First regional grain terminal to be built in Saudi Arabia’s Yanbu Commercial Port

A 313,000-square-meter grain terminal will be built. (Shutterstock)
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Updated 24 July 2020

First regional grain terminal to be built in Saudi Arabia’s Yanbu Commercial Port

  • The signing ceremony was attended by Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Transport Saleh Al-Jasser

RIYADH: The Saudi Ports Authority (Mawani) and the Saudi Agricultural and Livestock Investment Co. (SALIC) signed an agreement to build a 313,000-square-meter grain terminal in Yanbu Commercial Port capable of handling 5 million tons of produce a year.

SALIC, a Public Investment Fund-owned company, was formed in 2011 to secure food supply for Saudi Arabia through mass production and investment.

The project will link the Kingdom to global grain sources, especially in areas where SALIC holds investments.

The ceremony was attended by Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Transport Saleh Al-Jasser, and was signed by Saad Al-Khalb, president of Mawani and the CEO of SALIC, Sulaiman Al-Rumaih.

Al-Fadley, who is also the chairman of SALIC’s board of directors, said: “This strategic partnership with Mawani has lasted for over 30 years and is considered one of the key pillars of the food security system in the Kingdom. The project aims to enhance the velocity of the main grain influx to Saudi Arabia and is considered the first regional center for grains in the commercial port of Yanbu.”

He added that SALIC relies on the geographical location of the Kingdom and the port infrastructure to enhance food distribution in the region by linking the Kingdom to global grain sources, especially countries where SALIC is investing

Al-Jasser, who is also the chairman of Mawani’s board, said: “The Yanbu grain project aims to build the first regional center and logistic platform for importing, processing and exporting grains in KSA, taking advantage of the Yanbu Commercial Port’s exceptional location on the Red Sea coast and the competitive advantage its provides given its proximity to local and regional markets in the Red Sea Basin and the Horn of Africa.”

He added: “This partnership plays a vital role in the ports and logistic services sector, given they are the main enablers of many key industries and sectors, including the food security sector. It also goes in line with Mawani’s strategic objectives of fully utilizing the huge absorptive capacity in Saudi ports and raising the percentage of private sector investment in the port sector to 90 percent by 2030. By doing this it will serve the establishment of various development projects that contribute to achieving added value to the national economy, and supporting the investment landscape and commercial traffic in the Kingdom.”

Al-Jasser said the project will support operational traffic in the Yanbu Commercial Port, attract additional international shipping lines and increase investment in the logistic services sector.
 


Oman set to welcome first IKEA store in 2022 

Updated 1 min 34 sec ago

Oman set to welcome first IKEA store in 2022 

Oman is all set to welcome its first IKEA megastore at the Oman Avenues Mall, in the heart of the capital city of Muscat. The Swedish furniture and home retailer is expected to open doors to the public by the first quarter of 2022.
A development agreement between the Al-Taher Group, a diversified business group in the sultanate, who are the developers of Oman Avenues Mall, and the UAE-based conglomerate, Al-Futtaim Group who represents IKEA franchise in Oman as well as other territories like the UAE, Qatar and Egypt, was signed this week. Senior officials made the announcement in a virtual press event.
Sheikh Mohammed bin Saud Al-Khalili, board member of the Al-Taher Group, said: “We are pleased to collaborate with Al-Futtaim Group, to bring the globally renowned IKEA brand to Oman Avenues Mall. We believe that IKEA Oman will not only strengthen the position of Oman Avenues Mall as a premier shopping destination, but also position the mall firmly as the shopping mall for the whole of Oman.”
Spread across two floors, the new store will be one of the largest stores of the brand in the region.
The Oman Avenues Mall is operated and managed by retail giant LuLu Group International.