Industry

Dubai & Angola explore opportunities to promote diamond trade

Dubai Multi Commodities Centre (DMCC) announced today that it has begun exploring opportunities to strengthen ties with Angola in the area of diamond trade. 
Dubai's delegation comprising Ahmed Bin Sulayem, Executive Chairman of DMCC, Peter Meeus, Chairman of Dubai Diamond Exchange and Paul Motmans, an expert on the Angolan economy, met with senior government officials of Angola at a high-profile dinner meeting in Luanda, Angloa, earlier this month.

Galfar wins USD 35.8m EPC contract for Nimr compressor station

Oman-based Galfar Engineering and Contracting Company has been awarded a OMR 13.78 million (USD 35.8m/EUR 25.3m) Engineering, Procurement and Construction (EPC) contract for the Nimr compressor station by local gas transportation company Oman Gas Company (OGC), Galfar said yesterday in a statement to the Omani bourse.

Saudi paper firm starts new plant

Saudi Paper Manufacturing Co (SPMC) has started production at a new plant in Saudi Arabia and plans to expand in the Middle East and North Africa,the company's top executive has said. SPMC's chief executive Mubarak Al-Khater said the SR 50 million ($13.3million) plant,which has an annual production capacity of 25,000 tons of paper tissue,is expected to operate in full capacity within two years.

Egypt's Suez Canal income down 21 pct in March

Monthly revenue of Egypt's Suez Canal, a key source of the country's income, slided 21 percent to 327.9 million U.S. dollars in March, local daily The Egyptian Gazette reported, quoting official figures. Despite the slump on a year-on-year basis, the revenue of the canal increased 26.1 percent compared with that of February, when the figure hit a record low of 301.8 million dollars.

Malaysian group probes starting auto parts cluster in Egypt

Malaysia-based DRB HI-COM Group is probing a proposal to launch an auto component manufacturing cluster in the economic zone northwest of the Gulf of Suez in Egypt.

Egypt agrees loan to set up wheat silos

Egypt's parliament approved a $10 million loan from the OPEC Fund for International Development to build four wheat silos, state-owned Al Ahram newspaper reported on Monday.

Bahrain's Al Salam, Charoen to invest in agriculture

Bahrain-based Islamic bank Al Salam said it has signed an agreement with Thailand's agriculture and food company Charoen Pokphand Foods to jointly invest in agricultural businesses. Gulf Arab countries are targeting investments in farm land and agricultural businesses in developing nations after rampant inflation last year highlighted their dependence on imports.

Arab Cotton Ginning Company to buy treasury shares

Board members at the Arab Cotton Ginning Company approved a proposal to buy 10 million treasury shares in two phases. The company will buy up to 7.5 million of its own shares in the first phase at a maximum of LE7 per share. Magdy Beshai, chief financial officer at Arab Ginning, said the company would embark on purchasing shares starting from Wednesday and for thirty days.