Trade Turkey’s trade deficit widens as exports dip in April Turkey’s trade deficit widened to $8.7 billion in April 2023, a 42.1 percent surge year-on-year (YoY), Turkish Statistical Institute (TurkStat) data showed. Exports fell 17.1 percent YoY to $19.3 billion, driven by a decline in mining, quarrying and manufacturing. Imports slipped 4.8 percent YoY to $28.1 billion, Daily Sabah newspaper reported. The country revealed a […] May 31, 2023
Manufacturing Saudi and UK to strengthen supply chain for minerals The UK and Saudi Arabia have signed a declaration of intent to develop supply chains for critical minerals. The agreement aims to support the global energy transition by increasing the supply of minerals used in electric vehicles, wind turbines and solar panels. Lithium, nickel and copper are among the metals covered by the declaration, which […] May 30, 2023
Economy Saudi economic zones attract initial $13bn investments Four special economic zones launched last month by Saudi Crown Prince Mohammed bin Salman have attracted nearly $13 billion from investors. Discussions are under way for another $31 billion. Investments so far cover the maritime, mining, manufacturing and logistics and technology sectors, it was announced on Monday at a forum in Riyadh. The four zones […] May 30, 2023
Energy Saudi Arabia to invest billions in Iraq, officials say Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […] May 26, 2023
Opinion Economy China-GCC FTA will be a game changer A deal would galvanise Middle Eastern economic transformation May 25, 2023
Manufacturing Saudi Arabian Mining Co profit slumps 80% in Q1 The Middle East’s largest mining and metals company has reported an 80 percent drop in net profit for the first quarter of 2023. Saudi Arabian Mining Co, better known as Ma’aden, blamed the fall in part on increased costs related to raw materials and softer commodity prices. It posted net profit on Monday of just […] May 22, 2023
Energy Saudi mining firm exports blue ammonia to China Saudi Arabian Mining Company (Ma’aden) has exported its first shipments of low-carbon blue ammonia to China. The Saudi Exchange (Tadawul)-listed mining major signed an agreement to supply 25,000 tonnes of blue ammonia to China’s Shenghong Petrochemicals. Ma’aden is among the largest exporters of blue ammonia, having received certification for production in 2022. It will ship […] May 19, 2023
Economy Hospitality helps Tunisian economy grow 2% in Q1 The Tunisian economy grew by 2.1 percent in the first quarter of this year, although unemployment hit 16.1 percent, according to data from the National Institute of Statistics (INS). The year-on-year growth was driven by increased revenues from the communications, transport and hotels, restaurants and coffee shops sectors, which grew 4.8 percent, 5.3 percent and […] May 17, 2023
Manufacturing Ma’aden buys $126m stake in US mining firm Saudi Arabian Mining Co (Ma’aden) has bought a 9.9 percent stake in US minerals exploration company Ivanhoe Electric as part of a joint venture exploring an area in the kingdom that’s larger than Denmark. The $126 million deal includes a $66 million joint venture where Ma’aden will use Ivanhoe’s Typhoon geophysical surveying technology to mine […] May 16, 2023
Logistics Oman and UAE explore transport of minerals by rail Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, has signed an agreement with Brazilian mining firm Vale to explore transporting iron ore and its derivatives by rail. The railway line will connect Vale’s industrial complex in Sohar Port and Freezone in Oman to its planned mega-industrial complex in the […] May 14, 2023
Opinion Energy Mining the Middle East’s rich seam of copper Red metal can put a shine on the region's diversification from oil wealth April 17, 2023
Manufacturing Manufacturing sector fuels industrial success in Saudi Manufacturing activity in Saudi Arabia increased by 17 percent year-on-year in February boosting overall growth in industrial production across the kingdom, alongside improvements in mining and quarrying and electricity and gas supplies. The Saudi General Authority for Statistics (Gastat) found that in February the Industrial Production Index (IPI) rose 6 percent year-on-year. According to the […] April 13, 2023
Saudi Arabia shortlists 13 bidders for two mining sites Saudi Arabia’s Ministry of Industry and Mineral Resources has shortlisted 13 local and international companies for the second licensing stage of the Muhaddad and Ar Ridaniyah exploration sites. The Muhaddad exploration site, located in Bisha within the Asir geological terrane, covers 139 sq km and includes copper, zinc and lead ores deposits, the ministry said in a […] April 11, 2023
Banking & Finance Oman opens bids for three mining sites Oman is seeking bids for three mining sites within the Ayoun area of the Dhofar governorate, the energy and minerals ministry said in a tweet. The bidding will comprise three mining sites, covering areas of 1.72 sq km, 1.41 sq km, and 1.87 sq km. Omani companies with experience in mining sector projects can submit […] April 10, 2023
Oman to offer new mineral exploration blocks by Q1-end Oman’s ministry of energy and minerals is working on offering new mineral exploration blocks for investments in the first quarter of 2023. The ministry is currently in the final stage of negotiations with specialised companies on several concession areas, primarily focusing on developing potash ore and evaluation of lithium ore, Dr Salah bin Hafeez Al […] March 12, 2023
UAE industrial giant pins future on net zero 2050 ambitions Emirates Global Aluminium (EGA) – the UAE’s largest industrial company outside those focused on oil and gas – is pinning its future on the country’s decarbonisation efforts as the global market for aluminium remains under pressure. The company said it is committed to producing aluminium more sustainably and, last year, produced 57,000 tonnes of CelestiAL […] March 8, 2023
Economy Saudi Crown Prince unveils strategy for Northern Borders Crown Prince Mohammed bin Salman has unveiled a plan to drive economic expansion in Saudi’s Northern Borders region. The strategic office for the Northern Borders, announced on Monday, aims to increase development across the region, which is an emerging metals and chemicals hub, and take advantage of its location next to Jordan and Iraq. The […] February 20, 2023
Manufacturing Saudi Arabia seeks foreign and local mining firms to join big dig Saudi Arabia is inviting local and international mining companies to bid for licences on five exploration sites across the kingdom. The Ministry of Industry and Mineral Resources said on Monday it had launched pre-qualification for the licensing round, as Riyadh steps up the search for foreign investors as well as efforts to explore its reserves […] February 13, 2023
Analysis Manufacturing Heavy metal and fine porcelain boost Ras Al Khaimah economy Ras Al Khaimah has been making up for its limited hydrocarbons sector by developing non-oil businesses such as quarrying, cement, ceramics and pharmaceuticals. Today RAK’s manufacturing, wholesale and retail trade, along with its construction/real estate activities amount to about 50 percent of GDP. The direct contribution of the mining and quarrying sector is currently only […] February 8, 2023
Energy Luxembourg firm commits $50m investment to Saudi mining A Luxembourg-based natural resources group is set to enter Saudi Arabia with an initial $50 million investment as the kingdom looks to attract more foreign companies to its burgeoning mining sector. Eurasian Resources Group (Erg) said there is potential to grow its Saudi investment year-on-year, adding that it will prioritise large scale, early-stage exploration for […] January 31, 2023
Analysis Retail Diamonds (from a lab) are the Gulf’s best friend Basma Chaieri began her business after watching the season two finale of Netflix’s hit series Explained. The November 2019 episode, which explored the growing popularity of lab-grown diamonds, prompted the Dubai resident to quit her travel job and enrol in gemology school to study the trade. “I thought why would anyone buy a real diamond […] January 20, 2023
Manufacturing Saudi mining firm to invest $319m to build four factories Saudi Arabia’s Astra Mining is planning to build four new factories over the next five to seven years at an investment of up to SR1.2 billion ($319 million), Arab News reported, citing CEO Ali Al-Jabrah. He stated that the company owns a land bank of 92,000 square meters that can take up to five factories. […] January 13, 2023
