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PIF’s Saudi Global Ports taps banks for potential IPO

WHAT WE’RE TRACKING TODAY

TODAY: Saudi Global Ports lines up IPO + Lots of investment updates from Egypt

Good morning, friends. It’s a compact read this morning with a pile of investment updates from Egypt, along with developments on the IPO-front in Saudi and a new logistics park in the pipeline. First…

AN APOLOGY AND CORRECTION- We mistakenly referred to Haeir’s plans to set up a warehouse at Yanmu East Logistics Park as a development, when in fact the company will lease space from our friends at Hassan Allam Utilities and Kuwait’s Agility Logistics Park. The story has been corrected on the web.


WATCH THIS SPACE-

#1- Four new Egyptian logistics zones in the making? The Egyptian Supply Ministry’s Internal Trade Development Authority (ITDA) is planning to set up four logistics zones across the country during 1H 2025 with investments ranging from EGP 18-20 bn, authority head Heba El Sayed told Asharq Business. The authority is looking to kick off more projects in partnership with foreign investors, particularly from the UAE and Saudi Arabia.

ALSO- Egypt’s Transport Ministry is reportedly looking into establishing five new dry ports across the country, and will offer up management and operations to the private sector, according to project details seen by Masrawy. The dry ports will include a 100 acre port in New Fayoum, a USD 176 mn 125 acre dry port in El Basatin, a 75 acre dry port in Sadat City, a c. USD 160 mn 146 acre dry port in New Beni Suef, and a c. USD 176 mn 100 acre dry port in El Tur City.

IN OTHER EGYPT NEWS- Striking a balance: Egypt’s transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors.

Imports have been on the decline: Egypt’s imports fell 5.1% y-o-y to USD 7.4 bn in May. The drop was driven by a decrease in iron and steel imports, which fell by 0.3%, plastics (2.9%), pharma products (24.7%), and chemicals (23.3%).

The sectors in question include solar and wind energy components, tires, vehicle batteries, desalination and treatment plant components, baby formula, aluminum products, electrical transformers, seamless pipes, water pump motors, polyester, soda ash, electric motors, generators, water filtration devices, electrical tools, electric control and distribution panels, central air conditioning cooling systems, elevators and escalators, sound systems and cameras, and windshields.

#2- Egytrans eyes development plans: Egypt’s Egytrans will invest nearly USD 500k into a digital transformation strategy between 2026 to 2030 to integrate AI into its operations, according to an EGX disclosure (pdf).

That’s not all: The company acquired a 7k sqm land in Ain Sokhna Economic Zone with an EGP 20 mn investment to prepare for the development general good storage sector and an 8k sqm land in Al Nahda Land area with an EGP 26 mn to storage transportation fleet, CEO Abir Leheta told Al Borsa. The firm is also looking to enter the goods storage field during 1H 2025, with the firm already nearing completion of the two plots of land in the SCZone and Alexandria dedicated for general good facilities.

#3- The US is calling on the UN to allow its joint task force to interdict vessels in the Red Sea traveling towards Houthi-controlled ports in Yemen, in part of an attempt to weaken the group, The Guardian reports, citing a statement from US special envoy to Yemen Tim Lenderking.

Background: The UN currently operates a mission to inspect ships entering into Houthi-controlled Red Sea ports for armaments, dubbed UN Verification and Inspection Missions for Yemen (UNVIM). The US is evaluating ways to reinforce the mission’s mandate, which strives to prevent Houthi members from accessing arms, Lenderking said. Currently UNVIM is not equipped or given the mandate to do interdictions, leading the US to step in. “We all have to plug the holes, and that requires a different mindset and different sort of focus than simply escorting ships,” Lenderking added.

#4- EU slaps another round of sanctions on Russia’s shadow fleet: The European Union has enacted its 15th package of sanctions against Russia, targeting 84 individuals and entities, including seven Chinese entities for aiding Russia’s military, Reuters reports. Under the sanctions an additional 52 shadow tankers have been added to the EU blacklist, bringing the total to 79. The bloc is preparing to introduce a 16th package of sanctions in January, sources tell the newswire, which could include harsher measures on Russian LNG and export caps for EU firms with subsidiaries operating in third countries.

ICYMIThe EU has been mulling over extending its existing sanctions list, which already includes over 2.2k entities, since last month.

Lots of revenues at stake: Ukraine has identified 238 shadow tankers, accounting for 17% of the global oil tanker fleet, which generated USD 188 bn for Russia and USD 53 bn for Iran in 2023, according to an S&P Global report.

MARKET WATCH-

#1- Oil prices dipped slightly in early morning trading as investors eye Chinese demand and await news on possible US interest rate cuts tomorrow, Reuters reports. Brent crude futures slipped USD 0.01 to USD 73.90 a barrel by GMT 01.12, while US West Texas Intermediate (WTI) dropped USD 0.06 to USD 70.65 a barrel.

#2- Baltic index snaps its losing streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — about 1.9% to 1,071 points on Monday, buoyed by the bigger size segment. The capesize index ratcheted up 77 points to 1,340 points, while the panamax index fell 18 points to 977 points — its lowest reading since July 2023. The smaller supramax index eased 4 points to 955 points.

#3- MENA’s aviation market could reach a value of USD 33.7 bn by 2029, with airports in the region expected to spend up to USD 151 bn on the expansion of their capacity, passenger and cargo facility, according to a Dubai Media Office statement citing Airport Council International (ACI) data. The ACI forecasts global passenger traffic to increase by 10% y-o-y to 9.5 bn passengers in 2024, nearly recovering to pre-pandemic numbers.

On a wider scale, the global aviation industry’s revenues are set to reach USD 194.4 bn in 2024, while global airport investments are expected to reach USD 2.4 bn in 2040, the statement notes.

PSA-

UAE restricts truck movement during peak hours: Truck movement along Dubai’s Al Awir Street and Sharjah will be restricted from 17.30 PM to 20.00 PM, effective from 1 January 2025, according to a statement from Dubai’s Roads and Transport Authority (RTA). The move looks to reduce truck movement along Dubai’s key roads to cap congestion, increase road safety and boost traffic flow.

***YOU’RE READING EnterpriseAM Logistics, the essential MENA publication for senior execs who care about the industry that connects producers and retailers to global markets. We’re out Monday through Thursday by 9:15am in Cairo and Riyadh and 11:15am in the UAE.

EnterpriseAM Logistics is available without charge thanks to the generous support of our friends at Hassan Allam Utilities, Transmar, and AK-Ships.

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DID YOU KNOW that we also cover Egypt, Saudi Arabia, the UAE, and the MENA climate industry ?
***

CIRCLE YOUR CALENDAR-

Switzerland will host the World Economic Forum Annual Meeting from Monday, 20 January to Friday, 24 December in Davos. The conference — under the theme Collaboration for the Intelligent Age — will gather global leaders to address geopolitical shocks and stimulate growth across five thematic priorities; rebuilding trust, reimagining growth, investing in people, safeguarding the planet, and industries in the intelligent age.

Belgium will host the World Cargo Summit from Monday, 27 January to Wednesday, 29 January in Ostend. The event will focus on air cargo economics, strategy, and market trends with a specific focus on how the industry will tackle disruptions and how firms can adapt their business models.

The UAE will host the ShipTek International Conference from Wednesday, 29 January to Thursday 39 January in Dubai. The two-day conference will gather industry experts, including managing director at Hapag-Lloyd Carolin Stumm, CEO Adani Ports Nicolai Friis, VP International Maritime Industries Justin Taylor, CEO Tristra Tim Coffin, and others to discuss new tech and developments in the maritime industry.

The UAE will host the Middle East Bunkering Convention from Monday, 3 February to Wednesday, 5 February in Dubai. The event will focus on the marine fuels sector to address the future of the industry in light of geopolitical issues, environmental regulation, and the future of artificial intelligence and digitalization.

Saudi Arabia will host the Airport Expansion Conference from Tuesday, 4 February to Wednesday, 5 February in Riyadh. The two-day conference will feature over 30 speakers to discuss challenges faced by Saudi Airports and highlight Saudi Arabia’s Vision 2030 with a clear focus on expansion, tech, and strategic partnerships.

The UAE will host the Middle East Breakbulk Conference from Monday, 10 February to Tuesday, 11 February in Dubai. The event gathers giant manufacturers, EPCs, and service providers to discuss the latest solutions in breakbulk and heavy-lift logistics across the Middle East and Africa. The two-day event features an artificial intelligence (AI) seminar, heavy lift workshop, chartering workshop, and a women in breakbulk panel.

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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IPO WATCH

PIF’s Saudi Global Ports taps banks for potential IPO

Saudi Global Ports (SGP) reportedly tapped banks including Goldman Sachs and HSBC to arrange an upcoming IPO, which could come “as early as next year,” Bloomberg reports, citing sources in the know. The offering is expected to raise up to USD 1 bn. The port operator is a joint venture between the Public Investment Fund (PIF) and Singapore’s PSA International. No details on the timing or size of the offering have been disclosed.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Not the first we’re hearing of it: Media reports earlier this year suggested the PIF was lining up several companies in its portfolio — including Stc, Ma’aden, Nupco, and others — as part of a strategy to unlock fresh sources of capital to finance the government’s economic diversification projects.

About SGP: The PIF-backed outfit operates deep sea container terminals at Dammam’s King Abdulaziz Port in addition to the Riyadh Dry Port Ecosystem, which includes Riyadh Dry Port, Riyadh Empty Yard, and Dammam Empty Container Yard, according to its website. SGP’s different facilities are connected via rail and roadway networks.

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INVESTMENT WATCH

China’s XinFeng looks to invest USD 1.65 bn in Egypt’s SCZone

Wu’an XinFeng has bigger plans for Egypt: Chinese steel maker Wu’an XinFeng plans to set up a USD 1.65 bn integrated industrial complex in Egypt’s Suez Canal Economic Zone (SCZone) which will include a total of nine factories over an area spanning 3.75 mn sqm, according to a statement. The facility will be developed over a period of five years in two phases.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The first phase will include four factories for automotive brake components, household appliance parts, standard fasteners, and hot-rolled steel coils, while the second phase will add five more factories, producing automotive parts made from aluminum and magnesium alloys, construction machinery components, and cold-rolled steel coils.

This isn’t the first time Wu’an Xin Feng has shown interest investing in Egypt, as the Chinese steel maker inked an agreement in April with the SCZone to lease a plot of land to set up a USD 297 mn hot-rolled steel coils plant. It’s so far unclear if the project is the hot-rolled steel coil factory that will be set up in the industrial complex or a separate project entirely.

THAT’S NOT ALL- The world’s largest producer of dyed fabrics and shirts could soon be setting up shop in Egypt, with Chinese dyed fabric giant Luthai Textile mulling a USD 385 mn factory — which would mark Luthai’s first in the country — according to a statement from the General Authority for Investment and Freezones. The factory’s entire output will be earmarked for export, according to one company official.

IN OTHER SCZONE UPDATES-

Things are heating up in Qantara West: The SCZone has signed USD 38 mn agreements for two export-oriented projects in Qantara West Industrial Zone, according to a SCZone statement. The new projects include one focused on food manufacturing and the other on home textiles. Both projects are expected to begin operations by 4Q 2025.

Chinese textile manufacturer Kelida will set up a USD 30 mn factory in the industrial zone. Over 90% of the factory’s output will be earmarked for exports, with a focus on European and US markets.

Turkish snackmaker Saray Biskuvi will set up a USD 8 mn food manufacturing facility. The new plant will export 90% of its production to international markets.

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STORAGE + WAREHOUSES

Alsulaiman’s Flow + Bahrain’s Arcapita to develop logistics complex in Riyadh

A new logistics complex is coming to Riyadh: KSA’s Flow Progressive Logistics, the Alsulaiman Group ’s supply chain arm, will develop and operate a modern class-A logistics complex in Riyadh with Bahrain-based real estate and private equity player Arcapita, according to a statement. There is no publicly available information about the investment ticket or expected timeline for the project.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The details: Arcapita will develop the 80k sqm mixed-use storage complex, while Flow will manage its operations under a long-term lease agreement, the statement said. The facility will include cold storage areas, dry storage for non-perishable goods, temperature-controlled spaces, and specialized areas for pharma and hazardous goods that are intended to meet the growing demand for modern storage and logistics services.

The pitch: “The Saudi Arabia industrial and logistics market continues to demonstrate positive supply-demand dynamics that are likely to support rental growth in the foreseeable future. This partnership will contribute to meeting the growing demand for modern logistics facilities and services in Riyadh, where demand is outstripping supply particularly when it comes to higher-quality assets,” Director of Real Estate Investments at Arcapita Isa Al Khalifa said.

ICYMI- Arcapita closed the SAR 1.8 bn KSA Logistics Fund III in March, with the participation of unnamed institutional investors and a GCC-based sovereign wealth fund. The fund is intended to develop Arcapita’s KSA logistics portfolio.The Bahraini fund expanded to Saudi in 2022.

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INVESTMENT WATCH

Adnoc’s XRG makes its first investment

Adnoc’s new low-carbon energy investment arm XRG and BP are set to launch a new joint venture and gas platform, Arcius Energy, with an initial focus on investing in gas assets in Egypt, according to statements here (pdf) and here. The JV marks XRG’s first since its launch last month. The value of investments set for the JV and its operational start date were not disclosed.

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The details: XRG will own a minority stake of 49% in the joint venture, while BP will own a majority 51% stake. The platform is set to invest in lower-carbon transition fuel, making “smarter, cleaner and more affordable energy accessible for Egypt and the world,” said Executive Chairman of XRG and Industry and Advanced Technology Minister Sultan Ahmed Al Jaber.

Arcius’ concessions in Egypt include a 10% interest in the Shorouk offshore concession, containing the giant Zohr field operated by Eni, and 100% of North Damietta, containing Pharaonic Petroleum Company’s Atoll field, the statement said. It also holds exploration concessions for North El Tabya, Bellatrix-Seti East and North El Fayrouz concessions.

Bringing in big guns… : Adnoc’s Senior VP of Strategy and Sustainability Nasser Al Yafei has been appointed as Arcius Energy’s CEO, while VP of gas and low carbon energy growth Katerina Papalexandri has been appointed as the firm’s CFO.

This is not the first we’ve heard of this: Adnoc and BP agreed in February to form a JV that targets the development of natural gas assets in Egypt.

Refresher: Adnoc launched XRG in November as its international lower-carbon energy and chemicals investment arm, with an enterprise value of over USD 80 bn. It is set to begin operations in 1Q 2025 and will focus on developing three core platforms: a chemicals platform, an international gas platform, and a low carbon energies platform.

IN OTHER ADNOC NEWS-

Adnoc inked a 15-year lower-carbon LNG supply agreement with Germany’s energy infrastructure company EnBW for its Ruwais project, according to a press release. The agreement is effective from 2028, upon the start of Ruwais project’s commercial operations. The Emirati gas giant is set to provide EnBW 0.6 mn tonnes a year (mtpa) of LNG. The two sides signed a preliminary agreement for the LNG purchase back in May. This marks the third SPA agreement for the Ruwais LNG project.

Germany’s a big buyer of the UAE’s LNG: The agreement comes after a separate sales and purchase agreement was inked in November to supply Germany’s SEFE with 1 mtpa of LNG. The UAE and Germany also signed a Joint Declaration of Intent for Sustainable Energy Cooperation in February of this year.

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ALSO ON OUR RADAR

Updates in trade and trucking from Iraq, Jordan and the UAE

TRADE-

Jordan’s Energy Ministry has selected three Jordanian firms bidding for a tender to transport Iraqi crude oil to Jordan to move on to the next stage of the process, Ammon News reports. The firms — which include Khaled Habenka & Partners, Nayel Zayyabat Al-Hayat Tower for Transportation and Trade, and Ammar Al-Saqqar & Partner — passed the technical evaluation and will now conduct a financial evaluation for the contract.

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REFRESHER- Iraq agreed to extend its oil import MoU with Jordan until June 2025 back in July. The MoU — originally signed in May 2023 — will see Iraq deliver up to 15k barrels of oil to Jordan per day. The prices of oil will depend on the monthly average Brent crude oil price, with a reduction of up to USD 16 per barrel to account for quality differentials and transportation costs. The agreement — which will cover 10 percent of Jordan’s crude oil needs — will facilitate the rehabilitation of land routes and the operation of tanker fleets between the two countries.

M&A WATCH-

DIEZ’s Tradeling acquires Axiom Telecom: Tradeling Holding — the Dubai Integrated Economic Zones Authority’s (DIEZ) B2B e-commerce arm — inked a definitive agreement to acquire the distribution business of Dubai-based Axiom Telecom, state news agency Wam reports. The value of the transaction was not disclosed.

Details: The acquisition of A&T Holding FZCO – who owns and runs the distribution side of Axiom Telecom – includes Axiom’s subsidiaries. Axiom Distribution FZCO distributes technology and manages stores for mobile handset manufacturers in the UAE, Axiom International Distribution FZCO also handles technology distribution but in the UAE’s freezones while managing global exports, and Axiom Telecom Saudi Arabia Co provides technology distribution across Saudi Arabia and internationally.

TRUCKING-

RTA launches digital logistics platform: Dubai’s Roads and Transport Authority (RTA) has officially launched Logisty, a digital logistics platform in partnership with UAE-based logistics operator TruKKer, according to a statement released earlier this week.

Details: The platform aims to manage logistics and commercial vehicle fleets for customers and businesses in Dubai by extending on-demand booking and tracking services, the statement notes. The platform will use an AI-powered CBM Calculator to estimate the volume of shipments.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Qatar Airways to bring back Canberra services: Qatar Airways will re-launch daily flights to Australia’s capital Canberra via Melbourne to Doha’s Hamad International Airport starting December 2025. (Statement)
  • Etihad Airways updates UAE-Kenya route: Etihad Airways has launched the first of four new direct weekly flights on 15 December from Abu Dhabi’s Zayed International Airport to Nairobi’s Jomo Kenyatta International Airport in Kenya. (Statement)
  • Oman solicits maritime salvage bids: Oman’s Transport Ministry is seeking bids for the management and development of salvage services. Proposals must be submitted by 2 March, 2025. (Statement)
  • SolitAir launches Dubai-Riyadh cargo flights: SolitAir has launched daily flights between Dubai and Riyadh. The service uses Boeing 737-800 freighters and operates five days a week. (Press Release)
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AROUND THE WORLD

Norway’s BIM boosts logistics portfolio across the EU

Norway’s NBIM boosts logistics portfolio: Norway’s sovereign wealth fund the Norges Bank Investment Management (NBIM) will acquire a portfolio of seven logistics properties across Europe by forming a JV with real estate company Prologis, Reuters reports. The projects cover over a leasable area of 201k sqm in Germany, Italy, Spain and the UK.

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Who owns what: NBIM acquired 49.5% for EUR 166 mn for an ownership interest, while Proglois, the seller, will maintain the remaining 50.5% to carry out asset management on behalf of the JV.

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DECEMBER

20 December (Wednesday): The Iran-Senegal Joint Economic Cooperation Commission, Dakar, Senegal.

JANUARY 2025

20-24 January (Monday-Friday): World Economic Forum Annual Meeting, Davos, Switzerland.

27-29 January (Monday-Wednesday): World Cargo Summit, Ostend, Belgium.

28-29 January (Tuesday-Wednesday): Green Shipping Summit, Rotterdam, The Netherlands.

29-30 January (Wednesday-Thursday): ShipTek International Conference, Dubai, UAE.

FEBRUARY

3-5 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

4-5 February (Tuesday-Wednesday): Seatrade Maritime Qatar, Doha, Qatar.

4-5 February (Tuesday-Wednesday): Airport Expansion Conference, Riyadh, Saudi Arabia.

10-11 February (Monday-Tuesday): Middle East Breakbulk conference, Dubai, UAE.

10-11 February (Monday-Tuesday): MRO Middle East, Dubai, UAE.

10-12 February (Monday-Wednesday): Sustainable Aviation Futures MENA, Abu Dhabi, UAE.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai, UAE.

10-13 February (Monday-Thursday): Future Warehouses & Logistics, Dubai, UAE.

18-19 February (Tuesday-Wednesday): Argus Green Marina Fuels Asia Conference, Singapore.

18-19 February (Tuesday-Wednesday): Middle East Procuretech Summit, Dubai, UAE.

19-21 February (Wednesday-Friday): Air Cargo Africa, Nairobi, Kenya.

20-22 February (Thursday-Saturday): Dubai Freight Camp, Dubai, UAE.

25 February – 1 March (Tuesday-Saturday): WCA Worldwide Conference, Dubai, UAE.

MARCH

No events announced at the moment.

APRIL

2-4 April (Wednesday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

3-4 April (Thursday-Friday): Africa Supply Chain Optimization, Johannesburg, South Africa

10 April (Thursday): Gulf Ship Fiance Forum, Dubai, UAE.

14 April (Monday): CargoIS Forum, Dubai, UAE.

15-17 April (Tuesday-Thursday): Transport Middle East 2025, Aqaba, Jordan.

15-17 April (Tuesday-Thursday): IATA World Cargo Symposium, Dubai, UAE.

16-17 April: Global Ports Forum, Dubai, UAE.

MAY

6-8 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

12-15 May (Monday-Thursday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

13-14 May (Tuesday-Wednesday): Global Ports Forum, Dubai, UAE.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai, UAE.

27-29 May (Tuesday-Thursday): Saudi Warehousing & Logistics Expo, Riyadh, Saudi Arabia.

JUNE

1-3 June (Sunday-Tuesday): Annual General Meeting & World Air Transport Summit 2025, Delhi, India.

2-4 June (Monday-Wednesday): Propak MENA, Cairo, Egypt.

5-6 June (Thursday-Friday): Supply Chain & Logistics Innovation Summit, Amsterdam, Netherlands.

11-13 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

17-19 June (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Rotterdam, Netherlands.

19 June (Thursday): East Med Maritime Conference, Athens, Greece.

25-26 June (Wednesday-Friday): Decarbonizing Shipping Forum, Hambury, Germany.

JULY

1-3 July (Tuesday-Thursday): ASEAN Ports and Logistics, Jakarta, Indonesia.

SEPTEMBER

24-26 September (Wednesday-Friday): Routes World, Hong Kong.

OCTOBER

1-2 October (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

14-15 October (Tuesday-Wednesday): Investing in Africa Conference and Expo, London, UK.

NOVEMBER

3-6 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

4-6 November (Tuesday-Thursday): Air Cargo Forum, Abu Dhabi, UAE.

17-21 November (Monday-Friday): Dubai Airshow, Dubai, UAE.

EVENTS WITH NO SET DATE

Mid-2025: Iraq will complete phase one of the construction of the Grand Faw Port.

DHL and Aramco’s logistics and procurement hub in Saudi Arabia will commence operations.

AD Ports-operated Safaga Port’s multi-purpose terminal will become operational.

Phase 3 of APM Terminals Tangier MedPort to be complete and operational.

1Q 2025: Sadr Park’s Logistics Center in Riyadh to be completed.

1Q 2025: Phase two of Jafza Logistics Park to be completed.

2026

2026 UNCTAD Global Supply Chains Forum, Saudi Arabia.

2027

4Q 2027: Oman’s Musandam Airport construction to be completed.