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Mawani, Globe Group Ink Deal to Build Integrated Logistics Park at Jeddah Islamic Port

A view of Jeddah Islamic Port. (SPA)
A view of Jeddah Islamic Port. (SPA)
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Mawani, Globe Group Ink Deal to Build Integrated Logistics Park at Jeddah Islamic Port

A view of Jeddah Islamic Port. (SPA)
A view of Jeddah Islamic Port. (SPA)

The Saudi Ports Authority (Mawani) has signed a contract with Globe Group, the national leading company in marine services, to develop a 135,000 m2 integrated logistics park and re-export zone at Jeddah Islamic Port, aiming to boost the competitive edge of the Kingdom’s trade gateway and enabling the national logistics industry.

This partnership is part of Mawani’s initiatives to set up world-class logistics facilities within and outside port areas, in a bid to position the Kingdom as a global logistics hub that links three major continents, besides offering best-in-class logistics services which fulfill the Kingdom’s national development plans in line with the objectives of the National Transport and Logistics Strategy (NTLS).

Mawani is keen on advancing the private sector’s contribution to the economic development, bolstering diversification, and enhancing Saudization at Jeddah Islamic Port in specific and the logistics sector in general.

To secure its place among the top 10 ports of the world, Jeddah Islamic Port is currently undergoing a wave of extensive transformation to upgrade its operations and capacity through development projects and concessions in collaboration with strategic partners aimed at improving the operational efficiency of container terminals, as well as deepening approach channels, turning basins, and waterways in addition to constructing new berths with deeper drafts to accommodate giant vessels.

Since it’s considered to be the Kingdom’s top import and export destination, Jeddah Islamic Port receives 75% of the Kingdom’s maritime trade and transshipment volumes. With exceptional operating capabilities and unmatched offered services, the port is the Red Sea’s top re-export hub as well.

Recently, Mawani signed deals with a total exceeding SAR2 billion with local and global logistics giants, including Maersk, Bahri, CMA CGM, LogiPoint, and DP World, to build five logistics parks at Jeddah Islamic Port to boost its competitive and logistical standing, with the potential to create 6,000 direct and indirect employment opportunities in the initial phase of execution.

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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo

Britain's Treasury chief is travelling to China this weekend to discuss economic and financial cooperation between the countries, as the UK's Labour government seeks to reset strained ties with Beijing.
The Treasury said Friday that Rachel Reeves will travel to Beijing and Shanghai and will meet with her Chinese government counterpart, Vice Premier He Lifeng, Reuters reported.
Reeves' trip is expected to revive the China-UK Economic and Financial Dialogue — annual bilateral talks that have been suspended since 2019 due to the COVID-19 pandemic and deteriorating relations in recent years.
A series of spying allegations from both sides, China’s support for Russia in the Ukraine war and a crackdown on civil liberties in Hong Kong, a former British colony, have soured ties.
Bank of England Governor Andrew Bailey and the UK Financial Conduct Authority's chief executive, Nikhil Rathi, are also in the delegation, according to the Treasury. Representatives from some of Britain’s biggest financial services firms will join the trip.
Officials did not provide details, but media reports have said senior executives from HSBC Holdings and Standard Chartered were included.
Reeves' visit comes after Foreign Secretary David Lammy travelled to China in October and Prime Minister Keir Starmer met with Chinese President Xi Jinping on the sidelines of the G20 summit in Brazil in November.
The meetings form part of a bid by Starmer, who was elected as leader in July, to strengthen political and economic ties with China, the UK's fifth-largest trading partner.
Officials said Starmer wanted a “pragmatic” approach to working with Beijing on global stability, climate change and the transition to clean energy.
But some in the opposition Conservative Party have criticized his stance and said trade ties should not come at the expense of national security and human rights concerns.
British political leaders and intelligence chiefs have warned repeatedly of the security threats that China poses. Calls to tackle the challenge grew louder last month when it emerged that an alleged Chinese spy had cultivated close ties with Prince Andrew and carried out “covert and deceptive activity” for China's ruling Communist Party, according to officials.
Nevertheless, Lammy told reporters in London on Thursday that “there are many areas of trade that don’t impact on national security.”
He said Reeves “will repeat many of the messages that I took to China.”
“What we’ve said is in this complex relationship with a global superpower, we are guided by three Cs”: challenge, compete and cooperate, for example in areas including health and climate challenges, Lammy added.