Energy Adnoc to acquire chemical company Covestro for $16bn Abu Dhabi National Oil Company (Adnoc) is expected to make a formal offer to buy German chemical company Covestro AG. The Financial Times reported that the 14.4 billion euros ($15.90 billion) offer will set up the state-owned energy producer to expand its overseas holdings. The companies have been in talks since Adnoc made an initial informal […] September 11, 2024
Oil & Gas QatarEnergy signs $2bn deal with Chinese shipyard State-run QatarEnergy has ordered six additional large LNG vessels valued at $2 billion from China State Shipbuilding Corporation (CSSC). The new order brings the total number of LNG vessels to 128, including 24 QC-Max mega vessels. The QC-Max vessels will be built at China’s Hudong-Zhonghua Shipyard, a wholly-owned CSSC subsidiary. These vessels will have a […] September 10, 2024
Industry Saudi Arabia open to joint mining ventures with China Saudi Arabia is open to joint investments with Chinese mining companies, mineral resources minister Bandar Alkhorayef has said. The kingdom is seeking collaborations in processing and producing lithium used in electric vehicle (EV) batteries, as well as processing and refining copper, the state-run Saudi Press Agency reported. During a meeting with senior executives of General […] September 8, 2024
Infrastructure UAE backs Jordan’s $2.3bn rail line for mining exports A new $2.3 billion railway project in Jordan, supported by the UAE, will help increase its mineral export capabilities. Construction tenders are slated to be issued in early 2026. Etihad Rail, the developer and operator of the UAE national railway network, and Jordan’s transport ministry have signed four agreements for the railway, which will connect […] September 5, 2024
Manufacturing Cooling inflation little help for Turkey’s struggling manufacturers Although Turkey’s consumer inflation slowed in August to the lowest rate for nearly a year, analysts say it was not enough to help the country’s struggling manufacturing sector. Consumer inflation in Turkey dropped almost 10 percentage points to an annualised 52 percent in August, the smallest figure since mid-2023, state statistics agency Turkstat said on […] September 4, 2024
Industry QatarEnergy’s new plant will double urea production State-backed QatarEnergy will build a new urea production complex to more than double the Gulf country’s urea output to meet growing global demand. The new project involves building three ammonia production lines to supply feedstock to four new urea production trains in Mesaieed Industrial City, located 36 kms from Doha. Accordingly, urea production will increase […] September 2, 2024
Industry Oman wealth fund begins merger of food units Oman has initiated a merger between two state-run entities to support its food security sector. Oman Investment Authority, the sultanate’s sovereign wealth fund, has begun the initial process of merging Oman Food Investment Holding Co (Nitaj) and Fisheries Development Oman, the state-run Oman News Agency reported. The move is intended to lead to high-quality products, […] September 2, 2024
Agriculture Tenders open for Saudi Arabia fish farm Saudi Arabia has opened a tender for a fish farm on its north-eastern coast as its government tries to encourage more healthy eating and shore up food security. The aquaponics project to cultivate fish and plants in a four-hectare area in the Jubail governorate has a bidding deadline of November 27, the ministry of environment, […] August 30, 2024
Manufacturing Emirates Global Aluminium profit down as prices weaken Net profits at Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, fell 6 percent to AED1.84 billion ($500 million) in the first half of 2024 from AED1.96 billion a year ago, driven by lower product prices. The average realised London Metal Exchange aluminium price declined 2 percent year on year to […] August 30, 2024
Mining Saudi Arabia targets stake in Pakistan’s $6.5bn mining project Saudi Arabia plans to acquire a 15 percent stake in the Reko Diq mining project in Pakistan, according to a media report. The stake will be purchased through Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), The Express Tribune, a Karachi-based news outlet, reported. The […] August 28, 2024
Economy New factories underpin Saudi non-oil activity surge Investment of nearly SAR6 billion ($1.6 billion) in 300 new factories in Saudi Arabia has spurred a resurgence in non-oil activity in the kingdom, as oil production hits a three-year low. Estimates in a report by Riyadh-based advisory company Jadwa Investments found that non-oil GDP in the first half of 2024 was up by around […] August 27, 2024
Opinion Manufacturing Tesla “just not cool” anymore in car-crazy California The US state and Elon Musk's pioneering company have fallen out of love August 27, 2024
Mining Diamond weighing 1lb cheers Mubadala-backed financier The discovery in Botswana of a rough diamond weighing more than a pound, the second largest ever found, is likely to prove timely for Apex Group, the global financial services provider, which counts the Abu Dhabi sovereign wealth fund Mubadala among its key backers. The huge gem’s discovery was announced on Thursday by Lucara Diamond Corp, […] August 23, 2024
Manufacturing EGA to buy 80% of US aluminium recycler Emirates Global Aluminium, the UAE’s biggest non-oil industrial company and one of the world’s largest aluminium producers, plans to acquire an 80 percent stake in US-based Spectro Alloys Corporation. The transaction will accelerate EGA’s global expansion into aluminium recycling and help grow its business in the United States. The acquisition, subject to regulatory approvals, is […] August 23, 2024
Agriculture Turkey’s hazelnut growers expect good season despite climate fears Turkey’s hazelnut growers are hopeful for higher production this year, but they are increasingly fearful of the effect of climate change on their crops. Harvesting of one of Turkey’s key agricultural export products recently began, as experts forecast higher yields than last year. But concerns are mounting over the sector’s longer-term prospects. The country accounts […] August 22, 2024
Manufacturing Nissan to invest $56m in Egyptian car market Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […] August 19, 2024
Industry Turkey gets $100m to support quake-hit agriculture sector Turkey has secured $100 million from the Jeddah-based Islamic Development Bank to support its agricultural industry, which was impacted by last year’s earthquakes. The International Islamic Trade Finance Corporation (ITFC), a member of the development bank, has provided funding to the Development and Investment Bank of Türkiye (TKYB). The funding, guaranteed by the Ministry of Treasury […] August 16, 2024
Manufacturing Strong aluminium prices push Alba profit up Aluminium Bahrain, better known as Alba, reported profit for the first half of 2024 of BD93 million ($247 million), an increase of 83 percent year on year, helped by the falling cost of raw materials and rising sale prices. Alba’s profits in the second quarter surged even higher, jumping 102 percent year on year to […] August 15, 2024
Agriculture Climate change drying up Turkish agricultural production Drought conditions across much of Turkey have led to authorities in one prime agricultural region banning new crop plantings. There are rising concerns across local government, academia and the farming industry that climate-driven water shortages are dramatically weakening food security in the country. In late July, agricultural authorities in the Seyhan region of the southern […] August 14, 2024
Industry Maaden profit up three-fold on higher commodity prices Maaden, Saudi Arabia’s largest miner, reported a three-fold surge in net profits supported by higher commodity prices and lower raw material costs. The second-quarter 2024 earnings rose to SAR1.02 billion ($260 million) from SAR351 million in the year-earlier period. In addition, an insurance claim of SAR270 million and a one-off severance charge of SAR192 million […] August 12, 2024
Oil & Gas Sipchem to build new $189m Saudi petchem facility Saudi International Petrochemical Company (Sipchem) has awarded a $189 million contract to a South Korean contractor to build a new petrochemicals facility in Saudi Arabia. The project was won by SGC Engineering & Construction, an engineering, procurement and construction contractor, The Korean Economic Daily, a financial news outlet, reported. The deal involves the construction of […] August 12, 2024
Analysis Mining Rare earth elements: a complex issue that’s vital to net zero Used in everything from car batteries and fridges to iPhones and elevators, rare earth elements are an ever-present – but rarely noticed – part of daily lives. They are also now central to the global energy transition, and their importance to Gulf states was highlighted this week by a $180 million investment by Qatar. The […] August 12, 2024
