Tuesday 26 July 2016

Duqm electricity demand expected to grow substantially

Electricity demand in Duqm, where one of the Middle East’s most ambitious industrial and economic hubs is currently under development, is anticipated to grow 10-fold to 650 megawatts (MW) by the year 2025, said a report. This compares with around 67 MW of diesel-based gener


Aluminium Bahrain Q2 net income down

Aluminium Bahrain (Alba), owner of one of the world's largest aluminium smelters, reported a 45.4 per cent fall in second-quarter net profit on Sunday. Alba's net income for the three months to the end of June was BD16.28 million ($43.2 million), compared with a profit of


Modon signs over 6,000 deals worth $160bn

The Saudi Industrial Property Authority (Modon) has signed more than 6,000 industrial, logistic and services contracts for investments worth more than SR600 billion ($160 billion), said a report. The deals are expected to provide jobs for more than 520,000 employees, added the Ar


Iran 'self-reliant' in petchem facilities construction

Iran, by raising the potential of its experts and technicians, has become self-sufficient in the construction of petrochemical facilities, said a senior official in a report. The country no longer has any need for foreign companies in this regard, managing director of Kavian Petr


UAE removes need for bank guarantees for SMEs

The UAE Ministry of Human Resources and Emiratisation has issued a new decree exempting small and medium-sized enterprises from bank guarantees, beginning October this year. The decree supports the initiation of fresh projects and classifies them within the ministry’s first


G20 officials vow to tackle steel, industrial overcapacity

The world's top economies will work to tackle excess production capacity in steel and some other industries, including government subsidies that have distorted markets, G20 finance officials said on Saturday. In a draft statement obtained by Reuters, the G20 finance ministers


GWC posts 15pc increase in H1 net profit

GWC, a leading leading logistics provider in Qatar, has reported a steady net profit growth of 15 per cent in the first half of 2016. The company achieved a net profit of QR101.3 million ($27.79 million) in H1 compared to QR87.7 million during the same period in 2015.


Kia to pick site for first India plant next month

South Korea's Kia Motors Corp is expected to pick a site next month for its first factory in India, stepping up plans to start making cars in one of the world's fast-growing auto markets, two people familiar with the matter said. The move would enable Kia to leverage the


Safco extends earnings slump

Saudi Arabia Fertilizers Company (Safco) met analyst forecasts on Thursday but extended its earnings slump, as its second-quarter net profit halved year on year as product prices remained low. Safco, a unit of Saudi Basic Industries Corp (Sabic), made a net profit of SR299 millio


Saudi Kayan swings to Q2 net profit on lower feedstock costs

Saudi Kayan Petrochemical Company swung to a net profit in the second quarter on Thursday, ending a run of five straight quarterly losses, benefiting from low feedstock costs. The company, an affiliate of Saudi Basic Industries Corp (Sabic), made a net profit of SR91.02 million (

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