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Saudi Global Ports and SANY Heavy Industry Sign Contract to Manufacture, Supply 80 Electric Trucks

The contract was signed by SGP chief executive Edward Tah and SANY Marine chief executive Jeff Fu in the presence of other officials. Asharq Al-Awsat
The contract was signed by SGP chief executive Edward Tah and SANY Marine chief executive Jeff Fu in the presence of other officials. Asharq Al-Awsat
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Saudi Global Ports and SANY Heavy Industry Sign Contract to Manufacture, Supply 80 Electric Trucks

The contract was signed by SGP chief executive Edward Tah and SANY Marine chief executive Jeff Fu in the presence of other officials. Asharq Al-Awsat
The contract was signed by SGP chief executive Edward Tah and SANY Marine chief executive Jeff Fu in the presence of other officials. Asharq Al-Awsat

The Saudi Ports Authority (Mawani) announced the signing of a contract between the Saudi Global Ports (SGP) and SANY Heavy Industry, the leading Chinese manufacturer of heavy equipment, to supply King Abdulaziz Port in Dammam with 80 electric trucks.

It is the largest single contract signed by SANY to manufacture and supply electric trucks, making King Abdulaziz Port the largest port in the Middle East that owns this number of electric trucks.

The contract was signed by SGP chief executive Edward Tah and SANY Marine chief executive Jeff Fu in the presence of other officials on the sidelines of "Transport Logistic China 2024."

Mawani President Omar bin Talal Hariri said that the signing of the contract contributes to the development of King Abdulaziz Port in Dammam to be a flexible and sustainable logistics center and a leading model of operational excellence and logistical efficiency.

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Saudi Arabia's Net Foreign Direct Investment Rises 5.6% in First Quarter

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
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Saudi Arabia's Net Foreign Direct Investment Rises 5.6% in First Quarter

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights

Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday.

Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.

The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product, Reuters reported.

Earlier this month, over half of the shares offered under Saudi Aramco's $11.2 billion secondary share sale were sold to foreign investors.

The oil giant has also helped lift FDI previously, but even with those deals FDI remained far from the 2030 goal, peaking at $32.8 billion in 2022 and reaching $19.2 billion last year.