Arabtec in talks to buy a Kuwaiti Construction Company.

Arabtec Holding, Dubai’s largest listed construction firm, is in the advanced stages of talks to fully acquire a construction company in Kuwait’s Kharafi Group, two sources aware of the discussions said.

The Dubai firm is in talks with Kharafi National, a Kuwait-based contractor and facilities management firm which has operations in several Middle Eastern countries, to buy all its assets and operations.

The deal, if completed, would be worth about Dh2 billion ($ 545 million), one source said. However, a report in the Abu Dhabi-based Al-Ittihad newspaper on Monday valued the possible deal at about Dh5.5 billion; it quoted unnamed sources.

A formal agreement is expected in two to three months, sources told Reuters. Arabtec declined to comment; Badr Kharafi, who assumed control of the family conglomerate following the death of his father Nasser in 2011, declined to comment when contacted by Reuters.

The acquisition is part of Arabtec’s aggressive regional strategy to enter partnerships and acquire competitors, and eventually create a pan-Gulf construction firm.

The builder, in which Abu Dhabi state fund Aabar has a 22 percent stake, making it the largest single shareholder, replaced Arabtec’s founder and chief executive Riad Kamal with Abu Dhabi-based private investor Hasan Abdullah Ismaik last year, and embarked on an ambitious growth strategy.

Arabtec entered into partnerships with South Korea’s Samsung Engineering and GS Engineering & Construction , and has acquired other, smaller regional companies.

Its relationship with Aabar has helped the builder clinch several projects, including a $ 6.1 billion deal, its biggest ever, to build 37 towers in Abu Dhabi and Dubai.

The company last year denied media reports that it was in talks to merge its operations with Kuwait’s Combined Group Contracting Co (CGCC) and Saudi Arabia’s Saudi Oger.

Kharafi Group, which owns Kharafi National, is one of the biggest family conglomerates in Kuwait with interests in real estate, retail and financial services. It is thought to control, through various entities, around a quarter of telecommunications operator Zain.

Headquartered in Kuwait, Kharafi National has operations in the United Arab Emirates, Qatar, Saudi Arabia, Egypt, Lebanon and Bahrain, and has a workforce of around 30,000 people.

Via: Emirates 24/7

No.of Reads (158)

Kuwait is decorated as a bride to celeberate Independence and libration day.

Kuwait is celebrating its 53 rd Independence day and 23 rd Liberation day(25-26 February) in  this year 2014. Whole country is decorated as a bride and every where in the country there is a season of holidays, joy and happiness.

Here we are sharing some beautiful pictures showing a passion of patriotism.

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  No.of Reads (156)

“CB & I ” the US firm awarded $370 mln Kuwait refinery contract.

Kuwait National Petroleum Company (KNPC) has awarded CB&I Nederland BV a $370 million contract for setting up new clean fuels project at the Mina Abdullah I refinery, Oil & Gas Journal reported.

CB&I is part of a joint venture led by Petrofac International Ltd., along with Samsung Engineering Co., Ltd., that will execute the Mina Abdullah I refinery project. CB&I’s project scope includes engineering and procurement for two atmospheric residue desulfurization units, which were previously licensed by Chevron Lummus Global, a joint venture between CB&I and Chevron.

The Clean Fuels Project is one of KNPC’s major investment projects to upgrade the Mina Abdullah andMina Al-Ahmadi refineries in order to reach a daily production target of 800,000 BPSD from the current 736,000 BPSD.

“This award builds on CB&I’s proven experience in the refining industry,” said Patrick K. Mullen, President of CB&I’s Engineering, Construction and Maintenance operating group. “The installation of these units will reduce sulfur, enhancing the ability of Kuwaiti petroleum products to compete on the world market and meet stringent international environmental regulations.”

No.of Reads (193)

Real Estate Giant “Emaar” buys remains of 150 million-year-old dinosaur.

Dubai developer Emaar has bought the remains of a 150 million year old dinosaur, which are set to be permanently displayed in Dubai Mall.

It is understood the remains of an adult dinosaur were recently discovered at Dan Quarry in Wyoming, USA, and it is the first time ever that bones from one individual were found in a sleeping position.A source close to the deal said Emaar had paid “several million dollars” for the dinosaur.

“Emaar has been looking to do this for some time, it’s going to be something really spectacular. Bringing it to Dubai Mall is obviously a massive logistical challenge but is something currently underway. It could be only a matter of weeks before this is unveiled in Dubai Mall,” a source told Arabian Business, adding: “The whole dinosaur has been painstakingly restored, and this will be the first ever time it is exhibited outside the US.”

The Dubai Mall, Emaar’s flagship shopping and entertainment destination, welcomed over 75 million visitors in 2013, driving a sales boost of 26 percent. Emaar said last month that footfall at the mall rose by 15 percent last year, with an average monthly visitors totaling 6.25 million.

Via: Arabian Business

No.of Reads (158)

Fluor, Petrofac confirm Kuwaiti clean fuels deals.

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Fluor Corporation has confirmed that its consortium was chosen to deliver the second package of the Mina Abdullah Clean Fuels project in Southern Kuwait.

Its client, state-owned Kuwait National Petroleum Company, had announced earlier this month that it had awarded $12bn worth of deals on the project to upgrade and expand refineries, with three consortia led by JGC Corp of Japan, UK-based Petrofac and US-based Fluor leading the consortium to carry out the work.

JGC Corp will upgrade the Mina Ahmadia refinery under a $4.8bn (KD1.36bn) deal, while Petrofac and Fluor will work on Mina Abdullah refinery under deals worth $3.7bn (KD1.07bn) and $3.4bn (KD962mn) respectively. Fluor’s consortium also includes South Korean contractors Daewoo Engineering & Construction and Hyundai Heavy Industries.

Fluor’s Energy & Chemicals’ EMEA president, Taco de Haan, said: “This project will increase productivity at the facility while also delivering products that comply with state-of-the-art environmental standards.”

Petrofac, which is working with Samsung Engineering Co and CB&I Nederland, said that its consortium would provide 19 new units at Mina Abdulla and revamp five existing units and inter-refinery transfer lines. Its portion of the $3.7bn project is worth around $1.7bn, the company said.

It is estimated that once the entire project is finished in four years’ time, Kuwait’s refining capacity will increase by around 800,000 barrels of oil per day.

No.of Reads (216)

Samsung signs $800mn Algeria gas field deal

Samsung Engineering has signed an $800mn deal to develop a gas field in Algeria.The contract was signed with Groupement Timimoun (GTIM), which is a joint venture between Government-owned oil & gas company Sonatrach, Total and Cepsa.

It is developing the Timimom Field project 800km southwest of Algiers, where Samsung has been granted an engineering, procurement, construction and pre-commissioning contract for a 180km pipeline and a central processing facility. The latter will be capable of processing 177mn ft3 of gas per day.The project is set to complete in 2017.

Speaking at the ceremony, Samsung Engineering’s president and CEO Choong Heum Park said: “Our accumulated experience in the oil and gas sector in MENA led to this opportunity to work with Groupement Timimoun.

“With our commitment to safety for the project and environment, we will execute and complete this project successfully and expect to deepen our footprint in Africa.”

No.of Reads (124)

Petrofac JV awarded $3.7 bln contract in Kuwait.

Petrofac Ltd Wednesday said it has received an award notification for Kuwait National Petroleum Co’s Clean Fuels Project at the Mina Abdulla refinery in Kuwait, London South East reported.

The London-based major oil and gas services company said the award was given to its joint venture with Samsung Engineering Co Ltd and CB&I Nederland BV, and is worth USD3.7 billion, with Petrofac’s share being USD1.7 billion.

Petrofac said the deal is for engineering, procurement and construction, including the provision of 19 new refining units at Mina Abdulla, revamping of five existing units at the Shouaiba refinery site and the accompanying inter-refinery transfer lines.

The Clean Fuels Project is one of KNPC’s major investment priorities and plans to upgrade the Mina Abdulla and Mina Al Ahmadi refineries, in order to reach a daily production target of around 800,000 barrels of oil per day. No.of Reads (175)

NBBJ-Gulf Consult consortium awarded 500 bed police hospital in Kuwait.

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NBBJ  in association with Gulf Consult awarded the Study, Design, Design Verification and Supervision of the Police Hospital and its various associated buildings.

The project is to develop a new ultra-modern hospital for the Ministry of Interior, with MPW acting as the Client. The 500 bed hospital, which will be located in the Al Sabah Health zone along Jamal Abdul Nasser Street, incorporates a wide variety of medical specialties and in-patient facilities.

There will be two annex buildings; the first will include a 300 seat auditorium, conference facilities, 2 class C4 shelters, and housing for family members and visiting physicians, and the second annex Building will be a 120,000 m2 parking facility. Other associated buildings include a mosque, ambulance complex, medical waste unit and ancillary structures for electro-mechanical services.

NBBJ/GC believes that good design enriches the healing environment, facilitating the treatment and caring process and enhancing patient satisfaction and staff performance. NBBJ/GC will produce an innovative and functional design solution that is sensitive to regional traditions, reflecting local environmental conditions and incorporating the latest medical technologies, energy conserving design solutions, durability and the highest standards of construction materials, finishes, and equipment.

 

  No.of Reads (242)

Kuwait plans to raise its budget spending by$77bn this fiscal year.

Kuwait plans to raise its budget spending by 3.2 percent next fiscal year compared to this year’s plan, according to a cabinet statement, a much slower rise than the past decade’s double-digit average.

The major oil producer expects to spend KD21.86 billion ($77.3 billion) in its draft budget for the fiscal year starting in April, up by KD681.9 million from the 2013/14 plan, according to projections discussed in a cabinet meeting.That is well below the average annual spending rise of 19.2 percent in the last decade to 2012/13, according to Reuters calculations based on official data.

The plan, which still needs parliament’s approval, suggests Kuwait is following other Gulf states in adopting a more cautious fiscal policy, after warnings by the International Monetary Fund and others that regional governments could fall into deficit in a few years if they do not control spending.

Last month, Saudi Arabia revealed a 2014 budget which projected the slowest spending rise in a decade, while earlier this month Oman released a 2014 budget plan which will slow growth in spending sharply.

Kuwait’s state revenues are projected at KD20.07 billion next fiscal year, a Reuters calculation based on the official figures showed.The budget plan is based on an oil price of $75 per barrel. Oil revenues are seen at 18.81 billion dinars, or 94 percent of the total, the statement said.

Since global oil prices are currently trading around $108, and Kuwait normally spends less than it plans because of frictions between the cabinet and parliament which slow investment schemes, the government looks set to post another large budget surplus next fiscal year.

Investment spending next fiscal year is projected at KD2.91 billion, or 13.4 percent of the total, the statement said. Subsidies would cost the state KD5.11 billion, 6.1 percent more than in the current year’s plan.

The government is conducting a politically sensitive review of subsidies, with a committee expected to report its recommendations this year. The new finance minister has said subsidies will be reduced in some cases but not eliminated altogether.

No.of Reads (133)

Kuwait approves $12bn oil refineries upgrade.

Kuwait has approved bids worth a total of $12bn for major upgrades at two oil refineries.The Clean Fuels Project is a specification upgrade and expansion of Kuwait’s largest refineries as part of the Gulf state’s economic development plan, which has faced delays partly due to political instability.

A consortium led by Japan’s JGC Corp won a tender for work worth KD1.361bn ($4.82bn) at the 460,000-barrels-per-day (bpd) Mina Ahmadi refinery, a Kuwait National Petroleum Company spokesman said, citing a decision from the country’s central tenders committee.

Britain’s Petrofac, in a bid worth KD1.07bn ($3.79bn), is expected to carry out work at the 270,000 bpd Mina Abdullah refinery, and US-based Fluor Corp. will also work on Mina Abdullah after a bid of KD962mn ($3.4bn), he said.

Contracts for the work are expected to be signed with the companies in April and construction work should begin shortly afterwards, the spokesman said.Kuwait awarded Foster Wheeler with the management and service contract for the clean fuels project in December 2012 in a deal worth around $500mn.

Foster Wheeler said at the time that the project would increase the amount that the refineries can process per day by 264,000 barrels to 800,000 and be ready in 2018.Apart from the Clean Fuels Project, worth around $4.6bn in total, Kuwait also wants to build a new KD4 billion refinery called Al Zour and then shut its third, older 200,000 bpd Shuaiba refinery.

Such projects in Kuwait’s 30bn dinar development plan, announced in 2010, are a test for a country which has struggled to invest in infrastructure and attract foreign investors, partly due to the political instability and bureaucracy.

Last week Kuwait’s parliament voted to investigate a contract awarded to a GDF Suez-led consortium for a power project and a deal between the state carrier and Airbus to buy and lease aircraft, in a sign that lawmakers will continue to question state investment decisions.

No.of Reads (146)

Kuwait, Saudi joint heavy oil project’s phase-1 to cost USD 5 bln.

Phase one of the joint heavy oil project between Kuwait and Saudi Arabia in the city of Wafra will cost $5 billion, KUNA reported quoting a state oil official.When completed the project is expected to produce around 80,000 barrels per day of oil, Kuwait Gulf Oil Company (KGOC) CEO Ali Al-Shemmeri said.

The first phase will include 288 producing wells — 133 injection wells, 67 observation wells and five storm water injection wells — and will require 100 megawatts of electricity used in operating steam turbines.

KGOC is currently working with its Saudi partner, Saudi Arabian Chevron, on a new deal that organizes the joint relationship between both sides in Wafra’s joint operations zone.Al-Shemmeri said the current deal was signed back in 1956 and new developments urge the need for this change.

The initial stage of an agreement between the two sides on the project has been finalized, he added, and this will aim to enhance partnerships in the field of technologies used in the area.

No.of Reads (176)

Kuwait-backed Aston Martin recalls 17,590 cars Aston Martin.

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Aston Martin, the British luxury car maker part-owned by Kuwait’s Investment Dar, expanded a recall on Wednesday to cover most of its sports cars built since late 2007 after discovering a Chinese sub-supplier was using counterfeit plastic material in a part supplied to it.

Owned by Kuwaiti and private equity investors, Aston Martin said it would now recall 17,590 cars, including all of its left-hand drive models built since November 2007 and all right-hand drive models built since May 2012.That affects about 75 percent of all vehicles built in that period, a spokeswoman said. Its Vanquish model is not affected.

Aston Martin found that Shenzhen Kexiang Mould Tool Co Limited, a Chinese subcontractor that moulds the affected accelerator pedal arms, was using counterfeit DuPont plastic material, according to documents filed with the US National Highway Traffic Safety Administration.The material was supplied by d Co Ltd of Dongguan, according to the documents.

The cars are being recalled from model years 2008 through 2014 because the accelerator pedal arm may break, increasing the risk of a crash, according to the NHTSA documents. The engine would return to idle and the driver would be unable to maintain or increase speed, according to the documents.

Aston Martin spokeswoman Sarah Calam said there had been no reports of accidents or injuries related to the issue and 22 failed parts had been reported. She said the financial impact to the automaker was small, but did not quantify the total.

The cost of the recall is of great interest because Aston Martin has struggled to fund the development of a range of new vehicles while rivals like Bentley, owned by Volkswagen, and Rolls Royce, owned by BMW, have the ability to draw on the resources of their parent firms.

Aston Martin’s owners include Italian private equity fund Invest industrial, Kuwait-based Adeem Investment and Prime Wagon.Germany’s Daimler AG also has stake of less than 5 percent in the British automaker.

Of the Aston Martin cars affected in the recall, 7,271 are in Europe and 5,001 in the United States, Calam said. The company sells cars in 41 countries.

Via : Arabian Business

No.of Reads (196)

KONE wins four 2013 Good Design awards.

KONE has been awarded four 2013 Good Design awards for its design offering, functional elevator signalization series and sleek new elevator car design.

Founded in 1950, Good Design is one of the world’s oldest design award programs that is organized annually by The Chicago Athenaeum and The European Center for Architecture, Art, Design and Urban Studies to highlight the best new designs and design innovations for products and graphics.

The 2013 awards mark the third time KONE has been recognized by Good Design for its design excellence; it had previously won in 2008 and 2009.

“We are honored to have received these awards for our latest design innovations once again,” said Timo Tiainen, director of design at KONE. “KONE’s design offering proves that elevator design can be much more than just a sum of its ingredients.”

“Combining elements in the right way allows us to create memorable experiences that complement the architect’s vision,” Tiainen added. “The KONE signalization series represents solutions that combine the latest technology with clear features, resulting in sophisticated design and excellent user experience.”

KONE’s design offering features a collection of car interiors and different materials and accessories that can be combined and used in all elevator products. With trendy colors, materials, finishing and unique patterns, the elevators can complement the building’s architecture, providing enhanced functionality and accessibility at the same time.

The new elevator car’s lightweight horizontal panel construction is the result of a careful optimization and re-thinking of elevator car dimensions. The narrow, flushed panel conjoint is the cornerstone of the new design, as it allows for a more simplified assembly and smaller installation crew.

The awarded KONE KSS 280 and KSS 800 signalization series bring novel design to elevators with their minimalistic and user-friendly design. Both series focus on accessibility and usability, which becomes obvious in the landing fixture with clear forms and large key buttons.

No.of Reads (138)

Famous Dammam Construction Machinery Show will start from 16-20 February 2014.

The Construction Machinery Show 2014 is the largest heavy construction machinery event in the region, showcasing a wide variety of products ranging from heavy equipment to machinery, from lighting to generators including service providers.

The event is dedicated to the construction machinery sector and will provide an invaluable platform for customers in the Arab world bringing manufacturers, distributors and buyers.

The Construction Machinery Show 2014 is also the only event in the region where buyers can see a large range equipment in action via its programme of live demonstrations.

Organized by the Dubai-based publishing house CPI Media Group, along with the well-known Dhahran International Exhibitions Center (DIEC), the event will be co-located with Buildex, the 16th Saudi International Building & Construction Exhibition. The Construction Machinery Show 2014 will attract worldwide industry experts, investors and buyers to the largest trade show in the Eastern Province.

The Construction Machinery Show 2014 will be held at Dhahran International Exhibitions Center, Dammam, Kingdom of Saudi Arabia, from 16-20 February.

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No.of Reads (137)