Industry

New Chemicals Industrial City planned for Abu Dhabi

Abu Dhabi's International Petroleum Investment Company and Borealis AG have signed a memorandum of understanding along with Abu Dhabi Investment Council to prepare jointly for the first phase of the development of a planned new Chemicals Industrial City to be located in Abu Dhabi.

UAE fund investing US$250m in DRC copper sector

A United Arab Emirates fund will invest up to US$250m to develop copper and cobalt production in the Democratic Republic of Congo, the fund's manager said. With US$1 billion available, it will also sink money into coal mining in Indonesia and into ceramic raw materials, Madhu Koneru, managing director of the Ras Al Khaimah Minerals & Metals Investment fund, said.

Midchem builds SAR120m chemical plant in Riyadh

The Middle East Chemicals Co. (Midchem) has signed a string of international agreements to establish a chemicals factory in Riyadh at a cost of SAR120m.

Midchem received preliminary approval to start financing the project from the Saudi Industrial Development Fund and is now completing final preparations to sign a deal to that effect with the SIDF, explained Ibrahim al-Dubaib, board member of Midchem.

Ezz Steel Rebars to build DRI plant with US$300m investments

Egypt's Ezz Steel Rebars Company has sealed a contract with Midrex Technologies Inc on supplying technologies for the Direct Reduction Process, which converts iron ore into Direct Reduced Iron, in the new plant that Ezz plans in Egypt.

Denmark's FLSmidth & Co wins €60m cement plant contract in Egypt

Danish cement and minerals technology supplier FLSmidth & Co A/S said that it has secured a EUR60m engineering and machinery supply contract from El Sewedy Cement Company in Egypt.

Gulf Plastic Factories invest US$5bn

The number of operating factories in plastic industries in GCC member states reached some 1223 factory in 2007, with an investment value estimated to some $5bn, and employs 79 thousand workers; compared to 326 factories investing $932m, and employing 17.5 workers in 1990.