The fine print on the India-MENA corridor

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What we're tracking today

TODAY: See you at the Finance Forum today + UAE inaugurates new maritime developments in Al Dhafra

Good morning, friends. We have a lot of updates from across the region for you this morning, but first…

IT’S TODAY- The Enterprise Finance Forum is taking place today and tomorrow at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

We’re starting the event at 8:00am with a standing networking breakfast, with the opening panels starting at 9:00am. Panel discussions will end at 1:20pm both days.

We are very grateful for the interest we’ve seen from many of you and are looking forward to meeting those attending.

** For those of you joining us, please remember to bring the personal QR code you received yesterday on both days to ensure access to the venue.

There will be plenty of parking available at the venue.

Tap or click here to view the FULL AGENDA with SPEAKERS.

** We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FABMISR, HSBC, Mashreq, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

A quick programming note before we get underway: Enterprise Logistics is taking a publication holiday tomorrow as the team attends the Enterprise Finance Forum. We’ll be back in your inboxes on Wednesday morning.

THE BIG LOGISTICS STORY- Ports in India, the UAE, Saudi Arabia, Israel, Greece, Italy, and France have been floated as junctions in the India-Middle East-Europe Economic Corridor (IMEC), according to the Indian press. The inner workings of the logistics megaproject — a major US-backed logistics infrastructure project that seeks to establish rail and maritime connections between Europe and India via MENA — are being talked over, with participants weighing their options in terms of proposed routes.

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

UAE’s Hamdan bin Zayed inaugurates maritime developments in Al Dhafra : Sheikh Hamdan Bin Zayed Al Nahyan, the UAE Ruler’s Representative in Al Dhafra region, inaugurated on Sunday Sila Community Harbor and Al Fayiyi Island Marina in Al Dhafra, Zawya reports. This is part of a series of marina developments implemented by AD Ports subsidiary Abu Dhabi Maritime. The project aims to advance the local maritime community by increasing mobility and logistics capabilities. The projects “enable smoother connectivity and promote sustainable mobility, all contributing to a higher quality of life for our community,” said Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport.

Grain ships head to Ukraine despite Russia’s blockade: Ukraine is sending cargo vessels to collect grain from its Black Sea Port for the first time since Russia terminated the safe passage agreement in July, writes Bloomberg. Two ships are en route to Chornomorsk port carrying some 20k tons of wheat bound for Africa and Asia, the news outlet citing a social media post by Ukraine’s infrastructure minister, Oleksandr Kubrakov. Since the grain pact collapse, Ukraine rerouted its grain exports via rail, river, and land, which carry the risk of being exposed to Russian attacks on river ports.

Russia’s attacks haven’t stopped: Russia targeted agricultural facilities in Odessa, Ukraine with drones and cruise missiles yesterday morning, Reuters reported, citing statements by the Ukrainian Air Force. A grain silo and fields were damaged in the strike, but no casualties were reported, the newswire wrote, citing reports by local officials.

DATA POINT- SCZone revenues hit new record : Revenues from the Suez Canal Economic Zone recorded nearly EGP 6.1 bn in FY 2022-2023, the highest recorded level in the zone’s history, according to an SCZone statement. Revenues rose 78% y-o-y from EGP 3.49 in the previous fiscal year.

ALSO FROM THE SCZONE BOARD-

Next stops for the SCZone roadshow 2.0: The SCZone will carry out a promotional campaign targeting global investments, with a focus on the Brics countries, Gulf countries, European nations, and the US. The SCZone’s roadshow has recently visited countries including India, China, Japan, the Netherlands, and Vietnam and has plans to go to South Korea, Germany, the UK, Vietnam, Singapore, and Brazil before the end of the year.

OCI HyFuels receives temp permit: OCI subsidiary OCI Hyfuels received a six-month renewable license to roll out green methanol bunkering services at the East and West Port Said ports, according to the statement. OCI refueled the world’s first green-methanol powered container ship, chartered by Maersk earlier this year. We have more news on Maersk’s plans for green fuels in Egypt in this morning’s newswell.

Kurds optimistic about resuming oil flows, but no quick res olution on horizon: Delegates from the semi-autonomous Kurdistan region of Iraq have expressed optimism about resuming oil exports after talks with Baghdad last week, Bloomberg reports. However, no quick solution is in sight, a top Kurdish official is cited as saying by the outlet. Both sides are currently weighing “two ideas” that could resolve the dispute, Kurdish Regional Government Foreign Minister Safeen Dizayee is quoted as saying by the outlet.

Background: The International Chamber of Commerce recently made a landmark arbitration ruling ordering Turkey to pay Iraq USD 1.5 bn in compensation for importing oil from the Kurdish regional government without Baghdad’s consent. The halt of oil flows to Turkey has cost producers and the government some USD 5 bn, with foreign oil companies working in northern Iraq to “pare down operations,” Dizayee added.

DATA POINT- Saudi Ports witnessed a 4.8% m-o-m surge in container volumes in August, setting a record of 722k containers, according to a statement. Exports increased 6% y-o-y to 218k containers, up from 206k in the same month last year. Transshipments rose 6.3% y-o-y to 277k in August, up from 260k last year, and livestock volumes rose 274% y-o-y.

MARKET WATCH-

Oil prices are creeping close to USD 100: Oil prices hit their highest levels since November on Friday as the global market continues to tighten on the back of Saudi Arabia and Russia’s decision to extend supply cuts until the end of the year. Brent climbed more than 2.5% on Thursday and Friday to close the week at almost USD 94.30 a barrel, while US crude breached the USD 90 mark for the first time in 10 months, ending Friday’s session at 91.20. It’s a good thing Egypt took out those hedging contracts.

Russia considers fuel export ban to stabilize prices: The Russian government is mulling a temporary ban on the export of oil products for a period of time to stabilize domestic fuel prices, Reuters reports, citing a source from the TASS News Agency. Alternatively, the state could increase the export duty for oil products to USD 250 per tonne. This duty would be refunded for companies that meet their quota of supplying petroleum products to the domestic market. The shortage of domestic fuels in Russia is primarily due to refinery modernization projects, infrastructure bottlenecks, and the weakening of the RUB following Russia's invasion of Ukraine, which led to increased borrowing costs.

CIRCLE YOUR CALENDAR-

The Sustainable Transportation and Legacy for Generations Conference and Exhibition has kicked off yesterday, and will run till today at the Doha Exhibition and Convention Centre, Gulf Times reports. The event is organized by Qatar’s Transport Ministry and sponsored by Qatar Airways Group, Mwani Qatar, and QNB September, and will cover transportation sector trends, strategies for eco-friendly transit systems, and Qatar's role in global aviation. The conference will include six panel discussions featuring over 20 speakers from various transportation entities.

The Global Trade and Supply Chain Summit is taking place on 19-20 September at the Address Dubai Marina Hotel, UAE. The event, hosted by Economist Impact, will bring together some 500+ business and supply chain leaders, high level government representatives, and policymakers to discuss the implications of trade policy, business logistics, supply chain diversification from China, sustainability, product traceability, digital trade, customs compliance and evolution, supply chain resilience, and trade in emerging regions, among other topics.

The Saudi Maritime Congress will take place at Dhahran Expo in Dammam, Saudi Arabia on 20-21 September. The event will bring together regional and international professionals from the maritime, shipping, and logistics sectors to meet, network, and do business with some 120 leading maritime exhibitors.

The Engineering Export Council of Egypt (EEC) will lead a trade mission consisting of 22 Egyptian companies to Iraq from 23 to 29 September. The delegation will tour Erbil and Baghdad. The participating companies, which operate across various sectors of the engineering industry, will be looking to secure export agreements with the Iraqi market.

Shaping the Future of Shipping Summit , organized by the International Chamber of Shipping, will take place on 9 December in the UAE. The event will bring together governments and leaders in energy, maritime, and all parts of the supply chain to discuss plans to address climate change and help transition the industry towards sustainability.

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

New details emerge on India-MENA corridor, including what MENA ports will be linked via sea

Ports in India, the UAE, Saudi Arabia, Israel, Greece, Italy, and France have been floated as junctions in the India-Middle East-Europe Economic Corridor (IMEC), the Hindu cites “official sources” as saying. The inner workings of the logistics megaproject — a major US-backed logistics infrastructure project that seeks to establish rail and maritime connections between Europe and India via MENA — are being talked over, with participants weighing their options in terms of proposed routes, the sources explained.

IMEC will likely deploy several routes: “Multiple routes are being considered to prospectively reduce the freight load on one route,” an official reportedly said.

Which MENA ports will feature along the routes? Fujairah, Jebel Ali, and Abu Dhabi ports in the UAE, and Dammam and Ras Al Khair ports in KSA are candidates for the GCC leg of the route, the document said. Israel’s Haifa Port is a top contender for the Israeli connection, and Greece’s Piraeus, Italy’s Messina, and France’s Marseilles could also become IMEC’s end-points in Europe, the Hindu said.

…and in India: Mundra, Kandla, and Jawaharlal Nehru Port Trust (Navi Mumbai) have been shortlisted for maritime connections between India’s west coast and the Gulf, a document picked up by the Hindu showed.

IMEC’s railway links from the GCC to Haifa will build upon a mix of greenfield + brownfield projects: A study is ongoing to assess existing and planned railway infrastructure in the region and to identify gaps that will require new initiatives, officials reportedly said.

Thousands of kilometers of new railway lines are currently lacking: The 2.9k km Fujairah-Haifa stretch must see 1k km of new railways installed, while the 2.5k km Jebel Ali-Haifa route is short 745 kilometers. Abu Dhabi-Port Haifa’s 2.4k km connection lacks 629 kilometers of rail, Dammam-Haifa’s 2.1k km leg lacks 289 kilometers, and Ras Al Khair-Haifa’s 1.8k km stretch is missing 269 km, according to numbers cited by the Hindu.

The funding: Developing the sea links could cost anywhere between USD 3-8 bn, although it is too early to determine the exact figure, sources said.

Indian firms are already looking ways to contribute, including : Indian infrastructure and energy conglomerates Adani Group, Larsen & Toubro, and GMR Group are all looking to take part in mega projects for the corridor, the Economic Times Infra(ET Infra) reports. Engineering and construction firm Larsen & Toubro is looking to bid for engineering contracts for railway projects in the Middle East, such as the UAE-Oman rail project, an official from the firm told the outlet. Both GMR Group and Adani are looking to expand across Greece, specifically into Kalamata Airport and the ports of Kavala respectively, ET Infra writes.

Turkey is feeling left out: Ankara is pushing back against IMEC, which would upend its traditional role as a trade conduit between Europe and the Middle East, the Financial Times reported. “There can be no corridor without Turkey,” Turkish president Recep Tayyip Erdogan reportedly said at the conclusion of the G20 summit, snubbing current plans which see IMEC completely side-stepping Turkey.

Ankara is proposing Iraq’s Development Road as an alternative: The USD 17 bn rail and road initiative is slated to connect Iraq’s Grand Faw Port to the country’s northern border with Turkey. However, there are serious doubts regarding the feasibility of the initiatives with analysts citing financial, security, and governance concerns, according to statements cited by FT. We have more on this in Logistics in the News, below.

Maersk’s new green fuels venture eyes Suez Canal production hub

Maersk goes big on green fuel — with Egypt as a production hub: Danish shipping giant AP Moller-Maersk and its parent company AP Moller Holding have established a startup that will manufacture green methanol to fuel container ships in the Suez Canal Economic Zone (SCZone), according to statements by the company (here) and the General Authority for the SCZone (here).

Meet C2X: The new company, dubbed C2X, hopes to produce more than 3 mn tons of green methanol annually by 2030, according to its statement. It is 20% owned by AP Moller-Maersk, with the majority 80% stake held by AP Moller Holding — the investment company belonging to the Maersk founding family. C2X hopes to supply green methanol to AP Moller-Maersk as well as other customers in the chemicals and shipping industries. The company has hired energy industry veteran Brian Davis (LinkedIn) as CEO and Alastair Maxwell (LinkedIn) as its CFO, leading a team of 60 employees. C2X didn’t disclose its capital or the size of its expected investment in the SCZone.

Where does Egypt come in? C2X “is presently pursuing large-scale green methanol projects near the Suez Canal in Egypt and the port of Huelva in Spain” as well as other undisclosed projects, its statement reads.

Expect more details next month: Maersk is expected to sign a framework agreement for the project with the SCZone, the Sovereign Fund of Egypt, Egypt’s New and Renewable Energy Authority, and Egyptian Electricity Transmission Company at the start of October, the SCZone statement reads.

Maersk has already been laying the groundwork: Maersk is reportedly on course to purchase half of Egypt’s state-owned 545-MW Zafarana wind farm to help power green fuels production. In May, Egypt’s cabinet also approved requests by Norwegian renewables producer Scatec and Maersk to allocate a piece of land in the Gulf of Suez for a 320-MW wind farm to power their green fuel projects.

What they said: “There is a pressing environmental requirement to scale the production of green methanol,” said AP Moller Holding CEO Robert Uggla. “C2X was founded to enable the energy transition in several hard to abate industries, including plastics, glues, textiles, and fuels.”

PLUS- Maersk’s maiden green methanol voyage is complete: The launch of C2X came in the same week that Maersk completed the maiden voyage of the world’s first green methanol-powered container ship. European Commissioner Ursula von der Leyen named the vessel Laura Maersk at a ceremony after it docked in Copenhagen, the company said Thursday. The vessel set out from Asia and last month passed through the Suez Canal on its way to Europe, being refueled at East Port Said port by our friends at OCI Global.

Green fuels? Green fuels are most promising in their potential to substitute fossil fuels in “hard-to-decarbonize” industries including steel, petrochemicals, and fertilizers, and in heavy duty transport including shipping, aviation, and trucking. Already some 100 ships with methanol burning engines have been ordered by shipping giants including Maersk, Cosco and CMA CGM. Read EnterpriseAM’s recent explainer on green fuels for more.

Iran’s set to open its longest highway linking Isfahan and Shiraz in October

I ran’s new highway connecting the central town of Isfahan to Shiraz in the south is set to open as early as October, Iranian outlet Press TV cites Deputy Transport Minister Kheirollah Khademi as saying. The 212 km highway reportedly cost some USD 500 mn to build, half of which was provided by private investors, Khademi said.

What we know: The highway will cut journey times between Isfahan and Shiraz by some 134 km, or two hours, and will cut Iran’s fuel bill by 100 mn liters annually, Khademi said. The road set to open in October covers six out of eight sections of the 224 km-long highway.

Iran has been expanding its transportation network to ease road traffic as well as facilitate cargo transit from other countries, the outlet writes. Iran recently also upgraded the roads leading to its Shahid Rajaee Port complex. It also inked an MoU with Iraq to complete the Shalamcheh-Basra railway and is looking to develop a new railway linking Khosravi in Iran to Iraq’s Karbala.

Sky Logistics to build four bulk cement silos at East Port Said Port

SkyLogistics is planning to build four silos for holding bulk cement at Eg ypt’s East Port Said Port, Al Mal cites Sky Logistics Managing Director Omar Al Badry as saying. The four silos are said to have a capacity of 60k tons, with each silo able to store 15k tons in an initial phase. The company plans to double the storage capacity of the silos to 120k tons with an export capacity of 3.5 mn tons of bulk cement at a later stage, Al Badry reportedly said. The value for the cost of the construction of the silos was not disclosed.

An Egypt first? The station is the first in Egypt to store bulk cement, which provides an avenue for Egyptian exporters to export cement as a value-add product, rather than just as with the goal of trading some 8 mn tons annually, the outlet adds.

The timeline: The company plans to finalize contracts with suppliers who will construct the silos and provide specialized equipment during 1Q 2024, Al Badry said.

Background: Sky Logistics was recently awarded a 30-year USD 65 mn build-operate-transfer contract for a multipurpose terminal to be built over three phases at East Port Said port. The terminal will be implemented on the western berth and feature a 900 m long container berth and a 380k sqm cargo handling yard. The multi-purpose station is set to be built over three phases, with the first set to begin operations by October, and the second and third phases set to be complete by the end of 2024.

Iraq, Armenia eye more trade + Pakistan, GCC to sign trade agreement soon. PLUS: More from Egypt, Iran, and Qatar and Saudi Arabia

Iraqi Commerce Minister Atheer Daoud Al Ghurairy met on Wednesday with Armenian Economy Minister Vahan Keropian to discuss increasing bilateral trade and strengthening economic ties, according to a statement. Both sides expressed their willingness to boost cooperation in electricity, agriculture, and renewable energy, as well as increase investment opportunities for the private sector.

ALSO WORTH KNOWING-

GCC Secretary General Jassim Al Budaiwi highlighted plans to finalize a trade agreement between the GCC and Pakistan in the near future during a phone call with Pakistani Foreign Affairs Minister Jalil Abbas Jilani. (Statement)
Egypt, France talk boosting transport ties: EgyptianPresident Abdel Fattah El Sisi discussed strengthening bilateral relations on the energy, transport and climate fronts with French Foreign Minister Catherine Colonna on Thursday. (Statement)
Iranian ambassador Reza Amiri Moghaddam met with Pakistan’s Finance Minister Shamshad Akhtar in Islamabad to discuss current and future economic cooperation, including boosting border trade. (Statement)
Chinese markets open for Egyptian mango: Egyptian Agriculture Minister El Sayed El Quseir inked an MoU with the Chinese Customs Vice Minister Wang Lingjun to export Egyptian mango to Chinese markets. (Statement)
Officials from the interior ministries of Qatar and Saudi Arabia met to discuss a port cooperation project between the land ports of Abu Samra Port in Qatar and Salwa Port in KSA. (Qatar News Agency)

Iraq’s Development Road is riddled with caveats + Qatar Airways could find a workaround to add more Australian flights

Iraq-Turkey railway project might be riddled with caveats: The proposed 1.2k km railway between Iraq and Turkey is facing major difficulties because of high costs, Iraqi outlet Al Mada reported, citing a report by the Washington-based Arab Gulf States Institute. Iraq initially budgeted phase one of the Development Road project at USD 17 bn, but estimates now exceed USD 20 bn. Securing the funds while keeping in mind the geographical and security complexities may push completion to 2038.

Refresher: Iraq’s ambitious high-speed rail project aims to reduce travel time between Asia and Europe. The project was initially planned to be completed in three stages, with the first phase scheduled for completion by 2028, the second in 2038, and the third in 2050.

Australia’s Cairns Airport is in talks with Qatar Airways to add more weekly flights, shortly after the Australian government blocked the airline’s plans to increase flights to the country’s four largest cities, Simple Flying reports. Cairns Airport CEO Richard Barker says that increasing the airport’s capacity would lower prices throughout the industry. Australia’s Gold Coast Airport has also reportedly been in talks for Qatar airways to add the Gold Coast to its destinations. Qatar Airways currently has a limit of 28 weekly round-trip flights to Brisbane, Melbourne, Perth, and Sydney, but the limit does not apply to other Australian destinations, including Cairns and the Gold Coast.

Emirati logistics, aviation firms ink agreements with Chinese companies + Oman’s port of Duqm inks green partnerships. PLUS: More from Airseas, Milaha, Bahrain Airport, Abu Dhabi Ports, and SCZone

TRADE-

The UAE and China inked four private sector agreements at the Hainan promotion conference in Dubai on Friday, which aims to solidify investment ties between the two countries Emirati news agency WAM reported.Garment manufacturer Ajilan and Bros, Hainan Airlines, and the Yangpu Economic Development Zone Management Committee signed an MoU, while Dubai Integrated Economic Zones(DIEZ) and Hainan Airport Infrastructure inked a cooperation framework. MENA-based logistics provider Fusion Specialized Shipping and Logistics also inked a strategic partnership with Hainan GLA, and Hainan Logistics Group. Global airline service provider UAS International Trip Support also inked a cooperation agreement with Hainan Provincial Bureau of International Economic Development.

ZONES-

Oman's Port of Duqm inks two green partnerships: The Port of Duqm inked a partnership agreement with waste management company Evergreen Gulf Recycling Hub in a bid to become an “environmentally friendly” hub, according to a statement. The Port also inked an MoU with energy-conservation solutions company Unicorn International LLC on several green projects including solar energy and green educational sessions for youth, it said in a separate statement.

SHIPPING + MARITIME-

Airseas building R&D center in Morocco: French energy equipment company Airseas is investing in a research and development center in Morocco that should help the company accelerate the production and rollout of its Seawing kite system, according to a statement. The center will feature a 2.4 sqm hangar and test bench that will act as a testing site for the seawing and its components, according to Bunker Spot.

SOUND SMART- The Seawing kite system uses wind-powered propulsion technology for ships and boats, using a kite to reduce fuel consumption and greenhouse gas emissions by approximately 20%, according to Airseas.

CAPITAL MARKETS-

Qatar Stock Exchange clearing house Edaa has amended the foreign ownership limit of Qatar Navigation Company (Milaha) to 100%, according to a statement. Foreign ownership of the company currently stands at 15%, according to figures disclosed on the Qatar Stock Exchange’s website.

AVIATION-

Bahrain International Airport has launched a 77k sqm fuel farm project with a fuel capacity of 30k cubic meters, Trade Arabia reports. The farm is equipped with a pipeline network and advanced storage facilities that should improve operational efficiency and minimize adverse environmental impacts. The new project should strengthen Bahrain’s global standing as a center for jet fuel services, according to Oil and Environment Minister Mohamed bin Mubarak.

INFRASTRUCTURE-

Bridge to link Dubai Islands to Bur Dubai: The UAE Roads and Transport Authority (RTA) has inked an agreement with real estate developer Nakheel to build a 1.4 km bridge connecting Dubai islands to Bur Dubai, according to a statement. The bridge has four lanes on each side, connecting Bur Dubai via direct entry and exit points. It will also have a 75-meter-wide canal for all types of ships as well as dedicated lanes for cyclists and pedestrians, along with elevators. 2k meters of surface roads will also be built to link Dubai islands and Bur Dubai by 2026.

Background: The bridge is part of the AED 5.3 bn Al Shindagha corridor improvement project, a massive infrastructure project that facilitates transportation and connectivity in the Al Shindagha area.

ALSO WORTH KNOWING-

The Dubai International Chamber has opened a new representative office in Paris, shortly after opening an office in Italy, as part of efforts to strengthen trade and investment ties with Europe. (Dubai International Chamber)
Abu Dhabi Airports is currently conducting extensive operational readiness trials for the upcoming opening of Terminal A in November, involving 6k volunteers to test equipment, staff and procedures across terminal operations. (Press release)
Suez Canal Economic Zone chairman Walid Gamal El Din met with AP Moller-Maersk Chairman Robert Maersk Uggla to discuss cooperation following the announcement of East Port Said Port’s second container terminal. (Statement)

Amazon-led zero-emission retailer alliance launches tender for zero-emission vessels + EU-China trade war over EVs. PLUS: Yellow gets record bid

Zero-emission retail alliance announces tender for 600k TEUs transported via zero-emission vessels: An alliance of major retailers looking to advance the decarbonization of shipping launched a tender for 600k 20-foot containers (TEUs) to be transported on ocean vessels powered by zero-emission fuels over a span of three years, according to a statement. The zero-emissions maritime buyers alliance will negotiate a “green premium” for the aggregated demand of its members to account for the added cost of operating a vessel using zero-emission fuels. The bidder chosen will also be required to provide assurances and third-party verification of the emissions reduction ZEMBA members can claim. The alliance — launched by Aspen Institute, Amazon, Patagonia, and Tchibo — includes major players like Ikea, New Balance, Nike, and Philips.

EU-China trade war over electric vehicles? The European Commission has launched an anti-subsidy inquiry into Chinese electric vehicles (EVs), a move that could potentially increase tariffs on imported Chinese EVs, affecting major European automakers like Tesla, Bloomberg reports. The global market is flooded with cheaper EVs that are made possible because of government subsidies, European Commission President Ursula von der Leyen said in a speech. Currently, the standard tariff rate for cars in the EU is 10%, which could potentially rise to the 27.5% tariff imposed by the US within the coming months. EU companies have expressed worry that their bottom lines might get severely impacted if China decides to retaliate.

Estes Express places recor d bid for US trucking titan Yellow : Trucking giant Estes Express Lines is placing a USD 1.53 bn bid for the real-estate portfolio of bankrupt US trucking titan Yellow, exceeding its initial bid of USD 1.3 bn, the Wall Street Journal reports, citing a filing made by Yellow in the Bankruptcy Court in Delaware. Estes has now outbid Old Dominion Freight Line’s USD 1.5 bn offer. Estes is also offering a lower breakup fee alongside other financial terms to help boost Yellow’s liquidity and settle outstanding debts. Yellow would also have the option to sell terminals individually or in packages if it can get more funds for the properties. The auction date for the terminals is set to take place on 18 October, with the company auctioning off tens of thousands of trucks and trailers for an estimated USD 900 mn.

Calendar

17-18 September (Sunday-Monday): Sustainable Transportation and Legacy for Generations, Doha Exhibition and Convention center, Doha, Qatar.

18 September (Monday): Connecting Trade Worldwide (CTW) Global Summit 2023, Dubai, UAE.

18-19 September (Monday-Tuesday): Enterprise Finance Forum, St. Regis Hotel, Cairo, Egypt.

19-20 September (Tuesday-Wednesday): Economist Impact’s Global Trade and Supply Chain Summit, The Address Dubai Marina, Dubai, UAE.

20 September (Wednesday): Construction Week Leaders in Construction UAE Summit Grosvenor House, Dubai, UAE.

20-21 September (Wednesday-Thursday): Saudi Maritime Congress, Dhahran Expo, Damman, Saudi Arabia.

20-22 September (Wednesday-Friday): Transport Evolution Africa Forum and Expo, Inkosi Albert Luthuli ICC Complex (Durban ICC), South Africa.

20-23 September (Wednesday-Saturday): Meet the Buyers Workboats, Hyatt Regency, Dubai, UAE.

25-27 September (Monday-Wednesday): Airline Economics Growth Frontiers Middle East & Africa, The Ritz-Carlton, Dubai, UAE.

25-27 September (Monday-Wednesday): Agriculture Horticulture Development Board’s trade mission to Kuwait.

26-27 September (Tuesday-Wednesday):Gulf-Iraq Business Forum, Sharjah Chamber of Commerce and Industry, UAE.

27 September (Wednesday): TMS Transportation and Climate Change Conference (TACCC), Saadiyat Rotana Resort, Abu Dhabi, UAE.

27-28 September (Wednesday-Thursday): MRO Asia-Pacific, Singapore Expo Convention and Exhibition Centre, Singapore.

26-28 September (Tuesday-Thursday): ProcureCon, Hyatt Regency Barcelona Tower, Spain.

26-28 September (Tuesday-Thursday): Breakbulk Americas, George R. Brown Convention Center, Houston, Texas.

September-November: Emirates Postal Group’s “Logistics Unleashed” competition, UAE.

OCTOBER

Egypt’s Suez Canal Economic Zone (SCZone) goes on a roadshow to South Korea.

3-4 October (Tuesday-Wednesday): IATA World Sustainability Symposium, Madrid, Spain.

3-5 October (Tuesday-Thursday): Smarter Mobility Africa Summit, South Africa.

9-15 October (Monday-Sunday): 2023 World Bank Group - IMF Annual Meetings, Marrakech, Morocco.

10-12 October (Tuesday-Thursday): Autonomous E-mobility Forum, Doha, Qatar.

10-12 October (Tuesday-Thursday): Intermodal Europe 2023, RAI Amsterdam, Netherlands.

10-12 October (Tuesday-Thursday): Cool Logistics Global 2023, Genoa Stock Exchange, Genoa, Italy.

16-17 October (Monday-Tuesday): Duqm Economic Forum, Crowne Plaza, Duqm, Oman.

24-25 October (Tuesday-Wednesday): Future Fuels Europe, Amsterdam, Netherlands.

26-29 October (Thursday-Sunday): ICASM 2023, Conrad, Etihad Towers, Abu Dhabi, UAE.

30 Oct-2 Nov (Monday-Thursday): XLP AGM 2023, Barcelona, Spain.

30-31 October (Monday-Tuesday): Gartner Supply Chain Planning Summit, London, UK.

31 Oct-2 Nov (Tuesday-Thursday): IAPH World Ports Conference, Abu Dhabi, UAE.

September-November: Emirates Postal Group’s “Logistics Unleashed” competition, UAE.

NOVEMBER

November: Abu Dhabi Airports Terminal A set to become operational.

1 November (Wednesday): Smart Maritime Network Dubai Conference, Conrad Dubai, UAE.

9-15 November (Thursday-Wednesday): Intra-AfricanTrade Fair, Cairo, Egypt.

15-17 November (Wednesday-Friday): Global Freight Summit 2023, Coca Cola Arena, Dubai, UAE.

13-17 November (Monday-Friday): Dubai Airshow, Dubai World Center, UAE.

14-15 November (Tuesday-Wednesday): Supply Chain & Logistics Arabia, Narcissus, Riyadh, Saudi Arabia.

14-17 November (Tuesday-Friday): IATA Slot Conference, Dubai World Trade Centre, Dubai, UAE.

15 November (Wednesday): Leaders in Logistics UAE Summit, Dubai, UAE.

21-23 November (Tuesday-Thursday): Intermobility Expo 2023, Dubai World Trade Center, Dubai, UAE.

21-23 November (Tuesday-Thursday): Touchdown Middle East, Gulf Hotel, Bahrain.

21-23 November (Tuesday-Thursday): ARABAL 2023 Conference, Hilton Riyadh Hotel & Residences, Riyadh, Saudi Arabia.

23 November (Thursday): Global Supply Chain and Logistics Summit, Grand Millennium Hotel Business Bay, Dubai, UAE.

30 November-3 December (Saturday-Tuesday): Handling Expo, Egypt International Exhibition Center, Cairo, Egypt.

September-November: Emirates Postal Group’s “Logistics Unleashed” competition, UAE.

DECEMBER

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

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.

3Q 2023: Design and supervision contract for Oman’s proposed Musandam Airport to be awarded.

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

2024

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

1H 2024: Work is scheduled to begin on the 162 km Rasht-Astara railway in Iran.

King Salman Energy Park is set to become operational in 2024

FEBRUARY 2024

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

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

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

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

MARCH 2024

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

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

MAY 2024

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

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

JUNE 2024

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

NOVEMBER 2024

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

DECEMBER 2024

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

2025

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

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

2027

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

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