Aldar + DP World develop Dubai logistics park

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TODAY: Aldar Properties + DP World to develop Dubai logistics park

Good morning, ladies and gentlemen. We have another tight issue for you today, with a handful of stories to get the day going.

BUT FIRST- Remember the Chevron oil tanker seized by Iran over a year ago? It’s now anchored near the UAE’s Khor Fakkan port, a week after its release, Reuters reports, citing ship tracking data. The vessel, Advantage Sweet, was seized by the Iranian navy in April 2023 following an alleged collision with an Iranian boat in the Gulf of Oman.

WATCH THIS SPACE-

#1- Egypt is looking to lease a second floating storage regasification unit (FSRU) in Ain Sokhna to receive and store natural gas, newly-appointed Oil Minister Karim Badawi said in a statement.

ICYMI- Norwegian Höegh LNG inked an agreement in May with Australian Industrial Energy and the Egyptian Natural Gas Holding Company to deploy a floating storage and regasification unit to Egypt to support the country’s energy security.

REFRESHER- The Egyptian government entered talks to lease an FSRU in April, with plans to dock the terminal at the Gulf of Suez. Egypt had previously bid farewell to leasing FSRU years ago when it ended a contract with the Norwegian Höegh Gallant in 2018, when the government pulled the plug on gas imports following the discovery of the Zohr gas field off Egypt’s Mediterranean coast.

#2- Construction contracts signed for Iraq’s Nasiriyah International Airport: Iraq inked contracts with Chinese firm CSCEC and Turkish company Kiklop Design Hertz Insaat to build Nasiriyah International Airport, according to a statement. CSCEC will construct the airport and Kiklip Design will supervise the project implementation. The airport is slated for completion by mid-2025.

#3- Etihad Rail + Leibherr partner up on HVAC units: China’s Liebherr Transportation Systems will supply heating, ventilation, and air-conditioning (HVAC) units for three high-speed trains operated by UAE’s Etihad Rail, according to a press release (pdf). Three HVAC units — installed by Chinese rolling stock manufacturer CRRC Qingdao Sifang — are equipped with advanced air filtration systems and innovative redundancy tools to ensure a moderate climate in the train saloons.

DATA POINT-

Saudi Arabia’s logistics sector saw 76% y-o-y growth in 2Q 2024, with the number of active commercial registrations reaching 11.9k, according to a press release (pdf). Container handling services recorded a 48% y-o-y increase, with 2.4k registrations recorded compared to 1.6k the same period last year.

CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Saudi Warehousing and Logistics Expo on Monday, 2 September to Wednesday, 4 September in Riyadh. The event will bring together leaders in the supply chain, warehousing, and logistics industry from across the Kingdom to discuss investments, trade, geopolitical risks, and localized manufacturing.

Egypt will host the Egypt International Airshow on Tuesday, 3 September to Thursday, 5 September in El Alamein. The event will host a range of discussions touching on industrialization, digitalization, and globalization in the regional commercial aviation sector. During the event, aircrafts and innovative aerospace products, and services will be showcased.

Saudi Arabia will host SkyMove MENA on Tuesday, 10 September and Wednesday, 11 September in Riyadh. The event will gather global industry stakeholders, experts, and service providers to discuss challenges in the regional aviation industry.

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

Aldar Properties + DP World to develop Dubai logistics park

Abu Dhabi-based real estate developer Aldar Properties inked an agreement with DP World to develop a 144k sqm Grade A logistics park at Jebel Ali’s National Industries Park (NIP), according to a press release (pdf). The project is slated for construction in 4Q 2024 and will open for tenants in 4Q 2025. No financial details have been disclosed.

The details: The park aims to meet demand for warehousing facilities and offer flexibility for third-party logistics (3PL), e-commerce, and retail tenants. The logistics park will sit on a 220k sqm plot and will feature three buildings that can be modified to become single or multi-tenanted facilities.

The location is strategic: NIP is in close proximity to Jebel Ali Port, Al Maktoum International Airport, and major road networks including the E11 and E311.

What will Aldar do? Aldar will be responsible for the project’s full development cycle, including the concept initiation, design, execution, and management.

The project is part of Aldar’s AED 1 bn investment plan to boost its logistics infrastructure across the UAE. The developer also entered into a JV agreement in February with Dubai South to develop logistics facilities, including a Grade A logistics facility, and agreed later to develop a build-to-suit facility for Swiss-based logistics provider Kuehne+Nagel.

About NIP: NIP is a 21 sq km zone in Dubai's industrial district that hosts more than 300 businesses in the UAE, offering infrastructure-ready land plots, modern office spaces, and tailored advisory solutions.

Mubadala co-leads USD 600 mn investment for US trailer lessor

Abu Dhabi’s sovereign wealth fund Mubadala co-led a USD 600 mn investment with Qatar Investment Authority in US trailer lessor Transportation Equipment Network (Ten), according to a press release. Ten’s parent company, I Squared Capital, will use the proceeds to support the lessor’s expansion and acquisition activities, such as the acquisition of TIP Canada.

The latest in a string of US investments: The US is a top investment target for Mubadala, with some USD 100 bn invested in the country as of last December, accounting for about 42% of its portfolio, Deputy CEO Waleed Al Muhairi told Bloomberg at the time.

About Ten: Ten is the US’ largest trailer lessor, with a combined fleet of 83k trailers across logistics hubs in the US and Canada.

Bahrain inks ship recycling MoU with AP Moller-Maersk

Bahrain + AP Moller-Maersk partner to boost local ship recycling sector: Shipping giant Maersk has inked a MoU with Bahrain to develop and expand the ship recycling sector in the country, according to a statement. The pair look to build a robust ship recycling industry in the country to promote sustainable manufacturing and accelerate local economic growth.

Who’s involved? Maersk signed the MoU with Bahrain’s Transportation and Telecommunication Ministry and its Industry and Commerce Ministry. Bahrain-based multinational vessel manufacturer Arab Shipbuilding and Repair Yard Company (ARSY), Bahrain Steel, and Khalifa Bin Salman Port Operator APM Terminals Bahrain will serve as partners.

Details: The agreement aims to promote collaboration between the relevant firms in studying safe and sustainable ship recycling processes, according to BNA. The Bahraini ministries will prepare docks and yards to accommodate larger ships. Maersk will attract ships for recycling and offer its consultancy services to ensure that the operations comply with global standards. Bahrain Steel will take the recyclable steel and process it for redistribution in local and international markets.

Maersk’s ship recycling program: The shipping firm first got involved in ship recycling in 2015 to develop an environmentally conscious and safe shipbuilding program. “As ships were closing in on the 20-year mark we wanted to make sure we actually had a well-defined, responsible ship recycling program in place with clear standards,” while also having the supplier and onground facilities prepared to manage the pipeline of ships as they grow older, Maersk Responsible Ship Recycling Head Prashant Widge said in an interview (watch, runtime: 2:25).

Ship recycling volumes are forecasted to double by 2028 globally, leading Maersk to look at ensuring that the growth in demand is met by suppliers with responsible practices, according to the shipping firm’s website.

Iraq taps Oliver Wyman to consult on Development Road project

ROADS-

Oliver Wyman to consult on Iraq’s Development Road: The Iraqi Transport Ministry inked an agreement with consulting firm Oliver Wyman for consulting services for the Iraq’s Development Road project, according to a statement. The consulting firm will help market the project, supervise investments, and provide economic advisory services for strategic government projects. The Development Road project seeks to establish a road and rail link between Iraq’s Grand Faw Port in the country’s south and the Turkish border in the north. The project’s railway track is almost 80% complete, while the expressway is 75% complete, the statement said.

OTHER STORIES WORTH KNOWING THIS MORNING-

Boeing 737-8 returns to Iraqi Airways: Iraqi Airways has received a Boeing 737-8 aircraft that had undergone repair, bringing the number of planes in the airline’s fleet to 26. The airline expects to receive 15 planes this year after they undergo maintenance. (Statement)
Oman to tighten monitoring on refrigerated trucking: Oman’s Transport Ministry is tightening inspections and monitoring of refrigerated truck drivers starting September. (Statement)

US delays Maersk + Hapag-Lloyd JV from coming into effect

US regulator holds up launch of Maersk + Hapag-Lloyd alliance: The US Federal Maritime Commission (FMC) is holding up the launch of the Gemini Cooperation, a joint venture between shipping giants Maersk and Hapag-Lloyd that was set to launch next week, pending the divulgence of additional information needed to determine the ventures competitive impact, according to a statement.

Looking forward: “At this point, this development should not be seen as threatening to the Gemini Cooperation, but more of an administrative burden to be lifted,” said Danish shipping consultancy Sea-Intelligence analysts in a report seen by Splash.

Background: The pair entered into a long-term operational collaboration in January to establish a maritime network with schedule reliability above 90%. Gemini Cooperation will operate across seven trades using some 290 vessels with a total capacity of 3.4 mn containers. The collaboration aims to enhance service quality and access to well-connected ocean hubs as well as reduce transit times.

Congestion at Singapore Port is showing signs of easing, with vessel arrivals dropping 10% m-o-m to 241 mn tons in June, Bloomberg reports, citing Singapore Maritime and Port Authority data. The port’s container throughput also fell 5% m-o-m in June and average waiting times have been cut, indicating that the backlog of ships entering the port has dropped.

ICYM: Recent congestion at Asian ports has been attributed to increased traffic due to vessels rerouting away from the Suez Canal to avoid attacks in the Red Sea. Container vessel rates have risen due to rerouting and delays, and terminal congestion is expected to last through August. Some 20% of Singaporean logistics providers are shifting from maritime transport to air freight due to port congestion. Maritime congestion caused shipping costs to rise by up to 50% since the beginning of the year.

Calendar

AUGUST

21-22 August (Wednesday-Thursday): Rex Fuels Global Expo & Conference 2024- Bitumen, Petrochemicals & Products, Dubai, UAE.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh, Saudi Arabia.

3-5 September (Tuesday-Thursday): Egypt International Airshow, El Alamein, Egypt.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh, Saudi Arabia.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition (AICE) , Dubai, UAE.

23-26 September (Monday-Thursday): Freight Summit 15th Global Conference, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

30 September - 2 October (Monday-Wednesday): African, Middle East & Islamic Finance Aviation 100 Awards, Dubai, UAE.

OCTOBER

6-8 October (Sunday-Tuesday): Routes World 2024, Bahrain.

8-10 October (Tuesday-Thursday): The Global Rail Transport Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi, UAE.

7-9 October (Monday-Wednesday): AFSIC – Investing in Africa, London, UK.

8-10 October (Tuesday-Thursday): AntwerpXL Expo, Antwerp, Belgium.

13 October (Sunday): International Transport Workers’ Federation (ITF) Congress, Marrakesh, Morocco.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah, Saudi Arabia.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh, Saudi Arabia.

22-24 October (Tuesday-Thursday): Asean Ports and Logistics, Johor, Malaysia.

22-24 October (Tuesday-Thursday): Global Ports Forum, Singapore.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai, UAE.

NOVEMBER

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh, Saudi Arabia.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh, Saudi Arabia.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

13-15 November (Wednesday-Friday): The Bahrain International Airshow, Sakhir Airbase, Bahrain.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Damman, Saudi Arabia.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam, Saudi Arabia.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

20-21 November (Wednesday-Thursday): Saudi Rail Exhibition, Riyadh, Saudi Arabia.

DECEMBER

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh, Saudi Arabia.

10-11 December (Tuesday-Wednesday): Rail Industry Summit, Casablanca, Morocco.

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai, UAE.

20 December (Wednesday): The Iran-Senegal Joint Economic Cooperation Commission, Dakar, Senegal.

EVENTS WITH NO SET DATE

IATA Annual General Meeting (AGM) and World Air Transport Summit, New Delhi, India.

1H 2024: Civil Construction subcontracts for construction firms in Oman for implementation of the Abu Dhabi - Suhar rail link to be announced.

2H 2024: Bahri’s barges for Saline Water Conversion Corporation (SWCC) to begin initial and commercial operation.

King Salman Energy Park is set to become operational.

The Cross-Border Digital Trade Forum, Dubai.

2025

FEBRUARY

4-5 February (Tuesday-Wednesday): Seatrade Maritime Qatar, Doha, Qatar.

APRIL

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

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 twoof 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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