{"id":80106,"date":"2024-08-01T00:00:00","date_gmt":"2024-08-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/01\/today-indias-ostwal-eyes-building-export-hub-in-egypt\/"},"modified":"2024-08-01T00:00:00","modified_gmt":"2024-08-01T00:00:00","slug":"today-indias-ostwal-eyes-building-export-hub-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/01\/today-indias-ostwal-eyes-building-export-hub-in-egypt\/","title":{"rendered":"TODAY: India\u2019s Ostwal eyes building export hub in Egypt"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a quick read this morning as we head into the weekend, with a full rundown of how the shipping liner connectivity index is shaping up for our Red Sea ports and lots of trade updates from the region and beyond.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/strong><\/a>#1- Turkey wants to finalize trade talks with the GCC trade by the end of the year<\/strong>, Reuters<\/a> reports, citing comments made by the Turkish Trade Ministry. Talks taking place earlier this week saw the two sides discuss goods trade, rules of origin, contracting, tourism and health, as well as services trade and steps to boost investments.<\/p>\n

What\u2019s next:<\/strong> \u201cThe sides have agreed to continue the talks through online meetings and to meet in Riyadh in the second half of the year for a second round of negotiations,\u201d the ministry said. <\/p>\n

ICYMI- <\/strong>The GCC embarked on talks with Turkey for a trade agreement earlier this week<\/a>, headed by Saudi Arabia, after agreeing in March<\/a> to initiate trade liberalization talks. The UAE already has a separate trade and economic partnership agreement<\/a> with Turkey, which they inked last year. <\/p>\n

<\/strong><\/a>#2- <\/strong>DHL <\/strong>is looking to expand in Africa<\/strong> and boost intra-African trade links<\/strong>, DHL South Africa CEO Hennie Heymans told CNN (watch, run time: 01.02<\/a>). Intercontinental trade across Africa currently stands at around 17% and the firm plans to funnel investments towards developing aviation hubs and logistics fleets on the continent to build stronger and more streamlined trade networks, Heymans told CNN. The company is looking to address several accessibility challenges, including lack of access to finances, skills, and technology, which will involve working with several banks to secure regional funding support and holding training programs.<\/p>\n

\n

MARKET WATCH- <\/p>\n

<\/a>#1- <\/strong>Oil prices continued to rise in early morning trading on the back of increasing tensions in the <\/strong>Middle East<\/strong>, Reuters<\/a> reports. Brent crude futures rose USD 0.46 reaching USD 81.30 a barrel by 03.055 GMT, while US West Texas Intermediate (WTI) slid up USD 0.55 to USD 78.46 a barrel. \"Oil markets are justifiably worried that the assassination of [Hamas leader Ismail] Haniyeh will bring Iran more directly into the war with Israel. And that could put at risk Iran's oil supply and related infrastructure,\" the newswire quotes Commonwealth Bank of Australia analyst Vivek Dhar at Commonwealth Bank of Australia as saying in a client note.<\/p>\n

#2- <\/strong>Baltic index hits three-month low: <\/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 2% to 1,762 points, weighed down by low rates across all vessel segments, Reuters<\/a> reports. Capesize dipped 3.2% to 2,499 points, while the panamax index fell 1.1% to 1,772 points. The smaller supramax index was down 0.4% to 1,377 points. <\/p>\n

DATA POINTS- <\/p>\n

#1- Abu Dhabi airports handled some 254.3k tonnes of cargo in 1H 2024,<\/strong> driven by strategic partnerships and infrastructure enhancements, including a new DHL airside facility and the completion of the design phase of the new East Midfield cargo terminal, according to a press release<\/a>. Abu Dhabi Airports welcomed nearly 14 mn passengers in 1H 2024, up 33.5% y-o-y, with Zayed International Airport alone witnessing a 33.8% y-o-y rise in passenger traffic to over 13.7 mn passengers.<\/p>\n

#2- Abu Dhabi\u2019s ports recorded an 8% y-o-y increase in non-oil trade during May <\/strong>to AED 31.54 bn, according to data (pdf)<\/a> from the emirate\u2019s statistics center. Exports through the emirate\u2019s ports grew 12% y-o-y to AED 18.4 bn, with machinery equipment accounting (pdf)<\/a> for the largest portion of exports.<\/p>\n

#3- Lebanon\u2019s flag carrier <\/strong>Middle Eastern Airlines saw a 13.8% y-o-y increase in air cargo demand in June <\/strong>2024<\/strong>, according to an IATA report (pdf)<\/a>. Middle East-Europe air cargo movements notched up 30.2% y-o-y during the same period, while Middle East-Asia routes grew 15.1% y-o-y. Global cargo demand saw record high year-to-date demand, with CTKs expanding 14% in June 2024. The total demand also jumped 13.4% y-o-y during 1H 2024.<\/p>\n

#4- Dubai\u2019s industrial and logistics market saw average rents grow 10.6% y-o-y<\/strong> to AED 45 per sqft in 2Q 2024, as demand outpaced supply, according to commercial real estate services firm CBRE Middle East\u2019s UAE Real Estate Market Review 2Q 2024 (pdf)<\/a>. The emirate logged a 2.5% y-o-y increase in total rental registrations and depleted stock levels edged incumbents to renew leases and commit to longer terms, the report showed, with renewed contracts increasing by 2.3% y-o-y during the period.<\/p>\n

In Abu Dhabi, average rents climbed 5.8% y-o-y <\/strong>to AED 409 per sqm, despite a 4.1% y-o-y decline in total rental registrations, with supply expected to continue to lag behind soaring demand despite new stock underway in both onshore and offshore locations. <\/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

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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

Saudi Arabia will host the <\/strong>Saudi Warehousing and Logistics Expo<\/a><\/strong> on Monday, 2 <\/strong>September to Wednesday, 4 September <\/strong>in Riyadh. The event will bring together leaders in the supply chain, warehousing, and logistics industry from across the Kingdom to discuss investments, trade, geopolitical risks, and localized manufacturing.<\/p>\n

Egypt will host the <\/strong>Egypt International Airshow<\/a><\/strong> on Tuesday, 3 September to Thursday, <\/strong>5 September <\/strong>in El Alamein. The event will host a range of discussions touching on industrialization, digitalization, and globalization in the regional commercial aviation sector. During the event, aircrafts and innovative aerospace products, and services will be showcased.<\/p>\n

Saudi Arabia will host <\/strong>SkyMove MENA<\/a><\/strong> on Tuesday, 10 September and Wednesday, 11 <\/strong>September<\/strong> in Riyadh. The event will gather global industry stakeholders, experts, and service providers to discuss challenges in the regional aviation industry.<\/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":80107,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[32,231,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-trade","tag-turkey","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8339c395-ecef-4f4c-8778-2cd47557fc73","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/66.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: India\u2019s Ostwal eyes building export hub in Egypt","related_issue":[80104],"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\/8\/.8e22a425-463a-4a99-a480-1b6393c6d8bc.mp3"},"yoast_head":"\nTODAY: India\u2019s Ostwal eyes building export hub in Egypt - 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