{"id":83050,"date":"2024-12-12T00:00:00","date_gmt":"2024-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/12\/today-a-new-cargo-terminal-for-auh-tamer-group-to-launch-a-new-saudi-logistics-park\/"},"modified":"2024-12-12T00:00:00","modified_gmt":"2024-12-12T00:00:00","slug":"today-a-new-cargo-terminal-for-auh-tamer-group-to-launch-a-new-saudi-logistics-park","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/12\/today-a-new-cargo-terminal-for-auh-tamer-group-to-launch-a-new-saudi-logistics-park\/","title":{"rendered":"TODAY: A new cargo terminal for AUH + Tamer Group to launch a new Saudi logistics park"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s a busy end to the week in the regional logistics industry and we have the latest on AUH\u2019s new cargo terminal, a new logistics park pegged for development in Saudi, and a pile of trade updates from around the region. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>Algeria plans to build a <\/strong>2.4k<\/strong> km railway network linking the <\/strong>northern and the southern parts of the country<\/strong>, Zaywa<\/a> reports, citing comments made by The National Agency for Studies and Monitoring of Railway Investment\u2019s information head Abdul Qadir Mazar to Algeria Press Service. The agency will prepare technical and feasibility studies for the project, but no timeline has been disclosed. Studies for nearly 1.1k km of the rail line have been conducted. <\/p>\n

The details: <\/strong>Part of the line will link the capital Algiers on the Northern Mediterranean coast and Tamanrasset on the Southern border with Niger, while a second parallel line will link the two regions and pass through 10 provinces, Mazar said.<\/p>\n

#2- DFM-listed GulfNav\u2019s acquisition of companies and assets owned by Brooge Energ<\/strong>y has been valued at AED 3.24 bn<\/strong>, Al Khaleej<\/a> reports, adding that the maritime player will discuss the acquisition in a general assembly meeting on 2 January, 2025. The acquisition will see GulfNav issue AED 2.3 bn in mandatory convertible bonds for Brooge. <\/p>\n

Background: <\/strong>Gulfnav is currently in the final stages<\/a> of the acquisition of Brooge Petroleum and Gas Investment from Brooge Energy, with plans to close the acquisition by 1Q 2025. GulfNav had previously provided the Securities and Commodities Authority with the required documents for the transaction in October. The acquisition has been in the works for more than a year, with an initial proposal submitted in October 2023, and board approval coming in September. The transaction, if it goes ahead, will be a share swap, with GulfNav\u2019s board having approved an AED 448.5 mn capital increase \u2014 equivalent to the value of the shares that will be issued to Brooge.<\/p>\n

<\/a>#3- UAE-Mercosur trade agreement in 2025?<\/strong> Discussions for an economic partnership agreement between the UAE and Mercosur \u2014 the South American trade bloc comprising Brazil, Argentina, Uruguay, and Paraguay \u2014 are \u201cprogressing rapidly and should be concluded by 2025,\u201d Brazil-Arab News Agency<\/a> quotes Brazil\u2019s President Luiz In\u00e1cio Lula da Silva as saying during a summit last week.<\/p>\n

REMEMBER-<\/strong> International Cooperation Minister Reem bint Ebrahim Al Hashimy visited Uruguay in July<\/a> to review the progress of the negotiations for the agreement, following the completion of the first negotiation round at the start of the month. The latest round of negotiations was held in Uruguay\u2019s capital, Montevideo last month.<\/p>\n

<\/a>#4- The first round of GCC-Japan freetrade talks wrap today<\/strong> with Deputy Governor of the Saudi General Authority of Foreign Trade Farid Al Asali leading the Saudi team at the negotiations, SPA<\/a> reports. The Kingdom\u2019s delegation includes nine technical groups specializing in goods, services, e-commerce, intellectual property, and other areas. Saudi-Japanese trade hit USD 41 bn last year, with minerals and organic chemicals leading Saudi exports, while cars and machinery led imports from Japan.<\/p>\n

#5- Cambodia eyes rice export to the Kingdom: <\/strong>Cambodian Senate President Hun Sen called on Saudi investors to set up rice milling, storage, and packaging facilities in Cambodia as the country eyes expanding its rice export market in the region, with a focus on Saudi Arabia, according to Khmer Times<\/a>. Hun recently met<\/a> with chairman of the Consultative Assembly of Saudi Arabia Abdullah Al Sheikh.<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1-<\/strong> Oil prices stayed steady in early morning trading as weak demand forecasts and an <\/strong>unanticipated rise in US inventories hampered earlier gains<\/strong>, Reuters<\/a> reports. Brent crude futures rose USD 0.14 to trade at USD 73.66 a barrel by GMT 05.19, while US West Texas Intermediate (WTI) rose USD 0.06 to USD 70.35 a barrel. Both benchmarks rose over USD 1 each yesterday.<\/p>\n

#2- Opec slashed this year\u2019s oil demand growth forecast by 210k bbl \/ d to 1.6 mn bbl \/ d<\/strong>, after accounting for \u201crecently received bearish data for 3Q 2024\u201d in its latest outlook report (pdf)<\/a>. The cuts mark the deepest reduction seen so far to the yearly outlook, slashing expectations for 2024 by 27% since July as it \u201cbelatedly recognizes the deteriorating market picture,\u201d Bloomberg<\/a> explained. Opec now sees global oil consumption averaging 103.8 mn bbl \/ d this year, and trimmed next year\u2019s growth estimate by 90k bbl \/ d to 1.4 mn bbl \/ d.<\/p>\n

The cartel\u2019s growth forecasts for this year remain substantially higher than those of other <\/strong>analysts<\/strong>, standing at double the numbers cited by Morgan Stanley and Goldman Sachs while also exceeding the International Energy Agency and Saudi Aramco\u2019s estimates. <\/p>\n

#3- <\/strong>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 4.3%<\/a> to 1,106 points yesterday, driven by low rates across all vessel segments. The capesize index dipped 126 points to 1,377 points, while the panamax index fell 24 points to 1,053 points. The smaller supramax index slipped five points to 962 points.<\/p>\n

\n

PSA-<\/p>\n

Hapag-Lloyd rolls out GRI: <\/strong>Shipping giant Hapag-Lloyd will implement a general rate increase (GRI) to USD 1k per container for shipments from the Middle East and the Indian Subcontinent to North America effective 15 January 2025, according to a statement<\/a>. The rate increase will apply to all cargo transported in 20\u2019 and 40\u2019 dry containers, reefers and special containers, including high cube equipment. It will affect shipments traveling to the US and Canada from the UAE, Qatar, Bahrain, Oman, Kuwait Iraq, Saudi Arabia, Jordan, India, Pakistan, Bangladesh, and Sri Lanka.<\/p>\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

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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

Switzerland will host the <\/strong>World Economic Forum Annual Meeting<\/a><\/strong> from Monday, 20 <\/strong>January to Friday, 24 December <\/strong>in Davos. The conference \u2014 under the theme Collaboration for the Intelligent Age \u2014 will gather global leaders to address geopolitical shocks and stimulate growth across five thematic priorities; rebuilding trust, reimagining growth, investing in people, safeguarding the planet, and industries in the intelligent age. <\/p>\n

Belgium will host the <\/strong>World Cargo Summit<\/a><\/strong> from Monday, 27 January to Wednesday, <\/strong>29 January <\/strong>in Ostend. The event will focus on air cargo economics, strategy, and market trends with a specific focus on how the industry will tackle disruptions and how firms can adapt their business models. <\/p>\n

The UAE will host the <\/strong>ShipTek International Conference<\/a><\/strong> from Wednesday, 29 <\/strong>January to Thursday 39 January<\/strong> in Dubai. The two-day conference will gather industry experts, including managing director at Hapag-Lloyd Carolin Stumm, CEO Adani Ports Nicolai Friis, VP International Maritime Industries Justin Taylor, CEO Tristra Tim Coffin, and others to discuss new tech and developments in the maritime industry.<\/p>\n

The UAE will host the <\/strong>Middle East Bunkering Convention<\/a><\/strong> from Monday, 3 February <\/strong>to Wednesday, 5 February<\/strong> in Dubai. The event will focus on the marine fuels sector to address the future of the industry in light of geopolitical issues, environmental regulation, and the future of artificial intelligence and digitalization.<\/p>\n

Saudi Arabia will host the <\/strong>Airport Expansion Conference<\/a><\/strong> from Tuesday, 4 February <\/strong>to Wednesday, 5 February<\/strong> in Riyadh. The two-day conference will feature over 30 speakers to discuss challenges faced by Saudi Airports and highlight Saudi Arabia\u2019s Vision 2030 with a clear focus on expansion, tech, and strategic partnerships. <\/p>\n

The UAE will host the <\/strong>Middle East Breakbulk Conference<\/a><\/strong> from Monday, 10 February <\/strong>to Tuesday, 11 February <\/strong>in Dubai. The event gathers giant manufacturers, EPCs, and service providers to discuss the latest solutions in breakbulk and heavy-lift logistics across the Middle East and Africa. The two-day event features an artificial intelligence (AI) seminar, heavy lift workshop, chartering workshop, and a women in breakbulk panel.<\/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":83051,"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":[167,121,31,32,129,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-algeria","tag-rail","tag-saudi-arabia","tag-trade","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"45a4f24b-f71b-4298-a322-067d07f471e0","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/12\/1207.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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