Industry
US$1 billion allocated for Emirates Steel expansion
Abu Dhabi Basic Industries Corporation allocated US$1 billion to expand the annual capacity of Emirates Steel Industries by next year from 700,000 tonnes to two million tonnes early in 2009.
"Many contracts have been awarded already and the construction now is half-way, as we plan to push the capacity to two million tonnes early in 2009, to be followed by an additional 1.4m tonnes capacity after two years from then, and 1.4m tonnes two years later," Dr Jim White, Adbic's chief operating officer said.
Rashid, Gul to open industrial complexes in 6th of October City
The Egyptian Minister of Trade & Industry Rashid Mohammad Rashid and the President of Turkey Abdullah Gul opened this month the Turkish industrial park in the Sixth of October City and put up the cornerstone for the Polaris International Industrial Parks. Rashid said that the Turkish industrial complex will include 300 companies employing about 25,000 workers with total investments estimated at US$1.5 billion and an annual output ranging from US$3.5 billion to US$4 billion.
Bermuda-based PVAXX to launch manufacturing plant in the Kingdom
PVAXX, a material’s technology company stationed in Bermuda, plans to open a manufacturing plant in Bahrain. The company will allocate US$100m in an attempt to develop a plant, part of its expansion strategy for the manufacture of recyclable pallets in Bahrain, in addition to completing a pallet factory in Sahhar Industrial City in Oman.
Arabia Cotton Ginning to acquire four Egyptian, Gulf rivals
The Arab Cotton Ginning Company has acquired four Egyptian and Arab textiles producers for a total of E£420m. Magdy Beshai, Chief Financial Officer at Arab Cotton Ginning, said the move has been completed through the company's subsidiary – Amwal Company. The deal will be finalised before the end of this month. The acquired companies include Sectore Textiles in Alexandria and Nassco Trading in Alexandria. The company will also takeover a Dubai-based company for cotton trading.
Ma’aden establishes infrastructure arm, takes-on two electricity projects for US$100m
Saudi Arabian Mining Co. (Ma’aden) revealed plans to establish a specialised subsidiary to perform infrastructure works at the Ras Al Zour project development. Abdullah al-Dabbagh, Ma’aden's chairman and CEO, explained that the emerging operator will be called the Infrastructure Company, and will operate independently from other Ma’aden subsidiaries such as Ma’aden's Phosphate and Aluminium projects.
Atiyah Group acquires 35 pct of Al Zamil Steel
Ahmad Atiyah & Sons Holding Group (Atiyah) has acquired a 35 percent stake in Al Zamil Company for Heavy Steel Industries Limited (Al Zamil). The deal exceeding SAR200m in value completes six months of negotiations between the two sides.
The agreement was signed by Waleed Atiyah, CEO of Atiyah, joined by Ibrahim al-Zamil, CEO of Al Zamil. Waleed Atiya highlighted the leading position occupied by both companies in the Kingdom's industrial sector, underscoring that the stake sought in Al Zamil is hoped to capitalise on the firm's extensive experience in local, GCC and international industrial markets.
