SHIPPING + MARITIME-

SCA clears first phase of Suez Canal’s southern sector development project: The southern sector expansion project has widened the canal 40 meters eastward, along a section between the 132 km and 162 km points of the canal, according to a Suez Canal Authority (SCA)statement. The second phase of developments, which target expansion in the Lesser Bitter Lakes area, are 76% completed, the statement said.

Also happening on the Suez Canal: The SCA’s floating docks have carried out maintenance operations to ships, with the canal’s latest addition, the Fakhr Al Qanat floating dock, servicing its first ship, the statement added.

Hong Kong’s Prominent acquires USD 1 bn Dubai tanker fleet: Hong Kong-based shipowner Prominent Shipmanagement has quietly acquired the entire fleet of Dubai’s K&O Shipmanagement, also known as Kurow Shipping, Splash reported. Pricing portal VesselsValue estimates that the purchased fleet is worth USD 1 bn, including two Aframaxes on order at the Zhoushan Changhong International shipyard, according to figures cited by Splash.

More on Prominent: Established in Hong Kong in 2022, Prominent specializes in the management of tankers and bulk carriers and is headed by Arjun Deshmukh, according to the company website.

Singapore-based shipping lineSeaLead launched a new shipping service to connect ports in Saudi Arabia, Djibouti and Yemen, according to a statement. The service route will rotate between Jeddah, Djibouti and Hodeidah, with departures scheduled for every two to three weeks.

TRADE-

The Qatari-Saudi Business Council met to discuss means to boost trade and investment exchange during the Made in Qatar 2023 exhibition in Doha, according to a statement. Discussions centered on galvanizing the council’s activities through shared visits in addition to strategies to streamline bilateral trade, investment, and the establishment of companies, the statement said. The meeting also saw the signing of several agreements between companies from both states.

What they said: Chairman of Qatar’s Chamber, Khalifa bin Jassim Al Thani, called for strengthened trade relations, noting that bilateral trade last year reached QAR 2.2 bn, a figure that was below both countries’ potential. Chairman of the Saudi Chamber Hamad bin Al Shuwaier noted that 1H 2023 saw a 70.5% y-o-y increase in trade, with a hike in the number of companies operating across both countries. The official indicated that there are a range of potential investments for the Qatari and Saudi private sector in real estate, contracting, industry, energy, tourism, transport, logistics, digital transformation, and other sectors.

ALSO WORTH KNOWING-

  • Iran’s Trade Promotion Organization and the Tehran Chamber of Commerce, met with private sector representatives to discuss avenues for trade and investment exchanges with Saudi Arabia. (Statement)
  • Egypt’s SCZone Chairman Walid Gamal El Din met with Chairman of the UAE’s DP World Sultan Ahmed bin Sulayem to discuss expanding cooperation, with El Din positing future investments in ports, affiliated industrial zones, and logistical activities. (Statement)
  • Senior Associate of the Qatar Freezones Authority Abdulhadi Al Sehlawi presented incentives for Brazilian businesses in Qatar during the Qatar-Brazil Business Forum in Doha. (Statement)
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