Sabic profits soar
Saudi Basic Industries Corporation (Sabic) has announced second-quarter net profits of SR1.77 billion ($478.4 million), compared with SR1.39 billion in the first quarter of this year, an increase of 29 percent.
First half profits of SR3.19 billion increased 224 percent over SR985 million earned in the first half of 2002.
Production in the first half of 2003 was 19.6 million tonnes, a 10 percent increase over the same period in 2002. Sales quantity also increased 10 percent for the same period to 15.2 million tonnes.
Sabic noted that the increased volumes were due mainly to the addition of Sabic EuroPetrochemicals' production and sales in the first half of 2003
DED to boost SMEs
Dubai's Department of Economic Development (DED) has said it will use the experience it gained from a recent global conference in Belfast, Northern Ireland, to boost small and medium enterprises (SMEs) in the UAE.
"The conference provided us with an opportunity to network with delegates from various countries and explore the best practices established to develop SMEs in their countries," said Tariq Helal Lootah, head of business development at DED.
He was a participant at the Belfast event, which was the 48th annual world conference for SMEs. It was organised by the International Council for Small Business. Fareed Al Abdullah, economic researcher at DED's SMEs development section, said global economic trends showed how important it was to develop the sector as it was a significant contributor to a country's GDP.
Demand for steel up in UAE
Demand for steel in the UAE climbed to 1.442 million tonnes last year from 1.348 million tonnes in 2001, helped on by a growing demand from the construction sector. Press reports, citing Emirates Industrial Bank sources, said demand for the commodity in 2000 was 1.27 million tonnes against 1.32 million tonnes in 1999. Local production of steel was 400,000 tonnes of which 350,000 tonnes came from the Abu Dhabi-based Emirates Iron and Steel Industry.
Last year, steel worth Dh1.261 billion ($343.4 million) was imported by the UAE, an increase of 12 per cent from imports of Dh1.126 billion in 2001.
Top executives to attend Arabal 2004
Senior executives from countries including the UK, France, China, and Australia have confirmed they will take part in a major aluminium industry conference in Bahrain next April.
Arabal 2004, under the theme “Critical Issues, Global Trends and Drivers,” will be held from April 19 to 21 at The Ritz-Carlton, Bahrain Hotel & Spa.
Speakers include JP Rodier, chairman and CEO of Pechiney, France; Guo Shenkun, president of Chinalco and chairman and CEO of Chalco, and James Salter, senior metals analyst of Metal Bulletin Research, UK.
“We welcome these industry experts and feel sure they will make a positive contribution to yet another successful Arabal conference in 2004”, said Bruce Hall, chief executive officer of Aluminium Bahrain (Alba). An exhibition will be held on the conference sidelines. Arabal is held every two years and the last event was held in the UAE in 2001. As in previous events, Arabal 2004 will examine the critical issues facing the international and Arab aluminium industry. More than 600 delegates from all over the world are expected to attend the event, which is hosted in turn by Kuwait, UAE, Egypt and Bahrain.
UAE date production soars
Annual date production in the UAE has soared phenomenally since 1961, from less than 6,000 tonnes to 318,000 tonnes in 2001, said a Dubai press report quoting a UAE Ministry of Agriculture and Fisheries official. The increased harvest has put the country in seventh place in the world, while also contributing six per cent of global production, according to the report.The area under plantation soared to 62,000 hectares from a meagre 600 hectares during the period while date exports jumped from none in 1971 to more than 50,000 tonnes in 2001.
Firms’ shares to be traded on bourse
Oman’s National Economy Minister Ahmed bin Abdulnabi Macki has said a portion of government shares in Oman Cement and Oman Flour Mills Company will be traded on the local stock market. Macki, quoted by media reports, said the move was part of the government’s privatisation drive. The minister said the government hoped the measures would boost confidence in the Muscat Securities Market.
