Saudi-Chinese Agreement to Manufacture 3 Quay Cranes in Dammam Port

SGP Chairman Abdullah Al-Zamil and SGP CEO Edward Tah during the signing ceremony. (Asharq Al-Awsat)
SGP Chairman Abdullah Al-Zamil and SGP CEO Edward Tah during the signing ceremony. (Asharq Al-Awsat)
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Saudi-Chinese Agreement to Manufacture 3 Quay Cranes in Dammam Port

SGP Chairman Abdullah Al-Zamil and SGP CEO Edward Tah during the signing ceremony. (Asharq Al-Awsat)
SGP Chairman Abdullah Al-Zamil and SGP CEO Edward Tah during the signing ceremony. (Asharq Al-Awsat)

Under the supervision of the Saudi Ports Authority (MAWANI), Saudi Global Ports (SGP) and Shanghai Zhenhua Heavy Industries Company (ZPMC) signed on Thursday an agreement to manufacture three quay cranes at King Abdulaziz Port in Dammam.

In a press statement, MAWANI said that the new cranes would have a minimum outreach of 25 rows to enable the handling of next generation giant vessels.

The deal was signed by Saudi Global Ports CEO Edward Tah and Liu Chengyun, Chairman and President of ZPMC, in the presence of Omar bin Talal Hariri, President of Saudi Ports Authority, and Captain Fahad Al-Amer, Director General of King Abdulaziz Port in Dammam, as well as Saudi Global Ports Chairman Abdullah Al-Zamil and Wan Chee Foong, Regional CEO, Middle East and South Asia, and Head of Group Business Development at PSA International.

Hariri said that the agreement came within the framework of the Smart Ports Initiative, which was launched by MAWANI this year to enhance competitiveness and keep pace with the continuous changes in the maritime sector industry.

For his part, Al-Zamil underlined efforts to transform the Kingdom into a global logistic power in support of the goals of Saudi Vision 2030, by considering the possibilities of using renewable energy in future coastal crane operations, as well as promoting the Green Saudi Initiative and its global participation in limiting climate change.

Speaking on the occasion, Wan Chee Foong said: “PSA is pleased to have worked alongside Saudi Global Ports to develop the optimal design and specifications of the quay cranes and support the rigorous evaluation process.”

He added: “PSA’s commitment to the transformation of King Abdulaziz Port into a leading port will ensure Saudi Global Ports remains relevant and future-ready, realizing the Kingdom’s plans to become a global logistics hub.”



New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
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New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, approved a new social insurance system for new workers during its session on Tuesday.
This move aims to boost labor market efficiency, ensure the sustainability of insurance funds, and support local talent stability. The Kingdom is gearing up for large-scale economic projects that require ongoing updates to meet national goals.
The government aims for a sustainable and fair retirement system, improving laws and regulations.
Minister of Economy and Planning Faisal Al-Ibrahim previously highlighted Saudi Arabia’s proactive approach to managing rising workforce rates and their retirement implications.
Minister of Human Resources and Social Development Ahmed Al-Rajhi affirmed that the Cabinet’s decision enhances retirement system efficiency and provides insurance protection for participants and their families, adapting to labor market changes.
Finance Minister Mohammed Al-Jadaan stressed the decision's goal to secure insurance coverage for participants while ensuring the sustainability of insurance funds and protecting beneficiaries' rights, thereby promoting economic and social stability.
Moreover, the Cabinet has decided to maintain current provisions of the civil retirement and social insurance systems for current participants, excluding those nearing retirement age and specific groups qualifying for pensions.
The General Organization for Social Insurance clarified that the new system applies only to newly employed civilians in both public and private sectors without prior contributions to either retirement or current social insurance systems.
Existing participants will continue under current rules, except for changes related to retirement age and qualifying periods for pensions for those with less than 20 years of contributions and under 50 lunar years old at the time of the amendments.
The retirement age for covered groups will gradually increase from 58 to 65 years, starting 4 months beyond the current retirement age, based on the participant's age when the amendments take effect.
The current retirement and insurance systems will remain unchanged for participants aged 50 and above or with 20 or more years of contributions at the time of the amendments.
For new labor market entrants, the new system facilitates job mobility between public and private sectors, with contribution rates gradually increasing by 0.5% annually over 4 years, starting from the second year.