Good morning, folks. It’s a relatively quiet day on the news front, but we have some interesting features for you this morning with a deep dive into the implications of ship seizures in the Strait of Hormuz and a look at Morocco’s aviation manufacturing ambitions.

WATCH THIS SPACE-

Investcorp launches USD 1 bn fund for GCC, China investments: Mubadala-backed Bahraini asset manager Investcorp launched a new USD 1 bn investment fund, Investcorp Golden Horizon, geared towards investing in high-growth companies in consumer, healthcare, logistics, and business services across Saudi Arabia, the wider GCC region, and China, according to a statement. China’s sovereign wealth fund the China Investment Corporation, alongside private investors from the GCC, will anchor the fund.

Egypt’s cabinet has greenlit the establishment of a private freezone in Ras el Hekma to be set up by the Ras El Hekma Development Project Company, according to a statement. The company is being granted a golden license to develop an investment zone and private freezones, the statement said.

REMEMBER- Egypt’s Madbouly government had inked a USD 35 bn agreement with ADQ, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast.

Turkey is looking to boost annual trade with Iraq to USD 30 to 40 bn, up from USD 20 bn today, via collaborations on Iraq’s Development Road project, Anadolu Agency reports. The pair, together with the UAE and Qatar, inked a preliminary agreement to cooperate on the project earlier this week. The USD 17 bn logistics corridor initiative looks to establish road and rail networks connecting Grand Faw Port in southern Iraq to the country’s northern border with Turkey.

DISRUPTION WATCH-

Russian LNG traders continue to ship cargoes around the Cape of Good Hope since January to avoid Houthi-led attacks in the Red Sea, Reuters reports. State-controlled gas giant Gazprom has shipped its first shipment from the Portovaya plant on the Baltic Sea via the route, in a turnaround from last year, which saw two of three Asia-bound LNG shipments from Portovaya transit Suez, while another went through the arctic Northern Sea Route, the newswire said.

Looks like Houthi assurances are no longer enough: The Iranian-backed group had earlier said that it was granting safe passage to vessels from Russia, China, and “all other countries” besides the US, UK, and Israel, Houthi senior political adviser and spokesman Mohammed Al-Bukhaiti had told Russian media in January.

ICYMI- Russia is doubling down on new logistics corridors linking it with markets in Asia, in a bid to sidestep sanctions and skirt disruptions affecting Middle East trade lanes. Climate change has made the Northern Sea Route (NSR), an Arctic shipping lane connecting Russia with China, more feasible.

MARKET WATCH-

#1- Oil prices eased amid indicators of a slowing US economy and sustained concerns regarding regional geopolitical conflict, Reuters reports. Brent crude futures edged up to USD 88.11 a barrel this morning after falling 0.5% in the previous session, while US West Texas Intermediate (WTI) inched up to USD 82.88 a barrel following a 0.6% drop yesterday. A further cooling in tension between regional archrivals Iran and Israel could see oil shed another USD 5 to 10 a barrel in coming months, the newswire added, citing a note by Goldman Sachs analysts.

#2- Baltic index extended its decline on further capesize falls: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 4.1% to 1,804 points on Tuesday, marking its lowest since 16 April, as weaker rates across capesize vessels dragged down the index, Reuters reported yesterday. The larger capesize segment dropped 9% to 2,458, hitting its lowest since 2 April, while panamax dipped 0.7% at 1,914 points. Meanwhile, the smaller supramax segment gained 1.4% to 1,430 points, the newswire said.

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

CIRCLE YOUR CALENDAR-

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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