Riyadh Begins Implementation of $2.1 Billion Road Development Projects

The Royal Commission for Riyadh City has begun implementing the second phase of its Ring and Main Road Development Program (Asharq Al-Awsat)
The Royal Commission for Riyadh City has begun implementing the second phase of its Ring and Main Road Development Program (Asharq Al-Awsat)
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Riyadh Begins Implementation of $2.1 Billion Road Development Projects

The Royal Commission for Riyadh City has begun implementing the second phase of its Ring and Main Road Development Program (Asharq Al-Awsat)
The Royal Commission for Riyadh City has begun implementing the second phase of its Ring and Main Road Development Program (Asharq Al-Awsat)

As part of efforts to enhance Riyadh’s transportation network, improve connectivity, and position the city as a leading hub for sustainable transport and logistics in the Middle East, the Royal Commission for Riyadh City has begun implementing the second phase of its Ring and Main Road Development Program. This phase includes eight major projects with a total investment exceeding SAR 8 billion ($2.1 billion).

The initiative follows the program launched by Crown Prince Mohammed bin Salman in February 2020, aiming to elevate Riyadh’s transportation infrastructure and reinforce its status as one of the world’s major metropolitan centers, aligning with the Vision 2030 objectives.

The second phase includes several key projects. The Prince Turki bin Abdulaziz I Road (Northern Section) project spans over 6 km and includes two major intersections, three bridges, and a tunnel, increasing road capacity to 200,000 vehicles per day.

The Thumama Road (Central Section) project covers 10 km, developing five major intersections and constructing 11 bridges and five tunnels, enhancing traffic flow for 200,000 vehicles daily.

The Imam Abdullah bin Saud Road upgrade extends 9 km, involving four major intersections, three bridges, and two tunnels, increasing road capacity to 200,000 vehicles per day.

The Dirab Road development spans 9 km, featuring two major intersections and nine bridges, boosting traffic capacity to 340,000 vehicles daily.

Additionally, the Imam Muslim Road project, covering 12 km, includes four major intersections and four bridges, expanding capacity to 200,000 vehicles per day, with plans to serve as a future extension of Prince Turki bin Abdulaziz I Road in the south. The road network surrounding the King Abdullah Financial District (KAFD) will be enhanced through a 20-km project that features three major intersections and 19 bridges, improving access to the financial hub.

The King Salman Road and Abu Bakr Al-Siddiq Road Intersection Bridge will streamline traffic flow from King Salman Road (east) to Abu Bakr Al-Siddiq Road (north), enhancing overall traffic efficiency. Furthermore, the Traffic Engineering Improvements (Phase 1) initiative will address congestion hotspots by implementing targeted upgrades to high-traffic areas during peak hours.

To minimize disruptions during construction, the Royal Commission for Riyadh City has devised a comprehensive traffic management plan in coordination with relevant authorities. The program is designed to accommodate Riyadh’s growing population, improve mobility, reduce travel times, and enhance road connectivity across the city. The second phase is expected to take three years to complete. This follows the first phase, launched in August 2024, which included four major projects worth SAR 13 billion ($3.5 billion). Additional phases will be announced in the coming period.



Oil Heads for Second Weekly Loss on Lingering Oversupply Concerns

Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
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Oil Heads for Second Weekly Loss on Lingering Oversupply Concerns

Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra

Oil prices rose on Friday but remained on track for a second consecutive weekly loss after three days of declines on worries about excess supply and slowing US demand.

Brent crude futures rose 50 cents, or 0.8%, to $63.88 a barrel by 1243 GMT. US West Texas Intermediate crude was up 51 cents, or 0.9%, at $59.94.

Both benchmarks are poised to register weekly declines of more than 1.5% as leading global producers raise output.

"The market continues to weigh a rising oil surplus against mixed macro," said SEB analyst Ole Hvalbye, Reuters reported.

An unexpected US inventory build of 5.2 million barrels reignited oversupply fears this week, said IG Markets analyst Tony Sycamore.

US crude stocks rose more than expected on higher imports and reduced refining activity while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.

Concern over the effects of the longest government shutdown in US history also pressured oil prices.

The Trump administration has ordered flight reductions at major airports because of a shortage of air traffic controllers while private reports are pointing to a weaker US labor market in October.

The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Sunday to increase output slightly in December. However, the group also paused further increases for the first quarter of next year, wary of a supply glut.

European and US sanctions on Russia and Iran, meanwhile, are disrupting supplies to the world's largest importers, China and India, providing some support for global markets.

China's crude imports in October rose 2.3% from September and were up 8.2% from a year earlier at 48.36 million tons, customs data showed, against a backdrop of high utilisation rates at refineries in the world's largest oil importer.

"China kept importing elevated amounts of crude in October," UBS analyst Giovanni Staunovo said. "That move keeps those barrels away from the OECD, where inventories remain low."

Swiss commodities trader Gunvor said on Thursday that it had withdrawn its proposal to buy the foreign assets of Russian energy company Lukoil after the US Treasury called it Russia's "puppet" and signalled that Washington opposed the deal.

"Gunvor scrapping its Lukoil assets purchase suggests the US is maintaining its maximum pressure campaign against Russia, and potential strict enforcement of sanctions on Rosneft and Lukoil," said Vandana Hari at oil market analysis provider Vanda Insights.


China Announces 1-year Suspension of Expanded Rare Earth Export Controls

A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
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China Announces 1-year Suspension of Expanded Rare Earth Export Controls

A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)

China suspended an array of export control measures it imposed on October 9, including expanded curbs on some rare earths materials and equipment, as well as lithium battery materials and super-hard materials, the Commerce Ministry said in a statement on Friday.

The suspensions were effective immediately and would apply through November 10, 2026, the ministry said.

The announcement confirmed and formalized an agreement reached after US President Donald Trump and Chinese President Xi Jinping hammered out a trade truce last month.

The White House and China's Commerce Ministry had both said such an announcement was forthcoming.


FAO: World Food Prices Fall for 2nd Consecutive Month in October

People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025.  REUTERS/Mark Makela
People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela
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FAO: World Food Prices Fall for 2nd Consecutive Month in October

People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025.  REUTERS/Mark Makela
People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela

World food commodity prices fell for a second consecutive month in October, driven largely by ample global supplies, the United Nations' Food and Agriculture Organization (FAO) said on Friday.

The FAO Food Price Index, which tracks a basket of globally traded food commodities, averaged 126.4 points in October, down from a revised 128.5 in September.

The index was down slightly compared to its October 2024 level and stood 21.1% below its March 2022 peak.

In a separate report, FAO forecast 2025 world cereal production at a record 2.990 billion metric tons, after projecting 2.971 billion tons last month.

The latest outlook was up 4.4% from 2024 output.