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
Transport Dubai Aerospace turns profit after Aeroflot settlement The aircraft leasing company Dubai Aerospace Enterprise (DAE) turned profitable in 2023, as it received a settlement of $118.3 million for seven aircraft leased to Russia’s Aeroflot airline. The company reported a net profit of $350.6 million for 2023, a turnaround from a loss of $279.3 million a year ago. Revenue rose 16 percent to […] February 8, 2024
Transport Saudi Arabia signs $690m passenger train order Saudi Arabia Railways (SAR) has signed a $690.16 million contract with Stadler, a Swiss rail infrastructure and train manufacturer, for 10 “next-generation” passenger trains for its growing railway network. The state-owned rail network operator can order an additional 10 units in the future, state-run SPA news agency reported. Trains will be 175 metres long, self-propelled […] February 7, 2024
Infrastructure Investcorp seeks more global airport and seaport stakes Bahrain’s Investcorp Holdings is looking at investment opportunities in airports and seaports across the world as it seeks to double the infrastructure assets in its portfolio to $10 billion by the end of the decade. Investcorp, the region’s biggest alternative investment firm, completed a 50 percent acquisition of the New York-based Corsair Capital’s infrastructure business, […] February 6, 2024
Aviation UAE’s Ghitha invests $220m in Turkish cargo airline Ghitha Holding, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC), has announced an investment of more than $220 million in Turkish cargo airline MNG. The company said it has entered into a share purchase agreement to buy a 44 percent stake in MNG Havayollari ve Tasimacilik. The deal was made through its wholly […] February 6, 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
Tech Saudi startup’s infrared tech has ‘game-changing’ potential A Saudi Arabian startup’s pioneering research will slash the cost of infrared sensors, enabling them to be used in a myriad of day-to-day applications and accelerating the development of fully autonomous vehicles, its founder told AGBI. Osman Bakr, founder and chairman of Quantum Solutions, is also head of the functional nanomaterials laboratory at Kaust (King […] 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
Analysis Aviation Flying taxis ‘within a decade’ says Saudi Arabia Saudi Arabia has published a plan to launch advanced air transport, such as flying taxis, within the next 10 years. However, experts have played down the kingdom’s impact on the fledgling industry globally. The kingdom’s General Authority of Civil Aviation (Gaca) said it wanted to revolutionise the aviation sector by supporting technologies such as unmanned […] 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
Aviation Kuwait airport passenger traffic rises 26% to 15.6m Total passenger movement at Kuwait International Airport rose 26 percent year on year to 15.6 million in 2023. Arrivals reached 7.93 million passengers, while departures accounted for 7.68 million, the state-run Kuna news agency reported, citing Imad Al-Jalawi, acting director general of Civil Aviation Aircraft traffic increased 23 percent to 128,584 last year, from 104,147 […] 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
Tech Dubai to invest $95m to upgrade Nol ticketing system Dubai’s Roads and Transport Authority (RTA) will invest AED350 million ($95.29 million) in the digital transformation of Nol, its card-based ticketing system. The upgraded Nol card will use central wallet technology, an account-based ticketing system, ensuring fintech integration in mobility solutions, the Dubai Media Office said, citing an RTA statement. The project is part of […] January 29, 2024
Transport Oman Air cancels flights to South Asian cities Oman Air is cancelling flights to some South Asian cities as part of its transformation programme. The state-owned airline said the move is part of efforts to improve its financial performance and strengthen its position in a competitive market. Flights to Islamabad and Lahore in Pakistan, Colombo in Sri Lanka and Chittagong in Bangladesh will […] January 29, 2024
Transport Muscat airport passenger traffic climbs 19% Passenger traffic at Muscat International Airport rose to 1.19 million in December 2023, a 19 percent rise compared to 999,935 a year ago. Aircraft movement increased 15 percent year on year to 9,233, Oman Daily Observer reported, citing data from the Civil Aviation Authority (CAA). Freight movement at Muscat airport moved up 0.4 percent annually […] January 28, 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
Opinion Aviation A cabin crew shortage could mean higher ticket prices Rapid expansion with high levels of staff attrition mean airlines are locked in a hiring battle January 26, 2024
