Mezzan posts $679m revenue
MEZZAN Holding, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf, reported a revenue of KD207.4 million ($679.54 million) for 2016, a 5.8 per cent increase on 2015. The company’s net profit for the year was KD17.2 million ($56.36 million) in line with expectations. The fourth quarter revenue was KD51.2 million, up 12.9 per cent, compared to the same period in 2015.
Masdar’s wind farm JV starts
DUDGEON Offshore Wind Farm, a joint venture company of UAE’s leading renewable energy group Masdar, said the first turbine at its 402MW wind farm off the Norfolk coast has begun supplying electricity to the UK grid. Masdar and Norwegian multinational company Statoil each own a 35 per cent share in the venture along with Statkraft, Norway’s state-owned electricity company, which has the rest of the stake. Located 32 km off the coast of North Norfolk in North Sea, England, the Dudgeon Offshore Wind Farm is Masdar’s latest investment in the UKs renewable energy sector.
Investors seek Iran aluminium
INVESTORS from six countries including Malaysia, Singapore, South Korea, Italy and Germany have shown readiness to invest in Iran’s downstream aluminium sector, a report said. There exists production capacity of 26 million tonnes aluminium in the province, Norallah Hassanzadeh head of Khuzestan Industry, Mine and Trade Organization was quoted as saying by Irna. He said that a township with 3000 hectares land is to be built in east of Khuzestan and big industries like petrochemical and aluminium industries are due to work there.
Cargill invests in Egypt projects
US-based Cargill, a leading provider of food and industrial products, plans to invest in major development projects in Egypt, said a report. The US company is presently working on a major grain storage project in the Egyptian port of Daqahleya in a bid to boost its storage capacity by another 42,000 tonnes, reported Daily News Egypt, citing the Minister of Industry and Trade Tarek Kabil.
Kabil was speaking after meeting a Cargill delegation, headed by Roger Johnson, the regional director for Europe and the Middle East.