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Ireland delegation visits FG Wilson

Sun, 29 Apr 2012 14:53:57 GMT

Senior members of Northern Ireland’s Department of Enterprise, Trade and Investment recently visited the FG Wilson (Engineering) facility located at the Jebel Ali Free zone (Jafza), in line with the long-standing regional leadership of the brand.

The delegation was led by Northern Ireland’s Enterprise, Trade & Investment Minister, Arlene Foster, accompanied by Alastair Hamilton, CEO, Invest Northern Ireland and Guy Warrington, Consul General, British Embassy Dubai. Also present was Adil Al Zarooni, vice president of global sales.

During the visit, the delegation received a presentation by members of the Dubai and Belfast - FG Wilson teams as well as a tour of the 160,000 sq ft, state-of-the-art facility, a statement from the company said.

“The facility is very impressive, as is the substantial growth they have been able to achieve and sustain. The level of commitment in terms of stocking, training and support has fostered the FG Wilson brand throughout the region,” Foster said.

The FG Wilson brand of generators, a global leader in power generation solutions, is manufactured at the Northern Ireland based FG Wilson Engineering, a fully owned subsidiary of Caterpillar, US.

Alok Rawat, president of FG Wilson, said: “We have played an active role in the growth of the FG Wilson brand in the region, and we are committed to further strengthening the brand image.”

Roger Kennedy, Middle East area sales manager, FG Wilson, said: “FG Wilson has shown unprecedented commitment to growth and to the brand. In addition to their progress in the Middle East, they have established a strong presence in traditionally complex markets such as Iraq and Afghanistan.”

“We will continue to focus on our global wealth of expertise to the Middle Eastern markets and further enhance the brand visibility,” he concluded. – TradeArabia News Service

Dow posts $412m Q1 profit, beats Street

Sun, 29 Apr 2012 14:53:56 GMT

Dow Chemical Company posted net income of $412 million for the first quarter of the year, or 35 cents per share, compared with $625 million, or 54 cents per share, in the year-ago period, beating Wall Street forecasts.

Solid sales of herbicides and other agricultural products helped Dow Chemical’s first-quarter profit beat the stock market expectations, offsetting weak demand for electronic parts and specialty plastics.

Sales missed the Street's expectations, though, pushing shares down 2.3 percent to $35.25 in premarket trading.

The largest U.S. chemical maker by sales said the U.S. economy was improving, helped by shale-derived natural gas, and China would continue to be an attractive growth market.

But the company said parts of Europe would remain in 'recessionary conditions.'

By that measure, analysts had expected earnings of 59 cents per share, according to Thomson Reuters I/B/E/S.

Excluding restructuring charges and other one-time items, the company earned 61 cents a share.

Revenue fell less than 1 percent to $14.72 billion. Analysts had projected revenue of $15.01 billion.

The company left the first quarter with 'momentum' and was focused on developing new products, chief executive Andrew Liveris said in a statement. – Reuters

Qatar 'kingmaker in Glencore-Xstrata merger'

Sun, 29 Apr 2012 14:53:56 GMT

Qatar's 7 per cent stake in Xstrata, makes it not only the miner's largest investor after Glencore, but also a potential kingmaker in the two companies' merger and an unknown quantity for its future that investors are desperate to read.

The reclusive sovereign wealth fund has been steadily buying Xstrata shares, spending some $2.7 billion to lift its holding from below 3 percent at the start of February, when the tie-up with commodities trader Glencore was announced.

It has bought virtually every day this month, a crucial period of courting for miner Xstrata and commodities trader Glencore, as the two jointly toured key investment funds.

Qatar has so far made no comment on its intentions, unnerving some investors who fear the Gulf state may force through Glencore's current offer that they argue undervalues Xstrata's growth. Others are concerned for the future, wondering whether secretive Qatar, which could hold almost 5 percent at current levels, will want to play a role in the company's development.

'They have shown in the past they can make big bets,' said one source involved in the deal.

'The Emiratis have invested in Glencore, so (the Qataris) have obviously chosen Xstrata to be their vehicle, and they are certainly putting their money behind it,' the source said, referring to Abu Dhabi's sovereign fund Aabar becoming the leading cornerstone investor in Glencore's initial public offering last year. It remains a holder of 1.4 percent.

'From my perspective this is, net net, a positive thing. They like the Xstrata story,' the source said.

Sources involved in the merger and those familiar with Qatar expect the fund to ultimately back the $37 billion takeover of Xstrata by Glencore, which is offering 2.8 shares for every Xstrata share held.

Other sources say Qatar will be a long-term shareholder which, unlike other sovereign wealth funds in the oil-rich Gulf, is betting on commodities and that Xstrata simply provided an entry point in soft market conditions.

Qatar could seek improved terms from Glencore - Qatar Investment Authority's holding could give it a blocking position for the merger.

The structure of the deal, which requires at least 75 percent of shareholders excluding Glencore to approve it, means the opposition of investors representing just over 16.5 percent of Xstrata's total shareholding would be enough to derail it.

Major funds Standard Life, Schroders and Fidelity, who together own 4.8 percent, have said they could reject the current offer. There is also the potential unknown of U.S. activist investor Knight Vinke, who owns a 0.5 percent share.

Qatar could add significant weight and momentum. Most, however, doubt QIA is preparing for a fight - not least because a spat could damage its future options for investing.

'They (Qatar) are moving with a deal already on the table, so it is logical to assume that they want to be part of it,' said analyst Nik Stanojevic at stockbroker Brewin Dolphin.

'If somebody builds up this kind of stake it would surprise me if they were against the deal, unless they are an activist investor, which QIA is not.'

Indeed, hopes of a significant boost to the ratio being offered by Glencore have faded in recent weeks despite Qatar's buying, as Glencore told some investors it would walk away rather than over pay. Xstrata shares are trading at less than 2.8 times Glencore's paper.

'It is not usual for the Qataris to vote down mergers or take an activist role. If they do that in the case of Xstrata-Glencore, that will be sending a very strong message to the global investment community,' a source familiar with QIA said.

'They are clearly seeing value in Xstrata shares post merger and a possible belief that the terms may be altered higher. They may be vying for it but I don't think it will end up becoming a public spat.'

Qatar, for its part, has yet to show its hand - both on the merger or on any vision it has for the company in which it could own a stake of 4.7 percent at current levels, including options.

Several sources said they were not aware of any meeting between Doha and the top Glencore or Xstrata managements since the merger was announced in February.

In a rare public comment, Hussain al-Abdulla, QIA's executive board member, said on Sunday it had more than $30 billion to spend this year and saw commodities as a key target. He did not comment on Xstrata.

'We should always be active. To be passive is not healthy. Our intention will always be to add as much value as possible and to improve the company we invest in,' QIA Chief Executive Ahmed al-Sayed told a conference in Doha earlier this week.

Contrary to many sovereign funds which invest passively, Qatar is active in choosing its investments and has shown it can take a role in businesses it sees as strategic.

It has board seats at carmaker Volkswagen, Credit Suisse, construction group Vinci, and it could seek to leverage its investment in Xstrata, on which it has lavished some $4 billion, based on the average price since Feb. 2.

It also has a clear appetite for more mining assets, having invested in European Goldfields last year through a funding deal, before the miner was bought by a Canadian rival, and has held talks to set up a $10 billion gold fund.-Reuters

Libya oil production boosts BASF profit

Sun, 29 Apr 2012 14:53:55 GMT

BASF has reported growing profit from its oil and gas unit as production ramped up in Libya, helping to offset the lower volumes and high raw material prices that weighed on its legacy chemicals and plastics businesses.

The world's largest chemicals maker by sales said first-quarter earnings before interest and tax (EBIT) adjusted for one-off items declined less than expected, easing 7.3 per cent to 2.53 billion euros ($3.35 billion) compared with a consensus forecast of 2.32bn euros.

BASF, whose products range from catalytic converters and car coatings to insulation foams, said yesterday it still saw sales and operating earnings rising this year as growth would kick in during the second half of the year following year-on-year declines in the first half.

Quarterly adjusted EBIT from oil and gas trading of 1.16bn euros beat estimates by almost half, but lower sales volumes of engineering plastics in the key Asia-Pacific region and higher raw material prices weighed on its chemicals and plastics units.

While oil above $100 per barrel and uncertainty about the global economy is a toxic mix for most chemical makers, BASF's self-styled 'natural hedging' in the form of its fossil fuel business provides a counterbalance.

But oil is also the basic feedstock for almost all chemicals and plastics.

In the first quarter, crude oil traded about 10 per cent higher on average than a year earlier, while BASF chemicals and plastics price mark-ups were only 5pc on average.

'We absolutely have to go for further price increases,' finance chief Hans-Ulrich Engel said during a conference call.

BASF's comments come after quarterly sales at Dow Chemical, the largest US chemicals maker, came in below forecasts. Dutch group AkzoNobel, the world's largest paints maker, said economic uncertainty, even in some emerging markets, as well as high raw materials prices posed challenges this year.-Reuters

Industrial forum planned in Buraimi

Thu, 26 Apr 2012 06:18:48 GMT

Buraimi Industrial Estate, in collaboration with Al Buraimi University College and the University of Buraimi, will organise next Saturday a forum titled "Investment and Supporting Youth Projects".

The forum, which will be held at Al Buraimi University College under the patronage of Sayyid Ibrahim bin Said Al Busaidi, Governor of Buraimi, will be accompanied by Omani Products Expo.

The forum will present eight papers delivered by Al Buraimi Industrial Estate, the Directorate General of Small and Medium Enterprises at the Ministry of Commerce and Industry, Oman Development Bank, Sharakah Fund for Development of Youth Projects, Industrial Innovation Center at PEIE, Al Buraimi University College, University of Al Buraimi, and a presentation on one of the successful companies incubated by The Knowledge Mine (TKM) at Knowledge Oasis Muscat.

The forum seeks to highlight the Public Establishment for Industrial Estates (Buraimi Industrial Estate), its objectives, and services and facilities provided to the investors.

It will also underline methods to attract youth to set up successful projects and highlight the role played by colleges, universities and research centers in industrial and entrepreneurship development.

Managed and supervised by the Public Establishment for Industrial Estates (PEIE), Al Buraimi Industrial Estate enjoys a strategic commercial position on the border with UAE. – TradeArabia News Service

Appleton unveils key LED floodlight

Wed, 25 Apr 2012 06:36:13 GMT

US-based Appleton, a leader in electrical products, has launched a fixture offering the floodlight industry's highest lumens-per-watt output, superior colour rendering, and a service life of more than 60,000 hours.

The new Areamaster LED luminaire inherits the corrosion-resistant protection of the original Areamaster while weighing less than half its weight with a much smaller footprint, a statement said.

The completely redesigned luminaire is an energy-saving solution targeted for adverse and hazardous locations (Class I, Division 2), it added.

Suggested applications include petrochemical plants, pulp and paper mills, sewage treatment centers, and marinas, as well as outdoor areas such as parking lots or public spaces where rough weather is a problem.

The Areamaster LED is versatile with a universal design for flood or high-bay mounting, making it ideal for replacing virtually any HID, fluorescent or incandescent fixture. Rated at 127 watts, it delivers an optimal 13,000+ lumens of cool white light in a 131 degree (horizontal) x 134 degree (vertical) beam spread - exceptionally wide for a fixture measuring only 15 sq inches.

Its highly directional light does not require the use of external optics, resulting in system efficiencies as high as 80 per cent, according to the statement.

A standard HID lamp offers only 40 per cent efficiency since its light can only be controlled using a reflector or refractor. The Areamaster LED has a corrected color temperature of 5650K resulting in a cool white hue and an impressive Color Rendering Index (CRI) rating of 70. This compares favorably to the 62 CRI rating for a pulse start metal halide or the 22 CRI rating of a high-pressure sodium lamp.

Steve Henry, senior marketing manager, Appleton said: "Anyone challenged to find an LED-driven floodlight to meet energy reduction goals will welcome the arrival of our Areamaster LED.”

“We have taken the original Areamaster to a new level by incorporating state-of-the-art LED technology that drastically reduces energy consumption, while providing superior installation, maintenance and environmental benefits.”

The Areamaster LED features a one-piece die-cast aluminum housing. It is enclosed and gasketed with a single piece of formed silicone rubber that eliminates the need for splicing that could potentially lead to vapor or dust ingress. An architectural bronze polyester finish protects it from damaging UV rays, rough weather, and salt water.

For an added measure of protection, the lens is made of thermal-shock, impact-resistant glass that won't fade due to exposure to the sun. Moreover, the LEDs the fixture employs are resistant to shock and vibration, are "instant-on" even in cold weather, plus produce very little heat in the beam and contain no mercury.

The Areamaster LED features contemporary styling coupled with a lightweight, easy to install and service design. Its hinged door remains captive when open for ease of installation.

Only four screws must be loosened to gain full access to the LED driver and array, a vast improvement over competitors' floodlights fastened together by more than a dozen screws. In addition, the Areamaster LED weighs a mere 22 pounds, so the compact size combined with lightweight results in a lower wind loading when mounted on a pole application. – TradeArabia News Service

1,400 cases to be discussed at Scorecard Forum

Wed, 25 Apr 2012 06:36:13 GMT

Successes and failures of more than 1,400 companies will be discussed at the ongoing Balanced Scorecard Forum taking place at The Address Hotel in Dubai Marina.

The event which will go on till April 26 will see chief executives and high profiled businessmen and women gather to gain insight into strategy execution successes and new management concepts, a statement from the organisers said.

One of the highlights of the forum will be strategy guru, Jeroen de Flander’s presentation on “why companies fail to execute their strategy successfully”, which draws on research with over 1400 companies.

“The forum is a unique opportunity for the region’s leaders and strategy performance practitioners to get a comprehensive update on the latest essential tools for successful strategy execution,” said Vanessa Heywood, conference director, IIR Middle East. “This popular management tool, used not only in companies in the GCC region but around the world, works to ensure the full alignment of an organisation behind its strategic objectives and helps organisations achieve their goals.”

Pioneers of the Balanced Scorecard, Dr Robert Kaplan and Dr David Norton will present their famous Masterclass sessions in which they will discuss the latest innovations in strategy mapping, alignment and linking strategy to operations, the statement said.

Dr Kaplan will take on the topic of strategy execution, discussing best practice cases, it said. He will demonstrate how Volkswagen do Brasil (VWB) grew revenue by 80 per cent in four years, doubled employee engagement, and improved internal processes through the organisation’s implementation of a sustainable strategy management system.

The Forum is sponsored by Ernst and Young, Palladium, Addima Consulting, Iycon, QPR and Connecting People 2 Strategy. – TradeArabia News Service

Polish delegation visits Sabic

Wed, 25 Apr 2012 06:36:12 GMT

Polish Prime Minister Donald Tusk and his high-level delegation visited Saudi Basic Industries Corporation (Sabic) yesterday to discuss the possibilities of establishing extended collaboration in various areas of mutual interest.

They were received by Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman of Sabic and the Royal Commission of Jubail and Yanbu.

The reception was also attended by Mohamed Al-Mady, Sabic vice chairman and CEO, and high-ranking executives of the company.

The visit was part of the delegation’s wider tour of Saudi Arabia to hold high-level talks with the kingdom’s leadership, a statement from Sabic said.

Among the portfolios represented in the delegation were foreign affairs, finance, economy, science and higher education, strategic planning, and information. The delegation also comprised eight Polish journalists.

“The visit of the Polish Prime Minister is important in further developing the relationship between Saudi Arabia and Poland, particularly in the light of the rapidly growing trade ties between the two countries,” Prince Saud said. “Sabic’s market share in the Polish market and in Central Europe has been growing rapidly especially after the company set up an office in Warsaw nearly 10 years ago.”

“The expansion of our sales and logistics network in Central Europe is an integral part of our strategy to grow globally. Poland is an important country in Central Europe, and we have the manufacturing resources and marketing capabilities to reach out to customers in that country as well as the entire region,” Al-Mady said.

The company has significant presence in Central Europe, including two sales offices in the Polish capital of Warsaw and a logistics hub in Kutno, central Poland. The company has been developing long-lasting and meaningful customer relationships in the country through participation in trade exhibitions such as, Plastics Europe Poland and Plastpol.

Sabic’s Lexan Thermoclear sheet has been used to construct the 43,000-sq m, free-hanging roof of the UEFA’s Euro 2012 Football Championship Stadium in Silesian Chorzów, Poland. – TradeArabia News Service

MMFX Steel starts production in UAE

Mon, 23 Apr 2012 10:42:52 GMT

MMFX Steel DMCC, the Mideast subsidiary of US-based MMFX Technologies, has started production of its proprietary MMFX2 concrete reinforcing steels (“rebar”) in the UAE with International Quality Steel (IQS).

IQS, headquartered in Dubai, is a group company of ANC Holdings and a leading steel producer in the UAE.

The ability of IQS to produce MMFX’s uncoated corrosion-resistant, high-strength steels substantially increases MMFX’s production capability for the Middle East market, a statement said.

It also gives MMFX a local supply source and enhances the company’s ability to respond to customer needs. Demand for its branded MMFX2 product continues to grow, particularly in environments where corrosion is a concern.

Independent tests have shown MMFX2 rebar to be five times more corrosion-resistant than and twice as strong as conventional steel.

The product’s high-strength (690 MPa [100 KSI] – 840 MPa [120 KSI] compared to 420 MPa [60 KSI]) is also advantageous when structures are engineered at the higher strength, the statement said.

These competitive advantages favorably position MMFX in the Middle East, where high heat and humidity, severe temperature swings, and highly aggressive soils accelerate steel corrosion. As conventional reinforcing steel rusts, the concrete structure weakens.

Utilizing MMFX2 can dramatically extend service life and reduce the life-cycle costs for bridges, commercial high-rises and other concrete reinforced steel structures, according to the statement.

With IQS’s production strengths, MMFX Steel DMCC will ramp up supply to the Middle East market, while also supporting customer needs through improved cost efficiencies and inventory management. IQS produces specialty and high-quality billets at a 100,000 metric tons per annum capacity.

“We chose to engage IQS because of their emphasis on quality and ability to work with our technical team to produce the unique microstructure of MMFX2 rebar,” said MMFX Steel DMCC president Salem Faza.

“Their capabilities and proximity to the market make them a great strategic fit for us.”

The company, along with its marketing partner, Zamil Group Holding Company, is marketing and selling MMFX2 throughout the Middle East. – TradeArabia News Service

Qatar Gulf’s first to preside UNCTAD

Mon, 23 Apr 2012 07:10:54 GMT

Qatar became the first country in the Middle East to preside over the United Nations Conference on Trade and Development (UNCTAD) since its inception in 1964, after it officially took over presidency for the next few years.

During a high-level meeting at UNCTAD XIII, Dr Hamad bin Abdulaziz Al Kawari, Minister of Culture, Arts and Heritage, was elected president of the conference.

The event which opened yesterday (April 21) will go on till April 26 in Doha. – TradeArabia News Service

Rubber World to showcase at Ajman show

Mon, 23 Apr 2012 07:10:54 GMT

UAE-based Rubber World Industries (RWI) will showcase its range of rubber-based insulated building materials and trading products an upcoming industrial exhibition in Ajman.

Sponsored and organised by the Ajman Chamber of Commerce and Industries (ACCI), the inaugural Ajman Industrial Exhibition will be held from April 23 to 25 at the Ajman University of Science and Technology (AUST).

The event is aimed at promoting Ajman’s wide range of locally made products and offered services while also helping local businesses meet their revenue targets and expand market reach.

RWI, part of the international business conglomerate the Shaikhani Group of Companies, will be showcasing its latest range of rubber based building materials and HVAC related products like rubber insulations, tubes sheets, rolls, aluminium sheets and aluminium rolls.

The company will also be featuring its wide range of trading products, which are part of the Gulf-O-flex line.

“We are looking forward to our participation at the inaugural ‘Ajman Industrial Exhibition.’ The event will allow us a strategic opportunity to highlight our broad portfolio of products, which we can proudly say, is made in Ajman,” said Rizwan Shaikhani, managing director, RWI.

“This pioneering event not only aims to provide local businesses with a platform to present and promote their products but also helps in creating partnerships and ties with other businesses inside and outside of the UAE. We laud the efforts of the ACCI in their support for the local manufacturing and production industry through initiatives that aim to position the emirate as a premier investment haven,” he added. – TradeArabia News Service

Borouge to showcase at China plastics fair

Sun, 22 Apr 2012 11:11:47 GMT

Abu Dhabi-based Borouge, a leading provider of innovative plastics solutions, will showcase its latest products at Chinaplas 2012, Asia’s most significant plastics trade fair, from April 18-21.

Borouge is investing an approximately $4.5 billion in expanding its petrochemicals complex and an innovation centre in Abu Dhabi, enabling Borouge to further support China’s infrastructure growth in pipe systems, energy and communication networks, as well as the rapidly growing automotive and advanced packaging industries.

The expansion will take the plants’ total manufacturing capacity of polyethylene and polypropylene to 4.5 million tonnes by mid-2014, a statement said.

In 2010, Borouge already invested some $5 billion to expand the plant’s annual capacity to two million tonnes to serve global markets including China.

The company also invested in compounding manufacturing plant with application research and development facilities in Shanghai as well as logistics hubs in Shanghai, Guangzhou and Singapore to enhance its service to its customers throughout the region.

With a heritage of proprietary technology and corporate social responsibility for sustainability, Borouge offers innovative plastics solutions across industries that address global challenges.

The solutions include lightweight plastics used in automotive components that reduce CO2 emissions; healthcare products made of plastics tailored to the needs of aging population; plastic food packaging for protecting food and enhancing freshness and shelf-life; insulation for cables enabling access to energy transmitted through power grids; and plastic pipes providing secure access to water and sanitation.

“Our robust business growth momentum represents strong customer recognition of our innovative solutions and the differentiated value we create to their businesses and the entire value chain,” said Wim Roels, CEO of Borouge’s Marketing and Sales Company at the opening of Chinaplas 2012.

“Moving forward Borouge will continue to invest in capacity, technology, innovation, customer and technical services, talent development as well as local infrastructure and partnerships. Together with our customers and partners, we serve industries’ burgeoning demand for plastics applications generated by the continuous economic growth and urbanisation in China. We have a clear vision of shaping the future with plastics.”

“Today, more and more companies are placing the water resources issue on their corporate business agenda. With 'Water for the World', Borouge and Borealis take an industry champion role driving cross boundary collaboration to address the global water challenge,” Roels added. – TradeArabia News Service

Industries Qatar Q1 net down 9.5pc

Sun, 22 Apr 2012 11:11:47 GMT

Petrochemicals and metals company Industries Qatar (IQ) posted a 9.5-percent dip in first-quarter net profit on Thursday on declining petrochemical revenue but beat analysts' expectations thanks to strong fertiliser and steel sales.

The Gulf's second-largest chemical producer by market value behind Saudi Basic Industries (Sabic) made a net profit of 1.9 billion riyals ($521.8 million), a company statement said, compared with 2.1 billion riyals a year earlier.

Analysts polled by Reuters on average expected the company to post quarterly profit of 1.8 billion riyals.

The company posted first-quarter revenue of 4.4 billion riyals, compared to 4 billion riyals a year ago, the statement said.

Petrochemical revenue fell 8 percent during the quarter compared to the same period last year, the statement said.
First-quarter steel revenue was 1.7 billion riyals, a 22.1 percent increase over the same period last year.

Steel was the group's largest revenue contributor, accounting for almost 40 percent of total sales. The steel segment saw its second highest quarterly revenue since the company's founding in 2003, the statement said. It said the steel segment was expected to "significantly benefit from the progressive and wide-ranging infrastructure plans of the State of Qatar".

Qatar has embarked on a massive domestic building programme in preparation to host the 2022 World Cup soccer tournament, with plans to spend $11 billion on a new international airport, $5.5 billion on a deepwater seaport and $1 billion for a transport corridor in the capital, Doha.

In February IQ inaugurated Qafco 5, a 1 million tonne urea facility. Sales from the plant amounted to approximately 80 million riyals, the statement said.

The company sold 44,000 metric tons of urea during the quarter, with Qafco 5 operating at 86 percent capacity, the statement said. The plant is expected to ramp up to full capacity in the second quarter.

Petrochemical prices have returned to near pre-crisis levels, but worries persist over how a potential double-dip global recession may impact petrochemicals companies' earnings in the world's top oil exporting region.

In December IQ said it had sold its stake in a local real estate firm for $44 million, as the property sector faced low demand and growing supply.

IQ had held a 34-percent stake in Fereej Real Estate Company, which was set up in 2008 in a joint venture with a Gulf International Services unit and Qatar Real Estate Co.
(Alaqaria). The latter had 33-percent stakes each. - Reuters

US imposes anti-dumping duties on UAE nails

Sun, 22 Apr 2012 11:11:47 GMT

A US trade panel approved anti-dumping duties on steel nails from the UAE and optical brightening agents from China and Taiwan on Thursday.

The US International Trade Commission voted 6-0 in both cases that US producers had been materially injured or threatened with material injury by the imports.

The two cases were among a group of five filed over of the course of two days last year.

Earlier this week, the ITC rejected duties on refrigerators from South Korea and Mexico and steel wheels from China. The panel will vote on Monday in the fifth case involving imports of steel wire from China and Mexico.

The decision on the steel nails is a victory for Mid Continent Nail Corp, a Missouri-based firm that says it is the largest supplier of fasteners to the wooden pallet and crating industry in the US.

Last month, the US Commerce Department set anti-dumping duties ranging from 2.8 percent to nearly 185 percent on steel nail imports from the UAE. With the ITC vote, those will now soon go into force.

The US imported about $120 million worth of nails from the UAE in 2011, up from $50.1 million two years earlier.

Clariant Corp, based in North Carolina, brought the case against imports of brightening agents from China and Taiwan.

The Commerce Department last month set anti-dumping duties ranging from 63.98 to 109.95 percent on imports from China and 6.20 percent from Taiwan.

The US imported about $39 million worth of brighteners from China last year and $19 million from Taiwan. Common uses for the product are in laundry detergents and cosmetics or to brighten paper. - Reuters

GHC plans $1.58bn industrial investment

Sun, 22 Apr 2012 11:11:46 GMT

Abu Dhabi government-owned General Holding Corporation (GHC) plans to invest Dh5.8 billion ($1.58 billion) in the short-term in three industries to boost manufacturing as the oil-rich emirate tries to diversify its economy, its chairman said on Saturday.

The plans include Dh3 billion to expand capacity at Emirates Steel, Dh800 million in downstream aluminium extrusion and Dh2 billion in manufacturing seamless pipes for the oil and gas industry.

GHC, which has industrial assets totaling Dh23.7 billion, has interests in sectors including steel, oil and gas fabrication, cables, food and building materials. It is eyeing new industries such as aluminium and copper.

'Our strategy is to help speed industrial growth in Abu Dhabi which is targeting a 25 percent contribution from industry to the emirate's GDP by 2030. Today, it is below 15 per cent,' Hussain al Nowais told reporters.

Financing for the investments will be a combination of debt and equity, he said, adding GHC plans to raise $600 million in project finance over two years. It has appointed BNP Paribas as financial advisor.

Last year GHC borrowed Dh660 million ($180 million) from banks and invested Dh2.7 billion in various industries.

'Our debt-equity ratio is 1:1 and we have cash generated from profit. Debt could include bank borrowing, export credit agencies or even bonds,' he said.

GHC also said it made a net profit of Dh1.5 billion in 2011, up 15 per cent on the previous year, driven by sales and cost control. The profit came largely from two of its flagship firms, Emirates Steel and National Petroleum Construction Company (NPCC).

GHC, set up in 2004, owns a total of eight companies in the industrial sector, two others of which are listed on the Abu Dhabi Securities Market.

It may consider one or two more companies for a public offering in the short-term, once they achieve their targets, said Al Nowais.

Abu Dhabi, an Opec member, is investing billions of dollars in industry, tourism and real estate as it diversifies its economy away from oil.-Reuters

Alba invites 100 to Bahrain F1

Sun, 22 Apr 2012 11:11:45 GMT

Aluminium Bahrain (Alba) has invited more than 100 of its local, regional and international customers as well as suppliers to the ongoing Formula One Gulf Air Bahrain Grand Prix 2012 at the Bahrain International Circuit in Sakhir.

Alba’s invitees – spanning some of its key territories in the Middle East, Asia, Europe and other countries – have been specially invited to watch the three-day sporting event which ends today as well as enjoy the attractions Bahrain has to offer as a tourism destination, a statement from the company said.

As a partner of the BIC, Alba has its own private lounge along the circuit’s Oasis Complex and part of the exclusive Paddock Club area.

Alba’s guests also attended a special gala dinner held in their honour at the Regency InterContinental Hotel on April 21. Members of the executive management team and managers of various departments were also present.

Laurent Schmitt, chief executive, Alba, said: "Alba values the contribution our customers and suppliers have made in strengthening the company’s reputation as a leading aluminium smelter in the world. It is through their trust and support the company has been able to achieve its goals, and hence, it was a real privilege to meet and interact with them and learn of how our aluminium products are meeting their own requirements.”

A detailed itinerary has been planned for the guests to visit Bahrain's historical sites, museums, shopping centres and restaurants, the statement said. They will also undertake a tour of the Alba plant and see the state-of-the-art production processes being used to manufacture its high-grade aluminium products. – TradeArabia News Service

Enoc Lubricants to supply to Fujairah firm

Thu, 19 Apr 2012 07:14:48 GMT

Enoc Lubricants, a subsidiary of the Emirates National Oil Company (Enoc), has signed an exclusive three year lubricant supply agreement with Fujairah Building Industries Group.

As per the agreement, Enoc Lubricants will supply its high quality and performance lubricants to Fujairah Building Industries Group, which includes Emirates Ceramic Factory, Fujairah Rock Wool Factory, Fujairah National Quarry, Fujairah Marble & Tiles Factory and Fujairah Concrete Products.

The agreement was signed by Ahmed Al Mulla, senior manager of EPPCO Lubricants, and Obaid Al Kendi, chief operating officer of Fujairah Building Industries Group, at a ceremony held in Fujairah.

The premium products of Enoc Lubricants cater to a wide range of applications covering automotive, industrial, marine and other specialized services. All the products conform to ISO 9001:2000 quality certifications, in addition to the highest international standards and specifications, such as API, ACEA, JASO, and OEM, a statement said.

"Our partnership with Fujairah Building Industries Group significantly adds to our portfolio of clients, currently in more than 50 countries across the Middle East, Africa and the Indian subcontinent, as well as South East and Central Asia,” said Al Mulla.

“We are committed to offering high quality and performance products that enhance a company’s operational efficiencies. We look forward to developing more opportunities with the Group over the long term.”

Al Kendi added: "We are confident that with the premium products, experience and global distribution network of Enoc Lubricants. Our strategic partnership will add more value to our fleet. Our partnership with Enoc Lubricants complements our vision of delivering state of the art services and products to our customers across our various businesses.”

Other key elements of the agreement are regular visits to the workshop by experienced Enoc business and technical managers, direct customer support from Enoc’s head office in Dubai, and other benefits from Enoc’s quality service programme. – TradeArabia News Service

HSBC to arrange $1.8bn Maaden loan

Thu, 19 Apr 2012 07:14:47 GMT

Saudi Arabian Mining Co (Maaden) is seeking a 7 billion riyal ($1.86 billion) loan from local banks, a Saudi banker told Reuters on Wednesday.

Maaden said in March that it plans to add a new production line, with a capacity of 100,000 tonnes per year, at its aluminium joint venture with US firm Alcoa to produce sheets used in the automotive and construction industries.

It said that financing for the project will be announced at a later date.

'It is a 7 billion riyal loan for five years,' the banker, who declined to be named, said, adding that the loan will be finalised by the third quarter of this year.

HSBC Saudi Arabia, an affiliate of HSBC, will be the lead arranger, he said. A spokesman for Maaden could not immediately comment.

The aluminium complex is owned 74.9 percent by Maaden and 25.1 percent by Alcoa.

In February Maaden said it plans to invest 21 billion riyals in a phosphate project as part of a new industrial city in the country's north. - Reuters

Mubadala-Boeing deal worth $1bn

Wed, 18 Apr 2012 12:26:06 GMT

Mubadala Aerospace's contract with Boeing to build carbon-composite structures at its facilities in Al Ain is worth $1 billion, a report said.

The 10-year deal will boost the United Arab Emirates' efforts to become a key manufacturer for the aerospace industry.

The deal calls for the Mubadala Aerospace to produce ribs, or strengthening components, for the tail section of the 777 mini-jumbo and the vertical part of the tail for the 787 Dreamliner, Boeing's latest passenger jet.

It also marks the first time, Boeing said, of a direct outsourcing deal for composites production in the Arab world.

Airline manufacturers are using more and more lightweight composite materials in their aircraft to boost fuel efficiencies.

'It's ballpark about the same as our previous deals with Airbus and Alenia Aermacchi. The payments will be spread over time, according to deliveries,' executive director Homaid Al-Shemmari told Reuters.

The move reflects a goal by Mubadala Aerospace, a unit of state fund Mubadala, to become one of the world's top five suppliers to the aerospace industry, he said.

'Aerospace is one of the key factors that Mubadala is interested in. We are about 28 percent of their (Mubadala's) revenue and we are not backing out,' Shemmari said.

Its Strata subsidiary started delivering wing parts for the A330-340 to Airbus 18 months ago from a factory at Al Ain.

Strata will begin delivering the carbon-composite tail parts to Boeing in 2013, according to the deal finalised at an Abu Dhabi aerospace conference.

'One of the targets for us is to be a risk-sharing partner for the OEMs by 2020,' said Shemmari. 'When they launch the new narrowbody we want to have the engineering capacity, the research and development capacity to participate in a serious manner in those programmes.'
Abu Dhabi accounts for more than half of the country's economic output. The emirate hopes to lift its non-oil share of gross domestic product to 64 percent in 2030 from roughly 50 percent now.

Mubadala Aerospace owns a majority stake in SR Technics (SRT), the Swiss repair and overhaul firm. It also owns local repair company Abu Dhabi Aircraft Technologies (ADAT).

It holds a controlling stake in Italian business aircraft manufacturer Piaggio Aero along with India's Tata Group and has partnerships with General Electric and Finmeccanica.

In Abu Dhabi its subsidiaries also include military repair company Ammroc, which it owns together with minority partners Lockheed Martin and Sikorsky. - Reuters

Bahrain plans tyre recycling factory

Wed, 18 Apr 2012 12:26:06 GMT

A plant specialised in recycling worn-out tyres could soon be established in Bahrain, according to the Industry and Commerce Ministry.

The ministry has issued an initial licence for a GCC investor to set up the plant.

A foreign investor has also been issued an initial licence to open a tyre retreading factory in North Sitra industrial zone. – TradeArabia News Service

SteelFab to focus on welding, cutting devices

Wed, 18 Apr 2012 12:26:05 GMT

SteelFab, a premier regional trade fair in Sharjah, will have a special focus area on welding and cutting equipment and devices at its next edition in January 2013.

The growth in demand for welding and cutting equipment in the Arab economies is driven by the fast-expanding industrial sector, which has made this segment an essential component of the regional steel fabrication, metal working and metal manufacturing industry, said a statement.

According to latest figures, the industrial sector in the UAE grew by 11 per cent in 2011. From $35 billion in 2010, the manufacturing sector’s contribution to the UAE’s overall GDP swelled to an all-time high of $39 billion in 2011.

In Qatar, one of the fastest growing economies in the world, the industrial sector is expect to post 18 per cent yearly growth between 2011 and 2012, with more than $125 billion expected to be spent on projects between 2011 and 2016.

Manufacturing sector was Saudi Arabia’s fastest growing industry in the first half of 2011, rising 22.5 per cent, driven by a 38 per cent increase in petroleum refining. Non-refining manufacturing expanded by 14.8 per cent, the statement said.

This exponential growth in the regional industrial sector is fuelling demand for a wide variety of welding and cutting equipment, it said.

“Every country has its own industrial characteristics. In Arabia, the welding and cutting segment essentially involves not just welding shops but fabrication yards and engineering workshops, fuelling demand for not just welding machines but a diverse and complete range of equipment and a substantial variety of brands. And, regional buyers always have one comprehensive sourcing platform to rely on – SteelFab,” said Saif Mohammed Al Midfa, director-general of Expo Centre Sharjah.

Midfa was speaking during the launch of the ninth edition of SteelFab, which will be held from January 14 to 17, 2013, at Expo Centre Sharjah.

“Right from the launch edition, SteelFab was intended to cater to the complete requirements of the steel fabrication industry, where metal forming and welding & cutting section was one of the major elements,” he pointed out.

The welding & cutting segment at SteelFab has grown with the show. From about 1,200 sq m of exhibition space and 48 companies in its first edition in 2004, SteelFab has expanded fast to feature about 16,000 sq m of space and nearly 225 exhibitors and 600 brands for its previous edition in 2012.

The special section on welding and cutting will showcase machines/power sources - conventional, arc, plasma, tig & mig/mag; welding & cutting - consumables, electrodes, wire & flux; accessories - torches, guns, tips, holders; gas cutting & welding, brazing - equipment, spares, consumables; welding - robots, positioners, rotators, manipulators & tables; weld preparation, heat treatment & weld finishing; stud welding equipment, fasteners, studs & fastening systems; automation, resistance & capacitor discharge; beam welding systems, seam welding lines & special purpose welding systems; cutting systems – cnc plasma, oxyfuel, laser & waterjet; pipe construction, orbital welding, cutting and beveling. - TradeArabia News Service

Emal sponsors ‘Mechatronics Symposium’

Wed, 18 Apr 2012 12:26:04 GMT

Emirates Aluminium (Emal) has for the third consecutive year sponsored the 8th International Symposium on Mechatronics and its Applications (Isma) which was held in Sharjah recently.

Mechatronics concerns the fusion of multiple engineering practices to create intelligent components to improve system performance. It is one of the most important emerging technologies that will help change the world in the future, a statement from Emal said.

Local students were able to hear from some of the leading experts in the field during the three-day event held at the American University of Sharjah.

Saeed Fadhel Al Mazrooei, Emal’s president and CEO, said: “Mechatronics is one of the most important emerging fields of technology development in the world. It requires creative thinking and practical solutions, ideal for the type of processes, in which we operate within Emal, where we continually strive to improve our performance.”

“Those attending were able to hear from local and international experts, and actively participate in the symposium,” said Yousuf Bastaki, vice president, projects of Emal.

“Events such as Isma are at the core of Emal’s long-term vision, as we invest today to reap benefits tomorrow. Isma symbolises that quest for future improvement and helps to engage our future engineers for the exciting careers that projects such as Emal can offer.”

Forty eight experts’ papers were presented from 20 countries. A total of 20 engineers were present from the local industry. – TradeArabia News Service

Dow names general manager for UAE

Tue, 17 Apr 2012 10:57:34 GMT

The Dow Chemical Company has appointed Moosa Al-Moosa as general manager for the United Arab Emirates.

Al-Moosa will focus on enhancing Dow’s presence in the UAE through supporting commercial success in the country by building and sustaining relationships with key industry, government and community members to help enable growth for Dow businesses in the UAE.

He will assume these responsibilities in addition to his existing role of finance director for Dow Middle East & Africa.

“Dow has been in the UAE for more than 30 years, but our presence here has never been more important to Dow’s strategy than it is today,” said Geoffery Merszei, executive vice president and president of Dow Europe, Middle East & Africa.

“To further Dow’s transformation and capitalize on opportunities in this emerging market, Moosa will be dedicated to managing our presence across the UAE.”

Dow in the UAE currently employs approximately 150 employees, and was one of the first investors in the Jebel Ali Free Zone. Through its regional hub office in Dubai, Dow plans to continue to cater to different market segments by forging new partnerships, strengthening its customer support and expanding its presence.

“Dubai serves as our Middle East hub, which makes our presence in the UAE critical to our success,” said Markus Wildi, president Middle East.

“Moosa’s combination of regional knowledge and global experiences will enable him to maximize on opportunities for Dow across the UAE. Under his leadership, I know we will make great strides in accelerating growth and positioning Dow as an innovative, solutions provider in the country.”

Al-Moosa joined Dow in Michigan in 2005 where he worked across several departments including financial and statutory accounting, cost accounting, tax, auditing, business finance and treasury.

He has a Masters of Business Administration from the Wharton School of Business at the University of Pennsylvania and a Bachelor of Arts in economics from Georgetown University in Washington D.C. – TradeArabia News Service

Sabic Q1 net profit drops 5pc to $1.94bn

Tue, 17 Apr 2012 10:57:34 GMT

Saudi Basic Industries Corp (Sabic), the world's biggest petrochemical firm by market value, said its first quarter net profit fell 5 percent to 7.27 billion riyals ($1.94 billion) from a year earlier.

The decline has been blamed on higher input prices.

Analysts surveyed by Reuters estimating the chemicals, fertilisers, metals and plastics conglomerate would post profits of 6.74 billion riyals.

Sabic's profits fell sharply in the last quarter of 2011 after two successive quarters of record profits achieved on the back of surging product prices and strong global demand. It posted net profit of 7.69 billion riyals in the first quarter of 2011.

Since Sabic products are used in a wide variety of industries, from car manufacture to house construction and cheaper retail goods it is highly sensitive to movement in the global economy.

'Demand will continue in 2012 from Sabic's traditional markets in China, the kingdom and Europe,' Sabic CEO Mohamed Al Mady said in March.

'It is true that growth in China fell from 8.5 percent to 6.5 percent but I don't think there is a fear of a decline in demand from China.'

Last year several Sabic subsidiaries brought new production lines onstream, helping to boost sales against the performance of a year earlier. - Reuters

Top aviation summit opens in Abu Dhabi

Tue, 17 Apr 2012 08:48:39 GMT

The inaugural Global Aerospace Summit opened in Abu Dhabi today (April 16) with more than 700 delegates from aerospace, aviation and space sectors.

The two-day summit is being held at St Regis Hotel on Abu Dhabi’s Saadiyat Island.

Opening the summit, Sultan Saeed Al Mansoori, Minister of Economy for the United Arab Emirates said the event provided “an opportunity to demonstrate the country’s progress and ambition in the aerospace, aviation and space sectors.”

He underlined the government’s support for a culture of partnerships spanning the public and private sectors.

“As the UAE moves from an economy that has a solid base through natural resource revenues to one that will be sustained in the long-term through a diversified, knowledge-based approach, it is vital that we provide a platform for thought leadership,” Al Mansoori added.

Tony Tyler, director general and CEO, International Air Transport Association (Iata), said: “Aviation’s importance as a catalyst for growth is well-understood in the Middle East and particularly in the Gulf region, where airports rise from the desert ahead of the demand curve, not behind it.”

“Governments work in partnership with industry through forward-looking policies that value aviation as a generator of wealth and jobs… So when I am asked what the future of aviation will look like, I am tempted to respond that I hope it bears more than a passing resemblance to what is occurring today in the UAE.”

However, he warned that “a bright future is not guaranteed” and called for a shared agenda between industry and government on the issues of safety, security, infrastructure and environment. – TradeArabia News Service