Manufacturing Gulf rivals jostle for position as EV test beds A collaboration has been forged between electric vehicle company NWTN and real estate investor Sultan Investments to build a manufacturing facility in Abu Dhabi. The tie-up is the latest signal of intent by the UAE to corner the fast growing EV market, rivalling Saudi Arabia’s ambitions. NWTN, previously known as ICONIQ, was founded in 2016 […] June 14, 2022
Manufacturing Turkish factory output up 10.8%, car production soars 25.5% Turkish industrial production grew 10.8 percent year-on-year in April, data showed on Monday, more than a Reuters poll forecast of 8 percent and rising for a 22nd consecutive month, holding firm against a background of lira weakness and rampant inflation. Month-on-month, industrial output remained constant in April on a calendar and seasonally adjusted basis, the […] June 13, 2022
UAE sends ministerial delegation to Morocco to boost trade The United Arab Emirates’ minister of economy, Abdulla bin Touq Al Marri, will today lead a high level delegation to Morocco to discuss ways to boost bilateral investment between the two Arab countries. “The visit aims to promote cooperation between the business communities of the two countries and motivate the private sector and entrepreneurs to […] June 9, 2022
Manufacturing Tesla in China hiring drive, despite Musk’s threat of job cuts Tesla was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas. Tesla plans to hold the event online starting from 7 p.m. […] June 9, 2022
Manufacturing Biden’s new Air Force One faces delays over Boeing labour issues The next-generation presidential aircraft being built by Boeing Co risks further delay due to a tight labour market for mechanics and lower-than-expected security clearance rates, the investigative arm of Congress said on Wednesday. The need for Boeing to switch to an alternative supplier for some interior work was also cited in the report issued by […] June 9, 2022
Tourism Saudi to invest $100m in tourism training Saudi Arabia is planning to invest $100 million training around 100,000 young Saudis to work in the tourism sector, as the kingdom looks to attract over 70 million visitors per year. The Ministry of Tourism on Tuesday launched the Tourism Pioneers programme, which the Saudi Press Agency claimed was the “largest global programme” of its […] June 8, 2022
Banking and Finance World Bank slashes global growth forecast The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9 percent for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Covid-19 pandemic, and many countries now faced recession. The war in Ukraine had magnified the slowdown in the global economy, which was now entering […] June 8, 2022
Tourism UK should have done better on Covid-19: IATA director general A top airline industry official on Tuesday said the UK should have responded “a hell of a lot better” to Covid-19 and argued aviation should have been more forceful in challenging government-mandated border closures during the pandemic. Willie Walsh, director general of the International Air Transport Association (IATA), also defended airlines’ handling of a rebound […] June 8, 2022
Perimeter 81 joins the unicorns after $100m funding round Perimeter 81 is now valued at $1 billion, the Israeli cybersecurity startup has revealed, gaining unicorn status after it raised $100 million to fund product development. The fundraising, led by B Capital, marked a jump in valuation from its last round in August 2020, when the company was valued at $200 million. ION Crossover Ventures […] June 6, 2022
Energy Oil price fall dents Gulf stock markets Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […] June 2, 2022
Markets China ‘firmly’ opposes US-Taiwan trade initiative China “firmly” opposes a new trade initiative between Taiwan and the United States, the Commerce Ministry said on Thursday, a plan the government in Taipei says is a recognition of the key position the island plays in global supply chains. The United States and Taiwan announced the US-Taiwan Initiative on 21st Century Trade on Wednesday, […] June 2, 2022
Manufacturing Turkey’s trade deficit surges 157% in May Turkey’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall. Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus. Turkey’s […] June 2, 2022
Agriculture Turkish factory activity contracts for third straight month in May Turkish manufacturing activity contracted for the third month running in May as both output and orders slowed amid muted demand and ongoing price pressures, a business survey showed on Wednesday. The Purchasing Managers’ Index (PMI) for manufacturing stood at 49.2 in May, unchanged from April, said a panel from the Istanbul Chamber of Industry and […] June 1, 2022
Manufacturing UK manufacturing growth hits 16-month low in May British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […] June 1, 2022
Manufacturing Egypt awards eight gold, metal mining exploration licences Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry. Four companies won the licences – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said. Egypt has […] June 1, 2022
Tourism Qatar Airways ready to see $1bn Airbus dispute through to trial Qatar Airways is ready to see its legal dispute with Airbus over flaws with the protective skin of A350 wide-body jets through to trial, the Gulf carrier said on Tuesday. Qatar Airways is suing the European planemaker in a UK court for $1 billion in damages after grounding about two dozen of its A350s experiencing […] June 1, 2022
Abu Dhabi Borouge’s $2 billion IPO set to be ADX’s biggest Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its initial public offering topped $83.4 billion. The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday under the symbol BOROUGE, the largest listing to date on the exchange which has seen a string […] May 31, 2022
Analysis Food & Drink Saudis want the world to wake up and smell their coffee Did Arabica coffee originate in Arabia? Many say it hails from Ethiopia and then spread to Yemen and the rest of the Middle East. As coffee experts and aficionados continue to debate its history, Saudi Arabia is working to put a new stamp on the industry. Saudi Arabia has named 2022 the year of Saudi […] May 31, 2022
UAE, Egypt and Jordan sign $10bn industrial power pact Abu Dhabi's ADQ to allocate $10 billion in investment for projects. Focus includes agriculture, pharmaceuticals, petrochemicals and textiles May 30, 2022
Agriculture Ukraine war sees Egypt put pressure on local wheat farmers to replace shortfall Egypt typically the world’s biggest wheat importer Most purchases came from Russia and Ukraine Local farmers have to sell 60% of crop to the state Government offer is well below international prices At an agricultural storage complex in the Egyptian city of Banha, Ahmed Nasser watches truck after truck offload freshly-threshed grain from the surrounding […] May 27, 2022
Energy Saudi Aramco: The rise of an oil giant 1933: Oil concession agreement signed 1935: The first test well is drilled into the Dammam Dome 1939: First tanker load of petroleum exported 1949: Oil production hits 500,000 bpd 1958: Oil production exceeds 1 million bpd annually 1962: Crude oil production hits 5 billion barrels 1976: First to produce more than 3 billion barrels of […] May 26, 2022
Manufacturing Gulf ports trump US in global efficiency rankings Heavy investment has seen the Middle East dominate the top of the rankings of a list of the most efficient container ports in the world, with some Saudi ports up to four times more efficient than their North American rivals. The latest edition of the Container Port Performance Index (CPPI), which was developed by the […] May 26, 2022
