Good morning, friends. We have a nice, light issue for you today, as conference season continues with multiple infrastructure- and transport-related forums to keep an eye on.

THE BIG LOGISTICS STORY- Saudi Arabia’s S AL Saudi Logistics Services’ IPO subscription cou ld raise some USD 627-678 mn in its upcoming IPO, after it set its indicative price yesterday. Over in Qatar, GWC has inaugurated the second phase of its Al Wukair Logistics Park.

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

THE BIG LOGISTICS STORY OUTSIDE THE REGION- Russia has tweaked its fuel export ban: Russia has quickly tweaked a temporary ban on its exports of gasoline and diesel that it introduced on Thursday to exempt bunker fuel used for some vessels, as well as diesel with high sulfur content, according to a government decree. The initial ban came in a bid to stabilize its domestic market, after suffering from shortages of gas and diesel in the past few months, and is expected to be “short-lived and completely lifted once the harvest is over next month,” Reuters cited analysts as saying.

The news got a lot of ink in the foreign press: Bloomberg | Economic Times | Marine Link .

Iraq’s central bank will restrict all internal commercial transactions to the IQD as of next year in a bid to curb usage of the USD outside Iraq’s banking sector, it said in a statement yesterday. The central bank will also stop providing money for foreign trade and restrict its role to “supervision and monitoring,” according to the statement. It also said it’s working on opening transfer channels in various currencies, including the AED, TRY, INR and EUR, as it weans itself off of reliance on the USD.

HAPPENING TODAY-

AIIB meeting wraps today: Delegations from member states of the Asian Infrastructure Investment Bank (AIIB) are in Sharm El Sheikh today for the second and final day of the China-led multilateral lender’s annual board meeting. The two-day meeting features discussions on infrastructure connectivity across Asia and beyond, as well as multilateral cooperation and sustainable growth in the infrastructure sector.

Egyptian, Iranian finance ministers talk boosting trade ties at the AIIB meeting: The meeting saw Iran’s Economic Affairs and Finance Minister Seyed Ehsan Khandouzi discuss bolstering trade with Egypt’s Finance Minister Mohamed Maait, semi-official Iranian news agency Tasnim reports. Iran is ready to develop its bilateral cooperation with Egypt through the AIIB, the Islamic Development Bank, Misr Iran Development Bank (MIDB), as well as joint companies in the textile and shipping sectors, Khandouzi added. They also agreed to increase the capital of MIDB, according to an Iranian relations office in Cairo statement, without clarifying the targeted size of the capital increase.

China’s Global Sustainable Transport Forum kicked off yesterday and wraps today in Beijing. The two-day event brings together high-level officials and representatives from international organizations to help boost international transport cooperation and achieve sustainable development. The forum saw Omani Transport, Communications, and IT Minister Saeed al Mawali and Saudi Transport and Logistics Services Minister Saleh Al Jasser, meet to discuss boosting transport and logistics ties between the two countries, Oman News reports.

NON-LOGISTICS REGIONAL HEADLINES- It’s all about IPOs in the Gulf this morning:

  • UAE: Emirati supermarket franchise Spinneys is planning to IPO up to a 30% stake in 2Q 2024, and has reportedly hired Rothschild & Co as its advisor. (Reuters)
  • KSA: A unit of Saudi travel company Seera, Lumi, debuted on the Saudi Tadawul exchange, with shares soaring 30%. (CNBC)

CIRCLE YOUR CALENDAR-

The Engineering Export Council of Egypt (EEC) will lead a trade mission consisting of 22 Egyptian companies to Iraq from 23 to 29 September. The delegation will tour Erbil and Baghdad. The participating companies, which operate across various sectors of the engineering industry, will be looking to secure export agreements with the Iraqi market.

The TMS Transportation and Climate Change Conference (TACCC) will kick off tomorrow in Abu Dhabi. The one-day event will gather industry leaders, experts, policymakers, and innovators together to discuss the climate-related challenges and actionable solutions that can guide us towards a sustainable future in the transport sector.

The Gulf-Iraq Business Forum is set to take place in the UAE on 26 and 27 September. The forum will bring together key stakeholders, opinion leaders, and economic drivers to discuss bilateral cooperation and investment plans in the private and public sectors, as well as ways to enhance economic relations across several fields. The forum will also discuss economic obstacles and potential areas for development in Iraq and GCC countries, including potential areas for trade and investment.

A Saudi-Turkish Summit is scheduled to take place in Istanbul, Turkey on 8-12 October. Organized by the Türkiye Exporters Assembly in coordination with the Turkish Commerce Ministry, the summit will be attended by Turkish exporters and 70 members of Saudi Arabia’s Riyadh Chamber of Commerce. The participants will also include representatives from an array of sectors including food, non-ferrous metals, textiles, ready-made garments, chemicals, and furniture.

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 government officials 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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