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Saudi Arabia Sets New Regulations for Transporting Nuclear, Radioactive Material

New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)
New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)
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Saudi Arabia Sets New Regulations for Transporting Nuclear, Radioactive Material

New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)
New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)

Saudi authorities issued new regulations for maritime transportation and handling of nuclear and radioactive materials to, from, and through Saudi Arabia, according to official sources.

The authorities informed all port managers, maritime agents, and operating companies of the new measures calling on the representatives of the private sector operating in Saudi ports to adhere to the new requirements issued by the Nuclear and Radiological Regulatory Commission (NRRC).

Saudi Port Authority (Mawani) announced that any company importing, exporting, or transiting nuclear and radioactive materials through the Kingdom must obtain a license from competent authorities.

The Authority asserted that the Commission must be notified regarding the innocent passage of ships carrying nuclear and radioactive materials and their belongings.

The agent must ensure that the sender and the consignee have prior authorization if the ship is carrying a cargo of this kind.

The Authority banned the import, export, and transit of radioactive waste across the Kingdom’s territorial sea. It also indicated that shipments containing spent fuel must obtain a license and written notice two weeks ahead of the shipping date.

The new requirements also prevent ships from carrying plutonium unless it is part of a medical device, with specific requirements.

If the ship's interior is contaminated with radioactive materials in ports, harbors, or the territorial waters of the Kingdom, it must be removed by an authorized authority, before the ship returns to service.

The Authority stressed that if a ship transporting nuclear materials was involved in an accident, it should issue a detailed report on the measures taken. Also, the flag state bears full responsibility for any accident per the Kingdom's maritime law and the UN Convention on the Law of the Sea.

The Ports Authority, in cooperation with the Saudi Customs, recently adopted a new mechanism for handling merchandise and containers of abandoned goods and containers in the ports that exceed its statutory period.

The Authority indicated that this procedure increases the speed of the container turnover rate for shipping lines and ensures the optimal use of the ports' capacity.

It emphasized that this decision aims to define the roles and responsibilities of the concerned authorities within the port on handling abandoned goods.

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.