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Saudi Arabia to Seek International Maritime Organization Council Seat in Next Elections

Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)
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Saudi Arabia to Seek International Maritime Organization Council Seat in Next Elections

Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)

Saudi Arabia plans to run for a seat on the International Maritime Organization’s (IMO) Council in the next election cycle as it steps up efforts to influence the future of global shipping and sustainability, Transport and Logistics Minister Saleh al-Jasser said on Wednesday.

Speaking to Asharq al-Awsat at the second Sustainable Maritime Industry Conference in Jeddah, al-Jasser said the Kingdom was committed to reducing carbon emissions under its Saudi and Middle East Green initiatives and to supporting the IMO’s work on cutting the sector’s environmental footprint.

“Saudi Arabia is investing in the latest technologies to curb emissions while protecting marine ecosystems and strengthening the green economy,” he said, adding that the country had become a regional hub for trade, ranking 15th worldwide among the top 100 container ports.

The Kingdom operates 10 main ports with a handling capacity of more than 1.1 billion tons a year. Saudi Arabia also leads the Arab world in fleet capacity, with tonnage exceeding 8.5 million tons, placing it 20th globally, al-Jasser said. The country is home to the region’s largest advanced shipbuilding yard.

Smart ports and mangroves

The minister said Riyadh was working to develop “smart ports” and build local expertise, with environmental sustainability at the forefront. Projects include the world’s first hybrid maritime initiative to cut fuel consumption and emissions by 25% and a plan to plant 100 million mangroves under the Saudi Green initiative.

“These achievements reflect the Kingdom’s continued commitment to advancing the maritime sector and strengthening its role as an influential IMO member,” al-Jasser said.

He opened the second edition of the Sustainable Maritime Industry Conference, which serves as a platform for launching new initiatives and adopting cutting-edge technologies in global shipping.

Beyond fleets and ports

Deputy Transport Minister and acting head of the Saudi Transport General Authority Rumaih al-Rumaih said success in the maritime industry was no longer measured only by fleet size or port capacity.

“It now depends on the ability to protect the marine environment, cut emissions, boost safety and technological investment, and create regulatory frameworks for modern technologies,” he said.

Al-Rumaih said Saudi Arabia was training a new generation of seafarers to international standards, aligning training with market needs and opening doors for women in the sector through training and work opportunities at ports and on board vessels.

The Kingdom was also helping developing and island states with knowledge transfer, expert exchanges, and projects to cut emissions and underwater noise while improving emergency response readiness, he added.

Two-day forum

The two-day conference features workshops on shipping decarbonization strategies, sustainability roadmaps for small and mid-sized operators, and managing underwater noise. Discussions also cover energy efficiency, marine insurance and financing, and their role in sustainable growth.

Industry experts from Bahri, King Abdulaziz University, Jeddah Islamic Port, ABS, Lloyd’s Register, and the World Maritime University are participating, alongside the signing of several memoranda of understanding.

The second day will focus on digitalization, automation, and maritime cybersecurity, including regulatory frameworks for autonomous shipping and the role of digital technologies in enhancing efficiency, safety, and sustainability.

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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.