Mubadala buys mines’ stakes

Trading house Trafigura has sold half of its stake in three Spanish copper and zinc mines to Abu Dhabi investment company Mubadala as the two firms set up a global joint venture to invest in base metals mining.

The Swiss oil-to-metals trader aims to grow via JVs and raise money via sales of stakes.

Mubadala is pushing to invest in non-oil assets. It has a portfolio of more than $66 billion.

Mubadala will buy 50 per cent in Trafigura’s mining operator Minas de Aguas Teñidas (Matsa) which owns the Agua Teñidas, Sotiel and Magdalena mines in southern Spain producing copper, zinc and lead concentrates.

Almarai profit up 22.41pc

Saudi Arabia’s leading dairy firm Almarai has reported a 22.41 per cent increase in Q2 net profit.

It made a profit of SR530.4 million ($141.43 million), up from SR433.3 million in the year-earlier period.

The Q2 sales growth of 11 per cent and a SR442.9 million gain from a bakery fire insurance claim helped lift results.

Almarai plans to invest $5.6 billion in the next five years.

Ma’aden profit dips

SaudiI mining firm Ma’aden posted a 27.2 per cent fall in second-quarter net profit, missing analysts’ forecasts.

Net profit was SR270 million ($72 million) versus SR370.8 million in the corresponding period of 2014.

Three analysts surveyed by Reuters had forecast on average that Ma’aden would report a net profit of SR380.4 million.

Carpet industry optimistic

The carpet and flooring industry in the GCC region is set to continue growing 30 per cent annually until 2020, according to an expert.

The growth has been attributed to the region’s young and fast-growing population, coupled with two coming international events, the Dubai Expo 2020 and the Qatar World Cup 2022, said Talal Al Sorayai, board member, Al Sorayai Group.

It is in line with continued growth in the construction sector between 2015 and 2018.