Morocco’s Tanger Med Port Complex is getting a EUR 400 mn sustainability-linked loan

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What we're tracking today

TODAY: Morocco’s Tanger Med Port Compex getting EUR 400 mn + OQ to float up to 49% stake OQBi on MSX

Good morning, lovely people. It’s a relatively quiet morning for logistics in the region — and abroad — with two big stories worth your attention: Morocco’s Tanger Med Port is getting one of the first sustainability-linked loans for the ports sector, and OQ is floating a 49% stake in OQBi on MSX. Also: DAE leases out its new aircraft.

BUT FIRST- It’s PMI day: Purchasing managers’ indices measuring the non-oil private sector’s performance in October in Egypt, Saudi Arabia, and the UAE are out — and they tell different stories. While the sector continues to expand in Saudi Arabia (pdf) — rising to 56.9 — and the UAE (pdf), the UAE is still seeing softening demand despite the PMI increasing to 54.1. Over in Egypt (pdf), business activity continues to decline amid persistent cost pressures.

^^ We’ll have everything you need to know about the PMIs at length in tomorrow’s issue.

WATCH THIS SPACE-

#1- Turkey forms council to connect Iraq’s Development Road to Europe: Turkey has formed a four-nation council with Hungary, Bulgaria, and Serbia to integrate Iraq’s USD 17 bn Development Road multimodal project into Europe, Iraq's Minister of Transport Razzaq Al-Saadawi told the Iraqi News Agency. Related infrastructure projects for the Development Road are 75% completed, with final designs for the railway segment underway, the minister said.

ICYMI: The initial design of the railway and topographic survey for the Development Road project is complete. Five berths have already been constructed for Grand Faw Port, a crucial link for the project, with phase one set be completed in 2025.

REMEMBER- The UAE, Iraq, Turkey, and Qatar signed a preliminary agreement in April to work together on the Development Road project, which aims to connect Iraq’s Grand Faw Port to Turkey’s border via a rail and road network.

#2- Houthis will maintain blockade on Israeli vessels after reported asset sales: Yemen’s Houthis say they will maintain their maritime blockade against Israeli vessels in response to “intelligence information” about Israeli shipping companies selling their assets, according to Reuters. The Houthis say they will not recognize any changes of ownership and warned against any collaboration with the Israeli shipping companies. The group will continue to target any ship belonging to, linked to, or heading to Israel, a Houthi spokesperson said.

ICYMI:Maritime security firms have raised the risk level for ships calling at Israeli ports, as terminals face the possibility of missile attacks from Lebanon’s Hezbollah and Yemen’s Houthis.

#4- Baltic Exchange launches platform for real-time freight insights: The Baltic Exchange — alongside UK-based software firm Zuma Labs — has launched a new platform that offers real-time Baltic Exchange indices and freight forward agreement (FFA) prices to shipping professionals, Splash247 reports. The platform — dubbed Baltic Exchange View — is tailored to provide brokers, charterers, and shipowners with immediate access to essential indices and prices to help them navigate daily market fluctuations.

#5- EDSCO’s concession for the Alex dry bulk logistics zone gets MP greenlight: Dry bulk logistics zone Egyptian MPs gave final approval to a bill allocating Egyptian-Dutch JV Egyptian-Dutch Shipping Company (EDSCO) a 30-year concession to develop a 35k sqm dry bulk logistics zone at Alexandria Port. EDSCO — a partnership between Netherlands-based Vitra and Egypt’s El Fateh — will manage and maintain the logistics zone, which is designed for dry bulk cargo with an annual capacity of 5 mn tons.

MARKET WATCH-

#1- Opec+ postponement of output increase highlights reality of weak demand: Weak demand is an even bigger problem for Opec+ than geopolitical uncertainty, which is likely to be the main reason cited for Opec+'s choice to postpone increasing crude oil production, Reuters reports. The drop in Asia's imports over the first 10 months of the year makes it highly improbable that demand growth will approach Opec's projections. This is likely a major factor contributing to the recent decline in crude oil prices.

ICYMI- Opec+ pushed back its planned 180k bpd output hike for December for another month amid persistent concerns of soft oil demand from China and a glut in supply. The group still intends to move forward with its plan to revive 2.2 mn bpd of idle supply over the year, it said. Opec+ initially planned to start phasing out production cuts in October, but later pushed the plans back to December as oil prices fell.

Yes, but: “There is a bit too much doom and gloom and pessimism in terms of the demand outlook,” Opec Sec-Gen Haitham Al Ghais told CNBC on the sidelines of the ADIPEC forum in Abu Dhabi (watch, runtime: 03:50). The group is pegging oil demand growth at 1.9 mn bbl / d this year, which exceeds pre-pandemic averages and the post-pandemic recovery rate of 1.2 mn bbl / d, Al Ghais said, citing China’s recent stimulus package and strong performance in the US economy as driving factors.

Oil prices are up marginally in early trading, with Brent crude futures rising to USD 75.17 a barrel, and US West Texas Intermediate (WTI) crude futures up to USD 71.55.

#2- Baltic index continues to ease: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — dropped 0.3% on Monday, its lowest reading since January. The capesize index gained one point, while the panamax index lost four points and the smaller supramax fell nine points.

HAPPENING TODAY-

Adipec is on its second day today and runs through to Thursday at Adnec Center in Abu Dhabi. The event — the biggest oil and gas forum in the world — brings together over 40 ministers and over 200 C-suite executives and technology leaders from the Middle East, Asia, Africa, Europe, and the Americas, focusing on innovation and partnerships to advance the energy transition.

***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.

EnterpriseAM Logistics is available without charge thanks to the generous support of our friends at Hassan Allam Utilities, Transmar, and AK-Ships.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Saudi Airport Exhibition on Monday, 11 November and Tuesday, 12 November in Riyadh. The two-day exhibition will bring together global industry leaders to discuss the latest technologies around the world in the aviation industry. It looks to encourage discussion between Saudi aviation leaders and the global supply chain industry.

Bahrain will host The Bahrain International Airshow on Wednesday, 13 November and Friday, 15 November near Awali. The three-day event is bringing together over 180 participating companies from over 59 represented nations globally.

Egypt will host the Autotech Exhibition on Sunday, 17 November until Tuesday, 19 November in Cairo. The event will bring together prominent local and international companies to discuss and evaluate the latest developments and trends in the automotive aftermarket and feeder industries.

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

Morocco’s Tanger Med Port Complex to get a EUR 400 mn sustainability-linked loan, the first for Morocco

Morocco’s Tanger Med Port Complex gets boost from the IFC, MIGA: World Bank subsidiaries the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) are providing up to EUR 400 in a sustainability-linked loan for Morocco’s Tanger Med Port Complex to boost the capacity of truck and passenger terminals at the port, according to a statement. This marks the first sustainability-linked loan for Morocco, and is among the first in the ports sector, the statement said.

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The breakdown: The IFC is providing a loan of up to EUR 197 mn for Tanger Med Port Complex, including some EUR 47 mn distributed under the IFC’s managed co-lending portfolio program. A JP Morgan-led pool of international banks is also supporting the project with a commercial loan of up to EUR 203 mn. MIGA is offering a non-honoring guarantee to cover lenders in the commercial loan facility — which protects against losses in case a state-owned company is unable to make a payment — for up to 15 years.

Key project target: The funding package is set to boost Tanger Med Port’s truck capacity to over 1 mn units — up from the 477k trucks handled in 2023 — to stimulate job creation, economic growth, and expand investor confidence.

What makes it sustainability-linked? The loan comes with KPIS around gender diversity and renewable energy, the statement said, without disclosing further details. .

Going green: The project will integrate measures to mitigate climate related risks, including boosting breakwater and quay elevation to counter sea level rise and extending quays to handle larger, lower-emission vessels.

About the port: Tanger Med Port offers direct maritime connectivity to 180 ports and 70 countries. The port was among the top 20 container ports in 2023, ranking nineteenth worldwide with 13.4% y-o-y growth in volumes in 2023. It handled some 8.6 mn TEUs throughout last year.

OQ to float up to 49% stake of OQBi on MSX

OQ to float up to 49% stake of OQBi on MSX: Oman’s state-owned energy group OQ is planning to float up to 49% of its shares in OQ Base Industries (OQBi) through an upcoming IPO on the Muscat Stock Exchange (MSX), according to a statement. The listing is part of a privatization drive to help Oman diversify its economy and reduce its debt, Reuters reports. OQBi hired Morgan Stanely, Bank Dhofar, and Bank Muscat for the IPO.

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What’s the price? OQBi is in talks with potential investors and bankers to “determine the fair price for the shares,” CEO Khalid Khalfan Al Asmi told Reuters. OQBi indicated that all proceeds from the offering will be distributed to the selling shareholders.

The timeline: The subscription period is expected to start this month, with shares expected to begin trading in December. The firm expects to pay a dividend of OMR 32.7 mn (c. USD 85 mn) for 2024 and distribute a dividend at least 5% higher than 2024’s payout for 2025 and 2026.

About OQBi: The IPO offers investors exposure to Oman’s only integrated methanol, ammonia, and liquefied petroleum gas (LPG) producer. OQBi has a combined capacity of 1.8 mn metric tons per annum (mtpa) — with methanol accounting for 1.1 mtpa of the total. The firm exports all of its produced methanol and ammonia and 87% of its LPG products.

Adding to a string of Omani IPOs: Oman’s state-owned OQ Exploration & Production’s (OQEP) shares declined back in October on their first day of trading after its initial public offering (IPO) raised USD 2 bn. The Oman Investment Authority (OIA) was reportedly weighing plans for an IPO of logistics firm Asyad Group back in March.

Hainan leases four new aircraft from DAE

DAE + Hainan Airlines ink lease agreement: China’s Hainan Airlines has inked lease agreements with Dubai Aerospace Enterprise (DAE) for four Boeing 737-8 aircraft, according to a press release. The aircraft are scheduled for delivery in 4Q 2025 and 1Q 2026.

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Why the 737? The Boeing 737 MAX offers improved efficiency, enhanced environmental performance, and reduced fuel use and emissions by 20% compared to previous jets, according to the statement.

DAE has been on a roll: DAE inked an agreement in October to acquire 10 aircraft for approximately USD 500 mn. DAE also facilitated the purchase and sale of equity interests in 36 managed aircraft from existing investors to new investors. The firm also inked agreements back in August to acquire 23 aircraft from several entities for USD 1.1 bn, leasing them to 13 airlines in nine different countries.

A big portfolio: DAE’s leading division boasts a fleet of 500 Airbus, ATR, and Boeing aircraft valued at USD 18 bn — which consists of 313 owned, 111 managed, and 76 committed aircraft. The firm purchased 11 owned aircraft and 36 managed aircraft as well as sold 16 owned aircraft and 31 managed aircraft during the first nine months of the year. The portfolio consists of 91% narrow-body aircraft by value and 86% of the portfolio is next-generation tech aircraft.

SAL’s net income up 34.1% y-o-y in 3Q 2024

Saudi Logistics Services’ (SAL) 3Q 2024 bottom line increased 34.1% y-o-y to SAR 155 mn (c.USD 41.3 mn), according to a Tadawul disclosure and earnings release (pdf). SAL’s revenues increased by 0.4% y-o-y in 3Q 2024 to SAR 367.3 mn on the back of an increase in cargo volumes, although that was partially offset by reduced revenues from the logistics unit due to fewer projects during the quarter when compared to 3Q 2023.

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On a nine-month basis: SAL recorded a 57.8% y-o-y increase in net income to SAR 519.4 mn in 9M 2024, while revenues rose by 17.2% y-o-y SAR 1.2 bn. The increase was due to a rise in air cargo volumes, demand, and diversification in the logistics business.

REMEMBER- SAL has been making moves: SAL Saudi Logistics Services inked an agreement in August with the Royal Commission for Jubail and Yanbu to upgrade logistics provided in the Kingdom’s Jazan region, according to a statement The agreement involves connecting Jazan’s various ports to major airports, as well as supporting investors in Jazan City for Primary and Downstream Industries with logistics services provided by SAL.

The strategic edge of ISO in the maritime industry

In the heavily regulated maritime industry, operational agility and compliance are not just goals; they are essential. ISO certifications—like ISO 9001 for quality, 14001 for environmental management, and 45001 for occupational health and safety—empower companies to exceed regulatory requirements, uphold robust safety standards, and embrace an industry-leading commitment to sustainability. An ISO-driven Integrated Management System (IMS) creates a streamlined foundation that enhances not only efficiency but also resilience, positioning us at the forefront of maritime safety standards.

ISO certifications extend the core safety objectives of the ISM Code, which is essential for safety at sea, into an all-encompassing framework that covers both onboard and onshore operations. This expanded view means that efficiency, environmental responsibility, and safety are embedded throughout our processes. The true value of ISO-certified systems shines in moments of unexpected challenges, such as regulatory changes or critical audits, when having a well-documented, rigorously managed IMS allows us to react swiftly and strategically.

Beyond compliance, ISO standards add tangible value to our client relationships and operational ethos. They strengthen documentation practices and demonstrate to clients and stakeholders that our commitment to quality, safety, and environmental responsibility is not just a statement but a lived practice. ISO certifications assure our partners that we prioritize continuous improvement, which not only mitigates risks but also enhances service quality.

Efficiency is another key outcome of an ISO-compliant IMS. By consolidating various management systems, IMS reduces redundancy, improves operational clarity, and ultimately cuts costs. This streamlined approach also fosters a proactive culture of continuous improvement. Rather than merely reacting to inefficiencies, we identify them early and address them systematically, allowing for high-performance standards in a competitive market.

The maritime industry faces complex compliance requirements. IMS provides a structured solution, allowing us to manage these obligations while setting a benchmark in environmental and occupational health practices. ISO-backed IMS integrates safety, quality, environmental, and health standards, ensuring a comprehensive response to regulatory demands and fortifying our leadership position.

Malak Mortaga

Senior Quality - ISM and DOC Officer at AK-Ships

Qatar Airways Cargo appoints new SVP Cargo Sales

Qatar Airways Cargo appointed Eric Wilson (LinkedIn) as its Senior Vice President of Cargo Sales, according to a LinkedIn post. Wilson will oversee all aspects of cargo sales, including customer relationship management, global accounts, and market development. Wilson has three decades of experience in air cargo, spending most of his career with US carriers like United Airlines and Delta Airlines. He was chief commercial officer of all-cargo carrier Amerijet International before joining Qatar Airways Cargo.

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Updates in trade and aviation from the UAE

AVIATION-

AMH and AD ports Group partner up to launch first vertiport: Tech conglomerate Multi Level Group subsidiary The Advanced Mobility Hub (AMH) and AD Ports Group signed an agreement to launch the UAE's first pilot vertiport at Abu Dhabi Cruise Terminal in Port Zayed in a bid to boost air tours and logistics services using eVTOL aircraft, according to the Abu Dhabi Media Office.

Remember: The General Civil Aviation Authority (GCAA) granted operational approval for the country’s inaugural vertiport back in April, after publishing the world’s first national regulation related to vertiports — covering their design and operational requirements — in December 2022. The authority has since announced a plan to launch air taxis by 1Q 2026.

ALSO- Adnoc, AD Ports Group, AMH’s parent Multi Level Group, and e& signed a collaboration agreement to explore the use of eVTOLs in the logistics sector for cargo transport, according to a separate statement from the Abu Dhabi Media Office. The agreement will involve work from Multi Level Group subsidiaries under the Advanced Mobility Hub (AMH) umbrella, including Wings Logistics, who will provide drone services, Space Falcon for drone surveillance, and Vertihub and its subsidiary Unified Aviation for infrastructure operations and port audits, as well as ground support and operational services for airports.

TRADE-

A delegation from the UAE’s Ajman Commerce Chamber met with the Hong Kong General Chamber of Commerce to discuss economic cooperation and cross-border trade between the emirate and Hong Kong, according to a press release. The meeting focused on identifying cooperation prospects in sectors like advanced industries, technology, logistics, energy, education, health, real estate, e-commerce, and AI, among others.

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DATA CENTERS-

Ooredoo opens new Sohar data center: Qatari multinational telecommunications firm Ooredoo has opened a new data center in Sohar, Oman, according to a press release. The facility boasts a total capacity of 1.2k racks and is equipped with a power supply of up to 10 MW.

SHIPPING + MARITIME-

#1- Egypt to establish three shipyards: Egypt is set to establish three new shipyards in partnership with the private sector in the Suez and Red Sea governorates, with investments exceeding USD 100 mn, head of the Federation of Egyptian Industries’ maritime transport division Ibrahim El Dessouky told Al Borsa. Each shipyard will cover between 200k and 500k sqm and will cost between USD 30 mn and USD 50 mn, with plans to complete all three during 1H 2027.

We could see even more shipyards soon: Three Gulf-based companies are currently in the early stages of negotiations with the government and private sector companies about establishing more shipyards, El Dessouky told the outlet, adding that Egypt has the potential to become a regional center for shipbuilding and repair in the future.

#2- Fincart wants to ship internationally: Egyptian shipping services provider Fincart plans to add international shipping to its local services by the end of the year, co-founder and CEO Mostafa Masry told Al Borsa. The startup also plans to expand its shipping service to the Gulf in the near-term, with plans to expand all of its offerings to Gulf countries after that. Once Fincart has successfully established itself in the Gulf, Masry said that the company will move into north and west African markets, penciling in this broader expansion for 2025. Fincart is also looking to expand its number of shipping partners to 25 in the coming period.

China calls on France to help resolve EV trade dispute

!_Anchor07_! China calls on France to help resolve EV trade dispute: China has called on France to encourage the European Commission to find a mutually acceptable solution for both the European and Chinese EV sectors, Reuters reports. Meanwhile, France stated that the bloc will not compromise on important issues as it seeks to eliminate a tariff on brandy.

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What they said: The EU is not looking to escalate the situation, but simultaneously “will not yield to pressure on the essential points,” French junior trade minister Sophie Primas told Chinese Commerce Minister Wang Wentao during a meeting in Shanghai. China is urging France to adopt “an active role” in persuading the EU to be more lenient on Chinese EVs.

Background: The EU has increased tariffs on Chinese-built electric vehicles (EVs) by up to 45.3% following the conclusion of its anti-subsidy probe. On top of the EU’s standard 10% car import duty, the bloc will impose extra tariffs ranging from 7.8% for Tesla to 35.3% for China’s SAIC.

Calendar

NOVEMBER

3-5 November (Sunday-Tuesday): Saudi Road Safety and Sustainability Conference, Saudi Arabia

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh, Saudi Arabia.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh, Saudi Arabia.

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

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

13-15 November (Wednesday-Friday): ITC North-South - New Horizons, Astrakhan, Russia

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

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam, Saudi Arabia.

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

20-21 November (Wednesday-Thursday): Saudi Rail Exhibition, Riyadh, Saudi Arabia.

DECEMBER

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh, Saudi Arabia.

10-11 December (Tuesday-Wednesday): Rail Industry Summit, Casablanca, Morocco.

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

IATA Annual General Meeting (AGM) and World Air Transport Summit, New Delhi, India.

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

2Q 2025: ICAO Facilitation Conference 2025 (FLAC 2025), Dohar, Qatar.

FEBRUARY

4-5 February (Tuesday-Wednesday): Seatrade Maritime Qatar, Doha, Qatar.

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.

NOVEMBER

4-6 November: The International Air Cargo Association TIACA’s Air Cargo Forum 2025, Abu Dhabi, UAE.

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

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

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