{"id":77530,"date":"2024-03-21T00:00:00","date_gmt":"2024-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/21\/today-us-based-coupa-opens-its-first-data-center-in-dubai-dubai-aerospace-enterprise-secures-usd-420-mn-loan-from-ccb\/"},"modified":"2024-03-21T00:00:00","modified_gmt":"2024-03-21T00:00:00","slug":"today-us-based-coupa-opens-its-first-data-center-in-dubai-dubai-aerospace-enterprise-secures-usd-420-mn-loan-from-ccb","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/21\/today-us-based-coupa-opens-its-first-data-center-in-dubai-dubai-aerospace-enterprise-secures-usd-420-mn-loan-from-ccb\/","title":{"rendered":"TODAY: US-based Coupa opens its first data center in Dubai + Dubai Aerospace Enterprise secures USD 420 mn loan from CCB"},"content":{"rendered":"<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Good morning, friends. <\/strong>We have a brisk issue this morning as we slide into the second weekend of Ramadan, with a bit of debt news and IPO glimmers on the horizon. Shall we?<\/p>\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt1\"><\/a><\/strong><strong>Egypt\u2019s<\/strong><strong>Cabinet has approved a draft decision allowing the temporary exit of <\/strong><strong>equipment and machinery from the country\u2019s freezones<\/strong><strong>, <\/strong>according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0THgPRQU2fZMuLCFLZCAgUhFRkYrhDYboRUjRDKf4LMqVqqkcT8NeRrNxktxDeeK5l\" style=\"\" rel=\"noopener\">statement<\/a> released earlier this week. Under the new regulation, companies running projects in freezone are authorized to temporarily move equipment and tools into Egypt for an extendable six-month period to work on activities related to their projects or to be rented, subject to the approval of the General Authority for Investment and Freezones (GAFI). <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt2\"><\/a>#1- GCC companies \u2014 particularly those in the oil sector \u2014 are set to turn <\/strong><strong>in growth this year<\/strong>, with strong capex deployment despite a high interest rate environment, S&amp;P Global said during its GCC Corporate Outlook 2024 webinar yesterday. The GCC region is in for a moderate expansion of 2-3% on average, while non-oil activity in Saudi Arabia and the UAE are poised for robust growth at around 5%, driven primarily by the tourism, hospitality, retail, and aviation sectors, S&amp;P Global Ratings Associate Director of Corporate Ratings Tatjana Lescova said. These sectors are, however, exposed to external risks such as geopolitical tensions. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Red Sea disruption impact: <\/strong>The current disruptions in the Red Sea are viewed as manageable for rated oil and gas issuers for the time being given that the majority of hydrocarbon exports from the GCC are directed towards Asia, according to Oueidat. A complete or partial closure or disruption of the Strait of Hormuz is seen as posing a significantly greater risk.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt3\"><\/a>#2- New shipping service connecting Egypt\u2019s Ain Sokhna to China: <\/strong>Egypt is set to launch a new service operated by Chinese state-owned freighter <a target=\"_blank\" href=\"https:\/\/www.culines.com\/en\/\" style=\"\" rel=\"noopener\">Culines<\/a> connecting Egypt to Chinese ports by month\u2019s end, and operated by Chinese state-owned freighter <a target=\"_blank\" href=\"https:\/\/www.culines.com\/en\/\" style=\"\" rel=\"noopener\">Culines<\/a>, <a target=\"_blank\" href=\"https:\/\/amwalalghad.com\/2024\/03\/18\/%D8%AC%D9%84%D9%88%D8%A8%D8%A7%D9%84-%D9%84%D9%88%D8%AC%D9%8A%D8%B3%D8%AA%D9%8A%D9%83%D8%B3-%D8%AA%D8%B9%D9%84%D9%86-%D8%AA%D8%AF%D8%B4%D9%8A%D9%86-%D8%AE%D8%AF%D9%85%D8%A9-%D8%AE%D8%B7-culines-%D8%A7\/\" style=\"\" rel=\"noopener\">Amwal Al Ghad<\/a> reports, citing an announcement by Culines general manager Omar Al Najjar. The Red Sea Service (REX) is set to launch in the Egyptian port of Ain Sokhna Port and run bi-monthly trips before ramping up to a weekly schedule. It will call at ports in Saudi Arabia, Oman, Singapore, and Taiwan. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt4\"><\/a>IN OTHER EGYPT NEWS- DP World opens five new offices in Egypt:<\/strong> Emirati port operator DP World has set up five offices across Egypt, in Cairo, Alexandria, Cairo Airport, Sokhna, and Beni Suef, according to a statement picked up by <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/20\/1776853\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The company has plans to set up more offices in Egypt in the coming months in response to a growing market in Egypt for logistics services, said DP\u2019s Egypt country manager Urs Moll said in the statement.<\/p>\n<p class=\"tag-border-left\">DISRUPTION WATCH-<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><\/strong><strong>Israel\u2019s Eilat Port has axed half its workforce as a result of major financial blows <\/strong><strong>due to continued Red Sea disruption<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israels-eilat-port-faces-layoffs-amid-red-sea-shipping-crisis-union-says-2024-03-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The layoffs represent the port\u2019s final recourse after months of losses and idleness, Eilat Port CEO Gideon Golber told the newswire. Dock workers at the port held a protest yesterday in response to the anticipated decision. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Iraq\u2019s <\/strong><strong>Islamic Resistance (IIR) targeted Israel\u2019s Ben Gurion Airport early <\/strong><strong>Wednesday with drones<\/strong><strong> resulting in no damage or injuries<\/strong>, <a target=\"_blank\" href=\"https:\/\/en.irna.ir\/news\/85422962\/Iraqi-resistance-targets-Tel-Aviv-airport-again\" style=\"\" rel=\"noopener\">IRNA<\/a> reports, citing statements by the group. IIR targeted Ben Gurion Airport with drones <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/0632c89d-75c0-43db-b270-ceaa1391716b\/today:-dp-world-expands-global-freight-forwarding-%2B-wants-more-paperless-trade\" style=\"\" rel=\"noopener\">last week<\/a> and has previously warned it would ramp up its operations against the country in response to the Israeli military\u2019s assault on Gaza, IRNA said.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>India is seeking litigation against 35 Somali pirates captured aboard a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/a81c000b-5e00-4f86-8946-587cf5e31e99\/houthis-plan-to-expand-scope-of-attacks-into-the-indian-ocean-to-prevent-cape-of-good-hope-reroutes\" style=\"\" rel=\"noopener\">hijacked vessel<\/a><\/strong><strong> dubbed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/a81c000b-5e00-4f86-8946-587cf5e31e99\/houthis-plan-to-expand-scope-of-attacks-into-the-indian-ocean-to-prevent-cape-of-good-hope-reroutes\" style=\"\" rel=\"noopener\">Ruen<\/a><\/strong>, an Indian navy official told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india-prosecute-35-pirates-who-hijacked-ship-off-somalia-navy-official-says-2024-03-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. The pirates are set to arrive in India on Saturday and will be transferred to law enforcement, the official said, but the nature of the charges to be brought against them is not clear yet. India used to routinely prosecute pirates when Somali pirate activity was at its peak, the official added.<\/p>\n<p class=\"tag-border-left\">MARKET WATCH- <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>#1- <\/strong><strong>Kuwait is ramping up production of heavy oil grades at its refineries in a bid to <\/strong><strong>maximize exports of Kuwait Export Crude<\/strong>,<strong> <\/strong>a lighter crude grade that earns higher returns, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-19\/kuwait-s-mega-refinery-runs-heavy-oil-in-bid-to-meet-opec-cuts?srnd=homepage-americas\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported. The facilities are looking to increase processing of crude from 1.4 mn barrels per day (bpd) to 1.6 mn bpd \u201csoon\u201d, Kuwait Petroleum chief Nawaf Al Sabah was cited as saying on the sidelines of the CERAWeek conference in Houston on Tuesday. The decision to boost production at Kuwait\u2019s refineries comes in tandem with Kuwait\u2019s decision to cut oil output by some 135k bpd, in a step <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/3f152528-8823-4d4d-8fcb-75278367ad8b\" style=\"\" rel=\"noopener\">coordinated with OPEC+ partners<\/a>, thereby diminishing the volumes of Kuwaiti crude available for export, Bloomberg said. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>#2- <\/strong><strong>Baltic index drops, buoyed by lower capesize rates: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 was down 1.1% at 2,392 points on Tuesday, as declines in capesize rates offset gains in smaller segments, <a target=\"_blank\" href=\"https:\/\/www.hellenicshippingnews.com\/baltic-index-dips-on-falling-capesize-rates-2\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The capesize subindex fell 2.4%, at 3,990 points, while panamax gained 8 points to reach 2,306 points, marking its highest since 6 December. Meanwhile, the smaller supramax index inched up 13 points to 1,351 points, the newswire said.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>#3- <\/strong><strong>Oil prices shed 2% on Wednesday<\/strong>, after hitting their highest in several months the previous day, as markets awaited a decision by the US Federal Reserve on interest rates, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-pulls-back-multi-month-highs-strong-dollar-dents-demand-2024-03-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Brent crude futures for May dropped 1.59% to USD 85.99 a barrel by 16.05 GMT, while US West Texas Intermediate futures for April delivery dipped 2.16% at USD 81.67 a barrel, the newswire said. Meanwhile, Ukrainian attacks against Russian refineries helped buoy prices. <\/p>\n<p class=\"tag-border-left\">DATA POINT- <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>#1- <\/strong><strong>The Dubai Chamber of Commerce issued 5,492 ATA Carnets for the imports of <\/strong><strong>AED 5 bn goods and commodities in 2023<\/strong>,<strong> <\/strong> up 47% y-o-y, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/showcase\/dubai-chamber-commerce\/posts\/?feedView=all%5C\" style=\"\" rel=\"noopener\">statement<\/a>. The first two months of 2024 saw 1,118 ATA Carnets issued and received for goods worth AED 695 mn, the statement added.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>#2- <\/strong><strong>Global p<\/strong><strong>ort throughput dropped m-o-m in the first two months of the year<\/strong>,<strong> <\/strong>but was up when compared to the same periods last year, <a target=\"_blank\" href=\"https:\/\/www.hellenicshippingnews.com\/drewry-port-throughput-index-down-2-in-january\/\" style=\"\" rel=\"noopener\">Drewry<\/a> reported. Drewry\u2019s Global Container Port Throughput index dipped 2% m-o-m in January to 110.3 points, while increasing 9.8% y-o-y. The index saw a further 3.5% m-o-m decline in February, while increasing 5.5% y-o-y, Drewry said. <\/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 target=\"_blank\" href=\"logistics\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;font-family:\" arial\";margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"=\"\"><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;font-family:\" arial\";margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"=\"\"><strong>The UAE will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/topic\/abu-dhabi-mobility-week\/\" style=\"\" rel=\"noopener\">Abu Dhabi Mobility Week<\/a><\/strong><strong> from Wednesday, 24 April to Wednesday, 1 <\/strong><strong>May <\/strong>in Abu Dhabi. The event, organized by <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/topic\/department-of-municipalities-and-transport\/\" style=\"\" rel=\"noopener\">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<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;font-family:\" arial\";margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"=\"\"><strong>Iran will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/en.irna.ir\/news\/85413518\/Tehran-to-host-second-Iran-Africa-summit-in-April\" style=\"\" rel=\"noopener\">second Iran-Africa International Summit<\/a><\/strong><strong>from Wednesday, 24 April <\/strong><strong>through to Friday, 26 April<\/strong> in Tehran. The event will see Iran receive trade ministers from more than 40 African countries. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Saudi Arabia will host a special <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2024\/\" style=\"\" rel=\"noopener\">World Economic Forum<\/a><\/strong><strong> event fr<\/strong><strong>om Sunday, 28 April through to Monday, 29 April<\/strong> in Riyadh. The event will focus on global collaboration and energy.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>The UAE will host the 23rd edition of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.theairportshow.com\/\" style=\"\" rel=\"noopener\">Airport Show<\/a><\/strong><strong> from Tuesday, 14 May through to <\/strong><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<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;font-family:\" arial\";margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"=\"\"><strong>The UAE will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.evinnovationsummit.com\/\" style=\"\" rel=\"noopener\">The Electric Vehicle Innovation Summit<\/a><\/strong><strong> from Monday, 20 May to <\/strong><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<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>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":"<p>What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":77531,"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":[23,49,178,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-dp-world","tag-egypt","tag-red-sea","tag-shipping-maritime","wpautop","entry"],"acf":{"mongo_id":"cbe7960c-75e4-45dd-8d68-656c2bd91b09","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1115.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: US-based Coupa opens its first data center in Dubai + Dubai Aerospace Enterprise secures USD 420 mn loan from CCB","related_issue":[77528],"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\/.9ae7871c-dfe3-4362-81ef-e60b16e08acd.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: US-based Coupa opens its first data center in Dubai + Dubai Aerospace Enterprise secures USD 420 mn loan from CCB - 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\/2024\/03\/21\/today-us-based-coupa-opens-its-first-data-center-in-dubai-dubai-aerospace-enterprise-secures-usd-420-mn-loan-from-ccb\/\" \/>\n<meta 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