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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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French Minister: EU Still Far from Tariff Deal with US

French economy minister Eric Lombard (center) says the European Union and the United States were still far from a tariffs deal. Jim WATSON / AFP
French economy minister Eric Lombard (center) says the European Union and the United States were still far from a tariffs deal. Jim WATSON / AFP
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French Minister: EU Still Far from Tariff Deal with US

French economy minister Eric Lombard (center) says the European Union and the United States were still far from a tariffs deal. Jim WATSON / AFP
French economy minister Eric Lombard (center) says the European Union and the United States were still far from a tariffs deal. Jim WATSON / AFP

The European Union and United States are far from reaching a deal on tariffs, France's economy minister said Thursday, as the bloc seeks a way out from trade tensions with Washington.

US President Donald Trump has slapped new 10 percent tariffs on most trading partners since returning to the White House in January, and imposed sharp levies on imports of steel, aluminum and autos, AFP reported.

The EU has not been spared, and a 90-day pause on even higher rates, including for goods from the bloc, is due to expire in early July.

"We're not going to hide the fact that we're still a long way from an agreement," said French economy minister Eric Lombard in an interview with journalists on the sidelines of the International Monetary Fund and World Bank's spring meetings in Washington.

But at an IMF event Thursday, German Finance Minister Joerg Kukies said he was hopeful both sides could reach a deal before the 90-day window closed.

"We're optimistic that it will work, the sooner, the better," he said.

France's Lombard maintained that talks with US officials were warm.

He said he met this week with director of the White House National Economic Council Kevin Hassett, US Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.

Lombard noted a desire from his counterparts to "move forward as quickly as possible," adding that Europeans have been described as friends and allies in the context of these talks.

He said both sides are looking for areas where they can make progress, adding that "workstreams" have been opened up to remove obstacles to exchanges.

Adding that Trump's new tariffs weigh on the US economy, Lombard said he hopes these effects "will push the administration to propose adjustments."

"We want tariffs to return to previous levels, and even lower if possible," he said, adding that he expects "ups and downs" in negotiations.

Earlier this year, Trump accused the 27-nation bloc of being created to "screw" the United States.

The White House has also said Trump's "reciprocal tariffs" were focused on countries that had been "ripping off" the world's biggest economy.