Saudi Ports Authority launches fourth shipping line in 2020

The new shipping line in the fourth one launched by Mawani in 2020. (SPA)
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Updated 24 June 2020

Saudi Ports Authority launches fourth shipping line in 2020

JEDDAH: The Saudi Ports Authority (Mawani) on Monday announced the launch of the first direct shipping line connection UAE’s Jebel Ali Port with Egypt’s Sokhna Port through Jeddah Islamic Port.
The project has been carried out in partnership with DP World.
The new shipping line in the fourth one launched by Mawani in 2020 and it will help increase the connectivity of Saudi Ports with their regional and global counterparts.
Under the agreement, DP World will upgrade the Jeddah Islamic Port, including major infrastructure and superstructure development to enable to port to adopt best global practices and introduce high-tech digital solutions to serve its customers.
Mawani President Saab Al-Khalb said: “We continue to build and further enhance our strategic partnerships in the industry to bring forth new services and deploy new solutions in the Saudi ports sector.
“It will also help strengthen the port’s position as the regional port for vessels passing through the Red Sea trade route.”
“The shipping line will directly benefit the Arab world’s three largest markets,” said Sultan Ahmed bin Sulayem, DP World group chairman and CEO.


Adidas says its shutting down in Lebanon due to economic crisis

Updated 2 min 43 sec ago

Adidas says its shutting down in Lebanon due to economic crisis

CAIRO: Adidas has announced its closing down in Lebanon by the end of 2020 as the country’s economic crisis appears to slip out of control.  The sportswear giant has joined many popular brands who began withdrawing from the Lebanese market due the turbulent economic situation caused by a currency collapse.  Adidas said it will no longer operate its own stores in Lebanon and that it will also close its head office. “This is due to the ongoing economic challenges in the country. We would like to thank our employees for their many contributions and our partners for our productive collaboration,” the statement said.  The crisis has prompted others such as Mike Sport, a sports equipment retailer in Lebanon, to shut down given the ongoing financial crisis. French restaurant Couqley has also said it was closing its branches “until the exchange rate has stabilized.” 
Lebanon is going through an unprecedented economic and financial crisis that has seen the local currency lose more than 80% of its value against the U.S. dollar in recent months amid soaring prices a popular unrest.