Mubadala finalizes a 30% stake in in Hong Kong-based Loscam Int’l

1

What we're tracking today

TODAY: Mubadala snags stake in Loscam + Beit Logistics gets the nod for Safaga logistics center

Good morning, wonderful people. The newscycle has picked up a bit as we head into the weekend, led by UAE’s Mubadala finalizing its 30% stake in Loscam as well as Egypt’s Beit Logistics and Golden Triangle Economic Zone Authority getting the go-ahead for Safaga logistics center. PLUS: we briefly dive into Egypt’s new trade policy framework.

We also have some numbers: We have the latest on Egypt’s trade deficit in 9M 2025 as well as Qatar’s GWC’s earnings for the same period.

THE BIG STORY ABROAD-

The US has sanctioned Russia’s two biggest oil companies, Rosneft and Lukoil, in a bid to ramp up pressure on the Kremlin to end the war in Ukraine. The move comes a day after a planned summit between the US and Russia to discuss a potential ceasefire was shelved, and is the first time US President Donald Trump imposes Ukraine-related sanctions on Russia since his second term began. (Reuters | Wall Street Journal | Financial Times | Guardian)

The EU also approved a package of sanctions that includes a ban on Russian liquefied natural gas imports from 2027, a year earlier than planned. (Bloomberg | Reuters)

Market reax: Oil jumped USD 2 on the news, with Brent Crude futures rising to USD 64.

WATCH THIS SPACE-

#1- EU bows to US, Qatar pressure on sustainability rules: The EU has agreed to tweak — and potentially water down — its Corporate Sustainability Due Diligence Directive after getting flak from the US and Qatar, Reuters reports. The next step is for EU lawmakers to review and potentially change the law, with the goal of reaching an agreement at a session next month.

The about-face came quickly: Washington and Doha made energy and trade threats to the bloc in response to the proposed law this week, claiming that it creates an “existential threat” to the growth, competitiveness, and resilience of the European economy, a letter to the EU showed. The law could hinder LNG exports and a potential US-EU trade agreement, the involved parties said.

#2- Saudi Arabia is likely to benefit from unstable geopolitical trends in trade — namely protectionism and tariffs, DHL Group CEO Tobias Meyer told Bloomberg TV (watch, runtime: 05:45). The firm has high hopes for the region, earmarking over EUR 500 mn for the region over the next five years, with a focus on KSA and the UAE. The group aims to expand warehousing and distribution capacity.

DATA POINT- China’s exports were up 8% m-o-m in September — demonstrating strong growth in trade with the region and Africa, despite its trade with the US falling 27% m-o-m, Meyer added.

The ball is already rolling: DHL eCommerce finalized its acquisition of a minority stake in Saudi Arabia-based AJEX Logistics Services in August. A joint venture between Saudi Aramco and freight giant DHL was reportedly shopping for investors to back a USD 267 mn distribution center project in the Kingdom earlier this year.

#3- Baghdad is in the market for nat gas: Iraq is looking to sign a natural gas supply agreement with US-based firm Excelerate Energy, Iraq News quotes Iraqi Prime Minister Mohammed Shia Al Sudani as saying to reporters on Tuesday. The size and value of the agreement, as well as the amount of gas involved, are undisclosed.

Iraq’s energy agenda: Baghdad has awarded a contract to US-based LNG firm Excelerate Energy to develop a floating liquefied natural gas import terminal. The move comes as Iraq ramps up LNG import infrastructure amid efforts to reduce energy shortages and diversify energy sources, decreasing its reliance on Iranian energy imports.

REMEMBER- The US abrogated a waiver in March to allow Iraq to import Iranian electricity, undermining Iraq’s power output, as the country depends on electricity and natural gas imports. Iraq needs 40 GW to keep the lights on throughout the day.

#4- Israel has started reducing its gas supplies to Egypt by some 400 mn cf/d yesterday due to yearly maintenance, a government source told EnterpriseAM. The supply dip, usually compensated for by LNG shipments, will run until early November.

Meanwhile, LNG exports continue: Some 150k cbm of LNG left the Idku Liquefaction Complex and is en route to Turkey on TotalEnergies’ LNG Endurance cargo ship, according to a statement.

REMEMBER-The Madbouly government gave energy players the green light to resume exports during the winter months, starting with Shell and Petronas last week. The government will be settling a percentage of its arrears by allowing companies to export a larger share of their production.

That’s not all: Egypt’s government secured eight diesel and butane (cooking gas) shipments — nearly 1.2 mn tons — to meet local demand and feed refineries during winter, the source added. The import contracts include a ±10% margin relative to actual demand. This allows the government to buy additional shipments when needed or cancel deliveries if demand falls short, which will depend on demand forecasts and the expected production volume from local fields.

#5- Gulf Air privatization plan encounters setback: A proposal to partially privatize Bahrain’s flagship carrier Gulf Air faces a hurdle as a vote to move the motion forward resulted in a deadlock, obtaining only 10 out of the 12 needed votes, Gulf Daily News reports. Parliament members were hesitant to vote in the proposal, citing concerns over the timing and potential consequences of the partial privatization of the airline.

On the cards: If voted in, the proposal would urge the government to study the potential for offloading a stake in the carrier to private investors. Bahrain’s sovereign wealth fund, Bahrain Mumtalakat Holding, would still retain majority control over the national carrier, maintaining a 51% share.

A push for an airline revamp: “Our goal is not to sell a national symbol, but to revitalize it. Attracting investors can bring in capital and global expertise that can enhance operations and ease the burden on the state budget,” a spokesman for the government body pushing the proposal, Khalid Bu Onk, said.

#6- Waters are calm despite tariffs + Houthi threat, says DP World COO: Widespread tariff drama has driven up costs for UAE-based port operator DP World’s customers, but the firm continues to see strong growth, Chief Operating Officer Tiemen Meester told Reuters. Global supply chains are also undaunted by the maritime attacks by Yemen’s Houthi militant group on Red Sea waterways, Meester said.

The Red Sea is still seeing attacks: Yemen’s Houthi militants have pledged to sustain their attacks so long as Israel’s genocide in Gaza continues. Their latest confirmed attack occurred last month,when an Israeli-linked ship was targeted near Saudi Arabia’s Yanbu. The group’s strategy ostensibly targets Israeli-linked vessels, and has published a list of FAQs to clarify who is open to attack.

MARKET WATCH-

#1- Oil prices rose this morning by nearly 2.3% amid resurfaced supply fears after Washington slapped sanctions on Russian oil firms, Reuters reports. Brent crude futures increased by USD 1.56 to USD 64.15 / bbl as of 03:03 GMT, while US West Texas Intermediate (WTI) gained USD 1.53 to trade at USD 60.03 / bbl.

Meanwhile, Saudi Arabia’s crude oil exports increased by some 413k bbl / d to 6.4 mn bbl / d in August, according to Jodi data. Exports of refined petroleum products dropped by 163k bbl / d to 1.59 mn bbl / d. Crude inventories dropped by 1.5 mn bbl, reaching 143.8 mn bbl.

Crude production also rose by 521k bbl / d to reach 9.722 mn bbl / d, while local demand dropped by some 222k bbl / d, reaching 2.78 mn bbl / d. Meanwhile, direct crude burn also edged down to 607k bbl / d.

#2- Baltic index slightly eases: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — inched down two points to 2,092 on Wednesday. The capesize declined 0.8% to 3,159, while the panamax index gained 2.5% to 1,904. The smaller supramax index decreased 17 points to 1,397.

DATA POINT-

#1- The region saw eight of its ports land on Lloyds List’s top 100 ports 2025: Dubai’s DP World-operated Jebel Ali Port led the region in terms of port performance, ranking in 9th place on Lloyds List’s Top 100 Ports index in 2025. Morocco’s Tanger Med followed, ranking in 17th place. AD Ports-operated Khalifa Port came in as the region’s third-top ranking port — snapping up 39th place on the ranking. The rise in ranking — compared to 95th in 2019 — was driven by its strategic expansion, the integration of new technology, and boosted operational efficiency, according to a statement.

Who else made it? Egypt’s Port Said landed in 53rd place, with Saudi Arabia’s Jeddah Islamic Port trailing close behind, ranking in 55th place. Oman’s Salalah Port came in at 66th place, while Saudi Arabia’s Dammam came in at 67th. Lastly, Egypt’s Alexandria Port also made it onto the ranking, settling at 90th place.

#2- Sharjah Airport logged 48k tons of cargo in 3Q 2025, a 3.9% y-o-y increase, state news agency Wam reports. It also handled 4.3k tons of sea-air freight, jumping 32.8%.

***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.

EnterpriseAM Logistics is available without charge thanks to the generous support of our friends at Hassan Allam Utilities, Transmar, and AK-Ships.

Were you forwarded this email? Tap or click here to get your own copy of Enterprise Logistics.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com.

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the UAE ? ***

CIRCLE YOUR CALENDAR-

The UAE will host the Adipec Maritime and Logistics Exhibition and Conference on Monday, 3 November until Thursday, 6 November in Abu Dhabi. The conference will host over 250k attendees working in government entities, finance, and tech.

The UAE will host the Air Cargo Forum on Tuesday, 4 November until Thursday, 6 November in Abu Dhabi. The forum — hosted by Etihad Cargo — will bring together air freight industry leaders, policymakers, innovators, and stakeholders to discuss industry solutions, tech, strategies, and collaborative initiatives for global air logistics.

Egypt will host the TransMea Expo on Sunday, 9 November until Tuesday, 11 November in Cairo. The expo will host regional and international players in the transport industry to explore tech, new smart solutions and products for transport and logistics services.

The UAE will host the Dubai Airshow on Monday, 17 November until Friday, 21 November in Dubai. The event will host over 1.5k exhibitors and 148k industry experts from over 150 countries, to discuss air mobility, new MRO breakthroughs, sustainable aviation, startups and new tech for aircraft simulations.

Saudi Arabia will host the ShipTek International Conference and Awards on Tuesday, 18 November in Al Khobar. The conference will host policy makers, organizations, suppliers and experts on maritime, offshore and oil and gas.

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

Mubadala snags a 30% stake in Hong Kong’s Loscam Int’l

Abu Dhabi sovereign wealth firm Mubadala finalized the acquisition of a 30% stake in Hong Kong-based pooling and packaging solutions provider Loscam International Holdings through its subsidiary Mamoura Diversified Global Holdings, the National reports, citing a company statement.

Refresher: Mubadala had inked a share purchase agreement to acquire the stake back in June, for a total of USD 566.6 mn (RMB 4.1 bn), based on a company valuation of RMB 11.8 bn on 31 December, 2024.

Who owns what? Mubadala and the private equity arm of China-focused alternative investment firm CITIC Capital, Trustar International, will each hold a 30% stake in the company, while Asian private equity firm FountainVest and China Merchants Group’s Sinotrans will each own 20% of the firm.

Where will the money go? The investment will strengthen Loscam’s global expansion and promote a new model of collaboration in the logistics packaging equipment industry, Sinotrans Vice President Li Shichu said. He added that the firm’s diversified shareholder base will bring a broader global outlook and improved access to capital.

REMEMBER- Mubadala’s acquisition of a stake in Loscam represents a major expansion of its logistics portfolio, which currently includes Australian Logistics Platform and PCI Pharma Services. It aligns with the fund’s strategy to diversify into resilient, asset-backed sectors with long-term growth prospects, while capitalizing on rising demand for efficient and sustainable logistics systems in fast-growing markets.

ALSO FROM MUBADALA-

The fund acquired 60.3% of Brazilian infrastructure firm Invepar’s subsidiary Linha Amarela (Lamsa), which manages Rio de Janeiro’s expressway, through a BRL 349.8 mn (AED 238.2 mn) debt-to-equity swap, with the Brazilian infrastructure company set to keep the remaining shares, according to a statement (pdf).

Egypt’s Beit Logistics plugs over EGP 500 mn to set up integrated logistics center in Safaga

Beit Logistics gets the nod for logistics center in Safaga: Egypt’s Beit Logistics inked a land-use agreement with the Golden Triangle Economic Zone Authority to set up an integrated logistics center at Safaga Port — earmarked for over EGP 500 mn (USD 10.5 mn) in the project’s first phase, according to a statement. The facility will be developed on an area spanning 65k sqm, offering advanced warehousing, container handling, repair facilities, and hosting an eco-friendly transport fleet.

On the cards: The hub will feature some 16k sqm of warehouse space, with a storage capacity of 1 mn tons annually. It will also host a 50k sqm container and general cargo yard, which will handle around 100k TEUs per year.

Leading the way: “In the coming years, we expect accelerated investment in transport, renewable energy, and logistics infrastructure, all supported by public-private partnerships,” into the Golden Triangle, Kadmar Group CEO and Beit Logistics VC Medhat El Kady told EnterpriseAM. “Safaga, in particular, is set to become a gateway for exports from Upper Egypt and neighboring countries — linking mines, factories, and industrial cities directly to the global market,” he added.

ALSO- It’s going green: The center is designed to stand out as a model of green logistics — powered by solar energy and built according to EDGE-certified sustainable building standards. Beit Logistics plans to operate an eco-friendly trucking fleet and implement digital inventory systems to minimize waste and optimize fuel use, El Kady said.

Private players have been eyeing the Golden Triangle: A handful of private players — including Orascom Construction, IDG, and Elsewedy Industrial Development — were said to be in talks with the government to help set up an industrial zone in the Eastern Desert’s Golden Triangle just last month. The planned industrial zone’s first phase is set to cost USD 2 bn in initial investment, with the zone ultimately catering to the mining, agriculture, trade, and tourism sectors.

What’s so golden about this triangle? Located in the area between Qena, Safaga, and Quseir, the 2.2 mn-feddan desert area is thought to hold nearly 75% of the country’s entire mineral wealth — including phosphates, which are a key component of fertilizer and one of Egypt’s most lucrative exports.

Safaga’s been getting a lot of attention: Egypt’s Red Sea Port Authority tapped Canal Shipping Agencies and Suez Mechanical Stevedoring Company in June to manage and operate two cargo storage yards in Safaga Port under two 10-year contracts. AD Ports Group installed three Panamax-class cranes from China’s Shanghai Zhenhua Heavy Industries at its multi-purpose terminal at Safaga Port earlier this year.

…and expanding its regional links: A pilot shipment successfully traveled along a new multimodal corridor connecting Egypt through Safaga Port to Saudi Arabia, and Iraq in July. The trial found that the corridor slashed delivery time for Saudi Arabia-bound shipments coming from Egypt by over 50% compared to traditional routes.

Egypt’s gov’t wraps up work on new trade policy framework

Egypt’s Investment Ministry finalized the country’s new trade policy document — seen by EnterpriseAM — aimed at crafting policies that deepen local manufacturing and reducing imports of intermediate and capital goods, while expanding exports of goods with comparative advantages — in line with the government’s plan to double exports.

Breaking down Egypt’s imports: Egypt’s imports are dominated by engineering and electronic goods, which reached USD 24 bn in 2024. They were followed by chemical products, fertilizers, and building materials. Agricultural imports also held a significant share of our imports for the year — between USD 9–12 bn — driven by higher imports of grains and other food commodities. Our imports come in from the UE, China, Arab countries, and the US, while trade with Africa remains limited, highlighting untapped markets, a concentration of trade partners, and dependence on a narrow supplier base.

The document calls for coordination among various policies — including trade, industrial, fiscal, and monetary policies — under a comprehensive national program to support Egyptian exports. This includes strengthening the production base, expanding export capacity, and increasing the added value of Egyptian products— all to balance trade and sustainably reduce the trade deficit.

The policy focuses on securing supply chains through offering preferential prices and terms, by maximizing the benefits of all trade agreements and engaging in dialogue with international patterns, the document highlights.

The new framework seeks to replace trade restrictions with structural reforms, in a bid to improve the efficiency of supply chains and trade-related logistics, as well as reducing customs clearance times.

ICYMI- The Finance Ministry recently finalized a package of custom facilities, that includes launching a new pricing platform for frequently imported goods, enabling six-month installment payments for customs duties, and postponing customs duty collection via the Nafeza system until goods arrive.

IN OTHER TRADE NEWS FROM EGYPT-

Non-oil trade deficit down in 9M 2025: Egypt’s trade deficit dropped by some 18% y-o-y to USD 22.8 bn in 9M 2025, down from USD 27.9 bn in the corresponding period last year, according to a cabinet statement citing Capmas data. The drop came on the back of a surge in non-oil exports — which shot up 21% y-o-y to USD 36.6 bn between January and September.

Exports to Egypt’s top five destination countries grew 42% y-o-y to hit USD 14.8 bn. These were identified as the UAE, Turkey, KSA, Italy, and the US. The UAE stood out as the largest importer of goods, with non-petroleum exports to the Kingdom rising by 169% y-o-y to USD 5.9 bn. This was followed by Turkey at USD 2.4 bn, Saudi Arabia at USD 2.3 bn, and Italy at USD 2.1 bn.

The breakdown: Building materials accounted for the largest value of exports at USD 11.7 bn, climbing up some 51% y-o-y last year. This was followed by the chemical and fertilizer sector, which inched up 10% y-o-y to USD 6.8 bn; the food industries sector increased 9% to USD 5.1 bn; and the engineering and electronic goods sector gained 11% to USD 4.7 bn.

REMEMBER- Egypt’s trade deficit rose 20.2% y-o-y in 2024 to record USD 50 bn. Exports rose 6.5% y-o-y to USD 45.3 bn, while imports climbed up 13.2% y-o-y to USD 95.3 bn.

ALSO- The Egyptian government is looking to raise its share of EU-bound exports by 12% to EUR 14 bn in 2025, Asharq Business reports , citing an unnamed government source. In the first eight months of 2025, Egypt's exports to the EU increased by USD 7.57 bn — an 11.5% rise — the outlet reported, citing data from the Export and Import Control Authority.

GWC sees bottomline, topline slip for 9M 2025

Qatar-based logistics firm Gulf Warehousing Company (GWC) posted QAR 82 mn (c. USD 22.5 mn) in net income in 9M 2025, dropping 44% y-o-y from last year’s QAR 147 mn, according to a statement. The firm’s topline dipped nearly 12% y-o-y, reaching around QAR 1.1 bn in the same period.

The year’s financials, so far: GWC saw its net income for 2Q 2025 drop 53.3% y-o-y to QAR 23.3 mn, while revenues for the period slipped 7.4% y-o-y to reach QAR 345 mn. In 1H 2025, GWC’s bottom line slumped some 38.4% y-o-y to QAR 62.5 mn, while its revenues dipped 4.8% y-o-y, recording around QAR 712.7 mn in 1H 2025.

GWC is expanding: GWC has been on an expansion streak, having clinched a non-controlling stake in Austria-based startup Quivo earlier this month, following an acquisition of a 16.15% stake in German supply chain operator Ancla Logistik, valued at EUR 8.2 bn.

dnata lands Azerbaijan-based cargo handling JV

AVIATION-

dnata forms Azerbaijan-based cargo handling JV: UAE-based aviation service provider dnata and Azerbaijani global cargo airline Silk Way Group have established a JV for ground handling and cargo operations at Baku’s Alat International Airport, according to a statement. The airport is based in the Alat Free Economic Zone and will be able to handle upwards of 500k tons of cargo annually — with that figure hitting a 5% growth rate over the next decade.

dnata on a cargo spree: dnata announced earlier this year that it plugged USD 110 mn into three major cargo projects in the UAE, Iraq, and the Netherlands, with the funds backing a 61k sqm Cargo City at Amsterdam Schiphol Airport, a 57k sqm cargo center in Dubai South, and a 20k sqm cargo facility in Iraq’s Erbil province.

DIGITALIZATION-

Dubai’s Ports, Customs, and Freezone Corporation and ins. player Shory have launched a digital marine ins. service, according to a statement. Integrated into the Smart Dubai Maritime Authority application, the service allows users to purchase maritime ins. policies online.

Airbus to roll out second China-based assembly line this week

EU-based aircraft manufacturer Airbus is opening its second assembly line in China this week, Reuters reports, citing industry sources. Airbus aims to increase its manufacturing capacity for the A320neo-family jets by launching the production line in the port city of Tianjin, near Beijing. This firm is said to be carefully managing its relationship with both parties amid US-China trade tensions, as it launched a US assembly line earlier this month.

Racing to meet delivery targets: Airbus planned to launch the plant earlier this month as it remains committed to its delivery targets this year, despite ongoing delays in engine deliveries — aiming to deliver 820 jets in 2025. The company is also looking to maximize production capacity of its narrowbody A320neo models. The new assembly plant launch coincides with high demand for long-haul flights.

Calendar

OCTOBER

28-30 October (Tuesday-Thursday): Borneo International Maritime Week, Sarawak, Malaysia.

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.

9-11 November (Sunday-Tuesday): TransMea Expo, Cairo, Egypt.

11-13 November (Tuesday-Thursday): Freightcamp, Bangkok, Thailand.

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

18 November (Tuesday): ShipTek International Conference and Awards, Al Khobar, Saudi Arabia.

DECEMBER

6 December (Saturday): International Procurement Supply Chain Conference, Cairo, Egypt.

9-10 December (Tuesday-Wednesday): Rail Industry Summit, El Jadida, Morocco.

16-17 December (Tuesday-Wednesday): Saudi Airport Exhibition, Riyadh, Saudi Arabia.

JANUARY 2026

19-23 January (Monday-Friday): World Economic Forum Annual Meeting, Davos, Switzerland.

27-28 January (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh, Saudi Arabia.

27-28 January (Tuesday-Wednesday): Middle East ProcureTech Summit, Dubai, UAE.

FEBRUARY 2026

4-5 February (Wednesday-Thursday): Breakbulk Middle East, Dubai, UAE.

4-5 February (Wednesday-Thursday): MRO Middle East, Dubai, UAE.

15-17 February (Sunday-Tuesday): World Advanced Manufacturing Logistics Summit and Expo, Riyadh, Saudi Arabia.

25-27 February (Wednesday-Friday): Air Cargo Africa, Nairobi, Kenya.

MARCH 2026

10-12 March (Tuesday-Thursday): World Cargo Symposium, Lima, Peru.

Sections

About

Privacy & Support

Get EnterpriseAM daily