1.8m TEUs CAPACITY BY 2022
Dubai-based global marine terminal operator DP World has reached an agreement with Canada's Port of Prince Rupert on the next phase of port expansion that will take its annual throughput capacity to 1.8 million TEUs when completed in 2022.

Emirates Transport (ET) has announced a net profit of Dh244.2 million ($66.4 million) for the year 2017, an increase of 34 per cent on 2016, a media report said.

Al Seer Marine, a key manufacturer of unmanned surface vessel (USV) based in the UAE, has signed a co-operation agreement with Iceland-based company Rafnar to develop products using its revolutionary technology, OK Hull.

STRATEGIC MOVE
UAE-based Mubadala Petroleum said it has signed an agreement with Italy's Eni to acquire a 10 per cent participating interest in the offshore Shorouk Concession in Egypt. Eni, through its unit IEOC, holds a 50 per cent stake in the field.

Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has announced the opening of its Magic Planet outlet at The Avenues mall in Bahrain.

Wind and solar sector will be instrumental in 50 per cent of global power generation by 2050 on the back of reductions in cost and the advent of cheaper batteries, that will enable electricity to be stored and discharged, said a new study.

Latitude Consultancy, a leading British company in the investment migration industry, has announced its plans for a merger with RIF Trust Investments, a Dubai-based citizenship-by-investment leader in the GCC region.

Bell Helicopter, a Textron Inc. company, has announced a newly formed collaboration with Safran on the development of innovative hybrid electric power system solutions to support Bell’s vertical take-off and landing (VTOL) aircraft concept.

Boeing and FedEx Express have announced a new order for 12 767 freighters and 12 777 freighters, reflecting the confidence of the world's largest air cargo carrier in the growing market.

ALTERNATIVE CAPITAL BOOST
Global investment firms Oak Hill Advisors and Varde Partners have entered into a deal to acquire $1 billion portfolio of shipping loans from Deutsche Bank. This represents the second such sale from EU banks that the duo has jointly acquired.

FOCUS ON KEY ARAMCO PROJECTS
UAE-based Lamprell, a major provider of fabrication, engineering and contracting services, said it will join hands with Saudi group Asyad Holdings to set up a joint venture company in the kingdom as part of its regional expansion strategy.

Maintenance, repair, and overhaul (MRO) companies will gain a valuable competitive advantage by leveraging IIoT-based technologies such as Big Data & Analytics, cloud infrastructure, and mobility, a report said.