Good morning, friends, and happy Thursday. We’re ending the work week — and the month — with a brisk read today, led by yet another textile factory in Egypt’s Sokhna Industrial Zone. Plus, Turkish Airlines has signed its first shariah-compliant finance agreement to fund its Airbus jet purchase. Let’s dive in?

THE BIG LOGISTICS STORY-

The US’ latest trade agreements ahead of tomorrow’s deadline are still getting top billing in the foreign press, along with fresh sanctions on Iran.

The US and South Korea reached a trade agreement, setting a 15% tariff on South Korean exports to the US, in exchange for USD 350 bn in investments in US-owned projects selected by US President Donald Trump, Trump said on Truth Social. This is in addition to USD 100 bn in energy investments in the US. This follows a similar structure to the agreement with the UK and Japan, which also pledged investments in exchange for lower tariffs. (Reuters | Bloomberg | Financial Times | Politico | Axios)

Not yet as lucky? India, which could face a 25% tariff on its exports to the US as of tomorrow if ongoing talks end with no agreement. (Bloomberg | Guardian)

ALSO- The US doubled down on its pressure campaign on Iran with sweeping new sanctions on 115 Iran-linked individuals and businesses, broadly targeting the shipping business of Hossein Shamkhani, the son of senior adviser to Supreme Leader Ayatollah Ali Khamenei. (Bloomberg | Reuters)

WATCH THIS SPACE-

#1- Egypt’s Suez Canal Authority is extending its 15% reduction on container ship crossing fees until the end of 2025, in a bid to encourage increased traffic through the strait, Asharq Business reports. The canal introduced a markdown on container vessels with a net load over 130k tons back in May, initially for 90 days.

Did the move entice wary shippers? The move aimed to encourage shippers who may lack the financial incentive to accelerate their return to the Red Sea route. It came shortly after Authority head Osama Rabie urged global shipping lines to reassess their routes and consider a gradual return to the canal, amid improving security conditions in the region. Danish shipping giant Maersk was reportedly considering resuming transits through the Suez Canal, as it closely monitors security developments in the Red Sea.

REMEMBER- The route is vital for Egypt’s FX flows: Suez Canal transit receipts — a major source of foreign currency for Egypt — dropped 62.3% y-o-y to USD 1.8 bn in FY 2024-25 on the back of Houthi attacks on Red Sea shipping vessels, which have disrupted the passage and pushed ships to reroute away from the canal. Net tonnage fell 69.2% and vessel transits were down 52.2%.

#2- Oman is accepting bids for Musandam Airport: Oman’s Civil Aviation Authority accepted pre-qualification bids from around 20 undisclosed local and international companies for a tender to design and construct the Musandam Airport in Wilayat Khasab, Oman Observer reports. The airport — scheduled for delivery in 2028 — will cost an estimated USD 200 mn . The final design for the new airport is complete, the news outlet says.

What’s in the cards? The project will be split into phases, with the first phase set to feature a 45m-wide runway and a passenger hall capable of hosting 250k passengers annually. It will also include an air traffic control tower, a 2.5 km-long runway, taxiways, repair shops, and an aircraft hangar. The second phase is set to expand the new runway to 3.3 km, as well as the number of taxiways, air carrier hangars, and the terminal building.

#3- Houthis launch another strike on Israeli airport: Yemen’s Houthi group targeted Tel Aviv’s Ben Gurion International Airport with two missiles on Tuesday, bringing the airport’s operations to a temporary halt, according to a statement by Houthi spokesperson Yahya Saree. The move comes after the group announced a sea blockade on Sunday that will target any ships owned by firms conducting maritime activity with Israeli ports. The Houthis also attacked the airport last week, hours after an Israeli army spokesperson said in a post on X that a missile from Yemen was intercepted while en route to Israel.

MARKET WATCH-

#1- Oil prices held firm in early morning trading amid Trump’s push for tariffs to end Ukraine war and increasing US stock prices offset supply concerns, Reuters reports. Brent crude futures was down USD 0.10 or 0.1% to reach USD 73.14 / bbl by 03.45 GMT, while US West Texas Intermediate (WTI) futures dipped USD 0.05 or 0.1% to trade at USD 69.95 / bbl.

#2- Baltic index dips even further: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — decreased 5.4% at 1,995 points on Wednesday, its lowest point since 16 July. The capesize dropped 8.3% to 3,186 points, while the panamax index dipped 3% to 1,689 points. The smaller supramax index fell 0.8% to 1,271 points.

DATA POINT-

#1- The UAE’s non-oil foreign trade rose 24% y-o-y in the 1H 2025, reaching nearly AED 1.73 tn (USD 470.3 bn) during the period, driven by an unprecedented boom in non-oil exports, according to an X post from Dubai Ruler and Prime Minister Mohammed bin Rashid Al Maktoum.

Top trade partners: Trade with Switzerland surged by an impressive 120% y-o-y, followed by Turkey (41%), India (33%), the US (29%), and Saudi Arabia (21.3%).

#2- Morocco’s imports rose 9% y-o-y to MAD 398 bn (USD 44 bn) in 1H 2025, while its exports went up 3% y-o-y to MAD 236 bn (USD 26 bn), Reuters reports, citing Morocco’s Foreign Exchange Office.

***YOU’RE READING EnterpriseAM Logistics, the essential MENA publication for senior execs who care about the industry that connects producers and retailers to global markets. We’re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.

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CIRCLE YOUR CALENDAR-

The UAE will host the Africa Procurement & Supply Chain Leaders’ Conference on Monday, 25 August until Friday, 29 August in Dubai. The conference will host global industry leaders, policymakers and stakeholders to discuss how AI is changing procurement and supply chain efficiency, sustainability and risk management.

Oman will host Transport Middle East on Monday, 1 September until Wednesday, 3 September in Salalah. The conference will host 35 international speakers and over 50 exhibitors from the maritime sector to discuss global transportation and logistics.

Saudi Arabia will host the Sustainable Maritime Industry Conference on Wednesday, 3 and Thursday, 4 September in Jeddah. The event is set to gather over 60 speakers and more than 3k participants to discuss maritime decarbonization, digital transformation, regulatory frameworks, capacity building, and sustainable practices.

Algeria will host the Intra-African Trade Fair on Thursday, 4 September until Wednesday, 10 September in Algiers. The fair will host over 75 countries and 2k exhibitors across several sectors to explore investment prospects and exchange information on trade between B2B and B2G.

Oman will host the Comex Global Technology Show on Sunday, 7 September and run till Wednesday, 10 September in Muscat. The event will host over 360 participants and 133 tech startups to show achievements in eGovernment, fintech, smart cities, health tech, agritech and cybersecurity.

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

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