Manufacturing Sabic Q1 2023 profit drops 90% to $176m on lower sales Saudi Basic Industries Corporation (Sabic), one of the largest global petrochemical companies, saw its net profit for the first quarter of 2023 tumble 90 percent to SAR660 million ($175.98 million) from SAR6.47 billion a year earlier. Revenue fell 25 percent year-on-year to SAR39.69 billion in Q1 2023. Average sales prices slipped 22 percent, while sales […] May 5, 2023
Opinion Agriculture Lengthy war in Sudan could jeopardise Gulf food security Sudan’s now-protracted conflict could have ongoing and unforeseen consequences, not only for the war-ravaged African state, but for its trade connections, including the GCC As Sudan’s warring militaries – the Sudanese Armed Forces (SAF) and Rapid Support Forces (RSF) – battle for supremacy, catastrophic damage is being wrought on the nation’s already rundown infrastructure and utility […] May 4, 2023
Manufacturing Saudi and Chinese firms ink pact for steel plate complex Saudi energy and chemicals major Aramco, sovereign Public Investment Fund (PIF) and China’s Baoshan Iron & Steel Co., Ltd. (Baosteel) have signed an agreement to establish an integrated steel plate manufacturing complex in the kingdom. The joint venture complex is expected to be developed in Ras Al Khair Industrial City, one of the four new […] May 2, 2023
Energy Lootah Biofuels turns gaze to Asia after Maldives deal Lootah Biofuels has signed an agreement with state-owned Fenaka Corporation, a company serving the island communities of the Maldives, to establish its first biofuel plant outside the UAE. Lootah, which is based in Dubai, said the deal underscored its commitment to expand its reach internationally to meet long-term energy needs through clean alternatives. For the […] May 1, 2023
Analysis Manufacturing UAE and Saudi Arabia race to develop defence industries Saudi Arabia and the UAE are spending big to develop homegrown defence industries. The two governments aim to reduce their reliance on foreign arms and equipment manufacturers by partnering with some of their own top suppliers to nurture local expertise and capabilities. Relative to the size of their economies, Middle Eastern countries are among the […] May 1, 2023
Manufacturing Kezad and Al Ghurair Foods sign lease for $272m projects Khalifa Economic Zones Abu Dhabi (Kezad Group), a wholly-owned subsidiary of AD Ports Group, and Al Ghurair Foods, a part of UAE-based Al Ghurair Investment, have signed a 50-year land lease agreement for three food processing projects worth over AED1 billion ($272.31 million). The agreement marks the first phase of Al Ghurair Foods division’s investments […] April 30, 2023
Manufacturing Baykar plans production of new air combat drone Turkish defence firm Baykar aims to begin production of its new unmanned combat aerial vehicle (UCAV) next year which is already attracting international interest, its chairman Selcuk Bayraktar said. Baykar has come to prominence internationally in recent years because of the company’s light drone TB-2, which has been used in Ukraine, Azerbaijan and North Africa […] April 30, 2023
Manufacturing Smaller EV prices to come down as sales surge Nearly one in five cars sold globally this year will be electric, with the prices of smaller electric vehicles (EV) models dropping to rival those of combustion engine cars in North America and Europe by the mid-2020s, the International Energy Agency (IEA) has predicted. The agency raised its EV sales forecasts in part because of […] April 27, 2023
Manufacturing UAE firm plans to bid for Thyssenkrupp steel stake UAE-based Emirates Steel Arkan is planning a potential investment in German conglomerate Thyssenkrupp’s steel business and could bid for a minority stake in the coming months. The company is emerging as the most serious contender to buy a stake in the Thyssenkrupp business, Bloomberg reported, citing informed sources. The Abu Dhabi-listed firm would produce energy-intensive […] April 27, 2023
Food & Drink Dubai tea bag producer brews record results DMCC Tea Centre has revealed production of tea bags at its Jebel Ali Free Zone facility was up 27 percent year on year in 2022. Saeed Al Suwaidi, director of agri-commodities at Dubai Multi-Commodities Centre (DMCC), described it as a “record-breaking” year and forecast further growth for 2023 driven by technology and automation. “We expect […] April 26, 2023
Manufacturing Oman’s Salalah Free Zone to get $230m processing plant Salalah Free Zone, a subsidiary of Asyad Group, has signed an agreement with the Chinese silicon industry company, Besto Hengda Oman, to establish a project for processing ferrous alloys and high-quality recycled wrapping paper. The project will be built on an area of 300,000 sq m, with an investment worth $230 million (OMR88.5 million), state-run […] April 26, 2023
Agriculture Turkey imposes 130% tariff on some grain imports Turkey imposed a 130 percent import tariff of some grain imports including wheat and corn, according to a presidential decision published in the official gazette. The import duty comes after some European Union countries announced bans on grain imports from Ukraine last week. But some traders said Turkey’s move is largely to protect its local […] April 26, 2023
EXCLUSIVE Tech RedSea rules out listing in search for growth Sustainable agriculture business RedSea has revealed plans to raise extra funds, but has ruled out a listing for the company for the moment. Founded in 2018 by plant scientist Mark Tester, agriculture engineering expert Ryan Lefers and material scientist Derya Baran, the Saudi-based agtech startup aims to find ways to feed populations in the face […] April 24, 2023
Manufacturing China’s BYD to build $290m EV battery plant in Chile China’s BYD Co Ltd , the world’s largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile’s northern Antofagasta region, said Chilean economic development agency Corfo. The South American country’s government has named BYD Chile a qualified lithium producer, Corfo said, giving it access to preferential prices for lithium […] April 21, 2023
Manufacturing Ford says Tesla price cuts sign of ‘growing competition’ Electric car giant Tesla’s decision to cut prices to drive up sales volume reflects the pressure it faces from competition and an aging product line-up, Ford CEO Jim Farley said. Farley said Tesla’s price cuts underscore intense competition in the two-row crossover or SUV segment of the auto market, where Tesla’s best-selling Model Y faces […] April 21, 2023
Manufacturing Elon Musk says Tesla will put sales growth ahead of profit Tesla Inc boss Elon Musk has doubled down on the price war he started at the end of last year, saying the electric vehicle (EV) maker would prioritise sales growth ahead of profit in a weak economy. The company posted its lowest quarterly gross margin in two years, missing market estimates, as it slashed prices […] April 20, 2023
Agriculture Black Sea grain deal elusive as ship inspections resume Inspections of ships carrying Ukrainian grain from the Black Sea resumed on Wednesday under a UN-brokered deal, but Kyiv said more time was needed to secure an extension of the initiative. Ukraine, which depends heavily on revenue from grain sales as it battles Russia’s invasion, and its allies blamed the latest halt to ship inspections […] April 20, 2023
Opinion Cop28 How Egypt can address its water challenges Egypt must bring in the private sector to help solve its water issues April 19, 2023
Opinion Energy Mining the Middle East’s rich seam of copper Red metal can put a shine on the region's diversification from oil wealth April 17, 2023
Manufacturing Manufacturing sector fuels industrial success in Saudi Manufacturing activity in Saudi Arabia increased by 17 percent year-on-year in February boosting overall growth in industrial production across the kingdom, alongside improvements in mining and quarrying and electricity and gas supplies. The Saudi General Authority for Statistics (Gastat) found that in February the Industrial Production Index (IPI) rose 6 percent year-on-year. According to the […] April 13, 2023
Manufacturing Japanese firms to build iron metallics project in Oman Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) has signed a memorandum of understanding with Kobe Steel, a Japanese steel manufacturer, and Mitsui & Company, a global trading investment company, to develop a low-CO2 iron metallics project in the Special Economic Zone at Duqm (Sezad). The two Japanese firms signed a land […] April 11, 2023
Saudi Arabia shortlists 13 bidders for two mining sites Saudi Arabia’s Ministry of Industry and Mineral Resources has shortlisted 13 local and international companies for the second licensing stage of the Muhaddad and Ar Ridaniyah exploration sites. The Muhaddad exploration site, located in Bisha within the Asir geological terrane, covers 139 sq km and includes copper, zinc and lead ores deposits, the ministry said in a […] April 11, 2023
