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New Saudi Initiative Supports Exporters, Stimulates Economic Sustainability in South

The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)
The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)
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New Saudi Initiative Supports Exporters, Stimulates Economic Sustainability in South

The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)
The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops. (Photo: SAL)

In line with the ongoing efforts towards strengthening and sustaining the local economy and expanding trade exchange in the region, the Cluster 2 Company announced a new initiative aimed at supporting farmers and exporters in Jazan, south of the Kingdom.

Jazan is considered one of the most important agricultural regions in the Kingdom, thanks to its arable soil and groundwater. The city is also home to basic and transformational industries, and an ideal center for the growth of business and manufacturing industries.

The Cluster 2 Company, in cooperation with the Saudi SAL Logistics Services Company and Saudia Cargo, announced on Tuesday the launch of the initiative that aims to encourage and increase Saudi Arabia’s exports of agricultural crops, and to support farmers and exporters in the region, specifically during the current 2024 mango season.

In remarks to Asharq Al-Awsat, Logistics specialist Nashmi Al-Harbi pointed to the importance of this initiative, in terms of reducing export fees, which in turn will help increase the export volume and expand the access of national products to local and international markets.

He added that Jazan City for Basic and Transformative Industries represents a qualitative leap in terms of economic development in the southern region.

Al-Harbi noted that the new initiative was consistent with the objectives of the National Strategy for Transport and Logistics Services, both in improving goods and shipping services, as well as advancing the Kingdom’s ranking on logistics services performance indicators and ensuring its leadership regionally.

Jazan is known for seven important sectors, including agriculture in greenhouses, sustainable evergreen and deciduous fruit trees, the manufacture of agricultural products and their accessories, as well as crops, services, agricultural equipment, natural plants, flowers and roses, and vertical agriculture.

As the Jazan region is a major home to the world’s most famous Arabica coffee, the Public Investment Fund (PIF) announced in May 2022 the launch of the Saudi Coffee Company, with the aim of supporting the local coffee and elevating it to global ranks.

The Cluster 2 Company manages and operates 22 international, tourist and domestic airports in the Kingdom, by applying the best experiences, engaging the private sector, attracting local and international investments to enhance the customer experience, as well as improving sustainable infrastructure, and providing valuable benefits for beneficiaries.

SAL is a national facility specialized in providing ground handling services for air cargo and logistical solutions in the Kingdom. It handles 95 percent of the volume of air shipments at airports, making it a major driver in the development of this sector, according to Vision 2030.

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Business

EU Nations to Hold Emergency Meeting on Soaring Diesel Prices amid US Pressure

FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)
FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)
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EU Nations to Hold Emergency Meeting on Soaring Diesel Prices amid US Pressure

FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)
FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)

EU nations will meet Friday, aiming to develop a unified response to soaring diesel prices, a day after the US called on its European allies to release strategic reserves "immediately" to stem the crisis.

The emergency meeting between EU member states and the European Commission is scheduled for early in the day, a Commission spokesperson said late Thursday.

Washington is piling on pressure to get European help with fuel costs, with US President Donald Trump on Wednesday floating the possibility of banning diesel exports, said AFP.

EU trade chief Maros Sefcovic told reporters Thursday on the sidelines of the G20 trade ministers gathering in Milwaukee that any move by the US to ban diesel exports would be "unexpected for Europeans."

"It would have very dramatic consequences for our economic performance," Sefcovic said of any potential diesel export ban.

Sefcovic told reporters that he did not go into details with US Trade Representative Jamieson Greer on energy exports at the meeting, but the transatlantic partners "decided to stay in close touch to avoid any surprises here."

- 'Ongoing disruptions' -

Reports said the Trump administration wants France and Germany in particular to tap their stockpiles of diesel to try to curb prices sent soaring by the US war on Iran.

"Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions," US Treasury Secretary Scott Bessent said in a post on social media.

High energy costs loom as a threat to Trump's Republican party in next month's midterm elections.

"It is in Europe's best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers," a US official told AFP.

At G20 trade talks in Milwaukee, Greer struck a conciliatory tone, saying there was an "eagerness on both sides to work together" on the diesel issue.

And Trump told reporters in Texas on Thursday that he "may" ask European countries to release diesel reserves.

- 'Balanced solutions' -

France's minister delegate for international trade, Nicolas Forissier, told AFP in Milwaukee: "I can't imagine that there will be a ban."

He stressed the importance of diesel to the United States and European countries, adding both sides will "try to find solutions."

"In France, we'll try to find balanced solutions all over the world," Forissier added. "If not with the Americans, it will be with other countries."

Trump on Wednesday said he was still considering a possible ban on US diesel exports, while adding that he thought it could ultimately cause gasoline prices to rise.

"I'm thinking about it," Trump told reporters in the Oval Office.

Speaking alongside Trump, US Energy Secretary Chris Wright said Wednesday that the world would "hear announcements from our friends in Europe" to push diesel prices down.

Asked about a release from strategic reserves, the French presidency said no such demand had been made when Emmanuel Macron and Trump met on the sidelines of the UN General Assembly last week.

Macron would also soon convene a video meeting of G7 leaders "to make progress on the various levers that can be used to address the rising fuel prices... including coordination on releasing reserves."

Macron announced on September 18 a plan for such a meeting. The G7 gathering is expected in mid-October, according to Macron's press office.

Average US diesel prices have surged more than 70 percent to $6.39 a gallon since the start of the Iran war, according to AAA motor club data.

Fuel prices have caused living costs to soar, leaving Trump's Republican Party fearing it could lose control of Congress in November's midterm elections.

Business

IMF Says Lebanon Needs Key Reforms for Program

People walk along the Corniche Al-Manara seafront promenade on the coast of the Mediterranean Sea as the sun sets in Beirut, Lebanon, 30 September 2026. (EPA)
People walk along the Corniche Al-Manara seafront promenade on the coast of the Mediterranean Sea as the sun sets in Beirut, Lebanon, 30 September 2026. (EPA)
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IMF Says Lebanon Needs Key Reforms for Program

People walk along the Corniche Al-Manara seafront promenade on the coast of the Mediterranean Sea as the sun sets in Beirut, Lebanon, 30 September 2026. (EPA)
People walk along the Corniche Al-Manara seafront promenade on the coast of the Mediterranean Sea as the sun sets in Beirut, Lebanon, 30 September 2026. (EPA)

Lebanon must push through a number of key economic and banking sector reforms to secure a new International Monetary Fund program, the Fund said on Thursday.

"It will require continued progress on key reforms, including the entry into force of the bank resolution ‌law, and appropriate ‌financial gap laws ‌consistent ⁠with international standards," IMF ⁠spokesperson Julie Kozack told reporters during a press conference.

She added a 2027 budget and medium-term fiscal framework that were "consistent with debt sustainability for the country" were also ⁠required.

Lebanon first signed a ‌preliminary agreement ‌with the IMF in April 2022, more ‌than two years after its ‌financial system imploded following decades of profligate spending and corruption in the ruling elite.

It recently passed a new ‌banking restructuring law which was welcomed by the IMF, but ⁠this ⁠week Lebanon's President Joseph Aoun quietly referred that law to the country’s constitutional council, triggering a review.

The move has sparked concerns among reformists in Lebanon that the country is backtracking on the key piece of legislation and potentially putting its IMF support hopes at risk.

Business

Riyadh Air Adds Two Flights to London Heathrow, Increases Service to Nine Weekly

Riyadh Air’s first two Dreamliners at King Khalid International Airport in Riyadh, June 5, 2026. (SPA)
Riyadh Air’s first two Dreamliners at King Khalid International Airport in Riyadh, June 5, 2026. (SPA)
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Riyadh Air Adds Two Flights to London Heathrow, Increases Service to Nine Weekly

Riyadh Air’s first two Dreamliners at King Khalid International Airport in Riyadh, June 5, 2026. (SPA)
Riyadh Air’s first two Dreamliners at King Khalid International Airport in Riyadh, June 5, 2026. (SPA)

Riyadh Air, Saudi Arabia’s national carrier, announced on Thursday that it will operate two additional flights between Riyadh and London Heathrow, expanding its service between the two cities to nine times weekly from the current daily service.

Following its successful launch to London Heathrow on June 10, the airline now flies eight aircraft to 14 destinations across Europe, the Middle East, and Asia and aims to be on sale to almost 30 destinations by the end of 2026.

Riyadh Air CEO Tony Douglas said: “Since launching our London service four months ago, we have continued to build our presence in the UK by launching flights to Manchester and now increasing two additional roundtrip flights to Heathrow.”

“The additional flights help us meet the growing demand on this important route while giving guests more choice and flexibility while strengthening the connection between Riyadh and London,” he added.

The additional return services are planned for Monday and Wednesday, with a daytime flight from Riyadh to London followed by an overnight departure to Riyadh and are scheduled to begin on November 2.

The expanded schedule will give guests more options for travel between the two cities, including business trips, short breaks and extended weekends.