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
Opinion Industry Gulf giants need to take a lead role in the age of ‘Big Shovel’ There are challenges to overcome before the region can become a mining powerhouse April 8, 2024
Sustainability Egypt plans €100m smartphone recycling centre A €100 million smartphone refurbishment and recycling plant is being planned for the Suez Canal Economic Zone. The man leading the project is named by Daily News Egypt as Samuel Mathias, an expatriate Egyptian who is said to be a Paris-based electronics engineer and business owner. The newspaper said that Soha Gendi, Egypt’s minister of […] April 8, 2024
Trade Egypt’s garment exports to Saudi Arabia rise 90% Egypt’s garment exports to Arab countries rose 35 percent year on year to $100 million during the first two months of 2024, a trade association executive has said. Sales to Saudi Arabia surged 90 percent year on year to $25 million during the January and February period, Daily News Egypt reported, quoting Marie-Louis Bishara, president […] April 8, 2024
Industry Oman advances plans for mega minerals complex State-backed Minerals Development Oman (MDO) has awarded a feasibility study contract for a new industrial minerals complex in Dhofar governorate. The company is working to secure the final investment decision to proceed with the Al Shuwaimiyah industrial minerals project, according to its 2023 annual report. MDO is also in discussions with potential investors to take […] April 8, 2024
Economy Lebanon PM to declare ‘agricultural disaster zone’ in south Lebanon’s caretaker prime minister Najib Mikati is to declare the south of the country an “agricultural disaster zone” as the conflict in Gaza batters Lebanon’s beleaguered economy. Speaking at a cabinet meeting on Thursday, Mikati called for “immediate assistance” from UN agencies and Lebanon’s international partners to help the country overcome the impact of a […] April 5, 2024
Infrastructure PIF close to buying Pakistan copper mine stake Saudi Arabia’s Public Investment Fund is close to finalising a deal to buy a $1 billion stake in Pakistan’s Reko Diq copper-gold mine, in what would be a Saudi lifeline for the debt-ridden country, a Pakistani newspaper has reported. Barrick Gold, the Canadian-listed company that owns a 50 percent stake in the Reko Diq mine, […] April 5, 2024
Banking & Finance UAE investors join Olam Agri’s $625m Islamic facility Investors from the UAE are part of a global consortium providing Singapore’s Olam Group with a $625 million sharia-compliant financing facility. Other investors are from Malaysia, Singapore and Hong Kong, the company said in a statement. Names of the investors were not disclosed. The facility, initially guaranteed by Olam Group, will transfer to Olam Agri […] April 5, 2024
Manufacturing Homegrown Togg dominates EV sales in Turkey Turkey’s domestic electric vehicle (EV) brand Togg dominated sales within the country during the first quarter of 2024. Togg achieved sales of 4,145 units, state-owned Anadolu Agency reported, quoting data from the Automotive Distributors and Mobility Association. EV sales surged by 276 percent to 14,158 units during the quarter ended March 31, 2024. Consequently, the share […] April 5, 2024
Industry Saudi Arabia invites bids for six mining licences Local and international investors are being invited to bid for the latest round of mining licences in Saudi Arabia as the kingdom ramps up operations across its minerals sector. The six mining opportunities revealed by the Ministry of Industry and Mineral Resources include gold, copper, zinc, lead and silver ore and cover a total area […] April 4, 2024
EXCLUSIVE Manufacturing Stellantis boss hails ‘massive untapped potential’ in Gulf Samir Cherfan tells AGBI about his plans to lift car sales across the GCC April 4, 2024
Manufacturing US battery manufacturer to build $3bn factory in Rakez The American battery manufacturer Statevolt is to construct a $3 billion factory in Ras Al Khaimah. Statevolt Emirates, as the venture will be known, will generate up to 2,500 jobs at its 60 hectare facility in Al Ghail Industrial Zone in Ras Al Khaimah Economic Zone (Rakez). The manufacturing facility is “strategically focused on key […] April 3, 2024
Trade Kuwait’s record performance tempered by costs Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […] April 3, 2024
Manufacturing Abu Dhabi’s non-oil growth spurred by manufacturing Abu Dhabi’s non-oil sector expanded by more than 9 percent last year with manufacturing and construction leading the way, according to new figures. The Statistics Centre Abu Dhabi issued preliminary GDP estimates for 2023, revealing non-oil growth of 9.1 percent – slightly down from 9.2 percent in 2022 – as the emirate’s overall economy improved […] April 3, 2024
Agriculture UAE’s Invictus buys 60% of Moroccan grain trader Invictus Investment Company has acquired a 60 percent stake in Morocco’s largest grain trader, Graderco, and its subsidiaries from Zalar Holding. The deal will lead to 20 percent growth in consolidated revenues over the nine-month post-acquisition period, said the Abu Dhabi-listed company. Invictus reported revenue of AED8.1 billion ($2.2 billion) and 5.4 million metric tonnes in […] April 1, 2024
Industry Bahrain enters $27bn titanium market A $200 million manufacturing plant is planned in Bahrain to produce titanium products as part of the kingdom’s ambitions to expand its industrial sector. Edamah, the real estate arm of the sovereign wealth fund Mumtalakat, has signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of the Swiss company Interlink Metals & Chemicals, for […] March 31, 2024
Agriculture Oman invests $4bn in food projects and agriculture Oman is working on 137 food projects, with a total investment of OMR1.6 billion ($4.2 billion), according to a local media report. The government has unveiled initiatives such as agricultural cities and integrated agricultural plans to address land issues, Oman Daily Observer said, quoting the minister of agriculture, fisheries and water resources Dr. Saud bin […] March 29, 2024
Finance Oman launches $5bn fund for major projects Oman Investment Authority plans to deploy about $1 billion per year over the next five years as part of a new fund launched on Wednesday that will primarily focus on large-scale projects in the sultanate. The OIA officially announced the launch of the Future Fund Oman with $5.2 billion of capital, 90 percent of which will […] March 27, 2024
Agriculture Hydroponics allows family to become first Saudi tomato exporter A family company has become the first exporter of tomatoes from Saudi Arabia, thanks to drip irrigation, which has made sending fruit and vegetables from the Gulf to lucrative European markets economically viable. Dava, a private company set up by the Batal family in 2017, began exporting various types of tomato and “snack peppers” – […] March 26, 2024
Industry Oman’s first electric car to make its debut this year Omani electric vehicle (EV) maker Mays will debut its first model this year. The company will unveil the locally-developed ‘Alive 1’ by the end of the year, which will cost OMR15,000 ($38,964), according to a post on Instagram. The company’s website says the five-seater EV can drive 510 km on a single charge. The battery […] March 25, 2024
Agriculture Turkey’s agricultural sector gets $50m boost from Opec Fund The Opec Fund for International Development (Opec Fund) has extended a $50 million loan to Turkey to support its agricultural and food production sectors in 11 cities severely impacted by earthquakes in February 2023. The Development and Investment Bank of Turkey (TKYB) will lend the funds to small and medium-sized enterprises to promote a more […] March 25, 2024
