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MANUFACTURING-
Knauf sets up its third factory in Egypt: Building material manufacturer Knauf is opening a new gypsum board factory in Egypt — its third so far — with investments of EUR 80 mn, CEO Mohamed Abdelrasoul told Prime Minister Moustafa Madbouly, a cabinet statement said on Saturday. The new factory will push the firm’s total production capacity to 60 mn sqm of gypsum boards annually and will reduce water and energy consumption by 35%, according to Abdelrasoul.
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Knauf has big investments planned in Egypt: Abdelrasoul announced back in June that the company is planning to increase its investments in Egypt to EUR 120 mn by 2026, up from EUR 50 mn at the time. The funds were set to go toward expanding the company’s existing operations and adding new production lines to Knauf’s gypsum board factory in Suez.
INVESTMENT WATCH-
IFC to invest in Morocco’s logistics infrastructure: The World Bank’s development investment subbody, the International Finance Corporation (IFC), is plugging USD 37 mn into Morocco’s leading logistics operator Building Logistics Services (BLS), according to a statement released last week. The investment will support BLS’s acquisition, construction, and expansion of an undisclosed number of warehouse facilities in several Moroccan cities. Following the investment, the IFC will own a minority share in BLS.
TRADE-
Exxon + Qatar Energy given more years to build LNG plant: US federal regulators have extended ExxonMobil and Qatar Energy’s LNG joint venture for three years to finish building their Golden Pass LNG, Reuters reported on Friday, citing a document it has seen. The project is one of two large US LNG facilities whose launch was projected to significantly expand supplies from the US, which is the world’s top exporter of the superchilled fuel, in the next 12 months.
Why the extension? The extension was given due to delays when lead construction contractor Zachry Holdings filed for bankruptcy in March, saying that the project was at least USD 2.4 bn over the original budget. Golden Pass is yet to announce its new EPC contract, but has been in talks with engineering firm McDermott International.
STORAGE + WAREHOUSES-
OQ breaks ground on fuel storage project in Musandam: Oman’s state oil company OQ has broken ground on a RO 78 mn (c. USD 202.6) fuel storage facility in Musandam governorate, according to a statement released on Thursday. The facility — which will boast a 14k capacity — will serve as a strategic reserve for several types of fuel, including 91 and 95 gas (Mogas 91 and Mogas 95), LPG, and jet fuel.
CARGO-
#1- Menzies renews contracts in Australia and New Zealand: Ground handling firm Menzies Aviation, a subsidiary of Kuwait’s Agility, has renewed contracts at seven locations across Australia and New Zealand, according to a statement on Thursday. The contracts include five-year extension of agreements with United Airlines at Sydney Airport, Melbourne Airport, and Brisbane Airport to provide cargo handling and warehousing services. Alliance airline also reappointed Menzies to deliver passenger and ramp services at Perth Airport and Darwin Airport, overseeing 6.2 k flights over the three-year contract.
In New Zealand, Menzies will continue to manage around 2k turns per year for a three-year period at Auckland Airport and Christchurch Airport. Singaporean flag carrier Singapore Airlines has also extended an agreement for Menzies’ passenger and ramp services.
#2- Cargostore + Haleys partner up on maritime logistics in Qatar: Container provider Cargostore Worldwide has partnered up with Haleys Group Middle East to expand their offshore Cargo Carrying Unit (CCU) rental business in Qatar, according to a statement.
OTHER STORIES WORTH KNOWING THIS MORNING-
- Etihad Airways increases Munich flights: Etihad Airways is adding two daily flights to Munich starting May 2025. (Statement)
- Air Arabia adds new Egypt-Kuwait route: Air Arabia Egypt is operating three weekly flights between Cairo International Airport and Kuwait International Airport starting 14 January 2025. (Statement)
- Gulf Air boosts Singapore routes: Bahrain’s flagship carrier has launched daily flights to Singapore starting 27 October. (Statement)
- United Airlines launches Morocco-US route: United Airlines has launched three weekly flights from Marrakech to New York. The flight will operate on Tuesdays, Thursdays, and Saturdays. (Morocco World News)
- iMile to open Dubai customs clearance facility: Logistics and last-mile delivery solutions provider iMile has received approval for a new in-house customs clearance facility at Dubai Airport Freezone. (Statement)
- Qatar Shipyard + Wärtsilä ink services agreement: Qatar Shipyard Technology Solutions has inked a MoU with technology group Wärtsilä for maintenance and repair services on vessels with 2-stroke or 4-stroke engines calling in at Qatar Shipyard Technology Solutions. The MoU also covers eco-friendly reconditioning. (Statement)
