ZONES-

#1- The Syrian-Jordanian Freezone resumed operations yesterday, Petra reported following a meeting of the General Assembly of the Syrian-Jordanian Freezone company. The officials discussed extending customs crossing hours to operate around the clock as well as activating the freetrade agreement between Jordan and Syria.

REMEMBER- Jordan resumed agriculture trade with Syria earlier this month following a 13-year hiatus due to civil unrest. The resumption should give a boost to Jordanian exports, providing a land route to European markets via Turkey.

ICYMI: Jordanian trucks reentered Syria in December 2024 via the Jaber-Nassib border crossing and the Jordanian-Syrian Joint Freezone after halting operations on 6 December due to internal safety concerns.

#2- Taqa Arabia to provide utilities to Safaga industrial zone: Egypt’s Taqa Arabia has entered into a cooperation agreement with the Golden Triangle Economic Zone Authority (GTEZ) to supply essential utilities to investors in the 9.1 industrial zone in Safaga City, which is part of Egypt's Golden Triangle, according to a disclosure.

Details: The agreement aims to implement necessary infrastructure in the industrial zone, according to the news outlet. Electricity networks will be provided using both conventional and renewable energy sources, as well as natural gas distribution networks via the national grid or compressed natural gas solutions, water for industrial and agriculture use, and facilities for distributing petroleum products and waste management.

LEGISLATION WATCH-

Saudi petroleum and petrochemical operations now require a license: Saudi Arabia’s new Petroleum and Petrochemical Law requires companies to obtain a license for all operations in the sector, Saudi Gazette reports. The new law — approved by the council of ministers earlier this month — replaces the old Petroleum Products Trade Law, aiming to attract investments, support industry localization, and prevent illegal practices like smuggling and false reporting.

Saudi’s Ministry of Energy may also deny or revoke export licenses for violators, according to the provisions of the law, and unlicensed exporters of petroleum product could face up to five years in prison and a fine up to SAR 30 mn or twice the value of the seized products at global prices, as well as confiscation of illegally traded materials.

There’s more: The new law stipulates sales and purchases of petroleum products must be priced at the global prices. Establishing petrochemical facilities will also need prior approval from the Ministry of Energy, with inspectors holding expanded powers to monitor facilities, investigate violations, and seize items suspected of breaching regulations.

STARTUP WATCH-

Egypt’s Fincart startup closes funding round: Egyptian logistics and e-commerce platform Fincart has secured pre-seed funding in a round led by regional VC player Plus VC and with participation from Plug and Play, Orbit Startups, Jedar Capital, and other regional and international investors, according to a press release (pdf). The new funds — the size of which has not been disclosed — will be used to improve the startup’s technology platform, grow its courier network, and support the “fast-growing” e-commerce market in Africa and the Middle East.

ICYMI- Regional expansion ahead: The startup announced plans back in November to expand into the Gulf and enter North and West Africa by 2025.

About Fincart: Co-founded in 2023 by Nihal Ali (LinkedIn) and Masry, Fincart helps connect small businesses with local and international shipping companies, helping them scale up operations. The platform provides multi-courier shipping options, last-mile delivery services, and access to working capital.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Oman issues tender for road development: Oman’s Transport, Communications, and Information Technology Ministry has issued a tender to develop Burj Al Sahwa roundabout and improve traffic flow. (Statement)
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