Renewable Energy DP World and Masdar link up for project to decarbonise ports Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […] February 27, 2024
Transport Saudi Arabia loans $55m for Tunisian rail renewal Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network. The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […] February 23, 2024
Logistics Bahraini-Saudi companies to build logistics hub in Riyadh A joint venture between Bahrain-headquartered Arcapita Group Holdings and Saudi developer Rikaz will develop a high-end logistics park in Riyadh to attract global and regional companies. The Node will cover three million sq m of development, with the first phase extending 400,000 sq m of Grade A warehousing facilities. The project is anticipated to generate […] February 21, 2024
Trade DP World Trade Finance goes global after $400m debut year DP World Trade Finance has revealed plans to expand into Turkey this year before opening in a number of other countries. Working with Etihad Credit Insurance (ECI), the platform, which launched last year in the UAE, India and South Africa, has already financed more than $400 million of non-oil-based trade. Giving borrowers access to finance, […] February 20, 2024
Transport Emirates SkyCargo plans service expansion in India Emirates SkyCargo plans to add three new destinations in India by June, an Indian business news daily has reported. “We are looking forward to operating scheduled freighter flights to three additional cities in India,” Nabil Sultan, divisional senior vice-president at the Dubai-based company, told The Hindu Business Line. The three destinations were not disclosed. Emirates […] February 19, 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
Logistics Expansion of Jeddah Islamic Port complete The Saudi ports authority said this week it had completed a SAR1 billion ($270 million) expansion of Jeddah Islamic Port as tensions in the Red Sea continue. The project to deepen and expand the northern container terminal in Jeddah, to be operated by the Red Sea Gateway Terminal (RSGT) company, more than doubles capacity from 700,000 […] February 16, 2024
Logistics Adnoc logistics subsidiary profit up 138% Adnoc Logistics and Services (L&S) reported a 138 percent year on year increase in net profit to AED2.3 billion ($620 million) as all its business segments continued to perform strongly. Revenues at Adnoc’s logistics subsidiary rose 41 percent year on year to $2.8 billion, particularly aided by the integrated logistics division, Adnoc L&S said in a […] February 15, 2024
Markets Investcorp lines up diverse strategies for east and west Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […] February 12, 2024
Logistics Aramex Q4 2023 profit more than doubles to $21m Dubai-listed logistics company Aramex said net profit more than doubled to AED 76.78 million ($20.90 million) in the fourth quarter of 2023 from AED33.86 million a year ago. The company reported a marginal one percent year-on-year decline in Q4 2023 revenue to AED1.52 billion, despite challenging market conditions and currency fluctuations. “Q4 2023 has proven to be exceptional, marked by record […] February 9, 2024
Opinion Logistics Digitalisation is just the tonic for regional shipping’s ills SMEs require nimbler, AI-powered transportation options to drive growth February 8, 2024
Logistics Gulf turns to trucking to bypass Red Sea unrest The Gulf trucking industry is preparing for a surge in business as companies seek alternatives to shipping goods while Red Sea risks persist. Trukker, a UAE-based app that is touted as the Middle East’s Uber for land freight, told AGBI that enquiries from clients interested in using its truck booking and other freight forwarding services […] February 8, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
Logistics AD Ports to invest $150m to upgrade Karachi cargo port The UAE’s AD Ports Group has signed an agreement for bulk and general cargo operations with the Pakistani-government-backed Karachi Port Trust (KPT), allocating $150 million for the port expansion. Under the terms of the 25-year concession agreement, Karachi Gateway Terminal Multipurpose Limited (KGTML), a joint venture between AD Ports Group, a majority shareholder, and UAE-based […] February 5, 2024
Logistics Air cargo demand rises after Red Sea shipping disruption Middle East airlines posted an 18.3 percent annual increase in air cargo demand in December, in line with strong global growth attributed to Red Sea disruption. Global demand for air cargo was up 10.8 percent compared with December 2022 – the strongest performance in two years, according to the International Air Transport Association (IATA). The […] February 4, 2024
Logistics Cost of Red Sea shipping insurance rises 2,700% The cost of insurance to protect ships against losses incurred from conflict has jumped more than twenty-fold since October, before Houthi rebels began firing on vessels passing through the Red Sea. In late November, the rebels in Yemen began attacking commercial ships in what they claim is a show of support for Palestinians in the […] February 1, 2024
Logistics Iraqi Kurdistan ordered to pay $490m to Kuwaiti firm Iraq’s Kurdistan Regional Government (KRG) must pay Kuwaiti logistics company Agility $490 million after a Kuwaiti court rejected its appeal against an earlier award for the same amount, in the latest setback for the financially stricken administration. The KRG had guaranteed a $250 million loan that an Agility subsidiary, Alcazar Capital Partners, provided to Erbil-based […] February 1, 2024
Manufacturing US commercial EV company to launch UAE factory Californian commercial electric vehicle manufacturer HummingbirdEV has announced plans to establish a micro-factory in the UAE. The highly automated manufacturing facility aims to accelerate adoption of commercial electric vehicles (EV) in the Middle East and North Africa, southeast Asia and India. HummingbirdEV said the factory will produce commercial EVs for an existing e-commerce customer as […] January 31, 2024
Trade Red Sea crisis ‘will push up Middle East consumer prices’ Higher prices will be seen in Middle East shops if the crisis in the Red Sea continues for another two months, the research firm BMI has warned. In late November, Houthi rebels in Yemen began attacking commercial vessels travelling through the Red Sea in what they claim is a show of support for Palestinians in […] January 30, 2024
Transport Kezad to invest $169m to increase UAE warehousing capacity Khalifa Economic Zones Abu Dhabi (Kezad Group), a trade, logistics, and industrial hub, has commenced work to increase its warehousing capacity by 43 percent, or more than 250,000 square metres, at the cost of AED621 million ($169.08 million), due to growing demand. The additional capacity of pre-built industrial and logistics facilities will come online by the […] January 30, 2024
Logistics Saudi Arabia to establish shipping route with Iran Saudi Arabia is planning to establish shipping links between Dammam on the Gulf coast and the Iranian port of Bandar Kangan, an Iranian official said this week, following the resumption of diplomatic ties between the two countries last year. The Iranian port, which lies across from Dammam in the Gulf, is currently undergoing renovations to […] January 29, 2024
Economy Suez slump compounds Egypt’s foreign currency crisis Disruptions to shipping in the Suez Canal as a result of the conflict in the Red Sea are exacerbating Egypt’s foreign currency shortages and increasing the need for a new financing package from the International Monetary Fund. Royalties from traffic through the Suez Canal contribute nearly 8 percent of the Egyptian government’s revenue and generate […] January 26, 2024
