DEBT WATCH-

SCZone wants a big loan to fund green hydrogen projects: The General Authority for the Suez Canal Economic Zone (SCZone) is on course to take out a 15-year, EGP 30-bn loan from a syndicate of local banks to finance the infrastructure for a number of green hydrogen projects, a source at the Finance Ministry told Enterprise Logistics. The authority has secured the Finance Ministry’s guarantee on the loan.

The lenders: Led by the National Bank of Egypt (NBE), the syndicate includes Banque Misr, Suez Canal Bank, CIB, Banque du Caire, and Arab African International Bank.

Not the first of its kind: The authority in 2021 borrowed some EGP 10 bn from the same six banks to develop the Ain Sokhna and Port Said ports, our source said.

SHIPPING + MARITIME-

Maritime navigation in KSA is about to get a boost: Saudi Arabia’s General Authority for Survey and Geospatial Information(GEOSA) has inked a contract with geo-data specialist Fugro to conduct a comprehensive survey of the kingdom’s eastern coastline with the aim of improving safety and efficiency for shipping, according to a press release. Fugro will deploy its high-speed hydrography solution to analyze geo-data across an area of 11k sq km, according to the release. Fugro will also partner with nautical chart creation specialist IIC Technologies to develop the final project deliverables. The hydrographic technologies, which will be deployed by a team of international hydrographic experts, will deliver “rapid and reliable data in compliance with international standards,” Fugro Solution Director Hydrography Marco Filippone commented in the release.

M&A WATCH-

It’s official, Qterminals snaps up majority stake in Kramer Group: Qatar-based terminal operator Qterminals has added Rotterdam-based logistics service provider Kramer Group to its operational portfolio, after acquiring a majority stake in the outfit, according to a company statement. The addition means that the company has established a foothold in the Port of Rotterdam, Europe’s largest port. The statement did not disclose the size or value of Qterminals’ majority stake in Kramer Group.

The arrangement was in the works since last month: Qterminals inked a sale and purchase agreement mid-August, paving the way for the acquisition. The move is expected to boost the company’s standing as it eyes potential projects in Europe and other developed global markets, Qterminals CEO Neville Bissett said at the time. Following the acquisition, Qterminals looks to retain the services of the group’s CEO Andre Kramer as well as “key management personnel and employees,” Bisset also said.

Flensburg-based ferry and cargo group FRS has sold its subsidiary FRS Iberia to Danish ferry operator DFDS, according to a statement. Ferry lines between Spain and Morocco will now be operated by DFDS. The ferry line is expected to transport some 1.9 mn passengers and 370k cars in 2023, and is a market leader in fast ferry operations and freight traffic, according to the statement. The “sale of the Iberia business is an important step for the expansion into new markets and a modernized, low-emission development,” FRS CEO Götz Becker commented.

ALSO WORTH KNOWING-

  • Japan is granting Yemen USD 3 mn in aid to help repair the roads of Aden which were damaged by conflicts and natural disasters. (Statement)
  • Nile Airwill operate two flights a week between Cairo, Egypt and Cologne-Bonn, Germany starting October. (Al Mal)
  • Officials from Iran and Russia have inked a fina lization agreement to begin construction work on the Rasht-Astara Railway by 20 March 2024. (Tasnim)
  • Oman’s Public Authority for Special Economic and Free Zones ( OPAZ ) has launched a digital portal, Omap platform, that provides integrated geographical maps and data on economic zones, freezones and industrial cities in the country. (Statement)
  • Saudi Logistics Academy has launched its second phase of a program to empower women in Singapore and develop leaders in the logistics industry. (SLA)
  • Saudi Arabia’s Transport and Logistics Min ister Saleh Al Jasser has inaugurated the first Airports Council International in Riyadh, for the Middle East and Asia-Pacific. (SPA)
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