{"id":81385,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/02\/today-qatar-airways-intends-to-buy-a-25-stake-in-virgin-australia\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"today-qatar-airways-intends-to-buy-a-25-stake-in-virgin-australia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/02\/today-qatar-airways-intends-to-buy-a-25-stake-in-virgin-australia\/","title":{"rendered":"TODAY: Qatar Airways intends to buy a 25% stake in Virgin Australia"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s a busy news morning, with big acquisition updates from Qatar Airways this morning and the latest on how rising escalations from Israel and retaliatory moves from Iran are affecting regional airspace. Let\u2019s dive right in.<\/p>\n

THE BIG LOGISTICS STORY- Regional airspace closes in response to Iranian missile fire: <\/strong>Iran fired some 200 missiles at Israel last night in a massive escalation of regional violence, with the Israeli army saying it has intercepted most missiles and reporting one dead in the West Bank. Israeli Prime Minister Benjamin Netanyahu said the attack was a \u201cbig mistake\u201d and vowed retaliation during the opening meeting of his security cabinet yesterday, with the US promising to support Israel in its retaliation. <\/p>\n

Iranian Foreign Minister Sayed Abbas Araqchi said Iran\u2019s attacks were \u201cfinished,\u201d <\/strong>unless Israel retaliates, in which case their response will be \u201cstronger and more powerful\u201d on X<\/a> a few hours ago. <\/p>\n

UAE carriers are rerouting and canceling flights in response to airspace restr<\/strong>ictions following the attacks<\/strong>, Khaleej Times<\/a> reports. Etihad Airways is rerouting flights today, while Emirates had to cancel and reroute others. Flydubai also had to cancel several flights scheduled yesterday, today, and tomorrow. Israel, Lebanon, Jordan, and Iraq all temporarily closed their airspace<\/a> for a few hours last night in response to Iran\u2019s attacks.<\/p>\n

The Iranian attack is getting plenty of play:<\/strong> Reuters<\/a> | AP<\/a> | Bloomberg<\/a>CNN<\/a> | BBC<\/a> <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>European firms discuss building <\/strong>electrolyzer<\/strong> factory in Egypt\u2019s Sokhna: <\/strong>Representatives from Norwegian firm Scatec, Belgian company John Cockerill, Italian company Relay, and French company SLB met with Egyptian Minister of Industry and Transport Kamel El Wazir to discuss building a factory in Egypt\u2019s Ain Sokhna to manufacture electrolyzers used in generating hydrogen, according to a statement<\/a>. The officials examined the specific roles of each of the three companies in the green hydrogen production process, their manufacturing capabilities, and the scale and quality of the equipment utilized in producing electrolyzers.<\/p>\n

<\/a> #2- <\/strong>DP World moving forward with expansions in Moza<\/strong>mbique:<\/strong> DP World chairman and CEO Sultan Ahmed bin Sulayem and Mozambique\u2019s President Filipe Nyusi met earlier this week to discuss developing industrial parks across the country and expanding Maputo Port, according to a statement<\/a>. The firm looks to boost investments in Mozambique to strengthen its presence in the country and enhance trade with wider southern Africa, including South Africa, Zimbabwe, and Zambia.<\/p>\n

Background:<\/strong> DP World has operated in Mozambique for over 20 years, remaining the longstanding operator at the country\u2019s Maputo Port. The firm inked an agreement in January<\/a> to extend its concession at Maputo till 2058. The company has invested USD 600 mn in expanding port infrastructure, and is looking to boost cargo handling capacity from 170k to 530k TEU annually by 2027, according to the statement.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- Oil prices surged over USD 1 in early morning trading on the back of growing concern regarding Middle East escalations<\/strong>, Reuters<\/a> reports. Brent crude futures rocketed 1.36%, or USD 1, to USD 74.56 a barrel by 03.30 GMT, while US West Texas Intermediate crude gained USD 1.07 trading at USD 70.90 a barrel. Both crude benchmarks surged over 5% in trading yesterday.<\/p>\n

#2- Baltic continues its decline: <\/strong>The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 plummeted 2.6% to 2,030 points<\/a> on Tuesday due to lower reading across the board. The capesize index dropped 125 points to 3,524 points, while the panamax index lost another 28 points to 1,386 points. The smaller supramax index fell another 13 points to 1,283 points.<\/p>\n

<\/a> <\/strong>Opec+\u2019s joint ministerial monitoring committee is expected to leave its oil output policy<\/strong> unchanged when it meets at 3pm KSA today<\/strong>, Reuters<\/a> reports, citing five unnamed sources from the group. The expectation that the group is likely to stick to its current output policy, which includes plans to phase out the voluntary production cuts starting December, comes despite oil prices falling below USD 70 \/ bbl for the first time in three years. <\/p>\n

DATA POINTS- <\/p>\n

Qatar\u2019s Mwani processed 5% more vessels m-o-m in September 2024<\/strong>, reaching 249 vessels, according to a statement<\/a>. The number of containers handled increased 9% m-o-m to 125k TEUs, while general and bulk cargo increased by 48% to 162k tons and livestock volumes increased by 18% to 28.3k heads. <\/p>\n

Dubai International Airport (DXB) raised its annual passenger forec<\/strong>ast to 93 mn for 2024<\/strong>, up from a previous estimate of 91.8 mn, operator Dubai Airports CEO Paul Griffits said at an event, according to the National<\/a>. In 2025, DXB is expected to see 93.8 mn passengers travel through the airport. The airport handled 44.9 mn people in 1H 2024, up 8% y-o-y. <\/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

DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, Saudi Arabia<\/a>, the UAE<\/a>, and the MENA<\/a>climate industry<\/a> ?
***<\/strong><\/p>\n

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":81386,"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":[23,49,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-dp-world","tag-egypt","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"0347bc25-eca4-4fea-a29e-9fe62fd056a3","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/168.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Qatar Airways intends to buy a 25% stake in Virgin Australia","related_issue":[81383],"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\/10\/.e90b31be-ef0f-4d05-b236-4a138ae4e18f.mp3"},"yoast_head":"\nTODAY: Qatar Airways intends to buy a 25% stake in Virgin Australia - 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