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Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)
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Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)

The international maritime assembly held in Dammam, Saudi Arabia, over the course of two days, shed light on the immense potential possessed by the maritime shipping and logistics sectors in the Kingdom and Gulf Cooperation Council (GCC) countries.

The “Saudi Maritime Congress,” in its fourth edition, concluded its events on Thursday with the signing of two memoranda of understanding between national and international institutions.

The first MoU was signed between the Saudi-listed National Shipping Company of Saudi Arabia (Bahri) and SAIL, a Saudi Investment Recycling Company (SIRC) subsidiary.

The memorandum of understanding aims to foster cooperation in sustainable maritime shipping, environmental protection, and the enhancement of sustainability practices within the maritime industry.

This collaboration between the two institutions embodies their shared vision to transform the maritime shipping sector into a more sustainable and environmentally friendly industry.

The second MoU was signed between the Saudi Ports Authority (MAWANI) and SIRC to advance maritime sustainability in the Kingdom.
This collaboration, focused on enhancing environmentally responsible practices in the maritime sector, represents a significant milestone in advancing sustainable development and supporting the goals of Saudi Arabia’s “Vision 2030.”

The agreement underscores the commitment of both parties to environmental protection and the promotion of resource efficiency and circular economy principles within the maritime sector.

Abdullah Bin Damithan, CEO & Managing Director of DP World, told Asharq Al-Awsat that investments in the Islamic Port of Jeddah (located in the western part of the Kingdom) have reached approximately $800 million over a 30-year period, with expectations for the project’s completion in the coming year.

The agreement, which was signed in June of the previous year, entails the establishment of a logistics zone spanning 415,000 square meters, capable of accommodating 250,000 standard containers and featuring warehouses covering 100,000 square meters.

This zone will provide advanced and eco-friendly electronic services.

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Federal Reserve Cuts Key Rate by Sizable Half-point

News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly
News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly
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Federal Reserve Cuts Key Rate by Sizable Half-point

News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly
News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly

The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for American consumers.
The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing, The Associated Press reported. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote.
The central bank’s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the worst inflation streak in four decades. Inflation has tumbled from a peak of 9.1% in mid-2022 to a three-year low of 2.5% in August, not far above the Fed’s 2% target.
The Fed’s policymakers also signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026.
In a statement, the Fed came closer than it has before to declaring victory over inflation: It said it “has gained greater confidence that inflation is moving sustainably toward 2%.”
Though the central bank now believes inflation is largely defeated, many Americans remain upset with still-high prices for groceries, gas, rent and other necessities. Former President Donald Trump blames the Biden-Harris administration for sparking an inflationary surge. Vice President Kamala Harris, in turn, has charged that Trump’s promise to slap tariffs on all imports would raise prices for consumers even further.
Rate cuts by the Fed should, over time, lower borrowing costs for mortgages, auto loans and credit cards, boosting Americans’ finances and supporting more spending and growth. Homeowners will be able to refinance mortgages at lower rates, saving on monthly payments, and even shift credit card debt to lower-cost personal loans or home equity lines. Businesses may also borrow and invest more.
Average mortgage rates have already dropped to an 18-month low of 6.2%, according to Freddie Mac, spurring a jump in demand for refinancings.
The Fed’s next policy meeting is Nov. 6-7 — immediately after the presidential election.