Mawani Announces Completion of Red Sea Gateway Terminal at Jeddah Islamic Port

The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)
The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)
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Mawani Announces Completion of Red Sea Gateway Terminal at Jeddah Islamic Port

The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)
The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port. (SPA)

The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port, leading to an increase in its capacity, SPA said on Thursday.
The completion of work at Jeddah Islamic Port’s North Container Terminal, in cooperation with the Red Sea Gateway Terminal “RSGT” with investments amounting to SAR1 billion, is expected to enhance the operational capabilities of the port, increase its capacity, and raise the efficiency of logistics services, Mawani said in a news release.
Minister of Transport and Logistic Services and Chairman of the Saudi Ports Authority Eng. Saleh bin Nasser Al-Jasser attended the announcement ceremony. He highlighted that the completion of work at Jeddah Islamic Port’s North Container Terminal, in partnership with the private sector, contributes to enhancing operational capabilities, increasing the port’s capacity of trade movement, exports, and supporting maritime transport, supply chains, and logistics services.
Al-Jasser emphasized the importance of the completion of infrastructure rehabilitation and the deepening project to enable the port to receive giant ships, achieve added value, and create promising investment opportunities that support the significant maritime capabilities of Saudi ports.
Mawani President Omar Hariri praised the efforts of the private sector and national and international investors in the success of the initiatives undertaken by the ports authority. He noted that the continuous development of the infrastructure at Jeddah Islamic Port is part of Mawani’s efforts to enhance the Kingdom’s leadership in the maritime sector, maximize its ability to stimulate the transportation and logistics industry, strengthen its economic and developmental role, and raise the Kingdom’s rank in international rankings.
Red Sea Gateway Terminal CEO Jens Floe stated that this achievement reflects the strategic partnership between Mawani and RSGT. He confirmed the completion of integration work within a period not exceeding three years, contributing to increasing the terminal’s area from 700,000 sqm to 1,500,000 sqm, and increasing the terminal handling capacity from 2.5 million twenty-foot equivalent units (TEUs) to 6.2 million TEUs.
The development work included the renovation of all buildings at the terminal, the inauguration of an advanced control room equipped with the latest technologies, the establishment of automated main gates for trucks entering and exiting the terminal.
The gateway terminal has larger capacity, is equipped with the Optical Character Recognition (OCR) feature, and uses 146 different types of equipment.
The rehabilitation of the infrastructure, covering more than 1.5 million sqm, and 11 berths of 2,600 meters equipped with 24 shore-to-ship cranes (STS), along with the completion of the deepening project, has expanded the northern channel of the Red Sea Gateway Terminal to welcome giant ships with a draft of up to 17 meters.
The development of Jeddah Islamic Port’s North Container Terminal is included in the Build-Operate-Transfer (BOT) contract signed between Mawani and the RSGT, aligning with the National Transport and Logistics Strategy (NTLS) to make Jeddah Islamic Port a world-class leader, said the authority



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.