Mohammed Al-Suwaiket, president of the Saudi Railway Organization, has unveiled 10 new shipping trailers at Dammam Railway.
Joey Hood, US consul general in Dhahran, and other officials were among those present at the inauguration of the railway’s new trailers.
“These new American made trailers are SD 70 ACS series with 4300 power. The performance and quality of these trailers are designed to operate with modern technologies," said Al-Suwaiket.
Speaking to Media, Al-Suwaiket said there has been an increase in demand for shipping services between King Abdulaziz Port in Dammam and Riyadh by 50 percent compared to the last five years.
SRO launched such projects in order to enhance and strengthen its fleet to meet the increase in demand for shipping services,” he added. “The number of containers shipped in August was 27,000; however, it remains an important activity that returns more than 60 percent of SRO revenues,” Al-Suwaiket said.
He also assured that SRO has signed many contracts with some American and Chinese insurance companies to guarantee 56 new trailers in different sizes. “We received ten trailers last year and today we added 10 more to our fleet. We will be adding the remaining trailers by the mid-2015.”
Referring to SRO's operational plans, Al-Suwaiket said: “These new trailers will increase the current size of our fleet to 51; these will help us to raise the efficiency and improve the quality of performance and production rates through attractive marketing plans.”
10 new locomotives added to fleet of Saudi Railway
10 new locomotives added to fleet of Saudi Railway
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
