{"id":70400,"date":"2023-05-01T00:00:00","date_gmt":"2023-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/01\/today-kezad-signs-agreement-for-aed-1-bn-food-manufacturing-plants-iran-uzbekistan-in-talks-to-establish-joint-freezones\/"},"modified":"2023-05-01T00:00:00","modified_gmt":"2023-05-01T00:00:00","slug":"today-kezad-signs-agreement-for-aed-1-bn-food-manufacturing-plants-iran-uzbekistan-in-talks-to-establish-joint-freezones","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/01\/today-kezad-signs-agreement-for-aed-1-bn-food-manufacturing-plants-iran-uzbekistan-in-talks-to-establish-joint-freezones\/","title":{"rendered":"TODAY: KEZAD signs agreement for AED 1 bn food manufacturing plants + Iran + Uzbekistan in talks to establish joint freezones"},"content":{"rendered":"

Good morning, wonderful people. <\/span>We have a packed issue for you this morning, with plenty<\/span> of news on aviation, as well as investment and diplomacy news. Let\u2019s dive in. <\/span><\/p>\n

A quick programming note:<\/span> Due to Egypt bringing back Daylight Savings Time (DST) over the<\/span> weekend, Enterprise Logistics will now be landing in Egypt-based inboxes at 5:15am CLT. Countries in our region who (thankfully) don\u2019t have DST will remain unaffected.<\/span><\/p>\n

THE BIG LOGISTICS STORY- <\/span>AD Ports Group subsidiary <\/span>Khalifa Economic Zones Abu Dhabi<\/a><\/span>(KEZAD)<\/a><\/span> and regional foodstuffs giant <\/span>Al Ghurair Foods<\/a><\/span> have signed 50-year leases for three \u201cmega\u201d food projects totaling AED 1 bn in investments, while <\/span>Abu Dhabi\u2019s<\/span>Monarch Holding<\/a><\/span> and China\u2019s <\/span>EHang Holdings<\/a><\/span> plan to <\/span>establish the first facility in the MENA region for the manufacturing of electric powered passenger and cargo drones.<\/span><\/p>\n

HAPPENING TODAY-<\/span><\/p>\n

<\/a> <\/span>UAE finalizes terms for CEPA with Cambodia: <\/span>The UAE has finalized the terms of its <\/span>Comprehensive Economic Partnership Agreement (CEPA) with Cambodia, Emirates news agency <\/span>Wam<\/a><\/span> reports. The CEPA talks began in October of <\/span>last<\/span> year, with an aim to boost bilateral trade, further strengthening relations between the two countries that saw non-oil trade grow 31% y-o-y in 2022, reaching more than USD 401 mn. The agreement will eliminate tariffs and reduce non-tariff trade barriers.<\/span><\/p>\n

So what will the two trade? <\/span>UAE investments will primarily be geared towards logistics, infrastructure, travel, and renewable energy, while its main exports will be cars, auto parts, machinery, oils and lubricants. Cambodia will export foods (including processed foods), apparel, leather goods, and footwear.<\/span><\/p>\n

The latest in a series of CEPAs: <\/span>In a push by the UEA government to double the size of its economy by 2030 to reach USD 762 bn, they have been <\/span>negotiating<\/a><\/span> and <\/span>signing<\/a><\/span> CEPAs with strategic partners, including India, Indonesia, Israel, Turkey, and Georgia.<\/span><\/p>\n

<\/p>\n

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<\/a><\/span> WATCH THIS SPACE #1- Iran and Uzbekistan in talks to establish joint freezones:<\/span> Iran\u2019s Supreme Council of Freetrade Industrial and Special Economic Zones Hojatollah Abdolmaleki toured several special zones in Uzbekistan during a recent visit<\/span>, according to Iranian news agency <\/span>Mehr<\/a><\/span>. During the visit, Abdolmaleki discussed the potential for boosting exports and investments between the two countries. <\/span>Abdolmaleki recently said that Iran is in talks with 17 countries to create joint<\/span> freezones with the aim of boosting trade and investment.<\/span><\/p>\n

<\/a> <\/span>WATCH THIS SPACE #2<\/span>- Iraq plans to expand Baghdad International<\/span> Airport in 2H 2023<\/span>, Prime Minister Mohammed Al Sudani said,<\/span> according to Iraq\u2019s state-run <\/span>Iraq Media Network<\/a><\/span>.<\/span> Al Sudani met with Iraq\u2019s transport minister, interior minister, Iraqi Civil Aviation Authority officials, and Iraqi Airways officials over the weekend, according to <\/span>Iraqi News<\/a><\/span>. At the assembly, Al Sudani issued directives to improve services at the airport and find quick solutions to issues hindering its performance, the news agency reported.<\/span><\/p>\n

<\/p>\n

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<\/a> <\/span>DATA POINT #1- DP World\u2019s global gross volumes rose 3.7% y-o-y in 1Q 2023, with the company handling <\/span>19.5 mn <\/span>TEU<\/span> during the quarter<\/span>,<\/span>according to a <\/span>press release (pdf)<\/a><\/span>. Gross container volumes also rose 1.4% y-o-y on a reported basis and 3.7% on a like-for-like basis, the statement said. The company attributed the growth to strong performance in Asia Pacific and India. Jebel Ali Port also performed well, reporting a 2.3% y-o-y increase at 3.5 mn TEU in 1Q 2023. The company expects to \u201cdeliver stable performance\u201d this year despite an uncertain outlook on the market, the press release said.<\/span><\/p>\n

DATA POINT #2- Qatar recorded a trade surplus of QAR 21.3 bn in March despite a 15.5%<\/span>y-o-y decline in exports<\/span>, which came in at QAR 30.9 bn during the month, <\/span>according to <\/span>data<\/a><\/span> from the Planning and Statistics Authority. A drop in petroleum and LNG exports was the primary reason for the overall fall in exports. China and South Korea were Qatar\u2019s top export markets in March. Imports fell 4.6% y-o-y during the month to QAR 9.6 bn. <\/span><\/p>\n

DATA POINT #3- Iraq\u2019s oil revenues topped USD 7.5 bn in March,<\/span> according to an Iraq Oil <\/span>Ministry <\/span>statement<\/a><\/span>. March saw the export of a little over 100 mn barrels (bbl) of crude, averaging 74.39 USD \/ bbl, the statement added. Most of this production was centered in southern oil fields, with northern oil fields in Kirkuk contributing marginal volumes<\/span>.<\/span><\/p>\n

Remember:<\/span> Turkey <\/span>halted<\/a><\/span> oil flows on the from Kiruk to Ceyhan after the International Chamber of Commerce recently ruled that Turkey must pay Iraq USD 1.5 bn in damages for receiving crude oil exports from Iraq\u2019s semi-autonomous Kurdistan region in 2014-2018 without Baghdad\u2019s consent, thus breaching a 1973 agreement. <\/span><\/p>\n

<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

MARKET WATCH-<\/span><\/p>\n

<\/a> <\/span>Trans-pacific shipping lines are hiking prices in a bid to turn around a months-long decline in rates <\/span>ahead of peak importing season in the summer, the <\/span>Wall Street Journal<\/a><\/span> reports<\/span>. <\/span>The average spot price for shipping a 40-foot container from Asia to ports on the US\u2019 West Coast has risen 34% over the past two weeks to over USD 1.6k, according to data from Norway-based tracker Xeneta cited by WSJ. The price is still much less than the average rate of USD 9.2k a year ago; however, it hints that the abrupt collapse in shipping prices that began in mid-2022 as supply chains smoothed and retailers held back rampant overstocking of inventories may have finally bottomed out, WSJ explained. <\/span><\/p>\n

The Baltic Exchange\u2019s primary sea freight index was up 13.5% in April, marking the third<\/span> consecutive month of rising<\/span>, according to <\/span>Reuters<\/a><\/span>. The index performance was driven mostly by increased demand for shipping via capesize vessels, with the capesize component of the index rising 38.2% during the month.<\/span> Average day-to-day earnings for capesize vessels \u2014 which typically have a capacity of 150k tons and haul commodities such as iron ore and coal \u2014 increased by USD 206 to settle at a little over USD 19k. <\/span><\/p>\n

India switches out Middle Eastern crude imports for cheaper Russian oil: <\/span>India\u2019s oil imports from the Middle East were down in April as imports of cheaper Russian crude <\/span>surged<\/span>, <\/span>Reuters<\/a><\/span>reports<\/span>, citing Refinitiv data. The Middle East\u2019s share of Indian oil imports dropped to 39.8% in April, down from an annual average of 56%. Estimates suggest that India could import up to 1.94 mn barrels per day (bbl \/ d) from Russia in April, a massive increase from the mere 44.5k bbl \/ d they were importing before the Russia-Ukraine war and the c.857k bbl \/ d recorded in July 2022. Meanwhile, total oil imports from the Middle East are estimated at about 1.92 mn bbl \/ d in April \u2014 which means that Russian imports exceeded those from all Middle Eastern countries for the first time ever. <\/span><\/p>\n

Not a complete surprise: <\/span>Sanctions<\/a><\/span> have made it difficult for Russia to export its oil to European and Western markets. This, along with a <\/span>price cap<\/a><\/span> on Russian oil of USD 60 <\/span>\/ bbl and <\/span>voluntary cuts<\/a><\/span> by OPEC+, has led to Indian buyers flocking to Russian oil to take advantage of higher margins.<\/span><\/p>\n

A freeze on further OPEC+ cuts? <\/span>Russia says that the OPEC+ group sees no need for further output cuts than those already planned for <\/span>May<\/a><\/span>, <\/span>Reuters<\/a><\/span> reports.<\/span><\/p>\n

<\/a><\/p>\n

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking <\/span>place on Monday, 15 May <\/span>at the Four Seasons Cairo Nile Plaza The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).<\/span><\/p>\n

Why exports & FDI?<\/span> In the wake of successive floats of EGP, exports and FDI have never been more important to our economy \u2014 or our businesses. We\u2019re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. <\/span>Expect it to be heavy on lessons learned in Egypt and other global growth markets \u2014 and lots of success stories.<\/span>You can learn more on our conference website here<\/a><\/span>.<\/span><\/p>\n

Some of the biggest names in business and finance are on board \u2014 are you?<\/span> The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:<\/span><\/p>\n

Banking partners:<\/span> Banque Misr | Al Baraka Bank | Emirates NBD | HSBC <\/span><\/p>\n

Lead partners:<\/span> DB Schenker | DP World | East Port Said Development | IDG | IFC | Madinat Masr<\/span><\/p>\n

Event partners: <\/span>Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities <\/span><\/p>\n

WANT TO BECOME A COMMERCIAL PARTNER?<\/span> Ping a note to <\/span>Moustafa, our head of commercial, here<\/a><\/span>.<\/span><\/p>\n

HAVEN\u2019T REQUESTED AN INVITE YET?<\/span> If you\u2019re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please <\/span>fill out the form here<\/a><\/span> to signal your interest, letting us know your name, title and where you work.<\/span><\/p>\n

CIRCLE YOUR CALENDAR-<\/span><\/p>\n

Deadline for Salalah-Thamrait trucking road bids:<\/span> Companies have until this Thursday, 4<\/span> May to submit proposals for the design, construction, finance, operation, and maintenance of Oman\u2019s Salalah-Thamrait trucking road.<\/span><\/p>\n

The <\/span>Airport Show<\/a><\/span> is scheduled to kick off in Dubai next Tuesday, 9 May.<\/span> The three-day event<\/span> wraps on Thursday, 11 May.<\/span><\/p>\n

The 35th IATA Ground Handling Conference (IGHC)<\/a><\/span>, hosted by Etihad Airlines, will <\/span>be taking place at the Abu Dhabi National Exhibition Center between 16-18 May<\/span>. The event brings together global industry leaders from airlines, airports, ground service providers and manufacturers to network and discuss industry trends and developments. <\/span><\/p>\n

The UAE Maritime Week,<\/a><\/span> a series of conferences and events backed <\/span>by the <\/span>country\u2019s Energy and Infrastructure Ministry, is taking place in Dubai between 15-19 <\/span>May<\/span>. <\/span>The week-long showcase will bring together stakeholders from local maritime markets in a series of in-person events and conferences.<\/span><\/p>\n

The <\/span>Libya Transport and Logistics Expo<\/a><\/span> (Translogistica Libya)<\/span> is set to take place <\/span>from 29-31 May at the Misurata International Fair.<\/span> The exhibition will showcase land, sea, and air transport services and will see participation from international companies based in Tunisia, Turkey, Italy, Korea, the Netherlands, Algeria, Egypt, and China, in addition to local companies.<\/span><\/p>\n

Check out our full calendar on the web<\/a><\/span> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We have a packed issue for you this morning, with plenty of news on aviation, as well as investment and diplomacy news. Let\u2019s dive in. A quick programming note: Due to Egypt bringing back Daylight Savings Time (DST) over the weekend, Enterprise Logistics will now be landing in Egypt-based inboxes at […]<\/p>\n","protected":false},"author":1,"featured_media":70401,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[168,17,807,380,129,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-ad-ports","tag-enterprise-logistics","tag-free-zone","tag-investment","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"29e1e350-8dd5-4e42-b421-747aeba023ee","order":"0","is_powered_by":false,"story_type":"4","photo_url":"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/04\/money-web.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: KEZAD signs agreement for AED 1 bn food manufacturing plants + Iran + Uzbekistan in talks to establish joint freezones","related_issue":[70398],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.bdb8c70e-bc81-4d4b-8b69-04b2112a7c35.mp3"},"yoast_head":"\nTODAY: KEZAD signs agreement for AED 1 bn food manufacturing plants + Iran + Uzbekistan in talks to establish joint freezones - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2023\/05\/01\/today-kezad-signs-agreement-for-aed-1-bn-food-manufacturing-plants-iran-uzbekistan-in-talks-to-establish-joint-freezones\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: KEZAD signs agreement for AED 1 bn food manufacturing plants + Iran + Uzbekistan in talks to establish joint freezones\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. We have a packed issue for you this morning, with plenty of news on aviation, as well as investment and diplomacy news. Let\u2019s dive in. 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