Tag: Saudi Arabia

Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other producers of the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, balanced concern about weakening global growth that may dampen fuel demand.

Crude last week jumped more than 6 percent, a third weekly gain, after OPEC+ surprised the market with a new round of production cuts starting in May.

Brent crude was up 9 cents or 0.11 percent to $85.21 a barrel at 11.00 a.m. Saudi time, while US West Texas Intermediate crude gained 15 cents to $80.85.

Oil and Gas Holding Co. inks deal with Oracle

In an attempt to accelerate its digital transformation journey, Bahrain’s Oil and Gas Holding Co. has signed an agreement with Oracle to use Fusion Cloud applications to automate the company’s core business processes and improve its operations.
The agreement was signed between Mark Thomas, group CEO of Oil and Gas Holding Co. and Rahul Misra, vice president of Cloud applications at Oracle.

“Oracle Fusion applications will accelerate the company’s overall performance and enhance efforts related to the sustainability of the sector’s productivity in accordance with Bahrain’s Economic Vision 2030,” said Thomas.
Misra added: “We are proud to partner with the Oil and Gas Holding Co., which is the main driver of the oil and gas business in Bahrain, and responsible for securing and developing the future of the sector.”

Source:https://www.arabnews.com/node/2284366/business-economy

On the sidelines of summits in Riyadh on Friday with the visiting president of China, Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman presided over the meeting of the 43rd session of the Supreme Council of the Gulf Cooperation on behalf of King Salman.

Lauding Saudi Arabia’s convening of the Riyadh GCC-China Summit for Cooperation and Development and the Riyadh Arab-China Summit for Cooperation and Development, the Supreme Council said it was looking forward to their contribution to strengthening cooperation and the strategic partnership with China.

Among those in attendance were Sheikh Hamad bin Mohammed Al-Sharqi, the ruler of Fujairah, as representative of UAE President Sheikh Mohamed bin Zayed; King Hamad bin Isa Al-Khalifa of Bahrain; Emir of Qatar Sheikh Tamim bin Hamad Al-Thani; Crown Prince of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah; Sayyid Fahd bin Mahmoud Al-Said, deputy prime minister of Oman; and Dr. Nayef Falah Mubarak Al-Hajraf, secretary-general of the GCC.

During the summit, the Supreme Council reaffirmed its support for the sovereignty of Palestinians over all Palestinian territories occupied by Israel since June 1967.

Condemning Israel’s continued settlement-building on occupied Palestinian lands, the council urged the international community to intervene and stop the expulsion of Palestinians from their homes.

It cautioned that attempts to impose Israeli sovereignty on Palestinian people was a clear violation of international law.

“Our countries reiterate the need for a just and lasting solution to the Palestinian cause in accordance with the resolutions of international legitimacy and the Arab Peace Initiative, in a way that guarantees the Palestinian people’s rights with Al-Quds as its capital,” the Saudi crown prince said, referring to East Jerusalem.

He also reiterated the Kingdom’s full support for international efforts aimed at arriving at a comprehensive political solution in Yemen.

The Supreme Council stressed that future negotiations with Iran over the nuclear issue must address Tehran’s attempts at destabilizing the region and its sponsorship of terrorism and sectarian militias.

Saudi Arabia emphasized the need for Iran to abide by international principles and charters, fulfill its nuclear obligations, cooperate with the International Atomic Energy Agency, and maintain the principle of good neighborliness.

The Saudi crown prince took the opportunity to announce the Kingdom’s intention to launch the second phase of Vision 2030.

“In light of the significant developments over the past seven years, resulting from the implementation of the GCC’s ambitious development and economic transformation plans, the Kingdom of Saudi Arabia intends to present a second phase of the vision of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud,” he said.

“The vision contributed towards strengthening the strategic role of the Gulf Cooperation Council, regionally and globally, accelerating the council’s progress in the economic, social, security, military and political fields — including the appointment of military commanders to the unified military command of the Gulf Police.”

Affirming that the GCC countries will remain a safe and reliable source to provide the world with its “green energy” needs, the crown prince highlighted the Kingdom’s efforts in launching the Saudi Green Initiative, the Middle East Green Initiative, the concept of a circular carbon economy, and other programs aimed at developing sustainable energy sources.

Underscoring the need for sustainable development, the crown prince said: “The Kingdom believes that hydrocarbon energy sources will remain an important resource to meet the needs of the world for the coming decades.”

He added: “Aware of the importance of sustainable development and preserving the environment for future generations, we continue joint action to address climate change and strive to reduce and address its impact.”

The Saudi crown prince congratulated Sultan Haitham bin Tariq on Oman’s assumption of the presidency of the 43rd session of the Supreme Council.

He also paid tribute to the late UAE President Sheikh Khalifa bin Zayed Al-Nahyan’s outstanding role and his efforts to enhance the work of the Supreme Council.

The Saudi crown prince congratulated Sheikh Tamim for his success in hosting the ongoing football FIFA World Cup in Qatar.

At the outset of his speech, the crown prince warmly welcoming the GCC representatives to Saudi Arabia, asking them to consider the Kingdom as their “second country.”

He added: “We ask the Almighty Allah to help us continue with the march of goodness and cooperation and to promote the GCC’s joint action toward steady development and prosperity.”

In the final communique issued at the end of Friday’s session, the Supreme Council thanked the crown prince for assuming the presidency of the meeting, and expressed its appreciation for the “keenness and interest mentioned in his opening speech to activate the march of cooperation among GCC countries.”

It also expressed its “deep appreciation and gratitude for the great and sincere efforts” of King Salman and the Saudi government during the Kingdom’s “presidency of the 42nd session and the important steps and achievements that were achieved.”

Source:https://www.arabnews.com/node/2213731/saudi-arabia

The world was hoping to crucify Saudi Arabia as a top oil exporter, its energy minister said on the sidelines of the COP27 summit in Egypt, adding the kingdom would be closely monitoring other countries’ renewable promises.

Setting out what he said were Saudi Arabia’s steps to produce cleaner energy and reduce its carbon footprint, Prince Abdulaziz bin Salman said: “The world is hoping to crucify us.”

Instead, he said, Saudi Arabia would be holding the rest of the world to account.

“We want people to match us, and we want to make sure people put their money where their mouths are,” he said.

Among Saudi Arabia’s contributions, he said Saudi Arabian state oil producer Aramco (2222.SE) had the lowest methane emissions by any measure.

Methane emissions, although less enduring than carbon dioxide, are extremely potent, and the amount produced by the oil and gas industry was a focus of discussion at the COP27 talks on Friday.

The minister also said the kingdom was on track to reach net zero emission by 2060 and may bring the target forward, depending on technology.

“We believe that date hopefully can be brought earlier but I just want to make sure that when we commit we deliver but our hope is to deliver ahead of time,” he said.

LOWEST COST GREEN HYDROGEN?

Saudi Arabia is also working on producing hydrogen using renewable energy and aims to be the lowest cost producer, Prince Abdulaziz said.

“We want to showcase ourselves as an energy exporting country, because we will be working hard in exporting hydrogen along with oil, along with liquid gases,” he told Reuters. “We’ll be hopefully be doing electricity too.”

The kingdom says it should also meet a carbon capture target of 44 million tonnes by 2035, he said.

Saudi Aramco signed a joint development agreement in parternship with the energy ministry on Thursday to establish a carbon capture and storage hub with the potential to store up to 9 million tonnes of carbon dioxide a year by 2027.

Environmental campaigners tend to be wary of carbon capture on the grounds industry can use it to justify the continued use of fossil fuels.

Oil and gas officials and industry leaders say fossil fuels remain necessary, especially as the world faces economic crisis and the disruption of Russian supplies as a result of the Ukraine war.

They say under-investment in fossil fuels has helped to cause the price spikes of this year that have driven inflation to multi-decade highs and that oil and gas must be developed alongside renewable energy.

“You need to invest to decarbonise existing resources like oil and gas while building your renewable sectors. That needs to happen in parallel,” Aramco chief Amin Nasser said on Friday.

Source:https://www.reuters.com/business/cop/world-hoped-crucify-us-top-liquids-exporters-saudi-energy-minister-says-2022-11-11/

The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General of the Industry, as reported by Oman News Agency (ONA).

The decision, issued in coordination with the Environment Authority, will support Omani factories by limiting unfair competition from imported products that do not meet environment standards, he explained.

“Eliminating plastic bags is one of the challenges that the ministry seeks to overcome in cooperation with the concerned authorities and find specifications for manufacturers and suppliers to ensure the correct transition to alternatives to plastic bags that harm the environment,” said Sahib, as reported by local news.

An administrative fine of OMR1,000 will be imposed on anyone importing plastic bags, the fine will be doubled if the violation is repeated.

In cooperation with the Environment Authority, the ministry seeks to shift to environment-friendly industries, however, it was noted that the decision will not affect local plastic production facilities. The decision intends to help local plastic production factories to augment sales and production to meet local market demands.

To ensure a proper shift to plastic alternatives, as well as, raise social awareness about the negative impacts of plastic, the ministry will be working in cooperation with concerned departments to develop specifications and instructions. The decision is set to come into effect by January 1, 2023.

Source:https://www.arabianbusiness.com/politics-economics/oman-to-ban-import-of-plastic-bags-from-2023

Capital values across Bahrain’s residential real estate segment have remained largely stable on a quarterly basis, according to real estate service provider Savills.

The capital value index for apartments and villas in the country, when compared annually, however has dropped by an average 1.2 percent and 2.6 percent respectively, Savill’s said in its Q1 2022 Bahrain Market in Minutes report.

Demand for rental properties across villas and townhouses has remained strong across Bahrain during Q1 2022. This led to a marginal rental price increase of 1.5 – 2 percent y-o-y across the high-end and the low-end segment.

Rents across apartments, on the other hand, have largely remained stable on a quarterly basis.

A revival in economic activity followed by a strong push from the government and a general improvement in market sentiment has led to an increase in demand for office space across the city, consequently leading to an increase in asset pricing, according to the report.

The stability that was witnessed in the office rental market in 2021 extended into the first quarter of this year supported by the low-end segment, recording a 1.6 percent y-o-y price increase. However, the mid-end sector’s price correction has sustained, with the y-o-y rental price decreasing 5.5 percent, the report said.

“We have noted an increase in inquiries from prospective tenants in relation to the environmental social and governance (ESG) credentials of current office stock with higher interest for those possessing sustainability accreditations. Given the demand-supply imbalance in the market, developments which incorporate these demands will claim a larger share of the market going forward,” Hashim Kadhem, head of professional services, Savills Bahrain, said.

The recovery also continues in the retail and tourism space. The number of mall visitors rose by 26.9 percent y-o-y in the first quarter of 2022, while the volume of commercial licenses issued increased by 35.4 percent y-o-y.

On the back of Formula 1 Gulf Air Bahrain Grand Prix 2022, international tourist arrivals increased by 50 percent during January-March this year, compared with the same period in 2019.

Speaking on the outlook for the industrial and logistics sector, Swapnil Pillai, Associate Director Research, Middle East at Savills, said, “Bahrain has launched the fastest Global Sea-to-Air Logistics Hub in the region with only a 2-hour turnaround time for all containers.

“This means that products can reach customers in half the time it took earlier and at 40 percent of the cost. This move is likely to significantly improve Bahrain’s position as a hub for logistics activity in the future,” Pillai said.

Source:https://www.arabianbusiness.com/money/wealth/money-wealth-real-estate/bahrains-residential-capital-values-hold-steady-during-jan-march

The young population in Saudi Arabia is helping the country to achieve the goals of Vision 2030, according to Saad Al-Shahrani, deputy minister at the Saudi Ministry of Investment.

While speaking at the Saudi Spanish Investment Forum in Riyadh on Sunday, the minister revealed that the young population in the nation is tackling all the challenges that are arising as the country progresses toward achieving the goals of Vision 2030.

The minister noted that the oil industry was the key driver of the Kingdom’s economy before 2016.

“In 2016, the crown prince came up with Vision 2030 and set up the rules and guidelines for our economy to be more ambitious, effective, and diverse. We had 13 programs launched in 2016 from diverse fields including macroeconomic reforms, microstructure reforms and other institutional reforms,” said Al-Shahrani.

Source:https://www.arabnews.com/node/2096946/business-economy

The MSX index closed at 4,044.86 points, down by 0.33 per cent from the previous close. The Sharia Index ended down by 1.12 per cent at 489.78 points.

Sembcorp Salalah, up 5.19 per cent, was the top gainer while, Al Jazeera Services, down 9.81 per cent, was the top loser. Shares of Vision Insurance were the most active in terms of the number of shares traded while Omantel was the most active in terms of turnover.

A total number of 499 trades were executed during the day’s trading session, generating a turnover of OMR1.87 million, with more than 10 million shares changing hands. Out of 45 traded securities, 8 advanced, 21 declined and 16 remained unchanged. At the session close, Domestic investors were net sellers for OMR336,000 while foreign investors were net buyers for OMR204,000 followed by GCC & Arab investors for OMR132,000 worth of shares.

Financial Index closed at 6410.24 points, down by 0.43 per cent. Prices of National Finance, Vision Insurance and Al Madina Takaful were up by 2.52 per cent, 1.91 per cent, 1.04 per cent respectively. Prices of Muscat Finance, Al Omaniya Financial Services, Global Financial Investments, Ominvest, and Al Anwar Investment were down by 3.23 per cent, 2.86 per cent, 1.39 per cent, 1.36 per cent, and 1.27 per cent respectively.

Industrial Index closed at 5693.21 points, down by 1.07 per cent. Prices of Oman Fisheries, Al Anwar Ceramics, Salalah Mills, Gulf International Chemicals, and Dhofar Cattle Feed were up by 1.45 per cent, 0.47 per cent, 0 per cent, 0 per cent, and 0 per cent respectively. Prices of National Aluminium, Raysut Cement, Al Maha Ceramics, Galfar Engineering, and Oman Cement were down by 5.5 per cent, 3.68 per cent, 3.49 per cent, 1.43 per cent, and 1.29 per cent respectively.

Services Index was down by 0.33 per cent before closing at 1627.88 points. Prices of Sembcorp Salalah, National Gas and Ooredoo were up by 5.2 per cent, 2.36 per cent, 2.29 per cent respectively. Prices of Al Jazeera Services, Oman National Engineering, OIFC, Renaissance Services, and Al Batinah Hotels were down by 9.81 per cent, 3.36 per cent, 1.99 per cent, 1.79 per cent, and 0 per cent respectively.

Source:https://timesofoman.com/article/113649-msx-index-ends-marginally-lower-66