ABU DHABI – November 12, 2024 – Agility Global PLC, a multi-business owner and operator and long-term investor in global and regional businesses, today reported Q3 2024 earnings of $37.1 million, or 0.36 cents per share. EBIT grew 36% to $104.6 million, and revenue increased 16% to $1.2 billion. (Note that figures for the comparable period are carved-out financials).

For the first nine months of 2024, earnings stood at $97.4 million, or 1.14 cents per share. EBIT grew 46% to $292.7 million, and revenue increased 13% to $3.3 billion.

“Agility Global maintains the healthy growth momentum seen since the beginning of the year.  Our controlled businesses delivered double-digit EBIT growth. That growth was driven by the main three businesses: Menzies, Tristar and Agility Logistics Parks (ALP). Menzies saw growth in new operations in Europe and Asia, Tristar has grown in fuel business and its road and transport segment, and ALP grew in Saudi Arabia; and is further expanding in the Kingdom,” said Agility Global Chairman Tarek Sultan. “On the investment side, the share price of DSV, the company’s largest investment, has been positively impacted by DSV’s acquisition of Schenker. When the deal closes, expected in 2025, DSV will become the world’s largest freight forwarder. Today, Agility is the largest investor in DSV. The increase in DSV’s share price has resulted in an increase in the carrying value of our investment. Due to the accounting treatment, this increase will be reflected through equity and not through profit-and-loss statement.”

Interim Dividends

Agility Global’s board has approved the distribution of $65 million as the second interim cash dividends for Q3 2024. Shareholders registered on the company’s registrar as of the settlement date 21 November 2024 are entitled to the dividends.

Q3 2024 Performance

Controlled Segment

For Q3 2024, the consolidated EBIT of the controlled businesses was $102 million; EBITDA was $177.7 million; and revenue $1.2 billion. This reflects increases of 20%, 11% and 16%, respectively, over the same period in 2023.

Aviation Services: Menzies

Menzies reported revenues of $704 million and increase of 24% compared to same period last year, this was driven by several new operations including license wins in Spain, acquisitions in Portugal, new operations in Belgrade, and a new warehouse in Bangalore. Q3 EBIT stood at of $60 million – an increase of 55% over the same period a year prior and EBIT margin improved from approximately 6.8% to 8.5% as a result of efficiencies, synergies, and operational leverage. YTD EBIT increased 41% from $103.1 million in 2023 to $145.3 million in 2024.

Fuel Logistics: Tristar 

Tristar a fully integrated fuel logistics business continued to deliver strong performance in the third quarter of 2024, Revenue stood at $ 337.2 million with a growth of 23% and EBIT stood at $34 million with a growth of 7% compared to Q3 2023.

Industrial Real Estate: Agility Logistics Parks

Agility Logistics Parks (ALP), a leading developer of warehouse parks and light industrial facilities, reported revenue of $13.2 million and EBIT of $9.6 million increases of 12% and 20%, respectively. ALP’s growth was driven mainly by its Saudi Arabia operations. Recently, ALP announced a development of an additional 100k SQM of warehousing space in Riyadh, part of which will be operational during the first quarter of 2025.

Investments Segment

Agility Global holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of 30 September 2024, the carrying value of those stakes was roughly $5.1 billion an increase of around USD 485 million from December 31, 2023. The main investments in this segment are in DSV and Reem Mall.

DSV is a Copenhagen-based logistics company and is expected to become the world’s number one freight forwarder when it completes its acquisition of Shenker, based in Germany. Agility Global owns a total of 19.3 million shares today, equivalent to more than 8% of DSV’s capital, making it one of the Denmark-based company’s largest shareholders. DSV’s share price was boosted by the announcement that DSV will acquire Schenker. The upward movement in DSV’s share price increased the carrying value of this investment, which was $4 billion as of September 2024.

Reem Mall – Agility Global is an investor in Reem Mall on Abu Dhabi’s Reem Island. Agility Global’s investment in Reem Mall is through equity and convertible debt. The mall had a soft opening to the public in February 2023 and launched formally in May 2024. To date, 183 units are trading, and almost 80% of Gross Leasable Area (GLA) is committed. More tenants are expected to announce openings in coming months. The mall is one of 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.

Recap of Agility Global Q3 2024 Financial Performance

• Revenue increased 16% to $ 1.2 billion.
• EBITDA increased 19% to $ 180.4 million, with 15% margins.
• EBIT increased by 36% to $ 104.6 million, with 9% margins.
• Net profit stood at USD 37.1 million equivalent to 0.36 cent per share.
• Agility Global enjoys a healthy balance sheet with $ 11.4 billion in assets and USD 5.7 billion in equity.
• Operating cash flow was USD 393 million for the first 9 months of 2024. Agility Global spent a total of USD 180 million in CAPEX and investments for the same period.

7 November 2024, Dubai: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced an extension of its partnership with Wipro to roll-out the Menzies Aviation Cargo Handling (MACH) cargo management system to 28 new stations in 2025.

In 2024, working with leading technology services and consulting company Wipro, Menzies’ pioneering, end-to-end MACH system has been deployed at 24 locations across four continents, with a further 13 airports on track to go live over the coming months.

Since its launch in November 2023, the new cargo management system has been rolled-out at major locations including Auckland Airport (AKL), Dallas Fort Worth International Airport (DFW) and O. R. Tambo International Airport (JNB) and has managed more than 150,000 tonnes. It will ultimately be used by more than 3,000 end users, with over 600 Menzies employees now trained to use the system safely and effectively. 

The introduction of MACH represents a transition to a truly innovative end-to-end cargo management system, revolutionising operations across the Menzies network. Its cloud-based architecture ensures accessibility from anywhere, anytime and on any device, providing real-time insights and data.

Operating from a ‘single source of truth,’ MACH seamlessly integrates with other systems helping to simplify and standardise all processes. An integral part of the cargo management ecosystem, it improves data accuracy as all electronic information is populated automatically across the system.

Rory Fidler, SVP Cargo Technology, Menzies Aviation, said: “We are very excited to confirm the second phase of the MACH roll-out, which will see the system implemented at an additional 28 locations across the world. The first phase of the programme will be completed over the coming months, which is testament to the successful offering, and sharing the multiple benefits of this pioneering and cutting-edge system to our airline customers across our global network.”

Omkar Nisal, UKI Managing Director, Wipro Limited, said: “Leveraging advanced automation, real-time data integration, and streamlined workflows, our solution is helping Menzies handle more shipments with fewer resources, leading to cost savings and faster turnaround times. Through real-time data integration, Menzies is now able to have better visibility into the supply chain, allowing them to identify and resolve issues promptly, thus ensuring timely deliveries and customer satisfaction. We are committed to continually raising the bar on our work for Menzies and bringing these leading technology solutions to the broader Cargo industry.”

Tema facility will serve as Ghana hub for Africa e-commerce leader

ACCRA, Ghana – October, 30th 2024 – Jumia, the leading Africa e-commerce platform, has chosen the state-of-the-art Agility Logistics Park (ALP) in Tema, Ghana, to be its new nationwide fulfilment operations centre for Ghana.

Jumia will occupy 6,000 SQM of warehousing at the park, using the facility for storage, fulfilment and office space under a 10-year lease agreement with ALP. The facility will hold a wide range of products and be used to process orders and ship deliveries to consumers across Ghana.

“We chose the Agility Logistics Park in Tema because its strategic location will help ensure rapid, efficient delivery of products throughout Ghana. Increased quality storage capacity at the new facility will enable us to improve efficiency in managing our growing product range, allowing us to better meet the expectations of Ghanaian customers,” said Temidayo Ojo, CEO Jumia Ghana.

Jumia is listed on the New York Stock Exchange and operates in 11 African countries. Its marketplace connects sellers to consumers with logistics services that enable shipment and delivery of packages. The platform offers goods across a broad range of categories, including phones and electronics, home appliances, fast-moving consumer goods, fashion and beauty products. The company’s JumiaPay solution facilitates online payment transactions.

The Agility Logistics Park – Ghana is minutes from Tema Port, one of West Africa’s largest. ALP offers the country’s most modern warehousing and infrastructure, and best facilities management, security, versatility and leasing terms. ALP Ghana serves as a storage, distribution, assembly and processing hub for multinationals, regional leaders and local brands in consumer goods, retail, equipment, automotive, energy, mining, agri-business and other sectors. The park includes a training facility, as well as sustainability features that reduce waste and lower energy and water consumption.

Geoffrey White, CEO Agility Africa, said: “We are delighted that Jumia chose to make the Agility Global warehouse park in Tema its new home in Ghana. The location, modern infrastructure and services at ALP Ghana make it ideal for e-commerce operations. We’re confident that quality warehousing can assist Jumia to accelerate its growth and meet the demands of Ghana’s rapidly expanding online shopping market.”

Offers faster deliveries, better access to western parts of Saudi Arabia

RIYADH – Shipa Delivery, a leader in on-demand, first-mile and last-mile deliveries across the GCC, announced that it will add a Jeddah e-commerce gateway to its two existing Saudi gateways in Riyadh and Dammam, reducing delivery times for both inbound and outbound shipments.

The Jeddah gateway will expand international merchants’ access to the fast-growing Saudi market, enhancing customer experience with quicker deliveries. It will offer increased capacity during peak periods and reduce emissions for deliveries to Saudi Arabia’s Red Sea corridor and western portions of the Kingdom.

Shipa Delivery announced the opening of the Jeddah gateway Sunday at the Global Logistics Forum in Riyadh, alongside its parent company, Agility, a supply chain services, infrastructure and innovation company with more than two decades of investment and operational experience in Saudi Arabia.

Shipa Delivery’s footprint in the Kingdom includes more than 18 hubs and 500+ delivery vehicles. The company’s proprietary technology platform gives shippers full tracking and visibility, and offers them a one-stop shop to manage clearance, fulfilment, deliveries, reverse logistics and other functions.

The new Jeddah gateway will open in January and cut 12 to 24 hours from delivery times in the western part of the Kingdom.

“The Jeddah gateway will make our e-commerce clients more competitive by shortening delivery times. It allows us to expand our capacity in the Kingdom by up to 15%, relieving constraints that arise during peak periods, and it allows us to introduce more routes to more delivery destinations within Saudi Arabia,” said Shipa Delivery CEO Borhene Ben Mena.

The Saudi e-commerce market, largest in the Middle East, is one of the fastest-growing in the world. It is growing at an annual rate of 13.5% vs. the sector’s global growth rate of 11.2%, according to Economy Middle East.

UAE-based VC fund targets region’s promising startups, entrepreneurs

ABU DHABI  – OCT. 2, 2024 – Agility Global, a multi-business operator and long-term investor, said its corporate venture capital arm will invest in a new fund aimed at providing capital to early-stage Middle East and Africa companies.

The new fund is managed by Global Ventures, a Dubai-based investment firm that specializes in growth-stage emerging markets investing in MEA.

Through its venture capital arm, Agility Global has built a portfolio of investments that includes stakes in clean energy, digital logistics, e-commerce, healthcare and agri-tech startups. Its portfolio includes companies that are MEA-based or pursuing market opportunities and expansion in the region.

Agility Global has backed efforts to strengthen the MEA’s entrepreneurial ecosystems and provided resources and expertise to early-stage companies developing go-to-market strategies.

“We are passionate champions and advocates for businesses led by the region’s new generation of entrepreneurs and innovators,” said Agility Global Chairman Tarek Sultan. “The Middle East and Africa are brimming with innovation and entrepreneurial energy. Through our venture capital arm, Agility Ventures, and our investment in Global Ventures’ new MEA fund, we are encouraging the region’s startups and entrepreneurs to commercialize and scale great ideas and innovations.”

Sultan said: “We’re conscious that only about 15% of all VC ‘cheque-writers’ are women, and we’re excited to be backing a women-led fund in the region. We hope that as the ventures ecosystem in the region continues to grow, it will create new opportunities for a range of stakeholders, including women-led businesses, and we’re committed to being part of growing that broader ecosystem.”

Noor Sweid, Founder and Managing Partner at Global Ventures, said: “Anticipating a shift towards resource efficiency in sectors such as supply chain, our new fund, Fund III, is strategically aligned with industries poised for technological transformation in emerging markets over the next decade. With our focus on supply chain technology, we are incredibly grateful for the support of Agility Global, a long-standing leader in the supply chain sector regionally and globally. We are thrilled to have a true partner in Agility Global as we continue to back mission-driven founders addressing critical challenges across the Middle East and Africa.”

Global Ventures manages three funds, all of which target innovation companies in the Middle East and Africa. Agility Global will invest in Global Ventures’ third fund, which was established earlier this year to provide capital to startups innovating in the areas of supply chain technology, energy technology, and agri-tech.

Global Ventures’ first fund, launched in 2018, has a thematic focus on fintech. The firm established a second fund in 2022 to focus on investments in health tech and digital health innovation. 

10 September 2024: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced the official opening of its new cargo facility at Maputo International Airport (MPM) in Mozambique.

The state-of-the-art facility means that Menzies can now handle cargo at MPM, increasing Mozambique’s freight capacity. This represents a significant expansion in Menzies’ footprint across East Africa, with the company’s regional customer portfolio set to increase over the coming months and years.

Boasting high-end facilities and cutting-edge technology, the new cargo warehouse enables Menzies to offer high quality, efficient and safe services to airlines, including launch customers Airlink and Qatar Airways.

The warehouse was officially opened at a ribbon cutting ceremony on Thursday 5 September, where Menzies’ Senior Vice President Cargo (MEAA), AlAnood AlSuwaidi, was joined by representatives from Aeroportos de Moçambique, E.P., the Civil Aviation Institute, Customs of Mozambique and airline partners.

Menzies Aviation has been operational at Maputo International Airport since 2018, operating as National Aviation Services until 2022. It launched two exclusive, contemporary lounges at the airport’s international and domestic terminals and later expanded its portfolio to deliver comprehensive Meet and Assist and ground handling services at the busiest airport in Mozambique in 2019.

AlAnood AlSuwaidi, Senior Vice President Cargo (MEAA), Menzies Aviation, said: “We’re thrilled to cut the ribbon on our new cargo warehouse in Mozambique. This cutting-edge facility will allow us to provide best in class services to our airline customers while supporting East Africa’s air cargo sector. This represents the next exciting step in Menzies’ cargo expansion strategy, which has seen us expand our footprint right across the globe.” 

Emirate will be a major sales hub in the region and potential future manufacturing base

27 August 2024, Abu Dhabi – Loop Global Inc, a U.S.-based turnkey provider of EV charging solutions, announced the opening of its regional office in Abu Dhabi, which will showcase Loop’s innovative charging technology and serve as the base for sales and distribution in the broader region.

“Our aim is to be the UAE’s No. 1 EV charging provider and to use Abu Dhabi as a base for our regional expansion,” said Loop CEO Olga Shevorenkova. “We will look to recruit and hire locally as well as look down the road at opportunities to bring manufacturing and R&D activities to Abu Dhabi, which would allow it to become an integrated center of excellence for Loop.”

Loop President and Co-Founder Zack Martin said: “The company established its regional HQ in Abu Dhabi in response to growing local and regional market demand for EV technologies. The UAE’s leadership has demonstrated its determination to lead the world’s clean-energy transition and has been exceptionally far-sighted in pursuit of its sustainability goals and the push to net-zero emissions.”

Abu Dhabi has signaled its intention to install tens of thousands of EV charging stations by 2030. The stations will be located at retail locations, multi-family residences, government offices, petrol stations, and other locations. Reem Mall is among the first locations in Abu Dhabi to install Loop charging stations.

Agility Global, a multi-business owner, operator and investor listed on the Abu Dhabi Securities Exchange (ADX), is an investor in Loop. Agility Global went public on the ADX in May. Agility Global is committed to bringing international investment and innovation to the UAE and the broader GCC.

Tarek Sultan, Chairman – Agility Global, said: “Agility Global shares Abu Dhabi’s vision of a cleaner energy future. By helping Loop establish roots here, we are able to help Abu Dhabi reach its sustainability goals, attract investment, create jobs, and become a center of innovation.”

Loop, based in California, has built one of the largest charging networks in the United States and currently operates more than 6,500 chargers.

Loop’s flagship Flex and Infinity systems can charge passenger and commercial vehicles alike. Its 22 kW EV-Flex stations provide up to 77 miles of range per hour. Loop’s quick-charging 300 kW Infinity Flash stations provide up to 800 miles of range per hour. Loop’s innovative technology offers substantial advantages for both drivers and charging-station hosts. Loop’s mobile app allows drivers to find the nearest chargers, then initiate, monitor, and pay for charging. Where available, drivers can also pay directly using a convenient credit card reader. Charging-station hosts pay no monthly network fees or operating costs. They set billing rates and receive 90% of charging revenue. Loop boasts the industry’s lowest total cost of ownership and an industry-leading uptime.

ABU DHABI – August 13, 2024 – Agility Global PLC, a multi-business owner and operator and long-term investor in global and regional businesses, today reported Q2 2024 earnings of $29.8 million, or 0.29 cents per share. EBITDA grew 28.4% to $167.4 million, and revenue increased 16.2% to $1.1 billion. (Note that figures for the comparable period are carved-out financials).

For the first six months of 2024, earnings stood at $60.3 million, or 0.78 cents per share. EBITDA grew 31.2% to $336.9 million, and revenue increased 11% to $2.1 billion.

“Agility Global continues to report strong results in the second quarter of the year. Our largest owned and operated businesses, namely Menzies, Tristar and Agility Logistics Parks, reported double-digit EBITDA growth, in-line with their individual business strategies for growth,” said Agility Global Chairman Tarek Sultan. “The net value of our investments, reported through our balance sheet, remained stable in spite of volatility in equity markets. We continue to look at growth opportunities, with a particular focus on building strategic infrastructure and strengthening the competitiveness of the portfolio businesses.”  

Agility Global PLC operates under two segments.:

• The owned and operated business segment holds the company’s operating entities, whose financial performance is consolidated and reflected in its income statement. This segment includes Menzies Aviation, the world’s largest aviation services provider by number of countries; Tristar, a global leader in fuel and chemicals storage, shipping and logistics; and Agility Logistics Parks, a leading owner and developer of industrial real estate in the Middle East, Africa and South Asia.
• The investment segment holds Agility Global’s minority investment stakes, the most material of which include a 9% stake in DSV, the world’s third-largest freight forwarder; and its stake in Abu Dhabi’s Reem Mall.

Q2 2024 Performance

For Q2 2024, the consolidated EBIT of the controlled businesses was $89.9 million, EBITDA $164.4 million and revenue $1.1 billion. This reflects increases of 46.9%, 26.6% and 16.2%, respectively, over the same period in 2023.

Aviation Services: Menzies

Menzies reported Q2 EBITDA of $91 million, an increase of 27.6% over the same period a year before. Most service lines experienced volume and yield growth with the exception of Air Menzies International (AMI). Menzies witnessed healthy growth in all regions as the result of volume increases in ground handling, cargo and fueling operations, and solid commercial growth.  Notable launch of operations including Spain and Portugal and the launch of cargo operations in Bangalore, India; and contract wins in South Africa. AMI continues to face tightened gross profit margins as a result of rate pressure in the industry in general. Overall, Menzies EBIT margin improved from 6.1% to 7%, up 1 percentage point, as the company leveraged its existing platform to expand commercial growth.

Fuel Logistics: Tristar

Tristar’s Q2 consolidated EBITDA stood at $63.4 million, up 19% vs. Q2 a year earlier. This growth is driven mainly by the momentum of Tristar’s Fuels and Fuel Farms segments. The Fuels business has been growing as a result of the new contracts and business expansion with existing clients. Fuel Farms has grown due to the favourable market and utilization optimization. Maritime continued to deliver extremely strong results, following a strong 2023.

The results of this quarter validate the success of Tristar’s focus on continued operational improvement and diversified portfolio.

Industrial Real Estate: Agility Logistics Parks

Agility Logistics Parks (ALP), a leading developer of warehouse parks and light industrial facilities, reported EBITDA of $9.2 million on revenue of $12.6 million, increases of 23.7% and 13.1%, respectively. ALP’s growth was driven mainly by its Saudi Arabia operations, which experienced increased demand for warehousing space. ALP has operations in Saudi Arabia, UAE, Africa, and India and is entering new markets where growth potential is promising.

Investments Segment

Agility Global holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of 30 June 2024, the carrying value of those stakes was roughly $4.1 billion. The main investments in this segment are in DSV and Reem Mall.

DSV is a Copenhagen-based logistics company and a global top three freight forwarder. Agility Global owns a 9% stake in DSV, making it one of the largest shareholders in DSV. The carrying value of this investment as of June 30, 2024, was $3 billion. Agility Global has partially offset declines in the DSV share price by hedging 73% of its investment through a funded equity collar.

Reem Mall – Agility Global is an investor in Reem Mall on Abu Dhabi’s Reem Island. Agility Global’s investment in Reem Mall is through equity and convertible debt. The mall had a soft opening to the public in February 2023 and launched formally in May 2024. To date, 173 units are trading, and almost 74% of Gross Leasable Area (GLA) is committed. More tenants are expected to announce openings in coming months. The mall is one of 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.

Recap of Agility Global Q2 2024 Financial Performance

• Revenue increased 16.2% to USD 1.1 billion.
• EBITDA increased 28.4% to USD 167.4 million, and margins stood at 15.1%.
• Net profit stood at USD 29.8 million equivalent to 0.29 cent per share.
• Agility Global enjoys a healthy balance sheet with USD 10.5 billion in assets and USD 5.4 billion in equity.

Operating cash flow was USD 221.7 million for the first 6 months of 2024. Agility Global spent a total of USD 154 million in CAPEX and investments for the same period.

17 July 2024, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced the renewal of a major cargo and ground handling contract with the Dutch flag carrier, KLM Royal Dutch Airlines, at Amsterdam Airport Schiphol (AMS).

Menzies will provide cargo warehouse and ramp handling services for all KLM/Martinair freighter operations at AMS for the next five years, with this renewed contract representing the company’s largest contract at the main international airport in the Netherlands. The extension will see teams at the airport manage approximately 600 aircraft turns and handle almost 100,000 tonnes of cargo every year.

The renewal was announced at an official signing ceremony today at Menzies’ cargo facility at AMS where Miguel Gomez, EVP Europe and Dave Beekman, SVP Benelux from Menzies were joined by KLM Cargo’s Koen Bolster, Vice President Worldwide Operations and Paul van der Wardt, General Manager Martinair Cargo to celebrate the successful partnership. This announcement underscores the relationship between KLM and Menzies Aviation, which stretches back decades. Menzies currently works with the airline at more than ten locations across the world, spanning Europe, Africa, India and Latin America.

Paul van der Wardt, General Manager, Martinair Cargo said: “We are glad to continue our great partnership after all these years of close cooperation. We are looking forward to further develop the ramp handling activities together with Menzies.”

Koen Bolster, VP KLM Cargo Worldwide Operations said: “We are delighted to renew our partnership with Menzies Aviation at Amsterdam Airport Schiphol. This longstanding collaboration has been instrumental in our success, and we are confident that together we will continue to provide exceptional cargo and ground handling services to our customers. We look forward to further strengthening our relationship and delivering excellent operations.”

Hassan El-Houry, Executive Chairman, Menzies Aviation said: “This renewal underscores the strength of our partnership with KLM and reaffirms our commitment to delivering exceptional value and high-quality cargo and ramp services. We are honoured to have been recognised as a strategic partner, and look forward to building on our successful collaboration, achieving new milestones together. Today’s announcement is not just a testament to the successful history of our relationship, but a cornerstone for future growth and innovation.”

New report cites progress, areas for improvement in the Emirates

DUBAI – JULY 10, 2024 – The United Arab Emirates remains the leader, by most key measures, in environmental sustainability and climate action across the Gulf and Africa, says a new Agility Global  report that tracks government and business policies, practices and investment related to the environment.

The findings, released Wednesday, are contained in a report that updates Agility’s Middle East and Africa Environmental Sustainability Scorecard, issued last November. The Scorecard examined the performance of 17 MEA countries in environmental sustainability outcomes, government policies and corporate practices. South Africa and the UAE led as the top performing countries in their respective regions and overall.

The new stand-alone report focuses on the UAE and says that the Emirates outscores all five other GCC countries in key areas of environmental progress and sustainability. It concludes that UAE:

• Possesses a “strong base” in green investment, innovation and technology by the government, but that businesses in the UAE stand to improve private sector innovation and investment.
• Scores well in infrastructure and transport because of its investment in mass transit, electric vehicle charging and cleaner port infrastructure.
• Beefed up climate financing regulations and net-zero reporting and monitoring.
• Boosted nuclear and solar capacity.
• Focuses on air quality, water scarcity and mangrove conservation to protect its natural environment.
• Performs well in waste management, innovating to promote circularity and banning single-use plastics in 2024.

“The UAE shows strong collaboration between the government and private sectors in implementing its environmental sustainability agenda,” the report says. “While further progress is needed in areas such as green finance, lowering barriers to entry in the energy market, and filling remaining regulatory gaps, the country is well positioned to enhance its regional leadership role.”

The report noted the country’s leadership in green hydrogen pilot projects, and highlighted its sustainability startup accelerator, Catalyst. It also cites UAE government estimates that the green energy transition could attract AED 600 billion in fresh investment in renewables and clean energy while boosting exports by AED 25 billion and generating 160,000 new jobs in the Emirates.

Agility Global Chairman Tarek Sultan said: “The UAE is becoming a global leader in sustainability by demonstrating the seriousness of its commitment to clean energy, green infrastructure and climate financing assistance for developing countries. Its $54B pledge towards investing in renewables by 2030 and $30B commitment to assisting developing countries in making the clean energy transition are notable. We believe that the scope and scale of the Emirates’ sustainability agenda will generate green-growth opportunities for future-minded investors and businesses.”

The UAE report builds on the results of the 17-country Scorecard, which described MEA nations as “relative late comers to global sustainable development” but said they “are rapidly stepping-up their sustainability strategies, programs and investments.”

The Scorecard used 48 performance and progress indicators to assess performance and 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.

Last fall, roughly two-thirds of UAE business people surveyed for the Scorecard said climate change affects their business operations; and half said their companies would allocate 5% to 20% of capital expenditure toward achieving environmental sustainability targets.

The UAE report was commissioned by Agility Global, a multi-business owner and operator and investor, listed on the Abu Dhabi Securities Exchange (ADX). It was compiled by Horizon Group, a Geneva-based firm that specializes in research and analysis for international organizations, governments and leading businesses.

At COP28, Agility joined 13 other businesses to form the World Economic Forum’s Leaders for a Sustainable MENA, pledging to address climate change in a region where only 12% of MENA businesses have set a net-zero target. Two of Agility Global’s three largest operating businesses (Menzies and Tristar) have committed to net zero. Together, Menzies and Tristar accounted for more than 74% of FY 2023 revenues. Agility Global’s third-largest business, Agility Logistics Parks, developed the first ever EDGE ADVANCED certified “zero-carbon ready” warehouses in the GCC (in Saudi Arabia) and West Africa (in Côte D’Ivoire).