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
Industry Indian steel producer Essar plans regional hub in Saudi Indian conglomerate Essar Group plans to make Saudi Arabia a hub to drive its expansion locally and regionally, its chief executive Prashant Ruia said on Wednesday. The group, built by brothers Shashi and Ravi Ruia, is setting up a 4 million metric tonnes per year steel plant along with port facilities at Ras Al-Khair in […] October 26, 2023
Manufacturing Talks under way to build EV battery plant in Abu Dhabi China’s Sunrise New Energy is in talks with South Korea’s LG Energy and UAE’s sovereign Abu Dhabi Investment Fund for a potential partnership to set up a lithium battery material manufacturing facility in Abu Dhabi. The anticipated annual production capacity will be 50,000 tonnes of anode materials, the Chinese lithium-ion battery producer said in a […] October 25, 2023
Tech Trash to treasure: how the Gulf is tackling e-waste Looking to buy a new smartphone? What are you going to do with your old one? Consumer appetites for the latest phones, tablets and wearables are making electronics the fastest-growing category of waste in the world. The amount of electronic waste in landfills worldwide is forecast to reach 74 million tonnes a year by 2030, […] October 24, 2023
Industry Work to begin in 2024 on Hyundai’s $500m Saudi car plant A joint venture between Saudi Arabia’s Public Investment Fund and Hyundai Motor Company is expected to break ground on its first vehicle manufacturing plant next year. The sovereign fund will hold a 70 percent stake in the venture, with the South Korean car giant holding the rest. Vehicle production is due to start in 2026. The […] October 23, 2023
Industry UAE steel maker signs rail transport deal with Oman Oman and Etihad Rail Company, the developer and operator of the Oman and UAE rail network, has signed an agreement with UAE-based Emirates Steel Arkan to boost cross-border supply chains by facilitating the export of raw limestone. The rail company will provide logistics solutions to manage the transportation of raw limestone from Oman to Emirates […] October 17, 2023
Economy RAK outlook upgraded as hotel building steps up Ras Al Khaimah’s tourism and infrastructure projects, including the $3.9 billion Wynn Al Marjan Island resort, could strengthen the emirate’s growth prospects over the next two to three years, S&P Global Ratings said on Monday. S&P now rates RAK’s long-term outlook as “positive”, upgrading it from “stable”. The ratings agency is also forecasting that RAK’s […] October 16, 2023
Finance Saudi grant programme to develop local defence sector Two Saudi government entities have launched a four-year programme of grants worth 664 million riyals ($177 million) to support the development of a local defence sector, part of plans to diversify its arms industry sources by 2030. The General Authority for Defense Development and Public Investment Fund-owned Saudi Arabian Military Industries (Sami) launched the initiative […] October 11, 2023
Manufacturing PIF sets up unit to localise Saudi automotive sector Saudi Arabia’s Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to build local manufacturing and supply chain capabilities for the automotive and mobility industry in the kingdom. The new company will be responsible for strategic investments and partnerships with both local and global private sector companies. The […] October 11, 2023
Manufacturing Chinese cash to supercharge Morocco’s EV battery sector Morocco’s plan to become a centre for electric vehicle manufacturing has received a boost from two Chinese companies, as the kingdom benefits from the cooling relations between Beijing and Washington. CNGR Advanced Material, a Chinese manufacturer of battery components, announced last month that it would join forces with Al Mada, a conglomerate owned by the […] October 10, 2023
Industry Lucid opens first global EV factory in Saudi Arabia Californian electric vehicle (EV) maker Lucid Group has opened its first international manufacturing plant in the newly-launched King Abdullah Economic City (KAEC) special economic zone. The Economic Cities and Special Zones Authority last week issued Lucid a permit to operate a manufacturing unit at KAEC in Jeddah. The US-based EV maker, which is backed by […] September 28, 2023
Health Saudi Arabia injects $133m into vaccine factory Saudi Arabia is planning to invest SAR500 million ($133 million) in a factory to boost local vaccine and medicine manufacturing capacity as the kingdom seeks to become a regional centre for biotechnology. Saudi Authority for Industrial Cities and Technology Zones, also known as Modon, has signed an investment agreement with the Vaccine Industrial Company to […] September 28, 2023
Industry LG lithium plant in Morocco to start production in 2026 South Korea’s LG Chem Ltd has entered into partnership with China’s Huayou Group’s subsidiary Youshan to build a joint electric vehicle (EV) battery material plant in Morocco in an effort to diversify its portfolio. The plant, set to start production in 2026, aims to produce 50,000 metric tonnes of lithium-phosphate-iron (LFP) cathode materials annually, enough […] September 25, 2023
Manufacturing Dubai 3D factory muscles in on aviation sector A new 3D printing facility in Dubai, certified to produce airplane components, is anticipated to cut into a portion of traditional global aviation manufacturers and maintenance hubs. Paradigm 3D has invested AED20 million ($5.5 million) to establish a factory using technology from Stratasys, an American-Israeli maker of industrial 3D printers that are used by industry […] September 22, 2023
Industry EU sets deadline for Arcelik and Whirlpool deal European Union (EU) antitrust regulators will decide by October 23 whether to clear Turkish domestic appliances maker Arcelik’s proposed purchase of Whirlpool’s European domestic appliances business, an European Commission filing showed on Thursday. Under the deal announced in January, the companies will set up a new entity made up of Arcelik’s European units such as […] September 22, 2023
Manufacturing Lucid gets permit to operate in new Saudi economic zone Saudi Arabia’s Economic Cities and Special Zones Authority has issued US electric vehicle maker Lucid Group a permit to operate a manufacturing unit at the newly-launched King Abdullah Economic City (KAEC) special economic zone. “This marks a successful kickoff for the new SEZs launched earlier this year, showcasing a promising avenue for innovation and growth,” […] September 22, 2023
Industry Egypt signs contract to establish $1bn tyre factory Egypt has secured 1 billion euros ($1.07 billion) worth of investment to establish a tyre factory in the Suez Canal Economic Zone, the cabinet said in a statement. A contract was signed with Rolling Plus for Chemical Industries, a joint venture between Egyptian, Saudi Arabia and Cypriot companies, to establish a factory producing seven million […] September 21, 2023
Analysis Manufacturing The time could be right for a ‘Made in the Gulf’ brand Creating a “Made in the Gulf” brand for the region’s manufacturing sector would not be easy – but such an initiative has potential, according to industry experts. Plans to establish a unified definition and standards for such a brand were discussed by trade and industry ministry representatives at a meeting of the Industrial Cooperation Committee […] September 21, 2023
