Manufacturing Qatar-backed Volkswagen targets Middle East SUV market Volkswagen Middle East aims to nearly double its share of sport utility vehicle (SUV) sales in the Gulf and Jordan, its regional chief, Matthias Ziegler, told AGBI. The German company, the world’s number two automaker by vehicle sales, and 10 percent owned by the government of Qatar, has numerous sub-brands, including Porsche, Audi, Bentley and […] June 10, 2024
Manufacturing Morocco signs Chinese deal to build EV battery factory China has announced a second large-scale investment in Morocco’s electric vehicle sector with plans for an EV battery factory to take advantage of access to the European market and a burgeoning automotive sector. A $1.3 billion deal has been signed between the Moroccan government and the Chinese-European group Gotion High Tech to build a gigafactory […] June 7, 2024
Tech Saudi Arabia campaign aims to attract chipmakers Saudi Arabia has launched a National Semiconductor Hub in a bid to attract international chipmakers. The kingdom is targeting at least 50 semiconductor design companies to set up business by 2030, aiming to cut its reliance on imported computer chips. The global semiconductor industry, once plagued by shortages, is now showing signs of recovery and […] June 6, 2024
Manufacturing Indian manufacturers urged to set up shop in UAE The future of the UAE’s economic partnership with India hinges on more manufacturing taking place in the Gulf state, a senior executive from a royal family office has said. Zulfiquar Ghadiyali, managing director of Royal Arab Holdings, the business arm of the private office of Sheikh Tahnoon bin Zayed Al Nahyan, said Indian businesses were […] June 4, 2024
Economy Slump in orders and exports cools Turkish PMI sentiment Turkish manufacturers are finding their operational environment increasingly difficult, a new survey has revealed. Tighter economic conditions led expectations to fall in May, although some relief came from the slight easing of inflationary pressures. The monthly Purchasing Managers’ Index (PMI) survey, conducted by the Istanbul Chamber of Commerce and S&P Global, fell further into negative […] June 3, 2024
Manufacturing India’s UltraTech offers to boost stake in RAK Cement India’s UltraTech Cement has offered to acquire a 31.6 percent stake in Abu Dhabi-listed RAK Cement Co for White Cement and Construction Materials (RAKWCT). The Indian cement producer’s wholly owned subsidiary in the UAE, UltraTech Cement Middle East Investments, bought a 29.4 percent stake in RAKWCT in April 2022 for $101 million. The UAE subsidiary […] May 28, 2024
Manufacturing UAE to direct additional $6bn to local manufacturers The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […] May 27, 2024
Manufacturing Stellantis to remove Italian flag from Fiats made in Morocco The automobile giant Stellantis will remove the Italian flag from its Fiat Topolino model after being accused of breaking Made In Italy laws because the car – technically a quadricycle – was produced in Morocco. Dozens of the vehicles were seized at the port of Livorno for violations of the law, which insists on strict […] May 22, 2024
Manufacturing UAE-Italian venture wins $434m deal for naval vessels A joint venture between UAE’s state-owned defence company Edge Group and Italy’s Fincantieri will build a shipbuilding facility for advanced naval vessels in Abu Dhabi. The new venture, Maestral, has secured a large order from the UAE Coast Guard Forces for 10 advanced 51-metre offshore patrol vessels (OPVs) worth €400 million ($434 million). Edge owns 51 […] May 21, 2024
Renewable Energy UAE to roll out countrywide EV fast charger network The UAE is speeding up the expansion of its electric vehicle charger infrastructure in support of the energy transition, the shift from fossil-based systems of energy production. UAEV, a joint venture between the Ministry of Energy and Infrastructure and Etihad Water and Electricity that was announced on Monday, intends to build a network of high-performance […] May 20, 2024
Finance Aluminium producer Talco announces Saudi IPO Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […] May 17, 2024
Industry Industrial output falls in Saudi Arabia after oil cuts Saudi Arabia’s industrial output index has fallen almost 9 percent over the past year, largely due to a policy of oil production cuts the government began in mid-2022. The industrial production index fell from around 114 points in March 2023 to 104 in March 2024, as mining and quarrying fell by 14 percent and manufacturing […] May 10, 2024
Manufacturing Saudi Arabia willing to drop China for US tech alliance Saudi Arabia will sever technology ties with China if the United States compels it to, the chief executive officer of Alat, an investment company backed by $100 billion in capital from the Public Investment Fund, has revealed. According to Bloomberg US officials have told their Saudi Arabian counterparts that they will have to decide between […] May 9, 2024
Transport Deal signed to build electric bus factory in Abu Dhabi Abu Dhabi is planning a factory to manufacture and build electric buses and trucks. The Abu Dhabi Department of Economic Development has signed an agreement with Emirates Global Industries, part of Alfahim Group, for the project. The agreement also includes plans to establish manufacturing facilities to meet the anticipated growth in demand for energy storage […] May 9, 2024
Opinion Finance Strong regional deal growth underpinned by wealth funds Middle Eastern markets have remained resilient, due to supportive government policies May 8, 2024
Industry Rising freight costs impact Emirates Steel Arkan profit Emirates Steel Arkan reported a net profit of AED128 million ($35 million) in the first quarter of 2024, down 16 percent year on year, due to elevated freight costs on the back of regional geopolitical challenges. Revenue at the Abu Dhabi-headquartered company for the three months to March 2024 fell 12.5 percent to AED2.1 billion […] May 8, 2024
Manufacturing Lucid cuts electric car prices but posts higher revenue Saudi-backed US electric vehicle maker Lucid reported first-quarter revenue above analysts’ estimates this week as it sets to produce more cars this year but selling at cheaper prices to spur sales. The Nasdaq-listed EV company had cut prices of its flagship Air sedans in February by up to 10 percent, as customers globally began to […] May 7, 2024
Banking & Finance Alpha Dhabi explores buyouts despite profit drop Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, reported a net profit of AED4.6 billion ($1.3 billion) for the first quarter of 2024, a decrease of 37 percent year on year. Revenue rose 11 percent annually to AED14.2 billion and total assets rose 5 percent year on year at AED147 billion at […] May 6, 2024
Logistics Abu Dhabi’s ADIA invests in Indian warehouses The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets. Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources. RLWH was established in […] May 3, 2024
Manufacturing Turkish manufacturers waver on economic prospects Turkey’s manufacturers are uncertain about the national economy’s prospects, with a report showing a slowing of new orders and an easing of output partly being offset by stronger inventory increases and expectations of a modest release from inflationary pressures. The latest survey of Turkish manufacturers, conducted by Istanbul Chamber of Commerce and ratings agency Standard […] May 3, 2024
Analysis Industry UAE considers R&D tax incentives to help SMEs The UAE is considering plans for a research and development tax incentive scheme to boost its ambitions to become a regional centre for homegrown innovation. The Ministry of Finance said it has launched an official consultation on the possible implementation of the tax incentive under the UAE corporate tax law. The consultation will be open […] May 2, 2024
Analysis Manufacturing Gulf petrochems sidestep curbs from global plastics treaty Major petrochemical exporters such as Saudi Arabia are unlikely to face mandatory production curbs despite latest efforts to craft a global plastics treaty and clamp down on single usage. At a UN Environment Assembly in early 2022, member countries approved a resolution to end plastic pollution and forge an “international legally binding agreement” by the […] May 2, 2024
