Jubail port records 20% increase in cargo transport

Updated 11 July 2014
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Jubail port records 20% increase in cargo transport

Jubail Commercial Port has seen a 20 percent increase in the total weight of cargo transported via its port during the first half of 2014 with 5,075,054 tons compared to 4,244,648 tons during the same period in question.
Captain Fahd bin Ahmed Al-Amer, director general of Jubail Commercial Port, said that the total tonnage of liquid bulk cargo exports and imports amounted to 1,693,001 tons in the first six months since the beginning of the year compared to the same period last year when it was 1,132,343 tons, a 50 percent increase.
Meanwhile, the general cargo exports and imports declined by 38 percent where it scored 579,738 tons by the end of June this year compared to 927,645 tons in the first half of 2013, he noted.
Al-Amer said the number of containers (TEU) saw an increase of 26 percent for the first half of 2014 when it stood at 190,156 TEUs compared to 150,411 TEUs for the same period last in 2013.
According to him, a total number of 393 ships have docked at Jubail Commercial Port during the first half of 2014 compared to 322 ships for the first half of 2013, with 22 percent increase.
Al-Amer predicted that the increase will continue steadily during the current year due to the efforts of the port’s management in marketing and promoting the port to the private sector and via encouraging them to import and export via the port as well as the continuous development of the port’s services that are offered for customers in addition to improving the mechanisms of operation, which boosted the customers’ confidence in the port’s system.
“These achievements come as a result of the support given by the government of Custodian of the Two Holy Mosques King Abdullah to the ports’ sector and the direct and ongoing follow-up of Abdulaziz bin Muhammad Al-Tuwaijri, president of Saudi Ports Authority, to enhance the performance of the Saudi ports and develop them to compete with international ports,” he added.


Sri Lanka calls for global coalition to tackle rising dollar

Updated 23 October 2018
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Sri Lanka calls for global coalition to tackle rising dollar

  • The island’s currency bottomed out at a record-low 174.12 rupees to the dollar
  • The rupee has shed more than 12 percent of its value this year and Sri Lanka fears it could slide further

COLOMBO: Sri Lanka on Tuesday called for a “coalition of the willing” to help stabilize free-falling emerging market currencies around the globe, as the beleaguered rupee slumped to fresh lows.
The island’s currency bottomed out at a record-low 174.12 rupees to the dollar, resisting a slew of measures by policymakers to arrest its steady decline.
The rupee has shed more than 12 percent of its value this year and Sri Lanka fears it could slide further as US sanctions squeeze Iran, the island’s chief source of oil.
A stronger dollar has made it difficult for emerging markets to repay debts and battered global currencies from Turkey to India and Argentina.
Finance Minister Mangala Samaraweera invited those nations experiencing currency crises to visit Colombo and hash out a strategy.
“The rise of the dollar is having a serious impact on our currencies. We are not the only one affected,” he told reporters in the Sri Lankan capital.
“I want to build a coalition of the willing to deal with this problem. I don’t see the global situation improving any time soon.”
Washington pulled out of a landmark 2015 nuclear deal with Iran in May and has been reimposing punishing sanctions on the Islamic republic, targeting in particular its financial system.
Iran not only supplies Sri Lanka with most of its oil, but is one of its chief buyers of the island’s celebrated tea.
Samaraweera has warned that blockading Iran will have ripple on effects on Sri Lanka, which has been unable to stop the rupee from nose diving.
Last month, Colombo curbed its state institutions and public servants from importing cars to reduce the outflow of foreign capital.
Banks were also ordered to restrict lending for purchasing overseas and consumer goods, but the rupee has continued its decline.
In August, the government substantially increased taxes on small cars to discourage imports, but officials said there was still pressure on foreign exchange reserves to finance big-ticket imports.