Good morning, lovely people. We’re approaching the end of the week, and the newsflow remains steady, with updates on new infrastructure projects and shipping lines across the region.

THE BIG LOGISTICS STORY- Qatari maritime transport and logistics company Milaha has launched a new direct shipping service linking GCC countries with Iraq’s Umm Qasr port. The service will operate two vessels weekly between the ports.

HAPPENING TODAY-

The Saudi Export Development Authority (Saudi Exports) is organizing a Saudi-Iraqi trade mission in Jeddah, the Saudi Press Agency reports, without disclosing a schedule for the mission. The initiative — held under the banner “Made in Saudi Arabia” — seeks to promote Saudi non-oil exports in the region and boost Saudi-Iraqi trade.

The trade mission will target cooperation in the construction, food, and medical sectors, according to the statement. Forty Saudi export companies and an equal number of Iraqi import companies will participate in the event, the statement added.

Mecca’s King Abdulaziz Road opens temporarily: The 3.65km-long, 40m-wide King Abdulaziz Road has been opened temporarily for buses and hotel guests in the Central Haram area, the Saudi Gazette reports. The road had been closed due to ongoing construction at the Masar Destination site, but was reopened to ease the heavy traffic brought on by the high number of pilgrims visiting Mecca during Ramadan. The country has also opened a 4.46km-long ring road to serve the areas in the vicinity of the Grand Mosque.

WATCH THIS SPACE- Two Japanese companies to explore developing a reduced iron plant in OPAZ: Oman’s Public Authority for Special Economic Zones and Freezones (OPAZ) signed an MoU with Kobe Steel and Mitsui & Partners to conduct a study on establishing a low carbon dioxide (CO2) iron metallics production facility in the Special Economic Zone at Duqm, according to a company statement. The two Japanese firms also signed a land reservation agreement with the Port of Duqm Company and another MoU with Marafiq to supply the project with electricity and water.

The details: The company plans to begin operations at the plant by 2027, with plans to produce 5 mn tonnes of direct reduced iron annually, OPAZ said in a statement. The steel will be exported to Asian companies, including Kobe Steel, and other international markets such as Europe, OPAZ said in a statement.

Peace in Yemen might take a while — but it could start after Eid: The longstanding conflict between Saudi Arabia and its allies and the Iran-backed Houthi militia group in Yemen may finally be coming to an end, but the peace process could take up to two years, the Guardian reports. Saudi and Omani delegations held talks in Yemen earlier this week with the Houthis, as Riyadh seeks a permanent ceasefire agreement to end the eight-year war. A proposal drafted by Saudi Arabia would entail a minimum eight-month ceasefire, as well as conditions including the reopening of Sanaa airport and the lifting of blockades on ports. If an agreement is reached, the parties may announce it prior to the Eid break next week. The story has been everywhere in the foreign press over the past few days:BBC |WSJ | Middle East Institute.

Background: Merchants in Yemen have been forced to use Hodeidah Port — which is subject to the Houthis’ hefty taxes and fees — instead of the Port of Aden due to the Houthis' blockade of commercial goods transported via land from Aden to areas under their control.

Remember: The talks come in the wake of a historic agreement brokered by China last month that will see Iran and Saudi Arabia restore diplomatic relations and reopen embassies.

The IMF has warned of rising risks to financial stability despite keeping its global growth outlook almost unchanged in its latest assessment of the world economy. In its World Economic Outlook (pdf) released yesterday, the Fund trimmed its 2023 forecast by just 0.1 percentage points to 2.8% but cautioned that sticky inflation and rapid policy tightening are presenting serious risks to the global economy.

Growth to bottom out this year: The IMF now expects global growth to fall to 2.8% this year from 3.4% in 2022. Much of the slowdown will take place in advanced economies — particularly the eurozone and UK — where growth will more than halve to 1.3%. Meanwhile, output in emerging and developing economies will remain strong, jumping from 2.8% to 4.5% in 4Q 2023.

COME TO OUR NEXT ENTERPRISE FORUM-

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May at Four Seasons, Nile Plaza. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help us build an export-led economy that makes us a magnet for foreign direct investment (FDI).

What’s the Enterprise Exports & FDI Forum? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what we as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories. You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title, and where you work.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

MARKET WATCH- Despite planned output cuts, Aramco + Adnoc aren’t slashing supplies to Asian refiners: Aramco has told at least four Asian buyers that they will receive full volumes on their orders of crude oil in May, Reutersreports, citing sources it says are in the know. The Abu Dhabi National Oil Company (Adnoc) similarly told three buyers in Asia that they will receive full contracted orders of crude oil in June, traders told the newswire. These latest assurances come in spite of OPEC+’s voluntary output cut of 1.16 mn barrels per day (bpd), starting from May through the end of the year. Buyers and analysts now wonder if the announced cut will translate into an actual reduction in supply or if it was a maneuver to boost oil prices, an unnamed source at an Asian refiner told Reuters.

CIRCLE YOUR CALENDAR-

The Arab-African Center for Investment and Development (CAAID) is hosting its Africa Forum of Investment and Commerce from 16 to 17 May, at the Sheraton Hotel in Algiers, Algeria, according to the CAAID website. The forum will bring together more than 650 economic players including government decision makers, researchers, experts, investors, and manufacturers to have economic discussions under the theme of “Africa’s Gateway to Industry, Agriculture and Trade.”

Libya’s transport and logistics expo, Translogistica, will take place from 29 to 31 May, according to the event’s website. The expo will bring together exhibitors from various sectors including trade zones, airports, shipping companies, cargo airlines, warehousing, customs clearance and IT companies operating in the transport and logistics sectors.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.