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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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Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
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Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)

Saudi Arabia's largest telecoms operator STC on Thursday announced a joint venture with the kingdom's artificial intelligence company Humain to develop and operate data centers.

The companies signed a memorandum of understanding to establish the venture, in which Humain will hold a 51% stake, while STC will own 49%, Reuters reported.

Humain, an AI company backed by Saudi Arabia's sovereign wealth fund PIF, has secured several agreements including deals with Elon Musk's xAI and Blackstone-backed AirTrunk for data center projects in the country, and is targeting a capacity of about 6 gigawatts by 2034.
The joint venture will aim to develop infrastructure capable of supporting operations with a required load of up to 1 gigawatt, beginning with an initial deployment of up to 250 megawatts.

Business

Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

Brent crude rose 32 cents or 0.54% to $60 per barrel at 0910 GMT. US West Texas Intermediate crude was up 38 cents, or 0.68%, at $56.32 per barrel.

US intentions to impose more sanctions against Russia and its threatened blockade of tankers under sanctions and carrying Venezuelan oil pushed prices higher, PVM analyst John Evans said.

On Wednesday, Bloomberg reported that the US is preparing another round of sanctions on Russia's energy sector in the event Moscow does not agree to a peace deal with Ukraine, citing people familiar with the matter. A White House official told Reuters President Donald Trump had not made any decisions on Russian sanctions. Further measures targeting Russian oil could pose an even bigger supply risk to the market than Trump's announcement on Tuesday that the US would blockade tankers under sanctions entering and leaving Venezuela, ING analysts said in a note.

The Venezuela blockade could affect 600,000 barrels per day of Venezuelan oil exports, mostly to China, but 160,000 bpd of exports to the US would likely continue, ING said. Chevron vessels were continuing to depart for the US under a previous authorisation from the US government.

Most other Venezuelan exports remained on hold on Wednesday, although state oil company PDVSA restarted loading crude and fuel cargoes after suspending operations because of a cyberattack, sources and customs data indicated.

It was not clear how a US blockade would be enforced. The US Coast Guard last week took the unprecedented step of seizing a Venezuelan oil tanker and sources said the US was preparing for more such interdictions.

Venezuelan crude makes up around 1% of global supplies.

Business

European Gas Prices Lift on Colder Weather Demand

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
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European Gas Prices Lift on Colder Weather Demand

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo

Dutch and British gas prices posted small gains on Thursday morning but are largely expected to trade sideways with rising demand from colder weather easily met by pipeline and liquefied natural gas deliveries.

The benchmark Dutch front-month contract at the TTF hub was up 0.19 euros at 27.57 euros per megawatt hour (MWh), or $9.48/mBtu, by 0907 GMT, LSEG data showed.

The Dutch day-ahead contract was up 0.41 euros at 27.36 euros/MWh.

The British day-ahead gas price was up 0.90 pence at 71.00 pence per therm, while the front-month gas contract was up by 0.62 pence at 72.90 p/therm, Reuters reported.

The weather will be mostly dry but slowly colder with below-normal temperatures towards the end of the next week, LSEG meteorologist Georg Mueller said.

"This pattern seems to be stable and will likely last into early January," he added.

Prices appeared to have exhausted their potential for further decline, but a comfortable LNG balance in particular prevented a real rebound, analysts at Engie EnergyScan said in a daily note.

Key US liquefied natural export plant Freeport LNG was on track to take in more gas on Wednesday in a sign that one of its three liquefaction trains has returned to service after shutting down on Tuesday.

Norwegian pipeline gas nominations to Europe hit 348.8 million cubic metres (mcm) per day on Wednesday, their highest level since August 2024, and are at 347.6 mcm/day on Thursday, data from infrastructure operator Gassco showed.

Latest positioning data indicated that speculators are increasingly bearish on the TTF, with investment funds building their largest net-short position since early 2020, analysts at ING said.

"It continues to pose a risk to the market should we see any supply disruptions or demand surges," they added.

EU gas storage sites were last 68.75% full, compared with 77.5% at the same time last year, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract was down 0.81 euro at 85.99 euros a metric ton.