Manufacturing Saudi’s new industrial strategy to drive exports to $148bn by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the National Industrial Strategy, which aims to double the industrial exports value to SAR 557 billion by 2030 ($148.34 billion), state-owned Saudi Press Agency reported. The strategy aims to promote the industrial sector and attract investment in the domestic economy, with the goal that it will […] October 19, 2022
Analysis Food & Drink Bean there, done that: Saudi takes coffee to US and Europe Saudi Arabia is targeting some of the world’s biggest cities as part of its campaign to promote the kingdom’s burgeoning coffee sector. The Ministry of Culture said it concluded a campaign this week to introduce Saudi coffee to New York, London, Rome and Paris as the country’s Year of Saudi Coffee 2022 initiative gathers pace. […] October 18, 2022
Manufacturing Aramco to build two offshore fabrication yards in Ras Al Khair Saudi Arabian Oil Company will establish two offshore fabrication yards with international partners – National Petroleum Construction Company (NPCC) and McDermott International – to boost Saudi Arabia’s offshore fabrication capacity. The new yards, constructed in Ras Al Khair, are expected to fabricate and assemble offshore platforms, jackets and structures for subsea pipelines, the company said in […] October 18, 2022
Analysis Manufacturing Abu Dhabi eyes aviation services giant to boost its manufacturing ADQ, an Abu Dhabi-based investment and holding company, announced plans on Monday to create a global aviation champion as part of the emirate’s push to grow its manufacturing sector. The company has submitted an offer to Abu Dhabi Aviation (ADA) to combine its 100 percent share of Etihad Engineering and Advanced Military Maintenance, Repair and […] October 17, 2022
Trade UK drinks firms raise glass to Morocco and Tunisia trade deal British drinks companies have raised a glass after the UK removed trade barriers that deterred alcohol sales to Morocco and Tunisia. The changes in the countries, which extends to Argentina and Angola as well, will help the UK’s products to reach millions of new potential customers and boost alcohol exports, which reached £6.5 billion last […] October 17, 2022
Analysis Manufacturing Egypt’s industrial sector ‘building on strong foundations’ Egypt defied global trends – and the expectations of many – to grow throughout the coronavirus crisis. With its sizeable population, rising middle class and tech-savvy population, the country “showed resilience in the face of the pandemic” and is forecast to record GDP growth of 5.9 percent in 2022, according to the International Monetary Fund. […] October 17, 2022
Analysis Development The Golden Triangle: treasures of the Eastern Desert In Ancient Egypt, real wealth was measured in grain. Temple granaries were the reserve banks of their day, with gold and silver seen as lesser commodities. “In my brother’s country, gold is as plentiful as dirt,” marvelled one foreign king in a begging letter to Pharaoh Amenhotep III. Even so, mining was a serious business. […] October 17, 2022
Retail Lulu Group targets Iraq and Africa ahead of Abu Dhabi IPO Lulu Group International is planning a listing on the Abu Dhabi Securities Exchange in 2023 and has hired investment bank Moelis & Co to advise it. The supermarket chain, which has its headquarters in Abu Dhabi, also confirmed to AGBI that it will add new outlets to its network as it consolidates in the Middle […] October 14, 2022
Manufacturing Nissan takes $687m loss by selling Russian business for €1 Nissan Motor Co Ltd will hand over its business in Russia to a state-owned entity for €1 ($0.97), it said on Tuesday, taking a loss of around $687 million in the latest costly exit from the country by a global company. The Japanese automaker will transfer its shares in Nissan Manufacturing Russia LLC to state-owned […] October 12, 2022
Manufacturing Porsche shares flat at close after landmark $72bn listing Porsche AG shares had a see-saw start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of €75 billion ($72 billion) in Germany’s second-biggest market debut. The shares closed at €82.50 ($80.74), returning to their issue price from the session high of €86.76. Volkswagen priced Porsche AG shares the top end of the indicated range, and raised €19.5 billion via the listing to fund […] September 30, 2022
Energy Iran’s petrochemical capacity to double in next decade: Official National Iranian Petrochemical Company (NIPC) expects petrochemical production in the country will double in the next decade, IRNA, state-owned news agency, reported. Petrochemical production capacity in the country will reach 200 million tons in a year in the next decade, said NIPC managing director Morteza Shah-Mirzaei. Despite sanctions imposeed on the country, the petrochemical industry is […] September 27, 2022
Moroccan group to buy half of Spanish animal nutrition firm Morocco’s fertiliser producer OCP Group has signed an agreement to purchase a 50 percent stake in GlobalFeed SL from Spain’s Fertinagro Biotech, the company said in a statement. The acquisition is part of OCP’s global growth strategy in the animal nutrition market. GlobalFeed’s operations focus on animal nutrition solutions, manufacturing, and distribution of products such […] September 27, 2022
Tech startup aims to spice up India’s agriculture trade with GCC Indian startup Ninjacart has launched Ninja Global, a new digital platform for agricultural export-import businesses in the UAE and other countries in the Gulf. Ninjacart operates in over 150 markets across agri-commodities, was valued at almost $1bn this year, and is backed by retail giant Walmart and India’s Tiger Global among others. Its Ninja Global is […] September 26, 2022
Manufacturing Aviation and fintech help Irish exports soar to record $532m Ireland reported record levels of exports to the Middle East last year, with aviation and financial technology (fintech) among the standout sectors that helped Irish companies to achieve over half a billion dollars in sales in the region. Enterprise Ireland, the Irish Government’s trade agency, said the companies it supports in India, the Middle East […] September 23, 2022
ANALYSIS Economy 200 billion reasons why the Gulf is China’s hottest trading partner When Deng Xiaoping, the former communist leader of China, started his modernisation drive in the late 20th century, he looked to the Middle East as the only place that could provide the enormous quantities of oil and gas that his country required to become a global powerhouse. By the end of this decade, less than […] September 22, 2022
Economy New CEO named for Saudi’s $1.3trn private sector push A new CEO has been appointed to the Private Sector Partnership Reinforcement Program which aims to facilitate investments of $1.33 trillion from Saudi private sector businesses by 2030. Abdulaziz bin Abdulrahman Al-Arifi, advisor to the Secretariat General of the Cabinet and a former CEO of finance at Jadwa Investment, has been hired to lead the […] September 21, 2022
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 and 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
