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Saudi Arabia Expands Commercial Navigation by Connecting with 11 Global Ports

The Saudi Ports Authority continues to add new navigation services linking Saudi ports to the world. (Asharq Al-Awsat)
The Saudi Ports Authority continues to add new navigation services linking Saudi ports to the world. (Asharq Al-Awsat)
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Saudi Arabia Expands Commercial Navigation by Connecting with 11 Global Ports

The Saudi Ports Authority continues to add new navigation services linking Saudi ports to the world. (Asharq Al-Awsat)
The Saudi Ports Authority continues to add new navigation services linking Saudi ports to the world. (Asharq Al-Awsat)

The Saudi Ports Authority (Mawani) announced on Monday a new service that will connect Jubail Port with 11 global ports in Türkiye, the Indian Subcontinent, Africa, and the Middle East.

To be operated by the Mediterranean Shipping Co., the new service will connect Jubail Port with 11 global ports via weekly sailings to Middle Eastern ports: UAE’s Khalifa and Jebel Ali, Hamad in Qatar, Karachi in Pakistan, Mundra and Hazira in India, Alexandria in Egypt, Tekirdag and Aliaga and Mersin in Türkiye, and King Abdullah port in Saudi Arabia.

The service will operate five vessels with an average carrying capacity of 8,000 containers.

The announcement meets Mawani’s strategic goal to improve the maritime navigation network’s connectivity index and global shipping services, and aligns with the objectives of the national strategy for transport and logistics services, which seeks to consolidate the Kingdom’s position as a global logistics hub that connects three continents together.

The Jubail commercial port is one of the main ports that support the movement of Saudi exports and imports to global markets, in particular industrial and petrochemical products.

The port is characterized by its advanced equipment that enables it to receive various types and sizes of ships, which enhances the maritime transport sector and logistic services and supports economic activities in the eastern region due to its proximity to production centers.

In December, Mawani announced the addition of King Abdulaziz Port in Dammam to the Shaheen Express shipping service by container carrier giant Maersk in a bid to boost trade between the Arabian Gulf and the Indian Subcontinent.

The service links King Abdulaziz Port to regional hubs such as Jebel Ali in the United Arab Emirates and Mundra and Pipavav in India.

This comes within the framework of the initiatives launched by Mawani to develop the maritime sector, improve operational efficiency and the regulatory and legislative environment by re-engineering procedures, strengthening effective partnerships with the private sector, as well as increasing shipping lines and establishing integrated logistical areas.

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Dollar Hits 2-week Low as Traders Ponder Trump Tariff Plans

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Hits 2-week Low as Traders Ponder Trump Tariff Plans

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar touched a fresh two-week low on Wednesday, as a lack of clarity on President Donald Trump's plans for tariffs kept financial markets guessing and left the greenback struggling to regain ground against major currencies. Trump said late on Tuesday that his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

He also vowed duties on European imports, without providing further details.

Despite those threats, a lack of specific plans from Trump's first day in office saw the dollar start the week with a 1.2% slide against a basket of major peers. It stabilized on Tuesday, ending flat after an attempted rebound fizzled, with US officials saying any new taxes would be imposed in a measured way. The dollar index, which tracks the currency against six top rivals, touched its lowest since Jan. 6 at 107.75 on Wednesday, paring an earlier rise in the index. It was last down 0.15% at 107.97.

"Tariffs have again grabbed the headlines overnight as Trump commented in the evening that his threat of a new 10% tariff on China was still on the table...," said Deutsche Bank's Jim Reid.

"Trump's comments leave plenty of near-term uncertainty even though the trade investigations from his day 1 executive orders will take some time to play out."

Trump on Monday signed a broad trade memorandum, ordering federal agencies to complete comprehensive reviews of a range of trade issues by April 1. The greenback rose 0.3% to 156 yen, edging up from the one-month low it touched the day before.

INFLATION RISKS The euro fell 0.3% in early trading, before it changed course and rose to $1.0457, its highest since Dec. 30. It was last up 0.07% at $1.0434. Sterling hit a two-week high against the greenback, but was last trading down at $1.2351.

Analysts have said that Trump's policies on immigration, tax and tariffs will likely boost growth but also be inflationary, but the more cautious tariff approach has fuelled some hopes that inflation risks could be more limited, Reuters reported.

Traders expect a quarter-point Fed interest rate cut by July, while another reduction by year-end is considered a coin toss. The Canadian dollar was slightly weaker at 1.4346 per US dollar, following a volatile week that saw it tumble as low as 1.4520 overnight for the first time since March 2020, feeling additional pressure from cooling inflation last month. The Mexican peso gained about 0.3% to 20.547 per dollar. China's yuan held steady at 7.272 per dollar in offshore trading, after pushing to the strongest level since Dec. 11 on Tuesday at 7.2530.

"A 10% tariff on China imports would be far below the 60% rate he mentioned in his campaign," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

"On top of this is the general sense that Trump is not pursuing maximalist trade protectionism in his early actions, but appears to be positioning for trade negotiations," Tan said.

"Altogether these suggest that the US dollar could drop further."