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Services Company established in Kuwait
A closed shareholding company which provides services to warehouses has been established with a capital of KD1 million distributed among 10 million shares, according to Kuwait's Official gazette, Al-Kuwait Al-Youm. The new company specializes in constructing warehouses, provides areas to store goods, raw materials, vehicles and heavy machinery.
Nakilat finalises financing deal
Qatar Gas Transport Company (Nakilat) has closed a $1bn ship financing deal with around 10 banks, Meed magazine has reported. The company originally began approaching banks in March for the third tranche of its deal to buy 25 liquefied natural gas (LNG) carriers under construction in South Korea. Nakilat has already taken possession of five of the vessels and construction of the remaining tankers is still on schedule.
Agility wins $1.4bn US Army deal
Kuwait-based logistics provider Agility said it has won a contract worth up to $1.4bn with the US Defense Logistics Agency. Under the terms of the deal, Agility will supply and distribute food and non-food products to US forces in Iraq.
Wared Logistics wins new Syria deal
Wared Logistics has announced that it has secured significant new business for its Damascus, Syria-based Wared Transport (Specialized Truckload) operation. Major new customers include Premco, a manufacturer of pre-cast concrete and steel beams, the Bahra Steel Company, and the United Arab Aluminum Company.
Boubyan port project submitted
Minister of Public Labor and Minister of State for Municipal Affairs Dr. Fadel Safar said in a statement to KUNA news agency that the venture for the development of the Boubyan port is ready for submission to the Central Tenders Committee, and that the Sheikh Jaber Al-Ahmad causeway had already been referred to the commission. The causeway project is aimed at shortening the distance between the heart of Kuwait City and Al-Sabbiah from 104km to 37.5 km, and is designed to be built across the Kuwait bay.
BA opens new cool Kuwait station
British Airways World Cargo has launched its 50th constant climate station in Kuwait, designed to handle imports of constant climate, the carrier's temperature-controlled product for pharmaceuticals. Freight delivered using constant climate is kept at a constant temperature through the use of active temperature-controlled Envirotainer containers. Stuart Forsyth, product development manager at BA World Cargo, said that temperature-controlled goods sector is the fastest growing in the global air cargo market.
Agility Projects inks Chevron deal
Kuwait's Agility Project Logistics has confirmed a deal with Chevron Australia to provide supply base operations and transport services to the Gorgon Project. 'This project will require significant investment and recruitment and will have an important impact on the West Australian economy,' said Agility Australia's managing director, Mick Turnbull.
Al Mal in Tunisia port bid
Tunisian state news agency TAP has said that Kuwait's Al-Mal Investment Co and Canada's SNC-Lavalin Group have bid for Tunisia's $1.4bn port licence. The port would have a capacity of five million containers per year and is located in Enfida, some 130 km south of Tunis. Al-Mal, a firm controlled by family-owned Kharafi Group, is partnering with Hutchison Port, the world's largest container terminal operator, in its offer to buy the deep-water Enfida port licence, TAP said.
Air cargo market may have hit bottom, says IATA
The decline in the air cargo freight market following the international financial crisis may have hit bottom, says Giovanni Bisignani, the director-general of the Interntational Air Transport Association (IATA). Global air freight volumes took a record 23% year-on-year nosedive in January, he noted, but it has been at least been stabilizing at levels around 20% lower than a year ago. He said it will take at least another three or four months to determine whether the cargo freight market is back on the upswing.
Al Mutlaq to market warehouse management system in Saudi
Saudi Arabia's Al Mutlaq United Company has signed an agreement with Australian supply chain solutions dealer Microlistics to market its ISIS warehouse management system in the kingdom. The Microlistics solution includes ISIS Express, a pre-configured, off-the-shelf WMS solution; ISIS Enterprise, an advanced WMS providing seamless enterprise integration; and ISIS 3PL, a WMS solution for the growing 3PL market providers, the company said.
National Marine to issue convertible bonds
UAE-based National Marine Dredging has announced that it plans to issue Dhs391.5m ($107m) in convertible bonds at Dhs7.83 each, without interest. The issue is subject to shareholder approval.
Bahraini logistics zone work underway
Sheikh Daij bin Salman Al Khalifa, chairman of Bahrain's General Organisation for Sea Ports, has said work on the multi-million dinar Bahrain Logistics Zone will start next month at Khalifa bin Salman Port complex in Hidd. "The hi-tech equipment includes four very large Post-Panamax gantry cranes, considered to be among the best available in the region, as well as rubber tyre gantries," Sheikh Daij said. Construction of the complex, which has four times the capacity of the old port, should be completed by the end of next year.
RTA endorses Mirdiff City Centre bridges
The Roads and Transport Authority has endorsed the award of a contract to construct Mirdiff City Center-Bound Bridges to be borne by Majid Al Futtaim Co. The Dhs184m 3-lane bridge project aims to provide entry and exit points to Mirdiff City Center from from Rashidiya, and another bridge to serve traffic bound from Tripoli Road.
Agility 2008 revenues up
Agility's chairman of the board and managing director, Tarek AlـSultan has announced a 10% increase in income in 2008 amounting to KD1.84bn, compared to KD1.67bn in 2007. For the year ended December 31, 2008, the company has achieved a net profit amounting to KD141m and operating profits amounting to KD161m, while the company's assets have increased in 2008 by 7% to KD1.64bn as the company had obtained loans amounting to KD220m, Al-Sultan said. He said the net debt for 2008 has reached KD160m and the firm is aiming to reach a net debt of close to zero.
Aramex to allow foreigners to own 49% of company
The shareholders of Jordan-based courier company Aramex have approved a proposal that will allow foreign investors to hold 49% of the company's shares. GCC nationals will be able to own the remainder of the company's stock, Aramex announced today.
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