Budget Saudi subsidiary acquires Overseas Development’s UAE arm

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TODAY: Budget Saudi subsidiary acquires Overseas Development’s UAE arm

Good morning, folks. The news cycle appears to be relentless as we hurdle to 2024’s finish line, with news flowing in from across the region and several subsectors of the logistics industry. We have a packed issue to delve into this morning, but first, there are more deadly accidents involving Boeing aircraft as we close out the year…

THE BIG LOGISTICS STORY- More bad news for Boeing? Some 179 people were killed when a Boeing 737-800 plane operated by South Korean airline Jeju Air flight crash landed and veered off the runway at Muan International Airport in South Korea yesterday. The plane slammed into a wall and burst into flames, resulting in the deadliest air accident ever in South Korea. At least two people, both crew members, have been rescued from the plane and are being treated for injuries, which had 175 passengers and six crew members on board.

What happened? The flight arriving from Bangkok attempted to land then skidded down the runway with no apparent landing gear before exploding into flames. South Korean authorities are currently investigating the incident, with airport authorities saying a bird strike may have potentially caused the landing gear to malfunction, but no official confirmation has been made as of yet.

This is the second incident involving a Boeing 737-800 in one weekend: A KLM Airlines plane headed for Amsterdam was forced to make an emergency landing at Oslo Torp Sandefjord Airport on Saturday, after the Boeing 737-800 experienced a hydraulic failure, according to a statement. A loud noise was heard during take off, causing the team to decide to divert the plane, which after landing veered off the runway into the grass. All 176 passengers and six crew members were unharmed. The incident is being investigated by the relevant authorities.

WATCH THIS SPACE-

#1- Ongoing regional escalations have cost the Suez Canal some USD 7 bn in revenues this year alone, according to a statement released on Thursday. While the statement doesn’t mention how much the canal made in revenues this year, it says that the figure is 60% lower than 2023’s figure.

SPEAKING OF THE SUEZ CANAL- The canal has successfully tested a new 10km lane in the southern section of the waterway, according to a separate statement. The trial saw the passage of two ships through the new stretch. Four other ships meanwhile navigated the original eastern canal.

Details of the upgrade: The extension increases the length of the canal’s two-way section to 82 km — up from 72 km. “The extension is set to enhance navigational safety, reduce the impact of winds and currents, and raise the canal’s capacity by an additional 6-8 vessels daily,” Suez Canal Authority head Osama Rabie said.

ON THE TRADE SIDE- Egypt secures wheat supply through June 2025: Egypt’s grain buyer Mostakbal Misr for Sustainable Development has secured around 1.26 mn metric tons of wheat to cover the country’s needs until mid-2025, Reuters reported on Friday, citing sources with knowledge of the matter. The imports will mainly be sourced from Russia, and have begun arriving at Egyptian ports, with further deliveries set for the next few months.

AND IN OTHER EGYPT UPDATES- All of Egypt’s airports are now up for privatization with the International Finance Corporation (IFC) set to spearhead the project, Egyptian Prime Minister Mostafa Madbouly told private sector players at a meeting last week (watch, runtime; 2:21:47). Madbouly also noted that the IFC’s offerings of airports’ managements and operations should be accompanied by the private sector’s establishment of new airlines, which will help Egypt expand its aviation fleet. The move brings the number of airports on offer up from the previously announced five.

#2- Algerian state-owned oil giant Sonatrach plans to expand its oil refining capacity and increase exports of hydrocarbons and derivatives starting next year, according to a press release issued on Thursday. This is in response to rising EU demand amid expected disruptions in Russian gas supplies, Asharq Business explains. Sonatrach’s 2025-2029 plan, which focuses on enhancing exploration, production, and pipeline infrastructure, is in line with Algeria's target of increasing hydrocarbon production 2.5% by 2025.

IN OTHER ALGERIA NEWS-Algeria has sent a 5k-ton gas shipment to Tunisia, which will meet increased demand amid cold temperatures in the country’s north, Tunisian news outlet La Presse reported last week. The shipment was received at Bizerte Port on Wednesday, Tunsian National energy firm Agil Energy center director Saleh Al Barkaoui told TAP.

Sounds familiar? Algeria supplied Lebanon with fuel back in August to help ease the impact of a massive energy shortage, after Lebanon’s state electricity firm, Electricite du Liban, warned that its fuel supplies were exhausted and announced a nationwide power outage.

#3- Shell Oman to sell storage + supply facilities: Shell Oman Marketing Company is in talks with several unnamed parties on selling its assets of petroleum products storage and supply facilities in Muscat’s Mina Al Fahal, Muscat Daily reported on Thursday, citing a Muscat Stock Exchange disclosure (pdf ). Shell Oman will provide further details after signing purchase agreements or when they conclude discussions.

What’s on the table? The assets include multiple petroleum product storage tanks, a single buoy mooring, undersea pipelines, above-ground integrated pipelines, an eight-bay gantry, and other supporting facilities, according to the statement.

MARKET WATCH-

Oil prices rose this morning as traders await economic data from China and the US later this week to assess market demand from the world’s largest oil consumers, Reuters reports. Brent crude futures climbed USD 0.05 to USD 74.22 a barrel by GMT 04.30 while US West Texas Intermediate (WTI) inched up USD 0.03 to USD 70.63 a barrel. Both benchmarks gained almost 1.4% last week on the back of larger-than-expected demand on US crude inventories due to the holiday season.

DATA POINTS-

#1- Saudi Arabia releases logistics report: Saudi ports processed some 308.7 mn tons of cargo in 2023 — the highest across the board, while land transport accounted for 24.9 mn tons. Railways moved 14.3 mn tons, and air freight handled 918k tons of cargo over the same period, according to a General Authority for Statistics (Gastat) report (pdf). The number of logistics centers in Saudi Arabia rose 267% to 22 in 2023, compared to 2021 as a base year.

Geographical distribution: The Eastern Region boasts six of the country’s 22 centers, covering 6.3 mn sqm. Makkah and Riyadh follow closely with five centers each, spanning 20 mn sqm, and 4.9 mn sqm respectively.

The country is also home to nearly 12.5k warehouses with a combined area of 22.8 mn sqm, according to the report. Riyadh has 6.6k warehouses spanning 10.6 mn sqm, leading in both count and area, followed by Makkah with 2.2k warehouses covering 6.5 mn sqm.

#2- Iran sees mixed trade performance with the EU in 2024: Iran’s exports to the European Union (EU) saw a 6% increase in the first 10 months of 2024, with a total of EUR 695 mn, Tehran Times reported on Sunday, citing Eurostats data. The overall trade volumes dipped by 1%, and total trade between Iran and the EU amounted to approximately EUR 3.77 bn, with EU exports to Iran falling 2% to a little over EUR 3 bn. Germany remains Iran’s largest trade partner with a total of EUR 1.2 bn in trade, followed by Italy, the Netherlands, Belgium, and France.

Iran's trade with the Eurasian Economic Union (EAEU) saw a 20% increase from March to December 2024, IRNA reported on Sunday, citing Head of Iran Export Confederation Mohammad Lahouti. The country’s exports to EAEU reached USD 1.5 bn between April and December 2024, while the imports from the same region rose to USD 1.6 bn.

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CIRCLE YOUR CALENDAR-

Belgium will host the World Cargo Summit from Monday, 27 January to Wednesday, 29 January in Ostend. The event will focus on air cargo economics, strategy, and market trends with a specific focus on how the industry will tackle disruptions and how firms can adapt their business models.

The UAE will host the ShipTek International Conference from Wednesday, 29 January to Thursday 30 January in Dubai. The two-day conference will gather industry experts, including managing director at Hapag-Lloyd Carolin Stumm, CEO Adani Ports Nicolai Friis, VP International Maritime Industries Justin Taylor, CEO Tristra Tim Coffin, and others to discuss new tech and developments in the maritime industry.

The UAE will host the Middle East Bunkering Convention from Monday, 3 February to Wednesday, 5 February in Dubai. The event will focus on the marine fuels sector to address the future of the industry in light of geopolitical issues, environmental regulation, and the future of artificial intelligence and digitalization.

Saudi Arabia will host the Airport Expansion Conference from Tuesday, 4 February to Wednesday, 5 February in Riyadh. The two-day conference will feature over 30 speakers to discuss challenges faced by Saudi Airports and highlight Saudi Arabia’s Vision 2030 with a clear focus on expansion, tech, and strategic partnerships.

The UAE will host the Middle East Breakbulk Conference from Monday, 10 February to Tuesday, 11 February in Dubai. The event gathers giant manufacturers, EPCs, and service providers to discuss the latest solutions in breakbulk and heavy-lift logistics across the Middle East and Africa. The two-day event features an artificial intelligence (AI) seminar, heavy lift workshop, chartering workshop, and a women in breakbulk panel.

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

Budget Saudi subsidiary finalises acquisition of Overseas Development’s UAE arm

Budget Saudi subsidiary wraps majority stake acquisition in UAE arm of Overseas Development: Aljozoor Alrasekha Trucking (Rahaal), a subsidiary of vehicle rental firm United International Transportation Company (Budget Saudi), has finalized the acquisition of a 70% stake in the Emirati arm of freight forwarder Overseas Development Company for AED 7.8 mn, after negotiating down the original AED 13.3 mn consideration, according to a disclosure to Tadawul released on Thursday.

REMEMBER- Rahaal signed a sale and purchase agreement with Overseas Development earlier this year for the transaction.

Snapping up stakes: Rahaal acquired a 70% stake in Overseas Development’s Saudi subsidiary in November 2023, having inked back in July 2022 an MoU that could also see it take a stake of the same size in Overseas’ Kuwait unit.

About Overseas Development: Founded in 1976 in Jeddah, Overseas Development provides industry-specific logistics, shipping, and freight services across Saudi Arabia, Kuwait, the UAE, and Lebanon. The company also offers customs brokerage and ins. services for its sea, land and air shipments, according to its website.

About Rahaal: The fully owned Budget Saudi subsidiary provides commercial vehicles leasing, transport, and logistics services to clients in Saudi Arabia, according to its LinkedIn. The outfit caters to the FMCG, courier, manufacturing, energy, container movement, and other markets.

Suez Steel invests USD 120 mn in SCZone’s Al Adabiya Port

Suez Steel to operate dry bulk pier: Egypt’s Suez Canal Economic Zone (SCZone) inked a USD 120 mn contract with Suez Steel to operate and maintain two piers and a storage yard dedicated to iron and steel dry cast products at Al Adabiya Port, according to a statement released on Thursday. The timeline for the project was not disclosed.

What we know: Under the contract, Suez Steel will operate and maintain pier 4 and 5 at Al Adabiya Port, with a berth of 650 m in length and 17 m in depth. The firm will also operate a storage and circulation yard for iron and steel dry cast goods. The SCZone has dedicated some 30k sqm at the port to the project.

Boosting trade capacity: Once operational, the piers expects to handle some 5 mn tons of dry cast goods annually in its initial phase, reaching up to 10 mn tons of dry cast goods annually within the first five years. The port is currently responsible for the circulation of an average of 7 mn tons of dry and liquid casting goods annually.

REMEMBER- Egypt’s Transport Ministry is reportedly looking into establishing five new dry ports across the country, and will offer up management and operations to the private sector. The dry ports will include a 100 acre port in New Fayoum, a USD 176 mn 125 acre dry port in El Basatin, a 75 acre dry port in Sadat City, a c. USD 160 mn 146 acre dry port in New Beni Suef, and a c. USD 176 mn 100 acre dry port in El Tur City.

BLS opens USD 29.8 mn logistics center in Casablanca’s Tit Mellil

BLS opens logistics center in Casablanca: Morocco’s Building Logistics Services (BLS) has inaugurated a logistics center worth USD 29.8 mn (MAD 300 mn) in Casablanca’s Tit Mellil, Morocco World News reported on Thursday. The 50k sqm logistics center has a storage capacity of 55k pallet positions.

Future plans: BLS also plans to launch several other projects in 2025 in Casablanca, Kenitra, and Fez, as well as in Agadir and other southern provinces, spanning more than 600 hectares.

ICYMI- The International Finance Corporation (IFC) said it would invest USD 37 mn into BLS back in October. The investment will support BLS’s acquisition, construction, and expansion of an undisclosed number of warehouse facilities in several Moroccan cities. Following the investment, the IFC will own a minority share in BLS.

Omada & Jaecoo open largest distribution center for Chinese automotive brands in UAE’s Jafza

Chinese vehicle manufacturer Omoda & Jaecoo has launched its first regional parts storage distribution center in the UAE’s Jebel Ali Freezone (Jafza), according to a statement released on Friday. The investment ticket for the project has not been disclosed.

What we know: The 12k sqm facility will reduce the shipping cycle by 85%, down to nine days from 60. It is located in close proximity to key logistics hubs including Jebel Ali Port and Al Maktoum International Airport.

The breakdown: The storage center will stock over 20k different parts, which host a parts variety fulfilment rate of 95% and a core component fulfilment rate of 100%, the statement says. To boost operational efficiency, the facility has integrated a wireless warehouse management system to monitor inventory levels and the movement of goods. The distribution hub also offers a 24-hour supply of urgent Vehicle Off-Road (VOR) parts.

Sounds familiar? Omoda & Jaecoo partnered with shipping giant AP Moller-Maersk to boost vehicle warehousing and distribution initiatives across the UAE last week. The partnership will target the storage and delivery of spare parts, finished vehicles and PDIs.

Morocco to invest USD 2.5 bn in Casablanca Airport

Morocco plans to invest some MAD 25 bn (c. USD 2.5 bn) in its Mohamed V International Airport in Casablanca to triple its capacity by 2029, according to a statement released last week after a parliamentary session. The expansion efforts will boost the airport’s capacity from 15 mn passengers to 45 mn.

How will they do it? A new 7 sqkm terminal will be constructed at the airport, serving as the home base for Royal Air Maroc’s fleet, which is planned to expand from 50 to 250 aircraft by 2033, Morocco World News reports.

There’s more in the pipeline: The investment comes as a part of a bigger USD 4 bn plan to expand the country’s airport capacity in preparation for co-hosting the 2030 FIFA World Cup.

Rabat-Salé airport: Morocco is investing MAD 2 bn into the airport to boost its passenger capacity to 5 mn by the end of 2025.
Tangier airport: Some MAD 3 bn will be plugged into the airport to increase its passenger capacity from 3 mn to 7 mn by 2029.
Marrakech Airport: It will grow from 9 to 16 mn passengers by 2029 with a MAD 3 bn investment.
Agadir Airport: The airport’s passenger capacity will double to 7 mn passengers by 2029 with an investment of MAD 2.5 mn.
Fez Airport: The planned expansion will boost its passenger capacity from 2 mn to 5 mn passengers by 2029 with MAD 1.5 mn.
Tetouan Airport: Passenger Capacity will see an increase from 150k to 1 mn by 2026 with MAD 300 mn.

ICYMI- Morocco announced earlier this month an initial plan to increase its overall airport capacity from 38 mn to 80 mn passengers by 2030.

Egypt + Thailand establish Joint Trade Committee, Bahrain + South Korea expand trade opportunities.

Egypt + Thailand launch JTC: Egypt’s Investment and Foreign Trade Ministry has inked an MoU with Thailand’s Commerce Ministry to establish the Thailand-Egypt Joint Trade Committee (JTC) as well as an economic cooperation plan, Egypt’s State Information Service reported on Thursday. The first meeting of the JTC is scheduled for 1H of 2025.

The details: The cooperation aims to attract foreign investments while focusing on sectors such as tourism, agriculture, industry, and support for SMEs, according to the SIS. The MoU aims to remove trade barriers and diversify Thai investments, imports, and exports with the Middle East and Africa.

IN OTHER DIPLO NEWS- Bahrain + South Korea expand bilateral trade cooperation: Bahrain’s Finance and National Economy Ministry has inked an investment promotion and protection agreement with South Korea to enhance their bilateral cooperation, trade opportunities, and economic and investment ties, BNA reported on Thursday.

UAE gets a new trade link to China via Pakistan

TRADE-

UAE gets a new trade link to China via Pakistan: Pakistan’s National Logistics Corporation (NLC) has launched a multimodal logistics route — named the Transports Internationalaux Routiers — linking the UAE to China via northern Pakistan’s Khunjerab Pass, Arab News reported on Saturday.

How they’ll do it: NLC will use trucks departing from Kashgar in China to Karachi in Pakistan to transport goods, which will then be moved from Karachi Port to Jebel Ali Port via a shipping service operated by the UAE’s DP World, according to a statement. The move looks to streamline cross-border trade through the implementation of an international customs transit framework throughout the route.

AVIATION-

Iraq has plans for its aviation sector in 2025: Iraq’s Transport Ministry plans to supervise several projects to develop infrastructure and enhance efficiency at Iraqi airports and in the civil aviation sector in 2025, according to a statement published on Saturday. The projects include rehabilitating the primary and secondary Basra radar and installing a satellite station system (VSAT), according to the statement.

ICYMI- Iraq issued a two-stage public tender in July for a private partner to operate and develop Baghdad International Airport under a PPP contract, which aims “to modernize and rehabilitate the airport infrastructure, expand passenger and cargo terminal facilities.”

M&A WATCH-

AD Ports Group has completed the integration of its recently acquired maritime and logistics firm, Noatum Group, into its business structure, according to an ADX disclosure (pdf) last week. Noatum’s corporate head office in Spain was incorporated into AD Ports’ business verticals. The maritime unit of Noatum will become a new business segment within Safeen Group, renamed Noatum Maritime. Meanwhile, Noatum Terminals will be integrated into Noatum Ports, overseeing AD Ports Group’s international port operations.

REMEMBER- AD Ports fully acquired Spanish logistics company Noatum back in July 2023 in a EUR 660 mn transaction as part of a wider expansion plan. Noatum is present in US, Chinese, and Southeast Asian markets. The subsidiary has since acquired a majority stake in Egyptian cargo services and maritime agency Safina BV, as part of its expansion across the MENA region.

OTHER STORIES WORTH KNOWING THIS MORNING-

Abu Dhabi launched MARSDNA to boost maritime sustainability: The Integrated Transport Center (Abu Dhabi Mobility) and Abu Dhabi Ports Group’s Abu Dhabi Maritime introduced a new Environmental, Social, and Governance (ESG) goals tool dubbed MARSDNA. The tool, developed by Maqta Technologies, is designed to help maritime stakeholders assess and improve their sustainability practices through tailored recommendations and reports. (Press Release)
Emirates extended halt of Baghdad and Beirut flights: Emirates Airlines continue suspending flights to and from Baghdad and Beirut until 15 January, and transiting through Dubai to either city will not be accepted until further notice. (Press Release)
Two floating bridges inaugurated on Suez Canal: The Suez Canal Authority inaugurated two 255 m floating bridges, with a capacity of 100 tonnes each, bringing the total crossing points to 23 along the canal. (Statement)
Iraq restarts its Lebanon flights: Iraq Airways has relaunched flights to Lebanon after suspending them earlier this month due to security concerns amid the security developments in Syria. (Reuters)
Yemen’s Sanaa airport + Hodeidah port resume operations: Yemen’s Sanaa International Airport has resumed daily flights to Jordan after Israeli airstrikes disrupted operations on Thursday. Operations at Hodeidah port have also resumed operations. (Alsaa)
Air Arabia launches Ras Al Khaimah-Moscow flights: Air Arabia has launched a new route between UAE’s Ras Al Khaimah and Moscow, Russia, operating three times a week. (Wam)
Air Arabia Abu Dhabi flies to Yekaterinburg, Russia: Air Arabia Abu Dhabi has launched a twice weekly route between Abu Dhabi’s Zayed International Airport and Koltsovo International Airport in Yekaterinburg, Russia. (Wam)

Calendar

JANUARY 2025

20-24 January (Monday-Friday): World Economic Forum Annual Meeting, Davos, Switzerland.

27-29 January (Monday-Wednesday): World Cargo Summit, Ostend, Belgium.

28-29 January (Tuesday-Wednesday): Green Shipping Summit, Rotterdam, The Netherlands.

29-30 January (Wednesday-Thursday): ShipTek International Conference, Dubai, UAE.

FEBRUARY

3-5 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

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

4-5 February (Tuesday-Wednesday): Airport Expansion Conference, Riyadh, Saudi Arabia.

10-11 February (Monday-Tuesday): Middle East Breakbulk conference, Dubai, UAE.

10-11 February (Monday-Tuesday): MRO Middle East, Dubai, UAE.

10-12 February (Monday-Wednesday): Sustainable Aviation Futures MENA, Abu Dhabi, UAE.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai, UAE.

10-13 February (Monday-Thursday): Future Warehouses & Logistics, Dubai, UAE.

18-19 February (Tuesday-Wednesday): Argus Green Marina Fuels Asia Conference, Singapore.

18-19 February (Tuesday-Wednesday): Middle East Procuretech Summit, Dubai, UAE.

19-21 February (Wednesday-Friday): Air Cargo Africa, Nairobi, Kenya.

20-22 February (Thursday-Saturday): Dubai Freight Camp, Dubai, UAE.

25 February - 1 March (Tuesday-Saturday): WCA Worldwide Conference, Dubai, UAE.

MARCH

No events announced at the moment.

APRIL

2-4 April (Wednesday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

3-4 April (Thursday-Friday): Africa Supply Chain Optimization, Johannesburg, South Africa

10 April (Thursday): Gulf Ship Fiance Forum, Dubai, UAE.

14 April (Monday): CargoIS Forum, Dubai, UAE.

15-17 April (Tuesday-Thursday): Transport Middle East 2025, Aqaba, Jordan.

15-17 April (Tuesday-Thursday): IATA World Cargo Symposium, Dubai, UAE.

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

MAY

6-8 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

12-15 May (Monday-Thursday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

13-14 May (Tuesday-Wednesday): Global Ports Forum, Dubai, UAE.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai, UAE.

27-29 May (Tuesday-Thursday): Saudi Warehousing & Logistics Expo, Riyadh, Saudi Arabia.

JUNE

1-3 June (Sunday-Tuesday): Annual General Meeting & World Air Transport Summit 2025, Delhi, India.

2-4 June (Monday-Wednesday): Propak MENA, Cairo, Egypt.

5-6 June (Thursday-Friday): Supply Chain & Logistics Innovation Summit, Amsterdam, Netherlands.

11-13 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

17-19 June (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Rotterdam, Netherlands.

19 June (Thursday): East Med Maritime Conference, Athens, Greece.

25-26 June (Wednesday-Friday): Decarbonizing Shipping Forum, Hambury, Germany.

JULY

1-3 July (Tuesday-Thursday): ASEAN Ports and Logistics, Jakarta, Indonesia.

SEPTEMBER

24-26 September (Wednesday-Friday): Routes World, Hong Kong.

OCTOBER

1-2 October (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

14-15 October (Tuesday-Wednesday): Investing in Africa Conference and Expo, London, UK.

NOVEMBER

3-6 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

4-6 November (Tuesday-Thursday): Air Cargo Forum, Abu Dhabi, UAE.

17-21 November (Monday-Friday): Dubai Airshow, Dubai, UAE.

EVENTS WITH NO SET DATE

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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