Saudi Arabia Dedicates 12 New Projects Worth $192.2 Mln in Duba

The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)
The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)
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Saudi Arabia Dedicates 12 New Projects Worth $192.2 Mln in Duba

The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)
The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)

In preparation of the anticipated rise in trade at Saudi ports during the upcoming period, the Ports Authority (MAWANI) announced the completion of 12 projects in the Red Sea Duba Port.

The projects, worth SAR721 million (USD192.2 million), aim to strengthen Saudi ports so that they can occupy a unique position in international and regional competitiveness.

The giant investment projects, which Saudi Arabia intends to implement in the north and west of the country, have become a significant hub for qualitative investments and trade. NEOM and the Red Sea projects come in the lead.

In this regard, Saudi Ports Authority spokesperson Mousaid bin Abdulrahman Aldrees clarified that work is underway to add a new service to Duba Port through establishing a station to pass containers at the Red Sea coast.

He added that the station, worth SAR327 million (USD87.2 million) and with a capacity of 500,000 containers annually, is expected to be ready by end of March.

Projects at Duba Port are part of others implemented by MAWANI to reinforce logistic and operational capabilities of Saudi ports and to boost their competitiveness regionally and internationally in order to achieve Saudi Vision 2030.

These developments come at a time when the Red Sea project is emerging as a landmark in the global tourism sector. Announced in 2017, it will grant major global firms the chance to participate and invest in a unique project in terms of design and location.

The project would develop resorts on about 50 Red Sea islands and would also contribute with billions to the Saudi GDP. It will cover 34,000 square kilometers, becoming one of the largest navy tourism projects globally.

Entry procedures are expected to be lenient to grant access to the majority of nationalities wishing to visit.



Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.