TRADE-

#1- Iran is selling 3 mn oil barrels, drawing from a 25 mn barrels stockpile it has kept in China since 2018, The Wall Street Journal reports. The barrels were loaded onto two vessels, CHBillion and Madestar, which were both located at the Chinese port city Dalian earlier this month. The shipments could raise as much as USD 2 bn, leaving Iran with a USD 1 bn revenue after it pays China around USD 1 bn of due storage fees.

#2- GOEIC updates list of firms eligible to export to Egypt: Egypt’s Investment and Foreign Trade Ministry’s General Organization for Export and Import Control (GOEIC) has released an updated list of registered factories and companies that are eligible to export their products into the country, Al Masdar reports.

Details: The updated list includes Al Adl Tech company for imports and exports, which provides personal grooming products as well as electrical home and kitchen appliances under brand names Haley, Lexical, LumaBella, VGR, and Decakila.

#3- UAE cuts anti-dumping duties on some Chinese electrical imports: The UAE reduced anti-dumping duties on Chinese-made electrical connectors, switches, plugs, and sockets to 12.2% for some companies, down from 42% in September, Al Khaleej reports. The five-year regulation, effective until 2029, left rates unchanged for Zongshan Visbo Electrical at 11.3%, Foshan Vbon Electric at 17.1%, and Zhejiang Taos Electric at 11.3%.

SUPPLY CHAINS-

Saudi launches supply chain + export incentives: KSA launched 15 new incentives to shore up supply chain security and boost export competitiveness for businesses participating in the Saudi Authorized Economic Operator program, SPA reports. Those registered to the system will also be entitled to financial incentives, including financing programs of up to 75% of the project’s value, with a repayment period of up to 20 years and a grace period of up to 36 months.

What else we know: Firms will also benefit from expedited processing and priority access to industrial land, including long-term leases of up to 30 years. The incentives will also include advantages such as assigning liaison officers and account managers to ease processes for existing and potential investors.

REMEMBER- The Kingdom announced in December that it was in the process of developing 18 logistics hubs with SAR 10 bn in investments. The Kingdom plans to increase the number of logistics zones to 59, up from 22 by 2030

SHIPPING + MARITIME-

DP World + Gemini Cooperation join forces in Canadian ports: DP World has partnered with Gemini Cooperation — a long-term alliance betweenHapag-Lloyd and Maersk — to establish container services at Canada’s Port of Vancouver, the Port of Prince Rupert, and the Port Saint John in February, according to a press release.

ICYMI- Gemini Cooperation will be usingDP World-operated London Gateway port as its UK hub as of next February, after exiting Felixstowe port and opting into single operator routes.

AVIATION-

AFCOM Holdings + Etihad partner up on cargo: Cargo solutions provider Afcom Holdings has inked a long-term partnership with Etihad Airways to operate cargo flights between India’s Chennai and the Maldives’ Malé, BusinessUpturn reports. Afcom Holdings’ share price rose more than 4% the day after the partnership was announced on 12 January, reaching INR 1.07k per share at its highest.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • ITA resumes flights to Tripoli: Italian state-owned airline ITA will resume its Rome-Tripoli route after a 10-year hiatus, making it the first major European airline to fly directly to Libya since 2014. (Reuters)
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