Food & Drink $5.5m initiative for food security in Mediterranean countries A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […] December 21, 2022
Analysis Sustainability Mining for profits increases foreign investment in Oman Oman is emerging as a hub for industrial minerals with dozens of mining sites covering an area of 2,000 sq km. But experts believe the sector’s true potential will be realised over the next decade. Mining is one of the Omani government’s focuses under its economic diversification programme. It has attracted interest from both foreign […] December 21, 2022
Transport UAE industrial giant to supply solar aluminium for Nissan cars Emirates Global Aluminium (EGA), the largest non-oil and gas industry company in the UAE, has agreed to supply solar power-produced aluminium to Japan to make Nissan cars. The agreement with Kobe Steel will see the supply of EGA’s CelestiAL solar aluminium to one of the largest rolling mills in Japan. Automotive body sheet is used […] December 19, 2022
Energy Saudi and Chinese firms propose feasibility for petchem complex Saudi Basic Industries Corp. (Sabic) has signed a memorandum of understanding (MoU) with Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) to look into developing an integrated petrochemical complex with an existing refinery in Yanbu. The MoU would be valid for 18 months, the petrochemicals major said in a statement to the Saudi stock […] December 19, 2022
Manufacturing Abu Dhabi’s Kezad set to get $54m recycled paper mill Khalifa Economic Zones Abu Dhabi (Kezad Group) has signed a 50-year land lease agreement with speciality tissue manufacturer, Star Paper Mill, to establish a new facility to manufacture recycled kraft paper jumbo reels, state-run WAM news agency reported. Under the agreement, Star Paper Mill, in collaboration with RC Paper Machines, will expand its existing capacities […] December 19, 2022
Exclusive Manufacturing Gulf switches to more energy efficient cooling solutions The UAE’s replacement market for air conditioning (AC) is growing fast as energy consumption concerns continue to rise. Global consumption of electricity for household ACs is increasing rapidly, creating urgent demand for more efficient cooling systems. Energy demand for space cooling will more than treble by 2050 unless there is action to address energy efficiency, […] December 15, 2022
London-listed Centamin reports higher gold reserves in Egypt London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […] December 15, 2022
Analysis Manufacturing UK deal targets bigger share of $130bn Saudi defence spend The UK has signed a new agreement with Saudi Arabia to enhance bilateral defence and security cooperation as it looks to rebound from falling export sales in 2021. Ben Wallace, secretary of state for defence met Prince Khalid Bin Salman, the minister for defence of Saudi Arabia, in London on Tuesday and welcomed the signing […] December 15, 2022
Analysis Tech Abu Dhabi backs women-led food security startups in Mena Dana Global, an Abu Dhabi-based venture builder and investment platform that supports women-led startups in agricultural technology (agtech) and water solutions, has announced a new partnership to tackle the food security situation in the Middle East and North Africa. Its agreement with Silal, a subsidiary of Abu Dhabi’s $110 billion state holding company ADQ, focused […] December 14, 2022
Manufacturing Saudi spent $1.4bn in incentives to boost local military industry Saudi Arabia has spent SAR 5.1 billion ($1.4 billion) in incentives to boost its local military industry over the last two years, the governor of the sector’s General Authority said on Monday. Ahmad Al-Ohali said the incentives included SAR 3.3 billion which was directed to research and development in the military industries in 2021 and […] December 13, 2022
Food & Drink GMG-Silal deal aims to dish up customers for 1,100 UAE farms More locally grown food is set to be sold in UAE supermarkets under a link-up between retailer GMG and agri-food business Silal, a subsidiary of sovereign wealth fund ADQ. Under the deal, which was signed at last week’s Abu Dhabi International Food Exhibition, up to 1,100 UAE farms contracted to Silal will be supported to […] December 12, 2022
Agriculture Turkey discusses Black Sea grain deal with Russia and Ukraine Turkish President Tayyip Erdogan discussed the Black Sea grain export agreement on Sunday with the leaders of Russia and Ukraine, as both sides seek changes that would boost their exports. Turkey has acted as mediator alongside the United Nations in the grain deal, which opened up Ukrainian ports for exports after a six-month de facto […] December 12, 2022
Exclusive Tech Irish aviation tycoon to help grow Gulf agtech startup Irish entrepreneur Dómhnal Slattery, best known for scaling companies in the aviation sector, has been appointed a special adviser to one of the Gulf’s biggest startups, and is open to more potential investments in the region. Pure Harvest Smart Farms, the agtech startup based in Abu Dhabi, in July raised $180 million in funding from […] December 12, 2022
Manufacturing Beko starts work on $100m home appliance plant in Egypt Beko Egypt, a subsidiary of Turkey-based Arcelik, has laid the foundation stone for a new $100 million home appliance plant in Egypt’s 10th of Ramadan Industrial Zone, the company said in a statement. The investment is expected to boost the regional economy by creating more than 2,000 jobs. In addition, the factory will develop local […] December 11, 2022
Energy Aramco and Shandong to explore refining projects in China Saudi Arabian Oil Company (Aramco), the kingdom’s energy giant, and Shandong Energy Group are exploring collaboration on integrated refining and petrochemical opportunities in China. The companies have signed a memorandum of understanding (MoU) which includes a potential crude oil supply agreement and chemicals products offtake agreement, supporting Aramco’s role in building a thriving downstream sector […] December 11, 2022
Analysis Tech Gulf reaches for vertical farming to bolster food security A joint venture has been set up to develop a network of indoor vertical farms across Saudi Arabia as GCC governments seek to reduce their reliance on imported food. Mowreq Specialised Agriculture Co and biotech firm YesHealth Group have founded Vertical Farms Company, which will begin by building the kingdom’s largest indoor vertical farm in Riyadh. The […] December 7, 2022
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 and 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
