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Israeli EV startup targets Europe with small urban model

Israeli electric vehicle (EV) startup City Transformer aims to launch production of its small urban CT-2 model in Western Europe by the end of 2024 and will soon launch a Series B funding round to raise $50 million, the company said on Monday. Chief executive Asaf Formoza told Reuters the company, which has so far […]

Horacio Pagani, Argentine-Italian founder, CEO and chief design officer at his supercar company

Cars, property and superjets: Pagani plots future with PIF

Horacio Pagani, founder of the supercar that bears his name, is open to further partnerships with Saudi Arabia’s Public Investment Fund as his company expands into luxury real estate and private jet design. PIF acquired a 30 percent stake in the Italian business in 2021. Pagani, who acts as its CEO and chief design officer, […]

Canoo EV

Olayan and Canoo sign deal for electric vehicles in Saudi

Saudi Arabian general contracting company GCC Olayan has signed a deal with US electric vehicles maker Canoo for the sale, service and distribution in the kingdom of its EVs. Part of Saudi conglomerate The Olayan Group, GCC Olayan said the partnership was the first step in plans to expand beyond the initial dealership agreement, with […]

Akio Toyoda set to remain a force at Toyota as he bows out

Toyota Motor Corp chief Akio Toyoda is set to remain a dominant force inside the world’s largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of […]

Renault Nissan

Nissan and Renault close in on overhaul of alliance

Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd and Renault SA are meeting via video link for an alliance board […]

Tesla to invest $3.6bn to produce electric trucks and battery cells

Tesla Inc. has said it would invest more than $3.6 billion to expand its Nevada gigafactory complex with two new factories, one to mass produce its long-delayed Semi electric truck and the other to make its new 4680 battery cell. The cell plant would be able to make enough batteries for two million light-duty vehicles […]

Glove, Clothing, Portrait

Diamonds (from a lab) are the Gulf’s best friend

Basma Chaieri began her business after watching the season two finale of Netflix’s hit series Explained. The November 2019 episode, which explored the growing popularity of lab-grown diamonds, prompted the Dubai resident to quit her travel job and enrol in gemology school to study the trade. “I thought why would anyone buy a real diamond […]

Germany’s BMW planning major investment in Mexico

German carmaker BMW is planning a major new investment in the central Mexican state of San Luis Potosi, where the company already has a plant, Mexican foreign minister Marcelo Ebrard said. Last week Ebrard and President Andres Manuel Lopez Obrador had said BMW was investing around €800 million ($866.64 million) in San Luis Potosi, without […]

Factory, Building, Architecture

Saudi mining firm to invest $319m to build four factories

Saudi Arabia’s Astra Mining is planning to build four new factories over the next five to seven years at an investment of up to SR1.2 billion ($319 million), Arab News reported, citing CEO Ali Al-Jabrah. He stated that the company owns a land bank of 92,000 square meters that can take up to five factories. […]

Computer Hardware, Electronics, Hardware

Korean EV battery maker denies report it has scrapped Turkey plan

South Korean electric vehicle battery maker SK has not decided whether to pursue a battery cell venture in Turkey with Ford Motor Co and Koc Holding, after signing a memorandum of understanding in March last year. The Dong-A Ilbo newspaper reported, citing an unidentified source, that SK plans to scrap the idea due to a […]

Saudi seeks foreign investors to explore vital mineral deposits

Saudi Arabia is seeking foreign investors to help explore strategic and vital minerals utilised in the renewable energy sector, Asharq Al-Awsat newspaper reported, citing vice minister for mining affairs Khalid Al-Mudaifer. The minister said that opportunities worth SAR 120 billion ($32 billion) were on offer, with both local and foreign investors currently studying prosposals. About […]

Tesla slashes prices in China for second time in three months

Tesla cut car prices in China for the second time in less than three months on Friday, deepening its discounts in the world’s largest auto market as competition picks up and the demand outlook darkens. The latest cut, along with a reduction in October as well as various incentives that amount to as much as […]

Person, Man, Adult

Korea’s Hyundai plans new assembly plant in Saudi Arabia

Saudi Arabia’s Ministry of Industry and Mineral Resources and South Korea’s Hyundai Motor Company have signed a memorandum of understanding (MoU) to build a completely knocked down (CKD) assembly plant in the kingdom. The deal will see the construction of a Saudi-based assembly plant with the CKD system for electric and internal combustion engine cars, […]

Tesla reports record production and deliveries in Q4 2022

Tesla Inc on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession. The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 […]

UAE’s manufacturing industry exports hit $143bn in 2021

The UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion, the UAE state-run WAM news agency reported, citing the Arab Monetary Fund’s (AMF) joint Arab economic report. Manufacturing industry exports in Arab countries totaled $325 billion in 2021, up from […]

Kezad signs deal to set up new rolling steel complex in Abu Dhabi

Khalifa Economic Zones Abu Dhabi (Kezad Group), an integrated trade, logistics, and industrial hub, has signed a preliminary agreement with Dana Steel, the manufacturing unit of UAE-based Dana Group, to establish its first hot and cold rolling steel complex in Abu Dhabi. Under the terms of the agreement, Dana Steel will invest in developing a […]


British affordable tech company sees ‘sky high’ Gulf demand

UK-based consumer technology company T4tec is expanding its operations in the Middle East to tap into “sky high” demand for quality affordable consumer electronics. The company, which has been selling its televisions and other products including wireless Bluetooth sound bars, cordless kettles, and toasters in the region via Amazon, is in talks with two distribution […]

Factory, Building, Architecture

Japan to invest $187m in Moroccan automotive industry

Japanese group Sumitomo is to invest MAD1.965 billion ($187 million) in nine industrial projects across Morocco to boost the North African country’s automotive ecosystem. Regions set to benefit from the investment in the manufacturing of wiring and components include Rabat-Salé-Kenitra, Tangier-Tetouan-Al Hoceima and Casablanca-Settat. Some 16,000 jobs are expected to be created by 2028. Morocco […]

Nissan car

UAE industrial giant to supply solar aluminium for Nissan cars

Emirates Global Aluminium (EGA), the largest non-oil and gas industry company in the UAE, has agreed to supply solar power-produced aluminium to Japan to make Nissan cars. The agreement with Kobe Steel will see the supply of EGA’s CelestiAL solar aluminium to one of the largest rolling mills in Japan. Automotive body sheet is used […]

Abu Dhabi’s Kezad set to get $54m recycled paper mill

Khalifa Economic Zones Abu Dhabi (Kezad Group) has signed a 50-year land lease agreement with speciality tissue manufacturer, Star Paper Mill, to establish a new facility to manufacture recycled kraft paper jumbo reels, state-run WAM news agency reported. Under the agreement, Star Paper Mill, in collaboration with RC Paper Machines, will expand its existing capacities […]


Gulf switches to more energy efficient cooling solutions

The UAE’s replacement market for air conditioning (AC) is growing fast as energy consumption concerns continue to rise. Global consumption of electricity for household ACs is increasing rapidly, creating urgent demand for more efficient cooling systems. Energy demand for space cooling will more than treble by 2050 unless there is action to address energy efficiency, […]

UK Saudi deal

UK deal targets bigger share of $130bn Saudi defence spend

The UK has signed a new agreement with Saudi Arabia to enhance bilateral defence and security cooperation as it looks to rebound from falling export sales in 2021. Ben Wallace, secretary of state for defence met Prince Khalid Bin Salman, the minister for defence of Saudi Arabia, in London on Tuesday and welcomed the signing […]