Companies begin pushing for contract revisions as Red Sea disruption drags on

1

What we're tracking today

TODAY: A battle over contracts begins amid continued Red Sea disruption

Good morning, nice people. We have the latest from the Red Sea debacle at the top of our agenda this morning but also some significant news from the UAE in the arena of storage and warehousing. Let’s jump in.

WATCH THIS SPACE-

#1- TheIMF projects an increased likelihood of a soft landing as global economic growth balances out, according to its January World Economic Outlook report (pdf). The Bretton Woods institution forecasts global economic growth for 2024 at 3.1% — 0.2% higher than what was published in October — increasing to 3.2% by 2025 on the back of an improved outlook for the USA, emerging and developing economies, and fiscal packages in China. Global inflation is also cooling, which when combined with stronger-than-expected growth, has decreased the likelihood of a hard landing. Challenges remain in terms of supply chain disruptions — including the Red Sea crisis — persistent underlying inflation, and a real estate crisis in China, the report said.

What are the projections for emerging markets? Emerging markets and developing economies are projected to grow faster than the global average, with growths of 4.1% and 42.% forecasted for 2024 and 2025. Advanced economies are projected to grow at 1.5% in 2024, ramping up to 1.8% in 2025, the report said.

#2- Panel that blew off Alaska Airlines plane was likely missing bolts: The Alaska Airlines flight that experienced a mishap earlier this month was likely missing bolts that were needed to secure the panel that blew off the plane mid-flight, The Wall Street Journal reports, citing people with knowledge of the matter. The lack of markings on a plug door indicate employees failed to place the bolts after reinstalling the door during production. The sources added that there were also paperwork issues at Boeing's Renton factory. The National Transportation Safety Board is carrying out metallurgical tests on the plug door, but the results have not yet been revealed.

REMEMBER: Boeing has been struggling with supplier issues that have resulted in defects in two of its major aircraft classes — the 737 Max and the 787 Dreamliner — as well as delivery delays. The company is facing mounting scrutiny after the Alaska Airlines incident earlier this month. Subsequent investigations by the airline revealed manufacturing flaws in its Boeing 737 MAX 9 fleet.

MARKET WATCH-

#1- KSA tells Aramco to hold back production capacity expansion: KSA’s government directed Saudi Aramco to pause expansion plans and target a maximum sustained production capacity of 12 mn barrels per day (bpd), Reuters reports. The move stipulates production levels 1 mn bpd lower than the target set by the kingdom’s Energy Ministry in March 2020 when the country was jostling with Russia over market share. Saudi Arabia currently produces next to 9 mn bpd, 3 mn bpd below its capacity due to OPEC+production cuts, the newswire said. The country has the world’s only spare capacity, providing a safety margin in the event of unforeseen global disruptions, the newswire said.

Why is KSA cutting back capacity? The move may indicate “a government expectation that demand for its oil will no longer rise as strongly as previously expected,” the newswire said, citing a note by a Morgan Stanley analyst, as major consumers including the US and the EU adopt programs driving a transition to cleaner energy, the newswire explained.

#2- Oil rallied in Tuesday trading following a more than 1% fall the previous day, as geopolitical concerns in the Middle East shored up prices while a weak outlook for China’s demand balanced gains, Reuters reports. Brent rose 0.1% to USD 82.48 a barrel while West Texas Intermediate (WTI) was up 0.3% to USD 77.02 a barrel, the newswire said. Both products had dropped more than USD 1 on Monday as a real estate crisis in China dented the outlook for the country’s demand. At the same time tensions following a drone attack in Jordan that had resulted in the deaths of US servicemen, and was attributed to an Iranian-backed group, buoyed prices, the newswire said.

DATA POINT-

Arab LNG exports fall in 2023: Qatar’s LNG exports saw a slight fall to 79.9 mn tons in 2023 down from 80.1 mn tons the previous year, according to a report (pdf) from the Organization of Arab Petroleum Exporting Countries. The UAE’s LNG exports also fell 6.6% y-o-y during the same period to settle at 5 mn tons. Oman’s LNG exports followed the downward trend, falling 1.7% y-o-y to 11.4 mn tons. Algeria’s LNG exports also decreased 26% y-o-y to 12.68 mn tons during the year. Egypt’s LNG exports saw a marked 51.8% y-o-y decline in 2023 to 3.52 mn tons, down from 2022’s 7.4 mn tons record, the report said.

REMEMBER- The US overtook Australia and Qatar to become the world’s leading LNG exporter in 2023, exporting some 91.2 tons.

CIRCLE YOUR CALENDAR-

The UAE will host the Middle East Bunkering Convention from Monday, 5 February through to Wednesday, 7 February in Dubai. The event will bring together industry experts to tap into issues affecting the global marine fuel sector, including supply chains, decarbonization, and new fuels.

Holland will host theCargo Facts EMEA from Monday, 5 February through to Wednesday, 7 February in Amsterdam. The event will bring together air freight industry leaders from Europe, the Middle East, and Africa to discuss the latest trends, forecasts, and technological innovations.

The UAE will host Sustainable Aviation Futures MENA from Monday, 12 February through to Wednesday, 14 February in Dubai. The event will see 80 expert speakers and upwards of 200 high level attendants and will handle topics pertaining to regulation, financing, and investments in Sustainable Aviation Fuels (SAF) in MENA.

The UAE will host the Future Warehouse & Logistics Conference from Monday, 12 February to Wednesday, 14 February in Dubai. The event will handle means for supply chain leaders to boost resilience and overcome challenges, with discussions on disruptions, sustainability, Internet of Things (IoT), automation, workplace management and other topics.

The UAE will host theTradeTech Forum on Tuesday, 27 February in Abu Dhabi. The forum will see some 180 trade leaders and experts discuss the technologically advanced trade environment and a showcase of trade tech solutions.

The UAE will host The Logistics Middle East Award on Wednesday, 6 March in Dubai. The awards ceremony brings together industry experts to celebrate the sector’s biggest accomplishments over the previous 12 months.The deadline for submitting nominations is Friday, 19 January.

KSA will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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

Companies begin pushing for contract revisions as Red Sea disruption drags on

A battle over contracts: Companies chartering dry bulk carriers are pressuring shipowners to remove a “wartime” clause from contractsas they threaten legal action and push for Suez Canal transits in order to curb delays, The Financial Times reports. Daily arrivals by bulk carriers at the entrance to the Red Sea were down 45% in the week ending 28 January when compared to early December, the FT reports, citing Clarksons data. Some charterers have asked shipowners to eliminate a standard “wartime” clause from contracts, which allows shipowners to reroute if direct shipping lines are too risky. Removing such a clause would allow charterers to force shipowners to continue using the Suez Canal.

Taking to the skies: Global air freight rates have spiked for the first time in seven weeks in the countdown to Chinese New Year, as companies continue work around Red Sea disruptions, Reuters reports. The Baltic Air Freight Index rose some 6.4% in the week ending Monday, the newswire writes, citing price reporting agency TAC Index. “The increase is in line with expectations that rates may spike following disruption to ocean shipping in the Red Sea, though sources also point out that rates often rise in the run-up to Chinese New Year,” TAC Index explained.

MARKET REAX- Hapag Lloyd has reported a 4Q 2023 loss on the back of lower transport volumes, Reuters reports, citing the carrier’s preliminary earnings figures for 2023. The company saw an EUR 200 mn loss before interest and tax for 2023’s last quarter, compared to an EUR 3.3 bn gain for the same period last year. The dent in the carrier’s earnings was larger than expected compared to previous forecasts by the London Stock Exchange Group predicting a EUR 134 mn loss, the newswire said.

Hapag Lloyd’s shares took a tumble: The carrier’s shares were 8.5% down at 10.52 GMT yesterday, nearly wiping out all gains in share price that had been chalked up to higher freight rates due to Red Sea disruptions, the newswire said.

Refined fuels are taking the brunt of the disruptions, not crude oil prices, Reuters reports. Friday’s attack on a Trafigura-operated tanker, which was hauling a cargo of Russian naphtha, saw margins on fuel products such as diesel and gasoline surge in European and Asian markets, the newswire said. The margin on a barrel of gasoil at Singapore’s refineries rose 18% on Monday to USD 25.58, placing it at its highest since 3 November and marking the largest one day leap in three months, the newswire said. Diesel markets in Europe also rose in response to the incident. Despite the recent hike, a prolonged increase in fuel oil price is not anticipated as disruptions will likely see Europe import more US products while Middle East output gets redirected to Asia, in a manner that is similar to the reshuffles seen in the energy market following Russia’s invasion of Ukraine in early 2022, the newswire explained.

ON A RELATED NOTE- Indian navy vessel INS Sumitra rescued two Iranian fishing vessels that were hijacked on Monday by Somali pirates,Reuters reported yesterday citing an Indian Defence Ministry statement. The INS Sumitra rescued 17 Iranian nationals from the first boat, before rescuing another 19 Pakistani nationals aboard a second vessel that had sent a distress call, the newswire said citing the ministry statement. The day also saw forces from the Seychelles rescue six crewmen aboard a Sri Lankan fishing trawler from an attack that was also attributed to Somali pirates, the newswire added.

REMEMBER- Somali pirates are making a comeback: Earlier this month saw Somali pirates board Liberian-flagged bulk carrier Lila Norfolk off the Somali coast. The gunmen abandoned their attempt when the Indian navy responded with a warship. Pirate activity in the area has resumed after a 6-year hiatus, with attackers emboldened after a US-led anti-piracy mission began diverting its attention to countering the Houthi threat.

OTHER DISRUPTION NEWS WORTH KNOWING-

Bahri Logistics is providing alternative routes to its customers:Saudi’s Bahri Logistics will offer a sea-land multimodal corridor linking Jeddah to Dammam and Jebel Ali. The new corridor will allow cargoes from the US and Europe to Asia, and vice-versa, to sidestep Red Sea disruptions, and leverages the company’s maritime and road fleets and customs clearance team. (Statement)
Red Sea disruptions saw container schedule reliability to dip: While container line schedules saw a general improvement in reliability in 2023, there was a 5% drop in reliability in December 2023 to 56.8%, according to analysts Sea-Intelligence’s Global Liner Report, which cites diversions due to Houthi-led attacks as a disruptor for container line schedules.(Seatrade Maritime)
Cameron to visit Oman and call for de-escalation: British Foreign Secretary David Cameron arrived in Oman yesterday to meet his Omani counterpart Badr Albusaidi and discuss how to reduce tensions in the region. (Reuters)

UAE’s Kezad to deliver AED 621 mn worth of new warehouse space by 2025

Kezad launches new phase of warehousing developments:AD Ports Group subsidiary Khalifa Economic Zones Abu Dhabi (Kezad) will invest AED 621 mn (USD 169 mn) to develop an additional 250k square meters (sqm) of warehousing capacity, according to a press release. The move is slated to expand Kezad’s pre-built industrial and logistics warehousing capacity by 43% by the end of 2025, the statement notes.

Details: Kezad will develop upwards of 97.5k sqm of leasable area in Khalifa Industrial Area and over 153k sqm of leasable area in Kezad Musaffah with developments including prebuilt facilities that include logistics and distribution warehouses, cold storage, light industrial units (LIUs) and showrooms, the statement notes.

Background: Over 270k sqm of additional warehouse space has been delivered in the zone since 3Q 2022, accounting for 66% of leased area. The zone had around 587k sqm of prebuilt industrial and logistics facilities — including 93k sqm of cold storage facilities — in 3Q 2023.

Supporting Abu Dhabi’s growing non-oil sector: The emirate handed out 24.1k new commercial sector licenses in 2023, with the total capital of new economic licenses for the year valued at AED 210.7 bn, Wam reported citing Abu Dhabi Department of Economic Development’s (ADDED) Abu Dhabi Business Activity 2023 report. Non-oil businesses account for 52.8% of Abu Dhabi's GDP, the report said.

Other projects in the works: The group inked a non-binding term sheet agreement with Hong-Kong based aerospace outfit USPACE Technology this month to explore the development of a space eco city hub in Abu Dhabi. Under the agreement’s terms, Kezad will provide USPACE with some 3 mn sqm for the project, with its first phase expected to cover 1 mn sqm. Construction is expected to kick off in mid-2024.

ACCHC 2H 2023 bottomline increases 23% y-o-y to EGP 2.2 bn

Alexandria Container and Cargo Handling Company’s (ACCHC) bottomline jumped 23% y-o-y to EGP 2.2 bn in 2H 2023, compared to EGP 2 bn for the same period last year, according to a disclosure to the EGX (pdf). The EGX-listed company also reported a 25% y-o-y increase in its topline for 2H 2023, recording EGP 2.5 bn in revenues, the disclosure said.

REMEMBER- Abu Dhabi wealth fund ADQ snapped up stakes in ACCHC, alongside five other Egyptian state-owned companies, for around USD 1.8 bn as part of the USD 2 bn investment they had agreed to back in March 2022.

Tunisia and Poland sign MoU to boost investments + Qatar is heading to Madagascar

The Tunisia Investment Authority inked an MoU with the Polish Tunisian Chamber of Commerce to bolster Polish investments, according to a statement. The MoU will see the pair share information on prospective investments and offer support and facilitation to Polish investors intending to open businesses in Tunisia.

Qatar + Madagascar enhance aviation ties: Qatar’s Civil Aviation Authority (CAA) Manager Mohamed Faleh Al Hajri and Director General of the Civil Aviation Authority of the Republic of Madagascar Gervais Damasy have signed an MoU in air transport, according to a statement. The MoU sets the stage for the airline to operate seven passenger flights and seven cargo flights.

Masdar and CMA GGM ink green fuels supply agreement

SHIPPING + MARITIME-

Masdar and CMA GGM explore green fuels partnership: UAE’s Masdar has signed a Strategic Supply Partnership (SSP) with France’s CMA GGM to explore the feasibility of striking up a long-term green maritime fuels offtake agreement to supply CMA CGM vessels, according to a statement. Under the proposed partnership, Masdar will source, supply and deliver green fuels — includingbiomethane and e-fuels based on methane and methanol — for CMA CGM’s dual-fuel vessels beginning from next year and incrementally phase-in the vessels until 2028.

How many ships are we talking? CMA currently has 35 dual-fuel ships ready to use biofuels and e-fuels in its fleet with another 84 on the order books, the statement notes. The company plans to have 119 dual-fuel ships in operation by 2028.

The UAE’s Adnoc Gas has inked a 10-year LNG agreement to supply Indian natural gas company Gail India Limitedwith 0.5 mn metric tonnes per annum, Wam reports. The agreement seeks to reinforce export ties between India and the Emirates as Adnoc expands into Asian LNG markets. The financials of the agreement were not disclosed. Adnoc Gas inked several LNG agreements in 2023, valued between USD 9.4 bn and USD 12 bn, with Japan Petroleum Exploration, Indian Oil Corporation, and PetroChina International, Wam notes.

RAIL-

Oman and Etihad Rail + Al Jazeera Steel Products partner on transport:Oman and Etihad Rail Company (OER) — the developer and operator of the UAE-Oman Rail Network — has inked an MoU with Al Jazeera Steel Products to partner on logistics solutions for the transport of raw materials and finished goods, according to a press release. OER will use the UAE-Oman Rail Network to transport Al Jazeera’s inbound and outbound products from its factories in Oman, according to the release. Each train will be able to carry up to some 15k tonnes of freight between five major ports, and 15 freight facilities across the UAE and Oman, the release states.

The agreement falls in line with OER’s vision to bolster cross-border trade activity between the two countries, OER Deputy CEO Mohammed Al Mahruqi said in the release. This will support linking manufacturing and production centers as well as import and export points, Mahruqi added.

OTHER STORIES WORTH KNOWING THIS MORNING-

Etihad Cargo certified to transport lithium batteries: UAE carrier Etihad Cargo has become one of five global airlines to receive IATA CEIV certifications to handle and transport lithium batteries, pharma, fresh, and live animals. (Statement)
Mawani to roll out new ship anchorage areas: Saudi Ports Authority (Mawani) will establish new ship anchorage areas at King Fahad Industrial Port in Yanbu, boosting their numbers from 5 to 27 and upgrading existing infrastructure. The facilities will offer a range of logistics services, including bunkering, resupplies, and maintenance. (Statement)

Flexport to offload workers amid business slowdown, EU + British companies see hike in expenses post Brexit

exit

US-based supply-chain management logistics startup Flexport is set to dismiss hundreds of its employees, in a bid to readjust amid a slowdown in the global shipping industry, Bloomberg reported earlier this week, citing people with knowledge of the matter. Flexport will lay off less than 20% of its 2.6k workers, the source said. The startup laid off 20% of its employees in January 2023, followed by another 20% cut in October 2023, with the year also seeing a shakeup in Flexport’s leadership, Bloomberg wrote.

The startup had boomed during the pandemic as e-commerce took off and shipping rates increased, but declining rates since then have seen the company’s performance tumble. The latest round of layoffs follow a USD 260 mn investment in the outfit by Shopify via a convertible note. The startup has so far raised USD 2.35 bn — not including Shopify’s latest investment — and was valued at USD 8 bn by major VC funds that include Founders Fund, Andreessen Horowitz, and DST Global, Bloomberg also said.

EU and British businesses have seen a surge in expenses since Brexit, spending some GDP 100k on post-Brexit customs fees during the past three years, The Financial Times reports, citing a poll of 1.1k business leaders. Increased complexity was reported by 81% of top officials in UK businesses, and 75% reported a drop in sales to the EU due to bureaucratic obstacles. On average, those blaming Brexit for impacting their businesses reported a cumulative cost of GDP 96.3k since 2020. Concerns are also growing about potential inflationary pressures as the UK introduces new Brexit border checks. Over three quarters say they have not seen the post-Brexit trade surge promised by advocates.

OTHER STORIES WORTH KNOWING THIS MORNING-

Air Liquide + TotalEnergies work on hydrogen refueling: France’s Air Liquide and TotalEnergies have established a JV to build hydrogen refueling stations for heavy-duty trucks across Europe. TEAL Mobility will establish over 100 hydrogen stations within the next decade, with the initial operation of around 20 stations in France, the Netherlands, Belgium, Luxembourg, and Germany this year. (Reuters)
Finnair to cancel flights amid labor union strikes: Finland’s national carrier Finnair is set to cancel some 550 flights this week due to industrial action on 1-2 February which will affect operations at Helsinki Airport. (Statement)
Ryanair wants Boeing's 737 MAX 10s:Irish budget carrier Ryanair told Boeing that it is willing to purchase, “at the right price,” any Boeing 737 MAX 10 aircraft turned down for delivery by US customers. Ryanair already has 150 orders for the MAX 10, with options for another 150. First deliveries are slated for 2027 and the carrier is “hopeful” the aircraft can begin flying in 2025. (Reuters)

Seafarer’s happiness index drops for the fourth consecutive quarter

Seafarer overall happiness dropped to 6.36 out of 10 in 4Q 2023, plunging from 7.1 in 1Q, according to the Mission to Seafarers’ Seafarers Happiness Index. Seafarers expressed feelings of being “overburdened, underappreciated, and disconnected.” Lack of social interaction, stagnating wages, few training opportunities, and growing security threats were noted as reasons for the decline.

REMEMBER- The Seafarer Happiness Index also revealed a drop in seafarer sentiment in 3Q 2023, recording happiness levels at 6.6 out of 10, down from 6.77 in 2Q.

A silver lining: Onboard connectivity was the only indicator which witnessed a notable improvement, according to the report. On a related note, Danish-based AP Moller-Maersk partnered with SpaceX's Starlink satellite network back in October to supply 330 company-owned ships with high-speed internet access by mid-2024.

Calendar

FEBRUARY

5-7 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

5-7 February (Monday-Wednesday): Cargo Facts EMEA 2024, Amsterdam, Netherlands.

6-7 February (Tuesday-Wednesday): The Middle East ProcureTech Summit, Dubai, UAE.

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai, UAE.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA, Dubai, UAE.

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

12-15 February (Monday-Thursday): African Air Expo, Cape Town, South Africa.

22-24 February (Thursday-Saturday): International Freight Forwarders Conference, Dubai, UAE.

26-29 February (Monday-Thursday): World Trade Organization's 13th Ministerial Conference, Abu Dhabi, UAE.

27 February (Tuesday) :TradeTech Forum, Abu Dhabi, UAE.

28 February (Wednesday): Industrial and Building Technology event, Dubai, UAE.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition, Dubai, UAE.

MARCH

3-5 March (Sunday-Tuesday): Sustainable Green Blue Infrastructure Conference 2024 (Marlog), Green Plaza Mall, Egypt.

4-8 March (Monday-Friday): Logistics & Transport Management 2024, Dubai, UAE.

5-6 March (Tuesday-Wednesday): ShipTek International Conference & Awards 2024, The Address Dubai, UAE.

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Center, Dubai, UAE.

6 March (Wednesday):The Gulf Ship Finance Forum, Waldorf Astoria Dubai International Financial Centre, UAE.

6 March (Wednesday): The Logistics Middle East Awards, Dubai, UAE.

7 March (Thursday): Truck and Fleet Conference 2024, Dubai, UAE.

12-14 March (Tuesday- Thursday): IATA World Cargo Symposium, Hong Kong International Airport, Hong Kong.

20 March (Wednesday): Construction work scheduled to begin on the 162 km Rasht-Astara Railway in Iran.

APRIL

27 April- 1 May (Saturday-Wednesday): Iran Expo 2024, Tehran International Permanent Fairground, Iran.

28 April - 29 April (Sunday - Monday): World Economic Forum, Riyadh, KSA.

29 April- 2 May(Monday-Thursday): GLA Global Logistics Conference, Dubai, UAE.

30 April- 2 May(Tuesday-Thursday): Autonomous E-mobility Forum, Doha, Qatar.

April: Driftx. Abu Dhabi, UAE.

MAY

2-3 May (Thursday-Friday): Geneva Dry, Hotel President Wilson, Geneva, Switzerland.

2-4 May(Thursday-Saturday): The International Conference on Logistics Operations Management: smart, sustainable and green logistics (GOL), Marrakesh, Morocco.

3-5 May (Friday-Sunday):2024 IEEE 15th international conference on Logistics and Supply Chain Management, University of Sousse, Tunisia, Tunis.

7-9 May (Tuesday-Thursday): Annual Investment Meeting (AIM) Congress, Abu Dhabi, UAE.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre, UAE.

14-16 May (Tuesday-Thursday): Airport Show, DWTC, Dubai, UAE.

20-22 May (Monday-Wednesday): The Electric Vehicle Innovation Summit (EVIS), Abu Dhabi, UAE.

21-23 May (Tuesday-Thursday): WAGA 2024, Riyadh, Saudi Arabia.

JUNE

2-4 June (Sunday-Tuesday):IATA Annual General Meeting (AGM) and World Air Transport Summit, Dubai, UAE.

19-21 June (Wednesday-Friday): World Freezones Organization’s Annual International Conference and Exhibition, Bari, Italy.

OCTOBER

6-8 October (Sunday-Tuesday): Routes World 2024, Bahrain.

7-9 October (Monday-Wednesday): AFSIC – Investing in Africa, London.

22-24 October (Tuesday-Thursday): Asean Ports and Logistics 2024, Johor, Malaysia.

NOVEMBER

11-14 November (Sunday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

13-15 November (Wednesday-Friday): The Bahrain International Airshow, Sakhir Airbase, Bahrain.

DECEMBER

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central, Dubai, UAE.

20 December (Wednesday): The 5th Iran-Senegal Joint Economic Cooperation Commission, Dakar.

EVENTS WITH NO SET DATE

1Q 2024: Construction of phase 3 of Agility’s logistic park in Abidjan, Côte d'Ivoire to be completed.

1Q 2024: Egypt’s Transport Ministry to launch pre-qualification tender for Cairo-Alex freight railway.

1H 2024: Civil Construction subcontracts for construction firms in Oman for implementation of the Abu Dhabi - Suhar rail link to be announced.

2H 2024: Bahri’s barges for Saline Water Conversion Corporation (SWCC) to begin initial and commercial operation.

King Salman Energy Park is set to become operational.

2025

Mid-2025: Iraq will complete phase one of the construction of the Grand Faw Port.

DHL and Aramco’s logistics and procurement hub in Saudi Arabia will commence operations.

AD Ports-operated Safaga Port’s multi-purpose terminal will become operational.

Phase 3 of APM Terminals Tangier MedPort to be complete and operational.

1Q 2025: Sadr Park’s Logistics Center in Riyadh to be completed.

1Q 2025: Phase twoof Jafza Logistics Park to be completed.

2027

4Q 2027: Oman’s Musandam Airport construction to be completed.

Sections

About

Privacy & Support

Get EnterpriseAM daily

Companies begin pushing for contract revisions as Red Sea disruption drags on

An independent publication supported by

Today at a glance

TODAY: A battle over contracts begins amid continued Red Sea disruption

Related

This publication is proudly sponsored by

Companies begin pushing for contract revisions as Red Sea disruption drags on

Related

Related

UAE’s Kezad to deliver AED 621 mn worth of new warehouse space by 2025

Related

ACCHC 2H 2023 bottomline increases 23% y-o-y to EGP 2.2 bn

Related

Tunisia and Poland sign MoU to boost investments + Qatar is heading to Madagascar

Related

Masdar and CMA GGM ink green fuels supply agreement

Related

Flexport to offload workers amid business slowdown, EU + British companies see hike in expenses post Brexit

Related

Seafarer’s happiness index drops for the fourth consecutive quarter

Related

Calendar

Related

About

Privacy & Support

My EnterpriseAM

Sign in

Check your email! We've sent you a magic link to sign in.

Sections

About

Privacy & Support

Get EnterpriseAM daily

Companies begin pushing for contract revisions as Red Sea disruption drags on

An independent publication supported by

Today at a glance

Get Enterprise daily

Related

This publication is proudly sponsored by

Related

Related

Related

Related

Related

Related

Related

Related

Calendar

Related

An independent publication supported by

About

Privacy & Support

My EnterpriseAM

Sign in

Check your email! We've sent you a magic link to sign in.