Mawani Announces Completion of Red Sea Gateway Terminal at Jeddah Islamic Port

The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)
The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)
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Mawani Announces Completion of Red Sea Gateway Terminal at Jeddah Islamic Port

The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)
The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)

The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port, leading to an increase in its capacity, SPA said on Thursday.
The completion of work at Jeddah Islamic Port’s North Container Terminal, in cooperation with the Red Sea Gateway Terminal “RSGT” with investments amounting to SAR1 billion, is expected to enhance the operational capabilities of the port, increase its capacity, and raise the efficiency of logistics services, Mawani said in a news release.
Minister of Transport and Logistic Services and Chairman of the Saudi Ports Authority Eng. Saleh bin Nasser Al-Jasser attended the announcement ceremony. He highlighted that the completion of work at Jeddah Islamic Port’s North Container Terminal, in partnership with the private sector, contributes to enhancing operational capabilities, increasing the port’s capacity of trade movement, exports, and supporting maritime transport, supply chains, and logistics services.
Al-Jasser emphasized the importance of the completion of infrastructure rehabilitation and the deepening project to enable the port to receive giant ships, achieve added value, and create promising investment opportunities that support the significant maritime capabilities of Saudi ports.
Mawani President Omar Hariri praised the efforts of the private sector and national and international investors in the success of the initiatives undertaken by the ports authority. He noted that the continuous development of the infrastructure at Jeddah Islamic Port is part of Mawani’s efforts to enhance the Kingdom’s leadership in the maritime sector, maximize its ability to stimulate the transportation and logistics industry, strengthen its economic and developmental role, and raise the Kingdom’s rank in international rankings.
Red Sea Gateway Terminal CEO Jens Floe stated that this achievement reflects the strategic partnership between Mawani and RSGT. He confirmed the completion of integration work within a period not exceeding three years, contributing to increasing the terminal’s area from 700,000 sqm to 1,500,000 sqm, and increasing the terminal handling capacity from 2.5 million twenty-foot equivalent units (TEUs) to 6.2 million TEUs.
The development work included the renovation of all buildings at the terminal, the inauguration of an advanced control room equipped with the latest technologies, the establishment of automated main gates for trucks entering and exiting the terminal.
The gateway terminal has larger capacity, is equipped with the Optical Character Recognition (OCR) feature, and uses 146 different types of equipment.
The rehabilitation of the infrastructure, covering more than 1.5 million sqm, and 11 berths of 2,600 meters equipped with 24 shore-to-ship cranes (STS), along with the completion of the deepening project, has expanded the northern channel of the Red Sea Gateway Terminal to welcome giant ships with a draft of up to 17 meters.
The development of Jeddah Islamic Port’s North Container Terminal is included in the Build-Operate-Transfer (BOT) contract signed between Mawani and the RSGT, aligning with the National Transport and Logistics Strategy (NTLS) to make Jeddah Islamic Port a world-class leader, said the authority



Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.