{"id":81310,"date":"2024-09-30T00:00:00","date_gmt":"2024-09-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/30\/today-bids-are-reportedly-in-for-egypt-railway-project-theres-a-new-digital-energy-jv-in-town\/"},"modified":"2024-09-30T00:00:00","modified_gmt":"2024-09-30T00:00:00","slug":"today-bids-are-reportedly-in-for-egypt-railway-project-theres-a-new-digital-energy-jv-in-town","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/30\/today-bids-are-reportedly-in-for-egypt-railway-project-theres-a-new-digital-energy-jv-in-town\/","title":{"rendered":"TODAY: Bids are reportedly in for Egypt railway project + There\u2019s a new digital energy JV in town"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s a fairly busy news day this morning, with some rail updates emerging from Egypt and a lookahead on some firms scouting data center and green hydrogen development in the region. First, let\u2019s look at what\u2019s happening this week in terms of trade\u2026<\/p>\n

HAPPENING TODAY-<\/p>\n

A business delegation led by Federation of Saudi Chambers (FSC) Chairman Hussein Al <\/strong>Huwaizi is heading to Azerbaijan and Georgia today<\/strong> to kick the tires on potential business ventures and sign trade agreements, the FSC said in a post on X<\/a>. The delegation, which includes 65 business leaders from different sectors, is scheduled to meet with public and private sector officials to look at trade and investment prospects. <\/p>\n

ON A RELATED NOTE- <\/strong>Fifty Saudi companies have lined up to invest in Azerbaijan\u2019s energy, food, and<\/strong> logistics sectors <\/strong>as Baku looks to ramp up Saudi investment activity in the country to USD 4 bn-worth of investments from a total of 80 companies, Executive Director of the Azerbaijan Export and Investment Promotion Agency Yusif Abdullayev told Aleqtisadiah<\/a> during the Gulf-Azerbaijan Economic Forum.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Maritime security firms have raised the risk level for ships calling at Israeli ports<\/strong>, as terminals face the possibility of missile attacks from Lebanon\u2019s Hezbollah and Yemen\u2019s Houthis, Reuters<\/a> reported on Friday. British maritime security company Ambrey assessed the risk to vessels calling at Israeli ports to be \u201celevated,\u201d and top ship industry associations have urged ship operators to \u201climit information access\u201d at Israeli ports. <\/p>\n

What they said:<\/strong> \u201cPossible further escalatory Israeli airstrikes or an Israeli ground incursion (in Lebanon) would highly likely cause direct operations against Haifa port\u2026simultaneous action by Hamas, Houthi, or Iraqi militants place Israel\u2019s remaining ports (Ashdod, Ashkelon, Hadera, Eilat) at continuous risk of collateral damage in singular long-range targeting operations,\u201d Ambrey noted in a Friday advisory. <\/p>\n

<\/a> #2- The <\/strong>EU\u2019s Aviation Safety Agency (EASA) is recommending airlines avoid <\/strong>Lebanese<\/strong> and <\/strong>Israeli <\/strong>airspace at \u201call flight levels\u201d throughout October<\/strong>, due to the \u201coverall intensification of air strikes and deterioration of the security situation,\u201d according to statements issued on Saturday here<\/a> and here<\/a>. The EASA says it will be monitoring the situation and may revise its flight risk advice as the situation develops.<\/p>\n

<\/a> #3- <\/strong>AD Ports issues tender for <\/strong>port and ferry infrastructure development: <\/strong>The UAE\u2019s AD Ports has issued an invitation to tender for marine and landside infrastructure development at Delma Port, Jabal Dhanna Ferry Terminal, and Al Sila Port for October 2024, Zaywa Projects<\/a> reported on Friday. The tender was part of an Expression of Interest (EOI) invite issued in August. The bid submission is scheduled for November 2024 and the contract award is for December 2024. AD Ports could be tendering the project as a single package or multiple packages.<\/p>\n

#4- The UAE is interested in investing in Bangladesh's Chattogram port \u2014 previously known as Chittagong Port<\/strong>, Bangladeshi news outlet Business Standard<\/a> reports, citing comments made by UAE Ambassador to Bangladesh Abdullah Ali Al Hamoudi. This came during a meeting with Bangladeshi Textiles, Jute, and Shipping Adviser M Sakhawat Hossain, where the latter called on the UAE to streamline Bangladeshi sailors' access to transit visas.<\/p>\n

AD Ports is already there: <\/strong>The Emirati port developer inked an agreement with Bangladesh\u2019s Chittagong Port Authority to explore the development and operation of a multi-purpose port back in May<\/a>. Some 90% of Bangladesh\u2019s international trade is conducted through Chittagong ports.<\/p>\n

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MARKET WATCH- <\/p>\n

#1- Oil prices continued to rise in early morning trading as concerns grow over supply <\/strong>pressures in the Middle East<\/strong>, Reuters<\/a> reports. Brent crude futures for November \u2014 which expire today \u2014 gained USD 0.51 to USD 72.49 a barrel, while the more active December contract gained USD 0.50 trading at USD 72.04 a barrel. US West Texas Intermediate crude futures rose USD 0.43 selling at USD 68.61 a barrel.<\/p>\n

Saudi is reportedly planning to scrap its unofficial USD 100 per <\/strong>barrel oil target <\/strong>as officials are committed to raising production by 83k bbl per month from December 2024 even if it induces a period of lower prices, the Financial Times<\/a> reported on Thursday, citing people it says are familiar with the matter. This comes after OPEC+ agreed earlier this month<\/a> to suspend its planned 180k bpd output hike for October and November.<\/p>\n

REMEMBER-<\/strong> Goldman Sachs sees crude prices reaching USD 77 per barrel<\/a> in 4Q 2024, according to its recent forecast.<\/p>\n

#2<\/strong>- Baltic records near three-month high:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 climbed 0.9% to 2,110 points<\/a> on Friday, registering a near three-month high. The capesize index was up by 3.4% to 3,869 points, while the panamax index fell by 3.5% to 1,446 points. The smaller supramax index eased eight points at 1,306 points.<\/p>\n

#3- The Drewry World Container<\/strong> Index fell by 7% to USD 3,691 per 40-ft container on <\/strong>Thursday<\/strong>, according to the latest index readings<\/a>. Spot rates for 40-ft containers are now 64% below the previous pandemic peak of USD 10.4k in September 2021, but remains 160% above the pre-pandemic rate of USD 1.4k. The average composite index YTD is USD 4,113 per 40ft container, which is USD 1,288 higher than the 10-year average rate of USD 2,825.<\/p>\n

DATA POINTS- <\/p>\n

#1- Suez Canal revenues have seen a 50-60% drop \u2014 equivalent to USD 6 bn \u2014 over the <\/strong>past 7-8 months<\/strong>, Egyptian President Abdel Fattah El Sisi said yesterday<\/a>. Back in July, Egyptian Prime Minister Moustafa Madbouly said Suez Canal revenues had<\/a>dropped to around USD 300 mn a month<\/a>, down 64.7% from USD 850 mn previously. <\/p>\n

Jordan recorded <\/strong>an increase in exports by 1.9% y-o-y to JOD 5.4 bn in the first <\/strong>seven months of 2024<\/strong>, Jordan Times<\/a> reports, citing data from the Department of Statistics (DoS). Imports rose by 0.8% y-o-y to JOD 10.7 bn during the same time period. National exports dropped by 0.7% to JOD 4.86 bn between January and July, while re-exports increased by 34.7% y-o-y to JOD 509 mn by the end of July 2024. The trade balance deficit also went down by 0.3% y-o-y to JOD 5.38 bn by the end of July. <\/p>\n

#2- <\/strong>Oman\u2019s non-oil exports rose 8% y-o-y to OMR 3.57 bn (c. USD 9.3 bn) in 1H 2024<\/strong>, Times of Oman<\/a> reported on Saturday, citing data from the National Center for Statistical Information (NCSI). Driving this export growth are metal products, which reached an export value of OMR 1.304 billion, representing a 21.5% increase from last year. Basic metal products and their manufacturers contributed OMR 671 million, with a growth rate of 7.3%. The plastics and rubber sector also saw an 11.5% rise in exports, totaling OMR 473 million, while other product categories collectively added OMR 437 million by mid-year.<\/p>\n

#3- <\/strong>Jordan\u2019s natio<\/strong>nal exports to the Arab Freetrade Zone increased by 12.4% y-o-y to <\/strong>JOD 1.94 bn by the end of July 2024<\/strong>, Petra<\/a> reports, citing official data. Exports to the North American Freetrade Agreement bloc (NAFTA) rose by 13.9% y-o-y to JOD 1.34 bn during the same time period, driven mainly by exports to the US. <\/p>\n

Exports to the EU saw a 1.2% y-o-y increase<\/strong>, reaching JOD 250 mn by the end of July, led by exports to the Netherlands. Jordan\u2019s exports to non-Arab Asian countries faced a decline \u2014 mainly driven by a drop in exports to India \u2014 of 25.8% y-o-y to JOD 933 mn. Exports to other trade blocs also fell by 18.7% y-o-y to JOD 391 mn because of a reduction in exports. <\/p>\n

\n

PSA-<\/p>\n

Hapag-Lloyd will roll out a general rate increase (GRI) on shipping from the Indian <\/strong>Subcontinent and th<\/strong>e Middle East to the US East Coast and Gulf Coast<\/strong>, according to a company statement<\/a>. The increase to USD 1k per container will be applied to cargo transported in 20 and 40 foot dry, reefer, and special containers, including high cube equipment. The GRI increase is applicable starting 1 November 2024 and valid until further notice. <\/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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CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

Bahrain will host the <\/strong>Routes World<\/a><\/strong> forum from Sunday, 6 October to Tuesday, 8 October. <\/strong>The event will bring together VPs and network planning heads from some 250 carriers to discuss global air route networks.<\/p>\n

Saudi Arabia will host the <\/strong>Global Logistics Forum<\/a><\/strong> from Saturday, 12 October to Monday, <\/strong>14 October<\/strong> in Riyadh. The forum will gather key industry players, government officials, and industry experts to discuss optimizing operations and driving growth in the logistics sector. The event will take a specific look at how the sector can adapt with regards to global climate change and incorporate sustainability into their supply-chain operations. <\/p>\n

Saudi Arabia will host the <\/strong>Global Airport & Aviation Forum<\/a><\/strong> from Wednesday, 16 October to <\/strong>Thursday, 17 Octobe<\/strong>r in Jeddah. The forum will bring together aviation leaders and experts to discuss future projects in the aviation industry, including new airport developments, capacity upgrades and expansions, new aircraft orders, and important airport services. <\/p>\n

Saudi Arabia will host the <\/strong>Smart Ports & Logistics Transformation Summit<\/a><\/strong> on <\/strong>Monday, 21 October and Tuesday, 22 October<\/strong> in Riyadh. The two-day conference aims to discuss strategies, innovation, and technologies in line with Saudi Arabia\u2019s Vision 2030, which aims to position KSA as a logistics hub in the MENA region. <\/p>\n

The UAE will host the <\/strong>International Conference on Tourism, Transport, and<\/a><\/strong>Logistics<\/a><\/strong> on Saturday, 26 October and Sunday, 27 October<\/strong> in Dubai. The event will gather scientists, scholars, and engineers from around the world to discuss new ideas and research development projects in the 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":81311,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[186,164,129,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-israel","tag-lebanon","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"3da239e9-fefa-498d-92bf-843c1da31288","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1117.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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