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Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)
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Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)

The international maritime assembly held in Dammam, Saudi Arabia, over the course of two days, shed light on the immense potential possessed by the maritime shipping and logistics sectors in the Kingdom and Gulf Cooperation Council (GCC) countries.

The “Saudi Maritime Congress,” in its fourth edition, concluded its events on Thursday with the signing of two memoranda of understanding between national and international institutions.

The first MoU was signed between the Saudi-listed National Shipping Company of Saudi Arabia (Bahri) and SAIL, a Saudi Investment Recycling Company (SIRC) subsidiary.

The memorandum of understanding aims to foster cooperation in sustainable maritime shipping, environmental protection, and the enhancement of sustainability practices within the maritime industry.

This collaboration between the two institutions embodies their shared vision to transform the maritime shipping sector into a more sustainable and environmentally friendly industry.

The second MoU was signed between the Saudi Ports Authority (MAWANI) and SIRC to advance maritime sustainability in the Kingdom.
This collaboration, focused on enhancing environmentally responsible practices in the maritime sector, represents a significant milestone in advancing sustainable development and supporting the goals of Saudi Arabia’s “Vision 2030.”

The agreement underscores the commitment of both parties to environmental protection and the promotion of resource efficiency and circular economy principles within the maritime sector.

Abdullah Bin Damithan, CEO & Managing Director of DP World, told Asharq Al-Awsat that investments in the Islamic Port of Jeddah (located in the western part of the Kingdom) have reached approximately $800 million over a 30-year period, with expectations for the project’s completion in the coming year.

The agreement, which was signed in June of the previous year, entails the establishment of a logistics zone spanning 415,000 square meters, capable of accommodating 250,000 standard containers and featuring warehouses covering 100,000 square meters.

This zone will provide advanced and eco-friendly electronic services.

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Egypt to Raise Subsidized Bread Price by 300%, PM Says

A young boy delivers freshly-baked bread in the al-Darb al-Ahmar district in the old quarters of Cairo on May 28, 2024. (AFP)
A young boy delivers freshly-baked bread in the al-Darb al-Ahmar district in the old quarters of Cairo on May 28, 2024. (AFP)
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Egypt to Raise Subsidized Bread Price by 300%, PM Says

A young boy delivers freshly-baked bread in the al-Darb al-Ahmar district in the old quarters of Cairo on May 28, 2024. (AFP)
A young boy delivers freshly-baked bread in the al-Darb al-Ahmar district in the old quarters of Cairo on May 28, 2024. (AFP)

Egypt, often the world's biggest wheat importer, will raise the price of heavily subsidized bread for the first time in decades, a sensitive decision that has been delayed for years.

The price of subsidized bread will jump 300% to 20 piasters ($0.0042) from 5 piasters starting in June, Prime Minster Mostafa Madbouly said at a press conference on Wednesday.

About two-thirds of Egypt's population benefit from a program that gives 5 loaves of round bread daily for 5 piasters a loaf.

The handout is a lifeline to the poor, but is often criticized as wasteful and a strain on the budget.

The announcement comes after Egypt allowed a sharp devaluation of its currency in March and shifted to a flexible exchange rate system. Inflation surged to a record last summer and has eased a touch since then.

"We understand fully that (the price rise) is a thorny issue and many governments (in the past) tried to avoid moving on it," Madbouly said.

"But we see today the size of the subsidy bill on the Egyptian state and so we had to start to move as little as possible to ensure the sustainability of service."

Madbouly has said the government is studying moving towards conditional cash subsidies for bread.

After two years of chronic foreign currency shortages, Egypt has secured a windfall of funding since late February from the IMF, the UAE and other entities.

The new raised price represents 16% of the cost of making the bread, which has risen to 125 piasters from 115 last year, Supply Minister Ali Moselhy told the same press conference.

The finance ministry in March said it would allocate around 125 billion Egyptian pounds ($2.66 billion) for bread subsidies in its 2024/2025 state budget and around 147 billion pounds for petroleum product subsidies.

Egypt imported about 10.88 million metric tons of wheat in 2023, up 14.7% from 9.48 million tons in 2022.

Moselhy told Reuters that the decision will not impact the quantities of wheat the state imports.