Jeddah Islamic Port saw 12% rise in container traffic last year

Jeddah Islamic Port (JIP) saw a 12 percent year-on-year increase in the number of transshipment containers processed in 2020. (File/AFP)
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Updated 14 January 2021

Jeddah Islamic Port saw 12% rise in container traffic last year

  • Saudi Arabia’s ports handle around 20 percent of the transshipment market in the region
  • Authorities are aiming to raise this to 50 percent by 2030

RIYADH: Jeddah Islamic Port (JIP) saw a 12 percent year-on-year increase in the number of transshipment containers processed in 2020, despite the global slowdown in trade due to the pandemic.
The port processed an extra 2.5 million standard containers last year, in line with the Kingdom’s ambition to become a global logistics center, the Saudi Press Agency reported. 
More than 13 percent of the volume of international maritime trade passes through the port, which is considered a link between Asia, Europe and Africa.

BACKGROUND

Jeddah Islamic Port handles more than 70 percent of the goods exported and imported through Saudi ports and is ranked first among the Red Sea ports.

JIP handles more than 70 percent of the goods exported and imported through Saudi ports and is ranked first among the Red Sea ports.
Saudi Arabia’s ports handle around 20 percent of the transshipment market in the region, but authorities are aiming to raise this to 50 percent by 2030. 
The Saudi Ports Authority is raising the competitiveness of JIP operations by re-engineering transshipment procedures. 
It canceled loading permits and restructured storage fees in order to stimulate shipping lines. It also increased the period of storage free time from 20 days to 30.


HSBC to axe 82 branches in UK, cut services in others

Updated 19 January 2021

HSBC to axe 82 branches in UK, cut services in others

  • The lender said it would be left with 511 branches in the UK following the closures

LONDON: HSBC said on Tuesday it planned to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking.
The lender said it would be left with 511 branches in the UK following the closures, with many of the remaining branches set to be refurbished with some providing fewer services.
The COVID-19 pandemic has dented bank finances, putting pressure on lenders to cut costs, while more customers have opted to bank online as people have been encouraged to stay at home to combat the spread of the virus.
HSBC said it had begun trialing different branch formats and decided to provide fewer full-service branches focused in large cities and towns, with others providing cash or self-service technology.
The bank said ‘pop-up’ mobile branches would also be rolled out later this year.
“The direction of travel is really quite clear and this is borne out by the reduction in branch usage and increase in digital interaction that we are seeing first-hand,” said Jackie Uhi, HSBC UK’s head of network.