Good morning, wonderful people. The newsflow is still slower than expected for a September morning, but not without interesting updates — including a big IPO for a Saudi logistics firm in the works.

THE BIG LOGISTICS STORY- Saudia Arabian Airlines and Tarabot Air Cargo Services are listing 30% of subsidiary air cargo handler Saudi Logistics Services’ (SAL) shares on the Saudi Tadawul Exchange. The two shareholders will offer 24 mn shares in their subsidiary, with the book building process set to kick off on 25 September.

^^ We have everything on this story and more in the news well, below.

HAPPENING THIS WEEK-

UAE reopens its doors to Nigerian travelers: The UAE has lifted a travel ban on Nigerian travelers, ending a restriction that had been in place since October 2022, following negotiations between Nigerian President Bola Tinubu and UAE's leader Mohamed bin Zayed Al Nahyan during their meeting in Abu Dhabi earlier on Monday, CNN reported. Both parties signed a “historic agreement” where Etihad Airlines and Emirates Airlines are to “immediately resume flight schedules into and out of Nigeria without any further delays,” according to a statement by Nigerian presidential spokesman Ajuri Ngelale.

Why were there travel restrictions in the first place? Emirates Airlines halted flights to Nigeria last year because of some challenges in retrieving funds from Nigeria — Etihad Airlines did the same thing at the beginning of the pandemic. Also, the UAE had imposed visa restrictions on Nigeria and 19 other African countries in October without providing explanations.

India-Middle East-Europe Economic Corridor will link India by rail: The India-Middle East-Europe Economic Corridor, a multinational logistics corridor unveiled at the G20 summit, will include railway links to India, Reuters reported, citing statements by Ausaf Sayeed, a secretary in India’s Foreign Ministry. “India would be connected by railroads is the right interpretation, rather than India building the railroads,” Sayeed reportedly said while responding to questions by reporters.

ICYMI- The G20 summit in Delhi, India saw leaders from the US, India, the GCC, and the EU ink an MoU for the India-Middle East-Europe Economic Corridor, a major logistics infrastructure project that seeks to establish rail and maritime connections between Europe and India via MENA. The American-led initiative looks to counter Chinese influence by proposing a Western-backed alternative to China’s Belt and Road Initiative.

WATCH THIS SPACE #1- Amman airport to expand cargo building: Jordan's Queen Alia International Airport in Amman is set to expand its cargo facility due to increased business demand, Addustour quoted Public Works, Housing, and Transport Minister Ahmad Maher Abul Samen as saying. The expansion should alleviate congestion and provide a dedicated space for cargo companies, transitioning them from temporary offices to a more efficient workspace.

WATCH THIS SPACE #2- Iraq sees Al Faw Port being completed in 2025: Construction at Al-Faw port is proceeding faster than planned, and it is set for completion by 2025, Iraqi Prime Minister Muhammed Al-Sudani said in statements carried by Iraq News Agency (INA). Iraq will also call on countries that have expressed interest in investing in the country’s Development Road project to meet in Baghdad, Al-Sudani added. The new timeline for Al Faw Port is sooner than earlier projections, which said that the first phase of the port would be complete by mid-2025.

Al Faw is crucial to Iraq’s logistics infrastructure upgrades: Late May saw Iraq unveil the USD 17 bn Development Road project, a road and rail corridor for the movement of passengers and cargo connecting Al Faw port in Iraq’s southern Basra province with the Turkish border. The initiative is expected to be a major upgrade to Iraq’s logistics infrastructure and is expected to see investments from regional states.

FIVE DAYS TO GO until we see some of you at the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

What to expect: Join Todd Wilcox (CEO and deputy chair, HSBC Egypt) , Akef El Maghraby (vice chairman, Banque Misr) , Tarek El Nahas (group head of international banking, Mashreq), Hazem Hegazy (CEO and vice chairman, Al Baraka Bank), Fadi Abi-Nader (VP — One Demand, Global Emerging Markets, Mars-Wrigley), Bahaa Alieldean (senior and managing partner, ALC Alieldean Weshahi & Partners) and many others for talks on everything from what’s driving transformation in the banking and finance sector to how a can bank can transact in uncertain times.

Tap or click here to view the FULL AGENDA with SPEAKERS.

There will be plenty of parking available at the venue for all those attending.

** We are honored to count some of the region’s most important financial institutions as

our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, Banque Du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

MARKET WATCH-

Saudi Arabia looks to increase oil exports to China in 2024, despite the de facto OPEC+ leader rolling out production cutbacks for the remainder of the year, sources told S&P Global. State-owned Saudi Aramco has kicked off a new round of negotiations with Chinese refiners for supplies in 2024 and is angling to replace Russia as China’s top supplier. Russia supplied 2.1 mn barrels per day (bbl / d) in 1H 2023 to Chinese buyers, while Saudi Arabia supplied 1.8 mn bbl / day during the same period, S&P Global said, citing figures from China's General Administration Customs.

But the question of CNY settlements for Saudi crude is still up in the air: “Whether [to] use CNY or not, is a decision that can only be agreed [upon] and made by Riyadh and Beijing,” a source reportedly told S&P Global.

Meanwhile, production cuts are forcing Asian buyers to look elsewhere for medium sour crude: Asian refiners — which prefer medium sour grade crude — are scrambling to find alternatives as Saudi Arabia and other GCC partners have cut exports of the category, Reuters reports separately. The supply gaps have caused prices for these grades to rally faster than other crude products. Indian refiners are turning to Russian urals crude to fill the gaps, while Chinese refiners are ramping up imports from Brazil, the US, and other non-OPEC+ suppliers, the newswire wrote.

NON-LOGISTICS REGIONAL HEADLINES-

• UAE: OPEC has confirmed that the UAE’s economy grew 3.8% in 1Q 2023, and its economy is expected to continue to expand. The growth was attributed to the transportation and storage, construction, and accommodation and food services sectors. (WAM)
• EGYPT: The Qatar Investment Authority is close to snapping up Telecom Egypt’s portion of a 45% stake in Vodafone Egypt by the end of the month. (Al Borsa)

CIRCLE YOUR CALENDAR-

The Libyan Moroccan Forum for Trade and Business kicked off this week in Tangiers, Morocco and will run till Thursday. The event will be held in partnership with the Libyan Export Development Centre and with support from the Libyan Economy and Trade Ministry. The event aims to connect Libyan and Moroccan suppliers, exporters, chambers of commerce, and freezones with Maghreb and African markets, General Manager of Outbox Team event management company Yassine Bousrewil told the Libya Herald. The event will bring together some 100 business and commercial leaders from Libya to enhance trade and economic exchange between the two countries.

London International Shipping Week (LISW) kicked off this week and will run till Friday 15 September in London, UK. The event is held under the themes of compliance, decarbonization, business and technology, security, and skills. The week-long cluster event will include seminars, conferences, and product launches. It brings together leaders and professionals from the global shipping industry, including ship owners, brokers, traders, regulators, and other stakeholders to network and share expertise and knowledge on the maritime sector.

The Belt and Road Summit will be taking place on 13-14 September at the Hong Kong Convention and Exhibition Centre, Emirati news agency WAM reports. The event, hosted by the Government of the Hong Kong Special Administrative Region and Hong Kong Trade Development Council, will bring together government officials and business leaders from countries and regions along, and beyond, the Belt and Road to cooperate and explore potential business avenues. The summit will have Middle East-focused sessions with the aim of exploring cooperation in urban transport, infrastructure projects, renewable energy, logistics, and technology.

The Sustainable Transportation and Legacy for Generations Conference and Exhibition, which is organized by Qatar’s Transport Ministry and sponsored by Qatar Airways Group, Mwani Qatar, and QNB, will take place on 17-18 September at the Doha Exhibition and Convention Centre, Gulf Times reports. The event will cover transportation sector trends, strategies for eco-friendly transit systems, and Qatar's role in global aviation. The conference will include six panel discussions featuring over 20 speakers from various transportation entities.

The Global Trade and Supply Chain Summit is taking place on 19-20 September at the Address Dubai Marina Hotel, UAE. The event, hosted by Economist Impact, will bring together some 500+ business and supply chain leaders, high level government representatives, and policymakers to discuss the implications of trade policy, business logistics, supply chain diversification from China, sustainability, product traceability, digital trade, customs compliance and evolution, supply chain resilience, and trade in emerging regions, among other topics.

The Saudi Maritime Congress will take place at Dhahran Expo in Dammam, Saudi Arabia on 20-21 September. The event will bring together regional and international professionals from the maritime, shipping, and logistics sectors to meet, network, and do business with some 120 leading maritime exhibitors.

The Engineering Export Council of Egypt (EEC) will lead a trade mission consisting of 22 Egyptian companies to Iraq from 23 to 29 September. The delegation will tour Erbil and Baghdad. The participating companies, which operate across various sectors of the engineering industry, will be looking to secure export agreements with the Iraqi market.

Shaping the Future of Shipping Summit , organized by the International Chamber of Shipping, will take place on 9 December in the UAE. The event will bring together governments and leaders in energy, maritime, and all parts of the supply chain to discuss plans to address climate change and help transition the industry towards sustainability.

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