In Brief

01 June 2015

GPIC honoured

BAHRAIN-based Gulf Petrochemical Industries Company (GPIC) has won a prize in the manufacturing category of the annual Mohammed bin Rashid Al Maktoum Business Awards The awards ceremony was held at the Madinat Jumeirah Arena in Dubai.

A representative from GPIC received the award from HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.

GPIC was established in 1979 as a joint venture between GCC states. It makes ammonia, urea and methanol.



Masharie divests stakes

MASHARIE, the private equity arm of Dubai Investments, a leading investment company listed on DFM, has divested its 51 per cent stake in both International Rubber Company (IRC) and Techno Rubber Company (TRC) for Dh36.5 million ($9.9 million).

The stake sale in IRC and TRC generated an internal rate of return (IRR) of 18 per cent, said a statement.

Masharie had acquired 51 per cent stake in IRC in 2006 and TRC in 2010.



Food consumption to surge

POPULATION growth and increases in per capita income and tourist numbers in the GCC will cause food consumption to reach 49.1 million tonnes by 2017, according to experts.

The region’s food import demand will hit $53.1 billion by 2020, up from $25.8 billion just a decade ago, said specialists, highlighting that by 2050 the world’s population will reach 9.1 billion, over 30 per cent higher than today.

The Gulf, meanwhile, is the scene of some world-famous food companies.



Majesty 122 takes prize

THE recently launched yacht Majesty 122 of UAE-based superyacht builder Gulf Craft won the Best Asian Built Yacht award at the 2015 Asia Boating Awards held in Hong Kong.

The Asia Boating Awards recognise global and regional yachting brands that have consistently demonstrated outstanding achievement in Asia throughout the year, said a statement.

Gulf Craft’s achievement follows recent success at the Singapore Yacht Show.

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