{"id":81244,"date":"2024-09-25T00:00:00","date_gmt":"2024-09-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/25\/today-big-funding-for-ooredoos-data-centers-disruption-in-our-regional-airspace\/"},"modified":"2024-09-25T00:00:00","modified_gmt":"2024-09-25T00:00:00","slug":"today-big-funding-for-ooredoos-data-centers-disruption-in-our-regional-airspace","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/25\/today-big-funding-for-ooredoos-data-centers-disruption-in-our-regional-airspace\/","title":{"rendered":"TODAY: Big funding for Ooredoo\u2019s data centers + Disruption in our regional airspace"},"content":{"rendered":"

Good morning, friends. <\/strong>We have the latest on how Israel\u2019s bombardment of Lebanon is affecting regional aviation traffic as disruption drags on for nearly a year, as well as all the details on Ooredoo\u2019s big financing injection. Let\u2019s dive right in.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>A slew of regional airlines have canceled flights to Lebanon amid Israeli air strikes<\/strong>, with travel activity at Beirut\u2019s Rafik Hariri International Airport dropping by 30% to 40%, Memo<\/a> reports. Lebanon\u2019s flag-carrier Middle East Airlines (MEA) will add additional flights to bridge the gaps left by the cancellations, the news outlet quoted Lebanon\u2019s travel and tourist agents association head Jean Abboud as saying. Israel launched air strikes in the country on Monday, including in Beirut\u2019s southern suburbs, killing almost 500 people and injuring some 1.6k on Monday, the Financial Times<\/a> reports.<\/p>\n

Over 30 flights to and from Beirut were canceled yesterday by carriers including Qatar Airways, Emirates, Air Arabia, Royal Jordanian and Turkish Airway<\/strong>s<\/strong>, according to Rafik Hariri Airport\u2019s website<\/a>. MEA and Iraqi Airways flights were operating as usual. Reuters has a master list of cancellations that can be accessed here<\/a>.<\/p>\n

Resumptions are unclear: <\/strong>Egypt\u2019s flag-carrier EgyptAir canceled its flights from Cairo to Beirut effective yesterday and temporarily suspended flights \u201cuntil the situation stabilizes,\u201d according to a statement<\/a>. The UAE\u2019s flag- carrier Etihad Airways also canceled flights between Abu Dhabi and Beirut effective yesterday in response to regional tensions, the airline told Gulf News<\/a>. UAE\u2019s Emirates has listed no flights or fares from Dubai to Beirut from now until Saturday, 28 September, despite usually operating 12 weekly flights, Gulf News<\/a> reports. Qatar Airways also temporarily suspended flights to Beirut yesterday, NNA<\/a> reported.<\/p>\n

I<\/strong>sraeli ports are still open for <\/strong>business:<\/strong> Israel\u2019s seaports, including the Red Sea port of Eilat and the Mediterranean ports of Haifa and Ashdod, are still operational at normal capacity despite the Israeli military escalation in Lebanon, Reuters<\/a> reports, citing a letter by the Israeli port authority. <\/p>\n

Israel says it will compensate shippers: <\/strong>Israel says it will provide war damage compensation to commercial vessels within its economic waters, according to the letter.<\/p>\n

<\/a> #2- <\/strong>Implementation of the first phase of Egypt\u2019s Dekhila dry bulk terminal superstructure will <\/strong>reach USD 50 mn<\/strong>, including supplying the essential operational equipment and completion of the remaining works, Al Mal<\/a> reports, citing sources it says have knowledge of the matter. The terminal will be implemented in three phases, with operations expected to begin in the second half of 2025.<\/p>\n

Remember:<\/strong> A consortium of four local private and state-owned firms \u2014 <\/a>Mediterraneo Egypt<\/a>, <\/a>Latt<\/a>Trading and Shipping<\/a>, an Elsewedy company, and the Transport Ministry\u2019s <\/a>Holding Company for Maritime and Land Transport<\/a> \u2014 signed an agreement<\/a> on Monday to invest USD 450 mn to build, operate and manage the dry bulk terminal.<\/p>\n

IN OTHER EGYPT NEWS<\/strong>-<\/strong> Cairo 3A<\/a><\/strong> will build a EGP 60 mn, 15.3k sqm dry bulk warehouse covering at Damietta <\/strong>Port to increase their storage capacity<\/strong>, Al Mal<\/a> reports, citing an unnamed source it says has knowledge of the matter. The project \u2014 set to be completed in 2025 \u2014 is the second of its kind in Damietta port this year, with the ongoing construction of a vegetable oils storing warehouse.<\/p>\n

<\/a> #3- <\/strong>Aramco and China National Building Material Group (CNBM) have signed a five-year agreement to<\/strong> set up manufacturing facilities in the kingdom<\/strong> for wind turbine blades, hydrogen storage tanks, lower-carbon building materials, and energy storage, it said in a press release<\/a>. The pair will also create a training and inspection center and joint tech development center.<\/p>\n

Building on an existing friendship: <\/strong>Aramco and CNBM established the Nonmetallic Excellence and Innovation Center for Building Materials (NEXCEL) back in 2021 in Beijing. The center aimed to foster the development of non-metallic technologies<\/a> that offer better efficiency and environmental advantages. <\/p>\n

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MARKET WATCH- <\/p>\n

#1-<\/strong> Oil prices fell in early morning trading <\/strong>as investors weighed China\u2019s ability to drive <\/strong>more fuel demand based on its stimulus plans<\/strong>, Reuters<\/a> reports. Brent crude futures dipped USD 0.17 to USD 75 a barrel by 04.15 GMT, while US West Texas Intermediate fell USD 0.24 to USD 71.32 a barrel. Oil traded 1.7% higher yesterday after China rolled out its more aggressive economic stimulus package since 2020.<\/p>\n

#2- <\/strong>Baltic index continues upwards trajectory: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 climbed 0.8% to 2,014 points<\/a> on Monday, its highest point since July. The capesize index increased 26 points to 3,301 points, while the panamax index added 8 points to 1,560 points. The smaller supramax index rose 11 points to 1,312 points.<\/p>\n

DATA POINTS- <\/p>\n

#1-<\/strong>Bahrain\u2019s Khalifa bin Salman Port handled 39k TEU in August 2024<\/strong>, a 7.5% y-o-y increase, according to reports here (pdf)<\/a>. This is a 7.5% increase compared to last year (pdf)<\/a>. General cargo at the port dipped 38.9% y-o-y to 47.2k tons.<\/p>\n

#2- <\/strong>AD Ports\u2019 Ro-Ro<\/strong> vehicle volumes grew by 30% in H1 2024 at Autoterminal Khalifa <\/strong>Port<\/strong>, according to a statement<\/a>. Autoterminal Khalifa Port built an extra 90k square meters of yard storage capacity to accommodate a rise in demand in the automotive trade.<\/p>\n

#3- <\/strong>Iran\u2019s imports of basic goods saw a 7.7% y-o-y increase in volume in the first six <\/strong>months of the Iranian calendar 2024 year (21 March to 21 September)<\/strong>, with a value of USD 7.3 bn, IRNA<\/a> reports, citing Iran Customs Administration data. <\/p>\n

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PSA-<\/p>\n

Saudi\u2019s Transport General Authority has established four key regulatory requirements for<\/strong> foreign trucks operating in the Kingdom<\/strong>, according to state news agency (SPA)<\/a>. The requirements include:<\/p>\n