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Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
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Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, met on Monday with Prime Minister of India Narendra Modi at the Hyderabad House in New Delhi to discuss ties and cooperation in various fields, and to review regional and international topics of common interest.

At the Saudi-Indian Strategic Partnership Council that he later attended, Crown Prince Mohammed thanked the president for the warm welcome, highlighting the long-standing relationships India has with the Arab world, particularly with Saudi Arabia, and the cooperation that helps the two sides build a brighter future.

"There has been no dispute throughout this relationship's history, but certainly, there is cooperation to build the future for our countries and create opportunities," he said, hoping that the items and promising targets on the agenda of the Council will be brought to fruition through collaboration in all sectors.

The Crown Prince praised the Indian government for "managing the G20 file", and the initiatives adopted by the G20, "including the establishment of the economic corridor connecting India, the Middle East and Europe", many of which "have become a reality through our hard work and dedication".

He also commended the Indian community, which constitutes 7% of the population of Saudi Arabia, for its significant contribution to the economic growth of the Kingdom, saying that "we consider them a part of us. Through this council, we hope to meet the aspirations of our peoples."

For his part, Modi said he is looking forward to strengthening the partnership with Saudi Arabia in various fields.

Taking part in the Strategic Partnership Council's meeting were Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, Minister of State, member of Cabinet, and National Security Adviser Dr. Musaed bin Mohammed Al-Aiban, and Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi.

The meeting also included Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley, Minister of Investment Eng. Khalid Al-Falih, Minister of Finance Mohammed Al-Jadaan, Minister of Communications and Information Technology Eng. Abdullah Al-Swaha, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, Advisor at the Royal Court Muhammad bin Mazyad Al-Tuwaijri, the Crown Prince's Secretary Dr. Bandar bin Obaid Al-Rasheed, and Saudi Ambassador to India Saleh bin Eid Al-Hussaini.

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King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA
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King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA

King Salman International Airport (KSIA), a PIF company, has commenced construction works on the third runway, marking a strategic step that reflects continued progress in airfield development and enhances the airport’s operational readiness to support long-term growth in air traffic demand.

The third runway forms a key component of the KSIA Master Plan and represents a major milestone in the airport’s expansion journey.
According to a press release issued by the KSIA, the project is being delivered in collaboration with FCC Construcción SA and Al-Mabani General Contractors Company and has been designed in alignment with Riyadh’s prevailing wind patterns to ensure safe and efficient aircraft operations under all operating conditions, SPA reported.

The current operational capacity stands at 65 aircraft movements per hour. With the implementation of operational enhancements and the introduction of the third runway, capacity is expected to increase to 85 aircraft movements per hour, contributing to improved operational efficiency and supporting long-term growth.

The third runway incorporates multiple access taxiways to ensure smooth aircraft flow and will span 4,200 meters in length.

Acting CEO of KSIA Marco Mejia said: “Launching construction of the third runway marks a pivotal step in delivering the KSIA Master Plan and reflects our commitment to developing world-class infrastructure capable of supporting future growth, enhancing operational efficiency, and expanding long-haul connectivity without constraints.”

King Salman International Airport is a strategic and transformative national project that reflects the Kingdom’s ambition to position Riyadh as a global capital and a leading aviation hub. The project was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of King Salman International Airport, underscoring its national significance and its role in advancing the objectives of Saudi Vision 2030.

Located on the existing site of King Khalid International Airport in Riyadh, the airport will incorporate the King Khalid terminals, in addition to three new terminals, residential and leisure assets, six runways, and logistics facilities. Spanning 57 square kilometers, it is designed to accommodate 100 million passengers annually and handle over two million tons of cargo by 2030.

This phase of construction contributes to strengthening King Salman International Airport’s international flight network across multiple global destinations, reinforcing Riyadh’s position as an internationally connected aviation gateway and supporting national development objectives within the air transport sector.

Business

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks
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Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

The Saudi Ports Authority (Mawani) signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SAR500 million on an area of 49,000 square meters.

The project will contribute to enhancing operational efficiency and increasing handling capacity in line with the objectives of the National Transport and Logistics Strategy to consolidate the Kingdom’s position as a global logistics hub, SPA reported.

This step is part of Mawani’s efforts to strengthen the role of the private sector in supporting the gross domestic product and to reinforce the position of Jubail Commercial Port as a driver of commercial activity. The project’s storage capacity will reach 70,000 cubic tons, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.

The project aims to develop and expand storage capacity and the export of chemical and petrochemical materials in accordance with the highest international standards while supporting supply chains. It includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international import and export of chemicals in line with global quality and safety standards.

The project will contribute to supporting national supply chains, boosting the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness. It also supports the achievement of Saudi Vision 2030 objectives by promoting the development of infrastructure to advance the energy, industry, and supply chain sectors in the Kingdom.

Business

Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
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Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

Oil prices were little changed on Tuesday as investors took stock of ​dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen, Reuters reported.

Brent crude futures for February delivery, which expire on Tuesday, were up 15 cents at $62.09 a barrel as of 0918 GMT. The more active March contract was at $61.61, up 12 cents.

US West Texas Intermediate ‌crude gained 14 ‌cents to $58.22.

The Brent and ‌WTI ⁠benchmarks ​settled ‌more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin's residence, denting hopes of a peace deal.

Kyiv dismissed Moscow's accusation as baseless and designed to undermine peace negotiations. After a phone call ⁠with Putin, US President Donald Trump said he was angered by details ‌of the alleged attack.

"I think the ‍markets are sensing that ‍a deal is going to be very hard ‍to come by," said Marex analyst Ed Meir.

Traders also watched other Middle East developments after Trump said the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say.

Marex's Meir said prices would trend downwards in the first quarter of 2026 due to ‌a "growing oil glut".