Red Sea Development Company Adopts Green Strategy to Support Tourism

The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)
The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)
TT

Red Sea Development Company Adopts Green Strategy to Support Tourism

The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)
The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)

As part of its commitment to developing a comprehensive sustainable landscape strategy to embrace the pristine environmental components and enhance biodiversity in the Red Sea region, the Red Sea Development Company - a subsidiary of the Saudi Public Investment Fund (PIF) - is seeking to rely on local and regional plants while including endemic and adaptive plant species.

The company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations, policies and procedures with regard to importing the required types of adapted plants and agricultural products into the Kingdom.

In this regard, the ministry, in coordination with the Red Sea Nursery, provided seeds and seedlings of many local plant species, in addition to developing mechanisms for transporting and planting large trees and palms from their local and regional sources to the destination.

John Pagano, CEO of the Red Sea Development Company and AMAALA, said the nursery, which extends over an area of 100 hectares, was currently producing one million plants.

“We are seeking to increase that rate by another million plants by the end of this year,” he added.

Fahd Al-Hubaili, Assistant Director of Environmental Programs at the Red Sea Development Company, noted that the establishment of the Red Sea Nursery came in line with the highest international standards to provide all projects with multiple options of plant species needed to enhance the landscape and the planned environmental improvement programs.

He underlined the company’s keenness to comply with the sustainability goals, which include protecting the natural components inherent in the region and enhancing them by applying the highest standards of sustainability and biosecurity.

The nursery covers an area of more than one million square meters, making it one of the largest nurseries in the Middle East and one of the most important destination facilities for implementing the sustainability strategy in the Red Sea Project.



Oil Gains Capped by Uncertainty over Sanctions Impact

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
TT

Oil Gains Capped by Uncertainty over Sanctions Impact

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices crept higher on Wednesday as the market focused on potential supply disruptions from sanctions on Russian tankers, though gains were tempered by a lack of clarity on their impact.

Brent crude futures rose 16 cents, or 0.2%, to $80.08 a barrel by 1250 GMT. US West Texas Intermediate crude was up 26 cents, or 0.34%, at $77.76.

The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday, adding that "the full impact on the oil market and on access to Russian supply is uncertain".

A fresh round of sanctions angst seems to be supporting prices, along with the prospect of a weekly US stockpile draw, said Ole Hansen, head of commodity strategy at Saxo Bank, Reuters reported.

"Tankers carrying Russian crude seems to be struggling offloading their cargoes around the world, potentially driving some short-term tightness," he added.

The key question remains how much Russian supply will be lost in the global market and whether alternative measures can offset the , shortfall, said IG market strategist Yeap Jun Rong.

OPEC, meanwhile, expects global oil demand to rise by 1.43 million barrels per day (bpd) in 2026, maintaining a similar growth rate to 2025, the producer group said on Wednesday.

The 2026 forecast aligns with OPEC's view that oil demand will keep rising for the next two decades. That is in contrast with the IEA, which expects demand to peak this decade as the world shifts to cleaner energy.

The market also found some support from a drop in US crude oil stocks last week, market sources said, citing American Petroleum Institute (API) figures on Tuesday.

Crude stocks fell by 2.6 million barrels last week while gasoline inventories rose by 5.4 million barrels and distillates climbed by 4.88 million barrels, API sources said.

A Reuters poll found that analysts expected US crude oil stockpiles to have fallen by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration (EIA) is due at 10:30 a.m. EST (1530 GMT).

On Tuesday the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day (bpd) while expecting supply of oil and liquid fuel to average 104.4 million bpd.

It predicted that Brent crude will drop 8% to average $74 a barrel in 2025 and fall further to $66 in 2026 while WTI was projected to average $70 in 2025, dropping to $62 in 2026.