SHIPPING + MARITIME-

SCI could buy two Milaha vessels: The Shipping Corporation of India (SCI) has agreed to acquire two second-hand Very Large Gas Carriers (VLGC) that are slated to enter its fleet in 3Q 2025, according to a regulatory disclosure (pdf) published last week. The vessels in question may belong to Qatar Navigation (Milaha) and are valued at USD 127 mn, according to unconfirmed reports by Maritime Gateway. Each carrier has a carrying capacity of 82k cbm, the news outlet adds.

ZONES-

Opaz secures Ezad development agreements: Oman’s Public Authority for Special Economic Zones and Freezone (Opaz) has inked seven agreements and MoUs to upgrade the Economic Zone at Al Dhahira (Ezad), according to a statement.

Notable agreements: A OMR 22.3 mn construction contract was awarded to an Omani-Saudi consortium — which includes Circa, Pladco, and Gonk — to establish main roads and a surface water drainage system within Ezad, with a 24-month implementation period. Opaz also inked an MoU with Sohar International Bank to cooperate on economic solutions to financially restructure current and future projects for the zone. The MoU will allow the bank to expedite operations such as registration for investors looking to invest in Opaz.

ICYMI- The Saudi Fund for Development inked a SAR 1.2 bn (c. USD 319.9 mn) agreement back in 2023 to finance the construction of Ezad’s infrastructure. The first phase of the zone will cover 20 sq km and is expected to boost trade with Saudi Arabia.

DEBT WATCH-

Fitch Ratings has affirmed OQ’s long-term issuer default rating at BB+ — maintaining the firm’s positive outlook, according to a statement published last week. The assessment is linked to Oman’s sovereign rating as the company is solely owned by the Oman Investment Authority.

The rationale: Strong oversight by the Omani government partially accounts for the rating, along with the absence of any privatization plans. Continuous backing by the government — in the form of equity injections and asset transfers — shows a strong precedent of support, the statement read.

AVIATION-

Abu Dhabi Crown Prince meets Brazil’s Embraer CEO: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan held talks with Brazilian aerospace firm Embraer ’s CEO Francisco Gomes Neto in Rio de Janeiro, on the sidelines of the Brics summit, state news agency Wam reports. The two discussed ways to improve research and development initiatives in aviation technology, as well as technical collaboration on aircraft maintenance.

LAST MILE-

UAE-based smart package delivery company RedBox plans to expand its network of smart lockers and pickup counters from 1.8k to 3k by year-end, with a longer-term goal of reaching 10k across the region in five years, according to a press release. The company also plans to double its current shipment volume of 10 mn parcels within three years.

About RedBox: Founded in 2019, the company provides smart delivery solutions across 81 cities, including 35 new cities added this year alone. The company targets Bahrain, the UAE and other gulf countries for expansion in the short-term.

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