July 2021 - ssrdind

July 8, 2021

Hochtief has sign a agreement JV with Bahrain Airport Company

German construction group Hochtief AG has signed an agreement with Bahrain Airport Company (BAC) to set up a joint venture, which will provide facility management at Bahrain International Airport.

The new entity, Hochtief Facility Management Bahrain Airport, will be set up at a cost of euros 85 million ($115 million).

Hochtief AG said the contract marks a further internationalisation of its service business.

The agreement will run for six years, with an option to be extended for another five, the company said in a statement.

Hochtief Facility Management Bahrain Airport will initially employ around 170 people involved in the operation of all technical systems and the airport infrastructure.

At present Bahrain International Airport has a gross floor space of just under 70,000 sq m which houses various buildings such as the terminal, aircraft hangars, cargo halls, administrative buildings and a fire station. The Kingdom is set to spend $4.73 billion for upgrading the airport facilities.

The airport currently handles around eight million passengers per year, but with a new terminal due for completion by 2015, the passenger number will rocket to 15 million, the company said.

The new entity will provide technical and infrastructural services for all of these properties and the airport grounds in the coming years.

‘For example, the service provider will be taking responsibility for building management systems, passenger bridges and cleaning and will also deal with the sensitive infrastructure of the apron area and the runways,’ said a top official.

Hochtief Facility Management is contributing its lengthy experience in the area of airport management, including Athens Airport, the company added.

Source:https://newsonprojects.com/news/hochtief-has-sign-a-agreement-jv-with-bahrain-airport-company

July 8, 2021

GCC electricity grid plans to set up a transmission project

The GCC integrated electricity grid will be fully operational by later next year or early 2012 linking all the Gulf countries, the GCC Interconnection Authority (GCCIA).

The $1.2 billion project linking Bahrain, Qatar, Saudi Arabia and Kuwait, will make more than 1,200 megawatts of additional power available.

The GCCIA meeting was attended by representatives of all the six GCC (Gulf Cooperation Counci) states, who reviewed the progress made on the grid in the last nine months when its first phase was commissioned.

While the UAE would be linked in the first quarter of next year, Oman will follow a few months later.

The two grids will then be connected, possibly by the end of 2011 or early 2012.

Al-Mohaisen said extensive testing of the commissioned network had ensured it was in excellent condition.

While testing, 1,300mw were transmitted over 10 hours continuously and it passed all stringent measures.

Source:https://newsonprojects.com/news/gcc-electricity-grid-plans-to-set-up-a-transmission-project

July 8, 2021

Middle East aluminium output to expand

The Middle East could be producing more than 10 per cent of the world’s aluminium in less than a decade, according to industry experts.

Over the past 10 years, GCC states have begun implementing long-term strategies that aim to develop the region’s aluminium industry, and the region is now well positioned to be one of the world’s main aluminium producers.

In 2000, the GCC share of global aluminium production was 1.8 million metric tonnes per annum.

By 2008, this figure had risen to 2.2m metric tonnes per annum representing 5.4pc of global production, and it is expected to continue to increase to 6m metric tonnes per annum in 2015, and to 9m metric tonnes per annum in 2020 to reach 13pc of global production.

There are huge opportunities for investments in the region to capitalise on the production of primary metal by the region’s major smelters.

This year’s event is bigger than ever, with dedicated streams for the upstream production and smelter side of the industry, and for the downstream processing and fabrication sector.

The Middle East Aluminium 2010 Conference presents an ideal opportunity for the local aluminium sector to forge strategic partnerships and alliances with international and regional partners that will help them expand and keep the Middle East at the cutting edge of aluminium sector growth.

Source:https://newsonprojects.com/news/middle-east-aluminium-output-to-expand

July 8, 2021

Bahrain plans to develop new housing project

A massive new housing development boasting more than 1,000 homes is on the way in Hamala, Bahrain.

The BD500 million ($1.32 billion) Janayen Al Hamala Housing Project got the go-ahead from the Northern Municipal Council.

It will have 1,200 homes, three private schools, two private hospitals and a petrol station.

The Bahrain-based Kanaz Group is behind the project,
Councillors have inserted a clause stating that members of the public, not only residents, would have access to facilities in this huge housing project.

Source:https://newsonprojects.com/news/bahrain-plans-to-develop-new-housing-project

July 8, 2021

Global industrial services to execute Bharain steel mill

Global industrial services and engineered products company Harsco Corporation has announced three multi year contract awards for onsite steel mill services from new customers in Bahrain, Sweden and Chile totaling more than USD 135 million in projected revenues.

The contracts include the first steel mill to be built in Bahrain, the all new United Steel Company steelworks now nearing completion in the Hidd Industrial Area of northeastern Bahrain. The mill will be the Gulf Region’s first fully integrated producer of medium and heavy beams and structural steel sections, and is also envisioned to become the lowest cost producer of its kind in the world. Harsco’s new five year contract, scheduled to begin in the second half of this year, will service the mill’s anticipated production levels of close to one million tons per year, with objectives for further capacity expansion in the coming years. The SULB works becomes the second Harsco Metals & Minerals group operating site in Bahrain, joining Harsco’s AluServ aluminum dross processing facility at Askar which will now also provide slag processing support for the SULB contract.

The award in Sweden comes from SSAB, the largest Nordic manufacturer of heavy steel plate, and calls on Harsco to provide a range of scrap management services at SSAB’s plant in Oxelosund over a ten year period. Harsco’s services will enable the mill to better maximize its usage of internally generated scrap for improved efficiency and lower costs, while also enhancing the sorting and segregation of highly alloyed scrap materials for various production recipes. Harsco’s work will include a high-productivity Ferrocut(R) operation for reducing oversized scrap material into production-ready sizes.

In the third award, Harsco will begin services at the Gerdau AZA steelworks in Chile, a leading regional producer of steel products for the construction sector and other markets. Gerdau AZA is one of the two largest steel plants in Chile, and with this latest award, both are now served by Harsco. Harsco’s work will include slag processing, metal recovery and the sale of slag aggregates. The Company’s services are scheduled to start up in the third quarter of 2012 and, following completion of a slag processing site, the Company expects to be fully operational with all service activities by the first quarter of 2013. The six year contract adds to Harsco’s relationship with the Brazil based Gerdau Group, the largest producer of long steel in the Americas and one of the main suppliers of special long steel in the world.

Source:https://newsonprojects.com/news/global-industrial-services-to-execute-bharain-steel-mill

July 8, 2021

Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman

Mumbai-based JBF won a USD200 million contract from Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman Industrial City, Arabian Business reported.

Under the agreement JBF will carry out the construction works of the plant on a 65,000sqm site, expected to start early next year.

The new plant is expected to provide 300 jobs, with a production capacity of 90,000 tonnes in the first phase which can be expanded at a later stage.

The plant’s polyester film, which is used in packaging of electronics and food products, will mainly be marketed in the European Union and the US in order to benefit from the free trade agreement with the US.

Source:https://newsonprojects.com/news/bahraini-ministry-of-industry-and-commerce-to-set-up-a-polyester-film-plant-in-salman

July 8, 2021

Saudi sovereign fund PIF to invest in Investcorp-Aberdeen infrastructure fund

Saudi Arabia’s sovereign wealth fund PIF will become an anchor investor in an infrastructure fund being launched by Bahrain’s Investcorp and Aberdeen Standard Investments.

Aberdeen Standard Investcorp Infrastructure Partners (ASIIP) received a capital commitment from the $430 billion PIF for up to 20% of the total size of the fund ahead of its anticipated first closing, Investcorp said in a statement on Thursday.

The statement did not give the size of the fund, but the Financial Times reported on Wednesday it could be as much as $800 million and its first close will be $250 million.

The new fund has also received board approval from the Asian Infrastructure Investment Bank to commit $90 million, the statement said.

It could be joined by other global institutional investors including pension funds, insurance companies, endowments, family offices and private clients, the fund said.

ASIIP aims to participate in the post-COVID-19 economic recovery and reform in countries across the countries of the Gulf Cooperation Council and the wider Middle East and North A ..

Investcorp is a global alternative investment manager with around $35.4 billion in assets under management.

source:
https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-sovereign-fund-pif-to-invest-in-investcorp-aberdeen-infrastructure-fund/articleshow/83393202.cms

July 8, 2021

Bahrain-based Investcorp backs Asia’s Heritage Foods

Bahrain-based Investcorp has made more than 20 investments in the food and beverage industry over three decades across the US, Europe, Middle East and North Africa and Asia.

And its 21st investment in the space is marked by its backing of Heritage Foods, a buy-and-build platform established in 2015 that makes condiments and sauces, with long-standing presence in Singapore, Malaysia and Japan.

Heritage Foods is primarily involved in the investment and reorganisation of food businesses in the fast-moving consumer goods market in Asia, in addition to the acquisition of food brands.

Bahrain-based Investcorp has made more than 20 investments in the food and beverage industry over three decades across the US, Europe, Middle East and North Africa and Asia.

Heritage Foods is primarily involved in the investment and reorganisation of food businesses in the fast-moving consumer goods market in Asia, in addition to the acquisition of food brands.

In May, Bloomberg reported that Investcorp was targeting larger private equity deals in North America as it seeks to boost assets under management to $50bn; currently it has raised about $1bn of the fund. And in February, the group announced that one of its affiliates had acquired a portfolio of 13 multi-let industrial assets in South Wales, UK.

Investcorp today has a presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore.

In 2019, Investcorp set up a $500 million joint venture with China Resources Capital Management, the private investment arm of China Resources Group, a Fortune Global 500 enterprise and owner of China’s largest supermarket chain enterprise group, China Resources Vanguard, and Fung Strategic Holdings Limited, a member of the private investment arm of the families of Victor Fung and William Fung.

Source:https://www.arabianbusiness.com/banking-finance/465448-bahrain-based-investcorp-backs-asias-heritage-foods