Transport SNB Capital invests $100m in South Korean EV battery maker Saudi asset manager SNB Capital has bought a $100 million stake in South Korean electric vehicle (EV) battery manufacturer SK On, it announced on Tuesday. The investment was made through SNB Capital EV Batteries, a sharia-compliant fund which aims for attractive returns related to the growing global demand for EVs. SK On is one of […] July 11, 2023
Video length: 05:43 Aviation Abu Dhabi’s Royal Jet expands into Asia Abu Dhabi’s Royal Jet is expanding into Asia with plans to acquire a share of a private aviation business located close to Kuala Lumpur. It is buying the Malaysian aviation business operated by Sapura Resources Berhad at Subang International Airport. “We are keen to expand our business in Asia,” Mohammed Husain Ahmed, CEO of Royal […] July 10, 2023
Video length: 05:43 video Aviation Mergers tipped to take off in Gulf’s private jet business The private aviation business is set for widespread consolidation in the Gulf, according to a senior executive at a charter jet firm. Youssef Mouallem, executive vice president of Vista Global based in Dubai, told AGBI the sector was historically fragmented, but he was expecting to see more mergers and acquisitions. “Businesses will consolidate and we […] July 10, 2023
Opinion Aviation India’s airlines face fight for market gains from the Gulf The real winner should be the traveller July 6, 2023
Analysis Aviation Tunisair’s turbulence a ‘toxic mix of circumstances’ Tunisia’s national carrier Tunisair is facing a “toxic mix of circumstances” as it battles for survival, according to a leading aviation expert. The North African country’s president Kaïs Saïed, minister of transport Rabii Mejidi, and Tunisair’s CEO Khaled Chelli met recently to discuss a rescue plan for the airline, which is seeking a restructure to […] July 6, 2023
Aviation Qatar Airways’ profit down 21% despite World Cup Qatar Airways Group’s net profit fell 21.4 percent year-on-year to QAR4.4 billion ($1.21 billion) in 2022-2023 despite flying more passengers for the Fifa World Cup. The profit drop came despite revenue increasing 45 percent year-on-year to QAR76.3 billion. Passenger revenue also doubled, as capacity rose 31 percent year-on-year, driven by a load factor of 80 […] July 6, 2023
Aviation Air India-Vistara scrutiny ‘is good news for Gulf carriers’ An inquiry into the planned merger between Air India and Vistara will be welcomed by Middle East airlines, as they look to increase their share of the lucrative Indian market, an aviation expert has said. India’s anti-trust commission is investigating the proposal over competition concerns, which could delay or even block the deal altogether. Previously […] July 3, 2023
Logistics AD Ports completes $681m buyout of Spanish firm AD Ports Group has completed the acquisition of Spanish integrated logistics company Noatum for AED2.5 billion ($680.62 million) after receiving approvals from all relevant regulatory bodies. The state-owned Abu Dhabi port operator received the final approval from Spanish authorities after attaining regulatory clearance from the European Commission earlier in the year. Noatum generated revenue and […] July 3, 2023
Transport Billions needed to make Hyperloop a reality Middle East governments hoping to turn the world’s first Hyperloop into more than a pipe dream will have to “throw money at the project”, a transport expert has said. Despite launching with huge fanfare, the concept has failed to materially advance, primarily because of a lack of public-sector backing, according to a report from Munich-based […] June 27, 2023
Transport Food delivery drives Turkish motorbike sales Turkey has recorded a sharp rise in the number of motorcycles on its roads, as the online food delivery business in the country continues to expand. A total of 223,541 vehicles were registered in May, and 45.4 percent of these were motorcycles and scooters according to data published by the Turkish Statistical Institute (TSI). Cars […] June 26, 2023
Logistics DP World to expand capacity at Indonesia’s cargo terminal Dubai-based DP World will start operations at Indonesia’s Belawan New Container Terminal (BNCT) after signing an agreement with the sovereign wealth fund Indonesia Investment Authority (INA) and government-owned port operator Pelindo. The partnership will create Indonesia’s most direct link with the Malacca Strait, one of the world’s busiest shipping routes, DP World said in a […] June 25, 2023
Aviation UAE and Iran sign air transport deal The UAE has signed an air transport services agreement with Iran as the two countries look to enhance trade and tourism relationships. The tie-up aims to better organise air transportation and strengthen air connections. A meeting in Dubai between Sheikh Abdullah bin Zayed Al Nahyan, UAE minister of foreign affairs, and Hossein Amir-Abdollahian, Iran’s minister […] June 23, 2023
Aviation Sponsorship deal grows Emirates’ presence in Africa Emirates airline is to sponsor a Tunisian sports club, as the Dubai carrier looks to increase its revenues in Africa. The airline will sponsor Etoile Sportive du Sahel, which has teams across a number of sports including football, basketball, volleyball and handball. Emirates’ branding will be on the teams’ jerseys and training kits, as well […] June 23, 2023
Opinion Aviation Riyadh Air tantalises Paris with promise of ‘Saudi hospitality’ As a 'no legacy' airline, there is room to try a different approach – and that could mean in-flight alcohol June 23, 2023
Aviation Cathay Pacific forecasts first profit on travel rebound Hong Kong’s Cathay Pacific Airways on Friday forecast its first half-year profit in three years, buoyed by a strong rebound in travel demand and one-off gain from a stake sale in Air China. The city’s flagship carrier had posted record losses for the last three years as it parked much of its fleet during the […] June 23, 2023
Logistics AD Ports investing $220m to develop Karachi Port Abu Dhabi Ports Group will invest $220 million over the next decade to upgrade infrastructure at Karachi Port after signing a 50-year concession agreement with Pakistan’s Karachi Port Trust. AD Ports Group and UAE-based Kaheel Terminals have formed a joint venture to manage, operate and develop the Karachi Gateway Terminal at Karachi Port’s East Wharf. […] June 23, 2023
Food & Drink Deliveroo riding the storm in Kuwait and Qatar Kuwait and Qatar are predicted to continue to buck the trend as Deliveroo’s worldwide orders tumble. The online food delivery platform received 72.1 million orders worldwide in the first three months of this year, a drop of 9 percent over the same period last year, according to a statement from company headquarters in London. Earlier […] June 22, 2023
Transport Carlos Ghosn: $1bn Nissan lawsuit ‘not a gimmick’ Carlos Ghosn’s $1.09 billion lawsuit against his former employer Nissan, filed on Monday in Lebanon, is “not a gimmick” and the former car boss had considered claiming for an even higher amount, his legal team in Beirut told AGBI. The lawsuit, which AGBI has seen, levies 10 criminal offences against 12 individuals and two firms […] June 22, 2023
Video length: 00:59 Aviation Neom’s flying taxi takes to the skies Plans to introduce flying taxis to Saudi Arabia’s $500 billion Neom development have accelerated after a series of successful test flights in the kingdom. Neom entered into a $191.2 million investment and joint venture with German aircraft manufacturer Volocopter in 2021. The tests lasted over a week and built on 18 months of collaboration between […] June 22, 2023
EXCLUSIVE Aviation Hamish Harding: British billionaire in the UAE Hamish Harding was one of the five people who died on the Titan submersible in the Atlantic on June 18. He founded Action Aviation, a UAE-based international aircraft brokerage company, and was chair of the Middle East chapter of The Explorers Club. Read below AGBI’s interview with him last September, when he had just been […] June 21, 2023
Aviation SalamAir targets long-haul flights with Airbus A330neo SalamAir, Oman’s first low-cost airline, will lease three Airbus A330neo aircraft from Dublin-headquartered Avolon to expand its fleet and network. The three new Airbus A330neo wide-body aircraft will have a dual-class configuration with 365 economy seats and 12 premium flatbed seats. The two companies signed the agreement on Tuesday June 20, the first day of […] June 21, 2023
Banking & Finance AD Ports to invest $500m in Republic of the Congo deal Abu Dhabi Ports Group has signed a 30-year concession agreement with the government of the Republic of the Congo to operate the multipurpose New East Mole Terminal in Pointe-Noire. The company said it plans to invest more than $500 million over the same period, with around $220 million allocated for phase 1, which is expected […] June 20, 2023
