عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
TT
TT

Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.