Adnoc L&S acquires 80% of Navig8 in USD 1.04 bn transaction

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TODAY: Adnoc L&S acquires 80% of Navig8 for USD 1.04 bn

Good morning, friends. The news cycle shows no sign of slowing down this week as the IATA AGM in Dubai continues. We also have M&A news emerging from UAE and this month’s PMI reports from Saudi, Egypt and Kuwait. Let’s dive right in.

WATCH THIS SPACE-

#1- Qatar Airways is in talks with Australia’s government to boost the number of routes it operates to the country, Reuters reports, citing comments made by CEO Badr Mohammed Al Meer. The carrier is expecting to hear positive news from Australia within the next few months, Al Meer added. An earlier request for additional routes was turned down by Australia last year, with Australia’s government citing invasive body searches of five Australian women at Hamad International Airport in 2020 as a reason for the block and denying allegations that it was being pressured by Australian flag carrier Qantas. Australia’s decision to cap Qatar Airways’ flights to Australia has also hit Australian farmers looking to ship fresh boxed meat to regional markets.

#2- Israel will allow more oil tankers to dock at its Red Sea Eilat port despite environmental concerns as it attempts to boost energy security amid regional conflicts, Reuters reports, citing officials and government documents. The Israeli government intends to revoke restrictions imposed in 2021 by the Environmental Protection Ministry which capped the amount of oil that can be unloaded at a jetty in Eilat to 2 mn tons of oil, the newswire says. The jetty belongs to state-owned Europe Asia Pipeline Co (EAPC) — which operates a pipeline cutting across Israel and connecting the Red Sea and the Mediterranean Sea — and is touted as an alternative to tanker transits via the Suez Canal. Israel’s Netanyahu-led government is lobbying for lower restrictions on EPAC, including boosts to volumes unloaded at Eilat and allowances for the uptake of fuels both for trade and domestic use, the newswire added.

Reduced restrictions on EAPC might resurrect a previously canceled 2020 USD 50 mn oil agreement with the UAE which would have seen some 50 tankers offload Emirati oil cargoes at the Eilat terminal every year, the newswire explained. Israel’s environment ministry had blocked the arrangement from proceeding by imposing the 2 mn tons of oil cap, but recent developments have highlighted the strategic value of EPAC. Israel currently imports most of its oil via Mediterranean ports at Ashdod, Ashkelon, and Haifa, Reuters explained.

MARKET WATCH-

Opec+ may be hinting at a shift in its production policy as the fine print on its latest decision reveals it will gradually phase-out output cuts as early as October 2024, according to Bloomberg’s Javier Blas. This could either mean the group is reversing its course, growing eager to pump more oil into the market, or strategically shifting away from its USD 100-a-barrel oil target, Blas wrote.

Giving up the quest for “triple-digit prices” would not be a mistake, he added, saying that “somewhat lower prices could help it in the long-term: by easing global inflation and therefore prompting lower interest rates and higher economic growth in emerging economies; and by removing the implicit subsidy that Opec+ was granting to its US shale rivals.”

There is no telling whether the market can digest more oil: Opec’s planned phase-out is sparking debate among pundits about whether market conditions are ready to absorb the group’s extra barrels, Bloomberg reports.

Meanwhile, gov’t is playing the long game: “We are waiting for interest rates to come down and a better trajectory when it comes to economic growth ... not pockets of growth here and there,” Energy Minister Prince Abdulaziz bin Salman told Reuters on the sidelines of the Opec+ meeting on Sunday. “We will maintain our precautious and preemptive approach,” he added.

BACKGROUND- Opec+ extended crude oil production cuts during its meeting in Riyadh on Sunday. Production will remain unchanged until the end of this September, when the group will begin phasing out cuts over a 12-month period.

Oil prices fell over 3% yesterday to their lowest in close to four months as traders reacted to the Opec+ meeting. Brent crude futures fell by an additional 0.63% this morning in early trading to USD 77.87 a barrel at 0343 GMT and US West Texas Intermediate crude futures dipped 0.51% USD 73.71 a barrel.

Investors have purchased petroleum contracts for the first time in seven weeks, Reuters reports. Hedge funds and investors snapped up some 21 mn barrels in the top six futures and option contracts for the seven days ending 28 May, the newswire said. The purchases represented a turnaround following six weeks of selling which saw 304 mn barrels offloaded by investors since 9 April, ICE Futures Europe and US Commodity Futures Trading Commission data showed. The majority of purchases (upwards of 16 mn barrels) represented closeouts on bearish short positions, with a minority (upwards of 6 mn barrels) seeing the establishment of long bullish positions, Reuters explained.

PSA-

Jordan’s Aqaba Container Terminal’s operating system database will be down today between 9:00 AM and 5:00 PM local time, due to an update, according to a statement. The N4 system (with all components including XPS, ECN4, N4 Mobile, N4 Billing), Crane OCR, Integrations with Stakeholders, EDI Messages, Berth Planner, and DPOS services will be inaccessible during the maintenance window, the statement said.

Maersk is contending with high terminal congestion at Mediterranean and Asian ports, incurring delays and reshuffles to schedules, according to a notice. Delays have led the carrier to cancel trips, introducing two blank sailings to Qingdao, China and Busan, Korea to its schedule.

CIRCLE YOUR CALENDAR-

Lebanon will host the East Med Maritime Conference on Thursday, 27 June in Beirut. The event will gather industry leaders to discuss the latest developments in shipping, maritime, and offshore industries to discuss industry innovations, alternative fuels, and decarbonizing emissions in the maritime sector and ports.

Turkey will host the ACI Europe Annual Congress on Tuesday, 2 July to Thursday, 4 July in Istanbul. The event will bring together 500 C-level airport executives, as well representatives from businesses engaged with airports, airlines, aircraft manufacturers, and other stakeholders. The event will highlight discussions on the current state of the airport industry, geopolitics, the Turkish market, resilience, sustainability, and the diversification of revenues.

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

Adnoc L&S acquires 80% of Navig8 in USD 1.04 bn transaction

Adnoc L&S snaps up Navig8: Adnoc L&S is acquiring multinational shipping pool operator Navig8 in a USD 1.04 bn transaction, with transfer ownership retroactively effective from 1 January 2024, according to a press release. The company will snap up an 80% stake for USD 1.04 bn now, before buying the remaining 20% stake in Navig8 in 2027 for an additional consideration ranging from USD 335 mn to USD 450 mn. The agreement is pending regulatory approval, the statement said.

The acquisition will see Navig8 retain its management, operations, and branding, the statement also said.

A boon for Adnoc L&S: The first full financial year following the acquisition is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share, the statement said. The acquisition is also expected to save Adnoc L&S some USD 100 mn per year in technical management costs and costs associated with bunkering operations, the statement explained. The acquisition will also boost Adnoc L&S’ services portfolio to include bunker trading, pooling and other services, and expand its footprint to Navig8’s 15 global locations.

All part of the big post-IPO plan: The latest acquisition comes as part of an expansion strategy unveiled ahead of Adnoc L&S’ landmark USD 769 mn IPO last year, which will see it shell out USD 5 bn in investments in the medium term, the statement said.

About Navig8: Established in 2007, Navig8 is a fully integrated shipping management service provider. Apart from a company-owned 32 vessel tanker fleet, the outfit also operates and charters other vessels.

Earnings, SAF, order books and more from the IATA AGM in Dubai

All IATA happenings in Dubai: The World Air Transport Summit and International Air Transport Association (IATA) will wrap its annual general meeting and the World Air Transport Summit today in Dubai and here’s the news that emerged on day two of the conference.

AN OUTLOOK ON EARNINGS-

Middle Eastern carriers are set to rake in some USD 3.8 bn in net income in 2024, up from USD 3.1 bn a year before, according to an IATA press release. The region’s aviation sector benefits from robust economies and traffic at hubs, with the UAE continuing to attract visitors and KSA’s tourism and infrastructure investments driving strong growth in cargo and passenger figures, IATA notes. Robust demand for air travel is keeping up with carrier efforts to boost capacity. Geopolitical risks represent the most salient threat to the regional sector, with Levantine carriers seeing greater exposure. GCC carriers are less likely to be affected unless tensions between Iran and Israel flare up, IATA said.

On the global side: The global aviation sector is forecasted to see USD 30.5 bn in net income this year, with revenues reaching USD 996 bn, an all time high, IATA said. Total air cargo volume is forecasted to hit some 62 mn tonnes this year.

THE STATUS ON SAF-

SAF production is set to triple: Sustainable Aviation Fuels (SAF) production in 2024 is set to hit 1.9 mn liters, representing 0.53% of the aviation sector’s fuel requirement and on track for tripling target, Wam reports. “SAF will provide about 65% of the mitigation needed for airlines to achieve net zero carbon emissions by 2050. So the expected tripling of SAF production in 2024 from 2023 is encouraging. We still have a long way to go, but the direction of exponential increases is starting to come into focus,” IATA Director General Willie Walsh said.

And there’s a registry in progress: The IATA plans to launch a SAF Registry in 1Q 2025 to hasten adoption by tracking and reporting emissions cutbacks attributed to the biofuel, according to a press release. Emirates and Qatar Airways are regional carriers supporting the registry, alongside United Airlines, Air France, Air Canada, American Airlines, Singapore Airlines, Japan Airlines, DHL Group, and others. Airbus, Boeing, and GE Aerospace represent the OEMs supporting the initiative, together with fuel producer World Energy, IATA said.

How will it work? The registry will allow carriers to purchase SAF batches that are certified and tracked internationally, allowing carriers to account for their emissions reductions accurately, IATA explained. The initiative will also be neutral with regards to regulations and SAF type, allowing it to operate across different jurisdictions. Moreover, the registry will assist airlines in their efforts to meet compliance for carbon offset mandates, including the Carbon Offsetting Reduction Scheme for International Aviation (CORSIA) and the EU Emissions Trading Scheme (ETS), IATA explained.

A LOOK AT THE ORDER BOOKS-

Qatar Airways is reportedly close to making a decision on a major widebody order that will be split between Boeing and Airbus, Bloomberg reports, citing sources close to the matter. The order could include as many as 200 jets with a decision expected at the UK’s Farnborough Air Show next month, unnamed sources said.

What’s the split? The carrier is looking to order a mix of Airbus A350 and Boeing 777X widebodies, but the split has not been finalized, the sources also said. Qatar Airways already has 74 pending orders for 777Xs and 18 for A350s, data from Airbus and Boeing showed.

This is not the first we hear of this: The Qatari carrier issued a Request for Proposals (RFP) to Airbus and Boeing for a “big” order for new aircraft, its CEO Badr Al Meer said in March. Earlier reports had however indicated that the upcoming order would be composed of 100 to 150 Boeing 777X and Airbus A350 aircraft, but this has since been ramped up to 200.

Qatar Airways needs a large order to keep up with regional rivals, Bloomberg writes. Riyadh-based, PIF-owned airline Riyadh Air purchased 39 787-9s, with options for an additional 33 787-9s last year at the 2023 Paris Air Show and is looking to launch next year with an all Boeing fleet. Emirates also ordered 90 Boeing 777X, and an additional five 787s at a value of USD 52 bn in November 2023. These latest orders have placed additional pressure on Qatar Airways to revamp its fleet in order to maintain growth momentum, Bloomberg explained.

Israeli flag carrier El Al must take a decision soon on an order for narrow-body jets from Airbus and Boeing or risk losing delivery slots, Reuters reports, citing statements by CEO Dina Ben Tal Ganancia at the IATA conference in Dubai. “We will probably want to take a decision soon, otherwise we're going to lose the slots,” Ben Tal Ganancia said. El Al operates an all Boeing fleet, but is weighing its options on whether to go with Airbus’ A321neo narrow-body jetliner or Boeing’s 737 Max for a 30 aircraft order, the newswire said. The airline should be deciding within a few weeks on the order which is expected to be valued at USD 2 bn, CFO Yancale Shahar told Reuters. El Al hopes to take deliveries between 2026 and 2027, while acknowledging that Airbus’ order books are full until 2029, Ben Tal Ganancia also said.

IPO AND OTHER PLANNING-

Etihad Airways is pushing forward with plans for its IPO on the ADX, with the company “working very hard to make it happen whenever it is the time,” Etihad CEO Antonoaldo Neves told Bloomberg in an interview (watch, runtime: 4:34). Etihad owners told Neves to run the company as if it were listed, he adds in the interview.

REMEMBER- ADQ is considering listing Etihad on the public market “as soon as this year,” with the specific timing and size of the offering still undecided. ADQ is eyeing going after both a traditional IPO and direct listing, and has tapped banks to advise on its planned IPO on the ADX. Etihad would be the first major Gulf carrier to trade publicly if the IPO goes through.

Emirates Airlines is reviewing its contingency plans after the April floods cost it AED 400 mn in damages and claims, Emirates chief Tim Clark told a media briefing at the International Air Transport Association (IATA) meeting in Dubai, according to the National. “We've got to be far more aggressive, if you can call it that, and if necessary, stop the operations and [grapple] with all the fallout,” he said. The airline needs to spend more on manpower, ground equipment, and training in order to be more prepared if a similar crisis happens again, Clark added.

Non-oil business activity is looking up in Egypt, Saudi, and Kuwait in May

How Egypt + Saudi + Kuwait’s non-oil private sectors performed in May: Purchasing manager indices (PMI) tracking non-energy sectors in Egypt, Saudi Arabia, and Kuwait last month were broadly positive in May. Egypt’s headline PMI jumped to its highest in nearly three years, while Saudi Arabia’s headline figure dipped during the month but continued to signal strong expansion in the country’s non-oil activity.

REMEMBER- The all-important 50.0 mark is the threshold separating contraction from growth. Anything above 50 denotes expansion, while anything below indicates contraction.

First up, Egypt: Egypt’s headline PMI figure rose to 49.6 in May, up from 47.4 in April and its highest reading in 33 months, according to S&P Global’s Egypt PMI (pdf). Although the reading remained slightly below the 50.0 expansion mark, the “index signaled only a marginal decline in operating conditions,” the report notes. Non-oil activity began stabilizing during the month amid continued inflationary cooling, supporting improvements in new orders.

New order volume is on its way to recovery as FX stability takes hold: Inflationary pressures in Egypt continued to ease last month, with purchasing managers polled in the survey indicating that wider availability of FX — in addition to a lower FX rate — helped to reduce input costs, particularly for imported goods. “Notably, the rate of purchase price inflation slid to its lowest in four years, with the manufacturing and construction sectors even recording outright decreases in costs,” the report notes.

The easing of input cost inflation meant that output and new orders came closer “to the 50.0 growth threshold,” and further containment of output prices “should give customers greater confidence to spend,” S&P Global Senior Economist David Owen said. New export orders increased “for the second time in three months” as foreign demand for Egypt continued to recover, the report said.

It’s been a bit of a patchwork across sectors: While the services and construction sectors saw improved business activity during the month, “ongoing downturns in industries such as manufacturing and wholesale & retail show that the recovery is still lopsided and may take more time to spread across the rest of the economy,” Owens notes.

Confidence is booming: Business optimism improved in May, with businesses expressing more confidence in improved economic conditions buoying further sales growth and sustained deceleration of inflation. Companies grew staff numbers again in anticipation of order growth.

Kuwait similarly saw improved non-oil business performance during the month, with output growth soaring at its fastest pace since the covid-19 pandemic, according to Kuwait’s S&P Global PMI (pdf). The headline figure rose to 52.4 in May, up from 51.5 in April, signaling “a steep expansion of new orders,” and marking the sixteenth consecutive month in which the non-oil private sector was in expansion territory.

Input costs were up, but competitive pricing helped reel in new orders: Input costs saw a “sharp rise” in May, with panelists pointing to “spend on advertising and higher prices for computing equipment, raw materials, and spare parts,” the report says. Despite the continued rise, prices increased at their softest pace since the beginning of 2024, while output inflation “remained modest” as companies looked to maintain competitive pricing. Purchasing activity and inventory continued to grow during the month, albeit at a slower pace due to input cost inflation, the report noted.

Employment isn’t growing fast enough to keep up with new orders: Although firms increased staffing levels in May, “the rate of job creation was only marginal and insufficient to prevent the strongest build-up of outstanding business in the survey’s history,” S&P Global Market Intelligence Economics Director Andrew Harker warned. Companies will need to increase staffing further to help keep up with backlogs and “satisfy customer requirements in a timely manner.”

Business confidence in Kuwait hit its highest level year-to-date, supported by new orders growing at the fastest pace in the series history, “excluding the rebound in June and July 2020 as covid-19 pandemic restrictions were loosened.” Purchasing managers also reported new export orders growing at a quicker pace in May.

Over in Saudi, business activity remained firmly in expansion territory, despite recording lower expansion rates. Non-oil business activity in the Kingdom continued to grow in May, supported by sustained growth in demand and new orders, according to the Riyad Bank Saudi Arabia PMI (pdf). The headline purchasing managers’ index inched down m-o-m to 56.4 in May, compared to 57.0 in April.

The Kingdom’s non-oil economy is still growing — and competition is getting stiffer: Non-oil businesses reported increases in new orders during the month as demand in the local market remained robust, although the rate of increase in sales softened. “Some companies reported a slowing of market conditions and difficulties gaining new customers due to high competition,” the report says.

The breakdown: The output sub-index fell again to 60.1 last month, down from 61.9 in April, with the sub-index for new orders following the same downward trend to settle at 59.5, down from 61.0 the month prior, according to Reuters. Firms continued to shore up their inventories as they “sought to prepare for strong sales performances in the future,” Riyad Bank said.

Input costs saw “a solid increase” during May, although non-oil firms reported easing purchasing price inflation compared to the start of the year. “Nevertheless, the passing on of higher costs to customers remained only partial, as indicated by a marginal rise in selling prices.” Firms continued to be cautious with their pricing as competition grew stiffer, and offered further price markdowns in a bid to gain new customers and orders.

Expectations for more sales growth led inventories to rise again in May, although “there was some evidence that firms had overreached in their inventory targets and were readjusting purchases, as the rate of growth in new input buying slowed sharply to a 32-month low.”

Higher employment despite lower optimism: Business confidence fell in May, hitting its lowest since January amid lower expectations of sales growth. However, employment levels grew during the month as firms looked to reduce their order backlogs.

Etihad Rail + CSP Abu Dhabi ink rail transport agreement

Etihad Rail + CSP Abu Dhabi partner on rail transport: UAE rail operator Etihad Rail has inked an agreement with Cosco Shipping Ports Abu Dhabi Container Freight Station (CSP) to boost logistics, supply chains, and connectivity across the UAE, according to a press release. No investment ticket or timeline were disclosed as part of the statement.

The details: CSP will use Etihad Rail to move goods between Khalifa Port and other logistics hubs and industrial zones within the UAE for better resource, time, and asset management, the statement notes. Etihad Rail’s freight rail terminals will also be used as storage and distribution hubs for CSP goods, streamlining logistics operations by establishing strategic inland nodes for cargo consolidation and deconsolidation.

Boosting sustainability: The agreement will reduce CSP’s reliance on trucking and contribute to curbing 21% of emissions attributable to the country’s road sector by 2050.

About CSP Abu Dhabi: The container freight station was established in 2018 as part of a strategic agreement between the UAE and China, and went into operation in November 2021, the statement explained. The 275k sqm space offers a range of logistics services, including container and cargo loading, offloading, storage, bonded or non-bonded warehousing, customs clearance, transportation, sea and air freight forwarding, project logistics, dangerous goods and oversized cargo handling.

Kuwait Ports Authority records historic revenues in FY 2023-24

Kuwait Ports Authority (KPA) saw its bottom line increase to KWD 59.9 mn and recorded KWD 104.7 mn in revenues in FY 2023-24, up 100% when compared to net income posted in the previous two fiscal years, Ara b Time s reports.

Behind the numbers: The boosted performance is attributed to strong financial discipline in expenses, efforts to ensure sustainable growth in earnings, and other measures applied to “correct” KPA’s finances and operations which led to lower earnings over the past two periods, the report said.

Looking ahead: KPA’s income will go towards developing the port authority’s operations, the report notes. Numerous suggestions are under study in this regard, including boosting charges and fees, leasing and investing in KPA-held land, as well as other investment proposals.

Already in progress: KPA is lining up a KWD 200 mn (c. USD 649.3 mn) integrated logistics hub at Shuwaikh Port. The project is slated for completion by 2028 and will include multi-story warehouses, administrative buildings, support services, and exhibition halls. KPA has also kicked off the first phase of a KWD 48.8 mn project to redevelop ports at Shuwaikh Port.

Aviation, rail, and trade updates from Iran, Egypt and Saudi

AVIATION-

Iran is making its own jet engine turbine blades: Iranian scientists have succeeded in producing high-tech jet engine blades — a main component that forms the turbine section of aircraft engines — for a manufacturing cost of USD 8k, Mapna Aero Head of Design & Production Mani Rezvani told Tasnim. The development should allow Iran to put a fleet of McDonnell Douglas planes back into service after being mothballed due to sanctions restricting access to jet engine blades. The first JT8D engine fitted with Iranian blades will be installed into a Boeing MD passenger plane on 20 June, the outlet said.

RAIL-

Egis to supervise Egyptian high-speed rail project: France-based engineering outfit Egis has inked a contract with the Egyptian National Authority for Tunnels (NAT) to supervise two new electric high-speed rail lines in the country, according to a press release. The project — which is being implemented in collaboration with Systra — will be part of a 2k km rail network that will transport passengers and freight across the country.

TRADE-

Saudi EXIM inks agreements for financing + ins. for non-oil exports: The Saudi Export-Import Bank (Saudi EXIM) has inked an agreement with Australian asset and commodity management Macquarie Group to provide credit facilities worth USD 500 mn over three years to enhance the group’s purchases of Saudi goods and services, SPA reports. The credit facility agreement looks to connect the Kingdom’s exports to 156 global markets and will support Saudi EXIM’s efforts to develop non-oil exports and enhance its global position in markets by providing financial services, guarantees, and export credit ins. Saudi Exim also inked an agreement with Allianz International Ins. Group for the provision of ins. solutions to reduce non-payment risks for imports and exports. Allianz will provide ins. solutions to facilitate the Saudi industrial sector’s access to global supply chains across 50 countries.

Calendar

JUNE

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

5 June (Wednesday): Digital Transformation Summit, Riyadh, Saudi Arabia.

5-7 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

6-7 June (Thursday-Friday): Supply Chain Innovation Summit, Amsterdam, Netherlands.

6-7 June (Thursday-Friday): International Symposium on Sustainable Logistics, Mersin, Turkey.

11-13 June (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Rotterdam, Netherlands.

26-27 June (Wednesday-Thursday): Decarbonizing Shipping Forum, Rotterdam, Netherlands.

27 June (Thursday): East Med Maritime Conference, Beirut, Lebanon.

29 June (Saturday): The Investment Conference in cooperation with the European Union, Brussels.

JULY

2-4 July (Tuesday-Thursday): ACI Europe Annual Congress, Istanbul, Turkey.

14 July (Friday): AI Integration and Autonomous Mobility, Berlin, Germany.

AUGUST

21-22 August (Wednesday-Thursday): Rex Fuels Global Expo & Conference 2024- Bitumen, Petrochemicals & Products, Dubai, UAE.

SEPTEMBER

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, KSA.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition (AICE) , Dubai, UAE.

OCTOBER

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

8-10 October (Tuesday-Thursday): The Global Rail Transport Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi, UAE.

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

8-10 October (Tuesday-Thursday): AntwerpXL Expo, Antwerp, Belgium.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh, Saudi Arabia.

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

22-24 October (Tuesday-Thursday): Global Ports Forum, Singapore.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai, UAE.

NOVEMBER

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh, Saudi Arabia.

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

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

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Damman, Saudi Arabia.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

DECEMBER

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

20 December (Wednesday): The 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

APRIL

16-17 April: Global Ports Forum, Dubai, UAE.

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.

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

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

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Adnoc L&S acquires 80% of Navig8 in USD 1.04 bn transaction

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TODAY: Adnoc L&S acquires 80% of Navig8 for USD 1.04 bn

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Adnoc L&S acquires 80% of Navig8 in USD 1.04 bn transaction

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Earnings, SAF, order books and more from the IATA AGM in Dubai

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Non-oil business activity is looking up in Egypt, Saudi, and Kuwait in May

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Etihad Rail + CSP Abu Dhabi ink rail transport agreement

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Kuwait Ports Authority records historic revenues in FY 2023-24

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Aviation, rail, and trade updates from Iran, Egypt and Saudi

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Adnoc L&S acquires 80% of Navig8 in USD 1.04 bn transaction

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TODAY: Adnoc L&S acquires 80% of Navig8 for USD 1.04 bn

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This publication is proudly sponsored by

Adnoc L&S acquires 80% of Navig8 in USD 1.04 bn transaction

Related

Earnings, SAF, order books and more from the IATA AGM in Dubai

Related

Related

Non-oil business activity is looking up in Egypt, Saudi, and Kuwait in May

Related

Etihad Rail + CSP Abu Dhabi ink rail transport agreement

Related

Related

Kuwait Ports Authority records historic revenues in FY 2023-24

Related

Aviation, rail, and trade updates from Iran, Egypt and Saudi

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