عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.