Services tariffs for containers reduced at Saudi Arabia’s Yanbu port

The King Fahd Industrial Port in Yanbu holds a strategic location on the Red Sea coast. (Supplied photo)
Updated 19 June 2019

Services tariffs for containers reduced at Saudi Arabia’s Yanbu port

RIYADH: The board of directors of the Saudi Ports Authority (Mawani) has agreed to reduce the handling and maritime services tariffs for container ships at King Fahd Industrial Port in Yanbu by 32-57.5 percent.

Mawani’s aim is to increase the accessibility of Saudi ports to global trade routes, encourage and facilitate the movement of national exports, and increase connectivity between King Fahd Industrial Port, Jeddah Islamic Port and King Abdullah Port.

The decision includes an increase in free storage time for empty containers to 30 days from the standard five days. It also includes free storage time for full containers for up to 30 days.

King Fahd Industrial Port holds a strategic location on the Red Sea coast, and is the largest industrial port in the region in terms of loading crude oil and refined products.

The Kingdom is working relentlessly to build a solid ground for the status of the Saudi Ports Authority as a leader in the ports sector which links the national economy with the international market. 

 


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.