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Saudi Crown Prince Launches 'Ardara' with Development of AlWadi in Abha as Flagship Project

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)
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Saudi Crown Prince Launches 'Ardara' with Development of AlWadi in Abha as Flagship Project

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and Chairman of the Public Investment Fund (PIF), announced on Monday the launch of “Ardara,” which will develop AlWadi in the Aseer region in southwestern Saudi Arabia.

This will be the company’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, in line with Vision 2030.

Inspired by the distinctive Aseer architectural style and rich historic heritage, AlWadi – meaning “the valley”– will span 2.5 million square meters and will be developed with sustainability at its core. It will enhance quality of life by dedicating over 30% of the project's area as green open spaces, with over 16 km of waterfront extending across the length of the project, and 17 km of sport trails, as well as cultural and community activities.

AlWadi will feature five distinct districts offering unique experiences, with a range of residential, hospitality and recreation options to be provided with phase one of the project over the next three years. This will include 2,000 residential options in the form of modern high-end apartments and villas, luxury hotels, commercial spaces and business spaces designed in accordance with the highest international standards and in harmony with the region's identity and history.

Ardara aims to provide investment and partnership opportunities for local and international investors across a range of sectors including hospitality, arts, culture, food and agriculture, as well as retail and entertainment, to further strengthen the partnership with the private sector.

The launch of Ardara aligns with PIF’s strategy to unlock the capabilities of promising sectors, including tourism and entertainment, and diversify the economy of Saudi Arabia.

The AlWadi flagship destination is set to contribute more than SAR19 billion to the country’s non-oil GDP by 2030, creating thousands of jobs for the region's local communities. It will contribute to the objectives of the Aseer Development Strategy; “Arabian Highland” announced by the Crown Prince in 2021.

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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.

Business

Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.

Business

ONS Data: UK Economy Lost Steam Unexpectedly at Start of 2026

FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo
FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo
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ONS Data: UK Economy Lost Steam Unexpectedly at Start of 2026

FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo
FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025. REUTERS/Toby Melville//File Photo

Britain's economy stagnated unexpectedly in January and expanded weakly in preceding months, according to official data on Friday that showed only tepid growth during the lead-up to the US-Israeli war in Iran.

The figures mean British gross domestic product has been essentially flat since June, ending January at the same level as six months earlier.

GDP rose during the three months to January by 0.2%, the Office for National Statistics ⁠said, against expectations ⁠in a Reuters poll of economists for a 0.3% increase.

The flat reading for January alone also dashed the median prediction for a 0.2% month-on-month increase.

Sterling slipped against the US dollar on the back of the figures, which showed no ⁠growth in the dominant services sector in January, against modest upticks in manufacturing and construction output.

Last month, the Bank of England said it expected the economy to grow 0.3% in the first quarter as a whole and 0.9% over 2026 as a whole - although that was before the conflict in Iran kicked off, prompting a surge in oil prices.

Earlier this week, finance minister Rachel Reeves ⁠said ⁠it was too soon to say how soaring energy prices would affect Britain's economy.

But investors see it as more exposed than other Western European economies due to its weak public finances, reliance on natural gas for electricity generation, and already high rates of inflation.

Financial markets no longer believe the Bank of England is likely to cut interest rates this year, and investors will be watching the central bank's communications carefully at next Thursday's interest rate announcement.