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Opening of Palm Jumeirah monorail delayed
The opening of the monorail on Palm Jumeirah in Dubai, which was slated for April 1, has been delayed to later this year, according to a Nakheel spokesperson. The new system, when operational, will carry passengers daily between Gateway Station at the trunk of The Palm and the Atlantis' Aquaventure Station on the crescent with plans to ultimately connect to the Dubai Metro following the introduction of RTA's Al Sufouh tramline, with direct links to Dubai Airport and other major transport hubs.
Phase I of Abu Dhabi's rail network to be ready in 2015
According to the Abu Dhabi's Surface Transport Master Plan, the city will have its trams and metro systems ready for use in 2015. The plan includes a 130-km metro network, covering the Capital City District, Abu Dhabi International Airport and other suburbs as well as a 340-km tramway network, new bus services, waterway transport of ferries and water taxis, a high speed rail network connecting Abu Dhabi with other emirates and Saudi border and a 600-km freight railway line.
Hyundai orders down by 85%
Hyundai Heavy Industries Co, the world's largest shipbuilder, said orders in the first two months of this year fell 85% due to the financial crisis. The Ulsan-based company said contracts, including those for marine engines and offshore units, dropped to $1.25bn (Dhs4.59bn) in January and February from $8.36bn in the same period a year earlier. The company also says it has received no orders for new ships since September.
Ceva inks two deals in Middle East
Netherlands-based supply chain management provider Ceva Logistics has entered into two contracts with Middle East-based firms to bolster its activities in the region. Wabco, which supplies safety and control systems for commercial vehicles, has appointed Ceva to manage its logistics and export services in the Middle East, North Africa and the Indian Subcontinent. The second contract represents a renewal of Ceva's partnership with GO Sport - believed to be the largest distributor of sports gear in the UAE - for the management of the latter's supply chain in the Middle East.
Middle East luxury boat sales to halve
Marine consultant Mike Derrett has estimated that sales of luxury leisure vessels in the Middle East will halve in the next 24 months, as a result of the global financial crisis. Derrett added that sales in the US and Europe are expected to decline by 75%.
Bahrain Ship posts BD3.7m profit
Bahrain Ship Repairing and Engineering Company recorded a profit of BD3.7m last year, a 62% increase over the same period in 2007. Chairman Mubarak Kanoo said the company's profitability is at its highest level since it was launched 45 years ago. The company is offering dividends worth BD480,000, 70% of paid-up capital, to its shareholders.
Maersk to start services from Gujarat to Gulf
Maersk Line, the world's largest container shipping line, will start services next month from Pipavav port in Gujarat, India, to the Gulf. The company said that shippers from various Indian states will have a direct service into Gulf ports from Pipavav, connecting to Jebel Ali port in Dubai. The service will reduce transit times into import-dependant Middle East and Gulf countries such as the UAE, Oman, Qatar, Bahrain and Kuwait, plus Iran.
Amman metro deal set for June
Municipal authorities in Amman have said that they will award the design contract for a $1.2bn metro system metro system within the Jordanian capital within three months. A number of international companies have submitted proposals for the project, which will be undertaken over a 10 year period.
GEM receives Panamax vessel
Dubai-based carrier Gulf Energy Maritime (GEM) has taken delivery of its first Panamax, built by Hyundai Mipo Dockyard (HMD). The 75,000 dwt product oil carrier, Gulf Castle, is also the first of four new Panamax vessels scheduled for delivery this year from HMD. GEM will receive four more new vessels in 2009 - one 47,000 dwt chemical tanker and three more 75,000 dwt Panamax carriers.
DP World profits up 48% in 2008
Dubai-based DP World has announced that its profit rose by 48% in 2008 to reach $621m compared to $420m in 2007. Revenues also jumped by 20% to $3.28bn, according to DP World CEO Mohamamd Sharaf.
Daimler wins major deal from Dubai
Daimler has announced that it has received an order from the Dubai Roads & Transport Authority to deliver 260 Mercedes-Benz Citaro city buses. The company said the production of the ordered buses will start in the first quarter of 2009. The contract also included a maintenance agreement.
Suez Canal revenue down 26%
Egypt's Suez Canal Authority has announced that its February revenue declined by 26% to $301.8m compare to $407.7m in February last year. Suez Canal, tourism, and oil and gas are the main source of Egypt's foreign currency as the decline was attributed to the world economic crisis as well as increasing piracy in the red sea.
UAE rail network approved
The UAE Ministerial Council for Services has approved the creation of a country-wide rail network, which would see a double track rail service built from Ruwais in Abu Dhabi to Fujairah. The Union Railways Company will offer tenders for the project by 2015.
DP World takes control of Algiers port
UAE operator DP World has taken over control of operation at the Algerian port of Algeirs. With the addition of Algeirs, the total ports managed by DP World reaches 49 terminals in 27 countries.
APM Terminals relocates HQ to Dubai
APM Terminals has relocated its regional headquarters from Muscat to the Dubai Maritime City. APM chose Dubai as its new regional headquarters based on its strategic location as a regional business hub and major airport. APM runs 12 container terminals in the region and Dubai's location allows the company to be closer to customers in the markets of Africa, the Middle East and India.
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