Good morning, nice people. It’s a brisk read today led by IPO and investment updates from Saudi and the UAE, as KDL Logistics advances its Nomu public offering and Mubadala Capital backs the USA-based AI infrastructure outfit Crusoe. PLUS: Egyptian-made goods could begin accessing the Chinese markets dutyfree as soon as next month.

HAPPENING TODAY-

The US Federal Reserve is expected to cut interest rates for the second time after its September cut at its Federal Open Market Committee today. Softer US inflation figures that came out last week put the Fed on course to make another small 25 basis point cut, analysts say.

Speaking of the Fed, Treasury Secretary Scott Bessent said the Fed’s next heir will likely be named by the end of the year, after whittling down the shortlist of candidates to just five, CNBC reports. The names potentially replacing current Fed chair Jerome Powell are: Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.

WATCH THIS SPACE-

#1- Is UAE’s Fujairah gearing up to invest USD 500 mn into Egypt’s Hamra port? UAE’s Fujairah is reportedly working to funnel USD 500 mn into the initial phase of its planned USD 3 bn oil logistics zone at Egypt’s Al Hamra Port on the Mediterranean coast, an unnamed government official told Asharq Business. The agreement comes after Fujairah and Egypt inked an agreement earlier this month to set up a joint-stock company to advance the project.

REMEMBER- Fujairah inked an MoU last year with Egypt to build a USD 3 bn petroleum logistics zone at Al Hamra Port. Construction on the zone was reportedly planned to take off in 1H 2025, with a government official telling Asharq Business then that it could take three years to complete.

That’s not all: Fujairah also inked a contract with the Western Desert Petroleum Company(Wepco), operator of Al Hamra oil port and pipelines, to store some 150k tons of oil and petroleum goods per month at the port’s storage facilities. The tons could potentially increase if the UAE firm requests it in the coming period.

REMEMBER- Wepco is expanding its oil storage capacity: Petrojet is currently working on expansions in Al Hamra port, including four new warehouses in the northern section that would raise total handling capacity from 2.8 mn barrels to 5.3 mn barrels — two are scheduled to enter service before year-end, and the remaining two will launch in 1Q 2026. Petroject is also working on expansions in the southern section of the port to add storage capacity of up to 130k tons to serve the western north coast and Al Almien areas, the company said last month.

DATA POINT- Wepco handled some 74 mn barrels of oil at Al Hamra port during FY 2024-25.

#2- Qatar Airways is expecting the delivery of seven new freighter jets in 2026 — fiveconverted passenger jets from Mammoth Freighters and two freighters directly from Boeing, Qatar Airways’ Chief Cargo Officer Mark Drusch told Bloomberg. The deliveries are part of some 28 freighter jets already on order, Drusch added.

New ventures ahead: The regional airliner is also looking into new market expansions ahead of the expected launch of a joint cargo business venture with the Malaysia-based MASkargo and IAG Cargo next year. The joint venture has received most regulatory approvals, except for the Malaysian government green light, which is expected by the end of this year or early next year, Drusch said.

In numbers: The airline boasts a total tonnage capacity of 1.6 mn tons through 28 Boeing freighters and belly capacity from more than 230 passenger jets.

IN OTHER FLEET UPDATES- Riyadh Air adds a leased jet to fleet: PIF-owned jet lessor AviLease signed its first leasing agreement with the Kingdom’s newest national carrier Riyadh Air for a Boeing 787-9 Dreamliner, the airline said in a press release yesterday. The aircraft is scheduled for delivery before year-end, supporting Riyadh Air’s preparations for its full operational launch — a rollout that began with daily flights to London Heathrow launched last Sunday.

IN CONTEXT- The initial flights operated on a Boeing 787-9 aircraft named Jamila ahead of new aircraft deliveries from Boeing. The Kingdom’s new airline voiced plans back in June to serve 100 cities by 2030, aiming to add a destination every two months once it’s operational. Meanwhile, Avilease’s fleet now stands at 192 owned and managed aircraft leased to 48 carriers across 29 countries as of 3Q 2025.

#3- Damascus’ freezone back in action: The freezone at Syria’s Damascus International Airport has relaunched operations, handling its first commercial shipment following a 14-year hiatus, Sana reports. The move marks the reactivation of trade movements in the zone, and Syria aims to funnel investments into supporting the growth of its logistics sector.

MEANWHILE- Syrian-Saudi investment ties are advancing from MoUs to implementation, with some USD 6.4 bn in agreements activated during a joint investment roundtable held yesterday in Damascus, Asharq Business reported. The roundtable focused on exploring new potential investments in priority sectors, including energy, communications, banking, real estate development, mining, and digital transformation.

ICYMI: The Saudi-Syrian Investment Forum held in July in Damascus put forth 47 agreements worth over SAR 24 bn. The Kingdom also granted Syria 1.65 mn barrels of crude oil earlier last month to back the operational and financial stability of Syrian refineries.

High-level support: Syrian President Ahmad Al Sharaa is expected to land in Riyadh today and address the FII9 forum in Riyadh, as well as meet Crown Prince Mohammed bin Salman to discuss investment in Syria’s infrastructure, housing, energy, health, technology, and sustainability sectors.

MARKET WATCH-

#1- Oil prices dipped slightly this morning amid news of a possible Opec+ production hike in response to a US-China trade pact, Reuters reports. Brent crude futures were down USD 0.03 to USD 65.59 / bbl as of 03:59 GMT, while US West Texas Intermediate (WTI) decreased USD 0.05 to trade at USD 61.26 / bbl.

Meanwhile, IEA’s head sees oil prices easing on surplus supply: The oil market is heading for a soft patch as output growth outstrips demand, International Energy Agency’s (IEA) Executive Director Fatih Birol told Bloomberg. Rising production from the Americas, Opec+ signaling higher supply, and slower consumption growth will be key drivers behind what he expects will be “moderate” prices over the coming days and weeks. Any US-China trade agreement this week would give oil prices only a “slight” lift unless a major geopolitical event intervenes, he added.

REMEMBER- The IEA is signaling a growing supply glut, with global output in September already up by 5.6 mn bbl / d from a year ago — 3.1 mn bbl / d of which came from Opec+. Global supply is estimated to exceed demand by some 4 mn bbl / d next year, compared to around 3.3 mn bbl / d last month, if current trends hold.

#2- Baltic still on its downward trend: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — eased 0.8% to 1,976 on Monday, its lowest since 10 October. The capesize fell 1.2% to 2,838, while the panamax index dropped 0.2% to 1,921 points. The smaller supramax index shed 8 points to 1,361.

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CIRCLE YOUR CALENDAR-

The UAE will host the Adipec Maritime and Logistics Exhibition and Conference on Monday, 3 November until Thursday, 6 November in Abu Dhabi. The conference will host over 250k attendees working in government entities, finance, and tech.

The UAE will host the Air Cargo Forum on Tuesday, 4 November until Thursday, 6 November in Abu Dhabi. The forum — hosted by Etihad Cargo — will bring together air freight industry leaders, policymakers, innovators, and stakeholders to discuss industry solutions, tech, strategies, and collaborative initiatives for global air logistics.

Egypt will host the TransMea Expo on Sunday, 9 November until Tuesday, 11 November in Cairo. The expo will host regional and international players in the transport industry to explore tech, new smart solutions and products for transport and logistics services.

The UAE will host the Dubai Airshow on Monday, 17 November until Friday, 21 November in Dubai. The event will host over 1.5k exhibitors and 148k industry experts from over 150 countries, to discuss air mobility, new MRO breakthroughs, sustainable aviation, startups and new tech for aircraft simulations.

Saudi Arabia will host the ShipTek International Conference and Awards on Tuesday, 18 November in Al Khobar. The conference will host policy makers, organizations, suppliers and experts on maritime, offshore and oil and gas.

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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