Modicorp shows interest
India's Modicorp is keen to enter the UAE's manufacturing sector, its chairman has said. Dr Bhupendra Kumar Modi, founder chairman of Modi Holdings, Moditek and Modi Foundation, was in the UAE to address a meeting on 'Globalisation: The Recent Trends' at a meeting organised by the Indian Business Council (IBC). Modicorp has joint ventures with the likes of Xerox, GBC, International Paper and Distacom of Hongkong.
Grievance of paper mill
Union Paper Mills, the sole waste paper recycling company in the UAE, has called for increased government protection due to what it calls stiff competition from waste-paper collectors.
The company says local paper traders collect waste paper and export it to the Indian subcontinent rather than sell it for a lower price in the UAE.
Union Paper Mills general manager Nasser Khoory said the development forced the company to pay schools, supermarkets and even offices in Dubai for their waste paper. It was cheaper for his company to buy paper from Europe, he said.
Triveni to represent Sealed Air
Triveni Trading Company, a provider of packaging solutions, has become the Middle East representative of Sealed Air Corporation, a $3.2 billion multinational firm which makes products such as Cryovac shrink films and protective packaging systems. Triveni said it would stock a minimum of Dh2 million ($544,000) worth of Cryovac shrink films at its Sharjah warehouse to meet urgent requirements from customers.
Ajmal's plan for new markets
UAE perfume maker Ajmal International is looking to release its fragrances in the UK and German markets. Abdullah Ajmal, manager, international operations, said Ajmal perfumes had been well received in France and Spain. The company has more than 55 outlets in the region. Its flagship store Ajmal Eternal boutique in Dubai opened recently. There are plans to open an exclusive outlet in each GCC state, Ajmal said. The group has so far sold 1 million pieces of its first mass-market brand fragrance 'Sarah' since its launch in 1995.
Dairy gets soft loan
Bahrain Danish Dairy, which has suffered heavy losses, has received a BD1 million ($2.65 million) soft loan from the Bahrain Development Bank. The loan will help ease the company's temporary liquidity problems and enable it to continue operations, said BDD chairman Ebrahim Zainal. He said the company had been suffering heavy losses for the past two years due to "unfair competition." A price war on fresh milk initiated by a Saudi dairy in the summer of 2000 threatened the factory's very existence.
TECO holds exhibition
A multi-product catalogue exhibition of Taiwanese companies, organised by the Taipei Economic and Cultural Office (TECO), was held in Muscat.
About 185 companies were represented. These covered machinery, textiles, household items, stationery and gift items, communication, computers, hardware, auto parts electronics, and medical and security products.
Bigger firms get bigger quotas
Leading garment manufacturers in the UAE have received higher quota allocations for their exports to the US during 2002. The UAE Ministry of Economy and Commerce made the quota allocations recently. The individual allocations have been made based on the number of people employed at each factory. An industry source commented that the new approach was a better one than in the past when certain factories with lower production capabilities received higher quotas.
Emke's Indian division wins award
The Indian division of the Abu-Dhabi-based Emke Group has won the Best Exporter of 2001 award from an Indian government-run export promotion body. Emke's Indian division, Fair Exports Private Limited, won the award from the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) for its performance in the export of polyester and art sarees.
ADCCI plans export fund
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) will set up an export fund to boost national exports. The Chamber also plans to set up a bureau that will be in charge of providing facilities to businessmen and investors.
Chinese participate in shows
More than a thousand products from 200 companies were featured at the Hardware & Tools Exhibition and Houseware & Hometech Exhibition held at the World Trade Centre in Dubai. At Houseware & Hometech exhibition, six groups of exhibitors came from China, while at least 20 companies were Taiwanese. Each Chinese group comprised in excess of 50 individual companies showcasing products ranging from power tools and hand tools to architectural hardware and electrical fittings.
QFM wins contract
The Qatar Flour Mills Company (QFM) has won a QR20.4 million ($5.6 million) government contract to supply 35,000 tonnes of barley. The deal was awarded by the Central Tenders Committee. Qatar Flour Mills makes flour, biscuits, pasta, baby food and bakery products.
Iran signs MoU with Kabul
Iran has signed an MoU with Afghanistan for setting up 75 factories in the neighbouring war-ravaged country, the official Irna news agency said.
Afghanistan's new interim administration has made repeated appeals for aid to help reconstruct its infrastructure, which was devastated by more than 20 years of war. Iran aims to set up the factories as joint ventures with Afghans. The new companies will produce flour, detergents, packaging materials, cotton, construction materials, chemicals and carpets.
Turkey plans permanent exhibit
Turkey hopes to set up a permanent products exhibition in Dubai. Tufan Alpman, Turkish consul general to the UAE, said the country was seeking to improve trade volumes and tourist flows from the Emirates. The exhibition, part of Turkey's renewed thrust on boosting trade relations with the Arab world, is likely to be set up at the Al Mamzar Centre. The Dubai government has issued a law dealing with the mortgaging of property in the Jebel Ali Free Zone (JAFZ) area. The law was issued by Shaikh Maktoum bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Khaleej Times reported. The 20-article Law, No 1 of 2002, stipulates that the owner of a property on government land in the Jebel Ali Free Zone.
Ravex to be held in April
Abu Dhabi-based Damas Exhibitions and Conferences is organising Ravex 2002, an expo for the refrigeration, air-conditioning and ventilation industry in the region.
The event will run from April 14 to 16 at the General Exhibition Corporation in Abu Dhabi. Ravex 2002 will feature finished products including air conditioners, coolers, refrigerators and cold storage systems, Damas managing director and partner Hussam Hittiny said. It will also have component parts such as compressors, electric wires, rubber tubes, remote controls suction grills, and industrial tools and equipment.
Factories charged pollution fees
The UAE has implemented a new scheme that levies factory fees annually in industrial areas depending on the level of pollution the factory causes.
Factories have been divided into six categories. The scheme was introduced from January 1
Borouge begins exports
Abu Dhabi Polymers Company (Borouge) began its first shipments to Egypt and India in January. The company will begin exports to Syria shortly.
Since going on stream recently, the $1.2 billion Borouge petrochemicals complex has achieved full-capacity production of ethylene and 70 per cent capacity of polyethylene, a top company official said.
The production is going on full steam and we expect to achieve 100 per cent production of polyethylene by end-February, said Joost Schrevens, CEO, Borouge.
Banks plan to revive plant
Creditor banks in the UAE are formulating a revival plan for Emirates Steel Pipe Industries Limited in the Jebel Ali Free Zone, a report said.
One of the creditor banks forced the shut down of the company following defaults in settling outstanding amounts.
According to the proposed revival package, which is still being worked out, the banks involved will restructure the payment terms to a longer term and, possibly, inject short-term working capital of around 20 per cent of overall liabilities.
