The air cargo spot rates continues to rise sharply amid the highly volatile, unstable and fast-changing situation in the Middle East. As per WorldACD Market Data reports, there has been some recovery in the air cargo markets since the Iran war, with the average spot rates from Gulf countries up 22%.
United Maintenance and Contracting Company (Unimac), a specialised heavy civil contracting company based in Saudi Arabia, has announced that it has officially signed a strategic agreement with ProGrowth Company for collaboration on leading projects in the kingdom.
Abu Dhabi National Oil Company and Austrian group OMV Aktiengesellschaft (OMV) have announced strong progress towards the formation of Borouge Group International, including the signing of an asset usage agreement for the Borouge 4 (B4), an integrated polyolefins production complex in Abu Dhabi.
Mina Al Ahmadi Refinery, operated by Kuwait National Petroleum Company (KNPC), came under drone attacks in the early hours of Friday. These attacks resulted in a fire in several units within the refinery but caused no injuries, as per preliminary assessments, said a statement from Kuwait Petroleum Corporation (KPC).
Copper futures fell to their lowest level in multiple months, reflecting a combination of macro-economic pressure and demand concerns. Escalating tensions in the Middle East have driven energy prices higher, raising concerns about inflation and a potential drag on global growth, said an expert.
Arab countries secured 146 foreign maritime transport projects worth nearly $4 billion over the past 23 years, with five countries - Egypt, UAE, Oman, Saudi Arabia and Mauritania - accounting for 114 projects, according to a report by Arab Investment and Export Credit Guarantee Corp (Dhaman).
Iranian attacks have knocked out 17% of Qatar's liquefied natural gas (LNG) export capacity, causing an estimated $20 billion in lost annual revenue and threatening supplies to Europe and Asia, QatarEnergy's CEO and state minister for energy affairs told Reuters.
Group Amana, a regional leader in the design-build of commercial facilities, has announced that it has secured a key contract from DP World for a multi-tenant warehouse development in Dubai, featuring 187 units across seven blocks, including warehouses, light industrial units and a retail outlet.
Nama Power and Water Procurement Company is set to ink new power purchase agreements (PPAs) with Oman's top listed power generation companies – Al Suwadi, Al Batinah and Phoenix Power - for three gas-fired Independent Power Projects (IPPs) with a combined 3,500 MW capacity in the sultanate.
Global automation major Schneider Electric has announced that it has partnered with NVIDIA to develop validated blueprints for designing, building and operating gigawatt-scale artificial intelligence data centres, as demand for high-performance computing infrastructure accelerates.
