AP Moller’s MAD 2.2 bn Morocco close is a wager on the new map of global trade

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WHAT WE’RE TRACKING TODAY

TODAY: AP Moller doubles down on Morocco’s logistics gateway

Good morning, everyone. How are we holding up without that first morning caffeine fix?

If the lack of coffee has you feeling a bit slow, today’s news is moving at quite the opposite pace. A major push for regional connectivity leads our issue this morning — AP Moller Capital has reached a final close on its MAD 2.2 bn Morocco-focused fund, and two of the world’s biggest port operators are teaming up in Jeddah. Let’s dive right in.

Watch this space

PORTS — Egypt’s Trans Misr for Transport and Trade will boost its handling capacity to 80k containers by the end of this year, TMT Business Development Manager Youssef Al Antably told Al Mal. The firm is plugging EGP 50 mn to expand its Trans Misr Terminal container yard at Alexandria Port and to attract regular shipping lines. The investment will also support the development of some 3k sqm of dedicated less-than-container load (LCL) and container storage warehouses.

Why it matters: The expansion of private bonded customs areas is a direct response to chronic congestion at Alexandria Port. By moving the consolidation and maintenance of empty containers to dedicated private zones, the port aims to increase berth productivity and reduce dwell time, which has driven up costs for importers and exporters.

For your eyes: EnterpriseAM sat down earlier this month with Ahmad Amawi, head of the Egyptian Customs Authority, to discuss the latest reforms and the country’s overall trade movement.

TRADE — Is Trump friends with Japan again? Japan is earmarking USD 36 bn in investments in oil, gas, and mineral projects — the first tranche of a USD 550 bn commitment under the trade pact agreed with US President Donald Trump. The East Asian nation is rolling out a USD 33 bn 9.2 GW gas-fired power plant; a USD 2.1 bn deepwater crude export terminal; and a USD 600 mn synthetic industrial diamond plant.

Read between the lines — the package is likely a move to reduce reliance on Chinese-controlled supply chains. Beijing accounts for 70% of rare earths mining and 90% of processing, while Tokyo receives tariff cover and a channel to deploy capital into US strategic sectors.

Background: Trump imposed a blanket 10% baseline tariff last April — then tightened the screws in July with a second-wave hike that put Japan on a 25% track.

Market watch

Oil prices climbed this morning as US-Iran nuclear talks eased tensions despite increased military activity in the region, Reuters reports. Brent crude futures increased USD 0.24 to trade at USD 70.59 / bbl as of 04:15 GMT, while US West Texas Intermediate (WTI) inched up USD 0.28 to USD 62.47 / bbl.

The Baltic Index continues to dip: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 1.5% to 2,063 points on Wednesday. The capesize fell 2.5% to 3,115 points, while the panamax index rose 0.2% to 1,796. Meanwhile, the smaller supramax index dipped 12% to 1,180.

PSA

Egypt’s ports and customs outlets will operate all year round, including on official holidays, as part of efforts to reduce total customs clearance time to just two days, according to a statement from the Finance and Investment Ministries. The move aims to significantly lower storage costs and increase inventory turnover for manufacturers. Ports and customs outlets will only take breaks on a total of four days, coinciding with Eid El Fitr and Eid El Adha.

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APM Capital Morocco hits final close on MAD 2.2 bn transport, logistics fund

Morocco is cementing its transition from a regional gateway to a primary European industrial satellite. APM Capital Morocco — the local arm of AP Moller Capital — held the final closing of its Morocco-focused transport and logistics fund, according to a statement (pdf). The fund secured MAD 1.64 bn (USD 178 mn) in commitments from the Mohammed VI Investment Fund and other Moroccan and international institutional investors.

The firepower: AP Moller Capital Emerging Markets Infrastructure Fund II added an additional MAD 600 mn (USD 65 mn) to the mix. The move brings the total capital available for deployment in the nation’s transport and logistics sector to MAD 2.24 bn (c. USD 243 mn).

Uh, what is the Mohammed VI Investment Fund, Enterprise? The Mohammed VI Investment Fund (FM6I) is Morocco’s sovereign-backed strategic accelerator. Unlike a typical VC or PE play, FM6I acts as an anchor of trust.

Why it matters

A strategic wager on Morocco’s near-shoring appeal: The fund isn’t just an injection of liquidity — it’s a signal that Morocco’s middle mile is now a strategic priority for both domestic and international capital.

The logic here is driven by Europe’s capacity crunch and the restructuring of global supply chains. As European manufacturers look to near-shore production to shorten lead times and hedge against geopolitical volatility in the East, Morocco has emerged as a viable industrial overflow market. However, the nation’s existing logistics stock remains fragmented — with Grade A warehousing and specialized cold storage in short supply.

What’s in the pipeline? The fund already has an active pipeline targeting international express logistics, third-party logistics, air cargo handling, and cold storage in the country.

AP Moller knows this territory. They successfully exited their investment in Mass Céréales Al Maghreb in 2025 and have been active in port-related infrastructure supporting Morocco’s energy transition. This new fund builds on that track record to create a broader, sector-wide play.

DP World trades equity for volume as Maersk takes 37.5% of Jeddah terminal

DP World keeps the reins as APM takes 37.5% at Jeddah terminal: UAE ports giant DP World will retain a 62.5% majority stake in the South Container Terminal (SCT) at Jeddah Islamic Port, after Danish shipping heavyweight Maersk — through its terminal arm APM Terminals — agreed to acquire a 37.5% minority stake.

Why this matters

Trading control for security: By owning a piece of the terminal, Maersk can offer more reliable turnaround times for its own vessels — a critical advantage as Jeddah competes with other regional hubs for transshipment volumes. For DP World, the move cements SCT against regional competition. By bringing Maersk –– one of the world’s most aggressive end-to-end logistics players –– into the tent, they lock in Maersk’s massive volumes for the long term, preventing them from defecting to competitor terminals like the Red Sea Gateway Terminal.

Watch out for

The multimodal links: We could expect increased synergy between this terminal stake and Maersk’s recently opened 225k sqm logistics park in Jeddah. The goal is a closed-loop logistics system in which Maersk controls the ship, the berth, the warehouse, and the truck.

The case for Jeddah: Major logistics leaders are making a play for Jeddah –– with Medlog, the cargo subsidiary of Mediterranean Shipping Company, inking a SAR 137 mn investment agreement to build an integrated logistics zone within Jeddah’s Third Industrial City earlier this week.

Background

DP World’s footprint is already at STC: DP World secured a 30-year build-operate-transfer (BOT) concession for the terminal from Mawani back in 2019. Under the initial agreement, the logistics heavyweight earmarked a USD 500 mn investment figure, to go toward the improvement and revamp of the port, including expanding its infrastructure to better handle ultra-large container carriers.

Maersk is doubling down on the Kingdom: Maersk Saudi Arabia and Saudi Post signed an MoU last year to create a combined end-to-end logistics solution for e-commerce businesses operating in the Kingdom and potentially the wider GCC region. Mawani also added five shipping services from Hapag-Lloyd and Maersk to the Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port in 2025.

Syria’s roadblock for foreign truckers may drive operational costs up

Syria’s new cargo mandate risks choking regional trade corridors. The Syrian government implemented a new decree earlier this month banning foreign trucks –– including those from its key trade partners Jordan, Lebanon, Turkey, and Iraq –– from entering the country to deliver cargo. Under the new back-to-back arrangement, foreign hauliers must offload goods at border crossings onto Syrian-registered trucks. The move — intended to revive Syria’s domestic transport fleet — came amid protests by local truckers against foreign hauliers.

Why does it matter?

It will cost operators — big time. Regional operators and exporters — who upped their trade with Syria since US sanctions were removed — could face immediate cost spikes and operational risks.

Case in point: Shipping rates have doubled for cargo originating in Jordan and increased by 70% for goods from Turkey and Lebanon. In Jordan, the cost of moving a single container across the border has jumped by USD 1k. Syria’s border crossings are not equipped for large-scale transfers — leading to delivery delays of up to two weeks.

Shippers are raising alarms over the reliability of the Syrian fleet — which consists largely of vehicles 30 to 40 years old and is often operated by independent drivers rather than registered firms. This creates significant liability concerns for high-value cargo.

What’s next?

Regional trade bodies are pushing for exemptions. Until then, the friction threatens a burgeoning trade recovery. A Jordanian business delegation recently visited Damascus to lobby for a reversal, but Syrian officials appear to be digging in. However, Lebanon secured a temporary week-long exemption for freight vehicles carrying certain goods — allowing them to unload and reload in a Syrian customs zone.

Amarak lands a new sulfur plant in Jafza for export-purposes

New sulfur capacity lands in Jafza

Dubai’s chemicals cluster added 60k tons per year of sulfur bentonite capacity after Amarak Chemicals — the UAE-based associate of Indian micronutrient and fertilizer manufacturer Aries Agro — launched a fully automated plant in Jebel Ali FreeZone (Jafza), according to a Dubai Media Office statement. The facility will produce sulfur bentonite and other sulfur-based products for the global agricultural market.

Export-first strategy: This plant is built for foreign fields, not local shelves. Amarak already exports to 18+ countries — from Brazil to Australia — and says customers from seven countries have signalled interest in long-term supply agreements. It will also tap the India-UAE Cepa corridor to ship products into India dutyfree.

Uh, so why Jafza? The location allows Amarak to add a logistics boost to its manufacturing operations. Basing production in Jafza consolidates volumes at a trade hub, cuts freight costs, and shortens the trip from factory floor to farm gate.

Asmo widens its Aramco and DHL JV procurement rollout into MRO

Asmo is taking the Aramco and DHL JV beyond general supply — by adding industrial maintenance, repair, and operations (MRO) materials to its procurement rollout under Procurement Wave 2. The move builds on the JV’s operating setup since launch — which began with a Riyadh warehouse under a 15-year procurement and logistics hub services agreement spanning inventory, warehousing, and procurement, and sits within a planned six-site network across the Kingdom.

Dubai South adds another aviation services tenant

RH Aero lands at MBRAH: Dubai freezone developer Dubai South has inaugurated a new RH Aero Systems service center at its Mohammed bin Rashid Aerospace Hub (MBRAH) — setting up an aviation support base for ground support equipment as well as engine and airframe tooling services. The site spans about 2.8k sqm, split into four adjacent 700 sqm bays — built to scale up later — and will handle inspection, testing, calibration, recertification, and repair work.

Calendar

2026

FEBRUARY

20-22 February (Friday-Sunday): Dubai Freight Camp, Dubai, UAE.

24-25 February (Tuesday-Wednesday): Green Shipping Summit, Athens, Greece.

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

25-27 February (Wednesday-Friday): Air Law Treaty Workshop, Tanzania, Dar es Salaam, Tanzania.

MARCH

5-6 March (Thursday-Friday): CargoIS Forum, Miami, United States.

9-13 March (Monday-Friday): World Cargo Alliance Worldwide Conference, Singapore.

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

18-19 March (Wednesday-Thursday): IntraLogisteX, Birmingham, United Kingdom.

18-19 March (Wednesday-Thursday): Green Marine Transport Conference, Amsterdam, The Netherlands.

26 March (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

APRIL

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

16-17 April (Thursday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

28-30 April (Tuesday-Thursday): Mediterranean Ports and Logistics, Porto, Portugal.

MAY

12-14 May (Tuesday-Thursday): The Airport Show, Dubai, UAE.

12-14 May (Tuesday-Thursday): Aviation Energy Forum (AEF), Paris, France.

19-21 May (Tuesday-Thursday): Ground Handling Conference (IGHC), Cairo, Egypt.

19-21 May (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Hamburg, Germany.

JUNE

2-4 June (Tuesday-Thursday): ProPak Mena, Cairo, Egypt.

6-8 June (Saturday-Monday): IATA World Air Transport Summit, Rio de Janeiro, Brazil.

22-23 June (Monday-Tuesday): Decarbonizing Shipping Forum, Rotterdam, Netherlands.

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