The head of the Suez Canal Authority in Egypt has stated that he is closely monitoring the current tensions in the Red Sea. He added that they are “carefully watching the repercussions of the current tensions in the Red Sea on traffic in the canal,” indicating that marine traffic in the canal is normal.
Egypt Monitors Tensions in the Red Sea
The head of the Suez Canal Authority in Egypt announced that the authority is closely monitoring the current tensions in the Red Sea. He confirmed that marine traffic in the canal is normal and that they are closely monitoring the repercussions of the tensions on traffic in the canal. Since November 19, 55 ships have altered their course via the Bab el Mandeb, while 2,128 ships transited the canal during the same period.
Industrial Cooperation between Saudi Arabia and South Korea
The Saudi Minister of Industry and Mineral Resources signed a memorandum of understanding with the South Korean Minister of Trade, Industry, and Energy in Seoul. The memorandum aims to enhance industrial cooperation between the two countries. The Saudi Authority for Industrial Cities and Technology Zones, known as Modon, and Korea GL Rava Holding signed a memorandum of understanding with an investment value of 750 million Saudi Riyals (199.93 million dollars). The memorandum aims to facilitate the manufacturing of vaccines, biotechnology, and chemicals by allocating 51,000 square meters of industrial land in the Sudair Industrial and Business City.
Russia Reduces Oil Exports in December
The Russian Deputy Prime Minister announced that Russia will reduce oil exports in December by less than 300,000 barrels per day in an attempt to support global prices. The Russian Minister of Energy indicated that the government currently sees no reasons to lift the ban on winter diesel exports. Russia imposed a ban on fuel exports on September 21 to address rising domestic prices and supply shortages and later lifted most restrictions.
Jeddah Airport Tops Performance Rankings in November
Official data showed that King Abdulaziz International Airport in Jeddah outperformed other airports in the Kingdom in terms of overall performance in November. The airport achieved a compliance rate of 91 percent among international airports serving over 15 million passengers annually. The General Authority for
Source: https://www.arabnews.com/node/2427331/business-economy
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