Aramex signs deal with shipping firm

Aramex said Wednesday it has signed a partnership agreement with South Korean shipping company CJ GLS, as the Dubai-based firm continues with its expansion in Asia. Othman Al Jeda, chief executive officer for Aramex in Asia, said the partnership with CJ GLS will provide Aramex "a strategic position serving the South East Asian economies, and connecting the emerging economic powers of Asia with the emerging African economies through the Middle East." The move follows Aramex's recent joint venture with Chinese Sino Air, a deal that strengthened its position in Asia. The firm's initial phase of expansion across Africa in 2011 included the acquisition of Kenyan OneWorld Courier and In-Time Couriers as well as South African Berco Express in December.

Jordan Petroleum

Jordan Petroleum Refinery Co. workers cancelled a strike planned for yesterday after the company accepted all their demands, the General Trade Union of Petroleum and Chemical Workers said. "We reached a deal with the refinery," Khalid Zeid, head of the union, said in a telephone interview in Amman on Tuesday. "The plan for the strike is over." The company agreed to give its 3,700 employees a monthly raise of 100 dinars ($141) on their basic salaries, as well as end-of-service compensation and transportation allowances for staff living in areas not covered by the company's fleet, he said. The refinery also agreed to establish a housing fund for its employees, Zeid said. The refinery runs a plant with processing capacity of 90,000 barrels a day.

BNP Paribas

French bank BNP Paribas in the Middle East will focus on reducing costs, while seeking a bigger share of capital markets activity in Saudi Arabia, the Arab world's largest economy, the lender's top executive said. "Cost reduction is always important. There are always reviews on how we can reduce costs, now it doesn't necessarily mean reduce people. There are many other ways of doing it: you can do it by streamlining your organisation, by automatising operations, by mutualising strengths," said Jean-Christophe Durand, regional head of BNP Paribas Middle East in an interview on Tuesday.

Eurovestech

European development capital fund Eurovestech has joined forces with British stockbroker Cenkos Securities to target companies looking to raise capital in the Middle East and the Nasdaq Dubai market. The Eurovestech/Cenkos agreement follows Middle Eastern merchant bank Markab Capital's joint venture with British group Webb Capital to tap into a growing demand by Middle Eastern companies for London share listings. Under the terms of their co-operation deal, Cenkos will work with Eurovestech on any suitable opportunities that clients may have to raise funds on Nasdaq Dubai.

BIM Birlesik Magazalar

BIM Birlesik Magazalar, Turkey's biggest discount grocer, will maintain its margin on earnings before interest, tax, depreciation and amortisation at 5.5 per cent in "the coming years," chief financial officer Haluk Dortluoglu said. BIM's net profit margin will also be unchanged at 3.7 per cent in "the coming years," Dortluoglu said at a news conference in Istanbul yesterday. The company's gross margin will continue to drop this year, from 16 per cent in 2011, he said. The company will invest 300 million liras (Dh614.29 million) to open more than 400 stores in Turkey and 50 stores in Morocco this year, in addition to about 3,300 it currently operates, another official said.

Al Baraka Bank Egypt

Al Baraka Bank Egypt ESC, the Cairo-based unit of Bahrain's Al Baraka Banking Group, said it will ask shareholders to approve a dividend payment for 2011 equal to 15 per cent of capital, or 92.3 million Egyptian pounds (Dh56.01 million). The lender made the statement in a filing to the Egyptian bourse yesterday.