King Abdulaziz Port sets record with 20,645 containers handled on single ship
Updated 08 August 2024
Arab News
RIYADH: Saudi Arabia’s maritime sector is experiencing significant expansion, highlighted by the King Abdulaziz Port in Dammam achieving a milestone in container handling.
The port recently set a new record by managing 20,645 standard containers on a single vessel, the Cosco Shipping Aquarius 036E. This achievement underscores the port's crucial role in supporting trade movement and the logistics sector.
This development aligns with the National Transport and Logistics Strategy’s goals to establish the Kingdom as a global logistics hub connecting three continents. It also reflects the success of the Saudi Ports Authority, known as Mawani, in enhancing port efficiency and strengthening the Kingdom’s ties with global markets, thereby supporting national exports.
Ongoing infrastructure improvements at King Abdulaziz Port include the recent addition of 21 coastal and bridge cranes, as part of a development plan backed by SR7 billion ($1.86 billion) in investment from commercial support contracts with Saudi Global Ports Co., a subsidiary of the Public Investment Fund.
A landmark contract with the Chinese company SANY will see the supply of 80 electric trucks to the port, marking the largest single contract for such vehicles ever signed by the Chinese firm.
These enhancements aim to boost the port’s competitive edge and confirm its international status in maritime transport and logistics. King Abdulaziz Port, equipped with advanced facilities, has also reached notable container handling records, including 292,612 standard containers in May.
In March, Mawani announced a new shipping service connecting Dammam to East Asia, linking the port to Shanghai, Xiamen, Dachan Bay, and Qingdao in China, as well as Busan in South Korea, Klang in Malaysia, Sohar in Oman, and Khor Fakkan in the UAE.
This service further enhances the port’s strategic position as the Kingdom’s main port on the Arabian Gulf, linked to the Riyadh Dry Port by rail, and a key transit point for goods to the eastern and central regions of Saudi Arabia.
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Egypt exceeds growth forecasts with 4.77% quarterly expansion, fastest in 3 years
Updated 9 sec ago
Nour El-Shaeri
RIYADH: Egypt’s economy expanded 4.77 percent in the third quarter of fiscal year 2024/2025, its fastest pace in three years, as growth rebounded across non-oil manufacturing, tourism, and telecommunications, official data showed.
According to preliminary figures released by the Ministry of Planning, Economic Development, and International Cooperation, the acceleration — up from 2.2 percent a year earlier — lifted average growth for the first nine months of the fiscal year to 4.2 percent, surpassing earlier expectations and signaling growing resilience amid global uncertainties.
The ministry added that full-year growth may exceed the government’s 4 percent target.
This comes as Egypt’s economy has navigated significant turbulence and transformation over the past five years. After pandemic disruption and rising foreign debt, the overnment secured an $8 billion International Monetary Fund-backed rescue package in early 2024, floated its currency — triggering a 38 percent depreciation — and raised interest rates sharply.
In its quarterly GDP note, the ministry stated: “Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, highlighted that the Egyptian economy continued its robust recovery in the third quarter of the current fiscal year, demonstrating growing resilience amid mounting global uncertainties.”
It noted that higher-than-expected GDP growth was driven by strong performance in key sectors, reflecting the impact of Egypt’s macroeconomic policies and structural reform agenda.
“Dr. Al-Mashat emphasized that this momentum builds on the solid recovery observed since the start of the fiscal year and aligns with the government’s broader strategy to promote private sector–led growth and advance the transition toward a more competitive, export-oriented economy focused on tradable goods and services,” the release added.
Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat. moic.gov
Growth is expected to rebound from around 3 percent in 2023 to an estimated 4.2 percent by 2025, driven by private investment, infrastructure projects, and tourism recovery, according to World Bank projections.
Inflation, peaking near 38 percent in late 2023, cooled to approximately 12 percent to 13 percent by early 2025.
Persistent challenges include energy deficits, waning gas production, substantial external debt, and widening current-account and budget deficits
“The strong outturn also reflects the continued implementation of the reform agenda, under the National Structural Reform Program, which is instrumental in maintaining macroeconomic stability, improving the governance of public investment, enhancing economic competitiveness, and expanding private sector participation,” the report stated.
The program, launched in 2021, aims to diversify the Egyptian economy and enhance its competitiveness by focusing on strengthening key sectors, improving the business environment, and promoting sustainable and inclusive growth.
The report noted that non-oil manufacturing output grew by 16 percent in the quarter, reversing a 4 percent contraction a year earlier.
The industrial production index excluding crude oil and petroleum products expanded by 16.03 percent, led by significant gains in motor vehicles, which grew by 93 percent, ready-made garments by 58 percent, beverages by 34 percent, paper by 20 percent, and textiles by 17 percent.
The sector contributed 1.9 percentage points to overall GDP growth. Exports of finished goods rose by 12.7 percent year on year in the quarter.
The tourism sector also posted a strong performance, growing by 23 percent. Visitor arrivals reached 4 million, with tourist nights increasing to 41 million.
Telecommunications expanded by 14.7 percent, while financial intermediation grew by 17.34 percent, insurance by 7.7 percent, electricity by 5.76 percent, and construction by 3.13 percent.
On the expenditure side, net exports contributed approximately 2.7 percentage points to growth, as exports rose by 54.4 percent, outpacing an 18.7 percent increase in imports.
Private investment increased by 24.2 percent year on year at constant prices, accounting for 62.8 percent of total implemented investments excluding inventory, and surpassing public investment for the third consecutive quarter.
However, public investment contracted by 45.6 percent, resulting in a negative overall contribution of investment to GDP growth, estimated at minus 2.44 percentage points.
Some sectors continued to decline. Suez Canal activity fell by 23.1 percent, reflecting ongoing geopolitical disruptions, while extractive industries contracted by 10.38 percent due to reduced oil and gas output. Petroleum activity declined by 9.52 percent, and natural gas extraction by 20.5 percent.
Looking ahead, the government projects GDP growth of 4.5 percent for fiscal year 2025/2026 under the Economic and Social Development Plan approved by Parliament in June.
The plan caps public investment at 1.158 trillion Egyptian pounds ($24.64 billion) and allocates about 47 percent of treasury-funded investments to health, education, and social services.
Despite regional instability following the outbreak of conflict between Israel and Iran, the government has maintained its growth outlook, citing relatively contained effects on global markets.
GCC, Japan begin 2nd round of FTA negotiations in Tokyo
Updated 49 min 19 sec ago
Nirmal Narayanan
RIYADH: The Gulf Cooperation Council and Japan have launched the second round of negotiations for a free trade agreement, with discussions focusing on enhancing economic cooperation between the two sides.
Held in Tokyo from June 30 to July 4, the talks aim to lay the groundwork for a comprehensive FTA that would grant Gulf goods and services preferential access to the Japanese market through tariff reductions, simplified customs procedures, and regulatory streamlining.
The negotiations were preceded by coordination meetings of the GCC technical negotiation teams on June 29, the Saudi Press Agency reported.
This follows the first round of negotiations in December, during which both parties discussed cooperation in goods, services, e-commerce, investment, and economic evaluation.
“The second round of negotiations will address a number of topics across various areas, including goods, sanitary and phytosanitary measures, technical barriers to trade, services provisions, financial services, telecommunications services, the movement of natural persons, intellectual property, dispute settlement, general provisions of the agreement, rules of origin, and trade facilitation.” the SPA report stated.
Saudi Arabia, represented by the General Authority for Foreign Trade and led by Deputy Governor for International Organizations and Agreements Fareed Al-Asaly is participating in the talks, it added.
The Saudi delegation includes representatives from the Ministries of Energy, Investment, Environment, Water and Agriculture, along with officials from the Saudi Food and Drug Authority, the Saudi Central Bank, and the Zakat, Tax and Customs Authority.
An FTA represents a legally binding agreement between countries designed to reduce or eliminate barriers to trade.
The second round aims to finalize proposed texts and identify key areas of cooperation, paving the way for a comprehensive agreement.
According to the Japan External Trade Organization, GCC exports to Japan reached $84 billion in 2024, down from $93 billion the previous year due to a drop in oil prices. Meanwhile, Japanese exports to the GCC rose to $24 billion last year from $22 billion in 2023.
The GCC currently has an FTA with the European Free Trade Association, which includes Iceland, Liechtenstein, Norway, and Switzerland.
The bloc also concluded an FTA with New Zealand in October, while negotiations are ongoing with countries including Australia, Malaysia, Turkiye, and the UK.
Japan currently has FTAs with several countries, including Singapore, Mexico, and Malaysia, as well as Chile, Thailand, Indonesia, and Brunei.
Other major nations that have FTAs with the East Asian country include Switzerland, Vietnam, India, the UK, and the US.
Saudi Arabia pitches $2.5tn mining sector potential to Canadian firms
Updated 30 June 2025
MOHAMMED AL-KINANI
JEDDAH: Canadian companies have been presented with exploration opportunities in Saudi Arabia’s mining sector during a roundtable in Vancouver.
Officials from the Kingdom’s Ministry of Industry and Mineral Resources presented investment options to representatives from 25 firms, outlining the goals of the government’s Comprehensive Mining Strategy, according to the Saudi Press Agency.
The speakers also highlighted the competitive advantages of the Kingdom’s investment environment and its ongoing efforts to develop the mining sector, maximizing its contribution to economic diversification.
The initiative is part of the Ministry of Industry and Mineral Resources’ ongoing efforts to attract high-quality investments to Saudi Arabia’s mining sector, with the Kingdom’s mineral wealth estimated at around SR9.3 trillion ($2.48 trillion).
this effort also includes the Future Minerals Forum, launched in 2022 as an annual international conference where global mining leaders collaborate, share knowledge, and tackle key industry challenges and opportunities.
The Vancouver meeting is one of a number set to be held ahead of the fifth edition of the Kingdom’s Future Minerals Forum in January, and according to SPA: “Roundtable participants reaffirmed FMF’s vital role in shaping the future of the global mining sector and developing effective solutions to its challenges amid ongoing shifts in the energy and industrial landscapes.”
The report added that the ministry also held a seminar with investors in Toronto, where it also presented promising investment opportunities in the Kingdom’s mining sector.
The meetings build on the momentum of high-level engagement between Canada and Saudi Arabia, including Industry Minister Bandar bin Ibrahim Alkhorayef leading a delegation to Ottawa and Toronto in October to advance bilateral cooperation following the restoration of diplomatic ties in May 2023.
The visit also highlighted Saudi Arabia’s interest in Canada’s expertise in digital financial technologies, geological surveying, and human capacity development, aligning with the Kingdom’s efforts to build a knowledge-based, innovation-driven mining sector under Vision 2030.
In 2023, the Kingdom’s non-oil exports to Canada totaled SR140 million, mainly consisting of base metals and plant products. In contrast, non-oil imports from Canada reached SR2.89 billion, including locomotives, pharmaceuticals, optical and imaging equipment, and electrical devices.
Oil Updates — crude falls on prospect of more OPEC+ supply, easing risks in Mideast
Updated 30 June 2025
Reuters
SINGAPORE: Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
Brent crude futures fell 12 cents, or 0.18 percent, to $67.65 a barrel by 10:18 a.m. Saudi time, ahead of the August contract’s expiry later on Monday. The more active September contract was at $66.56, down 24 cents.
US West Texas Intermediate crude dropped 36 cents, or 0.55 percent, to $65.16 a barrel.
Last week, both benchmarks posted their biggest weekly decline since March 2023, but they are set to finish higher in June with a second consecutive monthly gain of more than 5 percent.
A 12-day war that started with Israel targeting Iran’s nuclear facilities on June 13 pushed up Brent prices. They surged above $80 a barrel after the US bombed Iran’s nuclear facilities and then slumped to $67 after President Donald Trump announced an Iran-Israel ceasefire.
The market has stripped out most of the geopolitical risk premium built into the price following the Iran-Israel ceasefire, IG markets analyst Tony Sycamore said in a note.
Further weighing on the market, four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following similar-sized output increases for May, June and July.
OPEC+ is set to meet on July 6 and this would be the fifth monthly increase since the group started unwinding production cuts in April.
However, bearish pressure from concerns over slower global oil demand, particularly from China, is likely to persist.
Uncertainty around global growth continues to cap prices, said Priyanka Sachdeva, senior market analyst at Phillip Nova.
China’s factory activity contracted for a third straight month in June, as weak domestic demand and faltering exports weighed on manufacturers amid US trade uncertainty.
In the US, the number of operating oil rigs, an indicator of future output, fell by six to 432 last week, the lowest level since October 2021, Baker Hughes said.
Closing Bell: Saudi main index rises to close at 11,202
Parallel market Nomu gained or 0.72% to close at 27,248.13
MSCI Tadawul Index rose 1.07% to close at 1,434.07
Updated 29 June 2025
REEM WALID
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 134.37 points, or 1.21 percent, to close at 11,202.64.
The total trading turnover of the benchmark index was SR5.08 billion ($1.35 billion), as 218 of the stocks advanced and 31 retreated.
The Kingdom’s parallel market Nomu gained 195.03 points, or 0.72 percent, to close at 27,248.13. This comes as 57 of the listed stocks advanced while 30 retreated.
The MSCI Tadawul Index gained 15.19 points, or 1.07 percent, to close at 1,434.07.
The best-performing stock of the day was Saudi Industrial Development Co., whose share price increased 10 percent to SR30.14.
Other top performers included Naseej International Trading Co., whose share price rose 9.99 percent to SR 96.00, as well as Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, whose share price rose 9.97 percent to SR 22.39. According to Tadawul, Cenomi Retail’s shares also jumped by 100 percent in two months despite a sell recommendation from research houses.
Specialized Medical Co. recorded the most significant drop, falling 1.88 percent to SR22.92.
Americana Restaurants International PLC — Foreign Co. saw its stock prices fall 1.26 percent to SR2.35.
Nahdi Medical Co. also saw its stock prices decline 1.24 percent to SR127.20.
On the announcements front, Etihad Atheeb Telecommunication Co., also known as GO Telecom, has announced its annual consolidated financial results for the period ending March 31.
According to a Tadawul statement, the firm recorded a net profit of SR223 million during the year, reflecting a 14.36 percent increase compared to the same period a year earlier. The climb is attributed to an increase in revenue of SR446 million, offset by a rise in the cost of revenue of SR320 million, an upsurge in expected credit losses on trade receivables of SR24.6 million, and a growth in general and administrative expenses of SR24 million.
There was also a decrease in financing costs by SR690,000 due to the recognition of commission income on Islamic deposits during the current year, amounting to SR20 million.
GO Telecom has decided to distribute SR10.1 million worth of cash dividends to the company’s shareholders for the fiscal year ending on March 31. According to a Tadawul statement, the number of shares eligible for dividends stands at 33.99 million, with a dividend per share of 30 halals and a dividend percentage to the share par value of 3 percent.
GO Telecom ended the session at SR105.00, up 2.49 percent.
The Saudi Exchange has approved Saudi Azm for Communication and Information Technology Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR30 million and 60 million shares.
The company’s shares will remain listed on Nomu – Parallel market until the deadline for publishing the transfer document.
The issuer is required to publish the transfer document within three trading days after the Saudi Exchange announces its approval of the transfer request. The transfer document will be accessible to the public for 10 trading sessions through the websites of the issuer, Tadawul, and the financial adviser.
Tadawul also approved Obeikan Glass Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR320 million and 32 million shares.
