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Saudi Arabia Approves New Center to Promote Infrastructure in Riyadh

The Saudi government aims for Riyadh to be among the top 10 largest city economies in the world. (Asharq Al-Awsat)
The Saudi government aims for Riyadh to be among the top 10 largest city economies in the world. (Asharq Al-Awsat)
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Saudi Arabia Approves New Center to Promote Infrastructure in Riyadh

The Saudi government aims for Riyadh to be among the top 10 largest city economies in the world. (Asharq Al-Awsat)
The Saudi government aims for Riyadh to be among the top 10 largest city economies in the world. (Asharq Al-Awsat)

The Saudi cabinet’s approval on Tuesday of the establishment of the Infrastructure Projects Center in Riyadh region will boost the city's competitiveness, transforming it into a destination for international companies with major investment flows.

Prince Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Royal Commission for Riyadh City (RCRC), revealed in January 2021 the plan for Riyadh to be one of the world's top 10 largest city economies.

Riyadh Mayor Prince Faisal bin Ayyaf explained that the center will help in organizing the work of various projects in Riyadh, promoting the quality of work, preserving the infrastructure, and keeping pace with the significant development in the capital.

Regional headquarters

Head of Amaken International Group Economist Khaled al-Jasser believes the center is essential in improving the infrastructure for projects in Riyadh to align with the Kingdom's plans to become a regional commercial hub.

Jasser told Asharq Al-Awsat that Riyadh is a destination for international companies with huge investment flows.

He added that Riyadh recently witnessed the opening of several regional headquarters for international companies, noting that the Saudi economy enjoys an international level of confidence to be the most attractive regional destination for investments.

Jasser pointed out that Saudi Arabia consolidated economic cooperation with various countries by stimulating the public and private sectors and exchanging visits between business owners.

He noted that establishing the center is an application of an economic vision in diversifying sources of income, achieving the Riyadh strategy, and boosting the country's position as an international investment destination.

According to the expert, establishing the Infrastructure Projects Center will provide thousands of job opportunities and strengthen the foreign investment market.

Business organization

Real estate expert and CEO of Menassat Realty Khaled al-Mobid believes the center provides a unified operating model for organizing business and improving the quality of its implementation.

He told Asharq Al-Awsat that the center's goals keep pace with Riyadh's status and its prosperous future, achieving the government's aspirations and quality targets based on Vision 2030.

He noted that predictions point to major future projects will be carried out in Riyadh to help it become one of the world’s top city economies, boosting economic growth and urban renaissance.

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Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards
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Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company, which manages and operates King Khalid International Airport in Riyadh, achieved a new global accomplishment by winning four awards at the 2026 Stevie Awards, considered among the most prominent international awards honoring innovation and excellence across various business fields.

The awards annually attract thousands of entries from leading institutions and companies worldwide and are subject to precise evaluation standards by specialized international judging committees, reinforcing their position as one of the leading global awards in institutional excellence, SPA reported.

The company received awards across multiple categories, winning the gold award for Innovation in the Use of Social Media, in addition to two silver awards for Most Innovative Social Media Campaign and Most Innovative Use of Influencer Collaboration, alongside a bronze award for Innovation in Social Media Marketing.

This recognition reflects the level of progress achieved by Riyadh Airports Company in adopting the latest and best practices and developing distinguished initiatives based on innovation and integration in implementing communication and marketing campaigns, enhancing its institutional presence and reinforcing its position at both regional and international levels.

Business

Oil Prices Drop awaiting Mideast Peace Progress

In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP
In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP
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Oil Prices Drop awaiting Mideast Peace Progress

In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP
In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP

Oil prices fell and global stock markets traded mixed Thursday awaiting an update on a US plan to end the Middle East war and reopen the Strait of Hormuz.

Having plunged more than 10 percent at one point Wednesday on peace hopes, crude futures fell far less sharply Thursday, with losses of around two percent.

European stock markets declined after big gains the previous session, while leading Asian markets climbed.

Tokyo soared 5.6 percent, which largely reflected resumption of trading in Japan after the country's public holidays this week.

"The wild streak of enthusiasm which hit markets amid hopes for a major de-escalation in the Iran conflict is tempering," noted Susannah Streeter, chief investment strategist at Wealth Club.

"There's a realisation that there are more hurdles to climb for a longer-term resolution to be agreed, even though Iran is reported to be studying a US peace proposal aimed at formally ending the conflict."

US President Donald Trump said an agreement could be near after positive talks, with Iran adding that it would pass on its latest position to mediator Pakistan.

The war, launched by the United States and Israel in late February, has seen Iran respond with attacks across the Middle East and impose a chokehold on the Strait of Hormuz, the gateway to the Gulf oil and gas industries and a strategic trade route.

In foreign exchange Thursday, the dollar lost some of its safe haven support.

Investors in Tokyo were closely watching the yen after speculation of intervention by the Japanese government to prop up the beleaguered currency.

Norway's central bank on Thursday hiked its guiding rate by a quarter point to 4.25 percent, citing a risk that the war in the Middle East could worsen already elevated inflation.

"Inflation is too high and has run above target for several years," Norges Bank governor Ida Wolden Bache said in a statement.

Away from the war, there has been a fresh wave of cash pumped into the technology sector as traders snap up all things artificial intelligence, helped by standout earnings from Apple, Google parent Alphabet, Microsoft and Samsung during the ongoing first-quarter reporting season.

Emirates Group on Thursday announced a three-percent rise in annual profits to $5.7 billion despite severe disruption to flights owing to the war.

Business

Shell's Profit Beats Expectations at $6.9 Billion

(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
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Shell's Profit Beats Expectations at $6.9 Billion

(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)

Shell's first-quarter profit beat estimates and hit its highest in two years at $6.9 billion on Thursday, boosted by gains linked to the Middle East war, leading the company to raise the dividend by 5%.

At the same time, it slowed its quarterly share buyback program to $3 billion from $3.5 billion to help divert cash to its balance sheet as a short-term liquidity squeeze after war-related energy supply disruption increased its debt.

"It really reflects that confidence we have in the long term cash ⁠flows of the ⁠company," Shell's Chief Financial Officer Sinead Gorman said on a call with reporters of the dividend hike. She added she still felt Shell shares were undervalued.

Turning to the buybacks, she said she had reduced them to allocate cash to the balance sheet.

Shell's shares were down 2.2% in early trading, broadly in line with other oil majors' shares as ⁠benchmark global oil prices have retreated from peaks well above $100 a barrel, Reuters reported.

First-quarter adjusted earnings, Shell's definition of net profit, rose to $6.92 billion, beating an analyst consensus of $6.36 billion in a company-provided poll and up from $5.58 billion a year earlier.

Profits at its chemicals and products unit, which includes refining and its oil trading desk, were $1.93 billion, beating expectations of $1.24 billion and up from $0.45 billion last year.

This echoes big oil trading profits at its European peers BP and TotalEnergies that also take speculative bets on moving prices in contrast with their more cautious US rivals.

Shell's oil and gas output fell 4% compared with the previous quarter, mainly due ⁠to outages in ⁠Qatar where part of its Pearl gas-to-liquids plant was damaged in the Middle Eastern conflict that began at the end of February. Full repairs might take about a year, Shell has said.

Shell's gearing, or debt to equity ratio including leases, rose to 23.2% from 20.7% at end-2025. Shell had flagged higher debt due to managing war-related price and supply disruptions and volatility.

Gorman told reporters she was very happy with Shell's balance sheet.

Its cash flow from operating activities at $6.1 billion was hit by large swings in inventory values, pushing working capital - a liquidity measure of current assets minus liabilities - to minus $11.2 billion.

Shell expects working capital movements to reverse over time provided oil and gas prices ease.