Borouge inks $1bn expansion deal
Plastics solutions company Borouge has awarded gase and engineering company The Linde Group, a contract worth $1.075bn to build another 1.5 million tonnes per year ethane cracker at its production site in Ruwais, Abu Dhabi. The company is also expanding its polypropylene and polyethylene units, a low density polyethylene unit and a Butene unit, as well as related off-site utilities and marine facilities.
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Jordan enterprise development inks Italy deal
Jordan Enterprise Development Corporation (JEDCO) has signed an agreement with an Italian company to establish a garment design centre in the kingdom. Under the agreement, the Italian company will provide 3.5m to boost the competitiveness of small and medium size enterprises, as well as consultative and technical services to develop the work of Jordanian companies operating in this field.
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Almarai to take over Hadco
Saudi-based Almarai Co. has acquired Hail Agricultural Development Company (Hadco) for $253.2m, giving the latter's shareholders one new Almarai share and SR2.5 for five Hadco shares, in its bid to gain entry into the Saudi poultry business. Hadco has said its board would recommend to shareholders acceptance of the bid. The two firms have fixed a November 30 deadline for conclusion of the acquisition.
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