Industry RAK free zone reports 61% surge in new companies Ras Al Khaimah Economic Zone (Rakez) reported a 61 percent year on year surge in new company registrations in the first quarter of 2024. Over the three months, 3,000 companies joined the economic zone, marking a solid start to the year. Rakez has attracted global investors, mostly from India, Pakistan, the UK and Egypt. Rakez […] April 26, 2024
Mining UAE and Kenya sign mining and technology deal The UAE and Kenya have signed an agreement to boost investment in the mining and technology sectors, as the Gulf state focuses on Africa to enhance its precious metals and minerals reserves. As part of the agreement, the UAE Ministry of Investment and the Republic of Kenya Ministry of Finance and National Treasury will work […] April 25, 2024
Manufacturing Saudi Arabia’s food factory count rises to 1,300 The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […] April 24, 2024
Agriculture Agricultural robotics centre planned for the UAE Khalifa University of Science and Technology and agri-food giant Silal plan to create a centre of excellence for farming robotics in the UAE. The proposed research centre, to be located at Silal’s Innovation Oasis site in Al Ain, Abu Dhabi, will feature a dedicated autonomous greenhouse equipped with various robotic platforms, sensors and Internet of […] April 23, 2024
Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Industry Tawal merger to create giant Saudi telecom towers company Saudi Arabia is creating a new telecommunications infrastructure company, which is expected to have 30,000 mobile tower sites and estimated annual revenues of $1.3 billion. The new entity will be created following the merger of Tawal, the largest telecommunications infrastructure company in Saudi Arabia, and Golden Lattice Investment Company (GLIC), which is majority-owned by the […] April 22, 2024
Food & Drink Saudi Arabia aims to double local honey production Saudi Arabia has invested SAR140 million ($37 million) to support its nascent rural honey industry, the government said this week. The country has raised subsidised production by 41 percent since 2021 and wants to double output by 2026. The Sustainable Agricultural Rural Development Program, known as Reef Saudi, said its funding supported over 10,500 people […] April 22, 2024
Aviation Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce State-backed Turkish Airlines is expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally. The deal will be announced in Istanbul later this month, Bloomberg reported, quoting Turkish officials who were aware of the agreement. Last December the Turkish national carrier announced […] April 18, 2024
Sustainability Aluminium decarbonisation alliance takes shape in UAE Emirates Global Aluminium, the UAE’s largest non-oil industrial company, has formed an alliance with state renewable energy company Masdar to work on decarbonisation projects. The two companies will explore the joint development of renewable energy projects such as battery storage and the production and storage of green hydrogen. They will also work together internationally to […] April 18, 2024
Manufacturing Hit by rising costs, Turkey’s textile producers move overseas Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […] April 17, 2024
Manufacturing EV imports rise in Saudi Arabia, but only to 779 cars Saudi imports of electric vehicles rose sharply in 2023 – but to a total of just 779 EVs, despite government hopes that it can become a green economy leader through the manufacture and use of electric cars. The kingdom imported only 210 EVs in 2022, showing the mountain it has to climb to realise ambitions […] April 16, 2024
Industry Turkish steel in the black but EU rules rankle Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets. Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase. Exports were also up, increasing 23 […] April 14, 2024
Opinion Agriculture Lessons from China: how the UAE can conserve its soils While the challenge of soil regeneration is formidable, it is not insurmountable April 12, 2024
Analysis Renewable Energy Lithium’s highs and lows – and what they mean for the Gulf For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […] April 12, 2024
Manufacturing Auto industry buoyant despite Turkey’s woes Production in Turkey’s auto industry is continuing to rebound after four years of falls, despite soaring interest rates dampening domestic demand and the country’s volatile currency making it tough for automakers to plan their activities. Turkey is the world’s 12th biggest automaker, the country’s government says. It made 242,000 vehicles in the first two months […] April 11, 2024
Trade UAE and India to discuss first phase of trade corridor Senior officials from the UAE and India will meet next month to start work on the first phase of the India-Middle East-Europe Economic Corridor (Imeec), according to a media report. The officials are slated to meet on May 15 after UAE president Sheikh Mohamed bin Zayed Al Nahyan and Indian prime minister Narendra Modi signed […] April 11, 2024
Construction Mena steel demand to rise over next two years Steel demand in the Middle East and North Africa (Mena) region is expected to accelerate in 2024 and 2025 after a significant slowdown in the past two years, the World Steel Association (WSA) said in a report. Demand is forecast to rise by just over 4 percent and 2.6 percent year on year to 57 […] April 11, 2024
Renewable Energy Atvos in deal to build biomethane plant in Brazil Brazilian ethanol producer Atvos has signed an agreement to build a biomethane factory in the state of Mato Grosso do Sul, with investments seen at more than 350 million reais ($69.4 million), it said in a statement on Wednesday. The biomethane plant is expected to have a 28-million cubic meter capacity per crop and will […] April 10, 2024 In association with
Agriculture $16m pumped into coffee farms as Riyadh chases lofty target Saudi Arabia has invested millions of dollars in the development of the local coffee sector over the past four years, but it is still 80 percent off its production target for 2026. The Sustainable Agricultural Rural Development Program (known as Reef Saudi) has allocated a total of SAR61 million ($16 million) to support over 3,700 […] April 10, 2024
Manufacturing Lucid price cuts result in record EV sales The Saudi-backed US electric vehicle (EV) maker Lucid set a new quarterly sales record for its luxury models in the first quarter of 2024. Shares in Lucid, which has funding from the kingdom’s Public Investment Fund (PIF), rose by 3 percent on Tuesday after it announced the delivery of almost 2,000 Lucid Air models. The […] April 10, 2024
Construction Saudi cement prices under pressure as competition mounts Strong competition among Saudi Arabia’s cement companies is likely to continue and will exert pressure on prices in the short to medium term, according to a report from investment advisory company Ubhar Capital. There is ongoing optimism regarding the pipeline of mega and giga projects, as well as anticipated investments related to Expo 2030. However, […] April 10, 2024
Industry Saudi industrial cities operator attracts $4bn investment Total investments in the 36 industrial cities overseen by the Saudi Authority for Industrial Cities and Technology Zones (Modon) reached SAR14.45 billion ($3.9 billion) last year. New investments rose 63 percent year on year from 891 local and foreign companies, state-owned SPA news agency reported, citing Modon’s annual report for 2023. Foreign investments grew by […] April 9, 2024
