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Saudi Arabia Sets New Requirements to Speed Up Loading, Handling at Ports

Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)
Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)
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Saudi Arabia Sets New Requirements to Speed Up Loading, Handling at Ports

Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)
Saudi Port Authority sets new requirements to speed up the loading and handling work (Asharq Al-Awsat)

Saudi ports will require transport companies for adequate means of transport to speed up the loading and handling work, sources informed Asharq Al-Awsat.

Mawani recently issued a decision mandating cargo owners to use pallets to stow goods imported to the Kingdom via containers as of the beginning of next year.

The new resolution will ensure the efficiency of port services, ease of handling with specialized equipment, a streamlined transfer process, faster customs clearance, an improved customer experience, and avoidance of damaged goods.

King Abdulaziz Port in Dammam called on the private sector and transport companies to secure a sufficient number of means of transport upon the arrival of ships loaded with their cargoes to reduce demurrage.

King Abdulaziz Port authorities issued new orders after the lack of commitment of some transport companies contracted by owners of imported goods to receive their shipments directly from the ships.

It led to low rates of handling ships anchored in the port and waiting on the berth for more extended periods.

Mawani played a significant part in boosting the competitiveness of the Kingdom's economy, providing an array of growth catalysts for promoting the maritime sector.

It also seeks to fulfill the demands of national development despite the challenges facing global trade and the logistics industry, aiming to strengthen the shipping networks which connect the Kingdom to the East and West while increasing the overall throughput volumes.

Mawani announced it had achieved a record-breaking performance by Saudi ports until August 2022, handling 212.4 million tons with a 13.59 percent increase rate compared to 187 million tons recorded the previous year.

Data showed that general cargo increased by 8.9 percent to reach 5.7 million tons, solid bulk recorded a growth of 7.1 percent to get 32.7 million tons, while liquid bulk increased by 24.4 percent to reach 120 million tons compared to last year.

Saudi ports, which handle 90 percent of the Kingdom's exports and 70 percent of its imports, received 538.2 thousand vehicles between January and August, 16 percent higher than last year.

Passenger traffic also increased during the same period, with a 42.8 percent to reach 610,000 passengers, compared to 427,000 for the same period in 2021.

Livestock witnessed a 5.42 percent jump in volumes to reach 2.9 million heads compared to 2.8 million heads in 2021 due to optimized productivity and performance and enhanced operational and logistical capabilities of Saudi ports.

These remarkable figures reflect a tremendous transformation in Saudi ports' performance as an outcome of the initiatives to develop the maritime sector, which aim to create solutions, operating models, and various frameworks to stimulate growth and enable investment.

It also seeks to extend the exemption period for general cargo to 21 days and enhance operational efficiency by restructuring procedures and implementing the latest technology.

The operational growth also demonstrates the adaptability of Mawani's strategies to global changes and its capability to confront challenges and strike partnerships with the private sector.

It comes in line with the objectives of the National Transport and Logistics Strategy (NTLS) to position Saudi Arabia as a global logistics hub that connects three major continents.

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Business

Gold Rises as Investors Seek Safety amid US Policy Jitters

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Rises as Investors Seek Safety amid US Policy Jitters

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold climbed on Tuesday, hovering just shy of the $5,100-per-ounce mark breached for the first time in the previous session, as uncertainty around US President Donald Trump's policymaking prompted investors to seek safety in bullion.

Spot gold rose 1.2% to $5,073.52 per ounce as of 1155 GMT. It hit an all-time high of $5,110.50 on Monday.

US gold futures ‌for February ‌delivery eased 0.2% to $5,071.20 per ounce, Reuters reported.

"The constant ‌back ⁠and ​forth (on ‌tariffs) by President Trump and the US administration, coupled with growing concerns around a military operation in Iran" are unlikely to curb safe-haven demand anytime soon, said Zain Vawda, analyst at MarketPulse by OANDA.

Gold has surged 18% so far in 2026, building on gains from last year due to factors including sustained safe-haven demand amid ⁠geopolitical and economic uncertainty, expectations of US rate cuts and robust central bank ‌purchases. In trade news, Trump said on ‍Monday he would hike ‍tariffs on autos and other goods imported from South Korea. Meanwhile, ‍the United States is "open for business" if Iran wishes to contact Washington, a US official said on Monday, after Trump renewed warnings to Tehran.

Deutsche Bank and Societe Generale anticipate gold prices to reach $6,000/oz in ​2026, highlighting the scope for further gains.

Market is now focused on the Federal Reserve's policy meeting starting on ⁠Tuesday, where it is expected to hold interest rates steady, while investors are also awaiting news on Chair Jerome Powell's replacement.

Spot silver jumped 7.4% to $111.59 an ounce, after hitting a record high of $117.69 on Monday. It has surged more than 50% so far this year.

"We expect prices to ease in the coming months as supply tightness eases and industrial demand for silver starts to peak with a slowing Mainland Chinese economy," BMI, a unit of Fitch Solutions, said in a note.

Spot platinum fell ‌3.1% to $2,673.50 per ounce, after hitting a record $2,918.80 in the previous session. Palladium added 2.2% to $2,025.60.

Business

Fed Expected to Keep Rates Unchanged as Chair Powell Pivots Back to Economics

The New York Stock Exchange bell is seen from the trading floor in New York City (EPA)
The New York Stock Exchange bell is seen from the trading floor in New York City (EPA)
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Fed Expected to Keep Rates Unchanged as Chair Powell Pivots Back to Economics

The New York Stock Exchange bell is seen from the trading floor in New York City (EPA)
The New York Stock Exchange bell is seen from the trading floor in New York City (EPA)

After two weeks of intense political and legal scrutiny, the Federal Reserve will seek to make this week's meeting about interest rates as straightforward and uneventful as possible, though President Donald Trump probably still won't like the result.

The central bank's interest rate-setting committee is almost certain to keep its key short-term rate unchanged at about 3.6%, after three straight quarter-point cuts last year. Fed Chair Jerome Powell said after December's meeting that they were “well positioned to wait to see how the economy evolves” before making any further moves.

When the Fed lowers its short-term rate, it can over time influence other borrowing costs for things like mortgages, auto loans and business borrowing, though those rates are also affected by market forces.

This week's meeting — one of eight the Fed holds each year — will be overshadowed by the bombshell revelation earlier this month that the Justice Department has subpoenaed the Fed as part of a criminal investigation into testimony Powell gave last June about a $2.5 billion building renovation. It's the first time a sitting Fed chair has been investigated, and prompted an unusually public rebuke from Powell.

Now, Powell will have to shift from a dispute with the White House to emphasizing that the Fed's decisions around interest rates are driven by economic concerns, not politics. Powell said Jan. 11 that the subpoenas were “pretexts” to punish the Fed for not cutting rates as sharply as Trump wants.

Powell will be "under even more pressure to underscore, ‘everything we’re doing here ... is all about the economics,’” said Claudia Sahm, a former Fed economist and chief economist at New Century Advisors. "'We didn’t think about the politics.'”

Michael Gapen, chief US economist at Morgan Stanley and also a former Fed staffer, said that despite the scrutiny, the Fed can be expected to consider its interest rate policies like it always does.

“The meetings have a regular flow to them,” he said. "There are presentations that are made, there are discussions that have to be had. ... Some of these other broader-based attacks on the Fed don't really come up."

Not long after the Justice Department's subpoenas, the Supreme Court last week considered whether Trump can fire Fed governor Lisa Cook over allegations of mortgage fraud, which she denies. No president has fired a governor in the Fed's 112-year history. During an oral argument, the justices appeared to be leaning toward allowing her to stay in her job until the case is resolved.

Other Fed officials have also signaled the central bank is likely to keep rates unchanged at their two-day meeting that ends Wednesday. The Fed's three rate cuts last year were intended to bolster the economy after hiring slowed sharply over the summer and fall in the wake of Trump's April tariffs on dozens of countries.

Yet the unemployment rate ticked lower in December, after picking up for much of last year, and there are other signs the job market may be stabilizing. The number of people seeking unemployment benefits has stayed historically low, a sign layoffs haven't spiked.

Meanwhile, inflation remains elevated and actually ticked higher last year, according to the Fed's preferred measure. Prices rose 2.8% in November from a year earlier, the latest data available. That is up from 2.6% in November 2024.

Unless businesses start cutting jobs or the unemployment rate rises, the Fed is unlikely to cut rates again for at least a few months, economists say. If inflation slowly declines this year, as economists expect, the Fed may cut again in the spring or summer. Wall Street investors expect just two quarter-point rate reductions this year, according to futures prices.

Many economists expect growth could pick up in the coming months, which would be another reason to forego rate cuts. Gapen estimates that tax refunds could be about 20% higher this spring than last year as the Trump administration's tax cuts take effect. Refunds could average $3,500, Gapen said.

The economy expanded at a 4.4% annual rate in last year's July-September quarter and may have grown at a similarly healthy pace in the final three months of last year. If such solid growth continues, Fed officials will likely wait to see if hiring picks up as well, further reducing the need for more rate cuts.

 

Business

Saudi GDP Surges to SAR 4.7 Trillion, More Than Doubling in Less Than a Decade

Saudi Investment Minister Khalid Al-Falih speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. (Reuters)
Saudi Investment Minister Khalid Al-Falih speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. (Reuters)
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Saudi GDP Surges to SAR 4.7 Trillion, More Than Doubling in Less Than a Decade

Saudi Investment Minister Khalid Al-Falih speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. (Reuters)
Saudi Investment Minister Khalid Al-Falih speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. (Reuters)

Saudi Minister of Investment Khalid Al-Falih said the Kingdom’s gross domestic product (GDP) rose to SAR 4.7 trillion ($1.25 trillion) by the end of 2024, up from SAR 2.6 trillion ($693 billion) in 2016, the year the Vision 2030 reform program was launched, representing growth of more than double in less than a decade.

Speaking at a government press conference in Riyadh on Monday, Al-Falih said the economic leap was not merely reflected in headline figures, but was underpinned by far-reaching reforms that strengthened the labor market and enhanced private-sector competitiveness.

The Saudi economy has created 800,000 new jobs, he said, highlighting the vitality of emerging sectors and their ability to generate employment opportunities.

He added that foreign investment had quadrupled by the end of 2024 and is expected to reach SAR 150 billion ($40 billion) in 2025.

Al-Falih said the number of Saudi investors has surpassed 1.86 million, which shows growing engagement in economic activity and the availability of growth incentives, particularly for small and medium-sized enterprises.

He noted that the number of registered foreign investors has reached 62,000, while emphasizing that Saudi nationals remain the dominant participants in the business sector.

Moreover, the minister also revealed that more than 700 multinational companies had obtained licenses to establish regional headquarters in Saudi Arabia by the end of 2025.

Al-Falih highlighted significant progress in national workforce participation, noting that women’s contribution to the Saudi economy has doubled. He also pointed to an important indicator of job quality: average wages for Saudi nationals in the private sector have risen by 45 percent.

As part of its drive to diversify income sources, Al-Falih said Saudi Arabia has reduced its reliance on oil, with non-oil sectors accounting for 56 percent of the national economy for the first time in the Kingdom’s history, an indication that the country has begun to reap the benefits of Vision 2030.

Commenting on Saudi Arabia’s recent participation in the World Economic Forum in Davos, Switzerland, Al-Falih said the Saudi economy had a strong and positive presence at a time when pessimism and uncertainty dominated many delegations’ views of the global economic outlook.