Regional News
May 2018

A favourable global economic environment, stability in the oil market at slightly higher prices and the resumption of post-conflict reconstruction will drive growth in the Mena to 3.1 per cent in 2018, up from 2 per cent last year, said the World Bank Group’s latest Mena Economic Monitor.






May 2018

Higher oil prices coupled with improved global economic conditions are expected to support growth momentum of the GCC countries, said a report by Coface, a global leader in credit insurance providing cover to its clients in more than 200 countries. The real GDP growth rates in the GCC are expected to hover around 2.3 per cent compared to 0.






May 2018

Exports by companies registered with the UAE’s free zones amounted to Dh225.5 billion ($61.39 billion) in 2017, a growth of 6.6 per cent from the previous year, according to the UAE Central Bank. The free zone exports accounted for 19.






May 2018

Aluminium Baharain (Alba), the Bahrain-based aluminium smelter, has reported a net income of BD33.9 million ($90 million) for the first quarter (Q1) of 2018, compared to BD25.6 million ($68 million) in Q1 2017, an increase of 32 per cent year-on-year (YoY).






May 2018

Bahrain's value of imports increased by 15 per cent as it reached BD1.293 billion ($3.43 billion) during first quarter of 2018 compared to BD1.124 billion ($2.98 billion) for the same quarter of the previous year, said a report.






May 2018

State oil giant Saudi Aramco and Sabic, a global leader in diversified chemicals, have jointly awarded a major contract to KBR, a leading global provider of project management, and professional and engineering services in the petrochemicals industry, for its fully-integrated crude oil-to-chemicals (COTC) complex in the kingdom.






May 2018

Food and beverage giant Mondelez’s $90 million biscuit factory was inaugurated last month by Shaikh Isa bin Salman Al Khalifa, son of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister.






May 2018

Sleep Fine, a brand under the family enterprise Three Stars Foam Factory, will open its new state-of-the-art factory in Sharjah, UAE, in 2020 to increase its production capacity. The facility will enable Sleep Fine to secure a larger market share amid rising demand for high-quality and sophisticated foam bed products, said a statement.






May 2018

Saudi Arabia-based Abdul Latif Jameel has signed a memorandum of understanding (MoU) with Japanese company Kosei Aluminium to explore the feasibility of a joint venture that would manufacture aluminium wheels and components in the kingdom.






May 2018

Emirates Global Aluminium (EGA), a major industrial company in the UAE, has been named ‘Global Aluminium Supplier of the Year’ by Maxion Wheels, the world’s largest manufacturer of wheels for cars, trucks and other vehicles. EGA has been supplying Maxion Wheels with aluminium since 1995.






May 2018

Doosan Portable Power (DPP) has won an order worth €2 million ($2.43 million) for portable compressors in Saudi Arabia. The deal was finalised at the Intermat 2018 Exhibition which was held in Paris, France, recently.






May 2018

Saudia Arabia's  Acwa Power and China’s Shanghai Electric have signed an engineering, procurement, and construction (EPC) contract for the 700-MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest concentrated solar power (CSP) investment project in the world based on the independent power producer (IPP) model






May 2018

US-based safety science company UL said it has won approval from Saudi Standards, Metrology and Quality Organization (Saso) for issuing product certification in the kingdom. Saso, is a  firm in Saudi Arabia that works towards ensuring that products sold in the country are genuine and safe for use.






May 2018

Global engineering group Cavotec said it has won a breakthrough order from Bahrain Airport Company (BAC) for its next-generation aircraft ground cooling systems. The order is a key part of a major modernisation project at Bahrain International Airport set to substantially increase passenger capacity.






May 2018

King Abdullah Economic City (KAEC) has signed a memorandum of understanding (MoU) for the establishment of the National Academy of Aviation Technology, where 1,000 aircraft technicians and 350 pilots will be trained annually.






May 2018

DP World Limited handled 17.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2018, with gross container volumes growing by 7.3 per cent year-on-year on a reported basis. The gross container volumes also increased 8.






May 2018

Dubai-based Itqan Investments together with Tamar VPower Energy Fund  and CITIC Pacific has acquired Byrne Equipment Rental in a deal valued at approximately Dh1 billion ($272 million).






May 2018

UAE-based Gulftainer, the largest privately-owned independent port operator in the world, has announced that its subsidiary GT USA has inked a deal on terms with Delaware, US, which would grant it exclusive rights to operate and develop the Port of Wilmington for 50 years.






May 2018

APM Terminals Bahrain, the operator of Khalifa Bin Salman Port (KBSP), has signed a three-year collective bargaining agreement (CBA) with The General Union of Marine Port Labours. The agreement further reinforces its commitment towards investing in the development and welfare of its employees, said a statement.






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