Industry Gulf car buyers may benefit from competing non-US manufacturers The UAE and other Gulf markets may benefit from more competitively priced cars from China, Europe and Japan after the US imposed tariffs on imported vehicles this month and pledged to introduce similar duties on auto parts in May. The auto tariff has left international car exporters, of which China is the largest, scrambling to […] April 11, 2025
Food & Drink Turkish fish processors adapt as taste for sushi grows Turkish seafood processors are expanding their product range to cash in on new tastes, eating habits and markets, adding the Japanese delicacy sushi to their offerings. Not so long ago sushi was a rarity in Turkey. It featured on the menus of a few Japanese restaurants in tourist areas catering to foreign visitors rather than […] April 11, 2025
Analysis Manufacturing Jordan’s surging pharma industry may hit US tariff speedbump Growing Gulf spending on health is boosting Jordan’s pharmaceutical industry, but new US tariffs pose a risk to its future, according to analysts. Pharmaceutical exports from Jordan grew by 15 percent last year to $862 million. Another 11 percent growth was projected for this year and further expansion to $1.4 billion in 2029, according to […] April 10, 2025
Manufacturing PIF-owned Lucid raises new funds to repay debt US electric vehicle maker Lucid Motors, majority-owned by Saudi Arabia’s Public Investment Fund (PIF), has raised $1.1 billion in new funding to repay existing debt. The EV maker has received $1.1 billion through convertible senior notes, debt which can be converted into shares, due in 2030, according to a company statement. Lucid will use $936 […] April 10, 2025
Industry Investcorp Capital earns 40% profit on sale of US industrial assets Abu Dhabi-listed Investcorp Capital has sold its US industrial real estate portfolio, generating a high return on investment. The US National I portfolio, spanning six investments across six states and 2.3 million square feet, was sold for $360 million, a 40 percent gain over its initial purchase price of $262 million less than four years […] April 8, 2025
Mining Ma’aden seeks foreign partner for rare earth processing Saudi Arabia’s flagship mining company Ma’aden is considering choosing at least one of four foreign companies to form a rare earths processing partnership, three sources with knowledge of the matter said, as the kingdom bids to become a global critical minerals hub. Ma’aden is weighing a partnership with US-based MP Materials, China’s Shenghe Resources, Australia’s Lynas […] April 8, 2025
Petrochemicals Borouge hikes dividend despite economic turmoil Emirati petrochemicals company Borouge will launch a share buyback programme and increase its dividend payout as it pushes ahead with global expansion, despite mounting trade tensions and sluggish demand. Shareholders at the company’s annual general meeting on Monday approved a final dividend of $650 million for 2024, bringing the full-year total to $1.3 billion, or […] April 8, 2025
Banking & Finance PIF unit backs Brazilian beef exporter’s capital top-up Salic International Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund, and Brazil’s VDQ Holdings have committed to a rights issue by Minerva, a beef exporter seeking to raise new capital. As part of the deal, the two companies, which own stakes in Minerva, have guaranteed a minimum 1 billion reais ($169 million) to […] April 8, 2025
Industry GCC aluminium producers will not react ‘hastily’ to US tariffs Gulf Arab aluminum producers will “not react hastily” to new US customs duties and seek new markets for its products, Saudi Arabia’s Aleqtisadia reported, citing a Gulf industry body. Aluminum smelters in the six GCC countries only export about 10 percent of their output to the US market, said Mahmoud Al-Daylami, secretary general of the […] April 7, 2025
Manufacturing Textile companies in Turkey move to Egypt to compete Producers in Turkey’s once vibrant textiles industry are looking at moving to Egypt and elsewhere to stay afloat in the face of rising costs and fierce international competition. Company closures and job losses mean employment in the textiles sector has dropped below one million for the first time since the height of the Covid pandemic, […] April 4, 2025
Manufacturing Turkey’s auto industry hit hardest by tariffs Turkish exporters expressed mixed feelings on the news of President Donald Trump’s “Liberation Day” tariffs. There was relief that most sectors escaped with just a 10 percent impost, but Turkey’s car and parts producers, one of the country’s leading manufacturing and exporting sectors, were much less happy with the 25 percent tariff on all automotive […] April 3, 2025
Oil & Gas Profits at Oman-listed OQBI surged in 2024 Oman’s state-controlled OQ Base Industries (OQBI) has reported that net profits for 2024 increased by 38 percent to $81 million, up from $25 million a year earlier. OQBI, which produces methanol, ammonia and liquefied petroleum gas (LPG), is the downstream arm of state-owned OQ. It started trading on the Muscat Security Market (MSM) on December […] April 2, 2025
Mining Oman-backed Kazakh gold miner explores GCC funding Kazakh gold miner Solidcore is considering issuing bonds in the Gulf region to finance investment, including in new projects in Kazakhstan estimated to cost up to $350 million, the company’s CEO Vitaly Nesis told Reuters. Solidcore, formerly Polymetal International, is the second-largest gold miner in Kazakhstan. The company had to sell its Russian assets, which represented […] April 2, 2025
Analysis Mining Tech may find Saudi Arabia’s mineral wealth but mining will take years The rocky hills of western Saudi Arabia hide huge wealth, prospectors insist. The crags and crevices are part of the Arabian-Nubian Shield, an exposed Precambrian rock formation which runs from the west of the kingdom across the Red Sea to eastern Egypt and Sudan. The government estimates total mineral wealth at $2.5 trillion, more than […] April 1, 2025
Opinion Agriculture AI could advance farming, but don’t forget the humans Generative and analytical AI promise efficiency, yet costs remain a hurdle March 31, 2025
Mining MDO expands Oman’s mining assets Minerals Development Oman (MDO) is moving ahead with mining projects to exploit the sultanate’s reserves of titanium, copper, chromite and dolomite, according to the state-owned company’s annual report. Nearly 30 percent of engineering work has been completed at the Mazoon Copper project, which was launched last year, the company said in the 2024 report. Tenders […] March 31, 2025
Construction Modon to build industrial zone near Egypt’s Ras El Hekma A joint venture between Abu Dhabi-listed Modon Holding and Egypt’s Elsewedy Industrial Development is planning to build a new industrial zone near the $35-billion Ras El Hekma megaproject. The two companies have signed a letter of intent for the project, state-run news agency Wam reported. The 10 million sq m new industrial zone, located south […] March 28, 2025
Trade Gold hits record high over trade war fears Gold prices scaled a record peak on Friday as concerns over US President Donald Trump’s fresh tariff plans ignited fears of a global trade war, driving a rush towards the safe-haven allure of the precious metal. Spot gold climbed 0.6 percent to $3,073.79 an ounce, as of 02:30 GMT, after hitting an all-time high of $3,077.44 earlier in […] March 28, 2025
Real Estate Tabreed explores buying Multiply’s cooling business National Central Cooling Company, also known as Tabreed, is exploring a bid for Multiply Group’s district cooling business that could be worth at least $1 billion, two sources with knowledge of the matter told Reuters. Dubai-listed Tabreed is working with Citi on the potential offer for Multiply’s PAL Cooling Holding (PCH), said the two sources. […] March 27, 2025
Industry Protests in Turkey predicted to worsen fall in industrial activity Industrial activity in Turkey fell for a fourth straight month to a two-year low in March, hit by fewer export orders and cooling domestic demand, central bank data shows. The decline is likely to be exacerbated by political unrest and financial fallout from the arrest last week of the mayor of Istanbul, Ekram İmamoğlu, a […] March 26, 2025
Agriculture ‘Unprecedented’ cold weather hammers Turkey’s citrus crops Sharp frosts in important agricultural districts in Turkey’s south have wrought havoc on citrus production, with some regions reporting losses of up to 80 percent. Long-term damage to plantations is adding to the problems of an industry already struggling with climate change. Temperatures fell well below zero over a series of nights in the normally […] March 25, 2025
Industry China’s GWM to build its first car plant in Algeria Great Wall Motor (GWM), one of China’s 10 biggest car manufacturers, plans to build its first factory in Algeria, joining others in the country including Fiat, Peugeot and Kia. GWM will build the car assembly plant as a joint venture with an Algerian partner, Elkhabar newspaper and other Algerian publications reported, without identifying the partner. A […] March 21, 2025
