Riyadh, Muscat Seek Partnerships in Industrial Cities, Logistics, Renewable Energy

The Saudi-Omani business meeting on Monday in Riyadh. (Asharq Al-Awsat)
The Saudi-Omani business meeting on Monday in Riyadh. (Asharq Al-Awsat)
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Riyadh, Muscat Seek Partnerships in Industrial Cities, Logistics, Renewable Energy

The Saudi-Omani business meeting on Monday in Riyadh. (Asharq Al-Awsat)
The Saudi-Omani business meeting on Monday in Riyadh. (Asharq Al-Awsat)

An Omani official said that Muscat was keen to manage strategic partnerships with Riyadh in various fields, including industrial cities, logistics services, infrastructure and renewable energy.

The Undersecretary of the Ministry of Commerce, Industry and Investment Promotion in the Sultanate of Oman, Assila Al Samsami, stressed that her country was eager to launch joint investments in various fields in light of the resources that the Kingdom and the Sultanate enjoy, pledging to make every effort to find solutions to all obstacles that hinder the joint business process, and to overcome all challenges facing Saudi investment in her country.

In a meeting organized by the Council of Saudi Chambers on Monday in Riyadh, the Omani official underlined the importance of joining efforts between the Saudi Vision 2030 and the Omani Vision 2040, noting that there were many common directions, including economic diversification.

Al Samsami added that she was looking forward to forming work teams that cover different vital sectors, including tourism, maritime transport and manufacturing industries.

During the meeting, the visiting Omani delegation presented a large number of investment opportunities in the sectors of real estate development, industry, tourism, fisheries, renewable energy and petrochemicals.

Dr. Khaled Al-Yahya, Secretary-General of the Council of Saudi Chambers, explained that the meeting comes within the framework of strengthening and activating economic relations between the two countries, especially between the Saudi and Omani private sectors.

“We are confident that maintaining constructive joint work between the two countries will support these relations and meet the aspirations of the senior leaderships, business owners and the peoples of the two brotherly countries, in line with Saudi Vision 2030 and the Omani Vision 2040,” he stated.



Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.


Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.


Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.