Economy Turkish car sales fall for fourth consecutive month Turkish vehicle sales slipped in July, as concerns over the economy, high costs of borrowing and car-sale taxes dented consumer sentiment. July car sales reached 94,000 units, according to a report released on August 2 by Turkey’s Automotive Distributors and Mobility Association (ODMD). The July figure represents a 17.5 percent year-on-year fall and marks the […] August 5, 2024
Industry Emirates Steel Arkan asks UAE to curb cheap Chinese imports Emirates Steel Arkan is liaising with the UAE government to explore ways to reduce the impact of China exporting its excess steel at knockdown prices. A slowdown in China’s property sector has led to a sharp decline in domestic demand for steel, forcing Chinese producers to sell surplus stock cheaply to international markets. US president […] August 4, 2024
Industry Abu Dhabi’s Fertiglobe revenue hit by lower sales Revenues at fertiliser producer Fertiglobe slipped 16 percent to $1.05 billion in the first half of 2024 from $1.24 billion a year earlier due to lower sales. Net profit attributable to owners over the same period fell 39 percent year on year to $131 million. Abu Dhabi-listed Fertiglobe is the largest nitrogen fertiliser producer in the […] August 2, 2024
Industry Borouge profit up 33% on higher product sales Record production volumes, higher sales and increased cost efficiencies helped net profits at petrochemicals company Borouge rise 33 percent year on year in the second quarter of 2024 to $308 million. Revenue at the Abu Dhabi-listed company reached $1.5 billion during the quarter, up 6 percent annually. NewsletterGet the Best of AGBI delivered straight to […] July 31, 2024
ANALYSIS Industry Made in Morocco – industrial giants just keep on investing Rabat's deals with manufacturers from the US, Europe and Asia provide a model of co-operation for the Arab world July 30, 2024
Manufacturing Aramco and PIF invest in Saudi-Chinese steel venture Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […] July 26, 2024
Employment Aviation workforce in Morocco to double by 2030 Morocco has announced plans to provide employment for young people by doubling the number of people employed in the country’s aviation sector by 2030. The aerospace industry in Morocco currently includes some 142 companies, employing a workforce of 17,000, and has an annual turnover in the region of $2 billion in exports. Ryad Mezzour, the […] July 24, 2024
Analysis Sustainability Morocco lures manufacturers to avoid EU carbon taxes Morocco is looking at investing in carbon dioxide capture and storage to attract manufacturers to the country who want to avoid the EU’s upcoming carbon tax on imports. The European Union’s Carbon Border Adjustment Mechanism (CBAM), which will come into effect in 2026, will tax imports of goods such as steel, cement and fertilisers into […] July 22, 2024
Opinion Renewable Energy Oman is on a steady path to a hydrogen-powered future The sultanate is off to a roaring start – now it needs to stay on course July 17, 2024
Renewable Energy PIF ties up with China to meet renewable energy targets Saudi Arabia’s Public Investment Fund (PIF) is swiftly moving towards localising renewable energy components to achieve its 2030 targets. The Renewable Energy Localization Company (RELC), a unit of the sovereign fund, has signed three joint venture agreements with Chinese companies to support the kingdom’s clean energy needs. RELC works to build partnerships between global manufacturers […] July 17, 2024
Manufacturing Henkel expands Gulf presence with Riyadh factory German consumer goods group Henkel has opened a beauty care production facility in Riyadh amid a localisation drive by the Saudi government. The facility in Riyadh will produce a range of products under the Pert brand, including shampoos, conditioners and other specialised items. No details were given on the production capacity and cost of the facility. […] July 16, 2024
Sustainability Bahrain signs ship recycling deal with Maersk Bahrain has signed an agreement with Danish shipping and logistics company A.P. Møller-Mærsk to create a ship recycling plant in the country. Maersk – the parent company of APM Terminals Bahrain and operator of Khalifa Bin Salman Port (KBSP) – will supply old vessels to the Arab Shipbuilding and Repair Yard Company, which will dismantle […] July 15, 2024
Manufacturing Agthia enters Saudi protein market with $25m facility The UAE’s food and beverages group Agthia is expanding its presence in Saudi Arabia, the largest economy in the GCC. The Abu Dhabi-listed company, which is majority owned by the Abu Dhabi government through the state investor ADQ, has opened a new AED90 million ($24.5 million) protein manufacturing facility in Jeddah to support growing demands […] July 9, 2024
Manufacturing Fall in Almarai’s Q2 revenue hits bottom line Revenues for Saudi Arabia’s Almarai, the Middle East’s largest dairy farm, fell 6 percent year on year in the second quarter of 2024, driven by seasonal changes in consumption patterns. The top line fell to SAR5.2 billion ($1.4 billion) during the April to June period, compared to SAR5.46 billion a year earlier. The drop in […] July 8, 2024
Manufacturing Chinese EV maker Byd to open $1bn plant in Turkey Chinese electric vehicle (EV) manufacturer Byd will construct a $1 billion plant in Turkey, according to a news report. The agreement was signed between the Chinese company and Turkey’s industry and technology ministry on Monday in the presence of Turkey’s president Tayyip Erdogan. Bloomberg reported citing officials that the announcement planned on Monday. The electric […] July 8, 2024
Economy Egyptian business confidence improves but pessimism remains Egyptian businesses reported significant new sales for the first time since 2021 in June but are still more pessimistic than optimistic, according to the latest purchasing managers index (PMI) report. The survey released by S&P Global reported a headline PMI of 49.9, the highest in almost three years and just shy of the 50.0 mark […] July 4, 2024
Manufacturing Turkish manufacturers struggle to regain momentum Turkey’s powerful manufacturing sector is still pessimistic about the country’s short-term economic prospects, with new orders slowing further and reduced employment levels, a closely watched survey of confidence has revealed. There were, however, some hopes that a softening of inflation could herald better sales later in the year, the survey found. The Istanbul Chamber of […] July 3, 2024
Economy UAE businesses increase prices to protect margins Companies in the UAE were forced to hike prices for a second month in succession in June, according to the latest business sentiment survey from ratings agency S&P Global. S&P attributed the sharp rise in input prices to material costs, shipping fees and overheads. Wages also grew marginally throughout the month, leading to the fastest […] July 3, 2024
Manufacturing Tesla outpaces Togg with Turkey-specific model Tesla sales in Turkey surpassed those of the local brand Togg in June, following the introduction of a model tailored for the Turkish market. The US electric vehicle (EV) maker sold 2,670 units of the Model Y RWD sport-utility vehicle (SUV), designed to avoid high taxes on vehicles exceeding 160 kilowatts of power, the Daily […] July 3, 2024
Analysis Manufacturing Water shortage and talent hole hinder Gulf chips ambition Plans by the UAE and Saudi Arabia to become centres of computer chip manufacturing are threatened by everything from shortages of engineering talent to a lack of water, experts have warned. The ambitions of the two countries will fail unless they invest in training and form partnerships, they say. The demand for high-end semiconductors, otherwise […] July 2, 2024
Industry France’s Saint-Gobain buys Dubai’s Fosroc for $1bn French construction materials group Saint-Gobain has signed an agreement to purchase Fosroc, a Dubai-based construction chemicals company, for €960 million ($1.03 billion) to expand its international operations. The deal follows the company’s 35 acquisitions since 2021, resulting in combined sales of €6.2 billion across 73 countries after the latest move. The transaction is expected to close by […] June 28, 2024
Manufacturing Mumtalakat invests in Italian motorsport safety products Mumtalakat, Bahrain’s sovereign wealth fund, has invested in Italian Racing Force, the parent company of Racing Force Group (RFG), makers of motorsport safety products. The investment, made through its wholly owned subsidiary, aims to support the expansion of Racing Force’s helmet factory in Bahrain. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, said that collaborating […] June 27, 2024
