Analysis Industry Gulf aluminium supplies to US to continue despite tariffs Short-term supplies of aluminium from the Gulf to the US are set to continue despite new tariffs planned by President Trump, according to experts. The new US president announced tariffs of 25 percent on all supplies of aluminium into the US on Sunday. In 2024 the Gulf made up over 16 percent of US aluminium […] February 11, 2025
Manufacturing What Trump’s steel tariffs mean to the Middle East Donald Trump’s proposed US steel tariffs will put Turkish producers most at risk in the Middle East, while Gulf steel exporters will be sheltered from the worst of the damage, experts have told AGBI. On Sunday Mr Trump, the newly elected US president, said he would soon unveil 25 percent import taxes on all steel […] February 11, 2025
Manufacturing First batch of Omani built EVs ready for distribution Omani electric vehicle manufacturer Mays Motors has started delivery of its first cars to local companies. The Mays Alive car is said to have a range of 610 kilometres on a single charge, which is longer than most EVs, and retails at OMR11,000 ($28,500) for companies and OMR12,000 ($31,000) for individuals. The car features AI […] February 10, 2025
Banking & Finance Ma’aden’s $1bn sukuk nine times over-subscribed Saudi state-owned mining company Ma’aden has sold $1.25 billion of dollar-denominated sukuk to help finance a $12 billion expansion plan. The sale was more than nine times oversubscribed, the company said. The sale, which closed on Sunday, “marks a key milestone in Ma’aden’s ambitious 2040 strategy to secure essential minerals and transform mining into the […] February 10, 2025
Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025
Markets IPO for Saudi poultry producer Entaj off to a flying start The initial public offering (IPO) of Saudi Arabian poultry producer Entaj is already oversubscribed, barely 24 hours after the book-building exercise began. Starting the exercise on Sunday and pricing the shares at between SAR46 and SAR50 each, the books were covered “within hours”, CEO Raja Alharbi told AGBI. The IPO could raise more than SAR450 […] February 10, 2025
Development Opec Fund and Dubai bank partner on Paraguay loan The Commercial Bank of Dubai has partnered with the Opec Fund for International Development to provide a $50 million syndicated loan to Banco Continental to support lending to small and medium-sized enterprises in Paraguay. The Opec Fund will contribute $25 million from its own resources and Commercial Bank of Dubai will provide a $25 million […] February 7, 2025
Agriculture Poultry firm Balady to boost Saudi output by 200m chicks a year Saudi Arabia’s Balady Poultry Company is to invest SAR1.14 billion ($303 million) over five years to expand its business. The plans involve establishing two hatcheries with a combined capacity of 200 million chicks a year. In a statement to the Saudi stock exchange, Balady said it aims to establish a facility with the capacity to […] February 7, 2025
Manufacturing Ceer strikes $145m deal with Sabelt for EV sports seats Ceer, Saudi Arabia’s first electric vehicle (EV) brand, has struck a SAR543 million ($145 million) deal with Italy’s Sabelt to develop sports seats for its upcoming flagship E sedan and SUV models. The drivers will get the same seats as those in high-performance sports cars. Sabelt will create high-performance seats for Ceer, ensuring maximum protection, […] February 7, 2025
Oil & Gas Adnoc Gas dividend unchanged despite record profit Adnoc Gas, which is traded on the Abu Dhabi stock exchange, left its 2024 fiscal-year dividend commitment unchanged, despite record profits. The gas-processing company, which is majority owned by national hydrocarbon producer Abu Dhabi National Oil Company (Adnoc), said it confirms its commitment to a 2024 dividend payout of $3.41 billion, of which $1.71 billion […] February 6, 2025
Opinion Trade US trade bravado hides a cautious stance on China Presidents Trump and Xi are going through the motions February 6, 2025
Analysis Mining Canada’s Barrick seeks to tap $2trn of Saudi minerals A year ago Saudi Arabia almost doubled the estimated value of its mineral resources, from $1.3 trillion to $2.5 trillion, primarily on higher prices for strategic minerals. Now the country has the fastest-growing mining sector in the world, mining minister Bandar Alkhorayef said, speaking at an investment conference in Riyadh last month. Production rates are […] February 6, 2025
Analysis Markets Trump’s tariffs inject volatility into metal markets President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets. Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […] February 5, 2025
Oil & Gas Kuwait successfully using drones to inspect oil facilities Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […] February 4, 2025
Petrochemicals Borouge profit rises on high-value product sales The net earnings of Borouge, Abu Dhabi’s listed petrochemicals company, jumped 24 percent year on year to $1.2 billion in 2024, supported by record production and sales volumes. Annual revenue rose 4 percent to $6 billion, while total costs improved by 2 percent. The high-value infrastructure services segment accounted for 40 percent of total sales […] February 4, 2025
Opinion Trade GCC should target tariff-free food deals with Trump US agriculture could be looking for new export markets February 4, 2025
Mining UK mining company unearths copper deposits in Oman Major copper deposits in the Al Batinah region of Oman have been uncovered by a UK mining company, Power Metal Resources. The discovery was made in Block 8, about 130km from Muscat. Power Metal Resources acquired the exploration rights for the area from the government of Oman two years ago and started work on it […] February 3, 2025
Industry $1.7bn contract awarded for UAE’s first methanol plant A joint venture between Abu Dhabi National Oil Company (Adnoc) and the state-owned sovereign wealth fund Abu Dhabi Developmental Holding Company (ADQ) has awarded an AED6.2 billion ($1.7 billion) contract to build the UAE’s first methanol production facility. The joint venture, Ta’ziz, has granted an engineering, procurement and construction (EPC) contract to South Korea’s Samsung […] February 3, 2025
Analysis Mining Tight supply and strong demand pressure silver prices Gulf investors – and romantics – may have to keep a watchful eye on silver in the months ahead as tight supply and strong demand make their impact on prices. This will not only have consequences for those looking for jewellery, but also for industries ranging from solar photovoltaics (PV) to electric vehicles (EVs), and […] February 3, 2025
Industry Proposed Adnoc-OMV entity targets Mubadala unit The global polyolefins group proposed by Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV has set its eye on its first acquisition. The proposed merged entity will try to acquire Canada’s Nova Chemicals from Mubadala Investment Company as its first growth opportunity, Adnoc has confirmed in a statement. The Abu Dhabi oil company said negotiations […] February 2, 2025
Manufacturing Qatari AI company invests in Scottish hydrogen lorry maker Qatari AI software supplier Excelledia Ventures has invested in a Scottish HGV manufacturer that is developing zero-emission hydrogen-electric trucks. Glasgow-based Hydrogen Vehicle Systems (HVS) has developed an AI emissions reduction technology that optimises diesel, battery and hydrogen-powered trucks to enhance efficiency and reduce emissions. The hydrogen HGV that HVS is developing has a range of […] January 31, 2025
Mining ADQ joins Orion in $1.2bn metals joint venture The third-largest of Abu Dhabi’s sovereign wealth funds, ADQ, is setting up a $1.2 billion joint venture with the US investment company Orion Resource Partners to invest in the metals and mining sector. The 50-50 joint venture will be based in Abu Dhabi and will target long-term agreements to source essential metals and minerals, including […] January 30, 2025
