ABIDJAN: French industrial conglomerate Bollore aims to invest €400 million ($496.28 million) from next year to build a second container terminal at Ivory Coast’s main port of Abidjan, the deputy CEO of its transport and logistics division told Reuters.
Philippe Labonne, deputy CEO of Bollore Transport and Logistics, spoke on the sidelines of an African CEO conference in Ivory Coast’s commercial capital late on Monday.
The main port of Abidjan is used to ship cocoa beans from the world’s top cocoa producer, and is also a vital supply and export route for landlocked countries to the north. Ivory Coast authorities want the port to become a regional hub.
“We start in June or July 2019,” he told Reuters. “It’s a question of building a platform and setting up the port equipment.”
He said the project would be financed by partner Maersk, and the new terminal would be operational from June 2020.
Port authorities were, with Chinese help, already widening the canal leading to the port to reach a 16 meter depth that would enable larger ships to dock, he said.
They aimed to boost terminal capacity by around 15 percent from its current roughly 1.2 million TEU (20-foot container units).
Bollore to invest €400m in Ivory Coast port terminal
Bollore to invest €400m in Ivory Coast port terminal
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
