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MAWANI, Tabadul Sign MoU to Develop New Saudi Ports Management Systems

MAWANI, Tabadul Sign MoU to Develop New Saudi Ports Management Systems
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MAWANI, Tabadul Sign MoU to Develop New Saudi Ports Management Systems

MAWANI, Tabadul Sign MoU to Develop New Saudi Ports Management Systems

The Saudi Ports Authority (MAWANI) and Saudi Company for Exchanging Digital Information (Tabadul) signed on Sunday a memorandum of understanding (MoU) with the aim of developing new Saudi ports management systems as part of their endeavors to lead the change of the future of commercial movement and guarantee competitiveness and realizing sustainable growth at Saudi ports.

The MoU aims at expanding and doubling services provided at Saudi ports from their current number of 46 to 150; empowering modern and emerging technologies according to the best international practices, mainly technologies related to geographical borders and the Internet of Things; and providing safe, quick and advanced services to beneficiaries in the fields of payments and billing with the use of the latest applications FinTech.

The memorandum also stipulates re-engineering procedures and operations at Saudi ports, ensuring the level of its conformity to international standards, enhancing their connection to global ports, facilitating the application of smart gates and applying modern emerging technologies that are directly and indirectly related to the Saudi ports management systems.

This is part of the Smart Ports initiative that MAWANI has launched to apply modern and advanced automation technologies in a way that realizes plans for digital transformation in the logistical sector, in line with the goals of the National Transport and Logistics Strategy to instill the status of the Kingdom as a global logistical hub and a gateway for three continents.

MAWANI, through the initiative that was launched in the first quarter of 2022, also seeks to enhance its contributions in realizing the targets of the Saudi Vision 2030 towards a prosperous digital economy through speeding up and enabling 5G technologies in the logistical sector, enhancing cooperation in offering ICT services, activating the approach of innovation, research and development in a way that makes Saudi ports at the top of applying modern technologies and harnesses its competitiveness at the regional and international levels in terms of trading goods and serving importers and exporters.

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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
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20
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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.