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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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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.