Industry

Oman: PET Production Peaking

When one Gulf state looks to diversify its economy by establishing a new industrial or business sector, it usually either finds one of its neighbours has already gone there or jumps on the bandwagon. However, Oman has found one niche to call its own, at least for now.

The sultanate is developing a strong polyethylene terephthalate (PET) industry, which when fully operational, will have the capacity to meet the sector’s requirements, from processing raw materials to turning out finished products, while building a powerful export platform at the same time.

NBE, China Africa Fund to set up textile industrial zone in Upper Egypt

The National Bank of Egypt and China-Africa Development Fund are investigating with a number of Chinese companies a proposal for setting up a new textile industrial cluster with total investment costs estimated at US$1 billion on three million square meters in Suhag, Egypt.

The move is part of broader negotiations between the bank and the development fund on the establishment of a gigantic economic and housing compound in the governorate. The compound is envisaged to house 90,000 people and to set up 100 projects with an average manpower of 20,000 workers.

OCI to invest E£450 m in iron industries plant

The iron industries arm of Orascom Construction Industries (OCI) plans to pump E£450 million of capital into setting up a new plant for iron industries with an annual capacity of 80,000 tons in the Northwest of the Gulf of Suez.

Hassan Badrawy, investor relations officer at the company, said construction works has already been launched on an area of 500,000 square meters.

Aluminium shift helps Mideast

The Middle East is benefiting from a global shift in aluminium production and consumption, and the metal could become the second most-important export commodity for the region’s oil-producing states.

At present the Middle East accounts for 10 per cent of global production of 34 million tonnes of primary aluminium, according to industry sources.

ARY to double gold refining capacity

Leading UAE gold group ARY will more than double its refining capacity and increase jewellery output multifold when its new $100 million business complex is completed towards the end of 2009.

The group operates a 40-tonnes-per-year capacity refining facility in Sharjah’s industrial area, but it will be relocated to the new ARY Aurum Plus complex in the Dubai Multi Commodities Centre. The refinery at the treasure-box-shaped building will have a capacity to process 100 tonnes of gold per year, ARY director Sarwat Abdul Razzak said.

Emal announces US$5 billion plan for Saudi smelter

Emal International, a joint venture of Abu Dhabi’s Mubadala Development Company and Dubai Aluminium Company (Dubal), will set up an aluminium smelter complex in Saudi Arabia at a cost of US$5 billion in a bid to boost the company’s expansion abroad.