SAL and Royal Commission partner to boost logistics and air freight in Jazan/node/2568263/business-economy
SAL and Royal Commission partner to boost logistics and air freight in Jazan
From left: Faisal Al-Bedah, MD and CEO of SAL Logistics Service, Khalid Al-Salem, President of the Royal Commission for Jubail and Yanbu, and Hussain Al-Fadhli, CEO of Jazan City for Primary and Downstream Industries X/@saudialogistics
SAL and Royal Commission partner to boost logistics and air freight in Jazan
Updated 21 August 2024
MANAL AL-BARAKATI
RIYADH: Saudi Arabia’s Jazan region is expected to see improved operations management and air freight services following a new agreement between SAL Logistics Services Co. and the Royal Commission for Jubail and Yanbu.
By integrating various transportation modes and linking air and sea ports to Jazan City, the agreement seeks to create a more efficient logistics network to support the region’s industrial growth, according to a statement on X.
This move aligns with Saudi Arabia’s Vision 2030, which focuses on economic diversification and infrastructure development for sustainable industrial growth.
Faisal Al-Bedah, managing director and CEO of SAL, said: “This cooperation agreement represents a promising step in our mission to enhance the logistics infrastructure in the Kingdom.”
He added: “By partnering with the Royal Commission for Jubail and Yanbu, represented by Jazan City Port Basic and Transformative Industries, we are not only enhancing our services but also contributing to the broader economic development of the promising Jazan region.”
The enhancement of Jazan’s logistics framework is expected to attract new investments, thereby contributing to the region’s economic vitality, the statement added.
Key elements of the agreement include tailored logistics services for current and potential investors in Jazan City Port Basic and Transformative Industries.
The partnership aims to facilitate the exchange of commercial information, ensuring SAL and the Royal Commission for Jubail and Yanbu work together to enhance industrial and logistical capabilities and integrate Jazan’s hubs with national and international markets.
Additionally, the agreement emphasizes connecting Jazan’s terminals with major airports and key ports through improved land transportation, which will enhance export and import efficiency.
In June, SAL signed a contract with Air China for comprehensive air cargo handling services, including road feeder services across Saudi Arabia and the Gulf Cooperation Council. This partnership was aimed at streamlining operations and strengthening SAL’s position in global logistics.
SAL was formed from Saudi Airlines Cargo’s ground handling division to support the Kingdom’s economic transformation and global logistics ambitions.
Last month, SAL and Tarshid Energy Solutions signed a memorandum of understanding to enhance energy efficiency across SAL’s Saudi operations, aiming to reduce costs and align with Saudi Vision 2030’s sustainability goals.
The Kingdom’s strategic focus on Jazan as a logistics hub is essential as it positions the country as a central link between Asia, Africa, and Europe.
The nation has launched a comprehensive logistics strategy that focuses on integrating its ports, airports, and land transport networks into a cohesive system.
Saudi Arabia is leveraging its geographic position, with major developments underway in key regions such as Jazan, which is located near the Red Sea, a vital maritime route for global trade.
Jazan Port, inaugurated recently and operated by Hutchison Ports, plays a pivotal role in this undertaking.
The terminal has a designed capacity of handling up to 4 million tonnes of cargo annually and 1 million twenty-foot equivalent units, with its deep berths accommodating some of the largest container ships globally .
In addition to the port, Jazan Airport, as of 2023, has handled approximately 25,000 tonnes of cargo, marking its growing contribution to the region’s economic landscape.
FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say
Updated 25 April 2025
Nirmal Narayanan
RIYADH: Hosting the FIFA World Cup in 2034 is expected to transform Saudi Arabia's tourism sector and accelerate the nation’s economic diversification, experts said.
The Kingdom was awarded the competition by the sport’s international governing body in December, and is set to hold the event in 15 stadiums across five cities.
Saudi Arabia’s sports tourism sector has been witnessing rapid growth since the launch of Vision 2030 nine years ago, with the Kingdom drawing 2.5 million visitors through 80 international events in the last four years, Tourism Minister Ahmed Al-Khateeb said in February.
Bolstering the tourism sector is one of the crucial goals outlined in Saudi Arabia’s Vision 2030 initiative, as the Kingdom is steadily diversifying its economy by reducing its decade-long reliance on oil revenues.
Saudi Arabia’s ambitious National Tourism Strategy aims to attract 150 million visitors by the end of this decade.
Cristiano Ronaldo is one of a host of footballing superstars who now play in the Saudi league. Getty
Speaking to Arab News, Federico Pienovi, chief business officer and CEO of New Markets at Globant, said that the mega football event presents immense opportunities for the Kingdom to develop multiple sectors.
“Hosting the FIFA World Cup is a game-changer for Saudi Arabia’s tourism sector. For Saudi Arabia, FIFA World Cup 2034 represents a key milestone in its Vision 2030 strategy, accelerating economic diversification beyond oil by boosting tourism, hospitality, infrastructure, and smart city development,” said Pienovi.
He added that the tournament accelerates the Kingdom’s tourist number ambitions by putting Saudi Arabia on the map for future leisure and business tourism.
Guillaume Thibault, partner and head of sports and entertainment at Oliver Wyman for India, the Middle East and Africa, echoed similar views and said the football gala will be a major catalyst for Saudi Arabia’s economic diversification, attracting over 10 million international visitors.
Thibault added that the event is also expected to accelerate Saudi Arabia’s national strategies in tourism, transport, and quality of life, creating opportunities in construction, hospitality, fan engagement, and talent development — all while mobilizing private sector investment.
Argentina won the World Cup the only other time the competition was held in the region — Qatar in 2022. Getty
The Oliver Wyman official further said that hosting events such as the FIFA World Cup could boost the gross domestic product of Saudi Arabia, as well as creating immense job opportunities.
“On a macroeconomic level, past World Cups have contributed up to 10 percent GDP growth, as seen in South Africa 2010, while creating tens of thousands of jobs. Saudi Arabia can maximize its investment impact by aligning with local businesses and PIF-backed companies, ensuring long-term economic gains and positioning itself as a global sports and business hub,” said Thibault.
Max Klante, managing director and partner of Boston Consulting Group, said that major sporting events such as the 2034 World Cup, Formula 1, and the upcoming Asian games, will serve as an entry point for global audiences, showcasing Saudi Arabia as a travel destination.
“They provide a platform to highlight the Kingdom’s culture, heritage, and landscapes to the world while showcasing new and exciting entertainment and cultural experiences such as eSports and adventure extreme sports. The integration of sports, media, entertainment, and culture boosts international visibility and fosters long-term tourism growth,” said Klante.
Saudi Arabia has already hosted several major sporting events, including the WWE Super Showdown, the Saudi Pro-Golf Championship, Battle of the Champions, and Formula E.
The Kingdom has also witnessed E-Prix, the International Handball Federation Super Globe and the Saudi International Meeting for Disabilities Sport, as well as organizing the auction of players for the 2025 Indian Premier League, a major cricketing event which features 10 professional clubs.
Long-term impacts
According to Pienovi, hosting major sporting events will not only boost tourism in the Kingdom but will also support the country’s infrastructure growth for the long term.
“Beyond the tournament, the country will benefit from long-term infrastructure improvements, smart venue advancements, and the rise of new entertainment hubs that will attract visitors for years to come,” said Pienovi.
Thibault said that hosting such events will help Saudi Arabia establish itself as a premier sports destination globally, strengthen global ties, attract international business, and enhance the Kingdom’s geopolitical influence.
“When executed strategically, major sporting events leave a lasting impact beyond the tournament itself. Mega-events drive billions in tourism, investment, and job creation. The 2012 London Olympics, for example, contributed $17 billion to the UK economy, proving their long-term financial impact,” said Thibault.
He added: “In terms of urban transformation, such events accelerate infrastructure development and reshape cities. The Sochi 2014 Winter Olympics revitalized an entire region, turning legacy resorts into prime real estate. Saudi Arabia’s smart city and transport investments will ensure similar long-term benefits.”
Elevating diplomatic and bilateral relationship
The Oliver Wyman official further said that hosting such global events could help Saudi Arabia strengthen its bilateral relationship with several countries.
Saudi Arabia is already a diplomatic leader, ranking 18th in the Global Soft Power Index 2024 and has already hosted key forums including the G20 Summit and the World Economic Forum.
“Mega-events further enhance global ties by bringing nations together through sport, fostering cultural exchange, trade, and investment partnerships. By attracting global leaders, Saudi Arabia can deepen international collaborations, expand economic alliances, and position itself as a key player in global sports diplomacy,” said Thibault.
Klante also expressed identical views and said that successfully hosting global tournaments will enhance Saudi Arabia’s standing as a reliable and capable partner on the world stage.
“The ability to deliver top-tier sporting events creates unique opportunities for diplomatic engagement and strengthens economic and cultural ties with other nations. Stronger ties promote global understanding, security and prosperity,” added the BCG official.
Klante added that hosting major international events will establish Saudi Arabia’s credibility in sports management and global event organization, while also opening opportunities for developing long-term partnerships with international teams, leagues, and sports federations.
He further said that such events in Saudi Arabia could also boost the morale in the Kingdom, and the country will see more sporting heroes in the coming years.
“The ability to host major events inspires our youth to follow in the footsteps of their sports heroes. This strengthens engagement in sports, be this football, eSports, athletics or formula car racing. By inspiring the youth of today we lay the foundation for the top athletes of tomorrow,” said Klante.
A drone show in Riyadh after Saudi Arabia was announced as the host nation for the FIFA World Cup 2034 on December 11. Getty
Potential challenges
Experts who talked with Arab News also talked about the potential challenges Saudi Arabia could face as the Kingdom gears up to face global sporting events.
According to Pienovi, the challenge for the Kingdom lies in integrating cutting-edge technology for seamless fan interactions — whether it’s AI-driven crowd management, frictionless ticketing, or hyper-personalized digital experiences.
“Fans now expect an immersive, waitless, and contactless experience, powered by AI, AR/VR, and digital personalization. Implementing biometric entry, tech-driven loyalty programs and real-time engagement solutions will be key to delivering a next-level experience,” said Pienovi.
He added: “The challenge is not just in adopting these technologies but in making them intuitive, frictionless, and scalable across multiple venues.”
The Globant official believes that ensuring seamless connectivity across all platforms — from real-time streaming to AR-powered second-screen experiences — will be crucial for reaching international audiences and keeping fans engaged beyond the stadium.
Klante underscored the vitality of strengthening the transport systems in the Kingdom, as well as, bolstering the logistical prowess, and said that “world-class events require complex logistical planning, complex integration and seamless execution.”
He added: “Ensuring global accessibility, efficient transport, and a smooth visitor experience will be critical to success. A focus must always be placed on how the visitor journey interacts with the various city and intercity transport solutions — creating a unified experience like no other.”
Thibault also expressed similar views and said that logistics, crowd management and infrastructure development are crucial for Saudi Arabia to seamlessly host mega events like FIFA World Cup.
The Oliver Wyman official added that managing transport, security, and emergency response requires advanced planning, with mega-projects including NEOM and Qiddiya integrating AI-driven security and real-time crowd monitoring.
“The challenge lies in balancing speed with sustainability. Legacy planning is key to avoiding underutilized venues, ensuring stadiums transition into training hubs, community centers, or professional league facilities,” added Thibault.
Oil Updates — crude set for weekly fall amid supply pressure, tariff uncertainty
Updated 25 April 2025
Reuters
LONDON: Oil prices fell on Friday and were set for a weekly decline of over 3 percent on the back of oversupply concerns and uncertainty around tariff talks between the US and China.
Brent crude futures were down 82 cents to $65.73 a barrel at 3:15 pm. Saudi time, falling 3.3 percent over the week.
US West Texas Intermediate crude was down 81 cents to $61.98 a barrel, a decline of 4.2 percent for the week.
“Prices are down as concerns over oversupply from OPEC+ persist, while the demand outlook remains uncertain amid ongoing trade tensions. A stronger US dollar has also added pressure to crude prices,” LSEG senior analyst Anh Pham said.
Oil erased earlier gains after a spokesperson from China’s foreign ministry said China and the US were not having any consultations or negotiations on tariffs. That contradicted earlier comments by US President Donald Trump, who said on Thursday trade talks between the US and China were underway.
“Traders now view further (crude price) gains as unlikely in the short term due to the continued trade war among top global consumers and speculation that OPEC+ may accelerate production hikes from June,” Saxo Bank analyst Ole Hansen said.
China has exempted some US imports from its 125 percent tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing’s concerns about the trade war’s economic fallout.
China hiked its tariffs after Trump announced higher levies on Chinese goods.
Oil prices tumbled earlier this month to four-year lows after the tariffs sparked concern about global demand and a selloff in financial markets.
Worries are growing about excess supply. Several OPEC+ members have suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week.
The US and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of a deal remain to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News.
A halt to Russia’s war in Ukraine and the easing of sanctions could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of the Petroleum
Exporting Countries, is one of the world’s biggest oil producers along with the US and Saudi Arabia.
BEIRUT: Lebanon’s parliament on Thursday granted regulatory bodies greater access to bank account information, a key reform demanded by international creditors before the crisis-hit country can unlock bail-out funds.
Prime Minister Nawaf Salam called parliament’s approval of changes to banking secrecy laws “a necessary step toward the desired financial reform that our government promised to achieve, and a fundamental pillar to any recovery plan.”
Adding that the decades-old culture of financial opacity was no longer the boon to investment it once was, Salam said the reform was fundamental to “restoring the rights of depositors and the confidence of citizens and the international community.”
Lebanon was once a booming regional financial hub dubbed the “Switzerland of the Middle East,” with strict banking secrecy laws a key attraction, but the economic crisis that began in 2019 shredded its fiscal reputation.
Since then, authorities have come under local and international pressure to amend the laws amid accusations that influential figures spirited large sums abroad while regular depositors were locked out of their life savings and the local currency’s value plummeted.
Lebanese rights group Legal Agenda said the amendments allow “banking supervisory and regulatory bodies” including the central bank “to request access to all banking information without linking the request to a specific objective.”
These bodies will now be able to audit customer accounts by name, access deposit details and look into possible suspicious activity, the group said.
The changes are among several major reforms Lebanon needs to make to unlock billions of dollars in aid to restart the economy after the collapse, which was widely blamed on mismanagement and corruption.
Finance Minister Yassine Jaber told local broadcaster LBC that the amendments “opened greater space” for Lebanon’s central bank to access accounts.
But “we should not think that with this law, anyone can enter a bank and demand account details” for whoever they like, added Jaber, who is in Washington with other senior officials for meetings with the IMF and the World Bank.
Alain Aoun, a member of parliament’s finance committee, said the move followed 2022 banking secrecy amendments that the IMF had viewed as “insufficient.”
Now, regulatory bodies will be able to request “the information they want” on bank accounts, he said.
The cabinet, which approved the amendment earlier this month, said it would apply retroactively for 10 years from the date of request, meaning it would cover the start of the economic crisis.
IMF to help Syria reintegrate into global economy, says Georgieva
Updated 24 April 2025
Reuters
WASHINGTON: The International Monetary Fund plans to work with Syria to help it reintegrate into the global economy, IMF chief Kristalina Georgieva said on Thursday, citing a meeting on the war-scarred nation held this week.
Georgieva told reporters that Syria’s central bank governor and finance minister attended the Spring Meetings of the IMF and World Bank this week for the first time in over 20 years.
“Our intention is to, first and foremost, help them rebuild institutions so they can plug themselves in the world economy,” she said.
Officials from the IMF and World Bank met with Syrian officials and other finance ministers and key stakeholders to discuss the country’s reconstruction on the sidelines of the meetings in Washington.
The high-level Syrian government delegation’s Washington trip marked the first US visit by Syria’s new authorities since former President Bashar Al-Assad was toppled in December.
Much of Syria’s infrastructure has been left in ruins by nearly 14 years of war sparked by the government authorities’ deadly crackdown on protests against Al-Assad.
The government that took over after Al-Assad was ousted has sought to rebuild Syria’s ties in the region and further afield and to win support for reconstruction efforts.
But tough US sanctions imposed during Al-Assad’s rule remain in place.
In January, the US issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect.
Reuters reported in February that efforts to bring in foreign financing to pay public sector salaries had been hampered by uncertainty over whether this could breach US sanctions.
RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Thursday’s trading session at 11,764.39 points, marking an increase of 83.28 points or 0.71 percent.
The total trading turnover of the benchmark index was SR6.95 billion ($1.85 billion), as 173 stocks advanced, while 67 retreated.
The MSCI Tadawul Index also surged by 11.97 points, or 0.80 percent, to close at 1,500.71.
The Kingdom’s parallel market, Nomu also increased, gaining 135.49 points, or 0.48 percent, to close at 28,598.60 points. This comes as 37 of the listed stocks advanced while as many as 42 retreated.
The main index’s top performer, Saudi Paper Manufacturing Co., recorded a 9.97 percent increase in its share price, closing at SR69.50.
Other notable gainers included Derayah Financial Co., which rose 8.22 percent to SR30.95, while Al-Baha Investment and Development Co. saw its share price climb 6.34 percent to SR3.52.
Saudi Arabian Mining Co. also recorded a positive trajectory, with its share price rising 5.74 percent to SR47.00. Saudi Reinsurance Co. posted similar gains, increasing 5.29 percent to close at SR43.75.
Mulkia Gulf Real Estate REIT recorded the steepest decline on TASI, with its share price slipping 4.71 percent to close at SR5.26.
Musharaka REIT Fund followed with a 3.51 percent drop to SR4.67. Saudi Cable Co. also saw a notable decline of 3.20 percent to settle at SR139.
On the parallel market, Hedab Alkhaleej Trading Co. was the top gainer, with its share price surging by 9.25 percent to SR44.90.
Other top gainers on Nomu included Al Mohafaza Co. for Education, which surged 7.79 percent, or SR1.80, to close at SR24.90, and Shalfa Facilities Management Co., which rose 7.43 percent, or SR5.50, to reach SR79.50.
Aqaseem Factory for Chemicals and Plastics Co. and Jana Medical Co. were the other top gainers on the parallel market.
Osool and Bakheet Investment Co. posted the largest decline on Nomu, with its share price falling 8.11 percent to SR34.
Altharwah Albashariyyah Co. fell 7.86 percent, or SR3.85, to close at SR45.15, while Meyar Co. declined 7.32 percent, or SR4.80, to settle at SR60.80 — making them among the top decliners on the parallel market.
