Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry
TT

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.



Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
TT

Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.