Shrinath Flexipack Pvt Ltd, India’s leading manufacturer of plastic packaging materials has finalised an agreement to build its first factory in the Middle East at KIZAD. The investment of AED 55 million ($15 million) will allow the Hyderabad plastics player to set up on a greenfield site within KIZAD’s Polymers Park. The new facility will serve Shrinath Flexipack’s clients in the Middle East, while also enabling the firm to expand its reach into African and European markets. Khalid Al Marzooqi, Director Commercial, KIZAD, said: “The setting up of a packaging company like Shrinath Flexipack setting up in the KIZAD Polymers…
Author: Kasun Illankoon
Grundfos’ regional headquarters in Dubai has been awarded LEED Platinum Certification for Operations and Maintenance for Existing Buildings (LEED O+M: Existing Buildings) – an internationally recognised mark of excellence for Green Buildings. The 4456 sqm multi-purpose complex, built back in 2002, hosts a factory, service centre and an office which serves the region with sustainable water solutions. In the UAE, Grundfos has joined the ranks of 11 buildings that have secured LEED Platinum certifications for Operations & Maintenance. Aside from being a regional base, it also serves as a training centre where hundreds of engineers, consultants and customers receive hands-on…
Saudi Arabia’s leading non-bank real estate lender, Amlak International, has announced its financial results for the 12-month period ended 31 December 2019. Net income grew by 14.5% to SAR 70 million, with total revenues increasing by 11% to reach SAR 296 million. Earnings Before Tax (“EBT”) increased by 4.6% to SAR 102 million, at a margin of 35%. Amlak’s total financing portfolio increased to SAR 3.2 billion across the individual and corporate book, reinforcing the importance of the diversity of the portfolio as a platform for growth. Strong growth in new disbursements to individuals saw an increase in value of…
In an exclusive conversation with CBNME, Mr. Ali Abdullah, Managing Director, RAQ Contracting, outline the measures taken by the company amid the COVID-19 pandemic. COVID-19 impact “The pandemic has impacted almost all sectors and industries, posing severe challenges for businesses like ours. The supply chain for special items required by the construction industry has been affected as many vendors, suppliers, and manufacturers have either stopped working or are working in reduced capacities. RAQ has adopted several mitigation measures mandated by the UAE Government for the construction industry and has acted quickly to follow all the necessary precautions and guidelines. One…
Dubai Free Zones Council (DFZC), commended the efforts of free zones members for implementing working remotely solution in line with the directives of the UAE government, as part of the precautionary and preventive measures to contain the spread of the coronavirus (COVID-19). The Council announced that all free zones in the emirate have implemented working remotely solution for 95% of their staff, in line with the directives of federal and local authorities in a bid to maintain business continuity, while also ensuring the safety and security of employees. In keeping with the instructions of the Executive Council of Dubai, the…
Further to this week’s agreement by the Steering Committee to explore options for a postponement, the Bureau of International Expositions has confirmed that a decision will be made by the Executive Committee meeting by two-thirds majority vote of BIE Member States. The BIE will consider a proposed change of dates for Expo 2020 Dubai, beginning 1 October 2021 and running to 31 March 2022, as formally requested by the UAE Government. The Steering Committee reviewed with grave concern the major impact that the spread of COVID-19 is having on global public, social, and economic health. The members reaffirmed their solidarity…
Construction continues at Qiddiya the future capital of entertainment, sports and the arts in Saudi Arabia. Qiddiya have taken all the necessary health & safety precautions in compliance with Ministry of Health regulations to continue construction in a safe environment on site. Set to become the Kingdom’s capital of entertainment, sports and the arts, Qiddiya is located on the doorstep of Riyadh and as one of Saudi Arabia’s giga projects will directly employ approximately 17,000 people by 2023. #Qiddiya is taking all necessary health & safety precautions in compliance with Ministry of Health regulations to continue construction in a safe…
According to Emirates News Agency (WAM), Etihad Rail board members confirmed that the O&M facility in Al Faya contract, valued at AED 864m, had been awarded to a joint venture led by VINCI Construction France, in line with the company’s future strategy to provide a railway network that supports and strengthens the long-term growth of the national economy. The decisions was made at a remote meeting chaired by H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Member of the Executive Council, and Chief of Abu Dhabi Crown Prince’s Court. During the meeting, H.H. Sheikh Theyab also carried out a…
Properties Investment (PI), a Dubai Investments joint-venture company engaged in the investment and development of real estate properties, has announced a 3 month rent relief as a goodwill gesture for all retailers within ‘The Market’ – a dedicated retail avenue, located in the Green Community, Dubai Investments Park. In the wake of ongoing efforts to control the COVID-19 pandemic and with mall managements across the country stepping up efforts with various initiatives, Properties Investments has temporarily advised retailers to close shutters, adhering to preventive measures adopted by the government. Properties Investment (PI) – a #Dubai Investments joint-venture company, announces a…