Manufacturing Turkish automotive output climbs 37.4% in July Production in Turkey’s automotive sector jumped 37.4 percent year-on-year in July to 93,659 vehicles, with exports climbing 16.2 percent to 59,596, the Automotive Manufacturers Association (OSD) said. Total automotive production rose five percent year-on-year in the first seven months of the year to 742,969 vehicles, while exports were up 2.7 percent to 526,601, the association […] August 22, 2022
Manufacturing Tesla cuts delivery waiting time for Model Y in China Electric auto giant Tesla said on Thursday it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines. The waiting time for the rear-wheel drive Model Y sport utility vehicle is now four to eight weeks, […] August 18, 2022
Manufacturing UAE’s Agthia Group expands in Saudi and Egypt Agthia Group, one of the region’s leading food and beverage companies, is expanding and making strategic acquisitions in Egypt and Saudi Arabia following strong H1 2022 growth to AED 2.3 billion ($106 million). The group, which has a consumer division – including protein, frozen goods, snacks, water and beverages – and an agri-business division, has […] August 16, 2022
Manufacturing Manufacturing and mining help Saudi industrial output rise 20.8% Industrial production in Saudi Arabia increased by 20.8 percent year-on-year in June, with the mining and manufacturing sectors the main catalysts for growth. The Saudi General Authority for Statistics (GASTAT) found that in June the Industrial Production Index (IPI) rose 20.8 percent year-on-year. A dive into the figures of their report showed that manufacturing activity […] August 16, 2022
How I got to the top Manufacturing Sara Chemmaa, founder, Citron Founded in 2018, Dubai-based Citron creates sustainable lifestyle products for toddlers, children and adults. What do you look for when hiring talent? Having built Citron from the ground up, I know just how important it is to surround yourself with the right “village” to help things progress. My first priority when hiring is to find people […] August 12, 2022
Manufacturing UAE to invest $1b in Pakistan’s economic, investment sectors The UAE plans to invest $1 billion in Pakistani companies across various economic and investment sectors, UAE state-owned news agency WAM reported, citing an official source in Abu Dhabi. The move aims to explore new investment opportunities in projects across various sectors and expand bilateral economic relations. Additionally, it emphasises the keenness of the UAE […] August 6, 2022
Manufacturing Saudi-backed Lucid cuts 2022 EV output by half amid logistics woes US-based Lucid Group on Wednesday reduced its production outlook for electric vehicles (EVs) in 2022, citing supply chain and logistics challenges. In a statement, the company, which is 60 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 […] August 4, 2022
Manufacturing Loss-making Saudi-backed Aston Martin says finances will improve Aston Martin expects its finances to improve in the second half of 2022 after burning through tens of millions of pounds in cash earlier this year, it said on Friday, as easing supply chain snarls help boost deliveries of higher margin cars. Its positive free cash flow forecast comes as the luxury carmaker posted a […] August 1, 2022
Analysis Manufacturing Ethical fashion: it’s so right now, but it’s granny chic too Sustainable fashion is a buzzword that’s becoming a sound business proposition, particularly for MENA manufacturers returning to the thrifty practices of their grandparents The QR code on the clothing label takes you to a field where the cotton is grown. Shoppers can swipe to see the cotton being picked by hand and gathered into fluffy […] July 27, 2022
Manufacturing Kuwait sovereign wealth fund invests in Italian ATM operator Italian fund FSI, the main investors in which include state lender CDP and the sovereign wealth funds of Kuwait and Singapore, has signed a preliminary deal for an investment in payments card and cash machine operator BANCOMAT. FSI and BANCOMAT have agreed the terms under which FSI is set to invest in BANCOMAT “to sustain […] July 27, 2022
Manufacturing Dubai’s Negma invests in French driverless vehicle manufacturer Negma Group has signed a $36 million funding agreement with French firm Navya, which could bring the prospect of driverless vehicles on the emirates’ roads a step closer. Under the terms of the agreement the financing will take the form of convertible bonds, while the Dubai-based investment firm will also have the option to purchase […] July 22, 2022
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
