{"id":96187,"date":"2026-05-21T00:00:00","date_gmt":"2026-05-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/?p=96187"},"modified":"2026-05-21T06:07:55","modified_gmt":"2026-05-21T06:07:55","slug":"today-uk-and-gcc-seal-multi-bn-pound-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2026\/05\/21\/today-uk-and-gcc-seal-multi-bn-pound-agreement\/","title":{"rendered":"TODAY: UK and GCC seal multi-bn-pound agreement"},"content":{"rendered":"

Good<\/strong> morning, wonderful people.<\/strong> We wrap up the week with capital doing what it does best \u2014 moving. Leading our issue is the landmark trade agreement between the Gulf and the UK, which is said to add bns to the UK economy annually. We\u2019ve also got Qatari bn\u2019aire brothers eyeing Ethiopia\u2019s new airport and a major highway project in the DRC, and QNB Egypt lining up an EGP 11.98 bn syndicated loan for the East Port Said Port expansion.<\/p>\n

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Watch this space<\/p>\n

<\/a> SUPPLY CHAINS \u2014<\/strong> Fujairah is tightening the links between its <\/strong>ports, freezones, <\/strong>and logistics ecosystem<\/strong>, with AD Ports subsidiary Fujairah Terminals signing three land agreements with Fujairah International Airport, Fujairah Freezone Authority, and Al Dahra Agriculture Trading, state news agency Wam<\/a> reports.<\/p>\n

The details: <\/strong>The combined 130k-sqm footprint is aimed at expanding logistics capacity and creating more integrated movement between port, industrial, and adjacent infrastructure.<\/p>\n

Why now? <\/strong>The agreements are aimed at unlocking new trade windows with regional and international markets and come amid a wider drive to make use of Fujairah\u2019s Hormuz-bypassing eastern corridor. Borouge and AD Ports are looking at exporting petrochemicals<\/a> via Fujairah, and Adnoc is accelerating plans<\/a> to develop its West-East pipeline.<\/p>\n

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<\/a><\/strong> SHIPPING<\/strong> \u2014 Russian barrels get another pass: <\/strong>The US Treasury extended<\/a> a 30-day sanctions waiver allowing countries to access Russian crude and petroleum products already stranded at sea. This marks the second extension of a measure first introduced in March<\/a> to help ease pressure in oil markets. The waiver applies only to Russian barrels already loaded onto vessels, not newly produced exports.<\/p>\n

Why it matters: <\/strong>The extension is designed to support \u201cenergy-vulnerable\u201d countries that have faced challenges securing Gulf supplies amid disruptions in Hormuz. It effectively acts as a pressure valve for the physical crude market, redirecting stranded cargoes toward countries most exposed to supply shortages.<\/p>\n

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<\/a><\/strong> STORAGE \u2014 US blockade drives surge in Iranian floating storage: <\/strong>The US naval blockade is forcing Iran to park increasing volumes<\/a> of crude and petrochemicals on ageing tankers in the Gulf, with 39 laden vessels now anchored in the region, up from 29 before the restrictions took effect last month. A further 13 suspected tankers are moored off Chabahar, just inside the de facto blockade line, while the largest concentration remains around Kharg Island \u2014 where 20 vessels are now idling near Iran\u2019s main export hub, up from six a month earlier.<\/p>\n

The shift is effectively converting an export squeeze into a storage crisis. <\/strong>Iran\u2019s floating stockpiles in the Middle East have risen to about 42 mn barrels, up roughly 65% since the conflict began, while onshore storage is estimated to be around 64% full after a further build-up.<\/p>\n

Floating storage is providing only limited relief:<\/strong> Analysts estimate Iran still has spare tanker capacity that could absorb tens of mns of additional barrels, but onshore space is tightening, suggesting the buffer may only last weeks if disruptions persist.<\/p>\n

\n

Market watch<\/p>\n

Oil prices rose this morning as supply concerns offset US-Iran peace talk optimism<\/strong>, Reuters<\/a> reports. Brent crude futures increased USD 0.78 to trade at USD 105.80 \/ bbl by 03.41 GMT, while US West Texas Intermediate (WTI) gained USD 0.84 to USD 99.10 \/ bbl.<\/p>\n

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The Baltic Index extends downturn: <\/strong>The Baltic Exchange\u2019s dry bulk index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 was down 1.6%<\/a> to 3,005 points on Wednesday. The capesize dipped 1.4% to 4,880 points, while the panamax index declined 3.5% to 2,374. The smaller supramax shed 0.1% to 1,566 points.<\/p>\n

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Data point<\/p>\n

5.5 mn barrels \u2014 that\u2019s how much jet fuel Oman <\/strong>exported<\/a><\/strong> in 1Q 2026<\/strong>, up 7.6 y-o-y. The increase came as Oman\u2019s aviation fuel production rose to nearly 6.7 mn barrels from 6.2 mn a year earlier, while domestic sales climbed to 1.1 mn barrels from 940.1k.<\/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 10:15am 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>, and the UAE<\/a><\/a> ? ***<\/strong><\/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":96188,"comment_status":"closed","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":[980],"tags":[17,37,129,16,21],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-2","tag-enterprise-logistics","tag-ports","tag-uae","tag-what-were-tracking-today","tag-zones","wpautop","entry"],"acf":{"mongo_id":"1c059887-7874-429c-8200-aa72becec6f8","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/5\/1130.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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