Manufacturing Saudi pharma firm to buy manufacturing site in Algeria Jamjoom Pharmaceuticals Factory Company has increased capital in its joint venture in Algeria to help finance the acquisition of a manufacturing facility. In a filing to the Saudi Stock Exchange, the company, which raised $336 million in an initial public offering in May, announced the additional funding in Jamjoom Algeria Lil Dawa, in which it […] July 31, 2023
Manufacturing Japan factory output rises on strong demand Japanese factory output improved in June for the first time in two months, government data showed on Monday, highlighting growing confidence among manufacturers buoyed by strong demand. Many countries, including Japan, are relying on domestic consumption to underpin growth while the risk of global recession persists. Factory output rose two percent in June from a […] July 31, 2023
Manufacturing Borouge profit down 50% as merger talks continue Petrochemicals company Borouge saw its net profit slide 53 percent year on year to $231 million in the second quarter, attributed to a decline in average sales prices for its products. The business said in a filing to Abu Dhabi Securities Exchange, where its shares are traded, that total revenues fell by 25 percent to […] July 28, 2023
Analysis Manufacturing Sales slump ‘does not signal end’ for PCs in UAE The ongoing decline in PC sales in the UAE reflects a worldwide trend of decreasing shipments of desktop computers, say analysts. Global shipments of PCs shrunk by 16.6 percent year on year to 59.7 million in the second quarter of this year. It marked the seventh consecutive global quarterly decline. Local UAE industry experts say […] July 27, 2023
Manufacturing Egypt grants five ‘golden licences’ for $329m projects Egypt has issued golden licences to five projects with a total investment of EGP10.2 billion ($329.34 million). The first project is a 78,000 square metre recycling factory for alternative fuel and fibre, which will be built by Enviro Process in Minya at the cost of EGP73.5 million. Fayoum Company for Storage and Warehouses will build, […] July 25, 2023
Manufacturing Talks begin to set up Mena’s largest telco tower venture Qatar’s Ooredoo, Kuwait’s Zain Group and UAE’s TASC Towers Holding have started talks to create one of the largest telecommunications tower companies in the Middle East and North Africa (Mena). The discussions seek to combine their 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower firm […] July 25, 2023
Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023
Manufacturing Egypt fuels private sector investment in Saudi industrial zones Private sector investment in Saudi industrial zones has spiked by nearly 25 percent in the second quarter of 2023, with Egypt the primary source market for overseas investors. The Saudi Authority for Industrial Cities and Technology Zones (Modon) announced that SAR 2.77 billion ($735.5 million) was invested in Q2 2023 — up 23.5 percent year-on-year. […] July 24, 2023
Manufacturing Egypt plans fertiliser complex with help from China and Italy Egypt will build a third industrial fertiliser production complex in Ain Sokhna in cooperation with Chinese and Italian companies. President Abdel-Fattah El-Sisi met and discussed with executives of China’s Wuhan Engineering Co. and Italy’s Ballestra on establishing the industrial complex, the president’s office said in a statement. “The meeting discussed the ongoing cooperation with the […] July 24, 2023
Manufacturing French and Korean firms to build new US battery plant French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the US to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalised, and where the plant will be located is […] July 24, 2023
Manufacturing Egypt set to issue tenders for precious metal mining Egypt will issue tenders for mining precious and basic metals between July and September 2023, according to minister of petroleum and mineral resources Tarek El Molla. The tenders will be for mining precious metals, phosphate, sulphur and potash, he added. The minister stated that the government has launched a regional geophysical survey programme, which includes […] July 19, 2023
Manufacturing Saudi Arabia and Japan to work on producing ammonia Saudi Arabia and Japan will establish a public-private framework to jointly producing ammonia. Tokyo will assist in constructing an ammonia plant planned by Saudi Aramco, with trading houses Mitsubishi Corporation and Mitsui & Co. joining in the venture, The Nikkei, a Tokyo-based financial newspaper, reported. The agreement will likely be signed when Japanese Prime Minister […] July 16, 2023
Manufacturing Adnoc confirms talks on potential chemicals giant State-owned Abu Dhabi National Oil Company (Adnoc) has confirmed formal negotiations with Austria’s OMV AG (OMV) on the potential creation of a new combined petrochemicals holding entity. The new entity will be created through the proposed merger of the two companies’ existing shareholdings in Borouge plc and Borealis AG. Borouge is listed on the Abu […] July 16, 2023
Manufacturing Saudi-backed Lucid shares down as deliveries take hit Lucid Group said its second-quarter production dropped from the previous three months while deliveries stayed flat, sending the shares of the luxury electric-vehicle maker down about 12 percent on Wednesday. The Saudi Arabia-backed startup has been struggling to ramp up production in the face of supply chain issues, while a price war started by market […] July 13, 2023
Transport SNB Capital invests $100m in South Korean EV battery maker Saudi asset manager SNB Capital has bought a $100 million stake in South Korean electric vehicle (EV) battery manufacturer SK On, it announced on Tuesday. The investment was made through SNB Capital EV Batteries, a sharia-compliant fund which aims for attractive returns related to the growing global demand for EVs. SK On is one of […] July 11, 2023
Manufacturing Local brand powers Turkey’s rocketing EV sales The sale of electric vehicles (EVs) in Turkey surged 465 percent year on year in the first half of 2023, driven by the country’s first local car and the launch of new brands. 12,792 EVs were sold in the year to June, the Daily Sabah newspaper reported, citing data from the Automotive Distributors and Mobility […] July 9, 2023
Manufacturing ‘Chinese storm’ risks Europe’s EV sector says Renault chief A “Chinese storm” is looming over Europe’s growing electric vehicle (EV) sector, Renault chairman Jean-Dominique Senard told Reuters, as Asia’s superpower dominates key raw materials to make batteries for zero emission cars. China’s recent decision to restrict exports of two metals – gallium and germanium – used in semiconductors and EVs should raise red flags […] July 9, 2023
Manufacturing France’s Alstom to establish industrial complex in Egypt The Egyptian cabinet has approved an investment plan by French train maker Alstom to set up an industrial complex in Alexandria. Alstom proposes setting up two factories, one for producing components such as signals, panels and electrical control circuits, Egypt Today newspaper reported. The second plant will manufacture mobile units for metro lines, trams, light […] July 7, 2023
Manufacturing Food sector dominates new factories approved in Saudi Saudi Arabia approved licences for 53 new factories with total investment capital of more than $5 billion in April. The majority of new licences came from the food products industry, according to the latest monthly figures from the Ministry of Industry and Mineral Resources, with nine new licenses approved. Other major sectors included non-metallic minerals […] July 6, 2023
Manufacturing Shisha tobacco company has IPO in the pipeline for 2024 The Middle East’s biggest shisha tobacco company has invited banks to pitch for roles in its planned initial public offering next year. Dubai’s Advanced Inhalation Rituals (Air) is planning a flotation in the first half of 2024, sources told Reuters. Air is one of the world’s biggest producers of shisha molasses. Its majority owner Kingsway […] July 4, 2023
Manufacturing Turkish manufacturing faces stifling cost pressures Turkish manufacturing output grew by the end of the second quarter, but new order growth softened and price pressures mounted because of currency depreciation, the latest industry tracker showed. The headline Purchasing Managers’ Index (PMI) for manufacturing, from Istanbul Chamber of Industry and S&P Global, stood at 51.5 in June. This was the same as […] July 4, 2023
Manufacturing Tesla beats Q2 delivery estimates as price cuts pay off Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and US federal credits helped to make its electric vehicles more affordable. The Elon Musk-led company handed 466,140 vehicles in the April to June period, up 10 percent from the preceding quarter, and 83 […] July 3, 2023
