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Mawani Introduces New Shipping Service at Jeddah Islamic Port

Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.
Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.
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Mawani Introduces New Shipping Service at Jeddah Islamic Port

Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.
Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.

The Saudi Ports Authority, Mawani, has announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port that aims to connect Saudi Arabia to various ports along the North Red Sea, the Saudi Press Agency said on Monday.
The introduction of these two new services is set to meet the increasing market demands and trade activities in the region.
It will further establish the Kingdom's position as a global logistics hub that bridges three continents, in line with the objectives of the National Transport and Logistics Strategy (NTLS).
According to a statement, the launch of the NRS service is a testament to the collaborative efforts and mutual support between Mawani and Folk Maritime. The latter is expanding its operational and logistics activities as a new player in the regional market and the first Saudi maritime line specializing in container and feeder ships.
The NRS shipping service will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Aqaba Port in Jordan, and Sokhna Port in Egypt. It promises regular weekly trips with a capacity of up to 1,300 TEUs.
It is important to highlight that introducing new shipping services to Jeddah Islamic Port is crucial for enhancing its pivotal role due to its strategic location.
This service enables it to connect three continents—Europe, Asia, and Africa—further solidifying its competitive advantage for exporters, importers, and shipping agents as the premier port on the Red Sea coast for transoceanic maritime trade, container transshipment, and cargo handling.

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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."