The UAE, perhaps the most diversified amongst the Middle East’s oil producing states, sees 3 per cent growth this year as challenging in the backdrop of strong economic headwinds driven by a steep decline in oil prices.
The primary aluminium industry was one of the first sectors of economic diversification in the UAE away from dependence on oil and gas, which began in the mid-1970s. The industry has grown in parallel with, and contributed to, the growth of the UAE over the last 45 years or so.
Masharie, the private equity arm of Dubai Investments (DI), has announced it is expanding its extruded aluminium production capacity by over 10,000 tonnes annually as demand from the downstream industries and transportation and electrical sectors surges across the UAE and GCC.
Construction has begun in Abu Dhabi of a manufacturing facility of a Kuwait packaging firm. The plant of Gulf Printing and Packaging Company, subsidiary of Al Khat Packaging Company, is coming up at the Khalifa Industrial Zone Abu Dhabi (Kizad) and is the Kuwait company’s first plant outside Kuwait.
Power management firm Eaton says despite challenging market conditions, the company continued to grow in the Middle East in 2015.
The Dubai Airport Free Zone Authority (Dafza) witnessed a 23 per cent increase in the number of Indian companies operating within the free zone during 2015. Official statistics reveal that India came first in the list of Dafza investors by country last year, accounting for 38 per cent of total Asia Pacific investments.
Dubai’s Al Khaleej Sugar Refinery, the world’s biggest port-based refinery, has said it is operating at only 70 per cent of its capacity due to slow physical demand for white sugar despite high white premiums.
Having attained full ownership of its operations in the UK, Germany, India and Iran, RAK Ceramics is focused on expanding its exporting capabilities as well as consolidating its global position by continuing with restructuring efforts to streamline business, improve cash flow and enhance growth.
Dubai Investments PJSC, the diversified investment company listed on the Dubai Financial Market, has crossed the Dh1 billion ($270 million) mark in profit for 2015. The company delivered a net profit Dh1.1 billion attributable to shareholders of the company, and earnings per share of Dh0.27.
UAE-based Dayal Building Material Trader Limited (DBMT) is set to start its operations from Hamriyah Free Zone this month. Saud Salim Al Mazrouei, director of Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone (SAIF Zone), and Dinesh Moorjani, managing director of DBMT, recently signed a lease agreement.
Masdar City’s Free Zone has facilitated the establishment of the Nordic Innovation Hub, a business incubator designed to bring Nordic clean technologies and solutions to the UAE.
Bristol Vehicles Manufacturing Division (VMD), part of the Concorde-Corodex Group (CCG), has agreed a tie-up with the German ambulance manufacturer Ambulanz Mobile granting Bristol exclusive representation GCC-wide.