Saudi Arabia Develops a Global Integrated Logistics Park

Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce officials signing the agreement (Asharq Al-Awsat)
Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce officials signing the agreement (Asharq Al-Awsat)
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Saudi Arabia Develops a Global Integrated Logistics Park

Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce officials signing the agreement (Asharq Al-Awsat)
Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce officials signing the agreement (Asharq Al-Awsat)

Saudi Arabia aims to develop a global integrated logistics park in the al-Khumrah region, west of the Kingdom.

The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce signed an agreement to set up a $267.6 million integrated logistics park at al-Khumrah, south of Jeddah, to boost economic development, national investments, and partnership with the private sector.

Two weeks ago, Mawani and Maersk began construction on Saudi Arabia's largest Integrated Logistics Park at Jeddah Islamic Port, with investments amounting to $346.6 million, providing more than 2,500 direct and indirect job opportunities.

The new region directly achieves Mawani's strategic objectives as the main link in the system, in line with the goals of the National Transport and Logistics Strategy, by establishing the Kingdom's position as a global logistics hub.

The park is also linked to the National Industrial Development and Logistics Program (NIDLP), and al-Khumra is one of the pioneering areas targeted for development as a global logistics region.

It aims to increase the optimal utilization of Mawani's assets and achieve diversification by providing more than 10,000 new direct and indirect jobs in the logistics sector through business and investments.

The 3-km logistics park comprises three zones: shared warehouses, medium-sized storage yards and single warehouses, and large storage yards and on-demand warehouses.

The various zones will meet the requirements of importers and exporters of stocking multipurpose cargo, chilled and frozen goods, food commodities, and fragile goods.

The park offers move-in-ready warehouses, storage yards, re-export zones, custom storage, logistics amenities, commercial units, residential units, staff accommodation, state-of-the-art infrastructure like roads and green spaces, and other essential services.

Meanwhile, Cruise Saudi, wholly owned by the Public Investment Fund (PIF), welcomed nearly 9,000 tourists from five European countries to celebrate Saudi Founding Day.

The 8,800 tourists visited key Saudi destinations through three cruise ship calls in Jeddah Islamic Port and King Abdulaziz Port in Dammam.

Tourists were welcomed at the passengers' terminal with Founding Day traditional activities, including cultural gifts, Saudi coffee, dates, and folklore dances, in collaboration with all relevant authorities and local partners.

The tourists, representing different nationalities, namely English, Spanish, Italian, French, and Russian, witnessed and engaged in the vibrant Saudi Founding Day festivities in their various expeditions in both Jeddah and the Eastern Province through Dammam Port.

The activities included a flight to visit AlUla, Saudi's first UNESCO World Heritage site, an enjoyable walk at Jeddah's Waterfront, and a journey back in time through centuries of culture and traditions by visiting the UNESCO World Heritage site of Jeddah Historical District, filled with vibrant artwork, exotic scents, traditional markets, and authentic Hijazi architecture unique to the region.

They could also tour al-Ahsa Oasis, Saudi's third UNESCO World Heritage site accessible via cruising, exploring the Qara Mountain, Princes' School, and al-Qaisariyah Souq.

The ongoing cruising season of Cruise Saudi, from November 2022 until May 2023, is set to welcome over 75 scheduled calls by ships from several global cruise lines sailing the Red Sea and Arabian Gulf.



Gold Hits Over 3-month High

Jewelry display at the Korea Gold Exchange store in Seoul (AFP)
Jewelry display at the Korea Gold Exchange store in Seoul (AFP)
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Gold Hits Over 3-month High

Jewelry display at the Korea Gold Exchange store in Seoul (AFP)
Jewelry display at the Korea Gold Exchange store in Seoul (AFP)

Gold prices hit their highest level in more than three months on Monday as a subdued dollar lent support, while focus shifted to key US inflation data and a speech later this week by Federal Reserve Chair Kevin Warsh.

Spot gold was up 0.8% at $4,641.27 per ounce, as of 0427 GMT, after hitting its highest level since May 15 earlier in the session. Prices gained more than 5% last ⁠week.

US gold futures ⁠edged 0.4% higher to $4,697.70, Reuters reported.

A wavering dollar teetered near multi-month lows in a market unsettled by the US Treasury's promise to buy back more long bonds. A weaker US dollar makes greenback-priced bullion more affordable for holders of other currencies.

Gold is looking sprightly to start the week and has ⁠stepped back into bid mode and is taking its cues primarily from the softer dollar and focusing on what higher yields may be signaling about underlying economic strains and policy uncertainty, said Tim Waterer, chief market analyst at KCM Trade.

The July Personal Consumption Expenditures (PCE) price index data and Fed Chair Warsh's speech at the Jackson Hole symposium this week will be watched for fresh clues on the US interest rate outlook.

"Traders will be listening closely for any shift in tone on the ⁠policy path ⁠and how it sits with recent bond-market developments. A balanced or cautious tone that leaves room for flexibility would likely keep the door open for gold to extend its gains," Waterer said.

On the geopolitical front, the US threatened Iran with what it called "the greatest financial offensive ever marshalled" as it prepared to roll out economic sanctions that target Iran's trade partners. Oil prices slipped more than $1 a barrel as investors took profits ahead of the expected announcement.

Among other metals, spot silver steadied at $68.98 per ounce. Platinum rose 0.1% to $1,878.88, while palladium was flat at $1,350.00.


Iraq’s SOMO, QatarEnergy Offer Crude for Loading Inside Hormuz via Tenders

FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
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Iraq’s SOMO, QatarEnergy Offer Crude for Loading Inside Hormuz via Tenders

FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo

Iraq’s state oil marketer SOMO and QatarEnergy are offering crude through rare tenders that require buyers to load cargoes inside the Strait of Hormuz, multiple trade sources ⁠said on Monday.

SOMO offered ⁠September-loading Basrah Medium and Basrah Heavy crude from Iraq’s Basrah oil terminal or single point mooring ⁠and their associated facilities, said the sources, who participate in the Middle Eastern crude market.

QatarEnergy offered al-Shaheen, Qatar Marine and Qatar Land crude for loading in September and October on ⁠a ⁠free-on-board basis at their respective loading ports in Qatar, the people said, according to Reuters.

The tender is valid until August 25.


Exxon, Lyondell Reportedly Among Suitors for Shell's US Chemical Assets

FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
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Exxon, Lyondell Reportedly Among Suitors for Shell's US Chemical Assets

FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

Oil major Shell has drawn interest from potential bidders, including ExxonMobil and LyondellBasell, for its US chemical assets that could fetch up to $8 billion, the Financial Times reported on Monday.

Private equity firm Apollo Global Management and the chemicals arm of state-owned Kuwait Petroleum Corporation have also expressed interest in the assets, the report said, ⁠citing people familiar with ⁠the matter, as Shell seeks to divest underperforming underperforming chemical plants.

Shell, ExxonMobil, LyondellBasell, Apollo, and Kuwait Petroleum did not immediately respond to Reuters requests for comment outside regular business ⁠hours.

Shell's US chemicals business includes plants at four sites in Louisiana, Texas and Pennsylvania that produce chemicals used in plastics, detergents and pharmaceuticals, the FT added.

Potential buyers submitted non-binding offers last month, the newspaper said, with bids ranging from proposals for the entire business to parts of it.

The reported price ⁠represents ⁠a steep discount to the amount of capital Shell has invested in the facilities, according to the FT.

Earlier this month, Shell agreed to sell its onshore renewables power business in Europe to TotalEnergies, as the British energy major continues to scale back its low-carbon investments and sharpen its focus on upstream operations and trading.