Displaying items by tag: UAE

UAE: Gulf Cement’s losses in the nine-month period to 30 September 2019 were US$1.06m, compared to a US$0.44m profit in the corresponding period of 2019. This was caused by a fall in nine-month revenue of 8.3% year-on-year to US$92.8m from US$101m.

UAE: The board of Sharjah Cement and Industrial Development elected Othman Mohammed Sharif Abdullah as its new chairman at a meeting on 12 October 2019. Mubasher has reported that the company, which is based in the UAE, and also listed in Kuwait, also appointed Salah Abdulla Al Noman to its board.

UAE: Failure of financing has put a stop to Ras Al Khaimah’s intended purchase of an 0.6Mt/yr integrated white cement plant in Fujairah and its associated quarry. Reuters has reported that the estimated US$123m deal will not be going ahead.

Bangladesh: Germany’s HeidelbergCement will purchase Ultratech’s stake in Emirates Cement, the owner of the 0.5Mt/yr Emirates grinding plant in Dhaka. NewAge Business has reported that Ultratech, a subsidiary of India’s Aditya Birla Group, has set the price of the stake at US$32.1m.

Ultratech first produced cement in Bangladesh following Aditya Birla Group’s acquisition of ETA Star Cement in April 2010, when it bought into the latter’s Bangladeshi subsidiary Emirates Cement for an estimated investment of US$382m. The divestment of its sole Bangladeshi asset awaits bank approval.

Bangladesh produces 58Mt/yr of cement, exceeding a market demand of 31Mt/yr. Of the 75 producers in the country, only 35 are actively making cement.

UAE: Three mill shells for iron ore processing have been constructed and successfully conveyed to Antwerp today by Hoffmeier. From there, they will embark for a productive life in the UAE.

UAE: Arkan Cement’s profit has grown in the first half of 2019 due to the sale of the closed Emirates Cement plan in February 2019. The subsidiary of Arkan Building Materials also said that it had benefitted from cost controls and a successful insurance claim. Its profit more than doubled to US$12.4min the first half of 2019 from US$4.67m in the same period in 2018. However, its sales revenue fell by 9.6% to US$79 from US$85.2m. It blamed this on local ‘price pressure’ due to a declining export market.

UAE: Ras Al Khaimah (RAK) Cement’s sales fell by 20% year-on-year to US$25.4m in the first half of 2019 from US$31.7m in the same period in 2018. Its profit dropped by 79% to US$0.39m from US$1.88m. Its cost of sales decreased to US$234m from US$29.1m.

UAE: Germany’s Schmersal Group has set up a new subsidiary ‘Schmersal Middle East-FZE’ to focus on business in the Middle East. The new company has opened an office in Dubai to support its development in the region. Uwe Seeger, Director of Asia Pacific Middle East at Schmersal Group said that he expected ‘great potential’ from the area.

Schmersal Group builds switchgears for the protection of machines and plants in industrial automation and lift industry. It is represented with its own corporations and distribution partners in over 60 countries.

UAE: Ahmed Abdullah Al Noman, the chairman of Sharjah Cement & Industrial, has died. He had been in the position since 1993, according to Bloomberg. He was also the chairman of the Bank of Sharjah. The company operates an integrated cement plant as well as paper sack and synthetic rope businesses.

UAE: Al Ain Cement and National Cement have signed a clinker offtake deal. Al Ain Cement, a subsidiary of Arkan Building Materials, will supply clinker to National Cement’s grinding plant in Abu Dabi, according to Gulf Today. The agreement is also intended to help both companies reduce production and logistics costs. The two companies have a combined production capacity of 3.1Mt/yr of clinker and 6.6Mt/yr of cement.