Investcorp backs Omani Duqm port’s USD 550 mn expansion project

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What we're tracking today

TODAY: Investcorp backs Duqm expansion + Canada firm eyes Egypt investments

Good morning, nice people. It is a brisk read this morning, dominated by investment updates from Egypt and Oman. We also have the latest earnings report from Qatar Airways — and it’s solid. Let’s dive right in.

WATCH THIS SPACE-

#1- Egypt will see a dip in imports of Israeli gas throughout the summer months, with imports expected to see a 20% y-o-y drop to around 800 mn cubic feet per day between June and September thanks to an uptick in Israeli demand, a government official told Asharq Business. The Israeli side is also carrying out regular maintenance on its gas facilities for 15 days this month — a move slated to contribute to the reduced flow of gas exported in the coming months, the source added.

REFRESHER- Egypt has been looking to up its imports of Israeli gas by 58% by the middle of 2025 — the planned increase would have taken daily imports of Israeli gas to 1.5 bn cubic feet per day, equivalent to around a quarter of domestic demand. Egypt began importing natgas from Israel in 2020 on the back of a USD 15 bn agreement between Noble Energy — acquired by Chevron — and Delek Drilling.

REMEMBER- Egypt is likely to continue importing LNG until2030, a government source in the energy sector told EnterpriseAM. The contracts will likely cover a period of five years and offer favorable pricing and flexible payment terms, the source added.

#2- UAE earmarks AED 1 bn for exporting firms: The Abu Dhabi Exports Office (ADEX) and Emirates Development Bank (EDB) will partner up to provide AED 1 bn in joint financing support for local private firms working in exporting and manufacturing, state news agency Wam reports. Available funds will go towards boosting working capital and supporting global expansion.

Part of a larger push: The UAE will pump AED 40 bn (c. USD 10.9 bn) into its industrial base over the next five years, which aims to grow the sector and localize supply chains, according to a press release citing statements made by Industry and Advanced Technology Minister Sultan Al Jaber during the Make it in the Emirates forum.

#3- Global shippers could see a boost in their earnings in the upcoming months amid a surge in the demand for transpacific freight services, Bloomberg reported on Friday, citing their Intelligence analyst Kenneth Loh. The demand surge comes as US importers scramble to ramp up imports from China in a bid to take advantage of the US-Sino 90-day trade truce.

Across the board: Hapag-Lloyd reported a “huge surge” in volumes, while Danish shipping company Maersk saw a boost in its booking shortly after the trade agreement was announced. CMA CGM is witnessing a sharp rise in demand for freight transport out of China after the French firm saw its US-China freight bookings drop by almost half, CFO Ramon Fernandez told Bloomberg in a separate statement. Meanwhile, China Merchants Ports Holdings, Cosco Shipping Ports, and Shanghai International Ports are also bracing for more business during the 90 days.

How big is the boost? Analysts are expecting that while front-loading could lead to increased earnings forecasts, it is not enough for a significant material increase in 2Q 2025 earnings.

Not without risks: The major cargo rush from China might lead to port congestion and bottlenecks — similar to what happened during Covid-19, HSBC analysts told the news outlet. Congestion and bottlenecks are expected to get even worse towards the end of the 90-day truce.

IN OTHER RELATED NEWS- CMA CGM is planning a reshuffle in its fleet operations in an attempt to avoid the US’ port fees on Chinese-built vessels, Fernandez told Reuters on Friday. The new changes are scheduled for rollout next October. "We have enough ship capacity to adapt to this situation and avoid paying fees," Fernandez said. Only half of the firm's 670-vessel fleet is made in China, which effectively provides the shipping giant some flexibility in adjusting its routes and transit stops while reshuffling its fleet to evade the duties at US ports.

MARKET WATCH-

#1- Oil prices remained largely steady this morning, as the markets continued to wait for updates on the US-Iran talks, Reuters reports. Brent crude futures saw a minor drop of USD 0.06 to reach USD 65.48 a barrel, while the US West Texas Intermediate (WTI) rose USD 0.01 to reach USD 62.70 a barrel by 03.05 GMT.

Meanwhile, Chinese crude rose again in April: China’s crude oil surplus rose to 1.9 mn barrels per day (bpd) in April, rising for the second consecutive month, on the back of lagging crude refining and high crude imports, Reuters reports. This is the highest volume recorded since June 2023, and exceeds March’s level of 1.7 mn bpd, based on calculations by the newswire. This follows purchases by the world’s second-largest economy from Iran and Russia.

#3- Baltic index dips once again: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was down 3% to 1,347 points on Monday. The capesize fell 6% to 1,888 points, while the panamax index increased 0.2% to 1,293 points. The smaller supramax index gained two points to 980.

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CIRCLE YOUR CALENDAR-

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.

Egypt will host the Propak MENA from Monday, 2 June to Wednesday, 4 June in Cairo. The event will feature solutions, talks and workshops for F&B and consumer goods manufacturers to source global packaging, processing and logistic solutions.

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

Investcorp JV to invest in Duqm port expansion

Investcorp invests in Port of Duqm expansion: Bahrain-based global asset manager Investcorp’s joint venture with Aberdeen PLC — Investcorp Aberdeen Infrastructure partners (AIIP) — has inked a cooperation agreement to invest in a USD 550 mn expansion project of Oman’s Port of Duqm, according to a statement. A consortium — dubbed CAP INFRA and including the Port of Duqm Company, the DEME Group, and the Port of Antwerp Bruges — will also be a shareholder in the project along with AIIP. The exact breakdown of ownership was not disclosed.

What’s in the cards: The project will include marine infrastructure works, dredging, and the construction of a new quay wall. It will also focus on servicing a new low-carbon industrial plant within the Special Economic Zone at Duqm that would produce low-carbon iron metallics products and hydrogen-powered steel. This project makes it AIIP’s fourth round of investment — following the Adnoc Project Wave in the UAE and two infrastructure concessions for social and public assets in KSA.

The port’s been seeing some action: Oman’s Asyad Group launched a tender earlier this month for consultants to conduct a feasibility study for the expansion of the Asyad Drydock at Duqm port, to assess the berth arrangement and dock options and to cover economic feasibility, revenue generation, environmental impact, operational efficiency, and any necessary engineering works.

REMEMBER- The port is set to be a key gateway for Europe-bound exports of liquified hydrogen after the country and the Netherlands inked a Joint Development Agreement in April to establish a commercial corridor to transport liquified hydrogen from the port to the Netherlands’ Port of Amsterdam and Germany’s Port of Duisburg.

Investcorp’s been on an investment roll: Investcorp signed a definitive agreement in March to acquire a majority stake in German logistics consultancy outfit Miebach Logistik Holding GmbH. Investcorp also launched a new USD 1 bn investment fund — dubbed Investcorp Golden Horizon. Investcorp and New York-based investment firm Corsair Capital were to invest USD 4.2 bn in April 2024 in the redevelopment of New York’s JFK Airport Terminal 6. The asset managing firm also led a pre-IPO investment round of USD 130 mn raised by the e-commerce platform Salla in March 2024.

Canadian investment firm looks to invest in Egypt’s maritime, export infrastructure

Canadian player CBH eyes investments in Egypt: Canada-based holding company Canada Business Holdings (CBH) submitted a letter of intent to the Madbouly government outlining its interest in investing in strategic infrastructure projects in Egypt, according to a statement (pdf). CBH is particularly interested in seaport development, marine tourism, and infrastructure for manufacturing food for export.

What we know about investment size: CBH is reportedly planning to plug USD 15 bn into setting up integrated logistics, industrial, and residential projects in Safaga and the Golden Triangle region, Al Mal reported last month. EnterpriseAM was unable to independently confirm or deny the size of the investment ticket with the company.

Who’s involved? CBH has contracted technical and economic consultancy TransCap — which would serve as the financial advisor and approve the necessary approvals for the project, TransCap Chairman Ahmed Abdel-Moghni Hamouda told Al Mal.

The details: CBH is looking to develop a container port with a capacity to handle 3 mn containers annually, an industrial zone that will process, package, and export agricultural products, and a residential city servicing the area and featuring a shopping center, hotels, schools, a university, and a hospital that can house 80k individuals, Hamouda said.

About CBH: CBH is a Canadian private-sector project development and investment firm that invests, operates, and manages large-scale projects through PPPs, according to its website. The Canadian firm operates across several fields, including energy, logistics hubs, smart-city developments, refiners, renewables, and others. The firm is working on several projects across four countries with an investment ticket of USD 23 bn.

MGX, Nvidia, France to build Europe’s biggest AI hub

Abu Dhabi’s MGX and Nvidia have partnered with French AI leaders to build Europe’s largest AI data center campus near Paris at 1.4 GW capacity, MGX said in a statement. The project will include French state-owned investment firm Bpifrance, Paris-based AI firm Mistral AI, and other key players such as EDF Group, Bouygues SA, and Ecole Polytechnique.

More detail: The 1.4 GW AI Campus will support the entire AI lifecycle — from training to deployment — with exascale compute, sovereign cloud, and low-carbon data centers, according to an Abu Dhabi Media Office statement. Construction will begin in 2H 2026, with operations for the first phase targeted for 2028. The key partners will collaborate with the Mohamed Bin Zayed University of AI on research and talent development.

The big picture: The project, which will require some EUR 8.5 bn in investments, according to a statement from French President Emmanual Macron cited by Bloomberg, comes as part of the agreement inked between the UAE and France in February, when the Emirates signaled plans to invest USD 30-50 bn in French AI and data infrastructure.

Casting the net wide: MGX has also backed OpenAI and xAI, and is helping fund the USD 100 bn “Stargate” AI initiative in the US. It is also considering a role in a 5 GW data center complex in Abu Dhabi announced earlier this week.

IN OTHER TECH NEWS-

#1- Sophos to open UAE data center on AWS: British cybersecurity firm Sophos will roll out a UAE-based data center by late 2025, which will be hosted on Amazon Web Services (AWS), according to a press release (pdf). The data center will provide local data hosting to facilitate compliance with national and sector-specific regulations, supporting the government, healthcare, and finance sectors. The center will reduce latency and increase cloud service speed, including for the Sophos Central platform.

About Sophos: Sophos provides cybersecurity solutions that include 24/7 threat monitoring, prevention, detection, and response. The portfolio includes endpoint, network, email, and cloud security products, managed detection and response, and security advisory services. Sophos has been operating in the region for 15 years, serving small- and medium-sized enterprises and national infrastructure entities through a regional team and Sophos X-Ops, a 24/7 threat intelligence unit.

#2- NMO taps Presight to build AI-powered media data hub: The UAE’s National Media Office (NMO) has awarded a contract to Abu Dhabi’s Presight Holdings to develop an AI-powered platform aimed at optimizing the country’s media ecosystem, according to a disclosure (pdf) to the ADX.

The plan: The project will build a cloud-based data lake that consolidates media insights across institutions into a unified data hub. Presight will also use AI to analyze public sentiment, detect emerging narratives, and recommend evidence-based messaging frameworks. Real-time analytics will give the NMO a clearer picture of public opinion and help align messaging with strategic priorities.

Qatar Airways records strongest performance to date in FY 2024-2025

Qatar Airways posts a surge across the board: Qatar Airways Group saw its net income attributable to shareholders surge nearly 28.5% y-o-y — per our calculation — to QAR 7.9 bn (c. USD 2.2 bn) for its FY 2024-25 ending in March, according to the company’s annual report (pdf). The firm’s revenues rose 6.3% y-o-y — also in our calculation — to QAR 85.6 bn (c. USD 23.5 bn) for the same period, according to the company’s financials (pdf).

Operational expansion: Qatar Airways' fleet grew by 12 aircraft: two passenger, one freighter, seven private jets, and two leased to accommodate for higher demand. Qatar Airways increased capacity by 3.5% versus FY23-24 and added frequencies to 48 markets last year.

The cargo arm saw a boost…: The Qatari carrier’s cargo arm — Qatar Airways Cargo — saw a 17% y-o-y rise in revenue to QAR 17.9 bn — which the company deemed the highest figure since the Covid-19 pandemic. The cargo arm transported over 1.5 mn tons in the period, clinching 7.11% in market share. Fleet and network investments saw new freighter routes to Abu Dhabi, Sharjah, Vienna, Kuala Lumpur, and London.

…as did ground handling: Qatar Aviation Services handled ground operations for over 52 mn passengers in FY 24-25, an 8% y-o-y increase. The division achieved a 99% On-Time Performance rate.

A spate of acquisitions: The flag carrier received approval from the Australian government for its acquisition of 25% of Virgin Australia this month, snapping up a share from US private equity firm Bain Capital. The company also acquired a 25% stake late last year in South African-based airline Airlink, whose fleet comprises more than 65 aircraft.

Qatar Airways lined up for new Boeing aircraft: The airline inked a USD 96 bn agreement to acquire 160 jets from US manufacturer Boeing, with an option to add 50 more aircraft, during US President Donald Trump’s tour of Gulf countries last week.

Déjà vu? Qatar Airways had previously reported record-breaking performance in FY 2023-24, posting a 39% y-o-y increase in net income to QAR 6.1 bn (USD 1.68 bn). Its top line surged 6% y-o-y to QAR 81 bn (USD 22.26 bn), due to rising demand and capacity increases.

Updates on warehouses, shipping, aviation, and trade from Algeria, Saudi, and UAE

STORAGE + WAREHOUSES-

AD Ports subsidiary Noatum Logistics inaugurated its first robotically assisted refrigerated warehouse in Lisbon, according to a statement. The 12k sqm reefer cold storage facility — located in Lisbon’s North Logistics Platform — will feature temperature-controlled storage as well as robotic cross-docking, picking, labeling, customs, weighing, and more. The move aims to address the growing demand for cold chain refrigeration in Portugal and tap the wider West Mediterranean region.

Location, location, and location: The hub is located in close proximity to the city’s international airport, port, and key road networks — a crucial plug to West Mediterranean trade routes. It will offer an expanded host of integrated end-to-end solutions to a suite of cold chain sector industries, including food and beverage, healthcare, and pharma.

A growing Europe network…: The integration of the new facility boosts Noatum Logistics’ global network of warehouses to 47 in current operation. Noatum acquired 100% equity ownership of Spanish Finished Vehicles Logistics (FVL) outfit Sesé Auto Logistics for EUR 81 mn last year. Sesé Auto Logistics operates in most European countries with a fleet of over 200 trucks in Spain, Germany, Poland, Czech Republic, and Hungary.

SHIPPING + MARITIME-

DP World subsidiary Drydocks World has co-founded an international coalition of leading shipyards working to fast-track the maritime sector’s green transition, according to a statement. The group — dubbed the Global Green Shipyard Alliance (GGSA) — aims to streamline the integration of clean technology, boost environmental performance, and enforce ESG standards across its global operations.

Who’s involved? Spanish Astilleros Shipyard Group, German Bredo Dry Docks GmbH, and IMC Shipyard Services Group —- with bases in Singapore, China, and Thailand — are the alliance’s founding members alongside Drydocks World.

AVIATION-

The Saudi Transport and Logistics Ministry announced its plans to expand Hail International Airport, the Saudi Gazette reports. This comes as part of a broader plan to leverage the airport’s proximity to 11 Arab capitals (60 minutes away) and Central Europe (200 minutes away) and transform Hail into an integrated logistics center — a plan that includes a 374k sqm logistic hub.

TRADE-

#1- Algeria to build export-bound new sugar factory: Algeria’s state-owned Madar Holding has allocated USD 1 bn to invest in a factory to produce sugar from beets with a slated production capacity of 1 mn tons annually, CEO of Madar Charaf-Eddinne Amara told Asharq Business. Construction on the factory will begin within the next few weeks in Ouargla Province in southern Algeria and will take three years to complete. Production from the factory will be designated for export.

#2- EGA + Sunstone boost anode manufacturing, exports: Emirates Global Aluminium (EGA) and China-based independent pre-baked anode producer Sunstone inked a joint development agreement to develop an export-oriented anode manufacturing facility in Abu Dhabi, according to a statement. The new plant — set to be located in the Khalifa Economic Zone Abu Dhabi (Kezad) — is slated to have a capacity of 300k tonnes of anodes annually. Construction is scheduled to launch during 2026 — with operational launch expected to begin in 2028. EGA is looking to replace its anode imports, striving to instead become the second country in the world, after China, to export anodes globally.

#3- UAE-based Julphar to ramp up pharma exports: Emirati pharma manufacturer Gulf Pharmaceuticals Industries (Julphar) is set to pour AED 300 mn over the next five years into the UAE’s pharm sector to expand manufacturing and localize advanced technologies, CEO Basel Ziyadeh told Wam. The move seeks to streamline the local supply chain to boost non-oil pharma exports exiting the Emirates. Julphar currently exports over 80% of its production to nearly 40 global markets. It invested around AED 100 mn over the past three years to strengthen its manufacturing infrastructure and capacity.

EU’s gas refill bill surges EUR 10 bn in 2025 following heavy winter

EU’s annual gas refill to cost EUR 10 bn more: The EU will pay at least EUR 10 bn more than last year to restore natural gas reserves up to 90% of capacity in 2025, following a heavy winter season, the Financial Times reports. Despite gas prices slipping on the back of lower-than-expected Chinese demand, the cost of refilling reserves is expected to total up to EUR 26 bn — up from 2024’s bill of EUR 16 bn, Allianz Trade Analyst Ano Kuhanathan told the salmon-colored paper.

REMEMBER- The EU was reportedly looking into relaxing its gas storage requirements earlier this year to curtail inflationary effects after several member states highlighted that keeping the deadline fixed for buying up and storing big amounts of gas has rendered the market vulnerable to price manipulation. A tentative plan previously proposed setting a range within which targets could be met somewhere between 1 October and 1 December, rather than fixing the deadline on 1 November.

Calendar

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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