Saudis triumph in oil market with comeback from the coronavirus crisis

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When the OPEC+ alliance of oil producers gathers next week, group leader Saudi Arabia can savor a moment of triumph.

Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month as a recovering global economy clamours for energy supplies.

Furthermore, by bringing those shipments back slowly enough to avert a new surplus, Saudi Energy Minister Prince Abdulaziz bin Salman has revived crude prices to $80 a barrel. That’s swelled the kingdom’s petroleum revenues to a three-year high, putting them on track for an even bigger payout in 2022.

“OPEC+ has had a very good year,” said Ben Luckock, co-head of oil trading at commodities merchant Trafigura Group. “They have delivered: they have managed to thread the needle.”

That’s a far cry from the tumult of last March, when the plunge in fuel demand briefly pitched Organization of Petroleum Exporting Countries and its partners into a vicious fight over customers. Those bitter memories seem very distant as the 23-nation network — jointly led by the Saudis and Russia — prepares to meet on monday.

If there’s a threat to the delicate balance OPEC+ has achieved, it’s that the market could overheat and prices rise too high.

The alliance has signaled it will stick with its schedule of modest production increases by approving another 400,000 barrel-a-day increment for November. But the market has shifted since that road map was agreed in July.

The shortage of natural gas, which has sent prices to the equivalent of $190 a barrel, is spurring a switch to oil products for heating and manufacturing, boosting overall demand. U.S. oil production is still recovering from Hurricane Ida, which has knocked out a total of almost 35 million barrels after slamming the Gulf of Mexico a month ago — equivalent to almost two full months of OPEC+ supply increases.

Anxiety among key consuming nations is palpable, especially if they end up experiencing a cold winter. China has instructed top energy firms to secure supplies at any cost. U.S. President Joe Biden’s administration says it has reminded OPEC of the need to support the recovery, and National Security Adviser Jake Sullivan met with Saudi Crown Prince Mohammed bin Salman this week.

“OPEC will come under increasingly intense pressure from Washington to open the production release valve and cap the upside” in prices, said Helima Croft, chief commodities strategist at RBC Capital Markets. “An increase beyond the 400,000 barrels a day is a live option for Monday.”

That’s a view shared by the world’s largest independent trader, Vitol Group. Not only is demand being boosted by the shortage of natural gas, the supply outlook is tightening as prospects diminish for a swift deal to revive Iranian exports, said Chris Bake, the company’s head of origination.

Tehran and Washington have been involved in negotiations to reactivate a nuclear accord — and lift U.S. sanctions on Iranian oil shipments — but the talks have so far made little headway. As a result, roughly 1.4 million barrels a day of Iranian crude that traders thought might be entering the market in late 2021 remains absent.

Bigger Boost?
Some OPEC+ delegates say privately that the increase approved at Monday’s meeting could be bigger than the scheduled 400,000 barrels a day. Scenarios for larger hikes have been considered, said one official.

The Saudis themselves don’t want to see prices spiral toward $100 a barrel, as excessive fuel costs would curtail demand and stimulate a revival in U.S. shale output, according to people familiar with the kingdom’s thinking.

A spike in crude prices — just weeks before world leaders gather in Glasgow, Scotland, for a fresh round of climate talks intended to shift the world away from fossil fuels — could boost support for the transition to renewable energy.

But the kingdom is not yet convinced that crude’s jump above $80 in London earlier this week reflects a genuine supply shortage, the people said.

OPEC+ is likely to wait and see whether the natural gas deficit bolsters oil demand “materially” before speeding up the return of output, said Amrita Sen, chief oil analyst and co-founder of consultant Energy Aspects Ltd. Such steps may be taken “in the future, but not yet.”

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/saudis-triumph-in-oil-market-with-comeback-from-the-coronavirus-crisis/articleshow/86701270.cms

Saudi Aramco’s once again a $2trn company as oil soars

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A Saudi court on Sunday issued a final order on the restructuring of the Algosaibi family’s conglomerate AHAB, putting a formal end to one of Saudi Arabia’s largest and longest debt disputes.

AHAB filed for a financial restructuring in 2019 under the framework of Saudi Arabia’s bankruptcy law, introduced the previous year to make the kingdom more investor-friendly.

The Dammam commercial court on Sunday issued the final ratification order for the AHAB restructuring, which is now unappealable, Simon Charlton, chief restructuring officer at AHAB, told Reuters.

“The company will now take steps to begin lifting the restrictions over assets and begin liquidating assets to be able to make distributions to its approved creditors,” he said.

AHAB’s creditors include local, regional and international banks. About a third of the firm’s debt has been traded for years by banks’ trading desks and hedge funds.

Under the settlement, AHAB’s creditors are expected to receive about 26 cents on the dollar for debt claims totalling 27.5 billion riyals (about $7.3 billion), Charlton said.

The settlement assets include over 800 million riyals in cash, a portfolio of publicly traded shares worth about 3.7 billion riyals, and real estate assets in Saudi Arabia.

The company will retain its core operating assets and plans to rebuild those businesses and the restructured group, possibly by raising external financing, Charlton said, adding that funding plans were at an early stage.

Creditors have been pursuing AHAB and Saad Group, a Saudi conglomerate owned by tycoon Maan al-Sanea, since they defaulted on about $22 billion in combined debt in 2009.

The Algosaibis and Sanea – who married into the Algosaibi family – have been locked in a bitter dispute over who was to blame for the 2009 collapse of the companies.

“AHAB will continue to pursue its claims in the Saad estate and against Al Sanea, who it continues to hold responsible,” Charlton said.

AHAB was one of the first companies to apply for a restructuring under the new Saudi bankruptcy law.

Before the law, modern bankruptcy legislation did not exist in Saudi Arabia, meaning the main options for defaults were liquidation or cash injections.

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-court-issues-final-order-on-ahab-ending-12-year-debt-dispute/articleshow/86729030.cms

Kuwaiti logistics giant Agility applies for licence to run digital bank

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Kuwait-based logistics giant Agility confirmed on Tuesday that it applied for a licence to establish a digital bank.

The move is part of the company’s “ongoing focus on digital initiatives”, according to vice chairman and chief executive Tarek Al Essa in a statement to the Dubai Financial Market.

However he said the application is in its early stages, adding: “Agility has requested a licence to establish a digital bank but there is nothing material at the moment.”

The statement came in response to a report by Kuwait’s Al Rai newspaper on Agility’s plans which said the application includes an emphasis on technical aspects, cyber security, operational risks and measures to combat money laundering and terrorism financing.

The trend towards digital banking is gathering pace in the Gulf region.

In the UAE, Al Maryah Community Bank has become the first digital bank to serve UAE customers after launching its app while Emaar founder and chairman Mohamed Alabbar has previously announced that he will head Zand, the first digital bank in the world to provide both retail and corporate banking.

A survey from Boston Consulting Group (BCG) in October last year revealed that 87 percent of respondents in the UAE would be willing to open an account with a branchless digital-only bank.

Last year, Abu Dhabi investment firm ADQ revealed plans to set up a digital bank with an initial capital of AED2 billion after obtaining the legacy licence of First Gulf Bank.

Source:https://www.arabianbusiness.com/banking-finance/467501-kuwait-logistics-giant-agility-applies-for-licence-to-run-digital-bank

Global Portable Ventilators Markets Report 2021-2026

The Global Portable Ventilators Market is estimated to be USD 770.5 Mn in 2021 and is expected to reach USD 1,080.8 Mn by 2026, growing at a CAGR of 7%.

The factors fueling the growth of the portable ventilator market are increasing incidences of breathing diseases and respiratory problems among the growing population. Additionally, the increasing smoking population is another factor for the increased demand for portable medical ventilators.

The intervention of innovative technology in the healthcare sector has improved operational conduct and has provided the patients with intensive care solutions. The market is expected to expand due to rapid development in technology. Advancement in technology has enabled these ventilators to be used anywhere and anytime by the patient without any medical set-up.

The world is currently hit by the pandemic of COVID-19. This disease leads to multiple organ failure, acute & severe respiratory disorders, pneumonia, and even death due to breathing issues in some severe cases. Hence, a surge in the number of people with Covid-19 is anticipated to boost the global demand for portable ventilators.

However, the high cost associated with portable medical ventilators is one of the major factors that are likely to hinder the growth of the portable ventilators market soon. Also, the availability of low-cost non-branded products available in the market creates a challenge for branded ventilator producers.

Some of the companies covered in this report are ResMed Inc., Medtronic Plc, Becton, Dickinson and Company, Getinge AB, Drgerwerk AG & Co, Smiths Group Plc, Hamilton Medical AG, G.E. Healthcare, Nidek Medical, Oricare Inc, Teleflex Incorporated, and others.

Source:https://www.businesswire.com/news/home/20210907005482/en

Flowserve Chief Executive Officer Scott Rowe to Present at RBC Capital Markets Global Industrials Conference

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Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that Scott Rowe, president and chief executive officer, will present at the 2021 RBC Capital Markets Global Industrials Virtual Conference on September 9, 2021 at 12:20 – 12:50 CDT.

A webcast of Mr. Rowe’s presentation will be available for shareholders and other interested parties at www.flowserve.com under the “Investor Relations” section.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic manufacturing optimization and realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Source:https://www.businesswire.com/news/home/20210907005118/en

CEMEX Reinforces Leadership in Green Financing, Presenting Sustainability-Linked Financing Framework

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CEMEX has a steadfast commitment to be a leader in climate action and provide low-carbon and net-zero CO2 products. The Framework further aligns CEMEX’s corporate sustainability commitments to its financing strategy, as part of its Future in Action program.

The Framework establishes CEMEX’s guiding principles when issuing new sustainability-linked financing instruments, including public bonds, private placements, loans, derivatives, working capital solutions, and other financing instruments.

Sustainalytics, a leading independent firm that specializes in providing ESG research, ratings, and data to institutional investors and companies, validated the Framework’s alignment with the Sustainability-Linked Bond Principles, the International Capital Market Association’s Climate Transition Finance Handbook, and the Loan Market Association’s Sustainability-Linked Loan Principles.

“Climate change is one of the biggest challenges of our time, and we will continue to address it as a fundamental component of our business strategy,” said Maher Al-Haffar, CEMEX’s Chief Financial Officer. “CEMEX is committed to increasing the role sustainable finance plays in its capital structure by potentially linking the cost of financial instruments to the achievement of targets, directly aligning our corporate finance strategy to sustainability commitments and further contributing to a low-carbon future.”

CEMEX has taken a bold step by including three KPIs, an unusually high number for the building materials industry, in the Framework. This decision reflects the confidence and commitment the company has regarding its Climate Action targets. Selected KPIs are net CO2 emissions per ton of cementitious product, clean electricity consumption and alternative fuels rate. All of them were qualified by Sustainalytics as relevant, material, ambitious, and aligned with the company’s climate action strategy.

The three indicators are directly contributing to the achievement of the UN Sustainable Development Goals and for each one CEMEX has established 2025 and 2030 Sustainability Performance Targets (SPTs). KPI performance and corresponding SPTs will be verified by qualified external parties and be made available through CEMEX’s annual Integrated Report.

CEMEX’s 2030 target of reaching below 475 kg CO2 per ton of cementitious product is aligned with the Science-Based Targets initiative’s (SBTi) “Well Below 2°C Scenario”, the most ambitious for the cement industry. This target is currently in the process of validation. Furthermore, the company has set a 2050 goal of delivering net-zero concrete globally, aligned with the Paris Agreement.

Moreover, CEMEX recently announced that it has signed the Business Ambition for 1.5°C commitment led by the We Mean Business Coalition in partnership with the SBTi and the UN Global Compact. The company also joined The Race to Zero Campaign of the UN Framework Convention on Climate Change.

Source:https://www.businesswire.com/news/home/20210907005326/en

KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)

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Small scale manufacturing plants in Kuwait produce petrochemicals, fertilizers, ammonia etc. The growth of the manufacturing sector in Kuwait has not been ideal, as it was hard hit firstly, by the Iraqi invasion and then, the recession. The contribution of the manufacturing sector towards the GDP of Kuwait has ranged between 5-6% for the past few years, though it is projected to reach USD XX billion by 2021 at a CAGR of XX%. Greater exposure to trade, competition in the sector and diversification are factors affecting the growth of this market.

Diversification Driving Manufacturing Sector Growth

Numerous initiatives are being taken by the government to promote the manufacturing sector, like the passing of the Kuwait Development Plan. It was approved for almost USD 120 billion and is expected to simulate Kuwait’s economy and help in developing the infrastructure. The government recently announced that it is increasing the budget for the manufacturing sector by nearly USD 1.7 billion per year.

New free trade zones are being built in Kuwait. This will increase the need for building products giving an automatic push to the construction material manufacturing industries. Availability of low-cost labor acts as an add-on to the success of the manufacturing sector.

Challenges

Land prices in Kuwait are elevated for industrial areas due to very high demand and low availability of resources. The news of more than 20 Kuwaiti factories deciding to relocate to Saudi Arabia because of the features and facilities it offers was also a major setback. Expensive electricity and energy, industrial production costs, unskilled labor, small market size and unavailability of resources are some of the major challenges faced by the manufacturing sector in Kuwait.

Opportunities

There are numerous opportunities in the construction material manufacturing industries in Kuwait. Apart from that foreign investors are being given a number of incentives which include a 10-year tax holiday and after that, a flat 15% tax for investing in Kuwait. Petrochemical is the biggest industry after oil and gas and offers great opportunities.

Source:https://www.mordorintelligence.com/industry-reports/manufacturing-industry-in-kuwait-industry

Expats struggle to get vaccines in Kuwait, citizens come 1st

In the tiny, oil-rich sheikhdom of Kuwait, the foreigners who power the country’s economy, serve its society and make up 70 per cent of its population are struggling to get coronavirus vaccines.

Unlike other Gulf Arab states that have administered doses to masses of foreign workers in a race to reach herd immunity, Kuwait has come under fire for vaccinating its own people first.

That leaves legions of labourers from Asia, Africa and elsewhere, who clean Kuwaiti nationals’ homes, care for their children, drive their cars and bag their groceries, still waiting for their first doses, despite bearing the brunt of the pandemic.

“The only people I’ve seen at the vaccination center were Kuwaiti,” said a 27-year-old Kuwaiti doctor, who like most people interviewed for this story spoke on condition of anonymity for fear of government reprisals. “Kuwait has a citizens-first policy for everything, including when it comes to public health.”

Kuwaiti authorities did not respond to repeated requests for comment from The Associated Press on their vaccination strategy.

When Kuwait’s vaccination registration site went live in December, authorities declared that health-care workers, older adults and those with underlying conditions would be first in line.

As weeks ticked by, however, it became increasingly clear the lion’s share of doses was going to Kuwaitis, regardless of their age or health. Initially, some expat medical workers said they couldn’t even get appointments.

Kuwait’s labour system, which links migrants’ residency status to their jobs and gives employers outsized power, prevails across the Gulf Arab states.

But hostility toward migrants long has burned hotter in Kuwait. The legacy of the 1991 Gulf War, which triggered mass deportations of Palestinian, Jordanian and Yemeni workers whose leaders had supported Iraq in the conflict, fuelled anxiety about the need for self-reliance in Kuwait that endures today — even as Southeast Asian labourers rushed to fill the void.

A 30-year-old Indian woman who has spent her whole life in Kuwait watched her Instagram feed fill with celebratory photos of Kuwaiti teenagers getting the jab. Her father, a 62-year-old diabetic with high blood pressure, could not — like the rest of her relatives living there.

“All the Kuwaitis I know are vaccinated,” she said. “It’s more than just annoying, it’s a realization that no, this is not cool, there is no way to feel like I belong here anymore.”

Kuwait has vaccinated its citizens at a rate six times that of non-citizens, the Health Ministry revealed earlier this year. At the time, despite some 238,000 foreigners registering online to book an appointment, only 18,000 of them — mostly doctors, nurses and well-connected workers in state oil companies — were actually called in to receive the vaccine. Meanwhile, some 119,000 Kuwaitis were vaccinated.

With vaccine information only available in English or Arabic, advocates say that locks out scores of low-wage laborers from Southeast Asia who speak neither language.

The disparity set off a roiling debate on social media, with users decrying what they called the latest instance of xenophobia in Kuwait. They say the pandemic has magnified resentment of migrant workers, deepened social divides and hardened the government’s resolve to protect its own people first. Medical professionals warned Kuwait’s inoculation hierarchy damages public health.

Compared to the United Arab Emirates and Bahrain, among the world’s fastest vaccinators per capita, Kuwait’s drive has lagged.

While foreigners wait for shots, medical workers say Kuwaiti citizens remain reluctant to register because of vaccine conspiracy theories shared widely on social media. Infections have soared, prompting the government to impose a strict nightly curfew last month.

With pressure mounting on the Health Ministry, barriers eased in recent weeks, with a growing number of foreign residents 65 years of age and older reporting they were able to get vaccinated. Still, most expats insist the inequality in access remains striking.

“We are waiting and waiting for the call,” said a 55-year-old house cleaner from Sri Lanka. “The moment I get the call, I will go. I need the vaccine to be safe.”
The government has not released a demographic breakdown of vaccinated foreigners vs Kuwaitis since the outrage over the inequality erupted in mid-February, only overall vaccination statistics. As of this week, 500,000 people have received at least one dose of either Pfizer-BioNTech or Oxford-AstraZeneca, according to health authorities.

Even as the bulk of front-line workers in grocery stores and cafes remain unvaccinated, Kuwait is making plans to reopen society for the inoculated. Those who can prove they got the jab will be able to attend schools in the fall, go to cinemas in the spring and skip quarantine after flying into the country, the government announced.

Foreign workers in Kuwait have felt this frustration before.When the pandemic first struck, lawmakers, talk show hosts and prominent actresses blamed migrants for the virus’s spread.

As the coronavirus ripped through crowded districts and dormitories where many foreigners live, authorities imposed targeted lockdowns and published surging virus counts with a breakdown of nationalities. When infections among Kuwaitis rose, the government stopped releasing demographic data.

“It’s easy for migrants to be seen as the root of all problems in Kuwait,” said Rohan Advani, a researcher of sociology at the University of California, Los Angeles. “Citizens don’t have political or economic power, so when they don’t like what’s happening to their country, blaming foreigners becomes the main outlet.”

Despite having an outspoken parliament, final power in Kuwait rests with the ruling emir. Kuwaiti citizens, who are guaranteed spots on the public payroll and reap the benefits of a cradle-to-grave welfare state, increasingly have clamored for policies that limit the flow of migrants.

Source:https://economictimes.indiatimes.com/news/international/uae/expats-struggle-to-get-vaccines-in-kuwait-citizens-come-1st/articleshow/81895582.cms

Zipaworld partners with ASYAD Group to expand business in Oman, GCC region

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Online logistics marketplace Zipaworld has partnered with the Middle East-based ASYAD Group for expanding its business in Oman and the GCC region. Under the tie-up, the two companies will launch a pilot project with ASYAD Express for express courier services and door-to-door shipments in India and the GCC region.

The Riyadh-headquartered Gulf Cooperation Council (GCC) is a trade block of six Gulf countries comprising Saudi Arabia, United Arab Emirates, Kuwait, Bahrain, Qatar and Oman.

“This strategic association will boost business across the trade lane between India and Oman as well as other GCC countries besides helping the two partners reach out to the world beyond. Further, it will also open up more economical and cost-effective gateway into the Gulf, Middle East and African ports,” said Ambrish Kumar, Founder, Zipaworld.

Established in 2016, the Oman-based integrated logistics NSE 4.27 % services provider ASYAD Group brings together services, solutions, and companiesunder one entity. The group comprises three deep ports and two free zones supported by Oman’s five airports, a new rail network as well as road network.

ASYAD Ports and Terminals comprises Ports of Sohar, Salalah and Duqm besides Khazaen economy city and ASYAD Shipping & Drydock. The logistics wing of the Group comprises ASYAD Express, Oman Post and Container Line Services.

“We are leading the express mail segment, continually working on enhancing our services to meet the needs of our ever-growing customer base. As e-commerce continues to gain momentum, our partnership with Zipaworld represents one of a number of collaborations that are helping us to expand into new markets beyond Oman,” Acting Chief Executive Officer of Oman Post & ASYAD Express, Nasser al Sharji, said.

With the group deploying the latest technology for encouraging virtual platforms and easing the trade barriers, its association with Zipaworld will enhance and accelerate seamless trade movement between India and Oman, and between India and other GCC countries, said the release.

The express courier facilitation from India to the GCC countries will be much more economical and transparent as compared to the present market scenario, it said, adding that Zipaworld can be accessed by anyone from any part of India right at their convenience and without hassles to book their express consignments to the Middle East.

Source:https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/zipaworld-partners-with-asyad-group-to-expand-business-in-oman-gcc-region/articleshow/82569841.cms

Saudi Arabia considers developing industrial zone in Oman

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Saudi Arabia is considering developing an industrial zone in Oman and the two Gulf states have discussed the possibility in investment talks, the Saudi state news agency SPA reported.

Saudi and Omani officials met earlier in the month to discuss investment opportunities and discussions this week were around “prospects for cooperation and integration opportunities in the special economic zones in the kingdom and the sultanate,” SPA said on Wednesday.

Saudi Arabia is in the midst of an ambitious economic development plan – Vision 2030 – to wean the economy off oil, while Oman recently introduced a medium-term plan to rein in its debt that has grown at breakneck pace in recent years.

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-arabia-considers-developing-industrial-zone-in-oman/articleshow/83807209.cms