GHC to invest $4bn over five years Abu Dhabi government-owned General Holding Corporation (GHC) plans to invest up to Dh15 billion ($4 billion) in the metals and petrochemicals sectors over five years as part of a diversification push, a top official said. GHC chief financial officer Mukhtar Safi also said the firm is planning to tap debt markets through a bond issue in 2012 or 2013 to finance its petrochemical investments. He gave no further details. 'We have invested Dh10 billion since 2004 and we are looking at investing another Dh10 to 15 billion in the coming five years,' Safi told a conference. Sabic, Modon ink strategic deal The Saudi Arabian Basic Industries Corporation (Sabic) and Saudi Industrial Property Authority (Modon) have inked a three-way deal with Boston Consulting Group (BCG) to develop industrialisation strategies for key Saudi cities. The agreement, under which Sabic will be the sole sponsor, will cover Al-Jouf, Tabuk, Hail, Jizan, Najran and Arar cities in the kingdom. The deal was signed by Mohamed Al-Mady, Sabic vice chairman and chief executive officer; Dr Tawfig Alrabiah, director general of Modon, and Thomas Bradtke, partner and managing director, BCG. UAE major market for Indian gems The UAE remains a major market for India’s gems and jewellery exports, followed by the US and Europe, said an international gem expert. Ian Harebottle, chief executive officer of UK-based Gemfields, a leading coloured gemstone producer, added that there was a good demand for gems and jewellery items in the UAE in 2010, and Dubai had seen a rapidly growing industry in diamonds and coloured stones. Harebottle said the global market for gems and jewellery items was around $85 billion with annual growth of between 5 and 10 per cent. Deal to promote SMEs Dubai SME, an agency of the Department of Economic Development, and the Dubai International Financial Centre (DIFC) have signed an MoU to jointly promote small and medium enterprises (SMEs) in the UAE. Commenting on the agreement, Abdul Basit Al Janahi, chief of Dubai SME, said it would provide a comprehensive incentive package for SMEs and facilitate their access to the world-class operating environment and knowledge resources in DIFC as well as establish exceptional partnerships for growth. 'The MoU also shows how institutions in Dubai can create the perfect synergy to promote the SME sector, ' he said.
