TRADE-

#1- Egypt + EU ink agreement to boost trade: The Egyptian government signed an executive five-year agreement with the EU’s Tigara program to improve and develop the efficiency of the country’s trade and boost the involvement of Egyptian SMEs in industrial value chains, according to a statement. The initiative, backed by EUR 8 mn in EU funding, aims to support trade, industry, growth and rapid market access. The UN Industrial Development Organization will implement the agreement, which aims to increase the competitiveness of the Egyptian private sector, according to the statement.

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#2- Dubai Chambers + Industrial and Commercial Bank of China to help Chinese companies set up shop in Dubai: The Dubai Chambers and the Industrial and Commercial Bank of China have signed an MoU to develop a framework to help the bank’s customers establish businesses in Dubai, Wam reported yesterday. Under the MoU, the two sides will also work to promote collaboration between companies in Dubai and China to boost bilateral trade.

PORTS-

#1- Egypt’s New Suez Canal in talks to finance the development of the East Qantara Port: NewSuez Canal for Dry Ports and Logistics Services is in talks with entities that include the National Initiative for Developing Egyptian Industry (Ebda) over financing the superstructure of the East Qantara Dry Port, Al Borsa reports, citing sources familiar with the matter. Should Ebda agree to fund the project, it will likely be done through a capital increase, with New Suez Canal prepared to offer a 25% stake in the port to the investor, the sources reportedly said.

The company has already fully completed the infrastructure of the port at a cost of EGP 500 mn, and is looking to secure an additional EGP 500 mn for further development, according to Al Borsa. The East Qantara Dry Port had been slated to kick off trial operations in late April, after plans to establish the port were approved by the Egyptian cabinet in November of last year.

#2- Oman’s KDP + DHL to provide LCL services: Oman’s Khazaen Dry Port (KDP) has inked a strategic agreement with DHL to provide less-than-container-load (LCL) services at the port’s container freight station, Oman Observer reports. Under the partnership, DHL will oversee container handling, unloading, and warehousing goods, and the port will serve as a last-mile hub for DHL’s Oman-based LCL customers.

STORAGE + WAREHOUSES-

Adnoc + Petronas + Storegga want to set up CCS in Malaysia: The Abu Dhabi National Oil Company (Adnoc) has inked a joint study and development agreement with Malaysian energy outfit Petronas and UK-based Storegga to assess the feasibility of setting up carbon capture and storage (CCS) sites in Malaysia, according to a press release. The agreement is targeting at least 5 mn tonnes per annum of CCS capacity by 2030. It also includes a CO2 shipping and logistics study, geophysical and geomechanical modeling, and the application of advanced technologies including artificial intelligence to improve storage capacity. The agreement’s activities are set to begin later this year.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Milaha’s July shipments: Qatar Navigation (Milaha) delivered 13.7k tons of cargo and 2.8 mn liters of fuel in July. (Statement)
  • KSA + Uruguay to set up joint business council: The Federation of Saudi Chambers and the Uruguay Exporters Association have signed an MoU to establish a joint business council. (SPA)
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