Saudi Ports Authority launches new transshipment service 

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Updated 12 December 2021
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Saudi Ports Authority launches new transshipment service 

  • Mawani’s aims to consolidate the Kingdom's position as a global logistics hub

Saudi Ports Authority, or Mawani, launched a new transshipment service connecting King Abdulaziz Port Dammam, Khalifa bin Salman Port in Bahrain, and various Far East ports.

The new transshipment service comes under Mawani’s strategy that aims to increase Saudi’s links with global seaports, attracting major international shipping lines to its ports.

The authority aims to raise Saudi’s share of the transshipment market from 21 percent to 50 percent by 2030.

Mawani’s aims to consolidate the Kingdom's position as a global logistics hub, as envisioned by Vision 2030. 

The new service was launched in partnership with Saudi Global Ports Co. and the international shipping line Orient Overseas Container Line, or OOCL.


Closing Bell: Saudi main index closes in green at 10,552 

Updated 14 sec ago
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Closing Bell: Saudi main index closes in green at 10,552 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 67.67 points, or 0.65 percent, to close at 10,552.26. 

The total trading turnover of the benchmark index was SR3.49 billion ($931.5 million), as 78 of the listed stocks advanced, while 177 retreated. 

The MSCI Tadawul Index increased, up 15.15 points, or 1.10 percent, to close at 1,392.59. 

The Kingdom’s parallel market Nomu lost 183.55 points, or 0.78 percent, to close at 23,271.1. This comes as 26 of the listed stocks advanced, while 37 retreated. 

The best-performing stock was Canadian Medical Center Co., with its share price surging by 6.30 percent to SR6.41. 

Other top performers included Saudi Arabian Mining Co., which saw its share price rise by 5.30 percent to SR63.60, and Al Majed Oud Co., which saw a 5.27 percent increase to SR131.90. 

Methanol Chemicals Co. posted the biggest decline of the session, with its shares falling 5.98 percent to SR8.17. 

Saudi Ground Services Co. saw its shares fall 5.96 percent to SR36, while Alramz Real Estate Co. declined 5.85 percent to SR59.60. 

On the announcements front, First Avenue for Real Estate Development said it has acquired full ownership of the Capital Avenue–Al Qirawan Tower in Riyadh for about SR310 million, according to a Tadawul filing. 

The acquisition of all partners’ stakes in the Jadwa Capital Avenue Real Estate Fund gives the company full control of the project on King Salman Road. With construction 90 percent complete and final works expected in the first quarter of 2026, the nearly 35,700-sq.-meter tower offers about 15,000 sq. meters of leasable space. 

The acquisition, financed through internal resources and bank funding, aligns with the company’s strategy to enhance its portfolio and returns. The transaction is projected to positively impact financial results from the first half of 2027. 

First Avenue’s shares traded 0.34 percent lower on the parallel market to reach SR5.88.