Regional News
August 2014

TWO Gulf  Airlines have figured in maintenance deals with one of them – Emirates – signing a 12-year OnPoint solution agreement with GE Aviation valued at more than $13 billion for the maintenance, repair and overhaul of the airline’s new GE9X engines that will power its 150 Boeing 777X aircraft.






August 2014

BARRICK Gold has said it is forming a joint venture with Saudi Arabian Mining Co (Ma’aden) to run its Jabal Sayid copper asset in the kingdom, a move that could see the long-delayed mine finally begin production in late 2015, reports Reuters.






August 2014

UNIQUE Maritime Group (UMG), one of the world’s leading integrated turnkey subsea and offshore solutions provider, has announced a pivotal strategic equity investment from Blue Water Energy.






August 2014

Hitz acquires Dubai firm HITACHI Zosen Corporate (Hitz), a Japanese engineering heavy-weight, has acquired Dubai-based electrochemical company Cumberland in line with its regional expansion strategy.






August 2014

PETRA Solar, a subsidiary of US-based Petra Systems, a global technology provider for the renewable energy, energy efficiency, and power generation markets, has completed the installation of a smart solar power plant with the help of partner Caspian Renewable Energy.






August 2014

ABB has announced it will supply transformers for two new combined-cycle power plants in Saudi Arabia to boost transmission capacity around the capital Riyadh and surrounding areas of the Central Region.






August 2014

A NEW subsidiary of a Kuwait firm, Al Khat Packaging, has announced plans to set up a Dh80 million ($21 million) manufacturing facility at Khalifa Industrial Zone Abu Dhabi (Kizad).






August 2014

SAUDI food producer Savola Group reported a higher than expected 32.4 per cent jump in second-quarter net profit, beating analyst forecasts as it benefited from higher sales especially in its retail business, reports Reuters.






August 2014

GULF investment firm Investcorp has announced an agreement to acquire SPGPrints Group BV from funds managed by Bencis Capital Partners for an enterprise value of €240 million ($326.6 million). The Bahrain-based company said closing of the transaction is expected following clearance from the relevant competition authorities.






August 2014

WITH the Bahraini Government granting approval for the natural gas requirements of Aluminium Bahrain (Alba)’s planned expansion, work on the $2.5 billion Line 6 project is set to begin by year’s end. Meanwhile, Alba’s total sales for the first six months of this year were BD376.4 million ($1.001 billion) versus $1.






August 2014

AGTHIA Group, one of the UAE’s leading food and beverage groups, has reported a net profit of Dh104.5 million (28.45 million) for the first half of 2014, an increase of 21 per cent year-on-year driven primarily by higher sales and an overall improvement in the profit margin.






August 2014

ASRY, the leading ship and rig repair yard in the Arabian Gulf, has launched a new department dedicated to military projects.  Called the Navy Defence and Industrial Projects (NDIP) department, it is targeting naval projects throughout the region.






August 2014

DRYDOCKS World has completed a major refurbishment on National Drilling Company (NDC)’s offshore drilling rig Al Ghallan, the shipyard announced. The project is part of a series of four rig repair and refurbishment projects signed with NDC last year. Earlier, Drydocks World completed several projects for NDC.






August 2014

SAIF Mohammed Al Midfa, CEO of Expo Centre Sharjah, has been elected as the first vice chairman for the Middle East/African Chapter of the Global Association of the Exhibition Industry (UFI), Paris.






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