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New E-Platform to Display Investment Opportunities in Eastern Saudi Arabia

General view in Riyadh, Saudi Arabia, June 21, 2020. REUTERS/Ahmed Yosri
General view in Riyadh, Saudi Arabia, June 21, 2020. REUTERS/Ahmed Yosri
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New E-Platform to Display Investment Opportunities in Eastern Saudi Arabia

General view in Riyadh, Saudi Arabia, June 21, 2020. REUTERS/Ahmed Yosri
General view in Riyadh, Saudi Arabia, June 21, 2020. REUTERS/Ahmed Yosri

Saudi Arabia's Eastern Province Governor Prince Saud bin Nayef has officially launched the Asharqia Chambers e-platform, moving the Kingdom's Eastern region closer to realizing its massive investment opportunities and activating its local capabilities.

The new platform offers available investment opportunities to local and foreign investors and is considered an innovative tool that enables entrepreneurs to discover business openings in the Eastern Province.

More so, the platform links global companies to Small and medium-sized enterprises (SMEs) and unlocks opportunities for local suppliers.

"The Kingdom is full of great investment opportunities that attract investors from inside and outside the Kingdom," said Prince Saud, noting that legislation in Saudi Arabia has created a pro-investment environment.

"Certainly, the eastern region is one of the most important areas for attracting capital," confirmed Prince Saud, touting the Eastern Province's significance to energy markets and its unique geographical location.

Considered the easternmost of the 13 provinces of Saudi Arabia, the Eastern Province connects the Kingdom to several other countries.

According to Prince Saud, the region also "possesses human resources that have specialized in essential industries over the region's life."

"We undoubtedly appreciate the use of modern technologies in highlighting the opportunities available in the region, such as the platform that we are launching today, which aims to link local and international capital to the distinctive investment opportunities offered by the region," said the governor.

For his part, the Chairman of the Eastern Region-based Asharqia Chamber of Commerce, Abdulhakeem bin Ahmed Al-Ammar Al-Khaldi, highlighted the importance of attracting foreign investment to help achieve the goals and objectives of the Kingdom's national transformation plan, Vision 2030.

"Foreign investment is a key pillar of the Kingdom's Vision 2030, which succeeded in forming several commercial opportunities, raising the Kingdom's strategic assets, and pushing the wheel of the national economy towards growth and diversification," said Al-Khaldi.

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Business

Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.

Business

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.

Business

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.