SR1.6 billion titanium sponge factory on way

Updated 30 April 2015
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SR1.6 billion titanium sponge factory on way

The Royal Commission in Yanbu (RCY) has signed a lease for an industrial land to establish a factory for titanium sponge production with an estimated cost of SR1.6 billion.
The contract was signed by Alaa bin Abdullah Nassif, CEO of the Royal Commission in Yanbu, with the Advanced Metal Industries Complex Ltd., a subsidiary company of Saudi Arabia’s National Industrialization Co. (Tasnee).
The company, under the scope of the contract, will also expand the current plant using high-pressure oxidation line technology for the production of titanium dioxide at a cost of SR1.35 billion.
It is expected that the two projects will be completed and start production by 2017.
The construction will be next to the current crystal factory in Yanbu Industrial City.
The total production of the two projects is likely to reach 15,600 metric tons per year of titanium sponge that goes into many high-tech industries, including all types of aircraft components, along with 120 thousand tons per year of dioxide titanium.
Tasnee has also signed a participation agreement for the establishment of a project for the production of titanium sponge with Toho Japanese Company.
The company said that the project will be established in Crystal Complex in Yanbu, with 32.5 percent of the project’s ownership for each of the manufacturing company and Crystal company (belonging to Tasnee), and 35 percent for Toho company.


UAE, Saudi Arabia optimistic world trading system can be restored, says survey

Updated 9 min 56 sec ago
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UAE, Saudi Arabia optimistic world trading system can be restored, says survey

  • Three quarters of respondents hopeful of 'working order'
  • Trade disputes cloud horizon in emerging markets

LONDON: More than three-quarters of respondents in the UAE and Saudi Arabia said that the troubled global trading system can be restored to “working order,” according to a survey.
Only 27 percent thought the system would be restored ‘soon’, while 49 percent said it would be a more ‘long-term’ recovery, the Bloomberg research published on Oct. 22 found.
More than half of those surveyed in the two Gulf countries were optimistic that trade will grow in the next five years, with only 26 percent saying there would be less trade over that time period.
The survey findings come just days after the director-general of the World Trade Organization, Roberto Azevedo, urged action to be taken to avoid “serious harm” to the global trading system, in a speech in London on Oct. 17.
A continuing trade dispute between China and the US has led to the two countries imposing a series of tariffs on various imports.
The survey found that 65 percent of Saudi and UAE respondents said they were learning about new technologies to prepare for the future economy, while a similar proportion were learning new skills and taking professional courses.
Global governance issues were viewed as the most critical issue challenging the future of trade, according to the respondents.
The global survey also found there was a divide in opinion between business leaders in the emerging markets and those in developed countries.
Almost two-thirds (63 percent) of emerging market business professionals said they believe there would be more trade in five years, compared to just 36 percent in developed markets that felt the same way.

“The survey reveals vast differences in perceptions for the future and highlights the need to bring together global leaders in business and government to find private-sector led solutions to some of the world’s biggest challenges,” said Justin B. Smith, chief executive officer, Bloomberg Media Group.