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)
TT

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.



Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT

Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices eased on Thursday from a near three-month peak hit in the previous session, as the dollar regained strength, while investors awaited further direction from US President Donald Trump's administration regarding trade policies.
Spot gold eased 0.1% to $2,751.99 per ounce by 0552 GMT. Prices rose to $2,763.43 on Wednesday, their highest since Oct. 31 when they hit a record high of $2,790.15.
US gold futures shed 0.4% to $2,760.20.
"It's just a technical pullback because the dollar has been taking back on $108 level, triggering some profit-booking, but the undertone for gold is expected to be positive," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Trump has mooted levies of around 25% on Mexico and Canada and 10% tariff on China from Feb. 1. He also promised duties on European imports, without elaborating further.
"How Trump's policies impact gold is whether the combination of tax cuts, deregulation, tariffs, and deportation will amount to a strong inflationary push," said Ilya Spivak, head of global macro at Tastylive.
"If so, Fed rate cuts will be limited and gold is likely to struggle."
According to Reuters technical analyst Wang Tao, gold might have to face resistance at $2,759, which could trigger a correction.
The Federal Reserve is meeting next week against a backdrop of continued economic growth and declining inflation, but faces uncertainties from Trump's proposed policies that analysts see as inflationary.
The US central bank is expected to hold its benchmark interest rate steady at its next policy meeting on Jan. 28-29. Higher interest rates dampen the appeal of non-yielding gold.
European Central Bank policymakers lined up behind further rate cuts, while the Bank of Japan is widely expected to raise rates on Friday.
Spot silver dropped 0.5% to $30.63 per ounce, while platinum shed 0.2% to $944 and palladium dipped 0.7% to $970.55.