EP governor launches first Saudi cargo village
EP governor launches first Saudi cargo village
The launch event was presided over by Eastern Province Gov. Prince Saud bin Naif, in the presence of Sulaiman Abdullah Al-Hamdan, president of the General Authority for Civil Aviation (GACA), royal family members, top executives of several public departments and the top management of KFIA.
The cargo village is spread over half a million square meters. More than 70 percent of goods bound for the Gulf region are destined for the Kingdom, and by facilitating operations the cargo village positions KFIA as a multi-modal shipment and clearance destination, directly serving the Eastern Province and the Kingdom.
The new facility offers direct access to Saudi Arabia and bypasses the need for cargo to transship through neighboring countries.
Al-Hamdan said: "We are delighted by the launch of the first cargo village in the Kingdom, and we believe that it will play a vital role in supporting the Saudi economy. KFIA’s cargo village offers ease of shipping and cargo services while serving as a regional hub for global companies. Most importantly, the cargo village creates new economic and employment opportunities for the Eastern Province.”
For the planning and implementation of the cargo cillage, KFIA has worked in cooperation with Saudi Customs and Changi Airports International (CAI).
The cargo village has been designed to the latest international standards and has been customized to maximize convenience for airlines and freight companies operating from KFIA. The cargo village guarantees express cargo delivery with reduced shipping times and increases cargo capacity, promising operating efficiencies for freight companies.
KFIA Director-General Yousef Al-Dhahri said: “King Fahd International Airport is proud to present to Dammam, the Kingdom and the region this dynamic facility revolutionizing the way cargo is handled in the region. With our continued partnership with Changi Airports International and their efforts, we are on track to becoming one of the region’s leading aviation hubs serving both passenger and cargo traffic. We anticipate that we will soon be starting the next phase as the demand for facilities is expected to grow strongly.”
CAI CEO Lim Liang Song lauded the close working partnership among CAI, KFIA and Saudi Customs. He said: “We are proud to be part of this partnership in bringing this innovative facility to Dammam. The cargo village will provide greater connectivity and cost efficiencies, and enhance KFIA’s position as a key regional cargo hub on the Eastern seaboard of the Kingdom.”
The two-year construction commenced in December 2012 and is now fully operational. The first of its kind for multimodal facilities in the Kingdom, the cargo village has attracted leading international and regional freight companies, such as DHL Express, NAQEL, SMSA Express, TNT and UPS, to establish express cargo clearance facilities and offices at the King Fahd Cargo Village.
Moody’s raises GDP growth forecasts for Saudi Arabian economy
- The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating
- he agency expects higher oil production to boost the Saudi economy
LONDON: Moody’s has raised Saudi Arabia’s GDP growth forecast for 2018 to 2.5 percent from 1.3 percent as it maintains a “stable outlook” for the Saudi economy.
The ratings agency also increased its 2019 GDP forecast to 2.7 percent, well above the 1.5 percent previously predicted, the Kingdom’s Ministry of Finance said.
Moody’s numbers exceed the forecasts of the Saudi Arabian government for the 2019 budget announced in September.
The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating.
The agency expects higher oil production to boost the economy, but also said developments in the non-oil sector will contribute to stronger GDP growth in the medium and long-term.
Moody’s said the Saudi government deficit for the 2018 and 2019 will hover between 3.5 percent and 3.6 percent, a far cry from its previous expectations of 5.8 percent and 5.2 percent.
Moody’s commended Saudi Arabia’s reasonable control of expenditure, even in the face of higher oil revenues.
“In addition to the moderate funding requirements, the government is able to access ample sources of liquidity, from both domestic or international capital markets and financial reserves. It is unlikely to face problems in financing the fiscal deficit,” the report said.
Last week, the IMF lifted its projections for economic growth in Saudi Arabia saying the Kingdom’s economy is expected to grow by 2.2 percent in 2018 and 2.4 percent next year, raising previous projections by 0.5 percent.