Analysis Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
Analysis Manufacturing Morocco in drive to become a global EV manufacturing hub Ask anyone to name the global electric vehicle manufacturing powerhouses and the US and China are the first countries that will spring to mind. But Morocco now looks set to join the big league after its government announced in July that it is planning to ink a deal with several EV battery manufacturers to construct […] September 16, 2022
Banking & Finance Egypt issues warnings against dealing in virtual currencies Egypt’s central bank has reiterated its warning against dealing with cryptocurrencies through regional or global platforms, a local media outlet reported. The Central Bank of Egypt said that virtual currencies are not issued by the central bank or any official authority; therefore, they are not deemed legal tender, the newspaper said, citing a bank statement. […] September 14, 2022
Manufacturing Saudi Arabia to build three iron and steel projects worth $9.3bn Saudi Arabia is building three iron and steel manufacturing factories worth SAR 35 billion ($9.31 billion) with a combined capacity of 6.2 million tonnes, the Saudi Press Agency reported, citing Minister of Industry and Mineral Resources Bandar Al-Khorayef. The construction of an integrated iron sheet production complex with a capacity of 1.2 million tonnes per […] September 13, 2022
Analysis Manufacturing Factory investments triple in Abu Dhabi Investment in Abu Dhabi’s active industrial sector has tripled over the past year as the emirate seeks to become a regional manufacturing hub. Latest figures released by Industrial Development Bureau (IBD), part of the Abu Dhabi Department of Economic Development (ADDED), showed that the total value of factories that switched to the in-production stage rose […] September 12, 2022
Manufacturing Oman’s copper-gold project to be commissioned in April 2023 Oman’s Al Washihi Majaza copper-gold project is on track for commissioning in April 2023, the Oman Daily Observer reported, citing site developer Al Hadeetha Resources. Australian mining firm Alara Resources Limited, which holds a 51 percent stake in the Al Hadeetha Resources joint venture, recently said that key hardware pieces had arrived at the project […] September 12, 2022
Agriculture Morocco’s farming exports rise 13%, despite drought challenges Morocco’s Ministry of Agriculture and Fisheries has said that the volume of its exports increased by 13 percent in 2021-2022, with tomatoes and berries rising by 19 percent and 18 percent, respectively, according to a local newspaper. Despite the difficult international circumstances, the exports of market garden crops have registered good performances during the 2021-2022 […] September 12, 2022
Tech Turkish firm eyes drone manufacturing in Ukraine Ukrainian President Volodymyr Zelenskiy on Friday met with the head of Turkish defence firm Baykar and said the company would set up a factory in Ukraine to build unmanned aerial vehicles. Baykar’s Bayraktar TB2 drone has been hugely popular in Ukraine, where it helped destroy many Russian artillery systems and armoured vehicles. “We discussed the […] September 11, 2022
Markets Saudi Arabia’s bourse generates over $4bn from IPOs in H1 2022 The Saudi Exchange (Tadawul) have raised SAR 15.2 billion ($4.04 billion) in the first half of 2022 through initial public offerings (IPOs), Arab News reported. The bourse saw 10 listings and nine offerings from existing listed companies, generating SAR 10.7 billion. Nahdi Medical Company was the biggest on the IPO list, garnering a collection of […] September 11, 2022
Economy Saudi Q2 GDP rises 12.2% amid high crude prices Saudi Arabia’s real gross domestic product rose 12.2 percent in the second quarter of 2022 year-on-year amid rising oil prices, according to the General Authority for Statistics. The second quarter growth figure beat the government’s flash estimate of 11.8 percent growth issued at the end of July. The economy grew 2.2 percent compared to the […] September 7, 2022
Manufacturing Turkey working on new support package for SMEs Turkey’s finance ministry said on Tuesday it was working on a Treasury-backed package to support small and medium-sized enterprises (SME) in need of collateral, in its latest step to boost the sector. The statement attributed to Finance Minister Nureddin Nebati said the package would support SME financing needs and reinforce the government’s broader programme prioritising […] September 7, 2022
Manufacturing Abu Dhabi bids to become electric vehicle manufacturing hub Abu Dhabi today announced plans for its first electric vehicle assembly facility as the emirate looks to join Saudi Arabia and Sharjah in building a regional manufacturing hub for sustainable transport options. KIZAD, part of AD Ports Group’s Economic Cities & Free Zones, has signed a lease agreement with NWTN to establish an assembly plant […] September 6, 2022
Agriculture Saudi Arabia plans to invest $24bn to support local economy Saudi Arabia will invest SAR 91 billion ($24.20 billion) to develop the domestic economy, Arab News reported, citing Abdulrahman Al-Fadhli, Minister of Environment, Water and Agriculture. The agriculture sector contributed SAR 72 billion, or 2.3 percent, to the kingdom’s gross domestic product last year, the minister said, adding that the 2022 development fund for the […] September 6, 2022
Analysis Manufacturing Ashok Leyland bus deal drives manufacturing push Ashok Leyland, the flagship brand of the India-based Hinduja Group, has bagged orders for 1,400 school buses to be built at its Ras Al Khaimah (RAK) factory for use across the UAE. The deal, the company’s largest in the UAE, will be supplied from Ashok Leyland’s $50 million manufacturing facility in RAK, which is the […] September 5, 2022
Economy Exports help Saudi non-oil sector hit 10-month high A sharp surge in exports in the second quarter of 2022 has helped business activity in Saudi Arabia’s non-oil sector rise to a ten-month high, boosting employment and sentiment for the year ahead. The General Authority for Statistics reported that exports increased by 85.1 percent year-on-year in Q2 to SAR 429.8 billion ($114.61 billion). Oil […] September 5, 2022
Manufacturing Record profits for Gulf’s materials sector but growth set to slow Profits among the Gulf’s listed companies in the materials sector reached their highest levels on record in the second quarter of 2022. However, industry experts believe supply chain issues and the Ukraine war will see growth begin to slow. Across the whole of the GCC, the total net profit of listed companies reached $77.3 billion […] September 2, 2022
Manufacturing Israel to buy four Boeing air force refuelling tankers for $927m Israel will buy four Boeing Co KC-46A refuelling tankers for its air force, the Israeli government and the US defence contractor said on Thursday, a $927 million deal with delivery of the first planes expected in 2025. The tankers would replace the decades-old, repurposed Boeing 707s that Israel currently uses for mid-air refuelling and may […] September 2, 2022
Manufacturing Saudi to award Umm Ad Damar mining licence in November The Saudi Geological Survey has completed the pre-qualification phase to award the exploration license for the Umm Ad Damar mining project, CEO Abdullah Al-Shamrani told Arab News. “The project will go through different cycles, but by the end of November, we will see the winning company,” he said. Umm Ad Damar covers an estimated area […] September 1, 2022
Manufacturing Egypt set to begin pilot operations of world’s ‘largest’ spinning mill Egypt will start the pilot operation of a new spinning factory, dubbed “the world’s largest factory” by the government, in 2023, Ahram online news website reported, citing a statement by the Ministry of Public Business Sector. The factory, owned by the state-owned Masr Spinning and Weaving Company, is constructed over 64,000 square metres in the […] August 29, 2022
Opinion Agriculture Businesses must act to solve water scarcity in developing countries F&B giant PepsiCo aims to become 'net water positive' by 2030 to tackle the global threat of scarcity August 26, 2022
Manufacturing UAE-based steel company plans expansion in Asia and Africa UAE-based Emirates Steel Arkan is considering expanding into new markets in Asia and Africa, chief executive officer Saeed Ghumran Al Remeithi told WAM, the UAE state news agency. He said the group was aiming to increase the number of its export markets to 60 by the end of the first half of 2022, compared with […] August 26, 2022
Manufacturing Japanese manufacturing grows at slowest pace in 19 months Japanese manufacturing growth slowed in August after declines in output and new orders, as businesses grapple with persistent rises in raw material and energy costs and weakening global demand. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) recorded its most sluggish performance in 19 months, falling to a seasonally adjusted 51.0 in […] August 23, 2022
