Bahrain’s GFH acquires Saudi food services and logistics company for $133mln
Bahrain’s GFH Financial Group has confirmed it will acquire a Saudi Arabian food services and logistics business for SAR 500 million ($133 million). In a statement to Dubai Financial Market (DFM), GFH said the company had an enterprise value of SAR 500 million. Razi Al Merbati, CEO of GFH Capital S.A., said: “This transaction will […]
DHL to acquire remaining shares in Danzas AEI Emirates
DHL Global Forwarding (DHL) has signed an agreement to acquire the remaining shares in Danzas AEI Emirates from Investment Trading Group. Both entities have been managing the company through a joint venture since 1995, with Investment Trading Group holding 60 per cent of the shares. A logistics and transport services provider for Dubai and the […]
Dubai’s DP World invested $6bn to become supply chain giant
DP World invested more than $6bn to evolve into a comprehensive supply chain player, as the company capitalised on the slow evolution of the supply chain industry to invest in every aspect of the chain, according to CEO, Sultan Ahmed bin Sulayem. Speaking at the 21st Arab Media Forum in Dubai, Bin Sulayem said, “In 2016, […]
UAE, China’s Hainan province sign private-sector agreements to enhance trade
The UAE and China’s Hainan Province have expanded bilateral trade and investment ties through the signing of four significant private-sector agreements, as per state news agency WAM. The signing ceremony took place during the Hainan Promotion Conference in Dubai and featured the presence of Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for […]
DP World to develop Tuna-Tekra Kandla container terminal
DP World , a global leader in supply chain solutions, has signed a concession agreement with India’s Deendayal Port Authority to develop, operate and maintain a new 2.19 million TEU per annum mega-container terminal at Tuna-Tekra Kandla in Gujarat. The concession agreement was signed between Mr. S. K. Mehta, Chairman of Deendayal Port Authority and […]
KEZAD & Al Jazeera Steel breaks ground for Abu Dhabi’s 1st rolling mill
Khalifa Economic Zones Abu Dhabi (KEZAD Group), the integrated trade, logistics and industrial hub of Abu Dhabi, and Al Jazeera Steel Products Co, has held the groundbreaking ceremony of the region’s first Rolling Mill with Rail production capability in Abu Dhabi. The groundbreaking marks the beginning of a new era of industrial development in the […]
Maersk opens its first cold store facility in UAE
Denmark-based A.P. Moller – Maersk (Maersk) has opened its first cold store facility in the UAE. The 13,000-square metre cold store is located in Dubai Industrial City, a press statement from the business district said. “The demand for perishables that require cold storage is rising in the UAE owing to the growing population and robust […]
ADNOC L&S reports 79% rise in Q1 net profit
ADNOC Logistics & Services (ADNOC L&S), which is expected to list its shares on the Abu Dhabi Securities Market on Thursday following an IPO, reported Q1 2023 net profit of $144.9 million, up 79% compared with $16.2 million in the year-ago period. Abu Dhabi National Oil Co. this month sold about 1.11 billion shares at […]
AD Ports Group signs deal with Abu Dhabi Residents Office to attract top talent, investors
AD Ports Group has announced the signing of a Memorandum of Understanding with Abu Dhabi Residents Office (ADRO), Abu Dhabi Department of Economic Development’s arm to support the emirate’s thriving international community, to promote the benefits and initiatives which aim to attract and retain top talent in Abu Dhabi. The partnership will develop a […]
Emirates SkyCargo to double capacity, add 20 new cities
Emirates SkyCargo has added 2 Boeing 747-400Fs to its freighter fleet, showing its strong confidence in the global cargo market. The cargo division of Emirates, the world’s largest international airline, is expecting 15 more freighters to join its fleet from announced orders and its freighter conversion programme, plus a boost in belly-hold capacity from […]