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.



Oil Set for Weekly Gains on Colder Weather, Chinese Policy Support

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Set for Weekly Gains on Colder Weather, Chinese Policy Support

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices held steady on Friday, remaining poised for weekly gains after closing the previous session at their highest in more than two months, underpinned by colder European and US weather and additional economic stimulus flagged by China.

Brent crude futures were down 9 cents at $75.84 a barrel by 1212 GMT after settling on Thursday at the highest level since Oct. 25. US West Texas Intermediate crude dipped by 6 cents to $73.07, with Thursday's close its highest since Oct. 14.

Brent was on track for a 2.2% weekly gain while WTI was set for a 3.5% increase, Reuters reported.

Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world’s top oil importer.

"As China's economic trajectory is poised to play a pivotal role in 2025, hopes are pinned on government stimulus measures to drive increased consumption and bolster oil demand growth in the months ahead," said StoneX analyst Alex Hodes.

China announced a couple of new measures to boost growth for its fragile economy this week with a surprise move to raise wages for government workers and announcement of a sharp increase in funding from ultra-long treasury bonds. The additional funding is to be used to spur business investment and consumer-boosting initiatives.

Oil is likely to have gained some price support from expected increased demand for heating oil after forecasts for colder weather in some regions.

"Oil demand is likely benefiting from cold temperatures across Europe and the US," said UBS analyst Giovanni Staunovo.

Also supporting prices this week, US crude stockpiles dropped by 1.2 million barrels to 415.6 million barrels, EIA data showed.

Meanwhile, US gasoline and distillate inventories jumped as refineries ramped up output, though fuel demand hit a two-year low.