{"id":82944,"date":"2024-12-09T00:00:00","date_gmt":"2024-12-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/09\/a-slew-of-trade-projects-cargo-and-port-updates-from-all-around-the-region\/"},"modified":"2024-12-09T00:00:00","modified_gmt":"2024-12-09T00:00:00","slug":"a-slew-of-trade-projects-cargo-and-port-updates-from-all-around-the-region","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/09\/a-slew-of-trade-projects-cargo-and-port-updates-from-all-around-the-region\/","title":{"rendered":"A slew of trade, projects, cargo, and port updates from all around the region"},"content":{"rendered":"

TRADE- <\/p>\n

AfDB + TDB to streng<\/strong>then African trade financing: <\/strong>The African Development Bank Group (AfDB) has inked a USD 150 mn agreement with the Eastern and Southern African Trade and Development Bank (TDB) for a Trade Finance Unfunded Risk Participation Agreement (RPA) facility, according to a statement<\/a>. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What is it for? <\/strong>The RPA aims to strengthen intra-Africa trade and reduce the trade finance gap in Africa, according to the statement. The facility will support USD 1.8 bn of trade over the next three years, and guarantee cover of 50-75% of transactions in Low-Income Countries (LICs) and transition states. <\/p>\n

ICYMI:<\/strong> AfDB offered Morocco\u2019s Bank of Africa (BOA Group) USD 78.3 mn (EUR 70 mn) in October<\/a> to promote financing trade in Africa and an RPA facility worth EUR 50 mn. The funding should catalyze almost EUR 300 mn worth of trade over 3.5 years. <\/p>\n

\n

\n

ADDED kicks off TIP for imports and exports: <\/strong>Abu Dhabi Department of Economic Development launched the Abu Dhabi Trade Information Portal (TIP) to streamline import, export, and re-export procedures, in collaboration with Abu Dhabi Customs and Maqta Gateway, Wam<\/a> reported on Thursday. TIP provides details on regulations, fees, taxes, and procedures across all trade stages, including permits, licenses, and certifications. The details on transactions are provided using harmonized system codes, considering product specifics and transit methods.<\/p>\n

TIP\u2019s main features:<\/strong> The new portal offers templates for essential trade documents like bills of lading and certificates of origin. It also evaluates timelines and costs, potentially reducing customs compliance time by 50% and cutting operational costs by USD 100-1k per transaction, according to the organisation for economic co-operation and development. It also integrates the Abu Dhabi Export Gateway to help local businesses identify international markets.<\/p>\n

\n

\n

Zatca + <\/strong>Pakistan cooperate on trade customs: <\/strong>Saudi Arabia\u2019s Zakat, Tax, and Customs Authority (Zatca) inked an agreement with Pakistan on cooperation and mutual assistance in matters related to customs during the Zakat, Tax, and Customs Conference in Riyadh, Spa<\/a> reported last week. The agreement aims to promote trade by improving cooperation and providing administrative support in customs matters. It also highlights the sharing of expertise and best practices between the two countries to enhance their ability to implement advanced customs technologies.<\/p>\n

And a tax cooperation agreement with <\/strong>Morocco<\/strong>:<\/strong> Zatca signed an MoU with Morocco\u2019s Tax Authority to cooperate in tax administration, SPA<\/a> reported. The agreement seeks to share expertise in tax administration and leverage the strengths of both parties to transfer knowledge and skills in the field.<\/p>\n

ROADS-<\/p>\n

Dubai\u2019s Roads and Transport Authority (RTA) inaugurated a three-lane bridge linking <\/strong>Sheikh Rashid Road to Infinity Bridge<\/strong>, according to a statement<\/a>. A second bridge on Sheikh Rashid Road which will link Al Mina Intersection to Sheikh Rashid Road intersection with Sheikh Khalifa bin Zayed Street is scheduled to open in the first half of January.<\/p>\n

This project is part of the fourth phase of the Al Shindagha Corridor Improvement Project<\/strong>, which involves the construction of three bridges totaling 3.1 km in length, with a combined capacity of 19.4k vehicles per hour. The phase \u2014 which will ultimately reduce travel time along the corridor from 104 minutes to just 16 minutes by 2030 \u2014 is now 71% complete.<\/p>\n

\n

ZONES-<\/p>\n

SCZo<\/strong>ne + Henneway to launch project in West Qantara Zone:<\/strong> Egypt\u2019s General Authority of the Suez Canal Economic Zone (SCZone) has started construction on a USD 50 mn project for Chinese company Henneway in Qantara West Industrial Zone to manufacture travel luggage on an area of 120k square meters, according to a statement<\/a>. \u201cIn addition to the luggage project, six projects were contracted in the past period, with a total investment of USD 271 mn, on a total area of 614k sqm, and providing more than 12k job opportunities, and contracts are underway for the other three projects,\u201d SCZone Chairman Waleid Gamal El-Dien said. <\/p>\n

\n

STORAGE + WAREHOUSES-<\/p>\n

KPC eyes India\u2019s SPR project: <\/strong>Kuwait Petroleum Corporation (KPC) is looking to store crude oil in India\u2019s strategic petroleum reserve (SPR) project to boost the country\u2019s energy security, the Economic Times<\/a> reported on Thursday, quoting the Ministry of External Affairs. The cooperation would see KPC expand its crude oil capacity in SPR\u2019s second phase, which includes developing caverns with a 4 mn metric ton capacity in Chandikhol and 2.5 mn in Padur. The Kuwaiti firm is joining the UAE\u2019s Adnoc and Saudi\u2019s Aramco as potential participants in the second phase of the project. <\/p>\n

\n

CARGO- <\/p>\n

EgyptAir Cargo + Unilode partner up on cargo services: <\/strong>Egypt\u2019s flagship carrier\u2019s cargo arm EgyptAir Cargo has inked a full-service container management agreement with Switzerland-based Unilode Aviation Solutions, where EgyptAir Cargo will receive digital cargo containers (PMC and PAG), according to a statement<\/a> released last week. The agreement also aims to boost operational efficiency and functional data analysis by leveraging the E-ULD application and Unilode\u2019s customer intelligence platform. <\/p>\n

\n

RAIL-<\/p>\n

Iraq getting <\/strong>a new railway line: <\/strong>Iraq\u2019s Transport Ministry will construct a new railway line in Baghdad to improve the transportation infrastructure and reduce traffic congestion in the country\u2019s capital, INA<\/a> reported last week. The ministry announced the removal of all railway lines within Baghdad and their replacement with a bypass line extending from Al-Yousfiya to the Taji area. This aims to eliminate the conflicts caused by the old routes and enhance efforts to ease traffic congestion in the capital.<\/p>\n

ICYMI-<\/strong> The General Company for Iraqi Railways has issued a tender<\/a> for the completion and restoration of the Baghdad-Baiji railway line. <\/p>\n

\n

PORTS-<\/p>\n

Soha<\/strong>r Port + Allied Container expand agreement: <\/strong>Sohar Port and Freezone has inked a USD 2.6 mn expansion agreement with Allied Ondock Container Services, a subsidiary of Singapore\u2019s Allied Container Group, according to a statement<\/a> released last week. Allied Ondock initially signed an agreement in June 2023<\/a> with Sohar Port to provide container depot services.<\/p>\n

The details:<\/strong> The agreement adds two hectares to the initial three hectares for a new container depot. Allied Ondock will facilitate the transfer of containers from Hutchison Ports Sohar, unloading cargo at their warehouse before returning the empty containers. The depot will enhance warehousing capacity to support over 20 shipping lines weekly, according to the statement. <\/p>\n

IN OTHER SOHAR PORT NEWS- <\/strong>Oman\u2019s Sohar Port has broken ground on a RO 115.4 mn polymer production <\/strong>facility<\/strong>, which is set to be operational in 1Q 2026, Times of Oman<\/a> reports. The 240k sqm facility \u2014 set to be the second-largest in the world \u2014 will produce polyacrylamide and monomers and aims to boost the development of downstream industries in the petrochemical complex at Sohar Port and freezone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stories on our radar this morning from around the region<\/p>\n","protected":false},"author":1,"featured_media":82945,"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":[63],"tags":[62,145,49,345,160,150,142,37,31,207,32,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-aviation","tag-egypt","tag-egyptair","tag-kuwait","tag-morocco","tag-oman","tag-ports","tag-saudi-arabia","tag-storage-warehouses","tag-trade","tag-uae","wpautop","entry"],"acf":{"mongo_id":"f796a519-a52d-476c-897a-8a2874d86bba","order":"15","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/868.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A 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