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Siemens breaks new ground with SR650 million manufacturing facility in Dammam

Author: Siraj Wahab | ARAB NEWS STAFF
Wednesday 9 May 2012

DAMMAM:
Siemens took another giant step yesterday in its quest to expand its footprint in Saudi Arabia when it started laying the foundations for an SR650 million state-of-the-art manufacturing facility for gas turbines and compressors in the Eastern Province.

Several high-ranking government officials and top executives from Siemens and its local partner E.A. Juffali & Brothers, Saudi Electricity Company (SEC), Saudi Aramco and Saline Water Conversion Corporation (SWCC) attended the groundbreaking ceremony in Dammam's Second Industrial City.

Prominent among those who were present on the occasion were Deputy Minister of Water & Electricity Saleh Al-Awaji, SEC President and CEO Ali S. Al-Barrak, SWCC Gov. Abdul Rahman bin Mohammed Al-Ibrahim, Sami Juffali, chairman, board of directors, Siemens Ltd., Siemens Saudi Arabia CEO Arja Talakar, Saudi Aramco Senior Vice President Abdulrahman Al-Wuhaib, Michael Suess, member of the managing board, Siemens AG, and Siegfried Russwurm, member of the managing board, Siemens AG.

"The 220,000 square meter facility, set to be operational next year, will provide a number of jobs to young Saudis," Sami Juffali told Arab News. "As the partner of Siemens in Saudi Arabia, E.A. Juffali & Brothers is extremely proud to be part of their contribution to the development of infrastructure and human capital in the Kingdom."

He said the new factory will help accelerate the Kingdom's industrialization process. "It will serve as a knowledge transfer hub for new Siemens technology and will support the Kingdom's massive drive for industrialization."

The equipment manufactured at the plant will be supplied to the local market, he said.

"This is the first of its kind manufacturing facility for Siemens in the Middle East," said Talakar. "For us, this is yet another milestone in our continuous commitment to Saudi Arabia."

According to Talakar, Siemens has been operating in the Kingdom since the 1930s and employs more than 2,000 employees at five different locations across the Kingdom. The company's massive investment in Saudi Arabia, he said, stemmed from the robust political stability that the Kingdom enjoys in the region.

Suess reiterated Talakar's words. "With this new facility, we are clearly strengthening our long-term commitment to Saudi Arabia; we will create qualified jobs and train young Saudis in order to achieve a true transfer of our innovative technologies," he said.

It was pointed out that Siemens, in association with Saudi Petroleum Services Polytechnic and the Human Resources Development Fund, offers a two-year technical apprenticeship program provided by SPSP, followed by one year of on-the-job training at Siemens. Depending on their job fields, which students will specialize in during the program, they will be trained in various Siemens locations in Germany and the United States. The first 40 Saudi students started their program in December 2011.

Russwurm said while the Middle East has large natural resources, it is also undergoing a demographic shift. "Siemens is ready to serve as a one-stop shop for sustainable solutions in various fields of development such as energy, industry, infrastructure and health care," he said.

Siemens executives said the new facility will meet the highest requirements in terms of sustainability and resource efficiency.





:cheesy:

Siemens Energy Hub Dammam

 
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Two levels of ‘mataf’ to be ready by Ramadan


Khalid Al-Humaidi
Okaz/Saudi Gazette

MAKKAH — The ground and the first floors of the Grand Mosque will be opened for the tawaf (the ritual circling of the Holy Ka’aba) this Ramadan while the rooftop will be opened for the upcoming Haj season, according to Deputy President of the Two Holy Mosques’ Affairs Muhammad Al-Khazeem.

An engineering group has been assigned by the presidency to oversee the expansion project of the Grand Mosque, which is aimed to increase the capacity of the mataf (circumambulation area), Al-Khazeem added.

The first phase of the project will be completed 15 days before the holy month of Ramadan allowing 105,000 Muslims to perform tawaf in one hour.
Meanwhile, the Ministry of Municipal and Rural Affairs is conducting a study to erect 60,000 fireproof tents in Arafat.

The study was ordered by Prince Muhammad Bin Naif, Interior Minister and Chairman of the Supreme Haj Committee. The ministry will estimate the total cost and give its recommendations.

Habib Zainul Abideen, undersecretary at the ministry and supervisor of Development Projects Center, said the ministry started the study 10 days ago.

Informed source estimated the total cost of the project at SR2 billion.
Zainul Abideen expected that this grand project will be implemented in three years.

“This project will provide pilgrims with perfect and safe housing facilities instead of the traditional cotton-made tents that catch fire easily,” he said.

In a related development, the Ministry of Finance is considering financing four projects with total costs of SR12.6 billion. One of the projects is a tunnel connecting the western side of Al-Jamarat Bridge with the new expansion of the Grand Mosque at a cost of SR800 million.




























 
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UAE (GCC) : Dubai Satellite Program (reedition)


Next satellite wholly home-grown

Martin Croucher
Nov 24, 2011

DUBAI //
More than a year before the emirate launches its second satellite into space, officials have announced any future satellites will be built entirely in the UAE.

DubaiSat-2 is not scheduled to launch until the end of next year, but scientists at the Emirates Institute for Advanced Science and Technology (Eiast) have already entered the planning stages for DubaiSat-3.

That satellite, scheduled to be shot into orbit in 2015, will be built by Emiratis entirely on home soil.

The launch would mark the culmination of training for 22 Emirati engineers who have been based in South Korea since 2005, working on DubaiSat-1 and 2.

"Our engineers have been working for a long time on different satellites," said Salem Al Marri, the project manager of the space programme at Eiast.

"Every time our participation has increased. Now it's time for us to build our own satellites and utilise the manpower that we have."

Mr Al Marri said building the satellite, the latest of which weighs 300 kilograms, would require only a large room and a crane to lift the machine.

But a testing facility, which vigorously shakes a flight model of the satellite to simulate launch conditions, would be needed and could cost about US$10 million (Dh36.7m).

Mr Al Marri said Eiast would initially look overseas for help during that stage of development.

"These facilities are huge and they're the same things you would use to test cars or aeroplane parts," he said.

"If you have big industries in your country, then it's usually feasible to develop them.

"In the UAE, this is a long-term plan. Until we develop those facilities, we'd have to go abroad and use those facilities in other countries."

DubaiSat-1 was launched in 2009 from a Soviet-era military base in Kazakhstan. It cost $50m and took four years of work by Emirati engineers and those from the South Korean company Satrec1.

The first satellite was based on a generic design and had a resolution of 2.5 metres per pixel. DubaiSat-2 has a resolution of 1 metre, making it able to pinpoint cars on streets or read logos on the side of aeroplanes parked on a runway.

It will also travel faster than DubaiSat-1, covering 17,000 square metres a day rather than 12,000 metres.

The design of the satellite is unique and is the intellectual property of Eiast and Satrec1.

The higher resolution was at the request of government agencies who say the images could be used in town planning.

Mr Al Marri said it had not yet been determined what upgrades DubaiSat-3 would have.

"There will be an improvement, but not necessarily in terms of resolution," he said. "It could mean that we can store and download more images per day, with the same resolution.

"Or it could mean that we could generate and store more power so the satellite lasts longer in space."

The investment in satellite technology is part of an effort by the Government to diversify the economy away from oil.

The Government holds a large stake in Virgin Galactic, the commercial space flight firm, and this year Yahsat, the country's first communications satellite, entered orbit.

Pioneering satellite technologies can be costly and time-consuming, as it requires additional testing to ensure the new components are spaceworthy.

But Mr Al Marri said Eiast was not entirely a commercial venture. He said one of its ambitions was to establish the Emirates as a leader in the field.

"We want to keep advancing," he said. "Our goal is to put the UAE at the forefront of these advanced technologies."


TheNational.ae

DubaiSat-2 project ready for operation after passing key software tests

United Arab Emirates: Thursday, August 16 - 2012 at 16:28


Engineers from the Emirates Institution for Advanced Science & Technology (EIAST) announced that the DubaiSat-2 project has successfully completed software testing and is now ready for operation.

The tests were part of a process known as Flight Model (FM) testing. In the aerospace industry, three-stage testing is the norm for advanced systems. In the first stage, a fully functional Engineering Model (EM) of the satellite and its payload are constructed. Using the EM, engineers put all of the subsystems and their components through their paces, often surpassing normal performance requirements in order to find potential faults. Based on the results of the EM stage, changes are made and the project moves to the next step in the process, testing the Qualification Model or QM.

"I am delighted that the EIAST engineers have successfully brought this important project closer to reality. Through their dedication and expertise, our team of highly skilled UAE engineers has contributed to EIAST's aim, which is to position Dubai and the UAE as a science and technology development hub among advanced nations. EIAST is committed to realize the vision of the country's leadership through strategy development, knowledge sharing and adoption of new technology," said Ahmad Al Mansoori, Director General of EIAST.

The EM and QM stages were completed in February. Checking out the satellite in the FM stage takes time because of the focus on onboard software and the mission control software. The simulations are done in real time, giving EIAST a data stream that will simulate what occurs when the satellite is in orbit.

"Having gone through the software testing and its successful completion, DubaiSat-2 has achieved a major milestone in its journey towards launch later this year. A number of tests have so far been carried out as part of this project. These tests are designed to put the satellite through the same or similar conditions that it will face on its journey to space," said Salem Al Marri, Project Manager of DubaiSat-2 and Head of Marketing and International Affairs Department, EIAST.

"The DubaiSat-2 project has achieved significant success due to the committed participation of UAE engineers in the project," said Amer Al Sayegh, Director of the Space Systems Development Department in Korea. "Our engineers are involved in developing solutions, techniques and advanced research, showcasing our ability to embrace cutting edge scientific research and development," added Al Sayegh.

The satellite will orbit 600 km above the earth's surface compared to the 690 km orbit of DubaiSat-1. The orbit has also been changed from an ascending orbit (South to North) to a descending orbit (North to South), which will allow both satellites to work well in constellation as well as give better coverage of the UAE area.

Among other significant improvements, the UAE team along with their South Korean Partners (Satrec Initiative) has designed the satellite to produce higher quality images at 1 meter resolution which can serve various applications including environmental projects, urban planning, infrastructure, telecommunications and electricity projects.

The DubaiSat-2 project is a joint development programme between EIAST and Satrec Initiative of South Korea, in which 16 UAE engineers have been working on the design, development, testing and manufacturing of the satellite. The participation of the UAE engineers, who are currently working in South Korea, has increased by 100% from the DubaiSat-1 project and it is hoped that this will take EIAST to the next level in satellite development.


AMEinfo.com


Dubai Sat-1















 
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Dubai Sat-2








First pictures captured by Dubai Sat-1

Cape Town in South Africa, captured by Dubai Sat-1
May 12, 2011





Mirny Mine in Russia, captured by Dubai Sat-1
September 13, 2011





3D image of Al-Fujairah, captured by Dubai Sat-1
June 12, 2011


 
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Dubai Sat-2




Modules testing: Sun sensors (left), reaction wheels (right) with interface electronics




DS-2 FM Payload (High-Resolution Advanced Imaging System) Assembly (left), Reaction Wheels integration (right)




DS-2 FM integration early phase






Environmental testing at KARI





The System Engineering process to ensure quality and successful functionality of DubaiSat-2

Date : 19-07-2012

Twenty Emirati space engineers are in the final stages of launch preparation, tests and simulations of DubaiSat-2, the second satellite to be launched by Emirates Institution for Advanced Science and Technology (EIAST).

Testing and evaluation of components of DubaiSat-2, particularly the complex software, is in the final stage, a process known as Flight Model (FM) testing. In the aerospace industry, three-stage testing is the norm for advanced systems. In the first stage, a fully functional Engineering Model (EM) of the satellite and its payload are constructed. Using the EM, engineers put all of the subsystems and their components through their paces, often surpassing normal performance requirements in order to find potential faults.

“During the EM stage of DubaiSat-2 we found numerous problems,” explains Mohammed Al Harmi, the Director of EIAST’s Ground Services Department. “That’s what we want, that’s the purpose of the EM testing stage. We want to know where the problems are before we move to the next step, so we can solve the problems.”

During the EM stage, DubaiSat-2 was put through a battery of tests and simulations to ensure the satellite and its subsystems are able to withstand the rigors of launch and the harsh environment of space. Engineers often exceed the stated specifications for vibration, temperature fluctuations, acoustics and vacuum testing to make sure DubaiSat-2 can withstand everything space can throw at it.

Assistant Researcher, Mohammed Al Abbar says, “All three phases are important to build the satellite. When you reach the FM phase, we reach a level of confidence in the design that has been tested twice already. We might discover new issues or problems during the FM testing, so we need to use the EM or QM module for testing and implementing the new modification to avoid any damage in the FM module. When we get the results that shows that the issues are solved then we can implement it on the FM module and test it for the results.”

Assistant Researcher, Khalid Zowayed explains, “We took the results of the EM stage and went back to the drawing board and modified our plans. When those changes were made, we were ready to move on to the next step in the process, testing the Qualification Model or QM”

“In QM we again put the satellite through the same or even more extreme conditions than it will face in space. It takes about 15 minutes from the moment of liftoff to the time when DubaiSat-2 separates from the launch vehicle, but the stresses and pressures on the satellite are significant. During QM we can ensure that all of the complex subsystems will function properly. In aerospace we don’t like surprises,” said Mohammed Al Harmi.

“Of course the actual launch is only part of the equation,” Al Harmi adds. “When DubaiSat-2 settles into its orbit around the earth, it will do one complete orbit every 90 minutes. For about two-thirds of that time it will be in front of the sun, and for the remaining 30 minutes, it will be in the shadow of the earth. As a result, the satellite and its components must be able to withstand significant temperature changes and the heating and cooling systems have to function precisely. We are extremely pleased with DubaiSat-2’s performance during QM,” said Al Harmi.

The EM and QM stages were completed in February and Emirati engineers working in South Korea are now in the final stage, known as the Flight Model (FM) testing. “This is the final version of the satellite that will actually go to space,” explains Al Harmi. “Checking out the satellite in the FM stage takes time because we are focusing on the onboard software and the mission control software. The simulations are done in real time, giving us a data stream that will simulate what occurs when the satellite is in orbit.”

When asked to identify the most critical component of the satellite, Al Harmi explains, “All of the components and subsystems are equally important. Although redundancy is built in to the system, we can’t take a chance on any individual component not operating flawlessly. It’s like your car, you can’t say the transmission is more important than the engine. If one of them fails, your journey is over. It’s the same with satellite components; all of them must function flawlessly and communicate with each other.”

DubaiSAT-1 has been in orbit since July 2009 and it has been performing well, beaming high quality images back to the Image Processing Centre in Dubai. The images complement existing Geographic Information System (GIS) databases and enable more efficient monitoring of various environmental changes, and natural hazards, in addition to identifying the quality of water in the Gulf region.

Several technical advances are incorporated in the design of DubaiSat-2. EIAST Assistant Researcher, Khalid Zowayed points out, “There is a significant increase in the speed of the data download from 30 Megabits per second, as is the case in DubaiSat-1, up to 160 Megabits per second. This will allow DubaiSat-2 to capture and transmit a phenomenal amount of imagery per day, from 12,000 square meters (in DS-1) to 17,000 square meters (in DS-2). With these technical improvements, the weight of the satellite is now 300 kg, it’s a two metres in height and 1.5 meters wide,” adds Zowayed.

DubaiSat-2 will orbit at an altitude of 600 km. The orbit path has been changed from an ascending orbit (South to North for DubaiSat-1) to a descending orbit (North to South), which will allow both satellites to work well in constellation, as well as giving better coverage over the UAE. Zowayed explains, “We have designed the satellite to produce higher quality images with a panchromatic resolution of one metre and a multispectral resolution of 4 metres in four spectral bands (Red, Green, Blue and Near Infrared). This will enhance the quality of the images for various applications including environmental projects, urban planning, infrastructure, telecommunications and electricity.”

Assistant Researcher, Khalid Anoohi says, “DS-2 will be using the Hall Effect Propulsion System (HEPS) to maintain the orbit of the satellite. It will be used as an experimental electrical propulsion system, as a start for possible future use of electric propulsion for interplanetary missions. Such a technology is fuel efficient, and can reduce heavily the weight of a launched satellite. This research is expected to support the Space Society in utilizing the technology in the future.

The emphasis during development of DubaiSat-1 was on knowledge transfer to the UAE team working alongside their South Korean counterparts (SATREC Initiative). With DubaiSat-2, the UAE team is involved all aspects of the design, development, manufacturing and subsequent launch.

Salem Al Marri, Head of the Space Program Department at EIAST says, "The UAE team of engineers benefited from their first experiences with DubaiSat-1 as they learned about satellite systems development. By drawing on that experience, they have made significant contributions to DubaiSat-2. Their involvement marks the giant stride that the UAE has made in the path of scientific research and technical progress."

EIAST Director of Space Images Department, Omran Anwar Sharaf believes, "The UAE engineers have acquired experience and knowledge that will enable them to initiate UAE projects to serve the country in the field of space and satellite manufacturing."

Digital Hardware Team Leader, Suhail Al Dhafri says, “EIAST Space Development skills have increased and achieved great advances towards space project development. We want to build the infrastructure of space development in the UAE and increase awareness of space technology throughout our nation.”

Mohammed Al Harmi, the director of Ground Services says, “In the case of DubaiSat-2 we have witnessed a significant increase in the participation of UAE engineers. They are involved in developing solutions, techniques and advanced research, thus contributing directly to the design and applications, in addition to enhanced co-operation with international institutions such as the Japanese Space Agency for introducing new techniques in the satellite.

EIAST has contracted the International Space Company Kosmotras (ISCK) from Russia to launch DubaiSat-2 on board a Dnepr Rocket from Yasny Cosmodrome in Russia. The launch is planned for late November or early December 2012. As soon as DubaiSat-2 is in orbit, the Engineering and Qualification Models will be disassembled and shipped to Dubai. Once reassembled, they will be used to conduct diagnostics and pretest any modifications required on the orbiting DubaiSat-2.


EIAST
 
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Quote 1 :

Dubai to launch third satellite in space to get clear shots of UAE

DubaiSat-3, scheduled for 2017 lift-off, will be first to be completed in UAE

By Faisal Masudi, Staff Report
Published: 16:09 April 23, 2013


Dubai: Officials have revealed details of a new earth imaging satellite that will be the first satellite to be completed in the UAE.

DubaiSat-3 is scheduled for launch in 2017 after its development is completed in Dubai by the Emirates Institution for Advanced Science and Technology (EIAST).

The 330kg-satellite will be able to take high quality images of the UAE and other places — down to a sub-metre resolution of 70cm — from an orbit 600km above Earth.

The pictures can be used for various purposes such as weather studies, mapping, and infrastructure planning.

Currently, government departments have to purchase such images from non-UAE operators, said Salem Al Merri, EIAST’s assistant director general for scientific and technical affairs.

However, DubaiSat-3 is not a commercial project, Al Merri added.

His comments came during the project’s announcement at a Dubai press conference attended by top EIAST officials.

They said a team of 45 UAE experts and engineers will lead the project development from scratch to launch.

However, initial development will take place in South Korea in collaboration with Satrec Initiative (SI), a solution provider for Earth observation missions.

This is EIAST’s third satellite programme with SI — the earlier ones being DubaiSat-1 and DubaiSat-2 — but DubaiSat-3 will be led by Emirati engineers with SI taking a consultative role.

DubaiSat-2 is scheduled for lift-off in 2013; DubaiSat-1 was sent into space in 2009 from Kazakhstan.

Officials said the latest satellite will have significantly better imaging, pointing, downloading and computing capabilities, but remained light-lipped about the cost of the project.

DubaiSat-3 will be transferred to EIAST’s satellite manufacturing facilities in Dubai’s Khawaneej area midway through the project. Once here, it will be built by an all-Emirati team.

EIAST is to start developing its own clean room and satellite manufacturing facilities, consisting of labs that keep out dust and humidity.

Al Merri said EIAST will study various options related to the DubaiSat-3 launch — which could include lift-off from India — based on costs, and the chosen date and orbit.

The “eye in the sky” will have a lifetime of five years from launch.

EIAST Chairman of the Board of Directors Hamad Al Mansouri said: “The ultimate goal of [EIAST] is to develop a core team of local experts and position UAE as a global leader in science and technology.

“We are inspired by the passion and dedication of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who is the leading proponent of the EIAST initiative.”

EIAST Director General Yousuf Al Shaibani added: “The DubaiSat-3 is an important project as it tests our own satellite manufacturing capabilities and ultimately gives insights to further improve future satellite development programmes.”

There were already discussions at the press conference of a ‘DubaiSat-4,’ with Al Merri saying a possible successor “could be different, have a wider swathe or width. When you’re talking about [imaging] layers of agriculture, for example, you care more about a wide swathe, not resolution alone.”


GulfNews





UAE announces launch of DubaiSat-3

Satellite will initially be manufactured in Korea and then transferred to UAE

By Joseph George
Published Tuesday, April 23, 2013


UAE has announced the launch of DubaiSat-3, the first semi-indigenous project that will be deployed in 2017.

A team of 45 experts and engineers from the UAE will lead the development of DubaiSaT-3 in collaboration with its South Korean partner Satrec Initiative.

Emirates Institute for Advanced Science and Technology (EIAST) today announced that it is not averse to looking into commercialization of space technology and work in close coordination with its South Korean partner towards achieving this.

Speaking during the launch of DubaiSat-3, Hamad Obaid Al Mansoori, Chairman of Board of Directors of EIAST, said DubaiSat-3 will initially be developed in South Korea and later transferred to EIAST's satellite manufacturing facility in the UAE.

He said the ultimate goal will be to develop a core team of local experts.

EIAST said it will also start developing its own clean room and satellite manufacturing facilities.

The facility will be located at the EIAST headquarters in Dubai and will be completed this year as part of preparations for the transfer of the DubaiSat-3 project to Dubai.

“In this regard, the DubaiSat-3 Project marks a very important step towards realizing this vision as our own UAE experts and engineers who will be taking a leadership role in the development of the satellite… The project tests our own satellite manufacturing capabilities and ultimately gives insights to further improve future satellite development programmes,” said Mansoori.

Salem Humaid Al Marri, Project Manager - Space Programme, says the UAE has identified Russia, Europe, USA, Japan and India as one of the possible destinations where the satellite could be launched from.

When asked as to when UAE would be in a position to develop its own technological capability to launch a fully indigenous satellite into the orbit, he said: “We are working towards it. However it also depends on the cost. If it works out cheaper for us to buy certain parts from outside then we prefer to use that option.”

EIAST also plans to launch several Nano satellites in coordination with various universities within the country.

According to Eng. Salem Al Marri, Assistant Director General for Scientific and Technical Affairs, EIAST, the satellite bus of DubaiSat-3 will be similar to that of DubaiSat-2, but there will be significant changes in its payload and the size of the camera. It will also feature a new, highly-sophisticated camera system, which works as an accurate magnifier achieving a sub-meter resolution of 70 centimetres from a distance of 600 kilometres above the surface of the Earth. “There will also be improvements in the download speed and computing capabilities,”


Emirates 24/7
 
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UAE & Qatar : One day, we will be ‘the kings of ores’.

^^





Glencore flotation values company at about $61bn

4 May 2011
Last updated at 14:57 GMT


Commodities trading giant Glencore has priced its planned flotation at between 480p and 580p per share, giving it a mid-point valuation of $61bn (£36.5bn).

The flotation will be London's largest and make paper billionaires of Glencore executives, including chief executive Ivan Glasenberg.

A group of investors, including Abu Dhabi-based Aabar Investments, will take 31% of the shares being sold.

Formed 37 years ago, Glencore is the world's largest commodities trader.

Mr Glasenberg, 58, the firm's largest shareholder with about 18% of the company, will be worth about $10bn, making him one of the world's richest men.

Other key shareholders are Daniel Mate and Telis Mistakidis, who hold about 6%, and Tor Peterson, with 5.3%.


The executives will have a "lock-in" agreement preventing them selling their shares for up to five years and avoiding allegations that they are selling out of Glencore at the top of the market.

Many of the firm's other leading managers will become multi-millionaires from the flotation.

The Swiss-based company, which will also list its shares in Hong Kong, said in a statement that it would raise gross proceeds of approximately $10bn from the share flotation.

This will boost the company's firepower for deals at a time when commodities prices are booming on the back of strong demand.


Float 'well-backed'

A group of cornerstone investors have agreed to take a combined 31% stake of the shares being sold in the flotation.

Abu Dhabi's Aabar Investments, part of the emirate's International Petroleum Investment Company, was set to become the biggest investor after Glencore executives.

Aabar, which has stakes in carmaker Daimler and Italian bank UniCredit, said in a statement on Wednesday that it would invest $850m in Glencore, and possibly an additional $150m.


Financial firms BlackRock and Fidelity are also widely reported to be taking large stakes in Glencore.

Further details of the flotation are due to be released later on Wednesday when Glencore publishes the full prospectus, believed to be about 1,600 pages long.

It will give analysts a rare glimpse into a company that has become well-known for its secrecy.

John Meyer, an analyst at Fairfax, said Glencore and its advisers appeared to have reduced the value of the float to ensure that its shares got off to good start when trading began.

"We expect it to be a successful float. It's well-backed by some very high-profile cornerstone investors," he said.

But he added: "It's difficult to have expectations with a group that is as secretive as Glencore, although they are revealing more."

Last month, Glencore announced the appointment of Simon Murray as chairman.

Former BP boss Lord Browne had pulled out of the job at the eleventh hour.

Glencore employs about 57,500 people across more than 40 countries, and had net income of $3.8bn on revenues of $145bn last year.

It trades metals and minerals, as well as energy and agricultural products, and has benefited from the recent growth in demand for commodities, especially from China.


The final pricing of the shares is expected to be announced on or around 19 May.


BBC News


Khadem al Qubaisi, Chairman of Aabar Investments






Aabar takes $1bn stake in Glencore flotation

Farah Halime
Last Updated: May 5, 2011


Abu Dhabi's Aabar Investments has emerged as the largest investor in Glencore International's US$11 billion (Dh40.4bn) initial public offering, the world's biggest IPO so far this year.

Aabar, which is majority owned by Abu Dhabi's International Petroleum Investment Company, yesterday confirmed it would invest up to $1bn in the flotation by Glencore, the world's largest diversified commodities trader.

Aabar will initially invest $850 million as Glencore's largest "cornerstone investor" and $150m during the subscription process.

The total investment will make Aabar Glencore's largest shareholder after the company's employees, including Ivan Glasenberg, the chief executive, who is the largest stakeholder.


Cornerstone investors would take about 31 per cent of the total offer, Glencore said yesterday, one of the largest cornerstone books to date.

Cornerstone investors are given priority over other, smaller investors but must agree to buy shares at the top of the price range in the book-building process. In this case, they must hold the shares for at least six months.

Khadem al Qubaisi, Aabar's chairman, said he was excited about potential opportunities in the relationship between the emirate and the trading house.

"We are pleased to count ourselves as the largest new shareholder of Glencore post its IPO," Mr al Qubaisi said.

Mohamed al Husseiny, the chief executive of Aabar, said the company intended to "explore in due course areas of co-operation between the two firms".


Glencore aims to raise as much as $11bn in a dual listing on the London and Hong Kong stock exchanges.

The company yesterday set a price range for the IPO of between 480 pence and 580 pence a share. After the flotation, the company is expected to be valued at about $61bn.

The listing will propel once publicity-shy Glencore into the limelight. It has signalled its ambitions to expand its production operations and buy a Kazakh mining group in a $3.2bn deal.


Cornerstone investors could buy nearly 30 per cent of the Glencore shares on offer - about $3.6bn worth if the listing raises its maximum target of $12.1bn.

On the day Glencore announced its IPO, the company shocked the market by revealing the extent of its hold over commodities. It said it controlled 60 per cent of the third-party zinc market, 50 per cent of copper, 45 per cent of lead, 38 per cent of alumina and almost a third of thermal coal.


TheNational.ae

Link operations Glencore in world :

Worldwide Operations - Glencore International plc



 
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Saudi Prince Alwaleed Invests $60 Million In Glencore IPO


5/23/2011 @ 2:24PM

Saudi billionaire investor Prince Alwaleed bin Talal‘s Kingdom Holding investment firm placed an order for $400 million in Glencore IPO as part of a consortium between Kingdom Holding and Prince Alwaleed as an individual investor. Kingdom Holding received an allocation of $60 million, says Ahmed Halawani, executive director at Kingdom Holding in charge of private equity and international investments. Halawani did not disclose details on the allocation that Prince Alwaleed received as an individual investor.

The Glencore offering has been long awaited and is roughly 5 and a half times oversubscribed, which is why Kingdom Holding’s allocation is just a fraction of its initial bid. Halawani noted in a phone interview that Kingdom Holding’s allocation was one of the highest in the order book.

Kingdom Holding is placing a strategic bet with the Glencore investment. “We really believe commodity prices are on an upward trend,” Halawani explained. “I believe we have 5 to 10 years of the cycle, until growth normalizes in India and China.”

Trading in Glencore shares is to begin Tuesday May 24. The company is slated to be added to the FTSE 100 index on May 25, according to the Kingdom Holding release. Glencore had revenues of $145 billion last year. In addition to trading metals and mining products, Glencore has an energy division that handles the physical supply of roughly 3% of the world’s daily oil consumption, according to the Kingdom Holding release.

“Investing in this leading company is an extension of Kingdom Holding’s continuous pursuit of solid and distinct investments,” Prince Alwaleed said in a statement.

Alwaleed’s principal investment is his stake in Citigroup; he owns shares primarily through Kingdom Holding and also on an individual basis. In addition, Kingdom Holding has stakes in News Corp. (NWSA), Apple (AAPL), and the management company for the Four Seasons Hotels.

The public listing of Glencore is creating six new billionaires, according to my colleague Chris Helman, who delved deep into the offering prospectus. One of the new billionaires: Glencore CEO Ivan Glasenberg, whose net worth should top $9 billion.


Forbes


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Glencore et Xstrata fusionnent pour 69 milliards d'euros

07/02/2012 à 09:58

L'opération se fera par échanges d'actions, et va créer un géant des matières premières, de la production à la commercialisation. Elle devrait être bouclée durant le troisième trimestre de cette année.

Le géant minier Xstrata a annoncé mardi qu'il allait fusionner avec la société de négoce de matières premières Glencore dans le cadre d'une opération d'échange d'actions représentant 90 milliards de dollars (68,6 milliards d'euros), soit le plus gros rapprochement de l'histoire du secteur des matières premières, intégrant la production minière, agricole et leur commercialisation.


Selon le directeur exécutif de Xstrata, Mick Davis, l'opération devrait être finalisée au cours du troisième trimestre.

Xstrata avait dit jeudi dernier être en négociations en vue d'une fusion avec Glencore, son actionnaire à 34% avant la transaction, après un an de négociations difficiles. Le groupe minier précise que ses actionnaires recevront 2,8 nouvelles actions Glencore par titre Xstrata détenu - hors les actions Xstrata déjà entre les mains de Glencore - ce qui, selon les groupes, représente une prime de 15,2% par rapport au cours de clôture de Xstrata le 1er février, jour qui avait précédé l'annonce de négociations.

Les perspectives de développement de la nouvelle entité sont positivies au regard des besoins de matières premières des pays émergents, en particulier la Chine. Le groupe sera le premier exportateur de charbon et des premiers producteurs de cuivre, et se hisse dans le club très fermé des grands groupes miniers comme BHP Billiton, Vale et Rio Tinto.

Selon les projections, les revenus combinés devraient s'élever à 209 milliards de dollars, générer des bénéfices de l'ordre de 16,2 milliards de dollars.



La Tribune


 
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$90B Global Mining Giant Glencore-Xstrata Inches Closer: Deal Depends On Qatar Now

10/01/2012 @ 12:46PM

The long and winding road that has been the attempted merger between miner Xstrata and commodities trading house Glencore seems to be nearing its end. On Monday, the board of Xstrata recommended the “all-share merger of equals” to its shareholders, putting a controversial £144 million ($232 million) bonus package up for vote.

Also, Xstrata confirmed that CEO Mick Davis would lead the combined company, worth about $90 billion, for six months, only to step down (without taking a big bonus) and let billionaire Ivan Glasenberg take the reins. All eyes are now on the Qatari sovereign wealth fund, which is one of the major shareholders and will be crucial in tilting the scale to either side.

Creating a global mining behemoth is not an easy task, but in the specific case of the proposed merger between Glencore and Xstrata, it has looked more like a promethean task. After Glencore CEO Ivan Glasenberg sweetened his deal, offering 3.05 new shares of Glencore for every Xstrata share (up from 2.8 previously), Xstrata’s board was finally convinced that the offer was compelling. This they made clear on Monday, even agreeing to let Glasenberg ultimately take control of the combined company.

But Xstrata will hold a lot of power: despite Mick Davies’ stepping down, they will be allowed to place a new director on the board, preserving their tentative majority. The retention of key managers had been a sticking point in this deal, a problem Glencore sought to resolve via a juicy bonus package for those who stuck around for at least two years. According to the FT, top managers were offered £144 million, while Davies himself had a £29 million ($47 million) retention bonus.

Major shareholders, including BlackRock and Legal and General, revolted, forcing Davies to give up his bonus and making the board separate that decision from the actual terms of the merger: now, a simple majority will be needed to approve the “revised management incentive arrangement,” while a 75% majority is required to approve the “all-share merger of equals.” Still, Xstrata’s board indicated that they want the onerous retention package to be part of the deal. Sir John Bond, Xstrata’s chairman, explained it thus:

“Without the ability to retain key Xstrata managers to run the Combined Group’s mining operations through the Revised Management Incentive Arrangements, the Independent Xstrata Non-Executive Directors believe that the value proposition of the Combined Entity is at risk.”

With Davies out of the way and Xstrata’s board on board, Qatar Holding is holding the cards. The sovereign wealth fund of the rich Gulf nation headed by Ahmad Mohamed Al-Sayed has previously blocked the deal, asking for improved terms. The Qataris said they were reviewing the revised terms, while last Friday, Prime Minister Sheikh Hamad Bin Jassim Bin Jabr al-Thani gave CNBC’s Maria Bartiromo an interview where he noted they “have no problem with the new price” but that “other aspects of the deal need to be studied.”

The proposed merger would create a global mining and commodities player that will compete with the big boys. With physical mining assets and a solid commodities trading house, Glasenberg is looking to rival the likes of Rio Tinto, BHP Billiton, and Vale. With negotiations going on for months, the deal will also result in juicy fees for the investment banks involved, which include Citigroup, Morgan Stanley, Deutsche Bank, JPMorgan Chase, Goldman Sachs, Nomura, and Barclays.

With the backing of the board, and Davies’ decision to step down after six months, the road is paved for a completion of this eternal deal. Xstrata’s board expects it to close by year’s end, and then will have to navigate anti-trust and regulatory waters across the globe. While starved investment banks are eager to close this one, and Glasenberg prepares himself to lead a whole new monster, it’s the Qataris that will have the final say. All eyes, then, are now turned to Doha.


Forbes


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La fusion Glencore-Xstrata approuvée par les actionnaires

Créé le 20/11/2012 à 18h05 -- Mis à jour le 20/11/2012 à 19h55

ENTREPRISES -
La méga-fusion du géant du négoce des matières premières Glencore International et du groupe minier Xstrata a été avalisée par les actionnaires des deux groupes, donnant naissance à un mastodonte du secteur...

Sans surprise, le projet a été approuvé à la quasi unanimité par les actionnaires de Glencore, recueillant par 99,42% des voix lors de l'assemblée générale extraordinaire qui s'est tenue en début de matinée au Théatre Casino de Zoug, en Suisse.

Le verdict des actionnaires d'Xstrata, réunis simultanément à Londres et à Zoug, n'a revanche été connu qu'après une cascade de votes.

Les actionnaires du groupe minier étaient en effet appelés à se prononcer par le biais d'un système complexe qui permettait de dissocier le vote sur la fusion de celui sur le plan de rémunération des dirigeants.

La fusion a finalement été approuvée avec 90,08% des suffrages, mais les actionnaires ont rejeté massivement le plan de rémunération des dirigeants.

Le projet de fusion semblait acquis depuis que le fonds souverain du Qatar, qui detient 12% des parts, s'était dit "satisfait des conditions offertes".

A contrario, le volet de rémunération des dirigeants, qui prévoyaient des primes de 144 millions de livres (179 millions d'euros) destinées à retenir les meilleurs cadres du groupe Xstrata, avait cristallisé les critiques des actionnaires du groupe.

"Je ne vois pas pourquoi nous aurions dû payer autant pour les retenir", a déclaré à l'AFP un petit porteur qui a requis l'anonymat après l'assemblée générale. Le fonds du Qatar s'est abstenu sur ce vote des bonus.

Après plus de neuf mois de rebondissements, l'union des deux groupes va donner naissance à un mastodonte générant un chiffre d'affaires combiné de 209,4 milliards de dollars (164 milliards d'euros) et un résultat brut d'exploitation de 16,2 milliards.

"L'opération devrait augmenter les bénéfices de 20% dès 2013", a déclaré Sir John Bond, le président du conseil d'administration d'Xstrata lors de l'assemblée générale, ajoutant que son groupe tablait sur des synergies de coûts de 500 millions de dollars.

L'opération va permettre à Xstrata, un producteur de cuivre et de zinc, de profiter pleinement de la force de frappe de Glencore dans la distribution des matières premières.

La fusion doit encore recevoir l'aval de la Commission européenne qui s'est donnée jusqu'au 22 novembre pour examiner le projet.

Le projet devra également être approuvé par les autorités de la concurence en Afrique du Sud et en Chine, deux des principaux marchés pour la production et le commerce des matières premières.

Les dirigeants des deux groupes ont décliné tout commentaire sur les votes à l'issue des assemblées générales.

La nouvelle entité sera rebaptisée Glencore Xstrata. Avec une capitalisation boursière cumulée des deux entités de 64 milliards d'euros, le nouveau groupe se classera au quatrième rang mondial du secteur, derrière l'anglo-australien BHP Billiton (137,5 milliards d'euros de capitalisation boursière), le brésilien Vale (71,6 mds EUR) et l'anglo-australien Rio Tinto (68,9 mds EUR).








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La CE approuve sous conditions la fusion Xstrata/Glencore

jeudi 22 novembre 2012 15h08

BRUXELLES (Reuters) -
La Commission européenne (CE) a comme prévu validé jeudi le rachat du groupe minier Xstrata par le géant du négoce Glencore, après l'engagement pris par celui-ci de ramener sous 40% sa part du marché européen du zinc.

Cet accord, que des sources proches du dossier avaient laissé prévoir mercredi, est l'un des plus importants jamais conclus dans le secteur minier, mais prévoit des concessions moins importantes que prévu par les spécialistes du secteur.

Glencore devra ainsi renoncer à son accord commercial exclusif avec Nyrstar, premier producteur mondial de zinc, et vendre sa participation de 7,8% dans cette société, a dit la CE dans un communiqué.

La fin des relations entre Glencore et Nyrstar libère 350.000 tonnes de zinc sur le marché européen, soit 16% du marché, et ramène la part du duo Glencore-Xstrata à moins de 40% - seuil à partir duquel les instances de régulation s'inquiètent du poids d'un acteur sur un marché - au lieu de 50%.

"Cette proposition de concession garantit que la concurrence sur le marché européen du zinc est préservée, afin que les clients européens, comme les fabricants d'acier galvanisé ou les constructeurs automobiles, puissent continuer à produire des biens de consommation de qualité à des prix bas", a déclaré le commissaire européen à la Concurrence Joaquin Almunia.

Parallèlement, Glencore a pris l'engagement de ne pas acheter de zinc à Nyrstar pendant une durée de dix ans, directement ou indirectement, et de ne pas l'empêcher de lui faire concurrence.

Avec ces garanties, le groupe britannique n'aura pas à céder la fonderie allemande de Xstrata située à Nordenham, comme il l'avait proposé la semaine dernière à la CE, qui jugeait alors la concession sur Nyrstar insuffisante, ont précisé des sources.

"Nous ne sommes pas du tout surpris par le fait que la transaction ait finalement reçu l'approbation de Bruxelles, mais nous sommes en revanche quelque peu surpris par l'indulgence de la CE", commentent dans une note les analyste de Jefferies.

"Avec ce feu vert de l'UE reçu aujourd'hui, le projet de fusion fait un pas de plus vers sa réalisation", ajoutent-t-ils.

Les actionnaires de Glencore et de Xstrata avaient massivement approuvé mardi le projet de rapprochement, une opération de 31 milliards de dollars environ.

Il restera enfin un dernier obstacle à lever, celui du feu vert des autorités chinoises de la concurrence. Ces dernières ne se fixent aucune date-butoir et cela risque de reporter la finalisation de l'accord.

Selon des analystes, la décision de Pékin, premier consommateur mondial de matières premières, est difficile à prévoir. Elle pourrait réclamer des assurances sur le comportement de l'entité issue de la fusion plutôt qu'exiger des cessions pures et simples.

L'action Glencore gagnait 2,68% vers 14h00 GMT et celle de Xstrata prenait 2,71%.

Foo Yun Chee, Véronique Tison et Catherine Monin pour le service français, édité par Benoît Van Overstraeten


Reuters


Bloomberg - 5 March 2013



Xstrata and Glencore merger gets China approval

17 April 2013 Last updated at 02:10 GMT

China has approved the merger of commodities trader Glencore and mining group Xstrata, clearing the final big hurdle in completion of the deal.

The nod came after Glencore agreed to sell its stake in Xstrata's copper mining project in Peru to a buyer approved by Chinese authorities.

It also agreed to supply a minimum volume of copper concentrate to China for a period of eight years.

The merger will form one of the world's biggest metals and commodities firms.

It was first announced in February last year, but the completion date has been pushed back several times, not least due to concerns over the influence the combined entity may have on the global commodity markets.


Win-win?


China, which is one of the world's biggest commodity consumers, had been examining what share a combined company would have in the market for copper concentrates.

Analysts said that by agreeing to sell its stake in the Peru project, which is being built from scratch, Glencore had not only satisfied a key concern of Chinese authorities but also that of many shareholders.

"Them being willing to sell Las Bambas shows there are no sacred cows in the eyes of the Glencore management," said Jeff Largey an analyst at Macquarie.

"It shows they think a little differently - they've always shied away from greenfield projects.

"If they can pull value forwards on Las Bambas by selling it, rather than taking on all the operational and execution risk associated with building it [and] bringing it to production, I think the market will reward them," he added.


BBC News

 
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Akhi, all these cities and mega projects..with all these Islamic Civilization learning center, finance Island blah blah...all these projects sound very good and dandy...but any idea when all these project will be completed? By what year?

Please tell
 
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