Industrial city opens
THE second industrial city in Jeddah, developed by the Saudi Industrial Property Authority (Modon), has opened.
Makkah Governor Prince Khaled Al Faisal opened the city and laid the foundation stone for the third one, also developed by Modon.
The two cities were developed on an area of 8 million sq m in the district of Al Khomrah, 35 km to the south of Jeddah.
“Modon has invested about SR2 billion ($533 million) to establish industrial cities in the Makkah province,” Abdul Elah bin Musheet, director of the authority in the Western region, was quoted as saying in the Saudi press.
Baytik welcomes new tenant
BAYTIK Industrial Oasis (BIO), a wholly-owned subsidiary of Kuwait Finance House - Bahrain (KFH-Bahrain), has signed a tenancy agreement with designer and manufacturer BFG International.
Leasing a total of 182,000 sq ft of industrial space, BFG will be producing advanced architectural products.
BIO chairman Osama Alkhaja said: “This project will benefit from Bahrain’s strong pro-business policies and from BIO’s international quality standards. BIO’s undisputed success emphasises the advantages of doing business in Bahrain. One of our goals has been to underscore the benefits of setting up a manufacturing base in the kingdom and our clients enjoy the numerous benefits it offers,” he added.
Ramsis wins accolades
BAHRAIN-based Ramsis Engineering said it has received the standards ISO 14001:2004 (for environmental management) and OHSAS 18001:2007 (for Health and Safety) from UK certification body QMF.
Ramsis Engineering is a leading supplier of equipment to the oil and gas industry in the Gulf region.
Yousaf Razaq, director at QMF Global Consultants said: “We have been working with the management at Ramsis over the last five months for the adoption of these systems. It is a proud moment for both of us in attaining these accolades.”
Ceramics firm opts for SAP
UAE-based RAK Ceramics, a leading manufacturer of ceramic and porcelain tiles, has signed up SAP to deploy its cutting edge software solutions to help ramp up its process efficiency. The two-phase project will see SAP implement a comprehensive suite of enterprise resource planning (ERP) tools across the Ras Al Khaimah-based company’s 12 UAE factories, before rolling it out to five international locations.
“Teaming up with SAP feeds into our mission of continually surpassing the expectations of our customers, dealers and partners,” said Khaled Abdulla Yousef, board member, RAK Ceramics.
Equate’s profit hits $1bn
KUWAIT’S Equate Petrochemical Company made a net profit of $1.05 billion for the fiscal year ending December 31, 2011, a 20 per cent increase over what was achieved in 2010.
Equate president and CEO Hamad Al Terkait said: “These profits were realised due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand.”
Al Terkait noted that for the first time in Equate’s history, sales value in 2011 exceeded $2.5 billion as a result of the overall organisational efficiency at the company.
Free zones sign pact
DUBAI Airport Freezone Authority (DAFZ) has signed a memorandum of understanding (MoU) with Dallas/Fort Worth (DFW) International Airport, operator of the DFW Airport Foreign Trade Zone.
The MoU formalised the establishment of a free trade zone alliance between the two free zones and outlined the exchange of expertise to benefit business and develop new opportunities in the global markets.
The agreement was signed by Jeffrey Fegan, CEO of DFW Airport, and Mohamed Ahmed Al Zarooni, president and director general of the DAFZ in the presence of free zone chairman Sheikh Ahmed bin Saeed Al Maktoum, Dallas Mayor Mike Rawlings and other senior officials.
Sudan sugar plant opens
SAUDI Arabia and Kuwait feature in a key $1 billion sugar plant which begins production this month in Sudan where the economy finds itself strapped following the separation of South Sudan from Khartoum’s rule.
Built by the White Nile Sugar Company the plant begins production with capacity of 250,000 tonnes annually and will eventually have capability to produce 450,000 tonnes.
The new plant, in which Sudan’s Kenana Sugar Company, owned by Saudi Arabia, Kuwait and Sudan, is the biggest shareholder, will also produce power, animal feed and ethanol.
Mena taxes examined
MORE than 250 senior finance and tax professionals outlined the evolving tax landscape in the Middle East and North Africa (Mena) region at a summit hosted by Ernst & Young in Dubai, UAE, last month.
The E&Y Mena Tax Conference 2012 was aimed at promoting business and improving transparency.
Over the past year, regional developments and economic pressures have impacted the taxation policies of almost all countries in the region, said Sherif El Kilany, Mena tax leader, E&Y, who chaired the conference.
“On the one hand, countries have moved towards a more transparent and business-friendly tax environment. On the other, we are seeing increased regulation and enforcement of tax compliance leading to increased administrative burden which, for foreign businesses, may translate to potentially higher tax cost,” he said.
UAE expects 4pc growth
THE UAE’s economy is expected to grow almost 4 per cent this year, the country’s Economy Minister Sultan bin Saeed Al Mansouri said.
“The UAE economy is expected to grow by almost 4 per cent in 2012,” he told a conference in the UAE capital. “This is an estimate; by the end of the year it could be better.”
Analysts polled by Reuters in December forecast the UAE’s gross domestic product would rise 3.1 per cent in 2012 after an estimated 3.9 per cent expansion last year.
Downstream ‘shield’
SAUDI Arabia must reduce its reliance on crude sales revenues and develop its downstream industry to shield its economy from international market volatility, Oil Minister Ali Al Naimi said. “Oil, as we all know, is volatile in terms of prices and production rates,” Al Naimi told a downstream oil industry conference last month in Saudi Arabia.
He pointed to a sharp drop in crude prices from over $147 per barrel in July 2008 to nearly $35 a barrel a few months later and an accompanying fall in Saudi output from 9.5 million to 8.0 million barrels per day. “In light of such unpredictable fluctuations, it is not appropriate to depend on... oil as a basis for national income and sustainable economic development,” he said.
Al Naimi said the kingdom produced many raw materials and petrochemicals but still did not invest enough in manufacturing finished products to generate jobs for Saudi youth.
LSS to represent Hanna
HANNA Instruments has partnered with Laboratory Scientific Supplies (LSS) to provide distribution of its scientific analytical instrumentation in the UAE and Oman.
LSS will represent Hanna in a variety of industries, from scientific research and education to food and water quality analysis. “LSS’ expertise in the scientific market and focus on support makes them an ideal partner for Hanna,” said Ross Smith, international sales manager for Hanna Instruments.
LSS has over 10 years of experience servicing the scientific needs of customers in the UAE and Oman, while Hanna has over 30 years of experience designing and manufacturing scientific analytical equipment to the relationship.
Regional chief named
ROYAL Philips Electronics has appointed Roy Jakobs as its new president and chief executive officer for Middle East and Turkey (ME&T), effective from the first quarter of the year.
Philips aims to strengthen the regional focus by supporting the governments, communities and private sectors through its meaningful innovations for a healthier and more sustainable ME&T.
