August 16th, 2019 | 0 commentsSaudi Arabia has launched a number of water developments worth over SR3.1 billion ($825 million) in Makkah and other holy sites coinciding with the Hajj season for this year, media reports said. These projects include setting up a pipeline for carrying desalinated water from the desalination plant in Al Shuaibah to Makkah and the holy sit...
August 5th, 2019 | 0 commentsFujairah Cement Industries, listed on the Abu Dhabi Securities Exchange (ADX), has achieved a net profit of AED 7.747 million for the first half of 2019, versus AED 11.89 million in H1-18. The company has also generated total revenue of AED 294.31 million for the six-month period ended 30 June 2019, compared AED 317.73 million in H1-18, a...
August 5th, 2019 | 0 commentsDelta Steel Mill Company, a subsidiary of Metallurgical Industries Holding Co., plans to modernise its factories with a combined cost of EGP 700 million ($42.3 million), the company’s chairman Mahmoud El-Feky said. Under the company’s plan, steel billet production capacity will be raised by 12 times to 500,000 tonnes a year, while casting...
August 1st, 2019 | 0 commentsSuez Cement announced signing an agreement with the Egyptian Refining Company (ERC) to purchase locally-produced petroleum coke. The deal includes the supply of 200,000 tonnes of petcoke annually, the cement producer said in a statement to the Egyptian Exchange (EGX) on Wednesday. Delivery will start immediately, the statement added. The...
July 29th, 2019 | 0 commentsThe Red Sea Development Company (TRSDC), the developer behind one of the world’s most ambitious tourism initiatives, as awarded Saudi Amana Contracting, a subsidiary of UAE-based Amana Contracting Group, a contract to design and build a management hotel at the project site. The manufacturing of the hotel will be sub-contracted to DuBox Pr...
July 29th, 2019 | 0 commentsThe financial statements of Arab Engineering Industries indicated a 40.9% year-on-year increase in net profit during the first half of 2019. The company’s net profits amounted to EGP 4.49 million in the period, compared to EGP 3.19 million in H1-18, the company disclosed on Sunday. Meanwhile, the company’s sales rose to EGP 35.13 million...
July 26th, 2019 | 0 commentsChina's Hangzhou Jinjiang Group plans to establish an aluminium complex in Egypt in partnership with Saudi Arabia's Al Ajlan Group. Spanning over 6 million square metres, the new project will be established over four phases, including an alumina plant, an aluminium smelter, a caustic soda plant, a desalination plant, and an electric gener...
July 23rd, 2019 | 0 commentsSaudi Arabian Mining Company (Maaden) announced its interim financial statements for the second quarter of 2019. The company turned to losses recording SAR 243.66 million in Q2-19, against profits of SAR 517.76 million in Q2-18, according to a bourse filing on Monday. Meanwhile, revenues of the Saudi-based company hiked by 25.87% year-on-...
July 19th, 2019 | 0 commentsNasdaq Dubai has welcomed the listing of $1 billion sukuk and a $300 million conventional bond issued by DP World. With sukuk and conventional bond listings of $8.09 billion, DP World is the largest UAE debt issuer on Nasdaq Dubai in terms of value, according to a statement released on Thursday. Sukuk listings on Nasdaq Dubai reached $62....
July 17th, 2019 | 0 commentsOver the next five years, the Mena region will need to invest $209bn in the power sector according to the latest MENA Power Investment Outlook 2019-2023 report issued by The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution. Between 2019 and 2023, Apicorp estimates that investment in the Me...
