Savola profit increases
Saudi Arabian food group Savola has posted a net profit of SR98.3 million ($26 million) for the first six months of 2002, up 17.8 per cent from the same period a year earlier. Sales increased 6.6 per cent to SR1.6 billion, the company said in a statement. Savola, the main supplier of cooking oil in Saudi Arabia, owns a 51 per cent stake in the United Sugar Company (USC), which runs a sugar plant in the kingdom. Britain's Tate and Lyle owns 15 per cent of USC, while local independent sugar traders own the rest.
Midrex wins Qatar contract
US-based Midrex Technologies has won a contract to increase the production capacity of a direct reduction unit at Qatar Steel Company (Qasco).
The project will enable plant capacity to rise to 80,000 tonnes per year (tpy) through the use of oxygen in the process flow and installation of an oxide coating system.
Midrex, which designed, built and commissioned the original Mesaieed plant in partnership with Japan's Kobe Steel, will provide engineering, field services and some equipment for oxygen use. The oxygen will raise the temperature in the furnace and enhance gas utilisation to improve efficiency and performance at the plant. The other modifications will include the removal of equipment bottlenecks. Last year, Qasco produced a record 734,000 tpy of direct reduced iron (DRI). The DRI is used in Qasco's adjacent steel mill.
Chamber to hold seminar
The Dubai Chamber of Commerce and Industry (DCCI) is to hold an investment seminar in Dubai to promote investment opportunities in Iran.
DCCI assistant director-general Ahmed Al Banna said that top investment, commerce and business officials from Iran and major multinational companies would take part in the conference to be held from September 14 to 16.
"The event will bring the business community and investors from both countries who will be able to interact among themselves on the sidelines of the event. It will attract a lot of international investors who have substantial interest in Iran," Al Banna said.
Datamatix will handle the event's technicalities.
Ajman stresses food safety
Firms in Ajman recycling disposable plastic food containers and paper have been urged by municipal authorities to meet food safety standards.
The call follows an alarming increase in disposable plastic and paper waste. "The recycled food container should be hazard-free to ensure food remains hygienic in it," Ajman Municipality's Central Food and Environment Control Laboratory director Imad Ali Ahmed said. Ahmed also said some of the recycled plastic waste contained vinyl chloride monomers (VCM), a highly hazardous substance, which might cause cancer.
EIB approves new loans
The Emirates Industrial Bank (EIB) has approved new loans worth Dh28.5 million ($7.75 million) to eight industrial projects.
This brings to Dh133 million the total loans extended to 15 industrial projects this year.
Around Dh95 million has been disbursed so far and the total loan value this year will reach between Dh250 million and Dh300 million. The bank's board - which met under its chairman, Minister of State for Industrial and Financial Affairs Dr Mohammed Khalfan Kharbash - also decided to double EIB's equity participation in Emirates Rawabi from Dh11.2 million to Dh22.3 million.
The board suggested that EIB diversify by allowing the bank to trade in stocks listed in national exchanges.
RAK Zone registers growth
The RAK Free Trade Zone Authority has seen fast growth during the last two years. The zone has about 100 registered companies with a total invested capital of Dh120 million ($32.6 million). A shipbuilding and maintenance company alone has invested Dh40 million, a spokesman for the authority said.
The establishments at the RAK free zone are split into 58 commercial, 27 consulting/service and 15 industrial companies.
The zone is building a Centre of Innovation and International Trade to offer the newest technological services at competitive rates. The authority expects to draw 90 new companies with a gross business volume of Dh141 million by year's end.
Work to begin on fertiliser plant
Work on a $1-billion fertiliser plant in Oman is expected to begin in August and be completed within 35 months.
The Oman-India Fertiliser Company (Omifco) said the project would be set up through an investment company established for this purpose. Commercial production will begin during the second half of 2005. In addition to a $677 million syndicated loan, the cost of the project is financed with $320 million of equity provided by the Oman Oil Company, the Indian Farmers Cooperative (Iffco) and Krishak Bharati Cooperative (Khribhco). Iffco will take the plant's 1.6 million tonnes per year (tpy) output of urea for 15 years, and Khribhco will take the 250,000 tpy output of ammonia over a 10-year period.
Snamprogetti of Italy with Technip of France will build the plant. Lazard is acting as financial sponsor to the project.
Industrial cities planned
Abu Dhabi is planning to set up three industrial cities catering to different segments. The first will be the Abu Dhabi Industrial City in Mufassah. It was scheduled to open in the first quarter of this year, but was rescheduled to coincide with the Emirates International Industrial Exhibition and Conference (EIIEC) in November. The Al Ain Industrial City will come up on an area of nine sq km, and is expected to accelerate the flow of investments in the Eastern Province.
The Ruwais Industrial City, spread over 60 sq km, will host a number of heavy and petrochemical industries. The EIIEC is being jointly organised by the General Exhibitions Corporation, the GIC, the Ministry of Finance and Industry, the Federation of the UAE Chambers of Commerce and Industry and the Abu Dhabi Chamber of Commerce and Industry.
GIC abolished
Abu Dhabi has abolished the General Industry Corporation (GIC), a company established to promote industries in the emirate. Instead, a new high-level committee has been set up to supervise industrialisation in the emirate.
The new committee is headed by Shaikh Hamid bin Zayed Al Nahyan, chairman of the Abu Dhabi Economic Department.
