GCC plans record output
WITH global demand for aluminium estimated to increase and reach 70 million tonnes per year by 2020, GCC countries are all set to boost their production capacity to 5 million tonnes by 2014, up 40 per cent from around 3 million tonnes in 2012, said an expert.

The GCC region has been a key aluminium producer and is set to account for 13 per cent of the world’s total aluminium production by year’s end.

Turkish team visits free zone
A HIGH-LEVEL business delegation from Ankara recently visited Ras Al Khaimah Free Trade Zone (RAK FTZ) in a step aimed at boosting trade relations between Turkey and the emirate. 

The delegation, which comprised six top businessmen, representing various business sectors, was led by Veysel Seker, advisor to the Turkish parliament.

Currently, there are 250-plus Turkish companies operating in RAK FTZ.

Taqa, VRA complete financing
ABU DHABI National Energy Company (Taqa) and its partner, Volta River Authority (VRA), the main generator and supplier of electricity in Ghana, have completed the $330 million financing for the expansion of their power plant in the West African nation.

The Takoradi 2 plant is Ghana’s first independent power project (IPP) and currently represents approximately 15 per cent of Ghana’s installed capacity. It is also the first IPP in Ghana to utilise project financing, said a statement from Taqa.

The plant is owned by Takoradi International Company, a joint venture between Taqa (90 per cent) and VRA (10 per cent), the main generator and supplier of electricity in Ghana.

Record sales for Toyota
JAPANESE automaker Toyota has reported record sales 660,285 units in 2012 across the Middle East, resulting in an increase of 31 per cent compared to the previous year.

Toyota maintained its position at the top of the GCC automotive industry with a further increase in its market share to 43 per cent during 2012, achieving a 4 per cent increase in market share from 2011.