Transport AD Ports to build and operate Red Sea ports The UAE’s AD Ports Group has signed an agreement to build, develop, operate and maintain terminals for passengers and cruise lines at the Egyptian Red Sea ports of Hurghada, Safaga and Sharm El Sheikh. “This contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada and Sharm El Sheikh and, later, Arabian […] January 5, 2024
Tech Tech startups shape future of UAE mobility sector Technological advances and evolving consumer demands are bringing massive growth to the UAE’s mobility and logistics startup sectors. Logistics startups in the Middle East and Africa raised $5.9 million in funding in December, according to venture capital firm Wamda. This ranked the sector third behind “cleantech” (technology designed to reduce negative environmental impacts) and fintech […] January 4, 2024
Retail Perfume helps Dubai Duty Free hit record sales in 2023 Dubai Duty Free (DDF) recorded record sales of AED7.885 billion ($2.15 billion) in 2023, a year-on-year increase of 24 percent, and 6 percent above 2019, with perfume retaining its title as the top-selling sector. DDF celebrated its 40th anniversary in December, and the holiday month finished the year with sales of AED807.6 million, an 8 […] January 4, 2024
Infrastructure Sharjah begins work on $338m airport terminal expansion Work has commenced on Sharjah International Airport’s AED1.24 billion ($337.62 million) terminal expansion project, which is expected to be completed by 2027. Sharjah Crown Prince and deputy ruler Sheikh Sultan bin Mohammed bin Sultan Al Qasimi laid the foundation stone for the project, the UAE state-run Wam news agency reported. Spanning an area of 190,000 […] January 4, 2024
Aviation Kuwait aircraft lessor Alafco slashes losses Kuwait’s state-funded aircraft leasing firm, Alafco, has cut its annual net losses by 98 percent, the company said at its latest earnings presentation. Alafco, whose shareholders include the Kuwaiti government, said operating lease revenue dropped by 63 percent to KD35.9 million ($116.74 million) for the financial year ending on September 30. However, this was made […] January 4, 2024
Infrastructure Dubai launches new entity to oversee parking operations Dubai has set up a new company to oversee operations related to parking spaces in the emirate. Parkin, a public joint stock company set up following the issuance of a law by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will have financial, administrative and legal autonomy to fulfil its responsibilities. The company’s duration stands at […] January 4, 2024
Logistics AD Ports-owned unit takes control of Spanish terminal A Madrid-based subsidiary of AD Ports Group has acquired full ownership of APM Terminals Castellón in Spain for €10 million ($10.96 million). Noatum Terminals, the terminals operations business of Noatum Group, has obtained all regulatory and stakeholder approvals, with the change of ownership taking place immediately, the UAE state-run Wam news agency reported, citing a […] January 3, 2024
Analysis Transport Turkey’s EV production finally gets into gear Turkey has long been a manufacturing base for the global auto industry, producing vehicles for more than a dozen industry giants such as Ford, Toyota and Renault. Its transition into electric vehicle (EV) manufacturing has been slow to materialise, but the country is now making up for lost time. First announced in 2017, 2023 saw […] December 29, 2023
Transport AD Ports to invest $200m to develop Egypt’s Safaga port AD Ports Group of Abu Dhabi has signed a concession agreement with the Red Sea Ports Authority to develop and operate a multi-purpose terminal at Safaga port in Egypt. The agreement will mean an investment of $200 million over three years to develop the first internationally operated port serving the Upper Egypt region, the UAE […] December 28, 2023
Transport Dubai electric bike firm plans UAE expansion Dubai last-mile delivery company Eco Way plans to replace the UAE’s many thousands of petrol motorcycles with electric bikes. The startup currently operates 45 electric bikes in Dubai and has partnered with companies including Talabat, Pizza Hut, Amazon, Deliveroo, KFC and Emirates Post Group. Founder Ivan Kroshny said Eco Way also wants to expand from […] December 27, 2023
Transport Work starts on new $40m logistics park at Dammam port A SAR 150 million ($40 million) logistics park is to be built at King Abdulaziz Port, Dammam by the Saudi Ports Authority, known as Mawani, and Medlog, the logistics arm of the Geneva-based Mediterranean Shipping Company The 100,000 sq m facility will have a capacity of 300,000 twenty-foot equivalent units (TEUs) annually, Mawani said in […] December 27, 2023
Video length: 04:21 Transport Denmark’s Maersk gears up to restart Red Sea operations Denmark’s shipping major Maersk is planning to resume shipping operations in the Red Sea and the Gulf of Aden following the deployment of the multinational security initiative. The company had paused all vessel passage through the area earlier this month over the highly escalated security situation ensuing from attacks by Houthi militants based in Yemen. “As of […] December 27, 2023
Opinion Aviation Middle East aviation prepares for take-off in 2024 2023 has just been a starter. The really impressive stuff is yet to come December 26, 2023
Transport Saudi’s Mawani signs $267m contracts for marine services Saudi Ports Authority (Mawani) has signed four contracts with private companies for maritime services at eight ports, with investments exceeding SAR1 billion ($267 million). The contracts were signed with Zamil Marine Services and Naghi Marine Company, the ports operator said in a statement. Zamil Marine Services will provide services at the Jeddah Islamic Port, Jazan […] December 25, 2023
Transport Egypt gets $455m to build new container port A consortium of international institutions will provide $455 million in funding for a second container terminal in Damietta Port in Egypt, which will triple the port’s container capacity. The financing package will be provided to Damietta Alliance Container Terminal (DACT), a joint venture between German, Italian and Egyptian companies, European Bank for Reconstruction and Development […] December 25, 2023
Logistics Shipping insurance rates rise on Red Sea crisis Insurance rates for shipping companies operating in the Red Sea are likely to rise further, according to industry experts, as the area continues to be the target of terrorist attacks by the Houthi militia. Some of the biggest operators in the industry, including CMA CGM of France, MSC of Switzerland and A.P. Moller-Maersk of Denmark, […] December 24, 2023
Opinion Aviation Europe’s low-cost carriers take off for Mena markets Next stop Riyadh for Ryanair? December 22, 2023
Transport Hyperloop One hits the buffers Hyperloop One, the high-speed transportation company backed by DP World, has ground to a halt, according to reports. The company, which claims to be developing technology that will allow passengers to travel at more than 700 miles per hour in a floating pod that is thrust through giant low-pressure vacuum tubes, was founded in 2014. […] December 22, 2023
Transport PIF to build aircraft repair and maintenance village The Public Investment Fund (PIF) will develop a one million-square-metre maintenance, repair and overhaul (MRO) village in Saudi Arabia as part of its investment in Saudia Technic, a subsidiary of Saudia Group. The aim is to transform Saudia Technic into a national MRO “champion” by investing in infrastructure, boosting efficiency and capturing market growth in […] December 22, 2023
Video length: 04:21 Logistics Red Sea shipping crisis drives prices up Attacks in the lower Red Sea by Houthi militants based in Yemen have resulted in a sharp rise in shipping costs. While regional importers are unlikely to see any immediate impact over the holiday period, shortages and supply chain issues will start to take hold in February, an industry expert has said. “We can expect […] December 22, 2023
Aviation Wizz Air to add more routes after strong year Wizz Air Abu Dhabi has reported a 150 percent rise in passengers this year. The company, a joint venture between Hungary’s Wizz Air and Abu Dhabi state holding company ADQ, carried 3 million passengers in 2023, up from 1.2 million in the previous 12 months, Johan Eidhagen, the managing director, told AGBI. It also doubled […] December 21, 2023
Transport UAE’s daily air traffic hit all-time high on first day of Cop28 The UAE’s airports witnessed a 15 percent increase in air traffic during the Cop28 summit, held at Expo City Dubai from November 30 to December 12. Al Maktoum International Airport recorded the highest number of scheduled and unscheduled flights, such as private and business jets, on the first day of the conference, Saif Al Suwaidi, […] December 21, 2023
