Logistics $266bn logistics hub spend starts in Saudi Arabia The first phase of a planned $266 billion budget to turn Saudi Arabia into a global logistics hub has already “drastically” reduced carbon emissions, a government minister has revealed. “The national transport and logistics strategy launched in mid-2021 is set to invest more than a trillion riyals [$266 billion] by 2030, of which 200 billion […] October 14, 2024
Logistics UK minister confirms DP World to invest in London Gateway Dubai’s DP World will invest £1 billion ($1.3 billion) in its London Gateway port, business minister Jonathan Reynolds has confirmed. “The investment is going ahead,” business minister Jonathan Reynolds told Sky News after media reports suggested that DP World executives had threatened to boycott the International Investment Summit on October 14 and refrain from investing in […] October 14, 2024
Analysis Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024
Opinion Food & Drink Our love for cheap imported food is costing us dearly The UAE is too dependent on food imports while about a third, worth $4 billion, is wasted October 4, 2024
Opinion Logistics Conflict will severely disrupt Middle East logistics Air cargo is particularly hard hit by escalating conflict in the Middle East October 3, 2024
Economy Suez Canal revenues fall by $6bn as unrest continues Suez Canal revenues have fallen by $6 billion this year amid regional geopolitical issues, president Abdel Fattah El Sisi has said. The income from the waterway, connecting the Mediterranean and the Red Sea, declined by between 50 percent and 60 percent in the first eight months of 2024, local media reported, citing the president’s speech at […] September 30, 2024
Logistics DP World among bidders for $84m Indian port upgrade DP World is among the bidders to develop and upgrade a port in India’s eastern state of West Bengal, according to a media report. Indian conglomerate Adani is also in the running, The Telegraph, an Indian newspaper, reported The private-public-partnership project involves reconstructing one berth and mechanising two berths at Netaji Subhas Dock, Kolkatta, for […] September 19, 2024
Trade New shipping route links Jeddah to major Indian ports Saudi Arabia has launched a new shipping route between Jeddah Islamic Port and Mundra and Nhava Sheva, two of India’s largest ports. The 10-day service, operated by Folk Maritime Services, a subsidiary of the Public Investment Fund, started this month. The new route aims to increase the movement of goods such as petrochemicals, aligning with […] September 10, 2024
Opinion Logistics Houthi attacks are an ecological disaster waiting to happen More must be done to enable faster recovery of damaged vessels in the Red Sea September 4, 2024
Logistics Jeddah port gets London Metal Exchange approval for storage The London Metal Exchange has added Saudi Arabia’s Jeddah Islamic Port to its list of locations for the storage of copper and zinc, though no warehouse has been approved yet. “The listing of Jeddah will become active as a delivery point three months after the approval of the first warehouse company in that location,” a […] September 2, 2024
Opinion Infrastructure Rail link to UAE will supercharge Oman’s port city of Sohar Businesses in the sultanate's northern city will get direct access to the UAE’s global connections August 30, 2024
Infrastructure Ministers meet in Istanbul for Development Road talks Transportation ministers from Turkey, the UAE, Iraq and Qatar met in Istanbul on Thursday to advance talks on the proposed Development Road project, which aims to establish uninterrupted transportation from Grand Faw Port in Iraq to London. The project is expected to save 15 days in transportation of goods to Europe through Turkey and Iraq, […] August 30, 2024
Logistics Maersk opens logistics park in Jeddah Danish shipping major Maersk has opened its largest logistics park in the Middle East, aiming to bolster Saudi Arabia’s rapidly growing logistics sector. The $250 million facility in Jeddah Islamic Port is Maersk’s most expansive single-site logistics and services centre in the region. Spanning 225,000 sq m, the Maersk Logistics Park offers warehousing facilities and […] August 22, 2024
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
Logistics PIF plans new cargo airline to take on UAE and Qatar Saudi Arabia’s Public Investment Fund (PIF) is planning to launch a new cargo airline to compete with the logistics dominance of the UAE and Qatar, a news report said. The sovereign wealth fund is in early discussions with Boeing and Airbus about purchasing or leasing freighters, Bloomberg reported, citing informed sources. The proposed new cargo […] August 20, 2024
Transport Abu Dhabi’s Noatum enters Egypt with Safina buyout Noatum, an Abu Dhabi state-owned AD Ports Group company subsidiary, has acquired a majority stake in Safina, an Egyptian maritime and cargo services provider. The deal, the value of which was not disclosed, is expected to close in Q3 2024, the UAE state-run Wam news agency reported. The acquisition of Safina will support Noatum Maritime’s […] August 18, 2024
Logistics DP World profit falls 60% amid Red Sea disruption Dubai’s DP World said profit fell 60 percent in the first half of the year, as the global port operator felt the impact of the Red Sea disruption. Profit attributable to owners fell to $265 million in the first six months from $651 million a year earlier. However, revenues were up 3 percent to $9.3 […] August 16, 2024
Analysis Logistics Cold storage in hot demand across the Gulf Demand for chilled and frozen foods is rising across the Gulf, driving growth in the region’s cold chain infrastructure. Maersk, the Danish logistics company, says this demand – along with food security concerns – motivated it to open its first UAE cold store at Dubai Industrial City last summer. Population growth and concerns around climate […] August 14, 2024
Logistics Turkey and AD Ports talks continue over port venture Turkey is continuing negotiations with the UAE state-owned Abu Dhabi Ports (AD Ports) to establish a joint venture for the operational rights of the Aegean port of Izmir, a news report said. Regional competition and changing capacity conditions have delayed the closure of the deal, Reuters reported, quoting two unnamed sources. Although Ankara explored discussions […] August 13, 2024
Logistics Aramex quarterly profit hit hard by Dubai floods The net profits of Dubai-listed courier company Aramex fell 85 percent in the second quarter of 2024 due to flooding in the emirate, leading to operational disruptions and a slowdown in business. Earnings for the second quarter stood at AED2.9 million ($789,558), compared to AED18.9 million a year earlier. Revenue for the three months rose […] August 9, 2024
Logistics Adnoc L&S profit rises as revenue grows 42% Net earnings at Adnoc Logistics and Services (Adnoc L&S) jumped 31 percent year on year to AED1.5 billion ($401 million) in the first half of 2024. Revenues hit AED6.4 billion during the period, rising 42 percent year on year. Second-quarter revenue increased 42 percent annually to AED3.3 billion, helping profit grow 28 percent to […] August 8, 2024
Logistics Apollo buys 50% interest in Oman maritime terminal Apollo Global Management, listed on the New York Stock Exchange, will acquire a 50 percent interest in Vale Oman Distribution Center (VODC) from Brazilian miner Vale for $600 million. The stake was purchased jointly by Apollo-managed affiliates, funds and other long-term investors, the global alternative asset manager said in a statement. NewsletterGet the Best of […] August 8, 2024
