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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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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.