Transport Dubai Taxi to pay $43m dividend despite profit drop Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […] July 26, 2024
Video length: 08:13 Analysis Logistics Logistics giants compete for space in Saudi Arabia Global logistics companies are flocking to Saudi Arabia as the country’s socio-economic transformation drives demand for industrial and ecommerce buildings. Last week DB Schenker, the logistics subsidiary of Germany’s rail operator Deutsche Bahn, signed a deal with Riyadh-based developer Kaden to construct warehouses in the kingdom. At the end of May construction work started on […] July 24, 2024
Transport Adnoc L&S unit awards $2bn contract to Chinese shipyard AW Shipping, a joint venture between Adnoc Logistics & Services and China’s Wanhua Chemical Group, has awarded a $1.9 billion contract to Chinese shipyard Jiangnan to construct “green and low-carbon” ammonia and ethane carriers. The contract for nine very large ethane carriers (VLECs) is priced at $1.4 billion, the Adnoc subsidiary, which trades on the […] July 23, 2024
Logistics Ports merged to form logistics centre in Turkey DP World, a global port operator, and Istanbul-headquartered Evyap Group have merged two ports on the Marmara Sea to create a new logistics centre in Turkey. The merger followed regulatory approval from the Turkish Competition Authority, the UAE state-run Wam news agency reported. No financial details were released. Evyapport, located in the port of Izmit on […] July 22, 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Transport Bahri withdraws bid for Danish logistics company Saudi shipping giant Bahri has withdrawn from the race to acquire Deutsche Bahn’s logistics unit Schenke, according to a news report.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
Transport Autonomous vehicles pass test in UAE Self-driving vehicles are to be rolled out across the UAE following successful trials in Dubai South. Evocargo, which is headquartered in Dubai, ran the tests and is confident that autonomous vehicles will be available within Dubai South in the first quarter of next year. The company then plans to expand into neighbouring Ras Al Khaimah […] July 18, 2024
Logistics Aldar’s new Dubai logistics park to break ground in Q4 Aldar Properties, an Abu Dhabi-listed developer, will break ground on a new logistics park within DP World’s 21-sq km National Industries Park (NIP) in Dubai in the fourth quarter of 2024. The 1.55 million sq ft grade-A logistics park will cater to the emirate’s high demand for warehousing facilities. It will comprise three modular buildings […] July 16, 2024
Logistics Expansion work begins at Egyptian Red Sea port Construction has commenced on expanding a container terminal at Egypt’s Ain Sokhna Port on the Red Sea. Red Sea Containers Terminals, jointly owned by Hong Kong’s Hutchison Ports, France’s CMA Terminals and China’s Cosco Shipping Ports, has appointed Cairo-headquartered Edecs as the main contractor to work on constructing the infrastructure, yards and buildings. The […] July 15, 2024
Video length: 08:13 Analysis Real Estate Logistics deals keep Kuwaiti real estate ticking over A near doubling in the value of logistics deals drove an otherwise struggling real estate sector in Kuwait in the first six months of this year, as the Gulf state’s non-oil business activity keeps growing. The latest Ministry of Justice data, out this week, showed the value of transactions linked to warehouses totaled KD16.8 million […] July 12, 2024
Logistics Dubai veg market to double despite warehouse shortage Dubai plans a massive expansion of its fruit and vegetable market to make it the world’s largest, despite the fact warehouse rents in the emirate keep increasing amid a lack of quality supply. On Wednesday Sheikh Mohammed bin Rashid Al Maktoum oversaw the signing of a deal between Dubai Municipality and ports operator DP World […] July 11, 2024
Markets Oman’s Asyad Group plans to float shipping subsidiary Asyad Group, Oman’s national logistics company, intends to float its subsidiary, Asyad Shipping, by year-end, according to a media report. The state-backed company has appointed Jefferies Group and EFG Hermes as advisers, Reuters reported, citing unnamed sources. Details on the initial public offering (IPO) were not given. Asyad Group, owned by Oman Investment Authority (OIA), has […] July 5, 2024
Logistics Red Sea disruption to stretch into Q3 says Maersk CEO Disruption in the Red Sea is expected to stretch into the third quarter of 2024, making the situation challenging for carriers and businesses, Danish shipping major Maersk CEO Vincent Clerc has said. “For the time being, Maersk ships are continuing to divert around Africa via the Cape of Good Hope in South Africa,” he said, […] July 2, 2024
Oil & Gas Adnoc L&S awards vessel contracts to South Korea A subsidiary of UAE state oil major Abu Dhabi National Oil Company (Adnoc) has awarded contracts worth AED9.2 billion ($2.5 billion) to South Korean shipbuilders to construct liquified natural gas (LNG) carriers. Two shipyards – Samsung Heavy Industries and Hanwha Ocean – have firm orders to construct four vessels with the option for one more, […] July 1, 2024
Transport Dubai begins work on ‘20-minute city’ concept Dubai has approved a plan to support the “20-minute city” concept by developing land close to metro stations. The emirate’s executive council gave the green light to a plan to develop areas around metro stations by incentivising developers, UAE state-owned Wam news agency reported. The move will provide additional services, support the 20-minute city concept, […] July 1, 2024
Transport Saudi trials unmanned air taxis for Hajj pilgrims Saudi Arabia has completed the first unmanned air taxi trial in Mecca as part of its plan to move pilgrims faster between key locations during the Hajj pilgrimage. Saudi-owned Front End conducted the air taxi trial using Chinese drone maker EHang’s EH216-S, a pilotless electric vertical takeoff and landing (eVTOL) vehicle. Held in a low-risk […] June 14, 2024
Transport Mecca expands public transport as Eid al-Adha nears Authorities in Mecca are expanding the public transport system to accommodate more pilgrims from abroad as the Hajj season reaches its climax next week with Eid al-Adha. The Royal Commission for Mecca City and the Holy Sites said this week it was providing 400 buses operating from four main stations around the city to manage […] June 13, 2024
Transport DP World to invest $540m in Peru and Ecuador expansion DP World is investing $540 million to expand its port operations in two Latin American countries, Peru and Ecuador. The Dubai-based global port operator is investing $400 million to increase the capacity of Callao Port terminal in Peru by 80 percent through expansion of its Bicentennial Pier. The project will extend the pier to 1,050 […] June 11, 2024
Trade Suez Canal revenues and traffic fell in May Suez Canal revenues continued to decline in May because of instability in the Red Sea, according to Egyptian media. Revenues fell 64.3 percent year on year to $337.8 million. Last month 1,111 individual ships passed through the canal – down 54 percent on the May 2023 figure of 2,396. Finance minister Mohamed Maait said last […] June 10, 2024
Logistics Dispute forum vital for trade corridor to work, says law officer A robust forum for resolving disputes will be vital to the success of the planned India-Middle East-Europe Corridor, a senior official from the Indian Supreme Court told delegates at an event in Abu Dhabi. Seven countries signed an agreement during the 2023 G20 Summit in New Delhi to establish an economic corridor connecting the Middle […] June 7, 2024
Logistics Adnoc L&S buys tanker operator Navig8 for $1.5bn A subsidiary of UAE state oil major Abu Dhabi National Oil Company (Adnoc) has finalised an agreement to fully acquire Navig8 TopCo Holdings, a shipping and tanker operator, for up to AED5.14 billion ($1.5 billion). As part of the agreement, Adnoc Logistics and Services (Adnoc L&S) will acquire 80 percent of Navig8 for AED3.8 billion, […] June 3, 2024
Logistics AD Ports JV buys 95% stake in Tanzania’s port operator A joint venture consisting of the UAE’s AD Ports Group, India’s Adani Ports and China’s East Harbour Terminals has acquired 95 percent of Tanzania International Container Terminal Services in Tanzania. Abu Dhabi-based East Africa Gateway purchased the stake for nearly $40 million from Hutchison Port Holdings, Hutchison Port Investments and Harbours Investment, the Abu Dhabi-listed […] June 3, 2024
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
