Good morning, friends. We have a compact issue this morning with the latest from Talabat’s forthcoming IPO and news of a new car export JV emerging from Egypt. Let’s dive right in.

HAPPENING THIS WEEK-

#1- The G20 Summit is coming to a close today in Rio de Janeiro, Brazil. The two-day event brings together heads of state and government to approve an array of agreements negotiated throughout the year by its member states and to suggest ways of addressing global challenges.

#2– A Tunisian Trade Mission will be received by the Amman Chamber of Commerce and the Tunisian Embassy in Jordan tomorrow. The event will gather importers, traders, distributors, and exporters to discuss the importance of boosting trade and economic partnership between Jordan and Tunisia.

WATCH THIS SPACE-

#1- Bahrain has allotted space for its airport development plans, Bahrain Airport Company (BAC) CEO Mohamed Yousif Al Binfalah told AGBI on the sidelines of the Bahrain International Airshow, without disclosing further details. Netherlands Airport Consultants carried out a USD 1.4 mn study to identify the site of the new airport, which is set to be located on reclaimed land in northwestern Bahrain, Binfalah said. “Starting that thinking process from now will give all the stakeholders involved the opportunity to look at various options and to make sure that this airport is going to be future proof,” Binfalah added.

#2- Egypt’s Oil Ministry is in talks with suppliers to postpone LNG shipments from 4Q 2024 to 1Q 2025, a government source told EnterpriseAM. The shipments are part of the 20 cargoes of LNG that the government bought for USD 907 mn to cover domestic needs between October and December. The news was first picked up by Al Arabiya.

The rationale: The ministry’s decision comes on the back of limited regasification capacity and sufficient domestic supply of natural gas, a government source told EnterpriseAM.

We’re about to start leasing another floating storage regasification unit: Egypt will begin leasing a floating storage regasification unit at the start of 2025, our source said, without

#3- EU and UK slap more sanctions on Iran: The EU has imposed a prohibition on the export, transfer, supply, and sale of components used in the manufacturing and production of Iranian-made Unmanned Aerial Vehicles (UAVs) and missiles from the EU to Iran, according to a press release. The EU has also introduced a transaction ban that restricts any transaction with ports and locks that are owned, operated, and managed for the transfer of components, which includes prohibiting access to Amirabad and Anzali locks and ports.

The UK has also imposed sanctions against Iran Air in response to the Iranian government’s transfer of ballistic missiles to Russia, according to a statement. The sanctions will further restrict its direct and scheduled commercial air services to and from Great Britain. Iran Shipping Lines (IRISL) has also been sanctioned, which entails an asset freeze and shipping sanctions for the transport of weapons to Russia.

More trouble in the skies: Iran Air canceled all Europe-bound flights hours after the EU announced new sanctions on Iran back in October. The EU has included Iran Air, Mahan Air, and Saha Air in a list of new sanctions on Iranian entities and individuals over their alleged involvement in Iranian transfers of ballistic missiles to Russia. The UK had imposed sanctions back in June on Russian cargo ships used for shipping military supplies from Iran to Russia.

MARKET WATCH-

#1- Oil prices continued rising in early morning trading in response to an oil production halt in Norway’s Johan Sverdrup oilfield and Russia-Ukraine escalations, Reuters reports. Brent crude futures for January gained USD 0.15 at USD 73.45 a barrel by GMT 04.30, while US West Texas Intermediate crude (WTI) futures for December increased USD 0.15 trading at USD 69.31 a barrel. The more active January WTI contract was up USD 0.13 at USD 69.30 a barrel. Both benchmarks climbed more than USD 2 a barrel yesterday after Norway’s Equinor halted output from Western Europe’s largest oilfield due to an onshore power outage.

Saudi’s oil exports hit a three-month high in September, notching up 80k bbl / d m-o-m, to 5.751 mn bbl / d, according to the latest figures from the Joint Organizations Data Initiative. Meanwhile, production notched down 17k bbl / d at 8.98 mn bbl / d. The story got ink from Reuters.

#2- Baltic index takes a dip: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — dropped 29 points to 1,756 points on Monday. The capesize index shed 67 points to 3,162 points, while the panamax index dropped 10 points to 1,202 points. The smaller supramax index decreased by 10 points to 1,009 points.

DATA POINT-

Egypt’s total trade with G20 countries increased 9.7% y-o-y to USD 61 bn in the first nine months of 2024, according to state statistics agency Capmas. The nation’s total exports decreased 3.4% y-o-y to USD 14.4 bn. The value of imports from G20 countries into Egypt increased 14.5% y-o-y to hit USD 46.6 bn this year.

The breakdown: Egypt’s top exports included fuel and refined products, fruit and vegetable products, ready-made clothing, electrical appliances, and fertilizers. Italy was the leading importer of Egyptian goods at USD 2.9 bn, closely followed by Saudi Arabia at USD 2.4 bn, Turkey at USD 2.3 bn, the US at USD 1.7 bn, and the UK at USD 1.2 bn. Conversely, China was the largest supplier of goods to Egypt, exporting USD 11.3 bn worth of goods, followed by the US at USD 5.2 bn, Saudi Arabia at USD 5.1 bn, and Russia at USD 4.5 bn.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Saudi International Maritime Forum from Tuesday, 19 November to Thursday, 21 November in Damman. The exhibition looks to explore developments and challenges in the maritime landscape, touching on both regional and international maritime security concerns.

Saudi Arabia will host the Saudi Rail Exhibition from Wednesday, 20 November toThursday, 21 November in Riyadh. The two-day event will host an array of sessions guided by leading players, senior executives, and key decision makers in the rail industry.

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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