Saudi Aramco and National Oilwell Varco Incorporated (NOV) recently held the first Arabian Rig Manufacturing (ARM) Board of Managers meeting. ARM is a newly formed company, a joint venture (JV) between NOV (owning 70% of the JV’s shares) and Saudi Aramco. Highlights of the meeting included the appointment of senior officials and the approval of the company’s branding strategy. The JV partnership will establish a world-class onshore rig and equipment manufacturing and aftermarket facility in Ras al-Khair, 80 kilometers north of Jubail. The modern, integrated facility will have the capacity to produce 10 rigs per year to serve the Middle…
Author: Kasun Illankoon
Official Raimondi agent Irish Crane & Lifting (Irish Cranes) received three MRT189 topless tower cranes fulfilling its latest order for a combination transaction of client purchase and new fleet additions. The first MRT189 was sold to KPH Construction Ltd (KPH), and was erected on the Cherrywood jobsite in Dublin.
Dubai Industrial Park, one of the largest industrial hubs in the region and a member of TECOM Group, has signed a long-term agreement with Lootah Real Estate Development to establish Senaeyat, a state-of-the-art pre-built industrial manufacturing development, on its premises. The partnership includes a 49-year lease of land spanning one million square feet for the first phase of the project.
Meraas has unveiled its plans for Central Park at City Walk, a new exclusive residential neighbourhood which will surround a 40,000 sqm private park in the heart of Dubai. As part of its dedication to create mould-breaking, imaginative ways of experiencing city life that inspire an active lifestyle for residents and visitors in sustainably-minded destinations, Meraas’ latest neighbourhood will redefine community living in the emirate.
The 11th meeting of the Dubai Free Zones Council (DFZ Council), headed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the DFZ Council, announced plans to develop a comprehensive geo-economic map of Dubai in line with the Fifty-Year Charter that aims to position Dubai as a leading destination for investment and business set-up. His Highness Sheikh Ahmed bin Saeed Al Maktoum said: “In January 2019, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued the Fifty-Year Charter that aims to enhance the quality of life,…
Raimondi Cranes (Raimondi), founded in 1863, is a heritage European manufacturer of topless tower and luffing cranes. Recognised globally for its contribution to innovative solutions in the heavy lifting machinery segment, Raimondi Cranes is headquartered in its heritage home of Legnano, Milan, Italy. Over the past 12 months, Raimondi has launched three new models: the Raimondi MRT234 topless tower crane, the flagship luffer of its new range, the LR330, and the LRH174, the company’s first hydraulic luffer. In addition to the manufacturing of cranes, Raimondi also produces relevant accessories including the Deluxe R16 Crane Cabin and the SL-TC 20 Crane…
Saudi Airlines Cargo Company won two distinguished awards at Air Cargo Africa 2019, held from 19-21 Feb. The two awards were the International Cargo Airline of the Year 2018 in Africa & the International Air Cargo Marketer of the Year 2018 both coming as result to Saudia Cargo’s efforts in intensifying its cargo capacity, fostering its operations & promoting innovative freight solutions, offering its wide-body freighter capacity in addition to an ample belly-hold capacity on board Saudi Arabian Airlines. Omar Hariri the CEO of Saudia Cargo expressed his thanks to the clients who trusted & voted for the company to…
The Dubai Maritime City Authority (DMCA) will join its fellow elite local, regional, and international entities at Dubai International Boat Show 2019, which will be held from February 26 to March 2, 2019 at Dubai Water Channel. Its attendance will form part of its ongoing efforts to connect with local and international maritime cluster leaders to actively engage in the sharing of the best industry practices and sustain the discussions on the latest maritime innovations. Tasked to build a secure and sustainable maritime sector in Dubai, one of the world’s most competitive, comprehensive, and attractive maritime capitals.
Serving as the new headquarters for the prominent Al Abdul Karim Holding (AKH) company in Dammam, the AKH Tower is now open for business. Designed and supervised by Dewan Architects + Engineers, the dramatic 37-storey building ranks as the tallest building in Dammam and the 30th tallest in the Kingdom of Saudi Arabia.
DP World PLC announces the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of GBP322mn (USD421mn¹), implying a 2017 Enterprise Value/EBITDA valuation multiple of 6.1x. P&O Ferries is a pan-European integrated logistics business consisting of a market leading roll-on roll-off (Ro-Ro) ferries operation and a European transportation and logistics solutions provider, P&O Ferrymasters. P&O Ferries operates a fleet of 21 vessels on the Short Sea, North Sea and Irish Sea sectors across 11 ports whilst P&O Ferrymasters provides supply chain solutions in 19 European locations. P&O Ferries handles over 2.5mn…