New Shipping Service from China to Eastern Saudi Arabia Opens

Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)
Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)
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New Shipping Service from China to Eastern Saudi Arabia Opens

Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)
Saudi Arabia expands shipping traffic with China by opening new shipping routes. (Asharq Al-Awsat)

The Saudi Ports Authority (MAWANI) launched on Monday, in cooperation with the Saudi Global Ports Company, a new shipping service from China to the King Abdulaziz Port in al-Dammam, in eastern Saudi Arabia, as part of the Kingdom's drive to consolidate its position as a global logistics hub,

In a statement, MAWANI said that the new service is offered by a consortium of vessels deployed by Pacific International Lines (PIL), Regional Container Lines (RCL), and CULINES (CUL).

It added that the move aims to strengthen the Authority’s efforts to develop Saudi Arabia as a global leader in logistics and transportation.

The new service, which connects the most important ports in central and southern China to the Arabian Gulf, provides weekly direct and regular shipping.

The first service arrived on Dec. 15 in Saudi Global Ports berth. It took off from the ports of China to King Abdulaziz Port in Dammam, and then will return directly to China’s Port of Ningbo-Zhoushan, as a clear indication of the importance of Saudi exports to the Far East markets and the remarkable development in the capabilities of King Abdulaziz Port.

The Authority aims to enhance connectivity and reduce the shipping time between Saudi Arabia’s ports with the main Chinese and the region’s ports, in order to support and stimulate the export of national products and the direct flow of imports and increase trade movement between the two countries.

The statement noted that the new step comes as a continuation of the strategic initiatives and partnerships launched by MAWANI with major international shipping line companies, within the objectives of the National Strategy for Transport and Logistics Services and in accordance with the Kingdom’s Vision 2030.



Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices soared to near three-month highs on Wednesday, trading below its record peak, fuelled by a soft dollar and lack of clarity around US President Donald Trump's policy plans, which investors fear could trigger trade wars and elevate market volatility.

Spot gold added 0.3% to $2,753.79 per ounce as of 9:45 a.m. ET (1445 GMT). Prices were at their highest since Oct. 31 when they hit their all-time-high of $2,790.15.

US gold futures gained 0.2% to $2,764.80.

The dollar index dipped to a more-than-three-week low, making greenback-priced bullion less expensive for holders of other currencies, Reuters reported.

"There are uncertainties with proposed tariffs and other things, and gold typically does well when there's a large or even a moderate amount of uncertainty in the market, it's a natural place where people gravitate to," said Ryan McIntyre, Senior Portfolio Manager at Sprott Asset Management.

Trump said his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

Gold is often viewed as a haven during times of economic and geopolitical turmoil, but Trump's proposed policies are broadly regarded as inflationary, potentially compelling the US Federal Reserve to sustain elevated interest rates for an extended period to rein in rising price pressures.

Trump has not provided many details about his proposed tariffs, making investors question the aggressiveness of the move, and the depth of its potential impacts.

"(Trump) has been perhaps just a shade less hawkish on tariffs as feared which helps - less/lower tariffs is taken to indicate lower inflation hence potential for more rate cuts," said Tai Wong, an independent metals trader.

Spot silver fell 0.6% to $30.68, but hovered near a one-month high hit on Jan. 16.

Platinum rose 0.3% to $946.50 and palladium gained 1.9% to $975.27.