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Saudi Arabia Dedicates 12 New Projects Worth $192.2 Mln in Duba

The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)
The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)
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Saudi Arabia Dedicates 12 New Projects Worth $192.2 Mln in Duba

The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)
The Saudi Ports Authority announced the completion of 12 projects in the Red Sea Duba Port. (SPA)

In preparation of the anticipated rise in trade at Saudi ports during the upcoming period, the Ports Authority (MAWANI) announced the completion of 12 projects in the Red Sea Duba Port.

The projects, worth SAR721 million (USD192.2 million), aim to strengthen Saudi ports so that they can occupy a unique position in international and regional competitiveness.

The giant investment projects, which Saudi Arabia intends to implement in the north and west of the country, have become a significant hub for qualitative investments and trade. NEOM and the Red Sea projects come in the lead.

In this regard, Saudi Ports Authority spokesperson Mousaid bin Abdulrahman Aldrees clarified that work is underway to add a new service to Duba Port through establishing a station to pass containers at the Red Sea coast.

He added that the station, worth SAR327 million (USD87.2 million) and with a capacity of 500,000 containers annually, is expected to be ready by end of March.

Projects at Duba Port are part of others implemented by MAWANI to reinforce logistic and operational capabilities of Saudi ports and to boost their competitiveness regionally and internationally in order to achieve Saudi Vision 2030.

These developments come at a time when the Red Sea project is emerging as a landmark in the global tourism sector. Announced in 2017, it will grant major global firms the chance to participate and invest in a unique project in terms of design and location.

The project would develop resorts on about 50 Red Sea islands and would also contribute with billions to the Saudi GDP. It will cover 34,000 square kilometers, becoming one of the largest navy tourism projects globally.

Entry procedures are expected to be lenient to grant access to the majority of nationalities wishing to visit.

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Global Markets Reel from Putin's Nuclear Threats

A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS
A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS
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Global Markets Reel from Putin's Nuclear Threats

A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS
A Russian Yars intercontinental ballistic missile system drives in Red Square during a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia May 9, 2023. Sputnik/Gavriil Grigorov/Pool via REUTERS

President Vladimir Putin’s remarks on Tuesday about revising Russia’s nuclear doctrine triggered immediate reactions in global financial markets, as investors rushed to safe haven assets.

Putin issued a warning to the US lowering the threshold for a nuclear strike after the administration of Joe Biden reportedly allowed Ukraine to fire American-made long-range missiles deep into Russia.

The Russian President’s warnings sent markets to extreme volatility.

In this context, global stocks sharply fell while gold prices and the Japanese yen climbed amid rising geopolitical tensions between Ukraine and Russia.

Kremlin spokesperson Dmitry Peskov said Tuesday, “The Russian Federation reserves the right to use nuclear weapons in the event of aggression against it or the Republic of Belarus, ... with the use of conventional weapons, in a way that poses a critical threat to their sovereignty and (or) territorial integrity.”

The spokesperson further said that Russia would view the use of Western non-nuclear missiles by Ukraine as an attack by a non-nuclear state with the support of a nuclear state against the country, potentially justifying the use of nuclear weapons by Moscow, according to NBC news.

Rise of safe-haven assets

Global stocks briefly fell and investors fled to safe-haven assets on Tuesday, as global markets reacted to escalating tensions between the world's two largest nuclear powers: Russia and the US.

Investors rushed to safe-haven assets including gold and the Japanese yen.

Wall Street’s fear index, the Chicago Board Options Exchange’s CBOE Volatility Index, jumped to 17,88, its highest level since the November 5 US elections. It then fell to 16.61.

The Dow Jones Industrial Average shed 327 points, or 0.7%. The S&P 500 and Nasdaq Composite lost 0.5% each. Treasurys increased as investors moved into the safe haven, driving yields lower.

Europe's main stock index touched its lowest level in three months on Tuesday, spurring investors to head to safer havens.

The pan-European STOXX 600 closed 0.9% lower, after logging a third straight day of losses.

Metals and currencies under pressure

Meanwhile, base metals prices came under pressure on Tuesday as some investors chose safe-haven assets due to signs of escalating tensions between Russia and the United States over Ukraine.

Three-month copper on the London Metal Exchange (LME) fell 0.3% to $9,042 per metric ton in official open-outcry trading. Spot gold prices rose by about 1%.

Meanwhile, LME aluminium prices were stable at $2,607 in official activity as the market digested China's plan to remove a tax refund on exports of some aluminium products.

Lead lost 0.4% to $1,983 due to the second day of a significant inflow of the metal to the LME-registered warehouses in Singapore.

Zinc fell 0.1% to $2,947.5, tin eased 0.4% to $28,900 and nickel rose 1.2% to $15,915.

In currency markets, the Japanese yen rose 0.7% and 0.36% against the euro and US dollar respectively.

“Typical risk-off move in forex following the headline,” said Athanasios Vamvakidis, global head of forex strategy at Bofa, referring to the reaction to the Kremlin statement.

“The market has been complacent on geopolitical risks, focusing on other themes,” he added. “Positioning has been a long risk, getting even more stretched after the US elections.”

In return, crude oil futures were down slightly. A barrel of West Texas Intermediate, scheduled for delivery in December, fell 0.53% to $68.79.

Meanwhile, the price of a barrel of Brent, scheduled for delivery in January, fell 0.38% to $73.02.