Saudi Arabia’s seaports see 18.25% rise in exported containers

Mawani reported a 14.44 percent increase in the total number of containers handled from January to February 2025. File
Mawani reported a 14.44 percent increase in the total number of containers handled from January to February 2025. File
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Updated 6 min 24 sec ago
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Saudi Arabia’s seaports see 18.25% rise in exported containers

Saudi Arabia’s seaports see 18.25% rise in exported containers

JEDDAH: Saudi Arabia’s seaports reported an 18.25 percent increase in exported containers for February compared to the same period last year, signaling a growing demand for the Kingdom’s products.

According to the Saudi Ports Authority, also known as Mawani, a total of 215,491 twenty-foot equivalent units were exported in February 2025, up from 182,229 TEUs in February 2024.

In contrast, the number of imported containers saw a decline of 4.95 percent, totaling 215,741 TEUs, down from 226,968 TEUs in the previous year.

The overall number of containers processed in Saudi seaports amounted to 552,490 TEUs, showing a slight decrease of 1.8 percent from 562,644 TEUs in 2024. Transshipment containers also dropped by 21.03 percent, totaling 112,193 TEUs, compared to 142,071 TEUs in February 2024.

These trends align with Mawani’s objective to foster a sustainable and robust maritime sector that drives both trade and economic growth in the Kingdom.

The developments further support the National Transport and Logistics Strategy, which aims to position Saudi Arabia as a global logistics hub, linking three continents, in line with the nation’s Vision 2030.

The surge in non-oil exports is a clear indication of Saudi Arabia’s successful economic diversification efforts, as the Kingdom seeks to reduce its reliance on oil revenues.

Mawani also reported that the total tonnage handled by Saudi seaports in February was 22,540,434 tonnes, reflecting a 3.66 percent decline from 23,397,237 tonnes during the same period last year.

The breakdown includes 983,027 tonnes of general cargo, 4,027,930 tonnes of bulk solid cargo, and 11,677,568 tonnes of bulk liquid cargo. The ports also received 698,035 heads of livestock, which marks a 22.38 percent decrease compared to 899,293 heads in February 2024.

On a positive note, maritime traffic saw a modest increase of 0.33 percent, with 913 vessels arriving at the ports, compared to 910 vessels in the same period last year.

Passenger traffic surged by 37.85 percent, reaching 93,400 passengers, up from 67,754 the previous year. The number of vehicles handled also rose by 3.43 percent, reaching 78,482 vehicles compared to 75,877 vehicles in February 2024.

In a broader view, Mawani reported a 14.44 percent increase in the total number of containers handled from January to February 2025, reaching 1,270,776 TEUs, compared to 1,110,440 TEUs in the same period last year.

A major step in enhancing Saudi Arabia’s global trade position is the launch of the state-of-the-art South Container Terminal at Jeddah Islamic Port. This initiative, part of DP World’s SR3 billion ($800 million) expansion program, is aimed at upgrading the terminal and reinforcing Saudi Arabia’s status as a key player in international trade.

In addition to this, several key projects have been unveiled, including agreements to establish eight new logistics parks and hubs at Jeddah Islamic Port and King Abdulaziz Port in Dammam. These developments, backed by an estimated SR2.9 billion in private sector investment, are poised to further strengthen the Kingdom's logistics infrastructure.


Egypt’s annual inflation drops sharply to 12.8%

Egypt’s annual inflation drops sharply to 12.8%
Updated 9 sec ago
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Egypt’s annual inflation drops sharply to 12.8%

Egypt’s annual inflation drops sharply to 12.8%
  • Slowdown mainly attributed to an 8.2 percent dip in vegetable prices

RIYADH: Egypt’s annual urban consumer price inflation fell sharply to 12.8 percent in February, down from 24 percent in January, according to the latest data from the country’s statistics agency.

The Central Agency for Public Mobilization and Statistics  attributed the decline to the base effect, noting that the exceptionally high price increases observed over the past two years are no longer influencing the inflation rate.

A Reuters survey of 15 analysts had predicted a median inflation rate of 14.5 percent, meaning February’s actual figure was significantly lower than anticipated.

On a month-to-month basis, consumer prices increased by 1.4 percent in February, a slight decrease from January’s 1.5 percent rise. This marks the fourth time in the last seven months that inflation has slowed, following a period of acceleration that began in August 2023.

Last year’s inflationary pressures were primarily driven by rising fuel prices, higher public transportation fares — including for trains and the metro—and a 300 percent hike in the price of subsidized bread in May, marking the first such increase in over 30 years.

The February slowdown was mainly attributed to an 8.2 percent drop in vegetable prices, while costs for water, electricity, and gas remained stable. On the other hand, grain and bread prices rose by 0.8 percent, meat and poultry saw a 3.2 percent increase, and fruit prices climbed by 3 percent.

Egypt’s economic foundations have been showing positive results. The banking sector saw a significant 26.9 percent increase in total deposits for the 2023/2024 fiscal year, compared to the previous 12-month period.

Earlier in February, CAPMAS reported that total banking deposits reached 11.99 trillion Egyptian pounds ($237 billion), reflecting a surge in banking activity across various sectors.

The country’s fiscal year runs from July 1 to June 30 of the following year.

This growth in banking deposits comes amid high inflation, which peaked at 38 percent in September 2023, prompting both individuals and businesses to deposit more money in banks as a safeguard against currency devaluation.

The central bank’s attractive interest rates, along with financial inclusion initiatives under Egypt's Vision 2030 plan, also played a significant role in encouraging deposit growth.

CAPMAS data indicated that the household sector dominated Egypt’s banking deposits, accounting for 7.03 trillion pounds—an increase of 27.5 percent from the previous year. Individual depositors represented 95.9 percent of household deposits, underscoring strong saving trends among Egyptians. Overall, the household sector controlled 58.6 percent of total banking deposits.

Meanwhile, the business sector also experienced notable growth, with deposits rising to 1.99 trillion pounds—up 37.6 percent from the previous fiscal year.


Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities

Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities
Updated 17 min 33 sec ago
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Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities

Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities

RIYADH: Tadawul has approved Morgan Stanley Saudi Arabia to serve as a market maker for eight securities on the main trading platform and the parallel index, Nomu.

The decision allows the financial services company to enhance market liquidity and improve price efficiency in accordance with regulations and procedures.

Among the securities listed on the main index, the firm will act as a market maker for Arabian Internet and Communications Services Co., where it will ensure a minimum presence of orders at 80 percent, maintain a size of SR150,000 ($39,982), and adhere to a maximum spread of 0.65 percent, with the lowest value traded of 5 percent.

Similarly, it will provide services for Electrical Industries Co., ensuring an 80 percent minimum presence of orders, a minimum size of SR75,000, a maximum spread of 0.65 percent, and a value traded of 5 percent.

Elm Co. is also among the approved securities, with Morgan Stanley Saudi Arabia committing to the same trading obligations as Electrical Industries Co.

Meanwhile, the Co. for Cooperative Insurance will have a minimum order presence of 80 percent, a minimum size of SR150,000, a maximum spread of 0.65 percent, and a value traded of 5 percent.

On Nomu, Morgan Stanley Saudi Arabia was approved as a market maker for National Environmental Recycling Co., International Human Resources Co., Almuneef Co. for Trade, Industry, Agriculture, and Contracting, as well as Aqaseem Factory for Chemicals and Plastics Co.

In each of these cases, it will ensure a minimum presence of orders at 50 percent, maintain a minimum size of SR50,000, and adhere to a maximum spread of five percent, with no minimum value traded requirement.

Morgan Stanley Saudi Arabia’s participation in market making is expected to contribute to greater liquidity and a more efficient trading environment, reinforcing the development of the country’s capital market.

In November, the investment bank was granted approval to establish its regional headquarters in the Kingdom, as the nation continues to attract international investment.

This move aligns with Saudi Arabia’s regional headquarters program, which offers businesses various incentives, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services.

Morgan Stanley first entered the Saudi market in 2007, launching an equity trading business in Riyadh, followed by the establishment of an equity fund in 2009.


Syria’s inflation drops sharply as new leadership seeks economic recovery, international support

Syria’s inflation drops sharply as new leadership seeks economic recovery, international support
Updated 18 min 6 sec ago
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Syria’s inflation drops sharply as new leadership seeks economic recovery, international support

Syria’s inflation drops sharply as new leadership seeks economic recovery, international support
  • Monthly inflation rate for January stood at 8.7%, an improvement from the 13.8% rate recorded in December
  • Food prices generally declined, with the overall index dropping 12.5% in February

RIYADH: Syria’s annual inflation rate plummeted to 6.4 percent in January, down from 118.9 percent in the same month last year, driven by an improved local supply chain.

According to the latest Directorate of Economic Research, General Statistics, and Planning report at the Central Bank of Syria, the overall inflation rate from February 2024 to January 2025 stood at 46.7 percent.

The analysis attributed the decline to an improvement in the exchange rate following the liberalization process and a notable increase in the supply of goods and materials in the local market, significantly easing inflationary pressures.

On Dec. 8, Syrian President Bashar Assad was ousted, ending over five decades of family rule. Since then, Syria’s new leadership has focused on rebuilding and reviving the economy, with the EU easing sanctions to support reconstruction. Still, 90 percent of Syrians live in poverty, according to a recent UN report.

Syria’s monthly inflation rate for January stood at 8.7 percent, an improvement from the 13.8 percent rate recorded in December. This progress was similarly driven by reduced inflationary pressures due to the increase in supply and exchange rate stability.

The report also highlighted sectoral developments, showing mixed trends across different categories. Food prices generally declined, with the overall index dropping 12.5 percent in February. Dairy and eggs decreased by 3.4 percent, followed by oils, which fell by 14.5 percent, and vegetables, which saw a decline of 18 percent. Meat was the only category to rise, increasing by 17.6 percent.

On Feb. 24, Syria’s economy minister met with the Middle East director of the World Bank and discussed resuming cooperation with the lender, which was suspended under the toppled government of Assad.

Minister Bassel Abdel Hanan emphasized with Jean-Christophe Carret the resumption of relations between the bank and Syria as well as the prospects for their development, the official SANA news agency reported. 

Abdel Hanan proposed the establishment of a “joint committee between the ministry and the bank to evaluate a new start.” He added that “the nature of the financing granted by the bank will determine the type of projects that will be financed,” pointing to the energy, agriculture, industry, and infrastructure sectors.

The World Bank had provided Syria with technical assistance and development advice before suspending its operations following the outbreak of the civil war in 2011. Since Assad’s fall, Syria has been urging the international community to lift the sanctions imposed on the former government.

Syrian Foreign Minister Asaad Al-Shaibani called the EU’s decision to ease sanctions on the energy, transport, and banking sectors “a step toward alleviating the suffering of our people.”


PIF launches Saudi Arabia’s first duty-free company to boost travel retail market

PIF launches Saudi Arabia’s first duty-free company to boost travel retail market
Updated 10 March 2025
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PIF launches Saudi Arabia’s first duty-free company to boost travel retail market

PIF launches Saudi Arabia’s first duty-free company to boost travel retail market

RIYADH: Saudi Arabia’s Public Investment Fund has launched Al Waha Duty Free Operating Co. as part of its strategy to capture a larger share of the Kingdom’s travel retail market, contributing to the nation’s economic growth.

In a press statement, it was announced that Al Waha is the first Saudi-owned duty-free operator. The company plans to develop luxury retail outlets in select locations across the country, offering a range of products, including unique items from Saudi Arabia.

With assets under management totaling $925 billion, PIF is one of the world’s most influential sovereign wealth funds. It is also leading Saudi Arabia’s efforts to diversify its economy and reduce its reliance on oil revenues.

“By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia,” said Majed Al-Assaf, head of Consumer Goods and Retail in Middle East and North Africa Investments at PIF. 

He added: “Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty free operation and a superior digital customer journey.”

The company will also operate its airport outlets on a duty-free basis and explore additional travel retail opportunities at land border crossings and seaports, as well as through channels like inflight shopping.

The launch of Al Waha aligns with Saudi Arabia’s broader ambition to become a leading global tourism destination by the end of this decade. The Kingdom is aiming to attract 150 million visitors by 2030.

Al-Assaf emphasized that Saudi Arabia has a significant opportunity to capture a larger share of travel retail spending in the future, as the Kingdom continues to establish itself on the global tourism map and prepares to host several major international events in the years ahead.

“There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the Kingdom — as well as global events being hosted locally — offer new opportunities to generate sustainable travel retail revenues,” he added. 

Some of the major global events that Saudi Arabia will host in the coming years include the 2027 Asia Cup, the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup.

To further accelerate the Kingdom’s tourism sector, the PIF has launched several key initiatives, including Riyadh Air, the new national carrier aimed at transforming Riyadh into a major international air travel hub, and Cruise Saudi, based in Jeddah, which seeks to position Saudi Arabia’s coastline as a top global destination.

PIF’s retail investments also include Saudi Coffee Co., Al Madinah Heritage Co. (focused on high-quality date production), and Sawani, a producer of camel milk products.


ACWA Power launches first overseas Innovation Center in China 

ACWA Power launches first overseas Innovation Center in China 
Updated 10 March 2025
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ACWA Power launches first overseas Innovation Center in China 

ACWA Power launches first overseas Innovation Center in China 

RIYADH: Saudi utility giant ACWA Power has inaugurated its first overseas Innovation Center in Shanghai to advance research in renewables, energy storage, and desalination, reinforcing its expansion in China’s green energy sector. 

Located in the Pudong New Area, the first phase of the project was developed with a budget of $2.8 million and includes a research and development facility as well as a green energy laboratory, the company said in a statement. 

ACWA Power marked its entry into China in December by securing over 1 gigawatt of renewable energy projects. In January, the Tadawul-listed firm signed two agreements worth $312 million in China’s renewable energy sector. These deals include a 132-megawatt solar photovoltaic portfolio in Guangdong province and a 200-megawatt wind energy project. 

By 2030, ACWA Power aims to have invested up to $30 billion in China, in line with its broader strategy to triple its global assets under management to about $250 billion. 

“The launch of our Innovation Center in Shanghai is a testament to our commitment to global collaboration and technological advancement,” said Saleh Khabti, president of China, ACWA Power. 

During the opening ceremony, the company also signed two memorandums of understanding with Gulf Renewables Laboratory and Shanghai Jiao Tong University. The company stated that these partnerships would equip the Innovation Center with the talent and technical expertise needed to drive groundbreaking projects and tackle industry challenges. 

“Through partnerships with leading organizations, we aim to accelerate the development and deployment of sustainable energy and water solutions, not just in China, but across our global network,” added Khabti. 

ACWA Power emphasized that the Innovation Center would foster a dynamic ecosystem, bringing together government entities, state-owned enterprises, and startups, as well as original equipment manufacturers, universities, research institutions, and certification authorities. 

The center is also expected to play a key role in advancing the environmental goals of both Saudi Arabia and China, supporting the transition to a greener economy and promoting sustainable growth. 

“Innovation is the driving force behind any organization’s success, especially in the industry that we operate in. This state-of-the-art facility, combined with the deep expertise of our partners, will be a catalyst for innovation across ACWA Power’s entire value chain,” said Bart Boesmans, chief technology officer of the utility firm.