GWC posts $47m net profit in 2024; focuses on expansion
Gulf Warehousing Company (GWC), one of the fastest-growing businesses in the MENA region, reported total revenues of QAR1.582 billion ($433.97 million) for 2024.
The company posted operating profits of QAR306 million, and a net profit of QAR172 million ($47.18 million), while earnings per share stood at QAR0.293 for the year ended on December 31, 2024. The company's Board of Directors recommended a 10% cash dividend, at QAR 0.10 per share.
Sheikh Mohammed Bin Hamad Bin Jassim Bin Jaber Al Thani, GWC Chairman, said: 'These results highlight the strength of the company's business model and strategy which aims to deliver sustainable, long-term returns for shareholders while expanding across various sectors and regions. Notably, 2024 marks the 20th anniversary of GWC's journey which has grown into one of the Middle East's leading logistics providers.'
Sheikh Abdulla Bin Fahad Bin Jassim bin Jaber Al Thani, GWC Managing Director, said: 'The company's strategy is centered on driving operational efficiency, delivering world-class logistics services, expanding customer base, and strengthening GWC's position as a trusted partner. It also focuses on enhancing operational agility, increasing the company's presence in regional markets, and forging strategic partnerships with promising companies to ensure strong profitability. Additionally, it aims to expand into new sectors to diversify revenue streams, maintain stable cash flow, and mitigate potential risks.'
In 2024, GWC signed a Head of Terms with GFH Financial Group to develop 200,000 sq m of Grade 'A' logistics facilities across key locations in Saudi Arabia, including Riyadh, Jeddah, and Dammam. GWC also signed a memorandum of understanding (MoU) for a strategic partnership between its wholly owned subsidiary, GWC Energy Services, and Saudi Offshore Fabrication Company (OFC) to develop 100,000 sq m of Grade 'A' logistics facilities at Ras Al-Khair Industrial Port in Saudi Arabia.
Matthew Kearns, GWC's Group Acting CEO, stated: "Expansion is a key pillar of the company's growth strategy. In early 2024, GWC launched its FLAG subsidiary (100% owned company) logistics Hub at Khazaen Economic City in Oman, further strengthening its footprint across the GCC.'
Kearns noted: "Supporting micro, small and medium-sized enterprises (MSMEs) is a key pillar of GWC's strategy, as we offer comprehensive services tailored to this sector. The launch of Al Wukair Logistics Park's second phase marked a significant milestone in our mission to enable MSMEs, promote entrepreneurship in Qatar, and increase opportunities for local partnerships. The first two phases of Al Wukair Logistics Park have already attracted a significant number of MSMEs with more than 900 units optimized as warehousing and light industry units, solidifying Qatar's position as a promising and attractive destination for such businesses.
In 2024, GWC took significant strides in enhancing its position as a leader in the logistics sector by launching a variety of initiatives and earning numerous accolades that showcase its commitment to excellence. The company remains at the forefront as the premier provider of warehousing and distribution solutions across diverse sectors, offering services to entrepreneurs, MSMEs, as well as multinational companies, it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Trade Arabia
28-05-2025
- Trade Arabia
MENA records 225 M&A deals worth $46bn in Q1
The MENA region witnessed 225 mergers and acquisitions (M&A) deals in Q1 2025, up from the 172 deals recorded in Q1 2024, reflecting a 31% increase in deal volume when compared year-on-year. Total deal value rose by 66% to $46 billion in Q1 2025, when compared to $27.6 billion in Q1 2024, said the latest EY MENA M&A Insights 2024 report. Cross-border deals were the primary driver of M&A activity in the MENA region, contributing 52% of total deal volume with 117 deals and 81% of total deal value at $37.3 billion. The first quarter of 2025 recorded the highest cross-border deal activity both in volume and value when compared to the same period in the past five years, as companies increasingly pursued growth and diversification beyond domestic markets. Brad Watson, MENA EY-Parthenon Leader, says: 'In 2024 we saw a steady flow of M&A deals and the MENA region continues to exhibit a robust influx of M&A transactions in 2025. This is supported by regulatory reforms, policy shifts, and a favorable macroeconomic outlook, including easing interest rates and improved investor sentiment.' 'This growth is also reflected in the steady increase of domestic M&A activity, which contributed 48% of total deal volume in Q1 2025. The rise in domestic M&A transactions aligns with the IMF projection that MENA GDP will grow by 3.6% this year and is further supported by the strong global M&A momentum. Companies are realigning their strategies to better accommodate the need for diversification, digital transformation, and the integration of emerging technologies.' In the MENA region, the UAE remained the top target country with 63 deals totaling $20.3 billion in Q1 2025. Kuwait ranked second in terms of deal proceeds, reaching $2.3 billion, driven by two major transactions in the Diversified Industrial Products and Power & Utilities sectors. During the first three months of 2025, Canada attracted the highest outbound deal value from MENA investors at $6.4 billion, while the US remained the preferred target destination in terms of deal volume. Sovereign Wealth Funds (SWFs) like ADIA, PIF, and Mubadala, along with other government-related entities (GREs), remained key M&A drivers in Q1 2025, aligning with national economic strategies and diversification goals. Domestic M&A activity rise In the first quarter of 2025, M&A activity in the MENA region witnessed a 20% increase in deal volume while deal value rose significantly reaching $8.7 billion as compared to $1.69 billion recorded in Q1 2024. The technology sector led domestic M&A activity in MENA in Q1 2025, contributing 37% of total domestic deal value and 27% of total domestic deal volume. The largest domestic deal during the first quarter of the year was a $2.2 billion acquisition where Group 42, an Abu Dhabi based AI and cloud computing firm, agreed to acquire a 40% stake in Khazna Data Centres, a digital infrastructure provider. Intraregional deals involving the UAE, Kuwait, and Saudi Arabia (KSA) accounted for 83% of total domestic deal value and 56% of total domestic deal volume, highlighting strong intraregional M&A activity, particularly in the technology, industrials, and real estate sectors. MENA region remains an attractive The MENA region continues to emerge as one of the most attractive destinations for foreign direct investment during the first few months of 2025, with inbound deal volume surging by 21% and deal value reaching $17.6 billion, when compared to $2.5 billion in Q1 2024. The UAE remains the leading destination for foreign direct investment in the MENA region in Q1 2025, capturing 53% of total inbound deal volume and 99% of the total inbound deal value. Austria was the top investor country, accounting for 94% of total inbound deal value, largely driven by a major transaction in the chemicals sector. Diversification efforts During the first three months of 2025, outbound deal volume increased by 63% when compared to Q1 2024, with a total deal value of $19.7 billion, contributing 43% of overall deal value. The UAE and KSA led the outbound investment from the MENA region, accounting for 77% of total deal volume and 94% of total outbound value. Though chemicals and oil & gas dominated in outbound deal value, outbound deal volume was primarily focused on technology, diversified industrial products, and professional services. This trend reflects the region's broader diversification strategy into high-growth global sectors. The UK was the leading destination for outbound M&A deals from MENA by volume, recording 13 transactions in Q1 2025. Canada and Peru together contributed 50% of total outbound deal value driven primarily by a major transaction in Canada's chemical sector. ADNOC and Austria's OMV AG has agreed to acquire Canada's Nova chemicals for US$6.3b by holding 46.94% each in the newly formed Borouge International Group. Anil Menon, MENA EY-Parthenon Head of M&A and Equity Capital Markets Leader, says: 'The MENA deal markets remained resilient despite lack of clarity on two fronts: the impact of monetary policy on cost of capital and the ongoing tariff and trade discussions. The MENA deal book for the remainder of 2025 is promising and we can expect to see increased activity in consumer, technology, and energy sectors. In addition, with AI expected to drive material shifts in fundamental value, we can expect to see significant capital allocation in technology.' -TradeArabia News Service
Trade Arabia
28-05-2025
- Trade Arabia
Alghanim Industries brings Starlink internet to region
Alghanim Industries (Kutayba Alghanim Group), one of the largest privately-owned companies in the MENA region, has signed a landmark agreement with SpaceX's Starlink, the world's most advanced satellite internet provider. Through this agreement, Alghanim Industries becomes an official global channel for Starlink's advanced low-Earth orbit (LEO) satellite constellation — the most sophisticated internet system ever deployed. This technology aims to shatter connectivity barriers, delivering high-speed, low-latency internet anywhere, to even the world's most isolated communities — whether you're in a bustling city, a desert camp, or sailing through open waters, said a statement. To drive this innovation, Alghanim Industries is unveiling Sama X, a bold new tech venture and authorised Starlink global reseller that brings Starlink technology to life for millions of potential users across the Middle East, North Africa, India, Turkey, Pakistan, and beyond. 'Our agreement with Starlink marks more than a milestone for connectivity—it's a leap toward a borderless digital future where education, innovation, and opportunity know no limits. We are committed to providing internet from space to unlock opportunities on Earth,' said Kutayba Y Alghanim, Executive Chairman of Alghanim Industries. Regional approvals The vision is already taking root. Starlink services have received regulatory approvals in Jordan, Oman, Qatar, Bahrain, and Yemen, while Saudi Arabia has authorised Starlink for use in the aviation and maritime sectors—ushering in a new age of mobility and smart infrastructure. A Quantum Leap in Global Connectivity Starlink isn't your typical internet provider. It's a space-powered constellation of over 7,000 low-Earth orbit satellites (LEO), delivering blazing-fast internet to over 5 million users in 118+ countries. Since 2020, SpaceX has launched more LEO satellites than all other providers combined, building an unparalleled infrastructure that delivers fiber-like speeds without the constraints of traditional ground-based networks. Unlike traditional satellite systems orbiting thousands of kilometres above Earth, Starlink's LEO network operates much closer to the surface—dramatically reducing latency and delivering real-time internet experiences: crystal-clear video calls, immersive online gaming, uninterrupted streaming, and mission-critical business communications, all possible from anywhere. A Universe of Possibilities Starlink's technology is already transforming industries: Healthcare: Powering telemedicine for rural clinics Manufacturing: Enabling real-time data and diagnostics across global supply chains Telecommunications: Cost-effectively extend their networks into underserved areas, using satellite connectivity as a high-reliability backhaul Education & Employment: Allowing students and professionals in remote areas to engage in a digital economy Maritime: Delivering high-speed, low-latency internet to vessels worldwide, revolutionizing navigation, operations, and crew welfare at sea Introducing Sama X: A Bridge to the Future Born from Alghanim's legacy of innovation, Sama X is designed to be the region's trusted partner in next-generation connectivity. As a Starlink reseller, Sama X combines cutting-edge space technology with local market expertise, delivering not just the technology but a turnkey digital transformation solution—from customer onboarding, installation, and activation to implementation and local support. 'With Sama X, we're not just connecting people—we're enabling a digitally prosperous future. We're building bridges to education, remote jobs, global markets, and innovation ecosystems,' said Mahmoud Samara, CEO of Alghanim Industries. 'From remote learning and telemedicine to remote work and cloud-based businesses, we're helping create a more connected, inclusive, and empowered world—starting now.' - TradeArabia News Service
Trade Arabia
27-05-2025
- Trade Arabia
Bank ABC Islamic named ‘Best Sukuk House in Bahrain'
Bank ABC Islamic has been recognised as the 'Best Sukuk House in Bahrain' at the Euromoney Islamic Awards 2025. This award highlights the bank's excellence in Islamic finance and its commitment to offering Sharia-compliant banking solutions across the MENA region and globally. The prestigious award was presented on May 20 in Dubai, at a ceremony attended by industry experts and peers. By offering superior Sharia-compliant financial products and services, Bank ABC Islamic has significantly expanded its market share across the MENA region and served clients across its network markets. The bank has provided inclusive Islamic financial solutions tailored to regional needs, further strengthening its foothold in the MENA region. The Islamic Bank's alignment with sustainability principles further underscores its commitment to generating positive social and environmental outcomes alongside financial returns. Commenting on this achievement, Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, said: 'It is a great honour to be named 'Best Sukuk House in Bahrain' at the Euromoney Islamic Finance Awards 2025. This award reflects our commitment to advancing Islamic finance in the region and globally, and our efforts dedicated towards delivering genuine Sharia-compliant financial solutions aligned with Bank ABC's overarching sustainability goals. I thank Euromoney for recognising our growth and innovation in our Islamic Banking offering, as well as the team behind Bank ABC Islamic and our product partners across Bank ABC Group for their focused efforts and perseverance." Bank ABC Islamic has been instrumental in facilitating high-profile Sukuk transactions, including multi-million-dollar issuances that underscore its expertise and thorough understanding of client needs. The bank recently played a key role as joint lead manager in a landmark sustainable Sukuk issuance and served as co-lead manager in a major green Sukuk offering by a prominent Gulf conglomerate. Over the last few years, the bank has played a pivotal role in enabling large corporate Issuers from the US and Europe tap Islamic liquidity from the region for the first time, and these mandates have received largescale industry recognition. This was achieved through the close collaboration of Bank ABC Islamic's structuring team and Bank ABC Group's Debt Capital Markets platform, with its strong product and distribution capabilities, which come together very successfully. alburaq, Bank ABC Islamic's fully digital Islamic banking window, has also seen great success. Designed to deliver seamless Sharia-compliant digital banking services, alburaq has reinforced Bank ABC Islamic's position as a frontrunner in state-of-the-art Islamic finance. Ben Naylor, Global Head of Research, Euromoney, commented: ''Bank ABC Islamic led Bahrain's Sukuk market, closing 16 mandates worth $12 billion. Highlights include landmark deals for AerCap, Turkey, and Dubai Islamic Bank. Its Islamic structuring expertise, and ESG-focused issuances cemented its position as a top Sukuk arranger.' Bank ABC Islamic's focus on digital innovation, product development, and sustainable Islamic finance continue to set new standards in the industry. With this solid foundation, Bank ABC Islamic is ready to further develop the Islamic sustainable finance market globally, offering Shari'a-compliant banking products and services to a broader investor base. – TradeArabia News Service
