherawi, IQ's chief coordinator. Industries Qatar has listed the project's price tag as QR1.6bn in its 2008 annual report. The new plant is set to be built at Qatar's Mesaieed Industrial City south of Doha through an agreement with Basell Polyolefin GmbH.
Emirates Steel to seek extra funding
Emirates Steel, owned by the government of Abu Dhabi, has said that the company seek $600m in the first quarter of next year, to fund expansion and consolidate debt. The company expects to complete a $700m bridge loan extension by mid-October, pushing it back to August 2010.
Pakistan buys 75,000 tonnes of sugar from Dubai firm
Pakistan bought 75,000 metric tonnes of white sugar from Dubai's Al-Khaleej Sugar to help boost local supplies and lower prices, Bloomberg has reported. Trading Corp. of Pakistan bought the sugar at $638 a tonne, including freight costs, according to a spokesman for the state-run agency.
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