DUBAI: Saudi Basic Industries Corp. (SABIC) affiliate Hadeed said on Sunday it had signed a deal with Italian foundry equipment maker Danieli for the construction of a steel plant in Saudi Arabia. The plant would have a production capacity for steel billets of 1 million tons per year, Hadeed said in a statement posted on the Saudi bourse website. The project would begin in the second half of 2012, the statement said. SABIC controls 100 percent of Hadeed. In August, Danieli was awarded the contract to build a SR800-million steel ($213.3 million) plant for Al-Rajhi Steel, one of Saudi Arabia’s three largest steel companies.
Investcorp buys 20% of Gulf Cryo
MANAMA: Bahrain- and London-listed investment house Investcorp said on Sunday it has acquired a 20 percent stake in gas-maker Gulf Cryo from the Al-Huneidi family for an undisclosed sum. Investcorp said it made the buy through its Gulf Opportunity Fund, the private equity fund’s second buy this year after acquiring a 70 percent stake in gold and jewelry maker L’Azurde in March. It said Gulf Cryo produces industrial, medical and specialty gases to the Middle East.
ABC posts $6.4m profit
MANAMA: ABC Islamic Bank has posted a profit of $6.4 million during the first nine months of this year, it was announced Sunday. The bank’s income for the third quarter amounted to $9.2 million against $10.6 million for the previous quarter.