Good morning, friends. We have another diverse issue for you this morning, with some updates from Egypt and Saudi Arabia in the rail and shipping departments, and plenty of signs of more regional cooperation in the transport sector.

THE BIG LOGISTICS STORY- Saudi Arabia’s state-owned National Shipping Company (Bahri) and Egypt’s Suez Canal Authority are investing USD 50 mn to establish an Egyptian joint-stock company for maritime transport, with the two companies planning to finalize procedures for the new company by the end of August.

HAPPENING TODAY-

Kuwait’s Al Zour refinery resumes exports: Kuwait’s state-owned Kuwait PetroleumCorporation (KPC) resumed exports from its 615k bbl / d Al Zour refinery, after a distillery at the refinery that was closed in early April due to technical difficulties came back online on 21 April, Argus Media reports. The exports resumed with a shipment of 109k tons of very low-sulfur fuel oil to Fujairah, UAE on the Desh Garima oil tanker, according to the news outlet.

WATCH THIS SPACE #1- Qatar Airways could add 85-90 new destinations to its current roster if it is able to procure enough planes, Reuters quotes Al Baker as saying at a presser. The airline is counting on deliveries from Boeing and Airbus — both of which are experiencing production delays — soon.The airline is set to resume its flights to Yanbu and add Tabuk to its Saudi destination network, with additional plans to introduce services to Ras Al Khaimah, Al Baker said, according to a press release. The airline has a network of 160+ destinations in the Gulf and currently flies 84 weekly flights to the UAE to Abu Dhabi, Dubai and Sharjah.

Qatar Airways also plans to “cooperate with … and support” Saudi Arabia’s planned new airline, Riyadh Air, as “there is a lot of business around for everybody,” Al Baker said at the Arabian Travel Market (ATM) event in Dubai, according to Arabian Business. Al Baker did not specify the parameters of the planned cooperation.

Adnoc Gas will build its new LNG export terminal at Ruwais on the Persian Gulf rather than Fujairah, due to its proximity to Adnoc’s facilities, according to a statement. The upcoming Adnoc plant is set to more than double the country’s LNG export volumes and was earlier slated for construction at Fujairah, a major oil trading hub in the region, Bloomberg reports. Adnoc has not revealed the cost of the new facility but investments of this caliber routinely run in the USD bns, Bloomberg notes.

WATCH THIS SPACE #2-Russia and India are set to reboot their 7.2k km International North South Transport Corridor(INSTC) linking them together via Iran, Kazakhstan, Turkmenistan, and Azerbaijan, according to statements cited by Russia’s state-owned TASS.The two countries are set to sign several “supplemental agreements” related to the operations of the corridor on the sidelines of the upcoming KazanForum, which will be held on 18-19 May in Kazan, Russia, according to the agency. The multi-modal logistics highway is anticipated to be a gamechanger for regional trade, with a scope that could rival China’s Belt and Road Initiative.

Background: The origins of the project go back to a September 2000 treaty signed by partner countries, but which failed to get off the ground. Recent supply chain disruptions, sanctions on trade with Russia and Iran, and trade agreements between countries connected by the proposed trade corridor have given new impetus to the project.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May at the Four Seasons Cairo Nile Plaza The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).

Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:

Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC

Lead partners: DB Schenker | DP World | East Port Said Development | IDG | IFC | Madinat Masr

Event partners: Beyti | Concrete | GlobalCorp | Grant Thornton | Hassan Allam Utilities | Royal Ceramica

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

HAVEN’T REQUESTED AN INVITE YET? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

CIRCLE YOUR CALENDAR-

The Arabian Travel Market 2023(ATM) is taking place on 1-4 May at the Dubai World Trade Centre in Dubai, UAE. Theconference will gather attendants from more than 100 countries from the travel trade to attend 63 sessions across the global stage, travel tech stage, and a sustainability hub to explore travel trends, opportunities, new destinations and sustainable growth.

The 2024Swiss commodities shipping conferenceGeneva Dry kicked off yesterday and will run until today. The conference, which is organized by the team behind news website Splash to life, brings together analysts, traders, miners, shipowners, and investors to discuss dry bulk shipping market trends.

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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