STORAGE + WAREHOUSES-

Sadr Logistics makes headway on Sadr Park: Saudi Arabia’s Sadr Logistics has completed construction work on its new Logistics Service Complex Project — Sadr Park — in Riyadh’s Industrial Gate City, according to a Tadawul disclosure. Trial operations have commenced at the site, with commercial operations scheduled to launch in 3Q of this year. All relevant equipment and devices have been installed at the site, including the establishment of the cooling systems.

Background: Modon gave Sadr Logistics the green light to start work on the SAR 149 mn Logistics Service Complex Project back in September 2023. The complex will provide storage solutions to a host of customers, offering refrigerated, frozen, and dry storage.

SHIPPING + MARITIME-

Egypt is looking to launch two new RoRo shipping lines with Saudi Arabia and Turkey before the year’s end, Egypt’s General Authority for Investment and Freezones (GAFI) CEO Hossam Haiba told Asharq Business on Saturday. The RoRo shipping line — which aims to reduce shipping costs and time — will be primarily used to transport perishable agricultural products, heavy machinery, and vehicles.

Trade in numbers: Saudi Arabia’s trade with Egypt surged up 36% y-o-y to USD 13 bn last year, with its imports of Egyptian goods growing by 26% y-o-y.

TRADE-

#1- The UAE ratified a trade and economic partnership agreement with the Eurasian Economic Union (EAEU) during the Supreme Eurasian Economic Council meeting, according to a statement. The EPA targets tariff reductions and cooperation in areas such as renewable energy, logistics, and construction with the five EAEU member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The UAE had finalized trade talks with the EAEU in December.

Fast facts: Bilateral non-oil trade between the UAE and EAEU reached USD 29 bn in 2024, up 27% y-o-y.

This came during a visit led by Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan to Minsk, where he also met with Russian President Vladimir Putin to discuss the UAE-Russia strategic partnership and regional developments, according to a separate Abu Dhabi Media Office statement.

Al Nahyan also held bilateral talks with Belarusian President Alexander Lukashenko, where the two sides formalized a trade in services and investment agreement, according to a separate statement. The agreement aims to expand UAE market access in Belarus across sectors including financial services, consulting, healthcare, and education.

#2- UAE + China launch Qingdao trade hub: The UAE and China launched the Qingdao Overseas Integrated Service Center (QOISC) at the China-Arab Business Forum to support growing trade and investment between China and the Arab world, according to a press release. Backed by Chinese construction and engineering firm SEPCOIII and manufacturer Hisense, the center will use the UAE as a regional base to help Chinese firms expand across the MENA region, and boost exports to local markets.

The launch comes as China-Arab trade topped USD 400 bn in 2024, up from just USD 36.7 bn twenty years before. At the forum, USD 5.9 bn in new agreements were signed across sectors including energy, advanced manufacturing, and information technology.

AVIATION-

Iran has reopened its airspace to some international flights — after closing it earlier this month — following a ceasefire with Israel, Al Arabiya reported on Sunday, citing comments from Iran’s Roads and Urban Development Ministry spokesman Majid Akhavan to IRNA. The eastern half of Iran’s airspace is now available for use by domestic and international flights and overflights, while the central and western parts of the country are only open to international flights and transit flights.

Some airspace portions are still closed: Flights to and from Tehran’s Mehrabad and Imam Khomeini airports and airports in the northern, southern, and western regions remain suspended until today at 02.00 AST. More than 5.6k flights have been suspended between 13-11 June prior to the ceasefire.

REFRESHER- Commercial flights in Iran, Israel, Syria, and Jordan were halted earlier this month after Israel’s airstrikes on Iran. Airlines were avoiding airspaces above Iran, Iraq, Syria, and Israel, opting for longer and more costly routes over the Caspian Sea, Egypt, and Saudi Arabia.

STARTUP WATCH-

Digital logistics platform Nowlun raised an additional USD 600k from Africa-focused VC Ingressive Capital, bringing its previously announced seed round to USD 2.3 mn, the home-grown startup said in a statement last week. The additional funding will fund AI integration, including a “powerful logistics assistant for ocean freight shippers across MENA and Africa” that will help simplify processes, minimize overheads, and better coordinate trade in the region.

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