{"id":80502,"date":"2024-08-21T00:00:00","date_gmt":"2024-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/21\/saudis-sovereign-wealth-fund-plans-new-freight-airline-to-take-on-rival-gulf-airlines\/"},"modified":"2024-08-21T00:00:00","modified_gmt":"2024-08-21T00:00:00","slug":"saudis-sovereign-wealth-fund-plans-new-freight-airline-to-take-on-rival-gulf-airlines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/21\/saudis-sovereign-wealth-fund-plans-new-freight-airline-to-take-on-rival-gulf-airlines\/","title":{"rendered":"Saudi\u2019s sovereign wealth fund plans new freight airline to take on rival Gulf airlines"},"content":{"rendered":"

Good morning, friends.<\/strong> It\u2019s a busy day for news in the regional logistics industry with Saudi and the aviation sector dominating headlines. Saudi Arabia\u2019s sovereign wealth fund is looking to build a new cargo airline<\/strong> as it mounts a challenge to carriers in the UAE and Qatar. Contracts are being awarded for Saudi\u2019s new King Salman International Airport<\/strong>, and Qatar Airways<\/strong> is looking to expand its presence in Africa with a 25% stake in South Africa\u2019s Airlink. Meanwhile, Saudi shipping outfit Bahri<\/strong> is pushing ahead with its fleet modernization plan with a big USD 1 bn agreement that will see it buy nine oil tankers. <\/p>\n

^^ We have all of this and more below. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>KSA\u2019s <\/strong>PIF has a new air cargo <\/strong>airline the works:<\/strong> The Public Investment Fund (PIF), Saudi Arabia\u2019s sovereign wealth fund, is reportedly talking with Boeing and Airbus to acquire cargo aircraft as it looks to build form a new national air cargo company, Bloomberg<\/a> reported, citing sources it says were of the know. The move looks to boost the Kingdom\u2019s logistics capacity, in means of rivaling Gulf airlines Emirates and Qatar Airways, according to the business newswire. Reuters<\/a> also picked up the story.<\/p>\n

The state of play: <\/strong>PIF aims to buy Boeing 777 and Airbus A350 freighters, either from the manufacturers themselves or from lessors, the sources said. The planned cargo carrier will serve cargo for both Saudia and newly formed Riyadh Air, they added. The talks remain preliminary with no final decisions made, according to Bloomberg.<\/p>\n

How other Gulf airlines are faring:<\/strong> Emirates\u2019 cargo arm Emirates SkyCargo placed last month<\/a> a USD 1 bn order for five Boeing 777 freighters, slated for immediate delivery between 2025 and 2026. Emirates has 14 freighters in its fleet while Qatar Airways has 28 freighters, according to Bloomberg.<\/p>\n

It\u2019s part of a big Saudi push into air transport <\/strong>that will see the launch of Riyadh Air as a new national flag carrier that will make Riyadh its home base while current national carrier Saudia relocates<\/a> to Jeddah\u2019s King Abdulaziz International Airport. PIF-owned Riyadh Air, announced in March 2023<\/a>, will start operations in 2025 and has a target of operating flights between 100 destinations by 2030. Saudia would shift focus on transporting pilgrims to holy sites, while Riyadh Air will focus on tourists, including international transit passengers. Saudia placed earlier this year a USD 19 bn order with Airbus<\/a> for 105 narrow-body aircraft in what stands as the largest order made in Saudi aviation history.<\/p>\n

EnterpriseAM Saudi has previously noted that PIF wants to acquire Saudia <\/strong>in whole or in part and aims to take a stake in Saudi-owned budget carrier Flyadeal<\/a> as part of the transaction. <\/p>\n

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<\/a> #2- Four firms contracted to develop <\/strong>King Salman International Airport<\/strong>:<\/strong> PIF subsidiary King Salman International Airport Development Company (KSIADC) has inked a strategic partnership agreement with four international and local firms for the development of the planned King Salman International Airport in Riyadh, state news agency SPA<\/a> reports. The airport is an expansion of the capital\u2019s King Khalid International Airport.<\/p>\n

Who's involved:<\/strong> International architecture firm Foster + Partners will draft the airport's master plan, which will include several terminals and six runways. Engineering outfit Jacobs will consult on the airport's runways and master plan. Consulting and construction company Mace will oversee planning and construction, while Saudi-based aviation operations solutions firm Nera will manage airspace design to streamline air traffic and boost capacity.<\/p>\n

There\u2019s a rough timeline for the project: <\/strong>Officials said in late June<\/a> that they plan to open the airport\u2019s private aviation terminal in 2026. The airport plans to introduce a new runway in 2027, a passenger terminal in 2028, and its \u201ciconic terminal\u201d by 2030, the airport\u2019s acting CEO Marco Mejia said. Construction is set to continue until 2034, he added.<\/p>\n

REFRESHER-<\/strong> Unveiled in November 2022, the airport is poised to be<\/a> one of the world\u2019s largest airports with an area spanning 57 square kilometers with six parallel runways. It is set to accommodate up to 120 mn passengers by 2030 and 185 mn travelers by 2050.<\/p>\n

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<\/a> #3- <\/strong>Egypt <\/strong>is considering importing wheat from Turkey and exploring other <\/strong>sources<\/strong>, Asharq<\/a>Business<\/a> reports, citing comments by Hossam El Garhy, deputy chairman of state grain buyer General Authority for Supply Commodities (GASC). His statements come days after GASC purchased just 280k tons of wheat<\/a> in a tender that aimed to secure some 3.8 mn tons<\/a>. The tender was launched to capitalize on a dip in wheat prices, seeking to procure nearly a third of the country\u2019s yearly requirement of the grain.<\/p>\n

What can Turkey bring to the table<\/strong>?<\/strong> Turkey is not a major wheat exporter and still needs to import 8-9 mn tons annually to cover its own needs, a GASC wheat supplier told EnterpriseAM Egypt. Egypt imported a meager c. 7.1k tons of wheat from Turkey over the first seven months of the year \u2014 compared to none during the same period last year \u2014 a source at the Egyptian Supply Ministry told EnterpriseAM.<\/p>\n

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MARKET WATCH- <\/p>\n

Baltic index sees upward tick:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 was up 1.6% to 1,735 points<\/a> on Monday, driven by high capesize rates. Capesize gained 3.7% to a one-month high of 2,691 points, while the panamax index fell 1.5% to 1,521 points. The smaller supramax index inched up 4 points.<\/p>\n

Oil prices slipped on Tuesday amid talks on a possible ceasefire in Gaza and concerns <\/strong>about economic weakness in China<\/strong>, Reuters<\/a> reports. \u201cIf the market fundamentals don't break this bearish trend soon, OPEC+ may be hesitant to unwind their voluntary cuts anytime soon,\u201d an analyst told the newswire. Brent crude futures had dipped 0.4% by EnterpriseAM Climate\u2019s dispatch time this morning to USD 74.04 for October delivery, while the US West Texas Intermediate (WTI) eased was down just under 0.1% to USD 77.15 per barrel. <\/p>\n

DATA POINTS- <\/p>\n

<\/a> #1- <\/strong>Egypt\u2019s exports rose 12% y-o-y to USD 3.1 bn in July<\/strong> 2024<\/strong>, with total exports totalling USD 23 bn during the first seven months of the year, according to a statement<\/a> by the General Organization for Export and Import Control (GOEIC). Imports rose 4% y-o-y to hit USD 6.5 bn in July, according to the statement. <\/p>\n

Who is Egypt selling to? <\/strong>Arab countries accounted for 37.4% of Egyptian exports at USD 8.6 bn during January-July, followed by the EU at USD 5.9 bn, North America at USD 1.3 bn, and Africa at USD 1.2 bn over the same period. <\/p>\n

What\u2019s it selling? <\/strong>Building materials led the bulk of Egypt\u2019s exports, accounting for USD 5.6 bn, followed by the chemical and fertilizer sector at USD 4.5 bn, and the food sector at USD 3.6 bn.<\/p>\n

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#2- July cargo volumes pick up at <\/strong>Jordan\u2019s QAIA<\/strong>:<\/strong> Cargo volumes at Jordan\u2019s Queen Alia International Airport (QAIA) rose by 32.1% y-o-y to 6.9k tons in July 2024, according to a statement<\/a>. Overall QAIA has registered a 24.7% y-o-y increase to 45.3k tons of cargo over the last seven months.<\/p>\n

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***<\/strong>YOU\u2019RE READING EnterpriseAM Logistics, the essential MENA publication for senior <\/strong>execs who care about the industry that connects producers and retailers to global markets. <\/strong>We\u2019re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.<\/p>\n

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Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on logistics@enterprisemea.com<\/a>.<\/p>\n

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***<\/strong><\/p>\n

\n

CIRCLE YOUR CALENDAR-<\/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, 5 <\/strong>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

Saudi Arabia will host the <\/strong>Saudi Maritime and Logistics Congress<\/a><\/strong> on Wednesday, 18 <\/strong>September and Thursday, 19 September<\/strong> in Dammam. The event will gather international industry leaders in the maritime sector to discuss a range of topics including interconnected logistics, supply chains, digitalization, decarbonization and workforce development.<\/p>\n

Check out our full calendar<\/strong> at the bottom of this email for a comprehensive listing of upcoming 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":80503,"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":[264,146,122,263,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-airbus","tag-boeing","tag-cargo","tag-pif","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"7a769068-0206-4eb2-931e-44b8e4aecc4d","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/1866.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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