{"id":83985,"date":"2025-01-27T00:00:00","date_gmt":"2025-01-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/01\/27\/today-egyptair-secures-egp-bns-for-fleet-expansion-a-flurry-of-aviation-ipo-updates\/"},"modified":"2025-01-27T00:00:00","modified_gmt":"2025-01-27T00:00:00","slug":"today-egyptair-secures-egp-bns-for-fleet-expansion-a-flurry-of-aviation-ipo-updates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/01\/27\/today-egyptair-secures-egp-bns-for-fleet-expansion-a-flurry-of-aviation-ipo-updates\/","title":{"rendered":"TODAY: EgyptAir secures EGP bns for fleet expansion + a flurry of aviation IPO updates"},"content":{"rendered":"

Good <\/strong>morning<\/strong>, folks. <\/strong>We have an aviation jampacked issue with new financing updates from EgyptAir and updates on Flynas and Etihad\u2019s IPO plans. Rail project advances in Kuwait and Iran are emerging. First, a quick look at industry events coming up this week\u2026<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

T<\/strong>he <\/strong>World Cargo Summit<\/a><\/strong> kicks off today and will run through Wednesday in <\/strong>Ostend, Belgium. <\/strong>The event focuses 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. The event features dozens of industry experts, executives, and leadership as speakers, including from our region, such as the CEO of Egyptair Cargo Ehab AlTahtawy, and Oman Air\u2019s Head of Cargo Mike Duggan.<\/p>\n

The <\/strong>ShipTek In<\/a><\/strong>ternational Conference<\/a><\/strong> will open its doors on<\/strong> Wednesday and wrap on <\/strong>Thursday <\/strong>in Dubai. <\/strong>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

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WATCH THIS SPACE-<\/p>\n

<\/a><\/strong>#1- <\/strong>ADQ\u2019s Etihad Airways is set to kick off a roadshow next week to market its IPO to both <\/strong>local and international investors<\/strong>, Reuters<\/a> reported on Friday, citing people it says have knowledge of the matter. The airline is reportedly looking to gauge investor appetite for the potential offering<\/a> of a 20% stake on ADX which could see it raise up to USD 1 bn in proceeds before the end of this quarter, the people said. If the plan moves forward, it would mark the first IPO by a GCC-born carrier since Kuwait\u2019s Jazeera went public in 2008.<\/p>\n

ADVISORS- <\/strong>ADQ reportedly tapped<\/a> Abu Dhabi Commercial Bank, Bank of America, BNP Paribas, and Morgan Stanley as joint bookrunners for the IPO, with HSBC Holdings, First Abu Dhabi Bank (FAB) and Citigroup said to be acting as financial advisors. <\/p>\n

A snapshot of 9M 2024: <\/strong>Etihad Airways saw its net income after tax climb 66% y-o-y to AED 1.4 bn<\/a> in 9M 2024, while its revenues were up 21.4% y-o-y to AED 18.4 bn on the back of 21% y-o-y growth in passenger revenues to AED 15.2 bn over the same period. <\/p>\n

THERE ARE OTHERS LINING UP- Saudi\u2019s <\/strong>Flynas\u2019 long-aw<\/strong>aited IPO could <\/strong>see <\/strong>the light of day this year: <\/strong>Budget airline Flynas is expected to receive final approval from the Capital Market Authority \u201csoon\u201d to take a 30% stake public, the company\u2019s CEO Prince Al Waleed Bin Talal told Al Arabiya<\/a> on the sidelines of the World Economic Forum (WEC) on Thursday. The company plans to go public this year, a separate source familiar with the matter told the news outlet. This comes after the company had initially planned to launch its IPO last year<\/a>.<\/p>\n

Background- <\/strong>Flynas is thought to have been mulling an IPO since 2008. It confirmed its IPO plans in April last year, having tapped Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for the offering in late 2023.<\/p>\n

AND LAST BUT NOT LEAST- ADX-listed logistics player <\/strong>Agility Global<\/a><\/strong> is mulling an IPO on Tadawul<\/strong>, CEO Tarek Sultan told Al Arabiya<\/a> last week, without providing details on the size or timeline of the offering. Meanwhile, the company is eying fresh projects in Riyadh and Jeddah, he added.<\/p>\n

ICYMI-<\/strong> Agility \u2014 which owns Dubai-based energy logistics firm Tristar \u2014 listed its operations and asset management unit, Agility Global, on the ADX in a technical listing back in May<\/a> last year.<\/p>\n

Agility\u2019s been on a roll: <\/strong>Agility signed a USD 1.4 bn credit facility agreement with several unnamed regional and global banks back in December<\/a> and is also looking into entering several uncommitted credit lines with banks as part of a refinancing strategy. The firm kicked off plans for the SAR 250 mn (c. USD 66.5 mn) expansion project at the Agility Logistics Parks warehousing complex in Riyadh back in October<\/a>. Its automation solutions subsidiary Transfora was chosen to develop<\/a> a digital operations platform for Egypt\u2019s Suez Canal Economic Zone during the same month. <\/p>\n

<\/a><\/strong>#2- Egypt could sign agreements next month to liquefy Cypriot gas in local facilities:<\/strong> French energy company TotalEnergies and Italian energy giant Eni and the Madbouly government will next month ink agreements to transport Cypriot gas to Egypt to be liquefied and exported, the AP<\/a> reported on Friday, citing unnamed officials. Cypriot President Nikos Christodoulides will visit Cairo on 17 February to oversee the signing of the agreements, he said in a post on X<\/a> on Friday.<\/p>\n

Where is the gas going? <\/strong>Gas coming from Cyprus\u2019 Cronos deposit will be exported to markets including Europe, while the future of gas coming from the Aphrodite field is still being discussed \u2014 gas from the field could be used to meet domestic demand or exported. <\/p>\n

REMEMBER-<\/strong> Back in September<\/a> , the Oil Ministry reported that TotalEnergies wanted to supply gas from its fields in Cyprus to Egypt for liquefaction and re-export as LNG or to be fed directly into the grid. This followed news that Egypt and Cyprus were considering establishing an energy corridor<\/a> that would see Cyprus send natural gas to Egypt to be liquified and exported to global markets.<\/p>\n

#3- <\/strong>Shipping giants <\/strong>to continue steering away from Red Sea:<\/strong> Shipping giants Maersk, CMA CGM, and Adnoc will continue to steer away from the Red Sea despite the Gaza ceasefire agreement and a vow by the Houthis<\/a> to halt attacks on non-Israeli-linked vessels, according to a Reuters<\/a> report on Friday and statements here<\/a> and here<\/a>. Maersk said there is still a high-security risk for commercial vessels operating in the Red Sea, while CMA CGM said it will continue to reroute around the Cape of Good Hope, although adjustments could be made on a case-by-case basis. \u201cAs we speak today, we cannot say it's almost completely gone, and it's a go-ahead for all the fleet to go inside the Red Sea. As I said, there is a people's side of it, so we cannot risk our people going there while there is maybe a fragile ceasefire now,\u201d CEO of Adnoc Abdulkareem Al Masabi told Reuters.<\/p>\n

ICYMI-<\/strong>Mediterranean Shipping Company (MSC) will also continue to avoid the Red Sea<\/a> and reroute its vessels around the Cape of Good Hope. <\/p>\n

REMEMBER- S<\/strong>ome expect Suez Canal traffic to normalize within weeks<\/strong>, including Suez and Red Sea Navigation Chamber head Abdel Qader Gaballa, who told EnterpriseAM last week that some shipping lines could return to the Red Sea in two to three weeks<\/a>, assuming the recently brokered Gaza truce holds. That includes DP World, whose deputy chief executive Yuvraj Narayan told Reuters last week that ships with no Israeli links could return to the Red Sea \u201cin as little as two weeks.\u201d<\/p>\n

#4- <\/strong>Saudi <\/strong>will start hosting a regular high-level World Economic Forum meeting in<\/strong> Riyadh<\/strong>, with the first one scheduled for the spring of 2026, Economy Minister Faisal Alibrahim and WEF President B\u00f8rge Brende announced on the final day of WEC in Davos, SPA<\/a> reported on Friday. \u201cHosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become,\u201d Alibrahim said.<\/p>\n

#5- Regional + <\/strong>international players eye investments in Bengali ports: <\/strong>DP World and Danish shipping firm Maersk are looking to invest in Bangladesh's shipping industry to help the country develop new ports and position it as a global export hub, Maritime Gateway<\/a> reported on Saturday. The move would see DP World invest in a new mooring container terminal at Chittagong Port to boost efficiency and reduce congestion, while Maersk is looking into investing in Laldia Container Terminal. <\/p>\n

ALSO- Saudi<\/strong>-based maritime firm is interested: <\/strong>Saudi firm Red Sea Gateway Terminal (RSGT) plans to invest up to USD 200 mn in Chittagong Port\u2019s Patenga Container Terminal \u2014 which it already manages through a 22-year concession<\/a> \u2014 to expand its handling capacity, RSGT Executive Chairman Aamer A Alireza said. The firm has reportedly placed a USD 25 mn order for hybrid container handling cranes from China and is looking to make another order for the same figure in the weeks to come, says the news outlet.<\/p>\n

\u2026 and Matarbai Port: <\/strong>RSGT also expressed interest in expanding Bangladesh\u2019s Matarbai Port, BSS<\/a> reported on Friday, citing talks between<\/a> Alireza and Bangladesh\u2019s Chief Adviser Muhammad Yunus on the sidelines of the World Economic Forum. <\/p>\n

<\/a><\/strong>#6- <\/strong>DP <\/strong>World eyes USD 1 bn expansion in Peru: <\/strong>DP World is mulling an investment of more than USD 1 bn to expand port infrastructure in Peru, Reuters<\/a> reported on Thursday, citing the Peruvian government\u2019s statement on X<\/a>. The statement followed a meeting between Peruvian President Dina Boluarte and DP World CEO Sultan Ahmed bin Sulayem at the World Economic Forum in Davos.<\/p>\n

The proposed expansion aims to boost agricultural exports and create jobs<\/strong>, supporting the South American nation\u2019s economic potential. DP World currently operates the southern dock of Callao port \u2014 Peru\u2019s largest port \u2014 and is evaluating further investment opportunities within its Peruvian operations, the company stated.<\/p>\n

ICYMI-<\/strong>DP World has been ramping up its investments in Peru, completing a USD 400 mn<\/a>expansion<\/a> of the Bicentennial Pier at the Port of Callao in mid-2024, and earmarking USD 540 mn in investments<\/a> across Ecuador and Peru. The Port of Callao<\/a> handles almost 90% of Peru\u2019s container traffic, with DP World managing around 60% of the port\u2019s containerized cargo.<\/p>\n

REMEMBER<\/strong>- Saudi have eyes on Latin America\u2019s logistics sector: <\/strong>Saudi Arabia is mulling<\/a>setting up joint logistics zones<\/a> in Latin America to enhance trade cooperation and overcome logistics hurdles in the continent, VP of the Executive Committee of the Saudi-Latin American Business Council Waad bint Abdulaziz Abu Nayan said earlier this month. The zones will address supply chain challenges posed by the great distance between Saudi Arabia and Latin America, which can lead to supply chain delays, especially in sectors such as renewable energy, mining, and food products, she added.<\/p>\n

<\/strong>#7- <\/strong>The Kingdom <\/strong>pledged an additional USD 600 bn package to increase its investment and trade <\/strong>portfolios with the US over the next four years<\/strong>, Saudi Crown Prince Mohammed bin Salman told newly-inaugurated US President Donald Trump on a phone call, SPA<\/a> reported on Thursday. The ticket is liable to increase if new prospects become available, the crown prince added. <\/p>\n

What\u2019s in the package? <\/strong>Details are scant, but Saudi Economy Minister Faisal Alibrahim said at Davos that the ticket will include investments as well as more public and private sector procurement, Reuters<\/a> reported on Thursday. Potential allocations could include US-made defense systems as well as more non-oil cooperation in the form of sports ventures and new acquisitions by PIF in American companies, AP<\/a> speculates.<\/p>\n

A hefty sum, even for Saudi:<\/strong> The planned four-year investment package comes as PIF plans to allocate more spending to local initiatives as it eyes USD 70 bn in local investments by 2026<\/a> as part of a pivot away from investments abroad. The committed investment package \u201cis large, even by the standards of oil-rich Saudi Arabia,\u201d Bloomberg<\/a> wrote on Thursday. <\/p>\n

\u2026 and Trump wants more: <\/strong>\u201cI'll be asking the Crown Prince, who's a fantastic guy, to round it out to around USD 1 tn,\u201d Potus told the WEC<\/a> via videoconference on Thursday. The president also remarked to reporters today that his first international trip could be to Saudi, according to Reuters<\/a>.<\/p>\n

The Kingdom has already invested USD 770 bn in the US so far<\/strong>, Saudi Finance Minister Mohammed Al Jadaan told Bloomberg (watch, runtime: 8:01)<\/a> last week. The minister\u2019s tally presumably includes agreements<\/a> worth more than USD 110 bn of immediate investments, to increase to USD 350 bn over 10 years, which were signed early in Trump\u2019s first term in the White House during his historic visit to Saudi in 2017.<\/p>\n

IN OTHER TRADE UPDATES- The <\/strong>UAE is eyeing mor<\/strong>e trade agreements in 2025: <\/strong>The UAE expects a major boost in trade relations in 2025, with plans to finalize a landmark trade agreement with Nigeria, along with Azerbaijan, Mercosur nations<\/a> , Thailand<\/a>, and the Philippines<\/a> in the coming months, Foreign Trade Minister Thani Al Zeyoudi told Bloomberg in an interview (watch, runtime: 2:54<\/a>) on the sidelines of the WEC on Thursday.<\/p>\n

The country has already signed 24 economic partnership agreements<\/strong>, with discussions underway for potential agreements with the European Union<\/a> and Mexico. The minister expects these agreements to contribute by 3.7-3.8% to the GDP by 2030.<\/strong><\/p>\n

The UAE\u2019s non-oil foreign trade grew over 14% in 2024<\/strong>, surpassing AED 2.8 tn for the first time, outpacing global averages fourfold. <\/p>\n

#8- <\/strong>Egypt has nearly completed construction on <\/strong>the quays at Tahya Misr 2 <\/strong>multipurpose terminal at Alexandria\u2019s Dekheila Port<\/strong>, according to a statement<\/a> released last week. Soil improvement work is also 40% complete, while dredging and sand collection for phase two is 64% finished. <\/p>\n

Stakeholder at hand: <\/strong>The Alexandria Port Authority inked an agreement with a global consortium of Hutchison Ports \u2014 a subsidiary of Hong Kong-based CK Hutchison Holdings \u2014 and Mediterranean Shipping Company (MSC) for the construction, management, operation, maintenance, and eventual handover of the terminal at Dock 100 at Dekheila Port. The terminal project will serve as part of an integrated logistics project to link the Red Sea and Mediterranean coasts through the Sokhna-Alexandria corridor. <\/p>\n

The details:<\/strong> The terminal will cover approximately 840k sqm and will have a quay length of 1.2k meters and a depth of 18 meters. It will handle an annual capacity of 1.5 mn TEUs, most of which will be transshipment containers. The terminal is being developed to accommodate vessels of up to 400 meters in length and a capacity of 24k containers. The project is also expected to create over 2k direct and indirect jobs.<\/p>\n

SOUNDS FAMILIAR? <\/strong>The Egyptian Finance Ministry\u2019s PPP unit revealed last year<\/a> that an investment ticket for a multipurpose terminal in Dekheila Port was estimated at USD 225 mn. <\/p>\n

#9- Iraq considers development options for Baghdad airport: <\/strong>Iraq is deliberating three options on offer from the International Finance Corporation (IFC) regarding the development of Baghdad International Airport, Ina<\/a> reported last week. The construction of an entirely new airport in the nation\u2019s capital is one option under discussion, with the other two involving the expansion of Baghdad\u2019s existing airport. No further details have been provided. A project to refurbish Iraq\u2019s Baghdad International Airport kicked off<\/a> in February last year, with the IFC backing and overseeing the initiative.<\/p>\n

REMEMBER-<\/strong> Iraq issued a two-stage public tender in July<\/a> for a private partner to operate and develop Baghdad International Airport under a PPP contract, which aims \u201cto modernize and rehabilitate the airport infrastructure, expand passenger and cargo terminal facilities.\u201d<\/p>\n

#10- <\/strong>Boeing says its 4Q losses<\/strong> will surpass market forecasts<\/strong>, having brought in revenues of USD 15.2 bn, falling short of the USD 16.6 bn Wall Street analysts expected, the Financial Times<\/a> reported on Thursday. The firm also burned through USD 3.5 bn, according to a preliminary filing<\/a>. The dip in 4Q revenue was due to a six-week-long machinist strike<\/a>, higher costs in its defense division, and cuts to its workforce, resulting in some USD 2.8 bn in charges. Boeing is scheduled to share its full-year earnings report this week.<\/p>\n

AND-<\/strong> Trump keeps Boeing <\/strong>737 Max<\/strong> production cap:<\/strong> A production cap on Boeing\u2019s 737 Max aircraft will be kept in place under the new Trump administration until US Transportation Department nominee Sean Duffy is confident that \u201ca production increase will not reduce the quality of the aircraft being produced,\u201d Reuters<\/a> reported on Thursday. The 38-planes-per-month production cap was instituted last year after a panel flew off<\/a> mid-flight on an Air Alaska Boeing 737 max 9.<\/p>\n

What's next for Boeing?<\/strong> Duffy plans to meet with Boeing\u2019s leadership at the \u201cearliest feasible moment,\u201d and will \u201ccontinue to hold them accountable to the action plan they developed, and which was accepted by the department,\u201d he added.<\/p>\n

\n

MARKET WATCH-<\/p>\n

#1-<\/strong> The Trump effect: <\/strong>Oil prices fell in early morning on the back of US President Trump\u2019s calls on Opec+ to lower prices and an increased threat of more sanctions on Russia amid a play to boost US production and snap up a larger oil market share, Reuters<\/a> reports. Brent crude futures were down USD 0.53 to USD 77.97 a barrel by GMT 04.30, while the more active US West Texas Intermediate (WTI) March contract dropped USD 0.50 to USD 74.16 a barrel.<\/p>\n

MORE CONTEXT- <\/strong>Trump called for Opec+ to lower oil prices during his speech at Davos last Thursday but Opec+ delegates see no reason to change their current policies as the risk of an oil surplus remains high due to China\u2019s faltering fuel demand<\/a>, Bloomberg<\/a> reported on Friday. The group is unlikely to add more oil to the market without clear signs of prolonged tightness, RBC Managing Director Helima Croft noted. Meanwhile, an Energy Aspects analyst echoed a similar sentiment, saying that \u201cmemories of 2018 and 2022\u201d are \u201cstill too strong, so they will need to see sustained tightness before agreeing to add supply.\u201d<\/p>\n

ALSO- Aramco is ramping up its trading activity<\/strong>, with the state-owned oil giant purchasing its first batch of US oil, WTI midland crude, through the trading window of S&P Global\u2019s Platts system, S&P Global crude and fuel oil market global director Joel Hanley told Reuters<\/a> last week.<\/p>\n

#2-<\/strong> Baltic index maintains downward trajectory<\/strong>:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 fell 46 points to 778<\/a> on Friday. The capesize index dropped 98 points to 983, while the panamax index fell 30 points to 774. The smaller supramax index increased by 15 points to 639.<\/p>\n

#3-<\/strong> The Drewry World Container Index fell 11%<\/strong> to USD 3,445 per 40-ft container on Thursday, according to the latest index readings<\/a>. Spot rates for 40-ft containers are now 67% below the previous pandemic peak but remain 143% above the pre-pandemic rate of USD 1.4k. The average composite index YTD is USD 3,798 per 40ft container, which is USD 924 higher than the 10-year average rate of USD 2,874.<\/p>\n

\n

DATA POINTS- <\/p>\n

#1- Morocco's Tanger Med Port saw a 18.8% y-o-y increase in the number of <\/strong>containers handled in 2024<\/strong>, reaching 10.24 mn, according to a report (PDF)<\/a> from the Tanger Med Port Authority (TMPA) released last week. The port also saw a 16.2% increase in tons of goods handled, reaching 142 mn tons. The number of trucks handled increased 8.1% to over 516k in 2024. The increase in traffic was mainly driven by industrial products, which rose by 6.8%, and agribusiness shipments, which grew by 7.2%. The number of vehicles exported through the port also increased 4% to over 600k. <\/p>\n

#2-<\/strong>Dubai\u2019s Road and Tran<\/strong>sport Authority (RTA) recorded a 34% y-o-y increase in the <\/strong>number of companies operating in the commercial transport sector in 2024<\/strong>, reaching 12.1k companies, Al Bayan<\/a> reports, citing RTA director general Mattar Al Tayer. The number of vehicles registered in the commercial and logistics sector increased by 31% y-o-y to more than 400k vehicles. <\/p>\n

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CIRCLE YOUR CALENDAR-<\/strong><\/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, a heavy lift workshop, a 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 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