Almarai plans capital boost
The Gulf’s largest dairy firm by market value, Saudi-based Almarai Co, has unveiled plans to raise its capital by 73.9 per cent to SR4 billion ($1bn) from SR2.3 billion, Reuters reported.
The firm also said it plans to issue a dividend of SR2.25 per share for 2011.
“Almarai’s board of directors recommended increasing the share capital from SR2.3 billion to SR4 billion through the distribution of one bonus for each outstanding 1.739 shares. This will be financed through the company’s reserves,” it said.
Jafza releases some trade figures
Steel, metal and building material companies based in Jafza generated trade worth Dh12.26 billion ($3.38 billion) in 2010, up 14 per cent over the previous year.
Jafza officials announced the figures at the seventh Strategic Customer Forum held specifically for the free zone’s customers in the steel, metal and building material sectors.
Ibrahim Al Janahi, Jafza deputy CEO and chief commercial officer of EZW UAE region, said he expected trade in those fields to grow in the next few years.
A recent report states the GCC plans to invest $3 trillion by 2020.
Alderley plans a revamp at Jafza
Alderley, a leading engineering company operating in the oil and gas industries, has announced plans for the construction of a new office block and modernisation of its production facilities at its site in Jebel Ali Free Zone (Jafza) in Dubai.
The development at the company’s 10,000 sq m site will be completed by the end of 2012 and include construction of a modern two-storey office building of more than 1,300 sq m, increasing seating capacity by 75 per cent and providing dedicated training facilities, meeting rooms, IT infrastructure and all allied facilities.
Existing offices and out buildings will be demolished and replaced with new production areas.
Danube extends Buildmart network
Danube Building Materials opened its 34th Buildmart showroom in Bur Dubai in the first week of December.
Sami Dhaen Al Qamzi, director general, Dubai Economic Department, led the inaugural ceremonies and was joined by Rizwan Sajan, founder and chairman of Danube. The new B2C standalone showroom is part of the company’s continuing efforts to consolidate its market presence in the UAE and the rest of the Middle East region.
Julphar plans Jeddah facility
The UAE-based Gulf Pharmaceutical Industries (Julphar) will set up a pharmaceutical factory in Jeddah in a joint venture with Cigalah Group.
The unit will produce and distribute pharmaceutical products in Saudi Arabia and the Middle East, said a report in Arab News.
Yaser Naghi, chairman of Cigalah Group, said the initial investment for the project would be SR150 million ($40 million) and that it would produce branded generic products.
Construction will start in January 2012 and work is expected to finish by December 2013.
Haya water employs more Omanis
Haya Water has created 100 new jobs for Omani nationals as the company responded to a royal decree from Sultan Qaboos Bin Said Al Said for the creation of 50,000 new jobs for Omanis across the nation.
Haya Water’s massive water reuse project is now underway. It will be the biggest infrastructure development of its kind and complexity in the Gulf region.
Thousands of kilometres of pipeline have already been laid to connect homes and businesses.
By the end of 2011 an estimated 20 per cent of properties within Muscat Governorate will have been connected to the new system, it said.
Talex to build new plant in Kizad
Taweelah Extrusion Company (Talex) has said it is setting up an extrusion products plant at Abu Dhabi’s new industrial zone with an investment outlay of Dh735 million ($200 million), as the oil-rich emirate works to diversify its economy.
Talex, a joint venture between state-owned Abu Dhabi Basic Industries Corp and privately owned Gulf Extrusions, had signed a long-term lease agreement with the Khalifa Industrial Zone Abu Dhabi (Kizad), a statement from Kizad said.
The plant will receive aluminium in molten form from Emirates Aluminium (Emal), another tenant of the zone. Talex plans to start making extrusion products for the automotive markets in the fourth quarter of 2013.
Saudi firm drops acquisition plan
Saudi Paper Manufacturing Co has said it has dropped plans to acquire a 51 per cent stake in Morocco’s Cellulose du Maroc, citing market conditions.
“The variables of current and future mechanisms of the paper pulp market made it difficult to reach a decision that would create added value for shareholders,” Saudi Paper said in a statement posted on the bourse website.
