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RIYADH: ������Ƶ’s King Fahad Industrial Port in Yanbu will see the establishment of an SR500 million ($133 million) integrated ship refueling center following a lease agreement signed by the Kingdom’s Ports Authority, Mawani.

Inked with the National Petroleum and Petrochemical Tank and Pipelines Co., the deal will see the facility developed on a 110,700 sq. meter site over 20 years, the Saudi Press Agency reported.

The initiative falls in line with Mawani’s drive to enhance the competitiveness of Saudi ports by developing fuel and oil tank infrastructure, which is crucial for delivering high-value logistical services, supporting increased vessel traffic, and strengthening both regional and global port competitiveness.

It also supports the goals of the National Transport and Logistics Strategy, which seeks to invest more than $266.7 billion by 2030, aiming to establish ������Ƶ as a top international logistics hub.

“This collaboration with Petrotank reflects Mawani’s commitment to enhancing the attractiveness and competitiveness of Saudi ports through the expansion of services provided to shipping lines,” Mawani President Suliman Al-Mazroua said, as reported by SPA.

As part of its ongoing strategic partnership with Mawani, Petrotank operates the fuel station at King Fahad Industrial Port in Yanbu. The facility houses eight tanks with a combined storage capacity of 114,000 cubic meters and plays a vital role in supporting vessel operations, SPA added.

The new center represents a major advancement in fuel storage and bunkering services, aimed at attracting more vessels, enhancing efficiency, and boosting commercial traffic, thereby supporting Saudi Vision 2030’s objective to strengthen the logistics sector.

King Fahad Industrial Port in Yanbu is a key industrial hub on the Kingdom’s Red Sea coast, recognized for its ability to manage diverse cargo types such as petrochemicals and refined products. Covering 6.8 sq. km, the port includes 34 berths and 10 terminals, with a total handling capacity of up to 210 million tonnes.

������Ƶ’s logistics sector is emerging as a magnet for global investment, powered by regulatory reforms, incentive schemes, and its alignment with the ambitious Vision 2030 agenda, according to industry experts.

As the Kingdom pushes ahead with economic diversification, strengthening its transport and logistics infrastructure has become a central pillar of the program.

Speaking to Arab News in July, Paolo Carlomagno, partner at Arthur D. Little, said global logistics players now view ������Ƶ not only as a high-growth market but as a strategic regional hub for multimodal operations — spanning the Gulf Cooperation Council region, Red Sea basin, and East Africa — anchored by the Kingdom’s expanding port, airport, and inland logistics network.

In January, ������Ƶ introduced 15 new incentives under the Authorized Economic Operator program to bolster its export competitiveness. These included streamlined administrative processes, dedicated account managers, and liaison officers to support investors.

RIYADH: Point of sale transactions in ������Ƶ reached SR15.6 billion ($4.16 billion) in the week ending Aug. 2, representing a 31.5 percent weekly rise, driven by increased spending across all sectors. 

According to the latest data released by the Saudi Central Bank, also known as SAMA, the number of transactions also witnessed a weekly increase of 18.2 percent to reach 244.03 million. 

The sustained spending momentum highlights consumer confidence and the ongoing digital transformation of payments, driven by initiatives under the Kingdom’s Vision 2030 strategy.

The food and beverage category remained the largest in value at SR2.34 billion, marking a significant 38.2 percent increase compared to the previous seven days.

Spending at restaurants and cafes also increased by 22.8 percent to SR1.90 billion. 

POS activity in the transportation sector saw a rise of 28.2 percent to reach SR1.21 billion, while spending on professional and business services grew by 28.6 percent to SR1.19 billion. 

The Saudi Central Bank data further revealed that spending on apparel, clothing, and accessories rose by 49.4 percent to reach SR1.11 billion. 

POS transactions in the Kingdom’s gas stations amounted to SR1.09 billion, followed by spending in the health care sector at SR1.02 billion. 

The increase marks a key milestone in the nation’s shift toward a cashless economy, aligning with one of the core objectives of the Financial Sector Development Program under Vision 2030.

In April, SAMA said the total number of non-cash retail transactions reached 12.6 billion in 2024, up from 10.8 billion in 2023, reflecting the continued growth and adoption of electronic payment systems across the country.

In its latest report, SAMA said the capital city, Riyadh, led POS transactions, with a value of SR5.08 billion, representing a 17.3 percent increase. 

Jeddah followed with a 24.2 percent rise, reaching SR2.11 billion, while Dammam came third with transactions amounting to SR698 million. 

POS spending in Makkah increased by 28.9 percent to reach SR 646.01 million.

Transactions in Madinah amounted to SR632.36 million, marking a rise of 33.9 percent compared to the previous week. 

In Al-Khobar, POS transactions totaled SR399.83 million, followed by Buraidah at SR365.99 million, and Abha at SR301.68 million.