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RIYADH: Neom port has completed a trial of a new multimodal regional trade corridor linking ������Ƶ, Egypt, and Iraq, cutting cargo transit times by more than half, according to the Saudi Press Agency.

The pilot, conducted in partnership with the Logistics Partnership Council, demonstrated significantly faster delivery compared to traditional shipping routes.

The trial shipment originated in Cairo, Egypt, and traveled via Safaga Port across the Red Sea to Neom port. From there, it continued overland to Irbil in northern Iraq, covering more than 900 km.

The initiative brought together multiple government and regulatory bodies — including the Transport General Authority and the Zakat, Tax and Customs Authority — alongside private sector stakeholders such as shipowners, exporters, importers, export councils, and logistics firms.

The successful test comes as Neom port accelerates infrastructure upgrades and moves toward full automation. In June, it received ������Ƶ’s first remote-controlled ship-to-shore and electric rubber-tyred Gantry cranes. Operated from ergonomic control rooms, the cranes mark a milestone in the development of Terminal 1.

A 900-meter quay wall has also been completed, and the port’s access channel has been deepened to 18.5 meters, enabling it to accommodate the world’s largest container ships.

As part of Neom’s workforce development strategy, the crane operations program includes training Saudi women in advanced technical roles.

According to SPA, the new trade corridor achieved high levels of operational efficiency across each stage of the journey, offering an integrated logistics solution that enhances competitiveness.

“This pilot project is a pivotal step in implementing a long-term vision to enhance Neom port’s role as a major logistics and maritime hub in the Kingdom of ������Ƶ,” the agency stated.

Strategically located on the Red Sea and near the Arar border crossing — a key entry point into Iraq — Neom port aims to become a regional gateway connecting global trade routes and streamlining movement across Asia, Africa, Europe, and the Middle East.

The corridor project aligns with ������Ƶ’s Vision 2030 objective of building a world-class logistics ecosystem by integrating ports, land crossings, and customs centers. It also presents a scalable model to strengthen domestic logistics connectivity and reinforce the Kingdom’s position as a central player in regional and international trade.

RIYADH: ������Ƶ’s Tadawul All Share Index closed lower on Monday, falling 70.90 points, or 0.65 percent, to end the session at 10,885.32.  

The total trading turnover on the main market reached SR4.61 billion ($1.2 billion), with 546.78 million shares traded. A total of 72 stocks advanced while 177 declined. 

The MSCI Tadawul 30 Index also dropped, losing 10.55 points, or 0.75 percent, to close at 1,399.41. 

On the Kingdom’s parallel market Nomu, the index declined by 209.73 points, or 0.78 percent, to finish at 26,781.28. Of the listed companies, 31 gained while 49 fell. 

Sport Clubs Co. led the gainers, rising 9.92 percent to SR11.19. It was followed by SHL Finance Co., which advanced 6.47 percent to SR23.85, and Allied Cooperative Insurance Group, which rose 6.13 percent to SR11.43. 

Riyadh Cables Co. posted a gain of 4.73 percent, while Saudi Co. for Hardware rose 3 percent. 

On the other hand, Tourism Enterprise Co. recorded the sharpest decline of the session, falling 9.84 percent to SR1.10. Banque Saudi Fransi dropped 5.26 percent to SR16.92, while Raydan Food Co. fell 4.07 percent to SR13.66.  

Thob Al Aseel Co. declined by 3.93 percent, while Northern Region Cement Co. fell 3.89 percent. 

On the announcement front, Al Majeed Oud Co. reported a 19.6 percent year-on-year increase in revenue for the first half of 2025, reaching SR618.8 million compared to SR517.2 million in the same period last year.  

The company also posted a 21.5 percent rise in net profit, which grew to SR145.2 million from SR119.5 million over the same timeframe. 

According to the company, the increase in sales was driven by the performance of newly launched products, retail network expansion, growth in its e-commerce platform, and targeted marketing campaigns during the Ramadan and Hajj seasons.  

It attributed the rise in net profit to the same commercial factors, along with improved operational efficiency measures. 

Shares of Al Majeed Oud Co. closed at SR130, down 1.52 percent. 

Raoom Trading Co. reported a 13.7 percent year-on-year decline in revenue for the first half of 2025, with sales falling to SR51.5 million from SR59.7 million in the same period last year.  

Net profit also dropped sharply, falling 91.9 percent to SR2.2 million from SR28.3 million. 

The company attributed the decline in revenue to lower average selling prices driven by market conditions and a reduction in sales volumes. 

The fall in net profit was also linked to a SR3 million loss from the revaluation of financial assets at fair value, compared to a gain of SR14.8 million in the corresponding period of 2024. 

Shares of Raoom Trading Co. closed at SR60.55, down 1.54 percent.