Analysis Manufacturing Global car makers expand Egyptian operations Car makers in Egypt are expanding their operations after the conclusion of a long-running currency crisis earlier this year. The devaluation of the Egyptian pound in March has made the country a more attractive proposition both as a consumer market and a base from which to export. Among those who have announced expansion plans since […] October 13, 2024
Industry Neom sets up $186m concrete hub for The Line Saudi Arabia’s Neom is setting up a new ready-mix concrete complex to primarily serve The Line, its desert city. The giga-project developer has tied up with Asas Al-Mohileb, a local construction and engineering company, to establish and operate a SAR700 million ($186 million) green concrete plant, which will produce more than 20,000 cubic metres per […] October 9, 2024
Transport Lucid beats latest delivery expectations Saudi-backed US luxury electric vehicle maker Lucid has exceeded market expectations for its third quarter, delivering 24 percent more cars than had been forecast. Analysts cited discounts and more favourable finance options as reasons for the sharp increase. Lucid delivered 2,781 vehicles in Q3, ahead of estimates of 2,242, according to analysts polled by Visible […] October 8, 2024
Analysis Manufacturing Gulf spots opening in China’s polysilicon boom-bust cycle Solar power capacity across the Middle East region trebled from 3 gigawatts to 9GW between 2020 and 2023, according to the trade association Energy Industries Council. In the Gulf alone, a further 40GW of photovoltaic (PV) solar power are scheduled for installation by 2030, the International Renewable Energy Agency (Irena), an intergovernmental organisation, says. For […] October 4, 2024
Manufacturing Tata signs deal with Morocco to build armoured vehicles Morocco’s Department of Defence and India’s Tata Group have signed an agreement to build armoured combat vehicles in the North African country. Under the agreement, Tata Advanced Systems, a subsidiary of the Indian conglomerate, will produce Tata’s WhAP 8×8 wheeled amphibious armoured platform in Morocco. The project is expected to create 90 direct jobs and […] October 1, 2024
Industry EGA buys majority stake in US aluminium recycler Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, has acquired an 80 percent stake in US-based aluminium recycling company Spectro Alloys Corporation. The owner-managers of Spectro will hold 20 percent. The funding will be in line with EGA’s green finance framework, launched in June, to support decarbonisation projects and enable the […] September 30, 2024
Analysis Mining Maaden-Alba merger ‘a potential game changer’ The proposed merger between the Saudi Arabian mining company Maaden and Bahrain’s aluminium smelter Alba looks likely to shake up the global aluminium industry, with the new company challenging for sixth place in the world rankings. “It’s almost a game-changing event, particularly in the GCC region,” says Andy Farida, a senior analyst at Fastmarkets, a […] September 27, 2024
Manufacturing Aramco ties with China for industrial manufacturing Saudi Aramco, the world’s largest oil producer, is exploring opening manufacturing facilities for industrial components and advanced materials in collaboration with a state-run Chinese company. The Saudi-listed company and China National Building Material Group have signed a five-year agreement for potential collaboration, including establishing manufacturing facilities in the kingdom to produce wind turbine blades, hydrogen storage […] September 25, 2024
Tech Global chip giants explore opening UAE factories Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics, the world’s largest chip makers, are exploring the possibility of opening mega-manufacturing facilities in the UAE. The terms of discussion include projects to be funded by the UAE, with Abu Dhabi-based sovereign Mubadala playing a key role, The Wall Street Journal reported, citing unnamed sources. Executives from TSMC recently […] September 23, 2024
Industry Turkey imposes restrictions on hybrid car imports Turkey has introduced stringent regulations on the import of plug-in hybrid vehicles from some countries, including China. The notice includes rules such as importers need to have at least 20 authorised service centres across seven regions in Turkey for chargeable hybrid vehicles not manufactured in the European Union or in countries with which Turkey has […] September 23, 2024
Trade Australia and UAE hope for $678m boost after trade deal Australian exports to the UAE are expected to increase by $678 million after the two countries completed discussions over a comprehensive economic partnership agreement (Cepa). The deal, expected to be signed later this year, will make more than 99 percent of Australian exports to the UAE tariff-free, saving exporters up to $160 million annually. The […] September 17, 2024
Manufacturing Turkey’s automotive sector is decelerating sharply Output in Turkey’s powerful automotive sector decelerated sharply in August, in a year-long trend that has seen domestic production fall and exports slow. Local manufacturers say they are facing competition from imports and grappling with sky-high interest rates. Total vehicle production in August was 53,000, down 27 percent compared to the same month last year, […] September 17, 2024
Industry Alba and Maaden plan global aluminium powerhouse Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, and Saudi Arabian Mining Company (Maaden) have signed a non-binding agreement to explore forming a “global powerhouse” in aluminium production. “This potential combination will reshape the global aluminium industry, positioning the merged entity as one of the largest aluminium producers worldwide,” Bahrain-listed Alba said in […] September 17, 2024
Industry Industrial growth in Oman beats global rate Oman’s industrial sector expanded by 9.2 percent year on year, ten times faster than the global rate. Production value reached OR951 million ($2.5 billion) in the first quarter of 2024. The sector contributed 10 percent to the Gulf state’s GDP, data from the National Centre for Statistics and Information shows. The basic chemical industries led […] September 12, 2024
Oil & Gas QatarEnergy signs $2bn deal with Chinese shipyard State-run QatarEnergy has ordered six additional large LNG vessels valued at $2 billion from China State Shipbuilding Corporation (CSSC). The new order brings the total number of LNG vessels to 128, including 24 QC-Max mega vessels. The QC-Max vessels will be built at China’s Hudong-Zhonghua Shipyard, a wholly-owned CSSC subsidiary. These vessels will have a […] September 10, 2024
Manufacturing Cooling inflation little help for Turkey’s struggling manufacturers Although Turkey’s consumer inflation slowed in August to the lowest rate for nearly a year, analysts say it was not enough to help the country’s struggling manufacturing sector. Consumer inflation in Turkey dropped almost 10 percentage points to an annualised 52 percent in August, the smallest figure since mid-2023, state statistics agency Turkstat said on […] September 4, 2024
Industry QatarEnergy’s new plant will double urea production State-backed QatarEnergy will build a new urea production complex to more than double the Gulf country’s urea output to meet growing global demand. The new project involves building three ammonia production lines to supply feedstock to four new urea production trains in Mesaieed Industrial City, located 36 kms from Doha. Accordingly, urea production will increase […] September 2, 2024
Manufacturing Emirates Global Aluminium profit down as prices weaken Net profits at Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, fell 6 percent to AED1.84 billion ($500 million) in the first half of 2024 from AED1.96 billion a year ago, driven by lower product prices. The average realised London Metal Exchange aluminium price declined 2 percent year on year to […] August 30, 2024
Economy New factories underpin Saudi non-oil activity surge Investment of nearly SAR6 billion ($1.6 billion) in 300 new factories in Saudi Arabia has spurred a resurgence in non-oil activity in the kingdom, as oil production hits a three-year low. Estimates in a report by Riyadh-based advisory company Jadwa Investments found that non-oil GDP in the first half of 2024 was up by around […] August 27, 2024
Opinion Manufacturing Tesla “just not cool” anymore in car-crazy California The US state and Elon Musk's pioneering company have fallen out of love August 27, 2024
Manufacturing EGA to buy 80% of US aluminium recycler Emirates Global Aluminium, the UAE’s biggest non-oil industrial company and one of the world’s largest aluminium producers, plans to acquire an 80 percent stake in US-based Spectro Alloys Corporation. The transaction will accelerate EGA’s global expansion into aluminium recycling and help grow its business in the United States. The acquisition, subject to regulatory approvals, is […] August 23, 2024
Manufacturing Nissan to invest $56m in Egyptian car market Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […] August 19, 2024
