India's Modi to Meet Saudi Crown Prince in Push for Closer Ties
Indian Prime Minister Narenda Modi is set to kick off a two-day trip to Saudi Arabia on Tuesday as he seeks to deepen ties with the major oil exporter and OPEC+ leader at a time of mounting global trade uncertainty.
Modi will travel to Jeddah on the kingdom's Red Sea coast, where he will meet with Saudi Crown Prince Mohammed bin Salman, engage in bilateral talks and visit Indian factory workers.
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Miami Herald
5 hours ago
- Miami Herald
Satellite Images Show Giant Port Emerge at World's Biggest Construction Site
Satellite imagery showed advances in construction of Oxagon, a floating industrial complex that is a key component of Saudi Arabia's Neom, currently the world's largest construction site. Newsweek has contacted Neom for comment. The new port city has a strategic location in one of the world's busiest maritime trade routes connecting Asia, Africa, and Europe. Neom is the flagship element of Saudi Arabia's Vision 2030 aimed at diversifying its economy away from oil dependence. Oxagon, The Line and the Trojena Ski resort are among its most ambitious pieces. Neom has recently announced several progress reports, with a new CEO now in charge of resolving the project's budget overruns and delays amid multiple simultaneous, ambitious, and costly projects. Images captured by the Copernicus Sentinel-2 satellites showed rapid progress made on Oxagon city and port, set to become one of the world's most advanced port terminals, the facility lies on the Red Sea in northwestern Saudi Arabia. The Port of NEOM has received Saudi Arabia's first fully automated, remote-controlled cranes, marking a key step in boosting Red Sea trade, automation, and tech-driven job creation, the company announced this week on LinkedIn. The Red Sea corridor is a major shipping route linking Asia via the Indian Ocean, to Europe and Africa via the Suez Canal. Oxagon's proximity to the canal, which facilitates almost 12% of global trade, provides it with a strategic edge, according to Blackridge Research & Consulting, an Indian-based specialized market research firm. The port is part of an envisioned cutting-edge industrial city which will fully rely on renewable energy and aims to host some 90,000 inhabitants by 2030, according to the government's vision. Saudi Arabia's Crown Prince Mohammed bin Salman had announced the establishment of Oxagon in 2021. "It will contribute to Saudi Arabia's regional trade and commerce, and support creating a new focal point for global trade flows," Al-Arabiya's English website quoted him as saying. Neom's Green Hydrogen Company (NGHC) is developing the world's largest green hydrogen facility-a $8.4 billion project- at Oxagon. Melissa Blake, Port Director at Neom wrote on Linkedin: "Port of Neom is excited to receive the first batch of cranes and other cargo handling equipment as we come another step closer to delivering our vision." Saudi Arabia's Government Vision 2030's website: "Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature and technology come together in harmony." Vishal Wanchoo, CEO of Oxagon said in May: "Industrial development cannot continue at the expense of people or the environment. We're offering a compact, mixed-use city where industry, nature, and community coexist." The port is planned to act as the main trade gateway to northwestern Saudi Arabia, with a smart logistics hub, connects Asia, Europe, and Africa. Related Articles Images Show Power Plant Nears Completion at World's Biggest Construction SiteNew Progress Report From World's Biggest Construction ProjectWill Saudi Arabia's Alcohol Ban be Lifted? Reports Prompt Flare-UpNew Boss Named for World's Biggest Construction Project 2025 NEWSWEEK DIGITAL LLC.
Newsweek
11 hours ago
- Newsweek
Satellite Images Show Giant Port Emerge at World's Biggest Construction Site
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Satellite imagery showed advances in construction of Oxagon, a floating industrial complex that is a key component of Saudi Arabia's Neom, currently the world's largest construction site. Newsweek has contacted Neom for comment. Why It Matters The new port city has a strategic location in one of the world's busiest maritime trade routes connecting Asia, Africa, and Europe. Neom is the flagship element of Saudi Arabia's Vision 2030 aimed at diversifying its economy away from oil dependence. Oxagon, The Line and the Trojena Ski resort are among its most ambitious pieces. Neom has recently announced several progress reports, with a new CEO now in charge of resolving the project's budget overruns and delays amid multiple simultaneous, ambitious, and costly projects. What To Know Images captured by the Copernicus Sentinel-2 satellites showed rapid progress made on Oxagon city and port, set to become one of the world's most advanced port terminals, the facility lies on the Red Sea in northwestern Saudi Arabia. Drag slider compare photos The Port of NEOM has received Saudi Arabia's first fully automated, remote-controlled cranes, marking a key step in boosting Red Sea trade, automation, and tech-driven job creation, the company announced this week on LinkedIn. The Red Sea corridor is a major shipping route linking Asia via the Indian Ocean, to Europe and Africa via the Suez Canal. Oxagon's proximity to the canal, which facilitates almost 12% of global trade, provides it with a strategic edge, according to Blackridge Research & Consulting, an Indian-based specialized market research firm. The port is part of an envisioned cutting-edge industrial city which will fully rely on renewable energy and aims to host some 90,000 inhabitants by 2030, according to the government's vision. Update🚨: Recent images posted by Giles Pendleton (Chief Operating Officer THE LINE at NEOM | Chief Development Officer) of Oxagon, showing immense progress in infrastructure works + Oxagon village is about to have more construction work coming as the site being prepared. — Saud (@Saudfromabove) April 13, 2025 Saudi Arabia's Crown Prince Mohammed bin Salman had announced the establishment of Oxagon in 2021. "It will contribute to Saudi Arabia's regional trade and commerce, and support creating a new focal point for global trade flows," Al-Arabiya's English website quoted him as saying. Neom's Green Hydrogen Company (NGHC) is developing the world's largest green hydrogen facility—a $8.4 billion project— at Oxagon. What People Are Saying Melissa Blake, Port Director at Neom wrote on Linkedin: "Port of Neom is excited to receive the first batch of cranes and other cargo handling equipment as we come another step closer to delivering our vision." Saudi Arabia's Government Vision 2030's website: "Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature and technology come together in harmony." Vishal Wanchoo, CEO of Oxagon said in May: "Industrial development cannot continue at the expense of people or the environment. We're offering a compact, mixed-use city where industry, nature, and community coexist." What Happens Next The port is planned to act as the main trade gateway to northwestern Saudi Arabia, with a smart logistics hub, connects Asia, Europe, and Africa.
Yahoo
19 hours ago
- Yahoo
India plans rare earth magnet incentives as supply threat mounts, sources say
By Aditi Shah, Neha Arora and Aditya Kalra NEW DELHI (Reuters) -India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, people familiar with the matter said. Building such a supply chain could take years, but would reduce India's dependence on shipments from China, which sent shockwaves across global industries, particularly autos, with its April 4 move to curb exports of rare earth materials. China controls 90% of the processing of such magnets, also used in industries such as clean energy and defence. Now Prime Minister Narendra Modi's government wants to develop domestic manufacturing capabilities and is considering offering production-based fiscal incentives to companies, said two sources who sought anonymity as the talks are private. The scheme, being drafted by the ministry of heavy industries, also envisions partly funding the difference between the final price of the made-in-India magnet and the cost of the Chinese imports, the first source said. This would help achieve cost parity and boost local demand, the source said, adding that funding for the scheme has yet to be decided, with the government likely to meet industry officials next week to finalise the details. The heavy industries ministry did not respond to Reuters' queries. Although a state-run firm, IREL, has been mining rare earth materials for years, these are mainly used by the atomic energy and defence units, with most supplies for other uses still imported from China. India's move comes as auto companies the world over flag risks that they could face supply disruptions within days. In Japan, Suzuki Motor, has suspended production of its Swift car because of China's curbs. In India, auto industry body SIAM has privately told the government it expects production "to come to a grinding halt" within a timeframe starting from the end of May or early June. The heavy industries ministry also plans to send a delegation of auto industry executives to meet officials in Beijing to push for faster approvals, with two industry officials warning that was the only near-term solution. "The short-term solution has to be to get Chinese authorities to clear things," said one of the executives, who fears shortages at his company. "A radical shift in supply chain is not possible in the short term." Some auto companies and their suppliers will be able to stretch operations until the end of June, after which the situation will turn "really scary", said the second executive, adding it would affect not just electric cars but all vehicles. India has the world's third-largest reserves of rare earths of 6.9 million tons, the U.S. Geological Survey says, but only mines a fraction because private companies make limited investments. A government campaign launched in April, the National Critical Mineral Mission, aims to attain self-reliance in the sector. In recent years, it has begun exploration for neodymium, a rare earth widely used in magnets for the auto industry. India also exports neodymium to Japan for lack of domestic processing capability, two of the sources said. Commercially available export data showed India exported nearly $7 million worth of the rare earth material to Toyota Tsusho between January and April. This week, Modi's office discussed the impact of the magnet crisis on the small but fast-growing EV sector, to which investors have committed billions of dollars, a person familiar with the talks said. It also weighed the possibility of tariff exemptions for imports of machines required by domestic manufacturers, the source said, adding, "The government is looking into it critically. They are serious." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
