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Jindal Steel to Buy Oman’s Shadeed for $464 Million

Jindal Steel to Buy Oman’s Shadeed for $464 Million

Jindal Steel & Power Ltd. said it will buy Shadeed Iron & Steel Co. of Oman for $464 million, including debt, in the third-biggest global purchase by an Indian steelmaker. Jindal Steel, the nation’s second-biggest producer by market value, has tied up $400 million of bank loans to fund the acquisition, Deputy Managing Director Sushil Maroo [...]

Arabian Construction Week 2010 to Host ‘Building Machinery Middle East’ Trade Exhibition

Arabian Construction Week 2010 to Host ‘Building Machinery Middle East’ Trade Exhibition

Organizers of the Arabian Construction Week (ACW), the region's international construction exhibition and global summit for sustainable and innovative construction, today announced it will host Building Machinery Middle East for buyers and procurement teams that will visit the event to source construction machinery. The trade exhibition will be [...]

$196.5m loan for Al Rajhi

$196.5m loan for Al Rajhi

RIYADH: Saudi-based Al Rajhi Steel Industries yesterday said it has obtained a 737 million riyals ($196.5m) bank loan to more than double its steel rebar production by the start of 2012. The Sharia-compliant loan from Saudi Arabia's Alinma Bank will help finance the construction of a 1m tonne per year steel rebar plant in the Red Sea port city [...]

Monday Market Monitor – Middle East – WEEK 19 – In retracting mode

Monday Market Monitor – Middle East – WEEK 19 – In retracting mode

The flat product demand in Middle East went in shell as the market is wary of falling prices. The buyers have become cautious as the market emitted first signal of waning and traders & stockiest want to wait for the dust to settle before opening their cards. Market is witnessing ambiguous signals with inconsistent offers. Whereas on one hand [...]

Jafza brings Middle East economic prospects to international limelight

Jafza brings Middle East economic prospects to international limelight

he Jebel Ali Free Zone Authority, or Jafza, focuses on developing innovative products that allow investors to set up businesses at the free zone in the quickest and most seamless way, Jafza Chief Executive Officer Salma Hareb, said. In an exclusive interview with Khaleej Times, she said Jafza offers the most innovative, market driven products [...]

China steel ripe for consolidation: ArcelorMittal

China steel ripe for consolidation: ArcelorMittal

LUXEMBOURG: China's steel industry is ripe for consolidation in coming years, but the process elsewhere has largely run its course, the head of ArcelorMittal, the world's largest steelmaker, said on Tuesday. Lakshmi Mittal told the company's annual shareholders meeting he expected developing countries to make up 70 percent of global output in [...]

GCC states will abolish steel import duties

GCC states will abolish steel import duties

Gulf countries will abolish five per cent steel import duty within one to two months to ease supply strain that has been mostly felt in Saudi Arabia, a media report has said. According to the local daily Gulf News report, finance ministers from the six-nation Gulf Cooperation Council (GCC) examined the proposed measure at a meeting. "There [...]

Structural steel design seminar

Structural steel design seminar

DOHA: Cellbeam Middle East is hosting a seminar in Doha to introduce the unique Fabsec design system and the greater use of long span cellular steel beams in construction. Taking place at the Ramada Plaza on June 8, speakers will discuss the use of long span cellular beams in construction, the provision of up to two hours fire protection of the [...]

Organisers of Arabian Construction Week forecast 15% growth for GCC construction sector in 2010

Organisers of Arabian Construction Week forecast 15% growth for GCC construction sector in 2010

The multi-billion dollar construction sector in the GCC is on a promising recovery track with leading industry players once again looking for feasible investments and opportunities to diversify their portfolios, according to Chris Hudson, Managing Director of Mecom Forums, and Partner of Clarion Events.

Emirates Steel to raise USD 2 billion by mid July

Emirates Steel to raise USD 2 billion by mid July

Abu Dhabi's Emirates Steel Industries is asking banks to respond to financing requests for the long term debt for the development of its plant at Taweelah by mid May and is aiming to close the deal by middle of July. The financing is split into three tranches, USD 500 million 7 year commercial loan USD 500 million Islamic finance tranche and a [...]

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