Banking and Finance Oman opens bids for three mining sites Oman is seeking bids for three mining sites within the Ayoun area of the Dhofar governorate, the energy and minerals ministry said in a tweet. The bidding will comprise three mining sites, covering areas of 1.72 sq km, 1.41 sq km, and 1.87 sq km. Omani companies with experience in mining sector projects can submit […] April 10, 2023
UK pharma startup targets Gulf for future IPO UK pharmaceutical startup Ambrose Healthcare has revealed plans for a stock market listing in the Middle East. Ambrose Healthcare aims to provide treatments for rare diseases and address the unmet needs of patients in hospital or specialist care facilities. The Cambridge-based company is undertaking a six-month “small fundraising” of £1 million, and has so far […] April 10, 2023
Manufacturing German industrial orders beat estimates in February German industrial orders rose more than expected in February, driven by strong growth in the vehicle manufacturing sector. Orders increased by 4.8 percent on the previous month on a seasonally and calendar-adjusted basis, the federal statistics office said. A Reuters poll of analysts had pointed to a 0.3 percent increase. New orders in the manufacturing […] April 6, 2023
Energy Duqm refinery likely to begin operations by end of 2023 Oman-based Duqm Refinery and Petrochemical Industries Company has started trial operations for the crude oil distillation unit at Duqm refinery. The move will pave the way for the launch of all Duqm refinery units, state-run Oman News Agency reported. The refinery has a capacity of 230,000 barrels per day, and its design is based on […] April 4, 2023
Manufacturing Turkish business conditions show tentative signs of improvement The embattled economy of Turkey took tentative steps towards a recovery in March, led by an increase in manufacturing and the first growth in new orders in a year-and-a-half. However, the effects of February’s devastating earthquakes, which killed more than 52,000 people in Turkey and Syria, are continuing to cause disruption, according to the Istanbul […] April 3, 2023
Manufacturing Tesla posts record quarterly deliveries after price cuts Tesla Inc has posted record quarterly vehicle deliveries, but quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed. Tesla delivered 422,875 vehicles for the first three months of this year, up four percent from the previous quarter. This was 36 percent higher than a year ago. In January, CEO […] April 3, 2023
Agriculture Saudi Greenhouses goes Dutch to elevate sustainable farming Dutch indoor agriculture outfit Plantlab has committed to invest up to €300 million ($325 million) in the Middle East and North Africa to help support the region’s sustainable farming ambitions. Plantlab aims to build a minimum of 10 indoor farms over the next three to five years in partnership with Saudi Greenhouses. The first location, […] March 31, 2023
Agriculture Saudis invest $70m in Danish bioprotein firm Saudi Industrial Investment Group is investing $70 million in Unibio International, a bioprotein production technology firm in Denmark, to help increase food security in the kingdom. SIIG told shareholders that it has signed an agreement to buy 24 percent of the company. The investment will be in two phases: a 9.9 percent stake is to […] March 30, 2023
Manufacturing DP World starts work on edible oil terminal in Somaliland Dubai-based port operator DP World has started the development of a new edible oil terminal at the Port of Berbera in Somaliland to reduce supply chain costs and create local jobs. A long-term lease for the facility has been signed, DP World said in a statement. Edible or cooking oil is fat of plant, animal […] March 30, 2023
EXCLUSIVE Economy Brazil steps up efforts to engage UAE in free trade talks Brazil is keen to progress free trade negotiations with the UAE, a business leader has said, and working hard to “reduce resistance” from the country’s petrochemicals sector. Osmar Chohfi, president of the Arab Brazilian Chamber of Commerce, told AGBI that current resistances revolve around “some sensibilities by the Brazilian petrochemical industry fearing unfair competition” but […] March 30, 2023
Manufacturing Renault’s hybrid move will power up Morocco’s EV ambitions Morocco’s status as a regional electric vehicle manufacturing hub has been boosted by French carmaker Renault Group’s announcement that it will move production of its hybrid model from Romania to Tangier in the second quarter of 2024. The new production line for the Dacia Jogger model is expected to produce up to 120,000 vehicles per […] March 29, 2023
Energy Aramco buys 10% of Chinese petrochemical firm for $3.6bn Saudi Aramco has signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical Co. Ltd. (Rongsheng) for $3.6 billion. Aramco Overseas Company (AOC), a wholly-owned subsidiary of Aramco, will acquire the interest in Rongsheng, the Saudi oil producer said in a statement. The deal seeks to expand the oil major’s downstream presence […] March 28, 2023
Energy Aramco to begin work on $10bn China refinery complex in Q2 Saudi Aramco intends to construct a $10 billion integrated refinery and petrochemical complex in northeast China in the second quarter of 2023, it announced on Sunday. The Huajin Aramco Petrochemical Company (Hapco) joint venture is developing the complex, which will combine a 300,000 barrels per day (bpd) refinery and a petrochemical plant with an annual production […] March 27, 2023
Manufacturing Chinese firm to invest $2bn in Suez Canal Economic Zone Chinese company Xinxing Ductile Iron Pipes intends to invest $2 billion in iron and steel plants in the Suez Canal Economic Zone, Egypt’s cabinet said on Thursday. The plants are planned in an industrial zone at the Egyptian Red Sea port of Ain Sokhna developed by China’s Tianjin and will manufacture iron pipes and steel […] March 26, 2023
Banking and Finance Adnoc lines up another unit for Abu Dhabi listing Abu Dhabi National Oil Co (Adnoc) plans to launch an initial public offering of its maritime and logistics unit in June, Reuters reported, in what will be the government-owned conglomerate’s latest flotation of an ancillary business. Adnoc’s part-privatisation drive began in 2017. It has sold minor stakes in subsidiaries Adnoc Drilling, Adnoc Gas, Adnoc Distribution, […] March 24, 2023
Exclusive Tech Food Tech Valley set to triple food production in Dubai The development of Food Tech Valley just outside Dubai represents a milestone in the UAE’s efforts to improve food security. The Emirates currently imports 90 percent of its food and only 5 percent of its land is suitable for arable production. Food Tech Valley, a partnership between the Ministry of Climate Change and Environment and […] March 21, 2023
Logistics Aramco and DHL plan logistics hub in Saudi Arabia Saudi Aramco and logistics giant DHL Supply Chain have signed an agreement to develop a new procurement and logistics hub in Saudi Arabia to improve supply chain efficiency and sustainability. The hub will provide end-to-end integrated procurement and supply chain services to customers in the industrial, energy, chemical and petrochemical sectors, Aramco said in a statement. […] March 21, 2023
Manufacturing Renault’s Morocco plant set to produce hybrid cars in 2024 French carmaker Renault Group will start production of its first hybrid model, “Dacia Jogger”, at its Tangier plant in northern Morocco in the second quarter of 2024. The new production line is expected to produce up to 120,000 vehicles, Morocco World News reported. Morocco’s Trade and Industry Minister, Ryad Mezzour, said the production “opens the […] March 20, 2023
Manufacturing British manufacturing output rebounds but outlook ‘bleak’ Britain’s manufacturing output bounced back in the first three months of 2023, chiming with other measures of the economy that improved, but firms expect the sector to contract as inflationary pressures persist, a survey showed on Monday. Trade body Make UK and accountants BDO said their quarterly gauge of manufacturing output rose to +21 in […] March 20, 2023
Energy Emirates drives growth in electric vehicle adoption The UAE is known for its SUVs and supercars, but companies in the Gulf state are accelerating the drive worldwide towards electric vehicles. The number of EVs on the road globally is expected to reach 200 million by 2030, says Gustave Cordahi, principal with Strategy& Middle East. EV sales are projected to surpass those of […] March 17, 2023
Manufacturing Samsung’s new Texas chip plant cost rises above $25bn A chip plant that South Korea’s Samsung Electronics Company Limited is building in Taylor, Texas, will cost the world’s biggest memory chipmaker over $25 billion, up more than $8 billion from initial forecasts, according to three people familiar with the matter. The increase in cost is primarily due to inflation, the people said, declining to […] March 16, 2023
Manufacturing Boeing jet battle shifts to factory floor after Saudi Dreamliners win A major purchase by Saudi Arabia caps sales of almost 200 Dreamliners over the past four months, handing Boeing major industrial and political wins in lucrative widebody sales against European rival Airbus. Now the US aerospace giant will face the difficult task of producing and delivering those 787s in a time of unprecedented supply chain […] March 16, 2023
