Good morning, lovely people. It was an eventful weekend, what with the G20 summit and a devastating earthquake hitting Morocco, so without further ado…

THE BIG LOGISTICS STORY- Leaders from the US, Saudi Arabia, India, and the EU inked an MoU for a logistics megaproject that will set up rail and shipping links between South Asia, the Arabian Gulf, and Europe on the sidelines of the G20 summit in Delhi.

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

ONE WEEK TO GO- There are just seven days until the Enterprise Finance Forum, which takes 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.

What to expect: Join Amr Allam (co-CEO, Hassan Allam Holding), Pakinam Kafafi (CEO, Taqa Arabia), Sherif El Kholy (partner and head of MENA, Actis), Tarek Abdel Rahman (managing partner, Compass Capital), Tarek Assaad (managing partner, Algebra Ventures), Ahmed Sobhy (chief investment officer, Banque Misr), and many others for talks on everything from how PE and VC players are tackling fundraising in a challenging climate to what major corporate customers of banking and finance need to see from their institutions.

Tap or click here to view the FULL AGENDA with SPEAKERS.

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- Morocco earthquake devastates infrastructure in remote areas, making rescue efforts a challenge: An earthquake hitting Morocco and leaving 2k people dead has left some areas of the country, especially remote towns with little earthquake resistant infrastructure, affected, the New York Times reports. Some roads were blocked by landslides due to the earthquake, making accessibility and rescue efforts much more difficult, head of International Federation of Red Cross and Red Crescent Societies Sami Fakhouri is quoted as saying. Only six roads have had access restored, with 14 other regional roads still blocked, the outlet cites an Interior Ministry statement as saying.

Air routes are opening up though: Most flights to Morocco resumed on Sunday following the earthquake’s aftermath, the National reports. Algeria has also opened its air space to its neighbor, with whom it had broken ties two years ago, for humanitarian and medical flights, Al Arabiya reports.

ALSO- India rallies partners in bid to promote biofuel use: India launched a Global Biofuel Alliance — which includes key producers Brazil and the US — during the G20 summit in Delhi to promote the use of biofuels and develop a global market for the trade, Bloomberg reported. Indian Prime Minister Narendra Modi called on G20 members to collaborate on boosting biofuel use, which will help reduce emissions from transport and industrial activity.

HAPPENING THIS WEEK-

Four major Libyan oil ports shut down as country braces for hurricane: Libya’s oil exporting ports at Ras Lanuf, Zueitina, Brega and Es Sidra closed on Saturday for a period of three days as a precautionary measure ahead of an expected hurricanes, engineers reportedly told Reuters.

AP Moller -Maersk has partnered with Port of Salalah and Oman Airport to initiate its first sea-air logistics solution via Oman, according to a company statement. The Sea-Air solution moved cargo from Colombo, Sri Lanka, to Cairo, Egypt. The first phase of transportation took place on a Maersk vessel from Colombo to Salalah port. The cargo was then shipped to Salalah airport within a customs-bonded passageway, after which it was air freighted to Cairo. The new sea-air solution can see transit times decrease by 20-40% compared to ocean transportation, as well as cut costs by 10-20% in contrast to air freight solutions.

UAE-Iran trade has surged in recent months as the UAE loosens self-imposed constraints on business activity,the Financial Times reports, citing industry experts and officials. The UAE recently eased restrictions on corporate registrations and the issuance of visas to companies from Iran, which remains isolated by stringent US sanctions, the FT adds. “Pressure from the UAE central bank has decreased and some Emirati banks have started opening bank accounts,” said former head of the Iran-UAE chamber of commerce Masoud Daneshmand. Business activity has also increased among Iranian companies in the UAE, Daneshmand adds.

WATCH THIS SPACE- Trade agreement on the way for Pakistan and UAE? Pakistan is expected to sign a comprehensive economic partnership agreement (CEPA) with the UAE during a visit by an Emirati delegation in the last week of September, Arab News quotes Pakistan’s Caretaker Commerce Minister Gohar Ejaz as saying. The visit will focus on trade and investment, Ejaz told Arab News. Both countries are reportedly optimistic to sign the agreement, but there remains “some issues which are being negotiated” before they finalize it, Pakistan’s ambassador to the UAE Faisal Tirmizi told Arab News.

DATA POINT- Air cargo and mail volumes in Qatar dropped by 1.2% y-o-y in July to 195k tonnes, according to a statement by Qatar Civil Aviation Authority (QCAA). Meanwhile, aircraft movements rose 20.1% to 22.6k.

The global economy is on the brink of a “shallow trade recession”: Oxford Economics predicts a “shallow trade recession,” with the global volume of goods traded potentially dropping by 1.5% this year but rebounding by 2.3% in 2024, Bloomberg reports. Global goods trade volumes fell at some 2% y-o-y in 2Q 2023, Oxford says, with indicators suggesting “more weakness ahead, but then a modest upturn at the end of 2023 and in early 2024.”

This comes as major exporters record persistent declines in trade figures, albeit while showing signs of recovery. China’s exports continued to decline in August, albeit at a slower rate than before, while South Korea also saw a more moderate decline in exports during the month. Germany’s industrial output is struggling, with factory weakness providing “more evidence of elevated recession risk for the German economy,” according to ING. Despite challenges, container ship traffic through Russian seaports is increasing, possibly indicating Russia’s reintegration into global trade.

MARKET WATCH-

The Baltic Exchange’s m ain sea freight index inched up to its highest levels in six months,driven by improvements in the largest capesize segment, Hellenic Shipping News reports. The index rose 11.4% for the week, while the overall index, which factors in rates for capesize, panamax, and supramax vessels hauling dry bulk, increased 4% — its strongest showing since 22 August. The capesize index — which is the index’s largest component — increased 8.4%.

The Drewr y World Container Index fell by 3.4% to USD 1.68k per 40-ft container last week,according to Drewery. This is 84% below the peak of USD 10k seen in September 2021 and 37% lower than the 10-year average of USD 2.7k, indicating a return to normal prices. The recent index does, however, remain 18% higher than pre-pandemic rates of USD 1.4k.

NON-LOGISTICS REGIONAL HEADLINES-

  • UAE: German polymer materials manufacturer Covestro will enter into formal open-end discussions with Adnoc over a takeover, which values the company at around USD 12.4 bn . (Press release | Reuters)
  • KSA: Saudi Arabia is in talks with the US to secure metals in Africa needed for both countries’ energy transitions in a bid to curb China’s dominance in the electric-vehicle supply chain. (WSJ)
  • EGYPT: Egypt’s annual urban inflation accelerated to a new all-time high of 37.4% in August,according to data published by state statistics agency Capmas (pdf), surpassing July’s record of 36.5%.

CIRCLE YOUR CALENDAR-

London International Shipping Week (LISW) will begin today and run till Friday 15 September in London, UK. The event will be held under the themes of compliance, decarbonization, business and technology, security, and skills. The event — which takes place every two years — is a week-long cluster event that will include seminars, conferences, and product launches. It brings together leaders and professionals from the global shipping industry, including ship owners, brokers, traders, regulators, and other stakeholders to network and share expertise and knowledge on the maritime sector.

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 Libyan Moroccan Forum for Trade and Business is starting today in Tangiers, Morocco and will run till Thursday. The event will be held in partnership with the Libyan Export Development Centre and with support from the Libyan Economy and Trade Ministry. The event aims to connect Libyan and Moroccan suppliers, exporters, chambers of commerce, and freezones with Maghreb and African markets, General Manager of Outbox Team event management company Yassine Bousrewil told the Libya Herald. The event will bring together some 100 business and commercial leaders from Libya to enhance trade and economic exchange between the two countries.

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.

The Global Trade and Supply Chain Summit is taking place on 19-20 September at the Address Dubai Marina Hotel, UAE. The event, hosted by Economist Impact, will bring together some 500+ business and supply chain leaders, high level government representatives, and policymakers to discuss the implications of trade policy, business logistics, supply chain diversification from China, sustainability, product traceability, digital trade, customs compliance and evolution, supply chain resilience, and trade in emerging regions, among other topics.

The Saudi Maritime Congress will take place at Dhahran Expo in Dammam, Saudi Arabia on 20-21 September. The event will bring together regional and international professionals from the maritime, shipping, and logistics sectors to meet, network, and do business with some 120 leading maritime exhibitors.

The Shaping the Future of Shipping Summit , organized by the International Chamber of Shipping, will take place on 9 December in the UAE. The event will bring together governments and leaders in energy, maritime, and all parts of the supply chain to discuss plans to address climate change and help transition the industry towards sustainability.

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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