Dubai's DP World to invest $510 million in India's Gujarat state | Reuters
Dubai-owned ports giant DP World [RIC:RIC:DPWRD.UL] will invest around $510 million to build a new container terminal at the Kandla port in the Indian state of Gujarat, its group chairman said on Friday.
"It will enable the delivery of trade opportunities by connecting northern, western and central India with global markets," Sultan Ahmed Bin Sulayem, who is also DP World's CEO, said after the signing of an agreement between the Deendayal Port Authority and DP World officials.
The Indian government earlier this year approved a plan by Hindustan Infralog Private Limited, a joint venture between DP World and the state-owned National Investment and Infrastructure Fund, to develop the terminal on a Build-Operate-Transfer (BOT) basis.
DP world, which operates in 73 countries, last week reported a nearly 10% fall in first-half profit to $651 million despite a 13.9% year-on-year rise in revenue to more than $9 billion.
Sunday, 27 August 2023
‘Super aggressive’ Riyadh Air to focus expansion on #Saudi market | Financial Times
‘Super aggressive’ Riyadh Air to focus expansion on Saudi market | Financial Times
Saudi Arabia’s newest airline, Riyadh Air, plans to focus on the niche market for flights to and from the kingdom rather than competing with its Gulf neighbours’ vast hubs, its chief executive has said, in an explanation of its “super aggressive” growth plans.
Saudi Arabia’s newest airline, Riyadh Air, plans to focus on the niche market for flights to and from the kingdom rather than competing with its Gulf neighbours’ vast hubs, its chief executive has said, in an explanation of its “super aggressive” growth plans.
Tony Douglas was speaking after the airline in March announced its first aircraft order, for at least 39 Boeing 787 wide-body jets, with options for 33 more. Riyadh Air is also in talks with manufacturers for a fleet of narrow-body jets, which Douglas said should allow Riyadh Air to serve more than 100 destinations by the end of the decade.
However, Douglas, a former chief executive of Abu Dhabi’s Etihad airline, said Riyadh Air would not use the aircraft to take on directly Qatar Airways or Dubai’s Emirates, the region’s top two carriers. Both airlines, as well as Etihad, have grown by offering connecting flights through their huge home airports to and from destinations in other parts of the world.
Douglas said Riyadh Air would instead focus on carrying passengers going to and from Saudi Arabia, which has been wooing tourists and investors.