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. NewsletterGet the Best of AGBI delivered straight to […] 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
Logistics Air cargo between Middle East and Europe up by 30% Middle Eastern carriers reported a year-on-year increase in demand for air cargo of more than 9 percent in April, industry figures said. Air cargo between the region and Europe experienced the strongest rise with a 30 percent lift on the same time last year. Asia grew by over 10 percent, according to the latest data […] May 30, 2024
Logistics $250m logistics park breaks ground in Jeddah Dubai logistics company DP World has commenced work on a SAR900 million ($250 million) logistics park in Saudi Arabia’s Jeddah Islamic Port. The new storage and distribution facilities, being developed along with state-backed Saudi Ports Authority (Mawani), will boost trade in the kingdom and the wider region. The 415,000 sq m “greenfield” facility will provide […] May 27, 2024
Economy Red Sea crisis could drop Suez Canal revenue by 60% Suez Canal revenues may decrease by up to 60 percent due to elevated tensions in the Red Sea, according to assessments cited by Egyptian finance minister Mohamed Maait. Speaking at a ministerial event at Cairo University on Monday, Maait said the revenue fall would further exacerbate the state’s budget deficit which has grown to EGP120 […] May 22, 2024
Transport Earnings at Kuwait’s Agility rise 22% to $61m in 2024 Kuwait-based logistics specialist Agility said first-quarter 2024 earnings rose 22 percent year on year to KD18.7 million ($61 million) Revenue increased nearly 5 percent year on year to KD336 million, the company said in a statement published on Boursa Kuwait. The company reported an operating cash flow of KD26 million for the first quarter. Assets stood at […] May 17, 2024
Video length: 03:53 VIDEO Logistics Shipping needs cheaper green methanol for its route to net zero Higher costs and undersupply remain the biggest concerns for shipping companies seeking to reduce their greenhouse gas emissions by switching to green methanol. Danish logistics company Maersk has ordered 25 vessels that can run on sustainably produced e-methanol. Its first large methanol container ship, Ane Maersk, arrived at Jebel Ali port in Dubai last week. […] May 16, 2024
Logistics DP World’s $142m projects enhance Romania’s trade links The global ports operator DP World has opened three new sites in Romania with an investment of €130 million ($142 million), enhancing the country’s growing status as a key trade hub in Europe. Two new facilities were opened in Constanta, the largest container port on the Black Sea, following a €65 million investment. These include a five-hectare cargo […] May 16, 2024
Aviation Dnata CEO confident of victory in Rome airport case The group CEO of Dnata, the Dubai-based global air and travel services provider, is “very confident” the company will soon begin operations in Rome. “We’re certainly planning to be operating this year,” Steve Allen told AGBI at a media event on Tuesday, referring to an appeal ruling on the decision to award ground-handling contracts due […] May 14, 2024
Logistics AD Ports Q1 revenue doubles on robust business growth Revenue for the first quarter of 2024 at the UAE’s AD Ports Group more than doubled year on year to AED3.9 billion ($1.1 billion). The topline was supported by its maritime and shipping, ports and logistics divisions. Mergers and acquisitions, including that of Spanish integrated logistics company Noatum and Dubai container shipping company Global Feeder […] May 14, 2024
Transport Q1 profits rise 5% at Dubai’s Parkin The Dubai government’s parking management company Parkin reported a 5 percent increase year on year in net earnings for the first quarter of 2024. This is despite the introduction of a 9 percent standard corporate tax from January this year. Net profit rose to AED103.7 million ($28.2 million) in January to the end of March, […] May 9, 2024
Oil & Gas Adnoc Logistics & Services first-quarter profit up 34% Adnoc Logistics and Services – a subsidiary of Abu Dhabi National Oil Company – reported a 34 percent year-on-year increase in net profit to $194 million (AED712 million) in the first quarter of the year. Its revenue rose 42 percent year on year to $840 million in Q1, while EBITDA increased 44 percent to $286 […] May 8, 2024
Logistics Red Sea disruption to hit capacity by 20% says Maersk Danish shipping major Maersk expects Red Sea disruption to lead to a 15 to 20 percent industry-wide capacity loss on the Asia to North Europe and Mediterranean routes in the second quarter of 2024. The complexity of the situation in the Red Sea has intensified over the last few months, the company said in an […] May 7, 2024
Transport Work to start on $3bn Oman-UAE rail network Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s Etihad […] May 6, 2024
Logistics Abu Dhabi’s ADIA invests in Indian warehouses The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets. Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources. RLWH was established in […] May 3, 2024
Logistics Canada’s Brookfield invests in UAE warehouse sector Canadian company Brookfield Asset Management has acquired a controlling stake in a portfolio of warehouses owned by the UAE’s Gulf Islamic Investments (GII), as it takes advantage of continuing growth in the region’s ecommerce sector. The value of the deal was not given. The portfolio includes 1.5 million square feet of high-quality warehouses across the UAE. […] May 3, 2024
Logistics Major logistics centre planned for Saudi’s third city A major logistics centre is planned for Dammam in Saudi Arabia’s Eastern Province that will be connected to an expanded Dammam port and a new city metro system. The regional logistics centre in Dammam, Saudi Arabia’s third largest city, will cover eight square kilometres and account for 55 percent of the Eastern Province’s targeted logistics […] May 1, 2024
