Saudi Arabia Asks Shipping Agents to Expedite Container Retrieval at Dammam Port

Saudi Arabia’s King Abdulaziz Port succeeded in handling 289,787 standard containers during March (Asharq Al-Awsat)
Saudi Arabia’s King Abdulaziz Port succeeded in handling 289,787 standard containers during March (Asharq Al-Awsat)
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Saudi Arabia Asks Shipping Agents to Expedite Container Retrieval at Dammam Port

Saudi Arabia’s King Abdulaziz Port succeeded in handling 289,787 standard containers during March (Asharq Al-Awsat)
Saudi Arabia’s King Abdulaziz Port succeeded in handling 289,787 standard containers during March (Asharq Al-Awsat)

The Saudi Ports Authority (Mawani) has told shipping agents and storage lessees at King Abdulaziz Port in Dammam to quickly pick up imported containers after customs clearance.

This comes after Mawani noticed delays at the port. They want containers and cargo collected promptly to avoid operational issues and ensure swift delivery to recipients.

Mawani announced on Sunday that King Abdulaziz Port in Dammam broke its own record by handling 289,787 standard containers in March.

This reflects the port’s ability to support trade and strengthen import and export supply chains to and from Saudi Arabia.

With 43 fully equipped quaysides and a capacity of up to 105 million tons of goods and containers, the port has advanced operational capabilities.

It also has specialized terminals, modern facilities, and equipment to handle various types of cargo, in line with the national transport and logistics strategy. This reinforces Saudi Arabia’s position as a global logistics hub.

To stay competitive, the port has established four integrated logistics zones, with investments exceeding SAR 1.2 billion ($320 million), in partnership with major international and national companies.

The port has added 12 new shipping services over the past year and 5 more since the beginning of 2024. This boosts services for importers, exporters, and shipping agents.

In a recent report, Saudi Arabia scored 248 points in the Maritime Network Connectivity Index, reflecting smooth goods flow and strong supply chains.

Mawani has launched 31 new shipping services with major global lines in the past year, and seven more since 2024 began.

They’ve also set up nine integrated logistics zones with investments over SAR 6 billion.

They’re also developing port infrastructure, investing SAR 7 billion in container terminals at King Abdulaziz Port in Dammam and SAR 1 billion in the northern part of Jeddah Islamic Port.

This aligns with the national transport and logistics strategy, cementing the Kingdom’s global logistics hub status.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.