COMPANY NEWS IN BRIEF

Dubai airport could break passenger record this yearAFP Dubai&#039;s air hub has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic levels in 2023, Dubai Airports&#039; CEO told AFP on Monday.Dubai International, the world&#039;s busiest airport for international passengers for nearly a decade, hit 87 million visits in 2023, beating the 2019 figure of 86.4 million despite the Gaza war, new figures showed.Chief executive Paul Griffiths cited early recovery in Dubai -- the United Arab Emirates&#039; business and financial centre -- from the pandemic and a quick rebound in airport staffing levels as key factors."We were ready sooner. We were back to 100 percent capacity much sooner, and as a result, our traffic has rebounded far more quickly," he said, adding that Dubai&#039;s record of 89.1 million passengers, set in 2018, could be surpassed this year.Interest rates likely to remain steadyBUSINESS REPORT Interest rates are likely to remain unchanged, at best, with the repo rate steady at 8.25% at this week’s meeting of the Monetary Policy Committee (MPC) of the SA Reserve Bank (SARB) because inflation risks had escalated, economists said over the weekend.“We expect the MPC to leave interest rates unchanged ... as inflation’s descent towards the 4.5% target stalled over the past two months,” the Nedbank Group’s Economic Unit said in a note on Friday.FNB’s economists concurred: “While we expect interest rates to remain unchanged, the messaging at that meeting remains key as many spectators of monetary policy around the globe seek indications of when interest rate cuts may be implemented.Acsa raises its hand as strategic partner to facilitate AfCFTA tradeBUSINESS REPORT Airports Company South Africa (Acsa) has raised its hand as a potential strategic partner to facilitate the smooth movement of goods into key markets in the continent as the country started trading under the African Continental Free Trade Area (AfCFTA) agreement.South Africa this week commenced preferential trade with the first shipment of manufactured products to Ghana via the Port of Durban under the AfCFTA’s Guided Trade Initiative (GTI).The shipment was of forged grinding balls and high chrome grinding media products supplied to the platinum, gold, ferrochrome, base metals, power generation and cement industries.However, there are concerns about the efficiency of goods movement as Transnet National Ports Authority has been hobbled by logistical bottlenecks at the ports and rail caused by inadequate infrastructure.Acsa CEO Mpumi Mpofu said recently that the state-owned airports operator was well positioned to buttress any logistical challenges that may arise in fulfilling the trade commitments under AfCFTA, so long as it aligned with its air-cargo strategy.

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