Saudi Arabia boosts its maritime connectivity with India

King Abdulaziz Port in Dammam. File
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Updated 21 March 2024
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Saudi Arabia boosts its maritime connectivity with India

RIYADH: Saudi Arabia’s King Abdulaziz Port has strengthened connections to India’s nautical hubs thanks to increased cooperation between two Gulf maritime bodies.

The Saudi Ports Authority announced that Safeen Co., a subsidiary of the Abu Dhabi Ports Group, has added the Dammam facility to its new UAE-India-Gulf service — a maritime trade route connecting India and the wider Arabian region.

The passage serves as a vital artery for the transportation of goods and commodities between these key economic centers. It supports trade flows, facilitates supply chains, and contributes significantly to the economic growth and development of the areas it connects.

In a statement, the Saudi authority, also known as Mawani, said the new shipping service links the Kingdom with six regional and international seaports. These include the Indian ports of Mundra, Kandla, and Nhava Sheva, along with Iraq’s Umm Qasr Port, Qatar’s Hamad Port, and the UAE’s Abu Dhabi Port, with a shipping capacity of 3,700 standard containers.

It was also noted that this initiative promises to boost the movement of exports and imports to and from the Saudi harbor, aligning with its vision for reliable and efficient operations and a firm commitment to safety and sustainability.

Mawani added that this comes as part of its efforts aimed at improving the connectivity index of the maritime navigation network with global shipping lines, enhancing the competitiveness of ports, and increasing its connectivity with ports east and westward.

It further noted that the move aligns with the objectives of the National Strategy for Transportation and Logistics Services aiming to position the Kingdom as a global logistics hub connecting the three continents of Asia, Africa and Europe.

The port authority noted that the King Abdulaziz Port in Dammam witnessed the addition of 12 maritime shipping services during the year 2023, confirming its ability to provide world-class maritime services to regional and international customers, as an integrated trade gateway connecting the Kingdom to the world, through 43 berths with a total capacity of 105 million tons.

On March 13, Mawani announced that the ports it oversees have recorded a growth in the statistics of imported containers by 16.88 percent, reaching 266,672 TEUs, compared to 193,937 TEUs in 2023.

It added that these ports also witnessed a 1.44 percent increase in cargo throughput tonnage during February 2024, handling 23,381,835 tons compared to 23,049,373 tons in February 2023.

This increase, it further said, reflects the significant efforts made to develop the infrastructure of the ports and provide the highest quality of logistical services.


Closing Bell: Saudi equities continue 4-day upward trend 

Updated 14 January 2026
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Closing Bell: Saudi equities continue 4-day upward trend 

RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15. 

Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion. 

The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.

The main market saw 90 gainers against 171 decliners, indicating selective buying. 

On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.

SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45. 

Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.  

Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44. 

On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.  

The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.  

The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move. 

Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.  

The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.

Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.