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Getir founders file lawsuit against Mubadala over asset split

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WHAT WE’RE TRACKING TODAY

TODAY: Turkey’s Getir is taking UAE’s Mubadala to court

Good morning, nice people, and Ramadan Kareem to all who observe. We have another brisk read for you this morning — though not as brisk as Getir’s founders would have liked. A messy lawsuit showdown leads our news today as the founders of Turkish delivery giant Getir sue Mubadala, alleging a “significant loss” during the asset breakup.

EXCLUSIVE- Don’t miss our talk with EVP North Africa and CEO of DP World Egypt Mohammad Shihab about the company’s growth plans for 2026 and beyond.

Watch this space

AVIATION –– Saudi budget airline Flyadeal is inching closer to its 50-aircraft 2026 milestone — officially taking delivery of its first new aircraft of the year, CEO Steven Greenway said on LinkedIn. The new Airbus A320neo arrival –– which takes the carrier’s fleet up to 45 narrowbody jets — aligns with the airline’s plans to triple its network to over 100 destinations and nearly double its fleet to 100 aircraft by 2030.

We have an exclusive insight into LCCs: Low-cost carriers’ (LCC) share of the region’s aviation market doubled over the past decade, increasing at an average annual rate of 11.5%. EnterpriseAM sat down with logistics specialist Khaled Nour El Din from Egypt’s leading budget airline Air Cairo to explain what airlines are doing to capitalize on this trend.


SHIPPING — The Egyptian government is exploring establishing a joint shipping route with Kenya, linking Egyptian Red Sea ports with Kenyan ports on the Indian Ocean, Foreign Minister Badr Abdelatty told his Kenyan counterpart during his time in Nairobi. A joint shipping route will give Egypt an anchor in an East African logistics center, as well as strengthen maritime security in the area.

Cairo has tried this lane before: Egypt kicked off an Ain Sokhna to Mombasa service in 2019 under the Gosoor project — scheduled as a regular route to deepen East and Central Africa trade links.

The trade base is real, but not huge yet. Egypt and Kenya’s trade hit USD 567 mn in 2024, down from USD 638 mn in 2023 — with Egyptian exports at roughly USD 307 mn and imports at USD 260 mn.


PROJECTS — AD Ports Group will explore developing integrated sugar refineries and edible oil facilities in Abu Dhabi and abroad under an MoU inked with Nigerian conglomerate BUA Group and ADX-listed Mair Group. The MoU will see the three sides look into setting up projects at Abu Dhabi’s Khalifa Port as well as markets in Africa and South America.

There’s more: The agreement also covers prospects in other sectors, namely grains, pulses, animal feed, agricultural products, as well as maritime, port, and distribution projects.

Market watch

Oil prices steadied this morning as investors weighed US-Iran talks and potential supply increases, Reuters reports. Brent crude futures inched up USD 0.23 to trade at USD 67.65 / bbl as of 04:12 GMT, while US West Texas Intermediate (WTI) was up USD 0.19 to USD 62.52 / bbl.


The Baltic Index sustains losses again: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 0.2% to 2,095 points on Tuesday. The capesize shed 0.5% to 3,194 points, while the panamax index rose 0.4% to 1,792. Meanwhile, the smaller supramax index was down 0.3% to 1,194.

Data point

67 mn tons — that’s how much cargo Marsa Maroc moved in 2025, rising 6% y-o-y. Revenue increased 16% to nearly MAD 5.8 bn, and throughput topped 3 mn TEUs for the first time during the period.

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The Big Story Today

Getir’s founders sue Mubadala for up to USD 700 mn, amid an ongoing exit plan for the fund

Mubadala steps deeper into Getir’s boardroom battle as full divestment looms: Turkish last-mile delivery startup Getir’s founders are suing Mubadala Investment Company for at least USD 700 mn, the Financial Times reports, citing a lawsuit filed with London’s High Court last week.

The claim: Co-founders Nazim Salur and Serkan Borancili submitted a claim alleging they incurred “significant loss” after the fund failed to transfer assets earmarked for them under the restructuring agreement.

The governance dispute in a nutshell: The initial plan, announced in June, saw Mubadala commit USD 250 mn in fresh capital and split the business into two while assuming majority control of its food delivery unit. However, the founders claim that the fund later reneged on the agreement in a December 2024 proposal by looking to take full ownership of Getir, which they described as an “illegal coup,” and failing to transfer Getir Finance, valued at roughly USD 510 mn last year. Mubadala had said at the time it was trying to stabilize the company by taking over after its valuation crashed as it burned through its liquid reserves.

REMEMBER- Salur had already started to take judicial action back in January 2025 after Mubadala sought full control of the company and was planning to challenge the decision in courts in the Netherlands, Turkey, and England.

Mubadala has already been exiting the Turkish firm. It’s selling Getir’s food delivery arm to Uber for USD 335 mn, with the takeover projected to take place in 2H 2026. Uber will also inject USD 100 mn to acquire a 15% stake in Getir’s grocery, retail, and water delivery arm, aiming to increase its holding to 100% over the next few years. The sale would come following the recent sale of Getir Arac to Tiktak and parallel talks to offload the remaining stake in Getir’s finance unit.

Why this matters: This isn’t just a breakup — it’s Mubadala trying to finally put this whole chapter behind it. By selling the food arm to Uber and tightening its grip on the grocery business, Mubadala is likely opting to cut its losses and step away from the operational grind of last-mile delivery.

What’s next? Mubadala has yet to file a defense to the claim, the salmon-colored paper said, so we’ll be on the lookout for its response.

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Coffee With…

DP World Egypt’s Mohammad Shihab talks growth plans for 2026 and beyond

Coffee with EVP North Africa and CEO of DP World Egypt Mohammad Shihab: EnterpriseAM sat down with EVP North Africa and CEO of DP World Egypt Mohammad Shihab, to discuss the company’s expansion beyond the quay through major investments in cold storage and integrated logistics parks. We spoke to Shihab about maintaining record-breaking volumes at Sokhna despite Red Sea volatility and about how the firm is wagering on Grade A infrastructure to serve Egypt’s thriving export sectors.

EnterpriseAM: 2026 — what does it mean for DP World? What are some milestones you are striving toward this year in Egypt?

Mohammad Shihab (MS): 2026 is about maintaining the growth momentum we’ve built. Sokhna remains our focal point — it is a vital gateway to Egypt from the Red Sea, handling about 23% of the country’s container trade. Promoting Sokhna alongside our end-to-end logistics services is a top priority.

This will also be the first full year of operations for our Sokhna Logistics Park. Our focus is on capitalizing on filling it with the specific business verticals we want. As a result, we are advancing Phase 2 construction more ambitiously than we initially intended back in 2023. We are also breaking ground on our cold store facility in 6th of October — a 16k sqm project with 25k-26k pallet positions — which we plan to inaugurate at the start of 2027.

EnterpriseAM: Is cold storage a permanent shift in your agenda?

MS: The short answer is yes. We have eight global core verticals, two or three of which will utilize our cold store solution — specifically perishables and pharma. Egyptian producers are moving up the value chain — not just exporting raw fruit, but also fruit concentrates. They need Grade A logistics infrastructure to enable that. We recognize a massive need for this across the country, so you’ll likely see us building further cold stores beyond the October facility. These projects signal our belief that Egyptian exports are thriving.

EnterpriseAM: Beyond typical port operations, do you see DP World Egypt moving into rail or multimodal transport?

MS: We have established rail operations in other global markets, and we’re looking at how to translate that into the Egyptian context. We want to alleviate road transport and provide more environmentally friendly ways to move cargo from ocean gateways to the hinterland — specifically Cairo and industrial production locations. Dry ports fit perfectly into that strategy over the next five years.

EnterpriseAM: Dry ports are a major priority right now. How do they fit into DP World’s strategy to expand inland logistics corridors over the next five years?

MS: Dry ports are an efficient way to deliver cargo to the hinterland — whether in Egypt or elsewhere — and are a vital addition to our local infrastructure portfolio. While Sokhna is our main Red Sea gateway, we serve the entire country. By providing an end-to-end solution that brings us closer to where our customers actually operate — whether in the Cairo hinterland or further north and west — we become an integrated partner rather than just a terminal.

EnterpriseAM: How are you integrating tech and auto into your operations to improve efficiencies — specifically at Sokhna Port?

MS: Last year was a record-volume year. We initially hoped to hit the 1 mn TEU milestone, but we actually hit 1.1 mn TEUs — coming on the back of highly efficient operations. DP World globally is a recognized innovator in container terminal operations; we have high metrics on crane productivity and similar initiatives.

EnterpriseAM: The global trade environment has been volatile in recent years. How is DP World Egypt insulating itself from the Red Sea crisis and other shocks?

MS: We’ve found it is better to create resilience to navigate different scenarios rather than speculating on outcomes. From 2020 onward, the philosophy has changed: it used to be about cost and speed; now, supply chain resilience is the key topic. Counterintuitively, we had a very successful time during the Red Sea crisis. DP World Sokhna not only managed to meet volumes but also gained market share. We are prepping for multiple scenarios in 2026 — whether things normalize in the first half, the second half, or into 2027.

EnterpriseAM: What are some exciting developments you see happening in the regional logistics sector, and how is your company adapting, or rather capitalizing, on these?

MS: Across the region, logistics infrastructure is upgrading to meet growing demand, and companies like DP World are leading the way. Cargo owners initially operated under 1PL, using their own warehouses, then moved to 2PL, renting facilities, and now often rely on 3PL providers, outsourcing operations entirely. Investments in infrastructure, such as Sokhna Logistics Park and Logistica, reflect this evolution across the region.

Other key trends include supply chain resilience — companies are diversifying through near-sourcing or “friend-sourcing” to reduce dependence on specific geographies. Digitization and AI are also transforming operations, from upstream booking to downstream delivery.

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A MESSAGE FROM TRANSMAR

Egypt’s citrus exports 2025: The Egypt-Gulf lane remains a critical corridor

Maritime logistics played a central role in Egypt’s 2025 citrus export season. Citrus is a time-sensitive, temperature-controlled cargo, where delays can affect shelf life, pricing, and buyer confidence in destination markets.

Oranges accounted for the largest share of export volumes, supported by steady Gulf demand and established shipping patterns. Mandarins gained further traction as a fast-moving segment suited to shorter transit cycles, while lemons maintained consistent demand across retail and hospitality channels. Grapefruit shipments remained smaller and more quality-sensitive, requiring strict cold-chain conditions.

The Egypt-Gulf corridor continues to serve as a primary route for Egypt’s fresh produce exports. Seasonal performance depends on operational variables including reefer equipment availability, confirmed vessel space, sailing schedules, port dwell time, documentation accuracy, and temperature control from origin to destination.

Reliability remains a key competitive factor for exporters and importers. In citrus trade, logistics performance is closely tied to product quality, affecting how consistently shipments arrive in market-ready condition and retain commercial value.

As planning begins for the 2026 cycle, predictability and cold-chain discipline are expected to remain priorities. With Gulf markets continuing to drive demand, the Egypt-Gulf lane remains a core corridor for temperature-controlled maritime trade.

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Moves

Emirates Group CFO to step down by 1H-end

Emirates finance chief is exiting in June: Emirates Group’s Chief Financial Officer (CFO) Michael Doersam (LinkedIn) is reportedly set to step down by the end of June, a person familiar with the matter told Bloomberg. Dubai’s flagship carrier is currently selecting Doersam’s successor — who is stepping down for personal reasons. Doersam took his top finance post back in 2021 — and previously served as the firm’s vice president of outstation finance and risk management from 2006 to 2008.

What’s next? While the airline has not yet named a successor or issued a formal statement, the departure of a high-level veteran suggests a significant transition is coming for the world’s largest long-haul carrier as it navigates a massive aircraft order book and shifting regional competition. CEO Tim Clark, who’s held his position since 2003 and is a close ally of Doersam, according to Bloomberg, has also been quietly preparing to cede control to a successor.

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Also on Our Radar

Egypt’s Breadfast snaps up USD 50 mn in a pre-Series C funding round for African logistics expansion

Mubadala and SBI back Breadfast plan to explore African logistics expansion

Breadfast raised USD 50 mn in a pre-Series C funding round supported by Emirati sovereign wealth fund Mubadala, Japan’s SBI, and Saudi’s Olayan Financing Company, alongside unspecified VC investors, institutional investors, and an unnamed Saudi family, according to a statement. The online grocery company will use the funds to “expand infrastructure, strengthen logistics, and explore entry into new African markets.”

Why it matters: For most local startups, expansion ambitions seem to start and end in the Gulf. Yet Breadfast, along with a few notable exceptions, is also looking south and west into Africa. The company could be wagering that the full-stack approach it honed in Cairo may be a better fit for other markets on the continent than the already oversaturated Gulf market.

What’s next? The Cairo-born startup is looking to launch a larger Series C round in the first half of the year.

Emsteel secures five-year iron ore pellets freight contract with Oldendorff

UAE steelmaker Emsteel just locked in five years of ocean freight with German shipping giant Oldendorff — signing a long-term AED 600 mn contract to support the group’s supply chain network. The agreement covers about 5.2 mn tons a year of iron ore pellets shipped from multiple sources.


2026

FEBRUARY

20-22 February (Friday-Sunday): Dubai Freight Camp, Dubai, UAE.

24-25 February (Tuesday-Wednesday): Green Shipping Summit, Athens, Greece.

25-27 February (Wednesday-Friday): Air Cargo Africa, Nairobi, Kenya.

25-27 February (Wednesday-Friday): Air Law Treaty Workshop, Tanzania, Dar es Salaam, Tanzania.

MARCH

5-6 March (Thursday-Friday): CargoIS Forum, Miami, United States.

9-13 March (Monday-Friday): World Cargo Alliance Worldwide Conference, Singapore.

10-12 March (Tuesday-Thursday): World Cargo Symposium, Lima, Peru.

18-19 March (Wednesday-Thursday): IntraLogisteX, Birmingham, United Kingdom.

18-19 March (Wednesday-Thursday): Green Marine Transport Conference, Amsterdam, The Netherlands.

26 March (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

APRIL

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

16-17 April (Thursday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

28-30 April (Tuesday-Thursday): Mediterranean Ports and Logistics, Porto, Portugal.

MAY

12-14 May (Tuesday-Thursday): The Airport Show, Dubai, UAE.

12-14 May (Tuesday-Thursday): Aviation Energy Forum (AEF), Paris, France.

19-21 May (Tuesday-Thursday): Ground Handling Conference (IGHC), Cairo, Egypt.

19-21 May (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Hamburg, Germany.

JUNE

2-4 June (Tuesday-Thursday): ProPak Mena, Cairo, Egypt.

6-8 June (Saturday-Monday): IATA World Air Transport Summit, Rio de Janeiro, Brazil.

22-23 June (Monday-Tuesday): Decarbonizing Shipping Forum, Rotterdam, Netherlands.

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