Mawani announces first container shipment from Jubail Commercial Port to Riyadh Dry Port
Mawani announces first container shipment from Jubail Commercial Port to Riyadh Dry Port /node/2500676/business-economy
Mawani announces first container shipment from Jubail Commercial Port to Riyadh Dry Port
This voyage was made possible through collaborative efforts between the Saudi Ports Authority, known as Mawani, the Tax and Customs Authority, Saudi Railway Co., and Mediterranean Shipping Co. File/Supplied
Mawani announces first container shipment from Jubail Commercial Port to Riyadh Dry Port
Updated 28 April 2024
ARAB NEWS
RIYADH: Saudi sea and rail transport links are set to be enhanced with the commencement of the first container shipment from Jubail Commercial Port to Riyadh Dry Port.
This voyage was made possible through collaborative efforts between the Saudi Ports Authority, known as Mawani, the Tax and Customs Authority, Saudi Railway Co., and Mediterranean Shipping Co., according to a statement.
Moreover, the containers were transported through the railway connecting Jubail Commercial Port and the East Railway network, carrying a load of 78 receptacles. The maximum cargo capacity for one trip on the railway is 140 standard containers.
This move falls within the framework of cooperation between Mawani and other concerned parties, especially SAR, which contributes to achieving integration in transporting crates, bulk materials, and general goods by connecting ports using trains.
This comes with the SAR networks linking the Riyadh Dry Port with King Abdulaziz Port in Dammam, King Fahd Industrial Port in Jubail, Jubail Commercial Port, and Ras Al-Khair Port.
This development adds a competitive advantage for these terminals and supports the growth of ship loading and unloading services.
“The launch of the first container shipment from the Jubail Commercial Port via railways to the Riyadh Dry Port and linking the ports to train networks will contribute to enhancing integration between sea and rail transport modes, raising the efficiency of logistical operations, developing the efficiency of exports and imports, and enhancing the competitiveness of the ports to consolidate the Kingdom’s position as a global logistics center in accordance with Saudi Vision 2030,” Minister of Transport and Logistics Saleh Al-Jasser said in a post on X.
Additionally, the railway operation will raise the level of services provided at ports, delivering innovative logistical services that contribute to developing the efficiency of exports and imports.
It will also offer logistical support to industrial and commercial ports within the Kingdom, bolstering their competitive edge and facilitating commercial traffic by providing safe and sustainable solutions aimed at curbing harmful emissions and safeguarding the environment.
In early April, Mawani partnered with SAR to develop a unified framework and adopt a general regulatory and legislative pattern for goods transport activities to and from the authority’s ports via railway, in accordance with the objectives of the National Transport and Logistics Strategy as well as the Kingdom’s Vision 2030.
Non-oil sector drives Saudi Arabia’s GDP growth to 3.4% in Q1: GASTAT
Updated 5 sec ago
Miguel Hadchity
RIYADH: Saudi Arabia’s economy expanded by 3.4 percent year on year in the first quarter of 2025, propelled by robust growth in non-oil activities, according to official data.
The estimates released by the General Authority for Statistics showed that the seasonally adjusted real gross domestic product also saw a quarterly rise of 1.1 percent, signaling sustained economic momentum.
The non-oil sector emerged as the primary engine of growth, increasing by 4.9 percent compared to the first quarter of 2024. In contrast, oil activities contracted by 0.5 percent year on year, reflecting ongoing volatility in the energy sector.
Saudi Arabia’s GDP growth aligns with the broader Middle East trend, where countries are steadily advancing economic diversification.
The UAE’s Ministry of Economy forecasts a 5-6 percent growth rate in 2025, fueled by robust performance in key sectors such as technology, renewable energy, trade, financial services, and infrastructure.
Meanwhile, Fitch Ratings has lowered Qatar’s 2025 real GDP growth forecast from 2.9 percent to 2.6 percent, citing the effects of US tariffs on global growth, weaker energy prices, and heightened investor caution amid rising international uncertainty.
In a release covering the latest Saudi Arabia figures, GASTAT stated: “The main driver of growth in real GDP was non-oil activities, which contributed 2.8 percentage points. Government activities and net taxes on products also contributed positively adding 0.5 and 0.2 PP respectively.”
Sectoral performance
According to the GASTAT report, several non-oil sectors posted strong growth across the quarter, with the wholesale and retail trade, restaurants, and hotels sector leading at an 8.4 percent annual increase.
The transport, storage, and communication sector also showed robust performance, growing by 6 percent year on year.
Meanwhile, finance, insurance, and business services expanded by 5.5 percent despite experiencing a slight 0.1 percent quarterly dip.
These gains highlight the diversification and resilience of the economy beyond the oil industry.
Gross fixed capital formation jumped by 8.5 percent annually, underscoring confidence in the economy, while government spending rose by 5.2 percent. Private consumption grew by 4.5 percent year on year, though it declined slightly from the previous quarter.
Trade balance improvement
Saudi Arabia’s exports rebounded sharply, rising by 12.3 percent quarter on quarter, while imports fell by 10 percent over the same period, narrowing the trade deficit.
The data highlights the Kingdom’s progress in diversifying its economy under Vision 2030, with non-oil sectors increasingly offsetting fluctuations in oil revenues.
In its latest World Economic Outlook report, the International Monetary Fund projected Saudi Arabia’s GDP to grow by 3 percent in 2025, a downward revision from its January estimate of 3.3 percent. The IMF also trimmed its projection for 2026, reducing the expected growth rate by 0.4 percentage points to 3.7 percent.
These forecasts reflect broader trends in the global economic environment, where shifts in energy markets and oil production adjustments continue to play a pivotal role in shaping near-term growth prospects.
The Kingdom’s economic performance remains closely tied to hydrocarbon sector dynamics, but ongoing reforms under Vision 2030 are gradually reducing this dependence, fostering more sustainable, long-term growth.
Further reinforcing this outlook, a December 2024 report from Mastercard Economics emphasized the accelerating expansion of Saudi Arabia’s non-oil sector, which has become a key driver of economic resilience.
The analysis projected that the Kingdom’s GDP will grow by 3.7 percent year on year in 2025, a figure slightly higher than the IMF’s estimate, largely due to strong performance in non-oil industries such as tourism, entertainment, technology, and manufacturing.
The Mastercard report also noted that economic diversification will remain a top priority in 2025, with Saudi authorities leveraging the country’s strong fiscal buffers to fund ambitious infrastructure projects and attract private investment.
Key initiatives include mega-developments like NEOM, the Red Sea Project, and Qiddiya, alongside investments in renewable energy and digital transformation.
“Population growth is an important driver of economic activity, and particularly private consumption,” the report added.
Oil Updates — prices dip on weak China data, but hopes for US-China trade deal support
US, China to hold trade talks in London on Monday
China’s May crude imports hit 4-month low — data
Updated 54 min 55 sec ago
Reuters
SINGAPORE: Oil prices slipped on Monday on weak China data, but held on to most of last week’s gains, as investors awaited US-China trade talks in London later in the day, hoping a deal could boost the global economic outlook and fuel demand.
Brent crude futures slipped 18 cents, or 0.27 percent, to $66.29 a barrel by 08:44 a.m. Saudi time. US West Texas Intermediate crude fell 15 cents, or 0.23 percent, to $64.43.
China’s exports growth slowed to a three-month low in May as US tariffs slammed shipments, data showed, while factory-gate deflation deepened to its worst in two years, heaping pressure on the world’s second-largest economy both at home and abroad.
The data also showed that China’s crude oil imports declined in May to the lowest daily rate in four months, as state-owned and independent refiners underwent widespread planned maintenance.
“Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65,” said IG market analyst Tony Sycamore, referring to WTI prices.
“That said I would expect the reaction to be less extreme than usual, given US and China trade talks later today.”
Brent had advanced 4 percent, and WTI gained 6.2 percent, last week for their first weekly gain in three, as the prospect of a US-China trade deal boosted some investors’ risk appetite.
A US jobs report showing unemployment held steady in May appeared to increase the odds of a Federal Reserve interest rate cut, further supporting gains last week.
The prospect of a China-US trade deal that could support economic growth and increase demand for oil outweighed worries about increased OPEC+ supply after the group announced on May 31 another big output hike for July.
HSBC expects OPEC+ to accelerate supply hikes in August and September, which are likely to raise downside risks to the bank’s $65-per-barrel Brent forecast from the fourth quarter of 2025, it said in a research note on Friday.
Capital Economics researchers said they believe the “new faster pace of (OPEC+) production rises is here to stay.”
WTI’s discount to Brent has also been narrowing on a combination of increased OPEC+ output, modest US crude oil supply growth and the potential for output declines next year, ING analysts led by Warren Patterson said in a note.
The US benchmark strengthened on supply concerns after wildfires disrupted production in Canada and robust US fuel demand during the summer driving season.
The number of operating US oil rigs, an early indicator of future output, fell by nine to 442 last week, energy services firm Baker Hughes said on Friday.
Saudi ports post 13% rise in container volume in May: Mawani
Imported containers rose 15.84% from a year earlier to 292,223 TEUs
Exported volumes increased 9.38% to 279,318 TEUs
Updated 08 June 2025
Reem Walid
RIYADH: Saudi Arabia’s seaports handled 720,684 twenty-foot equivalent units in May, a 13 percent year-on-year jump, driven by growth in imports, exports, and transshipment activity, official figures showed.
According to data from the Saudi Ports Authority, also known as Mawani, imported containers rose 15.84 percent from a year earlier to 292,223 TEUs, while exported volumes increased 9.38 percent to 279,318 TEUs.
Transport, or transshipment, containers also climbed 12.89 percent to 149,143 TEUs, reflecting the Kingdom’s growing role as a regional trade hub.
The uptick in activity highlights the ongoing expansion of port infrastructure and logistics services across the country. It also supports the goals of Saudi Arabia’s National Transport and Logistics Strategy, which seeks to position the Kingdom as a global logistics center under Vision 2030.
In a release, Mawani stated: “The total tonnage handled — general cargo, solid bulk cargo, and liquid bulk cargo — increased by 1.40 percent to reach 21,337,699 tonnes compared to 21,042,684 tonnes during the same period last year.”
The uptick in activity highlights the ongoing expansion of port infrastructure and logistics services across the Kingdom. Shutterstock
It added: “The total general cargo amounted to 935,932 tonnes, solid bulk cargo 5,059,899 tonnes, and liquid bulk cargo 15,341,868 tonnes.”
The ports received 1.63 million heads of livestock, up 61.22 percent compared to 1.01 million during the same period last year.
Maritime traffic also picked up, with vessel calls rising 9.39 percent to 1,083 ships, while the number of passengers grew 68.15 percent to reach 95,231. The number of vehicles handled increased by 13.09 percent year on year to 84,352 units.
The positive momentum follows a strong performance in April, when Saudi ports handled 625,430 standard containers, up 13.4 percent from a year earlier.
In 2024, Mawani announced several major initiatives, including agreements and groundbreaking projects to establish eight new logistics parks and hubs at Jeddah Islamic Port and King Abdulaziz Port in Dammam, with a combined private sector investment of approximately SR2.9 billion ($773 million).
These efforts are part of a broader strategy to enhance the competitiveness of Saudi ports and reinforce the Kingdom’s position as a global trade and logistics hub.
The initiatives form part of a larger SR10 billion investment plan to develop 18 logistics parks across Saudi terminals, all overseen by Mawani.
Next-Gen HNWI prefer Middle East as favorite investment destination: Capgemini
Saudi Arabia in particular is aggressively courting international investors and ultra-wealthy individuals, report says
Global HNWI population increased by 2.6% year on year in 2024
Updated 08 June 2025
Nirmal Narayanan
RIYADH: Next-generation high-net-worth individuals consider the Middle East as their preferred investment destination, thanks to geopolitical security and economic stability, according to an analysis.
In its latest report, consulting firm Capgemini revealed that Saudi Arabia in particular is aggressively courting international investors and ultra-wealthy individuals, thanks to the Vision 2030 economic diversification program.
The findings by the Paris-based company align with the views shared by Henley & Partners in April, which said that Riyadh and Jeddah are among the fastest-growing cities in the world for millionaires.
According to Henley & Partners, more than 20,000 people with liquid investable wealth of $1 million or more are now based in the Saudi capital, while Jeddah is home to 10,400 millionaires.
Riyadh and Jeddah are among the fastest-growing cities in the world for millionaires. Shutterstock
According to Capgemini, the UAE is also capitalizing on this trend and is attracting international HNWI investors.
“Investors are targeting high-growth emerging economies for specific thematic investment options, tax regulation, economic and political stability, better wealth management services, and enhanced market connectivity. As a result of this search for geopolitical security and economic diversification, Asia and the Middle East have become appealing destinations,” said the report.
It added: “Singapore, Hong Kong, the UAE, and recently Saudi Arabia have established themselves as prime alternatives, utilizing advantageous tax policies, strong financial ecosystems, and political stability to draw global wealth.”
The analysis added that enhanced market connectivity and improved wealth management options are among the other crucial factors that make the Middle East a desirable investment destination among next-gen HNWIs.
Saudi focus
The report said the Kingdom “has introduced new residency programs aimed at HNWIs, positioning itself as a regional wealth hub.”
It added: “As global wealth patterns shift, Saudi Arabia is actively enhancing its legal and financial frameworks to compete with traditional wealth hubs.”
HNWIs from nine Muslim-majority countries are preparing to commit $2 billion toward property purchases in Makkah and Madinah. Shutterstock
In 2019, Saudi Arabia introduced the premium residency visa option, which allows eligible foreigners to reside in the Kingdom and enjoy benefits such as exemption from expat and dependents’ fees, visa-free international travel, and the right to own real estate and operate a business without requiring a sponsor.
In January 2024, the Kingdom added five new products to its premium residency program. Under the new addition, the most notable one was the ability to own residential real estate assets worth a minimum of SR4 million ($1.07 million) within the Kingdom.
The rise in the number of HNWIs in Saudi Arabia coincides with the extensive Vision 2030 economic reform program launched in 2016.
Efforts to diversify the Kingdom’s economy have also included a push to attract international companies to establish their regional headquarters in Riyadh, and as of March, over 600 global firms have opened their regional base in Saudi Arabia.
Affirming the growth of Saudi Arabia, Knight Frank, in April, said that HNWIs from nine Muslim-majority countries are preparing to commit $2 billion toward property purchases in Makkah and Madinah.
The trend comes as Saudi Arabia overhauls its property sector to position itself as a global tourism and business hub by the end of this decade.
Capgemini said the UAE is also capitalizing on this trend and is attracting international HNWI investors. Shutterstock
Growth of Middle East region
The report also said the Middle East and Africa registered modest growth in HNWI wealth in 2024, gaining 0.9 percent and 4.7 percent, respectively, compared to the previous year.
In 2024, the HNWI population in the Middle East witnessed a decline of 2.1 percent, while it grew by 3.4 percent in Africa.
“In the Middle East, OPEC’s extension of oil production cuts and comparatively low oil prices, well below their peak in 2022, contributed to weak growth,” said Capgemini.
Global outlook
According to the report, the global HNWI population increased by 2.6 percent year on year in 2024.
Capgemini said the increase was driven by the growth in the population of ultra-HNWIs — those who hold at least $30 million in assets — which grew by 6.2 percent, as strong stock markets and artificial intelligence optimism boosted portfolio returns.
North America saw the biggest gains, with the HNWI population rising by 7.3 percent.
Report said Asia and the Middle East have become appealing destinations. File/Reuters
Europe’s HNWI population declined 2.1 percent due to economic stagnation in major countries like the UK and France, while Latin America also witnessed a drop of 8.5 percent, due to currency depreciation and fiscal instability.
Asia-Pacific’s HNWI population increased 2.7 percent year on year in 2024.
Within the largest individual markets, the US topped the list, adding 562,000 millionaires as the country’s HNWI population grew by 7.6 percent to 7.9 million.
India and Japan were standouts in the Asia-Pacific region, with both countries registering 5.6 percent growth, adding 20,000 and 210,000 millionaires, respectively, last year.
The HNWI population in China declined by 1 percent.
Muscat Stock Exchange cap tops $72.8bn after index climbs for 5th week
Benchmark MSX index rose 17 points to close at 4,578, reflecting improved investor sentiment
Trading volume on the Muscat bourse rose to 11 million rials per day, up from 10 million the previous week
Updated 13 min 1 sec ago
REEM WALID
RIYADH: The Muscat Stock Exchange extended its rally for a fifth consecutive week, with market capitalization rising to 28 billion Omani rials ($72.8 billion) in the week ending June 7.
Driven by gains in key services and industrial stocks, the benchmark MSX index rose 17 points to close at 4,578, reflecting improved investor sentiment and increased activity across sectors, the Oman News Agency reported. The bourse recorded a weekly market capitalization gain of 79.3 million rials.
“Last week witnessed a good performance for the stock market, with 34 securities rising, 30 declining, and 17 remaining stable,” the Oman News Agency report stated.
The bourse recorded a weekly market capitalization gain of 79.3 million rials. Oman News Agency
It added: “Muscat Gases recorded the highest increase, rising 18 percent to close at 118 baisas. Galfar Engineering and Contracting rose to 72 baisas, up 9 percent. National Gas recorded an 8.8 percent increase to close at 86 baisas.”
National Gas Co. Oman announced it has acquired an 80 percent stake in Samharam Gas Co., which operates in the bottling and distribution of liquefied petroleum gas in Dhofar Governorate. The acquisition is expected to strengthen its presence in Oman’s LPG market and boost group-level revenues and net profits.
Trading volume on the Muscat bourse rose to 11 million rials per day, up from 10 million the previous week, while average daily transactions climbed to 2,149 from 1,787. The trading week was shortened to four days due to the Eid Al-Adha holiday, with the exchange set to resume operations on June 10.
The services sector led gains, with its index rising five points on the back of strong performances from Ooredoo, Omantel, and OQ Gas Networks. In contrast, the industrial index fell 17 points, the financial index dropped 10 points, and the Shariah index edged lower by less than one point.
National Gas Co. Oman announced it has acquired an 80 percent stake in Samharam Gas Co. File/National Gas Co. Oman
Last week, investors concentrated on OQ Base Industries shares, which traded 10.584 million rials — 24 percent of the total 44 million rials traded. The stock saw 1,678 transactions and closed at 122 baisas, up 4 baisas.
Bank Muscat’s shares recorded 5.48 million rials in trades, accounting for 12.4 percent of the total trading value. OQ Gas Networks ranked third, with trades worth approximately 5.1 million rials.
Sohar International Bank was fourth, with trading valued at 5.03 million rials. OQ Exploration and Production came fifth, with trades totaling 4.30 million rials, representing 9.7 percent of the total trading value.
