Manufacturing Saudi’s Maaden unit strikes deal with EV maker Lucid A subsidiary of the Saudi Arabian Mining Company (Maaden) has signed an agreement to supply aluminium sheets to US electric vehicle maker Lucid Motors. Maaden Rolling Company signed the deal with Lucid – which is 60.2 percent owned by Saudi Arabia’s Public Investment Fund – during the Future Minerals Forum in Riyadh. The deal will […] January 30, 2024
Health Saudi biotech strategy aims to dominate regional industry Saudi Arabia has launched a National Biotechnology Strategy with the aim of becoming the region’s biotech leader by 2030 and a global leader by 2040, contributing 3 percent, or SAR130 billion ($35 billion), to non-oil GDP. The strategy was unveiled by Crown Prince Mohammed bin Salman with the aim of improving Saudi health standards, helping […] January 26, 2024
Health Kuwait’s pharmaceutical plan may need a shot in the arm Kuwait will continue to lag behind its GCC neighbours in attracting investment into its pharmaceutical sector despite new government measures, say experts. The Ministry of Health announced plans last month to set up warehouses across health districts, adding new facilities to improve medication storage and delivery. It said it is also developing a guide for […] January 24, 2024
Industry UK owner ramps up output at Egypt’s largest gold mine London Stock Exchange-listed Centamin expects annual gold production of between 470,000 and 500,000 ounces in 2024 from its flagship Sukari gold mine in Egypt. The annual output stood at 450,000 ounces in 2023. The company, which is based in Jersey and listed on the London and Toronto stock exchanges, reported that total revenue reached $892 […] January 23, 2024
Manufacturing Iraq cement company gets $130m to double production A major Iraqi cement manufacturer has secured financing of up to $130 million to support plans to more than double annual production. The International Finance Corporation (IFC), part of the World Bank, is investing in Al-Douh Iraqi Company for Cement Industries to create thousands of jobs and to bolster reconstruction efforts. IFC is providing a […] January 18, 2024
Oil & Gas Petro Rabigh losses hit $1.7bn in fresh blow to chemicals sector Petro Rabigh, one of the largest petrochemicals producers in Saudi Arabia, has revealed that its losses now exceed SAR6.4 billion ($1.7 billion). The listed company announced in a filing to the Saudi stock exchange that losses had reached 38.4 percent of its share capital. The business, which is part-owned by state oil giant Saudi Aramco, […] January 17, 2024
Industry Saudi’s Alujain sells unit stake for $500m to lower debt Saudi industrial group Alujain Corporation has agreed to sell a 35 percent stake in its subsidiary, National Petrochemical Industrial Company (Natpet), for SAR1.87 billion ($498.60 million). Basell International Holdings BV, a New York Stock Exchange-listed LyondellBasell Industries subsidiary, will purchase the stake. The cash proceeds will be used to repay the current and future financial […] January 17, 2024
Manufacturing Cobalt refinery to support Saudi EV ambitions A European mining company has announced plans to develop a refinery in Saudi Arabia to process cobalt hydroxide into cobalt sulphate, which is used in electric vehicle (EV) batteries. Luxembourg-based Eurasian Resources Group (ERG) said the project aims to strengthen its position as a strategic supplier to the chemicals sector, particularly in batteries for EVs. […] January 16, 2024
Industry Egyptian cement exports grow 22% in 2023 Egypt’s cement industry has an annual output of 92 million tonnes, which ranks it among the top 10 cement producers globally, according to Egyptian trade and industry minister Ahmed Samir. Egypt’s cement exports surged 22 percent to $625 million in the first nine months of 2023, compared to $512 million a year ago, Egypt Today […] January 16, 2024
Trade Turkey targets 2024 chemical export revenues of $35bn Turkey is aiming to increase chemical export revenues by 15 percent year on year to $35 billion in 2024, according to an industry trade body. Exports reached $30.57 billion last year, down 8.7 percent from 2022, Hürriyet Daily News reported, citing Adil Pelister, president of the Istanbul Chemicals and Chemical Products Exporters’ Association. Global commodity prices fell […] January 16, 2024
Industry Morocco joins Mena industrial partnership Morocco has become the fifth country to join a partnership that aims to strengthen industrial integration in the Middle East and North Africa. At a meeting held in Manama, Morocco’s entry into the Industrial Partnership for Sustainable Economic Growth was announced, joining the UAE, Jordan, Egypt and Bahrain. During the meeting $2.2 billion worth of […] January 15, 2024
Sustainability Turkish steel producers to invest $3.2bn to cut emissions Turkey’s two largest steel producers Erdemir and Isdemir will invest $3.2 billion (96.3 billion lira) to boost production and cut carbon emissions by 25 percent by 2030. Erdemir steel mill will reduce coal consumption by using biomass and natural gas while building new electric arc furnaces at its facilities in southern and northern Türkiye, Daily […] January 15, 2024
Industry Saudi Arabia invests $400bn in factories as oil industry slows Total investment in Saudi Arabia’s industrial sector has risen by nearly 10 percent in a year, to reach SAR1.5 trillion ($400 billion). The official figures, released by the Saudi Press Agency, show growth of 1.5 percent in the third quarter of 2023 and growth of 9.3 percent for the year to Q3. The non-oil economy […] January 11, 2024
Manufacturing $100m aluminium plant signals Bahrain’s industrial push Conexus Resources Group has launched a $100 million aluminium rod plant in Bahrain, the latest project to emerge as the Gulf kingdom seeks to enhance its manufacturing sector. The UK company has announced the inauguration of Konexus Aluminium, which will process liquid metal from Bahrain’s national manufacturer Aluminium Bahrain (Alba) to serve regional and international […] January 10, 2024
Manufacturing Dubai EV maker pulls out of $500m Chinese deal Dubai’s electric vehicle maker NWTN has pulled out of a deal to invest $500 million in Evergrande, a Chinese EV manufacturer. NWTN, which operates an electric vehicle assembly facility in Abu Dhabi, said it has terminated plans to buy 27.5 percent of the shares of China Evergrande New Energy Vehicle Group. Evergrande was established in 2019 […] January 9, 2024
Manufacturing Probe after accident in Saudi explosives factory An investigation is under way after two men died in an accident at a Saudi Arabian explosives factory. Saudi Chemical Company Holding said the accident at the Riyadh factory of its subsidiary Saudi Chemical Company, which makes civil and military explosives led to the death of two workers. In two separate filings to the Saudi […] January 8, 2024
Industry Electric vehicles help Turkey hit record car sales in 2023 Passenger and light commercial vehicle sales in Turkey hit a new record in 2023, as a result of easing financing conditions, pent-up demand and the surging popularity of electric vehicles (EVs). Total sales reached 1.23 million units, rising 57.4 percent year on year, beating the all-time high of 984,000 units in 2016, Daily Sabah newspaper reported, citing […] January 7, 2024
Analysis Manufacturing Aluminium: waiting for the rise in demand With global aluminium prices soft and demand currently waning, the announcement last month of the launch of Kings Aluminium Industries’ AED750 million ($204 million) manufacturing and recycling plant in Abu Dhabi may have seemed unfortunately timed. However, “long term” has always been the name of the game with this lightweight metal, as giant, billion-dollar smelters […] January 5, 2024
Oil & Gas Costs blow for Saudi firms after Aramco price rises Production costs for companies in Saudi Arabia could increase by more than 3 percent after price rises announced by Saudi Aramco. Businesses have been given notice of the price increase for Aramco’s feedstock and fuel products, which came into effect from the start of this month. Aramco increased retail diesel prices for 2024 by 53 […] January 4, 2024
Manufacturing Demand fuels price rises in Saudi Arabia’s non-oil sector A surge in demand towards the end of the year saw non-oil companies in Saudi Arabia increase prices for the second month in a row in December. Manufacturing was the standout industry. “A number of firms signalled that increased demand momentum gave them greater confidence to pass on higher input costs to customers,” according to […] January 3, 2024
Manufacturing Dubai robotics company Micropolis in New York listing The Dubai-based robotics manufacturer Micropolis Holding is to list on the New York Stock Exchange. The company, which develops autonomous mobile robots and related software, signalled its initial public offering intentions in a filing to the US Securities and Exchange Commission. Micropolis intends to raise up to $37 million by issuing 8.2 million shares at […] January 3, 2024
Industry Maaden discovers ‘significant’ gold reserves in Saudi Arabia Maaden, Saudi Arabia’s flagship mining company, has discovered “significant” gold resource potential south of the existing Mansourah Massarah gold mine. The potential find, along a 100 km stretch, was the first under an extensive exploration programme launched in 2022, the company said in a statement. Samples showed the presence of high-grade gold deposits of 10.4 […] January 3, 2024
