Good morning, friends. We’re finally experiencing the Ramadan news slowdown we’ve been expecting since the holy month began, but we still have a few updates from the region and beyond for you to dive into this morning.

A quick programming note: Enterprise Logistics will be taking a publication holiday on Monday in observance of the Egyptian national holiday of Sham El Nessim. We’ll be back in your inboxes on Tuesday morning at the usual time.

THE BIG LOGISTICS STORY- Iraq petitioned a US federal court to enforce the arbitration award it received last month against Turkey regarding unauthorized oil exports from Iraqi Kurdistan to Turkey’s Ceyhan port, while Turkey stalls the resumption of exports.

HAPPENING TODAY-

Suez Canal revenues jumped to USD 2.3 bn in 1Q 2023, up 35% y-o-y, according to an Egyptian presidency statement. The number of ships transiting the canal during the quarter increased 20% y-o-y. In a meeting with Egyptian President Abdel Fattah El Sisi, Suez Canal Authority Chairman Osama Rabie presented plans to modernize the canal’s fleet, the statement said.

The quarter yielded record-breaking results: 1Q 2023 saw an all-time record for monthly revenues of more than USD 830 mn in March, while some 107 vessels transited the Suez on 13 March, marking a daily record for the canal.

WATCH THIS SPACE-Saudi Arabia and Oman formed a committee to plan for the development of a new integrated economic zone in Dhahirah, Arab News reports. The committee will plan for the execution and management of the zone and monitor the implementation of all programs and initiatives. The committee is made up of members from Saudi Arabia’s Ministry of Investment, Economic Cities and Special Economic Zone Authority and the Saudi Development Fund, as well as officials from Oman’s Public Authority for Special Economic Zones and Freezones.

THE REALIGNMENT-

Syria could soon reclaim its seat in the Arab League: Regional foreign ministers will gather in Jeddah on Friday to discuss Syria’s return to the Arab League following a 12-year suspension, Qatar’s Foreign Ministry spokesperson Majed Al Ansari said at a press briefing, according to Reuters. The Saudi Arabia-hosted meeting will bring together the foreign ministers of Egypt, Jordan, Iraq, and the six GCC countries. Syria was expelled from the Arab League in November 2011 following its brutal crackdowns on pro-democracy protests.

Qatar is reluctant to bury the hatchet: Qatar’s position has not changed, Al Ansari said, adding that “any change in the current (Qatari) position on Syria is mainly linked to an Arab consensus, and a change on the ground that achieves the aspirations of the Syrian people.” The GCC member previously declared its opposition to normalizing relations with President Bashar Al Assad, saying he has taken “no serious steps … to repair the damage that he made for his own country and people.”

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.

MARKET WATCH-

OPEC+ crude oil production fell by 300k barrels per day (bbl / d) in March,with the lion’s share of the drop coming from Russia, according to the latest Platts survey by S&P Global Commodities Insights. Russia’s production dropped by 260k bbl / d to 9.6 mn bbl / d on the back of Western sanctions and price caps placed on Russian oil. Although Russia has found some ways around the sanctions, the country decided to slash output by 500k bbl / d as of March through the end of the year to mitigate the impact of the price cap.

The rest of OPEC+ is also coming through with output cuts as of next month: Saudi Arabia, Iraq, the UAE, Kuwait, Algeria, Oman, Gabon, and Kazakhstan have all pledged voluntary cuts ranging from 8k to 500k b/d from May till the end of the year. These latest voluntary cuts total 1.6 mn b/d.

What happens next? OPEC+ ministers are scheduled to meet again on 3-4 June, as analysts are expecting the market to remain tight in 2H 2023.

DATA POINT-

Qatar saw a 12.9% increase in aircraft movement to c.19.5k aircrafts in March, according tostatistics published by Qatar’s Civil Aviation Authority. Cargo and mail transport, on the other hand, didn’t fare as well, witnessing a decline of 5.2% y-o-y to 206k tons. This comes amid a wider slowdown in cargo air traffic in the MENA region this year.

CIRCLE YOUR CALENDAR-

The Arab-African Center for Investment and Development (CAAID) is hosting its Africa Forum of Investment and Commerce from 16 to 17 May, at the Sheraton Hotel in Algiers, Algeria, according to the CAAID website. The forum will bring together more than 650 economic players including government decision makers, researchers, experts, investors, and manufacturers to have economic discussions under the theme of “Africa’s Gateway to Industry, Agriculture and Trade.”

Libya’s transport and logistics expo, Translogistica, will take place from 29 to 31 May, according to the event’s 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.

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