Good morning, lovely people. The newsflow is still dominated by the events in Gaza — including their impacts on logistics in the region — but we also have some big updates coming from Egypt and the UAE.

THE BIG LOGISTICS STORY- Egypt’s House of Representatives has given final approval for an AD Ports-led consortium to develop, build, manage, and operate Safaga Port for 30 years through the Safaga Stations Operating Company.

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

Lebanon’s Middle East Airlines has parked five of its 25 planes in Turkey’s Istanbul Airport “until further notice,” as a precautionary measure amid escalating violence in the Israel-Hamas war, an MEA spokesperson told Reuters. Its operations have yet to be impacted by the decision, with flights operating as normal across its 19 other planes. The decision comes as the Israel-Hamas war spills over into Lebanon, with Iran-backed Hezbollah, Palestinian armed groups and Israel engaging in violent clashes across the Lebanese border.

PSA-The Suez Canal is hiking transit fees by 15% for crude oil tankers, liquefied petroleum gas carriers, petroleum product tankers, liquified natural gas carriers, chemical tankers, containerships, vehicle carriers, as well as liquid bulk tankers, according to a circular (pdf). Transit fees for dry bulk vessels, general cargo vessels, and roll-on/roll-off vessels will be increased by 5%. The transit fee hikes are effective 15 January, 2024.

Exempt from the fee hikes: Containerships coming from ports in North-West Europe and heading to ports in the Far East, according to the circular.

WATCH THIS SPACE- Abu Dhabi International Airport’s new terminal is set to become operational by 1 November, according to a statement. Airlines are scheduled to relocate to the new terminal over the two week period from 1 to 14 November, following a ceremonial flight from Abu Dhabi’s Etihad Airways on 31 October. Fifteen international airlines, including Wizzair, are planning to take off on 1 November. Etihad Airways will run its flights from the new terminal as of 14 November, alongside Air Arabia Abu Dhabi and 10 other airlines.

Background: Construction on the new terminal started in 2012 and was initially set to be complete by 2017. While it was 97.6% complete in 2019, funding disputes between Abu Dhabi Airports and contractors delayed its opening.

HAPPENING THIS WEEK-

The two-day Belt and Road Forumstarted yesterday in Beijing with the aim of coordinating the development of China’s ambitious Belt and Road Initiative (BRI). Officials from more than 130 countries are reportedly attending the event, which marks the 10-year anniversary of the launch of the multi-tn USD global infrastructure investment strategy aimed at deepening China’s trade ties with the world and expanding its economic influence, Reuters reports.

China is trying to revive the Belt and Road Initiative with a bigger pool of lenders for financing following a pullback in loans from China’s large policy banks, the Wall Street Journal writes. These newcomers are teaming up with Western banks and multilateral lenders to leverage their experience, while focusing on much smaller, greener projects, the outlet writes. The initiative is also regaining momentum after lending and construction fell during the pandemic, with six Chinese firms inking BRI-related construction and investment agreements worth some USD 40 bn during 1H 2023, WSJ writes. “The BRI isn’t dead. It did take a long nap,” senior fellow at AEI Derek Scissors said.

Taliban participating in the forum: The Taliban, which since its return to power in Kabul in 2021 has been trying to build economic ties with Beijing, is attending the forum, according to Reuters. Afghanistan, which has potentially tns of USD of untapped mineral wealth, is looking to attract “large investors” into the country during the forum, a commerce ministry spokesperson said.

ALSO- Yemenia Airlines has reportedly resumed six weekly flights from Sanaa airport to Jordan as of yesterday, Reuters reports. This follows a two-week hiatus after the Houthi administration blocked the carrier from withdrawing some USD 80 mn of its funds from Sanaa banks.

REMEMBER- The carrier had been in negotiations with the Houthi administration and had proposed that the Houthis take 70% of the funds, leaving the internationally recognized Yemeni government with the remaining 30%, but the Houthis rejected the proposal, the sources told the outlet.

MARKET WATCH- Saudi Arabia’s crude oil exports hit a 28-month low in August, continuing a decline for the fifth straight month, according to figures from the Joint Organizations Data Initiative (JODI). The Kingdom’s crude oil exports for the month stood at 5.58 mn barrels per day (bpd), down 7.1% m-o-m.

REMEMBER- Saudi Arabia and Russia have been cutting their oil output to prop up oil prices, and are likely to extend them into 2024, according to recent comments from Russian President Vladimir Putin.

CIRCLE YOUR CALENDAR-

SCZone is in China:A delegation from Egypt’s Suez Canal Economic Zone (SCZone), led by Chairman Walid Gamal El-Din, is on tour in China in the provinces of Suzhou and Hefei, after visiting Hangzhou to drum up investments from Chinese companies into Egypt’s textile and garment industry and establish projects in the West Qantara Industrial Zone. The SCZone delegation also met with members of the electricity and fiber optic cable industries, and is set to visit electric car manufacturing company NIO.

The annual meeting of the Federation of National Associations of Ship Brokers andAgents (FONASBA) kicked off yesterday in Amman, Jordan, and will wrap today.

The G7 Trade Ministers meeting will take place at the Osaka International Convention Center in Sakai, Osaka, Japan between 28 and 29 October. The event will bring together trade ministers from Canada, France, Germany, Italy, United States, United Kingdom, Germany and the European Union to discuss the changing environment surrounding trade, and growth of the global economy.

The Dubai Precious Metals Conference 2023 is taking place on 20-21 November 2023 at the ballroom at the SO/ Uptown Dubai in the UAE. The event will bring together industry experts, innovators, and leaders to discuss emerging trends, technologies, and strategies driving the metals industry.

The Eurasian Economic Union (EAEU) exhibition is taking place from 4 to 7 December at Tehran Permanent International Fairgrounds in Tehran, Iran. The exhibition will be attended by EAEU members, members of the Shanghai Cooperation Organization, and the Persian Gulf Cooperation Council, and will bring together domestic and foreign companies in the industrial, mineral, and agricultural fields to showcase their latest products at the event. Seminars and conferences on transport, trade, and tourism will take place on the sidelines of the event.

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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