Manufacturing Lucid gets permit to operate in new Saudi economic zone Saudi Arabia’s Economic Cities and Special Zones Authority has issued US electric vehicle maker Lucid Group a permit to operate a manufacturing unit at the newly-launched King Abdullah Economic City (KAEC) special economic zone. “This marks a successful kickoff for the new SEZs launched earlier this year, showcasing a promising avenue for innovation and growth,” […] September 22, 2023
Industry Egypt signs contract to establish $1bn tyre factory Egypt has secured 1 billion euros ($1.07 billion) worth of investment to establish a tyre factory in the Suez Canal Economic Zone, the cabinet said in a statement. A contract was signed with Rolling Plus for Chemical Industries, a joint venture between Egyptian, Saudi Arabia and Cypriot companies, to establish a factory producing seven million […] September 21, 2023
Analysis Manufacturing The time could be right for a ‘Made in the Gulf’ brand Creating a “Made in the Gulf” brand for the region’s manufacturing sector would not be easy – but such an initiative has potential, according to industry experts. Plans to establish a unified definition and standards for such a brand were discussed by trade and industry ministry representatives at a meeting of the Industrial Cooperation Committee […] September 21, 2023
Industry Chinese EV maker Nio raises $1bn in convertible bond deal Chinese electric vehicle maker Nio Inc said on Wednesday it had raised $1 billion in a two-tranche convertible bond from which it intends to use the proceeds to pay down debt and strengthen its balance sheet. The company raised $500 million in a six-year put-four convertible bond and the same amount in a seven-year put-five […] September 20, 2023
Industry Musk terms Tesla’s Saudi factory talks ‘utterly false’ Billionaire Elon Musk has termed a media report about Tesla Inc. being in talks with Saudi Arabia to set up a production facility in the kingdom as “utterly false”. The Wall Street Journal (WSJ) reported on Monday, citing informed sources, that the kingdom is in early talks with US electric vehicle (EV) maker Tesla. “Yet […] September 19, 2023
Industry Erdoğan asks Elon Musk to build Tesla factory in Turkey Turkish President Recep Tayyip Erdoğan asked Tesla CEO Elon Musk to build a Tesla factory in Turkey, Anadolu Agency posted on social media platform X – formerly Twitter – on Sunday. Erdoğan asked Musk during a meeting at Turkish House, a skyscraper near the United Nations in New York, the Turkish state-owned news agency said. […] September 18, 2023
Trade Northern Ireland keen to deepen trade ties with Gulf The recent Brexit deal for Northern Ireland places it in a strong position to deepen trade links with the Middle East and North Africa (Mena), especially in manufacturing and life sciences, according to the regional head of Invest Northern Ireland. The economic development agency aims to grow the number of Northern Irish businesses active in […] September 18, 2023
Industry Egypt approves $1bn steel production complex Egypt is to establish an integrated industrial complex to produce flat steel with investments worth $1 billion as the country aims to build up its heavy industries sector. With a production capacity of 1.8 million metric tonnes per year, the complex will target global exports and serve the local market, Egypt Today news daily reported, […] September 14, 2023
Construction US 3D home printer to set up factories in UAE and Saudi The UAE and Saudi are set to have 3D-printed prefabricated homes in the coming years, after a US company announced plans to set up factories in the Gulf states. The move comes after Mighty Buildings, a California-headquartered 3D home construction company, raised $52 million in funding, led by Wa’ed Ventures, the $500 million venture capital […] September 13, 2023
Trade Italian companies urged to make Saudi their ‘second home’ Saudi Arabia has invited top Italian companies to make the kingdom their “second home” as both countries aim to boost investment and trade levels. The Italian-Saudi Investment Forum, which brought together policy makers, business leaders and innovators, witnessed the signing of 21 memoranda of understanding (MoUs) and investment agreements. They covered sectors including clean energy, […] September 5, 2023
Opinion Logistics Act now to protect your supply chain against severe weather It would be foolish not to give serious scrutiny to your business September 4, 2023
Industry UAE company buys 30% stake in Egyptian tobacco maker The UAE’s Global Investments Holding has acquired a 30 percent stake in Eastern Company, Egypt’s largest tobacco producer, for $625 million. The sale is part of the Egyptian government’s programme of privatising state-owned assets. Chemical Industries Holding Company, which held 50.95 percent of Eastern’s shares, last month announced that it had received offers from foreign […] September 4, 2023
Analysis Leisure & Hospitality Gulf events turning to inflatable domes A Slovenian leader in the manufacture of high-tech air domes is seeking expansion across the Gulf after capturing deals in Saudi Arabia. DBS Engineering has agreements with the Ministry of Investment, Alwaseel Sport City, Filling & Packing Materials Co (Fipco) and Zamil Industrial. The company said it will soon complete its second project in Qassim […] September 4, 2023
Industry Sabic to sell steel subsidiary to PIF for $3.3bn Saudi Basic Industries Corporation (Sabic) has signed an agreement to sell its 100 percent stake in its steel manufacturing subsidiary to the Public Investment Fund (PIF) for SAR12.5 billion ($3.33 billion). The final sale price for Saudi Iron & Steel Company (Hadeed) will be determined only on the deal closure date, which is expected to […] September 3, 2023
Manufacturing Telsa to export China-made Model 3 sedan to Middle East Tesla showed off its restyled, China-made Model 3 sedan for the first time to the public at a trade fair in Beijing, after launching it a day before in several countries. The US automaker displayed a flame red version of the car – marking the first change to its mass-market car line-up since it launched […] September 3, 2023
Renewable Energy Saudi company invests in US battery maker Pure Lithium Saudi Arabian investment company Energy Capital Group has announced a collaboration with US tech startup Pure Lithium to develop renewable batteries. The batteries will use lithium extracted from oilfield brines, giving a further boost to Saudi Arabia’s plans to dominate in green industries. Based in Riyadh, Energy Capital Group did not disclose how much it […] September 1, 2023
Manufacturing Emirates Global Aluminium H1 profit falls 66% to $533m Net profit at Emirates Global Aluminium, the UAE’s largest non-oil industrial company and one of the world’s largest aluminium producers, tumbled 66 percent to AED2 billion ($533 million) in the first half of 2023. This compared to AED5.9 billion ($1.6 bllion) in the first half of 2022. Revenue declined 19.12 percent year on year to […] August 31, 2023
Energy Oman’s $3.4bn green steel plant to be ready by 2026 A green steel plant project planned for Oman is scheduled for completion in 2026 and aims to position the sultanate as a production trailblazer. Vulcan Green Steel, a project by India-based Jindal Steel Group in the special economic zone at Duqm (Sezad) will establish a six million metric tonnes per annum green hydrogen-ready steel plant. […] August 30, 2023
Manufacturing Tunisia to scale up phosphate production Tunisia’s state-owned phosphate company is getting ready to ramp up production as part of its TD235 million ($76 million) investment programme. Next month the Gafsa Phosphate Company (CPG) will receive the first batch of machinery, including equipment to increase its capacity to transport raw phosphate and extract commercial phosphate. It will also take delivery of […] August 28, 2023
Industry Salalah Free Zone in Oman attracts $1.9bn investment Oman’s Salalah Free Zone, a subsidiary of Asyad Group, has secured investment worth OMR727 million ($1.9 billion) during the first half of 2023. Five new land lease agreements were signed during the period, taking the total number of deals to 127 and valued at OMR4.5 billion, the state-run Oman News Agency reported. The new agreements […] August 28, 2023
Exclusive Energy Dow Chemical oils wheels for Saudi Arabia expansion The Dow Chemical Company has put Saudi Arabia at the heart of its Middle East expansion strategy, its new regional president told AGBI. The multinational corporation, which makes chemicals used in everything from oil and plastics to paints and building materials, also wants to capitalise on higher gas demand in the region. Moosa Al Moosa, […] August 27, 2023
Banking & Finance 3D printer Immensa looks to fund global expansion Immensa, a company focused on 3D printing and digital warehousing, is preparing to close a second funding round. Founder and CEO Fahmi Al Shawwa said the funding will be used to fuel international expansion of the company, which uses data and technology to streamline warehouse operations. The company is based in Dubai, but opened a […] August 25, 2023
