{"id":115431,"date":"2026-04-15T00:00:00","date_gmt":"2026-04-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=115431"},"modified":"2026-04-15T02:46:00","modified_gmt":"2026-04-15T02:46:00","slug":"this-morning-could-egypt-lease-red-sea-crude-storage-to-ad-ports-is-mubadala-selling-off-brazils-second-largest-refinery_storytags_-logistics-logistics-egypt-ad-ports-ad-ports-grou","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/04\/15\/this-morning-could-egypt-lease-red-sea-crude-storage-to-ad-ports-is-mubadala-selling-off-brazils-second-largest-refinery_storytags_-logistics-logistics-egypt-ad-ports-ad-ports-grou\/","title":{"rendered":"THIS MORNING: Could Egypt lease Red Sea crude storage to AD Ports? + Is Mubadala selling off Brazil\u2019s second-largest refinery?!_StoryTags_! LOGISTICS, logistics, Egypt, AD Ports, AD Ports Group, ENERGY, Oil & Gas, Adnoc, Mubadala, DP World,"},"content":{"rendered":"

Good morning, lovely people, and happy hump day. <\/strong>Today, we\u2019re looking at how the UAE\u2019s position as a high-net-worth individuals\u2019 darling could be changing this year. <\/p>\n

The story is not straightforward: <\/strong>Despite many having left and large outflows expected, there\u2019s still a lot of uncertainty about how permanent their exits are, and whether inquiries and contingency planning are more about optionality than anything else, analysts tell us. We dive into this in this morning\u2019s Big Story Today.<\/p>\n

Meanwhile<\/strong>, business sentiment<\/strong> in the UAE and Saudi Arabia is holding strong<\/strong>, despite geopolitical turmoil, according to an HSBC global business leaders survey. One major finding is that 93% of the surveyed investors plan to boost cross-border trade or investment over the next five years. We have more on this below.<\/p>\n

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<\/a> <\/p>\n

PSA<\/p>\n

N<\/strong>urseries will begin reopening their doors this week<\/strong>, according to an X post<\/a> from authorities. Facilities in commercial locations and government premises will be back first, while other nurseries will shift to the home-based nursery service<\/a> operating model for now.<\/p>\n

Look out for updates on schools and universities today<\/strong>, authorities said. So far, schools and universities in Dubai are set to remain remote until at least 17 April<\/a>.<\/p>\n

WEATHER- It\u2019s another breezy day<\/strong>, with a chance of light rainfall and blowing winds west and south of the country. Look for a high of 29\u00b0C in Dubai and a low of 21\u00b0C, and a high of 31\u00b0C and low of 22\u00b0C if you\u2019re in Abu Dhabi.<\/p>\n

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Watch this space <\/p>\n

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<\/a> LOGISTICS \u2014 <\/strong>Egypt could potentially lease crude storage on the Red Sea to<\/strong> AD Ports<\/strong>, Asharq Business<\/a> reports, citing a government official. Talks are underway to rent out warehouses for crude oil and refined products \u2014 with both sides aiming to close before the end of 2Q. <\/p>\n

What\u2019s on the table? <\/strong>Negotiations are pinning down the number of storage units, where they sit, and how they\u2019re priced, Asharq said. Monthly and annual leases are on the table.<\/p>\n

Why this<\/strong> matters<\/strong>: <\/strong>With flows through Hormuz disrupted, regional logistics is short on routes and long on stranded barrels \u2014 with onshore stocks rising by 20 mn barrels in the region \u2014 shifting value from transit to storage. Egypt, meanwhile, has around 29 mn barrels of spare storage across its main ports, making it a favorable option for traders. <\/p>\n

Inventory is already on the market: <\/strong>Egypt offered 10 crude and petroleum storage facilities for lease on the Red Sea, aiming to attract oil deliveries from Saudi Arabia, Kuwait, Iraq, and Qatar, while doubling storage capacity at its Sumed- and Ras Badran-associated facilities, a senior government official previously told us<\/a>.<\/p>\n

What\u2019s the latest on Hormuz anyway?<\/strong> So far, movement has continued to trickle through the Strait of Hormuz despite the US blockade, with some heading to the UAE. A US-sanctioned Chinese tanker has passed through the Strait of Hormuz since US President Donald Trump\u2019s blockade began, according to shipping data<\/a>. The tanker was heading to the UAE\u2019s Hamriyah port.<\/p>\n

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<\/a> ENERGY \u2014 Arab G<\/strong>ulf oil producers can restore<\/strong> 50% of their shut capacity in just two <\/strong>weeks once the Strait of Hormuz reopens<\/strong> and can ramp that up to 80% just a month later, Bloomberg<\/a> cites the International Energy Agency as saying in its last monthly oil report. The resumption would be contingent on companies mobilizing workers, contractors, and stabilizing supply chains. <\/p>\n

The final 20%? <\/strong>That might take longer to restore, primarily due to reduced pressure in the fields and other technical constraints. <\/p>\n

But it\u2019s not so easy: <\/strong>Reopening Hormuz has become more complicated after the US naval blockade<\/a> took effect earlier this week, pushing crude briefly past USD 100 a barrel and putting regional producers on high alert after Tehran threatened to retaliate against wider maritime infrastructure.<\/p>\n

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LOGISTICS \u2014 AD Ports goes all-in on the Middle Corridor with<\/strong> Romania<\/strong> agreement: <\/strong>AD Ports Group signed a strategic agreement with Romania\u2019s National Company Maritime Ports Administration to modernize the Port of Constan\u021ba, the Black Sea\u2019s largest maritime hub, according to a statement<\/a>. The agreement opens the door to joint work on port development, digitalization, and sustainability \u2014 spanning renewable energy, waste management, and emission cuts. <\/p>\n

Why this matters:<\/strong> By expanding into Constan\u021ba, AD Ports is extending its presence along the Middle Corridor, building on recent investments across Central Asia and the Caucasus. The Black Sea port offers a potential link between these inland assets and European markets, supporting the development of an alternative east-west trade route. <\/p>\n

Location, location, location:<\/strong> Constan\u021ba\u2019s position on the Black Sea \u2014 and at the center of the Danube-Black Sea Canal \u2014 makes it a critical gateway between maritime routes and inland Europe. The port handled 88 mn tonnes of cargo and around 1 mn TEUs in 2025, cementing its role as a multimodal hub for trade flows, particularly grains moving out of Eastern Europe and Central Asia.<\/p>\n

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<\/a> M&A WATCH \u2014 Mubadala-Petrobras talks back on:<\/strong> Brazil\u2019s state-owned energy firm Petrobras is back in early-stage talks to buy Brazil\u2019s Mataripe oil refinery back from Mubadala, with an agreement potentially on the table before year-end, Reuters<\/a> reports, citing sources with knowledge of the matter.<\/p>\n

Mataripe <\/strong>is Brazil's second-biggest refinery<\/strong>, and despite having a capacity of 300k bbl per day<\/a>, or 14% of the country\u2019s total refinery capacity, is currently operating under capacity.<\/p>\n

Refresher: <\/strong>Petrobras was finalizing due diligence in 2024<\/a> to re-acquire the refinery from Mubadala after selling it for USD 1.65 bn in 2021. Talks stalled a month later<\/a>, and the matter was downplayed as \u201cnot a priority\u201d by Petrobras, even as investors in Acelen, the company Mubadala set up to run the refinery, grew uneasy<\/a>. Despite the pause, analysts have maintained the transaction is \u201cmore likely to happen than not.\u201d<\/p>\n

Why now? <\/strong>The renewed push comes as Brazil looks to ease refining bottlenecks. Mataripe is operating at around 60% capacity, while Petrobras\u2019 own plants are near full utilization, adding urgency as diesel prices climb.<\/p>\n

As for Mubadala<\/strong>, the sovereign wealth fund has been restructuring its Brazil portfolio, having recently closed its third Brazil fund of nearly USD 1 bn<\/a>. Towards the end of last year, it acquired 60.3% of an infrastructure firm<\/a>, and was also reported to be eyeing taking over a Brazilian fintech<\/a>. <\/p>\n

<\/a> Meanwhile, Adnoc is close to acquiring Shell\u2019s fuel retail network in South Africa: <\/strong>Abu Dhabi National Oil Company (Adnoc) is in advanced talks to acquire Shell\u2019s fuel retail network in South Africa, Bloomberg<\/a> reports, citing people it says are familiar with the matter. The transaction could be worth around USD 1 bn and close as early as this quarter.<\/p>\n

Why Shell is selling: <\/strong>Shell is continuing to offload non-core assets globally. Shell and BP sold the Harmattan gas field in the Mediterranean last November<\/a> to Arcius Energy, a JV between BP and Adnoc\u2019s investment arm XRG.<\/p>\n

For Adnoc, this is about global reach: <\/strong>The acquisition would give Adnoc roughly 10% of the market in Africa\u2019s largest economy, extending its push into downstream and retail beyond the Gulf and reinforcing a broader overseas expansion drive. That strategy is backed by a USD 150 bn capex budget<\/a> through 2030, alongside the rapid scaling of its investment arm XRG, which has nearly doubled to a USD 151 bn enterprise value<\/a> and recently closed a EUR 14.7 bn takeover<\/a> of Germany\u2019s Covestro.<\/p>\n

AND- <\/strong>Abu<\/strong> Dhabi-backed RedBird IMI just got one step closer to exiting the UK\u2019s <\/strong>Telegraph Media Group<\/strong> after the British government greenlit Berlin-based media giant Axel Springer\u2019s GBP 575 mn acquisition<\/a> of the publication. UK Culture Secretary Lisa Nandy said in a statement<\/a> yesterday that she is \u201cnot minded to intervene,\u201d ending a three-year battle for the broadsheet. Axel Springer also owns Politico and Business Insider. <\/p>\n

The mechanics:<\/strong> In practice, this will see RedBird IMI cashout by selling its conversion rights to Axel Springer, which would then swap that debt for 100% equity. The transaction is expected to close by the end of June, pending minor regulatory nods in Ireland and Austria, according to the Financial Times<\/a>.<\/p>\n

ICYMI- This was the only way out: <\/strong>RedBird IMI \u2014 a JV between Abu Dhabi\u2019s IMI and US private equity firm RedBird Capital \u2014 had been in a regulatory deadlock since the UK passed laws in 2024 to block foreign state-backed ownership of national newspapers. It walked away from a previous takeover structure<\/a> that would have seen IMI\u2019s stake capped at 15% under UK regulations, with newsroom opposition and a slow-moving clearance process reportedly raising doubts about the takeover\u2019s feasibility. The sale to Axel Springer scraps a prior GBP 500 mn arrangement<\/a> that would have seen Daily Mail owner DMGT buy the Telegraph alongside the JV.<\/p>\n

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INVESTMENT WATCH \u2014 BlueFive makes a USD 3 bn play at defense: <\/strong>Abu Dhabi-based private equity firm BlueFive Capital is planning to raise around USD 3 bn to invest in aerospace and defense, Bloomberg<\/a> reports, citing sources it says are in the know. The firm is targeting an initial USD 1 bn first close by 3Q, with a focus on companies aligned with Nato technologies.<\/p>\n

Who\u2019s helping drive it: <\/strong>Former UK Defense Secretary Michael Fallon, now a senior adviser to the firm, has been engaging potential investors and targets.<\/p>\n

The timing is no coincidence: <\/strong>As we\u2019ve previously reported, the UAE has faced more than 1k Iranian attacks, exposing a sharp cost imbalance<\/a> between low-cost drones and high-cost interceptors. The fund is emerging amid an international surge in military spending and a scramble for air defense systems as the Iran conflict intensifies. The Emirates is already responding, holding early talks<\/a> with US-based drone firm Powerus on new systems and with Japan-based Terra Drone on Ukrainian-designed interceptor drones<\/a>.<\/p>\n

BlueFive moves quickly across priority sectors: <\/strong>BlueFive\u2019s defense push builds on a broader investment strategy spanning advanced tech and AI. This includes a USD 50 mn investment<\/a> in Abu Dhabi-based AI firm Origen, a USD 3 bn technology and growth fund<\/a> targeting AI, biotech, and advanced computing, and a USD 230 mn seed round<\/a> in AI-powered digital bank Mal.<\/p>\n

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The big story abroad<\/p>\n

Washington\u2019s naval blockade on Iran is still in effect and bilateral talks \u201ccould be <\/strong>happening over next two days,\u201d<\/strong> US President Donald Trump said overnight<\/a>. A major sticking point will be Iran\u2019s nuclear ambitions. Washington reportedly proposed<\/a> a 20-year \u201csuspension\u201d of all nuclear activity \u2014 not just a permanent ban of nuclear enrichment. Iran is holding out for a five-year suspension of work on anything nuclear.<\/p>\n

The US blockade of Hormuz has tankers stopping <\/strong>or turning around, the FT notes<\/a>. <\/p>\n

Pressure on Tehran is mounting<\/strong>, with Washington deciding not to renew a 30-day waiver of sanctions \u2014 set to lapse this Sunday \u2014 on Iranian oil at sea, Reuters<\/a> reports. The waiver has allowed roughly 140 mn barrels of oil to reach global markets.<\/p>\n

Lebanon and Israel held their <\/strong>first direct diplomatic talks<\/a><\/strong> in decades on Tuesday in <\/strong>Washington<\/strong>, which the US State Department called a \u201chistoric milestone.\u201d Iran-aligned Hezbollah was not represented at the sit-down and has long opposed direct talks with Tel Aviv.<\/p>\n

MEANWHILE- US banks are <\/strong>breaking earnings records<\/a><\/strong> as 1Q financials come out. <\/strong>Investment banks capitalized on a volatile first quarter marked by US intervention in Venezuela and the war on Iran. JPMorgan Chase delivered its highest-ever topline figure, while Citi turned in its best quarterly revenue in a decade. <\/p>\n

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