Middle East’s Largest Logistics Park Runs on Renewable Energy in Western Saudi Arabia

 The logistics park will offer a set of clean logistical solutions that would connect and facilitate the movement of supply chains. (Asharq Al-Awsat)
The logistics park will offer a set of clean logistical solutions that would connect and facilitate the movement of supply chains. (Asharq Al-Awsat)
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Middle East’s Largest Logistics Park Runs on Renewable Energy in Western Saudi Arabia

 The logistics park will offer a set of clean logistical solutions that would connect and facilitate the movement of supply chains. (Asharq Al-Awsat)
The logistics park will offer a set of clean logistical solutions that would connect and facilitate the movement of supply chains. (Asharq Al-Awsat)

The Saudi Ports Authority (Mawani) and Maersk announced on Wednesday the launching of the biggest comprehensive logistics zone in the Middle East at the Jeddah Islamic port, in western Saudi Arabia.

In a statement, Mawani said that the logistics park, which will stretch over an area of 225,000 square meters, was being built at a total investment of SR1.3 billion ($346 million). Once operational, it will provide over 2,500 direct and indirect jobs.

The logistics park will offer a set of clean logistical solutions that would connect and facilitate the movement of supply chains, and deal with annual volumes of up to 200,000 containers of various products. The project is expected to be completed during the first quarter of 2024.

The area operates using renewable energy and applying solutions to decarbonize logistics services to achieve net zero emissions by 2040. It will be powered by 100 percent solar energy generated from rooftop panels spread over 65,000 square meters.

The trucks used for transportation will be electric cars to effectively reduce emissions.

According to the statement issued by Mawani, the zone will operate based on an advanced warehouse management system that applies modern technologies and digital solutions to manage inventory efficiently and provide unit-level tracking.

Moreover, the zone will have an advanced dashboard, which will improve competencies and build a competitive advantage for the beneficiaries of importers, exporters and shipping agents, in addition to an internal women’s academy that provides specialized training programs for women.

Omar Hariri, President of Mawani, emphasized the importance of the project, which he said would contribute to achieving the goals of the national strategy for transport and logistics services.

The zone will include storage and distribution areas that accommodate exports and imports of general merchandise, warehouses for refrigerated food products, in addition to an area for transshipment, air freight, and LCL goods, and an e-commerce center.

The project falls within the framework of the initiatives launched by Mawani to develop and offer investment opportunities for the private sector, and increase the number of logistical regions that include re-export to reach 30 zone by 2030.

It also comes in line with the objectives of the National Strategy for Transport and Logistics Services, which aim to consolidate the Kingdom’s position as a global logistics center.

The statement noted that the comprehensive logistics zone at the Islamic port of Jeddah would support the growth of the logistics industry, contribute significantly to the economy and increase the volume of the Kingdom’s non-oil export share by 50%, creating growing career opportunities in the logistics sector.



Gold Retreats from Near Four-week High as Dollar Gains; Investors Stay Cautious

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
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Gold Retreats from Near Four-week High as Dollar Gains; Investors Stay Cautious

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 pulled back on Tuesday after nearing a four-week high earlier in the session, as a rebound in the dollar and profit-taking added pressure, while investors remained cautious amid ever-changing US trade policies.

Spot gold fell 0.7% to $3,356.75 an ounce as of 1125 GMT, after hitting its highest since May 8 earlier in the session. US gold futures eased 0.5% to $3,381.30.

The dollar rose from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.

"Today, the dollar trades a tad stronger ahead of key US economic data and these developments are the main reason why we are seeing some light profit following yesterday’s strong gain," said Ole Hansen, head of commodity strategy at Saxo Bank.

Investors will be closely watching a likely call this week between US President Donald Trump and Chinese leader Xi Jinping, just days after Trump accused China of breaching an agreement to reduce tariffs and trade restrictions.

The European Commission said on Monday it would push the US to reduce or eliminate tariffs, despite Trump's plan to double steel and aluminium duties to 50%.

Meanwhile, the Trump administration is urging countries to submit their best trade offers by Wednesday, aiming to accelerate talks ahead of a five-week deadline, according to a draft letter seen by Reuters.

The OECD said on Tuesday the global economy was on course to slow from 3.3% last year to 2.9% in 2025 and 2026, trimming March estimates for growth of 3.1% this year and 3.0% next year.

Investors' focus this week will also be on US non-farm payrolls due on Friday and speeches from a slew of Federal Reserve policymakers for clues on the interest rate trajectory.

Zero-yielding bullion tends to do well in a low-interest rate environment.

Spot silver fell 1.5% to $34.26 an ounce, platinum lost 0.6% to $1,056.70, while palladium was up 0.5% at $993.63.