Vehicle Congestion at King Abdulaziz Port Prompts Urgent Action by Saudi Ports Authority

Imported cars at Jubail Port in eastern Saudi Arabia. (Asharq Al-Awsat)
Imported cars at Jubail Port in eastern Saudi Arabia. (Asharq Al-Awsat)
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Vehicle Congestion at King Abdulaziz Port Prompts Urgent Action by Saudi Ports Authority

Imported cars at Jubail Port in eastern Saudi Arabia. (Asharq Al-Awsat)
Imported cars at Jubail Port in eastern Saudi Arabia. (Asharq Al-Awsat)

The Saudi Ports Authority (Mawani) has launched urgent measures to address growing congestion at King Abdulaziz Port in Dammam, particularly in areas designated for vehicle storage. According to sources, the authority is urging importers to quickly complete customs clearance procedures to prevent further delays.

The authority has shortened the clearance period for shipments in storage yards as part of efforts to boost trade flows with global markets, stimulate maritime-related sectors, improve supply chain efficiency, and support maritime activity. The measures are aligned with the Kingdom’s Vision 2030 goals of establishing Saudi Arabia as a global logistics hub and key player in international trade.

The authority highlighted challenges posed by the increasing number of incoming ships and imported cargo, noting that storage areas are becoming congested, particularly with vehicles. Delays in clearing shipments by some importers have disrupted vessel handling operations, underscoring the need for immediate action.

Mawani stressed that efficient port operations require cooperation from all beneficiaries, particularly vehicle agents and other importers with cargo at King Abdulaziz Port.

It urged all parties to complete clearance and take delivery of shipments promptly to avoid operational disruptions, and confirmed that new vehicles meet all customs requirements and can be cleared and collected immediately upon unloading.

The ports supervised by the authority recorded a 12.01 percent increase in handled containers in July, reaching 722,502 TEUs compared to 645,019 TEUs in the same period last year. Transit containers rose 35.34 percent to 175,666 TEUs, up from 129,797 TEUs in 2024. Export containers increased by 12.86 percent to 275,098 TEUs, compared to 243,757 TEUs previously.

Inbound containers saw a slight increase of 0.10 percent, totaling 271,738 TEUs versus 271,465 TEUs last year. Overall cargo throughput, including general cargo, solid bulk, and liquid bulk, rose 2.81 percent to 21.18 million tons, compared to 20.60 million tons in the previous year.

General cargo accounted for 461,958 tons, solid bulk for 4.096 million tons, and liquid bulk for 16.622 million tons. The port also received 582,708 heads of livestock, a 13.18 percent increase over 514,864 heads last year.

Maritime traffic rose 11.27 percent to 1,017 vessels, up from 914, while passenger numbers surged 41.70 percent to 73,953 passengers compared to 52,191 in 2024. Vehicle movements, however, fell 22.66 percent to 69,969 units, down from 90,471 the previous year.



Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port

Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port
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Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port

Mawani Signs Agreement to Construct Offshore Structures at Ras Al-Khair Port

The Saudi Ports Authority (Mawani) has signed a contract with Singatac Arabia to establish a fabrication center for offshore structures and platforms at Ras Al-Khair Port.

The contract supports the oil and gas industry and includes warehouses for prefabricated parts, specialized welding equipment, systems, and cranes to serve offshore platform and marine structure projects with an investment of SAR139 million across 100,000 square meters, according to SPA.

The project aims to create over 500 direct and indirect jobs, strengthen Ras Al-Khair Port’s operational capabilities and value-added services, expand port capacity, and increase the contribution of exports to the national economy.

Ras Al-Khair Port is distinguished by its strategic location and its ability to efficiently handle a wide range of goods. It features 14 berths with a total capacity of 35 million tons and spans an area of 23 kilometers.


Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)
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Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)

Asian shares mostly advanced on Thursday, tracking Wall Street, after US President Donald Trump walked back from imposing tariffs on eight European countries over Greenland and ruled out using military force to take control of the territory.

The future for the S&P 500 gained less than 0.1% and that for the Dow Jones Industrial Average was virtually flat on Thursday, The Associated Press reported.

Tokyo’s Nikkei 225 climbed 1.7% to 53,688.89, with technology stocks leading gains. SoftBank Group jumped 11.6% and equipment maker Disco Corp. soared 17.1%. Advantest, which makes testing equipment for computer chips, surged 5%.

South Korea’s Kospi closed 0.9% higher at 4,952.44 after crossing the 5,000 mark for the first time, as traders cheered. Technology-related stocks drove the rally. Shares of chipmaker SK Hynix picked up 2%, while Samsung Electronics rose 1.9%.

Hong Kong’s Hang Seng edged less than 0.1% higher to 26,600.68. The Shanghai Composite index edged 0.1% higher to 4,122.58.

In Australia, the S&P/ASX 200 gained nearly 0.8% to 8,848.70.

Taiwan’s Taiex rose 1.6%, while India’s Sensex added 0.2%.

US markets logged their biggest losses since October on Tuesday as investors reacted to Trump’s threat over the weekend to slap tariffs of 10% on Denmark, Norway, Sweden, Germany, France, the United Kingdom, the Netherlands and Finland for opposing US control of Greenland, sparking concerns over worsening relationships between the US and its European allies.

But Trump, attending the World Economic Forum in Davos, Switzerland, backed down on Wednesday and said he would not use force to acquire Greenland. The US president also said in a post on his social media site that he had agreed with the head of NATO on a “framework of a future deal” on Greenland and on Arctic security.

The easing tensions drove Wall Street optimism. On Wednesday, the S&P 500 climbed 1.2% to 6,875. The Dow Jones Industrial Average gained 1.2% to 49,077.23, while the Nasdaq composite also rose 1.2%, to 23,224.82.

Halliburton, the oil field services company, jumped 4.1% following stronger-than-expected profits for the latest quarter. United Airlines rose 2.2% also after better-than-expected quarterly profits. Netflix fell 2.2% even as it reported a stronger profit than expected, as investors focused on factors including a slowing growth of subscribers.

The price of gold fell 0.2% to $4,828.70 per ounce, reflecting investors’ reduced worries, after passing the $4,800 mark ahead of Trump’s reversal of stance on Greenland as many flocked to safe-haven assets.

In the bond market, US Treasury yields also eased following lessened fear among investors as well as a calming of Japan’s bond market turmoil. The yield on the 10-year Treasury eased to 4.25% from 4.30% late Tuesday.

Japan’s long-term bond yields surged to records earlier this week after Prime Minister Sanae Takaichi’s decision to call a snap election in February. That sparked concerns over her pledges to cut taxes and increase spending, which could hinder efforts to rein in government debt.

The US dollar rose to 158.75 Japanese yen from 158.27 yen, prompting analysts to speculate that authorities might intervene if the yen falls any further.

The euro rose to $1.1692 from $1.1687.

US benchmark crude oil shed 16 cents to $60.46 per barrel. Brent crude, the international standard, fell 24 cents to $65.00 per barrel.


Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
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Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)

Goldman Sachs has raised its end-2026 gold price forecast to $5,400 per ounce from $4,900/oz earlier, noting private-sector and emerging market central banks' diversification ​into gold.

Spot gold climbed to a peak of $4,887.82 per ounce on Wednesday. The safe-haven metal has climbed more than 11% so far in 2026, extending a blistering rally that saw it jump 64% last year.

"We assume private sector diversification buyers, whose purchases hedge ‌global policy ‌risks and have driven the ‌upside ⁠surprise ​to our ‌price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast," the brokerage said in a note dated Wednesday.

The brokerage also expects central bank buying to average 60 tons in 2026 as ⁠emerging market central banks are likely to continue diversification of ‌their reserves into gold.

Commerzbank, last ‍week, raised its ‍gold price forecast to $4,900 by the end ‍of this year, citing increased safe-haven demand.