Latest news with #BahrainSteel
Trade Arabia
10-02-2025
- Business
- Trade Arabia
Bahrain Steel, Qatar announce $1.3bn supply deal
More than $2 billion worth of new industrial projects were announced at the 5th meeting of the Higher Committee of regional Integrated Industrial Partnership for Sustainable Economic Development, held in Doha, Qatar. Key announcements included a raw material supply agreement between Bahrain Steel and Qatar, valued at $1.3 billion. This agreement will facilitate the supply of 5 million metric tons of raw materials over the course of five years. The meeting was attended by industry ministers from seven countries with Qatar and Türkiye joining partnership. They included: Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology in the UAE; Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry, Qatar; Eng Yarub Falah Al Qudah, Minister of Industry, Trade and Supply, Jordan; Lieutenant General Engineer Kamel Al Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Egypt; Abdulla bin Adel Fakhro, Minister of Industry and Commerce, Bahrain; Ryad Mezzour, Minister of Industry and Trade, Morocco; and Mehmet Fatih Kaçir, Minister of Industry and Technology, Türkiye. The inclusion of Qatar and Türkiye marks a significant regional expansion, enhancing cooperation and joint investment while supporting entry into new international markets, said a statement. New projects and agreements covered pharmaceuticals, health foods, biotechnology and electrical industries announced. They included: * A Memorandum of Understanding between the UAE's ISC Capital and Bahrain's Peninsula farms to establish a sustainable microalgae production facility in the kingdom, with an investment of $10 million. This project aims to advance microalgae production technology and provide industrial and medical solutions, aligning with Bahrain's Economic Vision 2030. Furthermore, it is expected to create job opportunities in areas such as research, agriculture, extraction, laboratory work, and production, contributing to the local economy and workforce development. * Egypt's Giza Cable Accessories plans to establish a new facility in the UAE dedicated to producing cable accessories and electrical connectors, with an investment of nearly $7 million. * Agreements were finalised for the supply of PET plastic containers from Jordan's Exceed Industries and plastic caps from Egypt's Delta El Nile to UAE's Hayatna - National Dairy, each valued at $10 million. * A $15 million agreement was signed for the supply of animal feed from the UAE's National Feed Factory (NFFM) to Qatar's Al Rayyan Horse Essentials. * In the pharmaceutical sector, key agreements included a collaboration between the UAE's Globalpharma and Morocco's Zenith Pharma to manufacture, licence, and transfer technology in areas such as injectable medications, biologics, and treatments for cholesterol and diabetes. This partnership, with an investment exceeding $50 million, aims to strengthen regional pharmaceutical security and enhance the capacity for local production of medical solutions. * To enhance regional investments, the UAE's Mubadala Investment Company announced the acquisition of two factories – Adwia Pharmaceuticals in Egypt and PHI in Morocco. This move significantly bolsters Mubadala's pharmaceutical investments on both a regional and global scale. * An MoU was signed between Morocco's Dolidol and the UAE's Intercoil. This collaboration aims to expand manufacturing capabilities for mattresses and foam production in the UAE. These new projects underscore the commitment of the member countries of the Integrated Industrial Partnership for Sustainable Economic Development to achieving sustainable economic development. They aim to accelerate economic growth, support sustainability, and enhance collaboration in economic and investment initiatives. The initiatives are expected to create new job opportunities, strengthen food and industrial security, and foster innovation across crucial and advanced industries. Collectively, these efforts represent significant strides toward establishing the region as a leading global hub for industrial investment, the statement said. The meeting also launched an ambitious plan to explore strategic opportunities and additional partnerships with new members. Dr Sultan Al Jaber said: 'We are excited to witness the exceptional growth that comes with Qatar and Türkiye joining the Integrated Industrial Partnership for Sustainable Economic Development. We extend an open invitation to all countries to join our efforts in enhancing industrial development, strengthening economic relations, and fostering sustainable development in our region. 'The new projects within the partnership represent our commitment to enhancing industrial integration and unifying expertise and capabilities. This approach will contribute to establishing a sustainable industrial base and maximizing the competitive advantages of each participating country. We anticipate a new phase and a significant leap forward with the active involvement of the industrial and investment sectors from Qatar and Türkiye.' This meeting reflects the commitment of the member countries to enhance industrial cooperation and foster sustainable economic development in the region, said participants. The partnership, which originated in Abu Dhabi in 2022, reflects the shared ambition of member countries to improve industrial integration, strengthen cooperation, and build a resilient, competitive, and sustainable economy.
Arab News
10-02-2025
- Business
- Arab News
Qatar, Bahrain sign $1.27bn steel deal
JEDDAH: Qatar Steel and Bahrain Steel have signed a $1.27 billion agreement to supply 5 million tonnes of the product over five years, aiming to enhance industrial cooperation and strengthen the sector in the region. Qatar's Ministry of Commerce and Industry announced the agreement on Feb. 9, saying that the deal falls within the framework of the Industrial Partnership for Sustainable Economic Development, which promotes private-sector collaboration across member states. The initiative supports a range of industries, including agriculture, food, and fertilizers. It also extends to pharmaceuticals, textiles, and chemicals. Additionally, the program benefits sectors such as plastics, manufacturing, and minerals. The Gulf's steel industry has experienced significant expansion, driven by major investments in infrastructure and industrial projects. The ministry highlighted that this strategic partnership would provide Qatar Steel with a stable supply of essential raw materials, enhancing production efficiency and supporting sustainable economic growth. The agreement is expected to create new investment opportunities, enhance industrial competitiveness in both Qatar and Bahrain, and strengthen local supply chains. By reducing reliance on imported raw materials, the deal aims to boost economic resilience and market stability across the region. Bahrain Steel, an iron ore pelletizing company located in the heart of the Arabian Gulf, operates twin plants with a combined capacity of 12 million tonnes of pellets. The company represents a $3.5 billion investment and plays a central role in the region's steel industry, according to its website. Producing a range of pellets for both direct reduction and blast furnace steelmaking, Bahrain Steel sources raw materials via its own port terminal. Three-quarters of its finished products are exported. Established in 1974 as the Arabian Gulf's first integrated steel plant, Qatar Steel began commercial production in 1978 and has been a wholly owned subsidiary of Industries Qatar since 2003. Headquartered in Messaieed Industrial City, south of Doha, it also operates a UAE-based subsidiary, Qatar Steel Company FZE.
The National
09-02-2025
- Business
- The National
Qatar and Turkey join regional integrated industrial partnership
Qatar and Turkey joined the five existing member states of the integrated industrial partnership for sustainable economic development at Sunday's fifth meeting of the group in Doha. The multilateral regional partnership was originally launched in Abu Dhabi in 2022 and consisted of the UAE, Bahrain, Egypt, Jordan and Morocco. Sunday's meeting witnessed the signing of agreements and projects with a reported book value of $2bn, including a significant raw materials deal between Bahrain Steel and Qatar Steel. The UAE delegation was led by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and included Omar Al Suwaidi, undersecretary at the ministry, who presented a detailed report on the group's activity. Dr Al Jaber, also the chairman of Masdar and the managing director and group chief executive of Adnoc, said the expanded partnership presented a "unified vision" for economic development. 'We welcome the accession of the state of Qatar and the republic of Turkey to the integrated industrial partnership, and we are confident that this step will contribute to enhancing the common interests of all members, especially given the two countries' leading industrial and economic status, and a record of successes in various sectors, especially in the industrial sector, which is a pivotal element in supporting qualitative investment opportunities at regional and global level," he said in comments reported by Wam news agency. 'The integrated industrial partnership is a distinguished model of a success story that started in Abu Dhabi, as it resulted in transforming a number of agreements signed in previous meetings into tangible projects that we see today on the ground. We are pleased to witness today the announcement of a number of new projects and agreements in vital and priority sectors.' The UAE's non-oil foreign trade hit a record Dh3 trillion ($816.7 billion) last year − up 14.6 per cent year on year − as the country continues to diversify its economy and forges closer trade ties with countries around the world.
