Jahez finalizes 75% acquisition of Qatar-based e-commerce outfit Snoonu

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What we're tracking today

TODAY: Jahez finalizes Snoonu acquisition + SAL locks in land for SAR 4.2 bn logistics zone

Good morning, friends. It’s another brisk read this morning as the logistics news cycle continues its lull. Jahez’s finalization of its latest acquisition leads the news well today, followed by project updates from Saudi and UAE. Tariffs impact is heavily featured today, amid reports of falling ocean shipping rates and forecasts for slowed down trade growth in 2026. Shall we?

THE BIG LOGISTICS STORY- World trade braces for rough landing in 2026 courtesy of US tariffs: The World Trade Organization (WTO) has slashed its trade growth forecasts for 2026 to 0.5% — down from its 1.8% prediction from August, according to an update made yesterday to the WTO’s Global Trade Outlook report. “The outlook for next year is bleaker,” WTO’s Director-General Ngozi Okonjo-Iweala said.

A delayed drag: WTO also raised its prediction for trade growth in 2025 from 0.9% to 2.4% despite this years’s disruptions. The organization said that the for 2025, most of the growth could be attributed to the impact of “frontloading,” where most shipments and goods trade were were ramped up ahead of US tariff deadlines to avoid rising costs. Shipments of AI-related items, such as semiconductors, were also one of the main drivers for 2025 figures.

The story grabbed some ink in the int’l press: Reuters | Bloomberg | Financial Times | New York Times | CNBC

HAPPENING TODAY-

The Quantum Maritime Conference 2025 is opening its doors today and will run until tomorrow in Abu Dhabi, the UAE. The conference will discuss how quantum tech can be leveraged in the maritime sector to reduce vessel turnaround times, improve fuel efficiency, and enhance overall navigation.

WATCH THIS SPACE-

#1- Wizz Air to return to UAE next month: Low-budget airline Wizz Air will resume Abu Dhabi’s flights to Larnaca, Cyprus, and Sofia, Bulgaria, starting in November, The National reports. Flights to both destinations will be operated by Wizz Air Hungary.

REMEMBER- The airline had called it quits: Wizz Air initially pulled out of its Abu Dhabi hub earlier this year, with initial plans to phase out its operations by 1 September. , as it reckoned with exorbitant costs, engine problems, and unfavorable weather in the Emirati capital. Abu Dhabi made up about 5% of the airline’s operations, while Central and Eastern Europe accounts for roughly two thirds.

#2- Denmark-based Scan Global Logistics (SGL) has launched its head office in Cairo, Egypt, as part of a growth initiative targeting the Middle East, North Africa, and Turkey, according to a press release. The firm — which has regional presence in the UAE’s Jebel Ali and Saudi Arabia’s Jeddah and Riyadh — said the move comes on the heels of the promising growth potential of Egypt’s warehousing market.

REMEMBER- Egypt’s local warehousing market is forecast to grow at 7% y-o-y over the next five years amid rising demand driven by new industrial zones and expanding e-commerce operations, according to forecasts from Egyptian Global Logistics.

About SGL: Founded in 2007, the Denmark-based freight forwarding and logistics company offers services spanning multimodal freight, warehousing, and customs clearance, according to its website.

#3- UAE-Oman link more than halfway done: The UAE-Oman rail connection led by Hafeet Rail is now more than 50% complete, the Oman Daily Observer reported on Saturday, citing comments by Etihad Rail CEO Shadi Malak during last week’s Global Rail Conference. The USD 2.5 bn project spans 238 km of rail between the two nations.

#4- Airbus snatches Boeing’s world record for deliveries: European airplane manufacturer Airbus’ group of A320 jets has now achieved the record for most aircraft model delivered in history, surpassing their rival Boeing 737 class, Reuters reports, citing UK-based aviation consultancy Cirium. Airbus clinched the world record after delivering a jet to Saudi carrier Flynas, bringing its overall tally to around 12.3k since the A320 debuted in 1988.

REMEMBER- Airbus had solid delivery rate last month: Airbus delivered 73 jets in September amid improvements in engine delivery rates. The figure exceeds the expected 69-70 jets predicted by some analysts, surpassing the 50 jets recorded in September 2024. This brought Airbus’ 9M 2025 deliveries above the year-to-date total for 2024.

MARKET WATCH-

#1- Oil prices surged this morning amid reduced oversupply worries following Opec+ decision for a less-than-expected production hike in November, Reuters reports. Brent crude futures rose by USD 0.48 to USD 65.93 / bbl as of 04.00 GMT, while US West Texas Intermediate (WTI) increased USD 0.51 to trade at USD 62.24 / bbl.

#2– Baltic index snaps on an upwards trajectory: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 15 points to 1,947 on Tuesday. The capesize climbed 57 points to 2,885, while the panamax index rose 11 points to 1,665. The smaller supramax index shed 18 points to 1,425.

DATA POINT-

Saudi ports handled 22.5 mn tons of cargo in September, up 8.6% from 20.7 mn tons a year earlier, the Saudi Ports Authority (Mawani) said in a statement. Liquid bulk reached 15.6 mn tons, dry bulk 5.7 mn tons, and general cargo 1.2 mn tons. Meanwhile, maritime traffic increased 1.1% y-o-y to 1k vessels, while passenger numbers surged 58.6% to 71.4k. Container throughput fell 2.8% y-o-y to 654.9k TEUs, with exports down 7.1% to 237.3 TEUs and imports 3% to 250.7 TEUs, while transshipments rose 4.7% to 166.8k TEUs.

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CIRCLE YOUR CALENDAR-

The UK will host the Marine Environment Protection Committee Extraordinary Session from Tuesday, 14 October until Friday, 17 October at the International Maritime Organization’s (IMO) HQ in London. The session is set to see the intergovernmental body formally adopt its Net-Zero Framework — rolling out new fuel standards for ships and a global pricing mechanism for emissions.

Belgium will host the AntwerpXL on Tuesday, 14 October until Thursday, 16 October in Antwerp. The expo will host 3.8k project cargo, break bulk, RoRo, heavy lift, and industry experts to expand collaborations. It will co-locate with the Transport and Logistics conference and exhibition.

Iraq will host the Iraq International Transportation & Airports & Logistics Expo & Conference on Wednesday, 15 October until Friday, 17 October in Baghdad. The expo — Iraq’s first platform focused exclusively on transport and logistics services — is expected to feature over 100 exhibitors, including ports, aviation, road, and rail players as well as logistics tech firms.

Morocco will host the International Forum and Expo on Mobility, Transport, and Logistics (Logiterre) on Thursday, 16 October until Saturday, 18 October in Casablanca. Logiterre will host main operators within the industry from West and Central Africa.

The UAE will host the Adipec Maritime and Logistics Exhibition and Conference on Monday, 3 November until Thursday, 6 November in Abu Dhabi. The conference will host over 250k attendees working in government entities, finance, and tech.

The UAE will host the Air Cargo Forum on Tuesday, 4 November until Thursday, 6 November in Abu Dhabi. The forum — hosted by Etihad Cargo — will bring together air freight industry leaders, policymakers, innovators, and stakeholders to discuss industry solutions, tech, strategies, and collaborative initiatives for global air logistics.

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

KSA’s Jahez finalizes acquisition of e-commerce outfit Snoonu

Tadawul-listed delivery app Jahezcompleted the first phase of its acquisition of Qatar-based e-commerce Snoonu, purchasing a 75% stake, or about 7.9 mn shares, it said in a disclosure to Tadawul yesterday. Jahez will later subscribe to an additional 1.6% stake, bringing its total ownership to 76.6%, while Snoonu founder Hamad Mubarak Al Hajri will retain 23.4%.

Playing with paper: Under the agreement, Jahez would pay SAR 802 mn (USD 214 mn) in banknotes to buy a 75% stake from Snoonu’s current shareholders. It will also issue 1.54 mn treasury shares (0.73% of its share capital) to the Snoonu founder and CEO Hamad Mubarak Al Hajri, and funnel another SAR 75 mn (USD 20 mn) into the company in exchange for a newly-issued 1.56% stake.

In the works for a while: Jahez inked a binding agreement in July to acquire a 76.6% stake in Snoonu in a SAR 919 mn (USD 245 mn) transaction.

About Snoonu: Founded in 2019, Qatar-based Snoonu runs an e-commerce and on-demand delivery platform serving food, grocery, retail, and courier customers. The firm’s revenues more than tripled over the past two years to USD 138 mn in 2024, with net income rising to USD 7.3 mn.

SAL finalizes land lease agreement for SAR 4.2 bn logistics zone

SAL edges closer to Falcon City zone debut: SAL Saudi Logistics Services has finalized a lease agreement with PIF’s entertainment and investments arm Sela regarding a plot of land in Falcon City in north of Riyadh, according to a Tadawul disclosure. The sub usufruct agreement increases the leased land by some 12k sqm beyond the initial agreement, bringing the total land plot area to roughly 1.6 mn sqm.

The purpose: SAL will use the plot to develop a SAR 4.2 bn logistics zone that includes state-of-the-art Class A warehouses, operational facilities, multimodal connectivity, and smart tech. The zone will provide a new revenue stream, which is forecast to reflect in the SAL’s earnings once the project is completed.

On the lease agreement: The lease, whose preliminary agreement was signed in March, stipulates that SAL will lease the land for a period of 30 years — with the option to extend an additional 15 years and a grace period of three years. SAL is taking the land at a lease rate of SAR 16 per sqm, with an annual inflation rate set at 1.5% following the grace period. SAL will also pay Sela SAR 25 mn for electricity, access roads, and infrastructure costs.

About Falcon City: The 14.4-mn-sqm city project is a next-generation urban development owned by Sela and is home to the Saudi Falcons Club, a cultural and heritage landmark in the Kingdom. The club boosts tourism and cultural engagement by hosting local and international events, as well as programs and activities.

ALSO- SAL approved plans to launch a SAR-denominated sukuk program to support its expansion and capital spending, it said in a disclosure to Tadawul yesterday. JPMorgan Saudi Arabia and SNB Capital have been appointed as arrangers for the program, which will proceed following regulatory approvals — with further details to be announced once the program is finalized.

Kezad to host AED 300 mn Chinese glass plant

Chinese glass plant in the works at UAE’s Kezad: China Southern Glass (CSG) will establish an AED 300 mn (USD 81.7 mn) glass manufacturing plant in the Khalifa Economic Zones Abu Dhabi (Kezad), AD Ports’ subsidiary Kezad Group said in a press release. The facility will be CSG’s first overseas manufacturing facility and comes as the UAE looks to reduce its reliance on imports and boost its local manufacturing chain.

The capacity: The 95k sqm facility, slated to be operational in late 2026, will be located in the Musaffah area, with an annual production capacity of over 5 mn sqm of coated, laminated, and insulating glass. Production will serve infrastructure and construction projects in the local UAE markets, as well as in the Gulf region, the US, Africa, and Europe.

Not the only new facility coming to Kezad: Kezad Group is planning a new 3 sq km mixed-use commercial hub in the economic zone, which is planned to welcome a new USD 54 mn recycled container board mill and the UAE’s first lithium battery recycling plant. Last month also saw the launch of Amazon’s first fulfillment center in the zone.

OVER IN EGYPT-

French glass and building materials manufacturerSaint-Gobain plans to double its exports from Egypt to African markets to reach EUR 120 mn annually, according to a statement from the Trade Ministry’s Egyptian Commercial Service. The expansion will be driven by the opening of a new factory in Ain Sokhna zone with EUR 200 mn investments, focusing on sustainable building materials. The company currently exports around EUR 60 mn worth of products a year and has total investments of EUR 250 mn in Egypt.

Saint-Gobain is no stranger to Egypt’s construction materials industry, with the company’s flat glass production line in the Suez Canal Economic Zone holding the record as the largest float glass facility in the Middle East. The company also owns two building materials factories in Sadat and Amreya worth more than EUR 150 mn and purchased 100% of United Paints and Chemicals (Drymix) last year from Orascom Construction subsidiary United Holding Company in a EGP 785.3 mn transaction.

Updates on aviation, storage, and trade from around the region

AVIATION-

#1- Oman has signed seven aviation collaboration pacts in a bid to cement its status as an emerging connectivity hub in the region. Three agreements and three MoUs were signed during the 42nd Session of the International Civil Aviation Organization, including one MoU with the the International Air Transport Association, a major trade association, according to a statement.

#2- Abu Dhabi Airports + ICP team up: UAE airport operator Abu Dhabi Airports and the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) have signed an MoU aimed at improving passenger flow, customs services, and tightening border control, according to a press release.

STORAGE + WAREHOUSES-

Stc Bahrain + Aramex team up on smart lockers: Telecom and digital services provider stc Bahrain and Aramex have formed a partnership to establish Bahrain’s first nationwide smart locker network, according to a press release. These smart lockers allow parcels to be collected, offering real-time tracking, instant notifications, and shipment visibility.

TRADE-

Japan to build auto components plant in Tunisia: Japanese bearings manufacturer NTN Corporation is looking to establish Tunisia’s first automotive components plant, according to a statement by the Tunisian Industry, Mines, and Energy Ministry. The project is expected to boost the North African nation’s exports, Tunisian Industry Minister Fatma Thabet Chiboub reportedly said.

US tariffs send ocean shipping rates reeling to record lows, hurting carriers

US tariffs squash shipping rates, threaten carrier returns: Ocean shipping rates have dropped to their lowest point since January 2024, a slump largely driven by US President Donald Trump’s year-long tariff bonanza, Reuters reports. The impact could be seen on the notable industry metric Drewry World Container Index tracking rates for transporting a 40-foot container — which slipped to a 20-month low of USD 1,669 per unit as of last Thursday

Straining the bottom lines of major carriers: “Rates have fallen below leading-cost operators’ break-even for the first time since late 2023,” ocean shipping analyst and Managing Director at Jefferies Omar Nokta told the newswire. For example, the Shanghai–Los Angeles route rates dipped around 58% y-o-y to USD $2,196 — a figure significantly below the USD 2,200 benchmark that carriers require to break even, Nokta said.

To make matters worse, vessel supply remains too high: To mitigate income loss and manage capacity, carriers are skipping port calls, slowing down or idling ships, canceling sailings, and scrapping older vessels, experts say. Despite weakening rates, major industry players like Maersk, Hapag-Lloyd, and Cosco are still receiving delivery of new container ships, pushing up capacity in an oversupplied market. Cyclical overcapacity is expected to peak in 2027, resembling a similar crisis point in 2016, supply chain advisory Sea-Intelligence said.

US to roll out 25% duties on trucks by 1 November

US President Donald Trump has announced that the 25% tariff on medium and heavy trucks will take effect on 1 November, Reuters reports. The levies — initially slated for rollout on 1 October — are pitched as a means of shielding stateside manufacturers, like Peterbilt, Kenworth, and Freightliner, from “unfair outside competition,” Trump reportedly said.

What about existing trade agreements? Despite reaching trade agreements with the EU and Japan, and establishing a 15% tariff on light-duty vehicles, it remains unclear whether Washington will impose the 25% levy on larger vehicles originating from these trade partners. It is also unclear if trucks made in Mexico eligible for tariff exemption under the North American trade agreement will also be subject to the 25% tariff rate.

Calendar

OCTOBER

6-8 October (Monday-Wednesday): Maritime Cyprus Conference, Limassol, Cyprus.

7-8 October (Tuesday-Wednesday): Global EV and Mobility Technology (Gemtech) Forum, Riyadh.

8-9 October (Wednesday-Thursday): Quantum Maritime Conference 2025, Abu Dhabi, UAE.

7-9 October (Wednesday-Thursday): World Aviation Festival, Lisbon, Portugal.

13-17 October (Monday-Friday): The Marine Environment Protection Committee’s second extraordinary session, London, UK.

14-15 October (Tuesday-Wednesday): Investing in Africa Conference and Expo, London, UK.

14-16 October (Tuesday-Thursday): AntwerpXL, Antwerp, Belgium.

15 October (Wednesday): Global Trade Review, Cairo, Egypt.

15-17 October (Wednesday-Friday): Iraq Transport, Logistics & Airports Exhibition & Conference, Baghdad, Iraq

16-18 October (Thursday-Saturday): International Forum and Expo on Mobility, Transport and Logistics (Logiterre), Casablanca, Morocco.

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.

9-11 November (Sunday-Tuesday): TransMea Expo, Cairo, Egypt.

11-13 November (Tuesday-Thursday): Freightcamp, Bangkok, Thailand.

17-21 November (Monday-Friday): Dubai Airshow, Dubai, UAE.

18 November (Tuesday): ShipTek International Conference and Awards, Al Khobar, Saudi Arabia.

24-26 November (Monday-Wednesday): World Advanced Manufacturing Logistics Summit and Expo, Riyadh, Saudi Arabia.

DECEMBER

6 December (Saturday): International Procurement Supply Chain Conference, Cairo, Egypt.

9-10 December (Tuesday-Wednesday): Rail Industry Summit, El Jadida, Morocco.

16-17 December (Tuesday-Wednesday): Saudi Airport Exhibition, Riyadh, Saudi Arabia.

JANUARY 2026

19-23 January (Monday-Friday): World Economic Forum Annual Meeting, Davos, Switzerland.

27-28 January (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh, Saudi Arabia.

27-28 January (Tuesday-Wednesday): Middle East ProcureTech Summit, Dubai, UAE.

FEBRUARY 2026

4-5 February (Wednesday-Thursday): Breakbulk Middle East, Dubai, UAE.

4-5 February (Wednesday-Thursday): MRO Middle East, Dubai, UAE.

25-27 February (Wednesday-Friday): Air Cargo Africa, Nairobi, Kenya.

MARCH 2026

10-12 March (Tuesday-Thursday): World Cargo Symposium, Lima, Peru.

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