Oil, gas and petrochemicals projects to the tune of about $294 billion are in the pre-execution phase across the Mena region even while concerns about global oversupply continue to suppress oil prices, a report said.
In 2016, 40 new companies invested a total of $281 million in Bahrain which are expected to generate a total of 1,647 jobs opportunities over the next three years, according to Bahrain Economic Development Board (EDB).
Work on major infrastructure projects in Bahrain, mostly linked to the kingdom’s hospitality and luxury segment, will continue despite financial challenges, according to a report by leading property consultancy firm CBRE.
Germany-based Evonik, a global leader in specialty chemicals, has opened a new Coating Additives laboratory at its Tuzla (Istanbul) site in Turkey. The state-of-the-art laboratory, which also includes a customer service center, will support customers with the development of innovative surface coatings in Turkey and throughout the Middle East.
Aluminium Bahrain (Alba) swung to a net profit of BD13.7 million ($36.5 million) in the fourth quarter (Q4) of 2016 versus a net loss of BD15.7 million ($41.8 million) for the same period in 2015, an increase of 187 per cent year-on-year (YoY). Alba’s net income for the full year 2016 stood at BD48.4 million ($128.
UAE-based RAK Ceramics, one of the largest ceramics brands in the world, said its net profit for 2016 plunged 37.1 per cent to Dh216 million ($58.7 million) over last year amidst a challenging market environment. Announcing the results for the year ended December 31, 2016, RAK Ceramics said the total revenue too fell 9.3 per cent to Dh2.
GE and Aluminium of Greece (AOG), a Mytilineos Group subsidiary, have signed a 10-year agreement in Dubai, UAE, to implement global first-of-their-kind digital smelter solutions for AOG to enhance its aluminium smelting process. The digital solutions are a significant step in charting the next generation of smelting operations globally.
Bahri, a global leader in logistics and transportation, has signed a contract with Saudi Rail Company (SAR), for the provision of transportation and shipping services from around the world as well as customs clearance support through Bahri Logistics, one of the six business units of Bahri.
DP World Group chairman and CEO Sultan Ahmed Bin Sulayem and Tesla and SpaceX CEO Elon Musk have discussed potential uses of Tesla technology for DP World’s global operations at a meeting during the World Government Summit in Dubai.
Dubai has tested an autonomous aerial vehicle (AAV) capable of carrying a human in collaboration with a Chinese company, said the emirate’s transport authority, aiming to start the operation of the self-driving hover-taxi by July.
Mezzan posts $679m revenue MEZZAN Holding, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf, reported a revenue of KD207.4 million ($679.54 million) for 2016, a 5.8 per cent increase on 2015. The company’s net profit for the year was KD17.2 million ($56.