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.”



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
TT

Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.