Alinma Enayah Endowment Fund launched in Riyadh

The launch ceremony was attended by Riyadh Gov. Prince Faisal bin Bandar and Abdulmohsen Al-Fares, CEO of Al-Alinma Bank.
Updated 26 May 2019

Alinma Enayah Endowment Fund launched in Riyadh

Riyadh Gov. Prince Faisal bin Bandar launched the Alinma Enayah Endowment Fund at the Charitable Health Society For Patient Care (Enayah) headquarters in Riyadh.
The fund is a public open-end endowment fund, endowed for the benefit of charitable health society Enayah.
Abdulmohsen Al-Fares, CEO of Al-Alinma Bank, said: “We enjoy royal encouragement for all our initiatives that aim at developing investment tools and enhancing the role of civil society organizations in serving the community. The patronage of his highness the governor of Riyadh is a form of continuous support for one of our pilot projects serving the community in the Kingdom.”
Al-Fares thanked Enayah’s chairman, members of the board of directors and the organization’s staff comprising volunteer doctors for their outstanding efforts in the treatment of patients and the needy.
“The fund aims to enhance the developmental role of private endowments by participating in supporting health care, and increasing and investing the fund assets in order to achieve social solidarity and benefit both the endowment disbursement channels and the endowed asset,” said Mazen Fawaz Baghdadi, acting CEO of Alinma Investment Company. The fund manager will work to invest the fund assets, which include cash, real estates, securities, and more, with a view to achieve capital return and distribute a specified return rate annually and continuously on the fund specified disbursement channels of health and medical services through Enayah, where the charity is committed to spend the fund returns on a number of health and medical fields.
Alinma Investment Company is the investment arm of Alinma Bank, a company licensed by the Capital Market Authority. (No. 37-09134) offering a range of investment products and services.

OOCL joins shipping lines at King Abdullah Port

Updated 17 September 2019

OOCL joins shipping lines at King Abdullah Port

OOCL, a Hong Kong-based shipping company, has joined the group of international companies transporting cargo and delivering maritime shipping services to and from King Abdullah Port. This comes with the company’s official launch of operations in the port located in King Abdullah Economic City and the subsequent arrival of containers to the berths.

The move aims at enhancing the trade movement of imports and exports in the Kingdom.

“The addition of OOCL to the list of leading international shipping companies operating in King Abdullah Port is a testament to the trust of key players in the maritime shipping industry, as the port enjoys a strategic location on one of the most important international maritime shipping lanes as well as integrated infrastructure and logistics services,” a press release said.

The port is located near the Industrial Valley, the Bonded and Re-export Zone, and major Saudi cities such as Jeddah, Makkah and Madinah, which together constitute the main commercial center in the Kingdom. King Abdullah Port also enjoys close proximity to Madinat Yanbu’ Al-Sina’iyah, which is witnessing a massive trade movement in the field of petrochemicals, and it is linked to a road network that facilitates the process of transporting goods by land to and from ships to Riyadh, Dammam, and other cities in the Arabian Gulf.

Officially inaugurated last February by Crown Prince Mohammed bin Salman, King Abdullah Port was ranked the second fastest-growing port in the world in 2018 by Alphaliner, a global specialist in data analysis of maritime transport, port capabilities, and the future development of vessels and global maritime routes. The port’s throughput increased from 1.7 million TEU in 2017 to 2.3 million TEU in 2018.

Run by the Ports Development Company, King Abdullah Port is the region’s first port to be fully owned, developed and operated by the private sector. It has been listed as the fastest-growing container port and one of the world’s 100 largest ports after less than four years of operation. Ten of the largest shipping lines work at the port to offer integrated services to importers and exporters. The port’s development plan is proceeding at a steady pace with a clear vision to become one of the world’s leading ports, utilizing its advanced facilities and proximity to the Bonded and Re-export Zone and the logistics park.

With state-of-the-art processing facilities, the world’s deepest 18-meter water berths, expanding roll-on/roll-off operations, and a fully integrated Port Community System, King Abdullah Port is capable of receiving today’s diverse mega cargo ships, fulfilling the growing needs of the young and fast-growing population of the Kingdom and the region.