Good morning, friends. We have another brisk issue as we slide into the weekend with some updates on DP World dispute with Antwerp-Bruges Port and a deeper look from UNCTAD on the cost of continued Red Sea disruptions to global trade.

WTO WATCH-

The UAE has launched the Trade, Sustainability and Artificial Intelligence initiative, designed to use artificial intelligence to increase global trade’s role in fighting climate change, Wam reports. Unveiled at the World Trade Organization’s Ministerial Conference in Abu Dhabi, the initiative aims to reduce shipping emissions as well as improve inventory management, freight movements, and supply chain traceability, and build climate resilient infrastructure. The initiative entails building a research network and an international coalition to propose regulations for using AI in trade.

Vision for trade landscape: The Economy Ministry launched a report entitled Trade 2050: A Private Sector Perspective (pdf), which presents insights from private sector players projecting how the industry will progress over the next 25 years, Wam reports. The report looks to contribute to enhancing the global trade industry and define the challenges undermining achieving a “fairer and fully future-proofed system.”

WATCH THIS SPACE-

#1- Oman's OQ8 refinery in Duqm is planning to process heavier crude by the end of the year, Reuters reports, citing CEO David Bird. The USD 9 bn joint venture between OQ Group and Kuwait Petroleum is currently running at a full capacity of 230k bpd. "Towards the latter half of 2024 and beyond we will be looking at a full merchant refinery model of processing advantage crudes," Bird said. Since launching in May, the refinery has exported some 4.1 mn tons of product. A feasibility study, paused during the COVID pandemic, is now underway for a petrochemicals complex in the Duqm Economic Zone with the potential involvement of the Saudi Basic Industries Corp (SABIC), the newswire added.

#2- Iraq’s Transport Ministry is gearing up to refurbish all facilities at Baghdad International Airport,according to a ministry statement. Airport services, ground handling services, lounges, and airline crew hotels are included in rehabilitation plans and the ministry plans to upgrade security in preparation for Iraq hosting the Arab Summit in March 2025, the statement also said.

DISRUPTION WATCH-

Red Sea disruptions have increased the need for alternative trade routes like the India-Middle East-Europe Economic Corridor (IMEC), India’s ambassador to the UAE Sunjay Sudhir told Bloomberg. India and the UAE inked a protocol earlier this month adding momentum to the previously agreed US-led IMEC initiative. Nearly all of India’s trade with Europe transits the Red Sea and the Suez Canal, making implementation of IMEC all the more urgent, Sudhir added.

Reckitt boss says Red Sea attacks have had a “small impact” on ocean freight rates, and that they have not had a significant effect on the company’s performance, Reuters reports, citing statements by UK-based consumer goods company Reckitt’s CEO Kris Licht. The company is however “doing a little more air freighting,” Licht said, who noted that Red Sea diversions mean that shipments take longer to arrive, but that this has not affected costs.

MARKET WATCH-

#1- Oil prices eased yesterday amid a delay in interest rate cuts from the Fedand a stronger-than-expected rise in US crude stocks, Reuters reports. Brent crude had dipped 0.91% to USD 82.89 by 12.27 GMT, while West Texas Intermediate (WTI) dropped 1.05% to USD 78.04 a barrel, the newswire said. Moves to sell by traders looking to lock in gains, as well as an improved outlook for a ceasefire in Gaza also contributed to the decline in prices, the newswire said citing oil analyst Vandana Hari. Brent and WTI had rallied USD 1 on Tuesday on the back of a Reuters report that OPEC+ production cuts would stretch into 2Q 2024, the newswire also said.

#2-Baltic index at one-and-a-half month high: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 1.5% at 1,899 points on Tuesday, its highest since 8 January, with strong rates across the board boosting the index, Reuters reported. Capesize gained 1.9% to 3224 points, while panamax broke a five-session slump, gaining 3 points to 1581 points. The smaller supramax segment rallied 22 points to settle at 1220 points, the newswire said.

DATA POINT-

Egypt’s Suez Canal Ins. Company received EGP 178.5 mn in total premiums for its ship hulls over the last 7 months, exceeding forecasted targets of EGP 150 mn, Amwal Al Ghad reports. The company plans to increase its premium portfolio to reach EGP 1.6 bn by the end of the fiscal year.

CIRCLE YOUR CALENDAR-

Iran will host the 17th Iran-Russia Joint Economic Committee meeting on Wednesday, 28 February in Tehran. The meeting will see experts from both countries engage in discussions on means to boost bilateral cooperation in trade, energy, banking, logistics, customs, and other fields, preparing the groundwork for a comprehensive MoU. The event will be co-chaired by Iran’s Oil Minister Javad Owji and Russia’s Deputy Prime Minister Alexander Novak.

The UAE will host the Gulf Aviation Networking Event (GANE) on Thursday, 29 Februaryin Dubai. The event brings together aviation industry leaders to network, gain insights on prevailing trends, learn about new technologies, and take part in panel discussions and presentations run by industry experts.

The UAE will host the Future-Proof Technology Event on Thursday, 29 February in Dubai. The one-day event gathers industry leaders to discuss how emerging technologies, digitalization, and cross-sector collaboration, could be leveraged to bolster supply chains. The event will see presentations by a panel of experts and major logistics executives.

The UAE will host the TradeTech Forum on Tuesday, 27 February in Abu Dhabi. The forum will see some 180 trade leaders and experts discuss the technologically advanced trade environment and a showcase of trade tech solutions.

The UAE will host the Future-Proof Technologies Conference on Thursday, 29 FebruaryDubai. The event will unite industry experts to discuss strategies for adopting sustainable supply chain operations through cross-sector collaboration, advanced technologies, and integrated logistics.

The UAE will host the MRO Middle East on Tuesday, 5 March and Wednesday, 6 March in Dubai. The two-day event will bring together key decision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the airline supply chain.

The UAE will host The Logistics Middle East Award on Wednesday, 6 March in Dubai. The awards ceremony brings together industry experts to celebrate the sector’s biggest accomplishments over the previous 12 months.The deadline for submitting nominations is Friday, 19 January.

The UAE will host Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

Saudi Arabia will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host the 23rd edition of the Airport Show from Tuesday, 14 May through to Thursday, 16 May in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year’s "Sustainability and Innovation," theme.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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