In Brief

September 2017

110 UAE listed firms post profit

A TOTAL of 110 listed companies in the UAE reported profits worth Dh31.9 billion ($8.68 billion) during the first half (H1) of the year, as compared to Dh32 billion in the corresponding period last year, a report said.

The positive financial results announced by national banks for the first six months of the year are fairly good given the unsatisfactory performance made by some companies whose profits declined after they had reconsidered some of their investment plans, reported Wam, the Emirates official news agency.


Panalpina wins deal in Iraq

SWISS-based Panalpina, a leading provider of supply chain solutions, was recently awarded a contract to manage transportation for a gas project in Iraq.

The contract will run for a minimum of five years, and involves high air and LCL (less than container load) ocean freight volumes. Work has already begun and besides transport, Panalpina will also provide customs clearance, light warehousing, full order management and in-house staffing for the customer. Additionally, Panalpina will handle ad hoc air and ocean chartering for this project.


Acwa to build 3 solar projects

ACWA Power, a major developer and operator of power and desalinated water plants, has been awarded three solar photovoltaic power projects by Egypt.

The projects to be built in Benban are under Egypt›s Round 2 of the Feed-in-Tariff (FiT) programme, said a statement.

Acwa Power will develop, finance, build, own and operate the three projects with an aggregate capacity of 165.5 MW and total investment value of $190 million.


Jafza adds 267 new companies

DUBAI-based Jebel Ali Free Zone (Jafza), a subsidiary of DP World, revealed that it attracted 267 new companies from 48 countries during the first half of 2017, marking a growth of 6 per cent compared to the same period last year.

Jafza has maintained its position as a preferred investment destination for large-scale industrial and commercial projects coming into the UAE, said a statement. Jafza also leased more than 340,000-sq-m of space for facilities for a variety of sectors and industries during the period, it said.


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