Good morning, people. It’s a much calmer news day as we inch closer to the last weekend before Ramadan, but there’s big cloud-based news emerging from KSA’s LEAP 2024 conference. First…

ICYMI- Cheaper, more scalable, and cleaner: Our Enterprise Egypt morning edition ran a deep dive into why Omm el Donia should start moving more of its cargo via trains.

WATCH THIS SPACE-

#1- Egypt’s Ras El Hekma airport already in the works: The Egyptian government has begun shortlisting potential sites for the airport that will serve the city of Ras El Hekma, according to a statement released following a meeting between Prime Minister Moustafa Madbouly and UAE investment minister and ADQ CEO Mohamed Al Suwaidi .

A ministerial committee and secretariat to oversee the project are also in the pipeline:The government has also begun to form a ministerial committee to oversee the project that will be headed by Madbouly. The committee will be tasked with streamlining procedures, addressing hurdles, and facilitating collaboration between the involved authorities. A technical secretariat will also be formed and headed by First Assistant to the Prime Minister Randa Al Minshawi, which will be responsible for drafting key decisions.

#2-Iran is ramping up its Liquefied Petroleum Gas (LPG) exports despite US sanctions,in an indication that US efforts to curb Iran’s funding are failing to gain traction, Bloomberg reports. Iran emerged as the region’s largest supplier of LPG last year, ramping up exports 28% to hit 11 mn tons, and it is expected exports will top 12 mn tons this year, the outlet said citing data and intelligence by consultancy Facts Global Energy (FGE). The surge in exports is driven by heightened production and increased shipping capacity between Iran and China, which accounts for almost all of Iran’s LPG sales, FGE’s managing director for the Middle East told Bloomberg. Iran’s oil production is also ramping up, hitting a five-year-high of 3 mn barrels per day last year, with the majority of exports also bound for China, Bloomberg added.

IN OTHER NEWS- Iran, Syria and Iraq are in talks to establish a joint freezone, IRNA reports, citing statements by secretary of Iran’s economic zones council Hujtollah Abdul Maleki. All parties have expressed their agreement and are preparing for a tripartite meeting, Abdul Maleki said. Iran is currently holding negotiations with 21 countries on freezones, and has signed official agreements with five, the official also said.

DISRUPTION WATCH-

Ships entering Yemen’s waters must now acquire a permit from the Houthi-controlled Maritime Affairs Authority, Reuters reported earlier this week, citing televised statements by Houthi telecommunications minister Misfer Al Numair. Yemen’s territorial waters that are impacted by the latest directive extend halfway into the 20 km wide Bab al Mandab Strait, a key gateway for shipping. The Iranian-backed group is ready to provide help to vessels wishing to acquire permits and can identify vessels with its warships, Al Numair added.

Three global internet and telecommunication cables under the Red Sea were severed earlier, with the source of damage unclear at this point, The Washington Post reports. Affected cables include Asia-Africa-Europe 1, the Europe India Gateway, and Seacom and TGN-Gulf, with the interruptions affecting some 25% of data traffic via the Red Sea, Hong Kong-based telecom operator HGC Global Communications reportedly said. Other firms operating the subsea cables affected have also taken steps to redirect traffic, the news outlet writes.

The blame game: Yemen claimed in early February that the Houthis planned to target subsea data cables, WaPo writes. The Houthis have vehemently denied the claim and instead accused US and British warships in the region of being behind the disruption. Cables could have been damaged by dropped anchors dragging on disabled ships, cable operator Seacom said.

A Liberian-flagged MSC-operated container ship has continued its journey to Djibouti following a missile attack that caused a small fire on boarda day prior, Reuters reports. The MSC Sky II, en route to Djibouti from Singapore, was struck by a missile southeast of Yemen’s Aden Port, the newswire said.

MARKET WATCH-

#1- Baltic Index sees a more than two-month high: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 4.3% to 2297 points on Monday, its highest since 15 December, as strong demand across all segments buoyed the index, Reuters reports. The capesize segment climbed 5.7% to 4205 points, bringing it to a more than two-month high, while panamax also increased 2.9% to 1173 points, extending gains for a fifth-consecutive session. The smaller supramax segment saw a 15 point increase to 1282 points, the newswire said.

#2- Oil prices held steady on Tuesday, as a subdued outlook for growth in China and lack of clarity on the prospect for interest rate cuts offset upward price pressure due to recently announced OPEC+ production cuts, Reuters reports. Brent gained 0.2% to USD 82.95 a barrel by 09.11 GMT, while West Texas Intermediate (WTI) dropped 0.3% to USD 78.53 a barrel. Despite a lower-than-expected surge in prices on the back of the recently unveiled OPEC+ cuts, and mixed signals seen since then, the oil market is expected to tighten in the near term, with a tendency to rebound from short-term declines, the newswire said citing experts.

DATA POINTS-

#1- Iraq’s Umm Qasr Northern Port imports 1.2 mn tons of goods in February, up from January’s 967k tons and representing an all-time record, according to a General Company for Ports of Iraq (GCPI) statement. The month also saw the port handle 47k imported containers, up from last month’s 39k, with the improved performance attributed to improved flexibility in terms of the ships that the port could accommodate and better handling capacity, GCPI director Farhan Al Fartousi said.

#2- Cargo volumes at Salalah Port topped 20 mn tonnes milestone in 2023: Oman’s Salalah Port saw a 12% y-o-y jump in general cargo volumes handled to 20.6 mn tonnes in 2023, Oman Daily Observer reported. The higher volumes were attributed to an uptick in gypsum and limestone exports, as well as other domestically-sourced bulk commodities, CEO Keld Mosgaard Christensen told the outlet. Containerised cargo throughput fell 16% during the period to 3.8 mn TEUs, with the drop attributed to disruptions due to extreme weather and the Red Sea crisis, as well as ongoing upgrades at the port, Christensen also said.

CIRCLE YOUR CALENDAR-

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.

Saudi Arabia 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 23rd edition of the Airport Show from Tuesday, 14 May through to Thursday, 16 May in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year’s "Sustainability and Innovation," theme.

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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