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Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024
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Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

Mawani Reports Significant Cargo Growth at Saudi Ports in September 2024

The Saudi Ports Authority (Mawani) has reported a 7.82% surge in the total cargo tonnage handled at its ports in September 2024, hitting 28,097,022 tons, up from 26,058,554 tons in the same period in 2023.
According to Mawani, export containers saw a 9% rise, reaching 255,606 TEUs, while the figure stood at 234,663 TEUs in September 2023.

Similarly, import containers rose by 18% to 258,007 TEUs, a noticeable increase from 217,933 TEUs the preceding year, SPA reported.
The total general cargo stood at 975,406 tons, bulk solid cargo at 4,473,019 tons, and bulk liquid cargo at 15,277,608 tons. Livestock arrivals saw a 35.58% decline, with 343,952 heads of livestock received, compared to 533,948 in September 2023.
The total number of containers handled amounted to 673,124 TEUs, reflecting an 8.08% decrease compared to the 732,319 TEUs handled the previous year. Transhipment containers decreased by 42.98%, down to 159,511 TEUs from 279,723 TEUs in 2023.
Shipping traffic dropped by 5.18%, to 988 ships from 1,042 ships in 2023. The number of passengers fell by 39.46%, with 44,166 passengers recorded this September, compared to 72,956 passengers the previous year. Notably, the shipment of cars saw an increase of 10.51%, the number reaching 98,087, while it stood at 88,755 in 2023.
Mawani had reported a 26.57% increase in cargo tonnage for August 2024. Exported containers grew by 18.76%, reaching 258,955 TEUs, over the corresponding period in 2023.
These results support the National Transport and Logistics Strategy of consolidating the Kingdom's position as a global logistics hub.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.