Kraft acquires Egyptian firm
US-based Kraft Foods has acquired Family Nutrition, Egypt's largest private-sector producer of biscuits and cakes for $80 million. Family Nutrition, owned by the Doss family, earned a net profit of E£40 million ($6.9 million) last year on a turnover of E£190 million.
The price reflects about 2.3 times the turnover of the company, which makes biscuits under the Borio brand, Nitty cakes and also locally manufactured Gobar mayonnaise and ketchup.
The report said Kraft, which has no production facilities in Egypt, would develop the company's site in an industrial city outside Cairo to export into Africa. Kraft brands include Kraft cheese, Maxwell House coffee, Nabisco cookies and crackers and Philadelphia cream cheese.
Profit rise for Jordanian company
The Jordan Paper & Cardboard Factories Company has said its 2002 net profit rose to 0.81 million dinars from 0.44 million dinars a year earlier.
Sales rose to 5.53 million dinars from 5.02 million dinars. Total assets came in slightly lower at 7.02 million dinars, while shareholders' equity climbed to 9.04 million dinars from 8.3 million dinars at the end of 2001.
Annual award instituted
An annual award for the best research on fertiliser production and extraction in the Arab world has been instituted in Cairo by a top Bahraini official.
Its chairman and GPIC general manager Dr Mustafa Al Sayed made the announcement at the Arab Fertiliser Federation (AFF) ninth annual forum.
The forum was held under the patronage of Egyptian Prime Minister Dr Atef Obaid and was attended by Egypt's Industry and Technological Development Minister Ali Al Saiedi, Syrian Industry Minister Dr Essam Al Zaim and chief executives of various industries in the Arab world.
Dr Al Sayed said the award was being instituted to promote scientific and experimental research in areas related to production and extraction of fertilisers and to develop the role of Arab research centres.
The first award will be presented during the 10th AFF forum to be held in Cairo in January next year.
Canon ME reports good growth
Canon Middle East has announced its results for the 2002 financial year, with another year of good growth. The company reports an increase of over 35 per cent in regional sales for 2002, following consistent growth, which has seen Canon's business doubling in the last three years.
The company has seen strong uptake of its new networked digital office products and IT solutions, as well as massive growth in its digital and still video camera business. These results make Canon Middle East the fastest growing region for Canon worldwide in 2002.
Almarai building cheese factory
The Almarai Company Limited has awarded an SR133 million ($35.4 million) contract to build a new cheese factory in Al Kharj to the Riyadh-based Al Saif Development Company.
The new factory will make several kinds of cheese, a variety of juices and long-life milk.
Safco profit up
Saudi Arabian Fertilizer Company (SAFCO) has said it made a net profit of SR85 million ($22.7 million) in the first quarter of 2003, up from SR23.4 million a year earlier. Chairman Mohammed Al Mady attributed the rise mainly to a 24 per cent increase in sales and higher prices for the company's products.
A Safco statement said the board of directors had approved an expansion project in Safco's complex in the industrial city of Jubail, which would add one million tonnes of ammonia and 1.1 million tonnes of urea to annual production.
Saso issues new standards
The Saudi Arabian Standards Organisation (Saso) has issued 28 new standards relating to chemical, petroleum, food and agricultural sectors.
Sixteen standards were issued for the chemical and petroleum sector, five for the food and agricultural sector, five for the metrological and two for the mechanical sector.
Among other things, the standards for the food and farming sector address the issue of genetically modified products.
Saudi Arabia is planning to set up a Food and Drug Authority (FDA) to function under the Ministry of Commerce.
Sabic to appeal US verdict
Saudi Basic Industries Corporation (Sabic) has said it will appeal a jury verdict in a US court that calls for the firm to pay $400 million to oil major Exxon Mobil in a contract dispute. A Sabic statement said the company had filed an action in July 2000 in Delaware State Superior Court concerning an accusation by ExxonMobil that Sabic had overcharged its Kemya and Yanpet joint ventures in connection with separately negotiated licence agreements that were executed in 1980. ``This case was tied to a jury in Delaware Superior Court and the jury returned a verdict awarding ExxonMobil damages in the amount of $416.8 million. Sabic continues to deny any wrongdoing with regard to its performance under the relevant agreement, and will seek review of the verdict through post trial procedures, and appeal to the Delaware Supreme Court," the statement said.
Saudi Aramco grants contract
Spectrum, together with partner Saudi Geophysical, announced the commencement of a significant data management project on behalf of Saudi Aramco. Aramco awarded the two-year contract in the fourth quarter of 2002 to Saudi Geophysical.
Technical and managerial expertise to undertake the project is being provided by UK-based SpectrumITech, the IT Division of Spectrum Energy and Information Technology Ltd. The contract encompasses the rationalisation, indexing and electronic capture of up to 20 million documents sourced from a number of different Aramco locations, the documents vary in size, format and physical condition. Documents in poor condition are being optically enhanced prior to scanning.
The captured images, together with their associated metadata, are being uploaded into Aramco's existing electronic data management system.
LG appoints president
LG Electronics has appointed its first President for its LG Electronics Gulf FZE (LGEGF) operation. Moving into the post is PC Choi, who is promoted from managing director LGEGF. Choi now has responsibility for the global and regional digital leader's operations in all GCC states with the exception of Saudi Arabia.
