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Saudi Mawani, SGP Sign Contract Agreement to Establish Fully Integrated Logistics Park

Mawani and Saudi Global Ports (SGP) ink a deal to build a fully integrated logistics park spanning over 1 million square meters at King Abdulaziz Port in Dammam.
Mawani and Saudi Global Ports (SGP) ink a deal to build a fully integrated logistics park spanning over 1 million square meters at King Abdulaziz Port in Dammam.
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Saudi Mawani, SGP Sign Contract Agreement to Establish Fully Integrated Logistics Park

Mawani and Saudi Global Ports (SGP) ink a deal to build a fully integrated logistics park spanning over 1 million square meters at King Abdulaziz Port in Dammam.
Mawani and Saudi Global Ports (SGP) ink a deal to build a fully integrated logistics park spanning over 1 million square meters at King Abdulaziz Port in Dammam.

The Saudi Ports Authority (Mawani) and Saudi Global Ports (SGP) have inked a deal to build a fully integrated logistics park spanning over 1 million square meters at King Abdulaziz Port in Dammam, with an investment nearing one billion Saudi riyals.

The agreement was signed in the presence of Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, Minister of Transport and Logistic Services Eng. Saleh bin Nasser Al-Jasser, and Singaporean Minister of Manpower and Second Minister for Trade and Industry Dr. Tan See Leng.

The Minister of Transport and Logistics Services and Chairman of the Board of Directors of the Saudi Ports Authority Eng. Saleh bin Nasser Al-Jasser stated that this agreement falls under both local and international private sector investments.

The objective of these investments is to establish multiple high-performance logistics zones that will enhance the efficiency of the logistics sector, improve service quality, increase handling numbers, and generate additional job opportunities.

The initiative is expected to strengthen the role of the logistics sector in supporting the national economy and reinforce the Kingdom's position as a global logistics hub connecting three continents. This aligns with the National Strategy for Transport and Logistics Services and Vision 2030.

Al-Jasser emphasized that the contracts signed with the private sector over the past two years to develop and expand investments in logistics areas illustrate the attractiveness of Saudi ports and the Saudi logistics sector. They also highlight the vast and promising opportunities within this crucial sector, which plays a significant role in driving economic growth and achieving sustainable development.

The agreement was signed by President of the Saudi Ports Authority, Omar Hariri and CEO of the Saudi Global Ports Company, Edward Tah.

Hariri stressed that this new logistics park is part of the Mawani initiative to expand the number of logistics parks within Saudi ports to 12. This expansion is expected to elevate the Kingdom's position in the global logistics services performance index from its current 38th place to the 10th. Furthermore, it will solidify its regional leadership in logistics.

The park is designed to offer comprehensive logistics services and innovative solutions, with a strong focus on sustainable practices and systems. It includes warehouses and yards equipped to store and handle all types of dry and refrigerated goods. Additionally, the park features a bonded and re-export area specifically dedicated to sorting, distribution operations, and other value-added services.

The Saudi Global Ports Company operates two container terminals at King Abdulaziz Port in Dammam, which is a joint venture between the Saudi Public Investment Fund, the Singaporean PSA International Company, and Al Balagaa Group.

Mawani succeeded in attracting national and international investments and major logistics companies through signing several agreements to establish 11 logistics zones. These zones will be strategically located in the Jeddah Islamic Port, King Abdulaziz Port in Dammam, and King Fahd Industrial Port in Yanbu. The total investment for these initiatives is nearing 4.2 billion riyals.

The significant investment will not only lead to the creation of over 13,000 direct and indirect jobs within the logistics sector, but it is also expected to trigger a major economic revival. These initiatives are expected to bolster the gross domestic product, enhance international trade relations, improve multimodal transport connections, and foster growth in the logistics services industry.

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Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
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Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo

Oil prices fell 2% on Friday, extending losses for a third straight session as easing concerns over Saudi supply disruptions outweighed anxiety about a widening of conflict across the Middle East.

Brent crude futures fell by $2.14, or 2%, to $102.68 a barrel by 0806 GMT. US West Texas Intermediate futures fell $1.83, or 1.8%, to $100.08, Reuters reported.

Benchmark Brent prices are on track for their first weekly loss in three.

Prices climbed to close to four-month highs earlier in the week after sources said crude loadings ⁠at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh cancelled some deliveries to Europe after its East-West pipeline was damaged in an attack last week.

However, prices have cooled since on reports that Saudi Arabia was seeking to restore about half the capacity of its East-West oil pipeline within days.

Saudi Arabia has sold about 60 million barrels of crude from its Gulf port of Ras Tanura inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next, multiple trade sources said on Friday.

The rebound in Saudi Aramco's exports from inside the Gulf to between 1 million to 1.5 million barrels per day on average, similar to or slightly higher than August's levels, has cooled global oil prices as it could make up for some of the ⁠volume lost at its port of Yanbu.

Chinese and South Korean refiners are among the top buyers of the spot supplies, while some volumes will be going to India and Japan, said the sources, who spoke on condition of anonymity.

"Recent efforts ‌to restore Saudi export capacity have reduced some of the immediate supply ‌anxiety," said Priyanka Sachdeva, head of market insights at Phillip Nova.

Business

ECB's Lagarde Keeps Door Open to Early Exit

European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
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ECB's Lagarde Keeps Door Open to Early Exit

European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)

European Central Bank President Christine Lagarde on Friday kept the door open to leaving her post early, replying "we'll see" when asked if she would remain in the position until her term ends ‌in October 2027.

"I ‌leave in ‌2027," ⁠Lagarde told Irish ⁠national broadcaster RTE in response to a question on rumors of her early resignation that have persisted for most ⁠of this year.

When asked ‌if ‌that meant October 2027, ‌Lagarde replied: "We'll see."

"What I ‌can tell you at this point is that whatever the time, it will be ‌handled in the most professional way as ⁠it should ⁠be," she added.

Sources told Reuters this week that France would back Dutchman Klaas Knot to succeed Lagarde as part of a bargain in which a French candidate would be picked for chief economist.

Business

5 Countries Want Smaller Growth of Next EU Budget, Spain Offers Ideas

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
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5 Countries Want Smaller Growth of Next EU Budget, Spain Offers Ideas

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo

Germany, Denmark, Finland, the Netherlands and Austria said on Friday the European Union's budget for 2028-2034 must be "several hundred billion euros" smaller than the €2 trillion proposed by the European Commission, drawing battle lines before EU budget talks come to a head in the next three months.

The leaders of the five countries, among the biggest net contributors to the budget, wrote in a joint op-ed in Politico that EU taxpayers ⁠cannot keep paying ⁠more to pay for both old and new priorities.

"It (the budget) is too focused on subsidies and transfers allocated largely in advance, leaving too little room for what Europe urgently needs: common investment in security and defense, competitiveness, innovation, and the fight against irregular migration," the five leaders said.

Net beneficiaries of the EU budget are concerned that ⁠would reduce EU funds for farmers and for equalizing standards of living between the poorer and richer regions of Europe -- a major political concern before parliamentary elections next year in France, Italy, Spain, Poland, Greece, Finland, Slovakia and Estonia.

The European Commission has proposed the budget should amount to €2 trillion or 1.26% of EU Gross National Income (GNI), of which some 168 billion, or 0.11% of GNI, is to service the EU's borrowing for the post-pandemic recovery fund. The five leaders called the proposed nominal increase of around 60% over the 2021-2027 budget "simply not ⁠realistic."

"This is ⁠why we call for a balanced cut to the Commission’s proposal of several hundred billion euros," Reuters quoted them as saying.

To help find a solution, Spain proposed to change the repayment schedule of part of the EU post-pandemic borrowing, linking it to economic growth and spreading it out over a longer period. This, according to Spanish Economy Minister Carlos Cuerpo, would free up some €70 billion.

"An annual payment of about 0.06% of EU GDP would retire the debt by 2058, the deadline agreed by member states," Cuerpo said.

EU governments will discuss the next EU budget at summits in October, November and December in an effort to get a deal before the end of the year.