Manufacturing Saudi Arabia plans to award over dozen mining exploration licences Saudi Arabia plans to award over a dozen mining exploration licences to international investors as it looks to enter the mining sector in a big way to diversify away from hydrocarbons, mining minister Bandar Al-Khorayef said on Wednesday. Five new exploration sites are up for licensing and the kingdom will release details of an additional […] November 2, 2022
Media & Advertising Musk’s Twitter ownership starts with firing of top executives Elon Musk became Twitter Inc’s owner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. “The bird is freed,” he tweeted, referencing Twitter’s bird logo in an apparent nod to his desire to see the company have fewer […] October 28, 2022
Manufacturing Mercedes-Benz lifts profit forecast as luxury cars boom Mercedes-Benz raised its full-year profit forecast on Wednesday as strong demand for luxury cars and cost savings offset the supply chain bottlenecks that have hampered industry output this year. The German automaker said it now expected group earnings to rise at least 15% this year, compared with a previous forecast of 5%-15% growth, after profits […] October 27, 2022
Manufacturing UAE’s Mubadala Capital buys US snack food maker TruFood Mubadala Capital, a wholly-owned subsidiary of Mubadala Investment Company, has acquired US-based snack food contract manufacturer AOG, trading as TruFood Manufacturing (TruFood), WAM, UAE state-owned news agency reported. The company was acquired from funds affiliated with AUA Private Equity Partners. Financial details of the transaction were not disclosed. Headquartered in Pittsburgh, Pennsylvania, TruFood is a […] October 19, 2022
Manufacturing Saudi’s new industrial strategy to drive exports to $148bn by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the National Industrial Strategy, which aims to double the industrial exports value to SAR 557 billion by 2030 ($148.34 billion), state-owned Saudi Press Agency reported. The strategy aims to promote the industrial sector and attract investment in the domestic economy, with the goal that it will […] October 19, 2022
Manufacturing Aramco to build two offshore fabrication yards in Ras Al Khair Saudi Arabian Oil Company will establish two offshore fabrication yards with international partners – National Petroleum Construction Company (NPCC) and McDermott International – to boost Saudi Arabia’s offshore fabrication capacity. The new yards, constructed in Ras Al Khair, are expected to fabricate and assemble offshore platforms, jackets and structures for subsea pipelines, the company said in […] October 18, 2022
Analysis Manufacturing Abu Dhabi eyes aviation services giant to boost its manufacturing ADQ, an Abu Dhabi-based investment and holding company, announced plans on Monday to create a global aviation champion as part of the emirate’s push to grow its manufacturing sector. The company has submitted an offer to Abu Dhabi Aviation (ADA) to combine its 100 percent share of Etihad Engineering and Advanced Military Maintenance, Repair and […] October 17, 2022
Trade UK drinks firms raise glass to Morocco and Tunisia trade deal British drinks companies have raised a glass after the UK removed trade barriers that deterred alcohol sales to Morocco and Tunisia. The changes in the countries, which extends to Argentina and Angola as well, will help the UK’s products to reach millions of new potential customers and boost alcohol exports, which reached £6.5 billion last […] October 17, 2022
Analysis Manufacturing Egypt’s industrial sector ‘building on strong foundations’ Egypt defied global trends – and the expectations of many – to grow throughout the coronavirus crisis. With its sizeable population, rising middle class and tech-savvy population, the country “showed resilience in the face of the pandemic” and is forecast to record GDP growth of 5.9 percent in 2022, according to the International Monetary Fund. […] October 17, 2022
Manufacturing Nissan takes $687m loss by selling Russian business for €1 Nissan Motor Co Ltd will hand over its business in Russia to a state-owned entity for €1 ($0.97), it said on Tuesday, taking a loss of around $687 million in the latest costly exit from the country by a global company. The Japanese automaker will transfer its shares in Nissan Manufacturing Russia LLC to state-owned […] October 12, 2022
Manufacturing Porsche shares flat at close after landmark $72bn listing Porsche AG shares had a see-saw start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of €75 billion ($72 billion) in Germany’s second-biggest market debut. The shares closed at €82.50 ($80.74), returning to their issue price from the session high of €86.76. Volkswagen priced Porsche AG shares the top end of the indicated range, and raised €19.5 billion via the listing to fund […] September 30, 2022
Moroccan group to buy half of Spanish animal nutrition firm Morocco’s fertiliser producer OCP Group has signed an agreement to purchase a 50 percent stake in GlobalFeed SL from Spain’s Fertinagro Biotech, the company said in a statement. The acquisition is part of OCP’s global growth strategy in the animal nutrition market. GlobalFeed’s operations focus on animal nutrition solutions, manufacturing, and distribution of products such […] September 27, 2022
Manufacturing Aviation and fintech help Irish exports soar to record $532m Ireland reported record levels of exports to the Middle East last year, with aviation and financial technology (fintech) among the standout sectors that helped Irish companies to achieve over half a billion dollars in sales in the region. Enterprise Ireland, the Irish Government’s trade agency, said the companies it supports in India, the Middle East […] September 23, 2022
Analysis Manufacturing Morocco in drive to become a global EV manufacturing hub Ask anyone to name the global electric vehicle manufacturing powerhouses and the US and China are the first countries that will spring to mind. But Morocco now looks set to join the big league after its government announced in July that it is planning to ink a deal with several EV battery manufacturers to construct […] September 16, 2022
Manufacturing Saudi Arabia to build three iron and steel projects worth $9.3bn Saudi Arabia is building three iron and steel manufacturing factories worth SAR 35 billion ($9.31 billion) with a combined capacity of 6.2 million tonnes, the Saudi Press Agency reported, citing Minister of Industry and Mineral Resources Bandar Al-Khorayef. The construction of an integrated iron sheet production complex with a capacity of 1.2 million tonnes per […] September 13, 2022
Analysis Manufacturing Factory investments triple in Abu Dhabi Investment in Abu Dhabi’s active industrial sector has tripled over the past year as the emirate seeks to become a regional manufacturing hub. Latest figures released by Industrial Development Bureau (IBD), part of the Abu Dhabi Department of Economic Development (ADDED), showed that the total value of factories that switched to the in-production stage rose […] September 12, 2022
Manufacturing Oman’s copper-gold project to be commissioned in April 2023 Oman’s Al Washihi Majaza copper-gold project is on track for commissioning in April 2023, the Oman Daily Observer reported, citing site developer Al Hadeetha Resources. Australian mining firm Alara Resources Limited, which holds a 51 percent stake in the Al Hadeetha Resources joint venture, recently said that key hardware pieces had arrived at the project […] September 12, 2022
Tech Turkish firm eyes drone manufacturing in Ukraine Ukrainian President Volodymyr Zelenskiy on Friday met with the head of Turkish defence firm Baykar and said the company would set up a factory in Ukraine to build unmanned aerial vehicles. Baykar’s Bayraktar TB2 drone has been hugely popular in Ukraine, where it helped destroy many Russian artillery systems and armoured vehicles. “We discussed the […] September 11, 2022
Manufacturing Turkey working on new support package for SMEs Turkey’s finance ministry said on Tuesday it was working on a Treasury-backed package to support small and medium-sized enterprises (SME) in need of collateral, in its latest step to boost the sector. The statement attributed to Finance Minister Nureddin Nebati said the package would support SME financing needs and reinforce the government’s broader programme prioritising […] September 7, 2022
Manufacturing Abu Dhabi bids to become electric vehicle manufacturing hub Abu Dhabi today announced plans for its first electric vehicle assembly facility as the emirate looks to join Saudi Arabia and Sharjah in building a regional manufacturing hub for sustainable transport options. KIZAD, part of AD Ports Group’s Economic Cities & Free Zones, has signed a lease agreement with NWTN to establish an assembly plant […] September 6, 2022
Analysis Manufacturing Ashok Leyland bus deal drives manufacturing push Ashok Leyland, the flagship brand of the India-based Hinduja Group, has bagged orders for 1,400 school buses to be built at its Ras Al Khaimah (RAK) factory for use across the UAE. The deal, the company’s largest in the UAE, will be supplied from Ashok Leyland’s $50 million manufacturing facility in RAK, which is the […] September 5, 2022
Manufacturing Record profits for Gulf’s materials sector but growth set to slow Profits among the Gulf’s listed companies in the materials sector reached their highest levels on record in the second quarter of 2022. However, industry experts believe supply chain issues and the Ukraine war will see growth begin to slow. Across the whole of the GCC, the total net profit of listed companies reached $77.3 billion […] September 2, 2022
