Good morning, wonderful people. We have another light issue for you this morning as the newsflow remains slow, with just a few key updates on stories we’re keeping an eye on.

THE BIG LOGISTICS STORY- There’s no single big story this morning, but we have the run-down on Adnoc’s water treatment and transportation project, which has reached financial close, as well as a handy explainer on the logistics of trading and transporting renewables.

HAPPENING TODAY-

The International Exhibition of Rail Transportation & Related Industries (Iran Rail Expo) kicked off yesterday and will run until 29 September at the Tehran International Permanent Fairground, in Iran. The event will explore important projects in Iran, including railway infrastructure, automatic train operation, rolling stock and the Tehran-Esfahan high speed rail contract. The event brings together railway managers, government officials, military forces, chamber of commerce, rail industry experts, signaling companies, and more parties from the industry.

Have Iran + India finalized the Chabahar port agreement? On the sidelines of the Iran Rail Expo, Iran’s Roads and Urban Development Minister Mehrdad Bazrpash reportedly said that Indian firms’ investment contract for the Chabahar strategic port have been finalized, semi-official Tasnim news agency reports as saying at the event.

It's been in the works for a while: Last we heard, India and Iran had mostly settled issues to do with the terms of a contract for the development of India’s Chabahar port, with only one paragraph remaining to be settled. The two sides were expected to finalize the long-term agreement later this month or early October. The two countries, which have been relying on short-term one-year agreements for the development and running of the terminal at Chabahar Port, have been looking to implement a longer term, self-renewing 10-year agreement. They also recently agreed that they would not turn to commercial arbitration for disputes that arise between users and operators of the port.

SAL Saudi Logistics Services saw its shares fully subscribed on the first day of the book building process for institutional investors amid high demand, Arab News reports. SAL set a price range of USD 26.13-28.28 per share, putting it on track to raise some USD 627-678 mn. The book building process kicked off on Monday and will run until 1 October. Retail investors’ subscription period will kick off on 11 October and run until 13 October.

REMEMBER- Saudia Arabian Airlines and Tarabot Air Cargo services are jointly listing a 30% stake in their subsidiary SAL on the Saudi Tadawul Exchange, with both shareholders offering 24 mn shares.

Advisors: HSBC Saudi Arabia was tapped as the sole bookrunner, underwriter, financial advisor, global coordinator and lead manager for the IPO.

WATCH THIS SPACE- Kuwait’s Abdali Economic Zone (AEZ) is set to be inaugurated in FY 2024-2025, Arab Times reports, citing sources in the know. The Kuwait Direct Investment Promotion Authority (KDIPA) will receive financial support from the government, including KD 600k for consultations, including the management of the economic zone. KDIPA launched an auction for a feasibility study earlier this year, aiming to increase the involvement of private firms in the project’s development.

Russian attacks continue to target Ukraine’s grain exporting infrastructure: Russian air strikes and shelling killed six and wrought “significant damage” to Ukraine’s Black Sea port and grain storage facilities, Reuters reported, citing Ukrainian officials. Continuous attacks have made it difficult for Ukraine to export grain since Moscow exited an internationally brokered Black Sea grain trading initiative in mid-July.

MARKET WATCH-

Fractal Shipping looks to expand business in Turkey + Persian Gulf: Geneva-based Fractal Shipping is mulling an expansion of its fleet of 28 ships to include ships that are less than 10 years old, while seeking more business in India, Turkey and the Gulf as shipments for Russian products has declined, CEO Mathieu Philippe said in an interview with S&P Global. The firm was one of the largest tankers operators exporting from Russia, with 50% of its shipments coming from Russia from December 2022,until oil and crude prices breached the EU and G7 oil price cap.

Oman and Bahrain are set to increase th eir diesel fuel production as they expand refineries, increasing consumption of regional crude andpotentially tightening supply of Mideast oil further, Bloomberg reports. The novel Duqm refinery — a joint venture between Oman and Kuwait — has started exporting the initial shipments of refined products, Bloomerg adds, citing sources in the know. The refinery, which produces 230k barrels a day (bbl / d), will become fully operational by the beginning of the upcoming year. Bahrain is also looking to expand its Sitra refinery by 2024, increasing its capacity to 400k barrels a day from 267k a day. The two new refineries will further limit supply of Middle Eastern crude, during a period when global output is already under pressure following OPEC+ supply cuts.

NON-LOGISTICS REGIONAL HEADLINES-

  • UAE: The UAE is planning a new visa system that would allow residents in the GCC to travel freely across the borders of the bloc—comprising Bahrain, Oman, Kuwait, Saudi Arabia, and Qatar, in a bid to boost tourism. The visa system is expected to roll out “very soon” UAE Economy Minister Abdulla bin Touq Al Marri said. (Bloomberg)
  • KSA: Saudi Arabia’s first newly appointed envoy to Palestine visited Palestine’s President Mahmoud Abbas in his first ever visit to the West Bank on Tuesday, while Israel’s tourism minister became the first senior Israeli official to make a public visit to the kingdom. This comes as the US resumes its push for Saudi Arabia and Israel to normalize ties. (Associated Press)

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 Dubai World Congress for Self-Driving Transport kicked off yesterday and will run till today at the Dubai World Trade Centre. The congress features 53 speakers, 18 seminars and workshops, eight discussion panels, and is bringing together researchers, experts, and developers of autonomous mobility technology. The event is hosted by the Road Transport Authority and will focus on self-driving buses.

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.

The Total Freight Worldwide’s Fresh Summit 2023 will take place in Madrid, Spain on 4 October, where participants will discuss the latest trends in transportation of perishable cargo.

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.

The GCC-Türkiye Economic Forum is set to take place on 11-13 Novembe r in Çırağan Palace Kempinski Hotel, Istanbul, Turkey . The event will cover trade, investment and finance, energy, infrastructure, transportation and logistics, industry, tourism, agriculture and food, and sports sectors.

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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