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RIYADH: Saudi Arabia and the UAE have committed to allocate $6 billion for expanding international trade and investment in Iraq, reported Iraqi News Agency.
On Sunday, the Federation of Iraqi Chambers of Commerce announced that it also agreed to set up business councils of the Kingdom and the UAE in the country.
“The UAE and Saudi Arabia deposited $3 billion each to support their operations in Iraq, which include trade and investment activities,” said FICC President Abdel Razzak Al-Zouhairy.
He further noted that Iraq’s unique geographical location gives it a competitive advantage to become a key player in global trade, especially in trade routes between Europe and Asia.
According to Al-Zouhairy, Iraq is eyeing to maintain an integrated system for commercial activities to keep pace with the development of global trade, particularly in the customs domain of entry and exit of goods.
Last month, the Saudi Export Development Authority organized a trade mission to Iraq under the theme “Made in Saudi.”
The event showcased the authority’s commitment to developing Saudi non-oil exports and its strategic goal of providing export opportunities to local exporters.
The trade mission saw the participation of over 37 Saudi companies and 100 Iraqi firms from various sectors, including construction materials, food products and packaging.
In June, the Kingdom signed a contract with Iraq to establish a commercial project worth $1 billion in Baghdad.
Iraqi News Agency reported that this project, named Baghdad Avenue, is expected to become the largest shopping mall in Iraq, encompassing coffee shops, restaurants and commercial offices.
Additionally, it will also house 4,000 apartments and 2,500 villas.
In May, the Kingdom’s Public Investment Fund also announced its plan to create a venture with a capital of $3 billion to invest in industries across Iraq.
Muteb Al-Shathri, acting CEO of the Saudi-Iraq Investment Co., had then said that the unit would be headquartered in the Kingdom and would look for funding opportunities in infrastructure, mining, agriculture, real estate development and financial services.
Both countries had also signed a raft of agreements to boost economic cooperation and develop a special economic zone during the fifth session of the Saudi-Iraqi Coordination Council in Jeddah in May.
They also agreed to identify economic opportunities to boost bilateral trade and investments in various sectors.
RIYADH: Red Sea Global has announced the installation of 750,000 solar panels in a huge boost for the development’s sustainability drive.
The giga-project has also constructed five solar stations as it gears up for the first phase of its opening, which will see 16 hotels, retail, and entertainment venues come online and powered entirely by renewable energy.
RSG is also implementing the world’s largest battery storage facility at a capacity of 1,200 megawatts per hour, which will enable the company to achieve 100 percent grid independence.
The tourist destination is set to operate 50 resorts by 2030, with up to 8,000 hotel rooms and over 1,000 residential buildings spread across 22 islands and six inland areas.
Along with the giga-project of NEOM, RSG has put sustainability as a key tenet of its development, in line with Saudi Arabia’s target to reach net-zero for carbon emissions by 2060.
John Pagano, the CEO of RSG, said ensuring that the world’s largest tourism destination is fully powered by renewable energy falls within such commitment, according to the Saudi Press Agency.
Pagano added that the installation of electroluminescent panels at the five solar stations had been completed as part of the first phase of the Red Sea Project, and the complete independence of the venture from the national grid makes it not only the largest, but also the first of its kind in the world.
All vehicles transporting visitors to the Red Sea Tourism Project will be fully powered by solar energy, starting with their arrival at the Red Sea International Airport and continuing through their movements within the sites and between the nearby islands.
According to the SPA, RSG is also investing in human capital, and has provided vocational training scholarships to 500 people in cooperation with the Human Resources Development Fund, of which 50 people have received training in renewables.
The company aims to provide specialized training to a total of 10,000 Saudi citizens by 2030.
Alongside this, RSG is working to ensure half of its workforce are Saudi nationals.
In May, while speaking to Arab News on the sidelines of Arabian Travel Market 2023 in Dubai, Tracy Lanza, global head of brand development at RSG, revealed the company was edging closer to hitting that target.
“The goal is 50-50 and we are nearly there, and I can say from a marketing standpoint, our team is at 67 percent and growing. We also have the largest percentage of Saudi women, I think, at the company,” said Lanza.
SINGAPORE: Oil prices rose on Friday and were on track for their second straight weekly gain as resilient demand resulted in a larger-than-expected fall in US oil stocks, offsetting fears of higher interest rates in the North American country, according to Reuters.
Brent crude futures were up 45 cents, or 0.6 percent, at $76.97 a barrel at 9:15 a.m. Saudi time, while US West Texas Intermediate crude gained 44 cents, also 0.6 percent, to $72.24 a barrel.
Both benchmarks were set to gain about 2 percent for the second straight week.
“The crude demand outlook is starting to look better as we enter peak summer travel in the US, and as the Saudis were able to raise prices to Europe and Asia,” said Edward Moya, an analyst at OANDA.
US crude stocks fell more than expected on strong refining demand, while gasoline inventories posted a large draw after an increase in driving last week, the Energy Information Administration said on Thursday.
That comes as top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than five million barrels per day, equating to 5 percent of global oil output.
However, oil price gains were capped by strengthening expectations that the US central bank is likely to raise interest rates at its July 25-26 meeting after holding rates steady at 5 to 5.25 percent in June.
The number of Americans filing new claims for unemployment benefits increased moderately last week, while private payrolls surged in June, data showed on Thursday, raising the likelihood of a Federal Reserve rate hike this month.
The Organization of the Petroleum Exporting Countries will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to the organization said.
Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. Investors will look for cues on rate paths from US and China inflation data next week.
“Oil has found a floor this week and it looks like it could head higher as long as global recession fears don’t run wild,” Moya said.
RIYADH: State-owned Saudia, formerly Saudi Arabian Airlines, announced on Thursday that it would allocate over 7.4 million seats to domestic and international flights in July and August, a 10 percent increase over the same period last year.
According to a press statement, the national carrier will operate over 32,400 flights during this period, up 4 percent from the same time last year.
These measures aim to meet high demand during peak seasons and ensure smooth operations, efficient reservations for scheduled and seasonal destinations, and streamlined airport processes, the statement said.
The airline will provide over 4.2 million seats on its international routes, a 16 percent rise over July and August last year.
It will also introduce over 14,800 flights during the period, a 15 percent climb over last year.
The statement added that over 3.2 million seats will be available on domestic routes through 17,600 flights.
Captain Ibrahim Koshy, CEO of SAUDIA, emphasized the airline’s extensive experience managing operations throughout the year, especially during peak seasons.
The plan includes increasing flights and seat capacity and introducing seasonal destinations to meet guests’ needs while providing excellent services.
The airline has implemented comprehensive procedures and prepared the necessary facilities to ensure a successful summer season and Hajj pilgrimage.
The company relies on its young fleet and dedicated team from Saudia Aerospace Engineering Industries to maintain on-time aircraft performance.
Earlier this year, Saudia Group announced the addition of 25 new international destinations, expanding its network to over 100 destinations.
This expansion aims to give travelers more options and connect the world with the Kingdom. As part of the global SkyTeam alliance, guests can access 1,000 destinations in 170 countries and enjoy over 790 first-class and business-class lounges worldwide.
RIYADH: A Saudi delegation of top ministers, government officials and business leaders will take part at the UN High-level Political Forum next week as representatives from over 100 countries gather in New York to assess the progress of the Sustainable Development Goals.
The forum will be held from July 10-19 and focus on accelerating the recovery from the coronavirus disease and fully implementing the 2030 Agenda for Sustainable Development, aimed at ending poverty in all forms.
It will discuss the effective and inclusive recovery measures to address the impacts of the COVID-19 pandemic on the SDGs and explore actionable policy guidance for the full implementation of the 2030 agenda and the SDGs at all levels, according to its website.
Saudi Minister of Economy and Planning Faisal Alibrahim will lead the delegation, comprising representatives from 22 government entities, private sector companies and nonprofit organizations.
According to a press statement, Saudi Arabia will submit its second Voluntary National Review report on progress in its commitment to SDGs at the forum.
The VNR is a mechanism established by the UN for countries to voluntarily report on their progress in implementing the SDGs.
During the VNR, countries are expected to share their experiences, including successes, challenges and lessons learned, to accelerate the implementation of the 2030 Agenda.
The Saudi delegation will also include Minister of Energy Prince Abdulaziz bin Salman, Minister of Foreign Affairs Prince Faisal bin Farhan, Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Tourism Ahmed Al-Khateeb.
Launched in 2015, the event will host panel discussions and exhibitions of various Saudi entities, including the Public Investment Fund, the Saudi Arabian Oil Co., Saudi Basic Industries Corp. and NEOM.
The Kingdom has been participating in the event since 2018. It will share its experiences and achievements in sustainable development, including various efforts it takes to achieve its net-zero target of 2060.
Achieving sustainability is a key agenda in Saudi Arabia’s Vision 2030 goals, as the Kingdom aims to increase its domestic generation capacity from renewable energy to 50 percent by the end of this decade.
RIYADH: Saudi Arabia’s King Abdullah Petroleum Studies and Research Center received two awards from the secretariat of the Organization of the Petroleum Exporting Countries in recognition of its work on energy issues.
KAPSARC received the “Best Energy Research Institute Award” during the 8th OPEC International Seminar held in Vienna.
It also picked up the “OPEC Award for the Best Energy Research Paper” for its analysis of the stability of the oil market.
The awards recognize researchers who have made exceptional contributions to advancing knowledge in the energy industry, and in complimenting the institution OPEC Secretary-General Haitham Al-Ghais said: “The Center and the research paper’s authors are fully deserving of these two awards against some extremely stiff competition.”
“KAPSARC is today a globally renowned center of research excellence for energy and sustainability issues, and a partner for many other research institutes and policy organizations worldwide.”
He added: “It is the embodiment of high quality, innovative, collaborative and objective analysis aimed at finding solutions to our global energy challenges.”
KAPSARC President Fahad Alajlan said his center worked hard to combine industry and academic expertise with a Middle Eastern perspective to tackle global energy and sustainability challenges
He added: “These accolades highlight our position as an advisory think tank that provides evidence-based research to the international community and policy advice for Saudi decision makers.”
In June, KAPSARC saw its position in the global discourse around global ecological governance grow after the UN granted it a key role in its environmental activities.
The think tank now participates in global energy, climate and environment dialogues after being handed a place in the UN Environment Program.
Building on its accreditation by the UN Framework Convention on Climate Change, KAPSARC’s new status means it can deliver evidence-based reporting and policy recommendations, particularly in this crucial phase of climate change conversations.
KAPSARC has already embraced its commitment to the UNEP by participating in the second session of the Intergovernmental Negotiating Committee in Paris from May 29 to June 2.
The discussion focused on developing an international framework to address plastic pollution, and KAPSARC highlighted the value of a circular plastic economy, including reduction, reuse, recycling and removal strategies.