Mawani Announces New Shipping Service to Boost Saudi Arabia's Connection to China, India 

Mawani Announces New Shipping Service to Boost Saudi Arabia's Connection to China, India 
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Mawani Announces New Shipping Service to Boost Saudi Arabia's Connection to China, India 

Mawani Announces New Shipping Service to Boost Saudi Arabia's Connection to China, India 

The Saudi Ports Authority (Mawani) announced on Sunday the addition of the "Milaha Gulf Express 2" (MGX-2), affiliated with the Qatari Navigation Company (Milaha), as a new shipping service to the King Abdulaziz Port in Dammam (KAPD).

This service connects Saudi Arabia to the ports of China and India. The move aligns with the objectives of the National Strategy for Transport and Logistics Services, aiming to consolidate KAPD's position as a global logistics hub linking three continents.

The plan is designed to boost the port's position and increase its competitiveness for exporters, importers, and shipping agents.

The addition of the MGX-2 service underscores KAPD's growing role in supporting the global logistics chain, bolstered by its leading operational and logistical capabilities.

The port features 43 fully serviced and equipped berths, with a capacity of up to 105 million tons of goods and containers. It is equipped with 80 electric trucks, as well as a number of specialized stations and advanced, modern equipment that enable it to handle various types of goods.

The new shipping service connects KAPD to seven regional and international ports, including Ningbo, Shanghai, and Shekou in China; Nhava Sheva and Mundra in India; Sohar in Oman; and Hamad in Qatar. The service will operate regular bi-monthly trips with a capacity of up to 9,000 standard containers.

KAPD received 21 coastal and bridge cranes this year, contributing to the development and modernization of the port. These enhancements are part of KAPD's transformation into a flexible and sustainable logistics center capable of receiving advanced and large ships with full productivity and high efficiency.



Turkish Gold Demand Lifts Italian Jewellery Exports as Leather Goods Suffer

A person passes by a gold shop in Ankara, Türkiye May 29, 2023. REUTERS/Yves Herman/File Photo Purchase Licensing Rights
A person passes by a gold shop in Ankara, Türkiye May 29, 2023. REUTERS/Yves Herman/File Photo Purchase Licensing Rights
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Turkish Gold Demand Lifts Italian Jewellery Exports as Leather Goods Suffer

A person passes by a gold shop in Ankara, Türkiye May 29, 2023. REUTERS/Yves Herman/File Photo Purchase Licensing Rights
A person passes by a gold shop in Ankara, Türkiye May 29, 2023. REUTERS/Yves Herman/File Photo Purchase Licensing Rights

A surge in demand for gold from inflation-stricken Türkiye boosted exports of jewellery from Italy's industrial district of Arezzo in Tuscany, data showed on Monday, offsetting a drop in leather goods sales from the nearby Florence area.

Demand from Türkiye, where inflation was running at 61.8% in July, drove jewellery exports from the Arezzo area up 133% in the first quarter of the year versus 2023, an Intesa Sanpaolo report on Italy's industrial districts showed.

Exports from the other two Italian jewellery districts, the northeastern Vicenza area and Valenza Po, in Piedmont, also rose.

Gold is considered a hedge against higher inflation and a safe store of value in times of uncertainty, Reuters reported.

Exports from the Arezzo jewellery district totalled 1.8 billion euros ($2 billion) in the first quarter, from 800 million a year before, Intesa said.

That is welcome news for the Tuscan economy, which has been hit hard by the global slowdown in luxury goods demand, with exports of leather goods from the Florence district down 23% in the first quarter to 1.35 billion euros.

Tuscany is home to hundreds of small suppliers of the luxury goods industry and a cooling in demand led by China, which has dealt a blow to brands like Kering's Gucci, prompted companies to put thousands of local workers on furlough.

"Districts that supply the fashion industry have suffered from a drop in consumer spending, but also a normalisation of stock levels after two years of strong increase, and the reorganisation of logistics by distributors," the report said.

Meanwhile, Tuscan olive oil exports jumped 72% year-on-year to 382 million euros in the first quarter.

Overall, exports from Italy's industrial districts - small hyper-specialised production areas - fell 1.1%, Intesa said, adding slowing world trade had been driving a decline since spring 2023 - though from high levels.

The districts' exports hit a record high in 2022 above 150 billion euros and remained broadly stable in 2023. Exports are above pre-pandemic levels by nearly 20% overall.

The only exception are intermediate goods exports in the fashion industry which are 10% lower than in the first quarter of 2019.