Saudi Crown Prince Launches Visionary ‘Coral Bloom’ Plan

The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
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Saudi Crown Prince Launches Visionary ‘Coral Bloom’ Plan

The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)

Saudi Crown Prince Mohammed bin Salman, Chairman of The Red Sea Development Company, launched the Coral Bloom concept, which was created by architectural firm Foster + Partners, and designed to blend in with Shurayrah island’s pristine natural environment, reported the Saudi Press Agency on Wednesday.

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has since shared the striking vision for its main hub island at the destination, Shurayrah.

“We expect guests to be awed by what they see when they first arrive at The Red Sea Project, enjoying a truly immersive barefoot luxury experience. The Coral Bloom designs, taking inspiration from the incredible flora and fauna found uniquely in Saudi Arabia, promise to make that vision a reality,” said John Pagano, CEO of TRSDC.

“Shurayrah Island is the gateway to The Red Sea Project so it’s important that it sets the standard in groundbreaking architecture and sustainable design, not just for our destination, but globally too. This is achieved by going beyond simply protecting the environment, to applying a regenerative approach,” he added.

Biodiversity considerations take center stage, with the plan designed to avoid disruption of the island’s mangroves and other habitats, providing natural defenses from erosion, while new habitats are created through landscaping to enhance the island’s natural state.

The proposal also outlines designs for the island’s 11 hotels, adapted to suit traveler expectations post-Covid-19 including more space, and immersed into the landscape to effectively form part of the sweeping dunes, allowing the island’s natural beauty to reign supreme.

The design sees new beaches created on the dolphin-shaped island along with a new lagoon. These enhancements will contribute to raising the level of the land, providing a defensive layer from the global threat of rising sea levels. Importantly, the changes aim to preserve or enhance what already exists on the island, without damaging any habitats or natural shores.

There will be 11 hotels on Shurayrah, which will be operated by some of the most distinguished hotel brands in the world. The island’s natural landscape will be used to dramatic effect with all hotels and villas nestled within the landscape. The absence of high-rise buildings will ensure the spectacular vistas remain uninhibited, while creating a sense of mystery for guests as the island slowly reveals itself.

The hotel designs have also been responsive to the changing world and traveler demands over the last 12 months. There will be no internal corridors for example, in response to a growing demand for space and seclusion following the coronavirus pandemic. The resorts themselves will be created using lightweight materials with a low thermal mass and manufactured offsite, meaning more energy efficient construction and less impact on the environment.

Gerard Evenden, Head of Studio at Foster + Partners, said: “Our vision for Shurayrah is inspired by the island’s natural state, with the hotels designed to give the impression that they have washed up on the beaches and nestled among the dunes almost like driftwood. The materials we use and the low impact they have ensures that the pristine environment is protected, while the additions we make to the island serve to enhance what is already there – hence the name, Coral Bloom.”

The Red Sea Development Company is committed to delivering a 30 percent net conservation benefit by 2040. It is creating the world’s largest district cooling plant powered by renewable energy 24 hours a day to facilitate efficient centralized cooling across the destination. The entire destination will be powered by renewables, underpinned by the largest battery storage system in the world.

In line with this commitment, the destination’s master plan is informed by an extensive marine spatial planning exercise and leaves 75 percent of the project’s islands untouched. Shurayrah is one of only 22 islands selected for development.

The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. The remaining 12 hotels planned in phase one will open in 2023.

Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment and leisure facilities.

The Red Sea Development Company is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia and the chairman is Crown Prince Mohammed. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.

The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. The destination will include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that utilizes renewable energy and emphasizes water conservation and re-use.



India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.


Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
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Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal

The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Türkiye customs union and to improve its implementation, Reuters reported.

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Türkiye and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.