Dubai-based Aramex said yesterday it completed the full acquisition of South Africa's Berco Express, as the logistics firm expands into Africa's largest economy amid a difficult business environment in parts of the Middle East.The strategic acquisition of Berco Express follows Aramex's recent venture into the Chinese market with the launch of a joint-venture company with SinoAir, and the acquisition of OneWorld Courier and In-Time Couriers in Kenya in the first quarter of the year, the company said in a statement on the Dubai Financial Market website. "This acquisition, which is in line with our long-term strategy to strengthen our presence in key emerging markets around the world, is a major step towards the realisation of our goal of being the logistics and transportation company of choice in those markets," Aramex chief executive officer and founder Fadi Ghandour said.

New petrochemical unit

Kuwait's Qurain Petrochemical Industries Co (QPIC) plans to develop a petrochemical plant in Saudi Arabia, expected to cost more than $1 billion, it said yesterday. United Industries Co, a Kipco Group company, is a major shareholder in QPIC. The complex, which will be located in Saudi Arabia's petrochemicals hub, Jubail, will produce an annual 800,000 tons of polyethylene terephthalate (PET) and 1 million tons of purified terephthalic acid (PTA). Paraxylene will be used as feedstock. The company has appointed IHS Inc to advise on the planning and development of the project, it said.

Tasweeq term contract

Qatar International Pet-roleum Marketing Co, or Tasweeq, has finalised its export jet fuel term contract for next year with two buyers, trading sources said yesterday. The company has set the "alpha" for its term contract for next year at 30 cents a barrel above its pricing formula, they said. Details of the term are not known, but one trader said that the company sold 300,000 tonnes of jet fuel to oil major BP and Dubai-owned Emirates National Oil Company. This information could not be verified with the companies. Tasweeq sets its own pricing formula for its term contracts comprising three values — a flat price based on benchmark Middle East quotes plus a premium as assessed by price agency Platts and an "alpha" value that is set by the company. The "alpha" value for the company's jet fuel contract for 2011 was set at 35 cents a barrel, a trader said.

Alafco quintuples profit

Kuwait's Aviation Lease & Finance Co (Alafco) posted a near quintupling in net profit to 47 million dinars (Dh621.92 million) for the full year ended September 30, the company said in a statement yesterday. Alafco said that its board has approved a cash dividend of 10 fils per share for the fiscal year. The Kuwait-based firm posted a full-year net profit of 10.8 million dinars in 2010. Alafco has a customer base of 16 airlines globally. Its lease portfolio increased to 48 aircraft during the year as it took delivery of eight new aircraft last year, the company said. The company placed a $4.6 billion (Dh16.89 billion) expanded order for 50 Airbus A320neo passenger jets at the Dubai Airshow last month. It obtained financing facilities worth $313.3 million during the year from local and international banks.

Turkish Airlines thrives

Turk Hava Yollari, the carrier known as Turkish Airlines, said passengers in the first 11 months rose 12 per cent from a year ago. The number of passengers using the airline increased to 30 million, the company said in a filing with the Istanbul Stock Exchange.

ATC increases capital

Saudi Arabia's Alahli Takaful Co's (ATC), capital increase has been almost two times covered as subscription proceeds have reached 149.3 million Saudi riyals (Dh146.13 million), Al Hayat daily reported yesterday. ATC, which has carried out the capital hike through a rights issue valued at 80 million riyals, had a paid-up capital of 100 million riyals at the end of September, according to zawya.com data. Established in 2007, ATC is an Islamic insurance affiliate of the local National Commercial Bank.

— Compiled from agencies