عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Opens One of Its Longest Marine Bridges to Boost Logistics, Economic Growth

The 15-km marine bridge linking Safwa in Qatif Governorate with Ras Tanura (Saudi Projects). 
The 15-km marine bridge linking Safwa in Qatif Governorate with Ras Tanura (Saudi Projects). 
TT
TT

Saudi Arabia Opens One of Its Longest Marine Bridges to Boost Logistics, Economic Growth

The 15-km marine bridge linking Safwa in Qatif Governorate with Ras Tanura (Saudi Projects). 
The 15-km marine bridge linking Safwa in Qatif Governorate with Ras Tanura (Saudi Projects). 

Saudi Arabia’s Ministry of Transport has inaugurated a major new marine bridge in the Eastern Province, described as one of the longest in the Kingdom and the second-largest dual marine bridge in the country.

The project is expected to significantly enhance mobility, logistics, and economic activity in an area central to Saudi Arabia’s energy industry.

The bridge will serve thousands of employees at the Ras Tanura Oil Refinery, operated by Saudi Aramco. Ras Tanura is the Kingdom’s first refinery and remains one of the largest oil processing facilities in the world.

The structure forms part of the newly inaugurated Safwa–Rahima Road, opened by Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province. The 15-kilometer route links Safwa in Qatif Governorate to Ras Tanura via a 3.2-kilometer dual marine bridge.

Officials say the project will reduce travel time, ease congestion, and improve connectivity between two densely populated and industrial zones.

Alongside the bridge opening, the government also launched upgrades to the Dhahran–Buqayq–Abu Hadriyah Road. The works include the construction of five new bridges, expanded lighting systems, and improved rainwater drainage.

Minister of Transport and Logistics Services, Engineer Saleh bin Nasser Al-Jasser, stated that the new bridge adds a direct access route that strengthens supply chains and facilitates the flow of goods and services from Ras Tanura Port. He described it as an integral part of a modern transport network linking Safwa and Ras Tanura to major highways such as the Dammam–Jubail Expressway.

Al-Jasser emphasized the bridge’s dual value: boosting the energy sector while increasing social and economic integration between neighboring communities. He noted that the project will enhance logistics services supporting the oil industry, reduce travel distances, and raise transport efficiency in one of Saudi Arabia’s busiest industrial hubs.

According to the General Authority for Roads, the new bridge creates an additional entry and exit point for Ras Tanura, cuts travel distance to Dammam and Qatif, and provides a direct link to King Fahd International Airport.

The project also includes new drainage channels, road paving, and extensive safety measures, including signage, ground markings, vibration strips, and concrete barriers to improve traffic flow and road safety across the region.

 

 

Most Viewed

 
 
Business

Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
TT
TT

Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).

The Central Bank of Syria on Monday issued a decision allowing banks and local electronic payment companies to work with global electronic payment companies such as Visa and Mastercard, in a move seen as a step toward modernizing financial infrastructure and expanding digital inclusion.

Central Bank Governor Abdulkader Husrieh said in a statement the decision marks a strategic shift toward a more advanced digital economy and will help facilitate money transfers and payment transactions for Syrians both inside the country and abroad.

He added that the move opens the door to a new phase in the development of electronic payment systems and strengthens Syria’s integration into the global financial system after years of reliance on limited, traditional tools.

Husrieh said the decision enables banks and local electronic payment providers to broaden their services with more advanced and secure payment solutions for individuals and businesses.

Key benefits include allowing Syrians entering the country to use their international bank cards domestically, enabling wider use of Syrian-issued cards abroad, expanding the adoption of electronic payments, reducing reliance on cash, improving user experience, supporting e-commerce and startups, and enhancing the security and reliability of financial transactions.

The governor added that cooperation with global electronic payment companies will help transfer expertise and modern technologies to the local market, improving the efficiency and competitiveness of the financial sector.

The central bank said it continues to implement a package of reforms aimed at rebuilding financial institutions and strengthening monetary policy tools, alongside upgrading electronic payment systems and expanding the digitalization of banking services, in a bid to restore international financial connectivity and create a more efficient and transparent environment to support economic recovery.

Business

Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
TT
TT

Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul

Gold prices nudged lower in thin trade on Monday, weighed down by inflation worries that clouded the US monetary policy outlook, while markets awaited developments in US-Iran peace negotiations.

Spot gold was down 0.5% at $4,588.71 per ounce, as of 0655 GMT. US gold futures for June delivery fell 0.9% to $4,600.60.

Markets in China, Japan and the UK are closed for holidays.

Federal Reserve Chair Jerome Powell closed out eight years as head of the US central bank last Wednesday with interest rates on hold and rising concern about inflation, Reuters reported.

"Gold is still feeling the lingering effects of last week's hawkish Fed messaging, particularly the notable dissenting voices pushing back against further easing," said Tim Waterer, chief market analyst at KCM Trade.

Federal Reserve officials, who dissented against the policy statement last week, said the oil price shock from the Iran war means the US Fed should be clear it can no longer lean towards interest rate cuts, with a rise in borrowing costs possible in the future.

Increasing oil prices could encourage central banks to hold interest rates higher for longer, which would pressure non-yielding assets such as gold.

Oil prices eased but held above $100 a barrel, with the lack of clarity around a potential US-Iran peace deal remaining in focus.

President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the US-Israeli war on Iran from Monday, as a tanker reported being hit by unknown projectiles in the Strait of Hormuz.

Iranian state media reported that Washington conveyed its response to Iran's 14-point proposal via Pakistan, and that Tehran was now reviewing it.

"We see gold largely trading in a $4,400-$5,500 range by year-end. The upper end of that range would require a durable reduction in Middle East tensions and some easing of inflation pressures, while persistent high oil prices would keep the metal toward the lower half of the range," Waterer added.

Spot silver fell 0.6% to $74.91 per ounce, platinum held steady at $1,989, and palladium was down 0.4% at $1,519.78.

Business

Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
TT
TT

Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)

Global exports of liquefied natural gas fell to the lowest in almost two years in April, as the war in the Middle East disrupted flows of the super-chilled fuel through the Strait of Hormuz, Bloomberg reported.

Shipments declined to about 33 million tons, the lowest level since May 2024, according to ship-tracking data compiled by Bloomberg.

The drop came after Qatar — the second-largest exporter last year — halted production following strikes on the world’s biggest plant by Iran in March, with the damage set to take years to repair.

Despite the ceasefire in the war with Iran, the Strait of Hormuz, through which about one-fifth of the world's oil and LNG supplies pass, remains closed. Since the start of the conflict, only one LNG tanker has transited the strait.

Nevertheless, lost volumes have been partially offset by new production elsewhere in the world. According to ship-tracking data compiled by Bloomberg, April shipments were down only 7 percent from the previous year, suggesting that increased output from suppliers, including the United States and Canada, has partially compensated for the reduced volumes from Qatar.

In the United States, the massive Golden Pass LNG terminal shipped its first cargo last month. Qatar also delivered some volumes to Kuwait, which can export them without transiting the Strait.