Manufacturing Ceer gets licence to build EV production facility in Saudi Saudi Arabia’s Ministry of Industry and Mineral Resources has granted an industrial licence to Ceer, the first local automotive brand to produce electric vehicles. The licence is required for Ceer to build its manufacturing facility over one million square metres of land in King Abdullah Economic City’s Industrial Valley. Ceer, launched last November, is a […] June 26, 2023
Energy Work set to start on $11bn new Saudi petrochem project Saudi Arabian Oil Company (Aramco) and France’s TotalEnergies have awarded contracts for the $11 billion new petrochemicals facility in Jubail, the eastern coast of Saudi Arabia. The award of engineering, procurement and construction (EPC) contracts for main process units and associated utilities marks the start of construction work on the ‘Amiral’ complex, following the final […] June 25, 2023
Agriculture India’s 2023 wheat output 10% lower than estimates India’s wheat harvest in 2023 is at least 10 percent lower than the government’s estimate, a leading trade body told Reuters, amid a sharp rise in local prices during the past two months. Lower wheat production for a second straight year could complicate New Delhi’s efforts to keep a lid on prices of the staple […] June 22, 2023
Manufacturing Abu Dhabi-backed firm to invest $740m in Chinese EVs CYVN Holdings, an investment firm owned by the Abu Dhabi government, will invest about $738.5 million in Nio Inc, a Chinese electric vehicle maker. As a result of the deal, CYVN will own a seven percent stake in Nio, the Chinese firm said, adding that the holding will entitle the Emirati investment firm to nominate […] June 21, 2023
Abu Dhabi’s Taqa to buy local water firm for $463m Abu Dhabi National Energy Company (Taqa) has signed an agreement to buy UAE-based Sustainable Water Solutions Holding Company (SWS Holding) for AED1.7 billion ($462.91 million). Launched in May, SWS Holding took ownership of Abu Dhabi Sustainable Water Solutions Company (ADSWS), the entity behind the emirate’s wastewater collection, treatment and reuse. As part of the deal, […] June 21, 2023
Transport Airbus to build helicopters in Saudi Arabia Saudi Arabia has signed a $6.7 billion deal with European aviation giant Airbus to manufacture civilian and military helicopters in the kingdom. In its latest step to develop a homegrown defence industry, state-owned military contractor Scopa and Airbus will build a Saudi factory to make the aircraft, Reuters and Bloomberg reported, citing a television interview […] June 19, 2023
Video length: 4:45 EXCLUSIVE Finance Multi-billion dollar schemes fuel UAE’s industrial evolution Emirates Development Bank, the UAE’s state-owned lender for the industrial sector, reported an almost tenfold increase in the value of loans it allocated last year. It is forecasting equally strong growth this year after shifting its focus to supporting major manufacturing projects in the Emirates. “The first year that we transformed the bank to focus […] June 15, 2023
Economy Morocco reveals $990m plan to support farmers Morocco’s government has launched a 10 billion dirham ($990 million) plan to support the country’s farmers, designed to combat the impact of drought and global economic challenges. A report from the Higher Commission for Planning said 229,000 jobs had been lost in rural parts of the country, where agriculture employs over 30 percent of the […] June 14, 2023
Transport Qatar’s EV ambitions grow with Vim brand launch Electric vehicle sales could make up 20 percent of the total auto market in Qatar by 2032, experts forecast, as the Gulf state launches its first EV brand. Qatar-based Ecotranzit showcased the first prototypes of its Vim-branded electric vehicle earlier this month. They are manufactured under its exclusive intellectual property rights deal with partners including […] June 14, 2023
Manufacturing Tesla hikes Model Y prices for third time since April Tesla Inc has slightly increased the price of its Model Y electric vehicle in the United States, according to its website. The company increased the price of the variant by a mere $250, bringing it to $47,740, the website showed, while prices for the other variants remained unchanged in the US. This is the third […] June 14, 2023
Food & Drink Agriculture major Nadec lines up $533m rights issue Saudi food processing company National Agricultural Development Company – known as Nadec – has filed an application to regulators to increase its capital by SAR2 billion ($533 million) through a rights issue. Nadec’s application has been sent to the Capital Market Authority for approval, the company said in a statement to the Saudi Stock Exchange. […] June 13, 2023
Agriculture Lithuania’s food exports to UAE hit $2bn in Q1 2023 Exports of food and agricultural products to the UAE from Lithuania rose 17.2 percent year on year to €1.83 billion ($1.97 billion) in the first quarter of 2023. The main exports were concentrated milk and cream, which accounted for 38.9 percent of the value of all agri-food products, said Sarune Sableviciene, agricultural and commercial attaché […] June 13, 2023
Agriculture UAE’s ADQ backs solar-powered desalination plant Silal, part of Abu Dhabi-based investment and holding company ADQ, has partnered with Netherlands-headquartered solar thermal desalination company, Desolenator, to launch a pilot project using solar-powered desalination technology to produce pure water for irrigation. The project aims to contribute to the decarbonisation of food production in desert climates by significantly lowering the carbon footprint of […] June 11, 2023
Manufacturing UK private equity firm to sell stake in Dubai shisha company Kingsway Capital is in talks with tobacco firms as it tries to sell its stake in Dubai’s Advanced Inhalation Rituals (Air). The British private equity company, the majority owner of Air, has met with potential investors including British American Tobacco and Japan Tobacco, two sources told Reuters. The talks are part of a dual-track process, where a seller pursues a sale and an […] June 9, 2023
Manufacturing Japan’s Sumitomo to set up $100m factory in Egypt Work has commenced on establishing Sumitomo Electric Egypt, the new $100 million vehicle electric-wiring harness factory 10th of Ramadan, a city in the country’s Sharqia governorate. The factory will be constructed on a plot of land measuring 150,000 square metres, Ahram Online newspaper reported, citing a cabinet statement. The project includes the building of technical […] June 5, 2023
Transport Shares in Saudi-backed EV maker Lucid tumble Shares in electric car manufacturer Lucid Group tumbled in pre-market trading on Thursday after Saudi Arabia-backed, loss-making company said it would issue further stock to bolster its ailing finances. Saudi Arabia has bet big on Lucid as part of its economic diversification programme, with plans afoot to build a manufacturing plant in the kingdom. Yet […] June 1, 2023
EXCLUSIVE Giga-projects Red Sea signs ‘pioneering’ carbon-negative concrete deal Red Sea Global and Bahamas startup Partanna have agreed to trial the use of carbon-negative concrete and other products at the kingdom’s Red Sea and Amaala giga-projects. The deal – the value of which is not disclosed – is the next stage of partnership between the companies. As revealed by AGBI, the two began exploring ways […] June 1, 2023
Manufacturing UAE firms back ethos to ‘make it in the Emirates’ National companies have spent AED31 billion ($8.44 billion) in purchases from UAE-based manufacturers since the inaugural Make it in the Emirates forum last year. This is over a quarter of the figure targeted as part of a decade-long plan. Several companies committed to invest AED110 billion over the next 10 years to buy 300 products […] May 31, 2023
Trade Turkey’s trade deficit widens as exports dip in April Turkey’s trade deficit widened to $8.7 billion in April 2023, a 42.1 percent surge year-on-year (YoY), Turkish Statistical Institute (TurkStat) data showed. Exports fell 17.1 percent YoY to $19.3 billion, driven by a decline in mining, quarrying and manufacturing. Imports slipped 4.8 percent YoY to $28.1 billion, Daily Sabah newspaper reported. The country revealed a […] May 31, 2023
Manufacturing Saudi and UK to strengthen supply chain for minerals The UK and Saudi Arabia have signed a declaration of intent to develop supply chains for critical minerals. The agreement aims to support the global energy transition by increasing the supply of minerals used in electric vehicles, wind turbines and solar panels. Lithium, nickel and copper are among the metals covered by the declaration, which […] May 30, 2023
Economy Saudi economic zones attract initial $13bn investments Four special economic zones launched last month by Saudi Crown Prince Mohammed bin Salman have attracted nearly $13 billion from investors. Discussions are under way for another $31 billion. Investments so far cover the maritime, mining, manufacturing and logistics and technology sectors, it was announced on Monday at a forum in Riyadh. The four zones […] May 30, 2023
Agriculture Abu Dhabi agribusiness links up with Estonian forage firm An Abu Dhabi agribusiness has signed a supply agreement that will drive construction of forage processing facilities in the Baltic. Al Dahra Group has made the deal with Golden Fields, an Estonian animal feed company. Under the partnership, Al Dahra has an exclusive offtake agreement for forage – such as corn silage, grasses, alfalfa and […] May 29, 2023
