LAST MILE-

Aramex has introduced fully electric vehicles (EVs) to its last mile delivery fleet in the UAE, according to a press release. The move is part of a larger company drive to achieve carbon neutrality by 2030 and to become net-zero by 2050, and it builds on earlier initiatives by Aramex in Jordan and KSA. This follows several trials conducted to ensure that the existing infrastructure could ensure timely and reliable delivery, the statement said.

Looking ahead: Aramex will work with global EV players to further its global fleet electrification plans going into 2030, the statement adds.

AVIATION-

Royal Jordanian undertakes capital restructuring to mitigate losses: Jordanian airline Royal Jordanian agreed to undertake a capital restructuring at an extraordinary meeting last week to reduce some JOD 385.2 bn in losses it has accumulatedin 2022, which puts it at risk of liquidation, Jordan News reports. The restructuring will help the airline modernize and expand its fleet to 41 aircraft, with full modernization expected by early 2026, the outlet reports. The losses came on the back of fallout from covid-19 and fuel prices, according to the outlet.

The details: The General Assembly agreed to substantially reduce the company's capital from 324.6 mn shares/JOD to 123.6 mn, amortizing JOD 200.9 bn from the losses and another JOD 14.8 mn from the mandatory reserve, reducing losses to JOD 184.2 bn, Jordan News adds, citing Al Mamlaka TV. The assembly also approved a capital increase of 170 mn shares in the Jordan Airports Company, in which it holds a 90% stake, Jordan News added. The capital increase will be supported by the Jordanian state through its Government Investment Management Company, with a further 240 mn shares.

Etihad Cargo has expanded its cargo handling partnership with Worldwide Flight Services (WFS) for operations across the US as of 3 October, according to a press release. The expanded partnership will see them partner across three American airports: Chicago O'Hare International Airport (ORD), John F. Kennedy International Airport (JFK) and Washington Dulles International Airport (IAD). It will also see Etihad Cargo use WFS’ facilities, including ones at ORD, the statement said.

SHIPPING + MARITIME-

Global energy maritime logistics leader Adnoc Logistics & Services has invested some USD 2 bn in environmentall y friendly ships for its fleet, including 13 ships equipped to use biofuel, and 37% of ships equipped with AI-powered smart ship monitoring systems, Arabian Business quotes Adnoc L&S CEO Abdulkareem Al Masabi as saying on the sidelines of ADIPEC 2023. The AI system has reportedly helped reduce the carbon intensity of the company’s fleet operations by more than 20% between 2018-2022, the outlet adds.

ENERGY-

Iraq + Turkmenistan ink energy agreement: Iraq has inked an agreement with Turkmenistan to supply gas to meet the needs of production and electrical stations, Iraqi news agency INA reports,quantities were not revealed. This follows meetings between Iraqi ministries and representatives from Turkmenistan’s gas sector back in August, where they reached a preliminary gas import agreement to fuel the electric power plants. The turn to Turkmenistan for gas supply also comes as Iraq tries to move away from Iran to a country that has no imposed sanctions or supply issues.

ZONES-

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) inked agreements with national organizations to boost the private sector's growth in Abu Dhabi, WAM reports. ADCCI CEO Ahmed Khalifa Al Qubaisi signed a collaboration agreement with Etihad Credit Ins. (ECI) to offer UAE-based companies with export credit ins. services. The chamber also inked an agreement with Khalifa Economic Zones Abu Dhabi (KEZAD) to develop major projects with businesses operating in the port and the industrial sectors, as well as attract investors and FDI to the zones and establish economic complexes.

STORAGE + WAREHOUSING-

Egypt’s Red Sea Ports Authority inked a contract with the state-owned Canal ShippingAgencies and the Suez Shipping and Unloading Company for the management and operation rights of two cargo storage yards in Safaga Port, according to an EGX disclosure (pdf). Under this arrangement, 80% of the authority's net revenues will go to the General Red Sea Ports Authority, while the consortium between Canal Shipping Agencies Company and the Suez Shipping and Unloading Company will receive 20% of the net revenue, with 70% going to Canal Shipping Agencies Company and 30% to the Suez Shipping and Unloading Company. The contract spans 7 years for a 24k square meter area and 5 years for a 5.1k square meter area.

ALSO WORTH KNOWING-

  • Low-cost Emirati airline Wizz Air has launched two weekly flights from Abu Dhabi to Erbil on Mondays and Fridays. (WAM)
  • Maqta Gateway and Adnoc entered into a strategic cooperation agreement aimed at enhancing efficiency and productivity in accessing Abu Dhabi ports during ADIPEC 2023. (Company statement)
  • Qatar Airways will add new routes to Al Ula and Tabuk in Saudi Arabia, and resume operations in Yanbu this fall. (Statement)
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