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Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry
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Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Ambassador of Custodian of the Two Holy Mosques to the United Kingdom Prince Mohammed bin Nawaf bin Abdulaziz stressed his country’s keenness to create a good environment for the prosperity of the maritime transport industry to constitute an economic pillar and a large area for localization to achieve Saudi Vision 2030.

These comments were made by Prince Mohammed during his sponsorship of the induction meeting on the occasion of the Kingdom's candidacy for the membership of the International Maritime Organization Council for the category “C” and the definition of maritime transport in the Kingdom and its achievements.

The event took place in London on Thursday, and it was attended by Minister of Transport and CEO of the Saudi Public Transport Authority Dr. Nabil al-Amoudi, President of the Public Transport Authority Dr. Rumaih bin Mohammed al-Rumaih, with the participation of representatives of the International Maritime Organization (IMO).

Prince Mohammed said that the government of King Salman bin Abdulaziz Al Saud is keen to let the Kingdom achieve a leading position in the maritime transport industry and receive the support of its sisterly and friendly countries to nominate it for the membership in the IMO Council.

He also stressed the Kingdom’s commitment to all maritime treaties and agreements signed by Saudi Arabia and its pride to support the organization through its contribution to various funds related to the techniques of combating maritime piracy, maritime laws, and specialized marine education, which will benefit the maritime transport industry and its prosperity regionally and internationally.

For his part, Saudi Minister of Transport shed light on the significant transition experienced by maritime transport in its various components in the Kingdom, pointing out that the Kingdom has been an active member of the IMO since 1969.

During the meeting, he reviewed the enormous potential of the Saudi maritime transport industry, which effectively prepares the Kingdom to reserve a regional and international leadership position.

Amoudi highlighted, in his speech before the diplomatic community, the series of achievements made to the Kingdom through its strategic geographical location linking the three continents.

The Public Transport Authority has raised the Saudi flag on more than 273 vessels, and the weight of the load carried by these vessels exceeded 4.3 million tons, thus the Kingdom has the largest naval fleet in the region, Amoudi said.

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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.