Aramco mulls sell-down of terminals + storage assets to raise USD 10 bn

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What we're tracking today

TODAY: Aramco weighs offloading terminal stakes to drum up funds

Good morning, nice people. The news cycle is showing no signs of slowing down, leaving us with an issue full to the brim. Aramco’s potential big sell-down for its oil export logistics assets leads today’s packed issue, followed by IPO, investment, and projects updates from Saudi and the UAE. But first, a look into what could be one of the biggest M&As in the industry this year…

THE BIG LOGISTICS STORY- Macquarie bids high for Aussie logistics giant: Qube Holdings — Australia's biggest import and export logistics player — has received a buyout bid from Macquarie Asset Management (Mam), the company said in a statement (pdf). The conditional and non-binding bid — Mam’s second attempt to buy the firm — proposes a buyout in banknotes consisting of AUD 5.20 per share, amounting to a 27.8% premium to Qube's closing price last Friday.

The bid gives Qube an enterprise value of AUD 11.6 bn, which incorporates approximately AUD 2.3 bn in debt, according to Qube’s latest financial statements.

What’s next? Qube’s board has advanced the proposal into the next stage, granting Mam an exclusivity period to conduct due diligence before making a final offer. Subject to regulatory approval and due diligence, the parties have until 1 February 2025 to reach a binding agreement.

On Qube: Founded in 2011, Qube Holdings owns ports, intermodal terminals, and bulk handling facilities across Australia, offering bulk material handling, end-to-end logistics, port services, and more, according to its website. Its operations span over 200 locations across Australia, New Zealand, and Southeast Asia.

The story got some ink in the int’l press: Reuters | Bloomberg | CNBC

WATCH THIS SPACE-

#1- Mubadala, Uber seek regulatory greenlight on Getir Food sale: Uber has agreed on key elements of a possible acquisition of Mubadala’s controlling stake in Turkish delivery firm Getir’s food-delivery arm, and has jointly filed for clearance with the Turkish Competition Authority, Reuters reports, citing two people familiar with the matter.

We knew this was coming: Earlier this month, Mubadala was in preliminary talks with Uber to possibly take over the Turkish firm. At the time, reports cited the value of the potential acquisition at as much as USD 1 bn. The Abu Dhabi fund took control of Getir’s assets earlier this year after the company’s pandemic-era surge and subsequent collapse in demand forced a restructuring and shutdown of its international operations, and led to a power struggle between Mubadala and Getir’s founders.

#2- Aldar’s NIP logistics park is almost here: Abu Dhabi real estate developer Aldar Properties broke ground on the second phase of its Grade A logistics park project at Jebel Ali’s National Industries Park (NIP), according to a press release. The 150k sqm center is set to be delivered in two phases, with the first phase already under construction for some time. The first phase includes a 67k sqm buildout, with delivery earmarked for 2Q 2026, and the remaining development penciled in for 1Q 2027 completion.

Rings a bell? Aldar Properties inked an agreement with DP World to develop a 144k sqm Grade A logistics park at NIP back in July 2024. The project was initially slated for construction in 4Q 2024 and was set to open for tenants in 4Q 2025.

REMEMBER- Aldar is going big on logistics assets: The project is part of Aldar’s AED 1 bn investment plan to boost its logistics portfolio across the UAE. The firm also acquired two industrial logistics assets from AD Ports Group for AED 570 mn earlier this month.

#3- The UAE signed a USD 50 bn investment framework with Canada, targeting sectors like AI, logistics, and mining, according to a statement. The announcement was made during Canadian Prime Minister Mark Carney's visit to Abu Dhabi, which also saw the two sides ink an investment protection and promotion agreement and launch trade talks to boost bilateral trade to USD 7 bn within 10 years — up from USD 3.4 bn currently.

Next up: Canada’s International Trade Minister Maninder Sidhu will lead a business delegation to the UAE early next year to encourage Emirati investors to explore prospects in Canada through its Major Projects Office, including LNG, critical minerals, ports, data infrastructure, AI, and agriculture. Canadian pension funds — which manage USD 2 tn — will also travel to the UAE in 2026 to pursue long-term investments and partnerships, and Emirati sovereign wealth funds will visit Canada.

Canada pivots away from US: The Canadian government is aiming to double non-US exports over 10 years and bring in USD 1 tn in new investments within five years. The US is Canada’s largest trading partner, with over USD 909.1 bn traded last year, although trade talks over lowering US-imposed tariffs have stalled after US President Donald Trump took offense at an anti-levy advertisement. Canada isn’t rushing to restart talks as it pushes ahead with forging new trade alliances.

#4- Saudi delivered the second and final shipment of its pledged oil support to Syria, with a tanker carrying 1 mn barrels of crude docking at Baniyas port, Syria’s Energy Minister Mohammed Al Bashir said on X. The cargo — carried by the Reliable Warrior vessel —
completes the 1.65 mn-barrel grant, aimed at covering local fuel needs and supporting ongoing economic and development cooperation between the two countries.

ALSO FROM THE KINGDOM- CGS to open new cold chain production facility: Saudi cold chain systems manufacturer Consolidated Gruenenfelder Saady Holding (CGS) plans to invest some SAR 150-170 mn to open a new facility in Al Kharj Al Haditha, CEO ‏Peter Färber told Asharq Business (watch, runtime: 11:49) yesterday. Shareholders have no plans to exit their stakes following the company’s upcoming listing of a 30% stake on Tadawul’s main market, Färber said.

ICYMI- The company priced its IPO at SAR 10 apiece after strong institutional demand, allowing the selling shareholders to raise about SAR 300 mn and valuing CGS at SAR 1 bn at listing.

DISRUPTION WATCH-

FAA warns airlines of dangers in Venezuelan airspace: The US Federal Aviation Administration (FAA) issued a security notice, advising airlines to “exercise caution” when flying over the Maiquetía region in Venezuela, citing a “worsening security situation”, according to a notice (pdf) published on Friday. The warning comes after weeks of reports of a looming military operation against the oil-rich South American country amid a build-up of US military assets in the Caribbean, with four US officials telling Reuters that the operation is expected within a few days.

The impact: Several airlines, including Brazil’s Gol, Colombia’s Avianca, Spain’s Iberia, and Tap Air Portugal, have moved to cancel their flights departing from Caracas on Saturday, according to Flightradar24. The FAA’s notice remains in force until 19 February 2026.

MARKET WATCH-

#1- Oil prices took a dip this morning as the prospect of a Russia-Ukraine peace pact weighed in, raising concerns of oversupply, Reuters reports. Brent crude futures were down USD 0.27 to USD 63.10 / bbl as of 05:00 GMT, while US West Texas Intermediate (WTI) dropped by USD 0.23 to USD 58.61 / bbl. The drop comes after both benchmarks surged by 1.3% on Monday.

#2- Sky-high North American exports keep LNG shipping rates up: Record-breaking LNG exports from North America are tying up more tankers, resulting in a sustained surge in spot freight rates, Bloomberg reports, citing data from Spark Commodities. Spot freight rates for US-to-Europe LNG tankers have returned to their highest level since December 2023, rising by roughly 12% on Friday to nearly USD 130.8k a day.

ICYMI-Rising North American LNG exports drove up demand for tankers last week, pushing Atlantic freight rates for the super chilled fuel to a two-year peak at that time.

PSA-

Abu Dhabi to restrict heavy vehicles on key corridors from 1 December: Abu Dhabi’s Integrated Transport Center (ITC) will enforce new restrictions on heavy-vehicle movement along Sheikh Maktoum bin Rashid Road (E11) and Al Raha Beach Road (E10) starting 1 December, with truck access on Al Rawdah Road (E30) in Musaffah banned during morning and evening peak hours, according to a press release. ITC has designated Al Fayah-Seih Shuaib Road (E75) and Al Haffar Road as alternative truck corridors. For Musaffah, trucks will be redirected during peak hours via the ICAD Bridge.

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CIRCLE YOUR CALENDAR-

Egypt will host the International Procurement Supply Chain Conference on Saturday, 6 December in Cairo. The event will gather over 1k delegates, more than 400 organizations, and over 30 global speakers to discuss the future of trade through keynotes and panel discussions. The discussions will center on Egypt’s transformation in the logistics sector, the future of smart ports and supply chains, as well as digital ecosystems.

Morocco is hosting the Rail Industry Summit on Tuesday, 9 December until Wednesday, 10 December in El Jadida. The two-day event will gather 130 exhibitors, 250 companies, and over 900 participants from 15 countries. It will feature business meetings, high-level conferences, and workshops focused on new market trends and future strategies.

Saudi Arabia is hosting the Saudi Airport Exhibition on Tuesday, 16 December until Wednesday, 17 December in Riyadh. Upwards of 10k global attendees are expected to participate in the event from over 100 countries. The two-day event will focus on airport-related innovation, and will feature participation from Saudia, SolitAir, and Amadeus.

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

Aramco weighs USD 10 bn asset sell-down

Aramco is reportedly considering selling a range of assets — including a stake in its oil export and storage terminals — in a move that could raise more than USD 10 bn, Bloomberg reports, citing people it says are familiar with the matter. The terminals business, viewed as a lucrative asset, could see a formal sales process as early as next year.

Ras Tanura hub is in the cards: Aramco’s key export and storage infrastructure includes its main hub at Ras Tanura on the Persian Gulf, with additional terminals on the Red Sea. Internationally, the company owns stakes in product terminals in the Netherlands and leases crude and product storage capacity in Egypt and Okinawa, Japan.

The company has already asked banks to pitch for feasibility-study roles, though discussions remain preliminary and no final decisions have been made, the sources said. Bankers have since pitched Aramco multiple disposal scenarios. The sales could be structured either as direct equity sales or through a lease-style arrangement similar to the USD 11 bn Jafurah gas infrastructure play it struck with a BlackRock-led consortium in August.

The potential sell-down would mark a shift from Aramco’s earlier pipeline-focused sales. With oil prices down roughly 20% this year, the company has delayed some projects and is looking to sell assets to freeup banknotes for ongoing investments. The move comes as global investor appetite for Aramco’s infrastructure has been building. S&P’s latest outlook highlights that Aramco’s capex load is among the highest in the Kingdom and is increasingly outpacing internal liquidity.

ALSO- Aramco is said to be weighing the sale of some of its real estate holdings, which could fetch several bn USD on their own and may draw strong interest as the Kingdom moves ahead with plans to open up the sector to more foreign ownership.

KDL seeks SAR 16.1 mn in Nomu IPO

Khaled Dhafer and Brothers Logistics Services (KDL Logistics) priced its Nomu IPO at SAR 23 per share, Argaam reports, citing a bourse disclosure. The final offer price will raise some SAR 16.1 mn in gross proceeds, implying a market cap of SAR 80.5 mn at listing, according to our calculations.

ICYMI- KDL is the first pure-play logistics player to go public in the Kingdom since SAL Saudi Logistics Services’ 2023 main market debut. KDL’s founding family is selling down its positions to a combined 80% stake, subject to a 12-month lockup period, and pocketing net proceeds. Some 700k shares — good for a 20% stake — are up for grabs in this secondary offering on the parallel market.

Books open next week: Qualified investors can apply for up to 175k shares each between Sunday, 30 November, and Wednesday, 3 December. Final allocations are due by Monday, 8 December.

IN CONTEXT- KDL is heading to a market that’s turned more selective following two Nomu withdrawals in June — namely Al Khaldi Logistics and Dome International. The index’s total value traded dropped to SAR 2.05 bn in 3Q, from SAR 2.98 bn a year earlier, and average daily turnover slipped to SAR 31.5 mn versus SAR 45.9 mn in 3Q 2024. IPO activity slowed with four listings on the parallel market in 3Q, down significantly from 10 in 2Q.

ADVISORS- Arbah Capital is quarterbacking the IPO as financial advisor and bookrunner, with Maham signing off as external auditor. Receiving agents include Al Rajhi Capital, SNB Capital, Alinma Capital, Riyad Capital, Anb Capital, BSF Capital, and Albilad Capital, among others.

Adia + GIC wraps up their investment in Vantage Data Centers

Adia, GIC closes their investment in data center developer Vantage: A wholly owned subsidiary of Abu Dhabi Investment Authority (Adia) and an affiliate of Singaporean wealth fund GIC finalized their participation as lead investors in the USD 1.6 bn equity investment in data center developer Vantage Data Centers, according to a press release.

Where will the money go? A portion of the capital was used to finalize the acquisition of a 300+ MW hyperscale campus in Johor, Malaysia, from Mubadala-backed data center developer Yondr Group. The transaction expands Vantage’s regional platform to 1GW of operational and planned IT capacity across Australia, Malaysia, Japan, Taiwan, and Hong Kong.

REMEMBER- Both Adia and GIC are existing backers of Vantage, alongside alternative asset manager DigitalBridge Group. Adia acquired a 40% in DigitalBridge’s subsidiary Landmark Dividend back in April 2024.

MORE DATA CENTERS UPDATES

ALSO- Oracle deploys MENA’s first Blackwell-powered supercluster in Abu Dhabi: American cloud infrastructure firm Oracle has launched an Oracle Cloud Infrastructure (OCI) supercluster with more than 4k of Nvidia’s latest Blackwell-architecture GPUs in its Abu Dhabi cloud region, according to a press release. The deployment, which Oracle says is the first of its kind in the MENA region, gives government entities and regulated sectors access to high-density AI compute while keeping data in-country.

A closer look: The supercluster is designed to support sovereign AI workloads across smart government, energy, finance, healthcare, aviation, logistics, and telecoms. Oracle says the buildout will enable in-region training, inference, and R&D at scale.

ICYMI- The US recently gave the greenlight to the export of several USD bns worth of Nvidia chips to the UAE, and later to state AI firm G42 on the condition of “rigorous security and reporting requirements.” Oracle is also involved in the 5 GW UAE-US AI Campus, the first deployment of the USD 500 bn US Stargate initiative.

Mawani + SGP debut expansion of second container terminal at King Abdulaziz Port

Saudi Port Authority (Mawani) and Saudi Global Ports (SGP) inaugurated a SAR 1.5 bn expansion of the second container terminal at King Abdulaziz Port, according to a press statement. The terminal expansion is set to raise its capacity from 2.5 mn TEUs to 3.8 mn TEUs.

Background: Mawani awarded SGP the expansion project under a build-operate-transfer model as part of a broader SAR 7 bn development project covering developments in two of King Abdulaziz Port’s terminals back in 2023. The two expansions are set to increase the port’s total capacity by 120% to 7.5 mn TEUs. SGP has been operating the two terminals since 2020 under a 30-year concession.

PLUS- SGP broke ground on the SAR 1.3 bn integrated logistics park at King Abdulaziz Port in Dammam, after SGP and Mawani broke ground on the 1 mn sqm facility, according to a press statement. The park — spanning a 1 mn sqm area — will offer storage for general cargo and dedicated facilities to handle dry and refrigerated goods, alongside local distribution solutions and automated high-value services.

REFRESHER- SGP, a JV between the Public Investment Fund and Singapore’s PSA International, secured the contract to build the logistics park back in 2023 under an agreement valued then at SAR 1 bn.

The Dammam area has been seeing a lot of logistics action over the past few years, with two logistics zones totaling SAR 500 mn in investments announced in 2025, a SAR 200 mn grain storage hub and a logistics zone disclosed in 2024, and a SAR 150 mn logistics center from 2023. The eastern province is also planning to build an 8 mn sqm regional logistics hub, the Dammam Regional Logistics Center, near Dammam Port.

Port Said is getting a new LNG bunkering station

The Oil Ministry and the Suez Canal Authority (SCA) signed an MoU to develop a liquefied natural gas (LNG) station in Port Said, according to a statement. The station will liquefy, store, and supply LNG to canal tugboats and ferries, replacing conventional fuels.

Setting the scene: Demand for low-carbon shipping fuels — including LNG — is expected to hit 25 mn tons of oil equivalent (mtoe) by 2030, up from 17 mtoe last year, according to the International Maritime Organization estimates.

Part of a bigger plan: The SCA aims to transform the canal into a “ Green Canal ” by 2030, aligning with Egypt’s sustainable development goals and IMO decarbonization efforts. The plan includes offering incentives for vessels using green energy, reducing fuel consumption by 20-80% through shorter transit routes, converting SCA marine unit engines to natural gas, and installing hybrid solar and wind systems at navigation stations, among other measures.

Egypt signs USD 4 bn agreements for long-term supplies of US LNG

The Egyptian Oil Ministry signed a USD 4 bn agreement with US-based Hartree Partners for long-term LNG supplies, US Deputy Secretary of State Christopher Landau said on X. The agreement is a sizable part of the USD 10 bn in LNG agreements soon to be inked, extending to 2027 with a range of supplies to cover demand, a government source told EnterpriseAM when asked about the story.

The agreement comes as contracts with Aramco, Trafigura, and Vitol are set to expire in mid-2026, and with renewals contingent on global market conditions, diversifying the supplier base was critical to securing more competitive pricing, the source said.

Deliveries are set to start early next year, starting at a slower pace before increasing in the second half to meet peak demand, the source added. He also noted that Egypt imported half of its gas needs this year from the US via spot shipments, making it the world’s second-largest buyer of American LNG.

Sources told us last week that up to 20 LNG shipments are expected before year-end, with new cargoes being secured through tenders with approved suppliers. Looking ahead, our LNG requirements for next year are estimated at 120-125 shipments, we were told.

UAE’s Emarat Maritime places orders for six tanker newbuilds

PIPELINES-

Emdad taps Bilfinger for Dubai South aviation fuel pipeline: Emdad Aviation Fuel Storage, a subsidiary of Emirates General Petroleum Co., tapped international industrial services provider Bilfinger to provide engineering, installation, and design services for a new aviation fuel pipeline in Dubai South, according to a press release. The new pipeline will connect Jebel Ali Terminal to Al Maktoum International Airport (DWC).

SHIPPING + MARITIME-

#1- Emarat Maritime reportedly back to newbuilds market: Sharaf Group-owned shipping firm Emarat Maritime has placed an order for six long-range carriers (LR2) at China’s Hengli Shipbuilding, with delivery expected in 2027, Splash247 reports, citing industry insiders. This marks the company’s first tanker newbuilding order in some 20 years and comprises a series of 114k deadweight tonnage (dwt) aframax/LR2 vessels — which are usually used to transport refined petroleum products, the news outlet reported.

On Emarat Maritime: Established in 1990, the Dubai-based firm operates 19 vessels with a total capacity of 1.5 mn dwt, according to its website. Emarat’s vessels transport energy, foodstuffs, and construction commodities for oil players, traders, and industrial companies.

ROADS-

#1- Dammam gets a new coastal road: Eastern Province’s Emir Prince Saud bin Nayef opened the 15 km Safwa-Rahima road on Sunday, linking Safwa (Qatif) with Ras Tanura, the Saudi Gazette reported. The route, which features a 3.2 km twin sea bridge, aims to trim travel times and ease coastal congestion, while improving logistics flows around Ras Tanura’s industrial and port clusters.

ALSO- Bin Nayef inaugurated upgrades to the Dhahran-Buqayq-Abu Hadriyah intersections, including five new bridges.

#2- Bahrain seeks transaction advisor for road project: Bahrain’s Works Ministry has issued a tender to appoint a Transaction Advisor for the Bahrain Northern Link Road project — which will operate under a Public-Private Partnership model, according to its website. The advisor’s support will cover technical, financial, and law-related aspects, as well as conducting studies and assisting the Ministry in closing the transaction. Documents must be purchased by 18 December, with submissions due on 28 December and bids opening due on 29 December 2025, according to the tender document (pdf).

AIR CARGO-

Dubai-based retail conglomerate Landmark Group inked an agreement with DHL Express to join the freight forwarder’s GoGreen plus programme, in a move to decarbonize international air freight by replacing conventional jet fuel with sustainable aviation fuel (SAF), according to a press release (pdf). The agreement would help Landmark Group –– which runs about 2.2k retail stores and 50k staff regionally –– cut emissions by leveraging GoGreen’s SAF-powered freight forwarding, with the carbon savings independently verified by third party Société Générale de Surveillanceensuring (SGS).

ICYMI- Oman’s OQ has joined DHL Express’ GoGreen initiative to supply SAF for DHL cargo entering and leaving Oman, through Oman Oil Company. In addition, Dubai-based media equipment distributor Advanced Media signed with DHL Express UAE as part of the same initiative to curb carbon emissions.

Maersk inaugurates a logistics center in the Shanghai Lin-gang area

Maersk lands in Shanghai: Danish shipping firm Maersk has launched a USD 140 mn logistics center in the Shanghai Lin-gang area, according to a press release published last week. The facility — which spans 113k sqm — boasts 147k sqm of storage capacity, enabling it to offer a comprehensive suite of services, including export and import distribution and fulfillment services.

Location matters: The new hub is strategically located near the Shanghai Yangshan port — which will enable Maersk to expand its logistics network as well as meet the growing demand for diversified trade solutions in China.

Calendar

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

3-4 February (Tuesday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

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

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

9-11 February (Monday-Wednesday): Future Warehouses & Logistics, Dubai, UAE.

10-12 February (Tuesday-Thursday): Sustainable Aviation Future MENA, Dubai, UAE.

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

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.

MARCH 2026

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

9-13 March (Monday-Friday): WCA 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 2026

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.

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