Aviation Emirates report record half-year profits Dubai’s Emirates airline has reported record profits for the first half of the financial year 2023-24, fuelled by strong passenger demand for international travel. Profits were up 134 percent from this time last year, to a high of AED9.4 billion ($2.6 billion). Revenue for the city’s flagship carrier was up 19 percent to AED59.5 billion. […] November 9, 2023
Logistics Aramex profit drops 76% on steep interest rate hike Dubai-based courier company Aramex said net profit fell 76 percent in the third quarter of 2023. The fall was led by the steep increase in interest rates since Aramex acquired MyUS, a shipping and logistics company. Net profit reached AED9.64 million in the third quarter of 2023, compared to AED39.64 million a year ago. In […] November 9, 2023
Aviation Kuwait’s Jazeera Airways’ profits slump 36.1% Kuwaiti low-cost carrier Jazeera Airways has reported a 36.1 percent drop in profits for the first nine months of the year with a warning that over-capacity issues could further impact margins. The airline, which sits second in the country behind Kuwait Airways, saw revenues increase 12.8 percent year-on-year over the period and passenger numbers were […] November 8, 2023
Transport Orascom wins deals as Egypt steps up transport ambitions Orascom Construction has signed new contracts to work on two major transport projects in Egypt. The National Authority for Tunnels has hired the Cairo-based builder to carry out all civil works for a package of the Greater Cairo Metro Line 4 expansion. Orascom said in a filing to Nasdaq Dubai – where its share price […] November 7, 2023
Tech UAE’s Edge buys 52% stake in Swiss UAV maker UAE state-owned defence company Edge Group has acquired a 52 percent majority shareholding in Anavia, a Swiss unmanned aerial vehicle (UAV) developer. The company manufactures unmanned helicopters for surveillance and reconnaissance missions, as well as inspection, mapping and cargo. Edge aims to use the unmanned helicopters to strengthen its air, land, and maritime capabilities, the UAE state-run […] November 7, 2023
Transport Riyadh Air to add ‘large’ narrowbody aircraft order Riyadh Air will announce a deal to buy a “sizeable” number of narrowbody aircraft in the coming weeks, the startup airline’s chief executive said, as he helps build a second carrier for Saudi Arabia which is set for take-off in 2025. Former Etihad Airways boss Tony Douglas was hired in March to head up Riyadh […] November 7, 2023
Aviation Qatar Airways profit soars to over $1bn despite headwinds Qatar Airways’ net profit rose 113.8 percent year on year to QAR3.7 billion ($1.02 billion) in the first half of 2023/24 on increased passenger numbers and load factors. Total revenue increased to QAR40.126 billion, up 7.4 percent annually. Passenger revenues accelerated 28.5 percent over the last year, with increased load factors of 83.3 percent, leading […] November 3, 2023
Analysis Renewable Energy Startup touts alternative EV batteries for Saudi industry A startup developing non-lithium batteries for electric vehicles (EVs) says they are better suited to Gulf climates where flammability is a risk. But industry experts say it will be difficult to penetrate the car industry where lithium options are baked into budgets. Mukesh Chatter, founder of Alsym Energy, argued his case to regional political and […] November 1, 2023
Aviation Abu Dhabi’s terminal A gears up for 637 flights in first week The new terminal at Abu Dhabi International Airport (AUH) will have 637 flights departing and arriving in its first seven days of operations. As many as 28 airlines have started transitioning to terminal A, which opens today, but will be fully operational from November 15, the Abu Dhabi Media Office said in a statement. The […] November 1, 2023
Analysis Aviation Saudi aviation reforms to attract foreign airport operators Saudi Arabia has unveiled reforms and new regulations to encourage more foreign investment in its aviation sector, as part of a privatisation push. The new economic policy framework aims to create a “level playing field” for global operators and investors in the kingdom, according to the president of the General Authority of Civil Aviation (Gaca). […] October 31, 2023
Transport Abu Dhabi airport posts 29.3% rise in Q3 traffic Passenger traffic at Abu Dhabi International Airport rose 29.3 percent year on year to 5.95 million in the third quarter of 2023. Aircraft movement increased 21.8 percent year on year to 37,903 in the July to September period, state-run WAM news agency reported. Airport connectivity expanded to 119 destinations through 24 airlines. The busiest destinations […] October 29, 2023
Opinion Infrastructure Riyadh can become a global city – with a little more effort When it comes to business travel, the city remains a trying place to negotiate October 27, 2023
Opinion Aviation King of the skies: A tribute to Akbar Al Baker The Qatar Airways boss has led with obsessive attention to detail and high expectations October 27, 2023
Manufacturing Talks under way to build EV battery plant in Abu Dhabi China’s Sunrise New Energy is in talks with South Korea’s LG Energy and UAE’s sovereign Abu Dhabi Investment Fund for a potential partnership to set up a lithium battery material manufacturing facility in Abu Dhabi. The anticipated annual production capacity will be 50,000 tonnes of anode materials, the Chinese lithium-ion battery producer said in a […] October 25, 2023
Retail Saudi warehousing shortage offers developers opportunity Saudi Arabia is facing a severe shortage of warehousing, and experts say the challenge for industrial occupiers presents an opportunity for developers. Real estate consultancy Knight Frank said the warehouse market in the kingdom remains “severely undersupplied” and rents are on a sharp upward trajectory. Average warehouse rents in Riyadh rose 20 percent during the […] October 25, 2023
Transport DP World and Rosatom to develop new shipping route Global ports operator DP World and Russian state nuclear company Rosatom have established a joint venture (JV) to develop transit container shipping along the Northern Sea Route (NSR). International Container Logistics was registered in Moscow this month according to Russian news agency Interfax, citing data in the Unified State Registry of Legal Entities. Rosatom Cargo owns 51 […] October 25, 2023
Opinion Aviation Gulf Air is battling for Bahrain’s skies Can another strategic turn really be successful? October 24, 2023
FII Logistics Neom and Denmark’s DSV in $10bn logistics partnership Saudi Arabia’s Neom and Danish freight forwarder DSV have entered into a $10 billion logistics joint venture (JV) that will serve the $500 billion giga-project in the kingdom’s northwest. The JV will provide supply chain management including delivering goods and materials to Neom, the companies said in a joint statement. Neom, owned by Saudi Arabia’s […] October 24, 2023
Transport Qatar Airways CEO to step down after 27 years After nearly three decades at the helm of Qatar Airways, Akbar Al Baker is stepping down from his position as group chief executive officer on November 5, 2023. Badr Mohammed Al Meer will succeed him as group CEO for the Gulf state’s national airline, Qatar Airways confirmed in a statement. The development comes after Qatari […] October 24, 2023
Logistics DP World to invest $1bn to upgrade Tanzanian port Dubai’s DP World has signed a 30-year concession agreement with the Tanzania Ports Authority (TPA) to operate and modernise Dar es Salaam Port. The deal aims to improve transport and logistics services throughout Tanzania and the wider East Africa region, according to the state-run Wam news agency. DP World will invest more than $250 million […] October 23, 2023
Industry Work to begin in 2024 on Hyundai’s $500m Saudi car plant A joint venture between Saudi Arabia’s Public Investment Fund and Hyundai Motor Company is expected to break ground on its first vehicle manufacturing plant next year. The sovereign fund will hold a 70 percent stake in the venture, with the South Korean car giant holding the rest. Vehicle production is due to start in 2026. The […] October 23, 2023
Transport Mawani to build $267m logistics park in Dammam Saudi Ports Authority, known as Mawani, and Saudi Global Ports, a Public Investment Fund-backed container terminal operator, have signed a contract to build a SAR1 billion ($266.59 million) logistics park at King Abdulaziz Port in Dammam. The facility will cover more than 1 million sq m and is part of a plan by the state-owned […] October 22, 2023
