Good morning, friends. We have another tight issue for you this week as the newsflow trudges on with more updates from Egypt, Morocco and Iraq.

THE BIG LOGISTICS STORY- Egypt’s General Authority for Freezones and Investments has approved the establishment of a USD 16.2 bn industrial zone, meant to become a hub for logistics, financial and business centers, and commercial and administrative centers.

THE BIG LOGISTICS STORY ABROAD- Brics leaders have agreed to a mechanism to allow new members into the bloc, Reuters quotes South African foreign minister Naledi Pandor as saying on a ministry-run station, following a meeting that took place at the three-day summit in South Africa. “We have a document that we’ve adopted which sets out guidelines and principles, processes for considering countries that wish to become members of BRICS…That’s very positive,” Pandor is quoted as saying. The minister did not provide further details, but said that the leaders will make an announcement on expansion before the summit ends on Thursday.

Great news for countries in the region: Several countries in the Middle East region, including Egypt, the UAE, KSA, Iran, and Algeria, have been looking to join the alliance, which is working to reduce reliance on the USD in trade and strengthen trade and economic cooperation among emerging economies.

China also backed a potential Brics expansion during the gathering, saying that “we will forge a stronger Brics strategic partnership, expand the Brics plus model, and actively advance membership expansion,” Chinese Commerce Secretary Wang Wentao said in a read-out of President Xi Jinping’s statement.

There are caveats, though: Both South Africa and Russia are backing the addition of new members, though India is worried about China’s influence in the group, and Brazil is worried about alienating the West, Bloomberg reports.

HAPPENING TODAY-

Suez Canal traffic resumed normally hours after a minor collision took place in the Suez Canal yesterday between Singapore-flagged LNG Carrier BW Lesmes and tanker Burri,Suez Canal Authority (SCA) boss Osama Rabiee said in a statement. The collision occurred when the LNG carrier halted suddenly due to a technical failure, causing the tanker to make “slight contact” with the carrier. SCA tug boats were able to tow the tanker and the carrier out of the waterway.

Good news about the lockjam at the Panama Canal: A backlog of vessels at the Panama Canal due to drought-related transit restrictions has started easing after the Panama Canal Authority (PCA) opened two additional daily slots for non-booked vessels, and as some ships take alternate routes, Reuters reported. The number of vessels allowed to transit the canal is still capped at 32 per day, however, down from the usual 36. Some 125 vessels were awaiting transit as of Tuesday, down from 160 two weeks ago, records showed, while 40 vessels are en route to the canal, compared to 50 two weeks ago, the newswire wrote citing Refinitiv Eikon data.

More details on the new multipurpose terminal at Egypt’s East Port Said Port: Egypt-based Sky Logistics and Reliance Logistics’ new 900-meter multipurpose terminal being developed at East Port Said Port will see investments worth USD 565 mn, Suez Canal Economic Zone Chairman Walid Gamal Eldin told Asharq Business (watch, runtime: 1:05). Egypt’s President El Sisi recently ratified a decision awarding the contract to the consortium.

Saudi Arabia is entering the United Nations Convention on Contracts for the International Sale of Goods (UNCISG) — also known as the Vienna Convention — as of the beginning of September, according to a UN statement. The CISG — a global uniform international sales treaty — helps facilitate international trade by eliminating legislative obstacles and establishing standardized rules to govern global sales contracts. Saudi Arabia acceded to the full code, except for a section that pertains to interest, which is prohibited under Islamic law.

WATCH THIS SPACE- AD Ports Group’s Fujairah Terminal wants to use its Etihad Rail connection to boost trade with Asia, the company’s CEO Abdulaziz Al Balooshi told S&P Global. Fujairah is exploring potential for trade with East Asia, the Indian subcontinent and East Africa, al Balooshi is quoted as saying. The Etihad Rail connection — which links Fujairah with Al Ghuwaifat on the Saudi Arabia border — has helped slash vessel turnarounds by one to two days, and is meant to help open up new trade routes.

CHECK OUT OUR AGENDA-

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.

This is our first two-day event,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS.

Our full agenda will be out at month’s end. Among the topics we’ll be discussing:

  • Looking into the crystal ball: Top industry CEOs will join us on stage to answer tough questions on where we are as an industry, the forces that will shape all of our businesses going forward, and their views on dealflow in the year ahead.
  • Surviving nuclear winter: We discuss how private equity and venture capital players are tackling challenges including fundraising and deployment in an environment in which it’s awfully difficult to price your local asset in USD terms.
  • The robots are coming: We explore what the coming AI and big data means for the industry in our part of the world and what can bankers, NBFI, and fintech players do to capitalize on them.
  • What do you do when nobody wants to be a banker — and when those who are already (investment or commercial) bankers are either (a) dreaming of doing their own startup or (b) moving to Dubai (or, increasingly, Riyadh)? We go deep into the weeds with industry leaders on how they’re building talent for tomorrow.
  • NBFIs are a bubble. Prove me wrong: We chart the explosive rise of NBFIs and ask whether the industry is ready for a wave of consolidation. We’ll dive into whether consumer finance is starting to mature as a segment — and ask which sector is next.
  • Fintech in 2024: What’s hot and what’s not: We dive deep into which categories are getting traction, where the untapped potential is, what business they would start today if they could, and what we can expect of the sector in the year ahead.
  • What’s a bank, anyway? Wherein we talk challenger and neobanks with the players looking to shake up the brick-and-mortar industry.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

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.

CIRCLE YOUR CALENDAR-

The Iran-Armenia Business Forum will take place later this week at the Yerevan Expo Center in the Armenian capital, Iran’s semi-official Tasnim news agency cites Armenia’s Economy Ministry as saying. The event will bring together Iranian and Armenian officials and traders to discuss options for exports and investments in Iran’s freezones and special economic zones. Import and export companies operating in home appliances, textiles, cosmetics, automotive parts, and greenhouse and agricultural equipment, will also participate, Tasnim reports.

Algeria’s speaker of the People’s National Assembly Ibrahim Boughali is in Tehran this week for a five-day visit that will see him discuss enhancing bilateral trade and economic cooperation with his Iranian counterpart, Mohammed Qalibaf, Iran’s state-run Islamic Republic News Agency reports. The two officials already discussed potentially expanding shipping routes, Iran’s state-aligned Tasnim News Agency reported.

Saudi Arabia will host the Sustainable Maritime Industry Conference from Monday, 4 September to Wednesday, 6 September in Jeddah. Organized by KSA’s Transport and Logistic Services Ministry, the event will feature over 50 speakers to spotlight sustainability, new technologies, and digitization efforts in the maritime industry. Speakers will include International Maritime Organization Secretary General Kitack Lim and World Ocean Council CEO Paul Holthus.

The Leaders in Logistics KSA Summit takes place on 5 September at the Crowne Plaza in Al Waha, Riyadh. The summit will delve into the national initiatives that aim to enhance Saudi Arabia’s logistics sector, highlighting the latest market trends and the importance of tech and sustainability to the sector.

Qatar’s Transport Ministry is organizing a sustainable transport conference on Sunday, 17 September to Monday and 18 September at the Doha Exhibition and Convention Center. The conference will demonstrate Qatar’s plans and strategies towards an comprehensive, integrated, and eco friendly transportation system, as well as latest technological innovations in the sphere of sustainable transportation.

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

Tags: