World Bulletin / News Desk
Saudi Arabia has approved a 62 billion riyal ($16.5 billion) plan to modernise the transport system in its holy city of Mecca, including building a bus network and metro system, state news agency SPA said on Tuesday.
More than 6 million visitors from across the world visit Mecca every year for the Haj and Omra pilgrimages. The influx has strained the narrow roads and outdated transport system.
Four metro lines of a total length of 182 km (114 miles) will be built across the city, with 88 stations, SPA reported.
Construction for the transport project will be carried out over about 10 years, the report said, without giving details of when it would start or how companies would bid for contracts.
Last year the city's mayor told Reuters that within six years the government hoped to build new roads and foot bridges near the Grand Mosque, home to the cube-shaped Kaaba towards which Muslims turn in prayer.
Other long-term projects around the mosque include building hotels, malls and cafes. Developments in the suburbs include housing estates and a park for residents who have been made to relocate from the city centre.
Saudi Arabia is also spending billions on upgrading the transport system in the capital Riyadh and on a high-speed rail line connecting Mecca with the holy city of Medina.
Some EU member states remain nervous about the impact on their own fragile economies. The sanctions deal was agreed only after initial proposals were narrowed.
Bankers in Singapore say Russians looking for a new Cyprus have come to the wrong place.
The default could get much messier and take longer to clear up if creditors force an "acceleration" for early payment on their bonds.
The ban came a day after the European Union and United States imposed their first sanctions aimed at hitting broad sectors of the Russian economy
Russia called new U.S. sanctions "destructive and short-sighted"
While the default will obviously hurt the economy, it will not be as severe as in 2001, economists say
The Czechs, who supported the action, have been against sweeping sanctions, worried about trade relations with Russia
The trade program has been criticized for disproportionately benefiting certain industries and a handful of countries, including Nigeria, South Africa and Angola.
The United Kalavrvta tanker, carrying some 1 million barrels of crude worth about $100 million, arrived off the coast of Texas on Saturday but has yet to unload its disputed cargo.
The uncertainty comes at a bad time for the 18 countries in the euro zone, whose economy is already in the doldrums.
"Kalashnikov regrets that consumers are faced with such a problem," said spokeswoman Yekaterina Boni.
Cairo and Khartoum had earlier accepted a proposal by Addis Ababa to hold the talks in Sudan in the third week of August.
Discounting the bulk of Japan's 48 reactors due to their long-term outage, the report said the number of operating units in the world has fallen to 388, 50 less than the peak in 2002.
Over 200,000 NUMSA-affiliated metalworkers declared a nationwide strike on July 1 to demand a 15-percent pay raise for laborers and a ban on labor brokers
The council said in a statement that any trade in oil ISIL or Nusra Front, would violate United Nations sanctions as both groups have been blacklisted.
The project is being implemented in collaboration with the Ethiopian and Norwegian governments at a cost of over $2.8 million.