Saudi Arabia Sets New Requirements to Speed Up Loading, Handling at Ports

Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)
Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)
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Saudi Arabia Sets New Requirements to Speed Up Loading, Handling at Ports

Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)
Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)

Saudi ports will require transport companies for adequate means of transport to speed up the loading and handling work, sources informed Asharq Al-Awsat.

Mawani recently issued a decision mandating cargo owners to use pallets to stow goods imported to the Kingdom via containers as of the beginning of next year.

The new resolution will ensure the efficiency of port services, ease of handling with specialized equipment, a streamlined transfer process, faster customs clearance, an improved customer experience, and avoidance of damaged goods.

King Abdulaziz Port in Dammam called on the private sector and transport companies to secure a sufficient number of means of transport upon the arrival of ships loaded with their cargoes to reduce demurrage.

King Abdulaziz Port authorities issued new orders after the lack of commitment of some transport companies contracted by owners of imported goods to receive their shipments directly from the ships.

It led to low rates of handling ships anchored in the port and waiting on the berth for more extended periods.

Mawani played a significant part in boosting the competitiveness of the Kingdom's economy, providing an array of growth catalysts for promoting the maritime sector.

It also seeks to fulfill the demands of national development despite the challenges facing global trade and the logistics industry, aiming to strengthen the shipping networks which connect the Kingdom to the East and West while increasing the overall throughput volumes.

Mawani announced it had achieved a record-breaking performance by Saudi ports until August 2022, handling 212.4 million tons with a 13.59 percent increase rate compared to 187 million tons recorded the previous year.

Data showed that general cargo increased by 8.9 percent to reach 5.7 million tons, solid bulk recorded a growth of 7.1 percent to get 32.7 million tons, while liquid bulk increased by 24.4 percent to reach 120 million tons compared to last year.

Saudi ports, which handle 90 percent of the Kingdom's exports and 70 percent of its imports, received 538.2 thousand vehicles between January and August, 16 percent higher than last year.

Passenger traffic also increased during the same period, with a 42.8 percent to reach 610,000 passengers, compared to 427,000 for the same period in 2021.

Livestock witnessed a 5.42 percent jump in volumes to reach 2.9 million heads compared to 2.8 million heads in 2021 due to optimized productivity and performance and enhanced operational and logistical capabilities of Saudi ports.

These remarkable figures reflect a tremendous transformation in Saudi ports' performance as an outcome of the initiatives to develop the maritime sector, which aim to create solutions, operating models, and various frameworks to stimulate growth and enable investment.

It also seeks to extend the exemption period for general cargo to 21 days and enhance operational efficiency by restructuring procedures and implementing the latest technology.

The operational growth also demonstrates the adaptability of Mawani's strategies to global changes and its capability to confront challenges and strike partnerships with the private sector.

It comes in line with the objectives of the National Transport and Logistics Strategy (NTLS) to position Saudi Arabia as a global logistics hub that connects three major continents.



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
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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.