Manufacturing Alba and Ma’aden delay merger to Q2 2025 The deadline on a potential merger between Aluminium Bahrain (Alba) and subsidiaries of Saudi Arabia’s Ma’aden has been extended into the second quarter of 2025. It had been hoped that a deal between the two manufacturing giants could be completed in the first quarter, according to Alba’s chief executive, Ali Al Baqali. But a note […] December 23, 2024
Telecoms Space42 bags $5bn contract from UAE government Space42, a global space technology company based in Abu Dhabi, has signed an AED18.7 billion ($5.1 billion) contract with the UAE government to provide critical, secure satellite communication services for an additional 17 years beyond 2026 until 2043. Under the contract, the Abu Dhabi-listed company, a subsidiary of UAE company G42, will provide satellite capacity […] December 17, 2024
Construction Developer Modon signs deal for UAE green steel Abu Dhabi property company Modon is poised to be the first customer of a UAE pilot project to make sustainable steel with green hydrogen. Modon has entered a tentative agreement to purchase the more environmentally friendly construction material from Emsteel Group, which has been manufacturing it through a partnership with the Emirati renewable energy company […] December 16, 2024
Manufacturing Turkey holds 65% of global drones market Turkey accounts for 65 percent of the global unmanned aerial vehicle (UAV) market, a senior executive with drone maker Baykar has said. The company alone commands nearly 60 percent of this market, Daily Sabah reported, citing chairman and chief technology officer Selcuk Bayraktar. Baykar has been the world’s largest drone company for three consecutive years […] December 16, 2024
Industry Egypt to localise 23 industrial sectors Egypt aims to localise 23 high-priority sectors to spur industrial development and reduce reliance on imports, according to a local media report. These industries are critical to the country’s economic growth and leverage locally available raw materials, Egypt Daily reported, citing deputy prime minister for industrial development and minister of industry and transport Kamel El-Wazir […] December 16, 2024
Sustainability Morocco partners with central African nations on EV plan Morocco, the Democratic Republic of Congo (DRC) and Zambia have joined together to develop the infrastructure needed for electric vehicles (EVs), as they strive to lower their dependence on fossil fuels. The three nations will club their resources and experiences to support the development of EV batteries and battery precursors. Developing carbon-free transportation is essential […] December 12, 2024
Construction Turkish builders sense opportunity in Syria Turkey’s construction sector is hoping to build on the rubble of the collapsed Assad regime in Syria. There are high expectations that Turkish companies will be in the running to win valuable contracts to replace damaged housing and infrastructure. There were sharp rises in building shares on the Istanbul Stock Exchange on December 9, the […] December 10, 2024
Manufacturing Turkish arms exports up 19% year on year Turkish defence companies have posted another record-breaking year for exports, with a 19 percent increase year on year and sales to 178 countries. Sales from January to November this year have already eclipsed 2023’s total of arms and equipment shipments to overseas clients, reflecting the arms industry’s technical developments and broader product range. Defence and […] December 5, 2024
Manufacturing PIF-backed Aston Martin to raise $266m, warns on profits Aston Martin, the British luxury carmaker part-owned by Saudi Arabia’s Public Investment Fund, is looking to raise £211 million ($266 million) by issuing new shares and taking on more debt. At the same time it warned that annual profits could be down as much as 11 percent because of delays in delivering cars. The company […] November 29, 2024
Food & Drink Heineken joint venture to build brewery in Dubai Dubai is to follow Abu Dhabi and Ras Al Khaimah in opening its own brewery. Sirocco, a joint venture between the Dutch drinks company Heineken NV and the Emirates Group-owned Maritime and Mercantile International (MMI), will start construction on a new brewery, having secured all the necessary permits from the relevant local authorities, the company […] November 28, 2024
Manufacturing Bahrain plans free zones to draw manufacturers Bahrain is to set up new industrial free zones within the kingdom with a view to attracting key players in the foodstuffs, pharmaceuticals and garments industries and generating thousands of new jobs. The plans are for the Muharraq governorate, situated in the north east of the Gulf island, which is also home to Bahrain International […] November 25, 2024
Economy Ras Al Khaimah’s economy to expand until 2027 Ras Al Khaimah’s (RAK) economy is projected to expand by an average 4.2 percent annually until 2027, driven by strong tourism, real estate, manufacturing, and mining performances, S&P Global said. “We forecast GDP per capita levels to strengthen to about $32,800 by 2027, compared with an estimated $30,000 in 2024,” the rating agency said. This […] November 25, 2024
Manufacturing Turkey’s Beko to cut jobs in Italy over underperformance Beko, a Turkish white goods and electronic brand owned by manufacturer Arcelik, is to reduce its workforce in Italy by nearly half amid mounting industry challenges and financial underperformance. The company will lay off 1,935 of 4,440 employees, Reuters reported, citing a statement issued by Italy’s industry ministry, the FIM, FIOM, UILM and UGLM trade […] November 22, 2024
Economy Turkish consumer confidence slides as inflation persists Turks appear to have taken to heart government efforts to cool the economy and rein in inflation, with the latest consumer confidence survey showing a dip in outlook, reversing a five-month upward trend. Turkey’s consumer confidence slipped further into negative territory in November, according to data issued by statistics agency Turkstat on November 21, as […] November 21, 2024
Mining Alba to decide on Ma’aden merger early next year Aluminium Bahrain (Alba) expects to decide whether to merge with subsidiaries of Saudi Arabia’s Ma’aden by the first quarter of 2025, its chief executive said on Wednesday. Alba, Bahrain’s largest listed company with a market valuation of almost BHD2 billion ($5.3 billion), on September 16 announced it had entered a non-binding agreement with Ma’aden. Under […] November 13, 2024
Manufacturing Weaker demand pushes profit down at RAK Ceramics RAK Ceramics, one of the world’s largest producers of ceramic products from tableware to sanitation, has reported a 29 percent drop in third-quarter net profit, caused by weaker demand and supply chain disruptions. Net profit attributable to the owners of the company, based in Ras al Khaimah in the UAE, for the three months to […] November 13, 2024
Manufacturing Fertiglobe logs net loss, weeks after Adnoc buys stake Fertiliser maker Fertiglobe has reported a net loss of $10.4 million for the third quarter of 2024 – a sharp drop from the $39.6 million profit generated in the same period last year. The Abu Dhabi company’s revenue in Q3 2024 fell to $495.6 million versus $525 million in Q3 2023. Analysts had estimated a […] November 11, 2024
Manufacturing Lucid reports higher revenue but steeper losses Saudi-backed US luxury electric vehicle maker Lucid reported a larger net loss than last year in the third quarter, but said revenue rose 45 percent, slightly ahead of Wall Street expectations. The company’s losses of $992.5 million in Q3 compared with $630.9 million in 2023. Revenue reached $200 million, narrowly beating estimates of $198 million. Lucid […] November 8, 2024
Tech Mubadala-backed chipmaker reports 29% drop in profit GlobalFoundries, the world’s third-largest contract chipmaker, reported a year-on-year net income fall of 29 percent to $178 million in the third quarter of 2024. Revenue at GlobalFoundries, which is backed by Abu Dhabi’s Mubadala Investment Company, was down 6 percent year on year to $1.7 billion. The company’s smart mobile devices end-market reported an 11 […] November 6, 2024
Aviation QIA helps raise $318m for US electric aircraft maker A funding round led by the Qatar Investment Authority (QIA) has raised $318 mlllion for Beta Technologies, a US electric aerospace company that is developing all-electric aircraft and infrastructure. Beta, based in Vermont, said the series C equity capital funding would help support the production, certification and commercialisation of its fixed-wing and eVTOL (electric vertical […] November 6, 2024
Economy Saudi Arabia’s non-oil private sector hits 6-month high Business conditions in Saudi Arabia’s non-oil private sector improved at the fastest rate for six months in October, according to S&P Global. Saudi Arabia logged a 56.9 rating in S&P’s Global purchasing managers’ index (PMI), a monthly indicator of operating conditions in the non-oil economy. October beat September’s figure of 56.3 and is well above […] November 5, 2024
Analysis Markets Volkswagen’s troubles sour Qatari investment Volkswagen’s shares have tumbled by more than two-thirds from a 2021 peak, slashing the value of Qatar’s stake in the German conglomerate, as shrinking margins, weakening sales and production overcapacity weigh on the troubled automaker’s bottom line. Even with several billion dollars accrued in dividends since Qatar Holding invested in 2009, Volkswagen’s problems suggest the […] November 5, 2024
