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Saudi MAWANI to Establish New Logistics Zones

A commercial ship sails from Jeddah Islamic Port. (Saudi Ports Authority)
A commercial ship sails from Jeddah Islamic Port. (Saudi Ports Authority)
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Saudi MAWANI to Establish New Logistics Zones

A commercial ship sails from Jeddah Islamic Port. (Saudi Ports Authority)
A commercial ship sails from Jeddah Islamic Port. (Saudi Ports Authority)

The Saudi Ports Authority (MAWANI) aims to achieve the National Transportation and Logistics Strategy (NTLS) goals by consolidating Saudi Arabia's position as a global logistics center and a hub linking three continents.

It is seeking to increase private sector investments in ports and conclude contracts and agreements to establish new logistical zones and achieve a qualitative and comprehensive shift in work and operation mechanisms and logistical support in Saudi ports.

Vice President of Strategic Management at MAWANI Khaled al-Ghayth indicated it would create more job opportunities.

Ghayth told Asharq Al-Awsat that MAWANI is expanding strategic partnerships with major international and regional companies to add new shipping services to boost the Kingdom's position.

Supply chains

MAWANI is also taking practical steps to boost the sustainability of supply chains and support container and cargo transport operations, in line with the Global Supply Chain Resilience Initiative, through smart technologies and logistical support mechanisms that consolidate the competitive advantages of Saudi ports.

He pointed out that the Authority added 31 new shipping services during 2023, reaching about 145 services linking the Kingdom to 350 regional and international ports.

The Authority signed several agreements to establish and lay the foundations for nine zones in the Jeddah Islamic Port, King Abdulaziz Port in Dammam, and King Fahd Industrial Port in Yanbu, with an investment value exceeding $1.6 billion.

Ghayth stated that the new areas aim to support the prosperity of the movement and growth of supply chains.

Sea and air ports

In 2023, MAWANI signed a memorandum of understanding (MoU) with the General Authority of Civil Aviation and the Zakat, Tax, and Customs Authority (ZATCA) to enhance logistical connectivity between air and sea gateways, facilitating multimodal movement through Saudi Arabia.

Jeddah Islamic Port conducted a successful trial of sea-to-air integration.

Ghayth noted that MAWANI intends to bolster cooperation with international ports to support economic diversification and establish a more competitive and attractive investment environment.

In July 2023, the Authority concluded an agreement with Antwerp International Port to boost cooperation in port optimization, digital transformation, and capacity building.

A month later, it inked a partnership agreement with the Dutch Port of Rotterdam, the largest port in Europe, to boost cooperation in developing smart ports and human capabilities, while exchanging experiences and knowledge.

On Sunday, MAWANI laid the cornerstone for the Bahri Logistics Center at Jeddah Islamic Port to enhance logistics capabilities and supply chains.

Minister of Transport and Logistics Services and MAWANI Chairman Saleh al-Jasser, MAWANI President Omar Hariri, and Bahri CEO Ahmed al-Subaey attended the ceremony.

According to MAWANI, Bahri Logistics Services Company will manage the state-of-the-art facility that covers 95,436 square meters.

Bahri will manage the facility and offer multiple storage options in temperature-controlled areas, handling services, and added value services, enabling multinational companies to establish their hub in the center.

Hariri emphasized the pivotal role of the Bahri Logistics Center as a key component in MAWANI’s efforts to strengthen the maritime logistics sector, in line with the NTLS.

The project highlights MAWANI's commitment to bolster the infrastructure and capabilities of Saudi Arabia's logistics sector, contributing actively to economic growth and efforts to boost non-oil exports, as outlined in the nation's ambitious vision 2030.

Subaey expressed his enthusiasm for working with MAWANI and ZATCA to establish this cutting-edge logistics facility.

He emphasized its potential to significantly impact the national, regional, and global logistics sectors.

"Beyond enhancing our capabilities and positioning us favorably in the global logistics sector, the Bahri Logistics Center will allow us to capitalize on new opportunities, substantially enriching our role in elevating Saudi Arabia's status as a global logistics hub," he explained.

The Logistics Center is expected to be operational in the first half of 2025 and will offer exceptional storage and handling capabilities with over 80,000 pallet positions, 40,000 shelving units, and an annual throughput exceeding 900,000 pallets.

The facility will be equipped to store reefer, insulated, and dry containers. It will also provide its clients with various services like container maintenance and repair, container cleaning, bonded storage, and haulage.

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Business

Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
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Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal

Turkish manufacturing activity shrank at a slower pace in December, marking two consecutive months of improvement, signaling a slight moderation in operating conditions at the end of 2025, a business survey showed on Friday.

The Istanbul Chamber of Industry Turkiye Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to a 12-month high of 48.9 from 48.0 in November thanks ‌to softer slowdowns ‌in output, new ‌orders, ⁠employment and purchasing activity.

Readings ‌below 50.0 indicate contractions in overall activity, while figures above that suggest growth, Reuters said.

"With PMI reaching its highest level for a year in December, the manufacturing sector takes some momentum into 2026, giving hope that we will ⁠see growth in the months ahead," said Andrew Harker, ‌Economics Director at S&P ‍Global Market Intelligence.

New ‍orders eased at the slowest pace ‍since March 2024, with some firms noting improvements in customer demand. However, both total new business and new export orders continued to moderate.

Production was scaled back, though at a slower rate than in November. Employment saw ⁠a marginal reduction, while purchasing activity also experienced a softer decline, according to the survey.

Input costs rose sharply, driven by higher raw material prices, leading manufacturers to increase selling prices, the survey said.

"While inflationary pressures rebounded following the recent lows seen in November, rates of increase in input costs and output prices were still comfortably below the highs ‌we have seen at times in recent years," Harker said.

Business

Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
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Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP

Asian markets made a bright start to 2026 on Friday but volumes were thin with Tokyo and Shanghai still closed as investors awaited fresh direction from Wall Street.

Stocks had a bumper 2025, with the S&P adding 16.4 percent, the tech-rich Nasdaq 20.4 percent and London's FTSE enjoying its merriest Christmas in 16 years, said AFP.

In Asia, Seoul stocks whooshed 75 percent, while Hong Kong's Hang Seng index bounced 28 percent and Tokyo's Nikkei 225 rocketed more than 26 percent.

"Naturally, the start of the new year comes with the question everyone asks moving from one year to the next: will this continue? The consensus is that, yes, it will," said Kyle Rodda at Australian brokerage Capital.com.

"When it comes to the all important US economy, Wall Street is pricing in growth will accelerate this year while inflation still moderates and interest rates get cut. Meanwhile, analysts predict that corporate fundamentals will improve," Rodda said.

Hong Kong was up 2.2 percent Friday with chip designer Biren Technologies roaring 80 percent higher after its initial public offering.

The Shanghai-based firm's listing raised more than $700 million, suggesting that investor appetite for anything related to artificial intelligence remains insatiable.

Biren "enjoys scarcity value and high market attention", said Kenny Ng, a strategist at China Everbright Securities.

"The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential," Ng said.

Search-engine giant Baidu jumped almost seven percent after saying its AI chip unit Kunlunxin had filed a listing application in Hong Kong.

Taipei, Sydney, Jakarta, Manila and Singapore also advanced while while Seoul's Kospi, which soared 76 percent in 2025 in large part due to AI boom, was up 1.7 percent.

Samsung Electronics added three percent after co-CEO Jun Young Hyun said customers had praised its high-bandwidth memory (HBM) chips, some saying that "Samsung is back", Bloomberg News reported. 

After volatile recent days, following record highs for silver, precious metals started the new year on a bright note with gold up 0.64 percent per ounce and silver 1.5 percent shinier. 

Business

Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
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Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)

Bulgaria became the 21st country to switch to the euro as it entered the New Year on Thursday, a milestone met with both cheers and fears, nearly 20 years after the Balkan nation joined the European Union.

At midnight (2200 GMT Wednesday), Bulgaria gave up the lev currency, which has been in use since the late 19th century, and Bulgarian euro coins were projected onto the central bank's building.

Successive governments in the country of 6.4 million people have advocated joining the euro, hoping that it will boost the economy of the European Union's poorest member, reinforce ties to the West and protect against Russia's influence.

But Bulgarians have long been divided over the switch, with many worrying the introduction could usher in higher prices and add to the political instability rattling the country.

In a speech broadcast shortly before midnight, President Rumen Radev hailed the euro adoption as the "final step" in Bulgaria's EU integration, as thousands of people braved sub-zero temperatures in the capital Sofia to celebrate the New Year.

Radev however voiced regret that Bulgarians had not been consulted by referendum on the adoption.

"This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country."

Anti-corruption protests swept a conservative-led government from office in mid-December, leaving a country anxious about inflation on the verge of its eighth election in five years.

"People are afraid that prices will rise, while salaries will remain the same," a woman in her 40s who declined to give her name told AFP in Sofia.

At one of the city's largest markets, stalls displayed prices of everything from groceries to New Year's Eve essentials like sparklers in both levs and euros.

"The whole of Europe has managed with the euro, we'll manage too," retiree Vlad told AFP.

- Easier trade, travel -

European Commission president Ursula von der Leyen said Wednesday that Bulgaria's move into the eurozone marked "an important milestone" that would bring "practical benefits" to Bulgarians.

"It will make travelling and living abroad easier, boost the transparency and competitiveness of markets, and facilitate trade," she said.

Central bank governor Dimitar Radev said the euro symbolized much more than "just a currency -- it is a sign of belonging".

But according to the latest Eurobarometer survey, 49 percent of Bulgarians are against the switch.

Outgoing prime minister Rossen Jeliazkov sought to reassure the public ahead of the move, saying he was "counting on the tolerance and understanding of citizens and businesses".

He added that inflation in the Black Sea nation, which joined the EU in 2007, was not linked to the euro's adoption.

But the concerns of Bulgarians about inflation are not idle.

Food prices rose by five percent year-on-year in November, more than double the eurozone average, according to the National Statistical Institute.

"Unfortunately, prices no longer correspond to those in levs," pastry shop owner Turgut Ismail, 33, told AFP, saying that prices have already begun surging.

A euro protest campaign earlier this year tapping into a generally negative view of the single currency among much of the population also fanned fears of price hikes.

- Queues and possible disruptions -

Given Bulgaria's ongoing political instability, any problems with euro adoption would be seized on by anti-EU politicians, warned Boryana Dimitrova of the Alpha Research polling institute.

Some people, including business owners, have complained that it has been difficult to get their hands on euros, with shopkeepers saying they haven't received the euro starter packages they ordered.

Banks said there could be some disruption at cash machines in the hours surrounding the switch. Earlier this week, people queued outside the Bulgarian National Bank and several currency exchange offices in Sofia to obtain euros.

The euro was first rolled out in 12 countries on January 1, 2002. Croatia was the latest to join, in 2023.

Bulgaria's accession will bring the number of Europeans using the euro to more than 350 million.