Good morning, friends. We’re heading into the weekend with a relatively packed issue, led by news that Egypt’s neighbors to the east have signed-off on a long-delayed USD 35 bn natural gas export agreement.

The agreement comes at a tense time for the Egypt-Israel diplomatic relations, but it is also set to locks-in regular supply at a favourable price for the energy-hungry Egyptian economy. It’s good for business, good for households, good for the wider economy — and could help boost export receipts, too. What do we use for a “hold your nose” emoji?

ALSO- We also take deep dives what Marsa Maroc’s and AD Ports latest acquisitions of port operators abroad mean for each of the players. Let’s dive right in.

Watch this space-

PORTS: AD Ports Group has entered Tajikistan through a 51% stake in a new joint venture set to manage freight and logistics operations alongside Avesto Group, which owns the remaining 49%, according to a statement. The JV will start operations as an asset-light freight forwarder — holding the exclusive right to manage all freight and logistics operations for subsidiaries under Avesto Group’s umbrella. The JV will also serve third-party clients in the market.

The move will give AD Ports a new base in the landlocked Central Asian country, which is set to be a key bridge in the planned Middle Corridor — a 7k km multimodal logistics corridor linking China and the West, while bypassing Iran and Russia.

WAREHOUSES: The KSA warehouse squeeze is bringing in the internationals: Germany’s Garbe Industrial Real Estate and Saudi developer Artar are forming a JV to build Grade A warehouses in Riyadh, Jeddah, and Dammam. The venture plans to deliver its first facilities by 1Q 2026.

The market context: The Kingdom’s warehouses closed in on 100% occupancy rates in 1H 2025, driven by steady e-commerce growth, boosted investments, and government initiatives, according to data from Knight Frank. Riyadh recorded a 16% y-o-y hike in warehouse rents, averaging SAR 208 per sqm during the same period. Meanwhile, demand is going hot on higher quality warehousing, as only under 10% of the facilities in Saudi Arabia align with global Grade A specifications.

AVIATION: Is Naguib Sawiris trading villas for runways? Egypt’s second-richest person is forming a consortium with Italian partners to bid for the management and operation of the Hurghada International Airport, which began accepting bids last week (watch, runtime; 32:11). Luxor and Sohag airports may be next in his sights, he suggested. The move came as Sawiris appears to be pivoting away (for now) from the Egypt’s cooling real estate market citing high interest rates and market cooling.

We’ll keep a close eye on the shortlist: Several regional and international players have previously expressed interest in the country’s airport privatization drive before the tender was rolled out. Names included Hassan Allam Holding, France’s Groupe Aéroports de Paris, China Communications Construction Company (CCCC), the French concessions and construction company Vinci, as well as a few unnamed Kuwaiti firms.

AVIATION: What will it take to rebuild Syria’s aviation sector? Revitalizing Syria’s embattled aviation industry could take three to five years, as the country galvanizes the necessary funding, expertise, and external assistance, the International Air Transport Association’s (IATA) regional VP for Africa and the Middle East Kamil Al Awadhi reportedly said.

What the doc ordered: Damascus needs to invest in its aviation infrastructure and equipment and work out regulatory issues, the IATA found earlier this year.

But there’s a catch: Rebuilding the country’s aviation sector would require imports of tech and equipment that may still be out of Syria’s reach, as the country remains on the US State Sponsors of Terrorism list, which bans listed countries from procuring dual-use tech — many of which include navigation equipment necessary for the sector.

Market Watch-

Oil prices rose this morning amid the blockade on Venezuela’s oil tankers and reports of possible US sanctions on Russia if a Ukraine peace pact is not reached, Reuters reported. Brent crude futures went up by USD 0.44 to trade at USD 59.38 / bbl as of 02:56 GMT, while US West Texas Intermediate (WTI) rose USD 0.42 to USD 60.10 / bbl.

Baltic index on a downward spiral: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 3.8% to 2,121 points on Wednesday. The capesize dipped 3.7% to 3,694, while the panamax index shed 6.2% to 1,480 points, and the smaller supramax index declined by 27 points to 1,308.

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