Mawani, Maersk sign agreement to establish Middle East's largest logistics park at Jeddah port

Mawani, Maersk sign agreement to establish Middle East's largest logistics park at Jeddah port
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Updated 31 October 2021

Mawani, Maersk sign agreement to establish Middle East's largest logistics park at Jeddah port

Mawani, Maersk sign agreement to establish Middle East's largest logistics park at Jeddah port
  • The minister of transport, Saleh bin Nasser Al-Jasser, noted that the new logistics area will support the growth of the logistics industry in the Kingdom

Saudi Ports Authority (Mawani) signed an agreement with the shipping company, Maersk, to establish the largest integrated logistics park for Maersk in the region at Jeddah Islamic port, the authority said in a statement. 

Maersk, in cooperation with the General Authority of Ports, will establish the integrated logistics zone in Jeddah with an investment value exceeding SR 500 million by the shipping company. 

“The strategic partnership between the authority and Maersk is an important step to achieve our ambition for Jeddah Islamic Port to become among the top ten ports in the world by 2030,” Mawani’s president, Omar bin Talal Hariri, said. 

The minister of transport, Saleh bin Nasser Al-Jasser, noted that the new logistics area will support the growth of the logistics industry in the Kingdom. 

“The development of the new Integrated Logistics Park will further enhance the capabilities of Jeddah Islamic Port and contribute to consolidating the Kingdom’s position as a leading global hub for maritime transport and logistics services,” he noted. 


Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn
Image: Shutterstock
Updated 22 sec ago

Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn

RIYADH: The Central Bank of Egypt will on Monday Dec. 6 issue a tender for one-year US dollar-denominated Treasury bills worth $1 billion.

The proceeds of this tender will be used to pay the value of a previous bid, which the CBE offered on Dec. 8, 2020, through which $1 billion was withdrawn, Daily News Egypt reported.

The CBE said that it had received 33 offers from local and international investors worth $1.8 billion to cover a similar bid that the bank put forward on Nov. 15, 2021, worth $1.6 billion.

The Central Bank accepted 28 of those offers, worth $1.6 billion.


Singapore suspends crypto exchange Bitget

Singapore suspends crypto exchange Bitget
Updated 4 min 20 sec ago

Singapore suspends crypto exchange Bitget

Singapore suspends crypto exchange Bitget

RIYADH: The regulator in Singapore has suspended Bitget, a crypto exchange that got into a fray after promoting the digital currency Army Coin, which is named after the followers of South Korean boy band BTS, Bloomberg reported.

Bitget, the sponsor of Italian soccer team Juventus, describes the army coin as a way to provide lifelong financial support to BTS members, but BTS’ agency Hybe said the coin has nothing to do with BTS and threatened legal action.
Bitget has removed the Singapore Monetary Authority logo from its website and blocked Singapore users from accessing the app and website, according to Bloomberg.
It also said on its website that it was established in 2018 in Singapore and has more than 1.5 million users worldwide.


Saudi Arabia, Oman to sign 13 trade and investment agreements

Saudi Arabia, Oman to sign 13 trade and investment agreements
Updated 15 min 34 sec ago

Saudi Arabia, Oman to sign 13 trade and investment agreements

Saudi Arabia, Oman to sign 13 trade and investment agreements

RIYADH: Saudi Arabia and Oman plan to sign thirteen trade and investment agreements, Oman’s minister of commerce, industry and investment promotion said to Asharq. 

The announcement came during the Saudi’s Crown Prince Mohammad bin Salman visit to the Sultanate. 

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Italy’s Enel to launch renewable power project in Australia

Italy’s Enel to launch renewable power project in Australia
Updated 32 min 11 sec ago

Italy’s Enel to launch renewable power project in Australia

Italy’s Enel to launch renewable power project in Australia

RIYADH: Enel SpA is the latest European energy giant to announce plans to expand its renewable electricity sales in Australia. 

The Rome-based company will launch a “greentailer” offering 100 percent renewable power to help customers meet sustainability objectives, Bloomberg reported citing a statement by Enel.

The offering initially targets commercial and industrial users but plans to expand to residential users.

This will happen after Enel is issued a retail license this week by the Australian Energy Regulator, the statement said.

The move comes less than a month after the Royal Dutch Shell bought one of Australia’s largest household providers of renewable power.

Enel plans to switch from coal by 2027 and gas by 2040, toward clean energy. It already has 55 GW of renewable energy in its 90-GW global portfolio, Bloomberg said.


Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years
Image: Shutterstock
Updated 06 December 2021

Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years

RIYADH: Companies in the Egyptian business sector have managed to decrease their debts by a notable 77 percent in three years.

Hisham Tawfik, minister of Public Business Sector said the debts dropped from 44 billion Egyptian pounds ($2.8 billion) to 10 billion Egyptian pounds, with the remainder mostly consisting of taxes.

Tawfik said that a settlement had been reached on the debt with only taxes outstanding.

He added that the original value of the debt in 2018 also included costs such as electricity and petroleum.