RIYADH: Saudi Arabia’s maritime sector is experiencing significant expansion, highlighted by the King Abdulaziz Port in Dammam achieving a milestone in container handling.

The port recently set a new record by managing 20,645 standard containers on a single vessel, the Cosco Shipping Aquarius 036E. This achievement underscores the port's crucial role in supporting trade movement and the logistics sector.

This development aligns with the National Transport and Logistics Strategy’s goals to establish the Kingdom as a global logistics hub connecting three continents. It also reflects the success of the Saudi Ports Authority, known as Mawani, in enhancing port efficiency and strengthening the Kingdom’s ties with global markets, thereby supporting national exports.

Ongoing infrastructure improvements at King Abdulaziz Port include the recent addition of 21 coastal and bridge cranes, as part of a development plan backed by SR7 billion ($1.86 billion) in investment from commercial support contracts with Saudi Global Ports Co., a subsidiary of the Public Investment Fund.

A landmark contract with the Chinese company SANY will see the supply of 80 electric trucks to the port, marking the largest single contract for such vehicles ever signed by the Chinese firm.

These enhancements aim to boost the port’s competitive edge and confirm its international status in maritime transport and logistics. King Abdulaziz Port, equipped with advanced facilities, has also reached notable container handling records, including 292,612 standard containers in May.

In March, Mawani announced a new shipping service connecting Dammam to East Asia, linking the port to Shanghai, Xiamen, Dachan Bay, and Qingdao in China, as well as Busan in South Korea, Klang in Malaysia, Sohar in Oman, and Khor Fakkan in the UAE.

This service further enhances the port’s strategic position as the Kingdom’s main port on the Arabian Gulf, linked to the Riyadh Dry Port by rail, and a key transit point for goods to the eastern and central regions of Saudi Arabia.

RIYADH: Arab nations have attracted $406 billion in investments from 356 foreign and regional companies in the oil and gas sector over the past 22 years, according to recent data from the Arab Investment and Export Credit Guarantee Corp., also known as Dhaman.

During this period, which spans from January 2003 to May 2024, the region has seen the execution of 610 projects.

The US has emerged as the leading investor, with 85 projects representing approximately 14 percent of the total. In terms of investment costs, Russia has taken the lead, contributing $61.5 billion, which constitutes about 15.2 percent of the total investment.

The Middle East remains the largest holder of proven oil reserves globally. As of 2023, it accounts for approximately 55.5 percent of the world’s known oil reserves, according to the global statistics platform Statista. However, the region’s share has declined from nearly 63 percent in 1960 to less than 56 percent by 2020.

Future projections indicate a continued decline in proven oil reserves in the Arab region. By 2024, reserves are expected to drop to 704 billion barrels, or about 41.3 percent of the global total. This figure is anticipated to decrease further by 7 percent to 654.5 billion barrels by 2030. Additionally, proven natural gas reserves in the region are forecasted to reach approximately 58 trillion cubic meters, accounting for 26.8 percent of the global total. This figure is expected to decline by 7.5 percent to 53.53 trillion cubic meters by 2030.

Despite these anticipated reductions, the production of crude oil, compressed gas, and other liquids in Arab countries is projected to increase. Production is expected to rise by 6.4 percent to 28.7 million barrels per day in 2024, with an anticipated increase to around 33 million barrels per day by 2030.

Dhaman, headquartered in Kuwait, provides guarantee services against commercial and non-commercial risks in Arab countries and is owned by the governments of Arab states along with four Arab financial institutions.