Good morning, folks. It’s a relatively quiet day on the regional logistics front as we head into the final weekend of 2024. We have the latest on Iran’s port and maritime development plans along with a splash of investment updates from Egypt and the UAE. Shall we?

WATCH THIS SPACE-

Qatar will offer technical assistance and support to rebuild Damascus International Airport, Qatari Prime Minister Majad Al Ansari told reporters during a media briefing (watch, runtime: 09:52). No further detail in terms of a timeline or financial investment were disclosed.

There’s more: Qatar, along with Jordan, also expressed its preparedness to invest in Syria’s ports and energy sector infrastructure, Reuters reports, citing comments made by de facto Syrian leader Ahmed al-Sharaa to press after a meeting with Qatar’s Foreign Affairs Minister Mohammed Al-Khulaifi this week.

IT’S ALL HANDS ON DECK- Turkey is also getting involved in rebuilding efforts: Turkey has developed an action plan to repair and rebuild Syria’s airports, bridges, roads, and railways after assessing the situation on hand, Anadolu Agency reports, citing comments made by Turkish Transportation and Infrastructure Minister Abdulkadir Uraloglu at a press conference in Ankara. There are plans to carry out rebuilding work at Damascus Airport and restore rail links including the Hejaz railway which connects Istanbul, Damascus, Mecca, and Medina.

Egypt + IMG discuss freezone tax rates: Egypt’s Finance Ministry and the International Monetary Fund (IMF) are discussing how to simplify the tax rate system for companies operating within Egyptian freezones, Al Borsa reports, citing unnamed government sources. This system aims to enhance tax compliance, as businesses, projects and their profits within Egyptian freezones are exempt from taxes and fee laws.

What we know: Projects in public freezones are subject to a fee of 1% of the total revenues which goes to Egypt’s General Authority for Investment and Freezones (GAFI), while projects in private freezones are subject to a 2% fee of the total revenues distributed equally between Egypt’s Finance Ministry and GAFI. The Egyptian Tax Authority has requested GAFI supply data on the business volume of companies in public freezones, including their exports and imports, to enhance governance and tax compliance, even for tax-exempt companies, the sources added.

Russia and Azerbaijan have provided the necessary financing for the joint Rasht-Astara railway project with Iran, Russian Deputy Prime Minister Vitaly Saviev said in a meeting with Iran’s President Masoud Pezeshkian. Russia pledged to invest EUR 1.6 bn in the Rasht-Astara railway back in May 2023. Once operational, the corridor’s first phase aims to transport 15 mn tons of goods between Russia and Iran. The initiative falls under Iran’s International North-South Transport Corridor (INSTC) — a network of ship, rail and road routes connecting South Asia to Europe. The INSTC — which links Russia, India, Iran, and Azerbaijan — had a missing link of 162 km between Rasht in Iran and Astara in Azerbaijan.

MARKET WATCH-

Oil prices rose marginally in holiday trading buoyed by hopes for more economic stimulus in China and a decline in US crude inventories, Reuters reports. Brent crude futures rose USD 0.22 to USD 73.80 a barrel by GMT 04.50, while US West Texas Intermediate (WTI) climbed USD 0.24 to USD 70.34 a barrel.

DATA POINT-

#1- Iran’s Arak Railway’s cargo volumes were up 18% y-o-y transporting around 1.1 mn tonnes of cargo in 9M 2024, IRNA reports, citing the Director-General of Arak County Railway Saeed Turki. Goods including diesel, polyethylene, chemicals, and wheat were transported by 19k wagons to different parts of the country. The railway’s ton-kilometers reached 75.2 mn during the same period, marking a 47% increase y-o-y.

#2- Iraqi Ports Authority revenue surpasses IQD 1 tn in 2024, according to a statement. General Director of the Iraqi Ports Authority Farhan Al Fartousi attributed the revenue growth to the development of port facilities, removing the obstacles for importers, and the introduction of electronic automation systems.

#3- Saudi’s re-export sector grows 23%: Saudi Arabia’s re-export sector exports reached SAR 61 bn in 2024 marking a 23% growth, Alarabiya reported, citing Industry and Mineral Resources Minister Bandar Alkhorayef.

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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 30 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.