CAPITAL MARKETS-

Bahri approves capital increase: The National Shipping Company of Saudi Arabia (Bahri)’s board moved to increase the company's capital by granting bonus shares to shareholders according to the company’s general assembly meeting minutes (pdf). Bahri is raising its capital by 50% to SAR 7.4 bn, according to the minutes. Shareholders will receive one bonus share for every two shares owned, bringing Bahri’s total shares to 738 mn. The decision is in line with the company's “strategy to strengthen its capital base in line with future prospects for growth and expansion,” according to the minutes.

AVIATION-

Saudi budget airline Flynas has signed a USD 3.73 bn agreement with Airbus to purchase 30 aircraft, as part of its expansion plans, according to a statement. The agreement was inked at the Paris Air Show and includes 10 A321XLRs. The company is looking to expand its long-haul destinations and enhance passenger experience while maintaining low-cost operations. By the end of this year, the operator will have added 19 A320neos to its fleet, four of which have already been delivered in 2023.

Oman-based SalamAir plans to lease three Airbus A330neo aircraft from Avolon, as per a letter of intent inked between the two parties at the Paris Air Show, according to a press release. The first delivery of the aircraft will be in October. The A330neo offers improved fuel efficiency, reducing fuel consumption and CO2 emissions. “The extended range of the A330neo will allow SalamAir to efficiently serve medium-range destinations, particularly in the Far East and Europe,” supporting the airline's growth and network expansion plans, Mohamed Ahmed, CEO of SalamAir said.

FINANCE-

The African Export-Import Bank (Afreximbank) launches AFREXInsure to boost trade within the continent: Afreximbank’s new ins. management services subsidiary aims to provide specialty ins. solutions for trade and commerce in Africa, according to a press release. The new unit will offer ins. products for sectors such as cargo handling, construction, operations and energy. “By reducing the risk of transactions or investments, ins. can help drive forward business strategy for those engaged in intra-African trade," Kanayo Awani, executive vice president of The Intra-African Trade Bank said.

PORTS-

DP World Yarimca will be the first port operator in Turkey to deploy eight remote-controlled electrified cranes, Port News cites a DP World statement as saying. The remote controlled cranes were commissioned as part of DP World’s zero tolerance safety project to reduce accidents at Yarimca. The cranes are equipped with collision sensors to add a further layer of protection for terminal employees, and reduce the number of pedestrians in the terminal area — which eases terminal traffic and protects vehicle drivers inside the port.

King Abdullah Port + Tabadul sign agreement to enhance digital logistics: King Abdullah Port and the Saudi Company for Electronic Information Exchange (Tabadul) have inked an agreement to link the port’s smart gate system with Tabadul's truck management system, according to a press release. This will be done in order to “access valuable logistics and supply chain data, accelerate the transit of goods and reduce delivery times significantly,” King Abdullah Port CEO Jay New said.

SHIPPING LINES-

Jeddah Islamic Port added to yet another shipping line: MSC has added Jeddah Islamic Port to its Phoenix shipping line, connecting it to 13 international ports across southern Europe, Africa, and Asia, Saudi Ports Authority (Mawani) said in a statement. The shipping line operates with one ship per week, with a capacity for 13k standard containers. The move follows other shipping lines recently added to Jeddah’s port, including MSC’s dragon container shipping line linking Asia to Mediterranean ports, two key Maersk shipping services connecting the port with ports in Europe, Asia and Africa, and Asyad’s Rex cargo service — linking it to the ports of Nhava Sheva and Mundra in India, Salalah in Oman, and Ain Sokhna in Egypt.

ALSO WORTH KNOWING-

  • Ciscoplans to launch a cloud security services data center in Saudi Arabia by mid-2024 to help customers shield users, infrastructure, and investments against cyber attacks. (Press release)
  • Oman’s Transportand Communications and Information Technology Ministry will cooperate on investigations of aviation accidents and maritime operations. (Statement)
  • Budget carrier Wizz Air has added a tenth aircraft to its fleet and added a new bi-weekly route between Abu Dhabi and Cairo’s Sphinx International Airport, starting 1 November. (WAM)
  • Kuwaiti logistics outfit Agility subsidiary Menzies Aviation has made a net-zero commitment for scope 1, 2, and 3 CO2e emissions by 2045. (Statement)
  • Construction of a 500 km rail line in Egypt connecting East Port Said to Sinai’sEl Arish and Taba has begun, after the site was inspected by Transport Minister Kamel El Wazir. The project will be implemented over five years. (Ministry statement)
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