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Saudi Arabia Grants Investment License in Red Sea

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA
Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA
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Saudi Arabia Grants Investment License in Red Sea

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA
Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh has revealed the issuance of an investment license to one of the firms in the Red Sea, in partnership with Sudan.

Faleh, who is also the chairman of the Board of Directors of King Abdulaziz City for Science and Technology (KACST), made this announcement during the inauguration of the scientific research vessel, “Najil” at Jubail Commercial Port in the Eastern Province.

The vessel is designed to carry out scientific research in the Arabian Gulf and the Red Sea in various marine disciplines as well as to conduct fishery stock assessment and study climate changes in different marine ecosystems.

Faleh said that the vessel supports the scientific research conducted by KACST on the Kingdom’s seawater. It also enables the Saudi universities as well as national and international firms to carry out maritime research throughout the year in order to seek scientific and practical findings.

“The vessel helps fisheries operators evaluate fish stocks and rationalize their investment in addition to monitoring the marine ecosystems and acquaint themselves with marine biosystem.

KACST seeks to build national capabilities and skills in the field of maritime research and to maintain maritime biodiversity in the Kingdom,” he added.

Najil will bring outcomes on the short-run such as water desalination, fishing averages, and will have an impact on maritime and fungus life, said Faleh, stressing the importance of linking the oil and gas sector to studies on seas and environment.

All these economic sectors are necessary to the future of the Saudi economy, Saudi Vision 2030, jobs, and exports.

The five- story vessel has two dry and wet labs with state-of-the-art equipment, scientific devices for weather and wave monitoring and deep-sea sampling, and a special apparatus for seafloor scanning and mapping.

Faleh declared that Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, will launch a project to develop national industries and logistic services next Monday.

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Business

Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
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Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)

Morocco's state-owned carrier Royal Air Maroc (RAM) said on Saturday it would temporarily suspend several routes to African and European destinations due to ‌rising jet ‌fuel prices, ‌elevated ⁠operating costs and ⁠weak demand.

Tensions in the Middle East have driven a surge in global jet fuel ⁠prices, putting ‌pressure ‌on carriers and ‌prompting temporary route suspensions.

RAM ‌will pause flights linking Moroccan airports with several African cities ‌of Bangui, Brazzaville, Kinshasa, Douala, Yaounde and ⁠Libreville, ⁠the airline said in a statement.

It will also halt flights to the European destinations of Malaga, Barcelona, Lyon, Bordeaux, Marseille and Brussels.

Business

Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)
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Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)

Financial Advisor to the Iraqi Prime Minister Mazhar Mohammed Saleh revealed on Saturday that Iraq has not yet submitted a formal request for a loan from the International Monetary Fund (IMF).

The Iraqi News Agency quoted Saleh as saying that “Iraq enjoys close relations with the IMF, and since 2003, it has concluded more than five agreements, three of which were Stand-by Arrangements, while the other agreements related to emergency support.”

Iran's war has caused significant disruptions in supply chains, especially in the energy sector, which was severely affected by a near-complete closure of the Strait of Hormuz, through which about 20 percent of global oil supplies pass.

Saleh stated that “the Fund has played a significant role in supporting the Iraqi economy over the past 23 years, especially since Iraq is now considered one of the biggest victims of the ongoing war in the region, considering that 85 percent of its oil exports pass through the Strait of Hormuz. This has caused significant harm and international concern, given that Iraq is an important and active member in the stability of the region and world markets.”

He pointed out that there is an Iraqi government team in contact with the IMF, meeting with Fund officials for consultations twice a year.

He clarified that “Iraq signed an agreement with the IMF on July 7, 2016, for a Stand-by Arrangement by providing a significant loan, which played a major role in supporting the general budget,” noting that “signing an agreement with the Fund is a matter decided by the Iraqi government, and this does not prevent consultations between the two parties, as Iraq is a member of this institution responsible for global stability.”

Saleh mentioned that “Iraq will borrow from the International Monetary Fund if the need arises, but there is no formal request from the government yet, and the current need is for the war in the region to stop, and for its geopolitical impacts on oil exports to cease.”

He added that “technical assistance from the IMF is available now, unlike the issue of financing, which requires the approval of a program by the Iraqi government.”

He explained that “the loan itself represents a reform program to support the budget or to achieve social goals, such as supporting the health and education sectors, because it is a human investment that must be subject to conditions defining expenditure directions and commitment to a reform program agreed upon by the Iraqi state and the IMF.”

Business

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port
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Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

The Saudi Ports Authority (Mawani) has added CMA CGM's Ocean Rise Express (OCR) shipping service to Jeddah Islamic Port, aiming to strengthen maritime connectivity between Saudi Arabia and global markets, support the smooth flow of supply chains, and increase the efficiency of port operations.

The OCR service will connect Jeddah to key international ports, including Kobe, Nagoya, and Yokohama in Japan; Xiamen, Yantian, and Nansha in China; Rotterdam in the Netherlands; Hamburg in Germany; and Southampton in the United Kingdom.

The route will utilize vessels with a capacity of up to 10,000 TEUs, according to SPA.

This addition aligns with Mawani’s efforts to enhance Jeddah Islamic Port’s global competitiveness and support international trade.

By enabling access to new markets, the initiative reinforces the Kingdom's position as a global logistics hub in line with the National Transport and Logistics Strategy and Saudi Vision 2030.