{"id":79175,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/06\/12\/today-jumia-expands-warehousing-in-morocco-uaes-tenderd-closes-series-a-funding-round\/"},"modified":"2024-06-12T00:00:00","modified_gmt":"2024-06-12T00:00:00","slug":"today-jumia-expands-warehousing-in-morocco-uaes-tenderd-closes-series-a-funding-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/06\/12\/today-jumia-expands-warehousing-in-morocco-uaes-tenderd-closes-series-a-funding-round\/","title":{"rendered":"TODAY: Jumia expands warehousing in Morocco + UAE\u2019s Tenderd closes series A funding round"},"content":{"rendered":"

Good morning, nice people. <\/strong>The news cycle is calm as Eid Al Adha nears, with some bits and pieces trickling in this morning from the UAE and Morocco. First, an update from Lebanon\u2026<\/span><\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>Lebanon and Iraq<\/strong> are mulling over the revival of<\/strong> existing oil pipelines between Syria and <\/strong>Lebanon<\/strong> using Iraqi investments<\/strong>, according to a statement<\/a> released following a Joint Iraqi\u2013Lebanese Committee meeting. A key area being discussed is the issuance of legislation in Lebanon to allow Iraq access to land for the rehabilitation project to get the pipelines up and running. Iraq intends to continue discussions with Syria. The Port of Tripoli and Renee Mouawad airport in Qlayaat were also named during the meeting as potential areas for Iraqi investments.<\/p>\n

<\/a>#2- The <\/strong>UAE says the US has valid concerns over China assessing sensitive chip tech <\/strong>via <\/strong>the Middle East<\/strong>, UAE AI and Digital Economy Minister Omar Al Olama told Bloomberg<\/a> in an interview yesterday. The US has curbed the exports of chips to MENA in a bid to limit the access Chinese companies would have to the American tech through data centers. The UAE\u2019s AI tech company G42 said earlier this year<\/a> that it cut ties with China to mitigate growing concerns. The Biden administration has been waging a trade war and broader campaign with China to prevent advanced semiconductors and manufacturing equipment and tech from bolstering the Chinese military, Bloomberg writes. <\/p>\n

The UAE has skin in the game: <\/strong>The UAE is looking for support from the US to become a producer of advanced semiconductors, which are a necessary part of the AI supply chain. In April, US tech giant Microsoft revealed plans to make a USD 1.5 bn investment in G42 to help boost its global expansion plans and strengthen the UAE\u2019s position as a global AI hub. The agreement was built upon an existing partnership between Microsoft and G42 to boost data center infrastructure in the UAE. The two firms also plan to jointly set up a USD 1 bn fund to support AI developers in the UAE and the wider MENA region. No further details were provided on the fund.<\/p>\n

<\/a>#3- <\/strong>Morocco\u2019s Tanger Med Port is set to exceed its 9 mn nominal container capacity <\/strong>in <\/strong>2024 beating last year's record of handling 8.61 mn TEUs<\/strong>, Tanger Med Deputy Managing Director Rachid Houari told Reuters<\/a> earlier this week. Port terminal TC1 handled 2.5 mn TEUs last year, exceeding its nominal capacity of 1.5 mn TEUs. Total tonnage rose by 14.9% to 33.3 mn metric tons in 1Q of this year, and revenues grew by 18.3% to MAD 1 bn. <\/p>\n

Behind the numbers: <\/strong>Growth is attributed to Tanger Med\u2019s strategic location at an entry point to the Mediterranean in addition to partnerships with shipping giants including Maersk and Hapag Lloyd, Houari said. The port also benefits from the rerouting of ships around Africa to avoid Houthi attacks in the Red Sea, the newswire notes. <\/p>\n

MARKET WATCH- <\/p>\n

Oil <\/strong>prices climbed this morning as upbeat forecasts stream in from the US Energy <\/strong>Information Administration<\/strong> (EIA) and Opec<\/strong>, Reuters<\/a> reports. Brent crude futures rose USD 0.37 reaching USD 82.29 a barrel by 04.00 GMT while US West Texas Intermediate (WTI) futures gained USD 0.46 hitting USD 78.36 a barrel. The EIA raised its world oil demand growth forecast<\/a> for the year yesterday to 1.10 mn barrels per day, up from a previous estimate of 900k bpd.<\/p>\n

The other contributing factor:<\/strong> Opec maintained predictions that global oil demand will grow 2.2 mn barrels per day (bbl \/ d) this year and 1.85 mn bbl \/ d next year, the group said in its monthly report (pdf)<\/a>. It expects the services sector to maintain \u201cstable momentum\u201d throughout the second half of the year. \u201cIt is projected to be the main contributor to the economic growth dynamic in 2H24, particularly supported by travel and tourism, with a consequent positive impact on oil demand,\u201d the report said.<\/p>\n

Background: <\/strong>Opec+ could start pumping<\/a> more oil into the market over the fall. The alliance will keep in place current production cuts of 3.66 mn bbl \/ d until the end of September, before beginning to \u201cphase out the cuts of 2.2 mn bbl \/ d over the course of a year from October 2024 to September 2025.\u201d They are scheduled to meet again on Sunday, 1 December.<\/p>\n

The news <\/strong>delivered a massive boost in oil sales<\/strong>: Fund managers sold the equivalent of 194 mn barrels in the last week ending 4 June, Reuters<\/a> reports. The sales were the fastest since at least 2013, the newswire writes. Brent future prices dropped to their lowest level in four months due to intense hedge fund selling. <\/p>\n

IN KSA- Crude oil production was slightly down by 32k barrels in May to 9 mn<\/strong> barrels per day<\/strong>, the report says, citing figures from secondary sources.<\/p>\n

And China-bound oil exports are set to take a dip in July:<\/strong> Traders see Saudi crude oil deliveries to China falling to 36 mn barrels next month from 39 mn barrels in June, as Chinese refineries opt for cheaper sources of oil, Reuters<\/a> reports. This comes even as Aramco cut its July official selling prices to Asian buyers, ending a five-month hike, the newswire reported earlier<\/a>. <\/p>\n

OVER IN THE UAE- The Emirates is ramping up its oil purchases from neighboring oil exporters, <\/strong>after upgrading the Ruwais refinery, which has the capacity to process a wider variety of oil, Bloomberg<\/a> reports. Abu Dhabi National Company (Adnoc) imported a second shipment of 1 mn Basrah heavy crude barrels from Iraq in May, which comes on the heels of its initial heavy oil delivery in April<\/a>, according to Bloomberg tanker-tracking data. <\/p>\n

The tanker Sypros also reportedly delivered oil from Saudi Arabia to the UAE in May<\/strong>, comprising a \u201crare shipment\u201d of straight-run fuel oil that requires further processing at Adnoc\u2019s upgraded refinery, sources familiar with the matter told Bloomberg. <\/p>\n

Refresher-<\/strong> Adnoc plans to integrate new units at its Ruwais facility to process a diverse range of crudes, after completing maintenance, Bloomberg reported in April. The add-ons will allow the company to purchase cheaper barrels from other producers.<\/p>\n

And more Russian oil is flowing into Beijing: <\/strong>China\u2019s oil imports from Moscow rose 166% to 378 mn tons in the first four months of the year, while that from Riyadh fell 16.5% to 1.6 mn bbl \/ d.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

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

Lebanon will host the <\/strong>East Med Maritime Conference<\/a><\/strong> on Thursday, 27 June<\/strong> in Beirut. The event will gather industry leaders to discuss the latest developments in shipping, maritime, and offshore industries to discuss industry innovations, alternative fuels, and decarbonizing emissions in the maritime sector and ports. <\/p>\n

Turkey will host the <\/strong>ACI Europe Annual Congress<\/a><\/strong> on Tuesday, 2 July to Thursday, 4 July<\/strong> in Istanbul. The event will bring together 500 C-level airport executives, as well representatives from businesses engaged with airports, airlines, aircraft manufacturers, and other stakeholders. The event will highlight discussions on the current state of the airport industry, geopolitics, the Turkish market, resilience, sustainability, and the diversification of revenues.<\/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":79176,"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":[150,37,129,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-79175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-morocco","tag-ports","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"3003c9ad-0c3d-421b-99e7-2b7a10d20a98","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/1228.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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