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Saudi Arabia Establishes Largest Regional Port for Importing, Processing Grains

Flour mill worker. Asharq Al-Awsat
Flour mill worker. Asharq Al-Awsat
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Saudi Arabia Establishes Largest Regional Port for Importing, Processing Grains

Flour mill worker. Asharq Al-Awsat
Flour mill worker. Asharq Al-Awsat

The Saudi Ports Authority (MAWANI) and SALIC, the Saudi Agricultural and Livestock Investment Company, a Public Investment Fund owned company, signed an agreement through video conferencing to lease a land in Yanbu Commercial Port to be used to develop the Kingdom’s largest and first grain terminal.

With a land mass of 313,000 square meters, the terminal will be importing, processing and exporting grains in the Kingdom in two phases, and with a total capacity of 5 million tons annually.

The ceremony was attended by Minister of Ministry of Environment, Water and Agriculture (MEWA) Eng. Abdul Rahman bin Abdul Mohsen al-Fadhli and Minister of Transport Eng. Saleh bin Nasser Al-Jasser, and was signed by Eng. Saad bin Abdulaziz Al-Khalb, President of MAWANI and the CEO of SALIC, Eng. Sulaiman bin Abdul Rahman Al-Rumaih.

Commenting on the signing, Al-Jasser, who is Chairman of Mawani’s Board of Directors, said: “The Yanbu grain project aims to build the first regional center and logistic platform for importing, processing and exporting grains in KSA, taking advantage of the Yanbu commercial port’s exceptional location on the Red Sea coast and the competitive advantage its provides given its proximity to local and regional markets in the Red Sea Basin and the Horn of Africa.”

“This partnership plays a vital role in the ports and logistic services sector, given they are the main enablers of many key industries and sectors, including the food security sector,” he added.

“It also goes in line with MAWANI’s strategic objectives of fully utilizing the huge absorptive capacity in Saudi ports and raising the percentage of private sector investment in the port sector to 90% by 2030. By doing this it will serve the establishment of various development projects that contribute to achieving added value to the national economy, and supporting the investment landscape and commercial traffic in the Kingdom.”

“This regional project will support the operational traffic in the Yanbu Commercial Port, attract additional international shipping lines, and increase investment in the logistic services sector which will bring about significant growth in operational traffic and the increase in the number of ships that lead the port,” Al-Jasser concluded.

One of SALIC’s key strategic objectives is to significantly contribute to the import of basic commodities that are in line with the food security strategy in the Kingdom. Furthermore, the company aims to invest in supply chains and ports in Saudi and countries where SALIC holds investments to ensure the sustainability of the supply of all basic commodities.

For its part, one of MAWANI’s strategic objectives is to partner with public and private sector organizations to support the Kingdom's ports in becoming the leading regional and international ports and providing an efficient, high capacity, integrated port network.

This will significantly support the Kingdom's economic growth plans, stimulate the logistics services industry and global supply chains, and position Saudi Arabia as a global logistical hub and link to the three continents, in line with Vision 2030.

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Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
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Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP

Prime Minister Mark Carney promised Friday to oversee the biggest transformation of Canada's economy since the end of the Second World War to enable it to "stand up" to Donald Trump.

Carney led the Liberal Party to a dramatic fourth mandate in elections on Monday after a campaign focused on the US president's threats to Canada's economy and sovereignty.

Liberals fell just short of the 172 seats needed for majority control of parliament, but with 169 confirmed wins they will be in a strong position to pass legislation. Recounts in two closely contested electoral districts saw the party lose a seat in Quebec province but gain another in Ontario.

At his first press conference since his victory, Carney struck a determined note.

Known for weighing his words carefully, he said that he was "in politics to do great things, not to be something."

"And now that Canadians have honored me with a mandate to bring about big changes quickly, I will work relentlessly to fulfill that trust," he said.

Canada's strained relations with the United States -- historically, its close ally and biggest trading partner -- was among his "immediate priorities," he said, announcing a trip to Washington next Tuesday to meet with Trump on trade and security issues.

Canadians elected him "to stand up to President Trump," he said, adding that he will act "with focus and determination."

"Our focus will be on both immediate trade pressures and the broader future economic and security relationship between our two sovereign nations," said Carney.

But he warned also not to expect any "white smoke" from their first meeting signaling a sudden breakthrough.

Carney reiterated his message from the campaign that he believes the old relationship between the two North American neighbors "based on steadily increasing integration is over."

"The questions now are how our nations will cooperate in the future," he said.

Trump "respects strength," he added, explaining that this was why he was preparing the country for major changes including a massive build-up of infrastructure and new housing.

The Conservatives, the main opposition party, as well as the Bloc Quebecois, the third-largest party in Parliament, both called for unity after the elections to fight US levies including on the automotive and steel sectors.

Carney, who previously headed the Bank of Canada and the Bank of England, promised to maintain counter-tariffs on American products as long as Washington's measures were in place.

"This will be an incredibly exciting time as we take control of our economic destiny to create a new Canadian economy," Carney said.

To this end, he promised to abolish existing trade barriers between Canadian provinces by July 1 to expand the economy, and to strengthen trade with "reliable allies."

"Canada has what the world needs, and we uphold the values the world respects," he said.