Emirates Steel, the largest integrated steel producer in the UAE and a strategic steel player in the Middle East steel industry, recently signed a US$1.1bn, seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions.
Abu Dhabi has unveiled its largest infrastructure project to date: the world?s biggest industrial zone project which is being built in Taweelah. 100 per cent foreign ownership rights will be granted to specific industrial units that add value to the emirate?s drive for economic diversification.
Jotun Paints, one of the leading producers and suppliers of paints and coatings, announced that it has secured a massive contract to paint the major part of ?King Abdullah Financial District? (KAFD), currently under construction in Riyadh.
Egypts Ministry of Trade and Industry has announced it will offer 12 new steel mill licenses to meet rapidly increasing demand and to stave off an expected shortage by 2017.
The deadlines for the launch of the factory building licenses will be finalised by the beginning of next month, the ministry has said.
The Abu Dhabi National Energy Company (TAQA), has signed an agreement to buy a 40 per cent stake in Sohar Aluminium Company (SAC) from the Abu Dhabi Water and Electricity Authority (ADWEA) for US$400mn. SAC produces 360,000 tonnes of aluminium per annum and also owns and operates a 1,000 MW combined cycle captive power plant. SAC is a joint venture between the Oman Oil Company, ADWEA and Rio Tinto Alcan.
