Oman’s Asyad Seeks Offers of Interest in Expanding Suwaiq Port

View of the seafront in Muscat, Oman, Feb. 12, 2010. (AP)
View of the seafront in Muscat, Oman, Feb. 12, 2010. (AP)
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Oman’s Asyad Seeks Offers of Interest in Expanding Suwaiq Port

View of the seafront in Muscat, Oman, Feb. 12, 2010. (AP)
View of the seafront in Muscat, Oman, Feb. 12, 2010. (AP)

Oman logistics group Asyad has invited local and international companies to send offers of interest in expanding Suwaiq port on the Gulf of Oman, the state news agency reported on Monday.

Ahmed bin Mohamed al-Abri, CEO of Asyad, said the expansion aimed to enable the port to handle large ships and all types of general, liquid and bulk goods, the agency said.

Port capacity will reach 10 million tons annually, half of it for general cargo and the rest for bulk materials, it said.

The project also includes the construction of multi-purpose berths with a depth of 14 meters to accommodate large ships.



Saudi Reserves Rise 6% to $452 Billion in July

Saudi Central Bank (SAMA) (Asharq Al-Awsat)
Saudi Central Bank (SAMA) (Asharq Al-Awsat)
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Saudi Reserves Rise 6% to $452 Billion in July

Saudi Central Bank (SAMA) (Asharq Al-Awsat)
Saudi Central Bank (SAMA) (Asharq Al-Awsat)

Saudi Central Bank (SAMA) reported that its total reserves increased by 6% year-on-year in July, reaching SAR1.697 trillion ($452 billion), up from SAR1.600 trillion ($426 billion) a year earlier.

However, reserves dropped by 3.2% from June’s SAR1.754 trillion ($467 billion), the highest level since November 2022.

SAMA’s monthly report showed a 7% rise in foreign financial investments, reaching SAR1.021 trillion ($272 billion) compared to SAR952.29 billion($253.7 billion) last year.

Meanwhile, the reserve position with the International Monetary Fund (IMF) fell by 8% from June 2023, totaling SAR13.2 billion ($3.5 billion).

Saudi reserves include foreign securities, foreign currency, foreign deposits, IMF reserve positions, special drawing rights, and cash gold.