Good morning, nice people. The busy newsweek continues with lots of interesting updates on everything from M&A and shipping to regulation from across the region.

THE BIG LOGISTICS STORY- Pakistan has reportedly rejected AD Ports’ USD 1.2 bn bid for a concession agreement for a Karachi terminal , with the government racing to salvage the agreement before its term ends today. Meanwhile, Egyptian transport firm Egytrans has unveiled the fine print of its acquisition of NOSCO.

HAPPENING TODAY-

3k US sailors and marines touch down in the Middle East to “ensure maritime security”: The US has deployed more than 3k sailors and marines to the Middle East in what is reportedly a move to prevent Iran from interfering with commercial shipping, according to a US Naval Forces Central Command statement. The marines and sailors will join the US fifth fleet area of operations, which encompasses some 2.5 mn sq miles of water including the Arabian Gulf, the Gulf of Oman, the Red Sea, parts of the Indian Ocean, and three critical points in the Strait of Hormuz, Suez Canal, and the Strait of Bab El Mandeb, according to the statement. The deployment aims “to help ensure maritime security and stability in the Middle East region,” the statement said.

ICYMI- The deployment follows reports that commercial vessels passing through the Strait of Hormuz will carry aboard US sailors and marines to thwart alleged Iranian attempts over the past few months to hijack commercial ships. The onus will be on commercial ships to request the presence of US forces on dangerous parts of their routes, according to one US official.

DATA POINT #1- Global air cargo demand continued to fall in June, but at the slowest rate in more than a year ,according to an International Air Transport Association (IATA) statement. Global air freight demand, measured in cargo tonne-kilometers (CTKs), fell 3.4% y-o-y during the month, the softest rate of decline since February 2022. Demand fell 8.1% on a half-year basis, IATA added.

Capacity measured in available cargo tonne-kilometers (ACTKs) increased 9.7% y-o-y in June. The hike is considerably lower than the double-digit growth in capacity observed between March and May and reflects carriers’ adjustments to weaker demand, IATA explained. IATA cited declines in global manufacturing and a slowdown in cross-border trade as driving the slump in global air freight volumes.

Middle Eastern carriers bucked global trends: Carriers in the Middle East, however, posted a modest 0.5% y-o-y increase in air cargo volumes in June, recovering from the 2.9% y-o-y decline observed in May, the statement added. Capacity for the month increased 11.1% when compared to the same period last year. On a half-year basis, Middle East volumes fell 5.6% y-o-y, while capacity increased 11.2% y-o-y.

DATA POINT #2- The number of certificates of origin (COs) issued by Saudi Arabia in July reached nearly 35k , according to an Industry and Mineral Resources Ministry statement. This marks an 8.4% m-o-m increase from June, Arab News reports. COs — international trade documents declaring where a commodity or good was manufactured — are widely used for customs clearance, payment management, and import tariff concessions.

WATCH THIS SPACE- Iraq + Kurdistan to set up a committee to resolve oil dispute: Iraq’s federal government and the semi-autonomous region of Kurdistan will form a committee to draft a bill to resolve a dispute around oil exports from the Kurdish region, S&P Global reported. Turkey halted Kurdish oil imports via its port of Ceyhan after an international court ruled against Kurdistan’s independent oil exports in a landmark arbitration case. The suspension of oil flows via Turkey has deprived Mediterranean markets of typically ample volumes of sour crude, S&P Global wrote.

MARKET WATCH - London’s Brent crude is trading at a lower price point than Dubai crude, with the price spread between the two turning negative , according to data by brokerage PVM picked up by Bloomberg. Global benchmark Brent was trading at USD 1.60 below Dubai crude, marking a significant drop from its January price, when it was trading at a USD 3 premium over Dubai crude. Oil supply cuts from major OPEC+ producers Saudi Arabia and Russia have tightened the medium-sour crude market, traders are quoted as saying by the outlet. Saudi official selling prices of grades such as Arab Light have also been hiked repeatedly this year, supporting benchmark Dubai prices. This has coincided with a jump in trading activity for the difference between the two grades, as well as Dubai related contracts, with open interest on the Brent-Dubai spread hitting a record of 67% y-o-y increase a month ago, according to Bloomberg.

These fluctuations could prompt the rerouting of oil flows across the world , making it more attractive to sell barrels produced in and around the Atlantic Ocean to Asian markets, which in turn leads to shifts in premiums paid for certain crude grades as buyers from different locations try to purchase cargoes, the business information service writes.

CIRCLE YOUR CALENDAR- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

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

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered : The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcasts | Spotify | Google Podcasts | Anghami | Omny.

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair , CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

CIRCLE YOUR CALENDAR-

The Iran Chamber of Commerce, Industries, Mines and Agriculture is hosting the Iran-Vietnam Business Forum today in Tehran, Iran. The forum will bring some 70 Vietnamese business people to hold B2B meetings on a range of sectors, including trade and services, maritime transportation and port operations.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

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