Good morning, nice people. We’re ending the week with another brisk issue, led by some action at Egypt’s Port Said port and a mixed bag of 2Q earnings from UAE and Qatar

WATCH THIS SPACE-

#1- One of the biggest and most-anticipated IPO targets, Etihad Airways, still has its eyes set firmly on expansion, with some 18 aircraft expected to be onboarded before year-end, CEO Antonoaldo Neves told state news agency Wam. The carrier — which has transported 10 mn passengers in 1H 2025 — aims to grow its fleet to 115-120 aircraft as well as handle 21.5 mn passengers by the end of 2025. It has already acquired two aircraft and is awaiting 16 more deliveries in the upcoming months.

Yes, but…: That’s assuming no delays from manufacturers, though Neves said the airline planned accordingly and leased aircraft and reintroduced seven A380 aircrafts into service to accommodate the delays.

A stronger market push: The carrier is looking to boost its market presence, with a specific focus on markets within a four-hour flight range, including the Middle East, India, and Pakistan, he noted.

REMEMBER- The airline invested USD 14.5 bn in 28 Boeing 787 and 777X aircraft manufactured in the US by GE engines in May. Neves said in April that Etihad plans to add 20-22 new planes this year in a bid to meet its target of 170 planes by 2030. The carrier was expected to IPO earlier this year with a 20% stake floated for USD 1 bn in proceeds, but the IPO was pushed back several times.

#2- US baseline tariffs will rise, says Goldman Sachs: The US’ tariff baseline on imports will rise from 10% to 15%, while levies on copper and critical minerals will jump to 50%, Bloomberg reports, citing predictions by Goldman Sachs economists. However, the expected impact of these tariffs on inflation is also being revised as surveyed businesses indicate lower-than-expected passthrough to consumers. The investment bank lowered its forecast for 2025 inflation to 3.3% from 3.4%; that figure should drop to 2.7% in 2026 and to 2.4% in 2027. Goldman Sachs also anticipates sectoral tariffs on heavy trucks and aircraft in 2026, with pharma tariff hikes delayed until after the 2026 midterm elections.

Latest on Trump’s tariffs: Washington had imposed a 10% baseline tariff on all its trading partners in April, aiming to reach negotiated trade agreements with key markets before the 9 July deadline — which was later moved to 1 August. The Trump administration closed trade agreements with Japan, the Philippines, and Indonesia this week. US President Donald Trump signed letters earlier this month outlining imminent tariffs on 14 nations slated for rollout by the start of next month.

Gulf countries have been subject to a blanket 10% tariff that the US maintained with most countries after the 9 April 90-day freeze of higher tariffs.

ALSO- The US and the EU are reportedly nearing an agreement for a 15% tariff on imports from the bloc, mirroring the US’ agreement with Japan earlier this week.

#3- US sanctions petroleum importers for Houthi links: The US Treasury Department has sanctioned two individuals and five firms from Yemen and the UAE for allegedly smuggling imported petroleum into Houthi-controlled areas, according to a statement. The Houthis have been working with private firms to import petroleum into Yemen to sell at an overcharged price, “generating critical revenue that funds the Houthis’ destabilizing activities in the region,” the statement writes.

Who was targeted? Yemen’s Arkan Mars Petroleum Company for Oil Products and its manager Muhamed Al Sunaydar were among those sanctioned, along with the company’s other UAE-based subsidiaries, including Arkan Mars Petroleum DMCC and Arkan Mars Petroleum FZE. The targets are accused of delivering nearly USD 12 mn worth of Iranian petroleum products to the Houthis through Yemen’s Ras Isa Port, with help from the Persian Gulf Petrochemical Industry Commercial Company.

MARKET WATCH-

#1- Oil prices inched up in early morning trading, boosted by positive sentiment on US trade negotiations, Reuters reports. Brent crude futures climbed 0.3% to reach USD 68.72 / bbl by 03.35 GMT, while US West Texas Intermediate (WTI) futures gained USD 0.22 to trade at USD 65.47 / bbl.

Saudi Arabia was the top buyer of Russian seaborne fuel oil and vacuum gasoil (VGO) in June, driven by strong domestic demand during the summer months, Reuters reports, citing traders and LSEG data. Russian shipments of fuel oil and VGO rose 9% m-o-m to reach 800k metric tons last month.

IN CONTEXT- The Middle East and Asia have emerged as the main market for Russia’s fuel oil and VGO exports since the European Union imposed a full embargo on Russian oil products back in February 2023.

#2- Baltic index on an upwards trajectory: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — surged 4.2% to 2,120 points on Wednesday. The capesize increased 9.1% to 3,339 points, while the panamax index dipped 0.2% to 1,905 points. The smaller supramax index fell 1.2% to 1,313 points.

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CIRCLE YOUR CALENDAR-

The UAE will host the Africa Procurement & Supply Chain Leaders’ Conference on Monday, 25 August until Friday, 29 August in Dubai. The conference will host global industry leaders, policymakers and stakeholders to discuss how AI is changing procurement and supply chain efficiency, sustainability and risk management.

Oman will host Transport Middle East on Monday, 1 September until Wednesday, 3 September in Salalah. The conference will host 35 international speakers and over 50 exhibitors from the maritime sector to discuss global transportation and logistics.

Saudi Arabia will host the Sustainable Maritime Industry Conference on Wednesday, 3 and Thursday, 4 September in Jeddah. The event is set to gather over 60 speakers and more than 3k participants to discuss maritime decarbonization, digital transformation, regulatory frameworks, capacity building, and sustainable practices.

Algeria will host the Intra-African Trade Fair on Thursday, 4 September until Wednesday, 10 September in Algiers. The fair will host over 75 countries and 2k exhibitors across several sectors to explore investment prospects and exchange information on trade between B2B and B2G.

Oman will host the Comex Global Technology Show on Sunday, 7 September and run till Wednesday, 10 September in Muscat. The event will host over 360 participants and 133 tech startups to show achievements in eGovernment, fintech, smart cities, health tech, agritech and cybersecurity.

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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