UAE’s non-oil trade hit AED 3 tn landmark in 2024

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What we're tracking today

TODAY: UAE’s non-oil trade hit AED 3 tn landmark in 2024 + US targets Iran exports

Good morning, friends. We are heading into the weekend with a substantially light read, with updates on a UAE trade milestone and a refreshing PMI report from Lebanon. The US is also raising pressure on Iran, with repercussions for neighbors and the shipping industry. Shall we?

WATCH THIS SPACE-

#1- Iran in the lion’s den once again: The US is ramping up economic pressure on Iran, ordering “maximum pressure” on the country in a bid to curtail its alleged pursuit of a nuclear weapon, including by cutting its oil exports to “zero,” according to a statement from Washington.

It is not over yet: More sanctions and enforcement mechanisms for existing ones could soon be enacted on Iran and Iran-linked businesses. You could also see some sanctions waivers, including humanitarian ones, rescinded.

Adding Arab states to the mix? Trump has warned Iran about skirting sanctions through the “Iraqi financial system” and that “Gulf countries are not used as sanctions evasion transshipment points,” according to a separate statement.

What does it mean for Iraq? Iraq is one of the countries benefiting from Iran sanctions waivers to allow it to purchase Iranian electricity. The US has granted Iraq this waiver regularly since 2018 on the condition that Iraqi payments are only used for “humanitarian” spending in Iran, Al-Monitor reported back in July. The latest waiver was issued in November and is set to expire in March this year, Reuters reported in November.

What does it mean for oil trade and shippers? The US government has warned businesses in the shipping industry and port operators of risking sanctions for violating the US sanctions regime on Iran by moving Iranian oil and other exports. Expect detailed compliance guidance for businesses soon from the US Treasury Department.

#2- Egypt has three new logistic zones in the pipeline: The Egyptian Cabinet passed a draft presidential decree allocating land plots to the General Authority for Land and Dry Ports to set up logistics zones in Qena, Matrouh, and Toshka, according to a cabinet statement. No further details were disclosed about the plans.

AND- Safaga Port expansion gets land plots allocation: The cabinet also approved a draft presidential decree allocating state-owned plots in the Red Sea Governorate to the General Authority for Red Sea Ports to carry out planned expansions to Safaga Port. The expansion includes a new multipurpose container terminal and a logistics zone.

#3- Europe’s dependence on US LNG imports under spotlight amid tariffs threat: The EU — whose 43% of its annual LNG imports came from the US in 2024 — should work towards securing a freetrade agreement with the US to secure uninterrupted inflows of US LNG shipments given the current unpredictable trade environment, Reuters reported, citing TotalEnergies CEO Patrick Pouyanne's remarks to reporters.

The concern: Although Trump indicated last month (watch, runtime: 6:40) that he would ensure the security of LNG supplies to Europe, “what happens if all of a sudden the US decides they must export less than they've done historically?... We must not pass from a so-called over-dependence on Russia to an over-dependence on another country, even if it's an ally,” Pouyanne said.

In Context: TotalEnergies is Europe’s largest exporter of US’ LNG, with more than 10 mn tons under contract.

REMEMBER- Trump has said that he would “absolutely” launch tariffs on goods coming from the EU “pretty soon,” but that no timeline has been set.

MARKET WATCH-

#1- Crude prices saw a slight uptick on the back of major oil producer Aramco’s decision to raise March prices, but the uptick was still not enough to offset yesterday’s major drop, Reuters reports. Brent crude futures increased by USD 0.08 to USD 74.69 a barrel, while the US West Texas Intermediate (WTI) also saw an uptick of USD 0.15 to USD 71.18 a barrel by 04.22 GMT.

#2- Baltic index on an upward trajectory: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — grew 2.4% to 771 on Wednesday. The capesize index dipped by 32 points to 812, while the panamax index gained 87 points to 988. The smaller supramax index rose by 14 points to 619.

PSA-

CMA CGM updates intra-Med shipping schedule: French shipping giant CMA CGM has rearranged its med pendulum service (MPS) schedule for intra-Mediterranean shipping starting 10 March, according to its MPS flyer (pdf). The weekly service will deploy six vessels with a 1.4k to 1.8k TEU capacity and will connect 18 ports across the Mediterranean.

That’s not all: CMA CGM is launching a service connecting Egypt, Greece, and Algeria — dubbed EGAL — starting 12 February, according to a company flyer (pdf). The new intra-med service will begin in Alexandria and will directly connect the three Mediterranean countries.

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CIRCLE YOUR CALENDAR-

The UAE will host the Middle East Breakbulk Conference from Monday, 10 February to Tuesday, 11 February in Dubai. The event gathers giant manufacturers, EPCs, and service providers to discuss the latest solutions in breakbulk and heavy-lift logistics across the Middle East and Africa. The two-day event features an artificial intelligence (AI) seminar, a heavy lift workshop, a chartering workshop, and a women in breakbulk panel.

The UAE will host the MRO Middle East and Aircraft Interiors from Monday, 10 February to Tuesday, 11 February in Dubai. MRO Middle East will host leaders in aircraft maintenance, repair, and operations to explore the latest technologies and strategies in the industry.

The UAE will host the Sustainable Aviation Futures MENA forum from Monday, 10 February to Wednesday, 12 February in Abu Dhabi. The event aims to promote SAF partnerships, raise awareness, and support the integration of clean energy and sustainability in the aviation sector. The two-day forum will host key figures in the aviation industry, including notable speakers from Lufthansa Group, ACI World, Saudia Group, Arab Air Carriers’ Organization (AACO), and DHL Express.

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

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

The UAE’s non-oil foreign trade hit AED 3 tn in 2024

The UAE’s non-oil foreign trade grew 14.6% y-o-y to AED 3 tn in 2024, outpacing global trade growth of just 2%, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said on X. Economic partnership agreements contributed significantly, with non-oil exports under these partnerships rising by 42% y-o-y to AED 135 bn in 2024, Al Maktoum said.

This marks a major step toward the UAE’s goal of reaching AED 4 tn in annual foreign trade by 2031, with 75% of that target already achieved in 2024.

Non-oil goods exports were the key drivers of growth, increasing by 27.6% y-o-y to AED 561.2 bn, accounting for 18.8% of total foreign trade last year, state news agency Wam reports. The UAE’s exports to its top 10 trade partners climbed by 37.1% y-o-y, while exports to other countries rose by 13.4% y-o-y. Major export commodities included gold, jewelry, cigarettes, aluminum, copper wires, printed materials, perfumes, and iron-based products. The re-export sector also grew by 7.3% y-o-y to AED 734.4 bn in 2024.

Non-oil imports reached AED 1.7 tn in 2024, up 14.2% y-o-y from 2023. Imports from the country’s top 10 trade partners grew by 6.7% y-o-y, while imports from other nations increased by 22.3% y-o-y. Key imports included gold, mobile phones, petroleum oils, automobiles, jewelry, diamonds, and computers.

The trade figures align with the cabinet’s 2024 projections, which saw foreign trade exceeding AED 2.8 tn in 2024, with non-oil exports set to top AED 540 bn, imports over AED 1.6 tn, and re-exports crossing AED 700 bn. Non-oil foreign trade amounted to AED 3.5 tn in 2023, while total foreign trade reached a record AED 4.5 tn in the same year.

Economic agreements surged in 2024: The UAE signed economic partnership agreements with New Zealand, Malaysia, and Kenya last month, as well as Jordan and Serbia in October, and agreed with India to set up a food corridor during the same month. UAE also inked a free trade agreement in November with Australia — the latter’s first in the region — to remove tariffs and trade barriers, and has finalized negotiations with the Eurasian Economic Union to set up an economic partnership back in December. Earlier last year, the country inked agreements with Colombia, Chile, Costa Rica, Mauritius, Vietnam, and South Korea and finalized others, including with Ukraine.

Egypt boosts cable export industry with new factory

EGX-listed manufacturer Elsewedy Electric opened an EGP 2 bn (c. USD 39.7 mn) cable factory at its subsidiary Elsewedy Industrial Development’s Industrial zone in the Tenth of Ramadan, according to a statement.

All eyes on exports: The factory will have 50% local components and aims to export 50% of its production, including to Europe, Africa, and Gulf countries. The Egyptian Accreditation Council will certify the factory’s facilities so its products can more easily be exported, Industry and Transport Minister Kamel El Wazir said.

By the numbers: The 70k sqm factory will have a production capacity of 4 mn km of fiber-optic cables and 200k km of copper communication cables — including network cables, telephone cables, coaxial cables, and accessories for both copper and fiber-optic networks, in addition to communication racks and cabinets. The project is set to create 1k jobs in the first phase.

If you didn’t know already, wires and cables make up the lion’s share of Elsewedy Electric’s revenues, with the segment making up 61% of its total revenues during 3Q 2024.

Lebanon’s private sector kicks 2025 with highest expansion level in nearly 12 years

Lebanon’s non-energy private sector had its strongest outing since May 2013 in January, as inflows of new orders were boosted by the ceasefire agreement between Israel and Hamas, as well as the election of a new president, according to Blominvest Bank’s Lebanon PMI (pdf). The nation’s headline figure came in at 50.6, up from 48.8 in December, marking Lebanon’s first month in expansion territory since July 2023.

REMEMBER- The all-important 50.0 mark is the threshold separating contraction from growth. Anything above 50 denotes expansion, while anything below indicates contraction.

Outstanding business levels rose for the first time since September 2023, as “greater volumes of new work led to an accumulation of backlogged orders” across Lebanon’s private sector last month. New orders and output both recorded their strongest rates of growth since May 2013.

New export orders remained mostly unchanged since December, indicating that growth in sales was largely domestic-driven in January. Purchasing volumes also remained steady during the month, but faster delivery times helped facilitate the bolstering of inventories, leading to stocks of inputs and raw materials increasing at their quickest pace in nine months.

Price pressures also fell during the month, with Lebanon’s purchasing price inflation easing to an eight-month low, while staff costs remained unchanged. Employment levels also remained steady across private sector firms in the country in January.

Businesses are feeling confident: Optimism across private sector businesses hit a fresh survey high of 75.1 in January, with many citing the election of Lebanese President Joseph Aoun as “a reason to be positive towards activity prospects,” coupled with the ceasefire agreement in Gaza and “the selection of a respectable Prime Minister, which could usher in a dynamic and reforming new government,” Blominvest Bank General Manager Fadi Osseiran said.

An inside look into VC interest in the logistics startup scene from Egypt VC Summit

Enterprise spoke with investors at the two-day Egypt VC Summit at the Sofitel Cairo Downtown Nile, which concluded yesterday, 5 February. Trade and Logistics were featured in the conversation, as did AI and tech. Hosted by the Egyptian Private Equity And Venture Capital Association and the German Development Agency (GIZ), the event brought together global and regional investors to attend talks, network, and participate in panels.

The inside scoop: Egypt-based VC fund Flat6Labs’ Chief Investment Officer Dina El-Shenoufy (LinkedIn) gave us her two cents on how the firm expects Egypt’s logistics scene and the wider start-up ecosystem to develop over the next year.

The sector is ripe for growth: There is room for “enhancement” in the logistics sector, from transportation to moving goods to infrastructure, Shenoufy told EnterpriseAM Logistics, pointing as well to recent initiatives in Africa improving roadworks and connectivities involving North and Sub-Saharan Africa. This improved connectivity in the continent and tech logistics are some areas that could see Flat6Labs’ funds capitalize on in terms of interest, Shenoufy told us.

REMEMBER- Flat6Labs plugged investments into Egyptian AI-driven delivery startup Roboost, Saudi-based shipping management platform Oto, and Saudi e-commerce logistics startup Yamm. It also has invested in mid-in-line delivery company Illa, Shenoufy told EnterpriseAM.

What’s next for Flat6Labs? The fund is planning to close its USD 85 mn Africa seed fund before the beginning of 2H this year, with about 10 to 20 investments planned for deployment, Shenoufy said.

The targeted sectors: The VC is targeting sectors it believes will “contribute the most in terms of impact on the continent,” as well as those holding the most promise in terms of scalability, Shenoufy added. This includes health and education tech, financial inclusion, climate, and logistics. Agritech is also another sector the company is looking at.

ALSO- Disruptech Ventures has its eyes on logistics startups that have embedded finance elements integrated into them, as well as firms that can leverage AI to optimize their operations regardless of what sector they operate in, the company’s Senior Investment Analyst at Disruptech Ventures Fouad Rakha (LinkedIn) told EnterpriseAM Logistics. “We are focused on the startups that are able to leverage AI to create what they already do, even when they don’t necessarily brand themselves as an AI company,” Rakha said. Export-focused start-ups are also on the VC company’s radar.

OTHER UPDATES FROM THE SUMMIT-

Egypt has big trade ambitions…: Egypt is looking to become a top 20 player in terms of trade competitiveness by 2030, Investment and Foreign Trade Minister Hassan Khatib said. One key initiative that the country is working on aims to cut the time and cost of releasing goods and services through the border by 75%, targeting a reduction in the time needed to achieve customs clearance to reach two days this year, he added.

… and the World Bank is all in on it: Improving “competitiveness in trade and logistics” is a key initiative the World Bank (WB) is working on with Egyptian authorities, the World Bank’s Country Director for Egypt, Yemen, and Djibouti Stephane Guimbert said. The multilateral financial institution is also supporting Egypt in boosting the influx of FDIs, developing an industrial development policy, and establishing a systematic framework to broaden the private sector’s participation, Guimbert added.

UAE’s Dubai Aerospace Enterprise reports strong growth in FY 2024

Dubai Aerospace Enterprise (DAE) saw its bottom line increase 36.2% y-o-y to USD 477.5 mn in 2024, according to its financials (pdf). The company’s revenues rose 8.7% y-o-y to USD 1.43 bn during the same period.

Driving the growth: The bulk of the top line comprises net lease revenues of USD 1.18 bn, which grew 5.6% y-o-y driven by aircraft acquisitions and lease placements of previously grounded aircraft. A rise in engineering maintenance service revenues also contributed to topline growth, rising by 32.8% y-o-y to reach USD 186.4 mn. The company also cited higher profits from operations and ins. recoveries to explain bottomline growth.

A solid fleet: DAE’s leasing division fleet consists of 506 Airbus, Boeing, and ATR aircraft valued at some USD 20 bn — which comprises 329 owned, 110 managed, and 67 committed aircraft. DAE purchased 30 owned aircraft and 53 managed aircraft and sold 19 owned aircraft and 49 managed aircraft.

ICYMI: DAE saw its net income rise 54.9% y-o-y to USD 310.8 mn in 9M 2024, with revenues growing 2.8% y-o-y to USD 1 bn during the period.

DAE is continuing its expansions in 2025…: The firm inked a definitive agreement in January to acquire 100% of Irish aircraft leasing company Nordic Aviation Capital (NAC) — which brought DAE’s total fleet size to about 750 aircraft worth USD 22 bn, leased to 170 airlines in 70 countries. It also inked an agreement with K2 Aviation to sell seven Airbus and Boeing aircraft on a leasing contract to six undisclosed airlines, expected to close in 1H this year.

…as it did in FY 2024: The company inked a USD 500 mn agreement back in October to acquire 10 narrow-body aircraft, which the company then said would be leased to four airlines across four countries. DAE also inked USD 1.1 bn agreements back in August to acquire 23 aircraft from several entities, with planes to be leased to 13 airlines in nine different countries.

Oman awards Raysut-Mughsayl Road dualization project

MTCIT makes headway on road dualization project: Oman’s Transport Ministry (MTCIT) has inked an agreement with the Oman Construction Company for the dualization of the Raysut-Mughsayl Road with an OMR 35 mn (c. USD 90.9 mn) investment, according to a statement. No timeline for the project has been disclosed.

We’ve been expecting this: Oman first announced the dualization project as part of seven OMR 119 new road developments last year.

The project breakdown:

A 33km long dual carriageway with two lanes in each direction
Six bridges and two roundabouts connecting the Raysut area and Mughsayl
A 5.5 km linkage road connecting 19th November Road to the dual carriageway

A multidimensional logistics crossroad: The project — which will pass through the port of Salalah and its freezone — should boost the port’s operations and logistics services and strengthen trade and economic activity in the Raysut area, the statement said. The road will also link Salalah city center with the western part of Dhofar Governorate and connect to the Sarfayt border crossing with the Republic of Yemen.

Updates on finance and aviation from Kuwait and Egypt

FINANCE-

Agility Global backs hedged shares in DSV AS: Logistics provider Agility Global — a subsidiary of Kuwait’s Agility Logistics — has issued corporate backings worth EUR 75.6 mn to banks that hedged its stake in Danish global transport and logistics firm DSV AS, according to a disclosure (pdf) on ADX.

The transaction in question: Agility entered a USD 1 bn derivative transaction with Morgan Stanley, Citibank, National Association, and Goldman Sachs Bank Europe to hedge its investment in DSV back in 2023. The company shored up its stake later that year by drawing down EUR 1.3 bn from its lenders to acquire 8 mn more shares, amounting to 4% of the Danish company. Agility’s stake in DSV amounted to 8.8% as of April 2023, the company said in a statement.

AVIATION-

Egypt + UK boost aviation ties: The Egyptian Holding Company for Airports and Air Navigation (EHAAN) has inked several MoUs with leading British firms covering areas including airport infrastructure, maintenance services, and technical support to aircraft, according to a statement. No details on the signatories were disclosed.

The context: The MoUs were signed during Civil Aviation Minister Sameh El Hefny's visit to the UK, where he met with executives from global and UK-based aviation companies, such as Safran UK, Dunlop Aircraft Tyres, and Lagan Aviation & InfrastructureTAV Airports.

A new era for Egyptian airports? The International Finance Corporation’s full privatization plan for Egypt’s airports should be out in the next six months. The plan will include the technical, financial, and legal nitty gritty to get the airport privatization push off the ground. Civil Aviation Minister Sameh El Hefny said last month that Egypt plans to initially offer the management of 11 airports to the private sector.

Equinor boosts oil and gas production to 2.2 mn bpd by 2030

Norway’s Equinor is planning to boost its 2030 oil and gas production by 10%, reaching 2.2 mn barrels per day (bpd), with an expected increase of 4% slated for this year, according to a statement. The move comes after the Norwegian oil and gas producer said that its adjusted income before tax was USD 7.90 bn in 4Q — a 7.7% y-o-y decline — which was slightly higher than the USD 7.71 bn analysts predicted, Reuters reports.

And is bringing back production at oil fields: Equinor — which temporarily halted output from Western Europe's largest oilfield due to an onshore power outage back in November and for maintenance — plans to keep production at the Johan Sverdrup oilfield at levels close to 2023 and 2024.

Chinese tungsten producers are seeing a hike in share prices following China’s export restrictions on critical minerals, and some Chinese exporters could potentially benefit from the projected surge in prices when they secure export licenses, Reuters reports. Chinese firms Xiamen Tungsten, China Tungsten and High-tech Materials, and Chongyi Zhangyuan Tungsten saw their shares rise over 3%, while CMOC ‘s shares increased 1%. As a major tungsten supplier, China issued license requirements for exporting critical minerals necessary for the defense and renewable energy sectors in a bid to "safeguard national security interests," an official statement read, days after China announced retaliatory tariffs against the US.

Calendar

FEBRUARY

3-5 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

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

4-5 February (Tuesday-Wednesday): Airport Expansion Conference, Riyadh, Saudi Arabia.

10-11 February (Monday-Tuesday): Middle East Breakbulk conference, Dubai, UAE.

10-11 February (Monday-Tuesday): MRO Middle East, Dubai, UAE.

10-12 February (Monday-Wednesday): Sustainable Aviation Futures MENA, Abu Dhabi, UAE.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai, UAE.

10-13 February (Monday-Thursday): Future Warehouses & Logistics, Dubai, UAE.

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

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

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

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

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

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

MARCH

No events announced at the moment.

APRIL

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

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

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

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

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

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

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

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

MAY

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

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

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

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

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

JUNE

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

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

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

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

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

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

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

JULY

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

SEPTEMBER

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

OCTOBER

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

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

NOVEMBER

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

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

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

EVENTS WITH NO SET DATE

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

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

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

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

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

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

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

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

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