Good morning, wonderful people. The news cycle slowdown is still here, leaving us with brisk read as we enter the weekend.

Up first: Oman’s Sohar Freezone is getting a USD 550 mn petrochemicals complex that will produce PTA and PET — two key components for the plastics and polyester industry supply chains. The project is a relocation of Mak Germany’s plant in Rotterdam — shut down in 2024 — and can be seen as another example of how Europe’s high energy costs could spur industrial gains for the GCC and Oman.

ALSO: We also take a look at the UAE’s autonomous trucking sector — and how an integrated regulatory framework across the country, and perhaps across the GCC, can unlock gains and faster uptake for the industry. And while the UAE works on expanding its autonomous logistics sector, more global players are securing big bucks for their expansion.

The big logistics story abroad

Autonomous trucking tech startup Waabi raised USD 1 bn to expand operations, marking the third major funding round for a global autonomous logistics player in just one month. China-based heavy trucking tech startup DeepWay Tech secured USD 173 mn in funds ahead of a planned IPO, and the US-based drone delivery startup Zipline raised USD 600 mn.

The breakdown: The Toronto-based outfit raised USD 750 mn in the Series C round, which included venture capital arms of automotive majors like Volvo, as well as Khosla Ventures and G2 Venture Partners. Uber is also injecting USD 250 mn into Waabi to back its entry into the robotaxis segment.

ALSO- The UK is seeking a reset with China amid tensions with the US, with Prime Minister Keir Starmer to be joined by execs from top banks and manufacturers when he lands in China today. This comes as many Western players are doubling down on China as the US grows more unreliable as a trading partner.

Watch this space

TRADE — Jordan is raising its gas supplies to Syria, after inking a purchase agreement for flows of 140 mmcf/d. The gas will initially be supplied via the Egypt-chartered regasification unit Energos Force, currently docked at the Aqaba terminal in Jordan, until March. Before this new agreement, Jordan had earmarked 30-90 mmcf/d for Syria-bound exports.

Tracing the exact origin of the gas is tricky, given the complex nature of the current Syria-bound supplies. For example, we know Egypt is re-exporting approximately 50 mmcf/d to Syria through Jordanian territories via the Arab Gas Pipeline (AGP), with the volume originating from a blend of sources, Ross Cassidy, VP of MENA Research at Welligence Energy Analytics, previously told us.

We also know that Qatar is a backer of the Jordan-routed gas supplies to Syria, after inking an agreement last March to finance the flows. The agreement earmarked 30-90 mmcf/d, with reports at the time indicating that Jordan would receive the gas in liquefied form before regasifying it at Aqaba and sending it to Syria through the AGP.

PORTS — Egypt wants US operators in its ports. Egypt’s Industry Minister Kamel El Wazir has called on American firms to invest in Egyptian ports during a meeting earlier this week with US Deputy Secretary of State Christopher Landau. The invitation — which Landau welcomed — aligns with Washington’s recent efforts to challenge Chinese dominance in global waterways.

This isn’t the first time Egypt pitches port investments to the US. A previous US delegation, led by Ambassador Herro Mustafa Garg, toured several Egyptian ports in September — including Alexandria, Damietta, Port Said, and Ain Sokhna — and had initially signaled interest in the sector in April.

The geopolitical context: The news comes amid ongoing political tension between the US and China, with both countries vying for key trade outposts amid mounting concerns in DC that the US could face major logistics disadvantages if military conflict erupts. China maintains a large presence along the Suez Canal and its adjacent ports — including the Chinese-operated Teda Industrial Zone in Ain Sokhna, which was earmarked for USD 1.2 bn worth of fresh investments just last month.

DISRUPTION WATCH — Severe weather is disrupting cargo flows and forcing shutdowns of container terminals in Europe. “This situation is affecting the entire industry, and due to the severity and uncertainty of the conditions, we expect delays and closures to continue to impact vessels and terminals across the board,” Maersk said in a statement.

Who’s impacted? Portugal and Spain were among the hardest hit under severe weather warnings yesterday, while Italy declared a state of emergency on Monday after last week’s violent storm pushed water inland. Terminals in the Western Mediterranean, including in Morocco, have also halted operations.

This is the third major disruption for air and sea trade due to severe weather, after storms halted airport operations in the US earlier this week and in Europe earlier this month. The rising frequency of snow storms are also straining the supply of critical de-icing agents.

Market watch

Oil prices surged again this morning after US President Donald Trump reiterated threats of a possible Iran strike, Reuters reports. Brent crude futures were up USD 0.99 to trade at USD 69.39 / bbl as of 04:36 GMT, while US West Texas Intermediate (WTI) decreased by USD 1.06 to USD 64.27 / bbl.

Today’s rise brings the benchmarks to their highest since September last year, after increasing by some 5% since Monday.

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