UAE Business
HSBC UAE cuts workforce strength
HSBC Holdings is set to retrench around 90 junior and middle management employees in the United Arab Emirates, apparently due to unfavorable conditions of the economic market. The bank, having around 4000 employees in UAE, has offered six months' salary as a severance package for the redundant employees.
Categories: UAE Business
Emal to ramp up output to 700,000 tonnes in 2010
State-owned Emirates Aluminium (Emal) envisages to ramp up output at its giant new aluminium plant to over 700,000 tonnes by the end of fiscal 2010.
The sources said that the firm is developing what eventually will be the major single aluminium plant around the world with a capacity of 1.4 million tonnes. The plant is expected to be fully online by fiscal 2014.
The sources further added that the first phase was due to commence early next year.
Categories: UAE Business
DTTC registers 62 per cent growth in tea trade
The Dubai Tea Trading Centre (DTTC) has announced that it has recorded 62% jump in the first half of 2009, transacting 4.2 million kilos of tea compared to 2.6 million in the corresponding period of fiscal 2008.
The sources said that although DTTC's trade volumes witnessed favourable growth, the overall tea trade through Dubai witnessed a slump in the first five months of fiscal
2009.
Categories: UAE Business
Shore Capital acquires 5% of Full Circle Investments
Shore Capital Group plc, the listed investment banking group focused on equity capital markets and alternative asset class fund management, has announced that it has bought 5% interest in Full Circle Investments FZC, a corporate finance, consulting and private placement firm based in Dubai.
Categories: UAE Business
Mitsubishi Rayon, Sabic agree to $1b joint venture
Saudi Basic Industries Corporation (Sabic), the world's largest chemical maker, and Mitsubishi Rayon Co have decided to establish a joint venture making materials used for cars in a bid to compete with US and European rivals, including BASF AG.
The $1 billion (Dh3.67 billion) venture will construct a plant to make 250,000 tonnes a year of methyl methacrylate, with operations commencing in fiscal 2013 in Saudi Arabia.
Categories: UAE Business
ABB wins orders from Saudi Electricity Company
Saudi Electricity Company, Saudi Arabia's national power transmission and distribution utility has given an order worth $60 million (Dh220 million) to ABB, a leading power and automation technology group.
The order has been placed with the aim to improve the power efficiency of 28 distribution substations.
According to sources, ABB will take responsibility of design, engineering, supply, installation and commissioning of the projects, which are expected to be finalized by fiscal 2010.
Categories: UAE Business
Office in Abu Dhabi opened by Dubai's Integrated Freight LLC
On 10th of August 2009, Integrated Freight & Logistics LLC (IFL) inaugurated a new branch office at Salam- Hamdan Cross Road, Abu Dhabi, Capital of The United Arab Emirates.
The guests were welcomed by Vivian Castelino, General Manager of IFL Abu Dhabi. He said that the group aims at taking the new branch to higher levels and requested the support of well-wishers and team members.
A solemn ceremony of blessing the office was conducted in Abu Dhabi at 10.30a. m by Fr. Thomas Ambattkuzy OFM, Cap., acting Parish Priest of St. Joseph's Church.
Categories: UAE Business
Trucks to be built by UAE's Aabar, German Firms
Monday saw United Arab Emirates' Aabar Investments PJSC saying that it has signed a deal with Algeria and five German companies, including MAN Ferrostaal AG and Daimler AG, to make all-terrain vehicles and trucks in North Africa.
MAN Ferrostaal said in a separate statement that finally the agreement will produce a joint-venture company between Aabar and MAN Ferrostaal to manage the plants in Algeria.
Categories: UAE Business
