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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

OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
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OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

OPEC expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on Thursday at the St. Petersburg International Economic Forum, despite the Middle East conflict and closure of the ⁠Strait of Hormuz.

"Despite ⁠all the commentary out there that oil demand is declining, we have not registered signs of that yet," ⁠Reuters quoted Al Ghais as saying.

"We still see robust demand growth at 1.2 million barrels a day for this year," he said.

He also said that investments in the oil industry should not be affected by "one-off events" that happen ⁠anywhere ⁠in the world.

"We need to invest well ahead of time to be prepared for the demand that we see in the future," he said.

Business

Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt aims to list four to five state-owned companies on the Cairo stock exchange before the end of the year as part of its state asset sales strategy, Prime Minister Mostafa Madbouly said on Thursday.

The government also plans to shift from in-kind subsidies to cash subsidies during the coming financial year, as part of efforts to improve the targeting of social support, Madbouly said at a press conference, Reuters reported.

It does not aim to reduce the monetary value of subsidies but rather ensure they reach those entitled to receive them, he added.

More than 60 million people receive subsidised essential commodities through state-run outlets, while at least 10 million others benefit from subsidised bread.

Business

St. Petersburg Forum Brings Together Energy Leaders to Discuss Hormuz Security, Future of Global Markets

Venue of the St. Petersburg International Economic Forum (the Forum)
Venue of the St. Petersburg International Economic Forum (the Forum)
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St. Petersburg Forum Brings Together Energy Leaders to Discuss Hormuz Security, Future of Global Markets

Venue of the St. Petersburg International Economic Forum (the Forum)
Venue of the St. Petersburg International Economic Forum (the Forum)

Global energy markets will turn their attention on Friday to the St. Petersburg International Economic Forum, where a high-level panel discussion titled “Global Energy Systems: How Is the World’s Energy Sector Responding to Challenges and Risks?” will take place.

The 29th edition of the forum, being held this year under the theme “Shared Values: The Foundation of Growth in a Multipolar World,” opened on Wednesday. Saudi Arabia is participating as the forum’s principal guest of honor as the two countries mark 100 years of diplomatic relations.

Saudi government entities, national institutions and leading companies are taking part in the forum, including the ministries of energy, industry, transport, environment and investment, with the aim of strengthening cooperation and showcasing the goals and achievements of Vision 2030 in economic diversification and attracting high-quality investment.

The St. Petersburg International Economic Forum, established in 1997, is Russia’s leading economic conference and attracts more than 10,000 participants annually.

The energy session carries exceptional significance given its timing, coming after five months of escalating disruptions to supply routes and rising oil prices. It also falls within the main theme of the forum’s 2026 edition, “The Global Economy: Between Confrontation and Cooperation.”

The session will bring together senior decision-makers from across the global energy industry, led by Saudi Energy Minister Prince Abdulaziz bin Salman, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais, Russian Deputy Prime Minister Alexander Novak, and Chief Executive Officer of the Russian Direct Investment Fund Kirill Dmitriev. Also participating are Egyptian Petroleum Minister Karim Badawi, Serbian Energy Minister Dubravka Djedovic, and Secretary General of the Gas Exporting Countries Forum Philip Mshelbila.

According to the session agenda, discussions will focus on a series of strategic questions arising from the new reality facing global energy markets. Foremost among them is the impact of the current Middle East conflict on global oil and gas markets, and what current and future measures could reduce reliance on transporting energy resources through the Strait of Hormuz amid security tensions that have caused tangible shifts in traditional maritime shipping routes.

The session will also examine the strategy that major oil and gas producers should adopt under these circumstances and how the economic impact of OPEC+ measures should be assessed.

Participants will discuss the strategies that major oil and gas producers should pursue amid a complex environment shaped by six years of overlapping crises, beginning with the COVID-19 pandemic, continuing through Western sanctions imposed on Moscow, and extending to current military conflicts and their direct impact on international trade and the global economy. Discussions will also include an assessment of the economic impact of OPEC+ decisions and consideration of the alliance’s future plans.

The strategic dialogue comes ahead of a crucial oil-policy marathon on Sunday, when a series of meetings will begin with the OPEC’s conference, followed by the 66th meeting of the Joint Ministerial Monitoring Committee, which oversees compliance levels, coordination and current compensation plans for countries that previously exceeded their production quotas. The 41st ministerial meeting of OPEC and OPEC+ will also be held.

Sources familiar with the oil sector said OPEC+ is likely to approve an additional gradual increase in its production targets for July, in a move aimed at demonstrating the group’s ability to return to a “normal production path.”

The alliance has already increased production quotas by about 600,000 barrels per day between April and June.