Good morning, wonderful people, and welcome to a very electric truck-centered issue. We have a big update from the UAE on its electric trucking industry, and a big read on clean energy in the trucking sector to help you digest it all.

THE BIG LOGISTICS STORIES- Swedish electric and self driving trucking startup Einride inked an MoU with the UAE to deploy a 550 km freight mobility grid, dubbed Falcon Rise, in the country, according to a statement. Over in Saudi Arabia, Amazon is doubling its capacity with a new fulfillment center.

HAPPENING TODAY-

WATCH THIS SPACE-Iraq + Russia to cooperate on maritime transport: Russia’s Transport Ministry is set to sign an agreement with Iraq on facilitating maritime transport between the two countries, according to Russian state-owned news agency Sputnik. The agreement involves streamlining customs and border formalities in ports and covers non-commercial, research, fishing, and leisure vessels, according to the news agency.

The UAE says it pulled out of a US-led Middle East maritime security coalition two months ago after an “evaluation of effective security cooperation with all partners,” WAM reports. The UAE also protested the “mischaracterisation” in US media of the US-UAE dialogue on maritime security, following reports alleging that it withdrew over the lack of a US response to the recent seizure of tankers by Iran, Reuters reports. The 34-nation task force — headquartered at a US naval base in Bahrain — is charged with security, counterterrorism, and counter-piracy operations in the Red Sea and Persian Gulf waterways.

MARKET WATCH-Diesel exports from the Middle East to Western Europe are expected to slow down in May following a record high in April, according toS&P Global. Shipments recorded for May so far hover around 163k per day (b/d), which is significantly lower than the 634k barrels b/d in April. April saw the highest volume recorded since data collection began in 2016.

European refineries resuming operations is partially to blame: The European diesel complex has been well supplied due to several refineries resuming operations after undergoing maintenance, according to Hedi Grati, S&P Global’s head of Europe/CIS refining research. Sluggish local demand and rising stocks in the Amsterdam-Rotterdam-Antwerp region have also played a role in the decline.

CIRCLE YOUR CALENDAR-

Adnoc L&S’ shares debut today on the ADX under the ticker ADNOCLS. The IPO closed last week to a final offering price of AED 2.01 per share, valuing the transaction at USD 769 mn and implying a market cap of USD 4.05 bn for Adnoc’s logistics subsidiary. Overwhelming investor demand saw ADNOC up the size of the offering — which was 163x oversubscribed — from an original 15% stake (1.11 bn shares) to a 19% stake (1.41 bn shares).

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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