عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Jeddah Islamic Port Listed on London Metal Exchange

File photo of Jeddah Islamic Port ( Mawani)
File photo of Jeddah Islamic Port ( Mawani)
TT
TT

Jeddah Islamic Port Listed on London Metal Exchange

File photo of Jeddah Islamic Port ( Mawani)
File photo of Jeddah Islamic Port ( Mawani)

The Saudi Ports Authority (Mawani) has announced on Tuesday the listing of Jeddah Islamic Port on the London Metal Exchange (LME) through its strategic partner, LogiPoint, a subsidiary of the Cisco Group.

This significant development underscores the port's crucial role in supporting global trade.

The listing of Jeddah Islamic Port as a new delivery center for copper and zinc on the LME marks an important step towards positioning Saudi Arabia as a global logistics hub. This move will enhance the Kingdom's attractiveness as an investment destination for global stock exchanges and establish the port as a premier global platform for storing metals traded on the exchange, transforming it into a central distribution center.

This strategic initiative is expected to boost market liquidity and provide an additional delivery option for materials. It aims to improve supply chain efficiency by reducing transportation and storage costs for materials and supports the growth of the mining sector by offering a more convenient trading platform for mineral materials.

Most Viewed

 
 
Business

Egypt GDP Growth Forecast at 4% in 2024/25 Fiscal Year, IMF Official Says

A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)
A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)
TT
TT

Egypt GDP Growth Forecast at 4% in 2024/25 Fiscal Year, IMF Official Says

A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)
A worker counts money at a petrol station in Cairo on July 26, 2024. (AFP)

Egypt's economic growth is forecast at 4% in the 2024/25 fiscal year and inflation is expected to fall below 15%, the International Monetary Fund's mission chief for the country said on Tuesday.

In comments to reporters, Ivanna Vladkova Hollar added that talks between the IMF and the Egyptian government about access to climate transition financing from the Fund's Resilience and Sustainability Facility (RSF) would continue in the autumn.

In March, Prime Minister Mostafa Madbouly said the country would seek about $1.2 billion from the RSF.

Egypt can already draw $820 million from its latest 46-month IMF $8 billion loan program after the fund said on Monday it had completed its third review.

Approved in 2022 and expanded this year, the loan program followed an economic crisis marked by high inflation and severe foreign currency shortages.

Hollar said boosting tax revenue was a priority reform issue that would be discussed during the program's fourth review.

"Egypt needs tax resources to be able to spend on priority needs, that is a priority reform that we will be discussing at the time of the fourth review," she said.

Under the program, the outstanding reviews will take place every six months until autumn 2026, with each disbursement currently scheduled at about $1.3 billion, Hollar said in April.