Good morning, friends. We have a meaty issue for you today, with our rundown on how supply chains in the region fared in November, and a smattering of other M&A, debt and startup news from across the region.

THE BIG LOGISTICS STORY- Besides the PMIs, we have coverage of Saudi dairy giant Almarai’s acquisition of frozen storage provider and distributor Etmam Logistics for SAR 182 mn in the newswell, below.

HAPPENING TODAY-

It’s Transport Day at COP28: Discussions will center around solutions addressing the transition to low carbon built environments and infrastructure, sustainable and circular waste systems, and sustainable mobility and freight. You can find the day’s schedule here.

The International Conference on Air Services Negotiations (ICAN) 2023 kicked off on Sunday and is running till Thursday at the Hilton Riyadh Hotel and Residences in Saudi Arabia. The event is hosted by the Saudi General Authority of Civil Aviation, and will serve as a meeting point for bilateral, regional air services talks and consultations, as well as a networking platform for policy makers, regulators, air operators, service providers and other stakeholders.

The ACE 23 Air Cargo Conference began earlier this week and will wrap today at the W Abu Dhabi Yas Island Hotel in the UAE. The conference focuses on the transformation of air cargo and the handling and transportation of time-critical and special cargo, through a series of panels and workshops.

The International Traffic Safety Forum and Exhibition kicked off on Monday and will wrap todayat the Sheraton Dammam in Saudi Arabia. The three-day event brings together experts, researchers, road and vehicle manufactures, and international and regional companies specializing in AI and big data for transportation and traffic safety.

Bimco calls for more military protection of maritime routes amid Red Seaattacks: International shipping association Bimco is calling for the deployment of “more military resources” to better protect ships in the Red Sea following attacks by Yemen’s Houthi movement on Israeli-linked vessels, the Financial Times reports, citing Bimco head of security Jacob Larsen.

A threat to global trade: Concerns are growing over the impact these attacks could have on global trade, with one analyst speculating that the odds of a “material interruption in regional energy flows” could be as high as 30%.

ICYMI: A US warship and three commercial vessels came under attack earlier this week off the Yemeni coast.

WATCH THIS SPACE-A group of Egyptian state-owned companies are looking to set up a second plant for producing green fuel in the Suez Canal Economic Zone (SCZone), Asharq Business reported, citing two sources it said have knowledge of the matter. The consortium, which includes Helwan Fertilizers, Abu Qir Fertilizers, and the National Bank of Egypt’s investment arm Al Ahly Capital Holding, are already working on a USD 2.6 bn green methanol plant in Ain Sokhna and now have their eyes on a green ammonia project, according to the news outlet.

What we know:

  • Asharq reports that the proposed project would require USD 1.2 bn of investment, 70% of which would be financed by bank loans and the remainder from the companies’ own reserves.
  • Construction is expected to start by the end of 2025 and take three years to complete.
  • The project is being undertaken by Misr Methanol and Petrochemicals, a joint venture established by the three companies in 2021 to manufacture methanol, ammonia, and other petrochemicals.

What we don’t: No information about the capacity of the plant was provided. We were unable to reach any of the three companies for comment.

REMEMBER- Egypt’s green fuel sector has been getting lots of love: Danish shipping giant Maersk intends to make the SCZone one of its global green fuel production hubs and earlier this year signed a framework agreement to set up a green methanol facility with a production capacity of 300k tons a year. Norwegian renewables developer Scatec has also signaled intent to establish green ammonia and methanol plants in the SCZone. Finally, a number of multinational energy firms signed framework agreements at last year’s COP27 last year for green ammonia plants which would have a combined annual production capacity of 4.6 mn tons, though there have been no updates on any of the six projects in the 12 months since.

CIRCLE YOUR CALENDAR-

Iranian President Ebrahim Raisi will visit Turkey this 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.

The Iran-UAE Joint Economic Cooperation Commission meeting will be held in the coming weeks in a bid to develop bilateral cooperation, deepen commercial ties, and boost trade. The location has yet to be announced.

Food Africa Cairo 2023 is set to take place on 12-14 December at the Egypt International Exhibition Center in Cairo, Egypt. The three-day agro-food exhibition is set to bring together wholesalers, distributors, and retailers to create a network between international traders and vendors with their counterparts from Egypt, MENA, and Africa. The event aims to address the different needs of buyers and importers and to serve new markets in Egypt and Africa.

The International Exhibition of Transportation, Logistics, and Related Industries (Iran Trans Expo 2023) will take place on 18-20 December at the Imam Khomeini Grand Prayer Campus (Mossala) in Tehran, Iran. The event is organized by Iran’s Trade Promotion Organization, the Transport and Urban Development Ministry, and the Fund for Innovation and Prosperity of Unions and Associations.

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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