Emirates Steel, the only integrated steel plant in the UAE, has signed a four-year (2018-2021), high value contract with Vale, the world’s largest producer of iron ore and iron ore pellets, to supply iron ore pellets for its steel production in Abu Dhabi. Both companies have a long-standing business relationship that commenced in 2007 and has through this four-year contract strengthened into a strategic partnership. Emirates Steel has an iron ore pellet requirement of around 6 million tons per year. The agreement was signed by HE Saeed Ghumran Al Remeithi, CEO of Emirates Steel and Mr. Peter Poppinga, Executive Director,…
Author: Kasun Illankoon
by Kasun Illankoon Transguard Group has announced the construction of new accommodation for 2,708 employees in Dubai South close to Jebel Ali port. The area will include a dedicated medical clinic, a barber’s shop, a fully equipped gym, laundry facilities, and dining area offering a range of menus from Asia, Africa and Europe. A prayer hall, bike storage, recycling and ATM banking facilities will complement the G+4 building. This new facility is the second construction project of its kind for Transguard. The company broke ground on its first dedicated accommodations in 2017 with a G+7 facility in Jebel Ali that, when…
by Kasun Illankoon RSA-TALKE, a joint venture of Dubai-based third party logistics provider RSA Global, and Germany-based TALKE Group, announces the expansion of its portfolio of services for customers across the GCC with the completion and opening of its new dangerous goods warehouse. The latest facility is part of RSA-TALKE’s plan to systematically expand its tank container terminal in the Jebel Ali free zone, thus creating the only integrated chemical logistics hub of its kind in the region, approved for storage, handling, cleaning and filling of nearly all dangerous goods classes. The chemical warehouse will accommodate 13,000 pallet positions, adding…
by Kasun Illankoon Luxury residential property developer Seven Tides will offer an exclusive promotion for two of its Dubai developments at the Real Estate Market Exhibition (REMEx), which is being held at Al Ain Convention Center from November 15-17. With just a AED 20,000 deposit, potential buyers from Al Ain’s investment community can reserve an apartment at either of the SE7EN brand developments – SE7EN City JLT or SE7EN Residences The Palm. Abdulla Bin Sulayem, CEO of Seven Tides, said: “This is a unique opportunity for Seven Tides to meet high-net worth investors face-to-face to showcase our SE7EN brand projects.…
Honeywell today announced the official opening of an innovation hub at the Company’s regional headquarters in Dubai. The Honeywell Technology Experience Center is designed to promote knowledge exchange and demonstrate the value that can be gained from the adoption of Internet of Things (IoT) technologies. According to Accenture – ‘Middle East Innovation Maturity Index 2018’ almost 90 percent of companies in the Middle East are failing to innovate sufficiently to drive growth and generate new revenue streams. The center leverages Honeywell’s deep global expertise and industrial knowledge base to help unlock opportunities for value creation though digital transformation initiatives. Visitors from…
IMKAN, a global property developer, today announced significant progress on the construction of Nudra, a luxury development of 37 villas on Saadiyat Island in Abu Dhabi that broke ground earlier this year. Located in Saadiyat’s Cultural District, the development is already over 20 percent complete and is well on track for a timely handover in July 2019. The planned 26,000 sq ft development plots along the beachfront are currently being graded and hoarded, ready for handover before year-end. Site offices are well-established and the first stage foundation work, including the bulk excavation, dewatering and the installation of over 1,500 piles, has…
by Kasun Illankoon Following its ground-breaking in March 2017, the mall is planned to open in the fourth quarter of 2019, the company said in a statement. The substructure of the mall is complete with the only thing remaining being the construction of the superstructure. Timothy Earnest, group director Retail Malls at Al Futtaim said: “With our sights keenly fixed on the future development of Dubai and our confidence in the growth potential during the build up to Expo 2020, we see Festival Plaza becoming a major urban lifestyle destination. According to Oguz Stackpole, the leasing GM, currently the mall has…
UPS today announced the global expansion of ‘UPS My Choice’ service to 96 additional countries and territories, bringing the total to 112 served. With the entrance into countries and regions in Africa, Asia Pacific and the Indian Subcontinent, Caribbean and Central and South America, Middle East and Oceania, and an expansion in Europe, this package-delivery management service will be in the world’s major e-commerce markets in time for the key holiday shipping season. The expansion, which takes ‘UPS My Choice’ service far beyond the original 16-country-and-territory footprint, comes in two phases: The first brought the service to 48 additional locations worldwide…
by Kasun Illankoon Duqm Refinery has announced it has secured the largest project finance agreement in Oman’s history, clinching a $4.6 billion funding deal for the under-construction mega project. The agreement has been hailed as an “important milestone” for the project, which is a joint venture between state-owned enterprises Kuwait Petroleum International and Oman Oil Company. Chief financial officer of Duqm Refinery, Mubarak Al Naamany, said the “largest project financing in the Sultanate of Oman” included the biggest “Sharia’h-compliant facility to a greenfield project in Oman provided by a consortium of Islamic financing institutions”. The agreement includes the provision of insurance and guarantees provided by three export…
APM Terminals Bahrain revealed its plans to raise around USD 32 million through its planned initial public offering (IPO). The plan is to offer 18 million shares, equivalent to 20 per cent of its issued share capital, at BHD 0.66 ($175) per share. The net proceeds will be paid to its current shareholders pro-rata based on their shareholding. APM Terminals currently holds 80% of the shares and the remaining 20% of shares are held by YBA Kanoo Holdings of Bahrain, a regional business group. “This is a significant moment for APM Terminals Bahrain as we move forward to launch our…