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Mawani: Shipping Service 'GALEX' Added to King Abdulaziz Port in Dammam

Mawani has announced that Emirates Shipping Line (ESL) has introduced a new shipping service named "GALEX" to King Abdulaziz Port in Dammam. (SPA)
Mawani has announced that Emirates Shipping Line (ESL) has introduced a new shipping service named "GALEX" to King Abdulaziz Port in Dammam. (SPA)
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Mawani: Shipping Service 'GALEX' Added to King Abdulaziz Port in Dammam

Mawani has announced that Emirates Shipping Line (ESL) has introduced a new shipping service named "GALEX" to King Abdulaziz Port in Dammam. (SPA)
Mawani has announced that Emirates Shipping Line (ESL) has introduced a new shipping service named "GALEX" to King Abdulaziz Port in Dammam. (SPA)

The Saudi Ports Authority, known as "Mawani," has announced that Emirates Shipping Line (ESL) has introduced a new shipping service named "GALEX" to King Abdulaziz Port in Dammam.
This service strengthens maritime connections between Saudi Arabia and East Asia, affirming the port's operational efficiency, the Saudi Press Agency said on Monday.
This development underscores the accomplishments of King Abdulaziz Port in Dammam, showcasing advanced operational standards and robust logistical capabilities.
These attributes attract large vessels and major global shipping lines, aligning with the goals of the National Transport and Logistics Strategy (NTLS) to position the Kingdom as a pivotal global logistics hub spanning three continents.
The new shipping service will link King Abdul Aziz Port in Dammam to eight regional and international ports, including Shanghai, Xiamen, Dachan Bay, and Qingdao in China; Busan in Korea; Klang in Malaysia; Sohar in Oman; and Khorfakkan in the UAE.
It will operate weekly trips with a capacity of up to 3,000 TEUs. Notably, the partnerships established by Mawani with major global shipping lines contribute to the development of the kingdom’s ports, enhancing competitiveness, infrastructure, maritime transport routes, and operational efficiency.

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Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
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Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro

Pakistan is set to receive a loan of $20 billion from the World Bank over the next 10 years, aimed at improving the country’s key sectors, sources told Geo News on Saturday.

According to sources in the Ministry of Economic Affairs, the loan will be part of the World Bank's support under the Country Partnership Framework 2025-35, which focuses on sustainable economic development.

The loan is expected to be approved by the WB's Board of Directors on January 14. Once approved, Martin Raiser, the lender's Vice President, is expected to visit Islamabad to discuss the loan program and its implementation.

In addition to the $20 billion, two subsidiary entities of the World Bank will assist Pakistan in securing another $20 billion in private loans.

This would bring the total financial package to $40 billion, which will be allocated towards infrastructure development, climate resilience projects, and improving social services.

Meanwhile, The News newspaper reported that the government, in its bid to achieve an economic revival, has launched the National Economic Transformation Plan which aims to achieve ambitious economic targets, including doubling GDP growth and halving poverty over a five-year period.

The plan envisages attracting $29 billion anticipated investment under the supervision of the Special Investment Facilitation Council (SIFC) including $10 billion from the UAE, $5 billion from Saudi Arabia, $2 billion from Qatar, $2 billion from Azerbaijan, and $10 billion from Kuwait.

Meanwhile, the gross domestic product (GDP) target has been set at 6% of the GDP till the Fiscal Year 2028-29 whereas the per capita income in dollar terms is projected to go up to $2,405 from $1,680.