Industry

Egypt invites Tata Motors to build Nano plant

Egypt has invited India's Tata Motors to build a factory to make the Nano, the world's cheapest car, in the African country for the local market and sales elsewhere. "Egypt is seeking consent of Tata for left-hand drive Nano to be produced in Egypt, where a huge market is expected not only internally, but in the left-hand drive market in the Middle East and in Europe," Egypt's ambassador to India, Mohamed Higazy said. Higazy said the company would consider the proposal after the initial phase of the Nano launch. Tata launched the Nano in March this year and is expected to take it to Europe by 2011 and to the United States later.

Qatar First Investment Bank to acquire UAE plastic firm

Qatar-based Shariah-compliant investment bank, Qatar First Investment Bank (QFIB), has inked an agreement to buy a 71.3 per cent stake in UAE Sharjah-based Emirates National Factory for Plastic Industries (ENPI), the bank told a press conference. The bank said it would acquire ENPI through a major capital injection but did not disclose any financial details. According to QFIB chairman, Abdullah bin Ghorab al-Marri, the deal is part of QFIB's plans to diversify into the industrial sector, which, given the Gulf Cooperation Council (GCC) region's stable economic fundamentals, is expected to grow significantly over the next few years. ENPI, founded in 1995, is reportedly one of the largest plastic manufacturers of its kind in the MENA region. The company has over 1,400 customers in more than 40 countries. Its major customers include DHL, Etisalat, Emirates and Qatar Airways.

Arab steelmakers urged to grow by merger and acquisition

Steel companies in the Arab world should consider making mergers and acquisitions to achieve the scale of larger multi-million ton steelmakers, according to the Arab Iron & Steel Union's (AISU) general secretary Mohamed Laid Lachgar. In a speech this month, he emphasized the importance of having Arab companies with production capacities of 5 million tons/year or even 10 million t/y of finished products. The global steel industry expands through mergers rather than fragmentation, he noted. Currently the Arab world's largest steel producer is Saudi Arabia's Hadeed, which produced 4.7 million tons of crude steel last year.

Aluminum industry 'a vital force in region'

The aluminum industry in the region is expected to meet around a quarter of the international market requirements by 2015. That was the message to delegates at the 12th Industrialists Conference: The Future of Industry in GCC Countries - 2020, which was held at Doha last month from Aluminium Bahrain (Alba) chairman Mahmood Hashim Al Kooheji. He said the industrial sector was a major contributor to the economic development in GCC countries. Co-operation, joint efforts and shared expertise is vital for improving such a vital sector and enable it to be a main foundation for the success of GCC economies especially with the fluctuations caused by the global economic crisis, he said.