Houthi attacks claim three fatalities as Red Sea crisis escalates

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What we're tracking today

TODAY: Egypt floats the EGP, Arcapita closes a SAR 1.8 bn logistics fund + Houthi attacks turn deadly

Good morning, ladies and gents. It’s a very busy morning with somber news emerging from the Red Sea and developments filing in from all corners of the region, but first…

THE BIG LOGISTICS STORY- Egypt’s CBE takes its hands off EGP, delivers 600 bps rate hike: The Central Bank of Egypt (CBE) floated the EGP yesterday, leaving the exchange rate “to be determined by market forces” after it hiked interest rates by 600 bps at a surprise monetary policy meeting. The EGP is worth just under 60% less against the greenback this morning compared to the same time yesterday, having closed the day at a range from 49.50 to 50.85 — it had been stuck at 30.95 since last year.

What about interest rates? The CBE raised its overnight deposit rate by 600 bpd to 27.25%. The lending rate now stands at 28.25% and the main operations rate is now at 27.75%. This is the second rate hike of 2024, following a 200 bps move last month.

“The unification of the exchange rate is crucial, as it facilitates the elimination of foreign exchange backlogs following the closure of the spread between the official and the parallel exchange rate markets,” the CBE said in a statement (pdf).

Local players agree: “The widening gap between official and informal EGP-USD rates caused increasing worries in the market with businesses experiencing sales halts due to the instability of real-time prices. Some importers are pricing commodities at EGP 75 per USD or higher. The rising prices of staples and services, coupled with the severe USD shortage, escalate operational costs for logistics providers in both the global and local markets,” CEO of Egytrans Abir Leheta told us.

What does this mean for us? Banks exchanged more than USD 1 bn via the interbank market yesterday to cover backlogged requests to fund the imports of basic commodities. Egyptian importers of strategic and critical goods should see relief first, one of the nation’s most senior private-sector bankers told Enterprise. “We will prioritize importers of food, medicine and the like — the idea is to get critical stuff out of ports as soon as possible and then move on to production inputs and everything else in the backlog.”

Estimates of the size of the backlog vary wildly depending on who you talk with, but we think it’s in the range of USD 6-8 bn when you exclude duplicate orders and other distortions. Prime Minister Mostafa Madbouly has signaled that the release of goods from ports is a priority.

WATCH THIS SPACE-

#1-DP World to host Dubai Chamber offices abroad: Dubai Chambers has inked a strategic MoU with UAE-based port operator DP World to host the former’s offices at its facilities abroad, according to a statement. The agreement comes as part of plans to establish 50 international representative centers for Dubai Chambers by 2030 to reel in foreign direct investment and talent to the emirate, the statement said.

#2- Turkey’s Dortyol oil terminal will no longer receive Russian cargoes citing concerns over a ramp up in US sanctions, Reuters reports. Turkey had emerged as a top importer of Russian oil in the wake of the country’s invasion of Ukraine, with Russia directing Europe and US bound energy shipments to Asia, Turkey, and Africa, the newswire said. Terminal operator Global Terminal Services informed clients that it will no longer accept imports from Russia citing efforts to remain fully compliant with US restrictions. The terminal had imported some 11.7 mn barrels of Russian crude and fuel last year, the newswire said, citing Kpler tracking data.

#3- Qatar Airways has returned its full fleet of Airbus A350 jets to service after settling a dispute over damage to painted surfaces with planemaker Airbus, Reuters reported earlier this week, citing the airline’s CCO Thierry Antinori. The bolstered fleet will enable the carrier to proceed with expansions in routes connecting Europe with Asia, Australia, the Indian Ocean, and Africa. Qatar Airways disputed safety concerns with Airbus after paint cracks revealed a lightning protection layer on the brand new airframes, with the pair eventually resolving the dispute outside of court last year, the newswire said.

#4-Is QatarEnergy getting new LNG carriers? South Korean shipbuilder Hanwha Ocean has inked a MoA to build 12 LNG carriers with an unnamed regional shipping company believed to be Qatar’s state-run QatarEnergy, B usiness Korea reports. The shipbuilder is currently reviewing the contract, “We will make a related public disclosure when the details are finalized,” Hanwha Ocean said.

MARKET WATCH-

#1-Baltic Index dips, ending 12-session winning streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 0.3% to 2291 points on Tuesday, breaking a 12-session winning streak, Reuters reports. Declines in the larger capesize segment overshadowed gains in smaller segments, with the capesize subindex dropping 1.4% to 4148 points, while Panamax increased 1.8% to 1805 points, and Supramax bumped up 1.2% to 1297 points, the newswire said.

#2- Oil prices rebounded on Wednesday, reversing a four-day decline, as indications of market tightening on the back of OPEC+ cuts outweighed concerns about shortfalls in demand in the US and China, Reuters reports. Brent gained 0.65% to USD 82.57 a barrel by 09.22 GMT, while West Texas Intermediate (WTI) increased 0.82% to USD 78.79 a barrel. OPEC+ decided on Sunday to extend output cuts into this year’s second quarter, which coupled with Red Sea disruptions led to tighter supplies in the Asian markets, yielding upward price pressure, the newswire said. Meanwhile, lack of big-ticket stimulus packages in China, and ambiguities on the Federal Reserve’s disposition towards interest rate cuts supplied downward pressure, the newswire added.

DATA POINTS-

#1-Qatar’s trade surplus declined 31.5% y-o-y to QAR 54.5 bn in 4Q 2023 according to a Planning and Statistics Authority (PSA) press release. Merchandise exports declined 25.5% y-o-y to QAR 84.8 bn, with the decline mainly attributable to falling exports of mineral fuels, lubricants, and related materials, PSA said. Imports during the period declined 10.4% y-o-y to QAR 30.4 bn, PSA added.

#2- Trade between KSA and the GCC saw a 13% y-o-y boost to SAR 55.58 tn in 4Q 2023, with the Kingdom seeing a SAR 13.03 tn trade surplus, SPA reports. KSA’s exports to the GCC came in at SAR 34.3 tn during the period, representing some 11.5% of the country's total exports which summed up to SAR 297.9 tn. Total imports from the GCC came in at SAR 21.27 tn and accounted for 10.6% of the Kingdom’s total imports. The UAE represented KSA’s top non-oil trading partner in the GCC bloc, followed by Bahrain, and Kuwait, SPA said.

CIRCLE YOUR CALENDAR-

The UAE will host Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

Saudi Arabia 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 23rd edition of the Airport Show from Tuesday, 14 May through to Thursday, 16 May in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year’s "Sustainability and Innovation," theme.

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.

Arcapita closes a SAR 1.8 bn fund to develop KSA’s logistics portfolio

Bahrain-based Sharia-compliant real estate and private equity player Arcapita has closed the SAR 1.8 bn (USD 500 mn) KSA Logistics Fund III, with the round seeing the participation of unnamed institutional investors and a GCC-based sovereign wealth fund, according to a statement. The raised funds will go towards developing the outfit’s KSA logistics portfolio.

Details: Arcapita has already mobilized a significant portion of the raised funds towards a group of real estate investments in Saudi Arabia’s manufacturing and warehousing sectors, the statement said. Arcapita plans to implement a pipeline of new assets strategically located in Riyadh, Jeddah, and the Eastern Province in the coming months, with a “built-to-suit approach” designed to produce long-term offtake agreements with tenants, the statement explained.

Arcapita is already well-established in the region’s logistics sector, with some SAR 3.8 bn in industrial warehousing assets under the company’s management in the GCC, Arcapita Deputy CEO Hisham Al Raee said in the statement. The group’s investors include pension funds, sovereign wealth funds, and financial institutions, Al Raee added.

What they said: “We expect Saudi Arabia’s industrial real estate market to experience substantial growth over the long term, driven by the significant and continued growth of e-commerce across the Kingdom and by strong government-led investment in infrastructure and the industrial sector,” Managing Director and Head of MENA Investment at Arcapita Yousif Al Abdulla said in the statement.

REMEMBER- Demand for warehousing facilities in KSA continues to ramp up as the country undergoes a boom in e-commerce and non-oil industries. The country has approved ambitious plans for warehousing developments at major cities and industrial hubs.

Houthi attacks claim three fatalities as Red Sea crisis escalates

Houthi attacks claim first fatalities: An attack on Greek-owned, Barbados-flagged merchant ship True Confidence has resulted in the death of three seafarers yesterday around 50 nautical miles off the coast of Yemen's port of Aden, Reuters reports, citing information from US Central Command (CENTCOM). The incident marks the first fatalities reported since Houthi-led Red Sea disruptions began last November in response to Israel’s continued conflict in Gaza. The strike injured at least four crew members and caused "significant damage" to the vessel, CENTCOM added. The vessel was reported as drifting and set ablaze with no information available regarding the 20 crew and three armed guards on board, the newswire writes.

Yemen’s Houthis have targeted two US warships in the Red Sea, Reuters reported earlier this week, citing televised statements by the group’s military spokesman Yahya Sarea. US Central Command (Centcom) confirmed downing an anti-ship ballistic missile and three suicide drones targeting the USS Carney in the Red Sea, before targetting missile and drone staging points in Houthi-controlled parts of Yemen in a reported action of “self-defense”, Centcom said on X.

Global sea freight rates are set to level off after surges seen since last November, President of the International Federation of Freight Forwarders Associations (FIATA) Turgut Erkeskin told Wam. Recent disruptions have also seen hikes to air freight rates, with prices exceeding pre-pandemic rates, he said, adding that upcoming boosts to freight capacity will have a stabilizing effect on rates. Erkeskin also highlighted the importance of workarounds and alternatives to bolstering supply chain resilience, with new trade routes, alternative transit corridors, and digital transformations all contributing to increasing the effectiveness of logistics operations.

Saudi chemical outfit Sahara International Petrochemical’s (Sipchem) has seen its shipping costs surge some 15 to 18%, as Red Sea disruptions forced longer diversions, Sipchem CEO Abullah Al Saadoun told Al Arabiya Business (watch, runtime: 1:36). Al Saadoun’s remarks came as he discussed Sipchem’s latest earnings for 2023, which saw the company’s bottomline plummet 66.5% y-o-y to SAR 1.23 bn, according to a disclosure on Saudi Exchange (Tadawul). 35% of the company’s exports are traditionally transported via the Red Sea route and were thus impacted by the recent disruptions, Al Saadoun said. On the upside, Sipchem’s European sales saw some benefits from Red Sea disruptions, as the company had large stocks in Italy, Spain, the Netherlands, Belgium, and Germany, boosting its competitiveness as a supplier in those markets when compared to those further afield in Asia, Sipchem’s chief added.

DHL’s group revenues have taken hits from sluggish global trade but Red Sea disruptions have not significantly impacted performance, DHL Group CEO Tobias Meyer told CNBC (watch, runtime: 5:16). The disruptions have seen delays to revenue streams, whereby cargoes arriving later are also billed later, but this has not had a significant impact on quarterly and annual performance, Meyer said. The delays are nonetheless “obviously a concern for our customers,” DHL’s head said, adding that the company is communicating with clients to determine shipping modes and manage delays. The disruptions have also yielded challenges in terms of managing shipping container capacity. Nevertheless, tepid growth in Europe, and weaker-than-hoped-for intercontinental trade between China and the US has had a much more profound impact on the company’s earnings, Meyer had said.

Iran does it again: Iran has seized a tanker, dubbed Advantage Sweet, in the Persian Gulf that was hauling an estimated USD 50 mn US-owned oil cargo, IRNA reports. The seizure was implemented on the basis of a court order, which ruled in favor of a group of Iranian patients suffering from a rare skin disease who claim that US and Western sanctions have prevented a Swedish-based company from exporting bandages and pharma to Iran, causing them physical and mental distress, IRNA said.

Further afield: Iraq’s Islamic Resistance targeted Israel’s port city of Haifa on Tuesday, in the second such attack in less than three days, IRNA reports, citing the group’s media. Tuesday’s attack saw the city’s power plant hit by a drone, causing a power outage at Haifa’s airport. This comes on the heels of a Friday attack which saw chemical warehouses at Haifa’s port targeted by drones, IRNA said.

ICYMI:Iran seized a Marshall Islands-flagged tanker, dubbed St Nikolas, in January, with the move coming in a tit-for-tat for the US seizure of the same tanker last year. The vessel was dubbed Suez Rajan at the time.

Qatar’s non-oil private sector saw expansion in February

How Qatar’s non-oil private sector performed in February: Qatar’s Purchasing manager Index (PMI), tracking performance in the country’s non-energy private sector, registered strong growth in business conditions in February, according to Qatar Financial Center’s PMI (pdf). The headline number tracked at 51.0 in February, inching up from 50.4 in January, and placing it above the 50.0 threshold separating contraction from growth. Output, new orders, and employment all saw m-o-m growth, buoying the headline figure, while a decline in input stocks partially offset growth, the report said.

Robust demand for goods and services continued to strengthen in February, with firms attributing new orders to branch openings and new customers. Nonetheless the rate of growth of new orders was slower than previous months, enabling firms to work through backlogs. Output and employment also grew at faster rates, with employment seeing a 12-months growth streak. “Companies are taking on staff at the fastest rate in five months, with financial services registering the strongest job creation,” QFC Authority CEO Yousuf Mohamed Al-Jaida said in his comment to the report.

Purchases of inputs proceeded to decline, as firms continued to trim inventories, alleviating pressure on supply chains and shortening lead times for the twenty-second consecutive month. Despite price pressures being subdued overall, higher wage and purchase costs saw an uptick in average input prices. Output prices fell for their fourth consecutive month, and at their fastest rate since February 2022, the report explained.

Qatari businesses were upbeat about the next 12 months, with overall sentiment at its highest since last September. Firms cited business development plans, fresh clients, and marketing campaigns as driving a boosted outlook for the coming year, the report said.

ICYMI- The UAE and Saudi Arabia’s non-oil private sectors saw improvements due to new business activity in February, on the back of robust demand, with the UAE’s headline reading inching up to 57.1 from 56.6 in January, and KSA ramping up to 57.2 in February from 55.4 the previous month. Egypts PMI dropped to 47.1 in February, down from 48.1 the previous month. Lebanon also saw a dip in its headline figure in February, as security concerns weighed the reading down to 49.1, from 49.4 in January.

Etihad reports a FY2023 5x net income increase as it eyes a potential IPO

Etihad posts stellar earnings, says it’s preparing for a potential IPO: National airline Etihad Airways saw its net income increase almost fivefold in 2023, as the airline looks to boost profitability to prepare itself in the likelihood of a potential IPO. Net income rose to AED 525 mn, up 470% y-o-y, the ADQ-owned carrier said in a statement.

Etihad posted an 11% y-o-y jump in total revenues to AED 20.3 bn in 2023, with passenger revenue growing by AED 4 bn to AED 16.7 bn. Etihad attributed the robust performance to a 40% y-o-y increase in passenger numbers to 14 mn.

Refresher: Bloomberg recently reported that ADQ is considering listing Etihad on the public market. The wealth fund reportedly held talks with banks for a potential offering that could be “as soon as this year,” with the specific timing and size of the offering still undecided. The business information service said ADQ is eyeing going after both a traditional IPO and direct listing.

It will happen “whenever the shareholder believes it is the right time,” Neves told CNBC (watch, runtime 4:36) on Tuesday, saying he cannot confirm whether the company is currently planning an IPO. The airline is focusing on improving its governance “so that profitability is at the level that the shareholder can decide to IPO or not to IPO… we are putting a lot of effort in place so that the company can be compared to any other company that is listed.”

Background: ADQ was transferred full ownership of Etihad from the Supreme Council for Financial and Economic Affairs back in October 2022.

Looking ahead, the carrier is expecting 25-30% revenue growth in 2024,with plans to cut USD 100-150 mn in cost cuts, Neves said. Etihad also targets increasing its passenger numbers to 33 mn by 2023 and doubling its fleet to over 160 aircraft.

The story was covered by other international outlets. Reuters | Bloomberg

Oman + Japan ink joint statement on promoting bilateral trade and investments

Oman + Japan agree to boost economic ties: Oman’s commerce, industry, and investment minister Qais Mohammed Al Yousef inked a joint statement with Japan’s state minister of economy, trade, and industry Iwata Kazuchika to boost bilateral trade and investment, ONA reports. Both countries also agreed to exchange trade missions, develop human capital, and transfer knowledge on commercial undertakings. Oman’s trade with Japan was valued at some OMR 1.3 bn in 2023, ONA also said.

Adnoc Group secures Sustainability Initiative of the Year award for work on SAF

Adnoc Group saw its Sustainable Aviation Fuel (SAF) production team bag the Sustainability Initiative of the Year award during the Oil & Gas Middle East Awards, according to a statement. A joint initiative with Khalifa University, that utilizes AI-powered vision-based flare analytics to curb methane emissions, was also recognized as the Technology Innovation of the Year.

MORE HANDCLAPS AND BACK SLAPS:

Forbes recognizes Nakilat CEO: Qatari shipping and maritime company Nakilat’ s CEO Abdullah Al-Sulaiti has been recognized among Forbes' Top 100 CEOs in the Middle East for 2023.(Statement)
Etihad Cargo was named “Cargo Airline of the Year”, while also earning the “Air Cargo Pharma Service of the Year” award at the Aviation Achievement Awards, hosted by MEA Business Magazine. (Statement)
Bahrain International Airport(BIA) secured two awards, the “Airport Operator of the Year for Medium Size Airport” and the “Aviation Sustainability Award” at the 2024 Aviation Achievement Awards held in Dubai (BNA).
The General Administration of Abu Dhabi Customs has nabbed the 2024 “Game-Changer in Sustainability and Technology” award in the cargo security category at the Transport & Logistics Middle East (TLME) awards ceremony. (Statement)

Morocco commissions Ineco for airport improvement plans + Joramco inks two new maintenance contracts

AVIATION-

Morocco's National Airports Office has commissioned Spain’s Ineco to draw up plans for improvements at Mohamed V Casablanca International Airport, according to a press release. Ineco is tasked with putting together a development program for aeronautical and terminal infrastructure at the airport providing forecasts for aircraft, baggage, and passenger movements as well as evaluating current capabilities and means to optimize them. The proposed development plan is set to take place between 2040 to 2050. Ineco will also consider the airport’s projected needs for road and rail connectivity and phased expansions, the statement also said.

Joramco closes two new maintenance agreements:Amman-based MRO outfit and Dubai Aerospace Enterprise subsidiary Joramco has inked a new maintenance agreement with Turkish cargo airlines MNG Airlines for the year 2024 which will hand Joramco the responsibility of performing C-checks on two A300 and one A330 aircraft, according to a press release. Joramco also inked a new maintenance agreement with TUI to perform heavy checks on five Boeing 787 aircraft, according to a seperate press release.

Agility subsidiary Menzies Aviation has started providing all ground handling services at Belgrade’s Nikola Tesla Airport, according to a statement. Menzies will oversee ramp handling, baggage, de-icing, Persons with Reduced Mobility (PRM), passenger, and air cargo services at the airport. The aviation service provider had inked an agreement with Air Serbia in 2023, to operate passenger and ramp services at the carrier’s Belgrade hub, with the agreement coming into effect last month.

OTHER STORIES WORTH KNOWING THIS MORNING-

KSA revamps Logisti: Saudi Arabia’s Transport General Authority (TGA) has revamped its logistics one-stop shop ‘Logisti’ in a bid to streamline logistics activities including obtaining relevant licenses. Some of the services provided by TGA’s online portal will be also offered on Logisti. (Statement)
Royal Jordanian adds two new UK destinations: Royal Jordanian has added flights from Amman to London Stansted and Manchester, boosting its connections to the UK to 14 weekly flights. (Statement)
Mawani launches port community system: Saudi Ports Authority Mawani has introduced a new port community system to boost the KSA’s position in the global logistics industry. (Statement)

The EU tightens the noose around Chinese imports + Ukraine hits Russian manufacturing infrastructure

The EU has reached a provisional agreement to ban products made with forced labor that may spur tensions with China, The Financial Times reports. Under the agreement, the EU will monitor reports of forced labor around the world, seizing and destroying products that are in breach, the news outlet writes. The agreement requires approval from member states and the European parliament before coming into effect. The EU has recently ramped up efforts to block Chinese exports, resulting in the bloc’s trade deficit with China hitting record levels, the FT added.

The EU is cracking down on Chinese imports already: The EU Commission is set to kick off registrations of Chinese EV imports today as a possible precursor to retroactive tariffs if trade investigations find unfair benefits from existing subsidies, Reuters reports. The ongoing investigation has so far uncovered evidence that Chinese EV exports are benefiting from subsidies and that imports had ramped up 14% y-o-y since the probe got underway in October, the newswire said citing a document published on Tuesday. Although the probe is set to continue until November, the EU could slap tariffs on Chinese EV imports as early as July, the newswire said.

Two Ukrainian drones hit fuel facilities at Russia’s Mikhailovsky GOK iron ore plant, one of the country’s largest iron ore facilities, resulting in a fire at fuel facilities, Reuters reports, citing Russian official sources and the plant’s owner. Ukraine has taken responsibility for the attack, the newswire said, citing Ukrainian military sources. Ukraine and Russia have exchanged attacks against economic infrastructure, with Wednesday seeing Russia attack Ukraine with 42 drones, the newswire said citing Ukrainian officials.

ICYMI- Two Ukrainian-launched drones hit Russia’s Volgograd oil refinery, the largest plant in the country’s south, early last month. The attacks caused a fire to break out, but operations at the refinery have resumed.

Calendar

MARCH

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

24 April- 1 May ( Wednesday-Wednesday): Abu Dhabi Mobility Week, Abu Dhabi.

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

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

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, UK.

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, Senegal.

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.

The Cross-Border Digital Trade Forum, Dubai.

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.

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Houthi attacks claim three fatalities as Red Sea crisis escalates

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TODAY: Egypt floats the EGP, Arcapita closes a SAR 1.8 bn logistics fund + Houthi attacks turn deadly

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Arcapita closes a SAR 1.8 bn fund to develop KSA’s logistics portfolio

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Houthi attacks claim three fatalities as Red Sea crisis escalates

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Qatar’s non-oil private sector saw expansion in February

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Etihad reports a FY2023 5x net income increase as it eyes a potential IPO

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Oman + Japan ink joint statement on promoting bilateral trade and investments

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Adnoc Group secures Sustainability Initiative of the Year award for work on SAF

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Morocco commissions Ineco for airport improvement plans + Joramco inks two new maintenance contracts

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The EU tightens the noose around Chinese imports + Ukraine hits Russian manufacturing infrastructure

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