Manufacturing Omani steel producer to build $3bn green steel facility Oman-based steel producer Jindal Shadeed Group will invest $3 billion to establish a green steel manufacturing plant in the special economic zone at Duqm (Sezad), driven by renewable energy sources, the company said in a statement. “We have already obtained the necessary approvals to secure the land for our green hydrogen-ready steel project,” said Harssha Shetty, […] December 5, 2022
Agriculture Egypt to restart export of agri products to Philippines Egypt will start exporting agricultural products to the Philippines after five years of negotiations, Reuters reported, citing the Egyptian Ministry of Agriculture statement. The first shipment of Egyptian citrus is expected to be exported during the current season. Egyptian agriculture exports from January 1 to August 24, 2022, reached around 4.49 million tons, Egypt Today […] December 4, 2022
EXCLUSIVE Banking & Finance Dubai entrepreneur to launch crypto community for nickel A prolific Dubai-based entrepreneur is set to launch a crypto token aimed at opening up the asset market and “shaping the future of nickel”. The Nikel token will launch in Dubai next week. Safi Qurashi, CEO of NewTek, told AGBI that it will “create a community that can help shape the future of nickel, and […] December 1, 2022
Manufacturing Omani firm to invest over $4bn to produce green steel Jindal Shadeed Iron & Steel, owner of a steel complex at Sohar Port, plans to invest over $4 billion in the production of green steel. The initiatives aim to establish an integrated steel plant – one of the largest plants in the GCC – in the special economic zone in Duqm, complete with renewable and […] December 1, 2022
Manufacturing Saudi’s Ceer spends $96m on plot for electric car factory Ceer, Saudi Arabia’s first electric vehicle brand, has spent nearly $96 million on an industrial plot at King Abdullah Economic City. In a stock market filing on Saudi’s Tadawul, developer Emaar Economic City said a land sale deal had been signed and KAEC’s Industrial Valley would host a “specialised factory” to manufacture electric vehicles. Ceer […] November 29, 2022
Tech Vertical saffron farm spices up UAE’s agtech sector Agtech company Veggitech opened the first vertical saffron farm in Sharjah this summer, with the harvest of the expensive spice, known as red gold, peaking at the end of November. The UAE saffron farm is the largest in the Middle East and North African region, spanning only 165 square metres but equivalent to 3.5 hectares […] November 28, 2022
Manufacturing Daimler and DHL launch truck parts centre in Dubai Commercial vehicles company Daimler and logistics provider DHL are to launch a Daimler truck parts facility in Dubai in December. The new parts centre will open in Dubai World Central, the economic zone supporting logistics and businesses around Al Maktoum International Airport. Daimler Commercial Vehicles Mena (DCV Mena) and DHL Global Forwarding have forged a […] November 28, 2022
Analysis Manufacturing Abu Dhabi’s industrial strategy helps to lift GDP When US aerospace firm Triumph agreed to set up the Middle East’s first engine accessory repair and overhaul centre by 2024, it became the latest in a growing list of international companies attracted to Abu Dhabi. Supplement manufacturer Thorne, petrochemical services provider Elliot Group and biopharma firm OnePointOne are waiting in the wings as Abu […] November 28, 2022
Exclusive Manufacturing UAE’s automotive giant OWS to establish Saudi facility in Q1 2023 OWS Automotive, the global automotive service provider with a major presence in the UAE, has signed an agreement with King Abdullah Economic City (KAEC) in Saudi Arabia to establish its head office and main facility there. The agreement will see the two groups provide vehicle remanufacturing, assembly, upgrade and reset facilities within the city, ultimately creating […] November 24, 2022
Agriculture 5,000 Egyptian farm workers to head to Greece in pilot scheme Egypt will provide 5,000 seasonal workers to help meet the growing needs of Greece’s agricultural sector under a pilot scheme agreed by the two countries. Greece’s foreign ministry said in a statement that the deal could be a “guide” for future agreements signed by Greece and the European Union (EU) with third countries to combat […] November 24, 2022
Tech Oman buys smart farming system from South Korea Nongshim, a major South Korean producer of snacks and instant noodles, will export a smart farm system to Oman. The Omani government has decided to buy two units of smart farm containers worth $200,000 made by Nongshim, the Yonhap News Agency reported. The 40-foot-long boxes will provide a total of 165 sq m of cultivation […] November 24, 2022
Manufacturing Nestle to invest $1.86bn in Saudi Arabia over 10 years Food giant Nestle will invest SAR 7 billion ($1.86 billion) in Saudi Arabia over the next ten years, the kingdom’s investment ministry announced in a tweet. The ministry signed a memorandum of understanding with Nestle to establish a factory and a research and development centre. The Swiss headquartered company plans an initial investment of SAR […] November 24, 2022
Energy SABIC and Aramco plan crude into petrochemicals projects Saudi Basic Industries Corporation (SABIC) and Saudi Aramco are planning a joint project to convert crude into petrochemicals in Ras Al Khair, Reuters reported, citing energy minister Prince Abdulaziz bin Salman. The project, which will be the first of its kind in Saudi Arabia, will be completed in the coming years and have a capacity […] November 24, 2022
Manufacturing Abu Dhabi launches smart manufacturing index A new smart manufacturing index will boost Abu Dhabi’s emergence as a key industrial hub in the Middle East as major international players continue to move into the emirate. The Abu Dhabi Department of Economic Development (Added) has announced the launch of the index to help facilitate private sector players’ transition to industry 4.0 (fourth […] November 21, 2022
Energy Aramco affiliate to build $7bn steam crackers in South Korea Saudi Aramco will develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate in South Korea, the company said in a statement. The $7 billion Shaheen project aims to convert crude oil into petrochemical feedstock, representing the first commercialisation of Aramco and Lummus Technology’s TC2C thermal crude to chemicals technology that […] November 17, 2022
Analysis Agriculture Morocco aims to become the world’s premier fertiliser producer Russia’s invasion of Ukraine has upset the global agricultural industry in more ways than one – but for Morocco, one of the world’s largest fertiliser producers, it has presented an opportunity. Not only were Russia and Ukraine some of the world’s most important wheat and grain exporters, but they also played a central role in […] November 15, 2022
Manufacturing Saudi’s PIF sets up electric car joint venture with Foxconn Saudi Arabia’s sovereign wealth Public Investment Fund (PIF) said on Thursday it will make electric cars in the kingdom under a joint venture with Apple supplier Foxconn as part of a push to build new industries and lessen dependence on oil. Ceer “is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, […] November 4, 2022
Analysis Manufacturing Saudi non-oil export orders rise at fastest pace for a year New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday. This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October. A reading above 50.0 shows […] November 2, 2022
Energy Saudi Aramco’s net profit rises 39% to $42.4bn in Q3 2022 Saudi Aramco reported a net income of $42.4 billion for the third quarter of 2022, an increase of 39 percent year-on-year, the company said in a statement. According to the company’s financial results, free cash flow increased to $45 billion and cash flow from operating activities reached $54 billion. In the third quarter, capital expenditure […] November 2, 2022
Manufacturing Saudi Arabia plans to award over dozen mining exploration licences Saudi Arabia plans to award over a dozen mining exploration licences to international investors as it looks to enter the mining sector in a big way to diversify away from hydrocarbons, mining minister Bandar Al-Khorayef said on Wednesday. Five new exploration sites are up for licensing and the kingdom will release details of an additional […] November 2, 2022
Development Saudi to auction five mining exploration licences in 2023 Saudi Arabia is set to auction five new mining exploration licences next year, state news agency SPA has reported, citing Bandar bin Ibrahim AlKhorayef, the minister of industry and mineral resources. The licences, aimed at international and local investors, will include copper, zinc, lead and iron deposits and will be auctioned for sites in Bir […] October 31, 2022
Energy Abu Dhabi’s Borouge revenue rises 13.5% to $5.13bn Abu Dhabi-based petrochemicals major Borouge Plc announced a 13.5 percent increase year-on-year in revenue to $5.13 billion for the nine months of 2022. The increase in revenue over the nine months was driven by an 11.9 percent increase in total sales volumes, with polypropylene (PP) volumes up 14.7 percent, UAE state-owned news agency WAM reported. […] October 30, 2022
