Saudi Arabia boosts its maritime connectivity with India

King Abdulaziz Port in Dammam. File
Short Url
Updated 21 March 2024
Follow

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 main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
Follow

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.