Good morning, folks. The news cycle has slowed down significantly today, but we still have important updates on DP World’s and Investcorp’s latest M&A and investment moves overseas. Let’s dive right in.

WATCH THIS SPACE-

#1- Rehabilitation work at Baghdad International Airport is set to wrap up by April, according to a statement. The project includes terminal refurbishments, runways, and other infrastructure developments. Iraq’s Transport Ministry is also pushing for developments at Al-Nasiriyah Airport and Mosul International Airport — which are set to be completed and resume operations this year, the statement adds.

We’ve been expecting this: The Ministry announced plans to enact 26 subprojects for the development of Baghdad International Airport over two phases in February. The project — funded largely by the International Finance Corporation (IFC) — was then said to be focusing on rehabilitating the airport’s infrastructure and modernizing the air navigation and traffic management systems. Iraq kicked off the project in February 2024.

A rising player: IFC is emerging as a key player in advising governments in the region on their airport development and management plans. It is currently advising Egypt on its airport privatization push, preparing a plan for the rollout that will see the country offer some 11 airports for private management.

#2- Egypt’s Investment Ministry to hold talks with EU over steel anti-dumping duties: A delegation from the Investment Ministry will meet today with EU representatives to discuss the bloc’s recently announced preliminary 15.6% anti-dumping duties on Egyptian steel products, member of Egypt’s Chamber of Metallurgical Industries Tarek Al Gioshy told Asharq Business. The talks come ahead of the 7 April deadline that will see the EU enforce duties — ranging from 6.9-33% — on steel imports from Egypt, Japan, and Vietnam.

In context: The preliminary duties are part of an ongoing anti-dumping investigation that the European Commission launched last August into hot-rolled flat products of iron, non-alloy, or other alloy steel imports from Egypt, India, Japan, and Vietnam. The investigation is set to conclude next October with a permanent decision on the duties and their rates, reports Asharq Business.

Meanwhile, Ezz Steel — Egypt’s sole exporter of hot-rolled flat steel to the EU — is preparing to submit a formal objection, an unnamed company official told Asharq Business. The objection will argue against the European Commission’s approach to calculating the duties.

IN OTHER EGYPT NEWS- LNG exports from the country could resume next year, as feed gas deliveries to the Damietta and Idku liquefaction plants continue to increase as of recently, unnamed sources with knowledge of the matter told Bloomberg. Egypt could export its first LNG shipment from Idku within a year, the sources said.

REMEMBER- After becoming a net exporter of LNG in 2018 and signaling its intention to become an important energy exporter to the region and Europe, production falls and rising domestic demand led to Egypt ramping up imports to bridge the supply gap. Egypt has been looking to return to its status as a net LNG exporter, with the Middle East Economic Survey seeing that happening by 2027 after its Nargis and Nour fields come online.

ALSO- Egypt is reportedly slated to receive two LNG shipments from British energy firm BP this month, a government official told Asharq Business. The two shipments — each ranging between 160k and 165k cubic meters — will supply nearly 500 mn cubic feet per day to the local market over the span of a week. The shipments will be paid within a month from the date of supply.

Recent terms and conditions don’t apply: Egypt’s new contractual conditions — which were reportedly sent lastweek to supplies — do not apply to this new transaction, which includes terms requiring a one-year grace period for payments and a pricing ceiling of USD 14 per mn British thermal units (BTU), the official added.

#3- UAE’s Sanad eyes up new markets: Mubadala’s aerospace maintenance arm Sanad Group is looking to expand its aircraft engine maintenance services to African, Indian, and East Asian markets, CEO Mansour Janahi told Al Etihad. The firm aims to target markets with “fruitful trade relations” in a bid for new global partnerships, acquisitions, and establish new facilities, Janahi added. Sanad is forecasted to boost revenues by 5% y-o-y to 10% y-o-y by the end of year, while the number of completed engine maintenance operations is forecast to rise 35% y-o-y to 218.

REMEMBER- Sanad reported a 40% y-o-y revenue increase to AED 4.9 bn in 2024. The group boosted its global ties by inking partnership agreements with Air Mauritius, Asiana Air and Lyon Air last year. The firm also further expanded its local presence by launching the development of a new engine maintenance facility in Al Ain last month.

#4- Construction underway on more Nakilat vessels: Construction on six LNG vessels commissioned by Qatar Gas Transport Company Limited (Nakilat) has kicked off at South Korea’s HD Hyundai Samho (HSHI) shipyard, according to a statement. The move is part of Qatar’s initiative to expand its fleet of LNG vessels to advance plans to bolster its LNG production capacity to some 142 mn tons per year by 2030.

SOUNDS FAMILIAR? Nakilat commissioned Hyundai last year to construct 17 conventional-size LNG vessels as part of a 15-year time charter with QatarEnergy to operate 25 vessels. The remaining eight vessels began construction last week at South Korea’s Hanwha Ocean Shipyard.

#5- KSA is planning to divert more of its oil production to petrochemicals manufacturing, a sector that is responsible for 31% of the Kingdom’s non-oil exports, Sukuk Capital financial analyst Faris Al Qahtani told Al Arabiya. The plan comes as Saudi moves to leverage its relatively low extraction and feedstock costs — thanks to government subsidies — in a bid to expand its share of the global petrochemical market beyond the current 4.7%.

IN CONTEXT- Global chemical companies have been facing a rough patch due to rising costs and shrinking margins, with potential trade wars adding to recovery challenges. Local chemical giant Saudi Basic Industries Corp (Sabic) posted a SAR 1.54 bn in net income in 2024, rebounding from a loss but falling short of expectations due to lower sales and continued geopolitical uncertainty.

IN OTHER UPDATES FROM SAUDI- PIF-backed luxury EV maker Lucid will earmark 13% of its Saudi-based EV production for GCC markets, Lucid’s VP and Managing Director of the Middle East division Faisal Sultan told Arab News. The new factory — to be completed by the end of 2026 — will have the capacity to produce 150k cars once operational in 2027.

There’s more: The company is also in talks to establish a battery recycling facility in Saudi Arabia and is planning to open more locations in the country, particularly in the Dammam and Al Khobar areas, Sultan added.

REMEMBER- Saudi is angling to become a global automotive industry hub: PIF has been actively investing in EV makers and the automotive value chain for some time as part of its diversification agenda, including investing multiple times in Lucid. The fund also launched its own EV maker Ceer in a JV with Taiwan’s Foxconn. In late 2023, PIF established a USD 550 mn JV with Italian tire manufacturer Pirelli to establish a Saudi plant with a production capacity of some 3.5 mn tires a year.

MARKET WATCH-

#1- Oil prices inched up on Tuesday morning in the wake of a newly-announced stimulus package from China that could revive demand for the fossil fuel, Reuters reports. Brent crude futures increased by USD 0.17 to USD 71.24 a barrel, while the US West Texas Intermediate (WTI) went up by USD 0.14 to USD 67.72 a barrel by 03.50 GMT.

#2- Baltic index snaps winning streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 11 points to 1,658 on Monday. The capesize declined 89 points to 2,768, while the panamax index rose 38 points to 1,403, a five-month high. The smaller supramax index gained 24 points to 954, its highest in three months.

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CIRCLE YOUR CALENDAR-

The UAE will host the Gulf Ship Finance Forum on Thursday, 10 April in Dubai. The forum will host shipping and finance executives from around the region and the world to host presentations, interviews and panel discussions on ownership, management, chartering, legal and trading in shipping.

The UAE will host the CargoIS Forum on Monday, 14 April in Dubai. The event will discuss industry insights and strategies from leading logistics players, including Emirates SkyCargo and Lufthansa Cargo.

The UAE will host the IATA World Cargo Symposium from Tuesday, 15 April to Thursday, 17 April in Dubai. The event will host sessions, specialized streams, workshops and summits related to technology, security, customs, cargo operations, and sustainability for over 1.4k industry leaders.

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