Analysis Trade Oman and India accelerate talks on trade deal Oman and India have scheduled a third round of talks next week as they seek to complete a free trade agreement. The negotiations, which began in late November in New Delhi, are “progressing well” with two rounds completed in a matter of weeks, according to officials. Bilateral trade reached $12.4 billion in the financial year […] January 10, 2024
Industry Mars Rover tech digs into Saudi mineral potential A mining and natural resources company is deploying technology based on Nasa’s Mars Rover in Saudi Arabia, as the kingdom ramps up its mineral wealth potential. Eurasian Resources Group (ERG) unveiled its Nomad robot at the Future Mineral Forum in Riyadh on Wednesday. It said the technology will “change early-exploration efforts as we know them”. […] January 10, 2024
Infrastructure Turkey secures $1.3bn for high-speed railway Financing worth more than $1.3 billion has been secured to build a high-speed electric railway in Turkey. The deal, which was structured by Mitsubishi UFJ Financial Group, was enabled by support from UK Export Finance (UKEF) and three other export credit agencies: Austria’s OeKB, Italy’s Sace and Poland’s Kuke. The agreement allows Turkey’s Ministry of […] January 9, 2024
Manufacturing Dubai EV maker pulls out of $500m Chinese deal Dubai’s electric vehicle maker NWTN has pulled out of a deal to invest $500 million in Evergrande, a Chinese EV manufacturer. NWTN, which operates an electric vehicle assembly facility in Abu Dhabi, said it has terminated plans to buy 27.5 percent of the shares of China Evergrande New Energy Vehicle Group. Evergrande was established in 2019 […] January 9, 2024
Manufacturing Probe after accident in Saudi explosives factory An investigation is under way after two men died in an accident at a Saudi Arabian explosives factory. Saudi Chemical Company Holding said the accident at the Riyadh factory of its subsidiary Saudi Chemical Company, which makes civil and military explosives led to the death of two workers. In two separate filings to the Saudi […] January 8, 2024
Transport Alstom agrees $550m deal for Saudi battery tram The French rolling stock manufacturer Alstom has signed a contract worth more than €500 million ($547 million) to build a battery-powered tram system in the Saudi tourist destination AlUla. The company’s deal with the Royal Commission for AlUla will result in the world’s longest tram system without an overhead electrical line. The system will have […] January 8, 2024
Food & Drink Abu Dhabi plans seat at world’s culinary top table Work has begun on the infrastructure for a huge new food hub in Abu Dhabi, while plans have been revealed for the UAE’s first Le Cordon Bleu Institute. The 3.3sq km Abu Dhabi Food Hub is being developed at Khalifa Economic Zones Abu Dhabi, as the emirate seeks a place at the world’s top table […] January 7, 2024
Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Agriculture $300m food processing complex planned for Egypt An entrepreneur has revealed plans to invest $300 million in an industrial agriculture and food complex in Egypt. Ahmed Abou Hashima has teamed up with partners from the US and Germany to lead the project through his Mafi for Agricultural Produce Industries company. He said strategic collaborations have been established with JBT and Cabin Plant, […] January 4, 2024
Analysis Economy Gaza war proves ‘another large shock’ for fragile Lebanon Hopes that Lebanon’s economy could register its first annual growth in five years have been dashed by the impact of the Israel-Gaza conflict, according to the World Bank. Its latest Lebanon Economic Monitor said the fighting and fears of an escalation were “another large shock” to the country’s precarious economy. Before the outbreak of violence […] January 4, 2024
Industry Second industrial city planned for Saudi’s Aseer region Work has started on a second industrial city in the Aseer region of Saudi Arabia after the first attracted investments of more than SR2 billion ($533 million). The development is being implemented by the Saudi Authority for Industrial Cities and Technology Zones (Modon) and the Aseer Region Development Authority. The Second Aseer Industrial City covers […] January 3, 2024
Trade UAE finalises trade deal terms with Congo The UAE and the Republic of Congo have finalised the terms of a comprehensive economic partnership agreement – and are looking to the Cepa to build on their growing trade relationship. Bilateral non-oil trade increased 134 percent year on year during the first six months of 2023, to reach $2.1 billion. The two countries also […] January 2, 2024
Analysis Trade Gulf’s pivot to Asia set to keep on rolling in 2024 2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […] December 27, 2023
Analysis Industry Saudi seeks gold in the Aseer hills – for tourism and mining Hidden in the heart of Saudi Arabia’s largest mountain range, the Aseer province was largely unknown to the West until the 1950s. The region’s remoteness helped to preserve its distinctive culture, with early visitors offered crowns of red and orange blooms for sale by its so-called Flower Men. Today tourists are an important part of the […] December 21, 2023
Analysis Banking & Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023
Energy Fourth nuclear reactor at Barakah in UAE completed Work on the fourth and final reactor at the Barakah Nuclear Energy Plant in Abu Dhabi has been completed, its operator said on Tuesday. Nawah Energy Company announced it has completed the process of loading fuel assemblies into Unit 4 at Barakah, just weeks after the Federal Authority for Nuclear Regulation issued the operating licence. […] December 19, 2023
Analysis Trade UAE-US trade relations defy region’s pivot to the east The trade relationship between the UAE and the US remains strong even while GCC countries increasingly look east for opportunities. In October 2023, the US trade balance with the UAE stood at $1.63 billion, while US exports grew 28 percent year on year to reach $2.3 billion the same month. Martina Strong, the US ambassador […] December 19, 2023
Tech Merger to create astronomic UAE space company Two Abu Dhabi technology companies are planning a merger to create a $4 billion space organisation for the region. The boards of Bayanat and Yahsat have voted to recommend a merger to shareholders, a filing to the Abu Dhabi Stock Exchange on Tuesday revealed. The proposal will create a company with an implied market capitalisation […] December 19, 2023
Trade ADQ and Azerbaijan invest in $1bn joint venture Abu Dhabi-based ADQ has announced a $1 billion joint venture with Azerbaijan’s sovereign wealth fund to invest in major sectors. The JV with Azerbaijan Investment Holding will focus on agriculture, technology, pharmaceuticals and energy infrastructure. Investments will primarily be concentrated in Azerbaijan, the UAE and Central Asia, with the potential to expand to other countries, […] December 18, 2023
Manufacturing Stellantis puts Algerian car industry on road to recovery Multinational car maker Stellantis has announced the start of production at its factory in Algeria, with a commitment to expand further to help the ailing local market. Four Fiat models will be built, including the Fiat 500 and Fiat Doblo, as part of an initial €200 million ($216 million) investment in the plant in Tafraoui, […] December 15, 2023
Construction How Saudi tech is addressing the lack of construction sand A patented technology developed in Saudi Arabia is aiming to increase the use of desert sand in concrete manufacturing. ClimateCrete’s technology modifies the surface of the fine local sand particles, making a much more durable and stable concrete. At a time of unprecedented levels of construction in the kingdom, it plans to make concrete production […] December 14, 2023
Analysis Trade Turkey sets bold targets for trade with the Gulf Turkish e-commerce marketplace Trendyol has announced a plan to lift sales across the GCC – one of the latest developments as Turkey seeks to increase trade with the Gulf. The fashion and lifestyle platform will be rebranded for Gulf markets under a deal with Saudi retail group Cenomi. The pair hope to increase annual orders […] December 14, 2023
