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Saudi Arabia’s MAWANI Expands by Announcing Direct Jeddah-Djibouti Shipping Service

The Saudi Ports Authority (MAWANI) has announced a new direct shipping service connecting Saudi Arabia to Djibouti (Asharq Al-Awsat)
The Saudi Ports Authority (MAWANI) has announced a new direct shipping service connecting Saudi Arabia to Djibouti (Asharq Al-Awsat)
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Saudi Arabia’s MAWANI Expands by Announcing Direct Jeddah-Djibouti Shipping Service

The Saudi Ports Authority (MAWANI) has announced a new direct shipping service connecting Saudi Arabia to Djibouti (Asharq Al-Awsat)
The Saudi Ports Authority (MAWANI) has announced a new direct shipping service connecting Saudi Arabia to Djibouti (Asharq Al-Awsat)

The Saudi Ports Authority, MAWANI, has announced a new direct shipping service connecting Saudi Arabia to Djibouti in an important development that serves to leverage the significant potential of the Kingdom’s ports, bolster its petrochemicals exports and transshipment, and further expand its maritime network around the globe.

Connecting Jeddah Islamic port to Djibouti, with over 100 containers shipped weekly, the new service is a valuable new link between Saudi Arabia and the East African continent, promoting and facilitating intra-regional trade and enhancing opportunities for investment in the Kingdom, as well as supporting leading container transport company Transmar.

The Jeddah-Djibouti service marks an important milestone in the development of Jeddah Islamic Port as a world-leading hub, further solidifying its status as a rising force in the maritime industry and one of three Saudi ports included in the 2021 edition of Lloyd’s List of Top 100 Ports.

The Kingdom ranks fifth in the world in container ship handling, according to the UNCTAD annual index for 2020. As a result of consistent expansion and development, Saudi Arabia is home to the largest port network in the Middle East, receiving 20-25 thousand ships annually.

Ongoing initiatives have seen the Authority partner with several major international shipping lines as it works to enable, expand and transform Saudi ports, fulfilling national strategic objectives for the development of transport and logistics services under Saudi Vision 2030, and securing the Kingdom’s position as a global hub.

Earlier this week, MAWANI, in coordination with the Saudi Global Ports Co., announced launching a new direct service from China to King Abdulaziz Port Dammam.

The new service is offered by a consortium of vessels deployed by Pacific International Lines (PIL), Regional Container Lines (RCL), and CULines (CUL), the authority said in a statement.

The move aims to strengthen MAWANI’s efforts to develop Saudi Arabia as a global leader in logistics and transportation, as well as boost the linking between Saudi ports to the other ports in the world.

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Business

Oil Prices Slide on Hopes of Diplomacy in Iran War

Oil tankers in Basra port (Reuters)
Oil tankers in Basra port (Reuters)
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Oil Prices Slide on Hopes of Diplomacy in Iran War

Oil tankers in Basra port (Reuters)
Oil tankers in Basra port (Reuters)

Oil prices slid to their lowest in more than a week on Monday as investors hoped for diplomatic progress on the Iran war due to this week's UN meeting.

Brent crude futures and US West Texas Intermediate crude touched their lowest since September 10 earlier on Monday. The Brent contract for November was at $102.09 a barrel at 0655 GMT, down $1.78, or 1.71%, after settling 0.91% lower on Friday, Reuters said.

The WTI October contract that is expiring on Tuesday fell $1.97, or 1.96%, to $98.33 a barrel following a ‌1.58% drop in the ‌previous session.

"It seems that a degree of risk premium is ‌being ⁠removed from oil prices ⁠on hopes that a diplomatic path to de-escalate the US-Iran war may arrive this week," said Tim Waterer, chief market analyst at KCM Trade.

"Whether that hope proves to be warranted or not is another question. Time will tell."

WTI broke a key psychological support at $100 a barrel while some investors may have rolled over their positions in the October contract a day ahead of expiry to November, a Singapore-based broker said.

Iran and the US exchanged new threats on Sunday, although President Donald Trump said ⁠he would be open to meeting Iranian President Masoud Pezeshkian, who is ‌expected to be in New York this week for ‌the United Nations General Assembly.

Iran has conveyed its conditions to mediators for re-engaging in negotiations aimed at ‌ending the war with the US, Al Jazeera cited Iran's security chief, Mohsen Rezaei, as ‌saying in an interview on Saturday.

On Monday, a spokesman ‌for the Revolutionary Guards, Hossein Mohebbi, said Iran would use new weapons and target locations not previously attacked if the US launched a ⁠new offensive against it, ⁠according to the Fars news agency.

China has asked Iran to help rein in the Houthis after an appeal to Beijing following the attacks, according to three Iranian sources familiar with the matter.

Business

Gold Slips as Focus Remains on Middle East, Rate Outlook

Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)
Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)
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Gold Slips as Focus Remains on Middle East, Rate Outlook

Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)
Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)

Gold prices slipped on Monday as market participants assessed developments in the Middle East and their implications for inflation and interest rates.

Spot gold fell 0.3% to $4,362.60 per ounce by 0417 GMT after hitting a one-week high on Friday. US gold futures were down 0.6% at $4,400.20, Reuters reported.

Iran and the United States exchanged new threats, with President ‌Donald Trump ‌warning Iran would fail economically or face its ‌leadership ⁠being wiped out ⁠if it didn't make a deal, and the Iranian military saying it would retaliate harshly to any fresh attack.

"The focus remains on geopolitics, oil and the reaction in bond yields. For gold to gain meaningful upside traction, a clear move lower in oil and/or bond yields is likely required," said Tim Waterer, chief market ⁠analyst at KCM Trade.

"Gold may trade in a ‌roughly $4,200 to $4,580 range in the near ‌term."

Oil prices fell on hopes diplomacy in the Iran war will ‌get a chance this week amid a UN meet.

The prospect of a new global rate-tightening cycle has come into focus as some of the world's top central banks ‌raise rates and signal more may be needed to tame inflation fueled by the Iran war.

The Bank ⁠of Japan ⁠became the latest big central bank to tighten on Friday, following rate increases by the Federal Reserve earlier that week and the European Central Bank the week before.

Though gold is often seen as an inflation hedge, rising rates tend to curb its demand by making interest-bearing assets more attractive.

Analysts at Standard Chartered said in a note that gold remains volatile but continues to find firm downside support from official-sector demand. They said structural drivers remain in place to lift prices, albeit at a slower pace.

Among other metals, spot silver rose 0.2% to $66.37, platinum fell 0.1% to $1,798.31 and palladium added 0.6% at $1,309.65.

Business

Qatar Launches Wealth Fund Division for Domestic Investments

Qatari flag flutters in Doha - AAWSAT/File
Qatari flag flutters in Doha - AAWSAT/File
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Qatar Launches Wealth Fund Division for Domestic Investments

Qatari flag flutters in Doha - AAWSAT/File
Qatari flag flutters in Doha - AAWSAT/File

Qatar's prime minister announced on Sunday the creation of a new division of the Qatar Investment Authority dedicated to developing domestic investments.

"We aim to expand the role of the private sector in driving Qatar's economic growth," Sheikh Mohammed bin Abdulrahman Al Thani said as he announced the new division, Doha Investment, at a special edition of the Qatar Economic Forum in New York.

The annual gathering was cancelled in May, following weeks of Iranian missile and drone attacks on Gulf states, including Qatar, according to Reuters.

"It will support our strongest companies, help emerging businesses grow, deepen capital markets and attract international capital and expertise to contribute to this effort," he added.

The new division will operate as the dedicated manager of QIA's local portfolio, initially overseeing 45 state-owned enterprises that represent roughly one-third of the wealth fund's total assets, according to Sheikh Faisal bin Thani Al Thani, Qatar's minister of commerce and industry. He will serve as managing director and vice-chairman of Doha Investment.

Sheikh Faisal described the division not as a new creation but a consolidation, adding that the step has been under consideration for more than a decade.