Mawani Introduces New Shipping Service at Jeddah Islamic Port

Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.
Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.
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Mawani Introduces New Shipping Service at Jeddah Islamic Port

Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.
Mawani announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port.

The Saudi Ports Authority, Mawani, has announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port that aims to connect Saudi Arabia to various ports along the North Red Sea, the Saudi Press Agency said on Monday.
The introduction of these two new services is set to meet the increasing market demands and trade activities in the region.
It will further establish the Kingdom's position as a global logistics hub that bridges three continents, in line with the objectives of the National Transport and Logistics Strategy (NTLS).
According to a statement, the launch of the NRS service is a testament to the collaborative efforts and mutual support between Mawani and Folk Maritime. The latter is expanding its operational and logistics activities as a new player in the regional market and the first Saudi maritime line specializing in container and feeder ships.
The NRS shipping service will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Aqaba Port in Jordan, and Sokhna Port in Egypt. It promises regular weekly trips with a capacity of up to 1,300 TEUs.
It is important to highlight that introducing new shipping services to Jeddah Islamic Port is crucial for enhancing its pivotal role due to its strategic location.
This service enables it to connect three continents—Europe, Asia, and Africa—further solidifying its competitive advantage for exporters, importers, and shipping agents as the premier port on the Red Sea coast for transoceanic maritime trade, container transshipment, and cargo handling.



Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.