Flynas sets IPO price range, sees institutional orderbook fully subscribed within minutes of launch

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What we're tracking today

TODAY: Flynas launches IPO to full subscriptions + DP World’s push in Dominican Republic

Good morning, folks. The newscycle has picked up today after a slow start this week, leaving us with a pile of IPO, investment, M&A, and earnings updates from across the region. But first, more positive updates on US-China trade de-escalation…

THE BIG LOGISTICS STORY- Sino-US standoff simmers down… for now: The US and China have agreed to a 90-day pause to their trade war after two days of talks in Geneva, with the US slashing tariffs it imposed earlier this year on Chinese goods from 145% to 30% — encompassing the 10% baseline US tariff and an additional 20% linked to fentanyl trafficking — while China lowered its tariffs on US imports from 125% to 10%, according to a joint statement out yesterday.

A three-month ticking clock: More Talks are expected to continue in the coming weeks, with both parties leaving the door open to extending the three-month truce if progress is made. US Treasury Secretary Scott Bessent hinted that if China were to engage more directly on curbing the fentanyl trade, further relief could be possible.

Not a wholesale disengagement: “The US is going to do a strategic decoupling in terms of the items that we discovered during Covid were of national security interests — whether it’s semiconductors, medicine, steel,” Bessent told Bloomberg, underscoring the administration’s intent to maintain pressure on critical supply chains while easing tensions more broadly.

MARKET REAX- American markets rallied on the news, with the S&P 500 jumping 3.3% by the end of trading yesterday and the Nasdaq finishing the day up 4.4%, while the USD gained 1.4%. The VIX index — Wall Street’s so-called “fear gauge” — also dropped below the cutoff 20 mark yesterday for the first time since 28 March, suggesting a potential shift toward calmer market sentiment. The VIX rose to a 5-year high of 45.3 on 4 April fueled by Donald Trump’s tariff announcements.

HAPPENING TODAY-

US President Donald Trump will land in Saudi Arabia today in the first leg of his Gulf trip — set to drum up investment and expand trade with our region. Agreements in investment, oil, defense, AI infrastructure, and nuclear power, are all in the cards when Trump starts his tour in Saudi Arabia on Tuesday before heading on to the UAE and Qatar.

The swing through the region is set to see “a huge number of investment and trade [agreements] happening,” Arab News’ Faisal Abbas told CNBC, stressing that injections of capital should be a two-way street. A potential lifting of the 10% tariff on aluminum and steel could also be on the agenda, CNBC reported elsewhere. Gulf officials are actively looking to tie fresh investment and big purchases of US goods to preferential tariff treatment for exports from our region.

WATCH THIS SPACE-

#1- dnata pursues APAC, Europe expansion: Homegrown aviation service provider dnata is looking at acquisitions throughout Asia Pacific (APAC) and Europe to countervail conflict-related volatility, with due diligence for the acquisitions currently underway, CEO Steve Allen told Gulf News. The acquisitions are part of the company’s goal to shore up its cargo handling and premium services in a two-pronged approach seeking geographical and product capability expansion.

dnata’s moves in Europe, APAC: dnata is set to introduce 800 new ground support equipment units across 10 countries in 2025 under a USD 110 mn investment ticket — diversifying its operations in the UAE, Brazil, Italy, USA, and Singapore. In Europe, dnata clinched a multi-year ground handling contract with EasyJet at Zurich Airport last September, whereby it will oversee EasyJet’s passenger, ramp, and baggage services. This came months after it landed an agreement with Lufthansa Group in May 2024 to provide passenger and ramp services at Amsterdam Schiphol Airport.

A mixed earnings call: The company’s net income after tax flag 1.8% y-o-y to AED 1.4 bn for 1Q 2025, while revenues surged 9.8% y-o-y to AED 21.1 bn. Management attributed the topline growth to strong demand for travel and cargo transportation, particularly in the US, UK, Australia, Europe, and the UAE.

#2- Egypt-Qatar talks center nat gas projects, supply: A delegation led by Oil Minister Karim Badawi met with Qatar’s Energy Minister Saad Sherida al-Kaabi on Sunday to discuss stepping up joint natural gas projects and the potential signing of long-term contracts to secure Qatari natural gas for domestic consumption, according to a cabinet statement.

On the docket: The sit-down also focused on the potential integration of energy infrastructure between the two nations to leverage possible synergies in LNG trading, liquefaction, and regasification. The parties also considered collaboration in exploration and production, and reviewed Qatar Energy’s drilling plans for Egypt’s Nefertari, Cairo, Masri, and North Maraqia wells in the Mediterranean.

Interested for a while: Qatar Energy s igned up to acquire oil and gas giant Chevron’s 23% operational stake in the Mediterranean’s North El Dabaa Block last November. The firm seeks to undergo exploration works in Egypt’s offshore sites, and is routinely active in Egyptian Natural Gas Holding Company’s b idding rounds for e xploration blocks.

IN OTHER EGYPT NEWS- Government mulls anti-dumping duties on steel: Egypt is considering anti-dumping duties on hot-rolled steel imports after a dip in demand for Egyptian steel exports has left local producers competing with cheaper, lower-quality steel, a government source told EnterpriseAM. Egypt had traditionally exported its hot steel output to European and other markets, while looking towards cheaper imports of inferior and cheaper hot steel to meet local market demand, we were told.

IN CONTEXT- European tariffs on hot rolled steel have upset the country’s import/export balancing act, leading to a study of export orders of local steel to assess the impact ahead of any market intervention.

#3- Saudi’s Public Investment Fund (PIF) launched a new AI company — HUMAIN — that will operate across the entire AI value chain including data centers, according to a statement. Besides data centers, HUMAIN’s AI infrastructure offerings will include Arabic multimodal LLMs, and cloud solutions to boost local and global AI capabilities.

REMEMBER- The Kingdom has been ramping up its data center capacity: The Kingdom is planning a USD 100 bn AI project to rival the UAE as a technological hub, although details are scant. Leap 25 recently saw a flurry of investments in data centers, including USD 1.4 bn investment from Alfanar for four data centers, as well as a USD 5 bn agreement between DataVolt and Neom to set up a fully sustainable AI data center with an initial capacity of 300 MW capacity, eventually ramped up to 1.5 GW.

AND- It's paying off: By 2023, Saudi was the second-largest regional market for colocation data centers with 22 active and 40 planned, alongside 10 hosted supercomputers. The Kingdom is set to become the Middle East’s data center powerhouse by 2027, with a projected compound annual growth rate of 37% — almost double that of Dubai and Abu Dhabi and well above the 15% global average.

MARKET WATCH-

#1- Oil prices fell on Tuesday morning — despite reported progress on US-China talks — amid reports on rising supply, Reuters reports. Brent crude futures dipped by USD 0.22 to USD 64.74 a barrel, while the US West Texas Intermediate (WTI) decreased by USD 0.18 to reach USD 61.77 a barrel by 02.48 GMT. The drop came despite an earlier rally yesterday that saw prices reach a two-week high.

Meanwhile, Opec+ production hikes could generate an extra USD 1.9 bn in annual cashflow for Aramco at USD 60 per barrel, Asharq Business quoted CEO Amin Nasser as saying in a post-earnings conference call yesterday. Aramco can quickly and efficiently boost crude oil production to 12 mn barrels per day (bpd) at minimal extra cost, with each mn bpd of spare capacity potentially generating USD 12 bn in operating cashflows at 2024 prices, Nasser added.

The rationale: Global oil demand hit a record 104.3 mn bpd In 1Q 2025, up by 1.7 mn barrels from the same period last year, with refining also reaching record levels. Meanwhile, non-Opec production has slowed, and global crude inventories dropped to their lowest in five years, with crude oil cover at around 40 days by the end of 1Q 2025, Nasser said.

#2- Baltic index snaps losing streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 0.39% to 1,304 points on Monday. The capesize gained 1.29% to 1,731 points, while the panamax fell 0.81% to 1,342 points. The smaller supramax index grew one point to 970.

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CIRCLE YOUR CALENDAR-

The UAE will host the Seamless Middle East from Tuesday, 20 May to Thursday, 22 May in Dubai. The event will cover topics including digital marketing, e-commerce, and retail and merchant payments.

Saudi Arabia will host the Saudi Warehousing & Logistics Expo from Tuesday, 27 May to Thursday, 29 May in Riyadh. The expo will host over 18k supply chain industry professionals and more than 400 exhibitors. It will also explore over 3.5k solutions.

Morocco will host the International Conference on Logistics and Supply Chain Management from Wednesday, 28 May to Friday, 30 May in Casablanca. The conference will cover scientific research, technologies, and environmentally friendly digital solutions in the logistics, transport, and supply chain sectors.

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

Flynas sets IPO price range at SAR 76-80 per share amid strong appetite

Low-cost carrier Flynas saw its IPO fully covered within minutes of opening the bookbuilding process, signaling strong investor appetite for Saudi equities — even as global markets wobble, Bloomberg reports. The company is offloading 51.26 mn shares at SAR 76-80 apiece, according to a statement by the airline (pdf).

Market cap + proceeds: At the top of the range, the company could raise up to USD 4.1 bn, which would set its market cap at up to SAR 13.7 bn at listing.

Where will the money go? Net proceeds of two share blocks — 8.32 mn treasury shares (5.42% of the company) and 3.95 mn existing shares (2.58%) — will go to fund the company’s employee incentive program. The remainder of the 33.83 mn existing shares (excluding the 3.95 mn earmarked for employee incentives) will be shared among the selling shareholders based on their ownership stakes. The two blocks comprise a total of 66% of net proceeds.

MEANWHILE- Proceeds from newly issued shares — 34% of net proceeds — will go to the company to help fund its growth plans and general business needs.

Why it matters: If successful, Flynas would be the first Gulf airline to go public in nearly two decades — ahead of a much-anticipated IPO by Etihad Airways, expected to hit the Abu Dhabi Exchange later this year. Proceeds from the listing will help Flynas expand its fleet and roll out new hubs across the kingdom.

What’s next: Bookbuilding for institutional investors wraps on 18 May. The retail tranche will follow shortly after.

ADVISORS- Goldman Sachs Saudi Arabia, BSF Capital, and Morgan Stanley Saudi Arabia are joint financial advisors and underwriters. BSF Capital is also serving as lead manager. Bookrunners include Emirates NBD Capital KSA, Goldman Sachs Saudi Arabia, Al Rajhi Capital, BSF Capital, Citigroup Saudi Arabia, ANB Capital, and Morgan Stanley Saudi Arabia. Receiving agents include BSF Capital, Al Rajhi Capital, SNB Capital, and Riyad Capital, among others.

DP World to overhaul Dominican Republic port + freetrade zone for USD 760 mn

DP World and the government of the Dominican Republic have inked a USD 760 mn MoU to expand the Port of Caucedo and its freetrade zone, according to a press release published on Friday. The project is expected to catalyze about USD 3.9 bn in foreign direct investment, add 300k TEUs in cargo volume per year, bolster manufacturing output by USD 4 bn, and create thousands of jobs.

The funds will be split between port and freetrade zone:

Some USD 380 mn will go toward upgrading the Port of Caucedo, raising cargo capacity from 2.5 mn TEUs to 3.1 mn TEUs; shoring up general cargo operations; expanding the quay and breakwater to ready them for next-generation vessels; as well as installing ship-to-shore cranes, yard and security equipment.
The remaining USD 380 mn will go towards expanding the 86-hectare freetrade zone. The expansion will see the addition of 225 hectares, the establishment of a marketing center to solicit global tenants, and the building of a new road network and pre-built cargo units.

What they said: “By boosting capacity and enabling nearshoring opportunities, we will transform Caucedo into the most advanced logistics hub in the Caribbean, not only strengthening supply chain resilience across the Americas but also creating a powerful engine for economic growth and job creation in the Dominican Republic,” CEO Sultan Ahmed bin Sulayem noted.

Background: DP World manages both the Port of Caucedo’s marine terminal and the adjoining freetrade zone. Through its subsidiary Unifeeder, the port operator added fixed a weekly feeder service last year connecting the Dominican Republic port to other Caribbean ports. In 2023, the company added 1.2 mn TEUs in capacity for the port.

More moves in the Dominican Republic: DP World launched operations in late 2023 at its air cargo hub in Punta Cana. The hub was established in partnership with the Punta Cana Freetrade Zone (PCFTZ).

The latest on DP World’s ports and freezones: DP World is planning to expand another freezone—Jebel Ali FreeZone (Jafza)—with nearly AED 8.5 bn in investments to span the next three years to expand the zone and upgrade its infrastructure. DP World also completed developing the Philippines’ Manila South Harbor with Asia Terminals Inc. for USD 100 mn last week.

Fetriglobe to acquire Wengfu Australia’s distribution assets

Adnoc-owned urea and ammonia producer and exporter Fertiglobe has inked an agreement to acquire the distribution assets of fertilizer supplier Wengfu Australia, according to a press release (pdf). The acquisition will see Fertiglobe take over an asset portfolio including eight warehouses spread across five ports, helping to distribute 700-800 kt of fertilizer annually.

The details: The asset sale and purchase agreements will see Fetriglobe pay the net values of the assets, made up of liquid inventory and net working capital, as well as a USD 8 mn premium. Its current normalized working capital is estimated to be USD 75 mn, and will be financed through pre-arranged trade and factoring facilities, with no impact on dividends and minimal effect on leverage.

Looking ahead: The acquisition is subject to regulatory approvals, but is expected to close soon. It is also set to be earnings per share accretive, meaning the earnings per share are expected to increase following the transaction, with a 2.8% uptick expected in 2026 and 4.1% in 2027, before synergies.

The rationale: The acquisition widens Fertiglobe’s portfolio to non-nitrogen fertilizers, and increases its customer base and sourcing flexibility to the Asia-Pacific region. Fertiglobe already supplies around 600 kt of urea to Australia yearly.

About Wengfu Australia: The Australia-based fertilizers supplier was established in 2009 and is a subsidiary of China’s Guizhou Phosphate and Chemical Group — the world’s third-largest phosphate fertilizer manufacturer. Wengfu Australia serves over 200 customers across Southeast Australia.

Oman to overhaul Shinas Port for OMR 77 mn

Omani port operator QS Maritime is planning to award a contract for the expansion of Shinas Port for OMR 77 mn (c. USD 200 mn), CEO Abdulbaqi bin Ahmed Al Kindi told Oman News Agency on Saturday. The construction is slated to begin before the end of 2025 and the project is reportedly expected to take between five and seven years to complete.

What’s in the cards? The project’s first phase will involve expanding the port’s current basin to the south and establishing a new northern breakwater to allow larger vessels to dock. The company expects to launch a sea route between Shinas Port and Iran’s Bandar Abbas Port by 4Q 2025 that can accommodate 200 passengers with their vehicles.

Part of an ongoing effort: QS Maritime has already expanded the port’s square footage to 1.8 mn sqm in preparation for new projects, Al Kindi added. Shinas Port saw robust traffic growth in 1Q 2025, receiving 306 ships compared to 119 in the same period last year. The port’s handling usually includes livestock, iron, cement, general cargo, and camels.

The latest from the port: QS Maritime signed an OMR 25 mn (c. USD 66 mn) agreement last year with Zuhoor Al Khaleej to build fuel tanks and manage supply and storage services at Shinas port. This followed the signing of an agreement by a consortium of Omani and Indian firms with Oman’s Transport, Communications, and Information Ministry to develop, manage, and operate Shinas Port in 2023.

1Q earnings from Adnoc L&S and Talabat

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) saw its bottom line decline by 5% y-o-y to USD 185 mn (AED 680 mn) in 1Q 2025, according to an earnings release (pdf). The firm’s topline recorded a 41% y-o-y increase to USD 1.2 bn, which the firm attributed to expanded initiatives, heightened demand, enhanced operational efficiencies, and the recent Navig8 acquisition.

By the segment:

The firm’s integrated logistics segment saw its net income rise by 14% y-o-y to USD 119 mn, while its revenue rose by 23% y-o-y to USD 628 mn in 1Q 2025, driven by heightened earnings and acquisitions of jack-up barges (JUBs) as well as heightened contracted logistics volumes;
Meanwhile, the company’s shipping segment’s bottomline dropped by 25% y-o-y to USD 61 mn, while its revenues increased by 87% y-o-y to USD 469 mn, pushed by Navig8’s acquisition and the transferred tankers ’ revenue;
Lastly, the company’s services department saw its net income surge 138% y-o-y to USD 11 mn, while its revenues grew by 9% y-o-y to USD 84 mn.

Future forecast: Adnoc L&S expects to see a slight y-o-y increase in 2025 across its integrated logistics division. The firm forecasts its revenue for its shipping segment to remain in the low 80% range, while it projects its services cluster to be in the double-digit percentage range.

REMEMBER- The first full financial year following the acquisition of Navig8 is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025, saving some USD 100 mn per year in technical management costs and costs associated with bunkering operations. The move added 32 tankers to the firm’s fleet, expanding its service portfolio to include commercial pooling and bunkering.

ICYMI- The firm recorded a 9% y-o-y increase in its net income to AED 660 in 4Q 2024 , while its revenue bolstered 6% y-o-y to AED 3.24 bn (USD 881 mn) during the same period.

TALABAT-

Talabat saw its adjusted net income rise 24% y-o-y to USD 99 mn in 1Q 2025, while management revenues rose 34% y-o-y to USD 846 mn, according to its earnings release (pdf). Delivery Hero’s Middle East unit adjusted its net income for “material non-recurring items to allow for a like-for-like comparison,” including an FX loss on a loan to Talabat Egypt due to the EGP devaluation in March 2024. Unadjusted, Talabat’s net income for the quarter came in at USD 103 mn, up 278% y-o-y. Gross merchandise value rose 33% y-o-y to USD 2.1 bn when adjusting for currency variations, Talabat said in its earnings presentation (pdf).

Driving the growth: “Our Groceries and Retail vertical contributed approximately one-third of GMV when including Instashop for the full quarter,” Talabat CEO Tomaso Rodriguez is quoted as saying. Talabat had acquired Instashop in March.

Talabat’s adjusted EBITDA came in at USD 140 mn, rising 34% y-o-y during the quarter and equivalent to 6.7% of gross merchandise value, up 0.2 percentage points y-o-y, according to the release.

Dividends: The company’s AGM approved distributing USD 110 mn in dividends for 4Q 2024, and Talabat “remains on track to pay a minimum of USD 400 mn in dividends for the full year of 2025,” according to the presentation.

Updates on aviation and digitization from Saudi Arabia and Oman

TRADE-

EGAS secures FLNG facility in 10-year pact: Egyptian Natural Gas Holding Company (EGAS) has inked a 10-year agreement with global maritime energy infrastructure player Höegh Evi for an LNG regasification vessel, Bloomberg reports, citing a statement it has received from the firm. The newswire says the move signals the country’s “long-term dependency on fuel imports.”

The details: A vessel owned by Höegh Evi — dubbed the Hoegh Gandria — will dock in the Ain Sokhna’s Port of Sumed in 4Q 2026. Before then, the vessel will undergo conversion into a floating storage and regasification unit — it has been serving as an LNG carrier — with a peak daily capacity of 1 bn cubic feet of gas. The unit will replace the existing Hoegh Galleon — the single operating LNG import terminal in the country — which was delivered by Höegh Evi last year.

Long-term contracts aren’t what people are expecting: The government has long refrained from relying on long-term natural gas imports, with a government source telling us last year that the government does not want to resort to long-term contracts despite favorable prices at the time amid hopes of new natural gas discoveries that could put Egypt once again to the global export map, along with expanding renewable capacities.

Loads of regasification units: Egypt is in talks to lease a handful of regasification units to cover high energy demand in the summer months, including from Germany, Cyprus, and Turkey. Most recently, Oil Minister Karim Badawi met with CEO of US-based LNG solutions company Excelerate Energy Steven Kobos where they discussed leasing floating storage and regasification units to Egypt.

DIGITIZATION-

Oman eyes digitalization across its ports: Oman’s Sohar Port and Freezone launched a training program with the International Port Community Systems Association (IPCSA) on port community systems (PCS) to enhance digital efficiency across Oman’s ports, according to a statement. The program will expedite the port’s digital transformation, explore implementation strategies, and identify measures and challenges for digital ports’ ecosystems.

UK is coming for Russia’s shadow fleet, set to sanction 100 vessels

Britain is set to slap sanctions on up to 100 vessels that are a part of Russia’s shadow fleet, PM Keir Starmer announced in a statement on Friday. The final number and names of the tankers have not been disclosed. The move is set to ramp up the number of vessels targeted by the country by 75% as Britain seeks to punish Moscow for its war on Ukraine, Bloomberg reported on Friday.

In context: The tankers are alleged to have carried more than GBP 18 bn (USD 24 bn) worth of oil and gas cargo since the start of 2024. However, it is not clear whether the move would undermine the Russian oil trade given how previously sanctioned vessels are continuing to move the crude.

Joining the herd: The European Union is considering blacklisting Litasco Middle East DMCC — the Dubai-based trading arm of Russian oil giant Lukoil — for allegedly helping facilitate Moscow’s shadow fleet operations. The EU enacted its 15th package of sanctions against Russia back in December, targeting 84 individuals and entities including seven Chinese entities.

Calendar

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

13-14 May (Tuesday-Wednesday): Egypt Facility Management Forum, Cairo, Egypt.

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

15-18 May (Thursday-Sunday): Global Logistics Conference, Dubai, UAE.

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

20-22 May (Tuesday-Thursday): Mediterranean Ports and Logistics 2025, Barcelona, Spain.

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

28-30 (Wednesday-Friday): International Conference on Logistics and Supply Chain Management, Casablanca, Morocco.

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.

18-19 June (Wednesday-Thursday): Eurasia Rail, Istanbul, Turkey.

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

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

JULY

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

22-24 July (Tuesday-Thursday): Intermodal Africa, Beira, Mozambique.

SEPTEMBER

1-3 September (Monday-Wednesday): Transport Middle East 2025, Salalah, Oman.

4-10 September (Thursday-Wednesday): Intra-African Trade Fair, Algiers, Algeria.

7-10 September (Sunday-Wednesday): Comex Global Technology Show, Muscat, Oman.

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

30 September - 2 October (Monday-Thursday): Global Rail Transport Infrastructure Exhibition and Conference, Abu Dhabi, UAE.

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.

28-30 October (Tuesday-Thursday): Borneo International Maritime Week, Sarawak, Malaysia.

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 two of Jafza Logistics Park to be completed.

2026

27-29 January (Tuesday-Thursday) Transport Middle East 2026, Abu Dhabi, UAE.

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

24-26 June (Wednesday-Friday) Transport Logistic & Air Cargo 2026, Shanghai, China.

7-9 July (Tuesday-Thursday) Asean Ports and Logistics, Kuala Lumpur, Malaysia.

17-19 November (Tuesday-Thursday) Intermodal Africa 2026, Luanda, Angola.

2027

4Q 2027: Oman’s Musandam Airport construction to be completed.

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