TODAY: Sustainable Maritime Industry Conference wraps today in KSA + KSA, Russia extend oil cuts to December

Good morning, lovely people. The newsflow continues to pick up as we edge closer towards the end of the week, with several updates on Egypt, Iraq and Kuwait — as well as purchasing managers’ indices giving us a snapshot of how supply chains performed across the region in August.

THE BIG LOGISTICS STORY- Non-oil private sectors in the UAE, Saudi Arabia, Qatar remained firmly in growth territory, despite growth slowing in pace, while Egypt remained in contraction, but continued to show positive signs of recovery. Meanwhile, Hassan Allam Utilities and Agility’s JV Yanmu Logistics Park received a USD 48.5 loan from an Egyptian bank for its Yanmu East logistics park in Egypt.

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

COUNTDOWN- There are just 12 days until the Enterprise Finance Forum, taking place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

You won’t want to miss this one: Join Basel El Hini (chairman, Housing and Development Bank), Hazem Hegazy (CEO and vice chairman, Al Baraka Bank), Ibrahim El Missiri (CEO, Somabay), Lamyaa Gadelhak (Partner, Baker McKenzie), Ashraf Sabry (founder and CEO, Fawry), Dalia Wahba (CEO, Hassan Allam Utilities) and many others for talks on everything from how banks are transforming, to calling the future giants in fintech. Stay tuned for the unveiling of our full list of speakers in the coming days.

Tap or click here to REGISTER or view the FULL AGENDA.

We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.

THE BIG LOGISTICS STORY ABROAD- KSA + Russia extend their oil supply cuts till end of year: Saudi Arabia and Russia have extended their oil supply curbs until the end of December as they look to further support the “stability and balance of oil markets,” Saudi Press Agency(SPA) cites an official source from the Energy Ministry as saying. Saudi Arabia will extend its voluntary cut of 1 mn barrels per day (bb/l), and will review whether to alter the rate of production on a monthly basis, the source added. Russia also extended its decision to voluntarily reduce its oil exports by some 300k bb/l until the end of this year, and will review the decision on a monthly basis, Reuters writes.

Market reax: Oil prices rose sharply following the news of the cuts, which were more aggressive than expected,, with Brent rising above USD 90 a barrel for the first time since November despite steady increases in Iranian and Venezuelan oil exports.

The story got a lot of ink in the foreign press: Bloomberg | Reuters | AP | CNBC | NYT.

HAPPENING THIS WEEK-

The Sustainable Maritime Industry Conference wraps today at the Ritz Carlton in Jeddah, Saudi Arabia. The conference brings together some 2k participants and 50 speakers to dive into topics of innovation and digitization, capacity building, new technologies, and sustainability in the maritime industry

Yesterday saw Saudi firms + organizations sign several training + R&D-related agreements: Saudi Arabia’s Transport General Authority (TGA) signed a tripartite agreement with ABS and Zamil Marine to study the development of regulations, technical standards, and scientific practices for the construction, operation and maintenance of autonomous vessels, according to Saudi Press Agency. The authority also signed an agreement with Saudi carrier Bahri and the International Maritime Organization (IMO) to support its Next Wave Seafarers project, which trains maritime students from island countries. The Saudi Logistics Academy also agreed to boost cooperation with Escola Europea de Short Sea Shipping in training and education in logistics.

FINALLY- The TGA also partnered up with the IMO on three environmental initiatives to protect marine life and help reduce pollution, SPA said.

ALSO - Could Saudi Arabia + Iraq reopen the air route between their capitals? Saudi Transport and Logistics Minister Saleh Al Jasser also met with his Iraqi counterpart, Razzaq Al Saadawi, and discussed potentially reactivating the Baghdad-Riyadh air route during the conference, Iraqi news agency INA reports. The two countries have slowly been opening up their airspaces to each other following decades of suspension, with Flynas resuming flights between Jeddah and Erbil in April. The pair also touched on strengthening maritime transport cooperation through an agreement aimed at boosting trade exchange and traffic of intra-trade ships.

WATCH THIS SPACE- A Saudi delegation is set to visit Iraq soon to discuss possible investments in Iraq’s Development Road project, which looks to establish a road and railway link between Iraq’s southern port of Al Faw and the country’s northern border with Turkey, INA reported. Iraqi officials have been touring the region as part of a roadshow to rally investments for the project.

The Jordan Economic Conference yesterday kicked off its 23rd edition, which wraps up today. The event, held under the theme “Innovation in E-Commerce,” brings together high-level officials to focus on several key objectives and initiatives related to e-commerce and its development in Jordan, Jordanian news agency Petra reports.

MARKET WATCH-

Iran’s oil exports hit five-year record: Iran exported 1.85 mn barrels per day (bbl / d) of crude oil and condensates in August, representing a 38% m-o-m surge and 54% increase from January figures, Iranian state news agency IRNA reported. August’s volumes are the highest since the Trump administration withdrew five years ago from an internationally-brokered agreement that saw sanctions on Iran lifted in return for Iran putting a stop to its nuclear program. Washington’s unilateral withdrawal and the agreement’s collapse saw the reimposition of strict sanctions targeting Iran’s oil sector.

NON-LOGISTICS REGIONAL HEADLINES-

• EGYPT: Egypt is reportedly set to provide seven initial priority sectors — including petrochemicals, green hydrogen, solar energy, EVs, mining, textiles, and electronics — tax exemptions in a bid to boost industrial activity and localization. (Asharq Business)
• UAE : UAE firms including Masdar, Abu Dhabi Fund for Development, Etihad Credit Ins. and Amea Power are pledging USD 4.5 bn to finance climate projects in Africa to accelerate clean-energy projects. (Bloomberg)

CIRCLE YOUR CALENDAR-

The Logistics and Transport Management conference continues today and wraps on Friday, 8 September in Dubai, UAE. The event, hosted by EuroMaTech, will teach attendees how to utilize modern purchasing management techniques, enhance their negotiation skills, manage inventories more efficiently, and improve control over warehouse and transportation operations.

The Belt and Road Summit will be taking place on 13-14 September at the Hong Kong Convention and Exhibition Centre, Emirati news agency WAM reports. The event, hosted by the Government of the Hong Kong Special Administrative Region and Hong Kong Trade Development Council, will bring together government officials and business leaders from countries and regions along, and beyond, the Belt and Road to cooperate and explore potential business avenues. The summit will have Middle East-focused sessions with the aim of exploring cooperation in urban transport, infrastructure projects, renewable energy, logistics, and technology.

The Sustainable Transportation and Legacy for Generations Conference and Exhibition, which is organized by Qatar’s Transport Ministry and sponsored by Qatar Airways Group, Mwani Qatar, and QNB, will take place on 17-18 September at the Doha Exhibition and Convention Centre, Gulf Times reports. The event will cover transportation sector trends, strategies for eco-friendly transit systems, and Qatar's role in global aviation. The conference will include six panel discussions featuring over 20 speakers from various transportation entities.

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