Hamdan bin Mohammed Attends MoU Signing for Dubai Loop Project

The MoU was signed during the 2025 World Governments Summit (WGS). WAM
The MoU was signed during the 2025 World Governments Summit (WGS). WAM
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Hamdan bin Mohammed Attends MoU Signing for Dubai Loop Project

The MoU was signed during the 2025 World Governments Summit (WGS). WAM
The MoU was signed during the 2025 World Governments Summit (WGS). WAM

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, and Chairman of The Executive Council of Dubai, witnessed the signing of a Memorandum of Understanding (MoU) between Dubai’s Roads and Transport Authority (RTA) and US-based firm The Boring Company to study the implementation of the “Dubai Loop” tunnel project.

The proposed 17-kilometer tunnel, featuring 11 stations, is designed to transport over 20,000 passengers per hour. It is part of a long-term plan to construct a citywide loop transportation network.

Signed during the 2025 World Governments Summit (WGS), the MoU aims to strengthen the partnership between both parties in tunnel excavation and construction.

The MoU was signed by Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of RTA; and John Hering, Lead Investor and Senior Advisor to The Boring Company, in the presence of senior officials from both sides.

The MoU “aims to implement cutting-edge technologies, foster innovative transport solutions, and create a dynamic ecosystem for the advancement of transportation technologies,” said Al Tayer.

“The agreement facilitates knowledge and expertise exchange to develop transportation systems tailored to the city’s evolving needs,” he stated.

He added that the technology used in the system offers rapid execution, lower costs than conventional tunneling methods, and minimal impact on existing infrastructure and road networks.

The MoU, Al Tayer noted, involves conducting studies and exchanging information on the specifications and standards required by the RTA for innovative transport systems, as well as insights into current and future trends in the mobility market. It also focuses on gathering data on system developments, pilot routes, and applied safety standards.
Hering highlighted the advantages of the loop system. “The Boring Company aims to transform the transportation sector by constructing safe, fast, and cost-efficient tunnels for passenger transit, utilities, and freight.”

He noted that the loop system incorporates innovative and sustainable technologies. “The loop system offers rapid connectivity solutions, enhancing passenger mobility and reducing travel time thanks to the speed and seamless flow of tunnel transportation.”

Hering added: “The company adopts a fully integrated vertical approach to streamline operations and reduce costs. It designs and manufactures its own Tunnel Boring Machines (TBMs), engineers tunnel structures and stations, operates tunnel excavation machinery, and manages the underground loop transportation system.”



Saudi Index Extends Gains

An investor monitors the Saudi stocks (AFP)
An investor monitors the Saudi stocks (AFP)
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Saudi Index Extends Gains

An investor monitors the Saudi stocks (AFP)
An investor monitors the Saudi stocks (AFP)

Most Gulf stock markets rose in early trade on Sunday, with the Saudi index extending gains to a fifth session.

Saudi Arabia's benchmark index .TASI climbed 2%, with all of its constituents posting gains, led by energy and materials stocks.

Saudi Aramco advanced 4% and Yanbu National Petrochemical surged 10%.

The Qatari benchmark .QSI rose 0.1%, with Mesaieed Petrochemical Holding gaining 5.3% and telecommunications company Ooredoo adding 2.1%.

In Muscat, ⁠the ⁠share index .MSX30 was up 1.4% and Bahrain's index .BAX edged up 0.2%.

Kuwait's index .BKP eased 0.5%, with most stocks in negative territory.

Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure, adding to earlier oil and gas reductions from Iraq and Qatar as the US-Iran war blocked shipments from the Middle East for the eighth consecutive day.


Kuwait Makes Precautionary Cut in Oil Production

The Kuwait Petroleum Corporation (X)
The Kuwait Petroleum Corporation (X)
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Kuwait Makes Precautionary Cut in Oil Production

The Kuwait Petroleum Corporation (X)
The Kuwait Petroleum Corporation (X)

The Kuwait Petroleum Corporation (KPC) said on Saturday it has implemented a precautionary reduction in crude oil production and refining throughput as part of its risk management and business continuity strategy.

The decision came “in light of the ongoing aggression by Iran against the State of Kuwait, including Iranian threats against safe passage of ships through the Strait of Hormuz,” KPC said in a statement.

KPC affirmed the adjustment is strictly precautionary and will be reviewed as the situation develops.

“The corporation remains fully prepared to restore production levels once conditions allow. KPC stresses that all domestic market needs remain fully secured in accordance with established plans,” the statement said.

It added that KPC remains committed to prioritizing employee safety, safeguarding Kuwait's national assets, and promoting stability within global energy markets.

The statement said further updates will be provided as appropriate.

On Friday, West Texas Intermediate (WTI) crude futures climbed more than 10%, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective closure of the Strait of Hormuz amid the expanding US-Israeli conflict with Iran.

Brent crude futures were up $5.42, or 6.35%, at $90.83 a barrel, while WTI was up $7.81, or 9.81%, at $89 a barrel.

Kuwait’s reduction in crude oil production will put pressure on crude prices, which analysts said could hit $100 per barrel as the security situation in the Middle East spirals.

Qatar Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Friday that his country expects all Gulf energy producers to shut down exports within weeks if the Iran conflict continues and drives oil to $150 a barrel.

Qatar halted its production of liquefied natural gas on Monday, as Iran continued to strike Gulf countries in retaliation for Israeli and US attacks.

Oil supply equal to about 20% of world demand usually passes through the Strait of Hormuz each day. With the Strait now effectively closed for seven days, that means about 140 million barrels of oil — equal to about 1.4 days of global demand — has been unable to reach the market.


Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port
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Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) announced the addition of Hapag-Lloyd’s SE4 shipping service to Jeddah Islamic Port, a move designed to bolster the Kingdom's maritime competitiveness and global trade connectivity, reported the Saudi Press Agency on Saturday.

This new route links Jeddah to major international hubs, including Tianjin Xingang, Qingdao, Ningbo, and Shanghai in China, as well as Busan in Korea and Tanjung Pelepas in Malaysia.

Boasting a capacity of up to 17,000 TEUs, the service aligns with the National Transport and Logistics Strategy to establish Saudi Arabia as a leading global logistics hub connecting three continents.

Jeddah Islamic Port continues to expand its operational footprint, utilizing its 62 multi-purpose berths and specialized terminals to support a total handling capacity of 130 million tons.