Mawani and RSGT conclude expansions and upgrades at Jeddah Islamic Port

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What we're tracking today

TODAY: Mawani and RSGT complete Jeddah Islamic Port upgrade + Seafarers can give the Red Sea a pass

Good morning, friends. It’s a busy morning with updates from across the regional logistics sector and all the latest from the Red Sea. Shall we?

PSA-

There will be rolling road closures today in Al Dhafra region’s Madinat Zayed in Abu Dhabi between 12:35 and 4:30 PM, to accommodate the UAE Tour Event for cycling, Abu Dhabi’s Integrated Transport Centre said on X.

WATCH THIS SPACE-

#1- Qatar’s Transport Ministry has finalized the Qatar Freight Master Plan (QFMP), an initiative that looks to upgrade infrastructure to support the country’s road freight sector within an integrated transport system approach, QNA reports. QFMP outlines policies, regulations, and standards for Qatari road freight, and proposes projects and schemes into 2050 that look to develop the country’s road freight networks, facilities, and modes, in addition to regulations and frameworks for hazardous cargo and initiatives to boost sustainability, QNA said.

#2- UAE + India kick off Bharat Mart:The UAE’s Sheikh Mohammed bin Rashid Al Maktoum and Indian Prime Minister Narendra Modi have laid the foundation stone for Bharat Mart, a Dubai-based trading platform for Indian exporters, according to a statement released on Thursday. Led by DP World, the distribution hub is slated to debut in 2026 and will enable Indian exporters and manufacturers to leverage Jebel Ali Free Zone’s (Jafza) logistics and trade ecosystem to meet demand in the UAE and re-export to markets abroad, the statement said. Bharat Marat is expected to span some 2.7 mn square feet, accommodating 1.5k showrooms and 700k sqf of premium warehousing space, in addition to light industrial units, offices, and conference rooms. The initiative looks to contribute to boosting bilateral non-oil trade between the UAE and Indian to USD 100 bn by 2030, the statement also said.

#3- A 69-meter cargo ship sank in the Marmara Sea to the northwest of Turkey,Reuters reported on Thursday citing state news agency Andalou. Rescue teams are looking for six missing crew members who are believed to be Turkish nationals, governor of Bursa province Mahmut Demirtas said.

#4- WSC suggests new framework to accelerate decarbonization: The World Shipping Council (WSC) has submitted a proposal for a regulatory framework to the International Maritime Organization (IMO) to narrow the price gap between fossil fuels and cleaner energy in a bid to achieve the maritime shipping industry 2050 netzero goal, according to a statement released on Thursday. WSC’s Green Balance Mechanism (GBM) proposes that fees be levied on traditional fossil fuels and reallocated to green fuels and suggests that the initiative “can be used as a targeted greenhouse gas pricing mechanism, or a possible addition to an integrated measure,” according to the statement. GBM looks to balance the price gap between traditional and green fuels and boost demand for green fuels, as well as incentivize their production, CEO of shipping giant MSC Soren Toft was cited as saying in the statement.

MARKET WATCH-

#1- Baltic index hits one-month peak: The Baltic Exchange’s Dry Bulk Index — which tracks rates for the capesize, panamax, and supramax vessel segments – was up 1.8% to 1610 points on Friday, hitting a one-month high, Reuters reported. Gains across all vessel segments buoyed the index. The capesize subindex climbed 2.3% to 2448 points, up 3% for the week, while panamax also increased 1.4% to 1646 points, up 9% for the week. The smaller supramax segment saw a 13 point increase to 1071 points, its highest in a month.

#2- Oil prices dipped slightly on Thursday, as the IEA trimmed its forecast for growth in the global demand for oil in 2024 and a higher than expected surge in US crude inventories also weighed down the market, Reuters reported. Brent fell a modest 0.5% to USD 81.23 a barrel, while West Texas Intermediate (WTI) inched down 0.6% to USD 76.20 a barrel, the newswire said. The US Energy Information Administration (EIA) had reported that US crude stocks leaped 12 mn barrels to 439.5 mn barrels in the week ending 9 February, far outstripping the 2.6 mn barrel increase forecasted by a recent Reuters poll. The latest International Energy Agency (IEA) monthly report also capped 2024’s growth in global demand for oil at 1.22 mn barrels a day, down from 1.24 mn barrels a day, the newswire said.

DATA POINTS-

#1- Etihad Cargo achieved y-o-y growth in 2023 in its dedicated cool chain products, PharmaLife and FreshForward in 2023, marking the third year of consecutive growth despite adverse market conditions, according to a Thursday press release. The cargo arm noted a 37% y-o-y increase in the volume of pharma and life science products transported, hitting an all-time record, in addition to a 10% y-o-y boost in fresh and perishables shipments. The carrier’s pharma shipments have maintained a 99.1% compliance rate over the past three years, the statement also said.

#2- The UAE’s non-oil foreign trade in goods and services reached AED 3.5 tn in 2023, Ruler of Dubai and UAE Vice President and Prime Minister Sheikh Mohamed said on X yesterday. The year also saw a general surge in the country’s foreign trade, with a 25% y-o-y boost in trade with the country’s top ten trade partners, the statement also said.

CIRCLE YOUR CALENDAR-

The UAE will host The World Trade Organization's 13th Ministerial Conference from Monday, 26 February to Thursday, 29 February in Abu Dhabi. The event will gather ministers from around the world to assess the operation of the multilateral trading system and make key decisions regarding the future tasks of the WTO.

The UAE will host the TradeTech Forum on Tuesday, 27 February in Abu Dhabi. The forum will see some 180 trade leaders and experts discuss the technologically advanced trade environment and a showcase of trade tech solutions.

The UAE will host the Future-Proof Technologies Conference on Thursday, 29 February Dubai. The event will unite industry experts to discuss strategies for adopting sustainable supply chain operations through cross-sector collaboration, advanced technologies, and integrated logistics.

The UAE will host the MRO Middle East on Tuesday, 5 March and Wednesday, 6 March in Dubai. The two-day event will bring together key decision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the airline supply chain.

The UAE will host The Logistics Middle East Award on Wednesday, 6 March in Dubai. The awards ceremony brings together industry experts to celebrate the sector’s biggest accomplishments over the previous 12 months.The deadline for submitting nominations is Friday, 19 January.

The UAE will host Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

KSA will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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

Mawani and RSGT conclude expansions and upgrades at Jeddah Islamic Port

Mawani + RSGT complete upgrades at Jeddah Islamic Port: A Saudi Ports Authority (Mawani) and Red Sea Gateway Terminal (RSGT) partnership has wrapped up expansions and upgrades at Jeddah Islamic Port’s North Container Terminal, now dubbed RSGT, with investments valued at SAR 1 bn, according to a Thursday press release. The upgrades took under three years to complete and are pursuant to a build, operate, and transfer contract concluded between Mawani and RSGT, the statement said.

Details: The upgrades see the terminal’s area more than doubled from 700k square meters (sqm) to 1.5 mn sqm and handling capacity boosted from 2.5 mn TEUs to 6.2 mn TEUs, via the addition of 24 new shore-to-ship (STS) cranes, the statement said. Other improvements to port infrastructure include the expansion of RSGT’s northern waterway to accommodate ships with a 17 meter draft, the refurbishment of all buildings at the terminal, a new high technology control room, automated main gates for trucking that have a larger capacity and are equipped with Optical Character Recognition (OCR), as well as 146 new pieces of equipment to support operations.

ICYMI- Mawani kicked off a feedback survey last week on newly drafted regulations that look to oversee the port authority’s relationship with investors and tenants of shipyards, warehouses, industrial, commercial, and residential facilities. Mawani-managed ports in KSA saw a 12% y-o-y boost in container handling to 8.4 mn TEUs in 2023.

Oman outlines logistics and transport projects for 2024

Oman’s 2024 investments in transport and logistics projects will see investment values for the first and second phases of projects reach OMR 1.6 bn,ONA reports. The sultanate plans to establish a dry dock, build and maintain medium and large vessels, inaugurate the country’s first hydrogen-powered station, begin the implementation of a joint railway project with the UAE and prepare a draft law for the project, ONA wrote, citing statements at a presser by Oman’s Minister of Transport, Communications and Information Technology, Hamoud Al Maawali.

Oman will also double down on road connectivity this year: The ministry intends to pursue several projects to rehabilitate existing roads and establish new ones, ONA wrote. The country’s main road project for the year is the first phase of Al Batinah Coastal Road, Undersecretary of the Ministry of Transport, Communications and Information Technology for Transport Mohammed Al Shamakhi said. Other projects include expressways, improvements to existing dual-carriageways, and the design and implementation of new roads in Musandam Governorate, Al Shamakhi said.

ICYMI- The UAE-Oman Railway Network is a USD 3 bn, 303 km railway for high-speed trains connecting Abu Dhabi and Sohar in the north of Muscat, first unveiled in September last year. The rail line is set to serve both passenger and freight trains.

European retailers urge EU states to do more to counter disruptions + seafarers can now opt out of Red Sea transits

TheHouthis have claimed an “accurate and direct” hit on a tanker, dubbed Pollux, Reuters reported on Saturday, citing statements by the Houthis and US officials. US Central Command (Centcom) also confirmed that the Iranian-backed group fired four missiles towards the Red Sea on Friday, with at least three directed towards the Pollux, but added that no injuries were reported, the newswire also said.

Seafarers can refuse to partake in sailings through the Red Sea in a new industry agreement,Reuters reported on Friday, citing statements from a labor union and industry groups. Seafarers had previously signed agreements granting them double pay when transiting through high-risk zones, with December seeing the classification extended to the southern Red Sea, via a negotiations platform for seafarers and shipping lines dubbed the International Bargaining Forum (IBF), the newswire said. The latest IBF-mediated agreement sees seafarers granted the right to ask for repatriation at their employer’s cost if they do not wish to transit the Red Sea, provided that they abide by a two-week notice period, the newswire said citing the International Transport Workers' Federation (ITF) and the Joint Negotiating Group. Repatriated seafarers will also receive compensation equivalent to two months basic wages, the ITF said

IN SECURITY NEWS- The US carried out a cyberattack targeting an Iranian vessel in the Red Sea that was collecting information on cargo vessels, Reuters reported on Thursday, citing statements from three US officials. The cyberattack occurred a week ago and came in response to a drone attack last month by an Iranian-backed Iraqi militia that killed three US servicemen in Jordan and injured dozens more, the newswire said.

US forces seized an Iranian shipment of advanced weapons that was on its way to the Houthis, aboard a vessel in the Arabian Sea on 28 January, Reuters reported on Thursday, citing a US Central Command (Centcom) statement. The shipment included some 200 packages, containing ballistic missile parts, explosives, parts for submersible drones, communication equipment, and other military-grade hardware, Centcom said.

Iran vows retaliation if its vessels face seizure, Reuters reported citing Tuesday media statements by the legal adviser to Iran's President Mohammad Dehghan. “If an Iranian ship is seized, we will reciprocate and the legal way is not closed in this regard,” Dehghan said.

Which seized oil? Iran’s warnings come in response to a US Department of Justice (DOJ) decision to seize some 500k barrels of sanctioned Iranian fuel aboard a tanker, according to a DOJ statement, with the DOJ claiming that the action looks to clamp down on funding for Iran Revolutionary Guards. Both countries have been engaged in a months-long tit-for-tat tanker war that has also seen Iran seize tankers near the Strait of Hormuz.

ON THE DELIVERY FRONT- Humanitarian groups looking to distribute aid in war-torn Sudan are facing significant hurdles due to Red Sea disruptions, with reroutes to shipments incurring delays and straining their limited budgets, the Guardian reported on Friday. “Shipments that took one or two weeks, maximum, now take months to reach us,” Sudan country director for the International Rescue Committee Eatizaz Yousif said. The disruptions have also made the group’s operations very expensive, Yousif also said. Some shipments are being disembarked in the UAE and shipped via KSA’s Jeddah Port, or flown to Egypt or Kenya before being forwarded to Sudan, but these alternative routes are slower, more expensive, and more complicated bureaucratically than direct shipments to Port Sudan, the Guardian cites the local head of supply chain management for Save the Children Omer Sharfy as saying. “The Houthi issue has completely choked the market,” Sharfy said, adding that medicines have become difficult to source.

European retailer body Eurocommerce is urging EU-member states to do more to address Red Sea disruptions,Reuters reported on Friday, citing a letter the group sent to Belgium’s foreign minister. The group, which includes major European retailers such as Carrefour, M&S, Tesco, and H&M, is warning that disruptions have already had “massive impacts” on firms and that continued reroutes will see businesses and consumers suffering higher prices.

ICYMI:Trade associations from across the globe last week called on governments to assume a more proactive role to safeguard international commercial shipping in the Red Sea.

Jeddah Chamber’s logistics council has set out proposals to limit knock-on effects from Red Sea disruptions on maritime shipping, the council’s head Rayan Qutb told Al Eqtisidiya on Saturday. The proposals include a collaboration with Saudi Arabia Railways (SAR) to facilitate the transport of cargo via land between Dammam and Riyadh to (and from) Rabigh and Jeddah, the establishment of a freezone in Jeddah, regulatory changes to streamline customs and examination procedures, setting up dry ports along the Kingdom’s borders with the UAE and Oman, and bilateral trade agreements with countries on the Red Sea’s African coast.

MARKET REAX- Red Sea disruptions are seeing a boom in Singapore’s bunkering market, with volumes increasing 12% y-o-y to 4.9 mn tons in January,Bloomberg reported on Thursday citing data from Singapore’s Maritime and Port Authority. The sharp increase is the second in as many months, with December seeing 5.1 mn tons of fuel sold to ships, the highest in almost thirty years of records. Longer routes, as well as boosted sailing speeds to cut back on delays, are driving demand at the world’s largest bunkering hub, the outlet said. “Demand in Singapore has increased as it’s almost the last stop before heading to the Indian Ocean,” a bunkering executive told Bloomberg. Other bunkering stations at the UAE’s Fujairah and Sri Lanka are also situated along reroutes, the executive said.

AND Egypt has lost some USD 508 mn in Suez Canal revenues due to ongoing Red Sea disruptions,Alsharq said on X on Wednesday, citing Bloomberg Intelligence estimates. Losses will likely continue as disruptions persist, but it is likely that the International Monetary Fund (IMF) will intervene to soften some of the blows Egypt’s economy has taken on the back of regional shakeups.

ICYMI: Suez Canal receipts fell 47% y-o-y to USD 428 mn in January as the number of ships passing through the waterway dropped almost 37% to 1.4k in the month due to reroutes on the back of Houthi-led attacks against shipping entering and exiting the Red Sea.

Adnoc L&S saw its net income more than double in 2023 to USD 620 mn

Adnoc Logistics and Services (Adnoc L&S) saw its bottomline more than double in 2023, up 138% y-o-y to USD 620 mn, the company said in an earnings release (pdf). Adnoc L&S’ topline also climbed 41% y-o-y to USD 2.7 bn during the period.

Behind the numbers: The company attributed the improved performance to boosted revenues from core operations in its integrated logistics division which saw an 88% y-o-y to USD 1.74 bn, on the back of the recent acquisition of Zakher Marine International (ZMI) and new Engineering, Procurement and Construction (EPC) contracts for dredging, land reclamation, and marine construction of an artificial island for the Lower Zakum offshore field. The company also saw a slight 6% y-o-y uptick in revenues from marine services to USD 177 mn, driven by higher volumes at petroleum terminals, the statement said.

On a quarterly basis: Adnoc L&S saw its net income increase 89% y-o-y to USD 165 mn in 4Q 2023, while revenues climbed 26% y-o-y to USD 828 mn.

Some highlights this year: The company raised USD 769 in a landmark IPO in May 2023 that saw the company’s 19% stake offering 163x oversubscribed during bookbuilding. The company also boosted its barge fleet 25% through its acquisitions of ZMI late last year and took delivery of four newbuild VLCCs.

AD Ports reports a 112% y-o-y increase in net income to AED 11.7 bn in 2023

UAE-based port operatorAD Ports Group saw its bottomline inch up 6% y-o-y to AED 1.4 bn in 2023, according to a preliminary earnings release published last week. The company’s topline more than doubled, surging 112 % y-o-y to AED 11.7 bn in the same period.

4Q figures: The port operator’s net income fell 17% y-o-y to AED 285 mn due to “extraordinary one-off items,” it said. Revenues more than doubled to AED 3.57 bn.

The story behind the numbers: The company cited strong performance in its maritime and shipping, ports, logistics, and digital clusters, along with recent acquisitions, as driving forces in the revenue surge. Ports also saw a boost in revenues, particularly at the company’s flagship Abu Dhabi Khalifa Port, with general cargo and RoRo operations bolstered by six-month impact from the company’s recent acquisition of Spain’s Noatum and establishment of KGTL, a joint venture with Kaheel Terminals, in Pakistan. The company’s logistics and digital cluster operations also buoyed performance. Higher depreciation and amortization costs, along with finance costs and taxes, weighed down performance, the company said.

Red Sea disruptions are expected to boost demand in 2024: Disruptions to regional trade routes have caused a spike in volumes and freight rates, with sustained disruptions expected to have a “knock-on effect” on the company’s operations, the statement said, without providing further details. “The increased transit time of around two weeks for vessels on the main East-West trade lane, rerouted through the Cape of Good Hope, has resulted in a stronger demand for tonnage,” AD Ports said, adding that this is boosting ocean freight prices.

AD Ports had a good year: The company closed a 100% acquisition of Spain-based logistics outfit Noatum on 30 June 2023, with the outfit being valued at EUR 660 mn at the time. The year also saw AD Ports Group and Pakistan’s Karachi Port Trust (KPT) ink a 25-year concession agreement for a bulk and general cargo terminal at Karachi Port, which will be developed, operated and managed via an AD Ports, Kaheel Terminals joint venture, dubbed Karachi Gateway Terminal Limited (KGTL).

Big steps so far in 2024: AD Ports’ freezones and warehousing subsidiary Khalifa Economic Zones Abu Dhabi (Kezad) kicked off a new phase of warehousing developments late last month, with an AED 621 mn (USD 169 mn) investment to boost the outfit’s pre-built industrial and logistics warehousing capacity 43% by the end of 2025

Qatar + Kazakhstan ink agreements worth USD 18 bn to boost economic cooperation

Qatar and Kazakhstan have inked MoUs worth some USD 18 bn to boost economic cooperation between the two countries, according to a statement released last week. The two sides discussed increasing bilateral trade to USD 500 mn, with Kazak President Kassym-Jomart Tokayev pledging to offer the Qatari market high-quality goods including machinery, iron, steel and agricultural products. Qatar’s Minister of Commerce and Industry Mohammed bin Hamad bin Qassim Al Thani also highlighted his country’s will to enhance cooperation with Kazakhstan in several areas including manufacturing, logistical services, information technology, digital and financial services, food and agriculture, and health services.

IN OTHER DIPLO NEWS-

Abu Dhabi Ports heading to Uzbekistan?The UAE’s Abu Dhabi Ports is reportedly in talks with Uzbekistan to build a logistics center in the Tashkent region. Uzbek Transport Minister Jasurbek Choriev met with AD Port’s Uzbekistan head Unal Setin, where they discussed potential investments in Uzbekistan’s logistics infrastructure. (UZ Daily)

Bahri + Mawani partner on logistics center at Jeddah Islamic Port, Four Winds to launch overland routes to sidestep Red Sea disruptions, Figeac Aero kicks off aerospace plant in Morocco

LOGISTICS HANDLING-

National shipping company Bahri and the Saudi Port Authority Mawani are partnering to establish a 95k sqm logistics center at Jeddah Islamic Port, according to a statement. The center is expected to offer services including container maintenance, repair, cleaning, bonded storage, and haulage services will be offered at the logistics center. An operational launch is expected by the first half of 2025.

IN OTHER NEWS- Bahri and KSA’s investment holding firm Aljan & Bros (ABHG) have renewed an MoU to discuss establishing a joint venture (JV) in vessel building, according to a statement released last week. The agreement will be extended with the previous terms and conditions, initially signed in December 2022, and will be automatically extended upon expiry unless Bahri or ABHG give notice prior to termination, the statement adds. Bahri will act as the JV’s commercial and technical manager and will manage the JV’s fleet and day-to-day commercial operations.

FREIGHT-

Four Winds is set to launch new freight routes as alternatives to the Red Sea amid ongoing tensions in the shipping route, according to a statement released on Friday. The company will offer services from ports in the Kingdom, Dubai, and Jordan, providing transit from Jebel Ali Port in Dubai to Jeddah in five days, Riyadh in three days, and from King Abdulaziz Port in Dammam to Jeddah in three days, and Riyadh in two days.

AVIATION-

French aeronautic equipment manufacturer Figeac Aero has inaugurated a 4k sqm aerospace production facility in Casablanca, Morocco World News reports. The MAD 140 mn facility — operated by Figeac Aero’s Moroccan and French teams in partnership with aerospace manufacturer Safran Nacelles — will produce components for LEAP-1A engine nacelles, a core component of modern aircrafts. The project “marks a new era for the aerospace industry in Morocco, as it allows the production of even more sensitive and complex parts,” Moroccan Aerospace and Space Industries Association President Said Benhajjou said after the opening.

PORTS-

The Oman Special Economic Zone at Duqm (Sezad) has inaugurated key infrastructure projects worth OMR 177 mn at Duqm Port, a freight services and customs terminal and a fishing port, Oman Times reported on Thursday. The has opened a one-stop shop building, a truck registration office, an office for issuing transit permits, an inspection station, and a medical clinic.

INFRASTRUCTURE-

Iraq has completed 60% of a submerged tunnel that is part of its project to connect Grand Faw Port and Umm Qasr Port to Turkey, Hurra reported on Thursday, citing Reuters. The tunnel — which is 2.44k m long, 1.2k m of which will be underwater — is part of Iraq’s Development Road Project, which seeks to boost cross-continental trade movement and connectivity in the region.

REMEMBER- Iraq launched a USD 17 bn project to link Grand Faw Port in Iraq’s southern Basra province to Turkey in the north through rail and road infrastructure last March.

LAST MILE-

The UAE’s Emirate SkyCargo’s e-commerce delivery solution Emirates Delivershas launched a new route connecting Kuwait to the UAE, according to a statement released on Thursday. Customers in Kuwait are now able to make purchases from websites in the UAE, the UK, and the US, with a delivery period of three to five days for items from the UAE.

About Emirates Delivers: The service, launched in 2019, gives customers a distinct shipping address in the UAE, the UK, and the US, which allows users to arrange for their purchases to be sent to the Emirates Delivers facility, according to a Thursday press release. The platform can store customers’ items for up to 30-days before shipping, allowing shoppers to combine products from different vendors.

OTHER STORIES WORTH KNOWING THIS MORNING-

Qatar wants a PPP land transport system: The Qatar Chamber is calling for establishing a land transport firm in the Public-Private Partnership (PPP) system. The company would foster trade transparency, localize the transport industry, and boost operational efficiency locally and regionally, the statement said. (Statement)
More grain silos for Saudi: KSA’s Agricultural Development Fund (ADF) has inked a SAR 591 mn investment agreement with United Feed Co to construct 30 grain silos. The silos are set to have a combined storage capacity of 450k tons. (Statement)
Akasa Air launching flights to Doha: Indian airline Akasa Air is launching international flights with Doha as its inaugural destination, with four direct flights a week from Mumbai starting 28 March 2024. (Press release)
FlyDubai expands European services: UAE budget airline FlyDubai is launching four direct flights a week from Dubai International Airport to EuroAirport Basel-Mulhouse-Freiburg in France from 2 August 2024. The carrier is also launching weekly flights to Latvia, Estonia and Lithuania in October 2024. (Statement)

South Africa eyes EIB loan to upgrade logistics infrastructure + DB Cargo’s hefty losses risk seeing it dissolved

South Africa could receive an undisclosed loan from the European Investment Bank (EIB) to upgrade its port and freight-rail infrastructure, Bloomberg reported on Thursday. The loan would boost export capabilities in South Africa which are hampered down by inefficient port infrastructure, the newswire notes. The financing would be under the umbrella of the Just Energy Transition Partnership (JETP) decarbonization pact to help South Africa move away from coal usage. The JTEP consists of USD 8.8 bn in pledges by the EIB, France, Germany, the US, the UK, the Netherlands, and Denmark.

German state rail freight operator DB Cargo — a subsidiary of Deutsche Bahn — recorded some EUR 500 mn in losses in 2023, putting it at jeopardy of being broken up by the EU if its figures are deemed to be distorting the market, Reuters reported last week, citing people with knowledge of the matter. The financial troubles are on the back of single-wagon traffic incurring chronic losses, with consignments of a few wagons at most being transported at great expense. Brussels has initiated an investigation into potential market distortion due to the German government's subsidization of the freight operator's financial losses.

Calendar

FEBRUARY

22-24 February (Thursday-Saturday): International Freight Forwarders Conference, Dubai, UAE.

26-29 February (Monday-Thursday): World Trade Organization's 13th Ministerial Conference, Abu Dhabi, UAE.

27 February (Tuesday): TradeTech Forum, Abu Dhabi, UAE.

28 February (Wednesday): Industrial and Building Technology event, Dubai, UAE.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition, Dubai, UAE.

29 February (Thursday) :Future-Proof Technologies Conference, Dubai.

MARCH

3-5 March (Sunday-Tuesday): Sustainable Green Blue Infrastructure Conference 2024 (Marlog), Green Plaza Mall, Egypt.

4-8 March (Monday-Friday): Logistics & Transport Management 2024, Dubai, UAE.

5-6 March (Tuesday-Wednesday): ShipTek International Conference & Awards 2024, The Address Dubai, UAE.

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Center, Dubai, UAE.

6 March (Wednesday):The Gulf Ship Finance Forum, Waldorf Astoria Dubai International Financial Centre, UAE.

6 March (Wednesday): The Logistics Middle East Awards, Dubai, UAE.

7 March (Thursday): Truck and Fleet Conference 2024, Dubai, UAE.

12-14 March (Tuesday- Thursday): IATA World Cargo Symposium, Hong Kong International Airport, Hong Kong.

20 March (Wednesday): Construction work scheduled to begin on the 162 km Rasht-Astara Railway in Iran.

APRIL

24 April- 1 May ( Wednesday-Wednesday): Abu Dhabi Mobility Week, Abu Dhabi.

27 April- 1 May (Saturday-Wednesday): Iran Expo 2024, Tehran International Permanent Fairground, Iran.

28 April - 29 April (Sunday - Monday): World Economic Forum, Riyadh, KSA.

29 April- 2 May(Monday-Thursday): GLA Global Logistics Conference, Dubai, UAE.

30 April- 2 May(Tuesday-Thursday): Autonomous E-mobility Forum, Doha, Qatar.

April: Driftx. Abu Dhabi, UAE.

MAY

2-3 May (Thursday-Friday): Geneva Dry, Hotel President Wilson, Geneva, Switzerland.

2-4 May(Thursday-Saturday): The International Conference on Logistics Operations Management: smart, sustainable and green logistics (GOL), Marrakesh, Morocco.

3-5 May (Friday-Sunday):2024 IEEE 15th international conference on Logistics and Supply Chain Management, University of Sousse, Tunisia, Tunis.

7-9 May (Tuesday-Thursday): Annual Investment Meeting (AIM) Congress, Abu Dhabi, UAE.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre, UAE.

14-16 May (Tuesday-Thursday): Airport Show, DWTC, Dubai, UAE.

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

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

JUNE

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

19-21 June (Wednesday-Friday): World Freezones Organization’s Annual International Conference and Exhibition, Bari, Italy.

OCTOBER

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

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

22-24 October (Tuesday-Thursday): Asean Ports and Logistics 2024, Johor, Malaysia.

NOVEMBER

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

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

DECEMBER

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

20 December (Wednesday): The 5th Iran-Senegal Joint Economic Cooperation Commission, Dakar.

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.

2025

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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TODAY: Mawani and RSGT complete Jeddah Islamic Port upgrade + Seafarers can give the Red Sea a pass

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Mawani and RSGT conclude expansions and upgrades at Jeddah Islamic Port

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