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Saudi Mawani Signs $170 Mln of Deals to Boost Jeddah Islamic Port

Saudi Mawani Signs $170 Mln of Deals to Boost Jeddah Islamic Port
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Saudi Mawani Signs $170 Mln of Deals to Boost Jeddah Islamic Port

Saudi Mawani Signs $170 Mln of Deals to Boost Jeddah Islamic Port

The Saudi Ports Authority (MAWANI) has signed two contracts worth more than 640 million riyals ($170.3 million) to deepen and establish new wharves at Jeddah Islamic port, state news agency SPA reported on Sunday.

This comes within MAWANI's initiatives to promote the maritime transport and logistics sector, and direct more than 160 projects to contribute to achieving substantial transformation in Saudi ports, and develop a maritime sector that consolidates the Kingdom’s position as a global logistics hub.

Saudi ports play a pivotal role in the development of local, regional and international trade.

Saudi ports have achieved the lead among 370 ports globally, with King Abdullah Port topping the 2021 edition of the global Container Port Performance Index (CPPI) developed by the World Bank and S&P Global Market Intelligence, and Jeddah Islamic Port featured in eighth place, while the King Abdulaziz Port placed 14th.

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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.