INVESTMENT WATCH-

Barry Callebaut to establish a first factory in Egypt: Switzerland’s chocolate manufacturer Barry Callebaut will commit USD 30 mn to develop its first chocolate manufacturing factory in Egypt, according to a statement. It is unclear where the factory will be located, and a timeline for the project was not disclosed.

A sweet investment: The investment aims to meet the high demand in the local market as well as position Egypt as a hub for exporting Barry Callebaut products across the Middle East and Africa. The Zurich-based firm inked a partnership with Morocco’s Attelli back in 2022 to establish its first local production footprint in North Africa.

STORAGE + WAREHOUSES-

Saudi launches tender for developing 13 customs warehouses: KSA’s Zakat, Tax, and Customs Authority (Zatca) and the National Centre for Privatisation (NCP) launched a tender for building and operating warehouses across the Kingdom, according to a post on X. The project includes building 12 new warehouses, renovating an existing one, and supplying equipment for 38 points of entry nationwide under a 15-year contract. Interested companies have until 14 November 2024 to express their interest and submit a request for qualification here.

ZONES

Rakez partners up with Tianjin FTZ: The UAE’s Ras Al Khaimah Economic Zone (Rakez) has signed an MoU with China’s Tianjin Pilot Freetrade Zone (Tianjin FTZ) with Tianjin Port Freetrade Zone to facilitate cooperation between Rakez and China, according to a statement released on Saturday.

This collaboration aims to facilitate trade, foreign direct investments, and industry development between the UAE and China, according to the statement. It aims to bolster cooperation in petrochemicals, renewable energy, shipping, logistics, marine economy, automotive trade, and industrial investment.

Rakez has been strengthening its ties with China for a while: Rakez signed off on an industrial park in August with China’s Shandong Timber and Wood Products Association, setting up the Zhong A Shandong Industrial Park.

SHIPPING + MARITIME-

Mawani has launched the FEM1 shipping service at Jeddah Islamic Port in collaboration with C Star and United Global Logistics (UGL), according to a press release. The service has a 2.8k standard container capacity and links Jeddah to the ports Qingdao, Shanghai, Ningbo, and Nansha in China, Kelang in Malaysia, and Istanbul in Turkey. The expansion is the 21st new route to be added to the Kingdom’s ports in 2024 according to a Mawani post on X, and comes in a bid to boost competitiveness and enhance connectivity at the port, while boosting national exports and imports.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Mwani + QFZ sign cooperation MoU: Mwani Qatar has inked an MoU with the Qatar Freezones Authority to allow commercial movements in Qatar’s freezones at the lowest possible cost. (Mubasher)
  • Qatar Airways to launch flights to Toronto: Qatar Airways will operate three weekly flights from Hamad International Airport in Doha to Toronto Pearson International Airport starting 11 December 2024. (Statement)
  • Emirates lands in Nigeria: Emirates has resumed daily flights from Dubai to Lagos, Nigeria. (Statement)
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