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Mawani Signs Agreement to Establish Middle East's Largest Logistics Park

The signing ceremony of an agreement between Mawani and Maersk (Asharq Al-Awsat)
The signing ceremony of an agreement between Mawani and Maersk (Asharq Al-Awsat)
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Mawani Signs Agreement to Establish Middle East's Largest Logistics Park

The signing ceremony of an agreement between Mawani and Maersk (Asharq Al-Awsat)
The signing ceremony of an agreement between Mawani and Maersk (Asharq Al-Awsat)

Saudi Ports Authority (Mawani) signed an agreement with Maersk, a global integrator of container logistics, committing to an investment of $136 million over 25 years to set up an Integrated Logistics Park at Jeddah Islamic Port.

The signing took place in the presence of the Minister of Transport and Logistics, Chairman of Mawani Board, Saleh al-Jasser, and Managing Director of Maersk West & Central Asia Richard Morgan.

Mawani President Omar Hariri and Managing Director of Maersk Saudi Arabia Mohammad Shihab co-signed the agreement.

Jasser said that the agreement established the goals of the National Transport and Logistics Strategy (NTLS). It enhances Saudi Arabia's strategic location to build its role as an integral driver of international trade connecting Africa, Asia, and Europe.

Jasser noted that the new Logistic Park aims to triple the share of non-oil exports from Saudi Arabia from its current levels, to reach 50 percent of total exports.

The project is expected to create more than 2,500 direct and indirect jobs in Saudi Arabia.

"We are pleased to enter into this agreement today, which represents another remarkable milestone in strengthening Saudi Arabia's position on the regional and global stage," he said.

The Minister reiterated that the development of the new Integrated Logistics Park would further enhance the capabilities of Jeddah Islamic Port and contribute to consolidating the Kingdom's position as a leading global hub for maritime transport and logistics services.

"We, in the transport and logistics system, with the support of Crown Prince, are continuing to establish multiple logistic areas in accordance with a high development methodology that contributes to transforming Saudi Arabia into a leading global center in the economics of transport and logistics industry."

Hariri said that this partnership will significantly enhance the distinguished operational capabilities of Jeddah Islamic Port, adding that the agreement is an important step to achieve the ambition for the Port to become among the top ten ports in the world by 2030

The logistics zone will provide multiple and diverse services, including storage, sorting, assembly, e-commerce supplies, value-added services, distribution, and customs transit, said Hariri.

He reported that the storage and distribution centers have an area of ​​55,000 square meters, in addition to a petrochemical assembly center with an area of ​​​​55,000 square meters and a transshipment area of ​​23,000 square meters.

Mawani moved up to a distinguished spot on the global maritime transport map, according to the annual review of Lloyd's Register for the year 2021. The report measures the yearly production capacity of container handling.

The Kingdom recorded progress in UNCTAD liner shipping connectivity indexes for the third quarter of 2021, issued by the United Nations Conference on Trade and Development.

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Business

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.

Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.