KUWAIT, 31 May 2023 – Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, held today its Ordinary Annual General Assembly Meeting, with a quorum of 67.432%. The Extraordinary General meeting will be adjourned to June 7, 2023, since the quorum was not met.

The company’s shareholders approved all items on the agenda, including Agility’s audited financial statements, and the Board of Directors’ recommendation for not distributing dividends for the fiscal year ending December 31^st 3022.

Agility reported full-year 2022 earnings of 26.83 fils per share on net profit of KD 68 million. EBITDA increased 65.7% to KD 180.5 million, and revenue grew 77.6% to KD 863.4 million.

Agility Vice Chairman Tarek Sultan said: “It’s important to emphasize that we take a long-term view in value creation. When it comes to our controlled businesses, the acquisitions we have done in 2022, helped us accelerate growth, expand our geographic reach, and increase our exposure to sectors that have strong future growth potential. On the investments side, stock market volatility affected our holdings, but we look beyond daily share price movements to the strategic value, growth and returns we believe our investments will deliver for our shareholder over the long-term.”

“As always, we thank our shareholders, customers, employees, and partners for their trust and support in Agility,” Sultan said.

MAPUTO, Mozambique – May 23, 2023 – Oceana Distribution has chosen the Agility Logistics Park in Maputo, the leading warehouse facility in Mozambique’s capital, as the location for its new office, storage and distribution facility in the country.

The newly opened 5,000 SQM facility is designed to handle more than 3,000 pallet positions. It includes an office area of 600 SQM and a cold room facility of 400 SQM to meet the end-to-end requirements of Oceana’s local and multi-national customers. Oceana’s best-in-class facility is equipped to support companies and brands in the Fast Moving Consumer Goods (FMCG) sector.

Sergio Jeque, Oceana’s Distribution Operations Director, said: “At Oceana, a safe, secure and efficient distribution network is fundamental to our business model. The Agility warehouses are new and provide the necessary infrastructure meeting international standards. That enables us to offer a consistent, reliable and efficient distribution experience for our customers. Agility Logistics Parks also ensure that strict HSSE standards are followed within the park, something that is very important for Oceana operations. This partnership is one of the key milestones in our supply chain strategy, which will support our business growth.”

The Agility warehouses are located on the Maputo Ring Road, at Chiango area in Marracuene District, and are strategically situated for distribution across the country and to Maputo. The park is within a 25-kilometer radius of the Maputo port and airport, the N4 highway to South Africa, and the capital’s Central Business District.

Agility is funding and developing 300,000 SQM of warehouses on the site, a center of excellence for warehousing in the region, supporting businesses operating in and from Mozambique. The Agility warehouses provide the essential infrastructure required for both multi-national companies and local businesses that need storage, distribution, packaging, processing and light manufacturing space.

Geoffrey White, CEO Agility Africa, said: “We are delighted that Oceana decided to lease warehouse space in the new Agility facility in Maputo.  We believe that the provision of international-standard warehouses in Africa for storage, distribution and light manufacturing is one of the fundamental building blocks necessary for economic growth.

Agility provides warehouses that are ready to move into, enabling fast deployment, flexibility and reduced capital commitments for our customers. The provision of secure, ready-built, quality, warehouses with consistent power and IT connectivity in the Maputo market is a true enabler of growth and prosperity in Mozambique.”

Numbers above are rounded

KUWAIT – May 14, 2023 – Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported first quarter 2023 earnings of KD 15.3 million, or 6 fils per share, an increase of 20% over the same period in 2022. Agility’s EBITDA increased 78.1% to KD 60.4 million and revenue grew 142.7% to KD 320.5 million.

On a like-for-like basis — excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 — Agility’s EBITDA increased 30% to KD 44 million, and revenue grew 17%.

Q1 2023 performance

Agility Vice Chairman Tarek Sultan said: “Agility’s first quarter results reflect the healthy growth in our controlled businesses. Two of our large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time.

On the investment side, equity markets improved in Q1 which was reflected in our investments. That said, we continue to look beyond short-term movement in equity markets, focusing instead on the strategic value, growth and returns that these investments can deliver for our shareholders over the long term.

Like all global businesses, we view ongoing inflation, high interest rates, currency volatility and other factors as reasons for continued caution about the near-term economic outlook. We are also closely watching the Kuwait land contracts issue.

Even so, we are excited by the strategic transformation that has taken place in Agility since 2021. We believe we are positioned to grow and drive value for our shareholders, customers, employees and communities as we evolve further.”

Agility-Controlled Businesses

Agility’s controlled businesses are the businesses the company controls and operates and whose performance is consolidated and reported through Agility’s profit and loss statement. In Q1, the combined EBITDA of our controlled businesses was KD 56.8 million on revenue of KD 320.5 million, increases of 55% and 142.5%, respectively, over Q1 2022.

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

Aviation Services

Menzies Aviation’s revenue was KD 154.4 million in Q1 2023, and EBITDA KD 20.2 million for the same period. These Q1 results include the results of Menzies Aviation, acquired in Q3 of 2022, and the legacy National Aviation Services (NAS) business, now combined with Menzies. Agility’s aviation services results for Q1 2023 represent an 816.5% increase in revenue relative to Q1 2022, when Agility was reporting solely on NAS’s results. The combined entity’s EBITDA margin is 13.1% today.

There was a broader underlying recovery in aviation volumes in Q1 2023 compared with Q1 2022. In the first quarter of 2023, ground handling volumes and fueling volumes grew, offsetting declines in cargo volumes and revenue relative to Q1 2022.

The consolidation of Menzies and NAS has resulted in a larger global company with operations in more locations.

Fuel Logistics

Tristar’s Q1 consolidated revenue grew 85.5% vs. Q1 a year earlier. EBITDA increased 29.2% in Q1, driven mainly by growth in the Maritime and Fuel Farms segments. Tristar acquired a 51% ownership stake in HG Storage International (trading as Aquarius Energy) at the end of August 2022. Tristar’s growth can be attributed to the addition of HG Storage International; renewal of two large long-term peacekeeping contracts that make Tristar the No. 1 supplier to the UN (as listed on UN procurement website); and the booming maritime business. Tristar remains focused on growing and deepening relationship with its blue-chip clients and is positioned to deliver sustainable, long-term value to shareholders.

Other Controlled Businesses

As a group, Agility’s other controlled businesses reported EBITDA of KD 23.3 million and revenue of KD 82.2 million, increases of 10.5% and 17.5%, respectively, over Q1 2022.

The main contributors were:

Agility Logistics Parks (ALP). ALP reported 10.2% first-quarter revenue growth. ALP Kuwait performed well but still faces a challenge to future operations at certain facilities situated on land leased from the Kuwaiti government. Elsewhere, ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank, developing new projects, and looking to acquire additional land, especially in the Middle East and Africa.

United Projects for Aviation Services Company (UPAC) reported a 13.7% increase in revenue for in Q1. The increase was primarily attributable to a rebound in airport-related services and parking, following the reopening of Kuwait International Airport and the removal of COVID restrictions, as well as the Hala-Feb holiday season, which boosted passenger volume and UPAC revenue.

UPAC is a co-investor in the $1.3 billion Reem Mall on Abu Dhabi’s Reem Island. The mall officially opened to the public in February 2023, with 82 units currently occupied and operating. UPAC expects additional openings by more tenants over the 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 company, first quarter revenue grew 12.1% vs. the same period in 2022. GCS is focused on delivering optimal efficiency and services to its customers.

Agility’s Investments

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. In Q1 2023, the carrying value of those stakes was roughly KD 1.6 billion inline with Q1 2022 value.

“We have witnessed a relative improvement in the global equity markets, which has been reflected in our investment values. However, as a long-term investor, Agility is focused on investing in sectors it believes will drive value and in companies with strong management that have showcased the ability to generate value,” Sultan said.

Given continued market uncertainty and the significance of the DSV stake in determining Agility’s overall value, Agility has entered into multi-year, funded equity collar agreements with several banks to protect the value of the investment and shareholders’ value.

Recap of Agility Q1 2023 Financial Performance

• Agility’s net profit grew 20% compared to the same period in 2022.
• Agility’s EBITDA increased 78.1% to KD 60.4 million.
• Agility’s revenue increased 142.7%, to KD 320.5 million and net revenue increased 178.6%.
• Agility enjoys a healthy balance sheet with KD 3.6 billion in assets. Net debt stood at KD 821.6 million as of March 31, 2023 (this excludes lease obligations). Reported operating cash flow was KD 39.8 million for the first quarter of 2023.

Numbers above are rounded

KUWAIT – March 31, 2023 – Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported full-year 2022 earnings of KD 68 million, or 26.83 fils per share, an increase of 180.7% over the same period in 2021, excluding results from its Global Integrated Logistics (GIL) unit, which was sold in 2021. Agility’s EBITDA increased 65.7% to KD 180.5 million and revenue grew 77.6% to KD 863.4 million.

The results include: five months of performance from Menzies Aviation, acquired by Agility in 2022; four months of performance by HG Storage International, acquired by Agility’s Tristar Business in 2022.

On a like-for-like basis — excluding Menzies and HG Storage performance, and GIL results — Agility earnings rose 153.5% from 2021. Agility’s EBITDA increased 44.1% to KD 157 million, and revenue grew 21.2%.

For continuing operations, Agility’s Q4 2022 earnings were KD 26.6 million, an increase of 4,218%. EBITDA was KD 63.8 million, an increase of 196.7%; revenue was KD 336.5 million, an increase of 137.8%.

2022 in Review

Agility Vice Chairman Tarek Sultan said: “Agility had a strong 2022, marked by two major acquisitions that are reshaping the company and creating new opportunities. But like all businesses, we face global economic uncertainty in 2023, as well as uncertainty regarding government land lease policy in Kuwait.”

It’s important to emphasize that we take a long-term view in value creation. When it comes to our controlled businesses, Agility’s acquisition of Menzies and Tristar’s acquisition of HG Storage helped us accelerate growth, expand our geographic reach, and increase our exposure to sectors that have strong future growth potential. On the investments side, stock market volatility affected our holdings, but we look beyond daily share price movements to the strategic value, growth and returns we believe our investments will deliver for our shareholder over the long-term.”

Sultan said: “Today, Agility is diversified geographically, operationally, and financially, which helps us reduce the dependency on one country, sector or asset. Our controlled businesses employ a workforce of 45,000 people, who operate on six continents.”

“Ultimately, we’re a different business today than we were even two years ago – and we continue to evolve, grow, and drive value for our shareholders, customers, employees, and communities we operate in.”

Dividend Recommendation

As a result of the uncertainty related to public sector policy with respect to land use and the role of the private sector in the economy, the Board of Directors has recommended no dividend distributions for the year 2022. This recommendation is subject to the approval of the AGM.

The Board shall monitor events and assess developments related to public sector policy closely and will accordingly assess the viability of distributing interim quarterly dividends during the fiscal year 2023.

Agility Controlled Businesses

Agility’s controlled businesses are the businesses the company controls and operates and whose performance is consolidated and reported through Agility’s profit and loss statement. For full year 2022, our controlled businesses collectively reported EBITDA of around KD 195.1 million and revenue of KD 863.4 million, increases of 57% and 77.6%, respectively, over 2021.

The performance of this segment will be reported under three groups, Aviation Services, Fuel Logistics, and Other Controlled Businesses, which include Agility Logistics Parks, UPAC, GCS and others.

Aviation Services

Agility acquired Menzies in August 2022 and consolidated it with National Aviation Services (NAS), Agility’s legacy ground handling business. The acquisition expanded Agility’s geographical presence, which was reduced after the 2021 sale of GIL. The Menzies acquisition has given Agility the ability to leverage this business for future growth. The integration process of NAS within the Menzies organization is nearing completion. The process has been straightforward due to the fact that the two businesses complement one another’s geographic footprint and operations.

In aviation services, Agility reported in 2022 an EBITDA of KD 41.5 million and revenue of KD 294 million, a number that includes full-year performance of NAS plus five months of Menzies’ results.

The post-COVID revival of air traffic – in passenger and cargo volumes – led to growth in ground handling in 2022. The recovery was slightly offset by a reduction in revenue from COVID-related services provided mainly in Kuwait. The overall recovery was strongest in increased passenger flights across the Americas. Notably, cargo volumes began to slow toward the end of 2022.

Fuel Logistics

Tristar revenue for 2022 grew by 60.1% to KD 252.9 million vs.2021; EBITDA increased by 39% to KD 53.1 million, compared with 2021. Tristar’s Maritime and Fuel Farms segments delivered the highest growth. The drivers of Tristar’s 2022 performance were its recent acquisition of a 51% stake in HG Storage International, finalized at the end of August; successful renewal of two large long-term peacekeeping contracts, making Tristar the UN’s top supplier (as listed on the UN procurement website); and the booming maritime business. In 2023, Tristar is focused on growing and deepening its relationship with blue-chip clients. Its balanced portfolio has positioned it for long-term sustainable value to shareholders.

Other Controlled Businesses

For the full year of 2022, this group reported EBITDA of KD 100.4 million and revenue of KD 316.6 million, increases of 42.3% and 14.4%, respectively, over 2021.

The main contributors to this group were:

Agility Logistics Parks (ALP). ALP reported 10% revenue growth for 2022. ALP Kuwait performed well but faces a challenge to future operations on existing properties.  Agility continues to manage those properties and is working to develop more than 1.2 million SQM of additional land as industrial and storage complexes in Sabah Al Ahmed City area in southern Kuwait. Elsewhere, ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank, developing new projects, and looking to acquire additional land, especially in the Middle East and Africa. In 2022, ALP announced an agreement with Saudi Arabia’s State Properties General Administration (SPGA) to build a large logistics park for storage and distribution on a 576,760 SQM parcel near Jeddah. In 2023, ALP has expanded operations into Egypt, where it will develop, build and operate modern logistics parks and Grade A warehousing facilities in partnership with Hassan Allam Utilities. ALP also announced the availability of specialized data centers campuses within several of its existing parks.

United Projects for Aviation Services Company (UPAC). UPAC reported a 28.2% increase in revenue for 2022 compared with 2021. The increase was primarily due to a rebound in airport-related services and parking, following the reopening of Kuwait International Airport and lifting of COVID restrictions.  UPAC expects to benefit from increases in daily flights and passenger volumes in 2023 and beyond.

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall officially opened to the public on Feb. 16, 2023, with about 45 units operating.  UPAC expects a gradual opening by more tenants over the coming months. The mall is the region’s first, fully integrated omni-channel 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 company, 2022 revenue grew 4% in 2022. GCS is focused on delivering optimal efficiencies and services to its customers.

Agility’s Investments

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. For 2022, the carrying value of those stakes was roughly KD 1.4 billion vs. KD 1.8 billion in 2021. The decrease is the result of broad declines in global equity markets. Global markets have been volatile amid increases in interest rates, as well as supply chain disruption. However, as a long-term investor, Agility is focused on investing in sectors it believes will drive value and in companies with strong management that have showcased the ability to generate value. We started with an investment of around 8% ownership in DSV – now it is 8.8% (as a result of DSV recent shares cancellation) – a company listed on the NASDAQ Copenhagen with a total market cap of around KD 13 billion as of 30/03/2023. DSV is the biggest investment in this segment, and it is reported through equity using IFRS9 where only the dividends are accounted for in our income statement in FY 2022.  If we look at Agility’s “share” of DSV’s profit, this would be equivalent to around KD 70 million.

Recap of Agility FY 2022 Financial Performance (Continuing Operations)

• Agility’s net profit from continuing operations grew 180.7% compared to the same period in 2021.
• Agility’s EBITDA increased 65.7% to KD 180.5 million.
• Agility’s revenue increased 77.6%, to KD 863.4 million and net revenue increased 88.3%.
• Agility enjoys a healthy balance sheet with KD 3.3 billion in assets. Net debt stood at KD 801.7 million as of December 31, 2022 (this excludes lease obligations). Agility has announced that it has increased its credit facilities to finance its business growth plan, which includes the 2022 acquisition of John Menzies Plc. Reported operating cash flow was KD 100 million for the full year of 2022.

Massive YANMU East Logistics Park Launching This Month

CAIRO – 13 March, 2023 – Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, and Agility, the industrial development specialist, formed a joint venture, YANMU, to develop, build and operate modern logistics parks and Grade A warehousing facilities in Egypt.

Hassan Allam Utilities and Agility announced that their first park, YANMU East Logistics Park, is a 270,000 SQM site, located on the new Cairo Suez road, 15 km from Cairo Airport and with proximity to the Ring Road. YANMU East Logistics Park opens in August 2023. A second park, YANMU West Logistics Park, is planned to launch in 2024.

YANMU parks are designed to meet the storage and distribution needs of companies in e-commerce, manufacturing, consumer products, food and beverage, technology, automotive, energy, industrial goods, healthcare, pharmaceuticals and other sectors.

YANMU East Logistics Park offers Grade A warehousing at a unique, strategic location and provides tenants with 24/7 security, power, connectivity, and facility management. In addition, the facility provides advanced warehouse engineering features, such as 14-meter ceilings, super-flat floors, efficient docking systems, and docking. Furthermore, YANMU is a green park incorporating sustainable design, including solar rooftops and other features that reduce power and water use and increase operational efficiency.

“YANMU will offer Egypt’s most modern, efficient, and sustainable warehousing. We are proud to have strategically partnered with Agility, which has nearly four decades of experience in developing and operating Grade A warehousing across the Middle East, Africa, and Asia,” said Amr Allam, Chairman of Hassan Allam Utilities.

Agility Vice Chairman Tarek Sultan said: “When it comes to warehousing capacity and distribution capability, Egypt is underserved. YANMU will fill the gap with modern, efficient infrastructure that is going to power growth domestically and strengthen Egypt’s role as a vital trade partner and crossroads. Hassam Allam Utilities’ reputation for excellence and intimate knowledge of the market gives YANMU a huge advantage.”

Both Agility and Hassan Allam Utilities recently announced significant new investments and expansion plans in Egypt.

In October, Agility announced that is investing roughly $60 million to develop and operate two customs and logistics centers in the Suez Canal Economic Zone. The project is intended to modernize operations and improve the flow of goods and commodities in the Ein Sokhna industrial zone and at East Port Said.

In September, Hassan Allam Utilities signed two concession agreements to develop and operate strategic warehouses for the Internal Trade & Development Authority (ITDA) in the governorates of Luxor and Sharqiyah under a BOOT scheme. The project is part of Hassan Allam Utilities’ investments in the logistics sector to establish an integrated logistics platform covering the entire value chain for storage and handling services in Egypt, and to further develop the industry and leverage a fast-growing market opportunity.

State-of-the-art warehousing complexes readied to host data centers

DUBAI – MARCH 7, 2023 – Agility Logistics Parks (ALP), a leading developer of industrial and logistics real estate in the Middle East, Africa and South Asia, today announced the launch of tailored, master-planned data center campus sites in Saudi Arabia, Kuwait, Egypt and Ghana, with more to come.

The sites are being readied at ultra-modern ALP warehousing complexes in fast-growing markets and mega-cities that are looking to add hyperscale data center capacity and resolve data latency, security and compliance challenges to speed their growth and improve competitiveness.

ALP is a market leader in industrial real estate in the Middle East, South Asia and Africa with 1.5 million SQM of warehousing and 12 million SQM of industrial land across 12 emerging markets countries. ALP announced its plans for data center sites at the Capacity Middle East 2023 conference in Dubai.

ALP has readied data center campuses in its existing parks with power allocation, fiber connectivity, building permits, strong sustainability features and high security. The first set of campuses is in ALP parks in Riyadh (Saudi Arabia), Kuwait, Cairo (Egypt) and Accra-Tema (Ghana). ALP expects to add sites in other rapidly growing data center markets, including Nairobi, Casablanca, Lagos and more.

Ronald Philip, Senior Director at ALP, said ALP is “uniquely poised with a portfolio of ideal sites across the Middle East and Africa.  We have a strong track record of development in challenging markets, a healthy balance sheet, and the in-house engineering capability to meet the technical specifications of hyperscale data center operators.” In Kuwait, for example, the company’s site offers an existing sub-station with 80 MW capacity, and the property is allocated for two 46,000 SQM data center plots with capacity for expansion. In addition to conventional power, the Kuwait site offers 15+ MW of solar capacity.

Most global tech giants — Amazon, Microsoft, Google and others – have announced their intention to add data center capacity in the Middle East, Africa and South Asia.

“Based on feedback from several data center operators, we believe we can support them and accelerate their deployment through our data center campuses,” Philip said.

Stephen Beard, Global Head of Data Centers at Knight Frank, said: “We have strong feedback from our global clients that Agility’s value proposition in challenging emerging markets will help them with faster speed to market with a credible, institutional developer as a partner.”

Most still committed to net-zero, emerging markets plans despite bleak outlook

DUBAI – Feb. 7, 2023 – Nearly 70% of global logistics executives say they are bracing for recession amid higher costs, slowing demand, and ongoing supply chain disruption arising from China’s battle to contain COVID, Russia’s war in Ukraine, and the impact of climate change.

Ninety percent of the 750 industry professionals surveyed for the 2023 Agility Emerging Markets Logistics Index also say their shipping, storage and other logistics costs remain well above pre-pandemic levels of early 2020.

“Carriers and shippers are feeling the effects of higher energy prices, tight labor markets and broader inflation even though freight rates have fallen and ports have cleared cargo backlogs,” said Agility Vice Chairman Tarek Sultan. “Three years after the start of the pandemic, there is still a lot of volatility in supply chains. Now there’s fresh uncertainty as consumers and businesses pull back on spending and hiring.”

The survey and Index are Agility’s 14^th annual snapshot of industry sentiment and ranking of the world’s 50 leading emerging markets. The Index ranks countries for overall competitiveness based on their logistics strengths, business climates and digital readiness — factors that make them attractive to logistics providers, freight forwarders, air and ocean carriers, distributors and investors.

China and India, the world’s two largest countries, held their spots at No. 1 and 2 in the overall rankings. UAE, Malaysia, Indonesia, Saudi Arabia, Qatar, Thailand, Mexico and Vietnam rounded out the top 10. Turkey, No. 10 in 2022, dropped to 11^th. No. 24 South Africa and 25 Kenya were highest among countries in Sub-Saharan Africa.

Arabian Gulf countries – UAE, Qatar, Saudi Arabia and Oman — again offered the best business conditions. Malaysia, with the 4^th best environment for business, was the only non-Gulf country in the top 5.

China and India were tops for domestic and international logistics. India jumped four spots to No. 1 in digital readiness, followed by UAE, China, Malaysia and Qatar.

Farther down, there was more volatility in the rankings than in any prior year of the Index.  Conflict, sanctions, political tumult, economic missteps and continued COVID fallout damaged the competitiveness of Ukraine, Iran, Russia, Colombia, Paraguay and others. Among countries leaping forward in certain categories: Bangladesh, Pakistan, Jordan, Sri Lanka and Ghana.

2023 Index Highlights

Survey

• Net-Zero Commitment – 53% of logistics executives say their companies have committed to net-zero emissions, and another 6.1% say their businesses have achieved net-zero.
• Climate Change – Half say climate change is a concern their businesses must plan for, while another 18% say it is already affecting them.
• Emerging Markets – 55% say they will be more aggressive in emerging markets expansion and investing or leave their existing plans untouched despite fears of recession.
• Digital Forwarding – Respondents say the biggest advantage is improved tracking and visibility; the biggest disadvantage is error/exception management, respondents say.
• Ukraine – 97% indicate that their businesses have been hurt by higher costs or other supply chain challenges as a result of the Russia-Ukraine conflict.
• China – There is an even split between companies planning to reduce their reliance on Chinese sourcing and those planning to expand in China. But only 11% of respondents say their company’s manufacturing footprint is the same as before COVID.
• Gulf Economies – Innovation, technology and good conditions for small businesses are seen as the most important factors in lessening Gulf countries’ reliance on oil and gas.
• Africa – Logistics executives see big benefits for Africa from the African Continental Free Trade Agreement (AfCTA), despite slow implementation.

Country Rankings

• In the Middle East and North Africa, overall rankings were: UAE (3); Saudi Arabia (6); Qatar (7); Turkey (11); Oman (12); Bahrain (14); Kuwait (15); Jordan (16); Morocco (20); Egypt (21); Tunisia (32); Lebanon (33); Iran (36); Algeria (41); Libya (50).
• Rankings in Sub-Saharan Africa: South Africa (24); Kenya (25); Ghana (29); Nigeria (34); Tanzania (37); Uganda (43); Ethiopia (45); Mozambique (46); Angola (48).
• Overall Index rankings in Asia: China (1); India (2); Malaysia (4); Indonesia (5); Thailand (8); Vietnam (10); Philippines (18); Kazakhstan (22); Pakistan (26); Sri Lanka (30); Bangladesh (35); Cambodia (38); Myanmar (49).
• Rankings for Latin America: Mexico (9); Chile (13); Brazil (19); Uruguay (23); Peru (27); Colombia (28); Argentina (31); Ecuador (39); Paraguay (40); Bolivia (44); Venezuela (47).
• In Europe: Russia (17); Ukraine (42).

Transport Intelligence (Ti), a leading analysis and research firm for the logistics industry, has compiled the Index since it was launched in 2009.

John Manners-Bell, Chief Executive of Ti, said “It is not possible to overstate the challenges faced by emerging markets countries in the past couple of years. Geopolitical tensions have combined with financial uncertainty and the lingering effects of the pandemic to create an ever more complex business and investment environment. The role that the Agility Emerging Market Logistics Index plays in providing insight into this volatile, uncertain environment landscape is more critical than ever.”

2023 Agility Emerging Markets Logistics Index: agility.com/2023Index

3^rd February 2023, London: Menzies Aviation, the world’s largest aviation services company, has acquired a majority stake in Jamaican-based AJAS Limited, a privately owned ground and cargo handling company.

AJAS Limited, which has operated in Jamaica for over 82 years and employs almost 600 staff, provides ramp, passenger, and cargo handling services to several international airlines at the two leading airports in Jamaica: Norman Manley International Airport in Kingston (KIN), and Sangster International Airport in Montego Bay (MBJ).

Following the acquisition, AJAS Limited will be rebranded as Menzies AJAS, bringing it in line with the other companies under the Menzies Group. The current AJAS Limited management team will remain in place to oversee the company’s strategic objectives of establishing Menzies AJAS as the handler of choice for all airlines operating in Jamaica.

John Redmond, Executive Vice President Americas, Menzies Aviation said: “We have provided ground services in the Caribbean for over 20 years, and we are excited to be expanding our footprint to Jamaica at a time when its aviation industry is experiencing a post Covid-19 pandemic recovery. The Menzies AJAS combination brings together local knowledge, relationships and expertise, which will strengthen our position in this market. We look forward to working with the AJAS team to grow the business under the Menzies brand.”

Howard Mitchell, Chairman, AJAS, said: “Partnering with Menzies will add tremendous value to our business, which has gone from strength to strength over the past 82 years. AJAS has always been recognised as a good employer in Jamaica, and we are proud of our strong relationships with our hard working and long-standing employees. We have a shared vision with Menzies and are aligned on the value of our employees and how we look after them, which in turn maximizes the service they provide as well as the return to our stakeholders.”

The transaction is expected to close in a matter of weeks once all regulatory approvals are in place. The rebranding to Menzies AJAS and integration into the Menzies global network, which spans six continents, will commence in February.