Good morning, lovely people. We have a packed issue for you this morning, with several big updates from the GCC and Saudi Arabia, and more unusual news of the US sanctioning three UAE-based shipping firms for breaching its imposed oil cap on Russian oil.

THE BIG LOGISTICS STORY- Saudi ports authority Mawani and Saudi Logistics Services Company SAL inked an agreement to build a logistics park at Jeddah Islamic Port, as part of a new initiative to connect sea and air terminals in the kingdom. Meanwhile, the GCC’s transport ministers have agreed to set a December 2030 target for the GCC railway project’s operations.

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

HAPPENING THIS WEEK-

Royal Air Maroc cancels flights to and from Paris: An air traffic controller strike in France has led Morocco's flag carrier Royal Air Maroc (RCM) to cancel today’s scheduled flights to and from Paris-Orly Airport, the airline said in a statement. Passengers will be rebooked on another flight or given the option to receive a refund or change of date.

Background: The strike is in response to a new French law requiring controllers to provide at least 48 hours notice if they plan to participate in a strike, Morocco World News reports. Some 25% of flights have been canceled at Paris-Orly and Toulouse-Blagnac airports, while Bordeaux-Mérignac and Marseille-Provence have canceled 20% of flights due to the strike.

Falling debris from a Russian attack in west Ukraine has left one person injured and food warehouses damaged, Reuters reports. Debris from 16 destroyed Russian drones in Ukraine's western Khmelnytskyi region hit a truck driver and a workshop, three-story building, and seven containers used for storing vegetable oil, according to Ukrainian officials.

DISRUPTION WATCH-

Yemen’s Houthis warned that it could target Israeli vessels in the Red Sea and the BabAl Mandeb strait, the group’s leader said last week, Reuters reports. The Houthis have already launched missile and drone attacks against Israel this month. “Our eyes are open to constantly monitor and search for any Israeli ship in the Red Sea, especially in Bab al Mandab, and near Yemeni regional waters,” leader of the Houthi group Abdulmalik al Houthi said.

Israel yesterday said that the Houthis had seized a British-owned and Japanese-operated cargo ship in the Red Sea, and claimed it was not owned by Israel nor did it have Israelis on the ship, Reuters reported separately. A US defense official was quoted as saying that they are “aware of the situation and are closely monitoring it.”

WATCH THIS SPACE #1- Saudia to bid adieu to Riyadh ahead of Riyadh Air’s entry into the market:Saudi Arabian flag carrier Saudia is looking to discontinue operations at Riyadh King Khaled Airport by 2030 to make way for Riyadh Air, Riyadh Air COO Peter Bellew reportedly told Airways Mag. The airline is looking to shift its focus towards operations in Jeddah's King Abdulaziz International Airport, as well as the Kingdom’s western region, while Riyadh Air will focus on Riyadh.

WATCH THIS SPACE #2- Iraq and Iran discussed plans to build a joint industrial zone and a freezoneduring a visit by an Iranian delegation to Baghdad, according to a statement from Economy Ministry Undersecretary Sattar Al Jabiri. The delegation reportedly visited Jassan and Zurbatiyah, where the two zones are to be situated, the statement adds.

This has been on the cards for a while: Earlier reports suggested that Iraq and Iran were in talks to establish a joint freezone along their shared border in Ilam by March 2024, with feasibility studies underway. Iraq is expected to use the zone to export products to other countries through Iran’s access to the Indian Ocean.

WATCH THIS SPACE #3- Jumia plans to launch a new logistics center in East Cairo: Pan-African e-commerce company Jumia plans to establish a new logistics center in East Cairo before 1H 2024, Al Mal quotes Jumia Egypt CEO Abdellatif Olama as saying. Jumia last year signed a long-term lease agreement with Hassan Allam Utilities for a space in East Cairo logistics complex, according to a statement.

MARKET WATCH-

Baltic Index posts second consecutive weekly gain:The Baltic dry bulk sea freight index rose the second consecutive time last week amid stronger demand across vessel segments, according to Reuters. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 3.5% to a more than three-weeks high, while the capesize index rose 6.8%. The Panamax index also gained 22.5% for the week, while the supramax index was up 7.1%.

HELP SUPPORT GAZANS-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than a mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century. The charities we’re listing below are organizations working on Gaza relief that we think you can trust if you want to make a donation.

#1- Egyptian Red Crescent Society is one of Egypt's leading providers of humanitarian and emergency medical services. The Egypt Red Crescent accepts donations in EGP online and is on Fawry with the service code 99981. You can also donate to the organization through this Banque du Caire account: 49/403/30 (EGP) or 1065/601/30 (USD — code: BCAIEGCX030).

#2- The Emirates Red Crescent Authority has launched the Tarahum — For Gaza campaign and is accepting donations online via What’s App, SMS, Apple Pay, credit card, or bank transfer to ADIB (AE370500000000020000417).

#3-The King Salman Humanitarian Aid and Relief Center has launched the Sahem campaign accepting donations via their website, mobile apps on Apple Store and Google Play, or bank transfer to Al Rajhi Bank (SA5580000504608018899998).

#4- UNICEF has been on the ground in Gaza since the start of the crisis, providing urgent supplies and aid. You can donate to the agency directly using your card in your local currency here.

ALSO- The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank, Misr El Kheir and the Emirates Red Crescent Authority’s Tarahum campaign. You can make the donation via the Talabat app using your credit card.

CIRCLE YOUR CALENDAR-

The first GCC-Egyptian Business Forum will be held on 22-23 November in Cairo, Egypt, Bahrain News Agency reports. The event is being held under the theme Business, Investment, Partnership, with a focus on investments in real estate, agriculture, the food industry, and tourism in the region. The event is hosted by the Federation of Egyptian Chambers of Commerce and organized in cooperation with the Federation of Gulf Cooperation Council.

The third Caspian Economic Forum will be held in mid-November in Iran, state-owned Islamic Republic News Agency reports. The event is set to focus on transportation, joint ventures, oil and gas, finance, banking and technical cooperation in Iran, with Alireza Jahangiri, Iran’s deputy foreign caspian sea affairs minister, calling on economic institutions to attend, IRNA adds. The exact location and dates of the forum have yet to be confirmed.

Iranian President Ebrahim Raisi will visit Turkey next month to discuss bilateral ties, as well as proposals by the Iran-Turkey Joint Chamber of Commerce for boosting bilateral trade, including through a potential trade agreement, state-aligned Tasnim News Agency quotes chairman of the chamber Mehrdad Saadat as saying. Saadat said that Iran’s trade with Europe could grow by taking advantage of Turkey’s trade capacities.

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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