Good morning, wonderful people. We have a lighter issue for you today after a busy start to the week, with a couple of notable stories in the realm of trade financing and data centers, and a lot of diplomacy news.
THE BIG LOGISTICS STORY- Google has launched a cloud data region in Qatar in partnership with Qatar’s Communications and Information Technology Ministry and Qatar FreeZone Authority to house data centers. Over in Saudi Arabia, First Abu Dhabi Bank introduced its supply chain finance (SCF) program to boost regional trade finance.
HAPPENING TODAY-
DP World wraps up AED 954 mn Vancouver port expansion: DP World has completed the expansion of port of Vancouver’s Centerm terminal, which helped boost its handling capacity from 900k TEUs to 1.5 mn, while adding 15% to terminal’s total footprint, according to a statement.
DATA POINT- Jeddah Islamic Port saw a boost in performance in April: The number of containers processed through Jeddah Islamic Port increased 25% y-o-y to 465k containers in April, Saudi Ports Authority (Mawani) reported. The port also saw a 19% y-o-y increase in cargo volumes handled, reaching 5.3 mn tons. Mawani attributed the boost to increased capacity at the port.
WATCH THIS SPACE- An Arab investment fund is in talks to construct the Jordan National Railway connecting Amman to the port of Aqaba, Al Ghad reports, citing a source it says is in the know. The agreement would still require government approval, the source said.
Background: Plans to launch the 897 km freight railway were drafted in 2011 by the Jordanian Transport Ministry (pdf). The project is estimated to cost USD 2.96 bn over a four-year period, according to the Transport Ministry. The railway will connect Amman with major industrial cities and the port of, while also connecting with the railways of Saudi Arabia, Syria, and Iraq.
MARKET WATCH-
Oil exports from the UAE are expected to rise as Russian flows falter and as Middle Eastern pricing mechanisms become more transparent, speakers at S&P Global Commodity Insights’ Middle East Petroleum and Gas Conference said. Abu Dhabi National Oil Co (Adnoc) could triple shipments to over 3k barrels per day (bbl / d) in July, said Thomas Waymel, president of trading and shipping at TotalEnergies. Abu Dhabi’s decision to launch its Murban futures contract in 2021 — a secondary market that offers inter-commodity spreads — has sparked demand for Adnoc’s flagship light-sour crude grade, he added.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
CIRCLE YOUR CALENDAR
The subscription period for institutional investors subscribing to Adnoc L&S’ IPO ends today.Retail investors’ subscription period ended yesterday, after the company upped its IPO size with the sale of a 19% stake in the company, from 15% previously. Retail investors got a 12% slice of the offering, while institutional investors can submit bids for 85%, and another 3% is saved for Adnoc L&S employees and retirees.
ICYMI: The company boosted the IPO size after the order book was oversubscribed within minutes of opening last week. The company is now offering 1.41 mn shares for AED 1.99-2.01 apiece in an IPO that could raise as much as USD 769.4 mn and value the company as high as USD 4.05 bn.
The Seamless Middle East 2023 summit kicked off yesterday at the Dubai World Trade Center and runs until today. This event brings together industry experts across the payment, fintech, banking, retail, e-commerce, digital marketing, home delivery, cards, and identity industries.
Bloomberg’s Qatar Economic Forum kicked off yesterday and runs until today. The event will see discussions about major economic issues facing CEOs, heads of state, and money markets. QFZ will be participating in the event to discuss the global economic climate and its impact on FDI globally, according to a statement.
Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

