Oil prices fell in Asia on Monday after the US and Iran announced an agreement that is expected to reopen the key Strait of Hormuz shipping route.
The United States and Iran have announced an agreement aimed at ending months of conflict and paving the way for the reopening of the Strait of Hormuz, a vital shipping route for global energy supplies, although key details of the accord remain unclear.
Leading Saudi Arabian groups have signed six agreements with Chinese entities covering investment co-operation, construction technology, knowledge transfer, workforce development and public-private partnerships at a key industry event in Shenzhen, China.
Saudi-based Shalfa Facilities Management has announced that it has secured a key contract from Tatweer Buildings Company to provide FM services at its school buildings in the kingdom's Qassim Region. The scope of work includes cleaning, maintenance and gatekeeper services.
The Saudi Ports Authority (Mawani) has announced that it has signed a concession agreement with Saudi Global Ports (SGP) to develop, operate and manage the container terminal at Jubail Commercial Port, in a project involving investments of more than SAR2 billion ($528 million).
US President Donald Trump said on Saturday that a broader agreement between the United States and Iran had been “largely negotiated” and that the Strait of Hormuz would be reopened, signalling potential momentum toward ending the monthslong conflict.
Saudi Energy said it has signed a SAR11.5 billion ($3.1 billion) agreement with Saudi Power Procurement Company (SPPC) for the Rabigh 2 IPP project located in Makkah province, which on completion will boast a large-scale CCGT power plant with 2,313.5 MW generation capacity.
Momentum is building toward US-Iran peace talks over the weekend following a possible agreement over Tehran’s nuclear programme and the ceasefire in Lebanon.
Ukraine has agreed to co-operate on defence with the UAE and Qatar as President Volodymyr Zelenskiy travelled to both countries amid escalating tensions in the region. Zelenskiy is looking at signing 10-year partnership agreements with both the Gulf countries.
The Gulf Cooperation Council (GCC) and India have launched trade agreement negotiations, marking a new phase in the strategic partnership.
