Talabat IPO to raise up to USD 1.5 bn

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TODAY: Talabat’s IPO set to raise USD 1.5 bn + new export avenues for Egypt

Good morning, friends. We have a compact issue this morning with the latest from Talabat’s forthcoming IPO and news of a new car export JV emerging from Egypt. Let’s dive right in.

HAPPENING THIS WEEK-

#1- The G20 Summit is coming to a close today in Rio de Janeiro, Brazil. The two-day event brings together heads of state and government to approve an array of agreements negotiated throughout the year by its member states and to suggest ways of addressing global challenges.

#2– A Tunisian Trade Mission will be received by the Amman Chamber of Commerce and the Tunisian Embassy in Jordan tomorrow. The event will gather importers, traders, distributors, and exporters to discuss the importance of boosting trade and economic partnership between Jordan and Tunisia.

WATCH THIS SPACE-

#1- Bahrain has allotted space for its airport development plans, Bahrain Airport Company (BAC) CEO Mohamed Yousif Al Binfalah told AGBI on the sidelines of the Bahrain International Airshow, without disclosing further details. Netherlands Airport Consultants carried out a USD 1.4 mn study to identify the site of the new airport, which is set to be located on reclaimed land in northwestern Bahrain, Binfalah said. “Starting that thinking process from now will give all the stakeholders involved the opportunity to look at various options and to make sure that this airport is going to be future proof,” Binfalah added.

#2- Egypt’s Oil Ministry is in talks with suppliers to postpone LNG shipments from 4Q 2024 to 1Q 2025, a government source told EnterpriseAM. The shipments are part of the 20 cargoes of LNG that the government bought for USD 907 mn to cover domestic needs between October and December. The news was first picked up by Al Arabiya.

The rationale: The ministry’s decision comes on the back of limited regasification capacity and sufficient domestic supply of natural gas, a government source told EnterpriseAM.

We’re about to start leasing another floating storage regasification unit: Egypt will begin leasing a floating storage regasification unit at the start of 2025, our source said, without

#3- EU and UK slap more sanctions on Iran: The EU has imposed a prohibition on the export, transfer, supply, and sale of components used in the manufacturing and production of Iranian-made Unmanned Aerial Vehicles (UAVs) and missiles from the EU to Iran, according to a press release. The EU has also introduced a transaction ban that restricts any transaction with ports and locks that are owned, operated, and managed for the transfer of components, which includes prohibiting access to Amirabad and Anzali locks and ports.

The UK has also imposed sanctions against Iran Air in response to the Iranian government’s transfer of ballistic missiles to Russia, according to a statement. The sanctions will further restrict its direct and scheduled commercial air services to and from Great Britain. Iran Shipping Lines (IRISL) has also been sanctioned, which entails an asset freeze and shipping sanctions for the transport of weapons to Russia.

More trouble in the skies: Iran Air canceled all Europe-bound flights hours after the EU announced new sanctions on Iran back in October. The EU has included Iran Air, Mahan Air, and Saha Air in a list of new sanctions on Iranian entities and individuals over their alleged involvement in Iranian transfers of ballistic missiles to Russia. The UK had imposed sanctions back in June on Russian cargo ships used for shipping military supplies from Iran to Russia.

MARKET WATCH-

#1- Oil prices continued rising in early morning trading in response to an oil production halt in Norway’s Johan Sverdrup oilfield and Russia-Ukraine escalations, Reuters reports. Brent crude futures for January gained USD 0.15 at USD 73.45 a barrel by GMT 04.30, while US West Texas Intermediate crude (WTI) futures for December increased USD 0.15 trading at USD 69.31 a barrel. The more active January WTI contract was up USD 0.13 at USD 69.30 a barrel. Both benchmarks climbed more than USD 2 a barrel yesterday after Norway's Equinor halted output from Western Europe's largest oilfield due to an onshore power outage.

Saudi’s oil exports hit a three-month high in September, notching up 80k bbl / d m-o-m, to 5.751 mn bbl / d, according to the latest figures from the Joint Organizations Data Initiative. Meanwhile, production notched down 17k bbl / d at 8.98 mn bbl / d. The story got ink from Reuters.

#2- Baltic index takes a dip: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — dropped 29 points to 1,756 points on Monday. The capesize index shed 67 points to 3,162 points, while the panamax index dropped 10 points to 1,202 points. The smaller supramax index decreased by 10 points to 1,009 points.

DATA POINT-

Egypt’s total trade with G20 countries increased 9.7% y-o-y to USD 61 bn in the first nine months of 2024, according to state statistics agency Capmas. The nation’s total exports decreased 3.4% y-o-y to USD 14.4 bn. The value of imports from G20 countries into Egypt increased 14.5% y-o-y to hit USD 46.6 bn this year.

The breakdown: Egypt’s top exports included fuel and refined products, fruit and vegetable products, ready-made clothing, electrical appliances, and fertilizers. Italy was the leading importer of Egyptian goods at USD 2.9 bn, closely followed by Saudi Arabia at USD 2.4 bn, Turkey at USD 2.3 bn, the US at USD 1.7 bn, and the UK at USD 1.2 bn. Conversely, China was the largest supplier of goods to Egypt, exporting USD 11.3 bn worth of goods, followed by the US at USD 5.2 bn, Saudi Arabia at USD 5.1 bn, and Russia at USD 4.5 bn.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Saudi International Maritime Forum from Tuesday, 19 November to Thursday, 21 November in Damman. The exhibition looks to explore developments and challenges in the maritime landscape, touching on both regional and international maritime security concerns.

Saudi Arabia will host the Saudi Rail Exhibition from Wednesday, 20 November toThursday, 21 November in Riyadh. The two-day event will host an array of sessions guided by leading players, senior executives, and key decision makers in the rail industry.

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

Talabat IPO to raise up to USD 1.5 bn

Delivery Hero will sell a 15% stake in its Middle East unit Talabat on the DFM at AED 1.5-1.6 apiece, putting it on track to raise some USD 1.5 bn, Bloomberg reports, citing a statement it has seen. The top end of the price range values the company at USD 10 bn.

REMEMBER- Delivery Hero is set to kick off book building for Talabat’s IPO today. The retail investors’ subscription period closes on Wednesday, 27 November, with the subscription period for institutional investors wrapping the following day. Delivery Hero plans to allocate 95% of the IPO shares to institutional investors, while 5% will be allocated to retail investors.

ADVISORS- Delivery Hero appointed Emirates NBD Capital, Morgan Stanley, and JP Morgan as joint coordinators and bookrunners, with Abu Dhabi Commercial Bank (ADCB), Barclays, EFG-Hermes UAE, First Abu Dhabi Bank (FAB), Goldman Sachs, ING, and UniCredit also acting as joint bookrunners. Emirates NBD is the lead receiving bank, while ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Wio, Emirates Islamic Bank, FAB, and our friends at Mashreq are also acting as receiving banks.

Egypt’s El Nasr + Al Safy Group form a JV to manufacture and export cars

Egypt’s El Nasr Automotive and the privately held Al Safy Group have set up a joint venture — dubbed SN Automotive — to manufacture global car brands locally, according to a statement (pdf). Established with EGP 500 mn in capital at the beginning of this year, the company will assemble, distribute, and finance the production of a range of vehicles in a bid to meet local demand and export to neighboring countries in North Africa.

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Al Safy owns the lion’s share of the company: Al Safy holds a 76% stake in the venture, while El Nasr owns the remaining 24%. The JV had an initial investment of USD 40 mn, with further investments planned to expand operations.

Remember- El Nasr this week officially restarted operations after a 15-year hiatus, delivering its first batch of electric 49-passenger buses in partnership with China’s Yutong to Transport Ministry-affiliated companies.

The first three models will be launched next year: SN Automotive has already secured a contract with a major Chinese automaker and plans to launch three locally assembled models — one electric and two gasoline-powered — by mid-2025, with the company already having contracted automated welding lines for these models. The plants’ launch next year will also see SN Automotive announce a second partnership with another foreign automaker, according to the statement.

Mass transit vehicles are also in the works: The JV has secured an exclusive manufacturing license for Yutong buses and is working on the manufacture of light and heavy transport vehicles, collaborating with local component manufacturers to support production.

Who’s doing what? Al Safy is set to oversee the entire supply chain, from importing parts and securing local components to distributing cars, managing dealerships, and providing after-sales services. El Nasr will be responsible for manufacturing, while SN Automotive will carry out all commercial activities.

Deepening local industry: The partnership aims to increase the percentage of local components in manufactured cars from 49% to more than 60% — set to further efforts to deepen auto industry localization in the coming years.

Gulf Nav’s bottom line slumps in 3Q 2024

GULF NAV-

Gulf Navigation Holding (Gulf Nav)’s bottom line dropped nearly 84% y-o-y to AED 1.1 mn in 3Q 2024 while recording improved revenues, according to an earnings release (pdf). The Dubai-listed maritime firm’s topline increased by 26% y-o-y to AED 23 mn, up from AED 18.2 mn in the same period last year, driven by cost management schemes and improved operational efficiency.

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REMEMBER- GulfNav’s net income was down 11.2% y-o-y to AED 24.7 mn in 1H 2024, while the firm’s revenues fell 42.2% y-o-y to AED 37.5 mn.

The story behind the numbers: The company attributed the rise in revenues to the expansion of vessel chartering initiatives, which was driven by increased demand and heightened operational efficiency. The firm also grew its fleet, which has undergone maintenance and upgrades to extend tankers’ operational life by up to five years.

Making moves: GulfNav received board approval for key terms for its acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy in September.

MENA special economic zones were a critical driver of global trade in 2023

Global foreign direct investment (FDI) in special economic zones (SEZs) surged in 2023 on the back of restrictive trade policies and supply chain disruptions, according to a recent FDI Intelligence report. Some 5% of all global FDI projects were funneled into freezones last year — up from 3.7% in 2022 — with MENA accounting for over half of the total FDI investments in SZEs globally, according to the report.

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Why SEZs? SEZs are designated areas offering specific advantages for businesses, offering a variety of advantages that may differ in governance, types and scope of incentives, targeted industries, and available services. The varying scope of SEZs complicates efforts to accurately assess the level of business activity within these zones. “It’s difficult to track them and to know which zones have actually entered operations and are successful,” OECD policy analyst Maria Camila Moreno told FDI Intelligence. Adrianople Group estimates that there are some 4.9k active special economic zones in over 90 countries worldwide, while the WFZO calculates some 7k, the report notes.

Special economic zones offer “predictability in terms of a stable business environment,” mitigating supply chain fluctuations, SZE-focused consultancy firm NxtZones CEO Douglas van den Berghe told the firm. Investing in SEZ or FTZs “somewhat insulates companies from new customs, tariffs or [policy changes] that might come up,” real estate advisor CBRE Americas senior managing director Seth Martindale told FDI Intelligence.

Around 85% of 516 global enterprise leaders predict that an increase in geopolitical tension will influence investment choices, a Kearney study found at the start of this year. Concerns are rising about the impact that growing geopolitical tensions in Asia and conflicts in the Middle East and Europe will have on global supply chains.

On the rise…: The number of corporate filings and event transcripts discussing either “freezones” or related terms, including “freetrade zones” or “special economic zones,” reached an all-time high in 3Q 2023, the report says, citing data from AlphaSense.

… and growing: “Freezones will be very important in the next 10 years,” World Freezones Organization (WFZO) board adviser Martin Ibarra told FDI Intelligence. “There is a reconfiguration of global chains to regional chains. Freezones give the perfect environment of ready infrastructure, buildings and duties exemptions [for investing companies adjusting their global footprints].”

MENA saw FDI flows go into 506 of its SZEs in 2023, attracting more FDI projects than any other region and accounting for over half of the total FDI investments in SZEs globally, according to the report. 1H saw growth across the region, with investments in Oman’s special economic zones, freezones, and industrial cities rising by 20% y-o-y to OMR 20.1 bn in the first half of this year. The Dubai Integrated Economic Zones Authority (DIEZ) also recorded a 18% y-o-y boost in net income and a 12% increase in revenues in 1H 2024.

Lots to come from Egypt: Egypt’s cabinet revealed big plans for the country’s ports back in July — looking to set up 31 new dry ports and logistics zones during the coming three years. Egypt’s General Authority for Investment and Freezones (GAFI) announced plans this month to set up four new freezones and have two others go live next year. The new zones will be located in Greater Cairo and New Alamein and will cover various sectors. The in-the-works zones are in addition to the six areas already listed in GAFI’s plan for next year. Industrial land developer Polaris Parks also committed EGP 10.5 bn (c. USD 217 mn) last month to develop two major industrial parks in Egypt’s New Administrative Capital and New October City.

And Saudi Arabia: The Saudi Port Authority (Mawani) and Al Jeri Logistics Services inked two contracts worth SAR 160 mn in August to develop two logistics zones for storing and handling containers at Jeddah Islamic Port and King AbdulAziz Port in Dammam. The kingdom launched four new SEZs in April last year — Riyadh, Jazan, Ras al Khair, and King Abdullah Economic City — to reinforce its position as a global investment hub.

Governments are eyeing SEZs to boost their regional foothold: King Salman International Airport Development Company (KSIADC) inked an MoU this month with Chinese firm Ewpartners to explore the development of an e-commerce and logistics special economic zone within King Salman International Airport. The UAE-India CEPA Council inked two agreements with the Ras Al Khaimah Economic Zones Authority and the Abu Dhabi Chamber of Commerce and Industry last month to expand connectivity and cooperation between business communities in the two countries.

Renewables are a big boost: Renewable energy investments in SEZs amounted to some USD 18.6 bn in 2023, making it the largest recipient sector globally. However, this marked a decline from the record USD 61.6 bn in renewable energy FDI commitments recorded in freezones in 2022, largely due to fewer large, speculative agreements being signed for green hydrogen production in FTZs.

Heaps of updates from Bahrain, UAE, KSA, Morocco, Kuwait, and Egypt

ZONES-

Aramco + Sinopec break ground on USD 9.82 bn Fujian petrochem complex: Saudi Aramco and Chinese state refining giant Sinopec have kicked off construction work at a refinery and petrochemical complex in southeast China’s Fujian province, with operations expected to begin in 2030, Reuters reports, citing a Sinopec statement. The new refining hub is estimated to cost USD 9.82 bn, the newswire said. Aramco and Sinopec inked a preliminary agreement for the greenfield project back in 2022.

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Project profile: The new refining hub is situated in Zhangzhou city’s Gulei industrial park and includes a 320k bbl / d refinery, ethylene and paraxylene plants, and a 300k-ton crude oil terminal. Once operational, the facility is expected to supply some 5 mn tons of petrochemical feedstocks a year. The initiative is separate from another USD 6.4 bn Sabic refining complex also situated in Gulei industrial park, Reuters explained.

LOGISTICS HANDLING-

Menzies secures ground handling license in Malaysia: Ground handling firm Menzies Aviation, a subsidiary of Kuwait-based Agility, has secured a new ground handling license to deliver passenger, ramp, and cargo services at Kuala Lumpur International Airport (KUL) in Malaysia, according to a statement. Menzies’ JV with Malaysian supply chain management company MMAG Holdings, Menzies Aviation Malaysia, will begin delivering ground handling services from KUL starting January 2025 under the 12-month license. Private aviation company MJets will be the first customer for Menzies, who will serve more than 30 weekly flights.

AVIATION-

Gulf Air partners up with AWS on cloud infrastructure: Bahrain’s flagship carrier Gulf Air has entered into a strategic collaboration with Amazon Web Services (AWS), a subsidiary of Amazon, to develop the airline’s operations using AWS’ cloud infrastructure, Bahrain News Agency (BNA) reported on Friday. Gulf Air will use AWS’ technology to modernize its digital foundation across airports and airline segments, improving operational efficiency, customer experience, and scalability through AI and machine learning.

What they said: “The partnership is designed to develop cloud innovation for Gulf Air’s operations, leveraging advanced tools such as Gen AI, Bedrock, and SageMaker to enhance services across airports and aircraft,” Managing Director of MENA and Turkey region for AWS Yasser Hassan said to BNA.

ICYMI: Maritime AI company Windward is collaborating with AWS to launch generative AI solutions to improve risk management for the shipping, logistics, and public sectors.

Dnata’s Airport Handling to operate ground handling at Rome Fiumicino (FCO): Dubai-based air services provider Dnata’s joint venture Airport Handling has been awarded a seven-year ground handling license at Rome Fiumicino Airport (FCO), according to a press release. Airport Handling will provide ramp and passenger services at FCO starting February 2025, with a EUR 20 mn investment in ground support equipment (GSE).

SHIPPING + MARITIME-

Mawani adds new shipping service to Jubail Commercial Port: The Saudi Ports Authority (Mawani) added Emirates Shipping Line’s EJBS service to Jubail Commercial Port, it said in a statement. The new service, which has a 1.8k standard container capacity, will link the Jubail port to the ports of Jebel Ali in the UAE, and Shuwaikh in Kuwait.

TRADE-

Saudi Chambers to explore investments in Poland + Slovakia: A business delegation led by the Federation of Saudi Chambers (FSC) Chairman Hasssan bin Mujib Al-Huwaizi departed for Poland and Slovakia on Monday to explore investment opportunities and sign several agreements and commercial partnerships, SPA reports. The delegation includes 72 business leaders from different sectors, government entities, and authorities. The delegation will participate in a meeting of the Saudi-Polish Business Council and the Saudi-Slovak Business Forum to sign an agreement and establish a joint business council.

DIGITILIZATION-

Cairo International Airport’s cargo management system gets an upgrade: Turkish logistics solutions provider CACC Cargolinx has implemented Hermes Logistics Technologies’s (HLT) SaaS Cloud-based service at Egypt’s Cairo International Airport, streamlining cargo handling operations and boosting digital infrastructure, according to a statement. The project has integrated Hermes’ Business Intelligence platform and Track and Trace application, which will offer data insights and host detailed shipment information for customers and shippers in real time.

RAIL-

Morocco taps Covec for railway project: Morocco’s National Railways Office (ONCF) has awarded China Overseas Engineering Corporation (Covec) a MAD 1.34 bn (c. USD 133.9 mn) contract for the high-speed line (LGV) from Kenitra to Marrakech, Morocco World News reports, citing Morocco's Le360. The contract will cover extensive civil work, including earthworks, engineering structures, communications restoration, and fencing.

The big picture: The project falls under ONCF’s USD 37 bn plan to link the country’s cities, ports, and airports via high speed railways with speeds of up to 350 kilometers per hour. ONCF’s MAD 9.78 bn railway development investment plan for 2025-2027 will also extend towards the LGV.

OTHER STORIES WORTH KNOWING THIS MORNING-

Iran boosts imports from UAE: Iran has launched three weekly direct cargo services from Payam Airport to the UAE’s Al Maktoum International Airport. The flights will be dedicated to importing the goods required for the manufacturing of electronic devices in Iran. (IRNA)
Afghanistan + Iran to cooperate on rail transport: Afghanistan’s Public Works Ministry has sent a delegation to Iran to discuss increasing commercial exchange through the Khaf-Herat railway. (IRNA)
Pakistan-Iran border trade point reopens: The Balochistan region’s Kuntanipur border crossing between Iran and Pakistan reopened on Monday. (24 News)
BIA receives IEnvA Certification: Bahrain International Airport (BIA) has become the world’s first airport to receive the IATA Environmental Assessment (IEnvA) Certification recognizing its commitment to sustainability. (International Airport Review)
Beyon + BAC partner up on airport services: Bahrain’s ICT provider Beyon Solutions has inked an agreement with Bahrain Airport Company to enhance the aviation communications infrastructure at Bahrain International Airport (BIA), boosting operational efficiency and emergency response capabilities. (Statement).

Boeing lays off over 400 workers + Taiwan eyes partnership with the EU in semiconductors, AI sectors

Embattled aviation giant Boeing issued layoff notices to over 400 workers as the company grapples to recover from a seven-week machinist strike, AP reports. The firm issued pink slips to members of the Society of Professional Engineering Employees in Aerospace Union (SPEEA) last week, with workers remaining on the payroll until mid-January. Boeing plans to axe nearly 10% of its workforce and will delay its delivery of the 777X jet.

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Background: Boeing workers accepted a new contract offer this month, bringing an end to a seven-week strike that halted most jet production and worsened the company’s already existing supply chain issues and delivery delays.

Taiwan is looking to boost collaboration with the EU in the semiconductor and AI sectors, calling for the formation of a bilateral economic partnership agreement, Reuters reports, citing comments by Taiwan’s President Lai Ching-te said at the annual Taiwan-EU Investment forum in Taipei. A partnership agreement between the two countries would “make both [their] economies more resilient and secure,” as well as ensure “the stable operation of global supply chains,” Ching-te stressed.

Calendar

NOVEMBER

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

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

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

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

29 November (Friday): Egypt and Italy to launch a ro-ro shipping line connecting Damietta Port with Port of Trieste.

DECEMBER

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

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

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

20 December (Wednesday): The Iran-Senegal Joint Economic Cooperation Commission, Dakar, Senegal.

EVENTS WITH NO SET DATE

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

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

2H 2024: Bahri’s barges for Saline Water Conversion Corporation (SWCC) to begin initial and commercial operation.

King Salman Energy Park is set to become operational.

The Cross-Border Digital Trade Forum, Dubai.

2025

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

FEBRUARY

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

APRIL

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

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

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

AD Ports-operated Safaga Port’s multi-purpose terminal will become operational.

Phase 3 of APM Terminals Tangier MedPort to be complete and operational.

1Q 2025: Sadr Park’s Logistics Center in Riyadh to be completed.

1Q 2025: Phase twoof Jafza Logistics Park to be completed.

NOVEMBER

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

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

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

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Talabat IPO to raise up to USD 1.5 bn

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TODAY: Talabat’s IPO set to raise USD 1.5 bn + new export avenues for Egypt