Manufacturing Abu Dhabi Ports in green steel deal with UK producer Abu Dhabi Ports Group and the UK’s Liberty Steel Group have agreed to work together on importing magnetite ore – used in green iron and steel production – from Australia to the UAE. The memorandum of understanding was signed this week. They will explore plans to create a green iron production facility in the Khalifa […] December 12, 2023
Manufacturing UAE considers a tax on packaging to fund recycling The UAE is considering introducing a tax on packaging, according to an industry expert, as the country continues to ramp up its sustainability agenda. Ali Al Dhaheri, CEO of Abu Dhabi Waste Management Company, or Tadweer, told AGBI that discussions with the UAE government were taking place about bringing in an extended producer responsibility (EPR) […] December 12, 2023
Industry Sabic CEO warns of ‘difficult’ 2024 for chemicals industry The chemicals industry will face another “difficult” year in 2024 as the global economic outlook remains weak, Saudi Basic Industries Corporation (Sabic) CEO Abdulrahman Al-Fageeh was quoted as saying. This was a bad year for the chemical industry, he told the Bloomberg news agency, adding that he was “uncertain on whether 2024 was going to […] December 12, 2023
Construction Zamil wins $153m deal to build Saudi defence complex A Dammam construction company has won a SAR575 million ($153 million) contract to build a defence manufacturing complex in Al Kharj, central Saudi Arabia. Zamil Steel Construction Company agreed the deal with Saudi Arabian Military Industries (Sami), a Public Investment Fund company set up to lead the development of the kingdom’s defence industry. The Al […] December 11, 2023
Industry Renault to invest $431m to make new models in Turkey Renault Group will invest $430.92 million by 2027 to produce four new models in Turkey, including a new low-cost SUV, according to a local media report. The new models will be made in collaboration with the French carmaker’s local partner Oyak at their site in the northwestern Bursa province of Turkey, Daily Sabah newspaper reported. […] December 11, 2023
Tech US robot maker in talks over Abu Dhabi factory Gecko Robotics, a US maker of robots that inspect the infrastructure of buidings, vehicles and other physical assets, is in talks to open a factory in Abu Dhabi. The company has also raised $100 million as part of a Series C funding round. Gecko, which uses AI-powered software and advanced robotics, set up its international […] December 6, 2023
Manufacturing Saudi Cable financial woes laid bare in delayed results Saudi Cable Company has revealed the crisis it is facing after the manufacturer belatedly published its financial results for 2022. The company, which owns manufacturing facilities in Saudi Arabia, Bahrain and Turkey, posted a net loss of SAR585 million ($156 million) for the year, a 200 percent increase compared with 2021. Saudi Cable said in […] December 4, 2023
Industry Chinese firm to build $2bn industrial complex in Egypt Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report. The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported. The complex is expected to […] December 4, 2023
Manufacturing Saudi Cable Co seeks more time to deliver rescue plan Saudi Cable Company, which suspended trading in its shares earlier this month, has requested an extension to the deadline for submission of its financial restructuring proposal to the courts, as bosses scramble to finalise a rescue plan. The company, which owns manufacturing facilities in Saudi Arabia, Bahrain and Turkey, said at the start of November […] November 22, 2023
Manufacturing Saudi’s Avalon plans massive export drive The Saudi pharmaceuticals firm Avalon Pharma plans to treble revenue to SAR1.1 billion ($290 million), with a drive to increase exports from 10 percent to 30 percent of output. As Saudi Arabia pushes to produce within its own borders more of the medicines it consumes, Maher Al Ghannam, managing director and CEO of Avalon Pharma, […] November 21, 2023
Industry Investment in Oman economic zones hits $43bn Investment in Oman’s special economic zones and industrial cities reached OMR16.6 billion ($43.38 billion) as of June 2023, according to the Public Authority for Special Economic Zones and Free Zones (Opaz). Existing industrial cities received a total investment of OMR7.3 billion, with Salalah Free Zone leading with OMR4.5 billion as of June 2023, Muscat Daily […] November 20, 2023
Manufacturing Hyundai breaks ground on $1.5bn EV plant in Korea Hyundai Motor Co on Monday broke ground on a 2 trillion won ($1.52 billion) dedicated electric vehicle (EV) plant in South Korea, as the automaker accelerate a shift to electrification. Hyundai Motor, the world’s No. 3 automaker by sales with its affiliate Kia Corp, plans to begin mass production of EVs from the plant in […] November 13, 2023
Industry PIF raises stake in Aston Martin to 20.5% Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in Aston Martin to 20.5 percent, according to a regulatory filing on the London Stock Exchange. The fund’s shareholding went up by 2.6 percentage points from 17.9 percent through Lucid Group’s holding, placing PIF ahead of Geely chairman and Chinese entrepreneur Shufu Li on Aston […] November 9, 2023
Health Work starts on Dubai factory for Indian pharma business Construction has started on a $54 million factory in Dubai for Indian herbal pharmaceuticals company Himalaya Wellness, as analysts predict more international investment in the UAE healthcare sector. The factory at Dubai Industrial City, supported by financing from Emirates Development Bank, will produce tablets, capsules, liquids and ointments. The Bangalore-based company, founded in 1930, already […] November 8, 2023
Industry PIF in talks to invest $250m in Chinese EV company Saudi Arabia’s Public Investment Fund (PIF) is discussing investing $250 million in Chinese electric vehicle (EV) maker Human Horizons Group. The kingdom’s sovereign fund’s investment could potentially value the Shanghai-based company at $3 billion, Bloomberg reported, citing informed sources. An agreement is likely to be reached by the end of the year, but it could […] November 8, 2023
Manufacturing Abu Dhabi strikes deal with Chinese province of Jiangsu Abu Dhabi is turning to the Chinese province of Jiangsu, the 12th largest economy in the world, as it seeks to expand its manufacturing sector. The Abu Dhabi Department of Economic Development and Jiangsu Provincial Overseas Cooperation and Investment Company have signed an agreement that aims to attract more Chinese industrial investments. The focus is […] November 7, 2023
Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023
Industry Nadec profit almost triples on rising dairy and food sales The Saudi farming giant National Agricultural Development Company (Nadec) said net profit for the third quarter of 2023 rose more than 171 percent to SAR75.27 million, from SAR27.75 million a year earlier. Revenue jumped 22.55 percent year on year to SAR861.10 million, mainly due to a 23.37 percent increase in sales in the dairy and […] October 30, 2023
Industry Oman’s Sohar Port signs pact for $300m polymer plant Sohar Port and Freezone has signed an agreement with Universal Fine Chemicals to establish a $300 million polymer manufacturing plant in Sohar Port. The project, set up on a total area of 240,000 sq m, will cater to various sectors such as energy, agriculture, wastewater management, and the pulp and paper industry in the Middle […] October 29, 2023
Industry PIF’s $550m Saudi facility to produce Pirelli tyres in 2026 Saudi Arabia’s Public Investment Fund (PIF) has signed a joint venture agreement with Pirelli of Italy to build a tyre manufacturing facility in the kingdom. The Riyadh-headquartered sovereign wealth fund will hold a 75 percent stake in the new $550 million JV, with Pirelli holding the remaining 25 percent. The Italian tyre manufacturer will provide […] October 27, 2023
Industry Maaden working to extract lithium from seawater Saudi Arabia’s flagship mining company, Maaden, is working to extract lithium from seawater, its chief executive, Robert Wilt, said on Wednesday, as competition for the rare metal rages between the US and China. Wilt said Maaden, the Gulf’s largest miner, is trying to stay above the fray and was “doing what’s best for the kingdom”. […] October 26, 2023
Industry Aspace granted licence to build satellite facility in Saudi Arabia Hong Kong-based Aerospace Technology Group Limited (Aspace) will invest SAR1 billion ($266.58 million) to set up an advanced satellite manufacturing company in Saudi Arabia after being granted the first investment licence in the space sector. The facility will manufacture components, subsystems and satellites, state-owned Saudi Press Agency reported. Abdullah Al-Swaha, chairman of the Saudi Space […] October 26, 2023
