Monday 20 May 2019

US drops import tariff on Turkish steel back to 25pc

The US has reduced the Section 232 tariff on Turkish steel back to 25 per cent from 50 per cent, while terminating Turkey's preferential trade treatment that allowed some exports to enter the country duty-free, said a report. The White House last week issued a statement revea


Dubai RTA launches 24/7 smart service centre

Dubai’s Road and Transportation Authority (RTA) has launched a mini smart and integrated customer service centre, enabling clients to make self-service transactions round-the-clock. The I-Counter, which can be easily relocated, can process all transactions that can be avail


Jafza set to pump $354m into Dubai's economy

Dubai's Jebel Ali Free Zone (Jafza) will become the first free zone in the UAE to return cash and bank guarantees to its clients through its new Workforce Protection Programme initiative that is set to roll out in September of this year.    The move by


Saudi non-oil growth to top 2.9pc this year

Saudi Arabia's non-oil sector growth will accelerate to 2.9 per cent in 2019, as the increasing government spending and reforms implementation will likely drive economic growth, said a Ministry of Finance statement.   Welcoming a statement released by the In


Savola Group posts profit in Q1

Saudi Arabia's leading food products company Savola Group reported a net profit of SR6.5 million ($1.73 million) for first quarter (Q1) of 2019, compared to a loss of SR84.3 million ($22.47 million) in Q1 2018. The results beat the estimate of a profit of SR3 million ($799,95


Prysmian wins $224m submarine power cable system deal

Prysmian Group, a leader in the energy and telecom cable systems industry, has been awarded a contract worth approximately €200 million ($224.07 million) by Vineyard Wind to provide a submarine power cable system which will deliver clean energy to the mainland power grid in the US.


SGD Pharma to invest $22m in rebuilding furnace

France-based SGD Pharma group has announced an investment of more than €20 million ($22.40 million) to rebuild its furnace and modernise the century-old Sucy-en-Brie project. SGD Pharma is a provider of innovative and premium quality packaging solutions consistent with inter


Saudi Cement reports net profit of $35m in Q1

Saudi Cement reported a net profit of SR132 million ($35.19 million) for the first quarter (Q1) of 2019, a 7 per cent decline year-on-year and a 6 per cent growth compared to the previous quarter. The results were slightly ahead of the estimate of SR127 million ($33.86 million) b


Bosch aims to enable IoT devices to communicate

Bosch, a leading global technology company, has used its open-source-based Bosch IoT Suite to connect more than 10 million devices from various manufacturers, and is now working with partners to enable these devices to communicate and interact in secure ecosystems. Bosch sold 52


London firm to invest $440m in Oman algae farm

London-based Feed Algae plans to invest RO167.5 million ($440 million) to develop one of the world’s largest algae farms in Oman’s Sharqiyah Governorate, said a report. The initiative will enable Oman’s entry into the booming multibillion dollar global algae far

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