Dubai Restructures Municipality, Seeks Economic Opportunities Worth $2.7 Bln

Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
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Dubai Restructures Municipality, Seeks Economic Opportunities Worth $2.7 Bln

Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai announced Tuesday a new comprehensive structure for Dubai Municipality that supports the emirate’s priorities, future directions and development plans in various sectors.

This step aims to create economic opportunities worth AED10 billion ($2.7 billion) within five years, reduce operating costs by 10% and increase the quality of services by 20%.

This came during a meeting of the Dubai Council chaired by Sheikh Mohammed and attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and First Deputy Chairman of the Dubai Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Second Deputy Chairman of the Dubai Council.

During the meeting, the Council approved a comprehensive restructuring of Dubai Municipality to achieve the future goals and directions of the emirate, in addition to approving a comprehensive restructuring of the Land Department and a new system to ensure the sustainability of family businesses in the emirate.

The restructuring aims to transform Dubai Municipality into a specialized institution that adopts a private sector mindset to provide high-quality municipal services.

It also seeks to enhance its ability to keep pace with global changes in the areas of environment, climate change, circular economy, and the acceleration of partnerships with the private sector.

The Council also approved the comprehensive restructuring of the Land Department to enhance Dubai's leadership and competitiveness in the real estate sector and raise operational efficiency by at least 20%.

Dubai’s Agenda for the sustainability of Family Businesses for the next 100 years aims to provide all the necessary factors and enable them to effectively contribute to the economy and the emirate’s future.

The Agenda will see Dubai issuing a unified law for the sustainability of family businesses that meets all legislative requirements.

As part of the agenda, the Dubai Center for Family Businesses will be established as a central entity responsible for providing all services that ensure family businesses’ sustainability, launching four practical legal systems for the governance of family businesses, and establishing a center for settling family disputes through arbitration and mediation.

The Council further announced the establishment of a higher committee, headed by Sheikh Hamdan, to oversee all future technological developments in the digital economy.

Sheikh Mohammed directed the committee to develop the Dubai Metaverse Strategy in the next two months to contribute to enhancing Dubai’s position as a global hub for new Metaverse technology.

Also, the Council approved the establishment of the Higher Committee for Development and Citizens Affairs, which aims to provide all the support needed by citizens through a specific work strategy that contributes to achieving the goals set by Sheikh Mohammed in this regard.

The Committee will focus on ensuring the provision of advanced and integrated services to citizens, in addition to launching and approving a number of comprehensive initiatives.



King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA
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King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA

King Salman International Airport (KSIA), a PIF company, has commenced construction works on the third runway, marking a strategic step that reflects continued progress in airfield development and enhances the airport’s operational readiness to support long-term growth in air traffic demand.

The third runway forms a key component of the KSIA Master Plan and represents a major milestone in the airport’s expansion journey.
According to a press release issued by the KSIA, the project is being delivered in collaboration with FCC Construcción SA and Al-Mabani General Contractors Company and has been designed in alignment with Riyadh’s prevailing wind patterns to ensure safe and efficient aircraft operations under all operating conditions, SPA reported.

The current operational capacity stands at 65 aircraft movements per hour. With the implementation of operational enhancements and the introduction of the third runway, capacity is expected to increase to 85 aircraft movements per hour, contributing to improved operational efficiency and supporting long-term growth.

The third runway incorporates multiple access taxiways to ensure smooth aircraft flow and will span 4,200 meters in length.

Acting CEO of KSIA Marco Mejia said: “Launching construction of the third runway marks a pivotal step in delivering the KSIA Master Plan and reflects our commitment to developing world-class infrastructure capable of supporting future growth, enhancing operational efficiency, and expanding long-haul connectivity without constraints.”

King Salman International Airport is a strategic and transformative national project that reflects the Kingdom’s ambition to position Riyadh as a global capital and a leading aviation hub. The project was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of King Salman International Airport, underscoring its national significance and its role in advancing the objectives of Saudi Vision 2030.

Located on the existing site of King Khalid International Airport in Riyadh, the airport will incorporate the King Khalid terminals, in addition to three new terminals, residential and leisure assets, six runways, and logistics facilities. Spanning 57 square kilometers, it is designed to accommodate 100 million passengers annually and handle over two million tons of cargo by 2030.

This phase of construction contributes to strengthening King Salman International Airport’s international flight network across multiple global destinations, reinforcing Riyadh’s position as an internationally connected aviation gateway and supporting national development objectives within the air transport sector.


Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks
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Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

The Saudi Ports Authority (Mawani) signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SAR500 million on an area of 49,000 square meters.

The project will contribute to enhancing operational efficiency and increasing handling capacity in line with the objectives of the National Transport and Logistics Strategy to consolidate the Kingdom’s position as a global logistics hub, SPA reported.

This step is part of Mawani’s efforts to strengthen the role of the private sector in supporting the gross domestic product and to reinforce the position of Jubail Commercial Port as a driver of commercial activity. The project’s storage capacity will reach 70,000 cubic tons, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.

The project aims to develop and expand storage capacity and the export of chemical and petrochemical materials in accordance with the highest international standards while supporting supply chains. It includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international import and export of chemicals in line with global quality and safety standards.

The project will contribute to supporting national supply chains, boosting the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness. It also supports the achievement of Saudi Vision 2030 objectives by promoting the development of infrastructure to advance the energy, industry, and supply chain sectors in the Kingdom.


Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
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Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

Oil prices were little changed on Tuesday as investors took stock of ​dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen, Reuters reported.

Brent crude futures for February delivery, which expire on Tuesday, were up 15 cents at $62.09 a barrel as of 0918 GMT. The more active March contract was at $61.61, up 12 cents.

US West Texas Intermediate ‌crude gained 14 ‌cents to $58.22.

The Brent and ‌WTI ⁠benchmarks ​settled ‌more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin's residence, denting hopes of a peace deal.

Kyiv dismissed Moscow's accusation as baseless and designed to undermine peace negotiations. After a phone call ⁠with Putin, US President Donald Trump said he was angered by details ‌of the alleged attack.

"I think the ‍markets are sensing that ‍a deal is going to be very hard ‍to come by," said Marex analyst Ed Meir.

Traders also watched other Middle East developments after Trump said the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say.

Marex's Meir said prices would trend downwards in the first quarter of 2026 due to ‌a "growing oil glut".