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Second Phase of Development of Al-Ula Airport Completed

Al-Ula airport. (Asharq Al-Awsat)
Al-Ula airport. (Asharq Al-Awsat)
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Second Phase of Development of Al-Ula Airport Completed

Al-Ula airport. (Asharq Al-Awsat)
Al-Ula airport. (Asharq Al-Awsat)

The Royal Commission for Al-Ula announced on Friday the completion of the second phase of its project to develop the Al-Ula airport in northwestern Saudi Arabia.

The airport is one of the main strategic factors that will transform Al-Ula into a major tourist destination and logistic hub.

The completion of this phase of the project coincides with the Commission’s preparations to reopen the region to visitors starting October.

The second phase saw the renovation of the main building and expansion of runways to receive more aircraft. The airport will also now receive 400,000 passengers annually.

The new additions at the facility include the establishment of a VIP reception hall and better services to improve the traveler experience.

Royal Commission for Al-Ula official spokesman Saad Al-Matrafi said the airport will create job opportunities for the locals because it is a logistic hub that meets the demands of northwestern Saudi Arabia.

In cooperation with Saudi Arabian Airlines, the commission has resumed flights from Riyadh to Al-Ula, with four taking place weekly. Flights from Al-Ula to Jeddah and other cities are expected to resume soon.

In 2019, the airport received some 52,000 travelers from 855 flights.

The first phase of the development of Al-Ula airport was completed in 2019.

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Oil Prices Fall More than 1% as Hurricane Rafael Risk Recedes

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)
TT
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Oil Prices Fall More than 1% as Hurricane Rafael Risk Recedes

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 fell on Friday on receding fears over the impact of Hurricane Rafael on oil and gas infrastructure in the US Gulf while investors also weighed up fresh Chinese economic stimulus.

Brent crude oil futures lost $1.04, or 1.38%, to $74.59 a barrel by 1243 GMT. US West Texas Intermediate (WTI) crude was down $1.22, or 1.69%, at $71.14.

The benchmarks have reversed Thursday's gains of nearly 1%, but Brent and WTI are still on track to finish 2% up over the week, with investors also examining how US President-elect Donald Trump's policies might affect oil supply and demand, Reuters reported.

Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut in, is forecast to weaken and move slowly away from US Gulf coast oilfields in the coming days, the US National Hurricane Center said.

Downward price pressure also came from data showing crude imports in China, the world's largest oil importer, fell 9% in October - the sixth consecutive month to show a year-on-year decline.

"The weakening of oil imports in China is due to weaker demand for oil as a result of the sluggish economic development and rapid advance of e-mobility," said Commerzbank analyst Carsten Fritsch.

China kicked off a fresh round of fiscal support on Friday, announcing a package that eases debt repayment strains for local governments.

The nation's economy has faced strong deflationary pressures in the face of weak domestic demand, a property crisis and mounting financing strains on indebted local governments, limiting their investment capability.

"There were no additional stimulus measures targeting domestic demand, hence the disappointment weighing on prices," UBS analyst Giovanni Staunovo told Reuters.

Prices had risen on Thursday on expected actions by the incoming Trump administration, such as tighter sanctions on Iran and Venezuela, which could limit oil supply to global markets.

"In the short-term, oil prices might rise if the new President Trump is quick on the draw with oil sanctions," said PVM analyst John Evans.

US Federal Reserve Chair Jerome Powell said on Thursday that Trump's proposed policies of broad-based tariffs, deportations and tax cuts would have no near-term impact on the US economy, but the Fed would begin estimating the impact of such policies on its goals of stable inflation and maximum employment.

The Fed cut interest rates by a quarter of a percentage point on Thursday.