< PreviousINDUSTRY ICONS |MUDASSIR SHEIKHA 20 www.logisticsmiddleeast.comDECEMBER 2023 - JANUARY 2024 | LOGISTICS MIDDLE EAST MUDASSIR SHEIKHA S heikha is the Co-founder and CEO of Careem, the Middle East’s prominent everything app, off ering a diverse range of services and solutions, from food and grocery delivery to micro-mobility, ride-hailing, and payment management, as well as third-party services such as home cleaning and car rental. Since its inception in 2012, under Sheikha’s stewardship, Careem has generated earnings for over 2.5 million Captains and signifi cantly enhanced the lives of over 50 million customers. Moreover, it provided regional talents with a platform to enhance their capabilities and empowered numerous entrepreneurs to scale their businesses. With operations in over 70 cities across 10 countries, from Morocco to Pakistan, Careem has seen exponential growth over its 11 years of operations. In 2019, the ride-hailing major, Uber, acquired Careem for $3.1 billion, solidifying the company’s position as the largest unicorn in the Middle East. This strategic move not only opened up new opportunities for start-ups in the Middle East but also enabled the company to attract an infl ux of skilled talents from across the region, marking a critical stride in its growth strategy. In April 2023, the global technology investor, e&, became a major shareholder in Careem’s Super App, backed by a substantial $400 million investment. Meanwhile, Uber retained full ownership of Careem’s ride-hailing business. In his current role, Sheikha spearheads the company’s expansion strategy aimed at building category-leading verticals and scaling the Super App across key international markets. Prior to Careem’s inception, Sheikha served as an Associate Partner at McKinsey & Company, contributing to the high-tech practice and advising clients globally on strategy and business-building. Furthermore, he co-founded DeviceAnywhere, a mobile application platform company based in the San Francisco Bay Area, which was later acquired by Keynote Systems. Sheikha’s academic background includes a degree in economics and computer science from the University of Southern California and a Master’s degree in computer science from Stanford University in the US. Co-founder and CEO, Careem $400 MILLION e&’s investment in Careematlas by Etihad Airways, home to award-winning content and read by over 1.3 million engaged readers a month Michael Underdown Commercial Director michael.underdown@itp.com +971 50 396 2115 +971 4 444 3566 To elevate your brand and connect with Etihad Airways’ passengers, contact: November 2023 | ATLAS BY ETIHAD | 3332 | ATLAS BY ETIHAD | November 2023 10.1632° N, 76.6413° E10.1632° N, 76.6413° E he image of palm-lined beaches and verdant rolling grasslands sloping towards the Arabian Sea is seared into my mind after a four-hour flight with Etihad Airways into Cochin International Airport, situated in the Indian state of Kerala. As we descend, I peer out of the window to the scene beneath and I’m filled with anticipation to discover a land I’ve already heard so much about. Away from the busy streets of Mumbai and crowded Delhi, Kerala offers a more laidback atmosphere, but one that is every bit as memorable. It’s known as God’s Own Country, thanks to its vast emerald valleys and lush landscapes. The term has a mythological origin, too, tied to the belief that Parashurama, a manifestation of Lord Vishnu, a principal deity in Hinduism, threw his axe into the sea to create a home in which his followers could live peacefully. If ever a story epitomises a place, it’s this one: Kerala, born at the hands of a God for the purpose of people living in harmony. Kerala is world-famous for its houseboats that plough the glistening backwaters, a labyrinthine 900-kilometre network of brackish canals, lakes Beaches Backwaters & Kerala, India’s tropical coastal jewel, has much to offer curious travellers By Francesca Kirby November 2023 | ATLAS BY ETIHAD | 2524 | ATLAS BY ETIHAD | November 2023 suitcase Smooth skin The Barbiere multi-action face cream for men from Acqua Di Parma combines moisturing, smoothing, and revitalising properties to combat exposure to blue light from digital screens and environmental elements. It also comes in eco-friendly packaging ($120, acquadiparma.com). Wild ocean Enriched with almond, hazelnut, and prickly pear oils, this Wildocean beard oil is designed for medium to long facial hair that needs softening ($21, beautyethic.com). 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Groom yourself Men, look your best with this selection of personal care products suitcase The stylish way to travel THIS PAGE: ACQUA DI PARMA; OPPOSITE PAGE: RITUALS; ACQUA DI PARMA; APA BEAUTY; BEAUTY ETHIC 7.8804° N, 98.3923° E7.8804° N, 98.3923° E 2023 ﺮﺒﻤﻓﻮﻧ | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2627 | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2023 ﺮﺒﻤﻓﻮﻧ ﺔﻀﺑﺎﻨﻟا ﺔﻨﻳﺪﻤﻟا هﺬﻫ ﻒﺸﺘﻛا لﺎﻣﺮﻟاو ﺲﻤﺸﻟا ﺮﻴﺛأ ﻰﻠﻋ ةﺎﻴﺤﻟﺎﺑ ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻊﻣ ﺔﻨﻴﻜﺴﻟاو ﺰﻧارﺎﻤﻟو ﻦﻴﻟ ﺖﻴﻛ ΙήΘϟΔϗήϋϦϴΑΎϣϊϤΠΗϲΘϟϥΎϣΪϧήΤΑΓΆϟΆϟˬΖϴϛϮΑ ϦπΘΤΗΚϴΣˬΔϘϠτϤϟήμόϟΔϴϫΎϓέϭˬϲϨϐϟϱΪϨϠϳΎΘϟ ϳΰϳϦϣέΎψΘϧΎΑΓΪϳήϔϟΏέΎΠΘϟϦϣΔϋϮϨΘϣΔϋϮϤΠϣΖϴϛϮΑ ˬΔϤΣΩΰϤϟΎϬϗϮγϰΘΣήϜΒϟΎϬΌσϮηϦϣ ˱ ˯ΪΑˬΎϬϨϋέΎΘδϟ ϩάϫϲϓΎϨϘϓέΔΒΧΎμϟΔϴϠϴϠϟΎϬΗΎϴΣϰϟ·ΔΩΎϬϟΎϫΪΑΎόϣϦϣϭ ίϮϨϛϭέήγϰϠϋϑήόΘΗϲϛΔϋΎγ72έΪϣϰϠϋΔϟϮΠϟ ΔϴϮΘγϻΔϨΠϟϩάϫ ﺦﻳرﺎﺘﻟا ﻖﺒﻌﺑ ﺔﻗرﺎﻏ ﺔﻨﻳﺪﻣ ˬ ˱ ΔϴΒόηΎϫήΜϛϭΖϴϛϮΑΪΑΎόϣήΒϛΪΣˬ³ώϧϮϟΎθΗΕϭ´ ˱ΎΣΎΑλ ΔϋϮϤΠϣϰϠϋϭˬΫϮΑϦϣΕΎϓέϰϠϋήϴΒϜϟΪΒόϤϟάϫϱϮΘΤϳ ϲΘϟϞϴΛΎϤΘϟϭˬΕΎΣϮϠϟϭˬΔϠΧΪΘϤϟϢϴϣΎμΘϟωϭέϦϣΓήΣΎγ ˯ΪΗέΓέϭήοϰϟ·ΎϨϫήϴθϧϭΫϮΑΓΎϴΣϦϣΕΎϔτΘϘϣέϮμ ˵ Η ϲϓΪΟϮΘϟΪϨϋϦϴΘΒϛήϟϭϦϴϔΘϜϟϲτϐΗϲΘϟΔϤθΘΤϤϟΏΎϴΜϟ αΪϘϤϟϥΎϜϤϟάϫ ϞϜθΗϲΘϟΔϴΨϳέΎΘϟΔϨϳΪϤϟϲϫϭˬΔϤϳΪϘϟΖϴϛϮΑΔϨϳΪϣ ˱έϬυ ΔϴϨϴμϟΓέΎϤόϟϥϮϨϓΔϨοΎΣϭˬΖϴϛϮΑΔϨϳΪϣ˯ΰΟΪΣ ήμϋάϨϣΔϨϳΪϤϟϩάϫέΎϫΩίϭϖϟϰϠϋΓΪϫΎθϟˬΔϴϟΎϐΗήΒϟ ΔϴϫΰϟΎϬϧϮϟ΄ΑϙϮΗϙϮΘϟΕΎΑήϋΪό ˵ ΗϭήϳΪμϘϟϦϳΪόΗ ϡΎότϟϕΎθϋΎϣΔϨϳΪϤϟϑΎθϜΘγϻΔόΘϣήΜϛϷϞϘϨϟΔϠϴγϭ ϮϫϭˬϲΗϭήϟΎϬγέϰϠϋϭˬΔϴϠΤϤϟΕϻϮϛ΄ϤϟΔΑήΠΗϢϬϴϠόϓ ΰϛήϤϟΐϴϠΤϟϊϣϡΪϘ˵ϳΎϣ ˱ ΓΩΎϋϱήσϭϖϴϗέτδϣΰΒΧ ˬϲϬθϟϦϴϛϮϫϲϤϟΔϧϭήϜόϣϖΒσϭˬάϳάϠϟϱέΎϜϟϭϰϠΤϤϟ ΕϻϮϛ΄ϤϟϊϣΔϴϠϘϤϟ˯ήϔμϟ ϝΩϮϨϟ ΔϧϭήϜόϤϟϦϣϒϟΆϤϟ άϳάϠϟϕήϤϟϭˬΔϳήΤΒϟ ˬ³ϱΎϜϳήΗΖϴϛϮΑ´ϒΤΘϣϞΧΪΗΖϧϭϚγϮΣϒϫέ ˱˯Ύγϣ ΔϴΛϼΛϭΔϴϠϋΎϔΘϟΔϴϨϔϟϝΎϤϋϸϟϞϫάϣνήόϣϦϋΓέΎΒϋϮϫϭ ΎϫΪόΑϚΗίΎΟ·έϮλϦϴϳΰΘϟΓΰϴϤϣΕΎϴϔϠΧήϓϮϳϪϧΎϤϛˬΩΎόΑϷ ϱΪϧϼϳΎΗϲϨϴλϊΑΎτΑϢϳΪϗϢότϣϮϫϭˬ³Ύϳέ´Ϣότϣϰϟ·ϪΟϮΗ ϱέΎϜϟΎΑϥϮότϠδϟΎϬϨϣϭˬΔϳΪϴϠϘΘϟϕΎΒσϷϒϠΘΨϣϡ ˷ ΪϘϳ ϲϬϨϨγϢΛϦϣϭάϳάϠϟϱΪϧϼϳΎΘϟήπΧϷϱέΎϜϟϭˬΎϤϳήϜϟϭ ϰϠϋΔϣϭΎδϤϟΪόΗϲΘϟϭˬΔΒΧΎμϟϕϮγϷϲϓϝϮΠΘϟΎΑΔϠϴϠϟ ΔΒΒΤϤϟΔϴϠΤϤϟΔϓΎϘΜϟϦϣϭΎϫΪϴϟΎϘΗϦϣ ˱ ˯ΰΟέΎόγϷ لوﻷا مﻮﻴﻟا تاو” ﺪﺒﻌﻣ :ﻦﻴﻤﻴﻟا ﻰﻟإ رﺎﺴﻴﻟا ﻦﻣ ﺔﻨﻳﺪﻣ ﻲﻓ “ﻎﻧﻻﺎﺗ” ﻖﻳﺮﻃ ؛“ﻎﻧﻮﻟﺎﺸﺗ .ﺔﻤﻳﺪﻘﻟا ﺖﻴﻛﻮﺑ مﺎﻳأ ﺔﺛﻼﺛ ﺖﻴﻛﻮﺑ ﻲﻓ ﺔﻳﺎﻜﺤﻟا ﺔﻳﺪﻧﻼﻳﺎﺘﻟا KENZIE KRAFTA / UNSPLASH; SHUTTERSTOCK22 www.logisticsmiddleeast.com LOGISTICS MIDDLE EAST FEAFEAFEAFEAFEAFEAFEAFEAFEAFEAAFEAFFFTURTURTURTURTURTURURTURTURTURTURUTURRE E E EEEEEEE|||||DUDUDUDUDDUDUUUBUBUBUBUUBBBBBDUBBUBUBBBUUBAIAIAIAIAIAIAIIAIAAAIMETMETMETMETMETMETMETETETMETMETMETMETMETETTMERORROROROROROROROROROROROROORRO 22222222222222 wwwwwwwwwwwwwww.w.wwwwwww.w.wwwwwwlogilogilogilogilogilogogogilogiloggilogilogilsticsticsticsticstisticticticcsticssstsssmidsmidsmidsmidsmidsmidmidsmidmidddleedleedleedleedleedledledleedleedleeeastast.ast.ast.ast.ast.asast.stast.st.ast.astt.t.t.aatacomcocococccococooocomcommmmmmcommccmmcommmmcccDECDECDECDECDECECDECDDCDEEMEMEMBEMBEMBMBEMEMBEBEEEEEEERER ER EEEREEEE202220202202202202202222200200203 -3 -3 -3-33 33 --33JAJJAJAAAJAJJANUANUNUNUANUANUNUANUANUANARYRRYRYRYRYRYRYRR20220220220220222222220220220222220222444444 4 444444444||||LLLLLLLOGIOGIOGIOGOGIOGOGIOGIOGGSTISTISTSTISTISTISTITIITCSCSCSCCSCSCCSSMIDMIDMIDMIDMIDMIDDMMDDDDLEDLEDLEDLEDLEDLLDLEDLEDLEEEDDLELDDDDEDLEDLEDDEAEAEAEAEAEAEAEAEAAEEAAASTSTSTSTSTSTSTSTSTST Disclaimer: All fi gures, projects, and ventures mentioned are based on publicly available data and/or reports provided by the listed companies, Logistics Middle East does not hold responsibility for any investment decisions. 22 www.logisticsmiddleeast.comDECEMBER 2023 - JANUARY 2024 | LOGISTICS MIDDLE EASTDUBAI METRO 23 LOGISTICS MIDDLE EAST DECEMBER 2023 - JANUARY 2024 DUBDUBDUBDUBDUBUBUDUBDUBBBBBBBBBBBBBBUBDUBDUBBBBBBBBUBBBBBBDUBBBBBBBBBBBBAIAIAIAIAAIAAAMETMETMMMMMEMETMETMETMETMETTMMETTMEETMRO RO RORO RO RORORORORO OO||||FEAFEAFEAFEAFEAFEAFEAFEAFEAETURTTTTURTURTURTTURURTURTURTURTTTTUTTTTURURUTTTEEEEEEEE 232323232232323232332 www.www.www.wwwwww.wwwwww.wwwwwwwwlogilogilogiogiogiogioglogilooogiogigoosticsticsticsticsticsticsticsticsticsticsticsticstsmsmidsmidsmidsmidssmsmismidsmisssmidssdmidssssmidleedleedleedleedleedleedleedleedledleleeleeedleeast.ast.ast.astastastastastaststcomcomcomcomcomcomcomcommocLLOGLOGLOGLOGLOGLOGOGOGLLOISTSTISTISTISTSTSTSTISTSTISTICSICSICSCSICSCCSCSCSSCMIMIMIMMIMMMIMIMIMDDLDDLDDLDDLDDLDDLDDLLLLDDDDLLLDDLLLLDLLE EE EE EE EE EEEE EEEEEAASASTASTASTASTASTSTTAATAAT|||||||DDDDDDDDDDECEECEECEECEECEECEECECEECEEECEMBEMBMBMBMBMBEMBBBBBMBEEBEEMBMBBBEER 2R 2R 2R 2R 2222R 222222023000230230230230230230023300000------JANJANJANJANJANJANJANANNUARUARUARUARUARUARUARARUY 2Y2Y2Y 2Y 2Y2Y2YY 220240202020202024202424024244444442444 D espite market volatility and economic turns, LOGISTICS LEADERS have conquered challenges, delivering standout fi nancial performances, forging strategic partnerships, and embarking on monumental projects that have massively expanded their market footprint. 23 www.logisticsmiddleeast.comLOGISTICS MIDDLE EAST | DECEMBER 2023 - JANUARY 2024 SCAN THE QR CODE FOR THE FULL LISTLOGISTICS LEADERS |FEDEX 24 www.logisticsmiddleeast.comDECEMBER 2023 - JANUARY 2024 | LOGISTICS MIDDLE EAST F edEx Corp., a global leader in transportation, e-commerce, and business services, off ers a comprehensive range of integrated solutions to customers and businesses worldwide. The company’s subsidiary and the world’s largest express transportation company, FedEx Express (FedEx), operates a fl eet of 711 aircraft and over 210,000 motorised vehicles, ensuring fast and reliable deliveries to 220 countries and territories, and connecting 99% of the world’s GDP. FedEx’s diverse customer base comprises personal shippers, small and medium enterprises (SMEs), and multinational corporations across various industries, including e-commerce, healthcare, aviation, automotive, and petrochemicals, among others. With operations in 65 countries across the Middle East, Indian Subcontinent, and Africa (MEISA) region, FedEx links 45% of the world’s population to global markets. It has a direct presence in 16 MEISA markets and operates 56 weekly fl ights to and from its hub in Dubai, signifi cantly contributing to enhancing global connectivity. Globally, FedEx Corp. delivered a standout fi nancial performance in the fi scal year ending in May 2023, with $90.2 billion (AED330 billion) in gross revenues, and $3.97 billion (AED15 billion) in net profi ts, up from $3.83 billion (AED 14 billion) in the prior year. Additionally, it maintained a solid fi nancial position, boasting a debt-to-adjusted EBITDA ratio of 2.08 to 1, as of 31 May 2023. In 2023, FedEx transported 14.5 million shipments, on average, per business day, with more than 500 million daily package-status tracking requests received. The company operates a global network of 5,000 facilities and 13 Air Express hubs, with more than 75 package drop-off locations and over 20 stations strategically positioned across Bahrain, Egypt, Jordan, Kuwait, Oman, Saudi Arabia, and the UAE. With a workforce of more than 1,500 in the MENA region, FedEx is committed to fostering the growth and development of its team, by proactively evolving its learning frameworks to meet the emerging trends and aligning existing competencies with future market requirements. The company’s initiatives, including the Purple Pathways, Leader as a Coach, and the LiFE programmes, provide extensive opportunities for employee learning and development. FedEx’s commitment to operational safety is evident in its safety record, with a total lost time injury rate of 2.87 per 200,000 man-hours worked globally in FY22. in 2023, enabling customers to measure the carbon footprint of their shipments. Moreover, it deployed the fi rst batch of electric vehicles to its fl eet in the UAE, in line with its commitment to achieving carbon-neutral operations by 2040. Additionally, FedEx continued to support the growth of cross-border trade in the Middle East by introducing FedEx® Regional Economy services, utilising the Middle East Road Network to off er cost-eff ective shipping solutions within key countries in the region. The company also enhanced the transit time of FedEx International Priority® in the UAE and Saudi Arabia, off ering businesses faster access to major markets worldwide, and empowering them to meet the urgent demands of overseas customers. In Saudi Arabia, FedEx received the Authorised Economic Operator (AEO) certifi cation from the Zakat, Tax and Customs Authority (ZATCA). Furthermore, it launched the FedEx International Economy® and FedEx International Economy® Freight services to further support the kingdom’s non-oil economic growth. As of 31 August 2023, FedEx’s total assets for the fi rst quarter of fi scal year 2024 stood at $18.89 billion (AED70 billion). As of 24 October 2023, the company’s shares listed on the New York Stock Exchange (NYSE) were valued at $237.97 (AED874) per share, with a total market capitalisation of $60 billion (AED220 billion). FEDEX In 2023, the fi rm marked 50 years of operation, maintaining its growth trajectory, and furthering its expansion across the region and beyond. Despite recent economic pressures, FedEx directly contributed more than $80 billion (AED 294 billion) to the global economy in the 2023 fi scal year. The fi rm’s continued investments in the Asia Pacifi c, Middle East, and Africa (AMEA) region resulted in a 6% growth in the region’s total net output, reaching $44 trillion (AED162 trillion). Beyond its direct impact, FedEx indirectly contributed $2.7 billion (AED10 billion) to the region’s economy, with estimated indirect contributions of $1 billion (AED3.7 billion) to the region’s manufacturing sector. Meanwhile, the company’s indirect contribution to the transportation, storage, and communications sectors was estimated at $772 million (AED3 billion). On the sustainability front, FedEx launched the Sustainability Insights tool across MENA markets $60 BILLION FedEx’s market capitalisationDP WORLD |LOGISTICS LEADERS 25 www.logisticsmiddleeast.comLOGISTICS MIDDLE EAST | DECEMBER 2023 - JANUARY 2024 H eadquartered in Dubai, DP World stands as a global logistics powerhouse, a leading port operator, and a prominent provider of smart logistics solutions, facilitating global trade. Specialising in cargo logistics, port terminal operations, maritime services, and free zones, the company currently manages nearly 9% of the world’s handling capacity, securing its position among the top fi ve global port operators. Operating in 75 countries across key international markets in Europe, the Middle East, Africa, South America, India, and Australia, DP World off ers a comprehensive range of logistics and supply chain solutions, spanning maritime and inland terminals, marine services, industrial parks, and innovative customer-centric solutions. The company’s extensive workforce, comprising over 103,000 skilled professionals, plays a critical role in facilitating business and fostering success for its industry partners worldwide. DP World delivered strong fi nancial results during the fi rst half of 2023 (H1), ending on 30 June, with $9 billion (AED33 billion) in revenues, refl ecting a 14% growth compared to the corresponding period in 2022, where revenues stood at $8 billion (AED29 billion). The company’s profi ts for the reported period amounted to $885 million (AED3.2 billion), showing a marginal increase from the year-ago period. Meanwhile, adjusted EBITDA stood at $2.6 billion (AED10 billion), marking a 7% upturn compared to H1 2022. On the operational front, DP World handled 39,858 (AED1.3 billion) facility agreement with Standard Bank to support logistics and market access expansion across the sub-Saharan region. Furthermore, it entered a concession agreement with the Deendayal Port Authority to develop, operate and maintain a new 2.19 million TEUs per annum mega-container terminal at Kandla in Gujarat on India’s western coast. The project involves the construction of a mega- container terminal at Tuna-Tekra near the existing Deendayal Port, at a cost of approximately $510 million (AED1.8 billion) through a Public Private Partnership (PPP). Building on its accelerated growth momentum, DP World unveiled plans to expand its container handling capacity across various ports, especially in Saudi Arabia and Egypt, by nearly three million TEUs by the end of 2023. By year-end, the company will add 1.2 million TEUs in Caucedo (Dominican Republic) and an additional 579,000 TEUs in Yarimca (Türkiye). Further expansions include 500,000 TEUs in Egypt’s port of Sokhna and 200,000 TEUs in Saudi Arabia’s Jeddah Islamic port, bringing the company’s total gross capacity to 93.6 million TEUs. Innovation remains a focal point for DP World, evident in the development of products including Cargoes Flow, DP World Trade Finance, and Cargoes Logistics. These solutions underline the company’s commitment to creating intelligent platforms for effi cient trade solutions, making trade easier for cargo owners, especially SMEs. DP WORLD twenty-foot equivalent units (TEUs) in H1 2023, maintaining parity with H1 2022 volumes. Concurrently, the company vastly expanded its portfolio of managed and operated ports. In October, DP World inked a 30-year concession agreement with the Tanzania Ports Authority to operate and modernise the multi-purpose Dar es Salaam port, in line with the company’s strategy to expand its footprint in Africa. Additionally, it broke ground on a new edible oil terminal at Somaliland’s Port of Berbera, upholding its commitment to reducing supply chain costs and creating employment opportunities for the country’s local population. Moreover, DP World achieved various noteworthy operational milestones in 2023 through strategic partnerships with key global industry players, solidifying its position as a leading provider of logistics solutions and port operator. The company’s achievements include a record container handling performance at the Port of Dakar, strategic acquisitions including the buyout of CFR Rinkens to enhance capabilities in tailored solutions for automotive clients, as well as extended partnerships, such as the $365 million $9 BILLION DP World’s revenues for H1 2023LOGISTICS LEADERS |AD PORTS GROUP 26 www.logisticsmiddleeast.comDECEMBER 2023 - JANUARY 2024 | LOGISTICS MIDDLE EAST A D Ports Group, the Abu Dhabi-based facilitator of logistics, industry, and global trade, owns and operates an extensive portfolio of 11 ports and terminals across the UAE, along with 550 square kilometres of economic zones within the KEZAD Group, the largest integrated trade, logistics, and industrial business grouping in the Middle East. Since its inception in 2006 as Abu Dhabi Ports, AD Ports Group has transformed into an integrated portfolio comprising world-class ports, economic cities, free zones, and digital, logistics, and supply chain solutions driving transformative changes in the region. Currently, AD Ports operates across fi ve key clusters—the Digital Cluster delivers advanced, smart, and innovative digital solutions to stakeholders within trade and logistics communities. Meanwhile, the Economic Cities and Free Zones in Abu Dhabi serve over 1,500 customers, providing a hub for manufacturing, logistics and trade. The Logistics Cluster off ers end-to-end supply chain and freight solutions to a diverse clientele of local and international entities. The Maritime and Shipping Cluster off ers quayside services to calling vessels, along with As of the reporting time, the group’s total assets stood at $14.2 billion (AED52.1 billion), with $1.3 billion (AED5 billion) in Free Cash Flow (FCFF). The Group’s Capital Expenditures (CapEx) reached $980 million (AED3.6 billion) in 9M 2023, in line with its front-loaded $4 billion (AED15 billion) capex programme between 2023 and 2027 (fi ve-year period). The group’s robust fi nancial performance was largely propelled by the strategic acquisitions of Noatum and Karachi Gateway Terminal, contributing to a noteworthy 2% YoY growth on a like-for-like (LFL) basis. In early November, AD Ports announced the acquisition of 10 off shore vessels for nearly $200 million (AED735 million), in a bid to bolster its off shore and subsea capabilities in the Middle East and Southeast Asia by approximately 20%. All 10 vessels are slated for delivery in Q4 2023, with fi nancial consolidation commencing from Q1 2024 onwards. As of 23 November 2023, AD Ports’ shares listed on the Abu Dhabi Securities Exchange (EDX) were valued at $1.72 (AED6.33) per share, with a total market capitalisation of $8.8 billion (AED32.5 billion). AD PORTS GROUP world-class maritime education and training courses, while simultaneously governing and regulating Abu Dhabi’s maritime sector. Lastly, the Ports Cluster owns and operates 11 of the most technologically advanced ports in the region. The group concluded the fi rst nine months of the fi scal year 2023 (Q3) ending on 30 September on a high, with $2.2 billion (AED8.1 billion) in revenue, marking a 116% year- on-year (YoY) growth, in contrast to the $1 billion (AED3.6 billion) registered during the corresponding period in 2022. Furthermore, AD Ports posted a 14% increase in total profi ts to $272 million (AED1 billion), compared to $256 million (AED940 million) in the year-ago period, aligning with the robust performance of earnings before interest, taxes, depreciation, and amortisation (EBITDA), a key fi nancial indicator which experienced a 30% YoY boost, reaching $571 million (AED2 billion) during the reporting period. The Logistics, Maritime and Shipping, Ports, and Economic Cities and Free Zones clusters emerged as pivotal drivers of the overall growth, with the Maritime and Shipping Cluster leading the way.ADNOC L&S |LOGISTICS LEADERS 27 www.logisticsmiddleeast.comLOGISTICS MIDDLE EAST | DECEMBER 2023 - JANUARY 2024 A DNOC Logistics and Services (ADNOC L&S), the global energy maritime logistics company and logistics and shipping arm of Abu Dhabi National Oil Company (ADNOC), operates through three key business units: Integrated Logistics, Shipping, and Marine Services, off ering end-to-end services to the ADNOC Group companies, along with a diverse global clientele across the energy maritime logistics industry. With a diverse fl eet of 251 modern and technologically advanced vessels, complemented by over 540 vessels chartered annually, ADNOC L&S delivers a broad range of energy-related products to more than 100 customers in more than 50 countries. Delivering a strong fi nancial performance in the fi rst nine months of 2023, ADNOC L&S posted $1.92 billion (AED7 billion) in revenues, marking a 49% increase compared to the same period in 2022. Meanwhile, net profi ts for the same period stood at $455 million (AED1.67 billion), marking a 162% year-on-year (YoY) growth compared to $173 million (AED635 million) in the same period of 2022. ADNOC L&S reported an EBITDA of $635 million (AED2.32 billion), representing a 124% YoY increase, propelled by robust performances across all its business segments. This growth was attributed to an 11% expansion in EBITDA margin to 33%, fuelled by market strength in Shipping and Jack-Up Barges (JUB), complemented by strategic improvements in operating costs and operational effi ciencies. In segmental fi nancial results, the Integrated Logistics segment showcased a 108% year-over-year surge in revenues, totaling $1.18 billion (AED4.35 billion), propelled by the strategic acquisition of Zakher Marine International Holdings (ZMI) and the broadening of service off erings. The Shipping segment registered $608 million (AED2.23 billion) in revenue, a marginal 1% YoY increase, supported by healthy charter rates for Tankers and Gas Carriers. Meanwhile, revenues from the Marine Services segment experienced a 9% growth, reaching $134 million (AED492 million). In 2023, ADNOC L&S continued to implement its smart growth strategy, with the acquisition of eight self-propelled jack-up barges (JUBs), including two new-builds and four second-hand barges, alongside two chartered new-build JUBs, through its subsidiary ZMI in early September. This expanded the company's fl eet to 39 JUBs, in total, further solidifying its position as the owner and operator of one of the largest JUB fl eets in the GCC region. Moreover, ADNOC L&S witnessed the largest global demand for an IPO in 2023, exceeding $125 billion (AED460 billion), marking the highest-ever oversubscription for a UAE book-build IPO. The fi nal off er price for the company’s listed shares stood at $0.54 (AED2.01) per share, at the top end of the previously projected range, with a total off ering size of approximately $769 million. As of 23 November, the company's shares listed on the Abu Dhabi Securities Exchange (ADX) were valued at $1.05 (AED3.84) per share, with a total market capitalisation of $7.7 billion (AED28.4 billion). ADNOC LOGISTICS AND SERVICESLOGISTICS LEADERS |MAWANI 28 www.logisticsmiddleeast.comDECEMBER 2023 - JANUARY 2024 | LOGISTICS MIDDLE EAST T he Saudi Ports Authority (Mawani) serves as the governmental body overseeing Saudi Arabia’s seaports. Originally founded in 1976 as the General Corporation for Ports—an independent entity within the Prime Minister’s offi ce—the authority aimed to consolidate the governance and operations of the kingdom’s various ports, while fostering regional and international maritime trade and passenger transport development. Mawani is positioned at the forefront of Saudi Arabia’s port system, one of the most advanced port networks both in the region, and globally. Strategically located along a key trade corridor connecting Asia, Europe, and Africa, Saudi ports have evolved into vital international trade channels, facilitating global trade movement and holding a prominent position within the region’s maritime ecosystem. In the fi rst half of 2023 (H1), Mawani achieved signifi cant operational milestones, moving closer to realising its strategic targets to bolster the kingdom’s position as a leading global logistics hub, in line with Vision 2030 objectives. The authority added 20 cargo services to the ports of Jeddah, Dammam, and Jubail, boosting the kingdom’s score on UNCTAD’s Liner Shipping Connectivity Index (LSCI) to 76.16 points in Q2 2023, a 4.83-point rise compared to 2022. On the sustainability front, Mawani implemented measures at Jeddah Islamic Port to reduce the annual carbon footprint by 1,046 tonnes, aligning with the Green Ports Initiative’s target of a 15% reduction in energy consumption. The kingdom’s ports handled 4,088,641 TEUs between January and June 2023, refl ecting a 15% increase compared to H1 2022. Transshipments saw a 12% upturn in H1 2023, reaching 1,560,790 TEUs. Meanwhile, automobile imports spiked by 26% to 496,949 units, and food commodities climbed 10% to 10,835,620 tonnes. Calling vessels increased by 10%, totalling 5,918 ships in H1 2023, while passenger traffi c witnessed a substantial 61% rise. Livestock trade, on the other hand, logged a 96% annual upsurge surge to 4,372,027 cattle heads in 2023. Setting a new record, Mawani registered the highest monthly container throughput in May, with 709,944 TEUs handled, marking a 19% year-on-year growth. Mawani’s overarching strategy focuses on constructing a sustainable and dynamic maritime sector, elevating the kingdom’s global logistics standing, and generating social and economic value through partnerships, innovation, and enhanced industrial capabilities, aligning with the country’s economic aspirations. SAUDI PORTS AUTHORITY (MAWANI) Furthermore, Mawani forged multiple strategic partnerships with key stakeholders across the industry, accelerating the transformation of national ports into prime investment destinations. These included a $9 million (SAR35 million) deal with United Electronics Company (eXtra) to develop a 32,000 square metre logistics park at King Abdulaziz Port, an agreement with the Jeddah Chamber of Commerce and Industry to set up a $267 million (SAR1 billion) three-square- kilometre logistics park at Jeddah Islamic Port, and a contract with Saudi Logistics Services (SAL) to establish a 54,000 square-metre logistics park at Jeddah Islamic Port to enhance sea and air connectivity; which will contribute to improving the logistics services provided, among others. Refl ecting the Kingdom’s rapid development, two major logistics projects were launched in record time, including Maersk’s $347 million (SAR1.3 billion), 225,000 square metre logistics park and LogiPoint’s 72,000 square metre logistics facility worth $40 million (SAR150 million). 709,944 TEUS Cargo handled in MayAGILITY |LOGISTICS LEADERS 29 www.logisticsmiddleeast.comLOGISTICS MIDDLE EAST | DECEMBER 2023 - JANUARY 2024 A gility, the Kuwait-headquartered global provider of logistics services, customs digitisation services, remote infrastructure services, fuel logistics, and property and commercial facility management, with extensive operations in more than 65 countries, has delivered strong fi nancial results for the fi rst nine months of the 2023 fi scal year. The company, incorporated in 1979 and listed in both Boursa Kuwait and Dubai Financial Market, reported $3.2 billion (KD1 billion) in revenues, marking a substantial 91.5% increase compared to the $1.7 billion (KD527 million) registered during the same period in the preceding year. Net profi ts for the fi rst nine months stood at $187 million (KD57.5 million), marking a 39% increase compared to $134 million (KD41 million) in the corresponding period last year. Agility’s EBITDA also demonstrated a noteworthy uptick of 53.8%, reaching $583 million (KD180 million) compared to $380 million (KD117 million) in the fi rst nine months of 2022. In the third quarter of 2023 (Q3), Agility registered $1.1 billion (KD361 million) in gross revenue, refl ecting a 40% surge businesses, including Menzies Aviation, Tristar, Agility Logistics Parks (ALP), Global Clearinghouse Systems (GCS), and United Projects for Aviation Services Company (UPAC), reported a combined EBITDA of $201 million (KD62 million) on $1.1 billion (KD361 million) of revenue, marking a 40% and 32% increase, respectively, compared to Q3 2022. Furthermore, the group, known for its long- term view on investments, holds non-controlling minority stakes in various businesses, both listed and non-listed, with a carrying value of approximately $5.1 billion (KD1.6 billion). As of the end of Q3 2023, the group’s collective assets stood at nearly $12 billion (KD3.6 billion), marking an 18% increase compared to the previous year’s total of $10 billion (KD3.1 billion). In April, Agility entered into multi-year funded equity collar agreements, enabling it to draw up to $1.1 billion (KD339 million) linked to its shares. In August 2022, Agility acquired a 100% equity interest in the UK-based aviation services provider, John Menzies Limited, for $777 million (KD240 million). AGILITY $3.2 BILLION Agility’s revenues for 9M 2023 from $832 million (KD256 million) in Q3 2022. Net profi ts for Q3 amounted to $91 million (KD28 million), indicating a 123% increase from the same period the previous year. This boost was driven, in part, by a one- off gain resulting from the closure of an interest rate hedge. “The results from our operating businesses continue to be positive, and a testament to the global growth strategy pursued by the company. As always, we will look for opportunities to drive returns and unlock value for shareholders,” Agility Vice Chairman Tarek Sultan said, adding that in terms of the company’s investments, global equity markets paused and reversed in the third quarter, which was refl ected in its results. Agility’s diverse portfolio of controlled Next >