Kuwait-based Agility, one of the biggest logistics companies in the Mena region, has finalised its £763 million ($921.5m) acquisition of UK-based aviation company John Menzies in a deal that creates the world's biggest aviation services provider.
Agility will be merging its subsidiary, National Aviation Services (NAS), with John Menzies, after having completed all regulatory requirements, it said in a filing on Thursday to the Dubai Financial Market, where its shares are traded.
The combined entity in the deal will operate as Menzies Aviation, which will become the world’s largest airport services company by number of countries and second largest by number of airports served, Agility said.
The combined revenue of John Menzies and NAS exceeded $1.5 billion in 2021, and the merged company will have about 35,000 employees and operations at 254 airports spread across 58 countries on six continents.
Menzies Aviation is poised to handle 600,000 aircraft turns, two million tonnes of air cargo and 2.5 million fuelling turns annually.
“Menzies and NAS will create the world leader in aviation services,” said NAS chief executive Hassan El Houry, who will become chairman of Menzies Aviation.
“We will have the scale and resources to expand and grow as the industry recovers from the Covid-19 pandemic. Commercial aviation is a key engine of global economic growth, and our customers need partners they can count on as flight volumes return.”
The aviation industry's growth was affected by the coronavirus-induced slowdown but has since recovered as restrictions and flight bans related to the health crisis were lifted.
Airlines are expected to narrow their losses in 2022 — from $42bn last year to $9.7bn this year — as air travel demand rebounds strongly, with a return to profitability expected in 2023, the International Air Transport Association said in June.
The airport services market is expected to be valued at about $98bn in 2022 and grow to more than $290.23bn by 2029 at a compound annual rate of about 17 per cent, according to Fortune Business Insights.
Meanwhile, global air cargo demand dropped 6.4 per cent annually in June as new export orders fell and the Russia-Ukraine war limited freight capacity, IATA said on Wednesday.
Agility said last month that it was refinancing and more than doubling its credit lines to fund the John Menzies acquisition and drive other plans for business growth.
Menzies Aviation's customers will include the UAE's Emirates and Flydubai, Air Canada, Air China, Air France-KLM and American Airlines.
“Agility’s backing gives us the resources to provide innovative solutions for growing and forward-thinking customers, and to develop our talent, technology and sustainability — critical factors for our future success,” said Philipp Joeinig, who will become chief executive of the combined company.
“It also means we are well-positioned to support our customers in tackling supply chain challenges and labour shortages.”
Agility reported a 1 per cent rise in its fiscal first-quarter net income as revenue surged 22.3 per cent to 132.1m Kuwaiti dinars ($430m) in the quarter.
Net profit attributable to equity holders for the period ended March climbed to 12.8m dinars.
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
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Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
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Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
UAE currency: the story behind the money in your pockets
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
