{"id":76813,"date":"2024-02-19T00:00:00","date_gmt":"2024-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/02\/19\/today-mawani-and-rsgt-complete-jeddah-islamic-port-upgrade-seafarers-can-give-the-red-sea-a-pass\/"},"modified":"2024-02-19T00:00:00","modified_gmt":"2024-02-19T00:00:00","slug":"today-mawani-and-rsgt-complete-jeddah-islamic-port-upgrade-seafarers-can-give-the-red-sea-a-pass","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/02\/19\/today-mawani-and-rsgt-complete-jeddah-islamic-port-upgrade-seafarers-can-give-the-red-sea-a-pass\/","title":{"rendered":"TODAY: Mawani and RSGT complete Jeddah Islamic Port upgrade + Seafarers can give the Red Sea a pass"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a busy morning with updates from across the regional logistics sector and all the latest from the Red Sea. Shall we?<\/p>\n

\n

\n

PSA-<\/p>\n

There will be rolling road closures today <\/strong>in <\/strong>Al Dhafra region\u2019s Madinat Zayed in <\/strong>Abu Dhabi between 12:35 and 4:30 PM, <\/strong>to accommodate the UAE Tour Event for cycling, Abu Dhabi\u2019s Integrated Transport Centre said<\/a> on X. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>Qatar\u2019s Transport Ministry has finalized the Qatar Freight Master Plan (QFMP), <\/strong>an initiative that looks to upgrade infrastructure to support the country\u2019s road freight sector within an integrated transport system approach, QNA<\/a> reports. QFMP outlines policies, regulations, and standards for Qatari road freight, and proposes projects and schemes into 2050 that look to develop the country\u2019s road freight networks, facilities, and modes, in addition to regulations and frameworks for hazardous cargo and initiatives to boost sustainability, QNA said. <\/p>\n

<\/a>#2- UAE + India kick off Bharat Mart:<\/strong>The UAE\u2019s Sheikh Mohammed bin Rashid Al Maktoum and Indian Prime Minister Narendra Modi have laid the foundation stone for Bharat Mart, a Dubai-based trading platform for Indian exporters, according to a statement<\/a> released on Thursday. Led by DP World<\/a>, the distribution hub is slated to debut in 2026 and will enable Indian exporters and manufacturers to leverage Jebel Ali Free Zone\u2019s (Jafza) logistics and trade ecosystem to meet demand in the UAE and re-export to markets abroad, the statement said. Bharat Marat is expected to span some 2.7 mn square feet, accommodating 1.5k showrooms and 700k sqf of premium warehousing space, in addition to light industrial units, offices, and conference rooms. The initiative looks to contribute to boosting bilateral non-oil trade between the UAE and Indian to USD 100 bn by 2030, the statement also said. <\/p>\n

#3- <\/strong>A 69-meter cargo ship sank in the Marmara Sea to the northwest of Turkey,<\/strong>Reuters<\/a> reported on Thursday citing state news agency Andalou. Rescue teams are looking for six missing crew members who are believed to be Turkish nationals, governor of Bursa province Mahmut Demirtas said. <\/p>\n

<\/a>#4- WSC suggests new framework to accelerate decarbonization: <\/strong>The World Shipping Council<\/a> (WSC) has submitted a proposal for a regulatory framework to the International Maritime Organization<\/a> (IMO) to narrow the price gap between fossil fuels and cleaner energy in a bid to achieve the maritime shipping industry 2050 netzero goal, according to a statement<\/a> released on Thursday. WSC\u2019s Green Balance Mechanism (GBM) proposes that fees be levied on traditional fossil fuels and reallocated to green fuels and suggests that the initiative \u201ccan be used as a targeted greenhouse gas pricing mechanism, or a possible addition to an integrated measure,\u201d according to the statement. GBM looks to balance the price gap between traditional and green fuels and boost demand for green fuels, as well as incentivize their production, CEO of shipping giant MSC Soren Toft was cited as saying in the statement. <\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- <\/strong>Baltic index hits one-month peak<\/strong>: <\/strong>The Baltic Exchange\u2019s Dry Bulk Index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2013 was up 1.8% to 1610 points on Friday, hitting a one-month high, Reuters<\/a> reported. Gains across all vessel segments buoyed the index. The capesize subindex climbed 2.3% to 2448 points, up 3% for the week, while panamax also increased 1.4% to 1646 points, up 9% for the week. The smaller supramax segment saw a 13 point increase to 1071 points, its highest in a month. <\/p>\n

#2- Oil prices dipped slightly on Thursday,<\/strong> as the IEA trimmed its forecast for growth in the global demand for oil in 2024 and a higher than expected surge in US crude inventories also weighed down the market, Reuters<\/a> reported. Brent fell a modest 0.5% to USD 81.23 a barrel, while West Texas Intermediate (WTI) inched down 0.6% to USD 76.20 a barrel, the newswire said. The US Energy Information Administration (EIA) had reported that US crude stocks leaped 12 mn barrels to 439.5 mn barrels in the week ending 9 February, far outstripping the 2.6 mn barrel increase forecasted by a recent Reuters poll. The latest International Energy Agency (IEA) monthly report also capped 2024\u2019s growth in global demand for oil at 1.22 mn barrels a day, down from 1.24 mn barrels a day, the newswire said. <\/p>\n

DATA POINTS- <\/p>\n

#1- <\/strong>Etihad Cargo achieved y-o-y growth in 2023 in its dedicated cool chain products, <\/strong>PharmaLife and FreshForward in 2023, marking the third year of consecutive growth despite adverse market conditions, according to a Thursday press release<\/a>. The cargo arm noted a 37% y-o-y increase in the volume of pharma and life science products transported, hitting an all-time record, in addition to a 10% y-o-y boost in fresh and perishables shipments. The carrier\u2019s pharma shipments have maintained a 99.1% compliance rate over the past three years, the statement also said. <\/p>\n

#2- <\/strong>The UAE\u2019s non-oil foreign trade in goods and services reached AED 3.5 tn in <\/strong>2023, <\/strong>Ruler of Dubai and UAE Vice President and Prime Minister Sheikh Mohamed said<\/a> on X yesterday. The year also saw a general surge in the country\u2019s foreign trade, with a 25% y-o-y boost in trade with the country\u2019s top ten trade partners, the statement also said. <\/p>\n

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

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

The UAE will host <\/strong>The World Trade Organization's 13th Ministerial Conference<\/a> from <\/strong>Monday, 26 February to Thursday, 29 February<\/strong> in Abu Dhabi. The event will gather ministers from around the world to assess the operation of the multilateral trading system and make key decisions regarding the future tasks of the WTO.<\/p>\n

The UAE will host the <\/strong>TradeTech Forum<\/a><\/strong> on Tuesday, 27 February<\/strong> in Abu Dhabi. The forum will see some 180 trade leaders and experts discuss the technologically advanced trade environment and a showcase of trade tech solutions. <\/p>\n

The UAE will host the <\/strong>Future-Proof Technologies Conference<\/a><\/strong> on Thursday, 29 February <\/strong>Dubai. The event will unite industry experts to discuss strategies for adopting sustainable supply chain operations through cross-sector collaboration, advanced technologies, and integrated logistics. <\/p>\n

The UAE will host the <\/strong>MRO Middle East<\/a><\/strong> on Tuesday, 5 March and Wednesday, 6 <\/strong>March<\/strong> in Dubai. The two-day event will bring together key decision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the airline supply chain. <\/p>\n

The UAE will host <\/strong>The Logistics Middle East Award<\/a><\/strong> on Wednesday, 6 March<\/strong> in Dubai. The awards ceremony brings together industry experts to celebrate the sector\u2019s biggest accomplishments over the previous 12 months.The deadline for submitting nominations is Friday, 19 January.<\/p>\n

The UAE will host <\/strong>Abu Dhabi Mobility Week<\/a><\/strong> from Wednesday, 24 April to Wednesday, 1 <\/strong>May <\/strong>in Abu Dhabi. The event, organized by The Department of Municipalities and Transport \u2013 Abu Dhabi (DMT)<\/a>, will feature announcements, forums, and introduce a mobility strategy for the emirate. <\/p>\n

KSA will host a special <\/strong>World Economic Forum<\/a><\/strong> event fr<\/strong>om Sunday, 28 April through to Monday, 29 April in Riyadh<\/strong>. The event will focus on global collaboration and energy.<\/p>\n

The UAE will host <\/strong>The Electric Vehicle Innovation Summit<\/a><\/strong> from Monday, 20 May to <\/strong>Wednesday, 22 May <\/strong>in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.<\/p>\n

Check out our full calendar<\/strong> at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":76814,"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":[153,32,129,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-76813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-qatar","tag-trade","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"59ee3d94-fb4c-4c1b-adb1-8eb7eeefe9a8","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1176.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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