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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)
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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.

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Business

Standard Chartered CEO Seeks to Reassure Staff over AI-linked Job Cuts

FILED - 11 January 2012, China, Hong Kong: FILE PHOTO - A general view of the facade of Standard Chartered Bank branch in Hong Kong. Photo: Jens Kalaene/dpa-Zentralbild/dpa
FILED - 11 January 2012, China, Hong Kong: FILE PHOTO - A general view of the facade of Standard Chartered Bank branch in Hong Kong. Photo: Jens Kalaene/dpa-Zentralbild/dpa
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Standard Chartered CEO Seeks to Reassure Staff over AI-linked Job Cuts

FILED - 11 January 2012, China, Hong Kong: FILE PHOTO - A general view of the facade of Standard Chartered Bank branch in Hong Kong. Photo: Jens Kalaene/dpa-Zentralbild/dpa
FILED - 11 January 2012, China, Hong Kong: FILE PHOTO - A general view of the facade of Standard Chartered Bank branch in Hong Kong. Photo: Jens Kalaene/dpa-Zentralbild/dpa

Standard Chartered CEO Bill Winters sought to assuage staff concerns on Wednesday, a day after saying that the bank will cut thousands of jobs over the next four years as it moves to replace "lower-value human capital" with technology.

"Many of you will have seen media coverage following the Investor Event in Hong Kong, particularly the reporting around automation, AI, and workforce changes," Winters said in a memo to the bank's ⁠staff reviewed by ⁠Reuters.

"I know this may be unsettling when reduced to simple headlines or a quote out of context," he said.

A spokesperson for the bank confirmed the memo's content.

StanChart said on Tuesday it would cut 15% of ⁠its corporate function roles by 2030, which, according to a Reuters calculation, would result in nearly 8,000 redundancies out of its more than 52,000 staff in such roles.

The bank cited AI as a driver to slim its operations in its quest to increase profitability and tackle competition.

"It's not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital ⁠and ⁠the investment capital we're putting in," Winters said on Tuesday.

In his memo to staff on Wednesday, Winters said the bank had been open that its workforce will evolve.

"Some roles will reduce in number, some will change, and new opportunities will emerge. We will continue to prioritize investment in reskilling and redeployment wherever we can," he said.

"Where changes do happen, we will handle them with thought and care," he added.

Business

Ukraine Ally Britain Eases Sanctions on Russian Oil as Fuel Prices Surge Over Iran Conflict

A seized suspected Russian oil taker by the French navy is photographed in the Mediterranean Sea in Fos-sur-Mer, southern France, on Jan. 26, 2026. (AP)
A seized suspected Russian oil taker by the French navy is photographed in the Mediterranean Sea in Fos-sur-Mer, southern France, on Jan. 26, 2026. (AP)
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Ukraine Ally Britain Eases Sanctions on Russian Oil as Fuel Prices Surge Over Iran Conflict

A seized suspected Russian oil taker by the French navy is photographed in the Mediterranean Sea in Fos-sur-Mer, southern France, on Jan. 26, 2026. (AP)
A seized suspected Russian oil taker by the French navy is photographed in the Mediterranean Sea in Fos-sur-Mer, southern France, on Jan. 26, 2026. (AP)

The UK government has quietly watered down sanctions on Russian oil in an effort to shelter Britons from the cost-of-living squeeze triggered by the closure of the Strait of Hormuz.

A trade license that came into effect Wednesday permits the import of Russian oil that has been refined into jet fuel and diesel in third countries, such as India and Türkiye.

The US-Israeli war on Iran and Iran's closure of the strait, through which about a fifth of the world's oil usually passes, has sent fuel prices soaring around the world and sparked concerns about a shortage of jet fuel.

UK Treasury minister Dan Tomlinson said the changes are “for a time limited period and on a very specific issue.”

Britain has been one of Ukraine's strongest allies since Russia's full-scale invasion in 2022, and the government insist its sanctions against Russia remain among the toughest in the world.

But lawmaker Emily Thornberry, who chairs Parliament’s Foreign Affairs Committee, said Ukrainians would “feel very let down” by the move. She said Ukraine’s allies should keep squeezing Russia’s oil industry, because it “is absolutely crippling their economy.”

The US has also eased Russian sanctions. Earlier this week, Treasury Secretary Scott Bessent extended a 30-day sanctions waiver allowing the purchase of Russian oil shipments already at sea.

On Tuesday, finance ministers from the US, Britain and the other Group of Seven wealthy nations issued a joint statement reaffirming “our unwavering commitment to continue to impose severe costs on Russia in response to its continued aggression against Ukraine.”

Business

QatarEnergy Buys Stakes in Uruguay Offshore Blocks from Shell Subsidiary

3D-printed oil pump jacks and the QatarEnergy logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration
3D-printed oil pump jacks and the QatarEnergy logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration
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QatarEnergy Buys Stakes in Uruguay Offshore Blocks from Shell Subsidiary

3D-printed oil pump jacks and the QatarEnergy logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration
3D-printed oil pump jacks and the QatarEnergy logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration

QatarEnergy has acquired interests in three offshore exploration blocks in Uruguay from a subsidiary of Shell, marking its first entry into the South American country's upstream energy sector, the state-owned company said on Wednesday without disclosing financial details.

The Qatari energy giant's South American exploration expansion also strengthens its strategic alliance with Shell, one of its key partners in energy projects within Qatar and elsewhere.

The company, the world's largest single LNG producer before the US-Israeli war on ⁠Iran forced production ⁠halts and resulted in damage to some facilities, has been building up an upstream portfolio over several years, including interests in Brazil, Cyprus, Egypt and elsewhere.

Under the agreements, QatarEnergy took 30% stakes in block OFF-2 and block OFF-7, where Shell ⁠is the operator and holds 70% and 40% respectively. QatarEnergy also acquired an 18% interest in block OFF-4.

APA Corporation operates block OFF-4, in which it holds a 50% stake and Shell holds 32%. In block OFF-7, Chevron holds the remaining 30% interest, QatarEnergy said.

"We are pleased to strengthen our relations with our strategic partner Shell through these agreements, which mark our first entry into Uruguay’s ⁠upstream sector," ⁠Reuters quoted QatarEnergy CEO Saad Sherida Al-Kaabi as saying in the statement.

The three blocks are located off Uruguay’s Atlantic coast in water depths ranging from 40 to 4,000 meters. They cover areas of between 11,155 and 18,227 sq km, the company said.

No commercial oil and gas discoveries have yet been struck in Uruguay, but companies hope to replicate the massive recent discoveries made in Namibia, on the direct opposite side of the Atlantic, because of their shared geological history.