{"id":73423,"date":"2023-09-12T00:00:00","date_gmt":"2023-09-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/12\/today-turkey-is-on-board-with-the-us-backed-india-mena-logistics-corridor-egypt-unveils-airport-expansion-plans\/"},"modified":"2023-09-12T00:00:00","modified_gmt":"2023-09-12T00:00:00","slug":"today-turkey-is-on-board-with-the-us-backed-india-mena-logistics-corridor-egypt-unveils-airport-expansion-plans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/12\/today-turkey-is-on-board-with-the-us-backed-india-mena-logistics-corridor-egypt-unveils-airport-expansion-plans\/","title":{"rendered":"TODAY: Turkey is on board with the US-backed India-MENA logistics corridor + Egypt unveils airport expansion plans"},"content":{"rendered":"

Good morning, friends. <\/strong>Things have quieted down in the logistics world since we last wrote to you, but we do have a few interesting updates on the shipping and trade fronts. <\/p>\n

THE BIG LOGISTICS STORY- Adnoc Logistics & Services has marked its entry into Iraq <\/strong>with the delivery of a jack-up barge serving Iraqi customers with offshore support services. Meanwhile, we have a big read on the size of global trade volumes in 1H 2023 and in-depth outlook for the rest of the year from the World Trade Organization.<\/p>\n

^^ We have everything on these stories and more in the news well, below.<\/p>\n

SIX DAYS TO GO until we see some of you at the Enterprise <\/strong> Finance Forum, which takes place 18-19 September <\/strong>(Monday and Tuesday) 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 \u2014 and of their clients.<\/p>\n

What to expect: <\/strong> Join Sherif El Behery <\/strong> (CEO and managing director, MDI), Mohamed Mounir <\/strong> (deputy CEO, ValU), Tarek Shahin <\/strong>(chief investment officer, CI Asset Management), Himanshu Shrimali <\/strong> (co-founder and CEO, Menthum), Amro Abou <\/strong> esh <\/strong> (founder, Maseera), Kamel Saleh <\/strong> (CEO, Grant Thornton Egypt) and many others for talks on everything from where the talent in our industry can be found, whether NBFIs are a bubble and the state of finance\u2019s professional services firms. <\/p>\n

Tap or click here to view the FULL AGENDA with SPEAKERS.<\/a><\/strong><\/a><\/strong><\/p>\n

There will be plenty of parking available at the venue <\/strong> for all those attending. <\/p>\n

We are honored to count some of the region\u2019s most important financial institutions as <\/strong><\/p>\n

our partners for this special event. <\/strong>The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment. <\/p>\n

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

HAPPENING THIS WEEK- <\/strong><\/p>\n

<\/a> Turkey\u2019s President Recep Tayyip Erdogan has pledged to work with the UAE, KSA, and Iraq on a <\/strong> new <\/strong> logistic <\/strong> s corridor megaproject <\/strong>announced at the G20 summit, Alarabiya<\/a> reported. \u201cWe hope that the port and railway project will work hand-in-hand with the Belt and Road Initiative,\u201d Erdogan reportedly said in statements carried by Reuters and cited by Alarabiya.<\/p>\n

ICYMI- <\/strong> The G20 summit in Delhi, India saw leaders from the US, India, the GCC, and the EU ink an MoU<\/a> for the India-Middle East-Europe Economic Corridor (IMEC), a major logistics infrastructure project that seeks to establish rail and maritime connections between Europe and India via MENA. The American-led initiative looks to counter Chinese influence by proposing a Western-backed alternative to China\u2019s Belt and Road Initiative.<\/p>\n

<\/a> SPEAKING OF ERDOGAN- <\/strong> The Turkish president\u2019s planned visit to Iraq has been postponed \u2014 again: <\/strong> A planned trip to Iraq byTurkish President Recep Tayyip Erdogan has reportedly been postponed yet again, informed sources told Asharq Al Awsat<\/a>, citing disputes over oil exports, water, and security. Officials in the Iraqi government have denied that Erdogan\u2019s trip, which was scheduled for October following an initial delay from August, has been \u201ccanceled,\u201d and are reportedly continuing to prepare for the visit, the news outlet writes. <\/p>\n

The countries are still not seeing eye to eye: <\/strong> The trip was put off due to slow progress in reaching a compromise on damages Turkey has been ordered to pay Iraq in a landmark arbitration decision<\/a>. Turkey is asking Baghdad to exempt Ankara from paying the USD 2.6 bn in compensation in return for resuming oil flows, the news outlet writes. Turkey has also filed a lawsuit demanding compensation of over USD 900 mn, the outlet writes.<\/p>\n

Refresher: <\/strong> Turkey halted imports from northern Iraq\u2019s Kurdistan Regional Government (KRG) after a 25 March arbitration ruling<\/a> by the International Chamber of Commerce (ICC) deemed the transfers illegal.<\/p>\n

<\/a> Egypt is on an airport upgrade streak: <\/strong> Egypt\u2019s Civil Aviation Minister Mohamed Abbas Helmy has announced several upgrades at airports across the country, including Cairo International Airport, St Catherine Airport, Berenice International Airport, and Burj Al Arab Airport. <\/p>\n

A study for the construction of <\/strong>Terminal 4<\/a><\/strong> at Cairo International Airport is currently underway<\/strong>, courtesy of the Airports Holding Company<\/a>, which will help provide the financing needed for the project alongside other partners, Al Mal<\/a> writes. <\/p>\n

Other expansions: <\/strong> Helmy also announced that Alexandria\u2019s Burj Al Arab Airport will open a new environmentally friendly building early next year, which should increase its capacity from 1.5 mn to 6 mn passengers annually, according to a tweet<\/a> by Asharq Business. Development and expansion work at Sinai\u2019s St Catherine Airport is set to be completed by April 2024, Al Mal<\/a> quotes Helmy as saying. The EGP 3 bn upgrade aims to increase the airport\u2019s passenger capacity from 80 to 600 per hour and allow it to accommodate 11 aircraft instead of three, the outlet writes.<\/p>\n

AND NOW OPEN- The <\/strong>EGP 2.3 bn<\/a><\/strong> Berenice International Airport in Marsa Alam \u2014 which can accommodate eight aircraft and 600 passengers an hour \u2014 is now ready to receive all flights<\/strong>, Al Mal<\/a> reported separately.<\/p>\n

(xxBE) Moves to unclog truck traffic at the Egypt-Sudan border: <\/strong> Egypt\u2019s General Authority for Land and Dry Ports has created two mini logistics zones in Wadi Karkar and Abu Simbel to reduce the pile up of trucks and cars at the Arqin and Qastal border crossings between Egypt and Sudan, Egypt\u2019s Transport Ministry said<\/a> Thursday. The zones will speed up the provision of key supplies such as water, food, and medical aid to civilians in the conflict-hit country, the statement reads. <\/p>\n

OVER IN LIBYA- <\/strong><\/a> Libyan authorities arrested nine <\/strong> people for attempting to smuggle <\/strong> 100 <\/strong> k <\/strong> liters of diesel fuel on a vessel off the coast of Zuwara <\/strong> in western Libya, the Libyan Attorney General\u2019s Office said in a statement<\/a> on Saturday. The suspects confessed to transporting the diesel fuel and said that this was not the first time they had conducted such an operation. They are now held in pretrial detention, the statement added. <\/p>\n

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WATCH THIS SPACE- Railway link between Iraq and the GCC not yet in the cards: <\/strong>There are no plans at present to establish rail links between Iraq and the GCC as part of the Iraq\u2019s Development Road<\/a> project, with current designs limited to connections with Turkey as a conduit to Europe, an Iraqi Transport Ministry spokesman reportedly told Iraqi News Agency (INA)<\/a>. Any plans for the future development of railway connections to the GCC hinge on the successful completion of Al Faw Port and the Development Road and the presence of excess capacity at Al Faw and Umm Qasr ports, the same official noted.<\/p>\n

ON THE GLOBAL FRONT- Russia won't budge on conditions for returning to Black Sea grain agreement: <\/strong>Russia says it is sticking to its demand for its state agricultural bank to be reconnected to the international bank payments system Swift before it can rejoin the Black Sea agreement<\/a>, Reuters<\/a> reports. Russia says that its grain and fertilizer exports, while not subject to explicit sanctions, have been facing barriers due to sanctions affecting port access, ins., logistics, and payments, including the removal of its agricultural bank Rosselkhozbank from Swift. <\/p>\n

Moscow not impressed by UN proposal: <\/strong> Russia has dismissed a proposal by the UN for a Luxembourg-based subsidiary of Rosselkhozbank to apply to be connected to Swift \u201cto effectively enable access\u201d for the bank within 30 days. \u201cThe agreements say that Swift should be open to Rosselkhozbank, and not to its subsidiary,\u201d Kremlin spokesman Dmitry Peskov said, according to the outlet. \u201cAll our conditions are perfectly well known. They do not need interpretation, they are absolutely concrete and all this is absolutely achievable,\u201d Peskov said, adding that \u201cmoment they are fulfilled, then the agreement will immediately resume.\u201d <\/p>\n

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