Spotlight on opportunities in Madinat Yanbu Al-Sinaiyah

Updated 01 December 2015

Spotlight on opportunities in Madinat Yanbu Al-Sinaiyah

JEDDAH: The Royal Commission at Yanbu has organized an introductory meeting on investment opportunities in Madinat Yanbu Al-Sinaiyah, in the presence of board chairman and members of Council of Saudi Chambers of Commerce on the sidelines of the 87th meeting of the council.
Alaa Abdullah Nassif, CEO of Royal Commission at Yanbu, delivered a speech in which he welcomed the visiting delegation and provided a brief overview of the Royal Commission establishment and its role in setting up the infrastructure of residential, industrial and commercial sectors in the city.
Nassif said that the Royal Commission industrial cities primarily participate in supporting the Kingdom’s economy.
They account for around 12 percent of Saudi Arabia’s Gross Domestic Product (GDP).
With active collaboration with global partners, committed capital investments at MYAS reached by SR266 billion the end of 2015 — SR34 billion are government investments and SR232 billion are private sector investments.
Nassif indicated that the economic indicators studies assure increase of industrial, commercial and residential investment returns at Madinat Yanbu Al-Sinaiyah.
Zaidan Mohammed Omar Yousef, director general of Strategic Planning and Investment Development, made a visual presentation on various investment opportunities at Madinat Yanbu Al-Sinaiyah.
Industrial complexes related to hydro- carbonic industries, spare parts, renewable energy and rubber, water desalination industries, multi-modal logistics hub as well as residential and commercial investment opportunities like residential complexes and commercial and health facilities, hotels, tourism and recreational buildings at the waterfront area.

Oil slides 4% on fears demand will drop

Updated 24 February 2020

Oil slides 4% on fears demand will drop

  • Rise in global coronavirus infections adds to investor concerns

LONDON: Oil prices slumped by 4 percent on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the impact on demand for crude.

Global equities also extended losses as worries about the impact of the virus grew, with the number of cases jumping in Iran, Italy and South Korea.

Brent crude was down 4 percent, at $56.16 barrel in afternoon trade in London. US crude futures fell by a similar measure.

“The weekend’s developments provided us with a stark reminder that the coronavirus is currently an unstoppable force,” said Tamas Varga, an analyst at oil brokerage PVM.

South Korea’s fourth-largest city, Daegu, was increasingly isolated as the number of infections there rose rapidly. The country reported its seventh death after raising its infectious disease alert to its highest level.

Italy reported a fifth death from the flu-like virus and 150 infections.

Meanwhile, Iran said that it had confirmed 61 cases and 12 deaths. Afghanistan, Iraq, Kuwait, Saudi Arabia and Turkey imposed travel and immigration curbs on the Islamic Republic.

“We should not underestimate the economic disruption, as a super spreader could trigger a massive drop in business activity around the globe of proportions the world has never dealt with before,” Stephen Innes, chief market strategist at AxiCorp, said in a note.

Oil prices received some support after local health officials in China said on Monday that four provinces had lowered their virus emergency response measures.

Chinese President Xi Jinping on Sunday said that the world’s largest energy consumer will adjust policy to help to cushion the economic impact from the virus outbreak.

Goldman Sachs said commodity prices could fall sharply before any rebound on the back of Chinese stimulus efforts.

“The promise of stimulus has made commodity markets act like equity markets, building up risks of a sharp correction,” the bank said in a note.

In the US, the oil rig count rose for a third week running. Drillers added one oil rig last week, bringing the total count to 679, the highest since the week of Dec. 20, said energy services company Baker Hughes.