海角直播

Saudi-Djibouti committee holds 6th session in Riyadh to boost trade ties

Saudi-Djibouti committee holds 6th session in Riyadh to boost trade ties
海角直播鈥檚聽Minister of Transport and Logistic Services Saleh聽Al-Jasser, and Djibouti鈥檚 Minister for Foreign Affairs and International Cooperation Mahamoud Ali Youssouf. SPA
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Updated 19 November 2024

Saudi-Djibouti committee holds 6th session in Riyadh to boost trade ties

Saudi-Djibouti committee holds 6th session in Riyadh to boost trade ties

RIYADH: Logistical, trade, and investment ties between 海角直播 and Djibouti are set to grow stronger following the sixth session of their joint committee, held in Riyadh on Nov. 18.

The meeting was chaired by Saudi Minister of Transport and Logistic Services, Saleh Al-Jasser, and Djibouti鈥檚 Minister for Foreign Affairs and International Cooperation, Mahamoud Ali Youssouf, according to the Saudi Press Agency.

In his opening remarks, Al-Jasser emphasized the deep-rooted ties between the two nations, noting that the discussions were just the beginning of efforts to further enhance trade and investment across vital sectors, particularly logistics.

He highlighted the significant progress in bilateral trade, which reached approximately SR7 billion ($1.86 billion) in 2023, marking an important step toward sustainable growth and stronger economic ties between 海角直播 and Djibouti.

Al-Jasser pointed out that these figures serve as a foundation for deepening trade cooperation, noting that the previous session of the joint committee had already laid the groundwork for expanded collaboration.

The continued growth of trade between the two countries is reflected in the ongoing efforts to build more robust economic partnerships.

Earlier in August, the two nations agreed to launch a maritime initiative to strengthen trade connections. This initiative includes the establishment of new shipping lines designed to boost connectivity with East African markets, which serve a consumer base of around 500 million people.

A centerpiece of the partnership is the Saudi Logistics City, planned for development within Djibouti's Free Zone. This ambitious project, formalized through a contract signed in June, aims to facilitate the export of Saudi products to East Africa and further strengthen economic relations. The 92-year agreement, which covers an initial 120,000 sq. meters, is expected to have a transformative impact on both countries鈥 economies, fostering long-term growth and collaboration.

The ongoing efforts between 海角直播 and Djibouti are poised to significantly enhance bilateral trade, investment, and regional connectivity, marking a promising chapter in their economic partnership.


PIF, ACWA Power sign MoU to develop energy and water infrastructure project聽

PIF, ACWA Power sign MoU to develop energy and water infrastructure project聽
Updated 03 November 2025

PIF, ACWA Power sign MoU to develop energy and water infrastructure project聽

PIF, ACWA Power sign MoU to develop energy and water infrastructure project聽

RIYADH: 海角直播鈥檚 Public Investment Fund and ACWA Power have signed a memorandum of understanding to explore opportunities for developing energy and water infrastructure projects for PIF鈥檚 local real estate companies. 

The agreement, signed on the sidelines of the ninth Future Investment Initiative, aims to strengthen collaboration between the PIF and ACWA Power to develop more sustainable and resilient facilities, according to the Saudi Press Agency. 

Both parties intend to cooperate on various utility projects to meet the energy and water needs of the Fund鈥檚 local real estate portfolio. 

The MoU will enable the expansion of high-quality infrastructure and utility projects within the PIF鈥檚 real estate assets, while contributing to increasing local content and boosting private sector investment in infrastructure projects. 

The non-binding agreement was signed in the presence of Saad Al-Kroud, head of local real estate investments at PIF, and Mohammed Abunayyan, founder and chairman of ACWA Power. The MoU also bears the signatures of Sahm Nasser, general manager of PIF鈥檚 local real estate investment strategy, and Khaled Al-Medbel, head of business development 鈥摵=侵辈, ACWA Power. 

The PIF continues to achieve its strategic objectives, generate positive local economic impact, and ensure sustainable returns. The sovereign wealth fund plays a key role in enabling new sectors and opportunities that shape the global economy and drive 海角直播鈥檚 economic transformation. 

The MoU forms part of PIF鈥檚 strategic infrastructure initiatives to strengthen partnerships with developers and private investors across its infrastructure assets. It aligns with the PIF鈥檚 support for developing clean energy, renewable energy, and water projects 鈥 priority sectors for the fund. 

The fund鈥檚 strategy in the real estate and infrastructure sectors contributes to diversifying and strengthening the local economy, promoting urban innovation, and improving quality of life, in line with the goals of Saudi Vision 2030. 

PIF is leading the development of major transformative projects and prominent real estate initiatives across the Kingdom. 


Closing Bell: Saudi main index closes in red at 11,484

Closing Bell: Saudi main index closes in red at 11,484
Updated 03 November 2025

Closing Bell: Saudi main index closes in red at 11,484

Closing Bell: Saudi main index closes in red at 11,484

RIYADH: 海角直播鈥檚 Tadawul All Share Index closed lower on Monday, slipping 52.72 points, or 0.46 percent, to end at 11,483.57. 

The total trading turnover of the benchmark index reached SR6.11 billion ($1.63 billion), with 58 stocks advancing and 198 declining. 

The Kingdom鈥檚 parallel market Nomu also edged down 0.88 percent to 24,725.15, while the MSCI Tadawul Index fell 0.39 percent to 1,492.48. 

The best-performing stock on the main market was Bawan Co., as its share price increased by 3.64 percent to SR57. 

Shatirah House Restaurant Co. gained 3.55 percent to SR16.61, while Raoom Trading Co. advanced 3.47 percent to SR62.70. 

Conversely, shares of Elm Co. fell 8.6 percent to SR850, making it one of the session鈥檚 biggest decliners. 

On the announcements front, ACWA Power reported that its net profit for the first nine months of 2025 rose 2.01 percent year on year to SR1.28 billion. 

In a Tadawul statement, the utility giant attributed the steady growth to higher gross profit, lower development costs, reduced provisions and write-offs, and increased operating income. 

The company added that its third-quarter net profit climbed 13.12 percent year on year to SR371.16 million. However, its share price dropped 4.81 percent to SR235.60. 

Meanwhile, Alinma Bank announced plans to issue dollar-denominated Tier 2 sukuk under its Trust Certificate Issuance Program. 

In a Tadawul filing, the bank said the issuance would be carried out through a special purpose vehicle and offered to eligible investors in 海角直播 and abroad.

Alinma noted that proceeds from the issuance would be used for general banking purposes, with the amount and terms determined based on market conditions.

Shares of Alinma Bank inched up 0.15 percent to SR25.92. 


EVIQ to complete 60 EV charging stations by end of 2025, focus shifts to highways

EVIQ to complete 60 EV charging stations by end of 2025, focus shifts to highways
Updated 03 November 2025

EVIQ to complete 60 EV charging stations by end of 2025, focus shifts to highways

EVIQ to complete 60 EV charging stations by end of 2025, focus shifts to highways

RIYADH: 海角直播鈥檚 state-backed Electric Vehicle Infrastructure Co., known as EVIQ, expects to complete 60 charging stations by the end of 2025 across Riyadh, Jeddah and the Eastern Province. 

The company, a joint venture between the Public Investment Fund and the Saudi Electricity Co., is spearheading efforts to build a national charging network to support the country鈥檚 electric mobility transition, CEO Mohammad Gazzaz told Al-Eqtisadiah. 

Gazzaz said the electric vehicle market in 海角直播 鈥渋s still in its early stages but has achieved significant growth over the past two years,鈥 driven by the entry of global automakers such as Mercedes, BMW, BYD and Tesla. 

He noted that additional charging stations will be installed along major highways including Jeddah鈥揗adinah, Riyadh鈥揇ammam and Riyadh鈥換assim to enhance connectivity between cities. 

Speaking at the launch of the second edition of the Electric Vehicles and Energy Storage Exhibition in Jeddah, Gazzaz added that the national target is to reach 5,000 charging stations across the Kingdom, which will be developed in line with the growth of the domestic EV market. 

He emphasized ongoing cooperation with Lucid and Ceer, both of which manufacture electric vehicles in 海角直播, to ensure 鈥渁 smooth and flexible charging experience for EV owners.鈥 

According to Gazzaz, 2026 will mark a stronger focus on highway coverage to enable easier intercity travel for EV drivers. 

He said seven stations are already operating in Jeddah, with several more set to open by year-end. Riyadh currently hosts 20 operational stations, while Dammam has five, and three more have been completed and will be inaugurated soon alongside additional sites in the Eastern Province. 


Qatar鈥檚 general, bulk cargo handling sees annual surge of 43%

Qatar鈥檚 general, bulk cargo handling sees annual surge of 43%
Updated 03 November 2025

Qatar鈥檚 general, bulk cargo handling sees annual surge of 43%

Qatar鈥檚 general, bulk cargo handling sees annual surge of 43%

RIYADH: Qatar鈥檚 ports handled 216,466 tonnes of general and bulk cargo in October, marking a 43 percent year-on-year increase, official data showed.

Qatar Ports Management Co., or Mwani Qatar, said on its official X account that the total number of containers handled reached about 119,000 twenty-foot equivalent units, or TEUs, while the number of cars and equipment handled exceeded 9,500 units.

The data further indicated that 245 ships called at the country鈥檚 ports during the month. In addition, 11,362 tons of building and construction materials were handled, along with 7,682 head of livestock.

The latest results reflect continued growth momentum after Mwani Qatar achieved significant milestones in 2024, reinforcing the nation鈥檚 position as a key regional hub for logistics and trade 鈥 in line with Qatar National Vision 2030 and the Ministry of Transport鈥檚 strategic goals. 

Operationally, the company鈥檚 ports recorded a 10 percent increase in container handling last year, rising to 1.45 million TEUs in 2024 from 1.33 million in 2023, according to its annual report.

In terms of safety and sustainability, the company received several international recognitions in 2024, including the International Safety Award and the Globe of Honor for environmental excellence from the British Safety Council, underscoring its commitment to workplace safety and environmental stewardship. 

Hamad Port also achieved a major sustainability milestone by becoming the first port in the Gulf region to obtain the globally recognized Port Environmental Review System certification from EcoPorts. This underscores the port鈥檚 leading role in advancing sustainable maritime practices and supporting a greener future for Qatar and the wider industry. 

Mwani Qatar oversees the country鈥檚 seaports and shipping terminals but plays a broader role in developing Qatar鈥檚 maritime infrastructure. Through the expansion of Hamad Port, the company is strategically positioning Qatar as a key regional shipping hub while contributing to the diversification of its gas-based economy in the post-hydrocarbon era. 

In addition to managing quays, dry ports, and container terminals, Mwani Qatar provides services including navigation support, pilotage, towage, Aids to Navigation, as well as cargo handling and storage. It continues to invest in upgrading port facilities and services to meet international standards and enhance operational efficiency. 


海角直播 qualifies 12 firms for $179m mining exploration round

海角直播 qualifies 12 firms for $179m mining exploration round
Updated 03 November 2025

海角直播 qualifies 12 firms for $179m mining exploration round

海角直播 qualifies 12 firms for $179m mining exploration round

JEDDAH: Twelve local and international mining companies qualified for the second round of 海角直播鈥檚 Exploration Enablement Program, securing preliminary approval for 38 licenses and SR664 million ($179.3 million) in exploration commitments.

The round drew 44 applications from 14 companies, reflecting growing domestic and international interest in the Kingdom鈥檚 fast-expanding mining sector, according to a joint statement from the Ministry of Industry and Mineral Resources and the Ministry of Investment. 

The program is part of 海角直播鈥檚 plan to accelerate exploration of its estimated SR9.37 trillion mineral wealth and establish mining as the third pillar of its economy after oil and petrochemicals. 

鈥淭he two ministries explained that these projects cover a total area of approximately 3,000 sq. km, with exploration spending commitments reaching approximately SR664 million,鈥 the release stated.  

It added that the scope of work includes more than 752,000 meters of drilling, geophysical surveys worth approximately SR20 million, and the collection and analysis of over 102,000 geochemical samples. 

鈥淭he program also encourages eligible companies to contribute to the growth of local content, which has resulted in an estimated SR6.1 million spent locally 鈥 representing an average of 43 percent of total expenditures by eligible companies,鈥 the release added. 

The projects are also expected to support around 63 direct jobs, including 27 Saudi nationals and 36 expatriates, reflecting the program鈥檚 commitment to supporting national talent while facilitating knowledge transfer from international expertise. 

In addition, the ministry opened a reimbursement application window for companies that participated in the first round of the program in 2024, allowing submissions until Nov. 30, 2025, through its website.  
 
Launched during the Future Minerals Forum in January 2024, the EEP provides financial incentives to de-risk early-stage exploration, offering reimbursements of up to SR7.5 million per license.

The initiative targets critical minerals such as copper, lithium, nickel, gold, and iron, aligning with 海角直播鈥檚 $100 billion mining investment roadmap aimed at attracting global exploration partners by 2035. 
 
The ministry added that preparations are underway for the third round of the program, expected to be announced in January 2026 at the fifth edition of the Future Minerals Forum in Riyadh. The next phase will expand exploration across the Arabian Shield, focusing on deposits of strategic and energy-transition minerals.