Good morning, nice people. It’s a compact issue this morning with news emerging from Dubai and Oman’s ports and a bit of M&A coming from Saudi Arabia’s direction. But first…

PSA-

The UAE cabinet will pause the implementation of new regulations on the weights and dimensions of heavy vehicles,Wam reported earlier this week. The cabinet has also directed the Ministry of Energy and Infrastructure to research the basis and criteria for the regulation and to take measures to prevent unjustified hikes in commodity prices.

ICYMI- The UAE’s federal government had issued amendments to a law capping heavy trucks operating on the country’s roads to 65 tonnes last September, with truckers granted until earlier this month to tow the line.

WATCH THIS SPACE-

#1- The International Finance Corporation (IFC) is gearing up to kick off refurbishments at Baghdad International Airport,INA reports, citing statements by Iraq’s Transport Minister Razzaq Muhaibis Al-Saadawi. “The coming days will witness the implementation of the agreement signed with the International Finance Corporation (IFC), which provides for the rehabilitation and development of Baghdad International Airport,” Al Saadawi said. The agreement with the IFC will see improvements to safety, facilities, and efficiency, he added.

#2- Is Saudi Global Ports considering an IPO?Saudi Global Ports — a JV between KSA’s sovereign wealth fund the Public Investment Fund (PIF) and PSA Singapore — is considering an IPO in Riyadh in late 2024 or early next year, Bloomberg reports, citing people with knowledge of the matter. Key details of the move, including the IPO’s size and date, are still under consideration, the sources said. PIF is looking to list several outfits in its portfolio in a drive to raise funds for efforts to diversify the kingdom’s non-oil economy, Bloomberg added.

DISRUPTION WATCH-

Houthis say that a container vessel hit in a strike on Sunday appears at risk of sinking,adding that the vessel’s crew were safe, Reuters reports, citing statements by the Iranian-backed group’s military spokesperson Yahya Sarea. The vessel, dubbed Rubymar, had their crew evacuated to Djibouti after taking two missile hits, the newswire said, citing security firm LSS-SAPU. The Houthi group also downed a US drone over Yemen’s Hodeidah Port, Sarea added.

Two missiles launched at a US-owned bulk carrier in the Gulf of Aden narrowly missing the vessel and causing minor damage, Reuters reports, citing Greek shipping ministry sources and British maritime security firm Ambrey. The vessel, dubbed Sea Champion, was hauling grain from Argentina to Yemen’s Aden port and called for military assistance when attacked, the newswire said. The Sea Champion and its crew were safe, with the vessel proceeding to its next port of call, the newswire added, citing Ambrey and UKMTO.

The Houthis deploy undersea drones for the first time: The Houthis have deployed unmanned underwater vessels (UUV) in a recent attack, a first since their campaign against shipping in the Red Sea began last October, US Central Command (Centcom) said on X earlier this week. Centcom had carried out strikes against Houthi missile sites, a UUV, and an unmanned surface vessel (USV) in Houthi-controlled parts in Yemen after determining that they represented an “an imminent threat” to US naval vessels and commercial ships in the Red Sea region, the statement read.

Canada + UK call on China to do more to stop Houthi attacks: Canada and the UK have called on China to play a larger role in deterring Houthi attacks in the Red Sea, with the UK and Canada’s top diplomats David Cameron and Melanie Joly delivering messages to their Chinese counterpart Wang Yi at the Munich Security Conference to that effect, Reuters reported here and here. China should use its influence to dissuade the Houthis from carrying out attacks in the Red Sea, Joly said in statements cited by the newswire, while adding that this was in Beijing’s interests as a major exporter. Cameron has also asked Beijing to leverage its influence with Iran to rein in Houthi-led attacks, the newswire said citing UK Foreign Office statements. Previous US calls on China to do the same had met with a tepid response.

Container freight rates show signs of easing as shipping companies adapt their plans to account for longer transit times, Nikkei reports. Drewry’s World Container Index (DWCI) declined for a second consecutive week on 8 February, falling 1% to USD 3786 per 40 foot container, the report said. The Shanghai Containerized Freight Index also fell 1% to 2166 points on 9 February. DWCI had peaked around 25 January, topping USD 3964, three times the rate two months previous.

Excess capacity is also keeping freight rates at bay: 350 new container ships were delivered last year, with this year slated to see a record 400 new vessels delivered, an all-time record, Nikkei said. The glut in capacity may see spot rates falling by as much as 30% over the next few months, managing director at British maritime research consultancy Drewry Philip Damas said.

MARKET WATCH-

Oil prices fell as higher producer prices fueled concerns that sticky inflation and higher interest rates would cap demand, reversing Friday gains when concerns about geopolitical developments in the Middle East offset downward pressure from reduced demand forecasts, Reuters reports. Brent was down 0.7% to USD 82.92 while West Texas Intermediate (WTI) declined 0.5% to USD 78.78, the newswire said. Recently published US producer prices increased faster than expected in January, renewing fears of persistent inflation, with the Federal Reserve also indicating that interest rate cuts may be delayed, with higher interest rates making oil more expensive and thereby weighing down the market, the newswire said.

DATA POINT-

Dubai International Airport (DXB) saw a 31.7% y-o-y rise in passenger numbers to 86.9 mn in 2023, surpassing pre-pandemic levels of 86.4 mn seen in 2019, while cargo numbers saw a slight downtick, according to a Dubai Media Office (DMO) statement. Boosted visits from tourists and business professionals, as well as less stringent social and visa rules buoyed the airport’s numbers, Reuters reports. The airport is forecasted to see 88.8 mn passengers this year, bringing it close to its 89.1 mn record set in 2018, DMO said. Cargo handled at DXB saw a 4.5% y-o-y decrease to 1.8 mn tonnes in 2023, while aircraft movements were up 21.3% during the same period to 416.4k, DMO also said.

CIRCLE YOUR CALENDAR-

The UAE will host The World Trade Organization's 13th Ministerial Conference from Monday, 26 February to Thursday, 29 February in Abu Dhabi. The event will gather ministers from around the world to assess the operation of the multilateral trading system and make key decisions regarding the future tasks of the WTO.

The UAE will host the Gulf Aviation Networking Event (GANE) on Thursday, 29 Februaryin Dubai. The event brings together aviation industry leaders to network, gain insights on prevailing trends, learn about new technologies, and take part in panel discussions and presentations run by industry experts.

The UAE will host the TradeTech Forum on Tuesday, 27 February in Abu Dhabi. The forum will see some 180 trade leaders and experts discuss the technologically advanced trade environment and a showcase of trade tech solutions.

The UAE will host the Future-Proof Technologies Conference on Thursday, 29 February Dubai. The event will unite industry experts to discuss strategies for adopting sustainable supply chain operations through cross-sector collaboration, advanced technologies, and integrated logistics.

The UAE will host the MRO Middle East on Tuesday, 5 March and Wednesday, 6 March in Dubai. The two-day event will bring together key decision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the airline supply chain.

The UAE will host The Logistics Middle East Award on Wednesday, 6 March in Dubai. The awards ceremony brings together industry experts to celebrate the sector’s biggest accomplishments over the previous 12 months.The deadline for submitting nominations is Friday, 19 January.

The UAE will host Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

KSA will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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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