Shipping giants temporarily halt Red Sea transit amid continued attacks

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TODAY: Shipping giants temporarily halt Red Sea transit amid continued attacks

Good morning, friends. We have a brisk read for you this morning with the latest from the shipping chaos unfolding in the Red Sea and a couple of M&A stories emerging from the UAE.

THE BIG LOGISTICS STORY-Four of the world’s largest shipping outfits — Mediterranean Shipping Company, Maersk, CMA CGM, and Hapag-Lloyd — will halt transits through the Red Sea amid continued attacks on shipping while Hong Kong-based liner OOCL has also said that it will stop handling cargoes to and from Israel “with immediate effect.”

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

PSA- Sheikh Khalifa Bin Zayed Int'l Road in Abu Dhabi will be shut down from today until Friday 29 December 2023,Abu Dhabi’s Integrated Transport Center said.

HAPPENING TODAY- The International Exhibition of Transportation, Logistics, and Related Industries (Iran Trans Expo 2023) will kick off today and conclude tomorrow 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.

HAPPENING THIS WEEK- The Saudi Airport Exhibition’s (SAE) second edition kicks off tomorrow and continues till Wednesday at the Riyadh International Convention and Exhibition Centre (RICEC). The two day event brings together more than 250 exhibitors from over 50 countries to showcase innovations in airport operations, construction, technology, ground handling, support services, and air traffic control, with a focus on KSA’s drive to develop and upgrade its airport sector. The event is sponsored by the General Authority of Civil Aviation -owned Matarat Holding.

WATCH THIS SPACE #1-Nigeria-based e-commerce platform Jumia Group will close its food delivery division by the end of the year, Reuters reported last week. Africa’s first New York Stock Exchange-listed tech startup will stop food delivery operations in all seven countries where the service operates, including Morocco, Tunisia, Algeria, Nigeria, Kenya, Uganda, and Ivory Coast. Jumia has been doubling down on measures to trim costs, including layoffs and existing grocery and delivery services as it redirects efforts to focus on its core online retail operations in an effort to turn profitables, the newswire said.

WATCH THIS SPACE #2-Maroc suspends flights to Paris: Moroccan national carrier Royal Air Maroc suspends flights to and from Paris-Orly airport amid a notice for an air traffic controller’s strike notice starting today, the company said. The strike, which comes in protest to a new regulation requiring a 48-hour notice before engaging in industrial action, is also set to affect operations across airports in Lyon, Lille, Brest, Rouen, Poitiers, and Saint-Yan, Morocco World News reported.

WATCH THIS SPACE #3- Lufthansa plans to resume flights to Tel Aviv early next year:Lufthansa will recommence flights to Tel Aviv’s Ben Gurion International Airport beginning 8 January, 2024, according to a statement. The resumption is set to proceed in phases with the carrier offering rolling out 20 weekly connections to start with, corresponding to c. 30% of the pre-conflict flight schedule. The German carrier had also suspended flights to Beirut, before resuming them on Friday, the statement said.

ICYMI: Major global airlines, including Air France, ANA, Delta Air Lines, Wizz Air, Brussels Airlines, Lufthansa, United Airlines, American Airlines, and Air India suspended their flights to Tel Aviv in October, with others curtailing their operations in the country.

DATA POINT #1-Suez Canal revenues saw a 25% y-o-y increase in FY 2022/2023 to USD 8.8 bn, compared to 7 bn last year, according to Egyptian Central Bank data cited by Alsharq Business on Thursday. The canal’s revenues boosted 63% over the past ten years, rising from USD 5.4 bn in FY 2013/2014 to USD 8.8 bn for the financial year that concluded on 20 November, Alsharq Business said.

DATA POINT #2-SAF volumes are growing fast, but not fast enough: Sustainable Aviation Fuel (SAF) production topped 600 mn liters (0.5Mt) in 2023, double the 300 million liters (0.25 Mt) produced last year, according to an International Air Transport Association (IATA)press release. Volumes are projected to triple again to 1.875 billion liters (1.5Mt) in 2024. Despite the solid growth, SAF as a proportion of renewable fuel production is expected to only grow from 3% in 2023 to 6% to 2024, limiting supply and hiking prices. These projections are far below the 25% to 30% SAF renewable fuel production capacity required to meet the sector’s net zero goals for 2050, IATA says.

DATA POINT #3- Air cargo traffic at Kuwait International Airport increased 15% y-o-y in November,with some 19.4 mn kg of inbound and outbound cargo handled during the year,Kuwait’s daily Al Rai cites the General Administration of Civil Aviation as saying. The period saw the airport process 15.6 mn kg of imports, and 3.8 mn kg of exports. Total aircraft movements for the period were 10.6k, 10% y-o-y increase, and passengers totalled 983k for the year, a 12% y-o-y increase, the outlet said.

MARKET WATCH #1- Egypt’s sugar export ban extended: Egypt’s trade ministry has extended for three months its ban on the export of sugar, according to a decision published in Egypt’s Official Gazette. The ban, which runs through March 2024, exempts surplus quantities beyond local market needs. The country’s trade ministry has also stepped up warnings to wholesalers and retailers against hoarding and price gouging as it looks to calm soaring prices in local markets.

MARKET WATCH #2- Global demand for oil to rise faster than expected in 2024,despite agreements in COP28 to transition to cleaner fuels, Reuters reported citing a monthly International Energy Agency (IEA) report it picked up. World consumption is poised to rise by 1.1 million barrels per day (bpd) in 2024, a 130k bpd upgrade from its previous forecast, with boosted projections for the US economy and lower oil prices driving the upturn, the IEA said.

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.

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

Shipping giants temporarily halt Red Sea transit amid continued attacks

Global shipping giants halt Red Sea transits: Four of the world’s largest shipping outfits — Mediterranean Shipping Company (MSC), Maersk, CMA CGM, and Hapag-Lloyd — will halt transits through the Red Sea amid continued attacks on shipping, company representatives told Enterprise. Another major carrier, Hong Kong-based liner OOCL, has also said that it will stop handling cargoes to and from Israel “with immediate effect,” according to a statement. The move follows a spate of Houthi-led attacks and near-misses that targeted vessels operated by MSC, Maersk, and Hapag-Lloyd in the Red Sea over the past few days, Reuters reported here and here.

How long of a hiatus are we talking about? “We are not happy with the decision and hope that navigation returns to normal,” Maersk’s MENA Chief Group Representative Hany El Nady told us. “The Suez Canal is the most suitable and safest navigation route for international trade to cross … unlike the open sea, which is not devoid of its own risks,” he added. Hapag-Lloyd’s pause is set to continue until today, the National reported on Saturday. While CMA CGM and MSC said that they are stopping transits indefinitely, according to statements here and here. OOCL did not specify a timeline for the resumption of its operations in Israel, according to its statement.

More security for trade vessels in the Red Sea is on the cards: Maersk is in talks with the European Union, the International Maritime Organization, as well as other groups to partner on safer transit in the Red Sea, El Nady added. The Biden administration is also lobbying for a multinational naval force to protect shipping in the region, with current plans calling for an expansion of the pre-existing Combined Task Force 153 that is focused on the Red Sea and Gulf of Aden.

Iran + Yemen are not impressed: Iran has rebuffed plans for a US-led coalition to safeguard vessels in the region, “If they make such an irrational move, they will be faced with extraordinary problems,” Iran's Defence Minister Mohammad Reza Ashtiani said in statements cited by Reuters last Thursday. Meanwhile, a Yemeni official has said that a ceasefire in Gaza is the only sure way to guarantee safe passage for Israeli and Israel-bound vessels in the region, Tasnim reported on Thursday.

Alternative land routes are also being tested: The last few days saw the first delivery of foodstuffs arrive in Israel from the UAE via a new land bridge that looks to temporarily replace sea routes amid the Houthi blockade, Almayadeen reported on Saturday. The trial saw 10 trucks haul goods from the UAE to Israel, transiting KSA and Jordan while enroute. Jordan later denied its participation in the land bridge, according to government statements cited by Petra.

REMEMBER – UAE-based logistics outfits FZCO and DP World had discussed inking an agreement with Israeli logistics firm Trucknet to connect ports in the two countries via a land bridge as a workaround to the Houthi-imposed blockade on Israeli shipping.

What does this mean for the Suez Canal? The Suez Canal Authority has yet to make a statement on setbacks due to the decision by the global freight carriers. It’s not clear how much of the traffic passing through the Suez Canal belongs to the four shipping lines. The waterway represents the shortest route between markets in Europe, North America, and Europe, with 12% of global trade transiting the route, according to figures cited by the US Naval Institute.

The situation in the Red Sea has been escalating for some time: Attacks on shipping in the region have been making headlines since Israel started its war on Gaza, as the Iranian-backed Houthis in Yemen look to pressure Israel. While Israeli ships were originally the sole target, armed Houthi groups upped the ante last week by announcing that they will target all shipping companies that work with Israeli ports, regardless of their nationality.

Turkish Airlines expands its fleet by ordering 220 aircraft from Airbus

Turkish Airlines is expanding its fleet:Turkey’s national carrier Turkish Airlines has placed an order of 220 Airbus aircraft, according to a statement released on Friday. The exact value of the order was not revealed, although the company says it is in the tens of bns of USD, Financial Times reported. The delivery dates for the aircraft were also not disclosed. The new order will bring the Turkish carrier’s total orderbook for Airbus aircraft to 504, of which it has received 212, the statement notes.

What’s in the order? The order is for 150 A321s and 70 A350 wide body aircraft, according to the statement. This follows the airline's order of 10 A350-900 aircraft in September, which brought its total order for A350-900s up to 40, according to a separate release.

About the aircraft: The A321, the largest aircraft in the Airbus A320neo family, uses new engines and sharklets, reduces noise by some 50% and consumes 20% less fuel compared to previous generation planes, according to the release. The A350 can fly from short-haul to ultra-long-haul routes of up to 9.7k nm.

This has been on the carrier’s to-do list for some time: Turkish Airlines was reportedly in final discussions with “one of the big manufacturers” for an order of 400 narrow body aircraft and 200 wide-body aircraft to be delivered over 10 years.

ICYMI- Turkish Airlines partnered up with Riyadh Air for a codeshare agreement earlier this month. They will also explore the possibility of a loyalty agreement covering both airlines’ global networks and broader cooperation in aviation-related services including cargo and digital development.

AD Ports Group is reportedly in talks to acquire a stake in Turkey’s Izmir Port

AD Ports to buy stake at Turkey’s Izmir Port:AD Ports Group is in talks to acquire a stake in the key Turkish port of Izmir in a USD 500 mn transaction, Reuters reports, citing sources with knowledge of the transaction.

What we know: The agreement will see AD Ports shell out investments in an entity established by Turkey’s sovereign wealth fund, the Turkish Wealth Fund (TWF) to operate the facility, sources told the newswire. Details of the arrangement are yet to be finalized, but TWF-owned Izmir Port is in need of investments and Turkey is looking for FDI to shore up its economy, Reuters said.

Background: UAE and Turkey inked a freetrade agreement in March, as the two countries look to ramp up bilateral trade and investments, Reuters reported. August also saw Dubai-based port operator DP World snap up a 58% stake in Turkey’s Evyap Port.

UAE’s Mubadala eyes a stake in Indian logistics company IndoSpace Core

Mubadala eyes a stake in IndoSpace Core: The UAE’s state-owned wealth fund Mubadala has bid for a 50% stake in Indian logistics company IndoSpace Core, Indian news outlet the Financial Express reported on Friday, citing people it says have knowledge of the matter. Mubadala has submitted a bid to buy a 50% stake in the company for USD 700 mn from the Canada Pension Plan Investment Board (CPPIB), and Morgan Stanley will be operating the sale process.

About Indospace Core: Warehouse owner and developer IndoSpace Core is a joint venture project between IndoSpace and CPPIB, who owns 80% of the venture. IndoSpace Core has 50 logistics parks, with 57 mn square feet of space both delivered or under development.

What they said: “The portfolio has matured and CPPIB is looking to exit its investment after six years,” sources told the Financial Express. CPPIB has declined to comment on the matter and IndoSpace and Mubadala did not respond to requests for comment. CPPIB plans to stay invested in IndoSpace Core’s parent company, IndoSpace.

Who else is in the race? Dutch pension fund APG, Canadian investor Oxford Properties, and Ivanhoe Cambridge are also competing for the stake, according to sources.

Looking ahead: Indospace Core is committed to acquiring 13 industrial and logistics parks around India totaling 14 mn square feet from parent company IndoSpace development funds.

Egytrans forms JV with Saudi Links Investment to establish logistics and transport company

Egytrans + Links to partner on new logistics firm: Egyptian logistics and transport firm Egytrans and Saudi-based investment firm Links Investment have partnered up to establish a joint logistics and transport company based in KSA, according to a statement. The company is projected to have a total capital of SAR 10 mn with an initial capital of SAR 500k, the statement notes. The timeline for completing the setup of the JV is slated for 1Q 2024.

The details: The new company will be headquartered in Riyadh and will provide transport and logistics services by leveraging Egytran’s oil, gas, and renewable logistics expertise and Links’ business diversification, asset base, partnerships, and land banks, the statement notes. The JV will focus on wind farms and other specialized transport solutions, Egytrans CEO Abir Leheta commented.

What they said: The partnership aims to capitalize on the “burgeoning Saudi market,” as KSA has the largest potential market for logistics providers in the region, with analysts estimating that up to some USD 240 bn worth of projects are currently being implemented in the country, and up to USD 1.8 bn are available for third party logistics providers, Leheta commented.

Egytrans has been expanding its operations: Egytrans had revealed back in August its fine print for its 99.9% acquisition of the National Transport and Overseas Services Company (NOSCO) through a share swap.

UAE, Azerbaijan to boost digital infrastructure cooperation + Iran, Armenia approved EAEU freetrade agreement

UAE + Azerbaijan ink MoU to develop digital infrastructure: The UAE and Azerbaijan have signed an MoU set to enhance digital infrastructure and developing data centers in Azerbaijan, Wam reported on Friday. The two countries recently discussed boosting bilateral ties in several sectors.

Armenian government greenlights EAEU freetrade agreement with Iran: Armenia’s cabinet approved the conclusion of a freetrade agreement between the Eurasian Economic Union (EAEU) and Iran, NewsAM reported on Thursday. The arrangement will permit the removal of customs duties on a wide range of imports from Iran, but Armenia nonetheless intends to negotiate flexible tariff regimes on key agricultural and industrial products that are deemed vital to its economy, the outlet said.

ALSO WORTH KNOWING-

Iran + China discuss trade: Head of the Institute of Standards and Industrial Research of Iran (ISIRI) for International and Halal Affairs Ebrahim Ebrahimi met with China’s commercial attaché and representatives of the Chinese embassy to discuss boosting trade and cooperation on standards and the Halal industry. (Tasnim)
Oman + Singapore boost trade and exports: Oman and the Singapore Cooperation Enterprise inked an MOU to enhance cooperation on investments, exports, developing SMEs and industrial projects, and international branding. (Oman News Agency)
India + Oman’s CEPA is in the works:India and Oman are set to finalize talks on potential a Comprehensive Economic Partnership Agreement. (Indian Times)

Panama Canal to expand daily booking slots in January 2024

Panama Canal to increase booking slots: The Panama Canal Authority says it will increase the number of transit slots for its Panamax and Neopanamax locks to 24 per day effective mid-January, Reuters reported on Saturday. The authority had previously planned to have 18 transit slots per day, yet altered this figure based on the current and expected levels of water in the artificial Gatun Lake, which supports the canal.

Details: Applications for new slots will open in the coming weeks for transit starting 16 January 2024. Only one booking slot per customer per date will be permitted regardless of when the slots were booked. Slots will be given based on the highest bid in auction, full containers, and market and customer rankings.

ICYMI- The traffic jam at the Panama Canal is expected to continue into 2024, as drought has reduced the number of ships the canal can accommodate since August. El Niño, the warming of sea surface temperature in the eastern Pacific Ocean, is expected to further lower water levels at the Panama Canal, prolonging wait times and hiking costs in 1H 2024.

Terra raises USD 2 mn in seed round, Oman Air kicks of Hyderabad freighter service, and Menzies Aviation partners with Wipro on cargo management

LAST MILE-

Terra raises USD 2 mn in seed round: UAE-based electric mobility startup Terra has raised USD 2 mn in a seed funding round that saw participation from angel investors, according to a statement released on Thursday. The raised funds will be funneled towards upgrades to the firm’s e-motorbike and battery swapping operations ahead of an upcoming Series A funding round, the statement noted.

Why is this important? Terra’s drop-in replacement battery swapping solution — which can be completed in about five minutes (watch, runtime: 1:56) depending on EV and battery make — offers a quick fix to poor EV charging infrastructure globally, and can help accelerate the transition to green mobility by enabling replenishment of EV driving range on the go instead of lengthy recharge durations.

AVIATION-

Oman Air launches freighter service connecting Hyderabad and Muscat:Oman Air has kicked off a freighter service linking Hyderabad International Airport to its hub at Muscat International Airport, according to a statement released last week. The new line will operate two weekly flights on Tuesday and Saturday using a newly delivered Boeing 737-800 converted freighter which can haul 22 metric tons one way. The service is expected to add 88 mn metric tons of inbound and outbound weekly capacity at Hyderabad, boosting exports of pharma, fruit, vegetables, and hatching eggs from Hyderabad to Oman.

Menzies implements new cargo management system by Wipro: UK-based Menzies Aviation has launched a new cargo management system, dubbed Menzies Aviation Cargo Handling (MACH), using software from technology and Indian IT consulting services company Wipro, according to a statement released last week. Menzies, a subsidiary of Kuwaiti logistics company Agility, plans to implement the MACH system across its global network by the end of 2024. The company is launching MACH systems at 10 air cargo locations in five countries: Jordan, China, New Zealand, Jamaica, and Canada. MACH uses cloud-based architecture to provide real-time insights and data that can be accessed from anywhere at any time.

ALSO WORTH KNOWING-

KSA gets its first hydrogen truck: KSA’s General Authority for Transport and Al-Majdouie Logistics Company have launched Saudi Arabia’s first hydrogen truck on a trial basis. The truck can travel 400 km on 35 kg of hydrogen. (Statement)
Etihad Airways to boost safety with AI solutions: The UAE’s Etihad Airways is partnering with Mohamed bin Zayed University of AI to create AI-powered safety solutions, develop joint training programs, and conduct research. (Statement)
Lufthansa resumes Beirut route: Lufthansa is planning to resume its flights to and from Beirut following a suspension in October amid the Israel-Gaza war. The carrier will also add a total of 20 weekly connections to Tel Aviv starting from 8 January 2024. (Statement | NNA)
More flights between Mumbai and Doha:Indian airline Vistara has launched four flights per week between Chhatrapati Shivaji International Airport, Mumbai and Doha Hamad International Airport, Qatar. (Simple Flying)
Menzies switches to eco-friendly cargo operations:Menzies Aviation has switched to the environmentally friendly BioNatur Plastics for its cargo operations at Los Angeles International Airport (LAX), San Francisco International Airport (SFO), and Miami International Airport (MIA) in a bid to enhance sustainability. (Statement)

Calendar

ONGOING

2 October 2023-28 March 2024: Doha Expo 2023, Doha, Qatar.

DECEMBER

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.

19-20 December (Tuesday- Wednesday): The Saudi Airport Exhibition, Riyadh International Convention and Exhibition Centre.

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.

JANUARY 2024

9-11 January (Tuesday- Thursday): Dubai International Pharma and Technologies Conference and Exhibition, Dubai World Trade Centre, UAE.

12-14 (Friday-Sunday ): 2024 5th International Conference on Supply Chain Management (ICSCM2024), Singapore.

23-25 January (Tuesday-Thursday): Transport Middle East 2024, Intercontinental Abu Dhabi, UAE.

FEBRUARY 2024

5-7 February (Monday-Wednesday): Middle East Bunkering Convention 2024, DoubleTree Hilton, Dubai, UAE.

6-7 February (Tuesday-Wednesday): The Middle East ProcureTech Summit (ME ProcureTech Summit, Dubai, UAE.

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

13 February (Tuesday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA, Address Hotel Dubai Mall, UAE.

12-15 February (Monday-Thursday): Future Warehouse & Logistics 2024, Dubai, UAE.

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

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

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

MARCH 2024

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

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

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

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

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

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

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

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

APRIL 2024

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

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

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.

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

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

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

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

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

JUNE 2024

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

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

OCTOBER 2024

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

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

NOVEMBER 2024

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

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

DECEMBER 2024

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

EVENTS WITH NO SET DATE

1Q 2024: Construction of phase 3 of Agility’s logistic park in Abidjan, Côte d'Ivoire to be completed.

1Q 2024: Egypt’s Transport Ministry to launch pre-qualification tender for Cairo-Alex freight railway.

1H 2024: Civil Construction subcontracts for construction firms in Oman for implementation of the Abu Dhabi - Suhar rail link to be announced.

King Salman Energy Park is set to become operational.

2025

Mid-2025: Iraq will complete phase one of the construction of the Grand Faw Port.

DHL and Aramco’s logistics and procurement hub in Saudi Arabia will commence operations.

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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Shipping giants temporarily halt Red Sea transit amid continued attacks

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TODAY: Shipping giants temporarily halt Red Sea transit amid continued attacks

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Shipping giants temporarily halt Red Sea transit amid continued attacks

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Turkish Airlines expands its fleet by ordering 220 aircraft from Airbus

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AD Ports Group is reportedly in talks to acquire a stake in Turkey’s Izmir Port

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UAE’s Mubadala eyes a stake in Indian logistics company IndoSpace Core

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Egytrans forms JV with Saudi Links Investment to establish logistics and transport company

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UAE, Azerbaijan to boost digital infrastructure cooperation + Iran, Armenia approved EAEU freetrade agreement

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Panama Canal to expand daily booking slots in January 2024

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Terra raises USD 2 mn in seed round, Oman Air kicks of Hyderabad freighter service, and Menzies Aviation partners with Wipro on cargo management

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