New Authority in Jeddah Seeks to Promote Development

The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority.  (SPA)
The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority. (SPA)
TT

New Authority in Jeddah Seeks to Promote Development

The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority.  (SPA)
The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority. (SPA)

The city of Jeddah, located on the western coast of Saudi Arabia, is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority.

Jeddah is the gateway to international trade and foreign markets. It accommodates one the most important global ports in the Kingdom, the Jeddah Islamic Port, which stretches over an area of 12.5 square kilometers.

The city is also home to many factories that meet international standards and embraces more than 320 commercial centers and markets, which account for more than 21 percent of the commercial centers in the Kingdom.

The authority will seek to develop the city in line with the Kingdom’s Vision 2030 and the economic transformation plan.

Dr. Faisal Al Fadel, member of the Shura Council, said that the Cabinet’s decision to transform the Governorate Projects Management Office into an authority is a qualitative and major organizational shift for the development of the Jeddah region.

He added that the move targets comprehensive development in the various urban, demographic, economic, social, cultural, tourism, environmental, transportation, infrastructure, and digital fields. It also aims to provide the governorate’s needs of services and public facilities.

The authority will have a key role in unifying and harmonizing development decisions among the concerned authorities, with the aim of maximizing the benefits of the community economy, achieving optimal utilization of potentials and resources and meeting the needs of the Jeddah Governorate, Fadel underlined.

The authority will be an independent legal entity that will supervise the governorate’s development initiatives, projects and programs.

“This is a major qualitative leap,” he stated.



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
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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.