Saudi miner sees growth in African fertilizer

Riyadh-based Ma’aden, which focuses on gold, phosphates, aluminum and industrial minerals, has agreed to buy an 85 percent stake in Mauritius-based Meridian Group for SR525 million. (AFP)
Updated 18 April 2019
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Saudi miner sees growth in African fertilizer

  • Meridian deal allows Ma’aden to distribute its fertilizers to key growth markets in sub-Saharan Africa more efficiently
  • Reflects a broader push among major Saudi commodities-based companies to diversify their revenue streams and move into higher-value growth sectors

LONDON: Saudi miner Ma’aden is investing in an African fertilizer company as it looks to diversify operations beyond the Kingdom.
The Riyadh-based group, which focuses on gold, phosphates, aluminum and industrial minerals, has agreed to buy an 85 percent stake in Mauritius-based Meridian Group for SR525 million ($140 million).
It plans to acquire the remaining 15 percent over the next four years.
The deal allows Ma’aden to distribute its fertilizers to key growth markets in sub-Saharan Africa more efficiently.
“Meridian distributes close to half a million tons of fertilizer across Malawi, Mozambique, Zimbabwe and Zambia,” said Ma’aden in a stock exchange statement on Thursday.
“The acquisition furthers Ma’aden’s 2025 strategy, which includes expanding operations and sales outside the Kingdom,” it added.
The deal reflects a broader push among major Saudi commodities-based companies to diversify their revenue streams and move into higher-value growth sectors.


British Airways to resume Pakistan flights next week after a decade

Updated 23 May 2019
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British Airways to resume Pakistan flights next week after a decade

  • BA halted service to Pakistan in the wake of the 2008 Marriott Hotel bombing in Islamabad
  • BA will begin the London Heathrow-Islamabad service with the Boeing 787 Dreamliner

ISLAMABAD: British Airways will resume flights to Pakistan next week a decade after it suspended operations following a major hotel bombing, becoming the first Western airline to restart flights to the South Asian country.

BA halted service to Pakistan in the wake of the 2008 Marriott Hotel bombing in the capital Islamabad that took place during a period of devastating Islamist militant violence in Pakistan.

Security has since improved, with militant attacks sharply down in the mainly Muslim country of 208 million people, reviving Pakistan as a destination for tourist and investors.

“The final touches are coming together for the airline’s return ahead of the first flight on Sunday June 2,” British Airways said in a statement. It will launch a three-per-week service to London Heathrow, it said.

“We’re on board,” Pakistani Civil Aviation spokeswoman Farah Hussain said about the flights resumption.

BA, which is owned by Spanish-registered IAG, will begin the London Heathrow-Islamabad service with the airline’s newest long-haul aircraft, the Boeing 787 Dreamliner.

At present, only loss-making national carrier Pakistan International Airlines (PIA) flies directly from Pakistan to Britain, but its ageing fleet of planes is a frequent source of complaints by passengers.

Middle Eastern carriers Qatar Airways, Etihad Airways and Emirates have a strong presence in Pakistan and have been eating into PIA’s dwindling market share. Turkish Airlines also lays on a regular service to Pakistan.

Islamabad has been running international advertising campaigns to rejuvenate its tourism sector, which was wiped out by Islamist violence that destabilised the country following the Sept. 11, 2001 attacks in the United States and the U.S.-led war in Afghanistan.

“We hope customers in both the UK and Pakistan will enjoy the classically British service we offer, with thoughtful bespoke touches,” Andrew Brem, Chief Commercial Officer at British Airways, said in BA’s statement.

BA said there will be a halal meal option in every cabin and the airline would also ensure sauces in every meal do not contain alcohol or pork.