Saudi Arabia adds two shipping services boosting links with East Africa

The new services are also aligned with the objectives of the National Transport and Logistics Strategy (Shutterstock)
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Updated 02 March 2023
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Saudi Arabia adds two shipping services boosting links with East Africa

RIYADH: Trade between Saudi Arabia and East Africa is set to grow thanks to two new shipping services between the regions operated by Mediterranean Shipping Co..

The transport lanes were announced by the Kingdom’s port authority, also known as Mawani, and will see commerce along the East Africa to Red Sea and Red Sea to Jeddah Islamic Port routes, the Saudi Press Agency reported.

This move falls in line with the framework of the initiatives launched by Mawani to achieve its strategic goals of further improving the maritime navigation network connectivity indicator with global shipping services and shipping lines.

The new services are also aligned with the objectives of the National Transport and Logistics Strategy by consolidating the Kingdom’s position as a global logistics center and a hub connecting three continents.

The direct weekly East Africa to Red Sea service links the ports of Jeddah Islamic and King Abdullah with the port of Djibouti with a transit time of only two days.

It also connects the Kenyan port of Mombasa with a transit time of nine days, in addition to the Tanzanian port of Dar es Salaam with a transit time of 12 days.

The new shipping service has the capacity of 2,500 standard containers from 730 ships, ensuring competitive transport times that meet the aspirations of both importers and exporters.

As for the Red Sea shipping service, it connects Jeddah Islamic Port and King Abdullah Port directly to Port Sudan with a transit time of one day, twice a month.

The Red Sea service aims to elevate the reliability of the schedule and the flow of goods with a capacity of 1,000 standard containers.

Just last month, Mawani announced the approval of five new shipping services which will help link the Kingdom with as many as 43 international ports, according to a statement.

The five new services are projected to support commercial traffic, strengthen the national imports and exports system, as well as provide pioneering alternatives for importers, exporters, and shipping agents, Al-Eqtisadiah reported.


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
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Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.