King Abdulaziz Port in Dammam achieves record monthly throughput 

King Abdulaziz Port in Dammam is the primary entryway for cargo headed to the country’s eastern and central regions from all over the world. File
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Updated 06 February 2024
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King Abdulaziz Port in Dammam achieves record monthly throughput 

RIYADH: Saudi Arabia’s maritime sector is witnessing significant growth, with the King Abdulaziz Port in Dammam achieving its highest monthly throughput in January, handling 215,179 twenty-foot equivalent units.   

The facility has surpassed its previous record, set in July 2023 when it processed 211,202 TEUs, the Saudi Press Agency reported.   

This underscores the port’s pivotal role in advancing the maritime sector, enhancing logistics services, supporting national imports and exports, and contributing to raising the Kingdom’s rank in international standings.  

It also signifies the success of development projects and their anticipated impact on increasing container throughput, enhancing the port’s competitive capacity, and expanding communication channels with international ports.   

Furthermore, these achievements align with the Saudi Ports Authority’s ongoing efforts to strengthen the Kingdom’s leadership in the maritime sector, maximize its capabilities, and enhance its economic and developmental role. This is in line with the National Transport and Logistics Strategy.   

Additionally, these advancements are the outcome of initiatives spearheaded by the authority, also known as Mawani, in collaboration with the strategic partner Saudi Global Ports and various other partners, including national and international operating companies at King Abdulaziz Port in Dammam.    

The goal is to transform it into a leading harbor with long-term sustainability objectives, emphasizing automation, digitization, and an integrated supply chain. 

In October, it was announced that the facility is set to receive a fully integrated logistics park worth SR1 billion ($266 million). 

Mawani signed a contract agreement with Saudi Global Ports to construct the park spanning 1 million sq. meters, as reported by SPA at the time.    

According to Mawani President Omar Hariri, the deal falls within the authority’s efforts to expand the number of logistics parks within Saudi ports to 12. 

The expansion is expected to propel the Kingdom’s position in the global logistics services performance index, moving from 38th to 10th place, he stated. 

In alignment with the National Strategy for Transport and Logistics Services and Vision 2030, the announced development aimed to bolster the logistics sector’s role in supporting the national economy, reinforcing Saudi Arabia’s status as a global logistics hub connecting three continents. 


National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  

Updated 11 sec ago
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National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  

RIYADH: The Saudi real estate sector is set to embrace advanced technologies after the National Housing Co. partnered with Korean tech firm Naver Corp. to enhance smart city solutions. 

The collaboration, formalized in the presence of Housing Minister Majid Al-Hogail, aims to integrate Digital Twin technology, utilizing Naver’s advanced cloud system.  

The technology mirrors real-world entities in a virtual environment, supporting real-time decision-making through data analysis, prediction, and optimization. It will be cloud-based, with a focus on three-dimensional digital modeling. 

This move aligns with Saudi Arabia’s Vision 2030 goals, aiming to use this technology for urban planning and flood predictions while advancing smart city development.

The integration of Digital Twin technology is part of the Kingdom’s broader strategy to modernize its real estate sector and adopt cutting-edge solutions to enhance urban management and infrastructure efficiency. 

Minister Al-Hogail highlighted the significance of this partnership, stating on X that the deal opens the doors for innovation in digital solutions. “Together, we achieve strategic visions for the municipalities and housing sectors in our relentless pursuit of sustainable smart cities,” he said. 


Oil Updates – prices rise as investors look for signs US rate cuts to begin

Updated 22 July 2024
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Oil Updates – prices rise as investors look for signs US rate cuts to begin

TOKYO: Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September, according to Reuters.

Brent crude prices were up 48 cents, or 0.57 percent, at $83.10 a barrel by 2:35 a.m. Saudi time, and US West Texas Intermediate crude futures rose 42 cents, or 0.52 percent, to $80.55.

“Since the June FOMC meeting, inflation and labor market data have signalled that disinflation and labor market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September,” ANZ Research said in a note.

The US Federal Reserve will next hold a Federal Open Market Committee meeting on interest rates on July 30-31, at which investors expect the Fed to keep the rates unchanged, while looking for any signal of a cut coming later in the year.

On the political front, US President Joe Biden abandoned his reelection bid on Sunday under pressure from fellow Democrats and endorsed Vice President Kamala Harris as the party’s candidate to face Republican Donald Trump in November.

Slower-than-expected economic growth of 4.7 percent for China in the second quarter sparked concerns last week over the country’s demand for oil and continues to weigh on prices.

On Sunday, China released a policy document outlining known ambitions, from developing advanced industries to improving the business environment, with analysts spotting no sign of imminent structural shifts in the world’s second-biggest economy.

The 60-point document’s publication follows last week’s closed-door meeting of the Communist Party’s Central Committee that takes place roughly every five years. 


Global AI Summit in Riyadh to host top-level discussions on AI impact 

Updated 22 July 2024
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Global AI Summit in Riyadh to host top-level discussions on AI impact 

  • The event, organized by the Saudi Data and AI Authority, will focus on one of today’s most pressing global issues — AI technology

RIYADH: Saudi Arabia will welcome economic policymakers, major technology and artificial intelligence companies, international thought leaders, and heads of international organizations to Riyadh this September as the Global AI Summit returns for its third edition.

The event, organized by the Saudi Data and AI Authority, will focus on one of today’s most pressing global issues — AI technology — and will attempt to find solutions that “maximize the potential of these transformative technologies for the benefit of humanity,” a statement released Sunday said.

The third edition of the event will be held at the King Abdulaziz International Conference Center from Sept. 10 to 12 under the patronage of Saudi Crown Prince Mohammed bin Salman in his capacity as chairman of the board of directors at SDAIA, the statement added.

The GAIN Summit will take place amid increasing concerns about the impact of AI technologies and will reaffirm the Kingdom’s commitment to supporting international efforts aimed at enhancing human welfare in the face of the challenges associated with developing technology.

GAIN 2024 will focus more on AI than its previous editions in 2020 and 2022, with topics including innovation in the sector, key developments shaping a better future for AI, and fostering a supportive environment for human resources in the field.

Other topics include AI at local and global levels, the complementary relationship between humans and AI, business leaders in AI, the relationship between data and applications, GenAI, AI ethics, AI processors and infrastructure, and AI and smart cities.


Saudi industry minister to visit Brazil, Chile to explore lithium production

Updated 22 July 2024
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Saudi industry minister to visit Brazil, Chile to explore lithium production

  • Alkhorayaf will land in Brazil on Monday and leave for Chile, the world’s second-largest producer of lithium, next Sunday

RIYADH: Bandar Alkhorayaf, Saudi Arabia’s mining and industry minister, will visit Brazil and Chile this week, the ministry said on Sunday.

In Brazil, he will hold meetings with officials to discuss expanding the Kingdom’s mining capacity, food processing, and aviation, while in Chile he will explore lithium production, needed for electric vehicle batteries.

“This aligns with the Kingdom’s direction towards expanding the production of EVs,” a Saudi government statement said. 

Alkhorayaf will land in Brazil on Monday and leave for Chile, the world’s second-largest producer of lithium, next Sunday.

On the first leg of the tour in Brazil, Alkhorayaf will meet agricultural and industrial groups, including Minerva Foods, JBS, and BRF SA, as well as the Brazilian Mining Association and mining company Vale.

Brazil’s Energy Minister Alexandre Silveira said last month that Saudi Arabia’s Public Investment Fund plans to invest $15 billion in Brazil in areas such as green hydrogen, infrastructure, and renewable energy.

In Chile, the minister will meet his counterpart Aurora Williams, as well as mining companies Antofagasta, and Codelco, a state-run company tasked with bringing the Chilean government into the lithium industry.

Saudi Arabia’s sovereign wealth fund, the PIF, and the Kingdom’s mining company, known as Ma’aden, which is 67 percent owned by the PIF, formed a joint venture called Manara Minerals to invest in mining assets abroad.


Closing Bell: Saudi main index closes in green at 12,195  

Updated 21 July 2024
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Closing Bell: Saudi main index closes in green at 12,195  

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 6.73 points, or 0.06 percent, to close at 12,195.05.   

The total trading turnover of the benchmark index was SR6.12 billion ($1.63 billion), as 74 of the listed stocks advanced, while 154 retreated.   

The MSCI Tadawul Index also closed in green, gaining 2.46 points, or 0.16 percent, to close at 1,529.46.   

The Kingdom’s parallel market Nomu rose 67.8 points, or 0.26 percent, to close at 25,770.14. This comes as 27 of the listed stocks advanced while as many as 34 retreated.   

The best-performing stock of the day was Saudi Manpower Solutions Co., whose share price surged 9.88 percent to SR10.34. 

Other top performers include Maharah Human Resources Co. as well as Al-Baha Investment and Development Co., whose share prices soared by 8.35 percent and 8.33 percent, to stand at SR6.88 and SR0.13, respectively.   

The worst performer was Electrical Industries Co., whose share price dropped by 5.51 percent to SR6.00.    

Other notable declines included Alinma Hospitality REIT Fund and The Mediterranean and Gulf Insurance and Reinsurance Co., with share prices falling 3.38 percent to SR8.29 and 3.25 percent to SR29.80, respectively. 

On the announcement front, Saudi Tadawul Holding Co. reported a profit increase to SR146 million for the second quarter of 2024, reflecting a 55 percent rise from SR105.2 million in the same period last year.  

The company attributed this growth to a 50.3 percent increase in operating revenues, which reached SR741.1 million in the first half of 2024, up from SR493.0 million in the corresponding period of the previous year. 

According to a release on the bourse, Saudi Arabian Amiantit Co. reported a net profit of SR5.11 million for the second quarter of 2024, reversing a net loss of SR10.08 million from the same quarter last year, marking a 150.7 percent improvement.  

This positive shift was attributed to a 17.4 percent increase in revenue due to expanded sales and a higher volume of new orders. 

Kingdom Holding Co., Sumou Holding Co., and Jeddah Economic Co. have signed an agreement to establish a new SR6.8 billion fund to acquire the Alinma Jeddah Economic Fund, currently fully owned by Jeddah Economic Co. Kingdom Holding Co. will hold a 40 percent stake in the new fund.