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SAR Signs Agreement with Maersk to Increase Number of Containers Transported between Dammam, Riyadh

SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract
SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract
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SAR Signs Agreement with Maersk to Increase Number of Containers Transported between Dammam, Riyadh

SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract
SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract

Saudi Arabia Railways (SAR) has signed a contract with the sea shipping company Maersk to increase the number of containers transported on SAR trains between King Abdulaziz Port in Dammam and Riyadh Dry Port.
SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract based on which the number of containers transported through the east train increase, safe and lasting transportation solutions are provided and the Kingdom’s competitiveness grows, helping it realize its strategic goals and boost the Kingdom's global Logistics Performance Index (LPI) in a way that aligns with Saudi Vision 2030.
The contract will also help increase operational efficiency, decrease the number of trucks between Dammam and Riyadh cities, reduce carbon emissions, and maintain road infrastructure.
Al-Malik stressed that such contracts improve the shipping sector, and reaffirmed SAR's dedication to providing safe and creative solutions to enhance operational efficiency at King Abdulaziz Port in Dammam and Riyadh Dry Port, thus improving the overall transportation sector.
Shihab said the contract is a step toward finding cooperative solutions, between Maersk and SAR, to digital transformation and sustainable logistics. He also said it will contribute to elevating Dammam Port to a regional station for global trade routes from the east to the local markets and farther to the countries in the region.

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Business

Al-Khorayef: Saudi Arabia Seeking to Provide Comprehensive Food Security Solutions

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef is seen at the Saudi Food Show in Riyadh. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef is seen at the Saudi Food Show in Riyadh. (SPA)
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Al-Khorayef: Saudi Arabia Seeking to Provide Comprehensive Food Security Solutions

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef is seen at the Saudi Food Show in Riyadh. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef is seen at the Saudi Food Show in Riyadh. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef emphasized that the food industry sector is not merely a source of food production, but a fundamental pillar for achieving the Kingdom's food security.

He made his remarks during the opening of the Saudi Food Show that is being held in strategic partnership with the Saudi Authority for Industrial Cities and Technology Zones (MODON) and KAOUN International in Riyadh.

He noted that the Kingdom seeks to offer comprehensive solutions for food security, adding that a food security strategy has been developed to ensure its needs for essential food products are met under both normal conditions and emergencies.

This strategy aligns with several others under the Saudi Vision 2030, including the National Industrial Strategy, the Saudization Strategy, and the Export Strategy.

Moreover, Al-Khorayef highlighted that Saudi Arabia has achieved tangible results in food security, meeting its needs for essential food products under all circumstances, including emergencies, and enhancing self-sufficiency in many food products. The Kingdom has achieved 100% self-sufficiency in dairy products, 52% in fish, and 68% in poultry.

He stated that the Kingdom boasts a robust industrial base with more than 1,500 food factories and investments exceeding SAR88 billion.

He also noted that the Kingdom's food exports amounted to approximately SAR20 billion in 2023. The Saudi Industrial Development Fund provided 23 loans worth SAR700 million to food factories, and the Saudi Export-Import Bank provided more than SAR3 billion to support food exports during the same year.

The minister stressed that the ministry, in collaboration with its partners, aims to improve industrial infrastructure, encourage investment in the food industry sector, and provide financial and technical support to small and medium-sized enterprises in this sector.

Additionally, the ministry is exploring new investment opportunities and increasing production capacities in the meat, poultry, and seafood sectors.

Business

India's Russian Oil Imports Rise to Nine-month High in April

An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, Aug.12, 2022. (Reuters Photo)
An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, Aug.12, 2022. (Reuters Photo)
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India's Russian Oil Imports Rise to Nine-month High in April

An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, Aug.12, 2022. (Reuters Photo)
An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, Aug.12, 2022. (Reuters Photo)

India's Russian oil imports rose a nine-month high in April after shipments on non-sanctioned tankers operated by Russia's largest shipping company Sovcomflot resumed, tanker data obtained from shipping and trade sources showed.
Refiners in India briefly stopped importing Russian oil in tankers belonging to Sovcomflot after the company's ships, along with its 14 tankers, were designated by Washington in February as being in breach of Western sanctions, Reuters said.
The West has imposed sanctions against Russia since it invaded Ukraine in 2022 and has enacted price caps on oil and oil products loaded at Russian ports aimed at cutting Moscow's oil revenue that funds the war.
India, the world's third-biggest oil importer and consumer, is the top client for Russian seaborne oil.
In April, the first month of the fiscal year 2024/25, Indian refiners shipped in nearly 1.8 million barrels per day (bpd) of Russian oil, up about 8.2% over the previous month, expanding Russia's share in India to about 38% from 32% in the previous month, the data showed.
Overall, India imported 4.8 million bpd of oil in April, a decline of 6.5% from the previous month and marginally higher than April 2023.
However, increased purchases of Russian oil dented Indian refiners' overall purchase of Iraqi and Saudi Arabian oil during the month.
Lower imports from the Middle East further reduced the Organization of the Petroleum Exporting Countries' share in India's crude basket to 46% in April from 53% in March, the data showed.
Higher imports of Russian oil boosted the share of oil from the Commonwealth of Independent States, comprising Kazakhstan, Azerbaijan and Russia, in India's imports to 41% last month from 37% in March.

Business

Al-Jadaan: China Is a Major Partner in Saudi Arabia’s Transformation under Vision 2030

Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)
Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)
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Al-Jadaan: China Is a Major Partner in Saudi Arabia’s Transformation under Vision 2030

Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)
Saudi Finance Minister Mohammed Al-Jadaan and his Chinese counterpart Lan Fo’an meet in Beijing. (Photo taken from X)

Saudi Finance Minister Mohammed Al-Jadaan said China is a partner in the ongoing economic transformation in Saudi Arabia under Vision 2030, pointing to abundant opportunities for growth and cooperation.

Al-Jadaan and his Chinese counterpart Lan Fo’an chaired on Monday the third meeting of the Financial Subcommittee of the Saudi-Chinese High-Level Joint Committee, which was held in Beijing, with the participation of a number of officials from both sides.

The participants discussed many topics, including macroeconomic conditions and policies, in addition to bilateral and multilateral cooperation between the Kingdom and China.

Al-Jadaan stressed that the committee is an important platform to boost cooperation between Riyadh and Beijing, and comes as a continuation of the long and fruitful cooperation between the two countries on financial and economic issues at the bilateral and multilateral levels. He also noted that China has become a major partner for the Kingdom’s economic transformation.

The Saudi minister emphasized the necessity to have a clear framework for macroeconomic policies to promote stability and sustainable growth, and to achieve a balance between fiscal and monetary policies.

He pointed to the enormous potential for innovation and technical cooperation between China and Saudi Arabia and highlighted the need to strengthen partnerships in areas such as artificial intelligence, renewable energy, and smart cities, which he said can drive economic transformation and create new paths for growth and development.

Reforms require discipline, technical depth, and strong governance of the public sector while benefiting from the expertise of the private sector, he went on to say.

The Kingdom seeks, through its presidency of the IMF International Monetary and Financial Affairs Committee, to bolster economic policy coordination and support global recovery, stressed Al-Jadaan.

At the conclusion of the committee’s work, Al-Jadaan emphasized that Saudi-Chinese relations are characterized by friendship, cooperation and mutual support at international forums.

Business

GACA Vice President: New Saudi Air Carrier to Be Launched Soon

Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)
Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)
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GACA Vice President: New Saudi Air Carrier to Be Launched Soon

Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)
Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)

Saudi Arabia is preparing to announce a new national air carrier in 2024 in line with the country’s goal to reach 250 global destinations by 2030.

In remarks to Asharq Al-Awsat on the sidelines of the Future Aviation Forum, Executive Vice President for Economic Policies and Logistics Services at the General Authority of Civil Aviation (GACA) Awad Al-Sulami confirmed that the modern national carrier will be announced this year, noting that studies were underway to determine the needs of the sector for additional airlines.

Held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, GACA is hosting the third edition of the Future Aviation Forum (FAF 2024) at the King Abdulaziz International Conference Center in Riyadh from May 20 - 22.

The event focuses on “Elevating Global Connectivity” and strives to boost aviation collaboration via global partnerships, fostering innovation, sustainable air travel, and cultural exchange.

Asked about the current increase in domestic ticket prices, Al-Sulami pointed to the implementation of economic regulations for competition and transparency in the market. This will mainly reflect on supply and demand, he underlined, adding that the introduction of new carriers will lead to competitive prices.

Executive Vice President for Aviation Safety and Environmental Sustainability at GACA Capt. Suleiman Al-Muhaimedi told Asharq Al-Awsat that Saudi Arabia has achieved record indicators in safety rates over the past 15 years.

The Kingdom is one of the signatories of the Convention on International Civil Aviation (also known as Chicago Convention), which defines international rules and recommendations regarding sector standards, he added.

GACA Executive Vice President of Quality and Customer Experience Eng. Abdulaziz Al-Dahmash pointed to a major challenge in the aviation industry, which he said was growing at a rapid pace.

He stated that the target number of travelers during the year 2030 represents three times the current figures, explaining that the Authority has developed programs to measure the traveler’s experience and ensure its flexibility and smoothness.

Business

Future Aviation Forum 2024 in Riyadh Highlights Global Investment Opportunities

The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)
The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)
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Future Aviation Forum 2024 in Riyadh Highlights Global Investment Opportunities

The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)
The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)

The third edition of the Future Aviation Forum 2024 has kicked off in Riyadh, welcoming more than 5,000 industry leaders from 120 nations. The event highlights investment opportunities worth over $100 billion in Saudi Arabia’s aviation sector.
Key announcements on the first day included Saudi Arabian Airlines (Saudia) signing its biggest deal ever with Airbus. Saudi Arabia also announced its cooperation with Boeing and Airbus to use locally produced aluminum and titanium in their planes, aiming to boost local manufacturing.
Additionally, plans for a new national airline to be launched later this year were revealed.
Saleh Al-Jasser, Minister of Transport and Logistics Services and Chairman of the General Authority of Civil Aviation (GACA), launched the three-day conference in Riyadh. The event brought together over 30 ministers, 77 civil aviation leaders, airline CEOs, and 5,000 aviation experts from around the world.
Al-Jasser pointed out the significant changes in Saudi Arabia’s aviation sector since the pandemic, with remarkable growth. He stressed the need for collaboration to tackle challenges.
He highlighted key achievements, including Saudi Arabia’s rise to the 13th position globally in air connectivity and a record-breaking 112 million passengers in 2023, a 26% increase from 2022.
Al-Jasser also mentioned the sector’s adoption of new economic regulations for airports and air transportation services.
The minister also shared updates on legislative improvements and expansion plans during a press conference on the forum’s sidelines. These changes cover economic regulations, agency services, and airspace management, all coordinated with relevant authorities.
He mentioned that the updates aim to meet targets set by the National Aviation Sector Strategy, including reaching 300 million passengers and 250 destinations.
Al-Jasser also discussed plans to build and expand airports, including King Salman International Airport in Riyadh, which aims to accommodate 100 million passengers by 2030.
Additionally, he highlighted Saudi Arabia’s sustainability efforts, such as the Saudi Green Initiative and the Middle East Green Initiative, targeting a 2% reduction in carbon footprint annually.
GACA President Abdulaziz bin Abdullah Al-Duailej stated that the first day of the forum witnessed great success, with numerous commercial deals, initiatives, and agreements aimed at enhancing global connectivity.
The agreements announced during the forum are a testament to the confidence in the growth and investment opportunities provided by the civil aviation sector in the Kingdom, reaffirming the Kingdom’s leading position in the global aviation sector.
Saudi Arabian Airlines (Saudia) entered a deal with Airbus to purchase 105 aircraft of the A320-Neo and A321-Neo models to expand and modernize its fleet, enhancing global air connectivity with various countries.
During the forum, the GACA also launched the first edition of the Kingdom's aviation sector report, which highlighted the civil aviation sector’s contribution to the Kingdom’s economy, amounting to $53 billion.
The GACA also issued a roadmap for general aviation, aiming to develop the business aviation and private aircraft sector in the Kingdom, with the goal of increasing its size tenfold by 2030.

Business

Gold Slips from Record Levels as Dollar Holds Ground

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Slips from Record Levels as Dollar Holds Ground

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices eased on Tuesday as the US dollar firmed, the metal backing away from a record peak hit in the previous session as a fusion of bullish factors including growing US rate cut bets and geopolitical risks drove safe-haven demand.
Spot gold was down 0.6% at $2,410.73 per ounce, as of 0335 GMT after hitting a record high of $2440.49 on Monday.
US gold futures fell 1% at $2,414.00, Reuters reported.
The dollar rose 0.1% making greenback-priced bullion less attractive to buyers holding other currencies.
Lower interest rates and geopolitical uncertainty make bullion a favorable investment.
"The market expectations of interest rate cuts starting this year has gone up a bit with the cooling inflation numbers that came in last week and on the other side, geopolitical risks played a major role in pushing gold prices to a fresh record high," said ANZ commodity strategist Soni Kumari.
"China buying has been exceptional in the first quarter with their bar and coin demand being very strong, recording its highest since 2017 and these factors are offsetting the investment outflows in ETFs (exchange traded funds) and pushing prices higher."
Iranian President Ebrahim Raisi was killed when his helicopter crashed in poor weather in mountains near the Azerbaijan border on Sunday.
Minutes of the Federal Reserve's last policy meeting due on Wednesday along with comments from a slew of Fed speakers will be keenly awaited this week.
Spot silver fell 1.5% to $31.35 an ounce after hitting a more than 11-year high in the last session.
"Silver is the beta for gold, investors are attracted to silver because fundamentals are very strong coupled with growing industrial demand and it's a cheaper alternative to gold," Kumari said.
Platinum lost 1.1% to $1,035.15, after hitting its highest since May 12, 2023 on Monday. Palladium dropped 1.8% to $1,008.91.

Business

Oil Prices Fall on Fear of High US Interest Rates Depressing Demand

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
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Oil Prices Fall on Fear of High US Interest Rates Depressing Demand

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer US inflation and interest rates will depress consumer and industrial demand.

Brent crude futures declined 12 cents, or 0.1%, to $83.34 a barrel by 0041 GMT. U.S. West Texas Intermediate crude (WTI) eased 8 cents, or 0.1%, to $79.72 a barrel.

Both benchmarks fell less than 1% on Monday as US Federal Reserve officials said they were awaiting more signs of slowing inflation before considering interest rate cuts, Reuters reported.

"Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities.

Fed Vice Chair Philip Jefferson said on Monday it was too early to tell if the inflation slowdown is "long lasting," while Vice Chair Michael Barr said restrictive policy needs more time. Atlanta Fed President Raphael Bostic said it will "take a while" for the central bank to be confident that price growth slowdown is sustainable.

Lower interest rates reduce borrowing costs, freeing up funds which could boost economic growth and demand for oil.

Business

Saudi Arabia’s National Carrier Orders More than 100 New Airbus Jets

Saudia said it is increasing flights and seat capacity across its existing 100-plus destinations to meet the country's goal of attracting more than 150 million tourists by 2030. (AFP file)
Saudia said it is increasing flights and seat capacity across its existing 100-plus destinations to meet the country's goal of attracting more than 150 million tourists by 2030. (AFP file)
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Saudi Arabia’s National Carrier Orders More than 100 New Airbus Jets

Saudia said it is increasing flights and seat capacity across its existing 100-plus destinations to meet the country's goal of attracting more than 150 million tourists by 2030. (AFP file)
Saudia said it is increasing flights and seat capacity across its existing 100-plus destinations to meet the country's goal of attracting more than 150 million tourists by 2030. (AFP file)

Saudi Arabia's national airline ordered more than 100 new Airbus jets, it said on Monday.

Saudia Group, which represents the Saudia airline and its budget carrier Flyadeal, said it ordered 105 aircraft from the French aerospace company's A320neo family of jets, including 12 A320neos and 93 A321neos. That brings Saudia Group's Airbus aircraft order backlog to 144 of the A320neo family planes.

Saudia said it is increasing flights and seat capacity across its existing 100-plus destinations to meet the country's goal of attracting more than 150 million tourists by 2030.

In February, Airbus reported healthy results for its commercial aircraft business in its latest annual earnings report and set a target of 800 commercial aircraft deliveries, 67 more than in 2023.

Airbus’s fortunes contrast with struggles at US rival Boeing, which seemed finally to be recovering from two crashes of Max jets in 2018 and 2019 that killed 346 people in Indonesia and Ethiopia. But on Jan. 5, a door plug blew out of an Alaska Airlines 737 Max 9, and the company has been reeling ever since.

Airbus has benefitted from its decision to launch the A321neo, a single-aisle aircraft with 180 to 230 seats. “Neo” stands for new engine option, meaning highly fuel efficient engines that save airlines money on one of their biggest costs.

Boeing rushed to match it with the Max, a 737 equipped with new, more efficient engines, only to run into a myriad of technical issues.

Business

Saudi Arabia Crude Exports Rise to 6.413 Mln bpd in March

FILE PHOTO: A gas flame is seen in the desert near the Khurais oilfield, about 160 km from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo
FILE PHOTO: A gas flame is seen in the desert near the Khurais oilfield, about 160 km from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo
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Saudi Arabia Crude Exports Rise to 6.413 Mln bpd in March

FILE PHOTO: A gas flame is seen in the desert near the Khurais oilfield, about 160 km from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo
FILE PHOTO: A gas flame is seen in the desert near the Khurais oilfield, about 160 km from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo

Saudi Arabia's crude oil exports in March rose to 6.413 million barrels per day (bpd) from 6.317 million bpd in February, official data showed on Monday.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries to the Joint Organizations Data Initiative (JODI), which published them on its website, Reuters said.

Business

ADNOC Buys Stake in NextDecade's Rio Grande LNG, Inks Supply Deal

FILE PHOTO: Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo
FILE PHOTO: Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo
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ADNOC Buys Stake in NextDecade's Rio Grande LNG, Inks Supply Deal

FILE PHOTO: Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo
FILE PHOTO: Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo

Abu Dhabi National Oil Company (ADNOC) on Monday said it has acquired an 11.7% stake in phase 1 of NextDecade's Rio Grande LNG export facility.

ADNOC and NextDecade have also entered into a 20-year supply agreement for 1.9 million tons per annum (mtpa) of LNG.