Entrepreneurship

Mahmoud Jamal – Mubasher: Harsha Shetty, CEO of Jindal Shadeed Iron and Steel Company, the largest manufacturer and producer of iron and steel in the Sultanate of Oman, said that there is interest in expanding its investments in four Arab countries, led by Saudi Arabia and the UAE, in addition to Egypt and Bahrain.

pointed out in Remarks to reporters، The company is looking to enter markets with higher demand than competitors in the Middle East region to enter as iron and steel suppliers. He explained that the company was a strong support in the transformation of the Sultanate from a producer of iron and steel to a source.

He stressed that the company is currently interested in green transformation in the iron and steel industry in accordance with the directives of governments in the Middle East, foremost of which, of course, is the Sultanate of Oman.

According to the data of the official website of Jindal Shadeed Company, which is one of the industrial companies that play a role in the steel and iron industry in the Sultanate of Oman, the total investment of the company amounts to 1.2 billion US dollars and produces 1.5 million tons annually of thermally reduced iron (DR), and 2 million tons annually of iron in the form of Bars 1.4 million tons annually of construction steel.

Within one year of the launch of its brand “Jindal Panther”, it was able to obtain the largest share of the local market internally and in the UAE in the Gulf.

The company has contributed significantly to reducing the Sultanate’s dependence on importing construction steel. There are other products manufactured by the company, such as special sheets and pipes, which are exported to Europe, Saudi Arabia, Indonesia, Egypt, Ethiopia and Pakistan.

In line with Oman’s vision to reduce the country’s dependence on the oil and gas sector, Jindal Shadid has become a key partner in this endeavor and is committed to steel production.

With the current annual steel production capacity of 2.4 million tons, since 2010, Jindal Shadeed Steel has been considered the reliable supplier of steel products to the fast growing economies of Oman, UAE and Saudi Arabia.

Outside the GCC, Jindal Shadid supplies steel products to customers in other parts of the world including Europe, the Far East, China, Canada and Australia.

Cairo – Mubasher: The extraordinary general assembly of Sidi Kerir Petrochemical Company approved increasing the issued and paid-up capital from EGP 1.26 billion to EGP 1.51 billion, an increase of EGP 252 million.

The company said in a statement to the Egyptian Stock Exchange today, Wednesday, that the increase is distributed over 630 million shares, with a nominal value2 pounds per share, financing from the profits of last year 2021, at the rate of 1 share for every 5 shares, with fractions being fixed in favor of small shareholders.

The Extraordinary General Assembly also agreed to amend Articles 6-7 of the Company’s Articles of Association in light of the proposed capital increase.

It is noteworthy that Sidi Kerir Petrochemicals, It recorded a net profit of 744 million pounds from the beginning of January until the end of last September, compared to 358 million pounds in profits during the same period last year.

The company’s sales rose during the nine months to 5.8 billion pounds at the end of September, compared to 3.76 billion pounds during the same period last year.

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Nominations:

Shareholders of Sidi Kerir Petrochemicals approve the distribution of free shares

Abu Dhabi – Mubasher: Amazon UAE has signed a cooperation agreement with the “Lulu” group, with the aim of enhancing grocery product options on the company’s website in the country, with express delivery service..

Muhammad Ali Al-Shurafa, Chairman of the Abu Dhabi Department of Economic Development, said: This partnership is in line with the efforts of Abu Dhabi and the UAE to support private sector institutions and companies to innovate, provide modern and smooth services to the public, and develop their commercial businesses, according to a press release.

Yusuf Ali, Chairman and Managing Director of LuLu Group, added: “Our customers’ needs are a top priority in all of our operations, and we are well aware of the importance of listening to customers and adapting our business models to provide them with an advanced shopping experience that meets their ambitious aspirations.

Last October, Amazon announced the opening of the new Amazon Saudi Arabia office in Riyadh, noting that the new office will be located in the Riyadh front property..

And Amazon Saudi Arabia confirmed that the opening of the new branch in the Kingdom is an affirmation of the company’s commitment to empowering customers, selling partners, and employees in Saudi Arabia, and supporting social and economic growth throughout the Kingdom..

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nominations:

“Capital Markets initially agrees to GFH to establish a securities company

Abu Dhabi – Mubasher: The Masdar Green Real Estate Investment Fund, the first of its kind in the UAE dedicated to investing in sustainable real estate assets, announced the completion of the acquisition of real estate worth AED 934 million.

The fund stated in a statement issued today, Monday, that with the latest deal, the value of its real estate assets portfolio reaches 1.91 billion dirhams, with more assets encouraging investment in the future.

And “Masdar Capital Management Limited”, the fund’s manager, revealed the acquisitions during Abu Dhabi Financial Week, and this comes after the fund signed a $200 million financing agreement with First Abu Dhabi Bank last January with the aim of developing its portfolio of projects.

The Masdar Green Real Estate Investment Fund was established by the Abu Dhabi Future Energy Company “Masdar” as an investment tool to enable professional investors to invest in a portfolio of professionally managed, sustainable, income-generating real estate assets in Masdar City.

The Fund’s recent acquisitions include two fully occupied LEED Platinum-rated buildings in Masdar City, as well as the acquisition of the LEED Gold-rated Institute of Technology Innovation headquarters.

These three assets were rated “3 Pearls” according to the Estidama Pearl Rating System for Buildings in Abu Dhabi.

Anthony Taylor, Senior Executive Officer at Masdar Capital Management Limited, noted that this second phase of expansion demonstrated that sustainable real estate development is an attractive investment opportunity in addition to being environmentally responsible.