Logistics Saudi shipping company signs $1bn tankers deal National Shipping Company of Saudi Arabia (Bahri) has announced a SAR3.75 billion ($1 billion) deal to buy nine tankers from Greek company Capital Maritime and Trading Corporation. The very large crude carriers (VLCCs) will be used by Bahri to deliver crude cargoes for its customers. VLCCs are a crucial part of the global maritime logistics […] August 20, 2024
Transport Bahri withdraws bid for Danish logistics company Saudi shipping giant Bahri has withdrawn from the race to acquire Deutsche Bahn’s logistics unit Schenke, according to a news report. The CVC-led consortium, including Abu Dhabi Investment Authority (ADIA) and GIC, and DSV, a Danish logistics group, are the only two contenders left, Reuters reported, citing unnamed sources. Bahri’s offer was the highest at […] July 21, 2024
Opinion Media & Advertising Hacks and flacks chew the fat at the Bahri Bar An informal summer meet is an excellent opportunity for gossip and contact harvesting June 16, 2023
Analysis Logistics Bahri Q2 profit rises 48% on better shipping rates Saudi Arabia’s shipping giant Bahri reported a 48 percent year-on-year increase in net profit to SAR733 million ($195.4 million) in the second quarter of 2024, thanks to better shipping rates and optimised fleet management. The company’s top line rose 15 percent year on year to SAR2.7 billion, driven by chemical revenue growth and higher contributions […] July 28, 2024
Transport Bahri starts work on logistics centre at Jeddah Islamic Port Work on a logistics centre at Jeddah Islamic Port has been started by National Shipping Company of Saudi Arabia (Bahri), as part of the government’s drive to boost non-oil exports. Bahri Logistics Centre is expected to be operational in the first half of 2025 and offer storage and handling capabilities with more than 80,000 pallet positions, […] February 19, 2024
Banking & Finance UAE to benefit from US cryptocurrency brain drain Tightening regulations in the US to bring cryptocurrency and digital assets operators to heel could see talent and investment turn to the UAE. The US Securities and Exchange Commission (SEC) has been targeting the cryptocurrency industry, which its chair Gary Gensler referred to as a “Wild West”. At the same time the UAE is welcoming […] March 27, 2023
Finance Hong Kong plans fund on Saudi stock exchange Officials in Hong Kong are planning to set up an exchange-traded fund with Saudi Arabia’s stock exchange, as Middle East investors increasingly go “bargain hunting” in the Asian city state to take advantage of lower valuations. An exchange-traded fund (ETF) is an investment fund traded on regulated stock exchanges, much like individual stocks are bought and […] May 10, 2024
Markets Oman’s $260m fund to boost stock market liquidity Oman Investment Authority (OIA), the state-owned sovereign wealth fund, has allocated OMR100 million ($260.14 million) to boost liquidity in the Muscat Stock Exchange (MSX). A new liquidity fund initiative has been launched in cooperation with the National Programme for Financial Sustainability and Financial Sector Development, state-run Oman News Agency reported. Aoun Abbas Al Bahrani, the […] June 26, 2023
Logistics Bahri links with Suez as Saudi and Egypt revamp trade alliance Saudi shipping giant Bahri has signed a memorandum of understanding with Egypt’s Suez Canal Authority to set up a joint venture to transport general and bulk cargo, chemicals and oil. Bahri, also known as The National Shipping Company, and the Authority, which manages and operates one of the world’s most heavily used shipping lanes, aim to establish […] March 9, 2023
Finance UAE’s Aditum pairs with BlackRock to launch funds Aditum Investment Management is to launch five funds for UAE investors, according to reports confirmed by AGBI. The five funds will include one focused on sustainable energy investments and another on health science, Citywire first reported. A representative of Blackrock confirmed to AGBI that the Citywire reports are accurate. Blackrock has registered BlackRock Aditum Dynamic […] October 31, 2024
Employment Sri Lankans flee crisis in mass brain drain as turmoil worsens Shamla Yoosoof, an investment researcher from Colombo, left Sri Lanka with her three-year-old son and a jam-packed suitcase, swapping economic chaos at home for a new start in Dubai. She flew out in June to join her husband who had secured a job as a sales and marketing director there weeks before – one of […] August 19, 2022
Analysis Economy Rise of service-based economies highlights flaws in GDP data Methodology dates back to WWII Hard to capture services growth Implications for Gulf policymakers This month Dubai made headlines across regional media as the emirate announced its gross domestic product grew 3.3 percent in the second q... Register now: It’s easy and free This content is available for registered members only. Register for your free […] November 20, 2024
Manufacturing Chinese firm to invest $2bn in Suez Canal Economic Zone Chinese company Xinxing Ductile Iron Pipes intends to invest $2 billion in iron and steel plants in the Suez Canal Economic Zone, Egypt’s cabinet said on Thursday. The plants are planned in an industrial zone at the Egyptian Red Sea port of Ain Sokhna developed by China’s Tianjin and will manufacture iron pipes and steel […] March 26, 2023
Logistics Gulf bidders in running for Deutsche Bahn logistics arm Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s national shipping carrier Bahri are in the final round of a bidding process for DB Schenker, the logistics subsidiary of Germany’s national rail operator Deutsche Bahn. Danish companies Maersk and DSV are also in the running, sources told Reuters. ADIA, the UAE’s largest sovereign wealth fund, is […] May 30, 2024
Logistics Egypt secures more than $1bn to build and develop its ports Egypt has secured investments of over $1 billion from two global port operators as the country aims to strengthen its logistics network. Hutchison Ports will invest nearly $700 million in two major Egyptian ports, taking its total investment in the country to over $1.5 billion. The investment includes the development of a new container terminal […] March 17, 2023
Banking & Finance Qatari bank says US dollar ‘safe haven’ amid geopolitical risks Qatar National Bank (QNB), the Gulf’s largest lender by assets, has described the US dollar as a “safe haven” instrument, especially in light of the geopolitical turbulence in Europe and Asia, the state-onwed Qatar News Agency reported, citing a weekly report by the lender. It predicted that the advanced economies would likely remain in a […] August 28, 2022
Banking & Finance Fugitive Turkish crypto fraud suspect arrested in Albania resort Albanian police on Tuesday arrested the fugitive Turkish founder of crypto-exchange Thodex, wanted by Interpol for suspected crypto fraud and at large for a year, police and media said. Albanian and Turkish media identified the suspect as Faruk Fatih Ozer. The Turkish interior ministry said authorities had launched extradition proceedings. Police referred to the suspect […] August 31, 2022
Banking & Finance Crypto giant OKX bullish on UAE launch Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE. UAE residents will be able to deposit and withdraw AED from all Emirates bank accounts and trade more than 280 cryptocurrencies and 480 trading pairs. The Seychelles-based crypto trading platform has more than 50 million customers in 200 international markets according […] October 10, 2024
Banking & Finance Fitch affirms AA rating for Emirates Development Bank Fitch has affirmed the credit rating of Emirates Development Bank after the lender’s contribution to the UAE’s economy rose by 80 percent to more than AED4 billion ($1.1 billion) last year. The agency’s AA rating came with a stable outlook, indicating confidence in the bank’s long-term ability to maintain its financial stability. In its report, […] April 3, 2024
Markets Arabian Mills to sell 30% stake on Saudi bourse Arabian Mills for Food Products will list 15.4 million shares, or a 30 percent stake, on the Saudi stock exchange, the kingdom’s market regulator has said. The Capital Markets Authority (CMA) approved the company’s public flotation application on Monday, adding that the prospectus will be published before the subscription start date. No other details of […] June 25, 2024