MPC celebrates anniversary
Jeddah-based Modern Products Company (MPC) is marking 20 years of production of its line of Always sanitary napkins in Saudi Arabia.
The company’s plant was established with a total investment of SR468 million ($125 million) and was recently expanded at a total cost of SR220 million. MPC has 400 employees, more than 70 percent of whom are Saudis, and its products are exported to 30 countries across the world. MPC is a Procter & Gamble operation, which also has plants to make detergents and cosmetics in Saudi Arabia.
GPIC reports significant earnings
Bahrain’s Gulf Petrochemical Industries Company (GPIC) made a net profit of $66 million in 2003, chairman of the company and the kingdom’s oil minister Shaikh Isa bin Ali Al Khalifa announced. The company’s Ordinary General Meeting decided to pay $60 million in dividends to the shareholders. The company, established in 1995, produces ammonia, methanol and urea and is jointly owned by Bahrain, Kuwait’s Petrochemical Industries Company and Saudi Arabia’s Sabic in equal shareholdings. The ammonia and methanol units were the first to be set up with the urea plant only coming up in 1999.
Dabbagh is new Sagia chief
Saudi Arabian General Investment Authority (Sagia) chief Prince Abdullah bin Faisal bin Turki has been relieved of his post “at his request”. He has been replaced by the chairman of the Jeddah Marketing Board Amr Dabbagh, a decree read on state TV said. It gave no further details, but the outgoing investment chief had criticised the slow pace of privatisation.
US and Qatar sign trade agreement
The US has signed an agreement with Qatar aimed at fostering more trade and investment between the two countries and which could lead to a bilateral free-trade arrangement. The US last year exported $408 million worth of goods to Qatar, a 200 per cent increase from a decade ago. Those goods included machinery, aircraft, vehicles, and optical and medical instruments. The US imported $331 million worth of goods from Qatar in the same year, including mineral fuel and fertilisers.
Qafac profits rise steeply
Qatar Fuel Additives Company (Qafac) posted a net profit of QR271 million ($74.4 million) for 2003, 133 per cent up over the previous year, said the company’s general manager Rashid Al Hajri.
He attributed the increase to a higher sale price for Qafac products and savings in interest charges as a result of refinancing and equity restructuring it undertook during mid-2002. Qafac’s factory in Mesaieed in Qatar is designed to produce 832,500 tonnes per year (tpy) of methanol and 610,000 tpy of MTBE.
“The company is expecting to grow substantially over the next few years through optimisation of its existing facilities and by way of expansion of its methanol operations with the construction of a new large-scale methanol facility,” Al Hajri said.
Joint investment firm to be set up
Qatar and Oman have agreed set up a joint investment company with QR300 million ($82.3 million) capital, according to Qatari press reports.
The announcement followed the ninth Qatar-Oman joint committee meeting held at the Ritz-Carlton in Doha.
'The joint committee will study all the proposals and frame a strategy specifying the field of investment, officials said after the meeting.
GCC in plans for pact with India
GCC countries are studying the possibility of signing a free-trade agreement (FTA) with India, Bahrain’s Commerce Minister Ali Saleh Al Saleh said.
The FTA would help further strengthen business ties between the Gulf region and India, he said.
His comments came after he opened a catalogue exhibition of Indian products and services, India Catex 2004.
The two-day event was organised by the Indian Embassy and held at the Bahrain Chamber of Commerce and Industry premises under the patronage of Al Saleh. This is the fourth in the series of Indian Catex exhibitions to be held in Bahrain.
"Indo-Bahrain relations took a new turn following the historic visit of Prime Minister Shaikh Khalifa bin Salman Al Khalifa to India earlier this year," he said, adding that ties were further strengthened at a GCC-India trade conference, which was attended by a large delegation from Bahrain.
SBIE event reflects opportunities
The 13th Saudi Building & Interiors Exhibition (SBIE), organised by Al Harithy Company for Exhibitions Limited (ACE), will take place at the Jeddah International Exhibition and Convention Centre from April 25 to 29.
“The market for construction and interiors products is being driven by a staggering growth in the Saudi population, with some estimates predicting it will reach 47 million by 2020, and the consequent need to increase the housing stock and infrastructure. With a market potential in excess of $200 billion, opportunities exist in all areas of construction and interiors, both of which have become inseparable by virtue of the Saudi market,” a statement from ACE said.
SBIE 2004 sees two important changes. The event will now be held annually instead of every two years and include the Saudi Real Estate sector.
Bahrain events announced
Bahrain is to host two business events in September.
They will be held at the Bahrain International Exhibition Centre (BIEC) from September 13 to 15.
The Iraq Reconstruction exhibition, being organised by PennWell Corporation, will run alongside its Power-Gen Middle East 2004 conference and exhibition.
The 3,000 sq m Iraq Reconstruction exhibition area will comprise pavilions dedicated to petroleum, water, fire and safety and telecoms.
The 8,000 sq m Power-Gen Middle East exhibition will host more than 140 companies from the region and abroad, and attract more than 4,000 visitors.
Arabs invited to invest in Iraq
Arab businessmen were invited by an Iraqi Governing Council member to invest with confidence in the reconstruction of Iraq.
Ata Abdulwahab Al Qaisi said steps were being taken to make Iraq a free economy based on competition and with minimal restrictions but with regulations to protect its society.
He was speaking at the opening of the Iraqi-Arab Alliance for Reconstruction, Trade and Investment Conference, which was held at the Bahrain Gulf Hotel's Gulf International Convention and Exhibition Centre.
