Good morning, lovely people. We have a brisk issue for you this morning, with some updates on the maritime shipping and rail fronts — and some positive news out of Oman on biofuel production.

THE BIG LOGISTICS STORY- AP-Moller Maersk has added Jeddah Islamic Port in Saudi Arabia to two of its key shipping lines, linking it to ports in East Asia, Africa and Europe.

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September. Stay tuned for more information on the location.

This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.

Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.

WHY ATTEND? Our guests consistently tell us they attend for two reasons: (1) meaningful discussion of the issues that shape the future of their businesses and (2) an unparalleled chance to network with other senior members of the community.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

WHO SHOULD ATTEND? Everyone who plays a role in our industry, from commercial and investment bankers to asset managers, fintech founders, NBFS leaders, and professional services providers of all stripes. Attendees at our events are C-suite officers, business owners, and their direct reports; we also make an allocation for folks we think could be tomorrow’s founders and c-suite executives.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

Riyadh Air takes flight: KSA’s second national carrier Riyadh Air took to the air for the first time yesterday as a newly delivered Boeing 787 Dreamliner performed a low altitude demo flight over Riyadh, the company said. The aircraft, showcasing the carrier’s purple livery, flew over several city landmarks including Kingdom Centre, Al Faisaliah Tower, and King Khalid Grand Mosque. The carrier — owned by KSA’s Public Investment Fund (PIF) — received its IATA operating code (RX) last week and is scheduled to begin operations in 2025.

The Suez Canal Authority has a new holding company: A new Suez Canal holding company will obtain ownership over two state-owned companies, one of which was earmarked for the country’s state privatization program, under a decision approved by ministers at a cabinet meeting last week. The Suez Canal Authority’s Canal Company for Mooring and Lights (CCML) and the Port Said Company for Engineering Works and Marine Construction will be transferred to the new firm, known as the Suez Canal Holding Company for Maritime Industries, Services and Investment, according to the statement. CCML was among the 32 companies named on the Egyptian government’s privatization list earlier this year.

Its responsibilities: The company, which will be headquartered in Ismailia, will be tasked with “managing and investing” its assets, the statement said. It will also provide services like ship repair and refurbishing, the statement added.

Increasing levels of blocked funds are threatening airlines in certain markets, the International Air Transport Association (IATA) said in a statement. The industry's blocked funds surged 47% y-o-y to USD 2.27 bn in April, the IATA said, while warning that airlines “cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets.” Nigeria, Bangladesh, Algeria, Pakistan, and Lebanon collectively represent 68% of the total blocked funds. IATA called on governments to adhere to international agreements and treaties to allow airlines to repatriate the funds generated from ticket sales, cargo space, and other business operations.

What’s behind the blocked funds? The IATA warned in December that the increase of blocked funds is threatening airlines, and attributed the rise of blocked funds to governments attempting to shore up depleted treasuries and issues like FX shortages.

MARKET WATCH- Asia-Pacific Supramax and Panamax time-charter equivalent rates have fallen by over 50% y-o-y in 2Q 2023 on diminished demand for Chinese commodities and reduced port congestions, according to S&P Global Commodity Insights data. The Platts APSI 5 Index, which tracks average rates of five Supramax routes in the Asia-Pacific region, plunged 60% from 2Q 2022 to USD 10.2k per day so far this quarter. The Platts KMAX9 Index, which tracks the average rates of nine Panamax routes globally, fell 52% to USD 12.2k per day during the same period. A decline in Chinese real estate and infrastructure development throughout the year has resulted in lower demand for key resources like iron ore and coal, coupled with lower consumption of Chinese products that has led to a decline in export volumes, impacting dry bulk shipping rates.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

• The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
• Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
• How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
• How to develop sources that will give you the key insights needed to tell a complete story;
• How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

CIRCLE YOUR CALENDAR-

The Jordan-Iraq economic forum will take place on 20-21 June in Amman, Jordan.The two-day forum, hosted by the Iraqi Business Council under the slogan of Building Bridges of Joint Prosperity, will bring together government officials, business owners, and companies from the two countries to enhance commercial, investment, and industrial relations.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.