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
Logistics Suez Canal monthly losses reach $550m Egyptian prime minister Mostafa Madbouly has said the Suez Canal is reporting losses of up to $550 million per month due to ongoing regional tensions. In January Suez Canal Authority chairman Osama Rabie said dollar revenues from the Suez Canal were down 40 percent since the start of the year after attacks forced global shippers to opt […] July 31, 2024
Analysis Logistics Bahri Q2 profit rises 48% on better shipping rates Saudi Arabia’s shipping giant Bahri reported a 48 percent year-on-year increase in net profit to SAR733 million ($195.4 million) in the second quarter of 2024, thanks to better shipping rates and optimised fleet management. The company’s top line rose 15 percent year on year to SAR2.7 billion, driven by chemical revenue growth and higher contributions […] July 28, 2024
Opinion Aviation Flynas saves the best for last at Farnborough Airshow This year the headline-grabbing deals arrived later than expected July 26, 2024
Transport Dubai Taxi to pay $43m dividend despite profit drop Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […] July 26, 2024
Aviation Flynas expands Airbus fleet to reach new markets Saudi low-cost carrier Flynas will expand its fleet with the order of 75 A320neo and 15 A330-900 jets, as the airline looks to expand its capacity and range into new markets. The new aircraft will join the carrier’s all-Airbus fleet and serve international, domestic and regional routes. It can accommodate up to 400 passengers. “The A320neo […] July 26, 2024
Analysis Aviation Dubai and Jeddah dominate airport construction in Mena Just two giant projects, in Dubai and Jeddah, account for almost 80 percent of current spending on airport development in the Middle East and North Africa, a report has revealed. Some 19 different projects, ranging from expansions to additional runways and entire new airports, are under way in 11 countries across the region, according to […] July 25, 2024
Aviation Tunisair growth slows as costs rise Tunisair’s revenue increased by only 3 percent year on year to TND695 million ($224 million) in the first half of 2024, as fuel costs rose and its market share shrank. Passenger numbers went up by 2 percent to 1.17 million, compared to 1.15 million a year ago, the state-run Tunis Afrique Presse reported. Average revenue […] July 25, 2024
Employment Aviation workforce in Morocco to double by 2030 Morocco has announced plans to provide employment for young people by doubling the number of people employed in the country’s aviation sector by 2030. The aerospace industry in Morocco currently includes some 142 companies, employing a workforce of 17,000, and has an annual turnover in the region of $2 billion in exports. Ryad Mezzour, the […] July 24, 2024
Aviation Libya’s Berniq buys Airbus jets to expand reach Libya’s Berniq Airways has placed an order with Airbus for six A320neo aircraft to upgrade its fleet and increase its number of routes both regionally and internationally. The airline currently operates six A320s. Waseem Ezzway, chairman of Berniq Airways, said that the investment marks a new chapter for the airline as it continues to modernise […] July 24, 2024
Aviation Qatar Airways expands Boeing 777 order book Qatar Airways ordered 20 new Boeing 777-9 passenger jets at the Farnborough International Airshow this week after announcing record profits in its 27-year history. Additionally, the carrier has committed to 40 new GE9X engines and spare engines, in addition to a long-term services agreement. The total cost of the deal and delivery schedule of the […] July 24, 2024
Video length: 08:13 Analysis Logistics Logistics giants compete for space in Saudi Arabia Global logistics companies are flocking to Saudi Arabia as the country’s socio-economic transformation drives demand for industrial and ecommerce buildings. Last week DB Schenker, the logistics subsidiary of Germany’s rail operator Deutsche Bahn, signed a deal with Riyadh-based developer Kaden to construct warehouses in the kingdom. At the end of May construction work started on […] July 24, 2024
Transport Adnoc L&S unit awards $2bn contract to Chinese shipyard AW Shipping, a joint venture between Adnoc Logistics & Services and China’s Wanhua Chemical Group, has awarded a $1.9 billion contract to Chinese shipyard Jiangnan to construct “green and low-carbon” ammonia and ethane carriers. The contract for nine very large ethane carriers (VLECs) is priced at $1.4 billion, the Adnoc subsidiary, which trades on the […] July 23, 2024
Aviation Price talks rumble on between Turkish Airlines and Boeing Turkish Airlines will not announce a deal with Boeing at the Farnborough Airshow this week as negotiations over the engine price continue, chairman Ahmet Bolat has said. “We are not going to announce anything in Farnborough,” he said, adding talks were being held with engine supplier GE on Monday. “I think we are close, but the […] July 23, 2024
