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Int’l Companies Race over Investment, Partnership Deals for Saudi Ports

DP World and the Saudi Ports Authority (Mawani) announced the signing of a 30-year agreement with an investment value of more than SAR 500 million ($133.33 million) to build a state-of-the-art, port-centric Logistics Park at the Jeddah Islamic Port, (Asharq Al-Awsat)
DP World and the Saudi Ports Authority (Mawani) announced the signing of a 30-year agreement with an investment value of more than SAR 500 million ($133.33 million) to build a state-of-the-art, port-centric Logistics Park at the Jeddah Islamic Port, (Asharq Al-Awsat)
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Int’l Companies Race over Investment, Partnership Deals for Saudi Ports

DP World and the Saudi Ports Authority (Mawani) announced the signing of a 30-year agreement with an investment value of more than SAR 500 million ($133.33 million) to build a state-of-the-art, port-centric Logistics Park at the Jeddah Islamic Port, (Asharq Al-Awsat)
DP World and the Saudi Ports Authority (Mawani) announced the signing of a 30-year agreement with an investment value of more than SAR 500 million ($133.33 million) to build a state-of-the-art, port-centric Logistics Park at the Jeddah Islamic Port, (Asharq Al-Awsat)

The Saudi Minister of Transport and Logistic Services and Chairman of the Board of Saudi Ports Authority Saleh Al-Jasser revealed that work is underway on several partnerships with the private sector to operate stations and marine services in Saudi ports.

Al-Jasser added that international transport line and container operators are racing to invest in Saudi Arabia’s logistics field.

According to the minister, there are investments in 59 of the Kingdom’s logistics areas. These areas cover seaports, land ports, and airports.

As for air transport, the sector is looking to expand its capacity from 100 million passengers to a whopping 330 million passengers, Al-Jasser told Asharq Al-Awsat.

Moreover, the Kingdom’s aviation sector will move from relying on a single carrier to having two strong air companies connecting Saudi Arabia to around 250 destinations worldwide.

Al-Jasser explained that Saudi Arabia is working to implement its national strategy for transport and logistics services.

The strategy covers all types of air, land, sea and rail transport, roads, and logistics services, and extends services to the Kingdom such as customs services, food, medicine, and other security measures.

Al-Jasser’s remarks were made during the signing ceremony of a new deal to establish a new fully integrated smart logistics park in Jeddah Islamic Port at an investment of over SR500 million ($133 million).

The Saudi Ports Authority (Mawani) on Sunday signed an agreement with DP World, a world leader in global supply chain solutions.

This is Mawani's fifth such deal following a series of agreements signed with local and global leading companies in maritime transport and logistics including Maersk, CMA CGM, LogiPoint and Bahri.

The agreement was signed by President of the Saudi Ports Authority Omar bin Talal Hariri and Group Chairman and CEO of DP World and Sultan Ahmed Bin Sulayem, in the presence of Al Jasser and several other leaders from the transport and logistics entity.

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Business

Saudi Index Extends Gains

An investor monitors the Saudi stocks (AFP)
An investor monitors the Saudi stocks (AFP)
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Saudi Index Extends Gains

An investor monitors the Saudi stocks (AFP)
An investor monitors the Saudi stocks (AFP)

Most Gulf stock markets rose in early trade on Sunday, with the Saudi index extending gains to a fifth session.

Saudi Arabia's benchmark index .TASI climbed 2%, with all of its constituents posting gains, led by energy and materials stocks.

Saudi Aramco advanced 4% and Yanbu National Petrochemical surged 10%.

The Qatari benchmark .QSI rose 0.1%, with Mesaieed Petrochemical Holding gaining 5.3% and telecommunications company Ooredoo adding 2.1%.

In Muscat, ⁠the ⁠share index .MSX30 was up 1.4% and Bahrain's index .BAX edged up 0.2%.

Kuwait's index .BKP eased 0.5%, with most stocks in negative territory.

Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure, adding to earlier oil and gas reductions from Iraq and Qatar as the US-Iran war blocked shipments from the Middle East for the eighth consecutive day.

Business

Kuwait Makes Precautionary Cut in Oil Production

The Kuwait Petroleum Corporation (X)
The Kuwait Petroleum Corporation (X)
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Kuwait Makes Precautionary Cut in Oil Production

The Kuwait Petroleum Corporation (X)
The Kuwait Petroleum Corporation (X)

The Kuwait Petroleum Corporation (KPC) said on Saturday it has implemented a precautionary reduction in crude oil production and refining throughput as part of its risk management and business continuity strategy.

The decision came “in light of the ongoing aggression by Iran against the State of Kuwait, including Iranian threats against safe passage of ships through the Strait of Hormuz,” KPC said in a statement.

KPC affirmed the adjustment is strictly precautionary and will be reviewed as the situation develops.

“The corporation remains fully prepared to restore production levels once conditions allow. KPC stresses that all domestic market needs remain fully secured in accordance with established plans,” the statement said.

It added that KPC remains committed to prioritizing employee safety, safeguarding Kuwait's national assets, and promoting stability within global energy markets.

The statement said further updates will be provided as appropriate.

On Friday, West Texas Intermediate (WTI) crude futures climbed more than 10%, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective closure of the Strait of Hormuz amid the expanding US-Israeli conflict with Iran.

Brent crude futures were up $5.42, or 6.35%, at $90.83 a barrel, while WTI was up $7.81, or 9.81%, at $89 a barrel.

Kuwait’s reduction in crude oil production will put pressure on crude prices, which analysts said could hit $100 per barrel as the security situation in the Middle East spirals.

Qatar Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Friday that his country expects all Gulf energy producers to shut down exports within weeks if the Iran conflict continues and drives oil to $150 a barrel.

Qatar halted its production of liquefied natural gas on Monday, as Iran continued to strike Gulf countries in retaliation for Israeli and US attacks.

Oil supply equal to about 20% of world demand usually passes through the Strait of Hormuz each day. With the Strait now effectively closed for seven days, that means about 140 million barrels of oil — equal to about 1.4 days of global demand — has been unable to reach the market.

Business

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port
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Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) announced the addition of Hapag-Lloyd’s SE4 shipping service to Jeddah Islamic Port, a move designed to bolster the Kingdom's maritime competitiveness and global trade connectivity, reported the Saudi Press Agency on Saturday.

This new route links Jeddah to major international hubs, including Tianjin Xingang, Qingdao, Ningbo, and Shanghai in China, as well as Busan in Korea and Tanjung Pelepas in Malaysia.

Boasting a capacity of up to 17,000 TEUs, the service aligns with the National Transport and Logistics Strategy to establish Saudi Arabia as a leading global logistics hub connecting three continents.

Jeddah Islamic Port continues to expand its operational footprint, utilizing its 62 multi-purpose berths and specialized terminals to support a total handling capacity of 130 million tons.