Abraaj Capital’s acquisition
Abraaj Capital, a major private equity firm in the Middle East and North Africa (Mena) region, has acquired 80 per cent of Jordan Aircraft Maintenance Limited (Joramco).
The shares were bought from Royal Jordanian Investment Limited for a total consideration of $55.1 million, Abraaj said.
Jordan’s government-owned airline will retain a 20 per cent stake in the aircraft maintenance company following the buyout.
Gulf Piping wins contract
The Abu Dhabi-based Gulf Piping Company has won an $18-million procurement, fabrication, erection and mechanical completion contract from ABB Lummus Global BV for a project based in Russia.
“The contract includes fabrication of two modules for the Molikpaq tie-in project of the Sakhalin Energy Investment Company Ltd (SEIC) that is developing offshore oil and gas fields on the north-eastern shelf of Sakhalin Island,” said a spokesman for the UAE company. The Molikpaq project will install the modules on the Molikpaq platform (also called PA-A platform) to enable the delivery of crude oil and natural gas to Sakhalin Island by separate oil and gas pipelines.
Small profit rise for SEC
Saudi Electricity (SEC) posted net profits of SR1.42 billion ($378.7 million) last year, a rise of just 1 per cent, after fourth-quarter losses dented its figures, the company said.
In a brief statement SEC said unaudited figures showed the firm lost SR74 million in the last three months of 2004 compared with healthy profits of SR532 million in the same period a year earlier.
