{"id":80028,"date":"2024-07-30T00:00:00","date_gmt":"2024-07-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/07\/30\/today-qatar-airways-eyes-more-acquisitions-in-africa\/"},"modified":"2024-07-30T00:00:00","modified_gmt":"2024-07-30T00:00:00","slug":"today-qatar-airways-eyes-more-acquisitions-in-africa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/07\/30\/today-qatar-airways-eyes-more-acquisitions-in-africa\/","title":{"rendered":"TODAY: Qatar Airways eyes more acquisitions in Africa"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a brisk issue this morning with another potential acquisition in the works for Qatar Airways, an update on Neom\u2019s port development plans, and the latest on disruptions to Lebanon\u2019s aviation industry. Shall we dive right in?<\/p>\n

ICYMI- <\/strong>Our Egypt edition has a deep dive into Egypt\u2019s commission-based system for agricultural exports and what needs to be done to remedy the obstacles the sector is facing. You can read the story <\/strong>by clicking or tapping here<\/a><\/strong>.<\/strong><\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>Royal Jordanian suspended flights to Beirut yesterday and will evaluate flights <\/strong>scheduled for today<\/strong>, Reuters<\/a> reports, citing statements carried by Jordanian Television. Lebanon\u2019s Middle East Airlines (MEA) has delayed six flights set to arrive in Beirut earlier this week due to \u201cins. risks\u201d amid escalating regional tensions, according to a separate Reuters<\/a> report, citing a statement by chairman Mohamed El Hout.<\/p>\n

MEA is not alone: <\/strong>Flights to and from Beirut airport were canceled or delayed yesterday as airlines continue to monitor the situation. Germany\u2019s Lufthansa Group has suspended flights to Beirut until 5 August, Air France has suspended today\u2019s flights between Paris-Charles de Gaulle and Beirut, and Turkey\u2019s SunExpress, AJet, Greece\u2019s Aegean Airlines, and Ethiopian Airline also canceled flights scheduled to land in Beirut today, Reuters<\/a> reports. <\/p>\n

Background: <\/strong>The delays came shortly after Israel<\/a>vowed<\/a>retaliation<\/a> over a rocket attack on the Golan Heights on Saturday, for which Israel and the US have blamed the Lebanese militant group Hezbollah. El Hout stressed that \u201cwe're not afraid that the airport will be hit, nor do we have any information in that regard. If we were scared, we wouldn't have left any flights (operating).\u201d<\/p>\n

<\/a>#2- The GCC and Turkey are laying the groundwork for a trade agreement<\/strong>, with the first round of talks kicking off yesterday in Ankara, SPA<\/a> reports. Negotiators will keep at it today and tomorrow before taking a breather. Representatives from the Saudi ministries of investment, economy, industry, energy, and environment are in Turkey for the talks.<\/p>\n

What\u2019s the timeline? <\/strong>We\u2019ve seen no official guidance on how long talks could last beyond this week, but trade agreements are never pulled together quickly.<\/p>\n

BACKGROUND- <\/strong>The two sides said in March<\/a> that they were looking to liberalize trade \u201cin goods and services, facilitate investment and trade, and increase [Turkey\u2019s] trade with the region.\u201d<\/p>\n

The hometown angle:<\/strong> The kingdom accounted for 25% of Turkey\u2019s imports from the GCC in April 2024 with Saudi exports valued at USD 201.6 mn. That\u2019s down 33% from USD 301 mn in April of last year. Saudi\u2019s imports from Turkey were up 44% y-o-y to USD 297.6 mn in April. <\/p>\n

IS the UK next? <\/strong>UK Trade Secretary Jonathan Reynolds reiterated plans<\/a> to resume trade talks with the GCC, continuing the Tory\u2019s push for trade agreements abroad, in statements to the Financial Times<\/a>. \u201cBoosting trade abroad is essential to deliver a strong economy at home,\u201d FT cites UK Trade Secretary Jonathan Reynolds as saying, adding that a trade agreement with the GCC would provide \u201csubstantial\u201d economic benefits for the government, with some GBP 19 bn already invested between the UK and GCC countries by 2021. Six rounds of talks between the UK and GCC have taken place so far, the last in February 2024<\/a>. <\/p>\n

<\/a>#3- Flynas\u2019 order with Airbus now has a figure attached to it \u2014 USD 30 bn: <\/strong>This value makes it this year's largest order in commercial aviation, Managing Director and CEO of Saudi Flynas Bandar Al-Muhanna told Asharq Business<\/a>.The delivery schedule will run from 2027 to 2034.<\/p>\n

REMEMBER- <\/strong>Flynas placed the big order<\/a> with Airbus for 30 wide-body A330neo and 130 narrow-body A320 aircraft last week, doubling its total Airbus orders to 280. The agreement, signed at the Farnborough Airshow includes 75 A320neo and 15 A330-900 aircraft with options for 55 more A320neo aircraft and 15 additional A330s.<\/p>\n

#4- London Metal Exchange adds Jeddah to its delivery points network for copper, zinc: <\/strong>The London Metal Exchange (LME) has approved Jeddah as a warehouse delivery point for copper and zinc, it said in a regulatory filing (pdf)<\/a>. The listing of the Red Sea port city will go into effect three months after the first warehouse company is approved there, the disclosure read.<\/p>\n

IN CONTEXT- <\/strong>LME, the largest metal exchange in the world, had been planning to list Saudi Arabia as a delivery point since March, but said it needs to amend the framework of its warehouse locations, which it did on Monday, according to Reuters<\/a>. Saudi Arabia became the second MENA country to join LME\u2019s delivery points network after the UAE, according to the exchange\u2019s list of active warehouses (pdf)<\/a>. LSE usually targets locations with high demand for metals, or are key transit points to list its warehouses.<\/p>\n

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MARKET WATCH- <\/p>\n

Oil prices fell in early morning trading amid continued concern over weakened Chinese <\/strong>demand<\/strong> and minimal concern over Middle East tensions escalating<\/strong>, Reuters<\/a> reports. Brent crude futures slid USD 0.32 to USD 79.46 a barrel by 03.20 GMT, while US West Texas Intermediate (WTI) were down by USD 0.36 to USD 75.45 a barrel.<\/p>\n

DATA POINT- <\/p>\n

Jordan\u2019s agricultural exports rose 25.3% y-o-y to JOD 500 mn by the end of May <\/strong>2024<\/strong>, according to a statement<\/a>. The export volume of fruits and vegetables saw a 32% y-o-y jump to 178k tons during that period. The export value of fruits and vegetables climbed to JOD 125.5 mn, marking a 22.3% increase from the start of this year through the end of May 2024, compared to the same period last year.<\/p>\n

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PSA-<\/p>\n

#1- Dubai launched two new marine transport lines connecting Dubai Creek Harbour with<\/strong> key areas in the emirate,<\/strong> Wam<\/a> reports. For a flat fare of AED 2 per stop, one line will operate during weekends from Creek Harbour to Dubai Festival City from 4-11:55pm, while the second line will run on weekdays from Creek Harbour to Al Jaddaf Marine Transport Station and Al Khor Metro Station from 7:30-10:50am and 4-9:50 pm.<\/p>\n

#2- <\/strong>Hapag-Lloyd rolls out new shipping rates: <\/strong>German shipping giant Hapag-Lloyd has announced an increase in ocean tariff rates from India and Pakistan to the Mediterranean and North Africa from 15 till 31 August, according to a statement<\/a>. <\/p>\n

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THE ENTERPRISE FINANCE FORUM- <\/p>\n

Are you planning to be in Egypt on 24 September? <\/strong>You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n

Why attend? We\u2019re in the early days of a generational realignment of power in our <\/strong>industry<\/strong> \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen<\/strong>. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in Egypt and the wider region. Among the questions we\u2019ll be asking:<\/p>\n