PIF subsidiary SGP and SANY seal deal to supply 80 electric trucks to Dammam Port

China’s SANY will deliver 80 electric trucks to King Abdulaziz Port. Mawani
Short Url
Updated 26 June 2024
Follow

PIF subsidiary SGP and SANY seal deal to supply 80 electric trucks to Dammam Port

RIYADH: Green operations at the Kingdom’s ports are set to receive a boost with Saudi Global Ports signing a deal with Chinese firm SANY for 80 electric trucks, enhancing sustainability. 

The deal — hailed as the world’s largest single contract for the manufacture and supply of electric trucks — was signed by the Public Investment Fund subsidiary and SANY for King Abdulaziz Port in Dammam, according to a statement from the Saudi Ports Authority, also known as MAWANI.  

This is part of the commercial concession contracts signed by Mawani with Saudi Global Ports, totaling an investment of SR7 billion ($1.87 billion), the release added. 

This move is part of Saudi Arabia’s strategy to position itself as a major global logistics hub, connecting three continents, in line with its National Transport and Logistics Strategy.   

The facility, honored as “Port of The Year” for 2024 at the ShipTek awards, will boast the largest fleet of electric vehicles in the Middle East upon completion of the deal.  

Electric trucks play a major role in safeguarding the environment at ports by producing zero exhaust emissions, thereby reducing air pollution and greenhouse gas emissions.  

They also offer enhanced energy efficiency and cost savings in operations and maintenance. 

Omar Hariri, president of Mawani, highlighted in the statement that the contract signing contributes to the port’s development and modernization into a flexible and sustainable logistical center.  

He emphasized the depth of the strategic partnership between Mawani and SGP, aiming to establish a pioneering model for operational excellence and logistical efficiency.  

Hariri also stressed that this reflects the pivotal role of King Abdulaziz Port in supporting commercial movement, aligned with the objectives of the national strategy for transport and logistics services. 

In the long term, it aims to contribute to clean air and combat climate change, aligning with the objectives of the Saudi Green Initiative and Vision 2030’s sustainability goals. 

Earlier this year, the Chinese firm delivered 50 dump trucks to the Kingdom, where they joined over 1,700 units of SANY machines already deployed on site for the construction of NEOM, marking a significant contribution to the development. 

The agreement was signed during the Transport Logistics China exhibition in Shanghai, being held from June 25 to 27.  

The event will feature over 700 exhibitors showcasing their offerings across 50,000 sq. m. of exhibition space, allowing visitors to explore the latest developments and trends through the conference program. 


Closing Bell: Saudi equities continue 4-day upward trend 

Updated 14 January 2026
Follow

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.