Good morning, friends. It’s a relatively quiet morning as the first week of Ramadan draws to a close, but we have a couple of key updates from DP World to dig into this AM.
WATCH THIS SPACE-
#1-Oman’s integrated logistics solutions provider Asyad Group has issued a tender for infrastructure development at phase 1 of Muscat International Airport Freezone (MIAFZ), according to a press release. MIAFZ will be air freight-focused, contributing to supply chains for pharmaceuticals, perishables, and e-commerce. Asyad is looking to engage with private sector firms that can provide construction services, the statement notes. The tender has a 25 March deadline.
#2- Transport sector investments buoyed the UAE’s construction market: The value of UAE’s construction market in 2023 hit USD 94 bn and is projected to achieve over a 3% average annual growth rate (AAGR) between 2025 and 2028, Wam reports, citing figures from London-based GlobalData. Growth in the UAE’s construction market was driven by new investments in transport and renewable energy infrastructure, together with better performance in the EV market, GlobalData said.
#3- OPEC continues to forecast relatively strong growth in global demand for oil in 2024 and 2025, while boosting its economic forecast for the year, Reuters reports. The cartel sees global demand for oil increasing by 2.25 mn barrels per day (bpd) in 2024, and by 1.85 mn bpd in 2025, with both figures unchanged from last month’s projections, the newswire said. OPEC also boosted its outlook for economic growth in 2024 by 0.1% to 2.8%, citing an expectation that a “robust dynamic” in global economic growth seen towards the end of 2023 would spill over into 1H 2024, while keeping 2025’s forecast for economic growth unchanged at 2.9%, the newswire also said.
IEA disagrees: The International Energy Agency’s (IEA) most recent forecast saw a more conservative 1.22 mn bpd bump to oil demand this year, with the agency due to update its forecast this Thursday, Reuters said. OPEC also expects that demand for oil will continue to increase over the next 20 years, while the IEA sees demand plateauing by 2030, as economies transition to green energy.
DISRUPTION WATCH-
Yemen’s Houthis fired two anti-ship ballistic missiles at a Liberian-flagged container ship dubbed the Pinocchio on Monday, Reuters reports, citing US Central Command (Centcom). The Iranian-backed group described the targeted vessel as “American,” the newswire said, citing the group’s military spokesperson Yahya Sarea.
Somali pirates hijack UAE-bound bulk carrier:A Bangladeshi bulk carrier, dubbed Abdullah, was boarded by 20 armed men some 600 miles off of Somalia’s coast yesterday, Bloomberg reports, citing British security firm Ambrey. The SR Shipping-owned vessel was enroute from Mozambique to the UAE hauling a cargo of coal. Following the forced boarding, the vessel stopped, before changing its heading towards Somalia, ship tracking data showed. “We’re waiting for communications with the pirates. The ship is being controlled by the pirates near the Somali coast,” SR Shipping CEO Mehrul Karim told Bloomberg.
Europe-bound tankers hauling jet fuel and diesel from Indian refiner Reliance are rerouting around the Cape of Good Hope, Reuters reports, citing shipping sources and ship tracking data. Reliance’s charter contracts with tanker owners allow them the flexibility to sail through the Red Sea or divert via the Cape of Good Hope, with most tanker owners opting for the longer but safer route around the Cape of Good Hope, shipping sources told the newswire. Reliance’s refining complex in Gujarat, India is the world’s largest, with capacity to process some 1.4 mn barrels of oil per day, the newswire also said.
Iraq’s Islamic Resistance targeted Israel’s Ben Gurion Airport with unmanned aerial vehicles yesterday, Lebanon’s Iran-aligned Al Mayadeen reports. The attacks come as part of the second phase of the group’s campaign against Israel, which looks to block Israel’s access to Mediterranean shipping and stop operations at Israel’s ports, the outlet said citing the Iraq-based militia.
MARKET WATCH-
#1- Oil prices were largely unchanged on Tuesday as OPEC stuck by its projections for 2024 and 2025 demand, Reuters reports. Brent crude futures for May deliveries rose USD 0.24 to USD 82.45 a barrel by 14.20 GMT, while West Texas Intermediate (WTI) April contracts gained USD 0.31 to USD 78.24 a barrel, the newswire said. Crude imports for China, the world’s largest importer, were up y-o-y for the first two months of 2024, but were below previous months, continuing a downward trend, the newswire added citing recent Chinese market data.
#2- Baltic index rallies, buoyed by larger segments: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 1.4% to 2,377 points, its highest in nearly three months, as gains in the larger capesize and panamax segments propped up the index, Reuters reports. The capesize subindex bumped up 1.6%, to 4,314, its highest in three months, while panamax gained 1.7% to 1,893 points. The smaller supramax segment fell 2 points to 1,316 points, the newswire said.
DATA POINT-
King Abdulaziz Port in Dammam, Saudi Arabia handled a record high 235.8k containers in February 2024 — a 25.4% y-o-y increase — Saudi Ports Authority (Mawani) said in a news release. Additionally, the number of incoming containers surged 49% y-o-y to 142.7k last month, while outgoing containers rose 25% y-o-y to 86.3k containers.
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CIRCLE YOUR CALENDAR-
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.
Iran will host the second Iran-Africa International Summitfrom Wednesday, 24 April through to Friday, 26 April in Tehran. The event will see Iran receive trade ministers from more than 40 African countries.
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.



