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THE ECONOMY - INDUSTRY

Abu Dhabi and Volkswagen hold meeting

Posted on 29/09/2004

The Emirate of Abu Dhabi and Europe's largest carmaker Volkswagen held a meeting in Abu Dhabi yesterday to discuss a number of projects which the two sides agreed upon earlier this year. They include a project to set up a specialized zone for manufacturing and assembling auto and auto-components in Abu Dhabi. The meeting further touched on various issues with the aim of reaching understanding on mechanism for a joint work so as to move forward with the agreement to the implementation stage. ...  >>MORE

Tabreed inks five new contracts with UAE Armed Forces

Posted on 26/09/2004

Tabreed, the National Central Cooling Co (PJSC), has signed five new contracts with the UAE Armed Forces. The deal, which is worth around D600 million, makes the UAE Armed Forces Tabreed's largest customer. The projects, which are currently under construction, comprise five additional stations that will serve a number of Military camps and other Armed forces facilities. Mohamed Saif Al Mazrouei, chairman, Tabreed, said, "The UAE Armed Forces are sincerely committed to supporting energy ...  >>MORE

Decree issued for establishment of Dubai Silicon Oasis

Posted on 22/09/2004

His Highness Sheikh Maktoum bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE, and Ruler of Dubai, has issued, in his capacity a decree stipulating the establishment of 'Dubai Silicon Oasis (DSO). Article (1) of the decree stipulates the establishment of a free zone to be named 'Silicon Oasis' that enjoys a judicial person's status and financial independence and that would be administered by the Free Zone Authority within boundaries and space demarcated as per the plan ...  >>MORE

US$10m steel, coil-coating unit planned in UAE

Posted on 18/09/2004

Mulk-Litong is planning to set up US$10 million steel and coil coating plant in UAE with a capacity of 50,000 tonnes. The diversified Mulk Group of Companies (MGC) has signed an agreement with Hong Kong based Litong International Group Holdings Ltd for setting up this plant, which is expected to be operational by mid 2005. According to Shaji Ul Mulk, chairman, Mulk Group of Companies, the agreement for the joint venture was signed with Huang Shao Bo, president, Hong Kong Litong ...  >>MORE

Ducab wins DEWA's Dh 52 million-contract

Posted on 01/09/2004

Ducab, manufacturer of power cables, have recently been awarded the prestigious Cable System contract for Dubai Electricity and Water Authority's (DEWA) new 750 MW 'L' Power Station in Jebel Ali. DEWA awarded the Power and Desalination station package to a consortium led by Mitsubishi Corporation along with Toshiba Corporation, Fisia Italimpianti SpA, Areva (Alsthom) and ETA Group as the partners. The engineering consultant for this project is the world reputed Lahmeyer International GmbH ...  >>MORE

UAE demand of marble and granite highest in region

Posted on 01/09/2004

The demand for flooring stone in UAE is the highest in the entire Gulf region. Due to the ongoing construction boom, the import of marble and granite has increased between 6 to 10 per cent year-on-year in the UAE and growing at a steady pace along with the expansion of the construction activity, according to UAE Trade statistics. It is significantly higher than the marble and granite imports in Saudi Arabia and Kuwait, which can only be attributed to the higher level of construction activity ...  >>MORE

UAE moves to protect domestic iron factories

Posted on 31/08/2004

The UAE has moved to curb exports of scrap metal to India and other markets to save its cash-strapped factories. The Ministry of Finance and Industry (MOFI) has decided to start levying a Dh250 (US$68.20) duty on each tonne of scrap metal exports. This will enable domestic iron plants to get enough scrap metal for their production and this will allow them to meet growing local demand and boost earnings. But experts doubt the decision, which takes effect tomorrow, will be fully implemented on ...  >>MORE

Dubai Outsource Zone plots will be offered to private developers

Posted on 08/08/2004

Lease rates for space in the Dubai Outsource Zone will be half those of the Dubai Internet City now, according to Dr Omar Bin Sulaiman, chief executive of DIC. "We are looking at Dh55 a square foot now for the DOZ," he told Gulf News. "For the outsourcing industry, we realise that people and space represent the biggest cost elements for the companies. At Dh55, we believe that we are offering a very competitive value for an industry that has always been cost sensitive." DOZ was formally ...  >>MORE

Mohammad waives duty on cement imports

Posted on 04/08/2004

General Sheikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, and UAE Minister of Defence, has praised the step taken by Nakheel to import cement in a bid to bring down rising cement prices. Sheikh Mohammad described the step as a highly beneficial national service for the local contracting sector. Sultan Ahmad Bin Sulayem, Executive Chairman of Dubai Ports, Customs and Free Zone Corporation and the chairman of Nakheel, said Sheikh Mohammad's approval of the step includes a direct ...  >>MORE

NMDC earns Dh10.4m H1 profit

Posted on 04/08/2004

The National Marine Dredging Company has earned a net profit of Dh10.445 million during the first six months of the year comparing with net losses Dh13.672 million during the same period last year. The contract revenues of the company declined to Dh118.357 million during the first half of the year against Dh126.051 million in the corresponding period. (The Khaleej Times) ...  >>MORE

Khalifa issues GHC statute

Posted on 31/07/2004

H.H Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, has issued in his capacity as Deputy Ruler of Abu Dhabi, resolution No (5) for 2004 on the establishment of the General Holding Company (GHC) as a public joint stock company in the Emirate of Abu Dhabi under the chairmanship of Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Economic Department (ADED). According to the resolution, which came in response to instructions by ...  >>MORE

Plastic industry set for huge growth in UAE

Posted on 31/07/2004

The on-going construction boom, growth and expansion of trade and industry and an increase in population during the last decade have helped UAE's plastic industry to sustain growth, according to industry sources. "Given the fast growing market demand for whole range of plastic materials and products in the backdrop of the current all-round boom, the industry is geared for a further major leap in the coming years," said an industry analyst, quoted by "Khaleej Times.” Although, it is one of the ...  >>MORE

Khalifa sets up General Holding Company in Abu Dhabi

Posted on 28/07/2004

H.H. Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, has issued in his capacity as Deputy Ruler of Abu Dhabi, resolution no (5) for 2004 on the establishment of the General Holding Company (GHC) as a public joint stock company in the Emirate of Abu Dhabi under the chairmanship of Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Economy Department (ADED). According to the resolution, which came in response to ...  >>MORE

Advertising market in the UAE grows 44.5 per cent

Posted on 26/07/2004

The UAE advertising market reported record growth at the end of the first half this year with ad spending volume rising 44.5 per cent to US$287.3 million (Dh1.057 billion) compared to US$198.7 million (Dh731.2 million) in the same period last year. According to report released by the Arab Research and Studies Centre, ad spending in newspapers topped the list with US$138.6 million (Dh510 million) making over 48.2 per cent of the total ad spending volume in the UAE. Ad spending in the press ...  >>MORE

Kharbash releases book containing industry statistics

Posted on 25/07/2004

Around Dh42 million was invested by 2,795 industrial firms registered in the UAE, which employed 212, 697 workers as of end 2003, according to the statistical book issued by the Ministry of Finance and Industry. Launching the book, Dr Mohammed Khalfan, Minister of State for Financial Affairs said 2003 witnessed remarkable growth in industrial activity in the UAE. He said the book includes more details on the distribution of the companies both by sector and geographic location. (The Gulf News) ...  >>MORE

Dubai economic department issues 11,389 licences in 2003

Posted on 25/07/2004

While the services sector represented the great majority of licences issued last year by Dubai's Department of Economic Development (DED), there was a slight improvement for those related to industrial activities as well - from 199 in 2002 to 232 as of end last year. In all, the department issued 11,389 licences last year, of which 8,319 were commercial licences, 2,388 in the professional category, 147 for tourism-related pursuits and 303 Intalaq licences. "Currently, there is no ...  >>MORE

Substantial growth in UAE industrial register entry

Posted on 21/07/2004

The number of industrial organisations entering the UAE Ministry of Finance and Industry registers amounted to 2,795 by the end of last year, with total investments of Dh43.6 billion, of which Dh38.5 billion are national investments, representing 88.3 per cent of the total industrial investment. According to Shahib Ahmed Shahib, Director of Industrial Development Department at the Ministry, last year witnessed a remarkable growth in the industrial register entry where 286 industrial ...  >>MORE

Dubai sets up one-stop shop for textile business

Posted on 21/07/2004

Dubai is all set to become an international focal point for the rapidly expanding textile industry by employing millions of people across Asia and showing major development in the Middle East. Textile Expo Dubai to be launched next March will bring together leading manufacturers and thousands of industry decision-makers from the Indian sub-Continent, Africa, the CIS countries, as well as the Middle East. In the Middle East, clothing and accessories exports amount to US$11 billion a year, and a ...  >>MORE

UAE glass industry sees huge growth

Posted on 10/07/2004

Glass industry is experiencing tremendous growth due to massive construction boom in the UAE. As glass is one of the major materials required for the construction of residential, commercial and other establishments, different varieties for different purposes are being manufactured in the UAE, according to an official working for a reputed glass manufacturing company. Moreover, glass is a resource which can be recycled easily and cost effectively and is very eco-friendly. It is also one of ...  >>MORE

ADIC to build steel plant in Fujairah

Posted on 22/06/2004

The Abu Dhabi Investment Company (ADIC) yesterday unveiled its plans to set up a steel plant in Fujairah in collaboration with local partners. The proposed plant would consist of a unit producing sponge iron with a designed capacity reaching to 1.2 million tons/annum, which is integrated by a unit producing steel billets by means of a meltshop and a continuous caster at a designed capacity of 1.18 million tons/annum. The local market is expected to absorb virtually all of both units' ...  >>MORE

Ajman plans liberalisation of industrial sector

Posted on 16/06/2004

Cashing in on the trend to allow non-UAE citizens to own their businesses and properties, Ajman is gradually moving towards liberalising its industrial sector to lead the country's burst towards diminishing its reliance on oil revenues. Serious talks towards that end are going on at the top level of concerned authorities who seek the permission from the federal entities, according to a Senior Economist familiar with the latest development in the emirate. The number of industrial ...  >>MORE

DUBAL expands smelter capacity

Posted on 14/06/2004

Dubai Aluminium Co Ltd (DUBAL), one of the largest single-site aluminium smelters in the world, on Saturday marked the company's latest expansion project, Potline-7 worth Dh748.7 million. The new project will add 75,000 metric tonnes of primary aluminium per year, and increase the total smelter capacity from 686,000 to 761,000 metric tonnes annually. Mohammed Al Ghurair, managing director of Dubai Aluminium, said: "Dubal's success over the years can be attributed to the vision and ...  >>MORE

Talks underway between Abu Dhabi and Volkswagen to set up car making zone

Posted on 07/06/2004

Negotiations are now underway between Abu Dhabi and Volkswagen of Germany to set up a car making industrial zone, according to Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Economic Department. "We are endeavouring to build a sound national economy and make Abu Dhabi emirate a safe haven for local and foreign investment," he said in a news conference in Abu Dhabi yesterday. Sheikh Hamed, who is also Chairman of the Higher Corporation for the Specialised Economic Zones (HCSEZ), ...  >>MORE

Abu Dhabi plant opening in November, says Ducab

Posted on 26/05/2004

Ducab, the cable manufacturing company jointly owned by the Dubai and Abu Dhabi governments, is looking to an end-November deadline to commission its new factory in Abu Dhabi. The facility will have an installed capacity of 25,000 conductor tonnes annually. On commissioning, it will join Ducab's existing plant in Dubai, commissioned in 1979 and currently running at a capacity of over 35,000 tonnes annually. Investments in the new plant and related requirements were in the range of Dh125 ...  >>MORE

Dh500 million Record Sales for DUCAB in 2003

Posted on 12/05/2004

Dubai Cable Company (Private) Ltd. (DUCAB) crossed Dh500 million in sales to record another milestone in the company's historic growth. DUCAB sales reached AED 530 by the end of 2003, representing a 22 per cent increase over the preceding year. Colin Paskins, Managing Director, DUCAB, attributed this landmark achievement to the hard work and dedication of the company's employees and to the support rendered by the company's customers, agents, and suppliers. With the current trend, ongoing ...  >>MORE

Tabreed expanding operations, JVs in Saudi Arabia, Bahrain

Posted on 05/05/2004

Tabreed - the joint stock National Central Cooling Company is expanding its operations, revenues and net profits at a rapid pace. It has reported healthy financial results for 2003, is setting up joint ventures in Saudi Arabia and Bahrain and has recently signed several new contracts for the provision of district cooling services to clients around the UAE, according to a report in the Spring issue of ‘UOG News.' Tabreed's net profit for 2003 increased by 188 percent to Dh 23.37 million ...  >>MORE

US$20m porcelain factory to be set up in RAK

Posted on 02/05/2004

A new US$20 million porcelain factory dedicated to the production of porcelain kitchen and house-ware is being planned in the emirate of Ras Al Khaimah. Dr. Khater Massaad, General Manager of RAK Porcelain, said that the new factory will commence production early next year. It will have a total production capacity of 15 million pieces annually. "Production capacity will be increased to 30 million pieces the following year, which will make the factory t-he biggest of its kind in world," ...  >>MORE

Manufacturing sector provides more jobs

Posted on 17/04/2004

The manufacturing sector now employs more than 264,000 people, making it one of the biggest job providers and a key source of income in the UAE. Official figures showed the sector's labour accounted for more than 10 per cent of the nationwide work force and nearly five times the manpower of the oil sector. At the end of 2003, employees in the manufacturing sector totalled around 264,600 compared with nearly 143,600 in 1995 and 50,500 in 1985. Workers in the oil and gas industry were ...  >>MORE

UAE extruded aluminium output set for boost

Posted on 10/04/2004

With the construction activity in Dubai and neighbouring emirates reaching a crescendo, local production of aluminium extrusion is poised for a major capacity boost to meet a stronger domestic off-take as well as an increasing demand from overseas markets. Market players estimate that the domestic demand for aluminium extrusion, currently at 35,000 tonnes per annum worth some Dh350 million, is bound for a sustained annual growth of more than 10 per cent given the all-round growth in ...  >>MORE

RAK Ceramics venture begins manufacturing operations

Posted on 03/04/2004

Laticrete RAK Co - a joint venture between RAK Ceramics and US-based multinational Laticrete International - announced the start of its adhesives and grouts manufacturing operation in Ras Al Khaimah. The joint venture was inaugurated by Sheikh Saud bin Saqr Al Qasimi, Ras Al Khaimah Crown Prince and Deputy Ruler. Sheikh Saud, who is also chairman of RAK Ceramics, said the inauguration of the venture was only one in a series of successes for the company. Quoted by "Khaleej Times”, Dr Khater ...  >>MORE

Abu Dhabi to host first Industrial 2004 expo

Posted on 31/03/2004

The International Industrial Exhibition and Conference, Industrial 2004, the first of its kind in the region, will be hosted in Abu Dhabi from November 21 to 24, by the General Exhibitions Conference (GEC). Ahmed Al Mazrouie, Acting Director-General of GEC said that the objective is to showcase under one roof the latest manufacturing technology and highlight the potential of the UAE and the other GCC states as nerve centres of industry, according to a report in "Khaleej Times.” In addition ...  >>MORE

Gulf marine industry powers along

Posted on 19/03/2004

Marine and coastal developments in the Gulf have triggered the establishment of a number of marine ventures in the region as a knock-on effect, according to officials and analysts. A number of new companies and joint ventures are expected to come up in the next few months. Recently, Istithmar, the investment arm of the Ports, Customs and Free Zone Corp (PCFC), announced the setting up of two new companies to support future growth of the marine related sectors in the Gulf. Besides, existing ...  >>MORE

Abu Dhabi to float major projects to private sector

Posted on 16/03/2004

Abu Dhabi is set to float major projects to the local private sector this year as it pushes ahead with plans to privatise key industrial plants and set up one of the world's largest oil services complex. To achieve its target of attracting foreign capital of nearly US$10 billion into its burgeoning industrial zones, the emirate is also planning to revise its economic and investment laws in line with WTO rules. "New economic legislation in the emirate is currently under study to conform not ...  >>MORE

Work on Dh220m Textile City begins

Posted on 16/03/2004

Allotment of space for the first phase of the Dh220 million Dubai Textile City (DTC) is already completed, and work on the site has begun with the laying of the foundation stone yesterday. Texmas awarded the contract to build the DTC to United Engineering Contract (UNEC) and the project will be completed by mid-2005. The main consultant is Arif & Bintoak Consultants and the engineers representing the client are Model Engineering Consultants. Sultan Ahmed bin Sulayem, executive chairman of ...  >>MORE

Tabreed bags Dh 160 million contract, expands project portfolio

Posted on 09/03/2004

Tabreed - the joint-stock National Central Cooling Company set up by the UAE Offsets Group, UOG, in June 1998 - has further strengthened its position as the leading district cooling services provider in the GCC by signing a 20-year contract with the Dubai-based Omnix Group for the provision of district cooling services to its multi-billion dirham Dubai Pearl project, according to a report in the latest UOG quarterly bulletin "UOG News.” Under the terms of the Dh 160 million (US$43.6 ...  >>MORE

UAE invests over US$11b to build industrial base

Posted on 06/03/2004

The UAE has pumped at least US$11 billion into its non-oil manufacturing sector over the past three years within a drive to build an industrial base and ease reliance on unstable crude export earnings, according to government statistics. Most of the investments were channelled by the private sector, which has become the focus of a government programme to diversify the oil-reliant economy and ensure a stable income in the long term, the Ministry of Finance and Industry said. From around ...  >>MORE

Dubal output rises 5pc

Posted on 06/01/2004

Dubai Aluminium Co (Dubal) recorded a 5 per cent increase in production last year to 560,000 tonnes, the company revealed yesterday. During the same period the company, now in the middle of a major expansion project, sold more than 616,000 tonnes of metal alloy products. This works out to a 7 per cent increase over the 2002 tally.= Yet it still managed to trim unit costs to a level which pushed it into the ranks of the top 20 lowest cost aluminium producers in the world. "Dubal is now ...  >>MORE

Abu Dhabi expects US$10b investment in industrial zones

Posted on 31/12/2003

Abu Dhabi expects local and foreign investors to pump at least US$10 billion into its emerging industrial zones as the emirate pushes ahead with its economic diversification programmes, its top economy official said yesterday. Sheikh Hamed bin Zayed Al Nahyan, chairman of the Department of Economy, said around Dh5 billion (US$1.36 billion) had already been invested in the emirate's first major industrial city in Musaffah, just outside the capital. Addressing businessmen and industrialists, ...  >>MORE

Tabreed retains Abu Dhabi firm as sole arranger to issue Sukuks

Posted on 19/12/2003

Tabreed, the National Central Cooling Company (PJSC), yesterday announced that it had retained Abu Dhabi-based The National Investor as sole advisor and sole arranger, to contemplate issuing Sukuks to be listed on the Luxembourg Stock Exchange. The company is approaching the capital markets with a Sukuk issue in the first quarter of 2004, market conditions permitting. "We are excited about working with The National Investor in contemplating one of the first corporate Islamic Sukuk offerings to ...  >>MORE

UAE auto sector posts 20pc growth

Posted on 12/12/2003

Going beyond the worries brought about by the Iraq conflict earlier in the year and speedbreakers by way of currency fluctuations, the UAE's automobile sector responded with a strong 20 per cent growth this year. While estimates for the final tally are still coming in, industry sources suggest a strong finish to the year is the most likely scenario with volumes at around the 117,000 to 120,000 mark. This was the backdrop as the latest version of the Dubai Motor Show opened at the Dubai World ...  >>MORE

Industry emerges biggest earner after oil

Posted on 03/12/2003

Heavy investment by the public and private sectors boosted the industrial sector's share in the domestic economy to 13.5 per cent last year. Industry is now the second biggest component after oil, according to local estimates, a report in +Gulf News+ said. The value of the manufacturing sector's contribution to gross domestic product peaked at nearly Dh33.5 billion (US$9.12 billion) last year, second only to the oil sector's value of around Dh72 billion (US$19.6 billion). "Last year, the ...  >>MORE

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Quick List

Abu Dhabi and Volkswagen hold meeting


Tabreed inks five new contracts with UAE Armed Forces


Decree issued for establishment of Dubai Silicon Oasis


US$10m steel, coil-coating unit planned in UAE


Ducab wins DEWA's Dh 52 million-contract


UAE demand of marble and granite highest in region


UAE moves to protect domestic iron factories


Dubai Outsource Zone plots will be offered to private developers


Mohammad waives duty on cement imports


NMDC earns Dh10.4m H1 profit


Khalifa issues GHC statute


Plastic industry set for huge growth in UAE


Khalifa sets up General Holding Company in Abu Dhabi


Advertising market in the UAE grows 44.5 per cent


Kharbash releases book containing industry statistics


Dubai economic department issues 11,389 licences in 2003


Substantial growth in UAE industrial register entry


Dubai sets up one-stop shop for textile business


UAE glass industry sees huge growth


ADIC to build steel plant in Fujairah


Ajman plans liberalisation of industrial sector


DUBAL expands smelter capacity


Talks underway between Abu Dhabi and Volkswagen to set up car making zone


Abu Dhabi plant opening in November, says Ducab


Dh500 million Record Sales for DUCAB in 2003


Tabreed expanding operations, JVs in Saudi Arabia, Bahrain


US$20m porcelain factory to be set up in RAK


Manufacturing sector provides more jobs


UAE extruded aluminium output set for boost


RAK Ceramics venture begins manufacturing operations


Abu Dhabi to host first Industrial 2004 expo


Gulf marine industry powers along


Abu Dhabi to float major projects to private sector


Work on Dh220m Textile City begins


Tabreed bags Dh 160 million contract, expands project portfolio


UAE invests over US$11b to build industrial base


Dubal output rises 5pc


Abu Dhabi expects US$10b investment in industrial zones


Tabreed retains Abu Dhabi firm as sole arranger to issue Sukuks


UAE auto sector posts 20pc growth


Industry emerges biggest earner after oil