The project is forecast to contribute US$5-6bn to the UAE’s GDP. (Image source: RAKEZ)

Ras Al Khaimah Economic Zone (RAKEZ) has signed a landmark partnership with India’s Rana Group to launch the Erisha Smart Manufacturing Hub, a transformative project aimed at advancing the region’s industrial and sustainability landscape.

The collaboration supports the Middle East and Africa expansion of Rana Group’s EV arm, Erisha E Mobility, while reinforcing its business base in India.

Spanning 15 million ft² with a construction area of roughly 25 million ft², the hub will support more than 150 industries and focus on future-forward technologies, including electric and hydrogen vehicles, renewable energy, EVTOL aircraft, and semiconductor production.

The integrated development, covering 335 acres, will blend industrial, residential, and commercial infrastructure, featuring hospitals, medical colleges, shopping centres, hypermarkets, offices, warehouses, and financial institutions.

Creating job opportunities

With an expected investment of US$10bn, the project is forecast to contribute US$5-6bn to the UAE’s GDP and create approximately 4,000 jobs in Ras Al Khaimah.

Erisha E Mobility Chairman and Managing Director Dr Darshan Rana commented, “We are thrilled to partner with RAKEZ and bring Erisha Smart Manufacturing Hub to life. This project will be at the forefront of the green energy revolution, contributing significantly to the UAE’s net zero ambitions and creating a self-sustainable future. Our goal is to set new benchmarks in sustainable industrialisation, driving innovation while supporting the global transition to cleaner energy solutions.”

RAKEZ Group CEO Ramy Jallad said, “Ras Al Khaimah continues to establish itself as a fertile base for technological innovation and sustainable development. With its robust infrastructure, strategic location, and dynamic business environment, the emirate is well-positioned to support forward-thinking initiatives like Erisha Smart Manufacturing Hub.

While this integrated Hub will drive economic diversification, it will also create thousands of new jobs, promoting long-term growth and reinforcing Ras Al Khaimah’s leadership in green energy and advanced manufacturing.”

In a press statement, the companies said, "This partnership underscores a shared commitment to driving sustainability, innovation, and economic growth. RAKEZ, with its world-class infrastructure and commitment to fostering business success, provides the ideal platform for Erisha E Mobility’s global expansion, ensuring that the Hub will be a catalyst for progress in the UAE and beyond."

Earlier this month,RAKEZ partnered with UAE-based fintech firm Peko to introduce a suite of automated services designed to simplify daily business operations. Accessible through RAKEZ’s client portal, the tools cover invoicing, payroll, utility payments, and business travel bookings, which offer small and medium businesses enhanced convenience and operational control.

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Revolutionising industry with sustainable, advanced technology

The group also reported a 21% YoY increase in cement and clinker sales, reaching 1.613 million tonnes. (Image source: EMSTEEL)

Sales volumes of finished steel products rose by 24% year-on-year (YoY) to 1.616 million tonnes, driven by sustained construction activity and EMSTEEL’s solid market presence.

The group also reported a 21% YoY increase in cement and clinker sales, reaching 1.613 million tonnes.

Improved capacity utilisation allowed EMSTEEL to fully convert semi-finished products into finished goods to meet rising customer demand.

Despite a 4% YoY drop in average steel prices and a strategic decision to scale back sales of semi-finished products, EMSTEEL posted revenues of AED 4.3 billion for the period, up 9% compared to the first half of 2024.

EBITDA rose by 6% to AED 540 million, yielding a margin of 12.6%, only slightly lower than the 12.8% recorded in H1 2024. Margin pressure from lower steel prices was partially offset by improved production costs, enhanced plant utilisation, and ongoing operational optimisation.

Profit after tax reached AED 188 million, compared to AED 174 million during the same period last year.

The Emirates Steel division generated AED 3.9 billion in revenue and AED 449 million in EBITDA, while the Emirates Cement division recorded AED 428 million in revenue and AED 91 million in EBITDA.

Within this division, the Pipes & Other segment (which is currently in divestment) contributed AED 90 million in revenue and is classified as Assets Held for Sale.

As of 30 June 2025, EMSTEEL maintained a strong net cash position of AED 372 million, up from AED 337 million at the end of 2024.

For Q2 2025 alone, revenue increased by 18% and EBITDA by 27% YoY, benefitting from the same drivers as H1 and a favourable comparison to Q2 2024, when operations were disrupted by severe weather.

EMSTEEL also made progress on its strategic initiatives. It received a provisional “AA” ESG rating from MSCI, highlighting strong carbon reduction practices and workforce safety.

The company signed a partnership with Magsort to produce decarbonised cement using steel slag and introduced its first Green Finance Framework to support future low-carbon projects in steel and cement.

Saeed Ghumran Al Remeithi, group CEO of EMSTEEL, said, “Our strong H1 2025 performance underscores the resilience and adaptability of EMSTEEL in an evolving global market. The 9% growth in revenue and continued EBITDA strength reflect our strategic focus on value-added products, operational efficiency, and domestic market leadership. We are proud of our team’s ability to convert industry headwinds into opportunities for growth and innovation.”

He added, “As we advance our decarbonisation journey, the launch of our Green Finance Framework and our strategic partnership with Magsort mark important milestones in building a more sustainable, circular steel and cement ecosystem. With a solid financial foundation, strong ESG credentials, and a clear long-term vision, EMSTEEL remains well-positioned to deliver sustainable value to all stakeholders.”

The event brought together more than 200 attendees. (Image source: DEWALT)

DEWALT recently hosted its first 2025 Innovation Day in Dubai, marking a significant milestone in its mission to drive construction industry transformation through cutting-edge tools and technology.

The event brought together more than 200 attendees, including end users, dealers, and key partners, for an exclusive preview of DEWALT’s latest professional-grade solutions.

The showcase featured over 100 advanced products, including the DEWALT POWERSHIFT Cordless Equipment System, cordless tools for mechanical, electrical, and plumbing (MEP) applications, and a wide range of woodworking solutions.

With interactive zones and live demonstrations throughout the venue, attendees were given a hands-on opportunity to explore the brand’s versatile offerings and experience the performance benefits in real-time.

A highlight of the event was the DEWALT Service Container Project, which demonstrated how the company’s value-added services enhance productivity, improve runtime, and deliver consistent reliability across demanding jobsites.

Innovation Day also served as a platform for DEWALT to strengthen ties with its distributor network and engage directly with the professionals who rely on its tools.

By gathering valuable feedback from users and partners, DEWALT reaffirmed its role as a forward-thinking industry leader committed to continuous improvement and customer-driven innovation.

Speaking at the event, Parmesh Venkateswaran, general manager, Stanley Black & Decker, ME & EWA said, “By bringing together our partners and end users in an innovative event, DEWALT is promoting conversations about the needs of the industry and helping to bolster development of innovative tools for the trades.”

Also read: SMS group to modernise automation at cold rolling mill

The construction and industrial equipment sectors are also emerging as strong markets for green steel

The steel industry is at a critical turning point as it attempts to shift away from carbon-intensive processes toward more sustainable methods.

Central to this transition is the emergence of green steel, produced using hydrogen-based direct reduced iron (H2-DRI) and electric arc furnaces powered by renewable energy.

However, while the technologies are becoming increasingly viable, the financial and operational risks remain high.

A new report by IDTechEx, Green Steel 2025-2035, emphasises that demand-side commitment is just as vital as technological readiness.

Long-term offtake agreements are proving to be essential in de-risking projects and securing the funding needed to bring green steel production to life.

Companies such as Stegra (H2 Green Steel) have raised more than €6.5bn (US$7.1bn) by locking in advance purchase deals with major clients like Mercedes-Benz, BMW, and Kingspan, well before production begins.

This level of early buy-in allows green steel projects to move forward with confidence and scale.

Regulatory frameworks are also playing a key role. The European Union’s Emissions Trading System (EU ETS) and the Carbon Border Adjustment Mechanism (CBAM) are reshaping the economics of steel production, making low-carbon alternatives more competitive.

Automotive leads

Moreover, global climate targets and Scope 3 emissions goals are pushing companies to decarbonise their supply chains, with the automotive sector leading the way.

"European OEMs, as well as Tier 1 and 2 suppliers, are actively procuring green steel," IDTechEx said.

"For example, the Swedish startup Stegra (H2 Green Steel) has successfully secured offtake agreements with a roster of automotive leaders including Mercedes-Benz, Porsche, Scania, and ZF. Likewise, SSAB, a pioneer with its HYBRIT fossil-free steel project, has established partnerships with the Volvo Group. Established steelmaking giants are also making significant moves – ArcelorMittal is supplying its XCarb® recycled and renewably produced steel to General Motors, signaling growing momentum for green steel in North America."

The construction and industrial equipment sectors are also emerging as strong markets for green steel. In some cases, even hyperscale data centre developers and renewable energy companies are committing to lower-emission materials to meet sustainability benchmarks.

For now, many of these companies are willing to absorb the “green premium” associated with cleaner steel, though future competitiveness will depend on wider adoption and falling production costs.

Despite this progress, significant challenges remain. Green steel producers must contend with project delays, cost overruns, limited availability of renewable electricity, and the absence of global standards for defining and certifying "green" steel. Pricing volatility is also a concern, especially when offtake agreements must be negotiated years ahead of delivery.

Looking ahead, the rise of “green iron hubs”, regions with abundant renewable energy producing hydrogen-reduced iron for export, could reshape global trade patterns.

IDTechEx predicts that hydrogen-based steel production could reach 46mn tonnes by 2035, a small fraction of global output, but a meaningful step toward net-zero industrial emissions.

Also read: EGA to boost US aluminium supply with new smelter