Dubal’s CEO Sees 20pc Drop in Q2 Sales

DUBAI - Dubai Aluminium Co’s or Dubal sales fell 30 per cent in the first quarter and would likely fall 20 per cent in the second, its chief executive said, while the state-owned smelter’s plans for a new plant were uncertain. “We have seen a drop of 30 per cent in our sales at Dubal during the first quarter of the year, which is due to an international decline from the automotive industry,” Chief Executive Abdulla Kalban said on Monday at an industry conference in Dubai. High global inventories were putting pressure on sales in the second quarter, Kalban said. “Worldwide inventories have increased to 4 million tonnes and that is putting pressure on 
our sales,” he said. Car manufacturers around the world have been brought to their knees as consumer demand slumps in the global economic crisis. Last week, Japan’s Toyota Motor Corp, the world’s biggest automaker, forecast a $8.6 billion annual loss and said it would sell about 1 million fewer vehicles this year. US auto sales fell 34 per cent in April from a year earlier, according to manufacturers. Speaking at the same conference, Dubal’s vice-president of marketing and sales, Walid Al Attar, said plans to build an aluminium plant at King Abdullah Economic City in Saudi Arabia were “uncertain” because of the economic climate. Last month, Dubal met the Saudi Investment Authority and Saudi mining company Maaden to discuss plans to build the plant. King Abdullah Economic City, which is being developed by Dubai’s Emaar Properties’ Saudi affiliate Emaar Economic City or EEC, is central to Saudi Arabia’s plans to diversify the oil-based economy and create much-needed jobs for a rapidly growing and predominantly young population. Kalban said Dubal was producing at full capacity of 960,000 tonnes a year and would not cut production. Aluminium producers worldwide have taken about 15 per cent of global capacity offline as demand slumps. Many are operating below break-even levels and industry analysts say further prodcution cuts are needed to boost prices. Dubal said in March it would keep output steady in 2009 at 950,000 tonnes. Three-month aluminium on the London Metal Exchange settled at $1,540 a tonne on Friday, down from an all-time high of around $3,100 a tonne last July.
— Reuters See Also Page 29 Manara Developments Appoints Managing Director manama — Manara Developments, a Bahrain-based real estate development company, has appointed Dr Hasan Al Bastaki as its Managing Director, in line with the company’s business vision and growth plans. In his new role, Dr Al Bastaki will be responsible for managing the company’s strategic expansion plans and real estate portfolio on a wider regional level. Dr Al-Bastaki is a renowned professional figure with over 21 years of experience in the public, private, and academic sectors in the Kingdom of Bahrain and North America. The Chairman of Manara Developments, Yousif Taqi, stated “we are very happy to have Dr Al Bastaki join our Manara team and we are confident that his wealth of experience will be essential in driving our business plan forward. Dr Al Bastaki brings a wealth of expertise to the table, allowing for even greater strides to be made towards further strategic expansion in Bahrain
 and abroad.” Taqi further commented that “Dr Al Bastaki’s appointment comes at a very crucial time in the company’s growth as Manara prepares to expand its project portfolio across the MENA region.” Prior to joining Manara Developments, Dr Al Bastaki held various top positions amongst which were the Secretary General of the Bahrain Studies and Researches Center at the rank of Undersecretary, Assistant Undersecretary at the Ministry of Education, Executive Manager at Ernst & Young, Bahrain and Executive Vice President at Al Salam Bank-Bahrain B.S.C. Al Bastaki recently held the position of Director and Chief Executive Officer for Amar Holding Company B.S.C., a holding Company established by Al Salam Bank Bahrain and strategic investors, to develop a significant investment project in the Al Hidd area of Bahrain. Dr Al Bastaki, Managing Director, Manara Developments stated, “I am delighted to be joining the Manara team and am looking forward to working with them to optimise the company’s growth strategies for the coming 3-5 years. We are well placed within the local Bahrain market, and are looking to diversify our operations and expand into the regional market. Manara Developments is well placed to expand and grow, and I look forward to working with the Manara team to continue the momentum that has been built up on our road to success.” Al Bastaki also clarified that the projects currently under the Amar Holdings portfolio will continue as planned and will be developed and managed by Manara Developments Company.