Transport QatarEnergy awards $3.9bn contract to Korean shipyard State-owned QatarEnergy has signed a QAR14.2 billion ($3.90 billion) contract with South Korean shipyard HD Hyundai Heavy Industries for the construction of 17 liquefied natural gas carriers. The deal marks the start of the second phase of the state-run energy company’s LNG ship acquisition programme, which will support expanding its LNG production capacity from the […] September 28, 2023
Transport Saudi Logistics expects to raise $678m from IPO Saudi Logistics Services Company (SAL) will raise SAR2.54 billion ($678 million) from its initial public offering after disclosing an indicative price range. The price range was set between SAR98 and SAR106 per share, the company said in a statement. The logistics business is 70 percent owned by Saudi Arabian Airlines Corporation (Saudia) and 30 percent […] September 26, 2023
Industry Algeria’s rail tender aims to boost iron ore mining sector Algeria has issued a construction tender for a rail project that the government hopes will unleash the potential of an iron ore mine in a remote province. Anesrif, a transport business set up by the government to expand and modernise the railway system, is seeking companies to build a 575km section to the Gâra Djebilet […] September 26, 2023
Logistics Saudi logistics company SAL announces IPO Saudi Logistics Services Company – known as SAL – said on Tuesday it would launch an initial public offering of 30 percent of its shares on the Saudi market. It was not clear when the SAL IPO will take place. A statement said the price of each of the 24 million shares would be determined […] September 12, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Transport India-Middle East-Europe transport link announced World leaders have announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe at the G20 summit in New Dehli, India, on Saturday. The India-Middle East-Europe Economic Corridor (Imec) aims to integrate railway routes and link ports along a route spanning from India to Europe, through the UAE, […] September 11, 2023
Logistics Logistics companies targeted in latest global cyber fraud Logistics companies in the Middle East and Africa are being targeted by a worldwide scam that impersonates businesses’ websites in order to defraud consumers. According to Group-IB, a global cybersecurity company based in Singapore, the fraud – known as Classiscam – has targeted 251 brands in 79 countries. This includes 15 countries across Middle East […] September 11, 2023
Transport Qatar leads $150m funding for Indian industrial park fund Qatar Investment Authority (QIA) has led the $150 million fundraising round for the new fund of IndoSpace, which develops grade-A industrial and logistics parks in India. QIA is the world’s 10th largest sovereign wealth fund with $475 billion of assets under management, the Sovereign Wealth Fund Institute said in May. The fundraising round also included […] September 6, 2023
Banking & Finance DP World to hire banks for 10-year debut green sukuk DP World intends to issue its first 10-year US dollar-denominated benchmark-sized green sukuk, as the ports operator expands its global reach. The Dubai-based company held investor meetings on September 4 and 5, Reuters reported, citing a bank document. Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan and […] September 5, 2023
Opinion Logistics Act now to protect your supply chain against severe weather It would be foolish not to give serious scrutiny to your business September 4, 2023
Transport DP World signs partnership with Turkish port operator Global port operator DP World has signed a partnership deal to strengthen its position in Turkey. The equity agreement between DP World Yarimca Port and Turkey’s Evyap Group will secure supply chain services in the critical Marmara gateway market. The transaction remains subject to regulatory approvals. Once complete, DP World will own 58 percent of […] August 29, 2023
Transport DP World investing $510m to build container port in India Global ports operator DP World will invest $510 million to build, operate and maintain a new container terminal at the Kandla port in the Indian state of Gujarat, its group chairman said on Friday. “It will enable the delivery of trade opportunities by connecting northern, western and central India with global markets,” Sultan Ahmed bin […] August 28, 2023
Logistics Saudi Arabia to build 59 logistics centres by 2030 Saudi Arabia will have 59 logistics centres by 2030, as the kingdom aims to transform itself into a global logistics hub. Crown Prince Mohammed bin Salman unveiled the masterplan for the centres as part of ongoing initiatives under the national transport and logistics strategy. The 59 centres will have a total area of more than […] August 28, 2023
Transport Suez Canal traffic unaffected after tanker collision Shipping traffic was flowing normally on Egypt’s Suez Canal on Wednesday, two shipping sources based in the country said, after two tankers that collided earlier were separated. The two tankers, the Singapore-flagged liquefied natural gas (LNG) carrier BW Lesmes and the Cayman Islands-flagged oil products tanker Burri, briefly collided in the canal, ship tracking company […] August 23, 2023
Transport DP World’s profits drop despite revenue rise Port operator DP World has reported a drop in profits for the first six months of the year by almost 10 percent, despite revenues increasing by 14 percent. Profit attributable to the UAE multinational logistics group in H1 was down 9.7 percent at $651 million from the same period in 2022, when it posted a […] August 17, 2023
Logistics DP World reveals expansion plans at critical ports Port operator DP World has announced plans to expand capacity across critical global markets as it responds to growing demand. The Dubai-based company expects to add 3 million 20-foot equivalent units (TEUs) of new container handling capacity by the end of the year. DP World – which manages 9 percent of the world’s handling capacity, […] August 16, 2023
Transport Qatari firm buys majority stake in Rotterdam port Qatari port operator QTerminals Group has acquired Kramer Group’s majority stake in the Netherlands’ Port of Rotterdam. The Port of Rotterdam is the largest port in Europe and is a significant addition to QTerminals Group’s plan to diversify its operations. QTerminals is 51 percent owned by Qatar Ports Management Company and 49 percent by Qatar […] August 16, 2023
Transport Aramex earnings plunge 57% in Q2 on softening volumes The net profit of Dubai-based courier company Aramex fell to AED18.96 million ($5.16 million) in the second quarter of 2023, down 57 percent compared to AED44.56 million in the same period last year. Revenue slipped on a global industry trend of softening volumes, declining eight percent year on year to AED1.39 billion. This was partly […] August 10, 2023
Transport UAE firm to open $136.2m spare parts hub in Jafza UAE-based Neweast General Trading has leased land at Jebel Ali Free Zone (Jafza) to set up the largest spare parts distribution hub in the Middle East and Africa. The company plans to invest AED500 million ($136.2 million) to transform the 165,000 sq m space at the free zone. Construction of the new hub is on […] August 8, 2023
Analysis Logistics Call for shipping polluters to pay for their emissions UAE multinational logistics company DP World has called for a global taxation on polluters in the shipping industry to pay for their emissions. The maritime services giant says new targets revealed by the International Maritime Organization (IMO) in July do not go far enough. At the 80th meeting of the IMO’s Marine Environmental Protection Committee […] August 4, 2023
Logistics DHL buys Turkish firm to tap into e-commerce sector DHL Group has bought Turkish parcel delivery company MNG Kargo, as the German logistics giant looks to tap into Turkey’s fast-growing ecommerce industry. “E-commerce remains one of the biggest growth drivers for logistics services and especially for parcel volumes,” CEO Tobias Meyer said. “We, therefore, continuously work to expand our footprint.” DHL will buy MNG […] July 26, 2023
Logistics UAE and Pakistan to develop cargo terminal in Karachi The UAE and Pakistan will sign an agreement to develop a bulk and general cargo terminal at East Wharf, Karachi Port. Pakistan has set up a negotiation committee last week to finalise a deal with the UAE, giving Dubai 85 percent control over the East Wharf of the seaport, The Express Tribune reported. The cabinet […] July 25, 2023
