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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 Ease as Markets Weigh China Stimulus Hopes

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 Ease as Markets Weigh China Stimulus Hopes

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 edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.