The development of new, cleaner steelmaking technology is helping to ease concerns about a predicted bottleneck in the iron ore supply chain.

Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD6.3 million ($20.55 million) for the first quarter ended June 30, 2022, compared to KD1.56 million for the same period last year, an increase of 300% year-on-year (YoY).

The daily average rate of riders using public transport means, shared mobility and taxis in Dubai in the first half of 2022 reached about 1.68 million riders, compared to about 1.1 million riders in the first half of 2021, an increase of 52.7%.

Oman's Public Authority for Special Economic Zones and Free Zones (OPAZ) has announced the completion of 86% of a project to supply and install cranes and gantry cranes as part of the second phase of Duqm Port’s commercial jetty.

Mezzan Holding, a leading maker and distributor of food, beverage, FMCG, and pharmaceuticals, has posted a steep 73.9% plunge in its first half (H1) net profit to parent company shareholders netting just KD1.9 million ($6.2 million).

Oman’s Sur Industrial City, affiliated to the Public Establishment for Industrial Estates (Madayn), has signed an investment contract with UAE-based Al Ghaith to establish a chemical plant with an investment value exceeding $40 million.

Entrepreneurial orientation, socioemotional wealth and motivational leadership have been identified as the three key elements that family businesses are leveraging for their prolonged sustenance, resilience and regenerative ability.

Agility, an operator and long-term investor in supply chain services, infrastructure, and innovation, has reported first half 2022 earnings of 11.41 fils per share on a net profit of KD28.8 million ($93.94 million).

The value of exports of the members of Ras Al Khaimah Chamber of Commerce and Industry totalled AED1.644 billion ($447 million) in the second quarter (Q2) of 2022, a media report said.

EC&FZ CLUSTERS HELP
AD Ports Group has announced that its revenue for Q2 grew 35% y-o-y to AED1.24 billion ($337.5 million) mainly driven by maritime and economic cities and free zones clusters, while the net profit growth accelerated to 59% hitting AED300 million.

RECORD PRODUCTION VOLUMES
Saudi mining company Ma’aden has recorded solid results for the second quarter registering a 85% jump in its net profit which surged to SR4 billion ($1.06 billion), while its sales for the period rose 95% to hit SR11.9 billion ($3.16 billion).

Siemens and MAHLE Group, a German automotive parts manufacturer, have signed a letter of intent to collaborate in the field of inductive charging of electric vehicles.