{"id":80513,"date":"2024-08-21T00:00:00","date_gmt":"2024-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/21\/egypt-eu-sign-agreement-to-boost-trade-with-eur-8-mn-commitment\/"},"modified":"2024-08-21T00:00:00","modified_gmt":"2024-08-21T00:00:00","slug":"egypt-eu-sign-agreement-to-boost-trade-with-eur-8-mn-commitment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/21\/egypt-eu-sign-agreement-to-boost-trade-with-eur-8-mn-commitment\/","title":{"rendered":"Egypt, EU sign agreement to boost trade with EUR 8 mn commitment"},"content":{"rendered":"

TRADE- <\/p>\n

#1- <\/strong>Egypt + EU ink agreement<\/strong> to boost trade: <\/strong>The Egyptian government signed an executive five-year agreement with the EU\u2019s Tigara program to improve and develop the efficiency of the country\u2019s trade and boost the involvement of Egyptian SMEs in industrial value chains, according to a statement<\/a>. The initiative, backed by EUR 8 mn in EU funding, aims to support trade, industry, growth and rapid market access. The UN Industrial Development Organization will implement the agreement, which aims to increase the competitiveness of the Egyptian private sector, according to the statement.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background as well as external sources.)<\/p>\n

#2- <\/strong>Dubai Chambers + Industrial and Commercial Bank of China to help Chinese <\/strong>companies set up shop in Dubai: <\/strong>The Dubai Chambers and the Industrial and Commercial Bank of China have signed an MoU to develop a framework to help the bank\u2019s customers establish businesses in Dubai, Wam<\/a> reported yesterday. Under the MoU, the two sides will also work to promote collaboration between companies in Dubai and China to boost bilateral trade.<\/p>\n

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PORTS-<\/p>\n

#1- <\/strong>Egypt\u2019s New Suez Canal in talks<\/strong> to finance the development of the East <\/strong>Qantara Port:<\/strong> New<\/a>Suez Canal for Dry Ports and Logistics Services<\/a> is in talks with entities that include the National Initiative for Developing Egyptian Industry (Ebda) over financing the superstructure of the East Qantara Dry Port, Al Borsa<\/a> reports, citing sources familiar with the matter. Should Ebda agree to fund the project, it will likely be done through a capital increase, with New Suez Canal prepared to offer a 25% stake in the port to the investor, the sources reportedly said. <\/p>\n

The company has already fully completed the infrastructure of the port at a cost of EGP <\/strong>500 mn, <\/strong>and is looking to secure an additional EGP 500 mn for further development, according to Al Borsa. The East Qantara Dry Port had been slated to kick off trial operations in late April<\/a>, after plans to establish the port were approved<\/a> by the Egyptian cabinet in November of last year.<\/p>\n

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#2- <\/strong>Oman\u2019s KDP + DHL to provide LCL <\/strong>services:<\/strong> Oman\u2019s Khazaen Dry Port (KDP) has inked a strategic agreement with DHL to provide less-than-container-load (LCL) services at the port\u2019s container freight station, Oman Observer<\/a> reports. Under the partnership, DHL will oversee container handling, unloading, and warehousing goods, and the port will serve as a last-mile hub for DHL\u2019s Oman-based LCL customers.<\/p>\n

STORAGE + WAREHOUSES-<\/p>\n

Adnoc + Petronas + Storegga want to set up CCS in Malaysia:<\/strong> The Abu Dhabi National Oil Company (Adnoc) has inked a joint study and development agreement with Malaysian energy outfit Petronas and UK-based Storegga to assess the feasibility of setting up carbon capture and storage (CCS) sites in Malaysia, according to a press release<\/a>. The agreement is targeting at least 5 mn tonnes per annum of CCS capacity by 2030. It also includes a CO2 shipping and logistics study, geophysical and geomechanical modeling, and the application of advanced technologies including artificial intelligence to improve storage capacity. The agreement\u2019s activities are set to begin later this year. <\/p>\n

OTHER STORIES WORTH KNOWING THIS MORNING-<\/strong><\/p>\n