In West Bank, Israeli Army Operation Batters War-Depleted Economy

Israeli army vehicles drive along a damaged road near the main entrance to Jenin refugee camp during an ongoing Israeli military operation in the West Bank city of Jenin, 05 February 2025. (EPA)
Israeli army vehicles drive along a damaged road near the main entrance to Jenin refugee camp during an ongoing Israeli military operation in the West Bank city of Jenin, 05 February 2025. (EPA)
TT

In West Bank, Israeli Army Operation Batters War-Depleted Economy

Israeli army vehicles drive along a damaged road near the main entrance to Jenin refugee camp during an ongoing Israeli military operation in the West Bank city of Jenin, 05 February 2025. (EPA)
Israeli army vehicles drive along a damaged road near the main entrance to Jenin refugee camp during an ongoing Israeli military operation in the West Bank city of Jenin, 05 February 2025. (EPA)

When a ceasefire began in Gaza last month, Palestinian activist Ahmad Kilani hoped the pause in fighting would also bring a return to peace in his hometown of Yabad in the occupied West Bank.

But his joy turned to fear when, just two days later on Jan. 21, large columns of Israeli army vehicles backed by helicopters and drones stormed the nearby Jenin refugee camp at the start of a major crackdown in the West Bank.

Israel has since blown up some 20 buildings in the camp, sending plumes of heavy smoke over the densely populated area, and carried out air strikes.

It says it is targeting armed groups that receive support from Iran, including Hamas and Islamic Jihad.

The United Nations' Palestinian relief agency (UNRWA) has said that almost all of Jenin camp's 20,000 residents have been displaced over the past two months.

UNRWA said the area "has been rendered a ghost town" in a statement carried by Reuters.

The Israeli military set up roadblocks and checkpoints across the kidney-shaped stretch of land about 100 km (62 miles) long, and dozens of people were killed or injured in fighting.

"After the ceasefire in Gaza, the war here expanded," Kilani, a member of the Committee for Humanitarian Work in Palestine, an aid group active in the West Bank and Gaza, told the Thomson Reuters Foundation.

"We saw destruction that we did not anticipate seeing. Even though we heard about it, we did not expect it to happen so quickly and in this way."

Since that incursion, hundreds of Israeli troops backed by helicopters, drones and armored vehicles have been waging sporadic gun battles with Palestinian fighters while carrying out searches in streets and alleyways for weapons and equipment.

At least 25 Palestinians have been killed, including nine members of armed groups, a 73-year-old man and a 2-year-old girl, according to Palestinian officials. The Israeli military says it has killed at least 35 gunmen and detained more than 100 wanted people.

Israeli roadblocks have made travelling even short distances between towns and villages into an hours-long trial for Palestinians.

"Nothing can describe the situation we are living in, and every day is worse than the day before. If we discuss something now, it would be worse in a couple of hours," Kilani said.

Relatively well-off friends who once raced to dish out alms and aid are now themselves on the lookout for charity, he said. People have locked themselves indoors to avoid the incessant security operations and Israeli checkpoints, he added.

"Sometimes I scream at myself - what are we headed towards?"

ECONOMIC FREE FALL

The war in Gaza - where more than 47,000 people have been killed and almost the entire population of 2.3 million displaced in a landscape reduced to rubble by Israeli air strikes - was already taking a heavy toll on the occupied West Bank's economy.

The conflict started on Oct. 7, 2023 when Hamas-led fighters attacked southern Israel, killing about 1,200 people and seizing 250 hostages, according to Israeli tallies.

Hundreds of people have been killed in the West Bank since the start of the war in Gaza. Many of the dead were gunmen, but young people throwing stones and civilians were also killed, and thousands have been arrested.

Palestinian attacks in the West Bank and Israel have also killed dozens of Israelis. On Tuesday, two Israeli soldiers were killed and eight wounded when a gunman opened fire on troops in the area, setting off a gunfight in which the shooter was killed by Israeli soldiers, the Israeli military said.

Economic activity in the occupied West Bank fell by 23% in first half of 2024, the World Bank said in a report in December.

Unemployment stands at about 35% as Palestinian laborers have been banned from travelling to work in Israel since October 2023.

Before then, about 177,000 Palestinians worked in Israel. By the second quarter of 2024, the number had dropped to 27,000, the World Bank said.

Many of the Palestinians employed by the Israeli economy work in settlements in the West Bank, according to the International Labour Organization (ILO).

"The conflict's impact has now exceeded all previous economic crises in the Palestinian territories over the past two decades," the World Bank report noted.

Economic contraction in the occupied West Bank is estimated to have more than doubled the short-term poverty rate from 12% in 2023 to 28% by mid-2024, the ILO said last year.

In August, Israeli banks began refusing shekel cash transfers from Palestinian banks in the West Bank, a move that Palestinian officials said could soon prevent Palestinians from accessing vital goods and services.

Olive oil bandits have also appeared as desperate people steal olives from groves with the intent of pressing them into oil and selling them on the black market, Kilani said.

"This wasn't something that existed before," he said.

He described a society coming apart at the seams.

"It is not that one school is closed; it is that schools have been closed for a year; health (clinics) are closed, and people cannot get their medicine," Kilani said.

"Companies are closing, banks are closing, and people cannot get to their lands to plant them."

NO WORK

Israel has occupied the West Bank of the Jordan River, which Palestinians want as the core of an independent state, since the 1967 Middle East war.

It has built Jewish settlements there that most countries deem illegal. Israel disputes this and cites historical and Biblical ties to the land.

The United Nations Human Rights office says the new Israeli military operation in the West Bank could endanger the Gaza ceasefire and has called for an immediate end to the violence and a halt on expanding settlements.

As economic prospects disappear, residents like Robeen Idris are becoming increasingly desperate.

The 45-year-old lives in Hebron in the southern West Bank with his wife, seven children and parents. His mother has cancer, and his dad wears a pacemaker.

"There is no work because the roads are closed, and the situation is difficult," he said. "I cannot spend money to buy them food, water, and medicine."

Idris has been unemployed since August 2023. Before then, he worked in sanitation in Israeli hotels. Now those jobs are out of reach, and he has developed diabetes, which he blames on stress.

Economic conditions are forcing business and factory owners to cut their workforce, often replacing laborers like himself with their own family members, he added.

"There is no need for them to employ strangers," he said.



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
TT

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
TT

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
TT

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".