Saudi ‘Mawani’… Destination of Global Navigation Routes

Giant crane to lift containers in a Saudi port. Asharq Al-Awsat
Giant crane to lift containers in a Saudi port. Asharq Al-Awsat
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Saudi ‘Mawani’… Destination of Global Navigation Routes

Giant crane to lift containers in a Saudi port. Asharq Al-Awsat
Giant crane to lift containers in a Saudi port. Asharq Al-Awsat

The total number of transshipment containers in Saudi ports have increased by more than 19 percent in the first half of 2018.

This new indicator confirms the performance, productivity and logistical and operational capacities of Saudi ports.

In this regard, Saudi Ports Authority, Mawani, reported that the total number of transshipment containers in the Saudi ports during the first half of this year has amounted to 1.03 million, an increase of 19.35% compared to 867,000 containers during the same period last year.

The increase comes within Mawani's efforts to enhance the Saudi port services, productivity and operational and logistic capabilities to achieve the Kingdom’s Vision 2030.

Transshipment is the process of transferring containers from one vessel to another through the port to transport it to its final destination, which is more like a transit.

It is a value-added service that world major ports seek to add by attracting regular international shipping routes.

These developments come as a statistical report issued by Mawani has revealed that more than six million transshipment and standard containers were delivered during 2017, a high figure reflecting the vitality of the Saudi economy.

According to the same statistical report, the number of standard containers delivered during 2017 amounted to 4.47 million standard containers while the number of transshipment containers reached 1.93 million.

The report pointed out that the Saudi ports have witnessed a noticeable increase in performance and productivity indicators during 2017 compared to 2016.

This improvement is attributed to the efforts exerted by the ports and related parties that aim to strengthen the national economy and enhance the Kingdom's commercial position to achieve the Kingdom’s Vision 2030 by strengthening Saudi Arabia’s status as a global logistics center.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."