TRADE-

Saudi Export-Import Bank (Saudi EXIM Bank) has inked an MoU with Japan’s Mizuho Bank aimed at bolstering trade between the two countries, Saudi Press Agency (SPA) reports. The agreement looks to boost cooperation between the countries’ private sectors, and facilitate the export of Saudi goods and services. The agreement will also drive the transfer of knowledge and expertise on export credit policies.

RAIL-

Kezad breaks ground on rolling mill for steel rail parts:Khalifa Economic Zones Abu Dhabi (Kezad) and Al Jazeera Steel Products broke ground on a new AED 250 mn rolling steel mill catering to railway parts in Abu Dhabi earlier this month, according to a statement. The 210k square kilometer steel production hub incorporates industry-leading tech from Italian steel supplier Pomini Long Rolling Mills, and is expected to produce 450k tons of steel products a year. The new facility is a regional first and is set to cater to rising demand for steel products in the region, especially as the GCC embarks on an ambitious railway project that will connect member states, the statement added.

INFRASTRUCTURE-

KEZAD to revamp its road network system:Khalifa Economic Zones Abu Dhabi(KEZAD) will upgrade the road network and facilities across 40k sqm in Kezad Mussafah district for AED 55 mn, Emirati news agency WAM reports. The project involves repairing and recarpeting 23k km of road, widening junctions, enhancing road markings and lighting, landscaping, and setting up bus stops. The project will be carried out in phases to avoid disrupting businesses in the area.

AVIATION-

Spain’s Iberia is joining Qatar Airways and British Airways’ airline joint business, according to a press release. Qatar Airways and British Airways currently operate the world’s largest airline joint business, encompassing over 60 countries. Iberia will introduce a daily service from Madrid to Hamad International Airport starting 11 December under the new agreement. With three daily flights on the route, the Iberian Peninsula will be connected to key markets in the Middle East, Africa, Asia, and Australia.

BIOFUELS-

The UAE has joined the newly launched Global Biofuels Alliance founded by India, the UK, and the US, according to a statement. The alliance aims to “accelerate sustainable biofuels deployment in support of the global energy transition,” according to the International Energy Agency (IEA).

UAE’s interest in biofuels is on the rise: Earlier this month, BP invested USD 10 mn in US startup WasteFuel to support its establishment of a UAE-based biofuels plant with a capacity of 100k barrels of the green fuel per day. UAE’s Tadweer also signed an agreement earlier this year with Austria-based integrated oil and gas company OMV to explore investments in biofuels and biowaste production.

ALSO WORTH KNOWING-

  • Saudi Arabia’s ports authority (Mawani) received a delegation from the International Maritime Organization to discuss strengthening collaboration in the maritime sector and developing marine projects and technology. (Statement)
  • Construction of five new berths at Iraq’s Al Faw port are 68% complete, with one berth ready to begin trial operations. (Statement | Statement)
  • Qatar Airways Cargo has rolled out a smart price optimization and management soltuions tool that provides real time personalized pricing forcustomers booking cargo on their flights. (Statement)
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