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Porsche IPO

Porsche shares flat at close after landmark $72bn listing

Porsche AG shares had a see-saw start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of €75 billion ($72 billion) in Germany’s second-biggest market debut. The shares closed at €82.50 ($80.74), returning to their issue price from the session high of €86.76. Volkswagen priced Porsche AG shares the top end of the indicated range, and raised €19.5 billion via the listing to fund […]

Aviation and fintech help Irish exports soar to record $532m

Ireland reported record levels of exports to the Middle East last year, with aviation and financial technology (fintech) among the standout sectors that helped Irish companies to achieve over half a billion dollars in sales in the region. Enterprise Ireland, the Irish Government’s trade agency, said the companies it supports in India, the Middle East […]

Morocco in drive to become a global EV manufacturing hub

Ask anyone to name the global electric vehicle manufacturing powerhouses and the US and China are the first countries that will spring to mind.  But Morocco now looks set to join the big league after its government announced in July that it is planning to ink a deal with several EV battery manufacturers to construct […]

Person, Human, Audience

Saudi Arabia to build three iron and steel projects worth $9.3bn

Saudi Arabia is building three iron and steel manufacturing factories worth SAR 35 billion ($9.31 billion) with a combined capacity of 6.2 million tonnes, the Saudi Press Agency reported, citing Minister of Industry and Mineral Resources Bandar Al-Khorayef. The construction of an integrated iron sheet production complex with a capacity of 1.2 million tonnes per […]

Dalma Adventur HQ in Abu Dhabi's Industrial City

Factory investments triple in Abu Dhabi

Investment in Abu Dhabi’s active industrial sector has tripled over the past year as the emirate seeks to become a regional manufacturing hub. Latest figures released by Industrial Development Bureau (IBD), part of the Abu Dhabi Department of Economic Development (ADDED), showed that the total value of factories that switched to the in-production stage rose […]

Oman’s copper-gold project to be commissioned in April 2023

Oman’s Al Washihi Majaza copper-gold project is on track for commissioning in April 2023, the Oman Daily Observer reported, citing site developer Al Hadeetha Resources. Australian mining firm Alara Resources Limited, which holds a 51 percent stake in the Al Hadeetha Resources joint venture, recently said that key hardware pieces had arrived at the project […]

Turkey working on new support package for SMEs

Turkey’s finance ministry said on Tuesday it was working on a Treasury-backed package to support small and medium-sized enterprises (SME) in need of collateral, in its latest step to boost the sector. The statement attributed to Finance Minister Nureddin Nebati said the package would support SME financing needs and reinforce the government’s broader programme prioritising […]

Car, Automobile, Vehicle

Abu Dhabi bids to become electric vehicle manufacturing hub

Abu Dhabi today announced plans for its first electric vehicle assembly facility as the emirate looks to join Saudi Arabia and Sharjah in building a regional manufacturing hub for sustainable transport options. KIZAD, part of AD Ports Group’s Economic Cities & Free Zones, has signed a lease agreement with NWTN to establish an assembly plant […]

Ashok Leyland bus deal drives manufacturing push

Ashok Leyland, the flagship brand of the India-based Hinduja Group, has bagged orders for 1,400 school buses to be built at its Ras Al Khaimah (RAK) factory for use across the UAE. The deal, the company’s largest in the UAE, will be supplied from Ashok Leyland’s $50 million manufacturing facility in RAK, which is the […]

Record profits for Gulf’s materials sector but growth set to slow

Profits among the Gulf’s listed companies in the materials sector reached their highest levels on record in the second quarter of 2022. However, industry experts believe supply chain issues and the Ukraine war will see growth begin to slow. Across the whole of the GCC, the total net profit of listed companies reached $77.3 billion […]

Israel to buy four Boeing air force refuelling tankers for $927m

Israel will buy four Boeing Co KC-46A refuelling tankers for its air force, the Israeli government and the US defence contractor said on Thursday, a $927 million deal with delivery of the first planes expected in 2025. The tankers would replace the decades-old, repurposed Boeing 707s that Israel currently uses for mid-air refuelling and may […]

Saudi to award Umm Ad Damar mining licence in November

The Saudi Geological Survey has completed the pre-qualification phase to award the exploration license for the Umm Ad Damar mining project, CEO Abdullah Al-Shamrani told Arab News. “The project will go through different cycles, but by the end of November, we will see the winning company,” he said. Umm Ad Damar covers an estimated area […]

Egypt set to begin pilot operations of world’s ‘largest’ spinning mill

Egypt will start the pilot operation of a new spinning factory, dubbed “the world’s largest factory” by the government, in 2023, Ahram online news website reported, citing a statement by the Ministry of Public Business Sector. The factory, owned by the state-owned Masr Spinning and Weaving Company, is constructed over 64,000 square metres in the […]

UAE-based steel company plans expansion in Asia and Africa

UAE-based Emirates Steel Arkan is considering expanding into new markets in Asia and Africa, chief executive officer Saeed Ghumran Al Remeithi told WAM, the UAE state news agency. He said the group was aiming to increase the number of its export markets to 60 by the end of the first half of 2022, compared with […]

Japanese manufacturing grows at slowest pace in 19 months

Japanese manufacturing growth slowed in August after declines in output and new orders, as businesses grapple with persistent rises in raw material and energy costs and weakening global demand. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) recorded its most sluggish performance in 19 months, falling to a seasonally adjusted 51.0 in […]

Turkish automotive output climbs 37.4% in July

Production in Turkey’s automotive sector jumped 37.4 percent year-on-year in July to 93,659 vehicles, with exports climbing 16.2 percent to 59,596, the Automotive Manufacturers Association (OSD) said. Total automotive production rose five percent year-on-year in the first seven months of the year to 742,969 vehicles, while exports were up 2.7 percent to 526,601, the association […]

Car, Automobile, Vehicle

Tesla cuts delivery waiting time for Model Y in China

Electric auto giant Tesla said on Thursday it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines. The waiting time for the rear-wheel drive Model Y sport utility vehicle is now four to eight weeks, […]

UAE’s Agthia Group expands in Saudi and Egypt

Agthia Group, one of the region’s leading food and beverage companies, is expanding and making strategic acquisitions in Egypt and Saudi Arabia following strong H1 2022 growth to AED 2.3 billion ($106 million). The group, which has a consumer division – including protein, frozen goods, snacks, water and beverages – and an agri-business division, has […]

Manufacturing and mining help Saudi industrial output rise 20.8%

Industrial production in Saudi Arabia increased by 20.8 percent year-on-year in June, with the mining and manufacturing sectors the main catalysts for growth. The Saudi General Authority for Statistics (GASTAT) found that in June the Industrial Production Index (IPI) rose 20.8 percent year-on-year. A dive into the figures of their report showed that manufacturing activity […]

Sara Chemmaa, founder, Citron

Founded in 2018, Dubai-based Citron creates sustainable lifestyle products for toddlers, children and adults. What do you look for when hiring talent?   Having built Citron from the ground up, I know just how important it is to surround yourself with the right “village” to help things progress. My first priority when hiring is to find people […]

Theme Park, Amusement Park, Urban

UAE to invest $1b in Pakistan’s economic, investment sectors

The UAE plans to invest $1 billion in Pakistani companies across various economic and investment sectors, UAE state-owned news agency WAM reported, citing an official source in Abu Dhabi. The move aims to explore new investment opportunities in projects across various sectors and expand bilateral economic relations. Additionally, it emphasises the keenness of the UAE […]

Saudi-backed Lucid cuts 2022 EV output by half amid logistics woes

US-based Lucid Group on Wednesday reduced its production outlook for electric vehicles (EVs) in 2022, citing supply chain and logistics challenges. In a statement, the company, which is 60 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 […]