Good morning, friends. We have a short issue for you, but the news we do have is big — a Moroccan port terminal is getting a significant boost from French shipping firm CMA CGM, plus Sanad just inked a five-year maintenance contract with Indonesia’s Lion Air.

WATCH THIS SPACE-

#1- Morocco + France sign agreements worth USD 10 bn: Morocco has inked EUR 10 bn worth of agreements with France in several areas including ports, renewable energy, and green hydrogen, Reuters reports, citing French officials familiar with the matter. Among several agreements: French shipping firm CMA CGM signed an agreement to invest in a Moroccan port terminal. We have more on this in the news well, below.

Other agreements worth noting:

  • France’s TotalEnergies inked an agreement to develop green hydrogen production in Morocco for an undisclosed sum;
  • French energy firms Engie and EDF Renewables also signed contracts to expand operations in Morocco;
  • while France’s Alstom will sell high-speed carriages for Morocco’s high-speed rail link to Marrakech.

A rapprochement? The agreements come following years of diplomatic tensions between the two countries over immigration issues and the disputed territory of Western Sahara, which Morocco wants the international community to recognize as its own. French President Emmanuel Macron backed its position on the Sahara in July, paving the way for a rapprochement between the countries.

#2- Alexandria’s Think Big Shipping and Logistics is looking to expand in the Middle East and Gulf region, according to a press release. The Alexandria-based firm is looking to boost its local operations by developing modern logistics centers in strategic locations — including Cairo and Alexandria — to boost shipping and distribution efficiency as well as integrate smart shipping tech to reduce operational costs.

Making moves in KSA + UAE: The firm plans on developing advanced logistics centers in major Saudi cities including Riyadh, Jeddah, and Dammam to support regional and international trade flows. The company is also eying the UAE, with plans on providing integrated logistics services including sea, air, and land freight, as well as fostering partnerships with key players including DP World and national airlines.

MARKET WATCH-

#1- Oil prices extended their slump on news that Israeli Prime Minister Benjamin Netanyahu is holding a meeting to pursue a diplomatic solution in Lebanon, Reuters reports. Brent crude was down 0.4% to USD 71.12 per barrel, while US West Texas Intermediate crude was down 0.25% to USD 67.21 per barrel.

#2- Baltic index ends losing streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — gained 1.5% on Tuesday following a 10-session losing streak. The capesize index rose 73 points, while the panamax index gained five points. The smaller supramax was the only outlier, falling 13 points.

DATA POINT-

Saudi Arabia recorded a 52% y-o-y surge in air cargo volumes to 972k tons in the first nine months of 2024, the Saudi General Authority of Civil Aviation (GACA) said in a statement. The authority saw a 10% y-o-y increase in flights to 671k.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Saudi Airport Exhibition on Monday, 11 November and Tuesday, 12 November in Riyadh. The two-day exhibition will bring together global industry leaders to discuss the latest technologies around the world in the aviation industry. It looks to encourage discussion between Saudi aviation leaders and the global supply chain industry.

The UAE will host the ADIPEC Maritime and Logistics Exhibition and Conference on Monday, 11 November and Thursday, 14 November in Abu Dhabi. The event looks to explore ways to reduce emissions through innovative solutions. It will bring together industry leaders, regulators and decision makers in the global maritime and logistics sector.

Bahrain will host The Bahrain International Airshow on Wednesday, 13 November and Friday, 15 November near Awali. The three-day event is bringing together over 180 participating companies from over 59 represented nations globally.

Egypt will host the Autotech Exhibition on Sunday, 17 November until Tuesday, 19 November in Cairo. The event will bring together prominent local and international companies to discuss and evaluate the latest developments and trends in the automotive aftermarket and feeder industries.

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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