Red Sea Development Company, KAUST Sign a Master Research Agreement

The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)
The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)
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Red Sea Development Company, KAUST Sign a Master Research Agreement

The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)
The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)

Saudi Arabia’s Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST).

The agreement, which is open for renewal after five years, follows extensive collaboration between the two organizations on flora and fauna assessments, marine spatial planning, and an international competition called the Brains-for-Brine Challenge.

The MRA cements the legal framework for mutually beneficial research projects on topics including, sustainability of marine environments, waste management systems, sustainable food production, energy conservation, and carbon sequestration.

CEO of TRSDC John Pagano said there is a growing realization that tourism, along with many other human activities, needs to be far more sustainable and even regenerative in its approach.

Pagano described the Saudi Red Sea coast as one of the most pristine environments in the world, indicating that by working with KAUST, “we can not only preserve but actually enhance this unique treasure for future generations.”

“Our ambition is to become one of the first global destinations to demonstrate a regenerative approach to tourism. This partnership will not only help us to achieve our goals, but we hope to share what we learn here with the rest of the world.”

The Red Sea coast is home to a vast array of thriving coral reefs, mangroves, seagrasses, and the associated richness of biodiversity.

The collaborative research and development of both parties will inform and guide efforts to go beyond environmental protection and ensure that these critical habitats are enhanced to support the growth of flora and fauna populations, including critically endangered species like the Hawksbill turtle.

KAUST President Tony Chan noted that it is hard to imagine an area of interest and expertise more inextricably linked to KAUST than the Red Sea.

“Through this collaboration with TRSDC, we expect visitors to come away with an appreciation of, not only the unique regenerative approach to tourism offered by TRSDC, but also, through KAUST, by the Kingdom’s vast and deep understanding of this ocean system as a whole.”

Chief Environment Officer at Red Sea Development Company Rusty Brainard noted that achieving carbon neutrality and enhancing biodiversity in this unique and pristine location is a challenging task, but it is of great importance.

“By working with some of the world’s greatest scientists at KAUST, it is a challenge that we can rise to.”

Establishing scientific monitoring to track environmental changes over time is one of the first assignments already underway as part of the new research agreement and will be vital in helping TRSDC achieve its commitment to deliver a 30 percent net conservation benefit by 2040.

KAUST researchers and scientists supported the development of the destination’s master plan with the delivery of an extensive Marine Spatial Planning (MSP) exercise.

As a result, 75 percent of the project’s islands will be left undeveloped in a conservation-to-development ratio unprecedented in any documented coastal development plan in the world.



Türkiye's Central Bank Lifts 2026 Inflation Forecasts

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
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Türkiye's Central Bank Lifts 2026 Inflation Forecasts

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas

Türkiye's central bank on Thursday increased its estimates for inflation as officials try to rein in soaring price increases that have weighed on the economy for years.

The official inflation rate is now seen falling to between 15 and 21 percent by the end of this year, up from a previous forecast of 13 to 19 percent.

"We have increased our forecast range because of better visibility on certain risks," the central bank's governor Fatih Karahan said in a statement, without further detail, Reuters reported.

The forecast would still be a sharp decline from the annual inflation rate of 30.7 percent in January, following years of interest rate hikes in a bid to slow runaway price increases.

However, the official figures are disputed by ENAG, a group of independent economists that publishes its own data every month, with the organisation saying year-on-year inflation stood at 53.4 percent in January.

Türkiye has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people, after President Recep Tayyip Erdogan ordered interest rate cuts in a bid to spur growth.

The cuts sent the lira plunging on currency markets, further fuelling inflation and leading Erdogan to reverse his unorthodox policy in 2023.

But in January the central bank cut its benchmark interest rate to 37 percent, citing a continued slowing of price increases.

 

 

 

 


Mawani Reports 2.01% Increase in Container Throughput for January 2026

Mawani Reports 2.01% Increase in Container Throughput for January 2026
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Mawani Reports 2.01% Increase in Container Throughput for January 2026

Mawani Reports 2.01% Increase in Container Throughput for January 2026

Ports overseen by the Saudi Ports Authority (Mawani) reported a 2.01% increase in container handling for January 2026, totaling 738,111 TEUs, up from 723,571 TEUs in January 2025. Transshipment containers rose significantly by 22.44%, reaching 184,019 TEUs compared to 150,295 TEUs the previous year.

However, the number of imported containers decreased by 3.23% to 284,375 TEUs, and exported containers dropped by 3.47% to 269,717 TEUs year-over-year, SPA reported.

Passenger numbers surged by 42.27%, totaling 143,566 passengers compared to 100,909 last year. Vehicle volumes increased by 3.31% to 109,097, and the ports received 886,908 heads of livestock, a 49.86% increase from the same period in 2025.

In terms of cargo tonnage, liquid bulk cargo rose by 0.28% to 14,102,495 tons, general cargo totaled 839,987 tons, and solid bulk cargo reached 4,263,168 tons. The total tonnage handled was 19,205,650 tons, reflecting a 3.04% decrease from the previous year. Vessel traffic recorded 1,121 ships, a slight decrease of 1.75%.

This increase in container throughput supports trade, stimulates the maritime transport industry, and enhances supply chains and food security. These achievements align with the National Transport and Logistics Strategy, reinforcing Saudi Arabia's position as a global logistics hub.

In 2025, Mawani ports achieved a 10.58% increase in total handled containers, reaching 8,317,235 TEUs, while transshipment containers for the year rose by 11.78% to 1,927,348 TEUs.


Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
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Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil prices slipped on Thursday as investors weighed the International Energy Agency's lowering of its global oil demand forecast for 2026 against potential escalation of US-Iran tensions.

Brent crude oil futures were down 19 cents, or 0.27%, at $69.21 a barrel by 1232 GMT. US West Texas Intermediate crude fell 8 cents, or 0.12%, to $64.55.

Global oil demand will rise more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages that cut supply in January.

The Brent and WTI benchmarks reversed gains to turn negative after the IEA's monthly report, having derived support earlier from concerns over the US-Iran backdrop.

US President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that they had yet to reach a definitive agreement on how to move forward with Iran but that negotiations with Tehran would continue.

Trump had said on Tuesday that he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.

A hefty build in US crude inventories had capped the early price gains. US crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding the 793,000 increase expected by analysts in a Reuters poll.

US refinery utilization rates dropped by 1.1 percentage points in the week to 89.4%, EIA data showed.

On the supply side, Russia's seaborne oil products exports in January rose by 0.7% from December to 9.12 million metric tons on high fuel output and a seasonal drop in domestic demand, data from industry sources and Reuters calculations showed.