TODAY: Egypt’s Alexandria gets its first dry port + Gulf crude transfers spill into India's Gulf of Kutch

Good morning, nice people. It’s Forum Day in Cairo. The EnterpriseAM Egypt Forum: The AI Edition is kicking off in two hours, bringing together 500+ of the people who run the Egyptian economy. We have a couple of dozen business leaders joining us on stage to discuss the pertinent questions of our era — what does AI really mean for your business and your people, and what do you do about it? Follow us and stay tuned for coverage on Instagram and LinkedIn.

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In today’s issue: Alexandria's ports are carrying more of Egypt's trade, so the city is building an overflow lot for them. El Amreya Dry Port, Alexandria's first, is set to open on 11 October, CEO Ahmed Abul Hassan tells EnterpriseAM. Meanwhile, Ship-to-ship transfers of Gulf crude have spread to the Gulf of Kutch as the waters off Oman and the UAE fill up.

PLUS- Iran won't reopen the strait until Washington meets the seven conditions set out in June's interim agreement, Mohammad Baqer Qalibaf, parliament speaker and chief negotiator, said, Reuters reports.

We’re honored to welcome Dr. Ahmed Heikal as a guest speaker at the 2026 EnterpriseAM Egypt Forum.

Dr. Heikal founded Qalaa Holdings in 2004, building it into Africa’s largest private equity firm with investments spanning 15 countries and 15 industries, before leading its transformation into a holding company spanning energy, cement, transportation & logistics, agrifoods, and mining. Along the way, he built more than 80 businesses across Egypt and Africa, including the Egyptian Refining Company, Egypt's largest private-sector-led infrastructure project, and has since exited more than 20 of them. He also founded the Qalaa Holdings Scholarship Foundation in 2007, which has supported more than 70k beneficiaries.

Earlier in his career, Heikal joined EFG Hermes in 1992 and played a key role in transforming the small financial consultancy into the leading investment bank in the Arab world and emerging markets, holding senior roles across asset management, investment banking, brokerage, and private equity before becoming an executive board member and Managing Director.

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Back at the pump

Fujairah is rebuilding its fuel oil supply after the Iran war cut it off from its usual Gulf suppliers, letting the port ramp ship refueling and exports to Asia back up, Reuters reports, citing industry sources and shipping data. UAE fuel oil imports more than tripled q-o-q to 2.6 mn tons in 3Q, up from 845k tons in 2Q, according to Kpler — a drop that came on the back of disruptions hitting Gulf refiners once the war started. September imports rose to 856k tons from 715k tons in August — still roughly half of February’s 1.7 mn tons.

Why it matters: Fujairah is one of the world's biggest bunkering hubs and the Gulf's main refueling stop outside Hormuz.

The supply map has been redrawn: Saudi Arabia replaced Kuwait, Fujairah's biggest supplier before the war, as the top source in July and August, and Russia was a key supplier in September. Producers are moving fuel oil out of the Gulf through shuttle runs and ship-to-ship transfers, Kpler senior research manager Emril Jamil said.

Exports are recovering even faster: UAE fuel oil exports topped 1.4 mn tons in September, their highest level in more than a year, with most heading to Southeast Asia. That put the UAE back ahead of Syria as the region’s largest fuel oil exporter by volume — after Iraq’s diversion of shipments to Syria’s Baniyas port temporarily pushed Syria into first place in 2Q.

The recovery still has gaps: Fujairah’s marine fuel sales have picked up in recent weeks but remain below pre-war levels, traders said. Onshore residual fuel inventories averaged 4.5 mn barrels in September, up from 3.9 mn barrels in August but still half the roughly 9 mn barrels held before the war.

UAE eyes more rail links to Central Asia

The UAE has signed on to study a rail line from Kazakhstan and Uzbekistan through Afghanistan to Pakistan's seaports, with the Energy and Infrastructure Ministry signing the memorandum with the two countries' transport ministries, according to a statement.

Emirati port operators already sit at both ends of the route: In the north, AD Ports and Kazakhstan Railways’ KTZ Express launched their GulfLink JV last year to build Central Asian cargo routes through markets including Pakistan. In the south, DP World is investing USD 400 mn in the rail corridor linking Pakistan’s Karachi Port with the Pipri marshalling yard near Port Qasim.

For landlocked Kazakhstan and Uzbekistan, the line is another way to the sea: It would give both countries a route to Pakistan’s Arabian Sea ports alongside existing options such as the Middle Corridor, the Caspian Post reports. Pakistan could pull more Central Asian cargo through its ports in return, with Afghanistan as the transit link.

The Gulf’s sovereign funds and largest companies are committing billions to AI infrastructure at home and to AI companies in the US and beyond. EnterpriseAM AI + Innovation reports on where that capital goes, who controls it and what it is actually buying.

Every Tuesday and Thursday, we also cover the startups and established firms across MENA putting AI to work, and how it is changing jobs, education and the way business runs.

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Market watch

Oil prices edged lower this morning as rising Middle East exports and G7 stockpile releases eased supply concerns, Reuters reports. Brent crude futures dipped USD 0.66 to USD 101.59 / bbl by 02.40 GMT, while West Texas Intermediate (WTI) slipped USD 0.95 to USD 90.12 / bbl.

The Baltic Index moves in opposite directions: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — rose 0.3% to 3,148 points on Friday. The capesize index gained 0.6% to 5,042 points, while the panamax slipped 0.3% to 2,372 points. The smaller supramax fell 0.3% to 1,789 points.

The Drewry World Container Index fell 1% to USD 4,434 per 40-ft container last week, according to the latest index readings. Transpacific rates were steadier — Shanghai-Los Angeles rose 1% and Shanghai-New York was unchanged. Asia-Europe remained under pressure, with Shanghai-Genoa down 3%, and Shanghai-Rotterdam down 2%. China’s Golden Week factory closures are weighing on cargo flows, while rising Suez Canal transits are adding effective capacity to Asia-Europe routes. Hormuz disruptions and uncertainty around Houthi activity are still clouding operations, although the extended US-China trade truce could support a rebound in US-bound demand after the holiday. Drewry expects the market to remain volatile in the near term as demand, capacity shifts, and geopolitical risks continue to move rates.

Aramco is charging more for cooking gas this month. The oil giant raised its October official selling prices for liquefied petroleum gas (LPG) by 9-11% on the back of higher oil prices and increased demand, Reuters reports, citing traders. Propane is now USD 680 per ton (+USD 55), while butane costs USD 730 per ton (+USD 70). Aramco’s monthly LPG prices are widely used as a benchmark for Middle East LPG exports to the Asia-Pacific market.

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