Category: Industry

ABU DHABI: Aldar Properties has announced that it is investing a further AED1 billion to expand its logistics real estate business in Dubai and Abu Dhabi.

Having first entered the logistics sector with the majority acquisition of Abu Dhabi Business Hub (ADBH) in 2022, this new investment includes acquiring operational assets and developing ready-to-lease and build-to-suit options in response to strong demand for Grade A logistics facilities.

Marking its first logistics acquisition in Dubai, Aldar has bought 7 Central logistics hubs and an adjacent plot, which, once developed, will almost double the current gross leasable area (GLA) of 19,000 sqm.

The facility, which was sold by Seven Seas Steel Industries LLC, is strategically positioned in one of Dubai’s most established industrial areas, Dubai Investments Park.

The company has also created a healthy development pipeline and will build 233,000 sqm of new Grade A logistics facilities across the UAE. This includes single-tenanted facilities and logistics p
arks in Dubai, totalling 200,000 sqm of GLA that will be developed in partnership with established logistics real estate players, and a 33,000 sqm GLA expansion of the company’s premium logistics facility, ADBH, in Abu Dhabi.

The ADBH warehouse portfolio is fully leased at its current capacity of 132,000 sqm to diverse institutional tenants, including Etihad, Mubadala and Twofour54.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said, ‘Asset and geographic diversification are core tenets of our growth strategy, and logistics is becoming an important asset class for Aldar. We are experiencing particularly strong demand for high-grade facilities in the UAE, driven by robust intra-regional trade, high-quality infrastructure, and an expanding digital economy.’

The growth of the UAE’s logistics sector is supported by substantial investment into transportation and infrastructure to support the diversification of the economy.

Aldar is experiencing strong demand to develop a range of logisti
cs facilities, including supply chain and fulfilment warehouses to last-mile centres, in the form of single tenanted facilities and larger scale logistics parks. Tenants are in various sectors, primarily focusing on third-party logistics (3PL), e-Commerce and retail.

Source: Emirates News Agency

BEIJING: Experts said on Monday that China’s foreign exchange reserves are expected to experience a moderate rise this year. This positive outlook is attributed to the improvement in export growth and the recovery of capital inflows, following a two-year high reached in December, China Daily said.

The country’s official reserves in gold surged by the largest amount in eight years in 2023, a trend experts said is likely to continue as the country further diversifies its reserves away from dollar-denominated assets and capitalises on rising gold prices.

Their comments came after the State Administration of Foreign Exchange said on Sunday that China’s foreign exchange reserves reached $3.238 trillion as of the end of last year, the highest since December 2021, while gold reserves rose for the 14th consecutive month.

The administration said the country’s foreign exchange reserves were up $66.2 billion, or 2.1 percent, compared with the end of November.

For the full year of 2023, China’s foreign exchange reser
ves rose by $110.29 billion, the biggest increase in six years, compared with a $122.5 billion drop in 2022.

Guan Tao, global chief economist at BOC International, said the country’s foreign exchange reserves climbed last year as the US Federal Reserve slowed monetary tightening and made the US dollar weaker amid fluctuations.

Liu Chunsheng, an associate professor at the Central University of Finance and Economics, said the increase also reflects the resilience of the Chinese economy, with the country’s exports having resumed positive growth in November despite lukewarm global demand.

The nation saw the resumption of net foreign capital inflow into securities in November when foreign investors purchased a net $33 billion in onshore bonds, the second-highest on record, data from the administration showed.

Meanwhile, China’s official gold reserves reached 71.87 million ounces at the end of December, up from 71.58 million ounces a month earlier. In 2023, the country’s gold reserves were up by 7.23 million ou
nces, the biggest increase since 2015, according to the administration.

The official gold reserves may further increase as the country diversifies reserve assets, said Wang Youxin, a senior researcher at the Bank of China.

At its annual work meeting last week, the administration emphasised that it will improve the management of foreign exchange reserves to ensure the security and liquidity of reserve assets and preserve and increase the value of these assets.

Source: Emirates News Agency

SEOUL: The Republic of Korea logged a current account surplus for the seventh straight month in November on the back of an increased trade surplus, Yonhap News Agency quoted the Bank of Korea (BOK) as saying.

The country’s current account surplus reached US$4.06 billion in November, narrowing from the surplus of $6.8 billion the previous month, according to preliminary data from BOK.

November’s surplus came as the country’s trade balance has remained in the black for eight consecutive months.

The country’s goods account racked up a $7.01 billion surplus in November, following a $5.35 billion surplus the previous month.

The nation’s outbound shipments rose 7.7 percent on-year in November to $55.78 billion, while imports dropped 11.6 percent over the cited period to $52 billion, according to the central bank’s data.

The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a loss of $1.5 million in November, following a $2.77 billio
n surplus in October, the data showed.

The services account deficit also widened to $2.13 billion in November from a loss of $1.25 billion the previous month, the data showed.

In the first 11 months of the year, the country reported a current account surplus of $27.43 billion, compared with a surplus of $27.15 billion during the same period last year.

Source: Emirates News Agency

GENEVA: The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years.

This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo.

Global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3 percent compared to November 2022. For international operations, demand growth was 8.1 percent.

Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 13.7 percent compared to November 2022 (+11.6 percent for international operations). Most of the capacity growth continues to be attributable to the increase in belly capacity as international passenger markets continue their post-COVID recovery.

Compared to November 2019 (pre-COVID-19), demand is down 2.5 percent while capacity is up 4.1 percent.

‘November air cargo demand was up 8.3 percent on 2022-the strongest year-on-year growth in almost
two years. That is a doubling of October’s 3.8 percent increase and a fourth month of positive market development. It is shaping up to be an encouraging year-end for air cargo despite the significant economic concerns that were present throughout 2023 and continue on the horizon,’ said Willie Walsh, IATA’s Director-General.

Source: Emirates News Agency

RIYADH: Saudi Arabia achieved first rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform.

According to the Saudi Press Agency (SPA), this achievement reflects the development the Kingdom is witnessing in various economic and financial sectors in light of the Saudi Vision 2030 and its goals to strengthen the national economy.

The Kingdom captured the highest share of total VC funding in the MENA region in 2023, accounting for 52% of the total capital deployed, up from 31% in 2022.

The funding deployed into Saudi Arabian startups grew by 33% in 2023 versus 2022. This confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom’s economy as the largest economy in MENA and its leading position globally as a G20 country and a member of the ‘BRICS’ group, which represents one of the strongest economic blocs in the world.

Source: Emirate
s News Agency

DUBAI: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said the comprehensive development plans implemented all across Dubai reflect the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and his keenness to ensure the highest standards of living for citizens and their families.

The extensive progress achieved by the emirate also underscores Sheikh Mohammed’s directives to constantly improve Dubai’s development model to deliver the best and most efficient services to citizens and residents alike, he added.

H.H. Sheikh Hamdan was speaking during a visit to Hatta that saw him approve a series of development projects for the region including the construction of a private school and a new neighbourhoods council for the region’s residents, in addition to the design and chosen site of the Hatta Beach project.

‘We attentively heed to the aspirations and needs of the people of Dubai.
We strive against time to fulfil their requirements and support them in realising their ambitions. Our development strategies and action plans are implemented by numerous teams that work as one team. Enhancing the quality of life of the people remains our top priority,’ Sheikh Hamdan said.

Collaborative efforts earn praise

His Highness praised the efforts of the Supreme Committee to Oversee the Development of Hatta alongside various other entities involved in the development plans. ‘Hatta boasts various distinctive potentials, and we aim to leverage them to ensure the accomplishment of its ambitious developmental goals outlined in the Dubai Urban Plan 2040. Our vision is for Dubai to stand out as the best destination to live, work, and visit, an objective achieved through genuine efforts and creative ideas dedicated to transforming aspirations into achievements that benefit citizens, residents, and visitors.’

During his visit to Hatta, Sheikh Hamdan reviewed the progress of various projects being implement
ed as part of the Hatta Master Development Plan launched by Sheikh Mohammed bin Rashid with the aim of further improving living standards in the region besides transforming Hatta into an attractive destination for business, investment and tourism locally and internationally.

Upon his arrival in Hatta, His Highness was welcomed by Mattar Al Tayer, Dubai’s Commissioner General for the Infrastructure, Urban Planning, and Wellbeing Pillar and Chairman of the Supreme Committee to Oversee the Development of Hatta; Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Director-General of the Office of the Crown Prince of Dubai; Mona Ghanem Al Marri, Vice Chairperson and Managing Director of Dubai Media Council; and Ahmed Al Bedwawi, Assistant Director-General of Dubai Council’s Affairs at the Executive Office.

Al Tayer said all ongoing efforts to achieve objectives of the development plan for Hatta continue to be under the guidance and directive
s of His Highness Sheikh Mohammed bin Rashid, with diligent follow-up on the part of H.H. Sheikh Hamdan bin Mohammed to ensure the fulfilment of the aspirations of the people of Hatta. All development endeavours also sought to fully involve the people of Hatta while offering them opportunities to launch their own projects and harness the significant opportunities presented by a region rich in heritage as well as natural attractions, he added.

Al Tayer said that the projects being implemented in Hatta seek to further enhance the standard of services provided to the people of the region and to raise its status as an investment and tourist destination. All such initiatives were aligned with various other projects that were part of the larger plan, reflecting the vision of His Highness Sheikh Mohammed bin Rashid for Hatta as a model for development through the optimal utilisation of its potential and unique advantages. All projects envisaged would serve to maximise benefits for the people of Hatta whether on the
economic, social, cultural or sporting front, he added.

His Highness was briefed by Rashid Mohammed Al Sheikh, the General Coordinator for Infrastructure, Urban Planning, and Wellbeing Pillar, on the new projects, which include a private school equipped with state-of-the-art facilities and amenities that can enrol 700 to 1,000 students. His Highness was also briefed about the new neighbourhoods council for the region’s residents that will act as a collective forum for the local community. The council aims to enhance social interaction among residents and includes a multi-purpose main hall, service facilities, administrative offices, and more.

Ambitious plans

Sheikh Hamdan was also apprised of the Hatta Beach project and its actual location. The project spans an area of over 53,000 square metres. The beach itself will stretch over 10,000 square metres alongside an artificial lake (crystal lagoon) and will feature a host of amenities and services for visitors.

His Highness also gained insights about various
other projects that are underway including hotels and resorts, and the construction of 235 houses in the Makan area, besides the development of Hatta downtown.

Sheikh Hamdan also reviewed projects executed in the previous phase of the Hatta Master Development Plan including the Hatta Souq, which spans over 146,000 square metres and includes 70 commercial units in addition to other amenities. Other projects that were reviewed include new attractions at Hatta Heritage Village and the development of the Leem lake area, in addition to the creation of 330 investment opportunities for people of the region.

Source: Emirates News Agency