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Manufacturing news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Spire, Steeple, Architecture

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US and European-based rating agencies Moody’s, S&P Global and Fitch have all suspended their operations in Russia and withdrawn their […]

Water, Waterfront, Pier

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 […]

Airplane, Aircraft, Vehicle

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, […]

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 […]

EU official concerned about Russia flying Western-made planes

European’s top aviation safety regulator said on Tuesday that he is “very worried” about the safety of Western-made aircraft continuing to fly in Russia without access to spare parts and proper maintenance. The European Union and the United States have moved to restrict Russia’s access to spare parts following its invasion of Ukraine. “This is […]

China’s factories perk up, amid signs of economic recovery

China’s economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs. The data, however, provides a path to revitalise growth in the world’s second-biggest economy after businesses and […]

Toyota, slow to move to EVs, claims it needs to offer variety

Toyota Motor Corp, under scrutiny from investors over its commitment to embrace battery electric vehicles, said on Wednesday it needs to offer a variety of choices to suit different environments and customer needs. The world’s largest automaker by sales kicked off its annual general meeting on Wednesday under fire from environmentally minded investors for not […]

South Korea strike disrupts global supply chain of computer chips

A week-long strike by truck drivers in South Korea has disrupted shipments to China of a key cleaning agent used by makers of semiconductor chips, the Korean International Trade Association (KITA) said on Tuesday. It was the first sign that the strike was affecting the global supply chain of chip production, having already cost South […]

Gulf rivals jostle for position as EV test beds

A collaboration has been forged between electric vehicle company NWTN and real estate investor Sultan Investments to build a manufacturing facility in Abu Dhabi. The tie-up is the latest signal of intent by the UAE to corner the fast growing EV market, rivalling Saudi Arabia’s ambitions.  NWTN, previously known as ICONIQ, was founded in 2016 […]

Turkish factory output up 10.8%, car production soars 25.5%

Turkish industrial production grew 10.8 percent year-on-year in April, data showed on Monday, more than a Reuters poll forecast of 8 percent and rising for a 22nd consecutive month, holding firm against a background of lira weakness and rampant inflation. Month-on-month, industrial output remained constant in April on a calendar and seasonally adjusted basis, the […]

Clothing, Apparel, Helmet

Tesla in China hiring drive, despite Musk’s threat of job cuts

Tesla was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas. Tesla plans to hold the event online starting from 7 p.m. […]

Biden’s new Air Force One faces delays over Boeing labour issues

The next-generation presidential aircraft being built by Boeing Co risks further delay due to a tight labour market for mechanics and lower-than-expected security clearance rates, the investigative arm of Congress said on Wednesday. The need for Boeing to switch to an alternative supplier for some interior work was also cited in the report issued by […]

World Bank slashes global growth forecast

The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9 percent for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Covid-19 pandemic, and many countries now faced recession. The war in Ukraine had magnified the slowdown in the global economy, which was now entering […]

UK should have done better on Covid-19: IATA director general

A top airline industry official on Tuesday said the UK should have responded “a hell of a lot better” to Covid-19 and argued aviation should have been more forceful in challenging government-mandated border closures during the pandemic. Willie Walsh, director general of the International Air Transport Association (IATA), also defended airlines’ handling of a rebound […]

Remote working

Perimeter 81 joins the unicorns after $100m funding round

Perimeter 81 is now valued at $1 billion, the Israeli cybersecurity startup has revealed, gaining unicorn status after it raised $100 million to fund product development. The fundraising, led by B Capital, marked a jump in valuation from its last round in August 2020, when the company was valued at $200 million. ION Crossover Ventures […]

Oil price fall dents Gulf stock markets

Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […]

China ‘firmly’ opposes US-Taiwan trade initiative

China “firmly” opposes a new trade initiative between Taiwan and the United States, the Commerce Ministry said on Thursday, a plan the government in Taipei says is a recognition of the key position the island plays in global supply chains. The United States and Taiwan announced the US-Taiwan Initiative on 21st Century Trade on Wednesday, […]

Turkey’s trade deficit surges 157% in May

Turkey’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall. Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus. Turkey’s […]

Person, Human, Suit

UK manufacturing growth hits 16-month low in May

British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […]

Egypt awards eight gold, metal mining exploration licences

Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry. Four companies won the licences – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said. Egypt has […]

Qatar Airways ready to see $1bn Airbus dispute through to trial

Qatar Airways is ready to see its legal dispute with Airbus over flaws with the protective skin of A350 wide-body jets through to trial, the Gulf carrier said on Tuesday. Qatar Airways is suing the European planemaker in a UK court for $1 billion in damages after grounding about two dozen of its A350s experiencing […]