Saudi’s Zahid takeover bid of Barloworld awaits shareholders' vote

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What we're tracking today

TODAY: Saudi’s Zahid USD 1.2 bn takeover bid of Barloworld awaits shareholders' vote + Adnoc lines up LNG agreement with another Indian major

Good morning, friends. We are heading into the weekend with our busiest news day this week, with updates from throughout the region, including a Saudi takeover bid in Africa, Adnoc’s new LNG supply agreement, a pipeline project in North Africa, a multi-purpose facility in Kezad, and a flurry of MRO agreements. Let’s dive right in.

WATCH THIS SPACE-

#1- Regionally backed London Heathrow Airport is planning a third runway: The UK’s Heathrow Airport plans to finalize proposals for a third runway project this summer, CEO Thomas Woldbye told Reuters. The expansion — targeting an operational start in 2035 — will be funded by private investors and its investment ticket is set to be “significantly” higher than the GDP 14 proposed back in 2014, Woldbye said.

The pitch: The expansion aims to boost the airport’s capacity, which currently operates at 99%, ease fears of takeovers by European rivals, and benefit the wider economy through the use of domestically produced steel and local manufacturers where possible, which should win over public support for the project.

Regional backers: The airport is backed by the Saudi Public Investment Fund and Qatar Investment Authority, with each owning 15% and 20% stakes, respectively. Abu Dhabi’s sovereign wealth fund Mubadala was also reportedly considering a stake in the airport back in February 2024.

ICYMI: London Heathrow announced in December plans to invest GDP 2.3 bn into upgrading its airport facilities over the next two years. The figure is significantly higher than previous investment forecasts, which were previously set at GDP 244 mn.

#2- UAE’s NMDC plans to publicly list its technical and logistics services unit — NMDC LTS — once it has matured as part of its broader growth strategy, CEO Yasser Zaghloul told Sky News Arabia Business in an interview (watch, runtime: 05:09). The move follows the successful IPO of its subsidiary NMDC Energy last September, which raised AED 3.2 bn.

REMEMBER- NMDC launched NMDC LTS to focus on marine logistics and technical operations in December 2024, with the logistics arm acquiring 70% of UAE’s oil and gas services provider Emdad in the same month.

#3- Turkey scraps Syria trade restrictions: Turkey has lifted restrictions on imports, exports, and transit shipments with Syria via the Turkish Customs Zone in a bid to boost bilateral trade, according to a ministry statement. Customs transit procedures for products leaving Syria for third countries via Turkey have also been eased, with the exception of scrap metal, for which the old restrictions remain in place. Prior to this ruling, certain imported goods from Syria were subject to permission-based entry procedures.

Turkey may go all in on Syria: Turkish operator of floating power plants Karpowership confirmed back in December that it was being considered for providing electricity to Syria. The country also announced it had developed an action plan to repair and rebuild Syria's airports, bridges, roads, and railways after assessing the situation on hand.

ICYMI- The Syrian-Jordanian Freezone resumed operations last month after officials extended customs crossing hours and reactivated their bilateral freetrade agreement. Jordan also resumed agriculture trade with Syria last month following a 13-year hiatus due to civil unrest. The Saudi-based Al Jouf Cement Company inked a SAR 38 mn (c. USD 10.1 mn) contract last month to export cement and clinker goods to Syria.

#4- Saudi Masarat Mobility Park kicks off development for automotive hub: Masarat Mobility Park — a Tasaru Mobility Investments, Zamil Group Real Estate, Abdullah Ibrahim Alkhorayef Sons, and Dar Al Himmah Projects JV — has kicked off the first phase of developments at a 2 mn sqm automotive and mobility hub in King Abdullah Economic City (KAEC), according to a press release.

Some details: The facility — which has received eligibility certification to operate within KAEC — will focus on trading, logistics solutions, and manufacturing and will feature multimodal connectivity to sea, air, and road transport, as well as a future rail network. The project is expected to create jobs in automotive technology, logistics, and manufacturing. The park has secured “initial commitments” from unnamed global automotive players looking to move in.

#5- Egypt’s Sokhna Industrial Zone is set to welcome two new factories worth USD 3 mn this year — two textile manufacturing and printing factories in the plug-and-play factory area, according to a statement from the SCZone. The first factory will manufacture prayer mats, velvet fabrics, and woven fabrics with investments of USD 2 mn and an export target worth USD 6 mn in 2025. The second, USD 1 mn factory will also produce fabrics, with the facility targeting USD 4 mn worth in exports this year.

#6- Iran needs USD 3-4 bn over the next 10 years to expand and modernize its maritime fleet, head of the Industrial Development and Renovation Organization (IDRO) Mohammad Esmaeili told Tehran Times. While no capital has currently been allocated by Iran’s government for the maritime sector, IDRO is negotiating with an unnamed local firm to start producing specialized marine-grade steel required for shipbuilding — partly to boost Iran’s capacity for cargo transportation.

US sanctions lend urgency to the investments: Iranian and Russian oil has been stuck on ships after the US imposed sanctions on vessels and entities dealing with the two countries. This has reduced the number of buyers and left fewer vessels available to deliver cargo, Reuters reports, citing unnamed trade sources and analysts.

ICYMI:The US is putting “maximum pressure” on Iran, aiming to cut its oil exports to zero in a bid to curtail its alleged pursuit of a nuclear weapon. The US Treasury recently announced sanctions targeting several individuals and tankers for alleged participation in “facilitating the shipment of mns of barrels of Iranian crude oil worth hundreds of mns of USD.”

MARKET WATCH-

#1- Crude prices fell on Thursday morning on the back of news of a possible peace agreement ending the war in Ukraine, as well as reports of rising US crude stockpiles, Reuters reports. Brent crude futures went down by USD 0.68 to USD 74.50 a barrel, while the US West Texas Intermediate (WTI) also dropped by USD 0.65 to USD 70.72 a barrel by 05.15 GMT.

ALSO- Opec is sticking with its forecast that global oil demand will remain strong in 2025 and 2026, maintaining its projections from last month that global oil demand will increase by 1.45 mn bpd in 2025 and 1.43 mn bpd in 2026, Reuters reports. The positive outlook comes on the back of demand for air and road travel, while the group does not expect potential trade tariffs to impact economic growth.

#2- Baltic continues to dip: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — declined 25 points to 776 on Wednesday. The capesize fell by 68 points to 711, while the panamax index shed 28 points to 983. The smaller supramax index rose by 14 points to 724.

#3- India’s natural gas consumption will climb 60% to 103 bn cbm per year by 2030, according to a report (pdf). The forecast comes on the back of rising industrial demand and improved domestic gas production. The nation’s domestic production met half of India’s demand in 2023 and is expected to rise by 8% to nearly 38 bn cbm per year by the end of the decade.

The UAE is set to benefit from this surging demand: The UAE, which has been investing in new liquefaction projects and energy infrastructure, is well-positioned to gain from India's soaring demand for liquefied natural gas (LNG), as the world’s fourth-largest LNG buyer is set to more than double its imports to 64 bn cubic meters (bcm) annually by 2030, up from 36 bcm in 2023, Bloomberg reports, citing an International Energy Agency report (pdf).

It’s happening already: Two of India’s largest state-owned oil companies, Indian Oil and Bharat Petroleum, will sign major LNG purchase agreements with Adnoc this week, Bloomberg reports separately. Indian Oil will buy up to 1.2 mn tons of LNG annually in a 14-year agreement worth over USD 7 bn starting in 2026. The two companies had inked the LNG supply agreement back in 2023. Meanwhile, Bharat Petroleum will receive 2.5 mn tons over five years starting April, with an option to extend for another five years.

For Adnoc, these agreements secure long-term buyers for its LNG exports, following similar agreements with companies in Germany and Malaysia. The UAE is competing with Qatar to attract buyers by offering lower prices and more flexible terms, according to traders who spoke to Bloomberg.

DATA POINT-

#1- Orders handled by delivery apps in the Kingdom reached 290 mn in 2024, the Transport General Authority said in a post on X . Riyadh Province accounted for 45.3% of the 290 mn orders in 2024 at 130.5 mn orders, followed by Makkah Province at 65.4 mn (22.7%) and the Eastern Province at 43.2 mn (15%), according to

PSA-

Rate increase on cargo from Middle East to North America: Shipping giant Hapag-Lloyd has announced a new USD 1k per container general rate increase (GRI) for cargo transported from the Indian Subcontinent and the Middle East to North America, effective 15 March, according to a statement. The GRI will impact 20 and 40 dry, reefer, and special containers, including high cube equipment. The rate increase will apply for US- and Canada-bound shipments from the UAE, Qatar, Bahrain, Oman, Kuwait, Iraq, Saudi Arabia, and Jordan.

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CIRCLE YOUR CALENDAR-

Kenya will host Air Cargo Africa from Wednesday, 19 February to Friday, 21 February in Nairobi. The trade fair, focused on aviation in the logistics sector, offers an inclusive platform to showcase multimodal transport solutions across the continent. The event , slated to gather over 2k visitors from over 50 countries, will host over 60 exhibitors and brands who will exhibit the latest developments in airfreight.

The UAE will host Dubai Freight Camp from Thursday, 20 February to Saturday, 22 February in Dubai. The event looks to connect new partners and businesses in the freight forwarding industry. Global members from freight networks Pangea and Connecta are invited to partake in the conference.

The UAE is holding AD Ports Group Capital Markets Day on Monday, 24 February in Abu Dhabi. The full-day, in-person event will see investors, analysts, corporate and investment bankers and other securities market professionals gather to evaluate AD Port’s financial performance and the group’s strategy going forward. Group and cluster senior management, as well as other guest speakers, will visit flagship assets in Abu Dhabi.

The UAE will host the WCA Worldwide Conference from Tuesday, 25 February to Saturday, 1 March in Dubai. The event — set to bring together over 4.5k freight forwarders from 179 countries — will host several workshops and courses over one week.

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

KSA’s Zahid’s USD 1.2 bn takeover bid of Barloworld represents a fair value -Bloomberg

Barloworld advised to accept Saudi’s Zahid’s USD 1.2 bn takeover bid: Proxy advisory firms Glass Lewis and Institutional Shareholder Service are reportedly advising shareholders of South African Barloworld — a provider of construction and mining equipment and services — to accept Zahid Group ’s ZAR 22.8 bn (USD 1.2 bn) takeover offer, stating that ZAR 120 apiece is a fair value, Bloomberg reports. Independent valuations from Rothschild also support the offer, estimating the stock’s worth between ZAR 105.53-119.43 apiece, despite some shareholders’ earlier refusal to sell for less than ZAR 130 per share.

REFRESHER- Jeddah-based heavy equipment distributor Zahid Group and Entsha placed a bid to fully acquire Barloworld in December 2024. The bid valued the stock at a premium of 30% to its last closing price before the news surfaced. The pair also offered to pay up a ZAR 3.10 dividend that Barloworld had announced previously, in order to sweeten the arrangement.

It all hinges on a vote: A final shareholder vote on Wednesday, 26 February will decide if the transaction secures the 75% approval threshold needed to go through. No higher offer is expected, making this a take-it-or-leave-it scenario for investors, the business news information service reports citing sources it says are in the know.

This is a related party transaction. Zahid has been steadily upping its shares in Barloworld over the last four years and currently holds 19% of the company. The Saudi firm’s investment in the South African firm looks to reap gains from an uptick in construction activity in the African market, with the market set to grow 27% by 2029 on the back of government outlays for infrastructure and strong consumer demand.

Adnoc lines up another LNG supply agreement with an Indian major

Abu Dhabi National Oil Company (Adnoc) will ink a 14-year LNG supply agreement this week with Indian Oil Corp. to supply the Indian major with 1.2 mn tons a year, Bloomberg reports, citing an Indian government statement. The supplies are expected to kick off starting 2026.

Not Adnoc’s first India supply agreement to be reported this week: Adnoc was reported earlier this week to be close to signing a five-year LNG supply agreement to supply 2.5 mn metric tonnes of LNG to BPCL. The agreement could see BPCL receive 40 cargos of LNG, with deliveries starting slow over the first two years and picking up the following three. Adnoc has declined to comment on the partnership. No details on the financials were disclosed.

All eyes on the region: Indian state refiners are reportedly looking at our region’s crude oil market for supplies as they seek to replace the heavily sanctioned Russia as their top supplier. Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum were down some 8 to 10 mn barrels of Russian crude for loading in January.

Adnoc’s on an LNG roll: Adnoc Gas inked an AED 1.65 bn three-year LNG supply agreement with Japan’s Jera last month. The company also secured multiple long-term LNG supply agreements in 2024, including a 10-year SPA with Indian state-owned natural gas company Gail, a 15-year SPA with Sefe Marketing & Trading Singapore for 1 mn tonnes of LNG, and other long-term LNG supply agreements to deliver 1.6 mn tonnes per year from the new plant to Shell and Mitsui. It also inked a 15-year agreement with German energy giant Energie Baden-Württemberg to supply it with 0.6 mn tonnes of LNG per year.

Algeria, Niger, and Nigeria revive Trans-Saharan Gas Pipeline project

Trans-Saharan Gas Pipeline project back in action: Algeria, Nigeria, and Niger have signed agreements to set a compensation scheme framework and update feasibility studies of a proposed USD 13 bn Trans-Saharan Gas Pipeline project, the Algerian Press Agency reports. The project aims to transport bns of cbm of natural gas over 4k km from Nigeria to Niger, Algeria, and eventually European and global market

How will the gas reach Europe? The gas will either be exported to the EU via the Trans-Mediterranean pipeline — which connects Algeria to Italy via Tunisia — or by converting the gas to LNG and shipping it on specialized tankers, Al Arabiya reports.

Algeria has several access points to Europe: Algeria hosted part of a pipeline that supplied gas from Algeria to Spain via Morocco until late 2021, when it suspended flows after cutting off diplomatic ties with Morocco. It was reported at the time that Algeria would compensate for lost supplies to Spain via the Medgaz undersea pipeline running directly from Algeria to Spain and with extra shipping capacity.

The story…goes way back: The agreement for the pipeline was originally signed back in 2009 with the aim of transporting up to 300 mn cbm per year to European markets, Reuters reported. The investment for the project — which was set to launch nearly 10 years ago — saw USD 10 bn for equipment and USD 3 bn for gas gathering centers. The three sides signed an MoU for the project in 2022.

Why the revival? The project’s revival has been linked to Europe diversifying energy sources and shifting inflows away from Russia. The EU is being overtaken by India and China as Moscow’s top clients, which follows the US’s crackdown on Russian oil exports, with sanctions targeting Russian oil producers such as Gazprom Neft and Surgutneftegas.

All eyes on Africa: The project could solidify Africa’s position in the global energy market as well as reduce West Africa’s reliance on imported gas, lower supply chain disruptions, and boost local production in the region, Energy Capital reports. Algeria and Nigeria — alongside Libya, Egypt, and Angola — will likely be key drivers of liquid supply over the next 10 years, according to a recent report (pdf).

UAE’s AquaChemie debuts AED 90 mn multi-purpose chemicals facility in Kezad

AquaChemie opens facility in Kezad: UAE-based AquaChemie has launched its AED 90 mn (c. USD 24.5 mn) chemical manufacturing, storage, and blending facility at Khalifa Economic Zones Abu Dhabi (Kezad), according to a statement. The facility will feature 7.2 metric tons of storage capacity and four liquid storage tanks, high-tech reactors used for liquid and solid chemical processing, and advanced blending and mixing tech, according to another press release.

The rationale: The 25.8k sqm facility — located in Kezad Area A (Kezad Al Ma’mourah) — will offer a wide range of services that will be able to meet the heightened demand for oil and gas upstream chemicals in the region — especially from firms like Adnoc — that have previously imported specialty chemicals. The Kezad location will also provide AquaChemie access to an advanced logistics network and ensure the facility’s regional and global connectivity, given its proximity to Khalifa port.

This is not the first time Adnoc and AquaChemie have crossed paths: Adnoc awarded AED 720 mn (USD 196 mn) worth of contracts to AquaChemie and 10 other manufacturing companies, Zaywa reported back in November.

Footprints in the GCC: AquaChemie launched its AED 150 mn petrochemical terminal in DP World’s flagship Jebel Ali Port in Dubai back in 2020, according to the company’s website. The firm has also invested nearly USD 100 mn in developing specialty chemical manufacturing facilities and supply chain infrastructure in Jebel Ali Free Zone (Jafza) and the GCC region.

UAE players are upping their chemicals game: Adnoc launched XRG in November 2024, a USD 80 bn investment company focused on lower-carbon energy and chemicals. Adnoc is aiming for XRG to be among the top five global chemical producers and to invest in solutions for low-carbon energies and decarbonization technologies. XRG made its first investment in December 2024, launching a joint venture with BP, Arcius Energy, investing in low-carbon transition fuel.

A flurry of FY 2024 earnings reports from UAE logistics players

ADNOC L&S-

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) recorded a 9% y-o-y increase in its net income to AED 660 (USD 180 mn) in 4Q 2024, while its revenue bolstered 6% y-o-y to AED 3.24 bn (USD 881 mn) during the same period, according to the firm’s earnings release (pdf).

ICYMI- Adnoc L&S saw its bottom line grow 18% y-o-y to USD 175 mn in 3Q 2024, while revenues grew 32% y-o-y to USD 928 mn. On a 9M basis, net income increased 27% y-o-y to USD 576 mn, while revenues grew 38% to USD 2.7 bn.

On a yearly basis, Adnoc L&S saw its bottom line surge 22% y-o-y to AED 2.78 bn (c. USD 756 mn) in FY 2024. The firm’s topline grew 29% y-o-y to AED 13 bn (c. USD 3.55 bn), driven by strong performance across all business segments.

Segment by segment breakdown: The firm’s shipping segment saw its top line boosted by 14% y-o-y to AED 3.51 bn (USD 956 mn) due to high charter rates for dry bulk and tankers in 1H 2024, higher contractual rates for its LNG vessel, and the addition of four new VLCC tankers acquired in 2023. For the company’s integrated Logistics segment, revenues recorded a 40% y-o-y leap to AED 8. 38 bn (USD 2.28 bn) in 2024, partially driven by the growth of its integrated logistics services platform and third-party offshore logistics services, as well as expansion in GCC. Lastly, the company’s services department saw its revenues go up by 10% y-o-y to AED1.15 bn (c. USD 312 mn) pushed up by a surge in the petroleum volumes it handled in ports and onshore terminal operations.

Looking forward: The first full financial year following the acquisition of Navig8 is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025, according to the company’s earnings release. The acquisition is also expected to save Adnoc L&S some USD 100 mn per year in technical management costs and costs associated with bunkering operations. The move adds some 32 tankers to the firm’s fleet, expanding its service portfolio to include commercial pooling and bunkering.

And more: The company has a major shipbuilding order book, including 10 new LNG carriers, nine very large ethane carriers, as well as four very large ammonia carriers, the company said.

ARAMEX-

UAE-based freight forwarding and logistics outfit Aramex saw its net income drop 14% y-o-y to AED 65. 7 mn (c. USD 17 mn) in 4Q 2024, according to an earnings release (pdf). The company’s revenues rose 11% y-o-y in the same period to AED 1.7 bn (c. USD 462 mn).

Overall growth in FY 2024: The company's net income increased 10% y-o-y to AED 141.8 mn in FY 2024, while its revenues rose 11% y-o-y in the same period to AED 6.32 bn, attributable to robust performance across all product lines driven by increased shipping volumes and boosted market share gains.

Aramex’s strongest markets: The company’s y-o-y revenues grew in the double digits in the GCC, Turkey, and MENA, and its Oceania operations’ revenue also grew by 50% y-o-y.

REMEMBER: Aramex is weighing an acquisition bid by ADQ subsidiary Q Logistics Holding, which, if accepted, will see the bidder acquiring 100% of the freight services firm. Aramex has until Friday, 14 March to respond, with the potential transaction expected to conclude in 3Q 2025. The acquisition would value Aramex at AED 4.39 bn, according to our calculations.

NMDC-

The UAE’s National Marine Dredging Company(NMDC) saw its net income climb 43% y-o-y to AED 916 mn in 4Q 2024, according to an earnings release (pdf) based on preliminary financial statements published on the ADX on Tuesday. Revenues rose 37% y-o-y to AED 7.7 bn for the same period.

Across-the-board growth in FY 2024: The company’s net income rose 44% y-o-y to AED 3.1 bn in FY 2024, with revenues rising 57% y-o-y to AED 26.3 bn for the same period. The company expanded its global presence both horizontally and vertically, according to a press release. It inked agreements for infrastructure projects with Ta’ziz, whilst its energy subsidiary NMDC Energy, whose IPO on the ADX last September raised AED 3.22 bn, was awarded contracts from Adnoc and Modon Holding. Going forward, NMDC Energy said it plans to scale up its existing operations and expand into new global markets, while in December its new logistics unit NMDC LTS was said to be considering new acquisitions.

ICYMI-NMDC is planning to invest USD 500 mn in offshore wind projects via its engineering, procurement, and construction (EPC) arm NMDC Energy, with CEO Ahmed Al Dhaheri indicating it has “potential” and could have “a good share of our business and of our revenue moving forward,” he told the National earlier this month.

MRO Middle East sees the signing of several aviation agreements

Regional and international aviation giants signed a slew of agreements on the sidelines of MRO Middle East, which wrapped on Monday in Dubai, UAE. The agreements put forth new collaborations that will see the launch of new MRO facilities and partnerships on MRO services provision.

DUBAI SOUTH’S NEW MRO FACILITY-

France-based equipment manufacturer Liebherr-Aerospace inked an agreement with Mohammed Bin Rashid Aerospace Hub to launch a new service center Center at Dubai South, according to a press release (pdf). The facility — spanning 2.4k sqm — is slated to boost the region’s aftermarket aircraft repair capacity and will go into operation in early 2026. The hub will focus on repair and maintenance of air management system components.

MRO SERVICES FROM BOEING-

#1- Royal Jordanian + Boeing ink agreement for 787 services: Royal Jordanian Airlines has inked an agreement with Boeing to provide component services for its Boeing 787 fleet, including rotating exchange and repair services to increase, according to a statement. The pair also inked an agreement to integrate Royal Jordanian into Boeing’s landing gear exchange program, which will cut maintenance and inventory management costs for the airline’s landing gear MRO.

#2- UAE budget-airline Flydubai has inked a services agreement with Boeing to boost its fleet operations, according to a statement. Boeing will make its tailored parts package available to maintain Flydubai’s fleet and will provide quick engine change (QEC) kits for the airline’s 737 Max fleet to cut down on costs and reduce schedule impacts. The firm will also launch its tailored flight optimization solution Jeppesen FliteDeck Advisor on FlyDubai’s fleet to improve flight profiles, reduce fuel consumption, and streamline flight schedules.

OTHER NOTABLE AGREEMENTS-

Etihad Engineering + L3Harris Technology eye partnership: Etihad Engineering — the MRO arm of the UAE’s Etihad Airways — intends to ink an agreement with L3Harris Technology that will see Etihad Engineering provide repair services for L3Harris’ flight data recorders and cockpit voice recorders in the Middle East. (Statement)
Turkish Technic + IndiGo ink agreement: Turkish Technic, the MRO arm of Turkish Airlines, has signed an agreement with India’s largest airline IndiGo for redelivery checks on over 10 Airbus A320neo aircraft in IndiGo’s fleet. The pair are also in talks for another agreement regarding landing gear overhaul operations on the airline’s fleet. (Statement)
Another one from Turkish Technic: Turkish Technic has inked an agreement with Air India Express to provide extensive component services on 190 Boeing 737-8 and 737-10 aircraft in the carrier’s fleet. (Statement)
ST Engineering lands in the region…: Singapore-based ST Engineering has secured multi-year MRO contracts with two major undisclosed regional operators for CFM and LEAP-1A engines. The firm will offer heavy maintenance services to the two operations from its engine MRO hubs in Asia. (Statement)
… and so does StandardAero: US-based Engine MRO provider StandardAero has inked a 15-year agreement with an undisclosed major regional airline to offer aftermarket services for CFM international LEAP turbofan engines. StandardAero will provide engine and engine component repair and overhaul services for the airline’s fleet from its San Antonio-based facility. (Statement)

UAE, Libya reopen air routes and high-level talks at World Governments Summit

UAE, Libya reopen air routes: UAE Economy Minister Abdullah bin Touq Al Marri and Libyan Transport Minister Mohammed Al Shahoubi have signed an MoU to lift restrictions on passenger and air cargo movement between the two countries, Libyan news agency Lana reports. The agreement aims to enhance bilateral cooperation in air transport, boost trade and investment exchange, and strengthen economic ties, as Libya works to reopen its airspace to the region.

UAE, Portugal eye economic cooperation: Al Marri also met with Portuguese Economy Minister Pedro Reis on the sidelines of the ICAO Global Implementation Support Symposium 2025 in Abu Dhabi, according to a statement. The discussions focused on enhancing economic cooperation, increasing bilateral investments, and expanding partnerships in key sectors such as aviation, clean energy, technology, infrastructure, tourism, AI integration, green energy and modern agriculture.

ALSO- The UAE and Azerbaijan’s foreign ministries finalized an economic partnership agreement between their two countries during political consultations in Abu Dhabi, Wam reports.

MORE MEETINGS ON THE SIDELINES OF WORLD GOVERNMENTS SUMMIT-

Sheikh Mohammed bin Rashed Al Maktoum met with several world leaders to discuss cooperation, including Sri Lanka's President Anura Kumara Dissanayake, Laotian Prime MinisterSonexay Siphandone, Georgian Prime Minister Irakli Kobakhidze, and Iraqi President Abdul Latif Jamal Rashid. Also from the summit:

Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum met with Prime Minister of the Kurdistan Region of Iraq Masrour Barzani to discuss enhancing economic ties, boosting trade and tourism, and promoting investments supporting sustainable development. (Wam)
The Crown Prince also met with Seychelles President Wavel Ramkalawan to discuss strengthening bilateral relations, expanding economic collaboration, and exploring new partnerships in key sectors such as trade, tourism, finance, and renewable energy. (Wam)
UAE Energy and Infrastructure Minister Suhail Mohamed Al Mazrouei said the UAE is open to investing in energy, digitization, and industrialization in Indonesia in a meeting with Indonesia’s Coordinating Economic Affairs Minister Airlangga Hartarto. (Antara)
Dubai’s First Deputy Ruler Maktoum bin Mohammed bin Rashid Al Maktoum met with Turkey’s Treasury and Finance Minister Mehmet Şimşek to discuss expanding trade, tourism, and investment ties. (Wam)
Sheikh Abdullah bin Zayed met Colombian Foreign Affairs Minister Laura Sarabia to discuss expanding bilateral collaboration in trade and investment, and noted growing ties and partnership frameworks for development. (Wam)

Updates on aviation, trade, and shipping from KSA and the UAE

STARTUP WATCH-

Saudi-based last-mile delivery platform Pieship secured SAR 7.9 mn in a seed investment round, according to a statement. The round was led by Nama Ventures, with participation from Seedra Ventures funds and unnamed angel investors.

The details: The funds will be used to support expansion plans into seven major Saudi cities, including Jeddah, Makkah, Madinah, Dammam, Al Khobar, Qassim, and Khamis Mushait, leverage AI to improve fleet management and deliveries, and launch new logistics services. To date, the startup has delivered 600k shipments and onboarded 1.2k captains.

About Pieship: Founded in late 2023 by Nasser Alharthi (LinkedIn), Mohamed Mohsen (LinkedIn), and Mosaad Alharthi (LinkedIn), Pieship is a Riyadh-based last-mile delivery and supply chain platform that provides real-time tracking, AI-powered route optimization, and a crowdsourced driver network while reducing operational costs for businesses and deliveries.

SHIPPING + MARITIME-

Bahri forms automotive-focused JV: KSA shipping giant Bahri has formed a JV with PIF-owned TASARU Mobility Investments and Germany’s MOSOLF Group to bolster the automotive and mobility sectors in the Kingdom, according to a statement. Tasaru will provide capital, Bahri will handle maritime shipping, and Mosolf will lend technical knowledge, , according to another press release. The partnership will cover shipping, customs clearance, transportation, and electric vehicle handling. No additional information about the JV’s name, financial details, or timeline for the initiative was disclosed.

SUPPLY CHAINS-

UAE’s PCFC and Cordiant Capital collaborate to boost Dubai’s food supply chain: The Ports, Customs, and Freezone Corporation (PCFC) inked an MoU with Canadian investment firm Cordiant Capital at the World Governments Summit to enhance Dubai’s agricultural value chains and strengthen its food security initiatives, state news agency Wam reports.

The details:Under the partnership, PCFC and Cordiant Capital will invest in infrastructure projects that improve food distribution networks, reduce waste, and ensure efficient farm-to-table supply chains. The agreement will focus on developing advanced cold-chain logistics, optimizing trade corridors, and deploying supply chain technologies such as IoT sensors and AI-powered analytics.

ICYMI- The Dubai Government and the Food and Agriculture Organization (FAO) inked an agreement to improve food safety and reduce food waste and loss at the summit on Tuesday.

AVIATION-

#1- UAE’s state-owned defense giant EDGE Group has launched Powertech, a company specializing in the development and production of high-performance aero engines and propulsion systems for both civil aerospace and defense applications, it said in a press release.

#2- SAL + Madinah Authority ink agreement to boost airport operations: Saudi’s SAL Logistics Services is partnering up with the Madinah Region Development Authority to boost logistics services at Madinah’s Prince Mohammad bin Abdulaziz International Airport, according to a statement. The agreement aims to integrate smart tech at the airport as well as increase air cargo volumes, enhance trade operations, boost the region’s logistics performance index, and reduce barriers to export and import.

CUSTOMS-

UAE’s AD Ports Group secured a contract to manage Jordan’s 1.3 mn sqm Al Madouneh Customs Center under a new agreement with the Jordan Customs Department, according to a press release. The facility, launched in June 2024, uses AI, blockchain, and IoT technologies for logistics optimization.

TRADE-

A Saudi-Kenyan Business Council is in the works: The Federation of Saudi Chambers (FSC) inked an agreement with the Kenyan National Chamber of Commerce and Industry to establish a Saudi-Kenyan Business Council during a visit to Nairobi, Kenya, state news agency SPA reports. The move comes in a bid to boost economic cooperation and facilitate trade and investment between both states. The joint council will focus on expanding cooperation, exchanging information, and organizing exhibitions and trade visits.

Boeing posts busiest month since 2023 with 45 aircraft orders

Boeing posts record deliveries in January: The plane manufacturer delivered some 45 aircraft in January — including 40 737 MAX which saw a 60% y-o-y increase after it suffered from a panel blowout mid-flight that shed light on the firm’s shortcomings, Reuters reports. Seven 737 MAX jets were delivered to United Airlines, five to Southwest Airlines, and seven to unidentified Chinese carriers as well as four 787s — including the first 787 — to TAAG Angola, and one 777 freighter to Ethiopian Airlines. This marks the busiest month for Boeing since 2023, although total orders placed by customers dropped to 36 after reaching 142 last December.

Calendar

FEBRUARY

18-19 February (Tuesday-Wednesday): Argus Green Marina Fuels Asia Conference, Singapore.

18-19 February (Tuesday-Wednesday): Middle East Procuretech Summit, Dubai, UAE.

19-21 February (Wednesday-Friday): Air Cargo Africa, Nairobi, Kenya.

20-22 February (Thursday-Saturday): Dubai Freight Camp, Dubai, UAE.

24 February (Monday): AD Ports Group Capital Markets Day, Abu Dhabi, UAE.

25 February - 1 March (Tuesday-Saturday): WCA Worldwide Conference, Dubai, UAE.

MARCH

No events announced at the moment.

APRIL

2-4 April (Wednesday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

3-4 April (Thursday-Friday): Africa Supply Chain Optimization, Johannesburg, South Africa

10 April (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

14 April (Monday): CargoIS Forum, Dubai, UAE.

15-17 April (Tuesday-Thursday): Transport Middle East 2025, Aqaba, Jordan.

15-17 April (Tuesday-Thursday): IATA World Cargo Symposium, Dubai, UAE.

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

28 April-2 May: 7th Export Capabilities Exhibition (Iran Expo), Tehran, Iran.

MAY

6-8 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

12-15 May (Monday-Thursday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

13-14 May (Tuesday-Wednesday): Global Ports Forum, Dubai, UAE.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai, UAE.

27-29 May (Tuesday-Thursday): Saudi Warehousing & Logistics Expo, Riyadh, Saudi Arabia.

JUNE

1-3 June (Sunday-Tuesday): Annual General Meeting & World Air Transport Summit 2025, Delhi, India.

2-4 June (Monday-Wednesday): Propak MENA, Cairo, Egypt.

5-6 June (Thursday-Friday): Supply Chain & Logistics Innovation Summit, Amsterdam, Netherlands.

11-13 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

17-19 June (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Rotterdam, Netherlands.

19 June (Thursday): East Med Maritime Conference, Athens, Greece.

25-26 June (Wednesday-Friday): Decarbonizing Shipping Forum, Hamburg, Germany.

JULY

1-3 July (Tuesday-Thursday): ASEAN Ports and Logistics, Jakarta, Indonesia.

SEPTEMBER

24-26 September (Wednesday-Friday): Routes World, Hong Kong.

OCTOBER

1-2 October (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

14-15 October (Tuesday-Wednesday): Investing in Africa Conference and Expo, London, UK.

NOVEMBER

3-6 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

4-6 November (Tuesday-Thursday): Air Cargo Forum, Abu Dhabi, UAE.

17-21 November (Monday-Friday): Dubai Airshow, Dubai, UAE.

EVENTS WITH NO SET DATE

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 two of Jafza Logistics Park to be completed.

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

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

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