Sunday 1 May 2016

Tasneef, ADSB partner to boost naval services

Tasneef, the first certified Arab classification society, and Abu Dhabi Ship Building (ADSB), a leading provider of construction services for boats, have signed an agreement develop the naval construction and services industry. The memorandum of understanding (MoU) includes class


Sipchem plans sukuk investor meetings in May

Saudi International Petrochemical Company (Sipchem) will begin investors meetings in May for a potential issue of sharia-compliant bonds, the firm said on Sunday. Sipchem has appointed Riyad Capital and NCB Capital as managers of the possible sukuk, the value of which "will


Equate in key polyethylene supply milestone

Kuwait-based Equate Petrochemical Company had supplied more than 450,000 ton of polyethylene to the country's leading plastic manufacturers in 17 years of its operation from 1998 to 2015, said its top official. Equate president and chief executive Mohammad Husain was addressi


Ega to showcase aluminum billets at top US event

Emirates Global Aluminium (Ega), the Middle East’s largest primary aluminium producer, will participate at the 11th International Aluminum Extrusion Technology Seminar & Exposition (ET’16), which takes place from May 2 to 6 in Chicago, US. The company, which is among th


Dubai Investments unit seals Riyadh Metro contract

Dubai Investments (DI), a leading, diversified investments conglomerate listed on the Dubai Financial Market, said one of its subsidiaries, Emirates Building Systems has been awarded a contract to provide steel structures for the second phase of the Riyadh Metro Project. The metr


Al Nakheel plans new UAE paper production unit

The Higher Corporation for Specialised Economic Zones (ZonesCorp) said it has signed a Dh335 million ($91 million) deal with Al Nakheel Hygienic Paper Manufacturing Company for the construction of a new production facility in Abu Dhabi. As per the agreement, the Jordanian firm bu


Siemens wins big Qatar power plant deal

Siemens, a global technology powerhouse, said it has been awarded a long-term service contract for a major power plant located 15km south of Doha, Qatar. The deal for Umm Al Houl combined cycle power plant is the second major power generation services order from Qatar in past six


Saudi Ma'aden appoints Faleh chairman

Saudi Arabian Mining Company (Ma'aden), the Gulf's largest miner, said it had appointed Khalid Al Faleh as the new chairman of its board in a reshuffle in response to the govenment's plans for developing the mining sector. Faleh is chairman of state-run Saudi Aramco


VW says emissions scandal bill could get much bigger

Volkswagen's emissions test cheating scandal could cost it much more than the $18 billion earmarked so far and it might have to sell assets to foot the bill, the German carmaker said on Thursday. Europe's biggest motor manufacturer, battling to rebuild its reputation afte


VW CEO says will strengthen cooperation with Qatar

Volkswagen will strengthen cooperation with Qatar, its third-largest shareholder, chief executive Matthias Mueller said, as Europe's biggest carmaker struggles to overcome the emissions scandal and reposition its business. "In future there will be closer cooperation in d

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