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Mawani Signs Contracts to Provide Maritime Services In 8 Saudi Ports

Prince of the Eastern Province during the signing ceremony of contracts for providing maritime services to eight Saudi ports (Asharq Al-Awsat)
Prince of the Eastern Province during the signing ceremony of contracts for providing maritime services to eight Saudi ports (Asharq Al-Awsat)
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Mawani Signs Contracts to Provide Maritime Services In 8 Saudi Ports

Prince of the Eastern Province during the signing ceremony of contracts for providing maritime services to eight Saudi ports (Asharq Al-Awsat)
Prince of the Eastern Province during the signing ceremony of contracts for providing maritime services to eight Saudi ports (Asharq Al-Awsat)

Saudi Ports Authority (Mawani) signed on Sunday four contracts to provide maritime services with private sector investments exceeding SR1 billion ($266 million).

The Authority announced that these contracts were signed with Zamil Offshore Services Co. and Naghi Marine Co. for eight ports in collaboration with the Ministry of Transport and Logistics Services and the National Center for Privatization.
The deals were signed under the patronage of the Prince of Eastern Province, Saud bin Nayef bin Abdulaziz, and in the presence of Minister of Transport and Chairman of the Saudi Ports Authority Saleh al-Jasser.
The Prince of the Eastern Province emphasized that the government of the Custodian of the Two Holy Mosques, King Salman, under the supervision of Crown Prince Mohammed bin Salman, is keen on supporting projects that make Saudi ports attractive to trade and occupy a leading global position in line with the objectives of the national transport and logistics strategy.
It provides a strong network of ports and offers efficient and highly competent integrated logistics services following the best global practices.
Further, it contributes to motivating the logistics services industry, meeting the Kingdom's economic growth plans, and achieving the targets of Vision 2030.
- Operational efficiency
The Minister explained that the contracts will expand the partnership with the private sector, support the competitive capabilities of the logistics sector and Saudi ports, and enhance the operational efficiency and performance of Saudi maritime services in ports.
He noted that they would also renew the fleet of operational assets and maritime units through investment in 44 new naval units, contributing to supply chain support and economic growth.
Jasser confirmed that these contracts also aim to empower the private sector in transportation and logistics projects and initiatives, as the private sector's participation in the industry through privatization projects during the first half of 2023 exceeded SR17 billion.
He added that the transportation and logistics system will continue to increase investment opportunities with all components of the private sector and enhance the contribution of local content in system projects.
- International indicators
For his part, President of the Saudi Ports Authority Omar Hariri pointed out that these contracts aim to enhance the regional and global competitiveness of the Kingdom by utilizing the potential of the ports in value-added investment projects.
He also highlighted the role of maritime services contracts in empowering the maritime transport sector, diversifying the Kingdom's economy, developing logistic services, and raising the Kingdom's classification in international performance indicators.
In turn, CEO of the National Center for Privatization Mohanad Basudan said that signing contracts for the privatization of marine services in eight ports results from integrated and distinguished work among the privatization system team.
Busadan explained that it is evidence of high harmony, interconnection, and continuous interaction between the transportation and logistics services system and the privatization system.
He added: "We are currently working on presenting 200 vital projects, which in turn will contribute to improving the quality of the services provided and the operational efficiency of government assets."
- Marine services
The contracts aim to add 27 new tugboats and 17 new maritime pieces, attract new shipping lines, and promote the ports sector according to the highest international standards.
It also includes improving one of the most critical performance indicators: the time of assistance operations for towing by 45% across the eight ports.
Also, the contracts aim, under the supervision of the Privatization Supervisory Committee in the Transport and Logistics Sector, to enable the Saudi marine sector to achieve advanced positions in global rankings and indicators by providing a range of essential maritime services such as towing and guidance operations.
The marine services contracts are distributed among eight ports, where Zamil Marine Services Company is responsible for providing maritime services at the Jeddah Islamic Port, the Jazan Port, the Ras al-Khair Port, the King Fahd Industrial Port in Jubail, and the Jubail Commercial Port.
Naghi Marine Co. provides marine services at King Abdulaziz Port in Dammam, Yanbu Commercial Port, and King Fahd Industrial Port in Yanbu.

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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.

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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)
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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.

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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
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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.