Abu Dhabi’s Taqa to buy local water firm for $463m Abu Dhabi National Energy Company (Taqa) has signed an agreement to buy UAE-based Sustainable Water Solutions Holding Company (SWS Holding) for AED1.7 billion ($462.91 million). Launched in May, SWS Holding took ownership of Abu Dhabi Sustainable Water Solutions Company (ADSWS), the entity behind the emirate’s wastewater collection, treatment and reuse. As part of the deal, […] June 21, 2023
Transport Airbus to build helicopters in Saudi Arabia Saudi Arabia has signed a $6.7 billion deal with European aviation giant Airbus to manufacture civilian and military helicopters in the kingdom. In its latest step to develop a homegrown defence industry, state-owned military contractor Scopa and Airbus will build a Saudi factory to make the aircraft, Reuters and Bloomberg reported, citing a television interview […] June 19, 2023
Video length: 4:45 EXCLUSIVE Finance Multi-billion dollar schemes fuel UAE’s industrial evolution Emirates Development Bank, the UAE’s state-owned lender for the industrial sector, reported an almost tenfold increase in the value of loans it allocated last year. It is forecasting equally strong growth this year after shifting its focus to supporting major manufacturing projects in the Emirates. “The first year that we transformed the bank to focus […] June 15, 2023
Transport Qatar’s EV ambitions grow with Vim brand launch Electric vehicle sales could make up 20 percent of the total auto market in Qatar by 2032, experts forecast, as the Gulf state launches its first EV brand. Qatar-based Ecotranzit showcased the first prototypes of its Vim-branded electric vehicle earlier this month. They are manufactured under its exclusive intellectual property rights deal with partners including […] June 14, 2023
Manufacturing Tesla hikes Model Y prices for third time since April Tesla Inc has slightly increased the price of its Model Y electric vehicle in the United States, according to its website. The company increased the price of the variant by a mere $250, bringing it to $47,740, the website showed, while prices for the other variants remained unchanged in the US. This is the third […] June 14, 2023
Manufacturing UK private equity firm to sell stake in Dubai shisha company Kingsway Capital is in talks with tobacco firms as it tries to sell its stake in Dubai’s Advanced Inhalation Rituals (Air). The British private equity company, the majority owner of Air, has met with potential investors including British American Tobacco and Japan Tobacco, two sources told Reuters. The talks are part of a dual-track process, where a seller pursues a sale and an […] June 9, 2023
Manufacturing Japan’s Sumitomo to set up $100m factory in Egypt Work has commenced on establishing Sumitomo Electric Egypt, the new $100 million vehicle electric-wiring harness factory 10th of Ramadan, a city in the country’s Sharqia governorate. The factory will be constructed on a plot of land measuring 150,000 square metres, Ahram Online newspaper reported, citing a cabinet statement. The project includes the building of technical […] June 5, 2023
Transport Shares in Saudi-backed EV maker Lucid tumble Shares in electric car manufacturer Lucid Group tumbled in pre-market trading on Thursday after Saudi Arabia-backed, loss-making company said it would issue further stock to bolster its ailing finances. Saudi Arabia has bet big on Lucid as part of its economic diversification programme, with plans afoot to build a manufacturing plant in the kingdom. Yet […] June 1, 2023
EXCLUSIVE Giga-projects Red Sea signs ‘pioneering’ carbon-negative concrete deal Red Sea Global and Bahamas startup Partanna have agreed to trial the use of carbon-negative concrete and other products at the kingdom’s Red Sea and Amaala giga-projects. The deal – the value of which is not disclosed – is the next stage of partnership between the companies. As revealed by AGBI, the two began exploring ways […] June 1, 2023
Manufacturing UAE firms back ethos to ‘make it in the Emirates’ National companies have spent AED31 billion ($8.44 billion) in purchases from UAE-based manufacturers since the inaugural Make it in the Emirates forum last year. This is over a quarter of the figure targeted as part of a decade-long plan. Several companies committed to invest AED110 billion over the next 10 years to buy 300 products […] May 31, 2023
Manufacturing Saudi and UK to strengthen supply chain for minerals The UK and Saudi Arabia have signed a declaration of intent to develop supply chains for critical minerals. The agreement aims to support the global energy transition by increasing the supply of minerals used in electric vehicles, wind turbines and solar panels. Lithium, nickel and copper are among the metals covered by the declaration, which […] May 30, 2023
Manufacturing Egyptian and Chinese firms sign $487m industrial deals Egypt’s Suez Canal Economic Zone (SCZone) said $487 million agreements and contracts have been signed between Chinese companies and Tianjin Economic-Technological Development Area (Teda) Egypt to establish new projects in the Al Ain Al Sokhna industrial zone. The SCZone delegation, led by chairman Waleid Gamal El Dein, met with officials of Tianjin city, comprising 270 representatives of […] May 28, 2023
Analysis Energy Saudi petrochemical giants braced for hike in gas costs Saudi Arabia’s petrochemicals companies, whose margins have tumbled this year, could be hit by higher prices for gas feedstocks if reforms to state subsidies materialise. The petrochemicals industry is the kingdom’s most important after oil and chemicals manufacturing is a key part of the Vision 2030 economic diversification plan. Yet some producers suffered losses in […] May 26, 2023
Manufacturing Saudi Arabian Mining Co profit slumps 80% in Q1 The Middle East’s largest mining and metals company has reported an 80 percent drop in net profit for the first quarter of 2023. Saudi Arabian Mining Co, better known as Ma’aden, blamed the fall in part on increased costs related to raw materials and softer commodity prices. It posted net profit on Monday of just […] May 22, 2023
Analysis Energy Petchems sector shows signs of recovery after torrid Q1 Saudi Arabia’s petrochemicals industry is showing tentative signs of recovery, although product prices are likely to remain under pressure despite the re-opening of the major market of China, analysts say. The sector is the kingdom’s most important earner after oil. Saudi has become a global petrochemicals player thanks to an abundant supply of feedstock gas […] May 22, 2023
Manufacturing UK to invest $1.3bn to build chip supply chains Britain announced £1 billion ($1.26 billion) of investment for its semiconductor sector on Friday in a long-awaited strategy that aims to strengthen the domestic industry and chip supply chains. The strategy focuses on Britain’s role in designing semiconductors, used in everything from cars to smartphones and washing machines, the government’s newly formed department for science, […] May 19, 2023
Manufacturing Tesla proposes India factory after refusal to lower tax Tesla Inc has proposed setting up a factory in India to build electric cars for domestic sale and export, the carmaker told government officials on Wednesday, according to a source with direct knowledge of the matter. The proposal comes after India refused to agree to Tesla’s request last year to lower the import tax on cars, which can reach as much […] May 18, 2023
Retail Elon Musk reverses course on Tesla advertising its cars Tesla Inc boss Elon Musk, who has never used traditional advertising to sell cars, said on Tuesday that the automaker would try it and see whether it produced results. Musk said it was “ironic” that as CEO of Tesla, he now owns Twitter. The social media platform is highly dependent on ads and will soon […] May 17, 2023
Manufacturing Ma’aden buys $126m stake in US mining firm Saudi Arabian Mining Co (Ma’aden) has bought a 9.9 percent stake in US minerals exploration company Ivanhoe Electric as part of a joint venture exploring an area in the kingdom that’s larger than Denmark. The $126 million deal includes a $66 million joint venture where Ma’aden will use Ivanhoe’s Typhoon geophysical surveying technology to mine […] May 16, 2023
Manufacturing EGA signs alumina supply agreement with Alcoa UAE-based Emirates Global Aluminium (EGA) has signed a long-term agreement with New York Stock Exchange-listed aluminium producer Alcoa Corp for smelter-grade alumina. The eight-year agreement, which commences in 2024, will allow EGA to procure as much as 15.6 million tonnes of alumina from Western Australia, the companies said in a joint statement. “Most of our […] May 16, 2023
Analysis Lebanon’s export orders rise for first time in two years In spite of an overall decline in business activity, Lebanon recorded an increase in its export orders during April owing to improved currency stability. “Lebanon’s currency started to stabilise, particularly around mid-April,” Wael Menhem, a partner in the Beirut office of Lundy Investors, said. “It’s the first time in a long time that the currency […] May 15, 2023
Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023
