Global air cargo rates extended their decline at the end of June and early July as lower fuel prices and softer demand weighed on the market, although renewed tensions in the Middle East region have raised the risk of fresh supply chain disruption, according to a report.
Australian group Maritimo, a leading builder of long-range luxury motor yachts for the world, has appointed KJM Marine as its exclusive dealer across the GCC and selected territories in the Middle East and Indian Ocean, reinforcing its presence in one of the world's most dynamic boating regions.
The International Air Transport Association (IATA) has sharply cut its profit outlook for the global airline industry, citing disruptions linked to the Middle East conflict. Airlines are now expected to post a net profit of $23 billion in 2026, while Middle East airlines are likely to post $4.3 billion loss, it said.
South Korea’s inflation rose to a 26-month high in May, reaching 3.1 per cent year-on-year. The increase was driven mainly by higher fuel costs amid volatility in global energy markets, according to Statistics Korea.
Swedish conglomerate Alfa Laval has appointed Alban Hohmann‑Schauly as its new Vice President of Energy unit for the Middle East, South & East Africa region. With over 16 years global experience in the energy and digital infrastructure, Alban has built a strong track record in market analysis and customer segmentation.
Turner & Townsend, the global programme manager, has reported strong growth across its core sectors and key markets in the Middle East with a 73% jump in its revenue last year. The company also significantly expanded its team, with headcount rising to over 22,000 in more than 60 countries.
The Gamechangers Middle East, the UAE-born startup investment series and entrepreneurship platform, has received an overwhelming response ahead of its application deadline. A fully functional investment and mentorship platform, it has been co-created and headlined by Indian actor R. Madhavan.
Arabian Construction Company Group has appointed Eric Savage as its new Chief Technology Officer (CTO). In this role, Savage will lead ACC’s technology strategy, overseeing enterprise systems, cyber security, IT infrastructure, data initiatives and digital innovation across the business.
Total global air cargo demand, measured in cargo tonne-kilometres (CTK), increased by 6.0% in May this year, compared to May 2025 levels (6.5% for international operations), according to International Air Transport Association (IATA) data.
Acciona has developed a prototype pavement made up of 14 precast slabs with novel cement-free concrete, thus replacing clinkers with industrial by-products used as a binder. This key initiative aligns with the growing demand from Middle East for sustainable construction solutions.
