Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023
Manufacturing Egypt fuels private sector investment in Saudi industrial zones Private sector investment in Saudi industrial zones has spiked by nearly 25 percent in the second quarter of 2023, with Egypt the primary source market for overseas investors. The Saudi Authority for Industrial Cities and Technology Zones (Modon) announced that SAR 2.77 billion ($735.5 million) was invested in Q2 2023 — up 23.5 percent year-on-year. […] July 24, 2023
Manufacturing Egypt plans fertiliser complex with help from China and Italy Egypt will build a third industrial fertiliser production complex in Ain Sokhna in cooperation with Chinese and Italian companies. President Abdel-Fattah El-Sisi met and discussed with executives of China’s Wuhan Engineering Co. and Italy’s Ballestra on establishing the industrial complex, the president’s office said in a statement. “The meeting discussed the ongoing cooperation with the […] July 24, 2023
Manufacturing French and Korean firms to build new US battery plant French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the US to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalised, and where the plant will be located is […] July 24, 2023
Manufacturing Egypt set to issue tenders for precious metal mining Egypt will issue tenders for mining precious and basic metals between July and September 2023, according to minister of petroleum and mineral resources Tarek El Molla. The tenders will be for mining precious metals, phosphate, sulphur and potash, he added. The minister stated that the government has launched a regional geophysical survey programme, which includes […] July 19, 2023
Manufacturing Saudi Arabia and Japan to work on producing ammonia Saudi Arabia and Japan will establish a public-private framework to jointly producing ammonia. Tokyo will assist in constructing an ammonia plant planned by Saudi Aramco, with trading houses Mitsubishi Corporation and Mitsui & Co. joining in the venture, The Nikkei, a Tokyo-based financial newspaper, reported. The agreement will likely be signed when Japanese Prime Minister […] July 16, 2023
Manufacturing Adnoc confirms talks on potential chemicals giant State-owned Abu Dhabi National Oil Company (Adnoc) has confirmed formal negotiations with Austria’s OMV AG (OMV) on the potential creation of a new combined petrochemicals holding entity. The new entity will be created through the proposed merger of the two companies’ existing shareholdings in Borouge plc and Borealis AG. Borouge is listed on the Abu […] July 16, 2023
Manufacturing Saudi-backed Lucid shares down as deliveries take hit Lucid Group said its second-quarter production dropped from the previous three months while deliveries stayed flat, sending the shares of the luxury electric-vehicle maker down about 12 percent on Wednesday. The Saudi Arabia-backed startup has been struggling to ramp up production in the face of supply chain issues, while a price war started by market […] July 13, 2023
Transport SNB Capital invests $100m in South Korean EV battery maker Saudi asset manager SNB Capital has bought a $100 million stake in South Korean electric vehicle (EV) battery manufacturer SK On, it announced on Tuesday. The investment was made through SNB Capital EV Batteries, a sharia-compliant fund which aims for attractive returns related to the growing global demand for EVs. SK On is one of […] July 11, 2023
Manufacturing Local brand powers Turkey’s rocketing EV sales The sale of electric vehicles (EVs) in Turkey surged 465 percent year on year in the first half of 2023, driven by the country’s first local car and the launch of new brands. 12,792 EVs were sold in the year to June, the Daily Sabah newspaper reported, citing data from the Automotive Distributors and Mobility […] July 9, 2023
Manufacturing ‘Chinese storm’ risks Europe’s EV sector says Renault chief A “Chinese storm” is looming over Europe’s growing electric vehicle (EV) sector, Renault chairman Jean-Dominique Senard told Reuters, as Asia’s superpower dominates key raw materials to make batteries for zero emission cars. China’s recent decision to restrict exports of two metals – gallium and germanium – used in semiconductors and EVs should raise red flags […] July 9, 2023
Manufacturing France’s Alstom to establish industrial complex in Egypt The Egyptian cabinet has approved an investment plan by French train maker Alstom to set up an industrial complex in Alexandria. Alstom proposes setting up two factories, one for producing components such as signals, panels and electrical control circuits, Egypt Today newspaper reported. The second plant will manufacture mobile units for metro lines, trams, light […] July 7, 2023
Manufacturing Food sector dominates new factories approved in Saudi Saudi Arabia approved licences for 53 new factories with total investment capital of more than $5 billion in April. The majority of new licences came from the food products industry, according to the latest monthly figures from the Ministry of Industry and Mineral Resources, with nine new licenses approved. Other major sectors included non-metallic minerals […] July 6, 2023
Manufacturing Shisha tobacco company has IPO in the pipeline for 2024 The Middle East’s biggest shisha tobacco company has invited banks to pitch for roles in its planned initial public offering next year. Dubai’s Advanced Inhalation Rituals (Air) is planning a flotation in the first half of 2024, sources told Reuters. Air is one of the world’s biggest producers of shisha molasses. Its majority owner Kingsway […] July 4, 2023
Manufacturing Turkish manufacturing faces stifling cost pressures Turkish manufacturing output grew by the end of the second quarter, but new order growth softened and price pressures mounted because of currency depreciation, the latest industry tracker showed. The headline Purchasing Managers’ Index (PMI) for manufacturing, from Istanbul Chamber of Industry and S&P Global, stood at 51.5 in June. This was the same as […] July 4, 2023
Manufacturing Tesla beats Q2 delivery estimates as price cuts pay off Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and US federal credits helped to make its electric vehicles more affordable. The Elon Musk-led company handed 466,140 vehicles in the April to June period, up 10 percent from the preceding quarter, and 83 […] July 3, 2023
Emirati battles for control of Croatian conglomerate A Dubai businessman has vowed to prolong his battle to be recognised as the biggest shareholder in a top Croatian company. This is despite an adverse court ruling, hostility from the firm’s management and suspicions over ties to Russia. In November, Saif Alketbi, a former member of the board of Noor Bank, bought a 43 […] July 3, 2023
Food & Drink Prince’s cell-grown meat investment gets US approval Saudi Arabia’s “vegan prince” is set to get a prime cut of the profits from his investment in a startup producing meat made from cultivated animal cells. The US government this month approved the sale of Upside Foods products to American consumers. “Sometimes when you talk to an entrepreneur, you know,” Prince Khaled bin Alwaleed […] June 30, 2023
Manufacturing Saudi-backed Lucid in EV deal with UK’s Aston Martin Saudi Arabia-backed Lucid Group has signed a deal with British luxury carmaker Aston Martin to produce high-performance electric vehicles (EVs) from 2025. The Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world, owns a 65 percent stake in the US-based EV manufacturer. As part of the agreement, Lucid will supply […] June 27, 2023
Manufacturing Coca-Cola subsidiary in Turkey plans expansion The Coca-Cola subsidiary in Turkey is in advanced talks to expand in existing and new markets, with a potential acquisition deal in Bangladesh possible within the next few months. Coca-Cola İçecek (CCI) is headquartered in Istanbul and operates in Turkey, Pakistan, Kazakhstan, Iraq, Uzbekistan, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria. With 30 plants in […] June 26, 2023
Manufacturing Ceer gets licence to build EV production facility in Saudi Saudi Arabia’s Ministry of Industry and Mineral Resources has granted an industrial licence to Ceer, the first local automotive brand to produce electric vehicles. The licence is required for Ceer to build its manufacturing facility over one million square metres of land in King Abdullah Economic City’s Industrial Valley. Ceer, launched last November, is a […] June 26, 2023
Manufacturing Abu Dhabi-backed firm to invest $740m in Chinese EVs CYVN Holdings, an investment firm owned by the Abu Dhabi government, will invest about $738.5 million in Nio Inc, a Chinese electric vehicle maker. As a result of the deal, CYVN will own a seven percent stake in Nio, the Chinese firm said, adding that the holding will entitle the Emirati investment firm to nominate […] June 21, 2023
