TRADE-

#1- Italian chemicals manufacturer Mapei has inaugurated the first phase of its second Egypt factory to produce chemical and insulation materials, CEO Veronica Squinzi said in a statement. The 30k sqm EUR 25 mn plant will initially export 15–20% of its output, with plans to gradually increase its export share over time.

The details: The first phase of the facility has a production capacity of 65k tons of dry cementitious materials and 55 mn liters of concrete and cement additives, Mapei Egypt General Manager Bassem Moustafa told EnterpriseAM. It houses eight production lines manufacturing ceramic and marble adhesives, grouts, concrete admixtures, and grinding aids for the cement industry, Moustafa added. Mapei had previously imported these products into Egypt, recording EUR 20 mn in local sales last year.

The new plant is hoped to become a regional production and export hub, leveraging Egypt’s trade agreements and regional integration with African nations, according to Squinzi. Mapei will direct the allocated exports to North and East Africa as well as the Middle East. Its first export shipment is scheduled for Kenya in the coming days, Moustafa said, adding that the plant’s export sales could reach EUR 2-4 mn by the end of 2024.

#2- Iraq + Iran to enhance bilateral cooperation: Iraq’s Oil Minister and his Iranian counterpart have inked an MoU to enhance cooperation and exchange expertise in several sectors, INA reported on Monday, citing a statement it has received. The move aims to bolster investment in Iraqi current gas projects amid plans by the country to become self-sufficient in petroleum derivatives.

Iraq has been on a roll: Iraq’s Basra Oil Company inked a contract on Monday with Italian oil and gas contractor Micoperi and Turkey’s ESTA to build an offshore oil export pipeline with a capacity of 2.4 mn barrels per day. Described as Iraq’s third offshore export pipeline, it will contribute to ensuring stable crude export from southern ports.

CARGO-

Emirates boosts its cargo routes to Japan: Emirates’ cargo arm Emirates SkyCargo has launched a weekly freighter service from Dubai International Airport to Japan’s Narita International Airport effective from 24 May — marking the first direct route between Narita and the region, according to a statement. The service will have a cargo capacity of 100 tonnes each way and is forecasted to mainly transport automobile and machinery parts, semi-conductor parts, and pharma products. Narita International Airport is Japan’s largest air- or seaport in respect to the value of cargo handled and is currently undergoing a development plan to become the region’s busiest cargo hub by 2030.

Bolstering its Asia links: The airline looks to boost its cargo capacity in the region in collaboration with new passenger routes to link Dubai to Cambodia, Vietnam, and China in coming months. The new service complements SkyCargo’s existing twice weekly freighter service to Japan’s Kansai International Airport. At present, the company operates in four destinations across East and Southeast Asia with some 57 freighter flights per week.

IN OTHER SKYCARGO NEWS-

(xxLK) Emirates to double its cargo fleet by 2026: Emirates SkyCargo is set to receive 11 new Boeing 777F aircraft by the end of next year to meet rising demand for air cargo services, VP at Emirates SkyCargo Badr Abbas announced at the World Cargo Forum, Wam reports. The move will more than double its current fleet of 10 carriers, which it operates in addition to its six chartered aircraft.

SUPPLY CHAINS-

Salic launches Sabil: PIF-backed Saudi Agricultural and Investment Company (Salic) launched the National Grain Supply Company (Sabil) to oversee grain storage and supply operations, deepen collaboration with the private sector, and facilitate growth in the agri-food sector across the KSA, according to the company’s post on LinkedIn.

The details: The decision is in line with the Cabinet decision to reform the General Grain Corporation, giving Sabil — a wholly owned PIF subsidiary — full control over the import, handling, and distribution of grain, operations of 14 grain silo with a combined capacity exceeding 2.7 mn tons, Aleqtisadiah reports.

Shared management: The General Grain Corporation will continue to play a regulatory and supervisory role after the handover, including key facilities at Jeddah Islamic Port, King Abdulaziz Port, Yanbu Commercial Port, and Jazan Port.

FREIGHT FORWARDING-

Four Winds expands global freight ties: Four Winds Saudi Arabia partnered with China-based global B2B trade platform JCtrans to secure direct access to freight forwarders in over 170 countries, according to a press release. The company said the association grants it access to Asian markets, particularly China, Vietnam and Taiwan.

An expected move: Four Winds has been on the lookout for new freight routes as alternatives to the Red Sea since February 2024, after ongoing regional violence has spilled over and disrupted shipping routes.

AVIATION-

Egypt’s flagship carrier EgyptAir is in the process of closing an agreement with PIF-owned aircraft lessor AviLease to lease a Boeing 737-800 aircraft, according to a statement (pdf) from AviLease’s legal counsel Matouk Bassiouny & Hennawy. The agreement would mark AviLease’s first transaction in Egypt.

REMEMBER- Egypt’s Finance Ministry recently provided a EGP 20 bn (c. USD 396.53 mn) financing facility to EgyptAir Holding Company to help expand the airline's fleet.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Qatar + Grenada ink aviation pact: Qatar and Grenada have signed an agreement to exempt certain airlines from air traffic limitations to passenger and cargo flights. (Statement).
Tags: