News

In Brief

May 2015

Mubadala profit drops

MUBADALA, an Abu Dhabi state-owned fund, reported that its 2014 net profit dropped 28.7 per cent due to lower income from financial investments and impairments on oil and gas assets.

Net profit was Dh1.04 billion ($283.2 million), down from Dh1.45 billion in 2013. Mubadala has interests in fields including semiconductors, energy, aerospace and real estate and companies including private equity firm Carlyle.

Income from financial investments fell to Dh1.28 billion from Dh3.36 billion in 2013, while its oil and gas provisions were worth Dh1.88 billion and came from joint venture blocks in several regions.

 

Mezzan net up

MEZZAN Holding, one of the Gulf’s largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products, realised a net profit of KD16.1 million ($53.4 million) in 2014, up 22.9 per cent over the previous year.

The Kuwait-based company said its revenue rose 28.2 per cent to KD182.5 million over 2013 even as it gears up for listing on the Kuwait Stock Exchange.

Some 75 per cent of its revenue came from consumer-driven retail sectors.

 

Hamriyah seeks investments

SHARJAH’S Hamriyah Free Zone is seeking more investments in the plastics and packaging sectors to boost its industrial volume. 

A high-level delegation from the zone recently joined more than 60,000 professionals from every spectrum of the plastics industry in Orlando, US, where it participated in the International Plastic Exhibition.

 

Oman hubs expanding

OMAN’S Public Establishment for Industrial Estates has signed deals worth RO59.1 million ($152.7 million) to develop the Samayil and Sohar industrial estates.

Work at the estates, which will dedicate 10 per cent in the estate for SMEs, will be completed in 18 months.

Agreements were signed with Larsen and Toubro Oman (for Samayil, worth RO39.5 million) and Hasan Juma Backer (Sohar, Phase 7, RO19.6 million).




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