• 22 February 2018 11:14 | Anonymous member (Administrator)


    • Reported 2017 IFRS net income attributable to SNC-Lavalin shareholders of $382.0 million, or $2.34 per diluted share, compared to $255.5 million, or $1.70 per diluted share, in 2016.
    • 2017 adjusted net income from E&C(1) of $351.3 million, or $2.15 per diluted share, an increase of 55.2% compared to 2016.
    • Q4 2017 adjusted net income from E&C(1) of $137.8 million, or $0.78 per diluted share, an increase of 87.6% compared to Q4 2016. 
    • Strong operating cash flow of $376.2 million in Q4 2017.
    • Delivered an adjusted E&C EBITDA(7) margin of 8.6% in Q4 2017 and 6.9% for the full year, compared to our Operational Excellence target of 7%.  
    • 2018 Outlook: adjusted diluted EPS from E&C(2) in the range of $2.60 to $2.85 and adjusted consolidated diluted EPS(5) in the range of $3.60 to $3.85, revised in consideration with IFRS 15 revenue recognition criteria.

    To watch Neil Bruce comment on SNC-Lavalin's fourth quarter and year-end 2017 financial results, click here
    To watch Neil Bruce talk about the vision and 2018 priorities for SNC-Lavalin, click here.

    SNC-Lavalin Group Inc. (TSX:SNC) today announces its results for the fourth quarter and year ended December 31, 2017. 

    “We are very pleased with our 2017 performance. Through the acquisition of Atkins, the largest and most transformative in our history, we continued to deliver on our strategic growth objectives while positioning the Company for future opportunities. We divested certain non-core and low growth businesses, further de-risked our business model and applied tighter governance mechanisms to proactively manage our project portfolio,” said Neil Bruce, President and Chief Executive Officer, SNC-Lavalin Group Inc. “The integration of the Atkins business continues to progress well and will be fully completed in 2018. We have a positive outlook on growth and confidence in delivering on our 2020 vision. Our backlog is supported by a healthy pipeline of prospects across our sectors and geographies, as well as revenue synergies from our business development efforts in our enlarged group. Our recent selection as a preferred proponent for the Montreal light rapid transit system underscores the quality of our organic prospects and bolsters our reputation as the leader in infrastructure in Canada.”  

    READ MORE

    Source: http://www.snclavalin.com/en/index.aspx

  • 20 February 2018 11:26 | Anonymous member (Administrator)


    Bristol wins Innovative Exporter of the Year Award, in Manufacturing, awarded by Dubai Trade on 19 February 2018.

    "We would to congratulate Bristol for their prestigious achievement in winning the Innovative Exporter Award. This award is a testament to their continuous hard work and perseverance over the years. Congratulations to us all and to many more years of success! "

    Source: Concorde Corodex Group's Facebook page


  • 28 February 2017 16:53 | Anonymous member (Administrator)

    Mr. Eddy Tannous, General Manager of Fairmont Bab Al Bahr hotel and Mr. Gregory Zoughbi, Board Member and Head of Membership and Sponsorship Committee at the Canadian Business Council (CBC) Abu Dhabi, met at Fairmont Hotel, a five-star luxury hotel located on the waterfront, 4 km away from the magnificent Sheikh Zayed Mosque.Fairmont Bab Al Bahr Hotel recently became a Gold Sponsor of the Canadian Business Council (CBC) of Abu Dhabi.

    During the meeting, Mr. Zoughbi presented Mr. Tannous with a plaque of appreciation in recognition and appreciation of Fairmont Bab al Bahr Hotel role in sponsoring CBC and supporting its activities and events.

    “It is a pleasure to receive the plaque from Canadian Business Council (CBC) Abu Dhabi; we are very keen on strengthening our ties with the CBC. We will be pleased to support the CBC, host your events and collaborate with you to ensure that they are successful”, Mr.Tannous said.

    “Fairmont Bab Al Bahr is a favourite venue for CBC's members and Canadian Business delegations who come here and enjoy the same service quality they are used to in Canada such as at Chateau Frontenac and Chateau Laurier. As a Gold Sponsor of CBC, Fairmont Bab Al Bahr is now part of an elite group of organizations that will benefit from the strength of CBC's brand and its network in the UAE and Canada. In addition, CBC members will benefit from exclusive deals at Fairmont Bab Al Bahr”, Mr. Zoughbi said.

    ----END----


    Fairmont Hotels & Resortsconnects guests to the very best of its destinations worldwide, providing travelers with memorable travel experiences, thoughtful and attentive service and luxury hotels that are truly unforgettable. Each Fairmont property reflects the locale’s energy, culture and history through locally inspired cuisine, spirited bars and lounges and distinctive design and decor. With more than 70 hotels globally, and many more in development, the Fairmont collection boasts some of the most iconic and distinctive hotels in the world. This extraordinary collection includes The Plaza in New York, The Savoy in London, Fairmont Grand Del Mar, Dubai’s Fairmont The Palm, Fairmont Peace Hotel in Shanghai, Fairmont San Francisco and Fairmont Le Château Frontenac in Québec City. Fairmont is part of AccorHotels, a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,000 hotels, resorts and residences, as well as in over 2,600 of the finest private homes around the globe. For more information or reservations, please visit fairmont.com. 


    Canadian Business Council (CBC) Abu Dhabiis a non-for-profit organization that represents businesspeople and companies in Canada and in the United Arab Emirates. CBC provides many business events and supports its members to create business opportunities in the United Arab Emirates through a wide network of relationships and contacts in the two countries. CBC membership includes businesspeople that work in the UAE companies and Canadian companies and represent them in the UAE. CBC members share common interests in creating excellent business relations and to strengthen trade relations between both countries.

    To reach Fairmont Bab Al Bahr Abu Dhabi, please contact:

    Sayad Ibrahimli/Director of PR and Communications

    Fairmont Bab Al Bahr

    +971 2 654 3333

    Sayad.Ibrahimli@fairmont.com

    To reach the Canadian Business Council or for more information about CBC’s membership and sponsorship benefits, please communicate via the contact page at http://www.cbcabudhabi.comor by email at admin@cbcabudhabi.com



  • 11 November 2016 07:26 | Anonymous member (Administrator)

    Shaybah GOSP4 that is harnessing standardisation. (Image source: Bell Pottinger)

    SNC Lavalin presented a technical session on modular construction for oil and gas projects at ADIPEC 2016 that promoted a 30 per cent reduction in project costs through standardised and modular solutions

    The oil and gas sector is under increasing pressure to reduce costs and enhance efficiency for energy projects. Against such a backdrop, standardised designs and modularised construction techniques are the best way for the industry to achieve this, according to experts at SNC Lavalin, a top-tier engineering, procurement and construction group in the Middle East. 

    “While it is not a new concept in the oil and gas industry, standardisation is fast emerging as the most efficient and economical option in the EPC sector in the Middle East.  Implementing standardised designs and adopting a modular approach to processing units can significantly reduce project budgets, project schedules and construction site work, sometimes by as much as 30 per cent,” said Alan McLean, executive vice president, oil & gas, SNC Lavalin Middle East. “This can really be a game-changer for an industry whose players need to spend less for the same output and to the same high standards. Our standardised solutions allow them to do this.” 

    SNC Lavalin presented at ADIPEC 2016, showing visitors the benefits of standardised and modularised solutions through a series of highly informative interactive displays of its oil and gas projects at its stand on the concourse. The company also showcased its training and simulations capabilities using interactive virtual reality technology. On 8 November, Peter Dennis presented an ePoster session on “Improving Electrical System Efficiency in Oil & Gas Facilities,” and on 9 November, John Jeffers delivered a technical session on “Achieving Predictable Outcomes for Modular Construction in Mega Projects.”. 

    During the first half of 2016, SNC Lavalin won contracts worth more than USD$1.1 bn in the region, mostly in the oil and gas sector. Representative ongoing oil and gas projects include asphalt production facility contract for Saudi Aramco’s Ras Tanura Refinery in Saudi Arabia, engineering consultancy for Oryx GTL in Qatar, oil processing facility, EPC work for Exxonmobil’s West Qurna 1 field in Iraq and a wastewater treatment project for LAFFAN Refinery 2 for QatarGas.  

    In 2014, SNC-Lavalin acquired Kentz, a global engineering and construction solutions provider to form an oil and gas group of 20,000 people world-wide, with approximately 10,000 in the Middle East. Together, the firm is a tier 1 engineering and construction leader, offering client-focused, end-to-end engineering and construction solutions across upstream, midstream and downstream projects to many of the world’s leading energy companies.

    Source: http://www.oilreviewmiddleeast.com

  • 10 November 2016 14:50 | Anonymous member (Administrator)


    Abu Dhabi – November 10, 2016 – Al Jaber Trading, a company of Al Jaber Group, in cooperation with Kenworth Truck Company, participated in ADIPEC 2016 that takes place between 7 & 10 November 2016 in Abu Dhabi, Stand No: J5210.

    Al Jaber Trading and Kenworth displayed the Model Super 963S “King of the Desert” Heavy Duty Truck.

    Mr. Michal Sidani, Managing Director of Al Jaber Trading said: “We are excited to be a part of the ADIPEC 2016. It provides an outstanding venue to meet with our customers, while also displaying the industry-leading Trucks that are focused on supporting the needs of the Oil and Gas businesses”

    Ms. Sharon Sidoine, Director of Sales Operations at PACCAR Global Sales said: “Kenworth was the first manufacturer to design off-highway trucks to carry oil rigs in the desert over fifty years ago.  We are pleased to display the latest model Super 963S, which is unsurpassed in its ability to carry oil rigs in the deep desert.  ”

    Some fun facts about the Super 963S:

    • Truck use: desert oil field transport and heavy oil rig moves
    • Gross combination weight rating 227 metric tons
    • Engine: Cummins ISX 600 HP
    • Transmission: Allison M6620A automatic
    • Axles: AxleTech, wide-track
    • Front Suspension: Heavy Duty slipper spring
    • Rear Suspension: Walking beam
    • Tires: Firestone 29.5R25
    • Frame: Double stacked high tensile heat-treated rails
    • Radiator surface area: 4521 square centimeters

    Source: www.aljaber.com

  • 08 November 2016 14:43 | Anonymous member (Administrator)

    Picture Caption: H. E. Sultan Almansoori, Minister of Economy and Chairman of the SME Council, speaks with Dr. Ziad Awad, Canadian firm SNC-Lavalin’s Senior Vice President (SVP) and Head of Region, Middle East, India and Africa.

    ----

    Canadian Government Officials, CBC Board of Directors, and CBC Sponsors and Members Attend the UAE Ministry of Economy’s 7th Conference on SME and Innovation. The event highlighted the importance of the Small and Medium Enterprises (SMEs) and their contributions to the Economy.

    In his speech, H. E. Sultan Almansoori, Minister of Economy and Chairman of the SME Council highlighted the collaboration that was held between the UAE and Canada. He also indicated that the event was held in Canada few years ago as part of this collaboration.

    The closed event was heavily attended by Canadian delegates including:

    • H. E. Masud Husain, Ambassador of Canada to the UAE
    • H. E. Emmanuel Kamarianakis, Consul General of Canada to Dubai and Northern Emirates
    • Mr. Glen McPherson, Consul and Senior Trade Commissioner at the Canadian Consulate in Dubai
    • Mr. Ronan Caillo, Commercial Counsellor at the Embassy of Canada to the UAE
    • Dr. Ziad Awad, Senior Vice President (SVP) and Head of Region, Middle East, India and Africa for Canadian firm SNC-Lavalin
    • Mr. Maher Ezzedine, Vice-Chairman at the Canadian Business Council (CBC) Abu Dhabi
    • Mr. Gregory Zoughbi, Board Member and Head of Membership and Sponsorship at the Canadian Business Council (CBC) Abu Dhabi


  • 07 November 2016 14:23 | Anonymous member (Administrator)


    Etihad Airways plans to issue a debut US dollar-denominated benchmark sukuk and will meet investors over the coming days to determine its size, maturity or interest rate, sources told Reuters on Monday.

    Investors said the planned Islamic bond, known as a sukuk, could be as large as $1 billion, although one banker involved in the transaction said Etihad has given no specific indication of the size, maturity or timing of the Islamic bond sale.

    HSBC, JP Morgan, National Bank of Abu Dhabi, Abu Dhabi Islamic Bank, Dubai Islamic Bank and First Gulf Bank are the deal underwriters, according to an investor presentation dated Nov. 3 which was seen by Reuters.

    Etihad Airways, owned by the Government of Abu Dhabi, did not immediately respond to a request for comment on what would be its first Islamic bond targeted at international investors.

    The airline, whose credit is rated A by Fitch, reported total revenues of about $9 billion in 2015, according to the presentation. At the end of last year it had 121 aircraft and it plans to take delivery of a further 188 by 2026, it added.

    Etihad Airways Partners, a funding vehicle for the Abu Dhabi-based carrier and airlines in which it has equity stakes, has issued two bonds since September.

    Source: http://english.alarabiya.net

  • 06 November 2016 14:45 | Anonymous member (Administrator)


    Global 7000 has a range capability of 13,705 kilometres and can fly from New York City to Dubai non-stop

    Bombardier’s Global 7000 completed its first test flight over Toronto on Friday, a milestone for the long-range business jet considered critical to the growth of its corporate plane division.

    The test aircraft took off from a Bombardier facility in Canada's largest city on Friday morning and flew for about 2 hours and 27 minutes, the company said in a statement.

    "The systems and aircraft performed as expected," it said.

    Because of previous delays, some investors and analysts had been sceptical that the first flight would take place in 2016, suggesting instead that it would fly in 2017. Bombardier had said the Global 7000 would fly in 2016.

    The new jet is scheduled to enter service during the second half of 2018 after being delayed for two years. Competitors in the long-range jet sector include the 650ER produced by General Dynamics Corp's Gulfstream unit, and Dassault Aviation SA's flagship Falcon 8x.

    Business jets have been crucial for Bombardier earnings in recent years. Its commercial aircraft business lost money as the company spent heavily to develop its CSeries jet, which entered service this summer after years of delays. 

    But because of a slowdown in global demand for corporate planes, Bombardier said in September that it would halt completion work for its Global 5000 and 6000 business jets during certain periods in 2017.

    The furloughs at Bombardier's global completions centre in Montreal follow a decision in 2015 by the Canadian plane and train maker to cut production of Global 5000 and 6000 jets, citing weak demand from China, Latin America and Russia.

    By contrast, the Global 7000 has a "strong order book," Bombardier Chief Executive Alain Bellemare said in a recent interview, although he would not disclose specific sales figures. He said the jet is "critical" to the future growth of Bombardier's business jet division.

    According to Bombardier, the Global 7000 has a range capability of 13,705 kilometres (8516 miles) at Mach 0.85 with eight passengers. It can fly from London to Singapore or New York City to Dubai non-stop.

    Bombardier shares were down 1.1 percent at C$1.80 in Toronto on Friday. 

    Source: https://www.arabianbusiness.com

  • 27 October 2016 14:26 | Anonymous member (Administrator)


    Zaid Awad, head of the Middle East and Africa Region for SNC-Lavalin, discusses the infrastructure contractor’s regional plans.

    The drop in international oil and gas prices over the last few years has had a dramatic impact on the economic outlook of the GCC countries, with all six members forced to deal with a shortfall in revenues, while also running a fiscal deficit.

    While this has forced governments to look at alternative sources for funding, the knock-on effect for the construction and infrastructure development industry has been the cancellation or postponement of less urgent projects, while new project awards have also seen a significant drop in 2016, compared to the previous year.

    Although some GCC countries have strong reserves and healthy sovereign wealth funds to tap into, there has been a definite shift towards implementing a thorough restructuring of existing economic and market structures, while also looking for additional sources of revenues through cost savings and efficiencies.

    As such, the general support for the regional construction industry is likely to come from countries with initiatives that allow them to diversify from the oil & gas industry, while clearly laid out and implemented transformation plans (such as the Saudi Arabia, UAE and Qatar Vision 2030 plans) will also be a major help.

    Furthermore, the presence of high-profile mega-events such as Dubai Expo 2020 and the 2022 World Cup in Qatar will also allow contractors in those countries the opportunity to win work that will support the successful hosting of those events.

    However, certain sectors will see strong investment from regional governments as a consequence of the aforementioned diversification away from oil and gas and the increased need for social infrastructure that supports a growing urban and young population. These support sectors – health, education, power and water, energy and transport – are likely to be major sources of opportunity for established infrastructure and development contractors, such as SNC-Lavalin.

    “It goes without saying that times are tough and that the oil & gas industry is in somewhat challenging times because of the oil prices,” says Ziad Awad, head of the Middle East and Africa Region for SNC-Lavalin Group. “The decrease or significant fall in oil prices will definitely impact the different parts of the investments or industries. However, I would say that the GCC really provides an opportunity because it is able to weather the challenges better than any other region.”

    Looking at the oil & gas industry, Awad says there is an opportunity for contractors associated with the field to succeed, if they position themselves correctly in the market.

    “As you know, the Middle East continues to produce oil at a maximum capacity. With that comes a lot of work, in terms of maintaining that capacity. There’s quite a bit of maintenance potential and sustaining of capital work that is needed, and I think that SNC-Lavalin is in a great spot – especially after the acquisition of Kentz and Valaris, and the successful integration of both those companies, which was completed in 2016. We believe that we have significant experience and are well positioned to support our clients and help them meet their aggressive targets going forward.”

    Having joined the company three years ago, Awad has been given a mandate by SNC-Lavalin’s senior management to help the different business units deliver on all their strategies. He studied engineering at Nottingham University and also has a PhD in International Economic Relations.

    Furthermore, he has also worked across the whole value chain, in regions as diverse as the Middle East, Africa, the Far East and Europe. Therefore, he is ideally positioned to help build on SNC-Lavalin’s ambitions for the Middle East.

    “I’ve worked in a multi-business unit environment, where you actually need to leverage a sense of ‘each one for the benefit of all’, and that’s similar to what we’re doing here at SNC-Lavalin,” he says. “We’re a multi-business unit and environment where it’s important to focus on the individual business units, but we must also be able to offer an integrated approach and basically become a one-stop shop. That takes a lot of work, in terms of integration and putting the right structure in place.”

    “My first job with SNC-Lavalin was actually this one. I was put in charge of heading up the regional operations. Basically, my mandate was to put the right platform in place for the different business units to deliver all their strategies.

    “When you look at what SNC-Lavalin can build across different industries, it’s really quite impressive. We’ve built a number of projects – back in Canada – across the infrastructure, power, oil & gas and mining and metals spheres. So this was a very interesting job for me, because the challenge was how can we leverage this strength and potential to make sure that we actually work closely with our clients here in the Middle East, and really add value in a manner that differentiates us from our competition.”

    With a workforce of 10,000 workers in the GCC, and a strong presence in Saudi Arabia, Qatar, the UAE, Iraq, Kuwait and Bahrain, this is clearly an objective that SNC-Lavalin is taking very seriously. All of the company’s business units are active in the region, with Oil and Gas, Infrastructure, Mining and Metals, and Power all supported by the contractor’s investment and financing arm, SNC-Lavalin Capital, which supports PPP and other client-sought financing models.

    Overall in the GCC, the company won more than $1.1 billion in new work (mostly in the energy sector) in the first half of 2016, while over the last 10 years it has worked on more than 300 projects worth a total of $12 billion.

    Given the state of the regional economy, its investment and financing arm has become increasingly important to the success of its operations, as clients look to involve the private sector in the funding and execution of projects.

    “We see more and more will on the client’s side to work with the private sector in these critical times. Budgets are squeezed because most GCC countries are operating at a fiscal deficit and basically there is less revenue coming in. As such, they need help to fund some of the very important projects [that are planned].

    “So they’re turning to the private sector and we try to work very closely with them. We’re seeing that need to help our customers, in that sense. SNC-Lavalin is in a great position to do that. We already have great experience with Canada, working with PPP solutions and similar financing models. So hopefully, our international expertise with PPP and our local know-how and experience can ensure that these styles of financing models are structured in a way that suits the local environment.

    “It’s very important to have that. Every country has different needs, therefore it’s very important to have an overall view. But at the end of the day, you structure something that’s suitable for that particular customer or country.”

    However, as much as he welcomes this interest in PPP and alternative financing, Awad is quick to counsel caution, pointing out that these models are still in their infancy in the region.

    “There’s quite a bit of work that still needs to be done in terms of regulation and in terms of being able to choose the right project. [Clients] really need to understand the model and the importance of having the right risk allocation across the different stakeholders, so that at the end of the day, this is one collaborative effort rather than just passing the risk from one side to another,” he explains.

    Looking towards the future, Awad reveals that the contractor is focusing on improving its offering and support to its customers. Having established themselves firmly in the region through the opening of the regional headquarters in Abu Dhabi, the plan now is to support clients and help them meet their objectives to their full satisfaction.

    “We aspire to be the partner of choice for our clients in the engineering and construction sphere, contributing meaningfully to their success. We remain focused on being agile to evolving client needs, delivering excellence and quality in a cost-effective and efficient manner.

    “At a time when others are retrenching or scaling down, we’re actually trying to focus much more on this region. The Middle East is a strategic region for us and the company is quite focused on making sure that we build on our strong base here.”

    “We’re targeting all sectors, from Oil and Gas, where we’re extremely strong and have a significant presence; to Infrastructure, where we have built close to 45 district cooling plants; to Mining and Metals, where we have built huge, large plants – some of the largest in the world – for DUBAL and EMAL smelting plants. In Power, we’re working quite a bit in the transmission and distribution sphere.”

    Despite the reduced spending on non-essential projects, the governments of the GCC remain committed to large-scale projects and the must complete, iconic programmes and initiatives, with Expo 2020, the 2022 World Cup, Abu Dhabi Economic Vision 2030 and the economic transformation and diversification plans in Saudi Arabia among the most prominent.

    “We need to continue to be agile and ready to listen to clients’ evolving needs so that we can deliver to their full expectations and satisfactions,” Awad says. “We can leverage our global infrastructure capabilities and experience to add value, especially in engineering and PMC services. Our expertise ranges from industrial to environment and geoscience, through to defence and logistics and power delivery, amongst others.

    “Furthermore, we have in-region rail and transit expertise to draw on, as well as international experience, which will help us meet the growing transportation needs in the region. In Canada, we’ve built six of the nine light rail transit (LRT) systems, covering design, financing, construction and operation and maintenance.”

    Looking beyond the immediate economic conditions, there are other factors at play in the GCC, with sustainability, green building and energy efficiency increasing in prominence across the region. Spurred on by an increasingly green-conscious population and leadership, governments, especially in the UAE, have been keen to push the sustainability agenda.

    Awad is keen to point out that SNC-Lavalin is already ready to meet these demands. Its Sustainability and Beyond initiative continuously studies and explores the changing face of the engineering industry, as it moves away from offering purely technical solutions towards ones where community concerns shape project design.

    “The aim is to track the evolution of engineering and document the most important lessons learned as they relate to improving social conditions and the environment,” he explains. “The initiative stems from our desire to assess how far SNC-Lavalin and the industry as a whole has come thus far in the journey towards building solutions that are better for society.”

    “Projects should not only meet a need, but also be maintainable, culturally appropriate and suitably affordable. SNC-Lavalin has significant experience and can add value in end-to-end project solutions (Design, Build, Own, Operate and Maintain projects). If you know that you’re going to operate, maintain and maybe partly own an asset, then sustainability will be something that is considered early on and taken seriously, from design throughout the whole value chain.”

    Awad adds that the company is already putting its money where its mouth is, with its involvement through its EPC recycling facility work for QatarGas, while its Power group is exploring opportunities in the renewable sector – including solar – to leverage the experience of the contractor’s global team.

    Finally, looking at the future, Awad says he and his company are focused on delivering local solutions to local challenges, while leveraging its international experience. He asserts that doing so will allow SNC-Lavalin to differentiate itself from its competitors in a market that is increasingly challenging to operate in.

    “We’re focused on delivering on our strong commitment to the training and development of locals where we work. We have trained around 500 Saudi Arabians in association with our sulfuric acid plant, which is being built in the north of the country. On the HSE front, which is a core value for us, we’ve held our global HSE conference in Dubai, in collaboration with our clients and stakeholders. This provided us with a great platform to share our experiences and continuously improve our performance.

    “I think it’s all about clients. It’s about staying close to your clients. We believe in the region and we definitely want to be part of its success going forward. We have enough initiatives in the region for us to continue to innovate, and to be able to stay close to our customers’ needs and offer local solutions and local delivery, while leveraging our international experience,” he concludes.

    SNC-Lavalin Projects won in the last 12 months

    • Five-year engineering consultancy agreement from Oryx GTL in Qatar
    • Asphalt production facility EPC from Saudi Aramco
    • Infrastructure and processing facilities EPC for a gas field in the Middle East
    • Engineering contract for operations support services from Emirates Global Aluminium (EGA), extending a 12-year fruitful partnership with work on DUBAL and EMAL aluminium smelting plants
    • District cooling contract for the King Khalid International Airport from Saudi Riyadh Cooling Company (SRCC)
    • Oil processing facility at West Qurna 1 Field in Iraq for ExxonMobil
    • Wastewater treatment project for LAFFAN Refinery 2 for QatarGas
    • Integrated facility management contract from Msheireb Properties in Doha

    Source: http://meconstructionnews.com

  • 23 October 2016 18:19 | Anonymous member (Administrator)


    Abu Dhabi: The National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) announced they will each hold a general assembly meeting on December 7 to ask for shareholders’ approval of the proposed merger between the two banks.

    In a statement issued to Abu Dhabi Securities Exchange (ADX), FGB said it will also ask for shareholder approval for the dissolution of the bank and the termination of its corporate personality as NBAD will become the legal successor.

    The banks are expected to merge in the first quarter of 2017, with the new entity set to retain the brand name of the National Bank of Abu Dhabi. FGB will also be delisted from the stock exchange.

    In July this year, the boards of directors of each bank approved the merger plan that will create the Middle East and North Africa’s largest bank, with assets worth Dh642 billion.

    During each of the meetings on December 7, the banks will ask for their respective shareholders’ approval on certain terms of the merger such as the share swap whereby FGB shareholders will get 1.254 NBAD shares for each FGB share they own. They will also ask for approval to increase share capital, amend articles of association, and appoint members for the board of directors.

    On Sunday, NBAD’s share prices ended trade 2.28 per cent higher at Dh8.53.

    Source: https://gulfnews.com

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