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TRADE-
The Abu Dhabi Investment Office inks MoU with US’ Export-Import Bank: State-owned Abu Dhabi Investment Office (ADIO) inked an MoU with the Export–Import Bank of the United States (EXIM) during Abu Dhabi Finance Week to strengthen trade and investment ties between the two countries, a press release reads.
The details: The UAE and the US aim to focus on collaborating to support small-and medium-sized enterprises (SMEs), with a focus on women-owned businesses, and facilitating exports and imports of goods and services. The agreement targets the sectors of emerging technologies, critical minerals, infrastructure — including telecommunications and transport systems, with an aim to support the introduction of 5G networks.
Collaborations in the energy sector: The two countries also aim to work on enhancing renewable energy solutions, including green hydrogen and energy storage systems, strengthening critical mineral supply chains, and fostering innovation in biotechnology, AI, semiconductors and quantum computing.
Sal eyes expanding logistics services in Hail Region: Logistics firm Sal signed an agreement with Cluster2 Airports and the Hail Region Development Authority to expand logistics services at KSA’s Hail International Airport to facilitate regional exports and imports, according to a press release.
ALSO- Sal tapped PIF-owned IT solutions firm Elm to develop digital solutions for streamlining customer experience and boosting operational efficiency. Elm will also help Sal deploy truck scheduling systems and payment platforms, as well as integrate Sal with the Zakat, tax and Customs Authority platform, and the online platform for Interior Services Ministry Absher.
Aramco, Adnoc, and Emirates National Oil Company extended their oil supply agreement with Kenya, following a green light from the Kenyan cabinet, Reuters reports. It wasn’t clear from the cabinet’s decision how long the extension will run.
About the agreement: The agreement, which was initially signed in March 2023 and first extended in September 2023, includes 180-day credit terms, giving more room to Kenya to line up USD for oil purchases, instead of making monthly payments of USD 500 mn.
RAIL-
One step forward towards a long-awaited rail link: Egypt and Sudan inked an agreement to run a feasibility study on setting up a rail link between the two countries, according to a statement. The project has the potential to secure KWD 750k (c. USD 2.4 mn) in funding from the Kuwait Fund for Arab Economic Development. The two sides will set up a committee to follow up on the study.
SHIPPING + MARITIME-
Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added Similar Group’s MXS1 service to Jeddah Islamic Port, it said in a statement. The new service, which has nearly 2.1k in standard container capacity, will link the Jeddah port to the ports of Mundra in India, Karachi in Pakistan, Mersin and Yarimca in Turkey, and Jebel Ali in the UAE.
AVIATION-
Egypt and New Zealand forge new aviation ties: Egypt and New Zealand have signed a new air transport agreement to strengthen aviation ties between the two countries, according to a statement. Under the agreement, airlines from Egypt and New Zealand will be able to operate code-sharing flights, making it easier for travellers to access destinations in both regions. The agreement also aims to enhance air cargo services.
OTHER STORIES WORTH KNOWING THIS MORNING-
- Oman expands its rice import portfolio: Omani Zubair Corporation’s rice importing subsidiary Oasis Logistics inks a sole agency distribution agreement with Indian export firm Goel International, for the import of Galaxy Basmati Rice products into Oman. (Statement)
