In brief [Gulf Industry]
(Gulf Industry Via Acquire Media NewsEdge) Telecom firms join consortium
MAJOR Middle East telecom service providers including Telecom Egypt, Etisalat, Omantel, Ooredoo and Mobily have joined a consortium that will build a new and unique high-capacity cable system connecting Hong Kong, Asia, the Middle East, Africa and Europe.
The Asia Africa Europe-1 (AAE-1) system will be ready for service in 2016.
Acwa inks acquisition deal
SAUDI-based Acwa Power has entered into an agreement with Sumitomo Global Management Corporation, a subsidiary of Sumitomo Corporation, to acquire its 20 per cent stake in a UAE project.
Acwa will buy the stake in Shuweihat CMS International Energy Company (Scipco), which owns Shuweihat S- 1 project for the production of electricity and desalinated water. It will also buy Sumitomo's 50 per cent stake in Shuweihat Limited Company for Operation and Maintenance (SOMLP).
Plastics surge coming
REGIONAL plastics consumption is projected to see a massive surge as preparations pick up pace for two premier international events in the GCC – the World Expo 2020 in Dubai and the Fifa World Cup 2022 in Qatar.
Dubai is set to spend more than $18 billion for the World Expo 2020, while Qatar has earmarked a staggering $200 billion for the Fifa World Cup, which could propel plastics usage.
Speaking ahead of the upcoming Plastivision Arabia 2014 trade fair, Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, said: "These mega events are going to have tremendous impact on the region's plastics producers given that plastic products are heavily used in infrastructure projects, apart from packaging."
Sabic in exploration move
SAUDI Basic Industries Corp (Sabic), a leading petrochemical group, is carrying out new iron ore exploration in northern Mauritania.
The feasibility study and exploration at Atomai Mines in Zouerate is part of a joint venture agreement with Mauritania-based National Company for Industry and Mining.
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