Saudi Arabia to Privatize Customs Zones

Saudi Arabia seeks to improve the quality of land port services by engaging the private sector. (Asharq Al-Awsat)
Saudi Arabia seeks to improve the quality of land port services by engaging the private sector. (Asharq Al-Awsat)
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Saudi Arabia to Privatize Customs Zones

Saudi Arabia seeks to improve the quality of land port services by engaging the private sector. (Asharq Al-Awsat)
Saudi Arabia seeks to improve the quality of land port services by engaging the private sector. (Asharq Al-Awsat)

Saudi Arabia launched a Request for Qualification (RFQ) for its public-private partnership (PPP) Customs Zone project.

The privatization program in Saudi Arabia aims to enhance the role of the private sector in providing services, improving quality, and reducing costs.

It also boosts diversification and economic development and increases competitiveness to meet regional and international challenges.

Zakat, Tax, and Customs Authority (ZATCA), in cooperation with the National Center for Privatization and PPP (NCP), announced the new collaboration in line with Vision 2030.

The project seeks to upgrade the Secured Zone facilities and develop a modern template for infrastructure design and operations at six land ports.

It also facilitates commercial growth, enhances the competitiveness of land ports, and promotes the role of the private sector in implementing strategic projects.

ZATCA said the project facilitates the movement of goods and services across borders, promotes commercial growth, and generates social and economic benefits.

It improves service quality, reduces demurrage, attracts private sector capital and expertise, and improves the travel experience, transportation, and work environment.

The land ports included in the project are al-Durrah, Al-Haditha, Halat Ammar, al-Khafji, al-Bat'ha, and al-Wadiah to be implemented under a Design, Build, Finance, Maintain, and Transfer (DBFMT) model for a term of 20 years, excluding construction period.

The project provides long-term agreements to interested parties with expertise in the private sector by offering a public competition.

The Saudi Ports Authority (Mawani) stated that the private sector's local and international parties interested in the project could submit requests via the request for expression of interest, after which the qualification phase will be launched.

Projects to provide marine services constitute a significant factor in developing the port sector, applying international best practices, and attracting the best-specialized partners in the field.

Mawani seeks to boost the Kingdom's position as a global logistics and trade hub that supports national plans for comprehensive development and contributes to developing a sustainable and prosperous maritime transport sector.

The Saudi Cabinet recently approved the transfer of the assets of the Saline Water Conversion Corporation (SWCC) to the PIF-owned Water Solutions Company.

Meanwhile, the Saudi Electricity Company announced it transferred its entire stake in the Saudi Power Procurement Company (SPPC) to the government.

SPPC became an independent company wholly owned by the government following the completion of all legal arrangements for the sale and transfer of assets, liabilities, and contracts.

SPPC will be responsible for the competitive tendering of renewable and conventional energy projects to keep pace with the growth in energy demand, manage commercial agreements to purchase and sell energy, rationalize fuel consumption, and increase efficiency.

The transfer of ownership of the SPPC to the government will raise the efficiency and improve the overall service in the electricity sector, which will benefit consumers and producers alike.

Under the Business Transfer Framework Agreement (BTFA), SEC (Seller), SPPC, and the Ministry of Finance (Buyer) entered into a Fuel Inventory Sale Agreement, which stipulates that the Buyer must pay the net book value of the fuel inventory to SEC according to the Seller's financial statements as of June 30.



Iraq Says It Transported 2 Million Barrels of Crude Through Strait of Hormuz

 A drone view shows vessels near the Strait of Hormuz, as seen from Musandam, Oman, October 2, 2026. (Reuters)
A drone view shows vessels near the Strait of Hormuz, as seen from Musandam, Oman, October 2, 2026. (Reuters)
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Iraq Says It Transported 2 Million Barrels of Crude Through Strait of Hormuz

 A drone view shows vessels near the Strait of Hormuz, as seen from Musandam, Oman, October 2, 2026. (Reuters)
A drone view shows vessels near the Strait of Hormuz, as seen from Musandam, Oman, October 2, 2026. (Reuters)

Iraq's state-owned Oil Tanker Company transported 2 million barrels of Iraqi crude aboard a very large crude carrier (VLCC) through the Strait of Hormuz, in what its director general described on Saturday as the company's first such operation in ‌decades.

The ‌announcement means the company ‌is ⁠transporting the crude through ⁠the strait rather than delivering it at the port of Basra, giving state oil marketer SOMO greater flexibility in how and where it sells ⁠the crude.

The company's ‌director general, ‌Ali Qais Abdul Jabbar, said in ‌a statement that the move ‌could allow SOMO to take advantage of better sales and pricing opportunities.

Iraq's Oil Tanker Company is ‌also working to buy and own specialized crude oil ⁠tankers ⁠to expand its fleet and strengthen its ability to compete with regional shipping companies, he added.

Iraq has previously secured Iranian permission for Iraqi oil tankers to transit the Strait of Hormuz, which Iran has effectively closed during its conflict with the US.


'Handful' of G20 Countries Reject US Stance on Excess Industrial Capacity

US Trade Representative Jamison Greer speaks on the second day of the G20 Trade Ministerial Meeting in Milwaukee, Wisconsin - October 1 (AFP)
US Trade Representative Jamison Greer speaks on the second day of the G20 Trade Ministerial Meeting in Milwaukee, Wisconsin - October 1 (AFP)
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'Handful' of G20 Countries Reject US Stance on Excess Industrial Capacity

US Trade Representative Jamison Greer speaks on the second day of the G20 Trade Ministerial Meeting in Milwaukee, Wisconsin - October 1 (AFP)
US Trade Representative Jamison Greer speaks on the second day of the G20 Trade Ministerial Meeting in Milwaukee, Wisconsin - October 1 (AFP)

A "handful" of Group of 20 trade ministers rejected US calls to curb excess industrial capacity and "non-market" policies, the US Trade Representative's office said on Friday, exposing divisions within the group of major economies.

The US, this year's G20 chair, issued the statement a day after a trade meeting in Milwaukee that revealed that only two countries — Mexico and Argentina — signed on to a US-led statement calling for more work and cooperation to eliminate goods produced with forced labor from supply chains, Reuters reported.

The rejection from the vast majority of G20 countries follows the Trump administration's imposition of ‌tariffs of 10% or ‌12.5% on goods from 59 countries and the European Union over allegations ‌that ⁠they fail to ⁠adequately enforce bans on forced labor.

USTR also is conducting a second "Section 301" tariff investigation into 16 trading partners that show signs of excess industrial capacity. The probe is widely expected to lead to new duties in coming months.

The USTR statement did not name countries that objected to the excess-capacity statement. But China had objected to a similar G20 statement denouncing forced labor and non-market economic policies that lead to excessive exports at a finance leaders' meeting a month ago in North Carolina.

"The draft ministerial statement was supported by all but a handful ⁠of members, a few of whom firmly rejected creating this pathway toward cooperative ‌action" on excess capacity, the statement said, adding that this "severely ‌disappointed" the US G20 presidency.

China's excess industrial capacity and industrial subsidies have been key themes of the US-led G20 ministerial ‌meetings so far this year. Beijing has rejected claims that its industrial policies have created excess capacity, ‌accusing Western countries of using the issue to justify protectionist measures.

The US said that G20 trade ministers reached consensus on denouncing the weaponization of food trade, with members agreeing that trade in food or agricultural inputs should not be used as a tool for economic or political coercion.

In that G20 joint statement, the ministers defined the weaponization of ‌food as measures to "slow, stop, block or direct the flow of food and agricultural inputs" to exert coercive pressure to extract unrelated geopolitical concessions.

"We ⁠condemn food weaponization, as ⁠it poses a significant humanitarian and economic threat," the G20 trade ministers said.

After pressure from US President Donald Trump that included the threat of a US diesel export ban, Group of Seven countries on Friday agreed to release some 100 million barrels of diesel reserves to try to drive down record-high US diesel prices. The fuel is widely used in agricultural production.

TARIFF STRUCTURE DISCUSSIONS

US Trade Representative Jamieson Greer said on Thursday that he did not seek a joint statement on a fourth discussion topic, reforming the "most favored nation" system of published, unconditional global tariff rates that underpin the World Trade Organization. MFN tariffs have defined the global trading system since the end of World War Two.

Greer has argued that the MFN principle has been abused by non-market-oriented economies such as China that have subsidized industries, but it does not allow these countries to be treated differently.

The US statement said some G20 members had expressed a willingness to consider changes to MFN, including expanding exceptions to the principle and issuing new legal interpretations to enable greater use of existing exceptions.


DOJ Will Not Reopen Criminal Probe into Fed's Powell

(FILES) US Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. (Photo by Brendan SMIALOWSKI / AFP)
(FILES) US Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. (Photo by Brendan SMIALOWSKI / AFP)
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DOJ Will Not Reopen Criminal Probe into Fed's Powell

(FILES) US Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. (Photo by Brendan SMIALOWSKI / AFP)
(FILES) US Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. (Photo by Brendan SMIALOWSKI / AFP)

The US Justice Department is not reopening a criminal probe into former Federal Reserve Chair Jerome Powell for cost overruns related to the central bank's building renovation project, a DOJ spokesperson said on Friday.

Attorney General Todd Blanche, in comments to Bloomberg News, which first reported the development, said he ‌has not ruled out ‌continuing to look into ‌the ⁠project's oversight and potentially ⁠take action if evidence of wrongdoing came to light.

The Fed's Inspector General on Wednesday said it found no grounds for a criminal referral or evidence of administrative misconduct tied to the project cost overruns, ⁠but its conclusion there was lax ‌oversight drew a ‌fresh call from President Donald Trump for Powell's ‌resignation. Powell has remained at the ‌Fed as a governor since stepping down as chair in May.

His successor Fed Chairman Kevin Warsh said on Thursday he would hire an independent ‌auditor to "verify accuracy and compliance" for all of the project's costs.

Blanche told ⁠Bloomberg ⁠News that if this new review finds any evidence of criminal wrongdoing, the Justice Department could investigate.

At his final press conference as Fed chief in April, Powell said he would not leave the Board "until this investigation is well and truly over, with transparency and finality."

A Fed spokesperson had no immediate comment on Blanche's statements.