Good morning, ladies and gents. We have a meaty issue this morning with lots of new investments in logistics centers and a deep dive into the IMO’s latest moves towards transforming its GHG strategy into regulation.

WATCH THIS SPACE-

Kuwait’s Direct Investment Promotion Authority has reportedly finalized plans for Nuwaiseeb Freezone situated in the country’s southern region, Al Qabas reports, citing a document it had seen. The report did not disclose information regarding the project’s timeline or investment ticket.

What we know so far: The freezone will reportedly host 50 warehouses, 50 light industrial units, two investment spaces for sub-letting and storage yards, the news outlet reports. The new project looks to attract 500 local and international companies by offering amenities including three hotels, restaurants, a medical center, and spaces for upwards of five commercial banks.

MARKET WATCH-

#1– Oil prices were at their highest since late October on Tuesday, as Ukraine’s attacks on Russian refineries spurred prices, Reuters reports. Benchmark Brent gained 0.6% to USD 87.38 a barrel, its highest since 31 October, while West Texas Intermediate (WTI) bumped up 0.9% to USD 83.47 a barrel, its highest since 27 October, the newswire said. Diminished export volumes from KSA and Iraq, as well as indications of more robust demand and economic growth in China and the US also buoyed the market.

#2- Baltic index surges to three-month peak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 1.9% to 2,419 points on Monday, reaching a three-month high, Reuters reports. The capesize subindex gained 1.74% at 4,089 points, while panamex increased 2.9% to 2,298 points, the newswire said. Meanwhile, the smaller supramax segment bumped up 12 points to 1,338 points.

DATA POINT-

Bahrain’s trade deficit narrowed 11.8% y-o-y to BHD 75 mn in February, BNA reports, citing trade figures from Bahrain’s Information and eGovernment Authority (iGA). Bahrain’s national exports saw a 17% increase during the period to BHD 336 mn, while re-exports bumped up 0.01% to BHD 63.07 mn, BNA said. Meanwhile imports saw a 9% uptick to BHD 475 mn.

CIRCLE YOUR CALENDAR-

The UAE will host Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

Iran will host the second Iran-Africa International Summit from Wednesday, 24 April through to Friday, 26 April in Tehran. The event will see Iran receive trade ministers from more than 40 African countries.

Saudi Arabia will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host the 23rd edition of the Airport Show from Tuesday, 14 May through to Thursday, 16 May in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year’s “Sustainability and Innovation,” theme.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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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