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Despite International Crisis NAMA Chemicals Reduces Losses

Saudi Arabia : 02 March

One of the leading Petrochemical manufacturers in the region, NAMA chemicals unveiled financial results for the period ended on 31st December, 2009. According to the results, the company suffered loss of 49.8 million Saudi Riyals as compared to 67.5 million Saudi Riyals in 2008.

Due to global slump, sales decreased by 36 per cent from 621 million Saudi Riyals to 397 million Saudi Riyals. Company’s gross profit decreased from 69 million Saudi Riyals to 11million Saudi Riyals, whereas operating loss increased from 13.31 million Saudi Riyals to 44.5million Saudi Riyals.

Chief Executive Officer, Abdulmohsen Al Al-Ogaili said that in spite of tough circumstances due to global crisis, they met commitments to international customers as well as attracted new customers, which provided challenge to them. They met debt commitments and carried on to complete ongoing projects in 2009 as per schedule. Currently NAMA is concentrating on increasing profitability to strengthen market position as well as to enhance profit for shareholders.

He also said that during 2009, NAMA accomplished numerous milestones including the successful completion of the trial run for all units of “Hassad”, increasing the capital of Al-Jubail Chemical Industries, an affiliate of NAMA to 666 million Saudi Riyals from 516 million Saudi Riyals.

Andrew Reid, Staff Writer, Gulf Jobs Market News
02 March

Third Telecoms Licence Issued by UAE

UAE’s Telecommunications Regulatory Authority has issued a licence to Al Yah Satellite Communications Company (Yahsat), for ten years to provide satellite telecommunications services and to commission, operate and supervise a public telecommunications service in UAE. The company will offer a wide variety of data, video, voice and internet connectivity solutions.
Andrew Reid, Staff Writer, Gulf Jobs [...]

02 March

5,200 New Jobs in Qatari Financial Services

The global search company, Kinsey Allen International forecast that due to comparative strength and boost in foreign investment, about 5,200 new financial services vacancies will be created in Doha during the current year. Employees’ strength in Doha’s financial services will be increased from 14,900 to 20,100 people as compared to only 4,600 people in 2006. [...]

01 March

1 billion US Dolllar Fund to be Introduced

One of the leading Islamic banks in Qatar, Masraf Al rayan (MAR) will introduce Al Rayan GCC Fund for one billion US Dollar.
Al Rayan Investment LLC has been appointed as fund manager of the Sharia-compliant Al Rayan GCC Fund, by MAR to go-ahead to supervise finances up to 1 billion US Dollars.
A wholly-owned subsidiary of [...]

01 March

India to Double Imports from Saudi Arabia

To meet the increasing energy demand of the country, India will increase its Saudi Arabian crude oil import from existing level of 25.5 million tons to 40 million tons, Indian government reported. The news was unveiled after meeting of Indian oil minister Shri Murli Deora with his Saudi counterpart Ali al-Aaimi in Riyadh. India is [...]

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