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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)
    Jeddah – 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.

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Business

Number of Unemployed in Germany Reaches 12-year High

People walk past the Brandenburg Gate as winter weather covers the city, in Berlin, Germany, Friday, Jan. 30, 2026. (AP Photo/Ebrahim Noroozi)
People walk past the Brandenburg Gate as winter weather covers the city, in Berlin, Germany, Friday, Jan. 30, 2026. (AP Photo/Ebrahim Noroozi)
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Number of Unemployed in Germany Reaches 12-year High

People walk past the Brandenburg Gate as winter weather covers the city, in Berlin, Germany, Friday, Jan. 30, 2026. (AP Photo/Ebrahim Noroozi)
People walk past the Brandenburg Gate as winter weather covers the city, in Berlin, Germany, Friday, Jan. 30, 2026. (AP Photo/Ebrahim Noroozi)

The number of unemployed people in Germany has hit a 12-year high, surpassing the 3 million ⁠mark, while inflation moved back above the European Central Bank's 2% target, clouding the outlook for Europe's largest economy after a stronger-than-expected end to 2025.

German Chancellor Friedrich Merz said on Friday that boosting the economy would be his main focus this year and promised to revive Europe's largest economy after two years of mild contraction with a sharp increase in infrastructure and defense spending.

While the economy as a whole is now showing greater resilience, Merz's measures are taking longer than expected to translate into better conditions on the ground, according to Reuters.

Labor Office figures on Friday highlighted the lag in the jobs market from the economic stagnation of the last few years, with 177,000 more people out of work in January than in December, bringing the total to 3.08 million.

The unemployment rate jumped by 0.4 percentage points to 6.6% in seasonally unadjusted terms.

“There is currently little momentum in the ⁠labor market,” said Labor Office director Andrea Nahles. “At the start of the year, unemployment rose markedly for seasonal reasons.”

The picture improved slightly when accounting for seasonal trends. On that basis, the Labor Office said, the number of people out of work was unchanged from December at 2.976 million and the seasonally adjusted jobless rate was steady at 6.3%.

Analysts and economists in a Reuters poll had predicted a seasonally adjusted rise of 4,000 in the jobless number.

On a brighter note, German gross domestic product grew by 0.3% in the fourth quarter compared with the previous three months, beating the consensus forecast of 0.2%. On an annual basis, the Statistics Office confirmed its first estimate of 0.2% growth.

Economy Minister Katherina Reiche said Germany must pivot toward new “growth engines,” arguing that traditional export strengths “no longer carry our growth.”

Europe's biggest economy lowered its growth forecasts for this and next year on Wednesday.

Annual inflation rose in January in five German states, preliminary data showed on Friday, suggesting the nationwide rate — due out later in the day - has also risen this month.

Price growth of 2.0% to 2.3% was recorded in North Rhine-Westphalia, Baden-Wuerttemberg, Bavaria, Saxony and Lower Saxony, and economists polled by Reuters forecast a harmonized national rate of 2.0% for January, unchanged from last month's rate.

Eurozone annual inflation, due out next Wednesday, is expected at 1.7% for January, down from 1.9% in December, according to economists polled by Reuters.

Business

China Sees First Fiscal Revenue Drop Since 2020

FILE PHOTO: Chinese 100 yuan banknotes are seen in this picture illustration created in Shanghai on January 17 , 2011. REUTERS/Carlos Barria/File Photo
FILE PHOTO: Chinese 100 yuan banknotes are seen in this picture illustration created in Shanghai on January 17 , 2011. REUTERS/Carlos Barria/File Photo
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China Sees First Fiscal Revenue Drop Since 2020

FILE PHOTO: Chinese 100 yuan banknotes are seen in this picture illustration created in Shanghai on January 17 , 2011. REUTERS/Carlos Barria/File Photo
FILE PHOTO: Chinese 100 yuan banknotes are seen in this picture illustration created in Shanghai on January 17 , 2011. REUTERS/Carlos Barria/File Photo

China's fiscal revenue fell 1.7% in 2025 from a year earlier, the finance ministry said on Friday, the first contraction since 2020 as a protracted property slump and weak domestic demand saddled the economy.

Fiscal revenues in 2025 totaled 21.6 trillion yuan ($3.11 trillion), a ministry official said at a press briefing.

Expenditures grew 1% to 28.7 trillion yuan, slowing from 3.6% growth in 2024.
Growth in China's fiscal revenue slowed to 1.3% in 2024. Revenue dropped 3.9% in 2020 when the initial outbreak of the COVID-19 pandemic disrupted economic activities.

Tax revenue rose 0.8% in 2025, while income from non-tax sources slumped 11.3%.

Revenue from stamp taxes on securities transactions surged 57.8%, buoyed by a stock market rally.

Revenue from land sales by China's local governments declined for a fourth straight year as the property downturn rolled on, although the 14.7% drop in 2025 narrowed from a 16% fall a year earlier. These revenues have in the past been a key driver for local economic growth measures and the sharp drop has strained local authorities' coffers and weighed on overall business activity.

China's economy grew 5.0% in 2025, meeting the government's target, as strong global demand for goods helped offset weak domestic consumption - a phenomenon that economists warn will be difficult to sustain.

Chinese leaders have pledged to continue to implement a more proactive fiscal policy this year and maintain the necessary fiscal deficit, overall debt levels and expenditure scale to support broader economic growth.

In a separate development, China is considering the sale of hundreds of billions of yuan in special government bonds to recapitalize some of its largest insurers, Bloomberg News reported on Friday citing people familiar with the matter, strengthening the biggest players in a sector facing consolidation pressures.

The potential bond sale would raise about 200 billion yuan ($28.8 billion) to help recapitalize the insurers, the report said, adding that the proceeds will be injected into state-controlled firms including China Life Insurance Group Co, the People's Insurance Co Group of China Ltd (PICC), and China Taiping Insurance Group Co.

The capital injection could be announced as early as this quarter, one of the people said, according to the report.

It would mark the first time China has used special bonds to support insurers, extending a financing tool previously reserved for state-owned banks.

The initiative could help bolster insurers that were directed to support the stock market during last year's volatility, while positioning them to help regulators manage smaller, higher-risk insurance companies.

In January last year, China unveiled plans to channel hundreds of billions of yuan in investment from state-owned insurers into shares to support the stock market.

Insurance companies' equity investments as a proportion of their total investment assets rose to 10.03% in the third quarter of 2025 from 7.51% in 2022, according to estimates from China Securities.

The potential recapitalization also comes as the insurance sector grapples with eroding profitability due to persistently low interest rates, with numerous small and mid-sized insurers reporting deteriorating solvency ratios in the third quarter last year.

Last year, China's finance ministry unveiled a recapitalization plan of around $72 billion to boost big state banks' core capital, a move aimed at helping lenders manage lower profit margins and asset-quality strains.

Business

Oil Edges Lower after Trump Signals Dialogue with Iran over Nuclear Program

A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Edges Lower after Trump Signals Dialogue with Iran over Nuclear Program

A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices slipped on Friday on signs that the US may engage in dialogue with Iran over its nuclear program, reducing concern over potential supply disruptions from a US attack.

Brent crude futures were down 21 cents, or 0.3%, at $70.50 a barrel by 1219 GMT. The March contract expires later on Friday. The more active April contract lost 45 cents, or 0.65%, to $69.14.

US West Texas Intermediate crude fell 38 cents, or 0.6%, to $65.04 a barrel, Reuters reported.

"President Trump’s willingness to give diplomacy a chance regarding Iran seemingly makes a US military intervention less likely than yesterday," said PVM Oil Associate analyst Tamas Varga.

Middle East tensions and oil prices had increased this week as the US strengthened its military presence in the region. US President Donald Trump urged Iran on Wednesday to make a deal on nuclear weapons or face an attack but on Thursday said he was planning to speak to the country's leaders.

Despite Friday's declines, benchmark prices remained on track for large monthly gains. Brent crude was set for its biggest monthly jump since January 2022 and WTI was poised for its largest monthly gain since July 2023.

Price pressure also came from a rise in the dollar after it hit a four-year low earlier in the week. Friday's dollar strength followed Trump's announcement that he would pick former Federal Reserve Governor Kevin Warsh to head the US central bank when Jerome Powell's leadership term ends in May.

A stronger dollar can limit demand from oil buyers paying in other currencies.

"Rising US crude oil output after shutdowns and Kazakhstan nearing the resumption of production at the Tengiz oilfield also contribute to the change in sentiment, and given the week’s bullish performance, it is reasonable to expect some profit-taking ahead of the weekend," Varga added.

Meanwhile, peak maintenance periods for Russian primary oil refining this year are expected this month and in September, based on Reuters calculations using estimates from industry sources.

A Reuters poll of 32 analysts found that most expect prices to hold near $60 a barrel this year as the prospect of oversupply offsets potential disruption from geopolitical tensions.