Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May
TT

Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May

Saudi Arabia’s ports handled more than 28 million tons of cargo in May, the Authority (Mawani) revealed on Thursday. Tnumber of containers amounted to 613,000, an increase of 6.36 percent compared to the same period in 2019.

According to Mawani’s statistical index, the number of vessels received by Saudi ports during the same month amounted to 919, 10,000 passengers, 57,000 vehicles and 480,000 heads of livestock.

“This remarkable increase affirms the strength of the Saudi economy, its supply chains and commercial traffic,” Mawani said in a statement.

“It highlights the quality and effectiveness of the Kingdom’s performance and continued business in efficient and competent manners, in light of the economic challenges the world is facing due to the coronavirus pandemic.”

Mawani aims to contribute in stimulating the logistic services industry, facilitating and supporting import and export processes in the Kingdom and making them more smooth, flexible and competitive.

This comes within its strategic plans and ambitious initiatives that seek to enhance the competitiveness of its services and raise the level of its maritime, operational and logistical operations, for a promising future for the logistic services sector and for Saudi ports.

In other news, the Saudi Grains Organization (SAGO) announced on Thursday issuing its fourth tender in 2020 to import 960,000 tons of feed barley for supply during August and September.

Governor of SAGO Eng. Ahmad Abdulaziz al-Fares said the amount specified is distributed on 16 ships. Twelve of these ships will arrive in the Kingdom’s ports on the Red Sea and the four other ships will arrive in the Arabian Gulf ports.

The tender is an extension to the Kingdom’s plan to meet the local demand for feed barley and maintain its strategic reserve, Fares stressed.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
TT

Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.