News

In Brief

February 2016

Free zones launch award

THE Dubai Airport Freezone Authority (Dafza) and Dubai Silicon Oasis Authority (DSOA) have launched the “Reayah”award, an initiative honouring hosted companies that have shown remarkable dedication to protecting the rights of their workers and offering a secure, fair and motivational work environment.

Dr Mohammed Al Zarooni, director general of Dafza and vice chairman and CEO of DSOA, underlined that “appreciating the workforce is an integral part of the values and principles instilled by Dubai’s wise leadership.”

 

Rebar mill to go on stream

JINDAL Shadeed Iron & Steel, a wholly-owned subsidiary of Indian conglomerate Jindal group, is set to start operations soon at its giant steel reinforcing bar (rebar) mill in Oman.

The sultanate’s largest rebar mill boasts capacity of 1.4 million tonnes annually and is the latest addition to the company’s expanding integrated steel complex at Sohar Port.

Rebar is widely used with concrete in the construction of buildings and all kinds of civil structures.

 

Fewa to spend $354m

THE UAE’s Federal Electricity and Water Authority (Fewa) is set to spend around $354 million on developing new power distribution stations and expanding key facilities in the Northern Emirates.

The major projects include construction of 25 new power distribution stations, expansion of 17 existing stations and replacement of overhead electric cables with underground ones in the emirates of Ajman, Fujairah, Ras Al Khaimah and Umm Al Quwain (UAQ).

UAQ will have five power stations including the main one in the Umm Al Thaub area.

 

Warba buys leasing portfolio

WARBA Bank, a leading bank in Kuwait, has acquired an equipment leasing portfolio managed by ATEL Capital Group, an independent equipment lessor based in the US.

With this, Warba Bank has become the first Kuwait enterprise to invest with the company, a statement said.




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