Good morning, nice people. Today's issue keeps coming back to one question: how cargo gets out when the usual routes are full, slow, or risky. Alexandria opens its first dry port today, giving the city’s seaports a place inland to send the transit cargo that has been pouring in. Meanwhile, Gulf crude is back on the water, but refined fuels haven’t caught up.
The Gulf’s sovereign funds and largest companies are committing billions to AI infrastructure at home and to AI companies in the US and beyond. EnterpriseAM AI + Innovation reports on where that capital goes, who controls it and what it is actually buying.
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Sea you in Greece
Egypt and Greece are advancing plans for two new shipping corridors — a passenger and truck ferry (Ro-Pax) line linking Alexandria to Patras, and a cargo (Ro-Ro) route to Volos — following the third session of the Egyptian-Greek Joint Maritime Committee on 5 October, the Alexandria Port Authority said. The Greek side also signaled interest in dry bulk trade and in coordinating cruise itineraries to turn Alexandria and Greek ports into shared home ports for Eastern Mediterranean tourism.
REFRESHER- The talks come on the heels of the recent Arab-Balkans Corridor launch, which formalized direct shipping links between Egypt and Greece to position Greek ports as primary transit hubs for Egyptian cargo heading into the Balkans and broader Central European markets.
KSA, UAE agree on rail link
Riyadh and Abu Dhabi signed a preliminary agreement on rail links and electricity interconnection, according to The National, with UAE Investment Minister Mohamed Alsuwaidi and Saudi Energy Minister Prince Abdulaziz bin Salman putting their names to it in Riyadh. It sets a framework for moving goods and cargo by rail across the border, commissions feasibility studies on linking the two networks, covers cooperation on exchanging and selling power, and provides for coordination with the rest of the GCC on the wider Gulf grid. There are no figures, timelines, or named projects in the agreement, which comes 10 days after Sheikh Mansour’s visit to Riyadh reopened the conversation.
The gas crunch gave Egypt every reason to speed up its energy transition, and the question now is who builds it and who pays for it.
Power Trip, our four-part signature series, turns this week to the transition and the private developers now building much of Egypt’s new power.
Issue II looks at how the deals behind these projects work, who is lending to them, and why the country is building a nuclear plant at El Dabaa alongside its solar and wind farms. We also look at whether the regional crisis has finally pushed industry toward renewables, and at the factories Egypt is counting on to build its own panels, batteries, and turbines.
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Market watch
Oil prices fell this morning as traders weighed Saudi supply risks against potential Russian diesel supplies, Reuters reports. Brent crude futures dipped USD 1.30 to USD 105.35 / bbl by 03.29 GMT, while West Texas Intermediate (WTI) slipped USD 1.25 to USD 92.49 / bbl.
The Baltic Index eases: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 2.2% to 3,070 points on Monday. The capesize index declined 4.4% to 4,148 points, while the panamax increased 0.3% to 2,432 points. The smaller supramax rose 0.4% to 1,821 points.
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