Manufacturing Germany’s BMW planning major investment in Mexico German carmaker BMW is planning a major new investment in the central Mexican state of San Luis Potosi, where the company already has a plant, Mexican foreign minister Marcelo Ebrard said. Last week Ebrard and President Andres Manuel Lopez Obrador had said BMW was investing around €800 million ($866.64 million) in San Luis Potosi, without […] January 16, 2023
Manufacturing Saudi mining firm to invest $319m to build four factories Saudi Arabia’s Astra Mining is planning to build four new factories over the next five to seven years at an investment of up to SR1.2 billion ($319 million), Arab News reported, citing CEO Ali Al-Jabrah. He stated that the company owns a land bank of 92,000 square meters that can take up to five factories. […] January 13, 2023
Analysis Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
Energy Borouge secures two new $15m contracts from UAE firms Abu Dhabi-listed petrochemicals major Borouge has secured two new contracts worth AED55 million ($15 million) to supply polyolefins to Ducab and Union Pipes Industry (UPI), the company said in a statement. Both companies will use Borouge materials to produce energy and infrastructure applications to construct Borouge 4. Ducab, a UAE-based energy solution provider and industrial […] January 11, 2023
Energy Algeria’s Sonatrach plans to invest over $30bn in hydrocarbons Algeria’s state-owned Sonatrach has revealed plans to invest over $30 billion in exploring and producing hydrocarbons, with a particular focus on natural gas to supply to the global market. “As part of Sonatrach’s five-year investment plan more than $30 billion will be allocated to exploration and production,” said CEO Toufik Hakkar, according to Algeria Press […] January 9, 2023
Energy QatarEnergy and Chevron Phillips to build $6bn petchem complex QatarEnergy has signed a final investment decision on the $6 billion Ras Laffan Petrochemicals Complex with partner Chevron Pillips Chemical, which will be the largest in the Middle East. The complex includes an ethane cracker with a capacity of 2.1 million tonnes of ethylene per year, the energy firm said in a statement published by […] January 9, 2023
Manufacturing Korean EV battery maker denies report it has scrapped Turkey plan South Korean electric vehicle battery maker SK has not decided whether to pursue a battery cell venture in Turkey with Ford Motor Co and Koc Holding, after signing a memorandum of understanding in March last year. The Dong-A Ilbo newspaper reported, citing an unidentified source, that SK plans to scrap the idea due to a […] January 9, 2023
Manufacturing Saudi seeks foreign investors to explore vital mineral deposits Saudi Arabia is seeking foreign investors to help explore strategic and vital minerals utilised in the renewable energy sector, Asharq Al-Awsat newspaper reported, citing vice minister for mining affairs Khalid Al-Mudaifer. The minister said that opportunities worth SAR 120 billion ($32 billion) were on offer, with both local and foreign investors currently studying prosposals. About […] January 8, 2023
Manufacturing Tesla slashes prices in China for second time in three months Tesla cut car prices in China for the second time in less than three months on Friday, deepening its discounts in the world’s largest auto market as competition picks up and the demand outlook darkens. The latest cut, along with a reduction in October as well as various incentives that amount to as much as […] January 6, 2023
Analysis Banking and Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 2023
Manufacturing Korea’s Hyundai plans new assembly plant in Saudi Arabia Saudi Arabia’s Ministry of Industry and Mineral Resources and South Korea’s Hyundai Motor Company have signed a memorandum of understanding (MoU) to build a completely knocked down (CKD) assembly plant in the kingdom. The deal will see the construction of a Saudi-based assembly plant with the CKD system for electric and internal combustion engine cars, […] January 3, 2023
Manufacturing Tesla reports record production and deliveries in Q4 2022 Tesla Inc on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession. The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 […] January 3, 2023
Manufacturing UAE’s manufacturing industry exports hit $143bn in 2021 The UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion, the UAE state-run WAM news agency reported, citing the Arab Monetary Fund’s (AMF) joint Arab economic report. Manufacturing industry exports in Arab countries totaled $325 billion in 2021, up from […] January 1, 2023
Manufacturing Kezad signs deal to set up new rolling steel complex in Abu Dhabi Khalifa Economic Zones Abu Dhabi (Kezad Group), an integrated trade, logistics, and industrial hub, has signed a preliminary agreement with Dana Steel, the manufacturing unit of UAE-based Dana Group, to establish its first hot and cold rolling steel complex in Abu Dhabi. Under the terms of the agreement, Dana Steel will invest in developing a […] January 1, 2023
Exclusive Manufacturing British affordable tech company sees ‘sky high’ Gulf demand UK-based consumer technology company T4tec is expanding its operations in the Middle East to tap into “sky high” demand for quality affordable consumer electronics. The company, which has been selling its televisions and other products including wireless Bluetooth sound bars, cordless kettles, and toasters in the region via Amazon, is in talks with two distribution […] December 30, 2022
Energy Saudi, Omani and Kuwaiti firms to set up petchem complex Companies from Saudi Arabia, Oman and Kuwait have signed an agreement to jointly develop a petrochemical complex in the Special Economic Zone at Duqm in Oman, state-run Oman News Agency reported. Oman’s OQ Group, Saudi Basic Industries Corporation (Sabic) and Kuwait Petroleum International aim to establish the petrochemical complex consisting of a steam cracker and […] December 29, 2022
Agriculture Egypt plans to double exports to $100bn annually Egypt plans to double exports to $100 billion annually by rationalising imports and labor-intensive and strategic industries, Egypt Today newspaper reported. Agricultural exports reached six million tons in 2022, up 200,000 tons from last year. Among the top crops were citrus (1.7 million tons), potato (621,900 tons) and onion (510,552). Exports of frozen strawberries have […] December 28, 2022
Energy Saudi Arabia and Japan seek cooperation in clean energy Saudi Arabia and Japan have signed a memorandum of cooperation surrounding the circular carbon economy, carbon recycling, clean hydrogen and fuel ammonia, state-run SPA news agency reported. The MoC was signed by Saudi energy minister Prince Abdulaziz bin Salman and Japanese industry minister Yasutoshi Nishimura, who also discussed potential collaboration in petrochemicals. Saudi Arabia recently […] December 26, 2022
Agriculture Abu Dhabi’s fertiliser producer Fertiglobe refinances $900m loan Abu Dhabi-listed fertiliser maker Fertiglobe, which counts state oil company Adnoc and OCI as major shareholders, has refinanced a $900-million bridge loan, originally due in 2024. The $900 million facility has been refinanced with new three-year $300 million and five-year $600 million term facilities at margins of 150 basis points (bps) and 175 bps respectively, […] December 26, 2022
Manufacturing Japan to invest $187m in Moroccan automotive industry Japanese group Sumitomo is to invest MAD1.965 billion ($187 million) in nine industrial projects across Morocco to boost the North African country’s automotive ecosystem. Regions set to benefit from the investment in the manufacturing of wiring and components include Rabat-Salé-Kenitra, Tangier-Tetouan-Al Hoceima and Casablanca-Settat. Some 16,000 jobs are expected to be created by 2028. Morocco […] December 22, 2022
Analysis Pharma giants move in on UAE as demand stretches local firms AstraZeneca and G42 Healthcare have signed an agreement to locally manufacture pharmaceuticals in Abu Dhabi. The agreement outlines collaboration in four key areas, including localisation of manufacturing, research and development, innovation and sustainability at a global scale. But while the deal aims to cement Abu Dhabi’s position as a hub for research and innovation in […] December 21, 2022
Tech Abu Dhabi’s Dana turns focus on Moroccan agtech solutions Dana Global, a desert tech venture builder and investment platform based in Abu Dhabi, is partnering with Agadir Horticultural Complex to help transform agriculture in Morocco. The Agadir region forms the heart of Morocco’s agricultural industry and provides 9 percent of national GDP while processing 90 percent of the country’s fresh produce market. The region […] December 21, 2022
