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Saudi petrochemicals

Saudi petrochemical giants braced for hike in gas costs  

Saudi Arabia’s petrochemicals companies, whose margins have tumbled this year, could be hit by higher prices for gas feedstocks if reforms to state subsidies materialise. The petrochemicals industry is the kingdom’s most important after oil and chemicals manufacturing is a key part of the Vision 2030 economic diversification plan. Yet some producers suffered losses in […]

Mining machinery

Saudi Arabian Mining Co profit slumps 80% in Q1

The Middle East’s largest mining and metals company has reported an 80 percent drop in net profit for the first quarter of 2023. Saudi Arabian Mining Co, better known as Ma’aden, blamed the fall in part on increased costs related to raw materials and softer commodity prices. It posted net profit on Monday of just […]

Saudi petchems Sabic

Petchems sector shows signs of recovery after torrid Q1

Saudi Arabia’s petrochemicals industry is showing tentative signs of recovery, although product prices are likely to remain under pressure despite the re-opening of the major market of China, analysts say. The sector is the kingdom’s most important earner after oil. Saudi has become a global petrochemicals player thanks to an abundant supply of feedstock gas […]

UK to invest $1.3bn to build chip supply chains

Britain announced £1 billion ($1.26 billion) of investment for its semiconductor sector on Friday in a long-awaited strategy that aims to strengthen the domestic industry and chip supply chains. The strategy focuses on Britain’s role in designing semiconductors, used in everything from cars to smartphones and washing machines, the government’s newly formed department for science, […]

Tesla proposes India factory after refusal to lower tax  

Tesla Inc has proposed setting up a factory in India to build electric cars for domestic sale and export, the carmaker told government officials on Wednesday, according to a source with direct knowledge of the matter. The proposal comes after India refused to agree to Tesla’s request last year to lower the import tax on cars, which can reach as much […]

Tesla Musk

Elon Musk reverses course on Tesla advertising its cars

Tesla Inc boss Elon Musk, who has never used traditional advertising to sell cars, said on Tuesday that the automaker would try it and see whether it produced results. Musk said it was “ironic” that as CEO of Tesla, he now owns Twitter. The social media platform is highly dependent on ads and will soon […]

Maaden mining surveying

Ma’aden buys $126m stake in US mining firm

Saudi Arabian Mining Co (Ma’aden) has bought a 9.9 percent stake in US minerals exploration company Ivanhoe Electric as part of a joint venture exploring an area in the kingdom that’s larger than Denmark. The $126 million deal includes a $66 million joint venture where Ma’aden will use Ivanhoe’s Typhoon geophysical surveying technology to mine […]

EGA signs alumina supply agreement with Alcoa

UAE-based Emirates Global Aluminium (EGA) has signed a long-term agreement with New York Stock Exchange-listed aluminium producer Alcoa Corp for smelter-grade alumina. The eight-year agreement, which commences in 2024, will allow EGA to procure as much as 15.6 million tonnes of alumina from Western Australia, the companies said in a joint statement. “Most of our […]

Lebanon business

Lebanon’s export orders rise for first time in two years

In spite of an overall decline in business activity, Lebanon recorded an increase in its export orders during April owing to improved currency stability. “Lebanon’s currency started to stabilise, particularly around mid-April,” Wael Menhem, a partner in the Beirut office of Lundy Investors, said. “It’s the first time in a long time that the currency […]

Lucid EV Air Touring

Saudi funding fails to stem $780m losses at Lucid

Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […]

Egypt’s new pharma venture to boost local manufacturing

The Sovereign Fund of Egypt (TSFE) and private equity firm B Investments have announced the launch of EZ International, which will expand the country’s manufacturing capabilities and trade services in the pharmaceutical sector. The new venture will be developed by TSFE’s healthcare and pharmaceutical industries Subfund and local pharmaceutical chain El-Ezaby Pharmacy. EZ International will […]

UAE air taxis

UAE air taxis and drones set for take-off with China deal

A Chinese company has signed a deal to build and operate electric powered air taxis and cargo drones in the UAE as the Gulf country seeks early adopter advantage in the vertical take-off and landing transport market. Monarch Holding in Abu Dhabi is partnering with EHang Holdings, an autonomous aerial vehicle (AAV) company, to establish […]

Architecture, Building, Office Building

Sabic Q1 2023 profit drops 90% to $176m on lower sales

Saudi Basic Industries Corporation (Sabic), one of the largest global petrochemical companies, saw its net profit for the first quarter of 2023 tumble 90 percent to SAR660 million ($175.98 million) from SAR6.47 billion a year earlier. Revenue fell 25 percent year-on-year to SAR39.69 billion in Q1 2023. Average sales prices slipped 22 percent, while sales […]

Saudi and Chinese firms ink pact for steel plate complex

Saudi energy and chemicals major Aramco, sovereign Public Investment Fund (PIF) and China’s Baoshan Iron & Steel Co., Ltd. (Baosteel) have signed an agreement to establish an integrated steel plate manufacturing complex in the kingdom. The joint venture complex is expected to be developed in Ras Al Khair Industrial City, one of the four new […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan tours the 2023 Idex, where the UAE military awarded contracts worth $6.4bn to local companies

UAE and Saudi Arabia race to develop defence industries

Saudi Arabia and the UAE are spending big to develop homegrown defence industries. The two governments aim to reduce their reliance on foreign arms and equipment manufacturers by partnering with some of their own top suppliers to nurture local expertise and capabilities. Relative to the size of their economies, Middle Eastern countries are among the […]

Kezad and Al Ghurair Foods sign lease for $272m projects

Khalifa Economic Zones Abu Dhabi (Kezad Group), a wholly-owned subsidiary of AD Ports Group, and Al Ghurair Foods, a part of UAE-based Al Ghurair Investment, have signed a 50-year land lease agreement for three food processing projects worth over AED1 billion ($272.31 million). The agreement marks the first phase of Al Ghurair Foods division’s investments […]

Baykar plans production of new air combat drone

Turkish defence firm Baykar aims to begin production of its new unmanned combat aerial vehicle (UCAV) next year which is already attracting international interest, its chairman Selcuk Bayraktar said. Baykar has come to prominence internationally in recent years because of the company’s light drone TB-2, which has been used in Ukraine, Azerbaijan and North Africa […]

Smaller EV prices to come down as sales surge

Nearly one in five cars sold globally this year will be electric, with the prices of smaller electric vehicles (EV) models dropping to rival those of combustion engine cars in North America and Europe by the mid-2020s, the International Energy Agency (IEA) has predicted. The agency raised its EV sales forecasts in part because of […]

UAE firm plans to bid for Thyssenkrupp steel stake 

UAE-based Emirates Steel Arkan is planning a potential investment in German conglomerate Thyssenkrupp’s steel business and could bid for a minority stake in the coming months. The company is emerging as the most serious contender to buy a stake in the Thyssenkrupp business, Bloomberg reported, citing informed sources. The Abu Dhabi-listed firm would produce energy-intensive […]

Beverage, Tea, Coffee

Dubai tea bag producer brews record results

DMCC Tea Centre has revealed production of tea bags at its Jebel Ali Free Zone facility was up 27 percent year on year in 2022. Saeed Al Suwaidi, director of agri-commodities at Dubai Multi-Commodities Centre (DMCC), described it as a “record-breaking” year and forecast further growth for 2023 driven by technology and automation. “We expect […]

Oman’s Salalah Free Zone to get $230m processing plant

Salalah Free Zone, a subsidiary of Asyad Group, has signed an agreement with the Chinese silicon industry company, Besto Hengda Oman, to establish a project for processing ferrous alloys and high-quality recycled wrapping paper. The project will be built on an area of 300,000 sq m, with an investment worth $230 million (OMR88.5 million), state-run […]

China’s BYD to build $290m EV battery plant in Chile

China’s BYD Co Ltd , the world’s largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile’s northern Antofagasta region, said Chilean economic development agency Corfo. The South American country’s government has named BYD Chile a qualified lithium producer, Corfo said, giving it access to preferential prices for lithium […]