4 firms to build SR3.75bn pipes plant

Updated 17 June 2014
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4 firms to build SR3.75bn pipes plant

Four companies from four countries — Saudi Arabia, Germany, Czech and India — have formed an alliance to build a large plant for manufacturing seamless pipes in Ras Alkhair.
In the first stage of the project, however, the production capacity is expected to reach 600,000 tons of steel in which seamless pipes, iron, and iron alloy will be made
The plant, which is believed to be at the final stage of signing at contract, which is set for the beginning of 2015, will help manufacture industrial and construction equipment. The plant is claimed to be the first one in the Middle East to produce seamless pipes with diameters of 19 mm to 137 mm 4/3 to 5.50 inches.
Salama Al-Enizi, chairman of Gulf Tubing Company GTC and the owner and developer of the project, told a press conference in Alkhobar on Monday that the plant will generate 1,200 jobs, including 800 direct jobs for Saudi youth and 400 indirect jobs at the plant, which are expected to be available by summer 2017.
The plant is estimated to cost $1 billion (SR3.75 billion). The project will be financially managed by Alinma Investment.
Al-Enizi highlighted the training program plans that will extend for two years in different fields, including the plant's operation and maintenance, and metals and equipment engineering in both Germany and Czech.
He added that cooperation deals have been reached in advance with Saudi Aramco and Saudi Basic Industries Corporation (SABIC) as well as the Royal Commission in Jubail and Yanbu to supply these companies certain products produced in the plant.
He also pointed out that the plant will manufacture drill pipes, oil and gas well covers, pipeline steam boilers, heat exchangers, petroleum furnaces, construction pipelines, mechanical equipment and small pipelines.


Damac chief confident of Dubai property market recovery by 2021

Updated 12 November 2018
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Damac chief confident of Dubai property market recovery by 2021

DUBAI: One of the UAE’s leading property developers believes that the property market will pick up again by 2021.
Hussain Sajwani, the billionaire founder and chairman of Dubai-based Damac Properties, told a World Economic Forum meeting in the UAE that it could take “a few years” before the current phase of the property cycle reversed, boosted by foreign buyers, especially those from China.
“As you appreciate the property market is cyclical everywhere in the world — and you see a few years up, and a few years down.

“We had our chance of a (bull) market from 2012 to 2015 … Then in 2016 we started seeing some slowdown with the oil prices coming down,” he said at the WEF’s Global Future Councils gathering in Dubai.
“This year has been a difficult year and I think next year will be another difficult year. I don’t see it’s going to be better than this year. We’re in that cycle of slowdown and it will take a few years. I hope that by 2020 with the Expo coming in, more people will be coming to Dubai,” he added.
Some real estate experts have forecast a recovery to the Dubai property market next year, as the expected “Expo 2020 effect” boosts the economy.
Sajwani was confident of the long-term attractions of Dubai.

“I genuinely believe Dubai is still a hidden jewel and a lot of people around the world still want to come to Dubai and they love it,” he said.
“If we just take one country, like China, if we can attract another few million tourists from China we can get more people to come here, spend time, buy property… and retail … I would hope by the end of 2020 or 2021 we start coming out of this slowdown.”