Logistics Morocco’s Tanger Med port in $400m new funding Morocco’s Tanger Med port complex has secured more than $400 million of funding for the expansion of its truck and passenger terminal. International Finance Corporation (IFC) and a collection of international banks will fund the expansion of the port’s truck capacity to more than 1 million a year. The Tanger Med complex, which has direct […] November 8, 2024
Aviation Emirates reports record half-year pre-tax profit Emirates airline recorded a post-tax profit of $2.4 billion (AED8.7 billion) for the first half of the year, down 7 percent compared to the same period last year. This year marks the first time state-owned Emirates has had to pay UAE corporate income tax. When compared to the previous year before tax, the airline reported […] November 7, 2024
Trade UAE-Australia trade expected to triple after Cepa deal Trade between the UAE and Australia is expected to grow threefold in the next eight years following the signing of a comprehensive economic partnership agreement (Cepa) on Wednesday. The trade agreement will eliminate tariffs on more than 99 percent of Australia’s exports to the UAE. The deal, which was announced in September, is expected to […] November 7, 2024
Food & Drink Boycotts help send Turkey’s Coca-Cola sales down A boycott of brands seen as supporting Israel in the Middle East has helped bring a double-digit drop in third-quarter sales in Turkey and Pakistan for a Coca-Cola subsidiary. Coca-Cola Icecek (CCI), which is based in Istanbul, said sales in Turkey in Q3 fell 12.2 percent, while sales in Pakistan were down by 22.9 percent. […] November 6, 2024
Aviation QIA helps raise $318m for US electric aircraft maker A funding round led by the Qatar Investment Authority (QIA) has raised $318 mlllion for Beta Technologies, a US electric aerospace company that is developing all-electric aircraft and infrastructure. Beta, based in Vermont, said the series C equity capital funding would help support the production, certification and commercialisation of its fixed-wing and eVTOL (electric vertical […] November 6, 2024
Infrastructure Muscat maps out its future development plans Muscat is set to approve a plan that will create a central 55km spine where much of the future development of the Omani capital city will take place. The city is predicted to double in size by 2040. The Greater Muscat Structure Plan, awaiting approval at cabinet level, provides a map of where future growth […] November 6, 2024
Food & Drink Americana CEO says boycott ‘worst is behind us’ Americana Restaurants, the Middle East franchise owner for KFC, Pizza Hut, Krispy Kreme and Hardee’s, believes the company has weathered the worst of the boycott issues it faced this year, which led to a significant slump in its profit. CEO Amarpal Sandhu said it is not predicting a “hockey stick recovery” – a sudden and […] November 5, 2024
Analysis Transport UAE hyperloop stalls, but ‘magnetic levitation’ hopes remain The UAE’s dream of transporting people and goods at high speeds using hyperloop technology may have stalled, but elements of the idea remain very much alive. The hyperloop transport system, in which people and goods are intended to travel at more than 1,200km/h in magnetically levitated pods through giant low-pressure vacuum tubes, has been plagued […] November 3, 2024
Trade New Zealand agrees free-trade deal with GCC The GCC has agreed a new free-trade deal with New Zealand. The agreement will give duty-free access to 99 percent of New Zealand exports over 10 years, according to New Zealand trade minister Todd McClay. McClay said the agreement was the culmination of an 18-year-long ambition to agree a trade deal in the Middle East. […] November 1, 2024
Infrastructure Driverless monorail planned for Riyadh’s financial district An agreement to launch a driverless monorail project has been signed by King Abdullah Financial District (KAFD) in the Saudi capital Riyadh. The 3.6-kilometre system will have six trains travelling on an elevated circular track that will wind between the main towers of the district. The system will have six stations across the district, connecting […] November 1, 2024
Trade PIF signs Japan and Hong Kong pacts worth $52bn Saudi Arabia’s Public Investment Fund has signed memorandums of understanding (MoUs) worth up to $51 billion with five Japanese banks. The kingdom’s sovereign wealth fund said the agreements cover a variety of areas, including encouraging two-way capital flows through both debt and equity. The agreements were signed with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG […] November 1, 2024
Saudi Arabia agrees more Pakistan investment deals Saudi Arabia has signed seven more investment agreements with Pakistan, bringing the total value of what has been agreed in recent weeks to $2.8 billion, Saudi Arabia’s minister of investment Khalid Al-Falih said on Wednesday. Three weeks ago Al-Falih led a delegation from Saudi Arabia to Islamabad, where 27 investment agreements, valued at $2.2 billion, were […] October 31, 2024
Food & Drink Americana opens more stores despite profit slump Quarterly profits at Americana Restaurants have shrunk again, but the Middle East franchise owner for KFC, Pizza Hut and Hardee’s continues to open new stores as its promotional drive spurs a recovery in daily sales. The fast-food brand operator reported a 54 percent drop in profit in the third quarter to $37.4 million, as the […] October 31, 2024
Logistics Egyptian company buys into Neom-backed seaglider United Marine Egypt Shipping will be the launch customer for a large passenger seaglider that is designed to travel at high speeds over water. US maritime transport company Regent said UME will be the first to receive its Monarch seaglider. The Monarch is a 50-to-100-passenger electric craft that Regent says will travel up to 650km […] October 31, 2024
Oil & Gas Aramco considers investment in Vietnam’s oil industry Saudi Aramco has expressed interest in investing in Vietnam’s oil refinery sector and petroleum distribution, the south-east Asian country’s government says. Vietnam’s prime minister, Pham Minh Chinh, met Aramco president and CEO Amin Nasser during the Future Investment Initiative summit in the Saudi capital. “Vietnam has great potential in the region, therefore, Aramco wishes to […] October 30, 2024
Analysis Trade Nigeria-UAE trade tipped to recover as Emirates restarts flights Nigeria’s trade with the UAE is expected to rise significantly following the resumption of Emirates flights to Lagos this month. The daily return flights from Dubai offer more than 300 tonnes of “bellyhold” capacity – cargo carried in the hold on passenger flights – every week. Emirates suspended the flights nearly two years ago after […] October 30, 2024
Real Estate Adnec adds Business Design Centre to London portfolio Adnec Group has expanded its UK portfolio with the acquisition of the Business Design Centre in London. The historic building, which dates back to 1862 when it was the Royal Agricultural Hall, is a 4.5-acre Grade II listed venue that hosts events, awards and product launches. The North London venue is the location for long-standing […] October 30, 2024
Aviation Saudia reports 10 percent increase in passengers Saudia, Saudi Arabia’s national flag carrier, transported more than nine million passengers during the third quarter of 2024, a 10 percent increase on the same period last year. Saudia said it operated more than 49,500 flights, a 9 percent increase from last year, with an on-time performance rate of 87.8 percent. Five million of its […] October 29, 2024
Aviation Dubai Aerospace Enterprise buys 10 aircraft for $500m Dubai Aerospace Enterprise (DAE), a global aviation services company, has acquired ten narrowbody aircraft for around $500 million. DAE will lease the next-generation aircraft to four airlines across four countries, the company said on Tuesday. “These young aircraft with long remaining lease terms are expected to be favourable to our portfolio’s metrics, once delivered,” said […] October 29, 2024
Infrastructure Tender for first phase of Oman industrial city issued A tender for the first phase of the Al Mudhaibi Industrial City project in North Al Sharqiyah governorate has been issued by Oman’s Public Establishment for Industrial Estates (Madayn). The tender, aimed at specialised companies in Oman and Saudi Arabia, covers the development of around 2.5 square kilometres of basic services. This includes road networks, […] October 28, 2024
Infrastructure Adia-backed platform to invest in more Indonesia toll roads A road toll platform backed by a wholly owned subsidiary of Abu Dhabi Investment Authority (Adia) has invested in a new section of the Trans Sumatra Toll Road that is being built across the island of Sumatra in western Indonesia. Indonesia’s sovereign wealth fund, Indonesia Investment Authority (INA), announced on Monday that its toll road platform […] October 28, 2024
Telecoms UAE telco e& purchases slice of PPF in eastern Europe The UAE telecommunications company e&, formerly known as Etisalat, has completed its acquisition of 50 percent plus one share in the Czech PPF Group’s telecoms business in Bulgaria, Hungary, Serbia and Slovakia. The deal, which was approved by the European Commission in September, is valued at €2.15 billion ($2.3 billion), plus a potential earn-out of up […] October 25, 2024
