Saudi Arabia Seeks to Become Global Logistics Hub

Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)
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Saudi Arabia Seeks to Become Global Logistics Hub

Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)

Saudi Arabia aims to become one of the most important countries in the world in contributing to supply chains, announced Transport Minister Saleh al-Jasser.

Jasser inaugurated the 5th edition of the Supply Chain and Logistics Conference in Riyadh.

The conference, held under the theme "Towards a sustainable supply chain to boost the circular economy," featured several ministers, senior officials, and heads of companies operating in the supply chain and logistics sector.

The two-day conference will feature 64 speakers from different countries and over 100 entities from the public and private sectors. It aims to promote discussions on various supply chain and logistics issues.

Fifty-two agreements were signed to strengthen supply chains and logistics operations during the conference's opening session.

Over the course of the event, participants will discuss the flexibility and sustainability of supply chains for the transition towards a circular economy, the development of specialized supply chains within the Kingdom, and the role of global supply chains in enhancing distribution operations.

At the conference, the Logisti platform is one of the transport and logistics initiatives under the National Industrial Development and Logistics Program (NIDLP) that offers critical commercial activities through the land, sea, and rail transport sectors.

In his opening speech, Jasser said the Kingdom is witnessing successive and unprecedented leaps in the development of the transport and logistics sector with the support of the Saudi leadership.

He added that progress has been visible in the sector since Prince Mohammed bin Salman, Crown Prince and Prime Minister, launched the National Transport and Logistics Strategy.

The Strategy seeks to transform Saudi Arabia into a global logistics hub by effectively utilizing its strategic location.

The Minister reviewed the significant growth and development in the performance and efficiency of the Saudi logistics sector and the substantial and promising opportunities in the sector's services and economies.

To enhance the efficiency of its work, the Crown Prince launched the Master Plan for Logistics Centers, which calls for the formation of 59 centers with a total area of more than 100 million square meters across the Kingdom.

Jasser pointed out that his Ministry also launched initiatives to enhance the sector's performance, re-engineer processes, and apply international best practices to consolidate the Kingdom's position as a global logistics hub.

The Saudi logistics sector witnessed notable achievements during 2023 after the Kingdom jumped 17 spots globally in the Logistics Performance Index issued by the World Bank, advancing from 55th to 38th position.

Jasser said international and local investors are keenly interested in the sector.

"In the past two years, many agreements were signed to establish 12 logistics parks," he remarked.

The logistic zones are located at Jeddah Islamic Port, Dammam's King Abdulaziz Port, and King Fahd Industrial Port in Yanbu with a total investment of approximately $1.11 billion and are set to create over 13,000 direct and indirect jobs in the logistics sector.

The Kingdom jumped eight spots internationally according to the ranking of the London-based maritime journal Lloyd's List classification of the world's 100 largest ports by container handling volumes.

Jasser said the Saudi railway sector has also made substantial progress, adding that over 12 million tons of goods have so far been transported via rail service in the Kingdom, representing a 13 percent growth compared to the same period in 2022.

He stressed that the expansion of rail transportation also helped reduce around 970,000 truck journeys on the roads.

In the first half of the year, the Kingdom's air transport sector also experienced substantial growth in air traffic, passenger numbers, and air cargo operations. It is aligned with the aviation strategy which aims to increase air cargo capacity to 4.5 million tons and expand air connections to 250 destinations by 2030.

The significant progress in the logistics sector came with the support and empowerment of Crown Prince Mohammed and his continuous support to strengthen the Kingdom's position as a global logistics center following the targets of the National Strategy for Transport and Logistics.

Jasser stressed that the transport and logistics services system integrates its efforts with the public and private sectors to enhance supply chains and improve the Kingdom's ranking among the top ten countries in the Logistics Performance Index by 2030.



Gold Recovers from Two-Week Low Ahead of US Inflation Figures

A customer holds a gold chain at a jewellery store in Mumbai, India, January 30, 2026. (Reuters)
A customer holds a gold chain at a jewellery store in Mumbai, India, January 30, 2026. (Reuters)
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Gold Recovers from Two-Week Low Ahead of US Inflation Figures

A customer holds a gold chain at a jewellery store in Mumbai, India, January 30, 2026. (Reuters)
A customer holds a gold chain at a jewellery store in Mumbai, India, January 30, 2026. (Reuters)

Gold rose on Tuesday after hitting a two-week low earlier in the session, as markets awaited key US inflation data, with escalating US-Iran tensions driving oil prices higher and reinforcing expectations of further Federal Reserve rate hikes.

Spot gold was up 0.5% at $4,021.62 per ounce by 0440 GMT, recovering from its lowest level since July ‌1. US gold ‌futures for August delivery gained 0.6% at $4,028.

Gold shed ‌about ⁠3% in the ⁠previous session, its biggest daily percentage decline in more than a month, as continued fighting between the US and Iran drove oil prices to a one-month high.

While gold is often viewed as a hedge against inflation, higher rates tend to weigh on the non-yielding metal by increasing the appeal of interest-bearing assets.

"You ⁠have a situation where the markets probably ‌don't want to commit. They have ‌a big batch of event risks in front of them. There's, of ‌course, the Warsh testimony and then the CPI print, so ‌there's a lot for people to look at in addition to the headlines out of the Middle East," said Ilya Spivak, head of global macro at Tastylive.

Investors will closely watch June US CPI data ‌due later in the day for fresh clues on inflation and the Fed's policy path, ⁠with PPI data ⁠and Fed Chair Kevin Warsh's first semi-annual testimony before Congress this week also in focus.

The US central bank may need to raise interest rates "in the near term" if coming data show inflation continuing well above the 2% target, Fed Governor Christopher Waller said on Monday.

Traders have ramped up bets on a September US interest rate hike, with CME Group's FedWatch Tool showing the probability rising to around 76% from 57% a week ago.

Elsewhere, spot silver inched 0.1% higher to $57.70 per ounce, having earlier touched a two-week low. Platinum fell 0.1% to $1,603.72 and palladium rose 1.4% to $1,264.61.


China’s June Oil Imports Hit Near 10-Year Low Amid Iran War

Containers are seen at the port in Shanghai on July 14, 2026. (AFP)
Containers are seen at the port in Shanghai on July 14, 2026. (AFP)
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China’s June Oil Imports Hit Near 10-Year Low Amid Iran War

Containers are seen at the port in Shanghai on July 14, 2026. (AFP)
Containers are seen at the port in Shanghai on July 14, 2026. (AFP)

China's June crude imports slumped 41.3% to their lowest in almost a decade as refinery run rates hit a ten-year low due to weak domestic demand and export curbs on refined oil products to safeguard energy security amid the Iran war.

China imported 29.27 million tons of crude oil in June, or 7.12 million barrels per day, the lowest since October 2016, customs data showed on Tuesday.

The slump extended into June from May, with imports falling by another 12%, after oil imports hit an eight-year low ‌in May.

China's seaborne ‌crude imports stood at around 6 ‌million ⁠bpd in June, with ⁠imports from the Middle East hitting their lowest level in ten years and Iranian oil imports also dropping 40% month on month to below 800 thousand barrels per day, according to ship-tracking company Vortexa.

In June, the utilization rate of China's crude distillation units stood at 57.72%, down 3.28 percentage points month on month and down ⁠13.09 percentage points year on year, according to Chinese ‌consultancy Oilchem.

"Refinery run rates were ‌likely near a 10-year low, weighed down by weak domestic demand and ‌refined oil product export restrictions. But if refined product exports ‌are eased, run rates could see a partial rebound," said Emma Li, analyst at Vortexa.

Lower Chinese imports are freeing up oil for other buyers, while the market is also weighing the permanent loss of demand from China, ‌as the steep drop in fuel consumption after oil prices soared suggests China can live on ⁠less oil ⁠due to its massive EV fleet.

Customs data also showed natural gas imports rose 3.7% year on year to 10.9 million tons in June.

However, natural gas imports in the first half of 2026 dropped 3.4% to 57.45 million tons from the same period last year.

The data does not separate LNG from gas piped overland.

China's refined oil product exports stood at 4.36 million tons in June.

In the first six months, China exported 23.59 million tons of refined oil products, down 13.2% year-on-year due to export restrictions imposed in March to safeguard domestic supply amid the Iran war.


Saudi Arabia Revamps Payroll Deduction and Financing Services Through Etimad

Saudi banknotes in 500-riyal and 100-riyal denominations (Reuters) 
Saudi banknotes in 500-riyal and 100-riyal denominations (Reuters) 
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Saudi Arabia Revamps Payroll Deduction and Financing Services Through Etimad

Saudi banknotes in 500-riyal and 100-riyal denominations (Reuters) 
Saudi banknotes in 500-riyal and 100-riyal denominations (Reuters) 

Saudi Arabia has introduced a new regulatory framework for payroll deduction, financing, and the sale of receivables through the Etimad platform, in a move aimed at improving financial services, expanding competition, and strengthening the Kingdom’s digital financial ecosystem.

According to information obtained by Asharq Al-Awsat, the Cabinet approved the new framework, replacing Cabinet Decision No. 490. Under the new rules, the National Center for Government Resources Systems will provide payroll deduction services for government employees in favor of lenders, as well as financing and the sale of receivables for public and private sector entities through Etimad, subject to compliance with the requirements and regulations of the Saudi Central Bank (SAMA).

The reform supports the goals of Saudi Vision 2030 by advancing the digitalization of government services, improving access to finance, and developing the government receivables financing market. It is also expected to enhance liquidity and enable financial institutions to offer a broader range of financing products.

The new framework replaces Cabinet Decision No. 490, under which the Ministry of Finance was responsible for payroll deduction services, financing, and the sale of receivables, as well as collecting service fees and annual subscription charges.

Beyond reallocating responsibilities, the decision establishes a more advanced regulatory framework that combines Etimad’s digital infrastructure with SAMA’s oversight. It is expected to improve the efficiency of the receivables financing market, boost competition among financing providers, and encourage the development of more flexible financing products.

Etimad, the Ministry of Finance’s digital platform, provides financial and procurement services to government entities, businesses, and individuals. It is designed to enhance transparency, improve efficiency, streamline government transactions, and support the Kingdom’s digital transformation agenda.

Under the new framework, the National Center for Government Resources Systems will coordinate with the National Development Fund to determine the fees it will receive for providing the two services to the fund and its affiliated development funds and development banks, ensuring their long-term sustainability under a clear financial and regulatory framework.

The reform also strengthens SAMA’s supervisory role by requiring all payroll deduction and financing services offered through Etimad to comply with its regulatory requirements. The move is expected to enhance customer protection and reinforce financial sector stability while opening the market to a wider range of banks and financing companies operating under unified rules, fostering greater competition and potentially improving both pricing and service quality.