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KSA’s Future Aviation Forum bags some 102 agreements worth SAR 75 bn

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What we're tracking today

TODAY: KSA’s Future Aviation Forum nets SAR 75 bn in agreements + Kuwait’s air cargo city project takes a step forward

Good morning, nice people. It’s an aviation heavy day as news comes in hot and heavy from Saudi Arabia’s Future Aviation Forum. We have all the latest on handshakes and investment tickets from the summit, but that’s not the only aviation event taking place in the kingdom…

HAPPENING TODAY-

It’s the second and final day of the Airports Council International annual conference — better known as WAGA 2024. The conference kicked off in Riyadh yesterday, hosting a meeting for the ACI Advisory Board, as well as a networking meeting, exhibition, and reception.

What to expect today: Riyadh Airports CEO Ayman Aboabah, General Authority for Civil Aviation (Gaca) President Abdulaziz Al Duailej, and International Civil Aviation Organization President Salvatore Sciacchitano will set the tone for today’s sessions with opening remarks.

The talking points: The day will include discussions of airport competitiveness, infrastructure, airline strategies for network expansion and partnerships, and the economic impact on regional growth and tourism, as well as the role of technology and innovation in enhancing passenger experiences. Panels will also examine the changes and economic impacts of air transport liberalization, with discussions on market reforms, regulatory shifts, economic outcomes, and geopolitical effects on airline operations and trade.

Panelists to look out for:

  • Majid Khan, Saudi Air Connectivity Program CEO;
  • Aimen Al Hosni, Oman Airports CEO;
  • Selahattin Bilgen, iGA Istanbul Airport CEO;
  • Deborah Flint, president and CEO Greater Toronto Airports Authority;
  • Juan Jose Salmon Balestra, Lima Airport Partners CEO;
  • Kashif Khalid, regional director for the Middle East & Africa at IATA;
  • Lorie Argus, Australia Pacific Airports Corporation CEO;
  • Serkan Kaptan, TAV Airports CEO.

WATCH THIS SPACE-

#1- It could get easier to set up private freezones in Egypt soon: Egypt’s General Authority for Investment and Freezone (GAFI) is finalizing a fresh set of requirements for the establishment of private freezones aimed at facilitating the process and attracting foreign investments in the process, GAFI head Hossam Heiba said on Tuesday. The new requirements “protect local investors while attracting foreign investors,” Heiba said.

On the table: The new requirements reduce the percentage of product allocated to the local market to 20% and offer tax breaks for foreign investors. Under the new rules, the process for establishing a company will be fast tracked to be completed within one day.

A new freezone for CAI? The Customs Authority is looking to set up a freezone inside Cairo Airport from which to trade and re-export goods, authority head El Shahat Ghatwary said, according to Al Borsa.

Higher tariffs on chemical imports? Egypt’s Finance Ministry could amend customs regulations for chemical products in order to boost local industry, a senior government source told Enterprise. The Chamber of Chemical Industries proposed increasing tariffs by 5-10% on chemical products that are imported but have a locally-made counterpart.

MARKET WATCH-

#1- Oil prices dropped this morning as markets expect that persistent inflation in the US would delay interest rate cuts and stifle demand for oil, Reuters reports. Brent crude futures dipped 0.7% to USD 82.28 by 03.46 GMT, while US West Texas Intermediate (WTI) futures slipped 0.8% to USD 78.02, the newswire reports.

The death of Iran’s president Ebrahim Raisi is unlikely to change the country’s oil export policy,S&P Global reports. “Iranian oil policy depends fundamentally on Iran's relationship with China,” which stands as the country’s largest customer, S&P Global Commodity Insights' head of geopolitics and international affairs Carlos Pascual said. Iran is not likely to shift its oil policy unless an Israeli connection to Raisi’s death becomes apparent, Psacual added.

#2-Baltic index steady as capesize gains counter fall in supramax: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — was mostly steady on Monday, inching up 0.16% at 1,847 points, as gains in capesize balanced falls in smaller segments, Reuters reports. The larger capesize sub index bumped up 1.23% to 2,708 points, while panamax slipped 0.77% to 1,811 points, its lowest in more than a month. Meanwhile, the smaller supramax segment ticked down 0.93% at 1,392 points, the newswire said.

DATA POINT-

Dubai International Airport (DXB) saw a 8.4% y-o-y surge in passenger traffic in 1Q 2024 to 23 mn passengers,Reuters reports, citing a statement by Dubai Airports. The rise in passenger traffic can be partly attributed to more destinations by flagship carrier Emirates and budget carrier Flydubai, the operator noted in the statement. “With a strong start to Q2 and an optimistic outlook for the rest of the year, we have revised our forecast for the year to 91 mn guests, surpassing our previous annual traffic record of 89.1 mn in 2018," CEO Paul Griffiths said.

REMEMBER- Dubai is lining up a USD 35 bn plan to develop a new passenger terminal at Dubai’s Al Maktoum International Airport in a bid to benefit from the growing air passenger market.

CIRCLE YOUR CALENDAR-

Oman will host the Comex Technology Show from Monday, 27 May to Saturday, 30 May in Muscat. The event will see representation from industry leaders and decision makers to showcase buyer potential in innovative technology, in transportation, logistics, energy and healthcare sectors.

Egypt will host ProPak MENA from Sunday, 26 May to Tuesday, 28 May in Cairo. The conference will see F&B manufacturing industry professionals network and discover the latest equipment and logistic solutions for processing and packaging.

The UAE will host the IATA Annual General Meeting and World Air Transport Summit from Sunday, 2 June to Tuesday, 4 June in Dubai. The event will bring together aviation industry players to showcase what can be achieved through supportive government policies and decisions. Airline leaders will make decisions during the event to formalize industry positions and set IATA’s strategic agenda.

Lebanon will host the East Med Maritime Conference on Thursday, 27 June in Beirut. The event will gather industry leaders to discuss the latest developments in shipping, maritime, and offshore industries to discuss industry innovations, alternative fuels, and decarbonizing emissions in the maritime sector and ports.

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

This publication is proudly sponsored by

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Aviation

KSA’s Future Aviation Forum bags some 102 agreements worth SAR 75 bn

Companies and international institutions signed 102 agreements worth a combined SAR 75 bn at Saudi Arabia’s Future Aviation Forum during the first two days of the industry event, Mubasher reports, without providing a breakdown of the specific agreements. Here’s what we know:

#1- The General Authority for Civil Aviation (Gaca) signed air service agreements yesterday with Kiribati, Grenada, Malawi, Romania, Belize, Sao Tome and Principe, Lithuania, El Salvador, and Albania, according to Mubasher. Gaca had signed similar agreements with Mozambique, Eswatini, Cambodia, Brunei, and Dar es Salaam on Monday.

#2- US-based electric aircraft maker Joby Aviation plans to expand into the Saudi marketafter it signed a MoU with Aramco aviation subsidiary Mukamalah, according to a statement. Mukamalah, which operates the world’s largest fleet of corporate aircraft, will introduce Joby’s eVTOL to the Saudi market,

About Joby: Operating since 2009, Joby works to provide electric air taxis for commercial use. Its aircraft is designed to carry up to 5 passengers, including the pilot, and can move at speeds of up to 321 km/h.

#3- Saudia + Riyadh Air: Saudi’s two national airlines will work together on pilot, crew, and other aviation employee training, after PIF-owned Riyadh Air signed an MoU with the Saudia Group-affiliated Saudi Academy, state-run SPA reports.

BACKGROUND- The PIF has been reportedly in talks to acquire Saudia, Saudi’s national flag carrier, as a prelude to combining the business with Riyadh Air. Saudia will bid adieu to Riyadh by 2030 to make way for Riyadh Air and will instead base itself out of Jeddah’s King Abdulaziz International Airport.

IN OTHER FORUM NEWS-

Industry and Minerals Minister Bandar Alkhorayef had one-on-one meetings with officials from some of the biggest names in aviation, including a sit-down with Boeing CEO David Calhoun, as well as the heads of China’s Comac and Empire Airlines to discuss avenues of cooperation in aircraft manufacturing, the ministry said on X.

Gaca plans to add two new private logistics zones at airports in the Kingdom, the authority’s vice-president for economic policies and logistics, Awad Al Sulami, told Argaam on the sidelines of the forum. The authority will announce the new zones “in the coming period,” Al Sulami said, without providing further details. The new zones would be added to the Kingdom’s current roster of special logistics zones, including the Special Integrated Logistics Zone at King Khalid International Airport in Riyadh, according to Al Sulami.

PIF-owned commercial chopper operator The Helicopter Company is looking to grow its footprint in Saudi and in global markets, with plans to eventually IPO, the company’s CEO, Arnaud Martinez, told Arab News on the sidelines of the forum. “Once you secure the market, it’s a healthy move to go and see what’s going on in other countries, other continents, and other bids. That’s what PIF does; we invest, we create something that the Kingdom needs, we grow the business, then you go on, you grow, you go over the borders, and then you go on an IPO journey,” he said.

Bahrain’s Gulf Air is looking to renew its fleets as it eyes expanding and boosting its network, Gulf Air Group Holding chief executive Jeffrey Goh told the National. Although the carrier is planning to induct Airbus and Boeing aircraft over the next three years, its fleet expansion plans are mindful of backlogs faced by planemakers, Goh said, adding that a decision on a fleet overhaul could be reached by 2H 2024 and may involve a mix of plane orders and leases.

Boosted network: Gulf Air is mulling new flights to Zurich, Tokyo, and Spain, as well as more frequent flights to Madinah, Najaf, and Jeddah, the National said.

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Projects

Kuwait gets green light to issue a bid for air cargo city project

Kuwait air cargo city gets approval: The legislative committee for Kuwait’s cabinet has given approval to the Directorate General of Civil Aviation (DGCA) to issue a bid for Kuwait’s air cargo city project in collaboration with Kuwait’s Finance Ministry, Al Qabas reports, citing Kuwaiti officials. The green light comes on the heels of GAA meetings with Finance Ministry representatives and legal officials last month to approve final documentation for the project. An investment ticket or timeline for operations has not been disclosed.

We have more details on the project: The development contract will include financing, designing, developing, maintaining, and operating cargo handling, storage, and distribution services at the airport. The first phase will involve building a shipping center, government offices, customer centers, and parking lots, and the second phase will tackle the development of railways, support buildings, and multi-storey parking. A third and final phase is also in the pipeline, the news outlet writes.

Who’s doing what? 20-year bids for the project are expected to be limited to specialized multinational developers, Al Qabas reports. Kuwait reportedly tapped a Chinese company to develop and operate the 3 mn sqm air cargo city last month.

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Enterprise Explains

How does the EU Emissions Trading System impact global shipping?

Enterprise Explains: How does the EU Emissions Trading System impact global shipping?The EU’s Emissions Trading System (ETS) is a cap-and-trade regulation that looks to limit GHG emissions by assigning a restricted yearly number of EU Allowances (EUAs) for trading in the carbon market. ETS went into effect this January, but saw pushback from stakeholders in the shipping sector over concerns it would drive business away from European ports.

First developed in 2005 as a market-based mechanism to curb emissions from energy-intensive sectors, ETS was initially limited in scope to manufacturing and power generation before extending to cover shipping. ETS compels shippers to purchase EUAs that cover 50% of emissions for voyages between EU/European Economic Area (EEA) and non-EU/EEA ports, and 100% of emissions incurred by trips between EU/EEA ports and while docking at an EU/EEA port.

In a nutshell… The mandate is applicable to all vessel types, passenger and cargo included, and will see a three-year phased introduction. The ETS will cover 40% of emissions in 2024 — the initiative’s first year — ramping up to 70% in 2025 and 100% in 2026, DNV says. In terms of vessel sizes, EU ETS will apply to general and cargo vessels that are upwards of 5k GT in 2024, and offshore vessels above 5k GT in 2027. Although not initially required to offset their emissions, offshore vessels and general cargo vessels that are between 400 and 5k GT will be required to report their emissions volumes and may be included in future updates to the mandate. EU ETS will cover CO2 emissions to begin with, but will also cover methane and nitrous oxide beginning in 2026, DNV also said.

How will global shipping be impacted? The trading system was forecast to set back the global shipping sector some USD 3.6 bn in levies in 2024. That figure is expected to increase y-o-y as later phases of ETS require shippers to offset larger proportions of their emissions.

Hapag Lloyd, Maersk, and CMA CGM have all indicated that they will introduce EU ETS surcharges as the mandate comes online. Hapag-Lloyd set a surcharge in October 2023 of between EUR 7 and EUR 31 per TEU, depending on cargo type and destination, which will be recalculated on a quarterly basis. Maersk’s charges range from EUR 46 to EUR 137 per FEU. Meanwhile, CMA CGM was expected to charge an additional EUR 43 to EUR 90 per TEU in October 2023, before updating the range to between EUR 20 to EUR 61 per TEU according to a statement out a month later.

What’s the outlook for EUA markets? Following a tumble on the back of falls in emissions and front-loaded supplies, EUAs are expected to see sustained increases beginning in 2026, a study by Bloomberg says. EUA prices are expected to decline to an average of EUR 65 per ton in 2024, ramping up to EUR 146 per ton by decade’s end, Bloomberg NEF says. If carbon offset mandates and other policies remain unchanged, EUAs could surpass the EUR 200 per ton threshold by 2035.

Geopolitical turmoil has also racked up costs for shippers: Liabilities under EU ETS surged on the back of Red Sea disruptions. Alternative routes have stretched journey distances by some 80%, while also compelling vessels to boost sailing speeds 25% to 20 knots, tripling fuel consumption. The boosted emissions implied a near threefold increase in carbon offset costs to some EUR 285k per voyage, at March’s EUA pricing of EUR 55 per ton. Shipping company MSC released an updated ETS surcharge notice calculated on the rerouting of vessels via the cape of Good Hope, in December 2023, with surcharges going up to EUR 90 per TEU when the mandate kicked off in January, according to a statement.

Going forward, regional bunkering is moving to stay ahead:EU ETS charges, alongside other regulations that look to curb emissions, are piling up the pressure on global shipping to transition to alternative fuels, DNV VP Eirik Nyhus says in his podcast (pdf). Angling to get in the game early, Oman’s Sohar Port is positioning itself as a regional LNG bunkering hub in a bid to supply growing demand for transitional shipping fuels. AD Ports subsidiary Masdar inked an MoU with the Port of Amsterdam and a consortium of Dutch companies in December 2023 to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam, with applications to green bunkering. Egypt’s Suez Canal Economic Zone (SCZone) also inked a USD 3 bn framework agreement in October 2023 with C2X — owned by AP Moller Holding and AP Moller-Maersk — for the production and sale of green methanol to power shipping.

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Also on Our Radar

Mawani + G4 Logistics ink agreement to set up grain storage warehousing

STORAGE + WAREHOUSES-

Mawani and global transportation company G4 Logistics have signed a SAR 200 mn agreement to set up silos and warehouses for grain storage at the King Abdulaziz Port in Dammam, the Saudi Ports Authority said on X. The project will cover an area of 100k sqm, the authority said, without providing a timeline.

DECARBONIZATION-

We have details on the UAE’s first state-owned EV charging network: UAEV — the firststate-owned EV charging network in the UAE — will install up to 100 160 KW fast-charging units by the year’s end, and some 1k units by 2030, UAEV Chairman Sharif Al Olama told Khaleej Times. The charging units will be available at no cost this year and will be accessible in public spaces, workplaces, shopping centers, and residential areas. There are also plans to later install chargers in malls, supermarkets, and government buildings.

SHIPPING + MARITIME-

Bahri gets new tankers from Korea Line: KSA shipping giant Bahri is said to have bought four modern VLCCs from South Korean SM Group subsidiary Korea Line Corporation, shipping brokers told Splash. No order ticket has been disclosed, but the four-year-old ships could have cost around USD 116 mn each, a Greek broker told the news outlet. The move comes as Korea Line looks to exit the VLCC segment, with the vessels being on the market for months.

Milaha adds MGX service: Qatar Navigation (Milaha) has added a new shipping service connecting China to the Arabian Gulf, according to a statement. The new weekly shipping service — Milaha Gulf Express (MGX) — will connect three Chinese ports in Shanghai, Ningbo, and Shekou with the UAE’s Jebel Ali, offering faster transit time for that corridor, according to the statement. The service will offer a capacity of 2.7k to 3k TEUs, according to the statement.

LOGISTICS HANDLING-

HCHL launches its new Dubai distribution center: Hellmann Calipar Healthcare Logistics (HCHL) has inaugurated a new warehouse in Dubai South, which will serve as a distribution center for the global medical device company Boston Scientific, according to a press release. HCHL will provide comprehensive logistics solutions to Boston Scientific, and serve distributors and warehouses across the EMEA. The multi-user distribution center spans some 5.4k sqm between Dubai World Center and Jafza, and has a capacity of 1.9k pallets and 5.5k cubic meters of shelving storage. It will offer localization services to customize products to specific market needs, according to the release.

About HCHL: HCHL is a healthcare hub made up of a JV between Hellmann Worldwide Logistics and an affiliate of India-based Parekh Integrated services, according to the release. The company operates a 35k sqm facility in Dubai South that has a capacity of 27k pallet positions. The JV handles an array of pharma and medical device products, including semi-controlled and cytotoxic drugs. HCHL provides value-added services including labeling, 2D matrix imprinting, kitting, redressing, aggregation, and track and trace.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Safeen debuts Middle East’s first electric tug: AD Ports’ Safeen Group is piloting an electric tug within its marina service fleet, which should eliminate emissions and increase operational efficiency and cost-effectiveness. (Statement)
  • Emirates Delivers enters KSA: Emirates SkyCargo’s e-commerce delivery solution Emirates Delivers has launched operations in Saudi Arabia, enabling customers in the Kingdom to deliver products from UK, US, and UAE marketplaces. (Press release)
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Around the World

Philippines eyes status as regional logistics hub

Philippines looks to be Asia’s next logistics + manufacturing hub: The Philippines is looking to pour pledged US investments into its transport infrastructure, clean energy, and semiconductor supply chains through the Luzon Economic Corridor, Bloomberg reports, citing comments by Philippines President Ferdinand Marcos Jr. The initiatives should enhance freight transport services, mobility, and access to key economic zones, positioning the country as a regional hub for agribusiness and logistics in Asia Pacific, Marcos said. The Philippines’ infrastructure program comprises 185 projects worth some USD 163 bn.

What is the Luzon Economic Corridor? The Luzon corridor includes three projects — the USD 868 mn Subic-Clark railway connecting subic bay freeport zone and the clark freeport and special economic zone in Luzon, the USD 174 mn runway at Clark International Airport, and a USD 152 mn food hub for boosting the local agricultural sector.


Zimbabwe + China Railways discussing railway revamp:Zimbabwe is in talks with China Railways Group to secure a USD 533 mn revamp project for Zimbabwe Railways (NRZ), Bloomberg reports. Zimbabwe and China have inked an MoU to study the feasibility of the project, which Zimbabwe hopes will match railway improvements in the neighboring countries of Mozambique and Zambia. The country’s railroad moves lithium, coal, chrome, and granite, with most mineral exports going to China. “It is our expectation that in the upcoming Forum for China and Africa taking place around August and September that the deal between the NRZ and China Rail will be announced,” Finance Minister Mthuli Ncube said.

China Railways has history in the region: The company previously built a 1.9k km rail line that links Zambia with the Indian Ocean port of Dar es Salaam in Tanzania in the 1970s and recently constructed the Addis Ababa-Djibouti Railway in Ethiopia, Bloomberg explains.


Supply chain improvement has stalled over the last few months, Reuters reports, citing US NY Federal Reserve Bank’s supply availability indexes data. Supply availability indexes “indicate that supply availability had generally been improving since early 2023, but over the past couple of months, improvement has stalled," the NY Fed said. The indexes look to gauge the extent of supply disruptions, determine whether availability is improving, and monitor inflationary pressures. The New York Fed described the current trend as "concerning," noting that supply disruptions continue to affect many regional firms. This situation arises just as the Federal Reserve is anxious about the slow progress in reducing inflation to its 2% target.


MAY

20-22 May (Monday-Wednesday): Future Aviation Forum, Riyadh, Saudi Arabia.

20-22 May (Monday-Wednesday): The Electric Vehicle Innovation Summit, Abu Dhabi, UAE.

21-23 May (Tuesday-Thursday): WAGA 2024, Riyadh, Saudi Arabia.

21-24 May (Tuesday-Friday): Global Supply Chain Forum, Bridgetown, Barbados.

26-28 May (Sunday-Tuesday): ProPak Mena 2024, Cairo, Egypt.

27-30 May (Monday-Saturday): Comex Technology Show, Muscat, Oman.

JUNE

2-4 June (Sunday-Tuesday): IATA Annual General Meeting (AGM) and World Air Transport Summit, Dubai, UAE.

2-3 June (Sunday-Monday): Offshore Support Vessels Conference, Abu Dhabi, UAE.

5 June (Wednesday): Digital Transformation Summit, Riyadh, Saudi Arabia.

5-7 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

6-7 June (Thursday-Friday): Supply Chain Innovation Summit, Amsterdam, Netherlands.

6-7 June (Thursday-Friday): International Symposium on Sustainable Logistics, Mersin, Turkey.

11-13 June (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Rotterdam, Netherlands.

26-27 June (Wednesday-Thursday): Decarbonizing Shipping Forum, Rotterdam, Netherlands.

27 June (Thursday): East Med Maritime Conference, Beirut, Lebanon.

29 June (Saturday): The Investment Conference in cooperation with the European Union, Brussels.

JULY

2-4 July (Tuesday-Thursday): ACI Europe Annual Congress, Istanbul, Turkey.

14 July (Friday): AI Integration and Autonomous Mobility, Berlin, Germany.

SEPTEMBER

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, KSA.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition (AICE) , Dubai, UAE.

OCTOBER

6-8 October (Sunday-Tuesday): Routes World 2024, Bahrain.

8-10 October (Tuesday-Thursday): The Global Rail Transport Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi, UAE.

7-9 October (Monday-Wednesday): AFSIC – Investing in Africa, London, UK.

8-10 October (Tuesday-Thursday): AntwerpXL Expo, Antwerp, Belgium.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh, Saudi Arabia.

22-24 October (Tuesday-Thursday): Asean Ports and Logistics, Johor, Malaysia.

22-24 October (Tuesday-Thursday): Global Ports Forum, Singapore.

NOVEMBER

11-14 November (Sunday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

13-15 November (Wednesday-Friday): The Bahrain International Airshow, Sakhir Airbase, Bahrain.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Damman, Saudi Arabia.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

DECEMBER

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai, UAE.

20 December (Wednesday): The Iran-Senegal Joint Economic Cooperation Commission, Dakar, Senegal.

EVENTS WITH NO SET DATE

1Q 2024: Construction of phase 3 of Agility’s logistic park in Abidjan, Côte d'Ivoire to be completed.

1Q 2024: Egypt’s Transport Ministry to launch pre-qualification tender for Cairo-Alex freight railway.

1H 2024: Civil Construction subcontracts for construction firms in Oman for implementation of the Abu Dhabi - Suhar rail link to be announced.

2H 2024: Bahri’s barges for Saline Water Conversion Corporation (SWCC) to begin initial and commercial operation.

King Salman Energy Park is set to become operational.

The Cross-Border Digital Trade Forum, Dubai.

2025

APRIL

16-17 April: Global Ports Forum, Dubai, UAE.

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 twoof Jafza Logistics Park to be completed.

2027

4Q 2027: Oman’s Musandam Airport construction to be completed.

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