One step closer to a Saudi land bridge

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What we're tracking today

TODAY: South Korea-GCC trade talks resume + IMO clamps down on shadow fleets

Good morning, friends. It’s yet another busy start to the week, with tons of logistics and trade-related news from across the region. Let’s dive in.

THE BIG LOGISTICS STORIES-Omani logistics provider Asyad Group has inked a concession agreement with Oman’s Public Authority for Special Economic Zones and Freezones (OPAZ) to develop, manage and operate Muscat International Airport Freezone (MIAFZ). Over in Saudi Arabia, an American-European consortium was awarded the project management contract for a USD 7 bn Saudi land bridge megaproject.

^^ We have everything on this story and more in the news well, below.

PSA-CMA CGM announced new Freight All Kinds rates for port destinations in Syria, Algeria, Tunisia, Libya, Morocco, the Western Mediterranean, the Adriatic, the Eastern Mediterranean, and the Black Sea, from all Asian main ports, effective 1 January 2024, according to a statement. The change will affect dry, out of gauge (OOG), paying empties and reefer cargo.

Fire at Cairo International Airportwarehouse: Firefighters contained last Wednesday a fire that broke out at an equipment warehouse belonging to an unnamed shipping company at Cairo International Airport, an official source told Sada Elbalad. An investigation is underway to determine the cause of the fire. No injuries were reported.

DISRUPTION WATCH- Houthis threaten to escalate ship attacks: Yemen’s Houthi movement says it will target any ship in the Red Sea headed for Israel regardless of its nationality, Reuters reports. “If Gaza does not receive the food and [meds] it needs, all ships in the Red Sea bound for Israeli port, regardless of their nationality, will become a target for our armed forces,” said a Houthi military spokesperson. The Houthis have conducted multiple seizures and attacks on Israeli-linked commercial tankers in the Red Sea over the last month.

KEY UPDATES-

Saudi Arabia urged Washington to show restraint in its response to last week’s Houthi attacks on ships in the Red Sea. (Reuters)
A French warship on Saturday shot down two drones launched from the Yemeni coast near Al Hodeidah in the Red Sea (Reuters)
Ins. firms are warning against traversing the Red Sea: Two Israeli-linked shipping companies — Zodiac Maritime and Eastern Pacific Shipping — operating LPG and other vessels have been advised by ins. firms and maritime agencies to take precaution or avoid transit via the Red Sea. (S&P Global)
A potential UAE-Israel workaround on the cards? UAE-based logistics companies FZCO and DP World could ink an agreement with Israeli logistics firm Trucknet to connect ports in the two countries via a land bridge, Israeli media outlets Jewish Press and NoCamels report. Israel and the US have been lobbying for a similar route for a while.
MEA starts to return its fleet to Lebanon: Middle East Airlines (MEA) has started returning its fleet from overseas Lebanon, after it had withdrawn a part of it in October as a precautionary measure amid escalating violence in the region. (961) reports.

The IMO is clamping down on shadow fleets:The UN’s International Maritime Organization has adopted a resolution that aims to clamp down on illicit shipping activities at sea, Reuters reports.The resolution calls upon states that register ships to “adhere to measures which lawfully prohibit or regulate” the transfer of cargoes at sea — dubbed ship-to-ship (STS) operations — and calls on ships to update their plans for STS operations. It also calls on port states to subject ships to “enhanced inspections” if they know these ships are taking measures to avoid detection, the outlet reports.

Iran is not a fan of the resolution: The Iranian IMO delegation, which had sought amendments to the resolution, said last week that the proposal displayed a “clear deviation” from the IMO’s remit, and includes “controversial concepts and terms that lack precise and absolute definitions acceptable to all member states.” Iran had previously lobbied for softening language in the draft IMO resolution ahead of the IMO assembly meeting.

The UK followed the US’ lead with fresh sanctions on UAE-based shipping firms: The UK added Dubai-based shipping company, Sovcomflot, which operates Russian oil tankers, as well as three other Dubai-based firms to its sanctions list last week, Bloomberg reports. The sanctions aim to combat operators of shadow fleet tankers. Dubai-based entities Radiating World Shipping Services and Star Voyage Shipping Services were also added to the sanctioned list.

What they said: The UAE-based companies were accused of using “opaque corporate structures and deceptive shipping practices to facilitate unfettered trade in Russian oil, bearing down on Russia’s efforts to generate war revenues,” by the UK, according to Bloomberg.

ICYMI: The move comes after the US also began ramping up sanctions on tankers breaching the G7’s price cap on Russian oil, with sanctions levied on several other UAE-based shipping firms in November.

WATCH THIS SPACE #1-Aviation leaders to meet next month over GPS safety concerns:Aviation leaders, government officials and military reps will meet in January to address concerns over growing GPS interference by cyberattackers, which have caused planes to steer off course, an International Air Transport Association executive told Reuters. GPS interference has risen in recent months, as cyberattackers have used counterfeit signals to alter planes’ time or location information, which can pose a security risk if planes are guided into hostile airspace. Aviation advisory association Ops Group has flagged a spike in incidents of GPS spoofing targeting private and commercial planes around the Middle East, including Iraq, Iran, and Israel.

WATCH THIS SPACE #2-Masdar + Port of Amsterdam ink MoU on green hydrogen supply: UAE-based energy company Masdar has inked an MoU with the Port of Amsterdam and Dutch companies SkyNRG, Evos Amsterdam, and Zenith Energy Terminals to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam, Wam reports.

We knew this was coming: Both sides had signed earlier agreements back in January to explore the possibility of exporting green fuels produced by Masdar in Abu Dhabi to Europe through the Port of Amsterdam, the EU’s fourth largest sea port. The companies also plan to establish a land-based green fuels supply chain to transport green hydrogen to the remainder of Europe from Amsterdam via trucks, pipeline, and barge. The green hydrogen would be used in Dutch sustainable aviation, bunkering for shipping, and steelmaking industries, Wam notes.

Who’s doing what: Zenith will work on developing a liquid hydrogen supply chain to facilitate imports, while Evos Amsterdam will manage development of a liquid organic hydrogen carrier supply network. Sustainable aviation fuel (SAF) supplier SkyNRG is establishing a network of SAF production facilities and will use the hydrogen as feedstock for its operations.

WATCH THIS SPACE #3- A new carbon capture + storage programme for Oman: Petroleum Development Oman and the Global Carbon Capture and Storage Institute have inked an agreement to launch a joint program for carbon capture and storage, Oman News Agency (ONA) reports. The program aims to provide Oman with technical support for policy development and regulatory directives for capturing, transporting, storing, using, and storing carbon dioxide, ONA reports.

WATCH THIS SPACE#4- Akasa Air to expand to the Middle East: Indian airline Akasa Air aims to kick off international flights to Doha in Qatar, Riyadh and Jeddah in KSA, and Kuwait, over the next four months, CNBC TV18 reports. The airline is currently awaiting permission from the relevant aviation authorities to begin its new services.

HAPPENING THIS WEEK-

South Korea to resume trade talks with GCC:South Korea will hold talks with GCC member states over a trade agreement today through to Wednesday in Riyadh, KSA, South Korean news agency Yonhap reports. The talks will be led by KSA Director-General Raja Al-Marzouqi and his South Korean counterpart Chang Sung-gil, and will focus on working out differences that have stalled talks in the past, the news agency adds.

Background: The two sides held their eighth round of negotiations in Seoul in October, marking the resumption of talks which had been stalled since 2010.

Egyptian trade mission goes to Saudi: The Engineering Export Council of Egypt started a weeklong trade mission to Saudi Arabia on Saturday. The delegation is hoping to drum up orders and investments from the kingdom for pumps, car parts, boilers, and everything in between.

Food Africa Cairo 2023 is set to take place on 12-14 December at the Egypt International Exhibition Center in Cairo, Egypt. The three-day agro-food exhibition is set to bring together wholesalers, distributors, and retailers to create a network between international traders and vendors with their counterparts from Egypt, MENA, and Africa. The event aims to address the different needs of buyers and importers and to serve new markets in Egypt and Africa.

CIRCLE YOUR CALENDAR-

Iranian President Ebrahim Raisi will visit Turkey this month to discuss bilateral ties, as well as proposals by the Iran-Turkey Joint Chamber of Commerce for boosting bilateral trade, including through a potential trade agreement, state-aligned Tasnim News Agency quotes chairman of the chamber Mehrdad Saadat as saying. Saadat said that Iran’s trade with Europe could grow by taking advantage of Turkey’s trade capacities.

The Iran-UAE Joint Economic Cooperation Commission meeting will be held in the coming weeks in a bid to develop bilateral cooperation, deepen commercial ties, and boost trade. The location has yet to be announced.

TheOperational Excellence Conference (OPEXKSA) will take place tomorrow and after at the Four Seasons in Riyadh in Saudi Arabia. The event will look at topics within key sectors, including logistics, including strengthening financial sustainability. Some 100 speakers and experts will be present, including private logistics firms, according to the website.

The International Exhibition of Transportation, Logistics, and Related Industries (Iran Trans Expo 2023) will take place on 18-20 December at the Imam Khomeini Grand Prayer Campus (Mossala) in Tehran, Iran. The event is organized by Iran’s Trade Promotion Organization, the Transport and Urban Development Ministry, and the Fund for Innovation and Prosperity of Unions and Associations.

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

Omani government logistics arm Asyad inks concession agreement for Freezone at Muscat International Airport

Asyad inks concession agreement for Muscat International Airport Freezone:Omani logistics provider Asyad Group has inked a concession agreement with Oman’s Public Authority for Special Economic Zones and Freezones (OPAZ) to develop, manage and operate Muscat International Airport Freezone (MIAFZ), Oman News Agency (ONA) reported. The agreement kicks off developments at the freezone, which is the sultanate’s first air freight-focused zone. The agreement’s financials and timeline were not disclosed.

The details:The 1.7 mn sqm freezone will be developed over multiple phases, with the first phase of the project seeing Asyad taking charge of developing, operating, and managing a 370k sqm area. The first phase will include land and construction works, power and lighting installations, in addition to a range of facilities and services, ONA wrote.

What's in it for firms moving in? The freezone will provide tenants with logistics and commercial plots, warehouses, office spaces, and various shipping options. Incentives include 100% foreign ownership, zero import and export duties, no minimum capital requirements, up to 15 years of income tax exemption, as well as a single window for licensing, permits, and approvals.

The freezone is planned to be a global logistics hub with localized industries: The zone is set to boost transshipment volumes, driving growth in Oman’s multimodal transport and logistics sectors.The freezone will also supply logistics facilities to support e-commerce and express shipping, and will streamline logistics integration with Muscat International Airport, as well as Oman’s seaports and land ports.

DP World forms JV with Russia’s Rosatom to establish global logistics operator

DP World + Rosatom to partner on new logistics operator: Emirati port operator DP World and Russian state corporation Rosatom inked an agreement to set up “an international logistics operator” to operate in Russia and international markets, according to a pres s release, which did not give further details on the ownership structure of the joint venture. Enterprise Logistics did not hear back from a DP World representative ahead of dispatch time.

The details: The newly created logistics operator will make use of established trade infrastructure in Russia, Eurasia, the Middle East, Africa, and South America, including the Northern Sea Route. It will also help boost logistics integration between Brics nations, bolster supply chains, boost trade turnover and sustainable development, according to the press release.

It’s not clear whether this is different from another JV the two companies set up recently: The two companies established a USD 10 mn JV dubbed International Container Logistics in October that looks to establish the first regular container service along the Northern Sea Route. This followed a partnership they inked in June to “jointly develop” shipping along the route.

SOUND SMART- The northern sea route is an Arctic shipping route running from Russia’s border with Norway to Alaska’s Bering Strait. The route is currently only accessible for 9 months a year, due to thick ice closing it off during the winter months. However, it is expected that warming temperatures will lead to the passage being open year round in 2024, to potentially cut travel time between key Eurasian markets.

What they said: “Today we have agreed with DP World to combine our experience, competencies and infrastructure capabilities to create a global logistics operator that will help increase the transparency and accessibility of transport and logistics services primarily for developing countries in Eurasia, the Middle East, Africa and South America,” General Director of Rosatom Alexey Likhachev said.

REMEMBER- The UAE is joining Brics in January, along with Saudi Arabia, Iran, Ethiopia, and Egypt. Argentina was also set to join the bloc but later rejected the invite.

American-European consortium snags project management contract for USD 7 bn Saudi land bridge megaproject

KSA awards USD 7 bn land bridge project management contract: The Saudi Railway Company (SAR) has awarded a consortium comprising US-based construction management firm Hill International, Italian consulting firm Italferr and Spanish engineering firm Sener the contract to manage for the USD 7 Riyadh-Jeddah land bridge megaproject, Meed reported last week.

Refresher: The project is set to connect the kingdom’s western coastal area, by the Red Sea, to its eastern coast and by the Arabian Gulf. SAR received bids for the contract in October 2022, with the consortium beating out rival proposals from Systra and a consortium of Parsons and Egis, the International Railway Journal (IRJ) reported last week.

Who else is involved? The Saudi China Landbridge consortium — led by SAR, China Civil Engineering Construction Company (CCECC), and Al Ayuni as a local partner — had signed a MoU to implement the project in October 2018. Thales, WSP, Aldhabaan & Partners, the local partner of British law firm Eversheds & Sutherland, ALG Infrastructure, and Calx Consultancy are also involved.

About the project: Construction work on the project will include a mixture of upgrades and new line construction which are expected to take seven years to complete, according to IRJ. Upon completion, the new railway will consist of six lines:

Work on the first line will involve upgrading and adding a 10km extension to the Jubail Industrial city’s internal network;
Work on the second line will add a 35km extension to the Jubail-Dammam railway line;
The third line will involve revamping and adding an 87km extension tothe Dammam Riyadh railway line;
The fourth line, known as Riyadh bypass, will include polishing up an already-existing network in the city — which connects the northside of the capital to the southside — and is composed of a 67 km track and a 35 km track;
The fifth track will link Riyadh to Jeddah via a 920 km railway line, and Jeddah to King Abdullah Port via 146 km of tracks, in addition to stations in Jamuma, Al Muwayh and in Al Dawadmi;
The 172 km sixth line will link King Abdullah Port to Yanbu Industrial city.

The project also includes the development of seven logistics centers: Jubail Industrial City Logistics Centre, Damman Logistics Dry Port, a relocated Riyadh Dry Port, King Khalid Airport Logistics Centre in Riyadh, Jeddah Logistics Dry Port, King Abdullah Port Logistics Centre and Yanbu Industrial City Logistics Centre.

The project has been in the works for decades: Plans to develop the Saudi Landbridge project were originally announced in 2004 but were suspended in 2010. Though it was revived in 2011, progress has been relatively slow since then. It remains one of the kingdom’s most anticipated infrastructure projects, with Crown Prince Mohammed bin Salman confirming the government’s commitment to the scheme in June 2021 in tandem with the launch of its National Transport and Logistics Strategy.

What’s next: SAR could kick off work on the project, which includes constructing the new 950-km railway between Riyadh and Jeddah, early next year, according to IRJ. The negotiations over the final cost and financing structure are also in their final stages, it added.

DP World begins construction on new Brisbane container park

DP World kicks off construction on container terminal park in Port of Brisbane:Emirati port operator DP World has broken ground on its 104k sqm Brisbane Container Park at the Port of Brisbane, according to a press release (pdf). The container terminal park is set to offer storage capacity and handling of full and empty containers to support cargo and liner operators, the release adds.

Who’s involved: Logistics real estate firm Logos, construction firm McNab, and the Port of Brisbane are working together to complete the park.

The details: The facility will include Australia’s first two high empty reefer pre-trip facilities, and will enable MT handlers to stack up to eight containers, according to the release. It will also support the port’s capacity to respond to the growing demand for crude oil, refined oil, and cement, the release adds.

DP World is big in Brisbane — and Australia at large:DP World already operates two terminals in Brisbane, including Fishermans Island Terminal and Brisbane Multimodal Terminal. The company also operates terminals in Sydney, Melbourne, and Fremantle.

All has not been well with DP World Australia, though: The company has been facing ongoing worker strikes since October, after talks on a new enterprise bargain agreement collapsed. The strike could run until next Monday, 18 December, or longer, according to Maersk, which received notifications of additional action through the next week. The strikes will have “significant operations consequences,” affecting exports and imports, the Maritime Union of Australia said earlier.

ICYMI- DP World also broke ground on its USD 80 mn Ain Sokhna port logistics zone last month.

Yemen breaks ground on dry port for trucks in Hodeidah

Yemen kicks off construction on a new dry port in Hodeidah: Yemen’s transport ministry has inaugurated construction of the YER 97 mn first phase of a new 44k square meter dry port for heavy trucks in Hodeidah, according to a Transport Ministry statement. The project looks to rehabilitate Yemen’s trucking sector and contribute to reduced congestion on the country’s roads.

Details: The hub will include parking spaces for trucks and heavy transport vehicles, as well as fuel and maintenance facilities.

Looking ahead: The project’s second phase will see additional facilities of the same type, in addition to land navigation facilities, the statement said.

Iran inks trade agreement with Syria, explores boosting trade ties with more countries. PLUS: More from KSA, the UAE, Jordan, Qatar, Egypt and Kuwait

Iran + Syria ink trade agreement: Iran and Syria have inked a trade agreement and removed tariffs on goods traveling between them, semi-official news agency Mehr reports. The two countries are also planning to set up a joint economic zone in the near future, and to expand cooperation in the transportation sector, Mehr reported separately. Iranian Road and Urban Development Minister Mehrdad Bazrpash also expressed willingness to explore collaborating to reconstruct damaged railroads in Syria, and stressed the need to finalize the Tehran-Damascus railway project.

Iran + Tajikistan discuss expanding economic cooperation: Iranian Vice President and Head of Planning and Budget Organisation Mohammed Mokhber met with Tajikistan’s Finance Minister Kahhorzoda Faiziddin Sattor to discuss expanding trade and economic ties between the two countries, Mehr reports. The value of trade between the two countries rose to USD 280 mn in 2023, up from USD 23 mn in 2021. Iran proposed that the two countries increase their annual trade transactions to USD 500 mn.

Iran and Oman ink MoUs on investment and technology: Iran’s Industry, Mines, and Trade Minister Abbas Aliabadi and Oman’s Commerce Minister Qais Mohammed Al Yousef inked an MoU to promote joint investment at the Oman-Iran Joint Economic Trade Cooperation Commission, Mehr reports, Aliabadi also expressed Iran’s willingness to jointly implement key industrial projects with Oman, including cooperation in maritime transport projects.

ICYMI: Iran has announced it is looking to ink a preferential trade agreement with Oman to expand bilateral and economic ties.

Iran + Qatar to expand trade: Iran and Qatar agreed at the Iran-Qatar Joint Economic Cooperation Commission to expand annual trade to reach USD 1 bn, in Tehran, Mehr reports. The two countries aim to facilitate joint-venture production of goods, equipment, and services.

KSA + Bangladesh to expand trade: KSA plans to boost trade with Bangladesh in several sectors, including logistics and manufacturing, Daily Sun reports. At a meeting of the Saudi-Bangladesh Business Council in Dhaka, Private Industry and Investment Advisor to the Prime Minister Salman F. Rahman urged KSA businesses to expand investment in Bangladesh. To facilitate this, Bangladesh has allocated 300 acres of land to establish a special economic zone for Saudi Arabia in Bangabandhu Sheikh Mujib Shipla Nagar, according to Bangladesh Chambers of Commerce and Industry President Mahbubul Alam.

ICYMI:Last week, Saudi terminal operator Red Sea Gateway Terminal International (RSGT) inked a 22-year concession agreement with Bangladesh’s Chittagong Port Authority (CPA) for Patenga Container Terminal (PCT) in Chittagong.

KSA and Qatar talk boosting + diversifying trade ties:During a meeting of the Saudi-Qatar Joint Coordination Council, KSA’s Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, and Qatar’s Amir Tamim bin Hamad Al Thani met to discuss the importance of diversifying and increasing the volume of trade exchange between them, QNA reports. The two sides agreed to accelerate investment cooperation and economic integration as well as encourage entrepreneurship and technology development. The pair noted their willingness to discuss enhancing cooperation to develop transportation and its associated technology, including enhancing railway connectivity between the two nations.

Saudi Arabia and Vietnam are looking to increase the volume of trade, expand their trade products, and support trade initiatives, representatives of the Saudi-Vietnamese Joint Committee in Riyadh said last week, Saudi Press Agency (SPA) reports. The two sides will also work to increase collaboration in energy, industry, transport, agriculture, environment, investment, and other sectors.

Putin talks trade ties with the UAE in a whistlestop tour to the region: Russian President Vladimir Putin visited Saudi Arabia and the UAE last week to discuss trade and energy ties. The UAE is already Russia’s biggest trade partner in the Middle East and is “a major investor in the Russian economy,” with the two countries looking to focus on “development in energy, infrastructure, and high technologies,” Sheikh Mohamed said, according to a Kremlin readout.

Jordan inks five air service agreements: Jordan’s Civil Aviation Regulatory Authority (CARA) has inked five air service agreements at ICAN 2023 in Riyadh, KSA, according to a statement. The agreements remove restrictions on capacity for passenger and cargo flights, update tariff policies, and include provisions to enhance aviation safety and security measures, according to the statement.

Jordan held a total of 14 meetings with officials from Austria, Chad, Ivory Coast, Canada, the Dominican Republic, Turkey, the UAE, Iceland, KSA, Pakistan, the US, Costa Rica, Bangladesh, Mauritania, and Thailand. Jordan’s CARA has not disclosed which countries with which the agreements were signed.

ALSO WORTH KNOWING-

Qatar’s General Civil Aviation Authority President Faleh Al Hajri inked an open skies air services agreement with Guatemala to operate unlimited cargo and passenger flights. Al Hajri also inked an MoU with Rwanda to enable their airlines to enter into trade agreements and enhance their air transport ties. (QNA)
Egypt’s Housing, Utilities, and Urban Communities Minister Assem Al-Jazzar met with Oman’s OPAZ Chairman Ali bin Masoud al Sunaidi in Oman to discuss expanding cooperation. (Statement)
Qatar’s QFZ Chairman and State Minister Ahmad Al Sayed met with Costa Rica’s Foreign Affairs Minister Arnoldo Andre Tinoco to discuss cooperation and the exchange of expertise in attracting investment. (Statement)
Kuwaiti Commerce and Industry Minister Mohammad Othman Al Eyban met with Iranian Ambassador to Kuwait Mohammad Toutounchi to discuss expanding trade cooperation between the two countries and the provision of customs and port facilities to Iranian barge owners. (Mehr)

Maersk is launching its first methanol-enabled vessel in early 2024 + China, US clash over trade regulations, again

Maersk's first methanol-enabled vessel to service Asia-Europe route in February: Danish shipping giant Maersk (Maersk) is set to deploy the first of 18 methanol-enabled vessels on order on 9 February 2024, according to a press release. The vessel will service Maersk’s AE7 route, which includes calls at Shanghai, Tanjung Pelepas, Colombo, and Hamburg. The move comes in a bid to decarbonize the carrier’s operations and meet its net-zero targets for 2040, the statement adds.

About the vessel: The container vessel is built by South Korea’s Hyundai Heavy Industries and has a 16k TEU capacity. It is equipped with a dual-fuel engine that can be powered by methanol, biodiesel, and conventional bunker fuel, the release adds. Two of the vessel’s sister ships are slated for deployment in 1H 2024, with Maersk expecting delivery of an additional four such vessels in 2H 2024. Maersk’s order book for green methanol powered vessels currently stands at 24, the statement said.

China clashes with US over new trade regulations: China says the US’ plans to exclude it from US battery supply chains is a violation of World Trade Organization rules and would disrupt global supply chains, Reuters reports. “Targeting Chinese enterprises by excluding their products from a subsidy's scope is typical non-market oriented policy,” said Chinese commerce ministry spokesperson, He Yadong.

Background: The Biden administration has passed laws excluding investors from subsidies if they include China and some other countries in their EV supply chain.

Mitsui to help DP World boost auto logistics at Jebel Ali + New Saudi aviation monitoring body. Plus: More from NCC, the UAE, Trade Bank Iraq, Savi, SCZone and airlines

SHIPPING + MARITIME-

DP World + Mitsui ink MoU to boost auto logistics + decarbonization efforts: DP World has signed an MoU with Japanese shipping company Mitsui OSK Lines to explore enhancing Jebel Ali Port’s auto logistics capabilities, according to a statement. The agreement will see the two sides conduct feasibility studies for stocking, enhancing, and strategically redistributing fully assembled cars through Jebel Ali Port. The partnership also intends to reduce carbon emissions from port and maritime applications in the UAE by enhancing the availability of clean fuels in regional markets.

AVIATION-

KSA pledges USD 1.5 mn for new regional aviation monitoring body:Saudi Arabia is providing a USD 1.5 mn contribution for the first two years of the newly formed Regional Aviation Safety Monitoring Organization for the Middle East and North Africa (MENA RSOO), the General Civil Aviation Authority (GACA) announced last week in a statement. The announcement on the new monitoring body, which will be headquartered in Riyadh, was made during the ICAN 2023 conference in the Saudi capital.

About the RSOO: The monitoring body aims to aid member states in developing and implementing national training and safety programs and boost capacities in monitoring air safety to contribute in maintaining safety standards, according to the statement. The new body will include Djibouti, Sudan, Somalia, Palestine, Libya, Mauritania and Yemen, it showed.

ALSO- PLENTY OF NEW ROUTES TO + FROM THE REGION-

Air Arabia has launched flights from Abu Dhabi International Airport to Bandaranaike International Airport in Colombo, Sri Lanka. (Statement)
Japan Airlinesis launching daily direct flights from Haneda Airport, Tokyo, to Hamad International Airport in Doha, effective 31 March 2024. (Statement)
Qatar Airways has launched two weekly flights between Hamad International Airport, Qatar and Neom Bay Airport, KSA. (Arab News)
Etihad Airways will begin operating flights to Bali for the first time ever, four times a week, starting 23 April 2024. (Press release)

TRADE-

Saudi’s NCC to leverage UNCTAD’s trade + logistics expertise: Saudi Arabia’s independent National Competitiveness Center (NCC) and the United Nations Conference on Trade and Development (UNCTAD) inked an agreement enabling NCC to benefit from UNCTAD’s expertise in trade, logistics services, e-commerce, and consumer protection, Saudi Press Agency (SPA) reported. The agreement looks to bolster the Kingdom’s trading systems via studies and research, technical cooperation on capacity building for the review of trade policies and trade agreements, in addition to enabling trade, logistics services, e-commerce and consumer protection, SPA wrote.

The UAE partners with World Economic Forum on digital trade: The UAE’s Economy Ministry and Abu Dhabi Department of Economic Development has partnered with the World Economic Forum to launch the Trade Tech Initiative to boost digitization in international supply chains, WAM reported. The initiative looks to improve customs procedures, increase developing economies’ access to global trading systems, encourage trade growth and boost green trade.

TRADE FINANCE-

Trade Bank Iraq (TBI) has received a shipment of an undisclosed amount of imported USD to support the bank's plan to meet its clients demands, the bank said in a statement on X. Last week, an insider in the Iraqi banking industry reported that fresh deliveries of USD, brought in by Iraqi banks, had reached Baghdad International Airport, Iraqi News reports. The bank had reportedly recently agreed with several international companies to have some USD 120 mn transferred and is expecting to receive another shipment of USDs within a few days, the outlet reports.

Background:Iraq has been implementing several measures to curb the ongoing FX shortage in the country and dedollarize its economy, including limiting FX withdrawals, Reuters reported earlier.

AUTONOMOUS VEHICLES-

Another SAVI player: UK-based provider of smart-connected electric vehicle charging networks Gridserv is joining Abu Dhabi Investment Office’s (ADIO) SAVI cluster, WAM reported.

The company’s sun-to-wheel technology platform for EV charging is powered by solar energy and batteries, WAM said.

Background: The Smart and Autonomous Vehicles Industries (SAVI) cluster, located in Abu Dhabi’s Masdar City, is a fully integrated hub which provides facilities, services, and regulatory support to enable the design, testing and manufacturing of applications for transportation and mobility on air, sea, and land with applications to logistics and other sectors. Abu Dhabi Department of Economic Development (ADDED) and ADIO launched the cluster in mid-October, with the hub attracting 30 international firms just a few days after it kicked off.

ALSO WORTH KNOWING-

Egypt’s SCZone discussed with a delegation from Ghana Ports and Harbour Authorityexpanding cooperation between the two countries in the ports and logistics sectors. (Statement)
Fitch has affirmed AD Ports’ long-term issuer default rating at an A+. It has also affirmed its EUR medium-term notes programme and USD 1 bn 2031 senior unsecured notes at A+ with stable outlooks. (Fitch Ratings)
DP World Marine Services slashed its carbon footprint by some 16% in 2023from its baseline of 2,118 ktCO2e in 2019.(Press release)
Moroccan airline Royal Air Maroc and Afriquia SMDC launched Africa’s first carbon-neutral flight using SAF on Saturday from Mohammed V Airport, Casablanca, Morocco, and landed at Blaise Diagne Airport, in Dakar, Senegal. (Statement)

Yellow rejects bid to revive its business

Yellow snubs bid to revive the company:Bankrupt trucker Yellow has turned down an offer that would have brought back a slimmed-down version of the company and rehired thousands of its workers, according to a statement by Yellow’s lawyers picked up by the Wall Street Journal (WSJ). The company’s lawyers told the group leading the bid that the offer — led by US truck owner Jack Cooper Transport ’s Executive Chair Sarah Amico — was “not viable” and that they will proceed with the sale of some 130 truck terminals that has raised some USD 2 bn at a bankruptcy auction earlier this month. The sale of these assets is expected to reel in enough funds to repay Yellow’s creditors, “overwhelming the value” of the revival bid, the company’s lawyers said.

The problem with the bid: The revival bid failed to garner support from Yellow’s unsecured creditors, including pension funds which are owed several USD bns. The US government had also not indicated any intention to defer payment on a USD 700 mn loan. The lawyers also added that the Amico-led bid “understates startup costs” and “overstates” earnings.

Background: The company had filed for bankruptcy in August after failing to refinance some USD 1.5 bn in debt.

ALSO WORTH KNOWING-

Another Teamsters strike: Some 1.1k workers at DHL’s air cargo hub at Cincinnati and Northern Kentucky International Airport have walked off the job, protesting unfair labor practices and derailing operations during shipping’s busiest time of the year. (WSJ)

Calendar

DECEMBER

9-15 December (Saturday-Friday): The Engineering Export Council of Egypt’s visitto Saudi Arabia.

10-11 December (Sunday-Monday): Invest in Logistics, St.Regis Almasa Hotel, New Administrative Capital, Egypt.

12-13 December (Tuesday-Wednesday):The Operational Excellence Conference (OPEXKSA) Four Seasons, Riyadh, Saudi Arabia.

12-14 December (Tuesday-Thursday): Food Africa Cairo 2023, Egypt International Exhibition Center, Cairo, Egypt.

18-20 December (Monday-Wednesday): International Exhibition of Transportation, Logistics, and Related Industries (Iran Trans Expo 2023), Imam Khomeini Grand Prayer Campus (Mossala), Tehran, Iran.

EVENTS WITH NO SET DATE

2H 2023:Construction of Neom’s first hydrogen fueling station will kick off.

2H 2023: Expansion of Baghdad International Airport to begin.

Before the end of the year: The first phase of the Ain Sokhna port redevelopment will wrap.

2024

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.

King Salman Energy Park is set to become operational.

FEBRUARY 2024

13th World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre, UAE.

12-15 February (Monday-Thursday): African Air Expo, Cape Town, South Africa.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai, UAE.

MARCH 2024

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Center, 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 2024

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

MAY 2024

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

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

JUNE 2024

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

OCTOBER 2024

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

NOVEMBER 2024

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

DECEMBER 2024

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

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.

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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