Saudi Energy Ministry Underlines Joint Cooperation with NEOM

Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)
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Saudi Energy Ministry Underlines Joint Cooperation with NEOM

Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)

Saudi Energy Minister Prince Abdulaziz bin Salman revealed Saturday that efforts are continuing to be poured into cooperation with NEOM to achieve national aspirations.

“We in the energy system support cooperation with the NEOM company, and we are keen to work for this cooperation to be an essential element in the success of the NEOM project and achieve its goals, which are, in the end, an integral part of the comprehensive national development goals,” he said at the opening of a joint workshop with NEOM.

The minister stressed his confidence that the goals of both the Energy Ministry and NEOM are identical.

The Ministry, with its experience, will work to support NEOM, which is one of the most prominent projects of the Kingdom's Vision 2030.

NEOM is particularly ambitious when it comes to the energy sector. Among its projects is establishing a mix of solar and wind energy power plants that place NEOM on the map of sustainable energy.

NEOM CEO Nadhmi Al-Nasr said the Energy Ministry and its technical apparatus are a main pillar in achieving NEOM's ambition to be the first destination in the world that depends entirely on renewable energy, and to be one of the leading exporters of clean energy worldwide.



Maersk Rules Out Suez Canal Return Until 'Well Into 2025'

Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
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Maersk Rules Out Suez Canal Return Until 'Well Into 2025'

Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca

Danish shipping group A.P. Moller-Maersk said on Thursday it expects strong demand for shipping goods around the globe to continue in the coming months, though does not expect to resume sailing through the Suez Canal until "well into 2025.”
Attacks on vessels in the Red Sea by Iran-aligned Houthi militias have disrupted a shipping route vital to east-west trade, with prolonged re-routing of shipments pushing freight rates higher and causing congestion in Asian and European ports.
"There are no signs of de-escalation and it is not safe for our vessels or personnel to go there ... Our expectation at this point is that it will last well into 2025," Chief Executive Vincent Clerc told journalists, according to Reuters.
Maersk, viewed as a barometer of world trade, said in January it was diverting all container vessels from Red Sea routes around Africa's Cape of Good Hope for the foreseeable future.
The company said on Thursday it had seen strong demand in the third quarter especially driven by exports out of China and Southeast Asia.
Clerc said he saw no signs of a slowdown in volumes from Europe or North America in the coming months.
Maersk also confirmed robust preliminary third-quarter earnings released on Oct. 21 driven by high freight rates, when it also raised its full-year forecasts citing solid demand and the continuing disruption to shipping in the Red Sea.
Maersk's shares rose 2.4% by 0957 GMT.