Jeddah Central Project Set to Be Prominent Development Project in Kingdom’s Vision 2030

Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)
Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)
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Jeddah Central Project Set to Be Prominent Development Project in Kingdom’s Vision 2030

Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)
Jeddah Central Project will push the Saudi city into a development movement that will enhance its presence among the top 100 global cities (Asharq Al-Awsat)

Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz launched a development plan for the Jeddah Central Project on Friday. The undertaking sets out to be one of the most prominent development projects of the Kingdom’s national program for transformation, Vision 2030.

It aims to develop the city of Jeddah in support of its ambitions to become one of the top 100 cities in the world.

The project will contribute to developing a vital area suitable for recreation, entertainment, and shopping, transforming the city into a unique destination for various segments of society, including residents and visitors.

The project will be implemented by the Public Investment Fund’s Central Jeddah Development in three phases, the first of which will be completed by the end of the year 2027.

Downtown Jeddah will then begin to receive residents and visitors from inside and outside the Kingdom.

The project aligns with the Kingdom’s Vision 2030, especially developing tourism sites that live up to the highest international standards. It also provides investment opportunities that contribute to the development of the private sector and the tourism, hospitality, and entertainment sector.

In addition, the city will benefit from the building and development of modern residential areas, encompassing 17,000 residential units and diversified hotel projects that offer more than 2,700 hotel rooms, and the provision of integrated solutions for the business sector.

The project will feature a world-class marina and stunning beach resorts, as well as restaurants and cafes and diverse shopping options.

The waterfront of the project is 9.5 km long, which includes a promenade, a marina to host local and international yachts, and a 2.1 km long beach. Open spaces and public services make up a significant part of the project area, with the provision of designated walking areas to create a walkable environment.



Trump Says China Can Buy Iranian Oil, but Urges it to Purchase US Crude

President Donald Trump poses for photographers as he arrives for a formal dinner at the Paleis Huis ten Bosch ahead of the NATO summit in The Hague, Netherlands, Tuesday, June 24, 2025. (AP Photo/Alex Brandon)
President Donald Trump poses for photographers as he arrives for a formal dinner at the Paleis Huis ten Bosch ahead of the NATO summit in The Hague, Netherlands, Tuesday, June 24, 2025. (AP Photo/Alex Brandon)
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Trump Says China Can Buy Iranian Oil, but Urges it to Purchase US Crude

President Donald Trump poses for photographers as he arrives for a formal dinner at the Paleis Huis ten Bosch ahead of the NATO summit in The Hague, Netherlands, Tuesday, June 24, 2025. (AP Photo/Alex Brandon)
President Donald Trump poses for photographers as he arrives for a formal dinner at the Paleis Huis ten Bosch ahead of the NATO summit in The Hague, Netherlands, Tuesday, June 24, 2025. (AP Photo/Alex Brandon)

US President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of US sanctions.

"China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the US, also," Trump said in a post on Truth Social, just days after he ordered US bombings of three Iranian nuclear sites.

Trump was drawing attention to no attempts by Iran so far to close the Strait of Hormuz to oil tankers, as a closure would have been hard for China, the world's top importer of Iranian oil, a senior White House official told Reuters.

"The president continues to call on China and all countries to import our state-of-the-art oil rather than import Iranian oil in violation of US sanctions," the official said.

After the ceasefire announcement, Trump's comments on China were another bearish signal for oil prices, which fell nearly 6% on Tuesday.

Any relaxation of sanctions enforcement on Iran would mark a US policy shift after Trump said in February he was re-imposing maximum pressure on Iran, aiming to drive its oil exports to zero, over its nuclear program and funding of militants across the Middle East.

Trump imposed waves of Iran-related sanctions on several of China's independent "teapot" refineries and port terminal operators for purchases of Iranian oil.

"President Trump's greenlight for China to keep buying Iranian oil reflects a return to lax enforcement standards," said Scott Modell, a former CIA officer, now CEO of Rapidan Energy Group.

In addition to not enforcing sanctions, Trump could suspend or waive sanctions imposed by executive order or under authorities a president is granted in laws passed by Congress.

Trump will likely not waive sanctions ahead of coming rounds of US-Iran nuclear talks, Modell said. The measures provide leverage given Tehran's demand that any deal includes lifting them permanently.

Jeremy Paner, a partner at law firm Hughes Hubbard & Reed, said if Trump chooses to suspend Iran oil-related sanctions, it would require lots of work between agencies.

The US Treasury would need to issue licenses, and the State Department would have to issue waivers, which require Congressional notification.

Oil traders and analysts in Asia said they did not expect Trump's comments to have a near-term impact on Chinese purchases of oil from either Iran or the US.

Iranian oil accounts for roughly 13.6% of China's oil purchases this year, with the discounted barrels providing a lifeline to margin-squeezed independent refineries. US oil accounts for just 2% of China's imports, and Beijing's 10% tariffs on US oil deter further purchases.