Jeddah Islamic Port Sets Record with 495,000 TEUs

Handing over awards to "Mawani" at the recent transportation and logistics ceremony (Asharq Al-Awsat)
Handing over awards to "Mawani" at the recent transportation and logistics ceremony (Asharq Al-Awsat)
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Jeddah Islamic Port Sets Record with 495,000 TEUs

Handing over awards to "Mawani" at the recent transportation and logistics ceremony (Asharq Al-Awsat)
Handing over awards to "Mawani" at the recent transportation and logistics ceremony (Asharq Al-Awsat)

Jeddah Islamic Port has set a new record for the biggest volume ever processed across its facilities over 30 days, handling 495,000 TEUs during July.

The latest milestone continues a course dating back to last year, which saw a record 4.96 million TEUs passing through the Kingdom's busiest Port, a 1.57 percent year-on-year increase compared to 2021.

The figures underscore the pivotal regional and global significance of the Port in line with Saudi Arabia's National Transport and Logistics Strategy.

The Saudi Ports Authority (MAWANI) and the Jeddah Chamber of Commerce and Industry have agreed to establish an integrated logistics zone in the port, with an investment value of one billion riyals ($266 million).

The logistics development aims to enhance MAWANI's position as a significant player in the national transportation sector and boost the Kingdom's drive to become a global logistics destination.

MAWANI won the Sea Port of The Year award, represented by Jeddah Port, and the Digital Transition Award at the 7th edition of the International Green Shipping Summit, held in the Dutch port city of Rotterdam.

Jeddah Islamic Port received various awards, including eighth place in the 2021 Container Ports Performance Index issued by the World Bank and Standard & Poor's Global Market Intelligence.

MAWANI stated that winning the "Customer Experience Excellence" award underscores the exceptional efforts to enhance the experience for beneficiaries and port clients.

Additionally, MAWANI unveiled the new Customer Service Center as part of its comprehensive plan to enhance its services and offer outstanding services to its clients, aiming to achieve the highest standards of quality and speed in all services.

Notably, the Awards for Transport and Logistics is a regional platform that measures the achievements of organizations and individuals across various relevant sectors, acknowledging all efforts, strategies, and outstanding performance in transportation and logistics.



E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters

China's State Administration of Market Regulation issued a statement on Friday saying Alibaba Group had completed three years "rectification" following a fine levied in 2021 for monopolistic behavior.
In 2021, the regulator slapped a record $2.75 billion fine on the e-commerce giant for abusing its market position by forcing merchants on its platforms not to work with rival platforms.
The regulator's statement said Alibaba's rectification work had achieved "good results" and that it would continue to "guide" Alibaba to continue to "regulate its operations and improve its compliance and quality."
The fine levied on Alibaba in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma, Reuters reported. A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma's public critique of the country's regulatory system in late 2020.
Alibaba, in its own statement, described the regulator's announcement on Friday as a "new starting point for development" and said it would continue to "promote the healthy development of the platform economy and create more value for society."