Transport Saudi low-cost airline Flynas to launch IPO Flynas, the Saudi carrier backed by Saudi billionaire Prince Alwaleed Bin Talal, has hired consultants for a potential initial public offering (IPO) in Riyadh. The low-cost airline may go public as early as next year, Bloomberg reported, citing an airline statement. Goldman Sachs Group, Morgan Stanley and Saudi Fransi Capital will work on the IPO. […] December 21, 2023
Video length: 04:59 Transport Gulf’s cheap petrol slows take-up of electric bikes Almost 20 percent of the new cars sold this year are electric, according to the International Energy Agency, while e-bikes are becoming a familiar sight in cities around the world. The Middle East is behind China, the US and Europe on mass adoption, despite the lower operating costs and lower emissions of electric vehicles (EVs). […] December 20, 2023
Logistics Jet fuel most exposed to Red Sea closure, analysts say Trade analysts warned on Monday that jet fuel is the commodity most exposed to an interruption of trade in the Red Sea, as the world’s main shipping companies said that they would avoid the waterway because of missile and drone attacks. Several container shipping lines, including CMA CGM of France, MSC of Switzerland and A.P. […] December 18, 2023
Transport UAE’s AD Ports plans to buy stake in Turkish port The UAE’s state-owned AD Ports Group intends to invest in a new company proposed by Turkey’s sovereign wealth fund to run the Aegean coast port of Izmir. Although the stake size is unclear, the deal could be worth $500 million, Reuters reported, citing an unnamed source. Turkey Wealth Fund is seeking new investment in the […] December 18, 2023
Transport DP World selects Expo City Dubai as new HQ location DP World plans to relocate its global head office to Expo City Dubai from Jebel Ali, which has been its base since September 2005. “DP World’s relocation to Expo City Dubai is not an isolated project,” state-owned WAM news agency said, citing Sultan Ahmed bin Sulayem, group chairman and CEO of DP World. “It is […] December 18, 2023
Transport Turkish Airlines places order for 220 Airbus aircraft Turkish national carrier Turkish Airlines is expanding its fleet size by purchasing more than 200 Airbus aircraft. The order comprises 150 Airbus’ A321s and 70 A350 widebody aircraft (50 A350-900s, 15 A350-1000s and 5 A350F freighters), the European airline manufacturer said in a statement. This follows two orders from the airline for 10 A350-900s in […] December 17, 2023
Transport India mulls giant distribution hub in the UAE India is planning to set up a new warehousing facility in the UAE similar to China’s Dragon Mart to allow its exporters to showcase their products under one roof, according to an Indian media report. Bharat Mart is expected to become a mega-distribution hub to support the exports of “Made in India” products to the […] December 17, 2023
Aviation Ryanair to begin domestic flights in Morocco in 2024 Irish low-cost carrier Ryanair will open domestic flights across Morocco from next summer as part of its $1.4 billion investment in the North African country. Ryanair will be the third airline to operate flights in Morocco, following national carrier Royal Air Moroc and the UAE’s Air Arabia. The extra commitment to Ryanair’s summer programme means […] December 13, 2023
Renewable Energy UAE sets sustainable aviation fuel targets The UAE is aiming to have sustainable aviation fuel (SAF) account for at least 1 percent of the total fuel supplied at airports in the Gulf state by 2031, according to a new government ruling. The Guideline on Sustainable Aviation Fuel says the country hopes to produce 700 million litres annually by 2030, according to […] December 13, 2023
Logistics Work set to start on Oman’s first airport free zone Asyad Group, Oman’s national logistics company, has signed a concession agreement with the Public Authority for Special Economic Zones and Free Zones (Opaz) to develop the Muscat International Airport Free Zone. Asyad Group will develop, manage and operate the Sultanate’s first airfreight-focused free zone, state-run Oman News Agency reported. The 1.7 million sq m of […] December 11, 2023
Aviation India’s newest airline awaits nod to start GCC flights Akasa Air, India’s newest airline, is currently awaiting approval from the governments of Saudi Arabia, Qatar and Kuwait to launch operations to the Gulf states, according to a media report. “It’s going to be another few months. We’re hoping another three to four months. But we are a little dependent in terms of permissions we (need […] December 11, 2023
Markets Dubai Taxi shares jump 19% in debut trading Dubai Taxi Company shares rose by 19 percent in its debut trading on Thursday after a $315 million initial public offering (IPO), marking the emirate’s first privatisation in over a year. Shares in Dubai Taxi opened at AED2.20 ($0.60) on the Dubai Financial Market, according to data from the stock exchange website. The offer price […] December 7, 2023
Logistics Saudi port operator to develop Bangladesh terminal Saudi company Red Sea Gateway Terminal International Limited (RSGTI) has signed a 22-year concession to develop a container terminal at Bangladesh’s primary port in a deal worth $170 million. RSGTI, a subsidiary of the Sustained Infrastructure Holding Company (Sisco), signed the deal with the Chittagong Port Authority to develop Patenga Container Terminal. In a filing […] December 7, 2023
Transport UAE motorcycle rental firm invests in EV chargers Easy Lease Motor Cycle Rental has acquired 60 percent of electric vehicle charger manufacturer, supplier and installer Fully Charged. Since 2020 Dubai-based Fully Charged has installed more than 5,000 charging devices across the UAE for businesses including Damac, Dubai Holding and Emirates. Easy Lease, listed on Abu Dhabi’s secondary market, wanta to double that number […] December 6, 2023
Opinion Aviation Air India’s protectionism could alienate the Gulf India's national carrier has lashed out at the region – but it may come to regret it December 5, 2023
SPECIAL REPORT Infrastructure After stops and starts, GCC rail is back on 2030 timetable In the same week that Dubai announced a 30km extension of its metro network, Kuwait revealed that its $20 billion four-line metro project is to be cancelled. If anything sums up the difficulties associated with connecting the GCC countries by rail, then it is this. Kuwait’s metro hit the buffers as a result of “significant […] December 5, 2023
Aviation Turkish Airlines to have ‘third largest fleet’ by 2033 State-owned Turkish Airlines is planning to increase its fleet size to 813 aircraft by 2033 as part of its expansion drive, a local media report said. The additions over the next decade will make it an airline with the “third largest fleet”, Daily Sabah newspaper reported, citing CEO Bilal Ekşi’s speech at an event in […] December 4, 2023
Finance Dubai Taxi IPO order book hits $41bn on strong demand Dubai Taxi Company said the order book for its initial public offering (IPO) swelled to over AED150 billion ($41 billion), as it was covered 130 times. “This represents the highest oversubscription level achieved by an IPO on the Dubai Financial Market,” the company, a unit of the state-owned Roads and Transport Authority, said in a statement. […] November 30, 2023
Transport Emirates urges Rolls-Royce to go ‘back to basics’ The head of Dubai’s Emirates has urged Rolls-Royce to go “back to basics” and focus on the performance of its engines, a day after the British firm laid out plans to quadruple profits. Shares in the engine maker rose after CEO Tufan Erginbilgic unveiled a strategy on Tuesday to revive its fortunes including a sharp […] November 30, 2023
Banking and Finance PIF buys 10% stake in UK’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) will acquire a 10 percent stake in the parent company of London Heathrow, the UK’s busiest airport. Spanish infrastructure major Ferrovial will sell its entire 25 percent stake in FGP Topco for £2.37 billion ($3.01 billion), the company said in a statement. Paris-based private equity fund Ardian will buy the remaining […] November 29, 2023
Logistics Last-mile delivery drives growth in logistics sector Last-mile delivery is recording strong growth in the Mena logistics sector, which itself is receiving substantial funding in the region. Logistics was the third highest-funded sector in the Mena region last year, amounting to $362 million, according to data from advisory service and investor Wamda. Wize, a logistics startup in Dubai which specialises in last-mile […] November 28, 2023
Transport Turkish Airlines low-cost carrier to launch flights in 2024 Turkish Airlines said on Friday its budget carrier AnadoluJet will begin operating next year under the name of AJet and compete in the global low-cost aviation industry. AnadoluJet will conduct its operations under the name “AJet Air Transportation Inc” as a wholly-owned subsidiary of Turkish Airlines, starting at the end of March 2024, it said […] November 27, 2023
