Global air cargo spot rates have continued to surge going into the second half of October, reaching $3.8 per kg, as ongoing tensions in the Middle East continued to constrain regional capacity and elevated fuel costs added to pressure on the market ahead of the peak fourth-quarter shipping season, according to WorldACD Market Data.
Abu Dhabi-based Strategic Development Fund, a key unit of EDGE Group, has entered into an agreement with Sovereign Global Solutions (SGS) to increase its ownership in Marix, an autonomous maritime technology company. With this move it has become the majority stakeholder in the company.
UAE-based construction 3D printing company AC3D has secured a strategic investment from Transgulf Readymix as part of its ongoing late-seed funding round, bringing the concrete producer on board as a partner to support the technology’s commercial deployment across the GCC.
Emirates Stallions Group, a subsidiary of Abu Dhabi group IHC with key interests in construction, investment and real estate, has delivered solid results for the first nine months with a 36% jump in its net profit, while its revenue soared to AED1.3 billion ($354 million), supported by continued advancement across ongoing development projects.
Dubai South has signed an agreement with Phoenix Aviation for a new airside plot at Mohammed bin Rashid Aerospace Hub (MBRAH). Set for completion in Q1 2029, the new development will comprise a 35,000-sq-m aircraft hangar, a delivery centre for aircraft handovers and 3,000 sq m of office space.
Enowa, the energy, water and hydrogen subsidiary of mega Saudi futuristic city NEOM, said it has completed the energisation of the Primary Substation South-B (PSS-B), thus marking another major step in expanding Oxagon’s advanced power infrastructure. This comes following the successful operation of BSP South earlier this year.
Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, has announced that it has successfully completed its 10th consecutive summer without a single heat-related injury or illness, reinforcing a decade-long track record of disciplined safety execution and preventive risk management.
The first day of the inaugural Forbes Middle East Family Business Summit highlighted the role of family enterprises in driving economic growth and strengthening private-sector competitiveness.
Edge’s medium- to large-calibre ammunition manufacturer, Lahab, has completed the first dynamic test firing of its 155mm Extended Range Full Bore (ERFB) artillery ammunition.
Dubai International Chamber has organised 143 bilateral business meetings between companies from Dubai and Kenya in Nairobi, the Kenyan capital.
