Latest news with #JEDDAH
Zawya
4 days ago
- Business
- Zawya
ITFC signs landmark $513mln syndicated Murabaha financing with the Government of Pakistan to support energy imports
JEDDAH, Kingdom of Saudi Arabia -- The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a US$513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by H.E. Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching US$513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. On this occasion, Eng. Adeeb Y. Al-Aama, CEO of ITFC, stated: 'This syndicated financing is a clear vote of confidence by the market in both the ITFC capabilities and Pakistan's economic trajectory. It demonstrates the growing trust of our financing partners and ITFC's steadfast commitment to supporting energy security in Pakistan. Since 2008, our strategic partnership with the Government of Pakistan has resulted in the approval of more than US$8.1 billion in trade finance, reflecting our longstanding commitment to the country's economic growth. This agreement represents a continuation in that partnership, as we remain dedicated to mobilizing Shari'ah-compliant resources that support Pakistan's development priorities and strengthen its trade resilience." Commenting on the signing, Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, added that "This significant financing from the International Islamic Trade Finance Corporation (ITFC) underscores the growing confidence of international capital markets and development partners in Pakistan's economic trajectory. We are witnessing positive trends in our macroeconomic indicators, reflecting the resilient efforts towards economic recovery and stability. This facility will further bolster our trade capabilities and contribute to sustained growth. Pakistan remains committed to fostering an environment conducive to robust partnerships and enhanced economic cooperation. The Government of Pakistan is grateful for the continuous support extended by the ITFC'. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. By supporting Pakistan's energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the OIC region. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: E-mail: ITFC@ Social media: Twitter: Facebook: LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Islamic Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market. SOURCE: International Islamic Trade Finance Corporation (ITFC)
Arab News
11-07-2025
- General
- Arab News
Saudi Arabia observes World Population Day
JEDDAH: Saudi Arabia marked World Population Day, observed annually on July 11, with a focus on raising awareness of population issues and their impact on sustainable development and the environment. World Population Day was established in 1989 by the UN Development Program amid rapid population growth, which required accurate and reliable data to support development strategies. In this context, the Saudi General Authority for Statistics has enabled the Kingdom to stay abreast of global statistical advancements by adopting the latest international technologies and methodologies in conducting its census. These efforts ensure the quality and accuracy of data, enhancing the reliability of statistical indicators that form the foundation of national plans and policies. An integrated team at the authority is tasked with reviewing and verifying census data in accordance with the highest international standards, using advanced techniques for analysis and statistics. This work is carried out in cooperation with other government entities, ultimately contributing to the development of an accurate database that serves as a key reference for shaping economic and social policies.
Saudi Gazette
03-07-2025
- Politics
- Saudi Gazette
OIC, Arab League and African Union issue emergency appeal on Gaza humanitarian crisis
Saudi Gazette report JEDDAH — The Organization of Islamic Cooperation (OIC), the Arab League, and the African Union (AU) — the tripartite mechanism to support the Palestinian cause — held a consultative meeting with the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) in Cairo to discuss the catastrophic humanitarian situation in the Gaza Strip. The tripartite mechanism issued an emergency humanitarian appeal calling for an immediate end to genocide, starvation, blockade, displacement, and destruction, and urged efforts to meet the urgent humanitarian needs of the Palestinian people in Gaza. They expressed deep concern over the unprecedented and worsening humanitarian suffering in the Gaza Strip due to the continued acts of genocide, forced displacement, and systematic destruction committed by the Israeli occupation since October 2023. These actions represent a blatant violation of international humanitarian law, relevant United Nations resolutions, and the binding orders issued by the International Court of Justice (ICJ). They also firmly condemned the Israeli occupation's use of starvation and siege as weapons of war against Palestinian civilians. They called for the immediate and permanent opening of all land and sea crossings and the unimpeded, adequate, and sustained delivery of humanitarian aid, including food, clean water, fuel, medical supplies, and shelter. They emphasized that delivering relief to the Palestinian people in Gaza is a legal and moral right, and underscored the urgent need to enable UNRWA to fulfill its critical role amid exceptional conditions and its ongoing financial crisis. The tripartite mechanism urged the international community to apply effective and sustained pressure on Israel, the occupying force, to allow UNRWA and its partners to operate freely, safely, and without obstruction. They further rejected any attempts to undermine or replace UNRWA's mandate, and called for full political, financial, and legal support for the agency in accordance with its UN-established responsibilities.
Saudi Gazette
04-04-2025
- Politics
- Saudi Gazette
Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call
JEDDAH — Crown Prince and Prime Minister Mohammed bin Salman discussed regional developments and issues of mutual concern with Iranian President Masoud Pezeshkian during a phone call on Thursday, the Saudi Press Agency (SPA) reported. The two leaders also exchanged Eid Al-Fitr greetings during the call, which came at a time of ongoing diplomatic engagement between Saudi Arabia and Iran following the resumption of bilateral ties. — SG
Arab News
29-03-2025
- Business
- Arab News
Saudi maritime industry spurring global trade shift
JEDDAH: Saudi Arabia's investment in its maritime sector could see a shift in global trade logistics that helps reduce reliance on traditional routes, leading industry figures have told Arab News. With its strategic location at the crossroads of global trade, the Kingdom is positioning itself as an international logistics hub, enhancing its maritime infrastructure and embracing sustainability. This drive is a key part of Saudi Arabia's economic diversification initiative under Vision 2030, which seeks to reduce the Kingdom's reliance on oil revenues. In August, Omar Hariri, president of the Saudi Ports Authority, revealed that investments in the Kingdom's maritime sector have exceeded SR25 billion ($6.66 billion) thanks to successful collaborations between his organization and private sector partners. Hariri said that significant investments have been made over the past four years through partnerships with both national and international companies. Speaking to Arab News, Pierroberto Folgiero, CEO of Fincantieri, one of the world's largest shipbuilding companies, highlighted how Saudi Arabia's investment in maritime infrastructure is influencing the future of global trade routes. 'By expanding its shipbuilding capacity and enhancing its logistics infrastructure, the Kingdom can address global supply chain bottlenecks, strengthen its maritime influence, and foster resilience in international trade flows,' he said. Folgiero noted that Saudi investments in advanced maritime infrastructure could create alternative trade routes, reducing reliance on chokepoints like the Suez Canal, adding that his company sees this as an opportunity to apply its shipbuilding and maritime technology expertise. 'Investments in shipbuilding, ports, logistics, and shipping services have allowed the Kingdom to capitalize on its geographic advantages. Notable projects include the development of the King Salman International Maritime Industries Complex in Ras Al-Khair, set to become one of the world's largest shipyards, and modernizing key ports such as the Jeddah Islamic Port and King Abdulaziz Port,' he said. The CEO added that Saudi Arabia is also advancing its shipbuilding and maritime technology through strategic partnerships with global industry leaders. We are leveraging the adoption of digitization, automation, and AI-driven solutions to optimize port operations and streamline the logistics chain. Poul Hestbaek, Folk Maritime CEO 'These collaborations focus on transferring expertise and technology, accelerating the Kingdom's evolution into an influential player in the international maritime and shipping sectors,' he said. He pointed out that Saudi Arabia's focus on smart ports, using automation, IoT, and AI, is central to its maritime strategy. These technologies will streamline trade, improve turnaround times, reduce costs, and boost transparency, making the Kingdom an attractive hub for global shipping and logistics companies. In May, Fincantieri launched Fincantieri Arabia, a subsidiary with a focus on shipbuilding, maritime equipment and systems, and naval logistic support services, including training and simulation. Folgiero said this expansion will contribute to localizing technology, creating jobs, and boosting Saudi Arabia's global maritime presence. National developments It is not just established international companies that will benefit from Saudi Arabia's growing maritime sector. In 2024, the Public Investment Fund-backed Folk Maritime was launched, initially operating two routes, but that number has since doubled. Poul Hestbaek, the former CEO of Hamburg Sud, has been tasked to lead the company. Speaking to Arab News, he highlighted the Saudi government's proactive steps to adapt its regulatory framework and attract global investors to the industry, noting that his company is fully aligned with these efforts to drive innovation in maritime trade. 'As Saudi Arabia modernizes its regulatory framework, we are leveraging the adoption of digitization, automation, and AI-driven solutions to optimize port operations and streamline the logistics chain. This transformation is enhancing Saudi Arabia's position as an attractive destination for international investors,' he said. Hestbaek said that his company is playing a vital role in this transformation, particularly through its expanding fleet and direct liner services along strategic routes, including those connecting India to the Red Sea and the Gulf. He also highlighted Folk Maritime's role in improving cargo efficiency across key trade routes, including the Red Sea and the Gulf. 'As we increase regional shipping capabilities and expand our fleet, key economic indicators to watch include the growth in port throughput, the development of new shipping routes, and the rise in non-oil exports,' said the CEO. Sustainable maritime operations Achieving growth in the sector is not the only goal for Saudi Arabia. As Hestbaek emphasized, expansion has to be done in a sustainable manner. Explaining how sustainability is at the core of his company's operations, he said: 'We are aligned with Saudi Arabia's net zero carbon by 2060 goals, incorporating advanced green technologies into our fleet, using energy-efficient technologies to reduce emissions and optimize fuel consumption.' Hestbaek noted the Folk Maritime's commitment to decarbonization by adhering to international standards, prioritizing International Maritime Organization regulations, adopting alternative fuels, and replacing older vessels with eco-friendly ones like the M/V Folk Jeddah. The company also recently purchased 5,600 recyclable containers. Ensuring secure, resilient operations As the Houthi-led attacks in the Red Sea have demonstrated, security is an ever-present concern for the maritime industry. Hestbaek highlighted Saudi Arabia's multi-faceted approach to ensuring secure shipping lanes, addressing both physical and cyberthreats. 'The Kingdom works closely with international and regional partners to counter piracy and maintain secure sea routes in the Arabian Gulf, Red Sea, and beyond. Saudi Arabia has invested in state-of-the-art naval and coast guard assets, as well as enhancing port security to safeguard ships and cargo,' he said. The CEO added that his company has a strategy to safeguard operations and collaborates with local and international authorities, adding that cybersecurity is a top priority for both Saudi Arabia and Folk Maritime. 'We are committed to safeguarding our fleet and digital infrastructure from emerging cyberthreats, implementing cybersecurity measures, such as secure communication channels, real-time monitoring systems, and advanced protocols for data protection and cargo tracking,' he said. Maritime tourism The maritime industry is more than just transferring goods from port to port. As Fincantieri's Folgiero said, Saudi giga-projects such as NEOM and the Red Sea are transforming the Kingdom's cruise ship industry, aligning with Vision 2030's goal of making Saudi Arabia an international tourism hub. 'Futuristic cities like The Line and Sindalah Island, alongside the eco-tourism focus of the Red Sea Project, offer bespoke and sustainable experiences that cater to the high-end travel market, sharpening Saudi Arabia's competitive edge in the global tourism landscape,' he said. Ensuring the Kingdom capitalizes on this, the PIF-backed Cruise Saudi was created in 2021, with an aim to attract 1.3 million passengers annually by 2035. It also plans to generate 50,000 direct and indirect jobs in the cruise sector by 2035. Cruise Saudi's first ship, Aroya, which features 19 decks, 1,678 cabins and suites, and can accommodate up to 3,362 passengers, was launched in December at Jeddah Islamic Port.
