ENERGY-

Qatargas could make a USD 9.4 bn carrier order with South Korean shipbuilders by September: South Korean shipbuilders HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries could secure a USD 9.4 bn carrier order from Qatar as soon as September, the Korean Economic Daily Global reports, citing industry sources. The companies are expected to receive orders from Qatar Energy subsidiary Qatargas to build some 40 liquefied natural gas (LNG) carriers. Sixteen of the orders are expected to go towards Samsung, while 14 will go to Hanwha Ocean, and 10 will go to HD Hyundai Heavy Industries.

AVIATION-

Wizz Air Abu Dhabi is set to hire 250 new employees as part of plans to double its fleet by the end of its fiscal year, which ends in March 2024, The Nationalreports. The airline — a joint venture between Hungary’s Wizz Air and Abu Dhabi state holding company ADQ — plans to expand its workforce to 700 employees, who will operate a fleet of 16 aircraft by the end of the fiscal year, up from eight aircraft in April, Managing Director Johan Eidhagen told the outlet.

Expansion plans: In the short term, Wizz Air will focus on adding flight frequencies to existing routes and exploring markets in the Commonwealth of Independent States and the Mediterranean region. In the long term, the airline aims to operate long-range flights with Airbus A321XLR aircraft and expand its fleet to 50 jets within five years, up from its current 10 aircraft. Wizz Air is also currently in discussions to create an outbound airline based in Saudi Arabia.

TRADE FINANCE-

The African Development Bank (AfDB) has approved a USD 70 mn risk-sharing agreement with Morocco’s Banque Centrale Populaireto develop foreign trade, Moroccan news agency MAP reports. The agreement aims to support African banks and their SME customers by providing African issuing banks who face financing activity constraints with access to trade finance instruments, and by fostering the banks’ relationships with their customers to increase the development of regional and international foreign trade, the news agency writes.

Background: This agreement marks the second collaboration between the two under a wider risk sharing agreement, which has been put in place as a result of tightening compliance standards and capital adequacy in Africa, which has resulted in a lack of financing for African banks, according to MAP.

ALSO WORTH KNOWING-

  • The Qatar Chamber of Commerce and Industry met with the Arab-Brazilian Chamber of Commerce to discuss strengthening cooperation between them. (Statement)
  • Flynas will launch triweekly direct flights from Jeddah to Casablanca on 3 August. (Statement)
  • Shipbroker Simpson Spence Young (SSY) will expand its Dubai office following its acquisition of German offshore specialist broker F3 Offshore, which specializes in North Sea renewables. (Statement)
  • Qatar Airways Cargo transportedover 1.5 mn tonnes of air freight between 1 April 2022 and 31 March 2023, accounting for an 8.14% shareof the global market. (Statement)
  • The QatarFreezonesAuthority received a Chinese delegation from Zhengzhou City at its Ras Bufontas freezone to discuss potential investment avenues in Qatar’s freezones and the investment landscape of Zhengzhou city. (Statement)
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