Good morning, nice people. It’s an aviation heavy day as news comes in hot and heavy from Saudi Arabia’s Future Aviation Forum. We have all the latest on handshakes and investment tickets from the summit, but that’s not the only aviation event taking place in the kingdom…

HAPPENING TODAY-

It’s the second and final day of the Airports Council International annual conference — better known as WAGA 2024. The conference kicked off in Riyadh yesterday, hosting a meeting for the ACI Advisory Board, as well as a networking meeting, exhibition, and reception.

What to expect today: Riyadh Airports CEO Ayman Aboabah, General Authority for Civil Aviation (Gaca) President Abdulaziz Al Duailej, and International Civil Aviation Organization President Salvatore Sciacchitano will set the tone for today’s sessions with opening remarks.

The talking points: The day will include discussions of airport competitiveness, infrastructure, airline strategies for network expansion and partnerships, and the economic impact on regional growth and tourism, as well as the role of technology and innovation in enhancing passenger experiences. Panels will also examine the changes and economic impacts of air transport liberalization, with discussions on market reforms, regulatory shifts, economic outcomes, and geopolitical effects on airline operations and trade.

Panelists to look out for:

  • Majid Khan, Saudi Air Connectivity Program CEO;
  • Aimen Al Hosni, Oman Airports CEO;
  • Selahattin Bilgen, iGA Istanbul Airport CEO;
  • Deborah Flint, president and CEO Greater Toronto Airports Authority;
  • Juan Jose Salmon Balestra, Lima Airport Partners CEO;
  • Kashif Khalid, regional director for the Middle East & Africa at IATA;
  • Lorie Argus, Australia Pacific Airports Corporation CEO;
  • Serkan Kaptan, TAV Airports CEO.

WATCH THIS SPACE-

#1- It could get easier to set up private freezones in Egypt soon: Egypt’s General Authority for Investment and Freezone (GAFI) is finalizing a fresh set of requirements for the establishment of private freezones aimed at facilitating the process and attracting foreign investments in the process, GAFI head Hossam Heiba said on Tuesday. The new requirements “protect local investors while attracting foreign investors,” Heiba said.

On the table: The new requirements reduce the percentage of product allocated to the local market to 20% and offer tax breaks for foreign investors. Under the new rules, the process for establishing a company will be fast tracked to be completed within one day.

A new freezone for CAI? The Customs Authority is looking to set up a freezone inside Cairo Airport from which to trade and re-export goods, authority head El Shahat Ghatwary said, according to Al Borsa.

Higher tariffs on chemical imports? Egypt’s Finance Ministry could amend customs regulations for chemical products in order to boost local industry, a senior government source told Enterprise. The Chamber of Chemical Industries proposed increasing tariffs by 5-10% on chemical products that are imported but have a locally-made counterpart.

MARKET WATCH-

#1- Oil prices dropped this morning as markets expect that persistent inflation in the US would delay interest rate cuts and stifle demand for oil, Reuters reports. Brent crude futures dipped 0.7% to USD 82.28 by 03.46 GMT, while US West Texas Intermediate (WTI) futures slipped 0.8% to USD 78.02, the newswire reports.

The death of Iran’s president Ebrahim Raisi is unlikely to change the country’s oil export policy,S&P Global reports. “Iranian oil policy depends fundamentally on Iran’s relationship with China,” which stands as the country’s largest customer, S&P Global Commodity Insights’ head of geopolitics and international affairs Carlos Pascual said. Iran is not likely to shift its oil policy unless an Israeli connection to Raisi’s death becomes apparent, Psacual added.

#2-Baltic index steady as capesize gains counter fall in supramax: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — was mostly steady on Monday, inching up 0.16% at 1,847 points, as gains in capesize balanced falls in smaller segments, Reuters reports. The larger capesize sub index bumped up 1.23% to 2,708 points, while panamax slipped 0.77% to 1,811 points, its lowest in more than a month. Meanwhile, the smaller supramax segment ticked down 0.93% at 1,392 points, the newswire said.

DATA POINT-

Dubai International Airport (DXB) saw a 8.4% y-o-y surge in passenger traffic in 1Q 2024 to 23 mn passengers,Reuters reports, citing a statement by Dubai Airports. The rise in passenger traffic can be partly attributed to more destinations by flagship carrier Emirates and budget carrier Flydubai, the operator noted in the statement. “With a strong start to Q2 and an optimistic outlook for the rest of the year, we have revised our forecast for the year to 91 mn guests, surpassing our previous annual traffic record of 89.1 mn in 2018,” CEO Paul Griffiths said.

REMEMBER- Dubai is lining up a USD 35 bn plan to develop a new passenger terminal at Dubai’s Al Maktoum International Airport in a bid to benefit from the growing air passenger market.

CIRCLE YOUR CALENDAR-

Oman will host the Comex Technology Show from Monday, 27 May to Saturday, 30 May in Muscat. The event will see representation from industry leaders and decision makers to showcase buyer potential in innovative technology, in transportation, logistics, energy and healthcare sectors.

Egypt will host ProPak MENA from Sunday, 26 May to Tuesday, 28 May in Cairo. The conference will see F&B manufacturing industry professionals network and discover the latest equipment and logistic solutions for processing and packaging.

The UAE will host the IATA Annual General Meeting and World Air Transport Summit from Sunday, 2 June to Tuesday, 4 June in Dubai. The event will bring together aviation industry players to showcase what can be achieved through supportive government policies and decisions. Airline leaders will make decisions during the event to formalize industry positions and set IATA’s strategic agenda.

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.

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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