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TRADE-
Egypt looks to Kazakhstan for wheat imports: Egypt is in talks with Emirati bank Abu Dhabi Commercial Bank (ADBC) to finance wheat purchases from Kazakhstan, Reuters reports, citing Egyptian Supply Minister Ali Moselhy. The value and terms of the loan as well as the amount and price of the wheat purchase it would cover are yet to be determined, though sources told Reuters the Kazakh wheat will likely provide a better-priced option to Russian wheat. Moscow recently intervened to stop at least one recent purchase of Russian wheat by Egyptian state grain buyer GASC on grounds that the pricing undercut an unofficial price floor.
Shipping could prove a problem: Traders are quoted as telling Reuters any purchase of Kazakh wheat could be logistically challenging since delivering the wheat from the landlocked Central Asian country would require sending it overland through other countries.
Egyptian president signs off on customs breaks for intra-African trade: A presidential decree ratifying the bill for Egypt’s membership in the African Continental Freetrade Area(AfCFTA) agreement was published in its Official Gazette last week, bringing the customs breaks under the agreement into effect. The House of Representatives in June approved a bill ratifying the customs reductions under AfCFTA.
FYI- Countries that have ratified the trade agreement have committed to eliminating tariffs on 90% of tariff lines over five years (10 years for low-income countries).
ZONES-
Qatar + Ooredoo ink MoU to boost international businesses and investments: The Qatar Freezones Authority (QFZ) and Ooredoo have signed an agreement to expand connectivity and ICT solutions for businesses and investors in the country’s freezones, according to a statement. Under the partnership, Ooredoo will offer a comprehensive range of business products and services to QFZ investors, including fixed and mobile connectivity services along with cutting-edge ICT solutions. The company will provide these services through a dedicated office at the Investor Relations Center at the Business Innovation Park in Ras Bufontas Freezone.
RAKEZ eyes stronger e conomic and trade ties with China: CEO of the UAE’s Ras Al Khaimah Economic Zone (RAKEZ) Ramy Jallad wrapped up a roadshow in China’s Guangdong province that involved discussions on enhancing trade and economic cooperation, Emirati news agency Wam reports. Business forums were held in cities including Guangzhou, Shenzhen, and Dongguan where parties explored creating foreign trade platforms to strengthen bilateral long-term bilateral business ties.
Oman’s Public Authority for Special Economic Zones and Freezones’ (OPAZ) Board of Directors has approved a scheme for unifying usufruct fees for lands allotted to companies at Duqm and directed managers at OPAZ to study the feasibility of doing the same at all OPAZ-affiliated zones, according to a statement. The board also considered requests for extending usufruct fee exemptions by local companies, and discussed plans to regulate the electricity sector at the Special Economic Zone at Duqm (SEZAD) in conjunction with the Public Services Regulatory Authority, the statement added.
SCZONE met with delegations from Brazil + Czech Republic: Suez Canal Economic Zone (SCZONE) president Walid Gamal El Din met with Czech Ambassador Ivan Jokel and Brazilian Ambassador Paulino Franco de Carvalho Neto in two separate meetings (here and here). Gamal El Din discussed with both ambassadors avenues for partnership and collaboration, including in the production of green fuels.
SHIPPING + MARITIME-
Mawani + SIRC ink agreement to protect marine ecosystems: The Saudi Ports Authority (Mawani) has inked a cooperation agreement with the Saudi Investment Recycling Company(SIRC) to establish ship waste management and recycling facilities, enhance environmental sustainability, and preserve the marine environment, according to a statement. The agreement also includes a commitment to joint efforts to use satellite-based monitoring, modeling, and simulations in environmental conservation.
Bahri + SAIL ink sustainability MoU: Saudi shipping and logistics company Bahri inked an agreement with SAIL, a subsidiary of the Saudi Investment Recycling Company, to collaborate on sustainable shipping and eco-friendly practices in the maritime sector, according to a statement.
INFRASTRUCTURE-
Oman awards new contract to complete strategic road east of the country: Oman’s Transport, Communications, and Information Technology Ministry has awarded a OMR 4 mn tender for the design and construction of the second phase of a new road linking Wadi Bani Jaber to Wilayat Sur in the east, Muscat Daily reports. The new 6km stretch will help boost tourism, while addressing challenges, such as the uneven terrain that demands substantial cutting and filling, Youssef al Mujaini, director of the road construction department at the ministry, said.
RAIL-
Egyptian president greenlights USD 400 mn World Bank loan for the Cairo-Alex freight link: Egyptian president Abdel Fattah El-Sisi ratified the USD 400 mn loan from the World Bank to support the development of the Cairo-Alex freight link, according to the Official Gazette.
REMEMBER - The Egyptian transport ministry plans to launch a tender for the construction of the Cairo-Alex freight in Q1 2024, with 11 consortia already qualified for the tender. Reports claim that the ministry will announce the consortia later this year and award the contracts in April.
ALSO WORTH KNOWING-
- Chairman of the General Autho rity for the Suez Canal Economic Zone Walid Gamal El Din met with Ambassador of Brazil to Cairo Paulino Franco di Carvalho Neto to discuss enhancing cooperation between the Suez Canal Economic Zone and Brazil. (Statement)
- EgyptAir resumes air cargo flights to the US: EgyptAir has resumed air cargo flights between Egypt and the US after an eight-year hiatus. (Statement)
- Dubai based airline flydubai is introducing daily flights from Dubai to Penang and Langkawi in Malaysia starting 10 February 2024, making it the first airline to offer flights from the MENA region to Langkawi. (Statement)
- Etihad Airways is doubling its daily flights between Abu Dhabi and Kuala Lumpur to 14 flights per week starting 15 January 2024. (Wam)
- Qatar Freezones Authority (QFZ) vice chair Mohamed bin Ali Al Mannai met with Beijing Municipal Committee of the Chinese Communist Party Secretary Yin Li in Ras Bufontas Free Zone to discuss prospects for collaboration and investment. (Statement)
- Oman’s Undersecretary of the Transport Minis try Khamis Al Shamakhi headed a delegation to China to discuss cooperation and knowledge transfer in the transport sector. (Statement)
- Head of the General Company for Ports of Iraq Farhan Al Fartousi met with representatives from Chinese oil and gas company Sinopec to discuss collaboration in developing Iraq’s Grand Faw Port. (Statement)
