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Aramco Signs First Contract for King Salman Int’l Complex for Maritime Industries and Services

Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)
Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)
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Aramco Signs First Contract for King Salman Int’l Complex for Maritime Industries and Services

Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)
Ahmed Al-Sa’adi, Saudi Aramco’s Senior VP for Technical Services with executives of Contractor Managements. (Asharq Al-Awsat)

Saudi Aramco signed a contract with a consortium including Saudi Archirodon Company Ltd and Huta Hegerfeld AG Saudia Company for dredging, reclamation and marine structures for the King Salman International Complex for Maritime Industries and Services in the city of Ras al-Khair.

With investments reaching $6 billion, King Salman International Complex is an ambitious project that will help drive the Kingdom’s economic diversity and growth and localize energy sector industries.

Its location in the strategic Ras al-Khair area enables the complex to meet the construction needs of offshore oil and gas rigs, offshore platforms and support vessels, and a variety of maritime equipment and commercial vessels It will also provide them with maintenance, repair and overhaul services.

The contract is the first of its kind where contractors will conduct dredging and reclamation of about 37 million cubic meters of fill, in addition to ground improvement over an area of 7.4 million square meters.

The contract will also provide for constructing 4,500 linear meters of concrete quay walls and wharves and 12,000 linear meters of rock revetments and breakwaters to protect the integrity of the complex.

Saudi Aramco’s Senior Vice President for Technical Services Ahmed al-Sa’adi stated that it is an important milestone for King Salman International Complex for Maritime Industries and Services.

“The Complex is in line with the Kingdom’s economic diversification objectives, it will position the Kingdom as a strategic logistics hub and will create vast job opportunities,” he added.

Initial phase of the contract will be fully executed by 2020 and it is crucial for the whole program as it will prepare the project’s land for subsequent construction of a dry dock and ship building and maintenance facilities.

Custodian of The Two Holy Mosques King Salman bin Abdulaziz inaugurated the complex in November 2016 in Ras al-Khair, north of Jubail industrial city in the Eastern Province.

The complex complements the growth of the Saudi energy industry and helps to meet the development and diversification objectives outlined by Saudi Vision 2030.

The facility will offer quality, efficiency and economies of scale, and when completed will offer vessel and rig build, maintenance, repair and overhaul services. The project will comply with all of the Saudi government’s environmental and sustainability requirements.

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Business

Hormuz LNG Traffic Hits Highest in October since Iran War Began

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
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Hormuz LNG Traffic Hits Highest in October since Iran War Began

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer

The monthly ‌tally of laden liquefied natural gas (LNG) tankers exiting the Strait of Hormuz reached its highest in October since the US-Iran conflict disrupted shipping this year, vessel tracking data showed.

-Last month, 31 LNG tankers went through the key waterway, according to data from S&P Global Energy, of which 23 were loaded at Ras Laffan in Qatar and eight at Das Island in ‌the United Arab Emirates.

-October exports were the highest ‌since ⁠February when the war ⁠started and were up from September's corresponding tally of 23 vessels exiting the strait, the data showed.

-"We are looking at UAE back to pre-war transit levels and Qatar at over 30% of pre-war Hormuz transits," said Eric ⁠Yep, a senior principal analyst at S&P ‌Global Energy.

-Kpler's ‌shiptracking data showed 42 LNG cargoes were loaded in ‌October, up from 27 in September.

-The ‌changes come as Ras Laffan's October loadings reached 35 cargoes, surpassing 2.7 million tons, the highest since the war started, according to Kpler data. Qatar exported ‌nearly 6.2 million tons in February.

-Two of the vessels carrying LNG ⁠from ⁠Ras Laffan that exited the strait subsequently conducted ship-to-ship (STS) transfers off the coast of Oman's Sohar anchorage, Kpler data showed. The SC Prestige transferred LNG to the BW ENN Crystal Sky, which is now bound for South Korea.

-The Al Mafyar moved its LNG to Shandong Redwood and Ejnan, both of which delivered the cargoes to Pakistan.

-Das Island exports held steady at seven loadings in October, flat with September, Kpler data showed.

Business

Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
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Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)

Gold prices eased on Tuesday as investors locked in profits after bullion's more than 1% rally in the previous session and awaited US inflation data for clues on the Federal Reserve's policy path.

Spot gold was down 0.4% at $4,124.42 per ounce, as of 0618 GMT. US gold futures for December delivery rose 0.5% to $4,133.00.

"It's just ‌a bit of ‌churn in the market. Prices are ‌easing back ⁠from the highs ⁠reached during the US session, which could be attributed to profit-taking," said Kyle Rodda, senior financial market analyst at Capital.com.

"If we continue to see a situation where the US does not want to escalate the conflict in the Middle East and oil prices are reversing as a result, that'd be very ⁠beneficial for gold because of its impact on ‌the dollar, inflation and interest ‌rate expectations," Rodda said.

US President Donald Trump said on Monday he plans ‌to hold off on new military strikes against Iran for ‌the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks. Oil prices fell on Tuesday, extending losses from the previous day, Reuters said.

Meanwhile, the US central bank ‌should move its monetary policy "with care" as it maps a response to inflation that remains its ⁠greatest risk, ⁠Richmond Federal Reserve President Tom Barkin said on Monday, adding he had no base case for what should be done at the December meeting.

Traders currently see an 84% chance that the US Fed will raise rates in December, according to CME's FedWatch tool.

Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal.

Investors now await the consumer price index report, due later in the day, followed by the producer price index data on Friday.

Among other metals, spot silver slid 0.3% to $53.22 per ounce, platinum steadied at $1,577.57 and palladium dropped 0.2% to $1,039.16.

Business

Oil Falls as Trump Downplays Prospect of Escalation with Iran

Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
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Oil Falls as Trump Downplays Prospect of Escalation with Iran

Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).

Oil prices fell on Tuesday, adding to the previous day's losses after US President Donald Trump downplayed the need for military action against Iran "at this point", easing fears of sustained supply disruptions in the Middle East.

Brent crude futures declined 70 cents, or 0.75%, to $91.88 a barrel by 0246 GMT, while US West Texas Intermediate (WTI) futures fell 78 cents, or 0.90%, to $86.07 a barrel. Both benchmarks had fallen 1% earlier in the session.

Brent settled down 5.85% in the previous session after sliding to its lowest since ‌August 31.

Trump said ‌on Monday he plans to hold off ‌on ⁠new military strikes against ⁠Iran for the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks.

Trump, in a Reuters interview and a later appearance in the White House press briefing room, said he plans to keep up a naval blockade in the Strait of Hormuz for now.

"The market continues to prioritize President Trump's ⁠more conciliatory tone toward Iran since the midterms," ‌said Tim Waterer, chief market analyst at ‌KCM Trade.

"While attacks on shipping around the Strait of Hormuz are still occurring, ‌they have not escalated in a way that has forced a ‌fresh risk premium into the market," he said.

On the supply side, OPEC oil output rose in October, a Reuters survey found, led by gains in Saudi Arabia, Kuwait and Iraq despite continued constraints on exports.

Brent has retreated ‌about 22% from the six-month high of $118 it touched on October 30 as fears that ⁠Trump might step ⁠up attacks on Iran following the US midterms have eased, however there is still concern shipping could be disrupted.

"Despite the recent selloff, prices are unlikely to fall below $90 per barrel for Brent without more durable signs of de-escalation and a US-Iran deal," Gregory Brew, a senior analyst with Eurasia Group said in a note.

"At the same time, risks to shipping remain high, as Iran continues to attack vessels transiting the Strait of Hormuz," Brew said.

Elsewhere, Russian and Ukrainian officials planned to meet on Tuesday for two days of US-brokered talks — their first since February — after Trump suggested last week that a broad peace deal was possible in their 4-1/2-year-old war and could incorporate Europe's security.