Good morning, friends. The newsflow continues to trickle through with updates from across the region, from new shipping routes to investment openings in Oman.

THE BIG LOGISTICS STORY- THE OECD’s latest Trade Facilitation Indicators report shows signs that the region has boosted trade reforms since 2020, with the region scoring above average on most trade facilitation indicators.

^^ We have chapter and verse on this story and more in the news well, below.

HAPPENING TODAY-

DATA POINT #1- Two of Jordan’s development zones have attracted JOD 490 mn (c.USD 690 mn) in investments, head of Jordan’s Social Security Investment Fund (SSIF) Ezzedine Kanakriya said, according to a statement. The two zones — King Hussein Bin Talal Development Zone and Irbid Development Zone — drew in the investments thanks to their strategic locations, as well as their advanced infrastructure and logistical services, and have so far created 3.6k jobs for Jordanians, Kanakriya said. The SSIF plans to attract fresh investments in industry and tech in the two zones.

DATA POINT #2- Turkey’s current account deficit is expected to stand at USD 45 bn in 2023, according to a Reuters poll of economists. Median forecasts for Turkey’s current account deficit in February stand at USD 8.5 bn, the poll results showed. An abrupt increase in gold imports and surging energy prices drove a 51.4% y-o-y increase in the country’s trade deficit in February, according to data from the Turkish Statistical Institute.

Background: Turkish authorities have been working to turn around a chronic current account deficit, but the devastating earthquakes that hit the country in February led to a 6.4% m-o-m drop in exports, the data shows, further widening the trade deficit.

WATCH THIS SPACE- Oman’s Investment Authority (OIA) is offering 36 potential investments worth a combined OMR 1.5 bn (USD 3.8 bn),the OIA said in its quarterly newsletter Enjaz and Eejaz. The investments are distributed across several sectors including logistics, technology, utilities, tourism, fisheries and food, mining, and healthcare. More projects and investments could be added to the list depending on the results of ongoing feasibility studies, OIA’s Director of Economic Diversification of Investments Hisham Al Sheedi said.

CMA CGM places record USD 3 bn container ship order from CSSC: French shipping giantCMA CGM has ordered 16 large container ships from the China State Shipbuilding Corporation (CSSC) at a cost of USD 3.05 bn, Seatrade Maritime Newsreports. The order includes twelve 15k TEU methanol-fueled ships and four 23k TEU LNG-fueled ships. CSSC Dalian Shipbuilding Industry and CSSC Jiangnan Shipyard will each build six of the methanol-fueled containerships, which are capable of reducing their energy efficiency design Index by over 60%, thereby meeting the most rigorous ship emission standards. CMA CGM and CSSC have a long term strategic partnership, with CMA CGM having ordered over 70 green containerships from the CSSC’s shipyards in the past decade.

MARKET WATCH-Demand for global tanker freight is uncertain for the next few months:Longer trips could buoy demand for global tanker freight in 2Q 2023, despite the recently announced OPEC+ oil supply cuts, but fears of a recession and oil supply could threaten these gains, S&P Global said in a recent report. “If the cuts are a move to counter a potential recession, the tanker market will definitely feel it and will have a challenging next few months,” oil and tanker senior analyst Ole-Rikard Hammer told S&P Global. “If lower supply reflects growing confidence in China’s ability to sustain higher oil prices, then the impact on tanker freight will be moderate,” Hammer says.

COME TO OUR NEXT ENTERPRISE FORUM-

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May at Four Seasons, Nile Plaza. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help us build an export-led economy that makes us a magnet for foreign direct investment (FDI).

What’s the Enterprise Exports & FDI Forum? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what we as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories. You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title, and where you work.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

CIRCLE YOUR CALENDAR-

Libya’s transport and logistics expo, Translogistica, will take place from 29 to 31 May, according to the event’s official website. The expo will bring together exhibitors from various sectors including trade zones, airports, shipping companies, cargo airlines, warehousing, customs clearance and IT companies operating in the transport and logistics sectors.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Tags: