Masdar, the Abu Dhabi governments clean energy company, has scrapped plans to manufacture solar panels in the UAE because of a lack of domestic demand.
Masdar scraps plan to manufacture solar panels
Technology
Indian company looks to expand into Middle East
Elina Networks, a Bangalore based networking and IT management solutions company, is expanding its presence in 2011 into the Middle East and Africa.
Octal set for expansion
Octal, a global pet packaging company, has secured a US$296mn senior term loan from a group of six Middle Eastern banks for the second phase of its expansion this year.
The Oman-based manufacturer opened a 400,000 m/t PET resins and sheet packaging facility in the southeast port city of Salalah in early 2009. The second phase of the complex, which will be commissioned from June 2012, will add an additional 527,000 m/t of production.
The company is aiming to achieve US$1.5bn in annual sales by 2012. The six banks which took part in the new round of funding are Bank Muscat, Bank Dhofar, National Bank of Oman, Bank Sohar, Ahli Bank and Qatar National Bank.
Existing shareholders Muscat Overseas and Oman & Emirates Investment Holding Company have also agreed a junior debt facility of US$15mn.
Oman's CreditWatch rating placed on negative on possible economic and fiscal pressures
Standard & Poors Ratings Services placed its A/A-1 long-term and short-term local and foreign currency ratings on the Sultanate of Oman (Oman) on CreditWatch with negative implications.
Aramex expects good Q4 results
Aramex, UAEs courier firm, expects fourth-quarter profit growth to be in line with the rest of 2010 but the company does anticipate a tough 2011 as inflation starts to bite.
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