Saturday 4 February 2023

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MAJOR INDUSTRIAL STRATEGY
Adnoc signs $4.63bn deals to boost manufacturing sector

Abu Dhabi National Oil Company (Adnoc) has signed agreements worth AED17 billion ($4.63 billion) with a total of 23 major companies as part of its efforts to boost local manufacturing opportunities across a wide range of critical industrial products.

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Q4 RESULTS SEE DECLINE
Alba revenues up 16% in 2022; profit at $1.1bn

Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, has reported a revenue of BD1,840.9 million ($4,896.1 million) for 2022, up 16% YoY, compared to BD1,584.8 million ($4,215 million) for 2021.

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OPERATIONS SET FOR 2025
Saudi Dussur-Korean JV breaks ground on $240m steel plant

SeAH GSI, a joint venture between Saudi industrial investments company Dussur and Korean steel manufacturer SeAH CSS, has broken ground on its SR900 million ($240 million) seamless stainless steel tube plant within the King Salman Energy Park (Spark).

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3

ANALYSIS
Mideast CEOs confident of economic growth in 2023: PwC

CEOs in the Middle East are confident in regional growth and are transforming their businesses embracing new technologies, investing, driving cost efficiencies, moving on deal activity and mitigating the risk of climate change, a report said.

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FOCUS
Revving up the EV market in the Middle East

Although the electric vehicle (EV) market in the Middle East region is still in its infancy, it is showing promising signs of growth.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Bahrain to build state-of-the-art aquatics sports complex

Plans are afoot to build a state-of-the-art aquatics sports centre in Bahrain featuring two Olympic-sized swimming pools and 150 rooms for players with all facilities. A deal was signed by World Aquatics and GFH Financial Group in this regard.

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Energy, Oil & Gas

Neom Green Hydrogen Company gets Saudi operating licence

Neom Green Hydrogen Company (NGHC) - a joint venture between Saudi futuristic city Neom, global utility project developer Acwa Power and industrial gases leader Air Products - said it has secured the industrial operating licence from Saudi Arabia.

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Finance & Capital Market

Saudi 2022 real GDP up 8.7pc on robust non-oil activities

Saudi Arabia’s real gross domestic product (GDP) for 2022 grew by 8.7% compared to the previous year, driven by a jump in non-oil sector activities, which grew at the fastest pace in more than a year, according to the General Authority for Statistics.

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Analysis, Interviews, Opinions

Revving up the EV market in the Middle East

Although the electric vehicle (EV) market in the Middle East region is still in its infancy, it is showing promising signs of growth.

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Industry, Logistics & Shipping

Agthia Group net profit up 14pc to $67.25m in 2022

UAE-based Agthia Group’s net profit for 2022 rose of 14% year-on-year (YoY) to AED247 million ($67.25 million) and its net revenue increased 33% YoY to AED4.07 billion, with growth of 97% on a two-year basis.

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Travel, Tourism & Hospitality

Saudi Arabia launches 96-hour free stopover visa

Saudi Arabia's Ministry of Foreign Affairs (MOFA) has announced the launch of a new Stopover Visa, open to a wider number of countries than the historic tourism eVisa and is the kingdom's latest move to make the destination more accessible.

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IT & Telecommunications

BNET signs deal with Mazad to manage electronic auctions

Bahrain Network (BNET) has signed a deal with Mazad, a portfolio firm of Bahrain Mumtalakat Holding Company, to organise and manage electronic auctions in collaboration with BNET, with the aim of selling BNET’s electronic devices.

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Lifestyle

Nissan launches all-new 2023 Nissan X-Trail in Jordan

Nissan has launched the All-New 2023 Nissan X-Trail in Jordan, developed as a Premium Urban Crossover offering customers class-leading versatility, elevated exterior and interior designs, advanced safety, and improved capability.

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Motoring

Alyemni Motors unveils Forthing’s new T5 Evo model

Alyemni Motors Company, the authorized dealership for Forthing cars in Saudi Arabia, has revealed the all new T5 Evo 2023, set to be the next competitor in the “crossover” small utility vehicles (SUV) market in the country.

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Health & Environment

Arab Health 2023 launches the Intelligent Health Pavilion

Arab Health 2023 has launched the Intelligent Health Pavilion, which showcases how multiple technologies can seamlessly inter-operate with medical equipment and co-exist to improve the patient experience.

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Media & Promotion

Opera maestro Andrea Bocelli returns to AlUla

Some of the most popular names on the regional and international music scene -- Italian opera tenor Andrea Bocelli, Lebanese pianist Guy Manoukian and Spanish violinist Ara Malikian -- will performance at AlUla this weekend.

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Education, HR & Training

Bahrain King orders restructuring of LMRA

His Majesty King Hamad bin Isa Al Khalifa of Bahrain has issued a royal decree ordering the restructuring of the Labour Market Regulatory Authority (LMRA), based on the proposal of the Prime Minister, and following the approval of the cabinet.

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Miscellaneous

KBR unveils Next-Gen asset management framework

KBR, a leading US company operating in the fields of science, technology and engineering, has launched its Next-Gen asset management framework - Asset Ikigai - at the group's customer sites across Europe, Africa, and the Middle East.

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