{"id":71278,"date":"2023-06-06T00:00:00","date_gmt":"2023-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/06\/today-king-abdullah-port-sets-container-handling-record-saudi-arabia-cuts-oil-output-threatening-supply-squeeze-in-2h-2023\/"},"modified":"2023-06-06T00:00:00","modified_gmt":"2023-06-06T00:00:00","slug":"today-king-abdullah-port-sets-container-handling-record-saudi-arabia-cuts-oil-output-threatening-supply-squeeze-in-2h-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/06\/today-king-abdullah-port-sets-container-handling-record-saudi-arabia-cuts-oil-output-threatening-supply-squeeze-in-2h-2023\/","title":{"rendered":"TODAY: King Abdullah port sets container handling record + Saudi Arabia cuts oil output, threatening supply squeeze in 2H 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, friends. <\/span><span style=\"\">We have a brisk issue for you this morning, with the single big story<\/span><span style=\"font-weight:400;\"> being how non-oil private sector activity did in May in Qatar, UAE, KSA and Egypt. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO- Don\u2019t miss our Coffee With\u2026 interview with Schenker Egypt\u2019s CEO, Khaled<\/span><span style=\"font-weight:700\"> Morsy<\/span><span style=\"font-weight:400;\">, who talked to us about how Egypt can boost its logistics performance and accelerate exports, and what it needs to do to improve its transit trade.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/span><span style=\"font-weight:400;\"> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We have tons more in the pipeline \u2014 come help us build new publications.<\/span><span style=\"font-weight:400;\"> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">That said, we're looking for gifted story-tellers from all walks of life and across all professions<\/span><span style=\"font-weight:400;\">, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NEVER WORKED IN A NEWSROOM BEFORE?<\/span><span style=\"font-weight:400;\"> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">During the program you will learn:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;<\/span><\/li>\n<li><span style=\"font-weight:400;\">Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to develop sources that will give you the key insights needed to tell a complete story;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to communicate these stories with the confidence and language of an insider.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Not an internship program \u2014 a career:<\/span><span style=\"font-weight:400;\"> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/span><span style=\"font-weight:400;\"> in your subject line.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">HAPPENING TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"\"><a id=\"wwtt2\"><\/a><\/span><span style=\"font-weight:700\"> DATA POINT #1- Iran saw a 57% y-o-y rise in imports during May, <\/span><span style=\"font-weight:700\">amounting to USD 4.9 bn worth of goods<\/span><span>,<\/span><span>according to customs data cited by<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.iranintl.com\/en\/202306042773\" style=\"\">Iran International<\/a><\/span><span>.<\/span><span> China, the UAE, Turkey, Germany, and Russia were the country\u2019s top exporters. Non-oil exports rose 6.1% y-o-y during the same period to USD 3.8 bn. The non-oil trade balance saw a USD 1.1 bn deficit, compared with a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.tasnimnews.com\/en\/news\/2023\/05\/10\/2892707\/iran-s-non-oil-trade-with-neighbors-exceeds-3-5-billion-in-one-month-spokesman\" style=\"\">USD 558 mn surplus<\/a><\/span><span style=\"font-weight:400;\"> a month earlier.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DATA POINT #2- The D<\/span><span style=\"font-weight:700\">ubai Airport Freezone\u2019s (DAFZ) <\/span><span style=\"font-weight:700\">logistics movement management<\/span><span style=\"font-weight:700\"> system <\/span><span style=\"font-weight:700\">DAFZ-WAY<\/span><span style=\"font-weight:700\">saw a 197% y-o-y rise in transactions in 2022<\/span><span>, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/dafz-way-logistic-transactions-grow-by-197-in-2022-lfj2rgys\" style=\"\">press release<\/a><\/span><span>. It also witnessed a 44% increase in the number of companies employing the solution during the same period. <\/span><span>The <\/span><span>DAFZ-WAY<\/span><span style=\"font-weight:400;\">system allows customers, cargo handlers, and local companies to move goods through the freezone\u2019s gate using a QR-code-based pass. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"\"><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">DATA POINT #3- KSA\u2019s King Abdullah Port sets container handling record:<\/span><span style=\"\"> King <\/span><span>Abdullah Port in Saudi Arabia has set a record for the highest number of containers handled during a single call at a Saudi port, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/king-abdullah-port-celebrates-highest-record-handling-of-20-153-teu-on-single-vessel-in-saudi-ports-x4scsthp\" style=\"\">statement<\/a><\/span><span>, which did not disclose the exact date the record was set<\/span><span style=\"font-weight:400;\">. The port handled a little over 20.1k containers on the 13.1k TEU container ship MSC Renee within a span of 77.46 hours. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt4\"><\/a><\/span><span style=\"font-weight:700\"> DATA POINT #4- Qatari ports handled 227 vessels in May, a 6% y-o-y increase<\/span><span style=\"\">, <\/span><span>according to a Mwani Qatar <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid02Tc5dx1P8TnJVfD7USm9VwzaA3P1DLJBKbfdamV5fJn91rxeVvggK42zPGajVYGoTl&id=100064440502596\" style=\"\">statement<\/a><\/span><span>. The month saw Qatari ports process over 95k TEUs of containers and almost 83k tonnes of cargo. Livestock volumes grew by 727% and building materials by 95% compared to the same period last year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">            Get <b style=\"font-weight: 700\">Enterprise<\/b> daily          <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>       <a href=\"logistics\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>      <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARKET WATCH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt1\"><\/a>  <\/span><span style=\"font-weight:700\">Saudi Arabia will voluntarily cut oil production by 1 mn barrels per day<\/span><span style=\"\"> (bbl \/ d), the country\u2019s <\/span><span>E<\/span><span>nergy Ministry said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MoEnergy.Saudi\/posts\/pfbid0Rp1KM2aUWoqbU5fv17gDcCptj6faUX3SQ8RcyPKE6JFjpP4gSApeVZH6sviuWA9bl\" style=\"\">statement<\/a><\/span><span>,<\/span><span style=\"font-weight:400;\"> after the OPEC+ group of oil producers failed to agree on new curbs during a tense meeting in Vienna yesterday. The reduction comes on top of its 500k bbl \/ d voluntary cut in April, and will see the kingdom\u2019s production fall to its lowest level in several years. Speaking following the meeting, Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom \u201cwill do whatever is necessary\u201d to stabilize the market. April\u2019s supply cut has failed to support oil prices, which have been on a downward trend in recent weeks on fears of a global economic slowdown.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This could ultimately<\/span><span style=\"font-weight:700\"> affect tonnage supply in the crude tanker market: <\/span><span style=\"\">If OPEC+ <\/span><span>maintains production cuts, there may be a supply shortage in 2H 2023, driven by increasing demand from China, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.hellenicshippingnews.com\/g7-price-cap-threatens-to-squeeze-tonnage-supply-in-crude-tanker-market\/\" style=\"\">Drewry<\/a><\/span><span> writes. <\/span><span>Falling oil prices and concerns over the global economy had caused Brent prices to dip below USD 75 per barrel<\/span><span> earlier this year, but prices have been on the rise over the past few weeks following <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/76c7d88a-9c6f-4215-b298-7fd088c9a720\" style=\"\">OPEC+\u2019s surprise oil production cut<\/a><\/span><span style=\"font-weight:400;\"> in April. If the market remains in deficit, OPEC+ may lift the production curbs, raising the risk of Russian crude prices surpassing the G7's USD 60 \/ bbl cap, Drewry anticipates. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It could also add to the risks rising from a surge in \u201cgray trade\u201d:<\/span><span> The p<\/span><span style=\"font-weight:400;\">ossibility of a surge in gray trade and a rise in ship-to-ship transfers \u201ccannot be ruled out,\u201d Drewry writes. This will tighten the already tight supply of tonnage in the crude tanker market, the maritime research consultancy says. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CIRCLE YOUR CALENDAR-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.iata.org\/en\/events\/agm\/agm-2023\/\" style=\"\">IATA Annual General Meeting and World Air Transport Summit<\/a><\/span><span style=\"font-weight:700\"> kicked off on <\/span><span style=\"font-weight:700\">Sunday at <\/span><span style=\"font-weight:700\">Hilton Bomonti Hotel in Istanbul, Turkey and will end today<\/span><span>. The event gathered airline leaders from across the globe to discuss post-pandemic aviation, sustainability in aviation, operational challenges from the past year and the future of the industry, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/845.pdf\" style=\"\">event program (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Bidding for the project developer contract for the joint Jordan-Iraq economic city<\/span><span style=\"font-weight:700\">began on<\/span><span style=\"font-weight:700\"> 30 May<\/span><span>, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/petra.gov.jo\/Include\/InnerPage.jsp?ID=50453&lang=en&name=en_news&cat=en_news\" style=\"\">Jordan News Agency<\/a><\/span><span> (Petra). The door will remain open for bidding until 29 June. The project, which will provide integration across an array of fields and sectors, is located on the borders of the two countries, according to Petra. The industries and products in the economic zone will benefit from Jordan\u2019s trade agreements with other countries, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/petra.gov.jo\/Include\/InnerPage.jsp?ID=44776&lang=en&name=en_news\" style=\"\">Petra<\/a><\/span><span style=\"font-weight:400;\"> reported earlier. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Deadline for design bids for Al Ghuwaifat Customs Clearance Center is coming <\/span><span style=\"font-weight:700\">up:<\/span><span style=\"\"> The Abu Dhabi Investment Office and the Department of Municipalities and Transport are inviting proposals for the design, construction, maintenance and operation of Al Ghuwaifat Customs Clearance Center in Abu Dhabi, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.constructionweekonline.com\/projects-tenders\/abu-dhabi-investment-office-calls-for-rfps\" style=\"\">Construction Week<\/a><\/span><span style=\"\"> reports. The deadline for proposal submissions is 3 July.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Check out our full calendar<\/span><span style=\"font-weight:400;\"> at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends. We have a brisk issue for you this morning, with the single big story being how non-oil private sector activity did in May in Qatar, UAE, KSA and Egypt. ALSO- Don\u2019t miss our Coffee With\u2026 interview with Schenker Egypt\u2019s CEO, Khaled Morsy, who talked to us about how Egypt can boost its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":71279,"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":[17,349,549,31,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-71278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterprise-logistics","tag-oil","tag-port","tag-saudi-arabia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4cacf2f7-3e73-4480-9077-b7e149a521a8","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/6\/244.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: King Abdullah port sets container handling record + Saudi Arabia cuts oil output, threatening supply squeeze in 2H 2023","related_issue":[71276],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.94fc8021-3ca9-4e72-ad6c-20b6dc3a06a5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TODAY: King Abdullah port sets container handling record + Saudi Arabia cuts oil output, threatening supply squeeze in 2H 2023 - 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\/06\/06\/today-king-abdullah-port-sets-container-handling-record-saudi-arabia-cuts-oil-output-threatening-supply-squeeze-in-2h-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: King Abdullah port sets container handling record + Saudi Arabia cuts oil output, threatening supply squeeze in 2H 2023\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. We have a brisk issue for you this morning, with the single big story being how non-oil private sector activity did in May in Qatar, UAE, KSA and Egypt. 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