Kuwait’s Aref Energy’s 2011 profits to grow 8%

31 Aug 2011

(MENAFN) Kuwait’s Aref Energy Holding’s CEO, Tareq Al-Wazzan, said that if the firm was able to exit an investment, in 2011, profits would grow around 8 percent, reported Arabian Business.

Al-Wazzan added that the total exit value of the projects was USD138.9 million, whereas gains from the exit operation would be added to the results of the fourth quarter.

He also said that since China was a very attractive market for the growing demand for energy, the company planned to invest around USD10 million in a USD50 million fund established by ZhongDe Waste Technology AG for the establishment of four energy-from-waste plants in China.

It is worth noting that in March, Aref Energy, which is part of the Kuwaiti investment company Aref Investment Group, signed an agreement to gain a 51 percent stake in Al Meshari Heavy Equipment Trading, the Dubai based firm, for USD3.5 million.

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