GulfNav shareholders approve AED 3.29 valuation for Brooge Energy assets

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What we're tracking today

TODAY: GulfNav approves valuation for Brooge assets acquisition + Egypt’s Adabiya Port expansion plans

Good morning, nice people. We are starting this week with an issue heavily-packed with M&A watch news from the UAE, as well as trade, aviation, and ports updates from across the region. Let’s get the ball rolling.

WATCH THIS SPACE-

#1- US launches probe into Suez Canal, other global shipping chokepoints: The US Federal Maritime Commission (FMC) has launched an investigation into global maritime chokepoints — including the Suez Canal — to assess whether foreign governments or shipping operators are creating conditions unfavorable to US shipping and trade, according to an investigation order published Friday on the Federal Register. The commission is seeking comments until 13 May regarding the causes of constraints in the global checkpoints, which also include the English Channel, the Malacca Strait, the Northern Sea Passage, the Singapore Strait, the Panama Canal, and the Strait of Gibraltar.

Why the Suez Canal? The waterway — which handles 10-12% of global trade — is a focal point of concern for the US administration, because “its narrow width and single-lane format often leads to delays, especially during peak seasons,” according to the investigation order. The commission also pointed out that its shallow depth “makes it prone to weather-related issues, further increasing the risk of accidents,” citing the 2021 Ever Given crisis. The commission also highlighted security risks stemming from ongoing conflicts, including that involving the Houthis and the war in Gaza, on top of “threats from piracy and terrorism,” the document read.

What could this mean: The FMC has been given the authority to take corrective action if the investigation proves unfavorable conditions in shipping, Former FMC lawyer Lauren Beagen told Bloomberg, including blocking access to US ports or a USD 1 mn fee per voyage for foreign-flagged vessels. This could limit “firms’ ability to participate in FMC-filed agreements including alliances.”

IN OTHER EGYPT-RELATED NEWS- Gov’t is in talks with the US’ Excelerate Energy over a possible lease of floating storage and regasification units, according to a statement released on Thursday. The talks took place between Egypt’s Oil Minister Karim Badawi and Excelerate Energy’s CEO Steven Kobos during a meeting in which they also discussed sharing technical expertise and LNG trade cooperation, according to a separate statement.

In line with larger plans: Egypt is set to resume its natural gas imports next month, seizing on a moment of lower global gas prices due to waning European demand, a senior government source told EnterpriseAM. The move comes amid a gov’t push to redevelop its strategic gas reserve — leveraging newly secured infrastructure and LNG supply agreements, the source added. The country aims to import 155-160 shipments of LNG this year to close the gap between demand and supply. Egypt reportedly needs around 6.2 bn cubic feet per day (bcf/d), but domestic production only contributes 4.4 bcf/d.

On the cards: Egypt is expected to receive four LNG shipments by April — with projections of an increase in imports between five to six shipments per month during the summer period due to a rise in consumption levels due to high temperatures, the source noted. Egypt has reportedly contracted at least five regasification units at present — with forecasts pointing to boosted shipments of imported gas and an increased flow of Israeli gas entering the country to meet growing demand from the industrial sector.

Hopes are high for new local discoveries: The country still has a long-term objective to become a net LNG exporter once again and has so far avoided long-term contracts despite current favorable prices in hope of new natural gas discoveries that could put Egypt once again on the global export map. “We hope that [natural gas] discoveries and increased production will contribute to reducing demand for imported gas by next year,” the source added.

#2- Washington hits Iran with a fresh wave of sanctions: The US has slapped sanctions on Iranian Oil Minister Mohsen Paknejad, a number of vessels, and three companies linked with its shadow oil operations, according to statements published on Thursday here, here, and here. The US targeted Paknejad for supervising the Islamic Republic’s export of crude and designating bns of greenback worth of oil to Iran’s armed forces for export.

The vessels in question? The newly-designated vessels include the Hong Kong-flagged Peace Hill, Iran-flagged Polaris 1, Panama-flagged Corona Fun, and the San Marino-flagged Seasky, Reuters reports.

The third salvo: The move marks the Trump Administration’s third strike on Iranian crude since the signing of a “maximum pressure” campaign in February. The sanctions aim to reduce Iran’s oil exports to zero to cripple its alleged pursuit of a nuclear weapon and its funding of what the US designates as terrorism abroad, Bloomberg reported on Thursday.

Warning Tehran: US President Donald Trump has ordered aerial attacks on Houthi targets and threatened Tehran over its funding of the group, according to a statement on Truth Social published on Saturday. Trump vowed to continue the strikes until the Houthis cease their attacks on US and US-allied commercial and naval vessels navigating the Red Sea — an issue that has disturbed the waterway in 2024.

IN OTHER SANCTION UPDATES- The delivery time of a Russian oil tanker has increased sevenfold due to US sanctions, Bloomberg reported on Friday. The Russian vessel — the Daba — delivered 2 mn barrels of Sokol crude to China after a voyage of more than seven weeks, notably much longer than its usual one-week delivery time. Although unsanctioned by the US, the tanker underwent ship-to-ship transfers and received shipments from vessels that were themselves targeted by the US’ sweeping addition of around 180 tankers in January.

#3- Chevron eyes Middle East for crude: American oil and gas firm Chevron is reportedly looking for the Middle East for crude supplies as they look for alternatives of Venezuelan oil to keep its refineries humming, Bloomberg reported on Thursday. Chevron — which was given a 30-day window to stop their Venezuela operations after a Trump order — is also looking into sourcing crude from Mexico and Brazil.

MARKET WATCH-

#1- Oil prices went up on Monday morning in the wake of US airstrikes on the Yemen-based Houthis, Reuters reports. Brent crude futures increased by USD 0.41 to USD 70.99 a barrel, while the US West Texas Intermediate (WTI) surged by USD 0.40 to USD 67.58 a barrel by 03.36 GMT.

ALSO- Goldman Sachs has slashed its forecasts for oil prices in 2026, citing projections of higher supplies from Opec+ and a slowed down oil demand, Reuters reports. The financial institution now predicts WTI to trade at USD 67 and Brent crude at USD 71 by December 2025, almost USD 5 below its previous projections.

IN REGIONAL OIL MARKET NEWS- Saudi Aramco is expected to ship between 34-36 mn bbl of oil to China next month, the lowest amount since June 2024, Bloomberg reports, noting that there is no clarity on whether the decline is due to lower demand or reduced supply. The expected decline is reportedly partly due to maintenance at China’s Sinopec-owned refineries, reducing processing capacity by 700k barrels per day (bbl / d) from mid-March to May, Reuters reported, citing trade sources.

REMEMBER- Saudi Arabia was looking to boost its oil exports to Asia — particularly China and India — in a race against Russia to uptake a larger share of the region’s market, after Opec+ decided to gradually increase output earlier this month. Aramco also lowered its crude oil prices for Asian buyers in April for the first time in three months, cutting Arab Light by USD 0.40 to USD 3.50 a barrel above Omani and Dubai average prices.

#2- Baltic index on an upwards trend: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 19 points to 1,669 on Friday. The capesize dipped 36 points to 2,857, while the panamax index gained 65 points to 1,365, a five-month high. The smaller supramax index rose by 35 points to 930.

#3- The Drewry World Container Index decreased 7% to USD 2,368 per 40-ft container on Thursday, according to the latest index readings. Spot rates for 40-ft containers are at their lowest since January 2024 and 77% below the previous pandemic peak, but remain 67% above the pre-pandemic rate of USD 1.4k. The average composite index YTD is USD 3,205 per 40ft container, which is USD 321 higher than the 10-year average rate of USD 2,884.

#4- The US is set to see long-term growth in LNG demand despite a lack of pipeline capacity for natural gas, Reuters reported on Thursday, citing industry executives. Government entities are forecasting a rise in domestic gas consumption to 105.5 bn cubic ft per day (cf/d) in 2025 and 107.6 bn cf/d in 2026, up from 102.3 bn cf/d in 2024. The critical insufficiency of pipelines — which resulted in a 35% rise in stateside electricity costs — is not expected to deter LNG capacity growth, which is predicted to almost double between 2024-2028.

DATA POINTS-

#1- Oman saw its trade balance surplus decline 3.4% y-o-y, reaching OMR 7.5 bn at the close of 2024, according to preliminary statistics released by the National Centre for Statistics and Information. The country’s commodity exports rose 6.8% y-o-y to reach OMR 24.2 bn in the same period, which is primarily attributable to an 18.4% y-o-y incline in Oman’s oil and gas exports — valued at OMR 16 bn at year-end.

#2- The total value of re-exported goods from Saudi Arabia increased 42.3% y-o-y to SAR 90 bn in 2024, with smartphones accounting for 27.5% of re-exported goods, according to Gastat data seen by Aleqtisadiah. Ships (13.4%), lightships (12.1%), cars (4.3%), and tugboats (3.9%) followed.

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CIRCLE YOUR CALENDAR-

The UAE will host the Gulf Ship Finance Forum on Thursday, 10 April in Dubai. The forum will host shipping and finance executives from around the region and the world to host presentations, interviews and panel discussions on ownership, management, chartering, legal and trading in shipping.

The UAE will host the CargoIS Forum on Monday, 14 April in Dubai. The event will discuss industry insights and strategies from leading logistics players, including Emirates SkyCargo and Lufthansa Cargo.

The UAE will host the IATA World Cargo Symposium from Tuesday, 15 April to Thursday, 17 April in Dubai. The event will host sessions, specialized streams, workshops and summits related to technology, security, customs, cargo operations, and sustainability for over 1.4k industry leaders.

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

GulfNav’s shareholders approve AED 3.29 bn acquisition of Brooge Energy assets

DFM-listed Gulf Navigation Holding’s shareholders approved the firm’s AED 3.29 bn acquisition of three of Nasdaq-listed Brooge Energy subsidiaries, after reviewing two separate valuation reports last week, according to a press release published on Friday. GulfNav’s board greenlit the acquisition of Brooge Petroleum and Gas Investment Company from Brooge Energy last September.

What we know: The acquisition will be settled through a mix of funds, new shares and mandatory convertible bonds (MCBs), resulting in a 220% capital hike, GulfNav CEO Ahmed Kilani said in the press release. The transaction includes an AED 460 mn payment, and GulfNav plans to issue some 358.84 mn shares to Brooge at AED 1.25 apiece, along with AED 2.3 bn in MCBs at the same price with a one-year lock-up post conversion. That is in addition to AED 500 mn in MCBs to existing shareholders at AED 1.1 per share.

The rationale: “The acquisition is expected to generate significant operational synergies, including cost savings from integrated logistics and increased storage capacity. Financially, the deal is projected to enhance GulfNav’s revenue streams and improve EBITDA margins over the next few years,” Kilani added.

What’s next? The acquisition is expected to be completed in 2Q 2025, subject to regulatory approvals.

Patchy financials: Brooge Energy incurred net losses of USD 3.5 mn in 1H 2024, down from profits of USD 37.4 mn the previous year. Meanwhile, GulfNav posted an 11.2% y-o-y decline in net income to AED 24.7 mn in 1H 2024.

Egypt moves forward with Adabiya Port expansion project

We have details on SCZone’s Adabiya port plans: Egypt’s Suez Canal Economic Zone (SCZone) is set to publish a tender this month for the development of superstructure works of eight berths in Al Adabiya Port, a source in the maritime transport sector told EnterpriseAM Logistics. The tender comes as part of a plan to turn the port into a services hub for chemicals and pharma industries, alongside the steel sector, the source told us.

The first deck of cards: SCZone has reportedly laid the groundwork for the EGP 5 bn (c. USD 98.9 mn) first phase of Adabiya Port’s upgrade project, Al Mal reported earlier last week, citing sources familiar with the matter. The first phase will aim to upgrade 1.2k meters of berths in a bid to enable it to handle bulk vessels with a capacity of 150k tons, a length of 300 meters, and a draft of 17 meters.

Six other areas of development are in the pipeline, including:

A dry bulk terminal — to be commissioned by Adabiya Marine Management Company — will feature a total quay length of 770 meters and a water depth of 14 meters. It will have an annual cargo throughput of 3.5 mn tons and a terminal area of nearly 168k sqm;
A second dry bulk terminal, with a 560-meter quay wall, 14-meter water depth, and a 5.5 mn tons annual handling capacity;
A quay and berth rehabilitation project, which consists of rehabilitation for quaysides for berths two to eight, and the edges of berths two, three, four, and five;
A logistics and storage area of 160.7k sqm, to be developed by the Adabiya Marine Management Company through a build-operate-transfer (BOT) partnership;
A service vessel and small vessel berth, with a total length of 300 meters and a water depth of 7 meters, and a 45k sqm adjacent yard;
A multipurpose terminal, with a 500-meter quay wall and a 14-meter water depth.

Where we left things: Suez Steel inked a USD 120 mn preliminary agreement back in December to operate and maintain two berths — numbered 4 and 5. The company will also operate a storage and circulation yard dedicated to iron and steel dry cast products. The firm will also operate a storage and circulation yard for iron and steel dry cast goods. The SCZone has dedicated some 30k sqm at the port to the project.

About Adabiya Port: Located at the northern portion of the Suez Gulf, the port boasts eight berths at a length of 1.5k and depths ranging between 9 and 14 meters. The port has an annual handling capacity of 1 mn tons for liquid bulk and 6 mn tons for dry bulk, according to SCZone website.

DAE acquires 17 next-generation aircraft for USD 1 bn

UAE’s aircraft-leasing company Dubai Aerospace Enterprise (DAE) has acquired 17 used aircraft for USD 1 bn, according to a statement published on Friday. The new aircraft are currently on lease to 11 airlines across 10 countries.

In numbers: The new uptakes are all next-generation aircraft — 80% of which are manufactured by Airbus and the remaining 20% by Boeing. The new uptakes are forecasted to cut down DAE’s weighted average fleet age to 6.9 years, and boost its fleet lease term remaining to 6.6 years.

The context: The firm continues to source assets in the secondary market, in an effort to meet its growth targets amid ongoing orderbook delivery delays from both Airbus and Boeing.

On the flip side: DAE is also trying to take advantage of the hot demand for jet maintenance providers as delays in new jet deliveries and global aircraft shortage push airlines to extend the life of older planes. Last summer, DAE indicated that its MRO services arm Joramco were fully booked for 18 months in advance — citing a surging demand for MRO services amid aircraft delivery delays.

REMEMBER- Retrofits and leases are on the rise: Regional players are increasingly resorting to leases and retrofits amid delivery delays in the plane-making industry. UAE’s Emirates Airways is investing nearly USD 5 bn in cash to upgrade its existing aircraft — including Airbus A380 jumbo and Boeing’s 777 — in a bid to hedge against deliveries of backlogged orders. Etihad Airways also plans on retrofitting the older Boeing wide-bodies starting 2026.

How AI is transforming shipping

Artificial intelligence is revolutionizing the shipping industry, driving efficiency, enhancing safety, and advancing sustainability in an increasingly competitive global market.

The maritime sector generates vast amounts of data. Vessel sensors, satellite tracking, and operational reports provide a constant stream of information. AI-powered analytics process this data to predict maintenance needs, improve fuel efficiency, and anticipate market trends. Route optimization, for example, leverages real-time weather data and vessel performance metrics to cut fuel consumption, lower emissions, and reduce costs.

AI is making shipping safer. By analyzing real-time data from onboard sensors and cameras, intelligent systems can detect potential hazards, monitor vessel behavior, and assist in collision avoidance—helping crews make faster, more informed decisions.

Sustainability is another area where AI is a game changer. Smart systems optimize vessel speeds, refine cargo loading, and recommend alternative energy sources such as wind and solar. AI-driven predictive maintenance extends equipment lifespan, reducing waste and improving resource efficiency.

AI is also tackling logistics challenges. It enhances demand forecasting, streamlines inventory management, and helps mitigate port congestion. By minimizing delays and optimizing fleet performance, AI is making shipping operations more reliable and cost-effective.

Yet, AI isn’t replacing human expertise; it’s augmenting it. By equipping maritime professionals with deeper insights and automation tools, AI is helping the industry navigate increasing complexity.

Qatar to throw gas lifeline to Syria via Jordan with US backing

Qatar announced a plan to supply Syria with two mn cubic meters of natural gas per day in a bid to bolster Syria’s dwindling power capacity, Syrian state news agency SANA reported on Friday. The plan would boost Syria’s power output by 400 MW and extend the daily energy supply from two to four hours, with plans to gradually ramp up the supply to partially cover the nation’s 6.5 GW power needs.

Finances and logistics: Jordan is slated to receive the gas at the Port of Aqaba and pump the fuel via the Arab Gas Pipeline — which connects Egypt, Jordan, Syria, and Lebanon — conveying it to the Deir Ali power plant in southern Syria, Reuters reported. The plan is “fully funded” by the Qatar Fund for Development, which will also pay Jordan for the costs of transporting the gas through the pipeline in line with an agreement signed with Jordan’s Energy Ministry and in partnership with the United Nations Development Program, QNA reported.

Jordan may follow suit with electricity imports, with plans to provide up to 250 MW of electricity during non-peak hours, Reuters reported, citing unnamed sources familiar with the matter.

Washington-backed: The US has reportedly greenlit the moves for both Qatar and Jordan, Reuters reported. The US-backing is in line with its decision to temporarily relax sanctions on Syria in January, allowing transactions with government institutions, the oil sector, and personal transfers in Syria for six months.

Syria’s infrastructure is under duress: The Syrian national grid has suffered damage such that it only supplies electricity for two or three hours per day in most areas, Reuters reported. Furthermore, the country still needs a lot of investments to rehabilitate its grid and power plants before they can accommodate the needed hike in energy imports, Reuters reported. The situation is critical, especially after the newly-ascendant administration severed ties with Iran — Syria’s former ally and oil supplier — following President Bashar Al Assad’s ouster.

REMEMBER- KSA + Qatar are urging economic revival: Qatar and Syria inked an MoU to enhance bilateral cooperation in the civil aviation sector one month after Qatar Airways resumed services to Damascus back in January. Meanwhile, Saudi-based Al Jouf Cement Company and Mohammed Shahi Al Ruwaili Contracting inked a SAR 38 mn contract to export cement and clinker goods to Syria. Riyadh urged Western nations to scale down sanctions and allow Syria to begin reconstruction efforts.

And Jordan, too: The Syrian-Jordanian Freezone restarted operations earlier this year following a resumption of agricultural trade between both nations. Late last year, Jordanian trucks began reentering Syria via the Jaber-Nassib border crossing.

Ongoing logistics efforts to restart the economy: Syria’s Transport Minister said that USD 100-200 mn is needed to prop up the country’s current state of transport and logistics operations. The administration plans to develop train tracks with initial speeds of 120 km/hour, new ports with a depth of 17 meters, and is reportedly working on a freezone for used cars at the port of Latakia with a capacity for 5k cars.

TC Mena makes exportation push with takeover bid of Gulf Cement

TC Mena eyes a full takeover of ADX-listed Gulf Cement: TC Mena Holdings — a subsidiary of Italy’s Buzzi Unicem and the largest shareholder in Gulf Cement Company (GCC) — launched a mandatory tender offer to acquire the remaining 62.4% stake in ADX-listed GCC, according to an official bid document (pdf) released on Thursday. TC is seeking to secure a controlling stake at a minimum of 50% plus one share. TC will tap its own reserves to finance the acquisition.

Why is this important? The transaction would allow TC to gain full control over one of the UAE’s largest cement producers and exporters. The Ras Al Khaimah-based company claims to be the largest cement producer in the UAE with an annual production capacity of 2.5 mn tons of cement and 1.3 mn tons of clinker — set to rise to 3.8 mn tons upon completion of its new plants. The cement producer also has a key export hub in Ras Al Khaimah near raw material sources and ports, and supplies to both local and international markets. The company netted some AED 41.5 mn in losses last year.

Transaction details: The bidder wants to buy the additional stake for a cash-consideration of AED 143.5 mn at AED 0.56 apiece — a slim premium to its closing share price of AED 0.55 on Wednesday. The offer values the company at AED 229.9 mn, according to our calculations.

SOUND SMART- This potential transaction checks all the boxes to qualify for what’s called a “distressed asset acquisition,” with the buyer taking advantage of the company’s weak financial position and cheap share price with the goal of turning it around to become profitable and create higher value for shareholders. TC is “pursuing this acquisition to enhance GCC’s operational efficiency, reinforce its market position, and drive long-term value creation for all stakeholders,” it said in the offer document.

What’s next? Shareholders have until Friday, 11 April to accept the offer, which is also pending regulatory approvals from the Securities and Commodities Authority (SCA) and the ADX. Should the transaction go through, Gulf Cement would continue to operate independently and retain its trade name post-acquisition, with no major changes in the cards.

ADVISORS- Emirates NBD is quarterbacking the transaction as financial advisor, lead manager and receiving agent with Ibrahim N Partners providing legal counsel.

Oman inks roads, ports, and maritime service agreements

Oman inks three transport and maritime developments agreements: Oman’s Transport, Communications, and Information Technology Ministry (MTCIT) has inked three agreements to improve road infrastructure, develop its ports, and enhance maritime services, according to a statement.

#1- Roads and more: The MTCIT inked an agreement with construction firm Galfar Engineering and Contracting for the dualization of the Izki-Nizwa carriageway project in Al Dakhiliyah Governorate. The project — covering 30 km — will include constructing service roads over 3.2 km on both sides of the carriageway, an additional 1.2 km dualized road to connect the project to the Sanaw Bridge on Thuwayni, a vehicle underpass, and another 0.9 km road leading to Jabal Al Akhdar.

#2- Ports for quarry products: The Ministry and Minji International Ports inked an agreement for the design, construction, management, and operation of a quarry products port in the Wilayat of Shaleem and Hallaniyat Islands. The project — to be implemented over 18 months — will provide a direct route to export Omani minerals and quarry products. The first phase includes outlining the financial requirements, followed by securing approvals from authorities before finalizing a long-term concession agreement.

#3- Maritime services at Sultan Qaboos Port: The Ministry has signed a framework investment agreement with Omani Integrated Logistic Services Company to operate, manage, and develop ship supply and crew change activities for two years, as well as to accelerate commercial operations at Port Sultan Qaboos, positioning it as a tourism hub over four phases.

MTCIT’s latest moves: Oman’s Transport Ministry inked an agreement with the Oman Construction Company last month for the dualization of the Raysut-Mughsayl Road with an OMR 35 mn (c. USD 90.9 mn) investment. MTCIT also wants to establish advanced green ship recycling and dismantling yards to extract reusable parts and raw materials such as scrap metal.

DP World sees revenue jump, net income dip for FY 2024

Dubai-based port operator DP World’s net income dropped 2% y-o-y to USD 1.48 bn in FY 2024 on the back of higher financing costs, according to its financial statements (pdf) released on Thursday. The firm’s revenues climbed 9.7% y-o-y during the same period to USD 20 bn

Behind the numbers: The firm attributed the topline gains to new concessions and acquisitions as well as stronger performance from ports and terminals, whose revenue per TEU saw a 13.9% increase on a like-for-like basis largely due to growth in the Middle East and the Americas.

A breakdown: The company’s ports and terminals segment contributed the most to its top line, recording a 21% y-o-y boost in revenues to USD 7.7 bn. Overall capacity for the segment surpassed 100 mn TEUs, with nearly USD 2.2 bn poured into capital expenditure. Revenues from logistics parks and zones rose nearly 3.5% y-o-y over the same period to USD 8.2 bn, boosted by DP World expanding its freight network to more than 200 locations. Revenue from the marine services division climbed 4.3% y-o-y over the same period to around USD 4.1 bn.

Yearly highlights: In July 2024, the port operator formed DP World Evyap — a JV with Turkey’s Evyap Group — for the management of two major ports in Turkey’s Marmara region. The logistics division added two verticals under its purview in 2024, namely Chemicals as well as Retail via DP World’s acquisition of Hong Kong-based logistics firm Cargo Services Far East in September. The division now covers eight verticals, covering 50% of global GDP, the company said. On the sustainability front, DP World issued MENA’s first blue bond in December — valued at USD 100 mn — to fund sustainable port development, expanding marine ecosystem conservation and restoration projects, and marine pollution initiatives.

The voyage ahead: DP World intends to continue expanding its portfolio via targeted acquisitions as well as scouting out new markets, with a capital expenditure budget of USD 2.5 bn spread across the UAE, Saudi Arabia, the UK, India, and Senegal, the company said. It holds a positive medium-term outlook anchored by the sector’s stable fundamentals.

Alexandria Container and Cargo Handling-

Alexandria Container and Cargo Handling saw its net income rise 55.9% y-o-y in 1H 2024-25 to EGP 3.4 bn, according to the company’s latest earnings (pdf). Revenues rose 55.3% y-o-y to EGP 3.9 bn during the same period.

Updates on investments, trade, digitalization, ports, and aviation from Egypt, Bahrain, and UAE

INVESTMENT WATCH-

Chinese clothing firm to set up shop in West Qantara: Egypt’s Suez Canal Zone (SCZone) has inked a contract with Chinese textile and clothing manufacturer Jiangsu Guotai to set up a USD 10 mn factory to produce ready-to-wear goods for export in West Qantara, according to a statement released on Sunday. The project — which will span nearly 21k sqm — will earmark 100% of its production of ready-made garments for export. The factory looks to provide some 2k direct jobs.

Sounds familiar? Two Chinese textile firms inked agreements for two projects in the West Qantara Industrial Zone with a total investment figure of USD 28 mn earlier this month.

Things are heating up in West Qanatara: Sczone has inked contracts for 15 projects so far in the zone, with investments totaling USD 490 mn, the statement adds. The projects — spanning an area of over 1.3 mn sqm — will on average export some 80% of what they produce and have created around 20k jobs.

RAIL-

#1- Rowad Modern Engineering was awarded the contract to construct French rolling stock company Alstom’s EUR 80 mn railway manufacturing complex in Egypt, Managing Director of Alstom Egypt Ramy Salah Eldeen told Al Borsa on Sunday. Rowad already kicked off construction work of the Borg El Arab-based complext earlier this week and should wrap it up no longer than two years.

AVIATION-

#1- Syrian Aleppo Airport back in business: Syria’s Aleppo International Airport will resume its operations and receive domestic and international flights starting tomorrow, SANA reported on Saturday, citing the Syrian Civil Aviation Authority. The move comes after an almost three-month-long suspension of all flights due to the fall of Bashar Al Assad’s regime in December 2024 and a shutdown a month prior after Syrian opposition groups took over the airport, Middle East Monitor reports.

#2- Dnata renews its Zurich airport ground handling license: UAE-based air services provider Dnata has snapped up a seven-year extension on its ground handling service operations at Switzerland’s Zurich Airport (ZRH), according to a statement released on Thursday. Financial details of the transaction were not disclosed.

Looking forward: Dnata looks to bolster its cargo handling capacity at the airport by over 50%. The firm inked a leasing agreement with ZRH authorities to operate a new 9.5k sqm advance warehouse facility, which is under development and slated to open in 2027.

PORTS-

CMA CGM Iron lands at Khalifa Port: Abu Dhabi’s khalif Port received its first dual-fuel methanol container vessel — CMA CGM Iron – at shipping giant CMA CGM’s CMA Terminals, according to a statement released on Friday. The vessel — built by Korea’s Hyundai Samho Heavy Industries — boasts a 13k TEU capacity and can be powered by both conventional and alternative fuels, including bio-methanol and e-methanol. The ship is one of 12 new dual-fuel methanol vessels to be integrated into CMA CGM’s fleet this year and 2026.

REMEMBER- AD Ports and CMA CGM inaugurated CMA Terminals in December 2024 under a JV which will see the AED 3.1 bn terminal managed by the pair — with CMA Terminals holding a 70% stake and AD Ports holding 30%. The facility will expand the port’s total container capacity by 23% to reach nearly 10 mn twenty-foot equivalent units.

TRADE-

#1- South Korea backs Egypt’s new digital import tracking system: The Korea International Cooperation Agency is backing the rollout of a digital oversight and tracking system for imported industrial and non-food consumer goods under a EGP 600 mn grant from the South Korean government, according to a statement published on Friday. Launched with the General Organization for Export and Import Control, the project seeks to tighten import oversight and crackdown on substandard goods, with the Korean side supplying equipment, software, and digital infrastructure for the rollout. The system is set to run from June 2025 through 2029.

#2- Export Bahrain partners up with Arab-Brazilian Chamber of Commerce: Export Bahrain has inked an MoU with the Arab-Brazilian Chamber of Commerce (ABCC) to enhance bilateral trade relations and cooperation by helping Bahrain-based businesses access the Brazilian market, according to a statement released on Thursday.

Recent interest from the ABCC in the region: The ABCC sent seven Brazilian investors to conduct a feasibility study in October 2024 to explore establishing a logistics center for re-exporting goods in the Suez Canal Economic Zone, with plans to submit a proposal to the Suez Canal Authority once the study is wrapped. The zone would act as a hub to import corn, soybeans, sugar, and other products that would then be re-exported to other Arab and African nations.

EU to loosen gas storage rules fearing inflation spike + Another US tariff looms

The EU is looking to relax its gas storage requirements to stave off inflationary effects, Reuters reports, citing a negotiating document it has seen. A tentative plan circulating among member states proposed setting a range within which targets could be met somewhere between 1 October and 1 December, instead of fixing the deadline on 1 November. EU officials are set to hash out the draft proposal this week.

Some context: Earlier this month, the European Commission motioned to maintain the current gas storage framework for two more years — which stipulates that the bloc must fill 90% of the target by 1 November. The rules were implemented in 2022 to secure wintertime energy reserves following Russia’s reduction of gas supplies. Several member states have highlighted that keeping the deadline fixed for buying up and storing immense amounts of gas has rendered the market vulnerable to price manipulation.

US threatens to impose tariffs on European alcohol: US President Donald Trump has threatened to impose a 200% tariff on wine, cognac, and other alcohol imports from Europe, Reuters reported on Thursday. This came after the EU announced a plan to impose tariffs on American whiskey and other products in April as a reaction to Trump’s 25% tariffs on steel and aluminum imports, which took effect last Wednesday.

Calendar

MARCH

24-25 March (Monday-Tuesday): Airbus Summit, Toulouse, France.

APRIL

2-4 April (Wednesday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

3-4 April (Thursday-Friday): Africa Supply Chain Optimization, Johannesburg, South Africa

10 April (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

14 April (Monday): CargoIS Forum, Dubai, UAE.

15-17 April (Tuesday-Thursday): Transport Middle East Exhibition and Conference, Aqaba, Jordan.

15-17 April (Tuesday-Thursday): IATA World Cargo Symposium, Dubai, UAE.

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

28 April-2 May: 7th Export Capabilities Exhibition (Iran Expo), Tehran, Iran.

MAY

6-8 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

12-15 May (Monday-Thursday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

13-14 May (Tuesday-Wednesday): Global Ports Forum, Dubai, UAE.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai, UAE.

27-29 May (Tuesday-Thursday): Saudi Warehousing & Logistics Expo, Riyadh, Saudi Arabia.

JUNE

1-3 June (Sunday-Tuesday): Annual General Meeting & World Air Transport Summit 2025, Delhi, India.

2-4 June (Monday-Wednesday): Propak MENA, Cairo, Egypt.

5-6 June (Thursday-Friday): Supply Chain & Logistics Innovation Summit, Amsterdam, Netherlands.

11-13 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

17-19 June (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Rotterdam, Netherlands.

19 June (Thursday): East Med Maritime Conference, Athens, Greece.

25-26 June (Wednesday-Friday): Decarbonizing Shipping Forum, Hamburg, Germany.

JULY

1-3 July (Tuesday-Thursday): ASEAN Ports and Logistics, Jakarta, Indonesia.

SEPTEMBER

24-26 September (Wednesday-Friday): Routes World, Hong Kong.

OCTOBER

1-2 October (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

14-15 October (Tuesday-Wednesday): Investing in Africa Conference and Expo, London, UK.

NOVEMBER

3-6 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

4-6 November (Tuesday-Thursday): Air Cargo Forum, Abu Dhabi, UAE.

17-21 November (Monday-Friday): Dubai Airshow, Dubai, UAE.

EVENTS WITH NO SET DATE

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 two of 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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