Construction Saudi cement prices under pressure as competition mounts Strong competition among Saudi Arabia’s cement companies is likely to continue and will exert pressure on prices in the short to medium term, according to a report from investment advisory company Ubhar Capital. There is ongoing optimism regarding the pipeline of mega and giga projects, as well as anticipated investments related to Expo 2030. However, […] April 10, 2024
Industry Saudi industrial cities operator attracts $4bn investment Total investments in the 36 industrial cities overseen by the Saudi Authority for Industrial Cities and Technology Zones (Modon) reached SAR14.45 billion ($3.9 billion) last year. New investments rose 63 percent year on year from 891 local and foreign companies, state-owned SPA news agency reported, citing Modon’s annual report for 2023. Foreign investments grew by […] April 9, 2024
Opinion Industry Gulf giants need to take a lead role in the age of ‘Big Shovel’ There are challenges to overcome before the region can become a mining powerhouse April 8, 2024
Sustainability Egypt plans €100m smartphone recycling centre A €100 million smartphone refurbishment and recycling plant is being planned for the Suez Canal Economic Zone. The man leading the project is named by Daily News Egypt as Samuel Mathias, an expatriate Egyptian who is said to be a Paris-based electronics engineer and business owner. The newspaper said that Soha Gendi, Egypt’s minister of […] April 8, 2024
Trade Egypt’s garment exports to Saudi Arabia rise 90% Egypt’s garment exports to Arab countries rose 35 percent year on year to $100 million during the first two months of 2024, a trade association executive has said. Sales to Saudi Arabia surged 90 percent year on year to $25 million during the January and February period, Daily News Egypt reported, quoting Marie-Louis Bishara, president […] April 8, 2024
Industry Oman advances plans for mega minerals complex State-backed Minerals Development Oman (MDO) has awarded a feasibility study contract for a new industrial minerals complex in Dhofar governorate. The company is working to secure the final investment decision to proceed with the Al Shuwaimiyah industrial minerals project, according to its 2023 annual report. MDO is also in discussions with potential investors to take […] April 8, 2024
Manufacturing Homegrown Togg dominates EV sales in Turkey Turkey’s domestic electric vehicle (EV) brand Togg dominated sales within the country during the first quarter of 2024. Togg achieved sales of 4,145 units, state-owned Anadolu Agency reported, quoting data from the Automotive Distributors and Mobility Association. EV sales surged by 276 percent to 14,158 units during the quarter ended March 31, 2024. Consequently, the share […] April 5, 2024
EXCLUSIVE Manufacturing Stellantis boss hails ‘massive untapped potential’ in Gulf Samir Cherfan tells AGBI about his plans to lift car sales across the GCC April 4, 2024
Manufacturing US battery manufacturer to build $3bn factory in Rakez The American battery manufacturer Statevolt is to construct a $3 billion factory in Ras Al Khaimah. Statevolt Emirates, as the venture will be known, will generate up to 2,500 jobs at its 60 hectare facility in Al Ghail Industrial Zone in Ras Al Khaimah Economic Zone (Rakez). The manufacturing facility is “strategically focused on key […] April 3, 2024
Manufacturing Abu Dhabi’s non-oil growth spurred by manufacturing Abu Dhabi’s non-oil sector expanded by more than 9 percent last year with manufacturing and construction leading the way, according to new figures. The Statistics Centre Abu Dhabi issued preliminary GDP estimates for 2023, revealing non-oil growth of 9.1 percent – slightly down from 9.2 percent in 2022 – as the emirate’s overall economy improved […] April 3, 2024
Industry Oman’s first electric car to make its debut this year Omani electric vehicle (EV) maker Mays will debut its first model this year. The company will unveil the locally-developed ‘Alive 1’ by the end of the year, which will cost OMR15,000 ($38,964), according to a post on Instagram. The company’s website says the five-seater EV can drive 510 km on a single charge. The battery […] March 25, 2024
Video length: 03:31 VIDEO Industry Borouge to treble production despite lacklustre demand The UAE petrochemicals company Borouge is to treble annual production capacity at its $6 billion polyolefin complex, despite forecasts of an oversupply in the sector. Once completed next year, Borouge 4 will be the world’s largest single-site producer of polyolefins, plastics mainly obtained from oil and natural gas. Borouge’s CEO, Hazeem Al Suwaidi, told AGBI […] March 25, 2024
Industry Bahraini fund takes control of British carmaker McLaren Bahrain’s state-backed sovereign wealth fund has taken full ownership of McLaren Group following the completion of the latter’s capital reorganisation plan. Mumtalakat Holding has become the sole shareholder in McLaren following the conversion of all preference shares into ordinary shares, the British carmaker said in a statement. “Mumtalakat’s continued commitment to McLaren through this deal […] March 24, 2024
Industry Abu Dhabi industrial sector attracts foreign investors The Abu Dhabi Chamber of Commerce has said that the number of industrial licences issued by the emirate last year increased by 51 percent. The total now stands at 363, excluding free zones. Statistics from Abu Dhabi Chamber also revealed that 46 foreign companies secured industrial licences in the emirate, with mining support services attracting […] March 21, 2024
Industry Demand for Saudi mining licences rises sharply Incentives and legislation are fuelling growth in Saudi Arabia’s mining industry as the government seeks to stimulate investment under Vision 2030. The Ministry of Industry and Mineral Resources said demand for Saudi mining licences had surged since a mining investment law came into force in 2021. The number of building material quarry licences jumped to […] March 20, 2024
Industry Golden licences bring $2bn into Bahrain A total of $2.4 billion in investment in nine major projects has flowed into Bahrain after the introduction of its golden licence initiative last year. The projects, which could generate 3,000 jobs, include the setting up of Bahrain Titanium by Interlink Metals & Chemicals of Switzerland and the urban waterfront development Bahrain Marina. “Bahrain has […] March 14, 2024
Industry Egypt and China in talks to set up industrial zone Egyptian and Chinese officials have engaged in further discussions about setting up a Chinese industrial zone along the Mediterranean Sea, according to a local news report. Egypt’s Minister of Trade and Industry, Ahmed Samir, and Zhang Tao, the acting Chinese Ambassador to Cairo, discussed the progress made since last month’s meeting with Samir’s Chinese counterpart, […] March 13, 2024
Industry Ceer starts work on $1.3bn EV manufacturing complex Ceer, Saudi Arabia’s first electric vehicle brand, has awarded a SAR5 billion ($1.3 billion) contract to construct a manufacturing complex in King Abdullah Economic City. Local contractor Modern Building Leaders will build a facility spanning over one million sq m, with 530,000 sq m under its roof. The complex will include dedicated zones for every […] March 10, 2024
Manufacturing Stellantis hails Middle East and Africa sales surge Multinational car maker Stellantis has announced that its 2023 Middle East and Africa revenues grew by 64 percent year on year to more than $11.5 billion. Stellantis is one of the world’s biggest automakers – its brands include Alfa Romeo, Chrysler, Citroën, Peugeot and Vauxhall. It said shipments to the region totalled 616,100, up 43 […] March 6, 2024
Industry Emirates Global Aluminium profit falls with metal prices Emirates Global Aluminium (EGA), the UAE’s largest non-oil industrial company and one of the world’s largest aluminium producers, reported a decline in net profit last year, despite posting record production volumes of alumina, cast and hot metal for 2023. Net profit fell 54 percent year on year to AED3.4 billion ($937 million), against a backdrop […] March 5, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Manufacturing Turkish manufacturers buoyed by rise in PMI Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction. The […] March 1, 2024
