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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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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.