Agility, a leading global logistics provider, today reported second-quarter earnings of 12.99 fils per share on net profit of KD 21.6 million, an increase of 8.1% over the same period in 2018. Q2 EBITDA grew 31.2% to KD 48.6 million, and revenue increased 3.2% to KD 396.3 million. First-half earnings of 25.18 fils per share and net profit of KD 41.9 million were up 7.7%. First-half EBITDA was KD 95 million, an increase of 27%. Revenue for the first half was KD 775 million, an increase of 2.5%. Tarek Sultan, Agility Vice Chairman and CEO, said: “We had…
Author: Kasun Illankoon
UAE-based IBC Group announced today that it intends to acquire 10,000 premier properties in Dubai, to furnish and manage as holiday homes, and has contracted Berkshire Hathaway HomeServices Gulf Properties (BHHS Real Estate Broker LLC Gulf Properties) on an exclusive basis to play an advisory brokerage role to assist in identifying, acquiring and financing the properties. The deal is valued at $5 Billion (Dh18 billion), with a possible scale up to acquiring 1 million properties in over 100 cities across the globe. With the S&P Global Ratings forecasting growth in the real estate and hospitality sectors by 2020, this…
Under the patronage H.E Dr Abdullah Belhaif Al Nuaimi, the UAE Minister of Infrastructure Development and the Chairman of Federal Transport Authority for Land and Maritime, Breakbulk Middle East (BBME), the largest breakbulk and project cargo event in the GCC, will return to the UAE on the 25th and 26th of February 2020. This will mark the second consecutive year that the comprehensive two-day conference and exhibition is held in the Emirate of Dubai. The 5th annual edition will strategically take place at the Dubai World Trade Centre Venue, offering a convenient location of the assembly to a wide range…
Emrill Services has joined forces with the Chartered Institute of Procurement & Supply MENA (CIPS MENA) to emphasise the importance of improving welfare standards in the MENA region’s supply chains. In an event held at Emrill’s Knowledge Theatre in Dubai, procurement professionals from a diverse range of sectors gathered to discuss the impact of welfare standards and the need to adopt global best practices. Prior to the event, Sam Achampong, CIPS MENA’s regional head and general manager, explained the importance of the topic: “Worker welfare should be high on the agenda for businesses regardless of the size of projects…
DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the “Company”), announced financial results for the first half of 2019, reporting a total revenue of AED 1.9 billion, with booked sales reported at AED 1.8 billion. Gross profits for the same period stood at AED 502 million reflecting gross profit margins of 27%. Total assets stood at AED 24.7 billion compared to AED 25.2 billion as of 31st December 2018, while net profit stood at AED 82 million in H1 2019. DAMAC has reduced its gross debt by AED 1.4 billion in last 12 months. As of 30th…
HE the minister of transport Dr. Nabeel Al-Amudi assure the readiness of all transportation services in the holy cities of Makkah and Al Madinah for the Hajj season this year (9-14 August), after an inspection tour with the presidents and the senior executives of the transport sector entities. During the tour, they participated with the welcoming committee in receiving the first pilgrims coming to Makkah via Al-Haramain high-speed train. All government and private sectors were directed by King Salman bin Abdulaziz and HRH Crown Prince Mohamad bin Salman to follow up all their integrated preparation plans to serve the…
Supporting increased demand for Genie® products and services throughout the Middle East, Terex Aerial Work Platforms (AWP) announces the appointment of Bahrah Trading Company, an affiliate of Al Sayer Holding, as its new distributor for Genie telescopic and articulating boom lifts and scissor lifts in Kuwait. Over a period of six decades, Bahrah Trading Company has evolved into a major equipment supplier serving a broad spectrum of clients in the construction, oil and industrial sectors in Kuwait. Offering a wide range of high quality industrial and transport equipment solutions, the company’s excellent reputation has been built on premium brands…
According to The Red Sea Development Company (TRSDC), the master developer behind one of the world’s most ambitious tourism initiatives, has commenced development of the Coastal Village, a residential and commercial area that will house the workers, staff and management of The Red Sea Project. Construction of corporate offices is already underway on the Coastal Village site. Scheduled for completion by Q2 2020, the offices will become the center of operations for the development. They will accommodate 500 people and provide supporting amenities including a 160-seat restaurant and 100-seat auditorium. TRSDC has also signed a contract for construction of the…
According to Daily News Egypt, Egyptian Real Estate firm Tower Developments has announced that they are aiming to complete 35% of the Phase 1 of the Tower Bay project by year end. Tower Bay is being built on 102 feddan over four phases, CEO Ahmed Lashin added, noting that it is scheduled to complete the whole construction work of the project’s first phase by 2022. Lashin revealed that the project’s investments reached EGP 5bn, plus EGP 1bn for a 5-star hotel inside the project, stressing that the project is self-financed. “Tower Bay is a quantum leap in real estate and…
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has announced that construction of Mall of Oman – its fifth and biggest lifestyle destination in the Sultanate of Oman – is on track with the completion of two major infrastructure milestones. Set to open in March 2021, the Mall of Oman confirmed delivery of new roads and flyovers, connecting the mall to Interchange No 6 on the Muscat Expressway, and the completion of the Muscat Electricity Distribution Company (MEDC) Primary Substation. Considered to be the biggest project of…