ARCHIRODON to Build Bridge to Main Hub Island at Red Sea Project

The bridge will stretch a total of 1.2km across the Red Sea, with two small 36-meter sections at each end of the crossing. (SPA)
The bridge will stretch a total of 1.2km across the Red Sea, with two small 36-meter sections at each end of the crossing. (SPA)
TT

ARCHIRODON to Build Bridge to Main Hub Island at Red Sea Project

The bridge will stretch a total of 1.2km across the Red Sea, with two small 36-meter sections at each end of the crossing. (SPA)
The bridge will stretch a total of 1.2km across the Red Sea, with two small 36-meter sections at each end of the crossing. (SPA)

The Red Sea Development Company (TRSDC) has appointed ARCHIRODON to design and build a 1.2km iconic bridge, which is part of the 3.3km crossing to its main hub island, Shurayrah.

TRSDC CEO John Pagano said that ARCHIRODON, a leading EPC global Group, will provide engineering, procurement and construction support to complete the building of Shurayrah bridge.

The bridge will stretch a total of 1.2km across the Red Sea, with two small 36-meter sections at each end of the crossing to allow for movement of marine mammals.

He said Shurayrah Bridge will become one of the main access points for guests onto the island, and its completion will mark a major undertaking in the development of the destination.

Its construction is truly monumental as not only will the bridge be the very first connection to the islands, its construction will demonstrate our ability to accomplish huge feats of engineering whilst also protecting and enhancing the natural habitat, he added, according to a statement.

He stressed that the bridge design and construction methods meet TRSDC’s strict criteria for sustainable development, which includes strict controls on the prevention of any sediment movement from piling activities with multiple monitoring buoys strategically sited to alert any breakthrough from surface booms.

A precast yard for bridge sections will be established near the coast to minimize travel distances with concrete sourced from on-site batching plants. The contract follows major marine enabling works carried out by the company across the development last year, which have helped underpin the successful delivery of the project by providing a solid foundation to ensure the efficient movement of people, materials and equipment in and around the destination, while safeguarding the sensitive ecological environment.

ARCHIRODON Group CEO Dennis Karapiperis said the firm was proud of being part of this prestigious development for Shurayrah Bridge with the TRSDC.

The move will not only make this unique island destination accessible for visitors, but also have sustainable techniques embedded within every element of its design to ensure the delicate ecological environment is protected and even enhanced, he stressed.



Oil Edges Up ahead of US Fed Rate Decision, 2025 Outlook

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

Oil Edges Up ahead of US Fed Rate Decision, 2025 Outlook

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 up on Wednesday as a drop in US crude inventories offered some support, although investors stayed cautious ahead of a potential interest rate cut by the US Federal Reserve and its projections for 2025.

Brent futures rose 53 cents, or 0.7%, to $73.72 a barrel at 1436 GMT, while US West Texas Intermediate crude climbed 54 cents, or 0.8%, to $70.62.

The Fed is expected to cut rates by a quarter point, but to signal a cautious approach to loosening monetary policy next year.

"A quarter-point cut itself is unlikely to shake markets much. Investors may focus more on hints and clues on how likely a January pause is, as well as on how many rate cuts policymakers are contemplating throughout 2025," said Charalampos Pissouros, senior investment analyst at brokerage XM, Reuters reported.

The US central bank will release its policy statement at 2 p.m. ET (1900 GMT), followed by remarks from Chair Jerome Powell.

Lower rates decrease borrowing costs, which can boost economic growth and demand for oil.

"Oil prices ought to see more of a reaction to the crude inventory draw seen in the API data overnight... however, such is the diverting power of central bank rate decisions that investors in all of the trading mediums are taking a very light touch to proceedings" said John Evans, analyst with oil broker PVM.

In the US, American Petroleum Institute data on Tuesday showed that crude stocks fell by 4.69 million barrels in the week ended Dec. 13, a source said. Gasoline inventories rose by 2.45 million barrels, and distillate stocks rose by 744,000 barrels, according to the source.

Analysts projected US energy firms pulled about 1.6 million barrels of crude from storage during the week ended Dec. 13, according to a Reuters poll on Tuesday.

The US Energy Information Administration will release its oil storage data on Wednesday.

"Trade war fears and uncertainty on how aggressively the US Fed will cut interest rates next year is likely capping the upside for now," UBS analyst Giovanni Staunovo said.