{"id":81502,"date":"2024-10-08T00:00:00","date_gmt":"2024-10-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/08\/today-uae-and-india-sign-pact-on-food-trade-route-pmi-reports-from-kuwait-qatar-and-lebanon-are-in\/"},"modified":"2024-10-08T00:00:00","modified_gmt":"2024-10-08T00:00:00","slug":"today-uae-and-india-sign-pact-on-food-trade-route-pmi-reports-from-kuwait-qatar-and-lebanon-are-in","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/08\/today-uae-and-india-sign-pact-on-food-trade-route-pmi-reports-from-kuwait-qatar-and-lebanon-are-in\/","title":{"rendered":"TODAY: UAE and India sign pact on food trade route + PMI reports from Kuwait, Qatar, and Lebanon are in"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s a fairly busy news day with updates on the UAE trade and cargo connectivity front, along with PMI readings from Kuwait, Qatar, and Lebanon. We also have the latest readings from the liner shipping connectivity index and what that means for our region. Let\u2019s get the ball rolling.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- Bahrain\u2019s flag carrier Gulf Air aims to become profitable<\/strong> within the next three years<\/strong>, Zawya<\/a> reports, citing comments made by CEO Jeffrey Goh to Airline Routes & Ground Services. The airline aims to boost its current fleet network \u2014 which boasts 40 aircraft \u2014 with six more A320s and two B2787s to ensure operational efficiency and expand its network by 25% over the next five years, adding new destinations east and west of its current network. Recent additions include Shanghai, Guangzhou, Munich, Baghdad, Rhodes, and Geneva.<\/p>\n

<\/a>#2- <\/strong>Egypt aims to launch infrastructure projects to encourage engagement by the <\/strong>private sector<\/strong>, according to a statement<\/a>. Egypt is specifically looking to encourage investments in solar energy tech, semiconductor manufacturing, outsourcing services, and data centers. Egypt is also making moves to cut down on trade barriers, streamline customs procedures, and boost logistics infrastructure to better connect with international markets, Egyptian Investment and Foreign Trade Minister Hassan Al-Khatib said on the sidelines of the Center for International Private Enterprise Conference yesterday. <\/p>\n

Also in the pipeline:<\/strong> The ministry is working on a number of policies to help the Madbouly government reach its growth target of 6-7%, up exports to USD 145 bn by 2030 by drumming up private investments worth USD 240 bn<\/a>. The policies will be inflation-oriented and will prioritize increasing the private sector\u2019s involvement in the economy. They will also aim to support foreign trade.<\/p>\n

El Khatib also laid out some of the state's investment priorities at the conference<\/strong>, pointing<\/a> to industry, healthcare, agriculture, energy, and tourism. The minister also highlighted hydrogen production and energy storage as a priority, along with solar technology, microchip production, data centers, and outsourcing services.<\/p>\n

<\/a>#3- <\/strong>LNG tankers are diverting from Asia to Europe after concerns over the escalating <\/strong>conflict in the Middle East<\/strong> caused a surge in benchmark Dutch prices<\/strong>, Bloomberg<\/a> reports. Three LNG vessels from the US altered course after originally planning to head for Asian destinations, and two ships headed for Bangladesh and South Korea were rerouted to the UK and Belgium respectively, Bloomberg said, citing data from Kpler. The diversions are in response to a spike in European futures, pushed up by worries over growing risk to supplies available in the Middle East. <\/p>\n

No shift in demand:<\/strong> Traders indicated that the diversion of cargoes was primarily a response to price changes rather than significant shifts in demand. Since mid-September, Dutch gas futures have increased by as much as 29%.<\/p>\n

#4- <\/strong>Indian firms eye DP World\u2019s Bharat Mart:<\/strong> DP World has attracted interest from some 9k Indian businesses looking to establish operations in Bharat Mart, a warehousing and trading hub in Dubai designed for India\u2019s MSMEs, CNBC TV18<\/a> reports, citing Indian Commerce and Industry Minister Piyush Goyal. The facility, located in DP World\u2019s Jebel Ali Freezone, will span 100k square meters and include 1.4k units. <\/p>\n

Background: <\/strong>The foundation stone for the project was laid earlier this year<\/a>. Set to open in 2026, the marketplace aims to streamline access to global markets for Indian manufacturers and exporters.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1-<\/strong> Oil <\/strong>prices fell over USD 1 in early morning trading amid fears MENA is on the brink of <\/strong>a regional war<\/strong>, Reuters<\/a> reports. Brent crude futures fell USD 1.17 trading at USD 79.76 a barrel at 04.20 GMT, while US West Texas Intermediate (WTI) futures fell USD 1.19 trading at USD 75.95 a barrel. Both contracts rose over 3% yesterday, reaching their highest levels since late-August due to worries over disrupted oil supply from the Middle East.<\/p>\n

#2-<\/strong> Baltic index <\/strong>stays low:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 fell 1.1% to 1,907 points<\/a> on Monday, registering their lowest since 18 September. The capesize index dropped 2.5% to its lowest since mid-September at 3,161 points, while the panamax index gained 27 points to 1,415 points. The smaller supramax eased one point at 1,257.<\/p>\n

DATA POINT- <\/p>\n

#1-<\/strong> Qatar\u2019s Hamad Port breaks its transshipment record<\/strong>:<\/strong> QTerminals\u2019 Hamad Port broke its record for highest volume of transshipment containers handled, reaching over 254k TEUs in the first three quarters of 2024, according to a statement<\/a>.<\/p>\n

#2-<\/strong> I<\/strong>nvestments in Oman\u2019s economic zones up 20% in H1 2024<\/strong>:<\/strong> Investments in Oman\u2019s special economic zones, freezones, and industrial cities rose by 20% y-o-y to OMR 20.1 bn in the first half of this year, according to a statement<\/a>. Some OMR 7.5 bn were invested in Oman\u2019s operational industrial cities, OMR 4.6 bn in Salalah Freezone, OMR 6 bn in SEZD, OMR 1.3 bn in Sohar Freezone, OMR 459.2 mn in Khazaen Economic City, and OMR 198 mn in Mazyunah Freezone.<\/p>\n

\n
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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/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

EnterpriseAM Logistics is available without charge <\/strong>thanks to the generous support of our friends at Hassan Allam Utilities, Transmar, and AK-Ships.<\/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":81503,"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":[212,49,386,227,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-bahrain","tag-egypt","tag-gulf-air","tag-lng","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e8dae84d-b5c3-4b2e-950d-4b4581ed2c21","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/585.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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