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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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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.