{"id":77147,"date":"2024-03-05T00:00:00","date_gmt":"2024-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/05\/today-egypts-sca-will-fully-fund-the-suez-canal-expansion\/"},"modified":"2024-03-05T00:00:00","modified_gmt":"2024-03-05T00:00:00","slug":"today-egypts-sca-will-fully-fund-the-suez-canal-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/05\/today-egypts-sca-will-fully-fund-the-suez-canal-expansion\/","title":{"rendered":"TODAY: Egypt\u2019s SCA will fully fund the Suez Canal expansion"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a very busy morning with updates cutting across the regional logistics industry. We have a little bit of everything for you from aviation to new investments to startup fundraising. Let\u2019s go.<\/p>\n

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HAPPENING TODAY- The <\/strong>MRO Middle East<\/a><\/strong> conference is kicking off today in Dubai and <\/strong>will conclude tomorrow. <\/strong>The event will bring together key decision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the airline supply chain. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- LEAP kicks off with a bang: <\/strong>KSA\u2019s LEAP24<\/a> exhibition secured USD 11.9 bn in new investments tosupport deep and emerging technologies, innovation, and cloud computing in the kingdom and abroad, SPA<\/a> reports. The new agreements include a USD 5.3 bn investment by Amazon Web Services<\/a> to develop a cloud zone in KSA and a USD 5 bn investment by Datavolt<\/a> to develop data centers in the kingdom with capacity upward of 300 MW, SPA added. <\/p>\n

<\/a>#2- Airbus expects big regional growth in the commercial aircraft services:<\/strong> Airbus sees the regional commercial aircraft services market to grow 4.4% y-o-y surpassing the 3.6% global average, according to a press release<\/a> accompanying the release of Airbus\u2019 latest Global Services Forecast report<\/a>. The plane maker expects the market to more than double from USD 12 bn today to USD 28 bn by 2042 accompanied by a 4.6% annual growth in passenger traffic during the next 20 years, the statement said. Growing demand for air travel will also spur growth in the regional maintenance market, which is expected to more than double from USD 10 bn today to USD 23 bn, with the market for upgrades and modernizations expected to grow from USD 1.3 bn to USD 3.6 bn between 2023 and 2042, Airbus said. <\/p>\n

<\/a>#3- A new shipping service to run between Egypt and the US: <\/strong>South Korean shipping company HMM<\/a> will launch a weekly shipping service between Egypt\u2019s Damietta Port and the US\u2019 East Coast in May, Al Mal<\/a> reports, citing a company official. The 13-day voyage is touted as the fastest route connecting Egyptian and US ports.<\/p>\n

ALSO- Egypt\u2019s airport management shakeup underway:<\/strong> The Egyptian government has kicked off the executive process to offer the management and operation of the country\u2019s airports to the private sector in a bid to improve airport services and boost revenues, according to a cabinet statement<\/a>. The state is looking for \u201can international consultant with extensive experience\u201d to set a professional roadmap for the tender.<\/p>\n

ICYMI-<\/strong> The move comes on the heels of last week\u2019s announcement that the government will soon launch an international tender<\/a> for the management and operation of all the airports in the country amid a push to get more private sector players involved in the aviation sector.<\/p>\n

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MARKET WATCH- <\/p>\n

#1- <\/strong>Oil prices saw a slight uptick yesterday as traders factored in <\/strong>OPEC+<\/a><\/strong>decision to extend voluntary cuts<\/a><\/strong> into 2Q<\/strong>, Reuters<\/a> reports. Brent increased USD 0.14 to USD 83.69 a barrel, while West Texas Intermediate (WTI) bumped up USD 0.03 to USD 80 a barrel. The small upward adjustment in prices is attributed to the oil cartel\u2019s decision being anticipated by traders, the newswire said. <\/p>\n

#2- <\/strong>US oil and gas production hit new seasonal records last December contributing to <\/strong>downward pressure in energy prices<\/strong>, Reuters<\/a> reports, citing data from US Energy Information Administration. US oil output hit 4.72 bn barrels in 2023, up from 4.35 bn in 2022 and more than double the output seen in 2012. Front-month contracts for US crude futures averaged USD 72 a barrel in December 2023, down from a recent high of USD 121 a barrel seen in June 2022, the newswire said.<\/p>\n

DATA POINT- <\/p>\n

Jordan\u2019s trade deficit declined 10% y-o-y to JOD 9.3 bn in 2023,<\/strong> according to trade<\/a>figures (pdf)<\/a> published by Jordan\u2019s Department of Statistics. Total exports dropped 1.5% y-o-y to JOD 8.9 bn, with national and re-exports falling 1.1% and 5.8% during the same period to JOD 8.3 bn and JOD 667 mn. Meanwhile imports declined 6% to JOD 18.26 bn, the report 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 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

Saudi Arabia 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 the 23rd edition of the <\/strong>Airport Show<\/a><\/strong> from Tuesday, 14 May through to <\/strong>Thursday, 16 May<\/strong> in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year\u2019s \"Sustainability and Innovation,\" theme. <\/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":77148,"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":[49,31,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-saudi-arabia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c2436e7a-aecb-4784-824e-1d34972c2b26","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1169.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Egypt\u2019s SCA will fully fund the Suez Canal expansion","related_issue":[77145],"teaser":"What we\u2019re tracking this morning regionally and around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.b5a056f2-7e65-4526-8fc1-2c0ee76908d4.mp3"},"yoast_head":"\nTODAY: Egypt\u2019s SCA will fully fund the Suez Canal expansion - 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