KDL Logistics defies Nomu IPO chill with a fully covered debut

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What we're tracking today

TODAY: KDL Logistics secures full Nomu coverage

Good morning, friends. The year-end slowdown may be officially here, and while our inboxes are filling up with OOO replies, the regional updates haven’t quite checked out for the season just yet.

Our top story today is the debut of KDL Logistics on Nomu, warming up the index after a string of cancellations on the Saudi parallel market. We unpack what this means for the company and the index.

ALSO- Don’t miss our chat with head of advisory at EOS Risk Group Martin Kelly, we asked him one question: Are shipping giants actually returning to the Red Sea?

^^ Read all this and more in the news well below.

Watch this space-

CUSTOMS — TransMisr for Transport and Trade (TMT) is set to expand its customs station at Alexandria Port by 2k sqm in 1Q 2026, according to a statement. The expansion will bring TMT’s total footprint for its empty container and less-than-container load (LCL) facility to 9.5k sqm. The move comes as the firm nears its 1.5k TEU capacity limit following an initial EGP 100 mn investment at the site last year.

Why it matters: The expansion of private bonded customs areas is a direct response to chronic congestion at Alexandria Port. By moving the consolidation and maintenance of empty containers to dedicated private zones, the port aims to increase berth productivity and reduce dwell time, which has driven up costs for importers and exporters.

Floor space isn’t the only hurdle: The expansion’s utility depends on the efficiency of the Advance Cargo Information system and the Egyptian Customs Authority’s ability to process the increased volume.

For your eyes: EnterpriseAM sat down earlier this month with Ahmad Amawi, head of the Egyptian Customs Authority, to discuss the latest reforms and the overall trade movement in the country.

ZONES — Egypt and Oman are exploring integrating their heavy industry supply chains by establishing logistics zones in Ain Sokhna and Sohar, which would facilitate the flow of Omani raw materials to Egyptian manufacturers, according to an Industry Ministry statement.

Why it matters for operators: For Egyptian operators, specifically in the steel and cable sectors, this signals a potential new dedicated supply line for critical feedstock.

The value-added play: The proposal would see Omani iron and copper processed in joint industrial zones, effectively linking Oman’s mineral wealth with Egypt’s processing capacity and access to African and European markets.

What to watch for: The contractual structure of these zones will be the defining factor. The central question is whether they will be managed by the newly proposed Logistics Zones Authority — which we learned about earlier this week — and how that governance will facilitate the integration of Omani-Egyptian industrial ventures.

Market watch-

Oil prices eased this morning after a sharp jump as US plans to seize Venezuelan crude it seized — easing supply fears, Reuters reports. Brent crude futures increased by USD 0.11 to trade at USD 61.96 / bbl as of 01:00 GMT, while US West Texas Intermediate (WTI) rose USD 0.13 to USD 57.88 / bbl.

In other oil news — EIA sees more output in Opec’s future: The US Energy Information Administration (EIA) lifted its view of Opec’s effective and maximum sustainable capacity in its December Short Term Energy Outlook, adding an average of 370k bbl / d in 2025 and 310k bbl / d in 2026, while leaving actual production largely unchanged, according to a statement.

Baltic index is on a downward spiral: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 2.2% to 1,979 points on Monday. The capesize slipped 1.8% to 3,559, while the panamax index dipped 3.1% to 1,282 points, and the smaller supramax index eased by 29 points to 1,193.

Data point-

AED 7.6 bn — that’s the value of exports shipped by Ras Al Khaimah (RAK) Chamber members in 9M 2025, according to a press release.

Saudi Arabia leads RAK’s industrial growth. The Kingdom accounted for over AED 1.6 bn of the emirate’s exports through September. Iraq has also emerged as a heavyweight destination, ranking second in terms of value at AED 1.2 bn.

***YOU’RE READING EnterpriseAM Logistics, the essential MENA publication for senior execs who care about the industry that connects producers and retailers to global markets. We’re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.

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Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com.

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the UAE ***

KDL Logistics’ Nomu fully covered, despite the wave of IPO cancellations this year

KDL Logistics is moving forward with its IPO on Nomu — seemingly unfazed by a cold streak that saw multiple listings canceled this year.

The institutional tranche was 102% covered by qualified investors at at SAR 23 apiece, according to a bourse disclosure.

BACKGROUND- The company is taking a 20% stake to the parallel market in a secondary offering, which will see the selling shareholder rake in SAR 16.1 mn in proceeds (excluding IPO expenses).

Our take-

An oversubscribed listing, even by a tight margin, could be seen as a good sign, given the current market conditions — the Kingdom saw five Nomu IPOs cancelled this year.

Strong fundamentals in the logistics sector could enhance KDL’s chances. Total investments in the sector exceeded SAR 280 bn (USD 74.7 bn) since the sector’s national strategy launched in 2021, contributing 6.2% to the Kingdom’s GDP, Transport Minister Saleh Al Jasser said earlier this month. Global supply giants are betting on Saudi Arabia, including DHL, which recently earmarked EUR 130 mn (SAR 561 mn) for building a new Riyadh logistics hub.

BUT- The headwinds could be too strong: Nomu’s benchmark index is down over 26% YTD, and shares of logistics players lost big this year on both the main and the parallel markets. Tadawul-listed SAL Saudi Logistics Services — the most recent pure-play logistics debut before KDL — shed 32.7% since the year began, while Sadr Logistics is down 16.7% and Nomu-listed Munawala Cargo is down 44.8%.

ADVISORS- Arbah Capital is serving as financial advisor and bookrunner for the IPO, with Maham signing off as the external auditor.

Are shipping companies serious about a return to the Red Sea?

How serious are global shipping giants about returning to the Red Sea? Serious enough to test the waters — France’s CMA CGM and Maersk recently sent vessels through the Bab El Mandeb Strait for the first time in years — but nowhere near ready to dive in. We recently spoke with Martin Kelly, head analyst at EOS Marine, part of EOS Risk Group, to get a lay of the waters.

ENTERPRISEAM: Are we witnessing the beginnings of return to the status quo on Red Sea waters?

MARTIN KELLY: It’s far too risky for me. If I were a security manager at a shipping company, we wouldn’t be going there yet. There is no single answer — it’s down to individual risk tolerance. If there is a return, it will be gradual: individual lines or a few ships here and there, rather than anyone saying, “Okay, let’s go all in.”

It's on a knife-edge, a situation that could turn overnight. The longer a ceasefire holds, the more we might see a new norm in which everyone adheres to new rules. But so far, that hasn’t been the case — we’re still seeing breaches of the ceasefire, both above and below the threshold of open conflict.

ENTERPRISEAM: Ins. rates have dropped nearly 70% f from their mid-2024 highs, but they still remain multiples of their pre-September 2023 ratess. Why is this the case?

MARTIN KELLY: There is a huge misconception that the Houthis are just a militia. They have lots of fighters, they are well-armed, and they fight in a hybrid space. They aren’t going away; they’re building presence and power in different pockets. This shifts the defensive playing field constantly. And as long as the Houthis remain active, rates can never go back down to what they were.

ENTERPRISEAM: What is the current threat profile?

MARTIN KELLY: We’ve seen the targeting progress through four distinct phases. First, it was ships directly linked to Israel. Second, it expanded to ships calling at Israeli ports. Third, US and UK ships were added to the target list.

We are now in phase four, where it gets complex: They are targeting any ship if a vessel within that company’s fleet has called at an Israeli port. This has caused the rate of misidentification to shoot up — when relying on open-source intelligence, the Houthis are prone to misinformation. If you are a shipping company, the risk of misidentification — on top of everything else — makes this a huge risk.

Boeing appoints Fahad Al Mheiri as new regional VP

Boeing taps new VP for MENA ops: US planemaker Boeing has appointed Fahad Al Mheiri (LinkedIn) as its new vice president (VP) for the Middle East and North Africa operations, effective January 2026, according to a press release. Al Mheiri — who previously served as managing director of Raytheon Emirates — is set to oversee Boeing’s regional partnerships and investments in local infrastructure, as well as research and development.

New ground handling territory for Menzies Aviation + Ryanair’s new footprints in Morocco

Menzies enters EU-South America trade route-

Ground handling firm Menzies Aviation — a subsidiary of Kuwait’s Agility — has clinched a seven-year freighter handling license at Belgium’s Brussels Airport (BRU), where it will handle the cargo for Latin American player Latam Cargo. The company will handle 15 weekly turns to support the carrier’s growing freight network between Europe and Latin America.

The move places Menzies at the center of a leading pharma cargo hub, as BRU was the first airport to secure IATA’s CEIV Pharma certification. This will allow the company to deepen its presence in European infrastructure as it facilitates trade between South America and the rest of the world.

Ryanair launches fifth Moroccan base for USD 200 mn-

Ryanair inaugurated its fifth base in Morocco’s Rabat with a USD 200 mn investment, deploying two aircraft to operate 20 new routes, including seven international ones. The move brings Ryanair’s total aircraft investment in the Moroccan Kingdom to over USD 1.6 bn.

PLUS: Ryanair is also launching a direct connection between the UK’s Liverpool John Lennon Airport and Marrakech Menara Airport this winter.

What do these moves mean? Ryanair is doubling down on both the Moroccan market and its secondary city link strategy, which has proved very successful so far. For example, the carrier clinched a third of the Europe-Morocco market share in 2024, dominating roughly two-thirds of Europe-Morocco capacity growth that year.

Calendar

2026

JANUARY

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

21-22 January (Wednesday-Thursday):IOSA Operator Workshop, Dubai, UAE.

FEBRUARY

3-4 February (Tuesday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

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

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

9-11 February (Monday-Wednesday): Future Warehouses & Logistics, Dubai, UAE.

10-12 February (Tuesday-Thursday): Sustainable Aviation Future MENA, Dubai, UAE.

12 February (Thursday): Technical Seminar on Marine Biofuels, London, UK.

15-17 February (Sunday-Tuesday): World Advanced Manufacturing Logistics Summit and Expo, Riyadh, Saudi Arabia.

17-19 February (Tuesday-Thursday): World Legal Symposium (WLS), Warsaw, Poland.

20-22 February (Friday-Sunday): Dubai Freight Camp, Dubai, UAE.

24-25 February (Tuesday-Wednesday): Green Shipping Summit, Athens, Greece.

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

25-27 February (Wednesday-Friday): Air Law Treaty Workshop Tanzania (Third Edition), Dar es Salaam, Tanzania.

MARCH

5-6 March (Thursday-Friday): CargoIS Forum, Miami, United States.

9-13 March (Monday-Friday): WCA Worldwide Conference, Singapore.

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

18-19 March (Wednesday-Thursday): IntraLogisteX, Birmingham, United Kingdom.

18-19 March (Wednesday-Thursday): Green Marine Transport Conference, Amsterdam, The Netherlands.

26 March (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

APRIL

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

16-17 April (Thursday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

MAY

19-21 May (Tuesday-Thursday): Ground Handling Conference (IGHC), Cairo, Egypt.

12-14 May (Tuesday-Thursday):Aviation Energy Forum (AEF), Paris, France.

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