{"id":82562,"date":"2024-11-21T00:00:00","date_gmt":"2024-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/21\/today-two-new-zones-are-in-the-works-for-egypt-a-new-green-aviation-ecosystem-for-the-uae\/"},"modified":"2024-11-21T00:00:00","modified_gmt":"2024-11-21T00:00:00","slug":"today-two-new-zones-are-in-the-works-for-egypt-a-new-green-aviation-ecosystem-for-the-uae","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/21\/today-two-new-zones-are-in-the-works-for-egypt-a-new-green-aviation-ecosystem-for-the-uae\/","title":{"rendered":"TODAY: Two new zones are in the works for Egypt + A new green aviation ecosystem for the UAE?"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s a fairly busy morning in the regional logistics industry, with big news emerging from Egypt and some bits and pieces from the UAE to delve into. First, a high profile visit from the UK is on the agenda\u2026<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a><\/strong>#1- UK Prime Minister Keir Starmer plans to visit Saudi Arabia and the UAE next <\/strong>month<\/strong> as his country seeks to deepen ties with Gulf countries and draw investments, the Financial Times<\/a> and Reuters<\/a> reports, citing sources with knowledge of the matter. Starmer\u2019s visit will be his first to the region since taking office in July, and will be the first visit by the UK prime minister to Saudi since former premier Rishi Sunak\u2019s visit in October last year<\/a>.<\/p>\n

REMEMBER - The UK is close to inking a trade agreement with the Gulf Cooperation <\/strong>Council (GCC) \u201cas early as this year\u201d<\/strong> and is also considering individual trade agreements with specific GCC countries, Bloomberg reported earlier this month<\/a>. The UK and GCC have held seven rounds of trade talks<\/a> since 2022, with UK Foreign Secretary David Lammy visiting Abu Dhabi in September<\/a> and UK Business and Trade Secretary Jonathan Reynolds visiting Dubai this month to push negotiations forward. <\/p>\n

UAE-UK relations have been shaky<\/strong>, with Abu Dhabi-backed RedBird IMI formally withdrawing its bid to acquire UK papers the Telegraph and Spectator earlier in May, following months of opposition from the UK government. The UAE had previously pledged to invest GBP 10 bn in the UK, which the FT says has already been invested in sectors including life sciences, renewables, and tech. <\/p>\n

<\/strong>IN OTHER UAE NEWS- <\/strong>Eight small airports at Al Maktoum Int\u2019l Airport? <\/strong>Dubai Airports\u2019 CEO Paul Griffiths is looking to turn the new Al Maktoum International Airport into eight small airports that only share the runways to create a compact check-in experience, Paul Griffiths was quoted as saying by Khaleej Times<\/a>.<\/p>\n

<\/strong><\/a> #2- <\/strong>DP World could revise its USD 3 bn Africa investment plans <\/strong>depending on <\/strong>demand and project feasibility<\/strong>, CEO Sultan Ahmed Bin Sulayem told CNBC Arabia<\/a>. The UAE firm \u2014 already present in 48 African countries \u2014 is also mulling further expansions in Egypt and India, Bin Sulayem said. DP World recently announced plans to shell out USD 3 bn<\/a> on new port infrastructure in Africa over the next three to five years. The logistics giant is considering investments in the partial privatization of South African rail, port, and pipeline company Transnet, and the port of Lamu in Kenya, where there is also a privatization process underway. <\/p>\n

More expansion plans: <\/strong>DP World has been intending to funnel some USD 1.4 bn \u2014 nearly 67%<\/a>of its 2024 expenditures<\/a> \u2014 towards new investments and expansions, with projections of handling 102.6 mn TEUs of gross global capacity by the end of the year. The company announced it was looking to invest some USD 2 bn in capital expenditure to grow its portfolio this year in its yearly earnings release published in March.<\/p>\n

<\/a> #3 - Egypt may need to seek alternatives to Russian wheat: <\/strong>Russian farmers are turning their backs against the grain, saying they will sow less wheat in favor of higher-margin crops like peas, lentils, and sunflowers, Reuters<\/a> reports. Russia\u2019s wheat harvest is expected to decline to 83 mn tons in 2024, down from 92.8 mn tons in 2023, potentially reducing the country\u2019s 26% share of the global wheat market and inflating wheat prices, especially for major buyers like Egypt. <\/p>\n

Could this be behind Egypt\u2019s delayed wheat shipment? <\/strong>Back in September, state grain buyer GASC purchased 430k tons of Russian wheat<\/a> to be shipped in October. The shipment was then delayed to November<\/a> and unconfirmed reports claimed that it may not move forward<\/a>. <\/p>\n

IN OTHER EGYPT NEWS- Egypt to shift LNG imports away from int\u2019l tenders and toward <\/strong>long-term deals:<\/strong> The Egyptian Natural Gas Holding Company (EGAS) is negotiating long-term agreements to import LNG, moving away from reliance on global tenders, an unnamed government source told CNN Business Arabic<\/a>. The move aims to secure gas supplies and protect Egypt from fluctuating spot market prices. Tenders will remain in use, but only for limited imports.<\/p>\n

#4- <\/strong>Jordan ext<\/strong>ends fee exemption on agricultural exports:<\/strong> Jordan\u2019s cabinet will extend a 75% exemption of fees on agricultural and horticultural goods slated for export, according to a statement on X<\/a>. The exemption requires any outstanding fees to be paid by 31 December. <\/p>\n

ALSO- <\/strong>The cabinet approved an MoU between the Aqaba Special Freezone Authority and the Public Authority for Special Economic Zones and Freezones of Oman, the statement notes. Both parties will exchange expertise on laws, regulations, and procedures related to the management, operation, and development of special economic zones. <\/p>\n

#5- Airbus confident about future engine supplies: <\/strong>Airbus has expressed increased confidence over jet engine supplier CFM International\u2019s ability to deliver engines, a shortage of which has been delaying jet deliveries, Reuters<\/a> reports, citing Airbus CEO Guillaume Faury. Airbus needs to deliver around 200 jets in the last two months of 2024 to meet the year\u2019s goal of around 770 jets. Faury said the window for the planemaker to meet its end-year goals is \u201cvery tight,\u201d and whether it's possible will be clear by the end of November. <\/p>\n

REMEMBER-<\/strong> Airbus downgraded its expectations in June<\/a> for the number of aircraft deliveries in 2024 to 770, down from 800, on the back of supply chain issues.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1- Oil prices rose slightly in early morning trading as <\/strong>tensions between Russia and <\/strong>Ukraine counter an unexpected increase in US crude inventories<\/strong>, Reuters<\/a> reports. Brent crude futures gained USD 0.16 trading at USD 72.97 a barrel by GMT 04.08, while US West Texas Intermediate crude (WTI) futures increased USD0.16 to USD 68.91 a barrel. <\/p>\n

#2-<\/strong> Iraq\u2019<\/strong>s fuel exports are set to surpass a record 18 mn metric tons in 2024<\/strong>, or 380k bpd, due to increased shipping activity amid a drop in domestic demand and higher output, Reuters<\/a> reports, citing undisclosed industry sources and data from Kpler and LSEG. The country\u2019s fuel exports in October alone exceeded 2.15 mn metric tons, the highest monthly volume on record.<\/p>\n

#3- Baltic index is on a losing streak:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 fell another 0.7%<\/a> to 1,616 points yesterday, registering its lowest reading in a week. The capesize index gained 2 points to 2,810 points, while the panamax index shed 33 points to 1,138 points. The smaller supramax index lost 7 points to 992 points.<\/p>\n

\n

PSA-<\/p>\n

MSC rolls o<\/strong>ut new freight rates: <\/strong>Italy\u2019s Mediterranean Shipping Company (MSC) has adjusted its Freight All Kinds (FAK) freight rates to all Far East ports, Mediterranean ports, and Black Sea ports, Container News<\/a> reports. For the Eastern Mediterranean, the FAK rate will be USD 4.5k for 20 feet dry van (DV) containers and USD 6.4k per 40 feet DV containers. <\/p>\n

As for North Africa<\/strong>, the FAK for Algeria, Libya, and Tunisia will be USD 5.6k per 20 feet and USD 8k per 40 feet, while Morocco\u2019s will be USD 4.9k per 20 feet and USD 7K per 40 feet. The FAK rates will go in effect on 1 December 2024 until further notice but not beyond 14 December. <\/p>\n

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CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

Saudi Arabia will host the <\/strong>Saudi International Maritime Forum<\/a><\/strong> from Tuesday, 19 November <\/strong>to Thursday, 21 November<\/strong> in Damman. The exhibition looks to explore developments and challenges in the maritime landscape, touching on both regional and international maritime security concerns.<\/p>\n

Saudi Arabia will host the <\/strong>Saudi Rail Exhibition<\/a><\/strong> from Wednesday, 20 November to <\/strong>Thursday, 21 November<\/strong> in Riyadh. The two-day event will host an array of sessions guided by leading players, senior executives, and key decision makers in the rail 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":82563,"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":[264,23,49,39,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-airbus","tag-dp-world","tag-egypt","tag-jordan","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f31e8315-3cd9-44b3-b1bf-93f17610ab06","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/11\/2087.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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