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GAC ties up with Pole Position Spitsbergen
GAC Group has announced its alliance with Pole Position Spitsbergen AS, establishing its base on the Svalbard archipelago in the Arctic Ocean, halfway between mainland Norway and the North Pole. The partnership is aimed at serving client needs, particularly those in the oil and gas sector. The company is also offering polar bear protection for vessels intending to berth outside of the island's settlements.
Syria opens coastal radar stations
The General Department of Harbours in the Syrian port city of Lattakia has announced the completion of the installation of five radar stations along the coastline that cover the Syrian territorial waters and is aimed at guaranteeing the safety of ships, the state news agency SANA has reported. Two watch towers have been also completed in Lattakia and Tartous, in addition to preparing the two harbours to use a radar system for controlling maritime movement using the VTMS system, in addition to stations for Automatic Identification System (AIS) for ships.
Kuwait moving forward with metro project
Kuwait has invited consultants to express interest in its 171-kilometre metro project, MEED magazine has reported. The estimated $7bn scheme will involve building four lanes, with 60km of the network underground. The successful developer will design, build, finance, operate and maintain the metro network for an undisclosed period of time.
Dubai metro passenger tally tops 2.5m
The Dubai Metro has served over 2.5 million passengers since launching operations on September 9, Gulf News has reported, citing a Roads and Transport Authority official. Ramadan Abdullah, director of operations at the agency, said the service is averaging 57,000 passengers per day.
ADNOC unit inks deal with Drydocks World
ADNOC Group's shipping arm, ADNATCO-NGSCO has signed a strategic alliance agreement with Drydocks World, WAM has reported. According to the agreement, some of ADNATCO-NGSCO vessels will be able to use Far Eastern facilities owned by Drydocks World in Singapore and on Batam Island, Indonesia. ADNATCO-NGSCO comprises two fleets. Abu Dhabi National Tanker Company (ADNATCO) operates a fleet of chemicals, petroleum products RoRo and bulk carriers, while National Gas Shipping Company (NGSCO) owns and manages eight LNG tankers.
Saudi's land transport sector rising
Ali Hassan Naqoor, deputy chairman of Saudi Arabia's National Transport Committee, has said the private and public investments in the land transport sector during the last five years are estimated at nearly SR300bn, Arab News has reported. The sector's annual growth is estimated at 10%, while the pilgrim transport sector is growing at 10% to 15% annually, he said. 'There are now 16 transport companies, which own more than 20,000 buses of different types and models,' Naqoor told the newspaper.
Egypt to tender new terminal in 2010
The Egyptian Transport Ministry has said a tender will be issued next year to build a third container terminal at East Port Said on the Mediterranean as part of a plan to boost the port's container capacity to 8 and 13 million TEUs by 2030, Reuters has reported. East Port Said has one terminal operating now, handling 2.4 million twenty-foot equivalent units in 2008, roughly 40% of Egypt's total container traffic of 6.08 million TEUs.
Gulf Navigation to expand tanker fleet
Gulf Navigation Holding (Gulfnav) is in talks with an unnamed company to buy four petrochemical carriers as it looks to expand its fleet of tankers via acquisitions and new manufacturing. The company, which currently owns 15 tankers, has suffered a torrid year, with a 91% fall in nine-month profits. But Abdullah Al Shuraim, the Chairman of Gulf Navigation Holding, said the company is in late-stage talks to buy a further four petrochemical tankers. "The board has instructed the executive committee and the company's management to carry on looking for best opportunities to buy crude oil and product tankers, either through acquisition or new buildings of low prices, which will assuredly achieve the company's strategy to increase its fleet," he told Emirates Business 24/7.
Gulfnav net profits drop to Dhs11.62m
Gulf Navigation Holding (Gulfnav) has announced its nine-month consolidated performance. It has posted a net profit of Dhs11.62m compared to Dhs136.9m for the same period of 2008. The company's operating profit has dropped to Dhs101.62m against Dhs189.85m, while revenues posted declines at Dhs255.46m as against Dhs306.45m.
Aramex breaks ground on new facility
Dubai-based logistics provider, Aramex has broken ground on its new Dhs120m Logistics Centre, located in Dubai Logistics City (DLC). The new facility, due for completion in the first quarter of 2011, has capacity for more than 40,000 pallet locations and a specialized terminal dedicated to express air cargo, sea cargo and land freight shipments.
DP World says container market stabilizing
Dubai-based port operator DP World has said the container market was beginning to show signs of stability and the decline in the company's volumes had slowed in the third quarter, Bloomberg has reported. The government-controlled company's container volume had dropped 6% in the three months ending September 30. Nine-month container volume had declined 8%, the company said.
Agility inks Formula One deal
Yas Marina Circuit and Formula One Management UK have appointed Agility to handle all Formula 1 shipments during the inaugural 2009 Formula 1 Etihad Airways Abu Dhabi Grand Prix. Under the contrac, Agility Fairs & Events will be the exclusive customs clearing and on-site handling agent and will arrange amn around-the-clock customs-bonded area at the Circuit.
DP World CFO to step down in December
Dubai-owned DP World, the largest port operator in the Middle East, has announced that Yuvraj Narayan will resign his post as chief financial officer effective Dec 10. Narayan will join Dubai World as group chief financial officer, the company said in a statement to Nasdaq Dubai today.
Abu Dhabi builds 6640 temporary car parks
Abu Dhabi said it has completed construction of some 6640 temporary car parks in preparation for the Formula 1 Championship which will be staged in Yas Marina Circuit in the capital. The move aims to provide easily accessible parking areas for the residents and visitors of the city, ease the traffic flow in the events area, and avoid creating negative traffic impacts in other parts of the city.
Aramex Q3 profit climbs 23%
Dubai-based logistics provider Aramex has reported a 23% increase in its net profit for the three months ending September 30, 2009. Net profit for the period stood at Dhs41.7m, compared to Dhs33.9m in the corresponding period of 2008. Revenues for the third quarter of 2009 had declined by 11% to Dhs487.6m, compared to Dhs545.7m in the same period last year. The decline was attributed to 'a marked reduction in global freight forwarding activity, resulting in a decline of 20% in freight revenues across the network', the company said.
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