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Omani-Saudi Committee to Develop Dhahirah Economic Zone

Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)
Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)
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Omani-Saudi Committee to Develop Dhahirah Economic Zone

Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)
Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)

The Public Authority for Special Economic Zones and Free Zones in the Sultanate of Oman (OPAZ) issued a decision to form an executive committee that would include representatives from Oman and Saudi Arabia to supervise a project to develop an integrated economic zone in Al-Dhahirah governorate.

Chaired by Ahmed bin Hassan al Deeb, Deputy Chairman of OPAZ, the committee will also include several officials of OPAZ and Saudi Arabia’s Ministry of Investment, Economic Cities and Special Economic Zones Authority and the Saudi Development Fund.

The committee will be in charge of supervising the implementation of a memorandum of understanding signed between OPAZ and the Saudi Economic Cities and Special Economic Zones Authority in the field of economic development for special economic zones and free zones.

It will also put forward a plan for the development, execution and management of the zone, including programs and initiatives, and monitor their implementation.

Moreover, the committee will seek to promote the exchange of experiences and practices in the management and operation of economic zones and will organize informative workshops for traders and investors in both countries.

General Manager of Planning and IT Sector at OPAZ Mahmoud bin Hamoud al-Rawahi said that the Omani authority has completed the consultancy studies pertaining to the Integrated Economic Zone project in Dhahirah, which has been allocated 388 square kilometers of investment land.

He added that OPAZ has also submitted the relevant documents, which support providing the funding required for developing the project’s first phase, covering an area of 20 square kilometers.

According to Al-Rawahi, the first phase of the project includes the establishment of infrastructure, roads, electrical installations, water and sewage networks, industrial waste treatment, and necessary facilities, in addition to providing engineering consultancy services, including design and supervision.

“Operating the integrated economic zone will offer various investment opportunities, in addition to its important role in developing Al-Dhahirah governorate, and raising and supporting the level of intra-trade between the two brotherly countries,” he stated.

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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
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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.

Business

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.

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Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco
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Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco

Saudi Aramco sold oil from its $100 billion Jafurah project in the first reported export from the massive natural gas development, Bloomberg reported.

Jafurah is Aramco’s first unconventional field, developed using the type of hydraulic fracturing, or fracking, techniques pioneered in the US shale patch.

The deposit, which Chief Executive Officer Amin Nasser calls the company’s crown jewel, will produce massive amounts of natural gas once at capacity, expected in 2030. It also has plentiful volume of liquid fuels that will boost the company’s returns, Nasser has said.

The oil that Aramco sold is condensate, a light oil liquid that’s often found in gas deposits, according to traders with knowledge of the purchases. It will go to buyers in Asia for loading later this month or in early March, Bloomberg quoted the traders as saying.