{"id":73461,"date":"2023-09-13T00:00:00","date_gmt":"2023-09-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/13\/today-uae-reopens-air-route-with-nigeria-al-faw-port-to-be-complete-in-2025\/"},"modified":"2023-09-13T00:00:00","modified_gmt":"2023-09-13T00:00:00","slug":"today-uae-reopens-air-route-with-nigeria-al-faw-port-to-be-complete-in-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/13\/today-uae-reopens-air-route-with-nigeria-al-faw-port-to-be-complete-in-2025\/","title":{"rendered":"TODAY: UAE reopens air route with Nigeria + Al Faw Port to be complete in 2025?"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>The newsflow is still slower than expected for a September morning, but not without interesting updates \u2014 including a big IPO for a Saudi logistics firm in the works. <\/p>\n

THE BIG LOGISTICS STORY- <\/strong>Saudia Arabian Airlines and Tarabot Air Cargo Services are listing 30% of subsidiary air cargo handler Saudi Logistics Services\u2019 (SAL) shares on the Saudi Tadawul Exchange. The two shareholders will offer 24 mn shares in their subsidiary, with the book building process set to kick off on 25 September. <\/p>\n

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

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

<\/a> UAE reopens its doors to Nigerian travelers<\/strong>: The UAE has lifted a travel ban on Nigerian travelers, ending a restriction that had been in place since October 2022, following negotiations between Nigerian President Bola Tinubu and UAE's leader Mohamed bin Zayed Al Nahyan during their meeting in Abu Dhabi earlier on Monday, CNN<\/a> reported. Both parties signed a \u201chistoric agreement\u201d where Etihad Airlines and Emirates Airlines are to \u201cimmediately resume flight schedules into and out of Nigeria without any further delays,\u201d according to a statement<\/a> by Nigerian presidential spokesman Ajuri Ngelale.<\/p>\n

Why were there travel restrictions in the first place? <\/strong> Emirates Airlines halted flights to Nigeria last year because of some challenges in retrieving funds from Nigeria \u2014 Etihad Airlines did the same thing at the beginning of the pandemic. Also, the UAE had imposed visa restrictions on Nigeria and 19 other African countries in October without providing explanations. <\/p>\n

<\/a> India-Middle East-Europe Economic Corridor will link India by rail: <\/strong> The India-Middle East-Europe Economic Corridor, a multinational logistics corridor unveiled at the G20 summit<\/a>, will include railway links to India, Reuters<\/a> reported, citing statements by Ausaf Sayeed, a secretary in India\u2019s Foreign Ministry. \u201cIndia would be connected by railroads is the right interpretation, rather than India building the railroads,\u201d Sayeed reportedly said while responding to questions by reporters.<\/p>\n

ICYMI- <\/strong> The G20 summit in Delhi, India saw leaders from the US, India, the GCC, and the EU ink an MoU for the India-Middle East-Europe Economic Corridor, 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

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<\/a> WATCH THIS SPACE #1- <\/strong> Amman airport to expand cargo building: <\/strong>Jordan's Queen Alia International Airport in Amman is set to expand its cargo facility due to increased business demand, Addustour<\/a> quoted Public Works, Housing, and Transport Minister Ahmad Maher Abul Samen as saying. The expansion should alleviate congestion and provide a dedicated space for cargo companies, transitioning them from temporary offices to a more efficient workspace. <\/p>\n

<\/a> WATCH THIS SPACE #2- <\/strong> Iraq sees Al Faw Port being completed in 2025: <\/strong> Construction at Al-Faw port is proceeding faster than planned, and it is set for completion by 2025, Iraqi Prime Minister Muhammed Al-Sudani said in statements carried by Iraq News Agency (INA)<\/a>. Iraq will also call on countries that have expressed interest in investing in the country\u2019s Development Road project to meet in Baghdad, Al-Sudani added. The new timeline for Al Faw Port is sooner than earlier projections, which said that the first phase of the port would be complete by mid-2025.<\/p>\n

Al Faw is crucial to Iraq\u2019s logistics infrastructure upgrades: <\/strong> Late May saw Iraq unveil the USD 17 bn Development Road<\/a> project, a road and rail corridor for the movement of passengers and cargo connecting Al Faw port in Iraq\u2019s southern Basra province with the Turkish border. The initiative is expected to be a major upgrade to Iraq\u2019s logistics infrastructure and is expected to see investments from regional states. <\/p>\n

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FIVE DAYS TO GO until we see some of you at the Enterprise Finance Forum, which <\/strong> 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 Todd Wilcox <\/strong> (CEO and deputy chair, HSBC Egypt) , Akef El Maghraby <\/strong>(vice chairman, Banque Misr) , Tarek El Nahas <\/strong> (group head of international banking, Mashreq), Hazem Hegazy <\/strong>(CEO and vice chairman, Al Baraka Bank), Fadi Abi-Nader <\/strong> (VP \u2014 One Demand, Global Emerging Markets, Mars-Wrigley), Bahaa Alieldean <\/strong> (senior and managing partner, ALC Alieldean Weshahi & Partners) and many others for talks on everything from what\u2019s driving transformation in the banking and finance sector to how a can bank can transact in uncertain times. <\/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, Banque Du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment. <\/p>\n

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

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

Saudi Arabia looks to increase oil exports to China in 2024<\/strong>, despite the de facto OPEC+ leader rolling out production cutbacks<\/a> for the remainder of the year, sources told S&P Global<\/a>. State-owned Saudi Aramco has kicked off a new round of negotiations with Chinese refiners for supplies in 2024 and is angling to replace Russia as China\u2019s top supplier. Russia supplied 2.1 mn barrels per day (bbl \/ d) in 1H 2023 to Chinese buyers, while Saudi Arabia supplied 1.8 mn bbl \/ day during the same period, S&P Global said, citing figures from China's General Administration Customs.<\/p>\n

But the question of CNY settlements for Saudi crude is still up in the air: <\/strong> \u201cWhether [to] use CNY or not, is a decision that can only be agreed [upon] and made by Riyadh and Beijing,\u201d a source reportedly told S&P Global. <\/p>\n

Meanwhile, production cuts are forcing Asian buyers to look elsewhere for medium sour crude: <\/strong>Asian refiners \u2014 which prefer medium sour grade crude \u2014 are scrambling to find alternatives as Saudi Arabia and other GCC partners have cut exports of the category, Reuters<\/a> reports separately. The supply gaps have caused prices for these grades to rally faster than other crude products. Indian refiners are turning to Russian urals crude to fill the gaps, while Chinese refiners are ramping up imports from Brazil, the US, and other non-OPEC+ suppliers, the newswire wrote. <\/p>\n

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NON-LOGISTICS REGIONAL HEADLINES- <\/strong><\/p>\n