Numbers above are rounded.

KUWAIT – March 31, 2024 – Agility, a global leader in supply chain services, infrastructure, and innovation, today reported Q4 2023 earnings of KD 26 million, or 10.2 fils per share almost in line with the same period a year earlier. Q4 EBITDA grew 21.6% to KD 77.5 million and revenue increased 2.2% to KD 343.9 million.

For full year 2023, Agility net profit was KD 83.6 million, or 32.7 fils per share, an increase of 22%. Full-year EBITDA was up 42.4% to KD 257.2 million and revenue increased 56.7% to KD 1,353 million. It is worth noting that due to the accounting treatment of our investment in DSV, only our share of DSV cash dividends gets reflected in our income statement, however, if we take into account our prorata share of DSV’s EBITDA for the year 2023 that would increase Agility’s EBITDA by approximately KD 90 million.

FY 2023 Performance

Agility Vice Chairman Tarek Sultan said: “Agility delivered on a track record of positive momentum in 2023, despite ongoing volatile markets and the challenging macro environment. Agility ended the year with a 42.4% growth in EBITDA, driven by strong performance across our operating entities.

Agility’s Investments segment benefited from a general uplift in global equity markets in the third quarter of the year. Given the materiality of this segment to our balance sheet, and in particular our DSV investment, Agility closed two funded equity collar agreements to safeguard the value of DSV stake and get access to relatively cheaper funding.

We enter 2024 optimistic about the future and the opportunities to grow both globally and in Kuwait, driving value for our shareholders, employees, customers, and communities.”

End of Year Dividends Recommendation

Agility’s board is recommending a cash dividend of 10%, equivalent to 10 fils per share for the year 2023. This recommendation is subject to the approval of the General Assembly.

‌Sultan said: “The dividends reflect our determination to deliver value to shareholders, especially after a period of volatility and uncertainty in global capital markets.” 

The Full year cash dividend is an additional dividend pursuant to the interim dividends announced on March 28, following the board of directors’ approval to issue two interim dividends:

• An interim cash dividend distribution of KD 25.5 million (US $83 million), equivalent to 10 fils per share.
• A stock or in-kind dividend distribution estimated at KD 800 million (US $2.6 billion), representing 49% of the shares owned by Agility in its subsidiary, Agility Global PLC, which is pursuing a listing on the Abu Dhabi Securities Exchange. Agility Global PLC is expected to discuss, on or before listing, its own dividend distribution to be paid throughout 2024.

Agility Controlled Businesses 

Agility’s controlled businesses are those the company operates and owns majority stakes in, and whose performance is consolidated and reported through Agility’s profit and loss statement. For FY2023, the consolidated EBITDA of Agility’s controlled businesses was KD 264.2 million on revenue of KD 1.4 billion, increases of 35.4% and 56.7%, respectively, over 2022.

For the FY 2023, performance of the company’s-controlled businesses is reported under three groups:

Aviation Services

Menzies Aviation reported revenue of KD 665.8 million and EBITDA of KD 97.8 million for the FY 2023, increases of 126.5% and 135.5% over the same period a year earlier. The figures include the consolidated performance of Menzies Aviation and Agility’s legacy National Aviation Services (NAS).

Globally, air travel reached 95% of 2019 levels in December 2023. Menzies expects that all major markets will recover to pre-Covid levels during 2024. Total air traffic, according to the International Air Transport Association, grew 37% in 2023.

All geographic regions served by Menzies posted year-on-year revenue growth due to increases in passenger flights. The Americas (which includes North and South America) performance benefitted from contract wins in different markets. In Europe, Menzies experienced significant growth and launched successful new operations. Menzies recently announced major contract wins in Spain (launching in H1 2024) and expects progress on other new operations in 2024. The company’s cargo business performed well in 2023. While recovery across Africa generally was slower, the Middle East and South Asia posted significant growth.

Fuel Logistics 

Tristar’s FY consolidated revenue grew 33.3% vs. FY 2022, and EBITDA increased 26.2%. This performance was driven by Tristar’s diversified portfolio of services.

Tristar ended 2023 with revenue exceeding $1 billion. This was driven by the acquisition of HG storage in 2022 in addition to the growth in the Fuel and Road Transport & Warehousing segments, underpinned by new contract wins. The Maritime segment showed continued resilience as markets remained strong throughout the year. Tristar expects to maintain its momentum in 2024.

Other Controlled Businesses 

As a group, Agility’s other controlled businesses reported EBITDA of KD 99.4 million on revenue of KD 350.2 million.

The main contributors were:

Agility Logistics Parks (ALP). ALP reported 7.7% full-year revenue growth. ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank and developing new projects.

United Projects for Aviation Services Company (UPAC). Full-year 2023 revenue for United Projects for Aviation Services Company (UPAC) increased 2.6%. The increase was driven mainly by a rebound in airport-related services and an increase in the frequency of daily flights and travelers at Kuwait International Airport. UPAC anticipates steady growth in 2024.

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall officially opened to the public in February 2023. To date, 153 units are trading and almost 72% of Gross Leasable Area (GLA) is committed. UPAC expects additional openings by more tenants in coming months. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Global Clearinghouse Systems (GCS).  At GCS, Agility’s customs modernization and port operations company, Full year revenue grew 5.3% vs. the same period in 2022.

Agility’s Investments 

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of December 31, 2023, the carrying value of those stakes was roughly KD 1.5 billion. The main investment in this segment is Copenhagen-based logistics company DSV. Agility’s stake in DSV remains a strategic investment, and the company has moved to safeguard the value of its DSV holding by entering into multi-year, funded equity collar agreements with several banks. This transaction protects the value of the holding from market volatility, while also allowing Agility to have access to cheaper funding.

Recap of Agility FY 2023 Financial Performance

• Agility’s net profit was KD 83.6 million, an increase of 22.8%, and EPS was 32.7 fils.
• Agility’s EBITDA increased 42.4% to KD 257.2 million.
• Agility’s revenue increased 56.7% to KD 1,353 million and net revenue increased 72.8%.
• Agility enjoys a healthy balance sheet with KD 3.7 billion in assets. Net debt was KD 888.4 million as of December 31, 2023 (this excludes lease obligations). Reported operating cash flow was KD 221.3 million for the full year 2023, an increase of 121.2%.

Agility to distribute 49% of share capital of subsidiary, Agility Global PLC, pursuing a listing on the Abu Dhabi Securities Exchange (ADX)

• Board approves interim cash dividend distribution of KD 25.5 million (USD 83 million); equivalent to 10 fls per share.
• Agility’s Board has also approved an in-kind dividend distribution estimated at KD 800 million (USD 2.6 billion), representing shares forming 49% of the issued share capital of a subsidiary, Agility Global PLC, which is pursuing a listing on the Abu Dhabi Securities Exchange (ADX).
• Following the distribution, Agility, a listed company on the Kuwait Stock Exchange and Dubai Financial Market, remains the controlling shareholder in Agility Global PLC with a 51% stake.
• “This is a value-creating opportunity for shareholders and the company; crystalizing the value of assets for shareholders and giving the company access to additional capital markets to fund future growth,” said Tarek Sultan, Agility Vice Chairman.

Kuwait, March 28, 2024 – Agility Public Warehousing Company KSCP (Agility) announced that its Board of Directors has approved an interim cash dividend distribution of KD 25.5 million (USD 83 million), equivalent to 10 fls per share. Agility’s Board will meet on March 30 to discuss the full year financial results and dividends.

Shareholders approved paying dividends on an interim basis and listing shares of certain Agility assets on foreign stock exchanges at prior general assembly meetings held on May 30 and June 7, 2023.

Agility’s Board has also approved an in-kind dividend distribution estimated at KD 800 million (USD 2.6 billion), representing shares forming 49% of the issued share capital of a subsidiary, Agility Global PLC, which is pursuing a listing on the Abu Dhabi Securities Exchange (ADX).

Agility Global PLC is a wholly owned subsidiary of Agility that manages certain company operations and assets, notably Menzies Aviation, the company’s investment in Tristar Transport LLC, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment.

Following the distribution, Agility, a listed company on the Kuwait Stock Exchange and Dubai Financial Market, will remain the controlling shareholder in Agility Global PLC with a 51% stake. Agility will continue to consolidate accounts for Agility Global PLC even after listing.

“Over the last 25 years, Agility has grown to encompass global and regional companies that lead in their sectors. We’re proud of the value we’ve created for our 14,000 shareholders. Since the company was privatized in 1997, shareholder value has grown by a multiple of nearly 20 times. Today’s dividend distribution is an additional step in that journey. The listing of Agility Global PLC crystallizes the value of assets for shareholders and gives the company access to additional capital markets to fund future growth,” said Tarek Sultan, Agility’s Vice Chairman. “Agility continues to be a global company proudly based in Kuwait; and will continue to invest and grow locally as well as globally.”

ADX listing is expected May 2, subject to fulfilling certain regulatory requirements.

Agility’s UPAC, Shipa Delivery join Kuwait Union of Consumer Cooperative Societies and Al-Sha’ab Cooperative Society in
Maachla effort

KUWAIT — March 17, 2024 – Agility, a supply chain services, infrastructure and innovation company, delivered food baskets this week for 1,000 needy families in Kuwait, part of Maachlat Al Khair,” its annual Ramadan initiative.

Maachlat Al Khair (Food for Good) was done in partnership with Kuwait’s cooperative sector, represented by the Union of Consumer Cooperative Societies and Al-Sha’ab Cooperative Society.

To identify the families, Agility worked with the Naemati, a Kuwaiti initiative that aims to minimize and stop food wastage and provide necessities to those in need through volunteerism. Agility affiliates United Projects for Aviation Services Company (UPAC) and Shipa Delivery provided additional financial support and donated vehicles for delivering packages. Agility employees, including Chairperson Henadi Al-Saleh, helped pack and distribute the food packages. These packages, containing rice, cooking oil, flour, salt, sugar, and dates, are designed to meet the food requirements of a family throughout the month of Ramadan.

Al-Saleh said: “Supporting families in Kuwait who need it the most, especially during Ramadan, is a project close to my heart. Giving back to the communities where we work is a key part of our company values, and initiatives like Maachlat Al Khair are one of the ways we can give back. Thank you to the partner organizations that helped us reach 1,000 families.”

Nadia Akil, Chief Executive Officer of UPAC, said: “UPAC strives to have a positive impact on lives of others. We are strongly committed to giving back to Kuwait because we believe in the importance of social responsibility and understand the role our company has in supporting its local communities.”

Agility has a long tradition of support for sustainability initiatives, social causes and assistance to those in need. Agility and UPAC have run Ramadan programs since 2017, providing for hundreds of families in need in Kuwait.

21 November 2023, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, and an Agility company, has renewed and secured several new key cargo contracts with airlines at London’s Heathrow Airport (LHR) including Thai Airways Cargo, Middle East Airlines, Royal Air Maroc Cargo, Royal Jordanian Airlines, Scandinavian Airlines Cargo and Tarom.

Among the new contracts, Menzies is set to deliver cargo handling and airside trucking services for Thai Airways, the national flag carrier of Thailand. The contract, which includes 14 turns per week, will see local teams oversee the transportation of more than 16,000 tonnes of vegetables and fresh fish from Thailand to the UK.

Royal Air Maroc Cargo, the fast-developing cargo business of Morocco’s national airline, has appointed Menzies to manage its cargo handling at London’s busiest airport, managing seven turns per week. Extending its contract with the aviation services business, Royal Jordanian Airlines, has added cargo handling and airside trucking to its agreement, which currently includes passenger and ramp handling. The extended contract will include 14 additional turns per week, with more than 6,000 cargo tonnes anticipated each year.

Menzies Aviation has also locked in a further five-years with Middle East Airlines, the flag carrier of Lebanon, to provide air cargo handling services and airside trucking for more than 14 turns per weeks, including more than 1,700 tonnes of fresh vegetables from Lebanon.

Building on a decade long relationship, Menzies will also continue providing cargo handling services for SAS Cargo, the leading air cargo carrier to, from and within Scandinavia, managing more than 35 turns per week. It will also continue serving long standing cargo customer, Tarom, the flag carrier and oldest currently operating airline of Romania, with seven turns per week.

Hassan El-Houry, Chairman, Menzies Aviation, said: “It is fantastic to see such positive momentum, with a series of wins and renewals for the cargo team at London Heathrow, helping to expand our cargo footprint in Europe. We have an ambitious cargo expansion strategy and are proud to have built strong relationships with our customers who recognise our service driven approach. We’re excited to continue building on these relationships and expand our reach in Europe and beyond.”

New report says both regions are committed to environment despite being “late comers”

DUBAI – NOV. 16, 2023 – South Africa, the United Arab Emirates, Egypt and Saudi Arabia are doing the most to combat climate change in the Middle East and Africa, according to a new report that compares government and business sustainability policies, investment and actions.

The Middle East and Africa Environmental Sustainability Scorecard, released Thursday, is the most detailed examination todate of country performance in environmental sustainability outcomes, government policies, and corporate practices in the two regions.

The report concludes that the 17 countries covered “are relative ‘late comers’ to global sustainable development but at the same time represent regions that are rapidly stepping-up their sustainability strategies, programs and investments.”

The report was commissioned by Agility, a global supply chain services company based in Kuwait. It was compiled by Horizon Group, a Geneva-based firm that specializes in research and analysis for governments, international organizations, and leading businesses worldwide.

The scorecard uses 48 performance and progress indicators to compare countries. The indicators include data, regulatory frameworks, policy assessments, incentives and corporate practices across six pillar areas: green investment and technology; sustainable infrastructure and transport; governance and reporting; energy transition; environmental ecosystems; and circularity. To capture corporate practices and progress, Horizon surveyed 647 business executives in the 17 countries.

One through 17, here’s how the countries rank: South Africa, UAE, Egypt, Saudi Arabia, Rwanda, Kenya, Uganda, Ghana, Morocco, Qatar, Tanzania, Nigeria, Bahrain, Kuwait, Cote d’Ivoire, Oman, Mozambique.

Key Findings

• Business isn’t paying attention to COP. Eighty-two percent of African businesses and 49% of Middle East businesses are not aware of the UN-led COP process that nations are using to push and measure efforts to tackle climate change. Few companies use COP to set their sustainability targets.
• Climate change is hurting businesses. Ninety-seven percent of companies say their business has been affected by climate change, and 49% say climate change has caused “severe damage” or has a “significant and growing” impact on them.
• Governments are leading as businesses play catch up. When it comes to climate action, governments are outpacing the private sector in both the Middle East and Africa.
• Business spending on sustainability is expected to increase. Over the next 12 months, 73% of African businesses and 62% of Middle East businesses expect more than 5% of their capital expenditure business to go to achieving environmental targets.
• No one size fits all. Different countries have different sustainability priorities based on income, economic strengths, energy dependency, and other factors. High-income, energy-producing Gulf countries generally invest more in sustainable infrastructure and ecosystems. African economies perform best in energy conservation and consumption.
• Green investment is expensive. High- and middle-income countries are investing the most: Qatar, UAE, Morocco and Saudi Arabia.
• Africa is focused on green transport. Uganda, Nigeria, Rwanda, Kenya and South Africa are tops in energy conservation and non-fossil fuels for transport. Hydrocarbon-dependent Gulf countries are focused more on green buildings. For Gulf countries, the transition to cleaner energy is complicated by energy-intensive national priorities such as their desire to boost manufacturing and their need for desalinated water. In general though, across both the Middle East and Africa, more companies are investing in greening their fleets compared to greener premises.
• Waste management, consumption are tied to wealth. High-income countries are doing more to manage waste sustainably. Poorer ones do more to constrain consumption. Overall, Egypt, South Africa, Bahrain and UAE perform best in “circularity” – cutting waste, lowering consumption, and encouraging recycling and sustainable production.

Agility was recently named the No. 3 Middle East “Sustainability Leader” for Transport & Logistics by Forbes Middle East. Vice Chairman Tarek Sultan said the company’s strategy and investment decisions are increasingly shaped by the urgency of the climate fight.

“As a supply chain operator and investor in the Middle East and Africa, we want to know what governments and businesses are prioritizing, and where they’re putting resources in the climate change battle,” Sultan said. “We want to know who we can partner with in green infrastructure and transport, alternative fuels, and supply chain services that reduce environmental impact  without sacrificing performance.”

Horizon, which compiled the scorecard report for Agility, said its intent was to look “beyond the selective characteristics of the Middle East being fossil fuel-dependent with high greenhouse gas emissions per capita, and African countries being low emitters of greenhouse gases but taking relatively little action on the environment.”

The scorecard report comes on the eve of COP28, the UN-led global climate change conference convening from Nov. 30 to Dec. 12 in Dubai. Its findings amplify those of a World Economic Forum (WEF) report, issued in October, on decarbonization and energy transition in the Middle East and North Africa.

The WEF report concluded that “MENA countries trail behind comparable regions in terms of their sustainability progress. While local governments have pledged in the past 24 months to bring 60% of MENA’s emissions under the net zero ambition, businesses overall have yet to follow suit and bridge the gap with comparable global markets –12% have set up a net zero target and 6% have established a roadmap to reach net zero.”

Numbers above are rounded

KUWAIT – November 15, 2023 – Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported third quarter 2023 earnings of KD 28 million, or 10.99 fils per share, an increase of 123% over the same period in 2022. Q3 net profit was favorably affected by a one-off gain as a result of closing an interest rate hedge. Agility’s EBITDA increased 28.1% to KD 58.7 million and revenue grew 40.8% to KD 360.8 million.

For the first nine months of 2023, Agility’s net profit was KD 57.5 million, an increase of 39%, EBITDA increased 53.8%; and revenue grew 91.5% vs. the same period in 2022.

Q3 2023 Performance

Agility Vice Chairman Tarek Sultan said: “The results from our operating businesses continue to be positive, and a testament to the global growth strategy pursued by the company. As always, we will look for opportunities to drive returns and unlock value for shareholders. In terms of our investments segment, global equity markets paused and reversed in the third quarter of the year, and we can see that reflected in our results. Agility takes a long-term view of its investments.”

Agility Controlled Businesses 

Agility’s controlled businesses are the businesses it operates and owns majority stakes in, and whose performance is consolidated and reported through Agility’s profit and loss statement. In Q3, the combined EBITDA of Agility’s controlled businesses was KD 62 million on revenue of KD 360.8 million, increases of 40.8% and 32%, respectively, over Q3 2022.

Performance of the company’s-controlled businesses is reported under three groups:

Aviation Services

Menzies Aviation’s reported revenue of KD 175.2 million and EBITDA of KD 25.7 million, increases of 66% and 50.3% over the same period a year earlier.

Menzies has benefitted from the post-pandemic recovery. Passenger flights to and from Europe, the Americas and the Middle East are back to pre-pandemic levels, whereas traffic in Southeast Asia and Australia is steadily recovering. Volume in Africa remains below pre-Covid levels.

Fuel Logistics 

Tristar’s Q3 consolidated revenue grew 15.3% vs. Q3 previous year, and EBITDA increased 21.5%. Q3 performance was driven by Tristar’s diversified portfolio of services.

Other Controlled Businesses 

As a group, Agility’s other controlled businesses reported EBITDA of KD 18.8 million on revenue of KD 101.2 million, increases of 30.4% and 21%, respectively, over Q3 2022.

The main contributors were:

Agility Logistics Parks (ALP). ALP reported 7% third-quarter revenue growth. ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank and developing new projects.

United Projects for Aviation Services Company (UPAC) reported a 1.4% increase in revenue for Q3. The increase was primarily attributable to an increase in revenue as the result of growth in air passenger traffic. UPAC anticipates that this positive trend will continue throughout 2023.

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. Reem Mall opened to the public in February 2023. To date, 143 units are occupied and doing business, and almost 71% of gross leasable area (GLA) is committed. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Global Clearinghouse Systems (GCS).  At GCS, Agility’s customs modernization and ports operation company, third-quarter revenue grew 11.6% vs. the same period in 2022.

Agility’s Investments 

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. In Q3, the carrying value of those stakes was roughly KD 1.6 billion. Global equity markets were not favorable in Q3, resulting in a negative effect on the value of Agility’s stakes in listed companies. As announced, Agility has entered into multi-year, funded equity collar agreements with several banks to protect the value of its largest, most material investment – its stake in global logistics provider and freight forwarder DSV. The collar agreement played an important role in protecting the value of Agility’s DSV stake in Q3.

Recap of Agility Q3 2023 Financial Performance

• Agility’s net profit was KD 28 million, an increase of 123%, and EPS was 10.99 fils.
• Agility’s EBITDA increased 28.1% to KD 58.7 million.
• Agility’s revenue increased 40.8% to KD 360.8 million and net revenue increased 46.2%.
• Agility enjoys a healthy balance sheet with KD 3.7 billion in assets. Net debt was KD 874.1 million as of September 30, 2023 (this excludes lease obligations). Reported operating cash flow was KD 143.7 million for the nine months of 2023, an increase of 213%.

State-of-the-art Abidjan warehouse recognized for energy-efficient design

ABIDJAN – NOV. 1, 2023 – Agility, a supply chain services, infrastructure and innovation company, announced that the warehouses at its Agility Logistics Park in Abidjan are the first in Cote d’Ivoire and West Africa to receive EDGE Advanced certification as green buildings.

EDGE (Excellence in Design for Greater Efficiencies) is the global standard for energy-efficient buildings, a certification system overseen by the International Finance Corp. (IFC), an arm of the World Bank. Basic EDGE certification requires a minimum projected reduction of 20% energy use, water use and “embodied energy” in materials when benchmarked against a standard local building.

Agility received EDGE Advanced certification for the current 27,000 SQM of warehousing at its Abidjan park. EDGE Advanced buildings are “zero-carbon ready” structures that are at least 40% more energy efficient than others in the market.

The EDGE Advanced warehouses in Agility’s Abidjan park provide energy savings ranging from 57% to 74%; water savings ranging from 53% to 57%; and construction materials containing 63% to 69% less embedded carbon. Energy efficiency was enhanced through reduced window-to-wall ratios, insulated roofing and exterior walls, and special lighting. Water use was lowered through use of bathroom and kitchenette plumbing systems that conserve water. Roofing, slab, exterior wall materials, and window glazing materials lowered the amount of embedded carbon.

“Agility is determined to lead the way in Africa with the development of modern, energy-efficient warehouse parks to meet the growing demand across the Continent. Agility warehouses are used for storage, distribution, packing, processing and light manufacturing. We want to help multinationals meet international standards and be able to scale to meet the burgeoning African market demand. The provision of quality infrastructure improves efficiency, reduces costs and enables growth, generating jobs and prosperity,” said Geoffrey White, CEO of Agility Africa.

Agility Logistics Parks are secure, connected, 24/7 complexes with Grade A and Grade B, international-standard warehouses designed with advanced engineering and sustainability features, and sites for data center campuses. Elsewhere in Africa, Agility Logistics Parks has a 160,000 SQM facility in Accra, Ghana; a 320,000 SQM park in Maputo, Mozambique; a 270,000 SQM park in Lagos, Nigeria; as well as the 270,000 SQM Yanmu East logistics park in Cairo, Egypt, part of a joint venture with Hassan Allam Utilities.

The Abidjan facility is the second Agility warehouse to receive EDGE Advanced certification. In 2022, a warehouse at the Agility Logistics Park in Riyadh, Saudi Arabia was the first warehousing facility in the the Middle East and North Africa to receive EDGE Advanced certification.

Tenants at Agility Logistics Parks include international and local businesses in the retail, consumer goods, technology, automotive, energy and e-commerce sectors.

White said: “Agility warehouse parks provide a simple foundation for supporting efficient, competitive businesses in Africa. The ready-built Agility warehouses permit local companies to grow and develop, and reduce time-to-market for new companies coming to Africa. The growing network of Agility warehouse parks are aligned with the significant opportunities being created by the AfCFTA to improve and expand trade both regionally and internationally.”

Aims to support digitization of the healthcare sector through introduction of new cutting-edge medical technologies, knowledge transfer.  

RIYADH – OCT. 29, 2023 – Agility, a supply chain services, infrastructure and innovation company, signed a memorandum of understanding with the Ministry of Investment of the Kingdom of Saudi Arabia (MISA) today to explore how to strengthen the Saudi healthcare sector by bringing cutting-edge health technology and services to the Kingdom; while supporting new job creation and knowledge transfer.

Under the agreement, Agility and MISA will explore four areas of collaboration in the healthcare sector. This includes the potential for expanding digital health services and localizing the supply chain for innovative new medical technologies, as well as supporting Agility’s technology ventures partners in establishing regional offices in the Kingdom to attract Saudi talent and promote transfer of critical supply chain and healthcare knowledge.

Saudi Arabia is transforming its healthcare system as part of its sweeping Vision 2030 national strategic plan. The goals of Vision 2030’s Healthcare Sector Transformation Program are to include improve access to care, modernize facilities, and enhance the role of private-sector investment.

The MOU aims to broaden Saudis’ access to preventative health services and technology to combat chronic diseases such as cardiovascular disease and breast cancer. MISA and Agility are exploring how to expand e-health services in the Kingdom, by bringing in companies that, for example, enable early detection of heart problems and monitoring of heart health indicators and other bio signals through simple mobile phone selfie images, and that make breast cancer screenings more widely and easily available through the use of high-resolution imagery technology that is highly efficient and low-cost.

“MISA is playing a key role in the Kingdom’s healthcare transformation, identifying investors and partners such as Agility that can help us deliver a more comprehensive, effective, integrated, and digitally enabled system. This agreement will improve access to healthcare and quality of care by expanding delivery of e-health services and digital solutions that meet the highest international standards,” said Engineer Saleh Al-Khabti, Deputy Minister of MISA.

“By embracing healthcare innovation and investment, Saudi Arabia is taking steps that will improve the quality of life and life expectancy of millions of its citizens. Agility, which has been investing in the Kingdom for two decades, is ideally positioned to introduce critical supply chain expertise and innovation partners to help tackle the challenge,” said Tarek Sultan, Agility Vice Chairman. We welcome the collaboration with MISA and the opportunity to explore the potential for significant future investment in KSA’s healthcare sector, and the creation of new job opportunities in the process.”

Agility has been investing and doing business in Saudi Arabia for two decades. It is building and operating some of the Kingdom’s most advanced and sustainable warehousing parks, located in Riyadh, Dammam and Jeddah. Agility’s Tristar affiliate provides Saudi oil and gas and chemical companies with transport, warehousing and specialized logistics services, and supports their energy transition journey. Agility’s Menzies Aviation business has signed a MOU with SAL to unlock potential for Saudi Arabia’s airports, with the goal of improving passenger services, cargo handling and warehousing, and airline hub management for Saudi-based airlines. Shipa, Agility’s digital e-commerce logistics and last-mile delivery company, provides both domestic parcel delivery and cross-border shipping to and from the GCC and Saudi Arabia. Agility Ventures is investing in Saudi startups and technology innovation.

Photo Caption: HE Khalid Alfalih, Minister of Investment of the Kingdom of Saudi Arabia, HE Bandar Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, HE Fahad Al-Jalajel, Minister of Health, and Tarek Sultan, Vice Chairman of Agility, at the Global Health Exhibition in Riyadh on Sunday.