Double honor for Alawwal Bank

This year’s ceremony was hosted at the Ritz Carlton, DIFC, Dubai.
Updated 28 May 2018

Double honor for Alawwal Bank

Alawwal Bank has been declared the “Best Private Bank in KSA” and “Most Innovative Bank in KSA” at this year’s Banker Middle East Awards. The awards, hosted on May 3 in Dubai, are one of the most coveted among the region’s leading financial institutions.
Commenting on the accolades, Soren Nikolajsen, managing director of Alawwal Bank, said: “As the Kingdom’s longest serving bank, it makes me extremely proud that we are still recognized as leaders in this hugely competitive market. We have a long tradition of pushing the boundaries of banking in the Kingdom that we work very hard to maintain.”
The selection as the “Most Innovative Bank in KSA” marks another step in Alawwal Bank’s 92-year history of leading positive change in the Kingdom’s financial services industry.
The bank has invested heavily in developing a market-leading range of digital banking services in recent years. Over the past 12 months, the bank witnessed a 50 percent increase in both online and mobile transactions.
The bank was first in the Kingdom to launch transactions on Apple Watch, as well as a celebrated digital branch that doubles as a café in one of Riyadh’s busiest shopping malls.
Alawwal also picked up the “Best Private Bank in KSA,” a category awarded to the organization that has excelled in servicing the complex needs of wealthy individuals.
The bank has a long history of serving high net worth individuals, and recently revamped its private banking centers enhancing the overall experience offered to customers.
This year’s ceremony was hosted at the Ritz Carlton, DIFC, Dubai and featured over 70 nominees from across the Middle East. The awards, now in their 7th year, recognize distinction across a range of financial services including retail, corporate, investment, private banking, asset management, fund management, finance companies and consultancy practices.

King Abdullah Port throughput up by 36%

The number of vessels received by the port increased to 911 vessels, a 12 percent increase compared to 820 vessels in 2017.
Updated 57 min 22 sec ago

King Abdullah Port throughput up by 36%

The annual throughput of King Abdullah Port increased to 2,301,595 TEUs by the end of 2018, an increase of more than 36 percent compared to 2017. This maintains its position as the second largest port in the Kingdom in terms of container handling. 

Since its inception in the last quarter of 2013 the number of containers handled by the port has reached 7,227,859 TEUs. The port’s management stated that the annual increase in throughput was primarily achieved in conjunction with an 8 percent increase in imports and exports compared to 2017.

King Abdullah Port CEO Rayan Qutub said: “King Abdullah Port constitutes a real success story in public-private sector partnerships in light of the increasingly outstanding figures it achieves year after year. The port has become the leading driver in the maritime shipping and logistics services sector in terms of building knowledge, launching initiatives and supporting various activities in this sector.”

He added: “King Abdullah Port aspires to support the Kingdom’s economic development and enhance its competitiveness by increasing the efficiency of logistics services and supporting trade movement between the Kingdom and the rest of the world in line with Vision 2030. The latter would occur through the provision of state-of-the-art infrastructure and advanced logistics services to become a landmark on the maritime and logistics services map in the Kingdom and the region.”

Referring back to the 2018 results, Qutub said: “We achieved a record 50 percent increase in container handling in the first half of 2018, and we are moving forward with our development plans to provide best practices in the fields of port development and operation as well as supporting logistical services. This will increase the Kingdom’s competitive advantage on the logistics services index, and in turn effectively contribute to achieving the logistical objectives of the Kingdom’s Vision 2030.” 

The results achieved by King Abdullah Port in 2018 include an increase in transshipment volume reaching 1,847,569 TEUs, which is a 44 percent increase compared to 2017. Meanwhile, the number of vessels received by the port increased to 911 vessels, a 12 percent increase compared to 820 vessels in 2017. 

The port features state-of-the-art facilities including 18-meter water berths, which are the deepest in the world, and the world’s largest and most advanced cranes, which employ the latest technology and feature a 65-ton lifting capacity as well as a handling capacity of 25 containers. Such facilities enable the port to serve giant container vessels now and in the future.