{"id":81699,"date":"2024-10-16T00:00:00","date_gmt":"2024-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/16\/today-khazna-to-build-the-uaes-largest-data-center-dp-world-masdar-eye-investments-in-the-philippines\/"},"modified":"2024-10-16T00:00:00","modified_gmt":"2024-10-16T00:00:00","slug":"today-khazna-to-build-the-uaes-largest-data-center-dp-world-masdar-eye-investments-in-the-philippines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/16\/today-khazna-to-build-the-uaes-largest-data-center-dp-world-masdar-eye-investments-in-the-philippines\/","title":{"rendered":"TODAY: Khazna to build the UAE\u2019s largest data center + DP World, Masdar eye investments in the Philippines"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>We have a steady stream of updates to unpack this morning, with news from the UAE, KSA and beyond as our regional players continue to expand their borders. But first, are we looking at a possible Chapter 11 as the ending for the Boeing saga?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG LOGISTICS STORY- <\/strong><strong>Boeing <\/strong><strong>shores up finances: <\/strong>Boeing aims to raise USD 25 bn through stock and debt offerings and another USD 10 bn through credit from major lenders, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/boeing-files-registration-statement-securities-stock-sale-up-25-bln-2024-10-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The latest move comes as the company struggles to maintain its credit rating, which is currently a notch above junk, and ahead of USD 11.5 bn of the company\u2019s debt maturing through 1 February 2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hopping from crisis to crisis:<\/strong> The company has suffered major losses for three consecutive quarters as it battles delays in deliveries, accidents and issues in parts manufacturing, and a costly ongoing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/36d8252c-567f-41fa-b06b-b15b084a8727\/%253cmark%253eboeing%253c%2Fmark%253e-withdraws-offer-as-union-talks-hit-another-stalemate\" style=\"\" rel=\"noopener\">machinist strike<\/a> which has cost the firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/ff957ef4-d6cb-4892-9ac6-82bc4405ef94\/today:-ksa%25e2%2580%2599s-global-logistics-forum-wraps-%2B-uae%25e2%2580%2599s-edgnex-commits-usd-1-bn-for-thailand-data-centers\" style=\"\" rel=\"noopener\">USD 5 bn so far<\/a> as it enters its fifth week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some are not convinced:<\/strong> \"Unless the company is able to raise funds through a rights issue, I see an imminent investment downgrade with Chapter 11 looming on the horizon,\" Emirates Airlines President Tim Clark told the aviation industry publication Air Current earlier this week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story has grabbed a lot on ink in the int\u2019l press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/boeing-enters-10-billion-credit-agreement-with-banks-2024-10-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-15\/boeing-reaches-10-billion-credit-pact-to-shore-up-balance-sheet\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/bbfb84da-c247-4374-8a2f-d5bb9bbde868\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/10\/15\/business\/boeing-financing-strike.html\" style=\"\" rel=\"noopener\">The New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/boeing-needing-cash-moves-to-sell-new-shares-fce4c116?mod=hp_lead_pos2\" style=\"\" rel=\"noopener\">The Wall Street Journal<\/a> <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><\/strong><strong>#1- IFC finalizes Egypt\u2019s airport management transfer plan:<\/strong> The International Finance Corporation (IFC) has submitted its technical study and proposed timeline to the Egyptian government for handing over management of airports to the private sector, unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/10\/15\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AA%D8%B3%D9%84%D9%85-%D8%AE%D8%B7%D8%A9-%D9%88%D8%AC%D8%AF%D9%88%D9%84%D8%A7%D9%8B-%D8%B2%D9%85%D9%86%D9%8A%D8%A7%D9%8B-%D9%84%D8%B7%D8%B1%D8%AD-20-%D9%85%D8%B7%D8%A7%D8%B1%D8%A7%D9%8B-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The plan reportedly involves offering the management and operation of 20 of the country\u2019s airports as part of the country\u2019s privatization push.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve been on the lookout for airport privatization news <\/strong>since Egyptian Prime Minister Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5e54f1d-dc98-4fe2-ac8a-af684b381301\/madbouly-promises-important-privatization-news-soon\" style=\"\" rel=\"noopener\">said earlier this week<\/a> that some \u201cimportant\u201d privatization news regarding airports and banks would be announced soon. The Madbouly government first revealed plans <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39dc4a75-8ed5-46ed-a296-30a40cf2f166\" style=\"\" rel=\"noopener\">in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39dc4a75-8ed5-46ed-a296-30a40cf2f166\" style=\"\" rel=\"noopener\">November 2023<\/a> to invite private sector players \u2014 including foreign companies \u2014 to take over the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e94bb97-4820-4349-bc3a-d65afa8cdcb1\/egypt-looks-towards-airport-expansion,-smart-policy,-and-the-private-sector-to-support-its-ambitious-aviation-goals\" style=\"\" rel=\"noopener\">management of airports<\/a> in the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong> <strong>SCZone gets ready to launch large-scale green hydrogen projects: <\/strong>Five large-scale green hydrogen projects will kick off construction within a year on five plots of land currently being prepared by the Suez Canal Economic Zone, the SCZone\u2019s executive director told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d9%85%d8%af%d9%8a%d8%b1-%d8%a7%d9%84%d8%aa%d9%86%d9%81%d9%8a%d8%b0%d9%89-%d9%84%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The projects should be completed within four years, Saad added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The zone\u2019s first water desalination public-private partnership is also set to be launched<\/strong>, which will be used to help produce green hydrogen in the zone, Saad added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a> #2- <\/strong><strong>Iran Air canceled all Europe-bound flights hours after the EU announced new <\/strong><strong>sanctions on Iran<\/strong>, with passengers receiving news of the cancellations via SMS, the airline's customers told <a target=\"_blank\" href=\"https:\/\/www.euronews.com\/2024\/10\/15\/iran-air-cancels-europe-flights-hours-after-new-batch-of-eu-sanctions\" style=\"\" rel=\"noopener\">Euronews<\/a>. The EU has included Iran Air, Mahan Air, and Saha Air in a list of new sanctions on Iranian entities and individuals over their alleged involvement in Iranian transfers of ballistic missiles to Russia, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/eu-imposes-sanctions-over-iranian-ballistic-missile-transfer-russia-2024-10-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The US has said that it has knowledge of Iran\u2019s participation in Russian arm trades, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/blinken-says-russia-received-missiles-iran-warns-threat-european-security-2024-09-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The US has since imposed sanctions on Iranian and Iranian affiliated ships and companies it has identified to be involved in the weapons transfers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a> #3- The recent US sanctions on Iran are anticipated to restrict crude oil shipments to <\/strong><strong>China<\/strong>, as well as make these barrels less competitive due to a shortage of vessels and increased shipping costs in the short term, Chinese refinery and trade sources told <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/oil\/101424-us-sanctions-on-iran-to-tighten-china-crude-flows-raise-shipping-costs\" style=\"\" rel=\"noopener\">S&P Global<\/a>. The impact of the sanctions may leave China\u2019s independent refiners, the largest customers of Iranian crude, to consider alternative supply options. Some 30 vessels carrying Iranian crude were discharged for China\u2019s independent refineries in September, six of which appeared on the US\u2019 latest sanction list.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong>The US imposed sanctions <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/7e89d397-ac81-42a9-a5cb-398f83a46c11\/today:-it%25e2%2580%2599s-a-blockbuster-day-for-logistics-forums-%2B-asyad-breaks-ground-on-muscat-airport-freezone\" style=\"\" rel=\"noopener\">last week<\/a> on any person operating in Iran\u2019s petroleum and petrochemical sectors following Iran\u2019s attack on Israel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a> #4- <\/strong><strong>TCI Sanmar Chemical eyes new investment + sea dock in Egypt<\/strong><strong>:<\/strong> Indian industrial firm TCI Sanmar Chemical has announced plans to invest USD 300 mn to expand its production capacity in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid02oQNxbsYr3F9LEYrEsjUpaiGuEFNeCaxkiwEBZSCPEPouNty8rCRPfHUvWSeCggiGl&id=61562245173260\" style=\"\" rel=\"noopener\">statement<\/a>. The company also intends to study establishing a new pier west of Port Said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKET WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Oil prices rose in early morning trading <\/strong><strong>as uncertainty remains over whether regional <\/strong><strong>tensions will affect supply<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-steadies-after-sharp-falls-middle-east-uncertainty-persists-2024-10-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports<strong>. <\/strong>Brent crude futures slid up USD 0.14 to trade at USD 74.39 per barrel by 02.50 GMT, while US West Texas Intermediate (WTI) futures rose USD 0.19 to trade at USD 70.77 per barrel. Oil prices plummeted over 4% to a near two-week low yesterday as fears eased regarding Israeli retaliation on Iran and due to weaker demand outlook.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Opec+ trimmed its forecast for China\u2019s crude oil demand growth forecast to 580k <\/strong><strong>barrels per day (bpd) in 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-trims-its-china-crude-demand-forecast-nowhere-near-enough-russell-2024-10-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The estimate is down from the 650k bpd gain forecast in September, and is 180k bpd below the previous predicted rise of 760k bpd back in July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Internationa<\/strong><strong>l Energy Agency (IEA) expects an expansion in global oil <\/strong><strong>demand to 1 mn bpd for next year<\/strong>, and demand to rise this year by 860k bpd, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/iea-cuts-2024-oil-demand-growth-view-sees-surplus-looming-2024-10-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The IEA, which manages industrialized countries\u2019 emergency oil stocks, said public stocks were over 1.2 bn bpd and spare capacity in Opec+ is at historic highs. The IEA is ready to act should any major disruptions occur, but for now the market is faced with a sizable surplus in the new year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2<\/strong><strong>- Baltic index dips again:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 dropped <a target=\"_blank\" href=\"https:\/\/tradingeconomics.com\/commodity\/baltic\" style=\"\" rel=\"noopener\">2.6% to 1,766 points<\/a> on Tuesday. The capesize index shed 105 points to 2,773 points, while the panamax index dropped 45 points to 1,364 points. The smaller supramax fell two points to 1,260 points.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Suez Canal rev<\/strong><strong>enues down Red Sea tension continues:<\/strong> The Suez Canal Authority (SCA) has seen a 23.4% y-o-y drop in revenues to USD 7.2 bn during FY 2023-2024, <a target=\"_blank\" href=\"https:\/\/www.egypttoday.com\/Article\/3\/135359\/SCA-chairperson-Suez-Canal-revenues-fell-to-7-2B-in\" style=\"\" rel=\"noopener\">Egypt Today<\/a> reports, citing comments by SCA chairman Osama Rabie. Vessel transits also fell by 22.2% y-o-y to 20k ships passing through the canal, Rabie said at the Global Logistics Forum.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"logistics\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>YOU\u2019RE READING EnterpriseAM Logistics, the essential MENA publication for senior <\/strong><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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of Enterprise Logistics.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:logistics@enterprisemea.com\" style=\"\" rel=\"noopener\">logistics@enterprisemea.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">MENA<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate industry<\/a> ?<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/smartportstransformation.com\/\" style=\"\" rel=\"noopener\">Smart Ports & Logistics Transformation Summit<\/a><\/strong><strong> on <\/strong><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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/theires.org\/Conference\/18859\/ICTTL\/\" style=\"\" rel=\"noopener\">International Conference on Tourism, Transport, and<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/theires.org\/Conference\/18859\/ICTTL\/\" style=\"\" rel=\"noopener\">Logistics<\/a><\/strong><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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudiairportexhibition.com\/\" style=\"\" rel=\"noopener\">Saudi Airport Exhibition<\/a><\/strong><strong> on Monday, 11 November and Tuesday, 12 November<\/strong> in Riyadh. The two-day exhibition will bring together global industry leaders to discuss the latest technologies around the world in the aviation industry. It looks to encourage discussion between Saudi aviation leaders and the global supply chain industry.<\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.adipec.com\/maritime-logistics\/\" style=\"\" rel=\"noopener\">ADIPEC Maritime and Logistics Exhibition and Conference<\/a><\/strong><strong> on Monday, 11 November and Thursday, 14 November<\/strong> in Abu Dhabi. The event looks to explore ways to reduce emissions through innovative solutions. It will bring together industry leaders, regulators and decision makers in the global maritime and logistics sector. <\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>Bahrain is set to host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bahraininternationalairshow.com\/\" style=\"\" rel=\"noopener\">The Bahrain International Airshow<\/a><\/strong><strong> on Wednesday, 13 November and Friday, 15 November<\/strong> at the Sakhir Airbase. The three-day event is bringing together over 180 participating companies from over 59 represented nations globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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":"<p>What we\u2019re tracking this morning regionally and around the 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