Manufacturing Nissan to invest $56m in Egyptian car market Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […] August 19, 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
Transport Driverless cars for Saudi officials by next year Saudi Arabia has launched a project for driverless cars which could result in government agencies using them as early as next year. The government is installing smart communication devices along roadways that interact with autonomous vehicles, the official Saudi Press Agency said, announcing a new Saudi Road Code. “These devices provide real-time road condition data, […] August 16, 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
Economy Salik revenue rises but profit growth slows Dubai toll operator Salik’s second-quarter profits fell 2 percent year on year to AED268 million despite a 3 percent rise in revenues to AED533 million. Revenue-generating trips reached 116 million, up 2 percent year on year, the highest second-quarter revenue-generating trips since inception. Growth remained strong across several gates in the second quarter, with Jebel […] 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
Aviation Riyadh Air awards $400m ground handling contract Riyadh Air, Saudi Arabia’s new national carrier, has awarded a SAR1.5 billion ($400 million) ground handling services contract in the kingdom as it gears up to launch operations next year. The 4.5-year contract, with an option for a two-year extension, was awarded to Saudi Ground Services Company, which trades on the Saudi stock exchange. Under […] August 13, 2024
Aviation Air Arabia profits slip even as revenues climb Air Arabia’s profits declined in the second quarter of 2024, impacted by rising costs amid economic and geopolitical uncertainties. The UAE’s low-cost carrier reported a 7 percent fall in net profit, down to AED427 million ($116.3 million) from AED459 million in the same period last year. “The aviation industry continued to experience slower yield growth […] August 13, 2024
Opinion Aviation The Gulf will play a major role in sustainable aviation GCC airlines are leading the charge to make flying greener August 12, 2024
Transport New parking spaces in Dubai drive Parkin’s revenues Revenues for Parkin, the Dubai government’s parking management company, grew 12 percent year on year in the second quarter of 2024 due to an increase in parking spaces and seasonal permits. Parkin’s top line for the April to June period reached AED206 million ($56 million), compared to AED184 million a year ago despite the impact […] August 12, 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
Aviation Etihad profit surges 48% on higher passenger volume Etihad Airways said net profit rose 48 percent year on year in the first half of 2024, driven by a rise in passenger numbers and new destinations. The Abu Dhabi-headquartered airline posted a profit of AED851 million ($232 million) in the first six months, up from AED575 million in the same period last year. Total […] 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
Aviation Dubai Airports raises 2024 traffic forecast to 91.8m Dubai Airports, the operator of the world’s busiest international hub, has revised its annual passenger forecast for 2024, projecting a record 91.8 million passengers, up from the 91 million forecast in May this year. This revision follows an 8 percent year-on-year increase in passenger numbers during the first six months, totalling nearly 45 million. “We […] August 7, 2024
Sustainability Lucid taps PIF backer for $1.5bn cash injection Saudi-backed US electric vehicle maker Lucid is to receive a cash injection of $1.5 billion from its majority stockholder Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund. “The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth […] August 6, 2024
Logistics DP World’s London Gateway to become UK’s largest seaport The official launch this month of a new berth at London Gateway Port makes the facility the UK’s largest seaport, with operator DP World outlining plans for three more berths. The port, which currently handles 2.4 million containers, will expand its capacity to 3.4 million containers with the opening of berth 4, the UAE state-run […] August 6, 2024
Aviation Egypt to bring in private airport management Egypt is offering contracts to private companies to manage selected airports in an effort to attract investment into the aviation sector and improve services for travellers. The newly appointed civil aviation minister Sameh Al-Hafni announced the move in a meeting with key ministry officials, and subsequently released them as a statement via the Egyptian cabinet […] August 5, 2024
Transport Middle East airlines report rise in passenger demand Airlines in the Middle East reported a 9.6 percent year-on-year increase in passenger demand in June 2024, according to the International Air Transport Association. Capacity at regional carriers rose 9.4 percent year on year, while the load factor rose marginally to nearly 80 percent. NewsletterGet the Best of AGBI delivered straight to your inbox every week […] August 1, 2024
Transport Flyadeal seat capacity rises with fleet expansion Flyadeal, Saudi Arabia’s low-cost airline, reported a 5 percent year-on-year rise in seat capacity amid fleet expansion. The available seating capacity reached more than 5 million in the first half of 2024 as its fleet size increased 12 percent annually to 33 aircraft. The airline increased its routes to 75, up 8 percent year on […] August 1, 2024
Logistics DP World hits out at Djibouti after latest court victory DP World has described the government of Djibouti as “bad for business” and said companies should “think twice” about investing in the country, following the latest ruling in their long-running legal dispute. A US court ruled in favour of the Dubai-based global ports operator this week in its battle over the Doraleh container terminal in […] July 31, 2024
