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ARDARA Unveils Details of First Lifestyle Community at AlWadi in Saudi Arabia 

The new community is a key milestone in ARDARA’s mission to develop integrated residential and tourism destinations that boosts the Aseer Region’s prominence on the national development landscape. (SPA)
The new community is a key milestone in ARDARA’s mission to develop integrated residential and tourism destinations that boosts the Aseer Region’s prominence on the national development landscape. (SPA)
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ARDARA Unveils Details of First Lifestyle Community at AlWadi in Saudi Arabia 

The new community is a key milestone in ARDARA’s mission to develop integrated residential and tourism destinations that boosts the Aseer Region’s prominence on the national development landscape. (SPA)
The new community is a key milestone in ARDARA’s mission to develop integrated residential and tourism destinations that boosts the Aseer Region’s prominence on the national development landscape. (SPA)

Aseer Region Governor and ARDARA Chairman Prince Turki bin Talal bin Abdulaziz officially announced on Tuesday the launch of the first modern lifestyle community at AlWadi. The announcement was made at the second Aseer Investment Forum in Abha.

The new community is a key milestone in ARDARA’s mission to develop integrated residential and tourism destinations that boosts the Aseer Region’s prominence on the national development landscape. The project underscores the dedication of ARDARA, which is wholly owned by the Public Investment Fund (PIF), to sustainable urban development and delivering a superior quality of life.

The current project phase includes a range of diverse facilities, including, a five-star hotel with approximately 180 rooms, a four-star hotel with around 245 rooms, 40 luxury branded apartments, 42 luxury branded villas, 62 exceptional apartments, premium retail space spanning 4,500 square meters, and public amenities including walking and cycling paths, and environmentally friendly mobility solutions.

In line with its commitment to world-class hospitality, ARDARA signed a letter of intent with Hilton to operate a Waldorf Astoria hotel within the destination.

Additionally, ARDARA signed a memorandum of understanding (MoU) with Sumou Holding to develop mixed-use urban communities combining residential, hospitality, and entertainment components in upcoming phases of AlWadi, in line with the National Tourism Strategy and grounded in principles of sustainability and smart development. With a potential value of SAR1 billion, the partnership aspires to achieve the highest standards of quality of life, meeting the needs of both residents and visitors.

In a strategic collaboration, ARDARA and SEDCO Capital signed an MoU to manage an investment fund worth SAR1 billion aimed at developing an urban project in Abha. The project will integrate residential, hospitality, and entertainment uses, as part of both parties' efforts to support economic and tourism development in the Aseer Region.

In addition, ARDARA signed an MoU with Southern Province Cement Company to promote sustainable practices in urban development. The agreement includes the supply of eco-friendly “green cement,” collaboration on greening initiatives and community activities, and the exchange of technical expertise, contributing to a lasting environmental and social impact that enhances the quality of construction and development across the region.

“The launch of our first lifestyle community in AlWadi presents a one-of-a-kind investment opportunity in Aseer, offering exclusive waterfront properties and a thriving community that embraces Saudi heritage and modern amenities,” said Managing Director of ARDARA Naif bin Saleh Al-Hamdan.

“Additionally, the significant strategic partnerships we signed today bring together innovation, sustainability, and investment value, aligning with the Public Investment Fund’s programs and the objectives of Saudi Vision 2030,” he stressed.

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Business

Gold Retreats as Oil Rises and Inflation Fears Grow

Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
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Gold Retreats as Oil Rises and Inflation Fears Grow

Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
Gold bangles on display at a jewelry shop in Varanasi, India (AFP)

Gold prices slipped on Wednesday as escalating tensions in the Middle East continued to stoke inflation concerns, reinforcing expectations of higher US interest rates.

Spot gold fell 0.7% to $4,027.49 per ounce by 0843 GMT. Prices rose over 2% to a session high of $4,100.19 per ounce on Tuesday after soft US inflation data, Reuters reported.
US gold futures for August delivery slid 0.9% to $4,034.00.

Iran's Revolutionary Guard Corps threatened ⁠to close all possible ⁠export corridors benefiting Washington, after Tehran shut the Strait of Hormuz and the US reimposed a naval blockade of Iranian ports. Oil edged higher after closing at a one-month high on Tuesday.

"Higher US crude, gasoline and diesel prices will result in high inflation numbers in ⁠the next print in August, that could keep the tone of some Fed officials on the hawkish side, which is not helping gold," said UBS analyst Giovanni Staunovo.

"In the near-term oil and US gasoline prices will continue to influence gold, as it remains a key driver of US inflation," Staunovo added.

Higher interest rates tend to weigh on gold, as they increase the opportunity cost of holding the non-yielding asset.

Fed Chair Kevin Warsh told ⁠lawmakers ⁠on Tuesday the central bank had "no tolerance for persistently elevated inflation," hinting that the CPI data was not all swell.

Traders are pricing in about a 59% chance of a rate hike in September, according to the CME FedWatch Tool.

Investors now await the US Producer Price Index data due at 1230 GMT today for insights into inflation levels and the monetary policy outlook.

Among other metals, spot silver dipped 0.5% to $58.314 per ounce and platinum gained 0.2% to $1,634.36.

Palladium rose 0.8% to $1,315.05, after gaining 5% in the previous session.

Business

Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
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Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)

Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week, according to data and industry sources.

Shipments from Yanbu reached 4.7 million barrels per day around July 13, up from 3.36 million bpd around July 10 and broadly in line with 4.6 million bpd around July 2, ⁠according to Signal Ocean data.

Loadings have averaged above four million bpd since June, compared with 973,000 bpd around the same period 2025, the data showed.

Kpler data also show daily loadings averaging around four million barrels in recent weeks.

Saudi Arabia has relied increasingly on Yanbu to export crude amid disruptions to shipping through the Strait of Hormuz during the US-Iran conflict.

Business

BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
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BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)

BP expects its oil trading result to be slightly higher in the second quarter after an exceptionally strong first quarter, as it continues to profit from a surge in oil prices caused by the Iran war.

The British major flagged higher oil realizations said stronger prices were expected to add a $1.8 billion to $2.1 billion boost to earnings in its oil production and operations business compared with the first quarter.

In its gas and low carbon energy segment, realizations are expected to add a further $500 million to $700 million, it said on Tuesday.

Gas trading results are expected to be broadly unchanged from the previous quarter.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per barrel during the April-to-June quarter, up from around $78 in the first quarter and about $67 a year earlier.

BP said refining margins averaged $29.6 per barrel, versus $16.9 in the first quarter.

The company expects upstream production to fall in the second quarter to between 2.17 million and 2.22 million barrels of oil equivalent per day from around 2.34 million boed in the previous three months, due in part to the effects of the crisis.

BP expects net debt to stand at $22 billion to $23 billion at end-June, down from $25.3 billion at the end of March, with a target to reduce this further to $14 billion to $18 billion by the end of next year.

The company made a $2.9 billion payment to redeem €2.5 billion of perpetual hybrid bonds, leaving it with a total of about $13 billion outstanding. It also paid $1.1 billion in Gulf of Mexico settlement liabilities.

Overall, BP expects net debt, hybrid bonds and Gulf of Mexico settlement liabilities to decrease by around a combined $6.3 billion to $7.3 billion from the previous quarter.

Exploration write-offs are seen totaling around $500 million in the second quarter, primarily related to the sale of its stake in the Bay du Nord project offshore Canada.