Industry

BSF signs SR912.5m steel financing deal

In a major move to promote the steel industry in the Kingdom, the Banque Saudi Fransi (BSF) has come forward as a sole financing agent and signed a SR912.5 million deal to finance the South Steel Co. project, one of the largest steel projects in the Gulf region. The first phase of South Steel Co. project, which has a paid-up capital of SR450 million, will attract total investment of SR1.3 billion. The BSF has made available SR912.5 million for this project, which will kick off production in 2011.

ABB wins US $95 million Saudi power job

Power house ABB has won an order worth US $95 million (SAR356 million) from the Saudi Electricity Company (SEC), Saudi Arabia's national power transmission utility for substations to help strengthen the country's distribution network. ABB will provide turnkey solutions for five new substations to increase the capacity of the Saudi Arabian distribution grid and help meet the needs of the growing economy in the region. The order was booked in the fourth quarter of 2008 and the projects are scheduled for completion in 2011.

Industrial loans at AED49.6bn by Q3' 08

Total loans withdrawn by resident industrials in the UAE edged up by 56.6 per cent to AED49.6 billion by the end of the third quarter of 2008, compared to AED31.7 billion in the same period of 2007.

Bahrain-India firms to set up aluminium plant

A top Bahrain business group has formed a joint venture with an Indian industrial house to set up a $100 million company for the manufacture of aluminium fluoride. The Pearl Industrial Chemicals Company (PIC) has been established by Bahrain's EBH Holding and India's Archean Group of Companies. The new company will be chaired by Shaikh Ebrahim bin Hamad Al Khalifa. PIC will be located at South Alba Industrial Estate and will start production in two years.

NoozzVIEW; Chemical link between Oman and Saudis

While much of the globe is coping with the rigours of the financial downturn and wondering when it is going to bottom out, at least part of the petrochemicals industry is booming, leading to the highly symbolic opening in Oman of the largest PET plant in the Middle East by the Saudi backed, Oman-based Octal Petrochemicals. The new facility, based in the southern Omani city of Salalah has a capacity of 300,000 metric tons annually, making it the largest PET (Polyethylene Terephthalate) plant of its type in the region and the largest clear rigid PET sheet plant in the world.

Gulf aluminium producers to launch industry group

Aluminium producers in the Gulf region have formed an organisation to promote and represent interests of the growing aluminium smelting industry in the area. The Gulf Aluminium Council will initially be made up of six companies, including Dubai Aluminium Company (Dubal), involved in primary aluminium smelting in the region. "The output of primary aluminium from the Gulf has doubled to 1.8 million tonnes since 2000, and is projected to quadruple to more than 12 per cent of global output by 2020. It is vital that, as our industry expands and becomes a major player on the worldwide stage," said Abdullah Kalban, chief executive officer of Dubal and chair of the council.