Saudi: Volume of Cargo Handling at Jizan Port Jumps by 24%https://english.aawsat.com/home/article/1394416/saudi-volume-cargo-handling-jizan-port-jumps-24
Saudi: Volume of Cargo Handling at Jizan Port Jumps by 24%
The significant growth in the volume of cargo handling at the Saudi ports reflects the level of performance, productivity and operational and logistic capabilities that characterize it. Asharq Al-Awsat
Saudi: Volume of Cargo Handling at Jizan Port Jumps by 24%
The significant growth in the volume of cargo handling at the Saudi ports reflects the level of performance, productivity and operational and logistic capabilities that characterize it. Asharq Al-Awsat
The total number of transshipment containers in Saudi ports have increased by more than 19 percent during H1 of this year.
Meanwhile, recent data revealed an increase in cargo handling at Jizan Port by 24 percent during the period from the beginning of this year until the end of August.
The significant growth in the volume of cargo handling at Saudi ports reflects the performance, productivity, operational and logistical capabilities of Saudi ports, making them an important destination for global navigation lines.
In this regard, the total tonnage of cargo handling at Jizan Port has amounted to 1.26 million tons, an increase by 24 percent compared to the same period in 2017 with a total of 1.02 thousand tons, according to the statistical index issued by Saudi Ports Authority "MAWANI".
While the number of vehicles in the "Port of Jizan" has reached 48.4 thousand vehicles during the same period, and the number of passengers has reached about 364.3 thousand passengers.
This growth comes within the framework of the efforts of Mawani to enhance the Saudi port services and raise the level of its operational and logistical capacity.
It is also due to the follow-up and supervision of the management of Jizan Port to expand the port’s activities by increasing the investment opportunities of the private sector, which resulted in a wide opening to increase the movement of exported products through the port.
The total exports of primary products to factories in the region amounted to about 207 thousand tons of zinc, copper and iron bars.
Notably, the Port of Jizan is one of the most important commercial ports in the Kingdom on the Red Sea coast because of its geographical location, which is close to trade routes among Europe, the Far East, the Arabian Gulf and East Africa.
Alphabet's Investment in SpaceX Multiplies 100-Fold to $94 Billionhttps://english.aawsat.com/business/5306988-alphabets-investment-spacex-multiplies-100-fold-94-billion
Alphabet's Investment in SpaceX Multiplies 100-Fold to $94 Billion
The letters of the word "Alphabet" on a computer screen featuring a Google search page in an illustration (Reuters)
Alphabet's early bet on SpaceX has multiplied more than 100-fold, with the Google parent disclosing a stake worth about $94 billion at the end of June compared with the $900 million investment it said it made in Elon Musk's rocket company in 2015.
Alphabet has emerged as by far the largest single institutional holder of SpaceX following its $86 billion IPO in June, according to a Reuters analysis of quarterly filings made public so far.
The filings shed new light on the scale of positions acquired by SpaceX's backers as the company transitioned from a closely held startup to a publicly traded giant. Together with separate public disclosures on early investments, including Alphabet's, they also highlight how dramatically the value of some early investments in SpaceX has grown.
Because the 13F filing data is compiled once per quarter and disclosed within six weeks of quarter-end, the information is dated and will not capture any buying or selling done by these large investors since June 30.
There are other limitations as well, given the vast universe of SpaceX investments and the evolving schedule of when they stand to become eligible to be sold in public markets.
"It's very, very difficult to tease out which of these institutions were holding pre-IPO shares," said Steve Sosnick, market strategist at Interactive Brokers.
Alphabet is an exception because the company publicly disclosed that it invested $900 million in SpaceX in 2015, providing a rare benchmark against which to compare the value of its current holding.
Alphabet did not immediately respond to a request for comment. Sosnick added that the 13F filings did not reveal investors' lockup status or intentions with respect to realizing profits on pre-IPO positions.
FILE - The SpaceX logo is displayed on a building, May 26, 2020, at the Kennedy Space Center in Cape Canaveral, Fla. (AP Photo/David J. Phillip, File)
Alphabet held 551.2 million SpaceX shares at the end of the second quarter, according to the firm's filing, worth about $94.2 billion at SpaceX's June 30 share price of $170.86.
At Thursday's price, Alphabet's disclosed position would be worth about $77.9 billion, still about 86.5 times the size of Google's original investment. Fidelity Investments was the second-largest reported institutional holder, with 302.6 million SpaceX shares, followed by Gigafund Management with 171.8 million, Baillie Gifford with 51.4 million and BlackRock with 51.0 million.
Alphabet, Fidelity, Gigafund Management, Baillie Gifford and BlackRock, the five largest reported holders in the data, accounted for nearly three quarters of reported SpaceX shares, highlighting the concentration of reported institutional ownership among a handful of investors.
Separately, SpaceX said in a regulatory filing that Musk owned a 48.4% stake in the company. SpaceX went public on June 12 at $135 a share. Its shares have since retreated from their end-June level. SpaceX closed at $141.29 on Thursday, 4.7% above its IPO price but 17.3% below the June 30 close.
Sosnick told Reuters that SpaceX remains one of the most actively traded stocks among customers at Interactive Brokers, receiving a "fresh jolt of buying last week when market fears about what would happen when the first lockup expiry arrived proved to be unfounded."
Retail owners of SpaceX shares, who do not have to submit their holdings to the SEC, turned into net sellers of the stock on Friday for the first time since the IPO, according to data from Vanda Research.
The research firm, which tracks the activity of self-directed individual investors, calculated that this group sold a net $4.5 million on that day. SpaceX shares were down 3% on Thursday but have risen 30% since August 5.
Iraqi Daily Oil Exports in August Highest since Start of Warhttps://english.aawsat.com/business/5306916-iraqi-daily-oil-exports-august-highest-start-war
Iraqi Daily Oil Exports in August Highest since Start of War
A view across Shatt al-Arab of the 'Bin Omar' oil field north of Basra, Iraq (Reuters)
Iraq's average daily oil exports since the beginning of August are the highest since the outbreak of the Middle East war between Iran and the United States, which has choked off the Strait of Hormuz, the oil ministry said Friday.
Iraqi Oil Minister Bassem Mohammed Khudair told a press conference that "exports since the beginning of the month have reached a rate of two million barrels" per day, for a total of around 26 million barrels, saying the daily rate was achieved "for the first time since the crisis began".
Fitch Keeps US at 'AA+', Cites Economic Resilience amid Fiscal Riskshttps://english.aawsat.com/business/5306818-fitch-keeps-us-aa-cites-economic-resilience-amid-fiscal-risks
Fitch Keeps US at 'AA+', Cites Economic Resilience amid Fiscal Risks
The American flag flies in the National Mall near the Capitol building in Washington (Reuters)
Fitch on Thursday affirmed the sovereign credit rating for the United States at "AA+" with a stable outlook, citing its large economy, high per-capita income and the US dollar's status as the world's leading reserve currency.
The US economy remained resilient despite higher tariffs, government spending cuts, tighter border controls and heightened policy uncertainty, reflecting its ability to absorb shocks and economic flexibility, Reuters quoted the credit ratings agency as saying.
Fitch, however, estimated economic growth of 1.9% in 2026-2027, lower than the 2.8% in 2025, and noted weakening labor demand and a significant slowdown in job creation this year.
Inflation remains a concern, with the agency expecting it to average 3.4% in 2026, above the Federal Reserve's 2% target. Tariffs have added to core goods inflation, though their impact has been less severe than expected.
Fitch expects the general government deficit to widen to 7.4% of GDP in 2026 and remain at that level in 2027, the highest among "AA"-rated sovereigns.
Higher military and interest costs, along with rising Medicare and Social Security spending, would limit efforts to reduce the deficit.
Peer S&P Global also maintained its "AA+" rating on the US in June, citing the economy's resilience and strong institutions.
Fitch had downgraded the US sovereign rating by one notch from the top-tier triple-A rating in 2023, pointing to expected fiscal deterioration and repeated down-to-the-wire debt ceiling negotiations.
Moody's downgraded the US by one notch last year, citing rising debt levels and stripping the country of its last remaining triple-A rating.
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