Analysis Manufacturing PIF’s Aston Martin deal will put Saudi’s auto industry in fast lane The Saudi Arabian Public Investment Fund’s (PIF) £78m investment in Aston Martin is set to turbocharge the kingdom’s domestic automotive manufacturing industry, according to experts. Last week, the PIF announced it would be a part of a £653 million takeover of Aston Martin Lagonda, and that the kingdom’s sovereign wealth fund — one of the […] July 20, 2022
Opinion Manufacturing The Gulf can become the crucible of world industry if it acts now The GCC economies are diversifying already. If they can move further and faster into manufacturing, they could win a great prize July 19, 2022
Manufacturing How China became ground zero for the auto chip shortage From his small office in Singapore, Kelvin Pang is ready to wager a $23 million payday that the worst of the chip shortage is not over for automakers – at least in China. Pang has bought 62,000 microcontrollers, chips that help control a range of functions from car engines and transmissions to electric vehicle power […] July 19, 2022
Manufacturing US approves measure to restrict Biden plan to sell F-16s to Turkey The US House of Representatives on Thursday approved legislation that would create a new hurdle for President Joe Biden’s plan to sell F-16 fighter jets to Turkey. The House approved the measure, offered by Democratic Representatives Frank Pallone and Chris Pappas, as an amendment to the annual National Defense Authorization Act, by 244 to 179. […] July 15, 2022
Manufacturing Saudi’s PIF to help Aston Martin raise over $589m Aston Martin is closing in on a deal to raise over 500 million pounds ($589.30 million) by bringing in Saudi Arabia’s sovereign wealth fund as a major shareholder and launching a rights issue for investors, the Financial Times reported on Thursday. The proposal will result in Saudi’s Public Investment Fund (PIF) investing up to 200 […] July 15, 2022
Manufacturing UAE’s Agthia to buy 60% stake in Egypt snacks firm Abu Auf United Arab Emirates food and beverages group Agthia said on Thursday its board approved a proposed acquisition of 60 percent of Egyptian snacks company Abu Auf Holding worth 2.92 billion Egyptian pounds ($154.99 million). Agthia, majority owned by the Abu Dhabi government through state investor ADQ, has since late 2020 made a string of acquisitions […] July 15, 2022
Manufacturing Rolls-Royce picks Dubai for first overseas private office UK-based luxury car maker Rolls-Royce has opened its first overseas private office outside the UK in Dubai in a sign of the Gulf region’s growing importance to the world-famous marque. The new Dubai outpost will be an extension of the company’s world-renowned centre of luxury manufacturing excellence in Goodwood, West Sussex, England. The Private Office […] July 9, 2022
How I got to the top Manufacturing Ziad Bushnaq and Faisal Al Majali, Delektia founders What does your company do? We are a UAE-based food product development company that produces frozen, fully-cooked, and ready-to-heat-and-eat meals that are healthy and free of preservatives. We like to think our product line gives consumers a taste of home. How I got to the top: Erika Blazeviciute Doyle, Drink Dry How I got to […] July 8, 2022
Manufacturing Saudi non-oil private sector gallops despite inflation Saudi Arabia’s non-oil private sector expanded in June at its fastest pace since September as demand continued to rise strongly despite the highest inflation in nearly two years, a survey showed on Tuesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy rose to 57.0 in June from […] July 5, 2022
Exclusive Manufacturing UK manufacturers see non-tariff barriers as key to GCC trade Make UK CEO Stephen Phipson advises the British government on behalf of 20,000 UK manufacturers. He talks to AGBI about trade with the GCC As negotiators begin to thrash out a UK-GCC free trade deal, there’s one thing above all else dominating the minds of British manufacturers as they seek growth opportunities in the region: […] July 5, 2022
Food & Drink Saudi prince backs $40m funding for dairy replacement producer KBW Ventures, the venture capital firm founded by Saudi Arabia’s Prince Khaled bin Alwaleed, was one of the prime investors in a $40 million fundraising round by a Californian company that is aiming to become the world’s first true plant-based dairy replacement producer. Oakland-based Eclipse Foods was founded in 2019 by chef Thomas Bowman and […] June 30, 2022
Manufacturing Dutch EV pioneer aims to generate buzz in Sharjah Lightyear, the Dutch startup that launched the world’s first long-range production-ready solar electric vehicle earlier this month, has picked the UAE for its first overseas expansion. The company said it will be opening testing facilities and a sales office at the Sharjah Research, Technology and Innovation Park (SRTI Park), the first such facility outside the […] June 30, 2022
Manufacturing Tesla closes office as layoff hits Autopilot jobs Tesla has shuttered its office in San Mateo, California and laid off roughly 200 employees working on its Autopilot driver-assistant system there, one of the people told Reuters, in a move seen as accelerating cost-cutting. Most of the laid-off people had been hourly workers, that person said. Early this month, Tesla Chief Executive Elon Musk […] June 29, 2022
Manufacturing 25 years of Harry Potter: From rejection to 500m global sales When Bloomsbury Publishing founder Nigel Newton brought home a manuscript for “Harry Potter and the Philosopher’s Stone” by a then unknown J.K. Rowling, his daughter Alice described it as “possibly one of the best books an 8/9 year old could read”. Twenty-five years later, it is one of the biggest selling novels of all time […] June 24, 2022
Manufacturing Toyota, Suzuki partner to build hybrid vehicle Toyota Motor Corp and Suzuki Motor Corp said on Friday they will begin production in August of their first hybrid vehicle in India, as part of a partnership formed by the two Japanese carmakers in 2017. The hybrid sport utility vehicle (SUV), developed by Suzuki, will be manufactured at Toyota’s local plant in southern India. […] June 24, 2022
Manufacturing Alba confirms it is ‘exploring’ listing in Saudi Arabia Bahrain’s sovereign wealth fund Mumtalakat is considering a secondary listing of Aluminium Bahrain BSC (Alba) on Saudi Arabia’s Tadawul stock market. Alba said in a statement to the Bahrain Stock Exchange yesterday it is “exploring various opportunities, one of which is a potential secondary listing on Saudi Arabia’s Stock Exchange which is currently under evaluation […] June 23, 2022
Manufacturing Israel unveils plans for ‘Middle East Air Defence Alliance’ Israel is building a US-sponsored regional air defence alliance, the Israeli defence minister said on Monday, adding that the apparatus has already foiled attempted Iranian attacks and could be boosted by President Joe Biden’s visit next month. Drawing closer in recent years to US-aligned Arab states which share its Iran concerns, Israel has offered them […] June 21, 2022
Tourism Airlines upbeat on recovery but labour shortages may hurt growth Global airlines battered by COVID-19 seem confident of narrowing their losses but still face challenges such as labour shortages at airports which could restrict post-crisis growth, industry executives at a summit in Doha said. Recent flight delays and cancellations have been widely blamed on a lack of staff as an increasing number of people desert […] June 21, 2022
Moody’s to shut Moscow office, relocate some staff to Dubai Credit rating firm Moody’s will formally shut its office in Russia’s capital Moscow at the end of the month, sources told Reuters, with staff either being cut or relocated elsewhere. Western sanctions mean the main US and European-based rating agencies Moody’s, S&P Global and Fitch have all suspended their operations in Russia and withdrawn their […] June 21, 2022
UAE to build port in Sudan as part of $6bn investment package The United Arab Emirates will build a new Red Sea port in Sudan, as part of a $6 billion investment package, said DAL group chairman Osama Daoud Abdellatif, a partner in the deal which marks the first major foreign investment since the military took power in an October coup. Abdellatif said the package includes a […] June 21, 2022
Tourism Turkish Airlines mulls IPOs, joint ventures for cargo business Turkish Airlines is considering joint ventures and initial public offerings for its cargo business and regional carrier as it weighs up options to grow both internally and through deals, the chairman of Turkey’s national airline said. The airline also plans to participate in international bond markets, including issuing Eurobonds, to finance future investments and growth, […] June 20, 2022
Analysis Manufacturing Powering up electric vehicles in Saudi Electric vehicles (EVs) are a rare sight on the streets of Riyadh or Jeddah in Saudi Arabia. This is partly due to a lack of charging infrastructure but mainly because commercial sales have yet to start – the only EVs in evidence are ones that individuals have privately imported. “You see the odd Tesla or […] June 15, 2022
