RAIL-

DP World has expanded its Australian operations with the launch of its new rail service at Stocklands Yennora Intermodal Terminal, according to a press release. The terminal will offer two direct daily rail services to and from Botany on the company’s own operated line. The port-rail service is expected to have a rail capacity of 160k 20 TEU per year and save some 160 truck trips per day, according to the release. “At DP World, we are establishing our own assets and building infrastructure where it's needed to create seamless connections and provide increased control and flexibility,” DP World Oceania Vice President Nicolaj Noes said in the statement.

About the terminal: The terminal, situated 30 km from Sydney’s central business district, offers direct connection to ports, roads, and rails and also provides the logistics that businesses need for their customers, according to the release. The terminal, one of the largest distribution centers in Oceania, spans over 40 hectares with 300k sqm of warehouse space. DP World has also been operating 125k sqm of warehousing space in Yennora since 2023.

M&A WATCH-

Adnoc acquires stake in US LNG export facility: The UAE’s Abu Dhabi National Oil Company (Adnoc) has obtained an 11.7% stake in a Texas LNG export facility owned by natural gas company NextDecade and has signed a supply agreement, Reuters reports. The move marks the UAE-based energy firm’s largest investment in the US. Andoc has acquired a stake in phase 1 of the project, which includes the first three liquefaction trains. Andoc has also inked a 20-year supply agreement for a fourth train, subject to a final investment decision (FID), with construction expected for the second half of this year. The Rio Grande LNG export plant’s phase 1 is forecasted to be completed by early 2029 at a cost of USD 18 bn.

TRADE-

Morocco is imposing a 62% anti-dumping duty on electric ovens imported from Turkey to protect its local market, Reuters reports, citing a Trade Ministry source. The Turkish brand ITIMAT — which specializes in bath and kitchen mixers — will be subjected to a 34% import duty, the source said. The company’s dumping margin is 34% compared to the 71.4% of other Turkish oven makers.

Egypt extends customs for key goods: The Egyptian government has extended customs breaks for twelve key goods for a further three months as part of its ongoing battle to lower the price of goods and reel in inflation, according to a decision published Egypt’s Official Gazette. The goods — including certain types of poultry, offal, dairy, butter, cheese, tea, cooking fats and oils, sugar, pasta, ingredients for animal feed, and meds — were first given a sixth-month exemption in October.

STARTUP WATCH-

KSA’s logistics startup MDD has closed a Series A round at an undisclosed amount, Wamda reports. The company announced that an individual investor purchased 5% of its shares at a valuation of over USD 100 mn. MDD, founded in 2019, offers solutions for challenges in the supply chain and procurement market.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Emirates boosts Vietnam presence: UAE carrier Emirates is introducing a second daily flight between Dubai and Vietnam’s Ho Chi Minh City starting 15 January 2025. (Press release)
  • Swissport adds Gulf Air to its customer list, renews contracts with others: Swissport Geneva and Bahrain’s Gulf Air have signed an agreement for the latter to manage ground handling and cargo operations for Bahrain-bound flights at Geneva-Cointrin airport. Swissport Geneva has also renewed ground handling contracts with Saudia for three years, and EgyptAir and Kuwait Airways for two years. (Press release)
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