عربي English Türkçe اردو فارسى
Logo
Latest News
Business

MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service

MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service
TT
TT

MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service

MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service

The Saudi Ports Authority (MAWANI), in partnership with CStar Shipping Company and United Global Logistics (UGL), has announced the addition of the new shipping service FEM1 to the Jeddah Islamic Port to enhance the movement of exports and imports in line with MAWANI’s vision of reliable, efficient, and sustainable port operations.
This expansion is part of MAWANI’s ongoing efforts to improve the maritime navigation network connectivity index with global shipping lines, according to SPA.

By enhancing port competitiveness and increasing connections to ports in the East and West, MAWANI is contributing to the National Strategy for Transport and Logistic Services that aims to solidify Saudi Arabia's position as a global logistics hub and a bridge between three continents.
The new shipping service connects Jeddah Islamic Port with key ports in China, Malaysia, and Türkiye, including Qingdao, Shanghai, Ningbo, Nansha, Kelang, and Istanbul. With a capacity of 2,758 standard containers, the addition of FEM1 further strengthens Jeddah Islamic Port's pivotal role as a gateway to Europe, Asia, and Africa. This strategic location offers a competitive advantage for exporters, importers, and shipping agents, making it the first port on the Red Sea coast for transit maritime trade as well as container and cargo transportation.

Most Viewed

 
 
Business

FAO Lauds Saudi Arabia’s Rehabilitation of 1 Million Hectares of Land

The rehabilitation of one million hectares of land in Saudi Arabia marks a significant achievement. SPA
The rehabilitation of one million hectares of land in Saudi Arabia marks a significant achievement. SPA
TT
TT

FAO Lauds Saudi Arabia’s Rehabilitation of 1 Million Hectares of Land

The rehabilitation of one million hectares of land in Saudi Arabia marks a significant achievement. SPA
The rehabilitation of one million hectares of land in Saudi Arabia marks a significant achievement. SPA

The UN’s Food and Agriculture Organization (FAO) has praised the Kingdom’s announcement on rehabilitating one million hectares of land as part of the Saudi Green Initiative targets.

FAO highlighted on Monday the Kingdom’s efforts in combating land degradation and restoring ecosystems, affirming the continuation of its cooperation and partnership with the National Afforestation Program and its readiness to keep supporting these efforts.

"The rehabilitation of one million hectares of land in Saudi Arabia marks a significant achievement, demonstrating a committed transformation of national visions into measureable, sustainable results through effective institutional cooperation and knowledge-based partnerships," FAO Assistant Director-General Dr. Abdulhakim Alwaer said on X.

Alwaer is also FAO’s Regional Representative for the Near East and North Africa.

Business

Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
TT
TT

Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo

Danish shipping firm Maersk announced Monday that Oman's port of Salalah, which was hit by a drone at the weekend, would start to reopen from Tuesday.

The Oman authorities said one worker was injured and minor damage caused by the strike on the port, which is run by Maersk subsidiary APM Terminals and is one of the key shipping facilities in the Gulf state.

Maersk said the area damaged was "limited" and that the port's management would take "necessary measures" to progressively build up to full capacity.

Some "constraints" would remain but additional safety and "preventive" measures had been taken because of the strike, it added.

Business

US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
TT
TT

US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)

Wall Street stocks opened higher Monday after US President Donald Trump claimed progress in talks with Iran, even as he threatened to destroy key oil facilities on Kharg Island and to decimate the country's power infrastructure.

International benchmark Brent North Sea crude was up 2.2 percent to $115.02 per barrel on Monday morning, while the main US oil contract, West Texas Intermediate, rose 1.7 percent to $101.35, AFP reported.

All three major US indices started the week on the front foot.

About ten minutes into trading, the tech-rich Nasdaq Composite was up 0.8 percent at 21,124.23, the Dow Jones Industrial Average rose 0.9 percent at 45,566.69, and the broad-based S&P 500 also rose 0.9 percent to 6,426.20.

Art Hogan of B. Riley Wealth Management said investors "would desperately like to see an exit ramp in this war."

Still, even as Trump claims progress towards talks, he is often contradicted by Tehran and the Middle East region remains engulfed by war, with US-Israeli strikes continuing, Iran's retaliation targeting US allies in the Gulf and Israeli strikes against Lebanon expanding.

"The market's going to wake up every day and try to figure out where we are in the war with Iran and what that means for energy prices," said Hogan.

"If in fact, the president's announcement on Truth Social can be even taken a little bit seriously about negotiations going well, then the market would celebrate that."

Hogan added that markets were currently oversold and therefore "very susceptible to any good news, especially as it pertains to this war in Iran."

Monday's gains came after a series of losses last week, with the S&P 500 ending the week lower for the fifth straight week, its longest such run in four years.