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King Abdullah Economic City Awards Over $300 Mln Contracts

Part of King Abdullah Economic City in Jeddah. (File photo / AFP)
Part of King Abdullah Economic City in Jeddah. (File photo / AFP)
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King Abdullah Economic City Awards Over $300 Mln Contracts

Part of King Abdullah Economic City in Jeddah. (File photo / AFP)
Part of King Abdullah Economic City in Jeddah. (File photo / AFP)

King Abdullah Economic City (KAEC) has awarded new contracts worth over SAR1.2 billion (USD320 million) for the construction and development of several sectors in the city during the year 2018.

KAEC acting Chief Executive Officer Ahmed Bin Ibrahim Linjawy said that 20 percent of the value of the contracts was for the development of the industrial valley, residential areas and facilities. About 80 percent of the value of the contract was for the development of a range of projects, services, and products in a number of areas, notably the tourism sector, entertainment, and sports. He said the development plans for the city are continuing so as to develop strategic sectors, like the logistics and industrial sectors.

Linjawy noted that the industrial valley has attracted more than 110 national and international companies so far.

The King Abdullah Port can handle 3.4 million containers annually. Investments are continuing as more than 10,000 housing units and plots of land distributed among six residential districts are being developed.

KAEC is giving priority to the empowerment of Saudi youth by launching quality initiatives and projects in cooperation with a number of partners. Foremost among these is the Prince Khaled Faisal Project which aims to train some 10,000 male and female pupils by the end of 2020. Till now 3,800 students have been trained.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.