Good morning, ladies and gents. It’s a quiet end to the week as tensions continue to simmer on the Iran-Israel front and Dubai grapples with the aftermath of the UAE’s stormy weather. We have all the latest updates below.

PSA-

Temporary road closure in Abu Dhabi: Sheikh Maktoum Bin Rashid Road is temporarily blocked off, with motorists asked to use Sheikh Mohammed Bin Rashid Al Maktoum Road leading to Dubai instead, Abu Dhabi’s Integrated Transport Center said on X yesterday. The authority did not mention when the road would accept traffic again.

In other road news: Abu Dhabi Police diverted traffic from Arabian Gulf Street toward Khalifa City yesterday onto the Abu Dhabi – Al Ain Road exit.

WATCH THIS SPACE-

#1- An unnamed investor is looking to launch a new airline serving routes from Saudi to Africa, Aleqtisadiyah reports, citing unnamed sources it says have knowledge of the plan. The airline has received the go-ahead from both local regulators in KSA and the African Civil Aviation Commission, according to the sources.

It’s just one of a number of possible shakeups in KSA’s aviation industry: The Public Investment Fund announced in March 2023 that it will launch Riyadh Air. The challenger to Emirates and Qatar Airways will see its first flights in the air next year and aims to serve 100 destinations by 2030. Current national flag carrier Saudia will bid adieu to Riyadh by 2030 to make way for Riyadh Air and will instead base itself out of King Abdulaziz International Airport.

#2- Kuwait Port Authority (KPA) is mulling a 100% increase to port service fees, with other increases also being considered, an informed source told Al Rai. The changes look to boost KPA’s revenues, and supplement Kuwait’s non-oil income, with the ramped up fees being applied to the authority’s operations at Shuwaikh, Shuaiba, and Doha ports. The recommendations are pending internal approval, and will subsequently be presented before Kuwait’s council of ministers, the source also said. KPA is forecasted to see KWD 23.65 mn in revenues in FY 2023/2024, down from the previous year’s KWD 30.12 mn, the source added.

ICYMI- KPA has been looking to upgrade infrastructure at Shuwaikh Port, with Kuwait’s Al Qabas reporting earlier this week that the authority is eyeing a KWD 200 mn (c. USD 649.3 mn) integrated logistics hub at the port. KPA also broke ground on a KWD 48.7 mn project to redevelop and rehabilitate Shuwaikh Port’s docks in March

STORM WATCH-

Disruptions at Dubai International Airport (DXB) continued yesterday due to heavy rains and flooding across Dubai onTuesday, AP reports. Emirates suspended check-ins for departing flights between 08.00 yesterday and midnight, the carrier said in a travel update. DXB also advised travelers against coming to the airport unless their flights had been confirmed. A rundown of flight cancellations and delays at DXB is available here.

Zayed International Airport (AUH) in Abu Dhabi is “fully operational” despite the torrential rains, WAM reports, but noting that travelers should check for updates before heading to the terminals. AUH received one freighter and 20 passenger flights diverted from Dubai, Wam added.

Oman also took hits: Shipowners and maritime shipping companies were urged to avoid going to sea until the adverse weather had subsided, Oman’s National Committee for Emergency Management said on X.

Adverse weather also impacted regional bunkering operations, with strong winds and waves expected to continue until today, according to a report by the Engine market platform. Suppliers at the UAE’s Khor Fakkan and Fujairah are recommending lead times of about seven days across all bunk fuel grades. Dubai Port’s operations remain restricted, while Saqr, and Ras Al Khaimah are also on alert. Oman’s Sohar Port has so far been unaffected, with bunkering operations continuing, but delays may arise. Bad weather at Egypt’s Suez and Said ports, KSA’s Jeddah, and Djibouti, may also see disruptions to bunkering at those ports, the report also said.

Iranian authorities rescued 21 crewmen aboard a floundering Sri Lankan oil tanker in the Gulf of Oman, IRNA reports. The unnamed tanker was sinking due to stormy weather. Medical treatment was provided to five crewmen, with all sailors in good condition, an Iranian official said.

DISRUPTION WATCH-

“It is clear that the Israelis are making a decision to act. We hope that they do so in a way that does as little to escalate this as possible,” British Foreign Minister David Cameron said yesterday as he headed into a meeting with Israel’s Benjamin Netanyahu, who yesterday warned Cameron and German Foreign Minister Annalena Baerbock (also in Tel Aviv for a visit) that “we will make our own decisions.” G7 nations have still not announced the sanctions on Iran that they hope might convince Netanyahu to sit tight.

MEANWHILE- Iran is readying its air force and said its navy will start escorting Iraniancommercial ships in the Red Sea as it prepares for an Israeli attack on its territory or allies.

MARKET WATCH-

#1- Oil prices fell 3% on Wednesday, as gains in US oil inventories and poorer outlook for growth in the US and China outweighed supply concerns due to geopolitical tensions, Reuters reports. Brent crude futures for June dropped 2.7% to USD 87.58 a barrel by 17.20 GMT, while US crude futures traded 0.2% higher at USD 82.89 a barrel, with both benchmarks poised for their sharpest drops since 20 March, the newswire said. “Oil prices go about their business of unwinding some of the war premium that has been priced in,” oil broker PVM’s John Evans said.

#2- Baltic index jumps to three-week peak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 2.8%, to 1,779 points on Tuesday, marking its highest since 28 March, as higher rates across the board buoyed the index, Reuters reports. Capesize gained 4%, to 2,631 points, while panamax bumped up 1%, at 1,754 points. Meanwhile, the smaller supramax segment gained 2.4%, to 1,311 points.

DATA POINTS-

#1-Cairo International Airport saw record traffic as regional airspaces closed following Iran’s attack, with the airport handling some 94k passengers on Saturday, an all-time high, according to a Tuesday government statement citing Civil Aviation Minister Mohamed Helmy.

#2- Iran saw the volume of goods transited through its Astara border crossing with Azerbaijan increase 184% y-o-y to 1.42 mn tons, for the year ending on 19 March 2024, Mehr reported yesterday.

Background: The Astara border crossing linking Iran with Azerbaijan is a key pivot in the International North-South Transport Corridor (INSTC) logistics corridor being developed by Iran and Russia.

CIRCLE YOUR CALENDAR-

Egypt will host the Egypt Facility Management Forum on Tuesday, 23 April and Wednesday, 24 April in Cairo. Business-owners, developers, service providers, technology leaders and suppliers will attend seminars and exhibitions on the facility management supply chain.

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.

Iran will host the Iran-Africa International Summitfrom Wednesday, 24 April through to Friday, 26 April in Tehran. The event will see Iran receive trade ministers from more than 40 African countries.

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.

Qatar will host the Autonomous E-mobility Forum from Tuesday, 30 April to Thursday, 2 May in Doha. The event will gather industry experts, senior officials, policy and technology experts, as well as government, academic, and media representatives, providing a platform for stakeholders to exchange know-how and recommendations for the implementation of autonomous e-mobility in the real-world.

Saudi Arabia will host the Saudi Smart Logistics exhibition and summit from Monday, 6 May to Thursday, 9 May in Riyadh. The trade fair brings together local and international suppliers, public officials, professionals, and logistics players, and provides a platform for networking, exchanging know-how, and showcasing new technologies, products, and services.

The UAE will host 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.

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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