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 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
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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 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.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.