Good morning, friends. We have a packed issue this morning with plenty of M&A, investment, and project updates from the UAE and beyond. Let’s dive right in.

HAPPENING TODAY-

The first EU-Jordan Business Forum will be held in Amman today in a bid to boost investments and trade, according to a press release. The one-day event will gather government officials, investors, experts and financial institutions to discuss potential EU investments in Jordan and avenues for collaboration on sustainable initiatives, green industry, digital economy, and trade.

WATCH THIS SPACE-

#1- UAE participates in Brics for the first time: UAE Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan participated in the Brics Foreign Ministers' Meeting in Russia yesterday, marking the UAE’s first time attending the meeting, Wam reports.

Al Nahyan reiterated the need for collective action to address global issues — including climate change, sustainable development, and economic issues in less developed countries — during the meeting, and explored windows for economic integration within Brics in tourism, energy, industry, transport, education, and the blue economy. The minister also called for an immediate ceasefire in Gaza, alongside humanitarian aid delivery and the release of all hostages.

#2- Turkey has extended the suspension of flights to Iraq’s Sulaymaniyah International Airport for another six months, Director of Sulaymaniyah International Airport Handren Hiwa told Kurdistan24 on Saturday. A new resumption date of 7 December has been set and Turkish airspace will also be closed to all flights to and from the airport, the outlet said. The ban — in effect since April last year — was supposed to be lifted later this month. Turkish officials have said that the suspension comes on the back of the airport’s infiltration by Kurdistan’s PKK militant group.

MARKET WATCH-

Oil prices edged down in early morning trading in anticipation of US inflation data and the upcoming Fed policy meeting, Reuters reports. Brent crude futures fell 0.13% to USD 81.52 a barrel by 04.33 GMT, while US West Texas Intermediate (WTI) futures slipped to USD 77.71 a barrel. Brent is expected to reach USD 86 a barrel in 3Q 2024 as a boost in summer demand is expected to incur a 1.3 mn barrels per day (bpd) deficit going into the quarter, an earlier Reuters report said citing Goldman Sachs analysts.

DATA POINT-

Suez Canal revenues fell 64.3 % y-o-y in May to USD 337.8 mn, compared to USD 648 mn a year prior, Al Mal reports. Vessels transiting the canal fell to around 1,111 during the month, down from 2,396 a year prior, sources told the outlet. Total tonnage also plummeted some 68.5% y-o-y to 44.9 mn tons, down from 142.9 mn tons a year prior. The Suez Canal is an important source for FX revenues for Egypt, but has seen significant declines in volumes on the back of Houthi-led attacks, the outlet said.

REMEMBER- The Suez Canal Authority (SCA) extended disc. fees for a range of vessel types and itineraries until the end of 2024 this week.

CIRCLE YOUR CALENDAR-

Lebanon will host the East Med Maritime Conference on Thursday, 27 June in Beirut. The event will gather industry leaders to discuss the latest developments in shipping, maritime, and offshore industries to discuss industry innovations, alternative fuels, and decarbonizing emissions in the maritime sector and ports.

Turkey will host the ACI Europe Annual Congress on Tuesday, 2 July to Thursday, 4 July in Istanbul. The event will bring together 500 C-level airport executives, as well representatives from businesses engaged with airports, airlines, aircraft manufacturers, and other stakeholders. The event will highlight discussions on the current state of the airport industry, geopolitics, the Turkish market, resilience, sustainability, and the diversification of revenues.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

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