North Africa

Egypt's Sisi and Trump discuss regional mediation efforts in a phone call

The Egyptian presidency announced on Tuesday that Egyptian President Abdel Fatah al-Sisi discussed with U.S. president Donald Trump mediation efforts to restore calm in the region, which would have positive impacts on Red Sea Navigation and stop economic losses for both parties. Since Israel's war against Hamas in late 2023 began, the Iran-aligned Houthis are said to have launched more than 100 maritime attacks. They claim they were doing so in solidarity with Gaza’s Palestinians. The attacks disrupted the global economy and sent the U.S. Military on a costly missile interception campaign. Trump had said on Tuesday morning that he
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Sonatrach reduces prices by 2-7%, Saudi Aramco maintains April LPG OSPs
Shark attacks and fatal boating accidents cast a shadow over Egypt's tourism

Egypt's tourism sector, which is a key pillar of its economy, relies heavily on the Red Sea. Its coral reefs, marine life and other attractions are world-renowned. A recent series of boating accidents and shark attacks against tourists has raised concern, with several deaths reported over the years. In the past, attacks by islamist militant groups against foreigners affected tourism in Egypt. Fewer tourists visited other attractions like the Great Pyramids at Giza or took a Nile Cruise in Luxor and Aswan. BOATING ACCIDENTS "Sindbad" tourist submarine sinks Six Russian tourists were killed when a submarine called "Sindbad", a tourist
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Gains for Gulf markets ahead of US tariff deadline
The majority of Gulf markets are red due to regional tensions

The Saudi index is on track to end its three-session winning streak. Palestinian health officials said that Israeli air strikes in Gaza have killed more than 300. This threatens to bring down a two-month truce as Israel vows to use force to release its remaining hostages. Donald Trump has also vowed that the U.S. will continue its assault against Yemen's Houthis until they stop their attacks on ships on the Red Sea. Saudi Arabia's benchmark stock index fell 0.3% as a result of a 1.4% drop in Saudi Aramco, the oil giant that traded ex-dividend. Dubai's main stock index dropped
North Africa

Sisi estimates that Egypt Suez Canal monthly revenues are lost at $800 Million.

Abdel Fattah Al-Sisi, Egypt's president, said that monthly revenue losses from the Suez Canal reached $800 million because of "the regional situation", as Yemen Houthis are attacking vessels in Red Sea. Since November 2023, the Houthis, backed by Iran, have been attacking vessels in the Red Sea region in support of Palestinians living in Gaza, during the conflict with Israel. This has disrupted global shipping, forcing ships to bypass the Suez Canal, and reroute their trade around Africa. Sisi, the Egyptian president at the time, said that the Houthis were not mentioned in the statement but the disruption to Egypt's
Tunisia receives offers for 100,000 T of soft wheat tender, traders report

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Azeri BTC daily loads to decrease 6% in March

The differentials between Urals and Azeri BTC crude oil were unchanged on the Friday while daily Azeri BTC oil loadings at Ceyhan are set to drop 6% in march. Azeri BTC crude exports to Turkey's Ceyhan Port are set at 16,99 million barrels for March, up from 16,33 million barrels during February, according to a schedule seen on Friday. Calculations showed that daily oil loadings from Ceyhan would decline by 6% from February's plan in March, due to the fact that the following month will be three days longer. Two sources with knowledge of the plans said that Chevron was...

Transport Infrastructure

Protests in Libya disrupt oil loadings at two major ports

Regional protesters blocked petroleum loadings at the Es Sider and Ras Lanuf ports in Libya on Tuesday, five engineers and a shipping source told Reuters, putting about 450,000 barrels daily of exports at risk. In a declaration resolved to the nation's state-run National Oil Corporation (NOC) dated Jan. 5, the protesters required the relocation of several oil company headquarters to the Oil Crescent region, requiring reasonable development of their coastal location to enhance living conditions. An NOC spokesperson did not immediately reply to a Reuters ask for remark. The business stated on its official X account on Tuesday that its...

Transport Infrastructure

Egypt's Mostakbal Misr makes major Russian wheat purchase

Egypt's state grain purchaser, Mostakbal Misr, has made a considerable purchase of Russian wheat, set for shipment this month, three sources familiar with the matter informed Reuters. The shipment, obtained through Russia's OZK Group, will be loaded onto 4 vessels sailing under the Egyptian flag. The sources did not divulge the total volume or rate of the transaction, however the vessels, presently en route to Russia's. Novorossiysk port, have a combined carrying capacity going beyond. 250,000 metric heaps. Egypt, one of the world's largest wheat importers, has actually faced. difficulties in keeping its grain reserves in current months. In 2024,...

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The majority of Gulf shares gain as Gaza ceasefire hopes install

Most stock exchange in the Gulf were up in early trading on Tuesday as the expect a Gaza ceasefire rose after the arbitrators reported a midnight 'development' in Doha talks. Arbitrators will fulfill in Doha on Tuesday looking for to settle information of a strategy to end the war in Gaza that has upended the Middle East. The Qatari standard index snapped its three-session losing streak and jumped 1.2%, the greatest in over 2 months with practically all stocks publishing gains. Qatar Gas Transportation gained 2.9% and Qatar National Bank climbed 2.3%. QNB, the area's largest lending institution, published on...

Transport Infrastructure

Marsa Maroc to purchase Djibouti's Damerjog petroleum terminal, decree states

Morocco's top port operator Marsa Maroc will invest a concealed amount in Damerjog Oil FZE, which is planning to develop an oil and gas port on Djibouti's Gulf of Aden coast, according to a Moroccan government decree seen on Monday. Marsa Maroc has actually created a subsidiary, Marsa Maroc International Logistics, which will run a special offshoot called Marsa Djibouti to manage the Damerjog financial investment, according to the decree. Marsa Maroc did not right away respond to Reuters' emailed request for remark. The financial investment aims to increase Marsa Maroc's existence in east Africa's logistical supply chains, according to...

Transport Infrastructure

Egypt finishes trial run of new Suez Canal channel extension

Egypt said on Saturday it had effectively evaluated a brand-new 10 km channel near the southern end of the Suez Canal, even as its profits from the waterway has plunged considering that Yemen's Houthi militants began attacking vessels in the Red Sea. The Suez Canal Authority stated in a declaration that during a. trial run two ships travelled through a brand-new stretch of the canal's. two-way area without event. Following the 2021 grounding of the container ship Ever. Considered that obstructed the important waterway for 6 days, Egypt. sped up strategies to extend the 2nd channel in the southern. reaches...

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Major Gulf markets gain in early trade; Saudi falls

Most stock markets in the Gulf rose in early trade on Monday, brushing off geopolitical tensions amid the ongoing war in between significant oil manufacturer Russia and Ukraine, although the Saudi index bucked the pattern to trade lower. Last week, Russia fired a hypersonic rocket at Ukraine in a. warning to the United States and Britain following strikes by. Kyiv on Russia, utilizing U.S. and British weapons. Dubai's main share index advanced 0.7%, led by a 2%. rise in blue-chip designer Emaar Residence and a. 2.2% boost in toll operator Salik. The Abu Dhabi index was up 0.4%. In Qatar,...

Transport Infrastructure

Major Gulf markets gain in early trade; Saudi falls

Iraq selects 11 companies for Grand Faw Port operation; decision to be made in January 2025

Iraq has selected 11 shipping companies that will compete for the Grand Faw Port Operation Contract. A decision is expected to be made in January 2025. The shortlisted companies include China Merchants Port Group Co., Taiwanese container shipping line Evergreen, French shipping group CMA CGM, Mediterranean Shipping Company (MSC), India's Adani, Philippines-headquartered International Container Terminal Services (ICTSI), China's Cosco, and United Arab Emirates-based ABM Global Shipping LLC. Farhan al Farousi, Iraq's Minister of Energy, announced that the country will select a company to operate in Iraq in 2026. Daewoo Engineering & Construction of South Korea completed construction of five docks....

Italian ship heads back to Albania with 8 migrants

An Italian navy ship set sail for Albania on Wednesday carrying a second small group of migrants, with Rome wanting to salvage a questionable strategy to procedure asylum hunters abroad after a very first attempt hit legal difficulties. Prime Minister Giorgia Meloni's government hopes that taking boat migrants to secured camps in Albania instead of letting them enter Italy will act as a deterrence to others considering making the hazardous sea crossing to Europe. Italy sent out an initial group of 16 migrants to Albania last month, but they were all brought back within days, the majority of them after...

Suez Canal Economic Zone set for fast growth - chairman

Egypt's Suez Canal Economic Zone (SCEZ) has actually invested $3 billion on facilities over the previous couple of years and has plans to invest a comparable quantity over the next few years as it works to draw in financiers, its chairman said in an interview. The zone, a collection of 6 ports and four commercial areas alongside, or near the waterway, has actually been provided special legal and tax benefits to benefit from the vast amount of international shipping passing by. While government-run, it is administratively separate from the canal. Attacks on Red Sea shipping by Yemen's Houthis, who say...

The majority of Gulf markets gain in early trade, Qatar falls

Many major stock exchange in the Gulf edged greater in early trade on Wednesday as a capacity ceasefire in between Israel and Hezbollah raised financier belief, although the Qatari index bucked the pattern to trade lower. A deal that would stop the fighting in between Israel and Hezbollah might be achieved within a couple of weeks, Israeli and U.S. authorities stated, according to Axios. A senior Hamas authorities said on Tuesday the Palestinian militant group was studying new proposals from arbitrators to end the Gaza war however repeated that these should entail a complete Israeli military withdrawal from the enclave....

Italy provides very first migrants to Albania under new offer

A ship carrying the very first group of migrants to be processed in Albania under a. deal with Italy got here in the port of Shengjin on Wednesday. morning, setting in movement Rome's questionable strategy to process. countless asylum candidates abroad. Italy has actually developed 2 reception centres in Albania, in the. initially scheme by a European Union nation to divert migrants to a. non-EU nation. The plan intends to deter irregular arrivals to. Italy, but has actually been criticised by rights groups who state it. limits migrants' right to asylum. The Libra, an Italian navy ship, docked at Shengjin,...

Passenger Transportation Services

Saudi bourse increases on STC gains; Dubai index down

Gulf stock markets started Tuesday on a positive note, with a lot of indexes rising, led by the Saudi index that was boosted by gains in Saudi Telecom Business. Nevertheless, the Dubai index stood apart as an exception, defying the local upward pattern. Saudi Arabia's benchmark index gained 0.5%, led by a. 0.8% increase in Al Rajhi Bank, while Saudi Telecom. Company (STC) jumped 4%. STC Group, the kingdom's largest telecoms operator, on. Tuesday said it won a contract worth 32.64 billion riyals ($ 8.70. billion) from a government entity to construct, operate and provide. telecoms infrastructure services. The kingdom's...