North Africa

Suez Canal chief: Red Sea Crisis did not create a sustainable route to replace the canal

Osama Rabi, Chairman of the Suez Canal Authority, said that the Red Sea Crisis did not provide a viable route to replace this canal. He added that there are positive indicators that indicate a return to stability in the area. Since November 2023, Houthi militants backed by Iran have attacked vessels near the Red Sea. This has disrupted global shipping routes, forcing ships to bypass the Suez Canal, and redirect trade around Africa. The costs for insurance companies are also higher. Abdel-Fattah al Sisi, the Egyptian president, said that the Suez Canal disruption would cost Egypt $7 billion of revenue
Middle East

Algerian traders believe Algeria has bought feed barley at tender
Eni signss deal to bring Cypriot gas to Europe via Egypt

Italian energy group Eni has signed an agreement to export offshore gas from Cyprus via Egypt. It hails it as "milestone" in creating a gas hub for the eastern Mediterranean. Eni announced that the deal, which includes TotalEnergies, will see gas from Cronos Block 6 processed in Egypt's Zohr facility before it is liquefied and shipped to Europe at the Damietta plant for liquefied gas. Eni and TotalEnergies both own 50% of Cronos Block 6. Cronos gas is estimated to be more than 3 trillion cubic foot (TCF) and was discovered in 2022. It will then be appraised in the
Western Europe

Greek investigation into 2023 migrant vessel wreck finds coastguard violated maritime rules
Algeria is likely to buy between 360,000 and 400,000 tonnes of milling wheat from traders

European traders reported on Thursday that Algeria's state grain agency OAIC purchased between 360,000 and 400,000 metric tonnes of milling wheat at an international auction which ended on Wednesday. The purchase was less than the estimated amount of 550,000-600,000 tons that traders had expected to be purchased on Wednesday evening. The tonnage sold by one multinational company is still unclear, and traders are concerned about the uncertainty surrounding it. They said that the prices reported on Thursday were largely around $262-$263 per ton, including freight and cost. Although technically, the grain can come from any origin, traders suspected that most
North Africa

Algeria offers up to 245,000 tons of corn plus 35,000 tons each of barley, soymeal and rye.

On Wednesday, European traders reported that the Algerian state agency ONAB had issued three international bids for up to 245,000 metric tons animal feed corn and up 35,000 tons feed barley. We will be closing the price offers on Thursday, February 13. Traders said that the new announcement indicates that Algeria did not purchase corn, barley, and soymeal in last week's tenders, but still wanted to buy the same volume. Only Brazil or Argentina can supply up to six consignments ranging from 30,000 to 40 000 tons. Both barley and soybean meal are sought as part of a consignment between
Algeria purchases milling wheat at tender, traders claim

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,...

Transport Infrastructure

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...

Transport Infrastructure

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

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....

Transport Infrastructure

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...

Transport Infrastructure

Italian ship heads back to Albania with 8 migrants

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,...

Major Gulf bourses edge greater, Arabian Mills jump on debut

Many stock markets in the Gulf edged greater in early trade on Tuesday, recovering some of their recent losses triggered by worries the area might be on the verge of a wider Middle East war. Battling in the area heightened after Iran-backed Hezbollah fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to broaden its offensive into Lebanon, a. year after the Hamas attack that sparked Israel's continuous war in. Gaza. The decline in Gulf markets started after Iran released a. missile barrage on Israel on Oct. 1. Israel has actually testified. strike back and is weighing its...

Many Gulf markets fall on geopolitical stress

A lot of significant stock markets in the Gulf fell in early trade on Monday, on worries that increasing geopolitical tensions will result in larger conflict in the area, although the Saudi index bucked the pattern to trade higher. Hezbollah rockets struck Israel's third-largest city Haifa early on Monday as the country looked poised to expand ground incursions into southern Lebanon on the very first anniversary of the Gaza war, which has actually spread conflict across the Middle East. Iran-backed Hezbollah, an ally of Hamas, the Palestinian militant group fighting Israel in Gaza, said it targeted a. military base south...

Passenger Transportation Services

Suspension of flights to Middle East

Issues about dispute in the Middle East have triggered global airlines to suspend flights to the region or to avoid affected airspace. Below are some of the airline companies that have suspended services to and from the area: AEGEAN AIRLINES The Greek airline company in August cancelled flights to and from Beirut up until March 29. AIR ALGERIE The Algerian airline company has suspended flights to and from Lebanon until further notice, it said on Aug. 1. AIRBALTIC Latvia's airBaltic has actually cancelled flights to and from Tel . Aviv until Jan. 28. It announced the suspension in late. September....