Saudi Aramco and South Korea’s powerhouse Hyundai Heavy Industries (HHI) are eyeing new business opportunities that will impact Saudi industrial development significantly with the potential of high-value exports and greater overseas influence.
Emirates Steel has shipped some 200,000 tonnes of high-quality structural steel to mega oil and gas projects across the world and is working at producing new customised sheet piling designs, chief executive has said.
Leading animal proteins producer BRF has advanced its date for an expansion project following success it has achieved since it opened a plant in Khalifa Industrial Zone Abu Dhabi (Kizad) a year ago.
Exports of petrochemicals from GCC states rose approximately 23 per cent in 2014 to $67.2 billion compared with the previous year, according to the latest industry report of the Gulf Petrochemicals and Chemicals Association (GPCA). The 2014 export figure rose from $54.6 billion in 2013 and was more than double the figure of a decade ago.
The US’ Raytheon and Saudi-based Advanced Electronics Company (AEC), which have more than two decades of industrial cooperation, will further strengthen ties following the signing of an MoU between them.
Saudi Iron and Steel Company (Hadeed), the metals affiliate of Saudi Basic Industries Corp (Sabic), will continue cutting its costs until end-2016 as it does not expect global steel prices to recover for two to four years, Reuters quoted an executive as saying.
Ras Al Khaimah (UAE)-based RAK Ceramics has reported a 32.1 per cent increase in tile sales in Saudi Arabia at Dh114.7 million ($31.23 million) and a 3.5 per cent increase in the UAE during the third quarter of the year.
Sharjah-based Nabeel Perfumes, which ships 60 per cent of its output to overseas markets, has announced it is in the process of expanding its retail network within the UAE and abroad.
The UAE’s National Fire Fighting and Manufacturing Co (Naffco) will offer its products in Jordan through Jordanian establishment Izzat Marji Group (IMG). This follows a partnership agreement the two companies signed recently.