Dubai Launches Official Operations of Route 2020 Project

WAM
WAM
TT

Dubai Launches Official Operations of Route 2020 Project

WAM
WAM

Dubai has officially inaugurated the Route 2020 Project which involves the 15 km extension of the Dubai Metro Red Line from Jebel Ali Station to Expo 2020 Station.

At a cost of AED11 billion ($2.9 billion) the Route 2020 project links seven stations and will be open to the public in September this year, WAM reported.

Speaking on the occasion, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said: "The UAE has exceptional goals and ambitions. Today, we are moving with confidence, determination and a clear vision to attain the highest levels of excellence in various fields. Our objective is to provide people everything that ensures their wellbeing, stability and happiness and establish a prosperous future for the coming generations."

"The world is today entering a new phase which brings unprecedented challenges that some may not be prepared to deal with. However, we have a strategy designed to tide over unforeseen challenges and create a positive future. Our nation is equipped with the plans, competencies and expertise needed to navigate these challenging global circumstances. We have the ability to overcome all obstacles while sustaining our progress and generating new opportunities," Sheikh Mohammed added.

For his part, Sheikh Mohammed was welcomed by Mattar Mohammed Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority, RTA, noted that Route 2020 has a capacity of 46,000 riders per hour in both directions (23,000 riders per hour per direction), adding that the expected number of riders using Route 2020 to reach 125,000 per day in 2021, and 275,000 riders per day by 2030.

"Studies also reveal that Expo 2020 Station is expected to record about 35,000 daily Expo visitors during weekdays, and the number to increase to 47,000 daily visitors during weekends. This number accounts for 29% of the total expected number of daily visitors of Expo," explained Al Tayer.

According to WAM, work is currently underway on the second phase of mobile testing, which consists of a series of tests on a train in motion without passengers. Tests on the rolling stock cover motors, brake systems, loading, electric current systems, electromagnetic compatibility, automated train systems, rail communications systems, and speed.



Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
TT

Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.