{"id":83066,"date":"2024-12-12T00:00:00","date_gmt":"2024-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/12\/maritime-ports-storage-and-startup-watch-updates-from-uae-egypt-oman-and-qatar\/"},"modified":"2024-12-12T00:00:00","modified_gmt":"2024-12-12T00:00:00","slug":"maritime-ports-storage-and-startup-watch-updates-from-uae-egypt-oman-and-qatar","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/12\/maritime-ports-storage-and-startup-watch-updates-from-uae-egypt-oman-and-qatar\/","title":{"rendered":"Maritime, ports, storage, and startup watch updates from UAE, Egypt, Oman, and Qatar"},"content":{"rendered":"

SHIPPING + MARITIME-<\/p>\n

<\/strong>#1- Updates on E<\/strong>gypt\u2019s first <\/strong>ship scrapping yard: <\/strong>Egypt's Holding Company for Maritime and Land Transport and El Wehda Industrial Development will form a JV to oversee Egypt's first ship scrapping and recycling yard at Damietta Port<\/a>, according to a statement<\/a>. The two parties also signed an MoU to foster investment and commercial partnerships, especially in developing and managing dry bulk terminals at ports. <\/p>\n

Some changes since we heard about this in May: <\/strong>The project \u2014 which was originally set to cover 155k sq meters \u2014 will be built on a 2 mn sqm area next to Damietta Port, with facilities that can accommodate ships up to 400 m and a displacement weight of 40k tons. 1.5 mn tons of scrap is expected to be generated annually within the first five years of operations, fulfilling 66% of the local market's demand for scrap. In addition to shipbreaking, the project will also build and repair vessels. <\/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

#2- <\/strong>DP World to l<\/strong>aunch carbon reduction program: <\/strong>UAE-based port operator DP World will launch a Carbon Inset Program at its UK logistics hubs London Gateway and Southampton starting 1 January 2025, according to a statement<\/a>. The program will run for a six-month trial period, rewarding importers with 50 kg of CO2e of carbon credits for every loaded import container moved through DP World\u2019s UK terminals. The independently certified credits will be issued quarterly through DP\u2019s subsidiary Unifeeder to companies that cut indirect Scope 3<\/a> emissions in their supply chain operations. <\/p>\n

What are inset carbon credits? <\/strong>Inset credits are a type of carbon offset that companies earn when they take actions to internally lower emissions within their operations. The inset credits do not cover external projects like with traditional carbon credits, with things like tree planting projects. <\/p>\n

\n

PORTS-<\/p>\n

Moody\u2019s gives AD Ports A1 credit rating: <\/strong>Financial services firm Moody\u2019s Ratings has assigned the UAE\u2019s AD Ports Group with an initial A1 credit rating with a stable outlook on the back of the Group\u2019s robust financial performance and solid growth prospects, according to a press release<\/a>. This marks the Group\u2019s first credit rating by Moody\u2019s, but it previously received investment-grade credit ratings from other agencies, including Fitch and S&P Global. <\/p>\n

SOUND SMART- What is the A1 rating? <\/strong>The A1 rating is part of a rating system based on Moody\u2019s 21-notch global ratings scale \u2014 which ranges from Aaa to C. The A1 rating indicates upper-medium investment grade and low credit risk.<\/p>\n

\n

STARTUP WATCH- <\/p>\n

Oman debuts accelerator program for tech startups:<\/strong> Omani logistics provider Asyad Group has partnered with Omantel Innovation Labs to launch the Asyad accelerator program for tech startups in a bid to boost innovation, improve operational efficiency, and support the development of Oman\u2019s logistics industry, Muscat Daily<\/a> reports. The program has onboarded some 29 participating startups in a bootcamp that included a comprehensive training program that covered theoretical and practical aspects as well workshops that focused on business model development, financial planning, and project management. <\/p>\n

OTHER STORIES WORTH KNOWING THIS MORNING-<\/strong><\/p>\n