TODAY: Adnoc Distribution is set to expand aircraft refueling in Egypt + Egypt’s fire-damaged FSRU is headed to Spain for repairs

Good morning, nice people — today's theme is repair and expansion, side by side.

Adnoc Distribution is expanding into a different kind of fuel entirely. The company will begin aircraft refueling at Sphinx Airport in October and at Hurghada by year-end.

Meanwhile, Egypt has settled on where its fire-damaged FSRU gets fixed — and when it's coming home. The Energos Winter has left for Spain to begin repairs and is expected back at Damietta by the end of October to resume operations.

And Etihad Rail Freight and AD Ports Group are laying down a new line straight into Abu Dhabi's industrial heart. A direct rail service will link Fujairah Terminals to the Industrial City of Abu Dhabi, moving customs inspection, clearance, and release closer to businesses' own warehouses and factories.

Plus: the retaliation cycle in Yemen just escalated again. Houthi militants targeted Yanbu and Riyadh yesterday, using ballistic and cruise missiles and drones to cause large fires at the targeted sites, according to Houthi military spokesman Yahya Saree. The group targeted Aramco’s facilities in Yanbu as a response to Saudi Arabia’s 732 airstrikes against them so far, Saree said.

The EnterpriseAM Egypt Forum is less than a month away — and here's some of what’s shaping up on the agenda:

• Where AI fits on the list of topics keeping CEOs awake at night
• What AI means for your company, your team, your job, and your family
• What's the AI opportunity for Egypt
• Building the AI infrastructure

And more panels to come.

Join us on 5 October in Cairo. Attendance is by invitation only, and seats are filling up quickly.

Request your invitation here.

L’imad eyes stake in cargo giant

Abu Dhabi's L’imad Holding is weighing a bid for a stake in Atlas Air Worldwide, the Apollo-controlled air cargo giant that could be valued north of USD 10 bn, Bloomberg reports, citing people familiar with the matter. Talks are early, and it's competing against other strategics and PE firms who’ve been circling since Apollo was first reported to be weighing a sale of the closely held company back in December.

Why it matters: This would be the latest move in Abu Dhabi’s push to build logistics and transport routes that help it circumvent the Strait of Hormuz. L'imad — overseen by Crown Prince Sheikh Khaled — has been explicit about wanting to rejig UAE supply chains and open new export corridors, and a big air-cargo platform fits that thesis neatly alongside its ports and maritime holdings via AD Ports — over which it has just tightened control, acquiring an additional 23.08% stake, on top of the 75.42% it already held, pushing its stake past 98.5% and allowing it to squeeze out remaining shareholders and take it private.

The bigger picture — L'imad has been on a roll:

• Absorbed sovereign investor ADQ in January, inheriting stakes from Sotheby’s to Etihad;
• Joined GIP, Temasek, and Adnoc in a USD 30 bn infrastructure investment venture in May;
• Backed Paramount Skydance’s hostile bid for Warner Bros. Discovery;
• and tightened control of its two biggest domestic assets, Taqa and AD Ports

AGL gets its extension

The Financial Regulatory Authority (FRA) has given Africa Global Logistics (AGL) three more months to firm up its Egytrans Nosco offer, according to a statement (pdf). The new deadline to submit a mandatory tender offer (MTO) now runs to 21 December, pushed back from 27 September. The 60-working-day extension was granted after AGL, MSC’s pan-African logistics arm, asked for more time on 13 September.

REFRESHER- AGL made a non-binding indicative offer in late June to acquire up to 100% of Egytrans Nosco at a provisional range of EGP 11.25-12.25 per share, with a 75% floor, aiming for a voluntary delisting from the EGX. At the top end, that values the company at EGP 2.76 bn, which is an 18.4% premium to the stock’s pre-news close. The board first tasked management with studying the offer in mid-July, then cleared AGL to begin due diligence later that month. This gives it 60 days from the start of examination, subject to extension. AGL still needs to clear regulators in three jurisdictions: Egypt’s Competition Authority, the Comesa Competition and Consumer Commission, and Saudi Arabia’s General Authority for Competition.

On track for 2027

We have a date on Hafeet: The rail link between the UAE and Oman will begin trial runs in 4Q 2027, Trade Arabia reports, citing Omani Transport Minister Saeed bin Hamoud Al Maawali. The 238-km line will carry both freight and passenger traffic between Sohar Port and the UAE’s national rail network via Al Buraimi and Al Ain.

REMEMBER- Oman ratified its railway agreement with the UAE just last week, clearing a key government step for a project we’ve tracked since 2024. Construction was around 40% complete in April, with USD 1.5 bn in debt financing secured and Noatum Logistics already lined up to run a daily container service once trains start moving.

Why it matters: The GCC still lacks a continuous, high-capacity rail corridor that can bypass the Strait of Hormuz — there are no railways connecting Omani ports outside the strait directly into UAE markets, yet. This makes Hafeet Rail the clearest test case yet for Gulf rail as a way to avoid the maritime chokepoint.

Market watch

Oil prices fell to a one-week low this morning on hopes for Iran diplomacy and a recovery in Saudi shipments, Reuters reports. Brent crude futures declined USD 2.16 to USD 101.71 / bbl by 02.13 GMT, while West Texas Intermediate (WTI) fell USD 2.15 to USD 98.15 / bbl.

The Baltic Index rebounds slightly: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — rose 1% to 3,370 points on Friday. The capesize index surged 2% to 5,768 points, while the panamax fell 1.4% to 2,251 points. The smaller supramax gained 0.3% to 1,767 points.

The Drewry World Container Index edged up 1% at USD 4,500 per 40-ft container last week, according to the latest index readings. Transpacific rates strengthened — Shanghai-Los Angeles went up 5% and Shanghai-New York rose 7%. Asia-Europe lanes moved the other way, with Shanghai-Genoa down 5% and Shanghai-Rotterdam down 9%. The market remains pulled in different directions — as pre-Golden week demand and carrier capacity cuts are supporting Transpacific rates, while weaker demand and the gradual return of services through the Suez Canal are weighing on Asia-Europe routes. Renewed security risks around the Red Sea and Bab Al Mandab could slow the Suez return, while Asian port congestion and potential German port strikes add further disruption.

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