Iraqi Prime Minister Mohammed Shia Al-Sudani opened the 47th edition of the Baghdad International Fair on Wednesday, with Saudi Arabia as the guest of honor. The occasion was attended by Arab and foreign countries, as well as global companies.
Al-Sudani, in his opening remarks, expressed his gratitude to the Kingdom for its abundant involvement in Iraq. He pressed Iraq’s commitment to interact in a phase of reconstruction and economic development, with the aim of identifying very important partnerships with Arab and friendly countries. countries in the near future.
At the opening of the fair, Iraqi Trade Minister Atheer Al-Ghurairi expressed his gratitude for Saudi Arabia’s truly broad participation. Al-Ghurairi highlighted the significant opportunities for collaboration in various fields between the two countries.
King Abdullah University of Science and Technology (KAUST) signed an agreement with Aramco to identify a generation consortium aimed at managing the functionality and integrity of tissues and non-metallic composites in energy programs (ENERCOMP), KAUST said in a statement.
Aramco joined ENERCOMP as a founding member and first sponsor to promote non-metallic fabrics in the energy sector.
“The five-year generation consortium represents an educational investment in R
The joint investment points to the Kingdom’s vision of sustainability and diversification through the development of materials that consume less energy and have a lower carbon footprint.
Aramco will leverage its expertise in relevant projects, such as Rice University’s Carbon Hub in the US. The U. S. Department of Homeland Security and the Non-Metallic Innovation Center (NIC) in the U. K. , to help ENERCOMP’s basic science implement integrity control solutions. This will build confidence in the industry. The long-term role that non-metallic tissues and composites can play as an integral component of tissue transition.
Similar to the NIC model, the initiative will inspire other players in the energy sector to sign up to the consortium and use KAUST’s cutting-edge research capabilities in engineering, artificial intelligence and tissue science solutions.
Aramco’s Senior Vice President of Technology Supervision and Coordination, Dr. Ali Al-Meshari, said: “Through this collaboration, we aim to create an innovation hub for complex composites in the Kingdom. By focusing on the progression and integration of cost-effective sensor solutions in composite fabrics and through the application of emerging artificial intelligence solutions, we can implement new integrity control technologies in the energy industry as a whole.
Director of ENERCOMP and KAUST Professor of Mechanical Engineering Prof. Gilles Lubineau highlighted the significance of this step, saying that ENERCOMP represents a new era of collaboration between KAUST and energy sector leaders.
This ambitious, industry-focused partnership aims to identify a team at KAUST committed to non-metallic fabric and composite engineering programs across the energy price chain. By integrating the Kingdom’s composites and non-metallic program, ENERCOMP will provide cutting-edge answers that are very important for a sustainable future, he added.
Saudi Arabia’s Ministry of Industry and Mineral Resources on Wednesday announced the successful bidders for the fourth round of tenders under the accelerated exploration program.
The initiative was designed to successfully exploit the Kingdom’s mineral resources for the progression and expansion of the mining sector, in line with the goals of Saudi Vision 2030 and the National Industrial Development and Logistics Program.
After a full evaluation of the technical and social aspects, the successful bidders were: Ajlan
He added that the exploration licenses will be issued in accordance with the Mining Investment Law, which requires companies applying for mining licenses in the Kingdom to demonstrate their technical expertise and commitment to social and environmental impact in control plans. designed in a manner consistent with the Kingdom’s efforts to achieve sustainable progress in the mining sector.
The Bir Umq mining site is located in the city of Mahd Ad Dhahab in the west of the Kingdom. Covering a domain of approximately 187 km2, the site includes copper and zinc mineral deposits. As part of the granting of the exploration permit for this site, Ajlan
The Jabal Sahabiyah mining site is located in the Tathleeth region of the southern Kingdom. It covers a domain of approximately 283 km2 and includes zinc, lead, and copper mineral deposits. The winners of the exploration permit, Royal Roads and MSB Holding Consortium, will invest more than SAR 20 million in the exploration work. They also committed SAR 450,000 to local network initiatives, adding education and progress of local communities.
The um Hadid mining site is located in the Afif region in the centre of the Kingdom. Covering a domain of approximately 246 km2, it includes mineral deposits of silver, lead, copper and zinc. The winners of the exploration permit, Sumou Holding and Kuya Silver Consortium, will invest SAR 83 million in the exploration works. They have also engaged more than 3 million SARs in local networking initiatives, adding education and progress to local communities.
Following the latest rounds of licensing, the ministry reiterated its commitment to designing a competitive auction procedure for exploration licenses, with the aim of encouraging the participation of new companies in the Kingdom’s metals and minerals sector.
Likewise, he stated that “rigorous evaluation processes will continue, prioritizing equity and transparency in the variety of competitors. “
In addition to those initiatives, the ministry said it will continue to devote its efforts to maximizing the economic effect of mining investments, focusing on promoting core investments, attracting a wide diversity of companies to expand exploration sites in the Kingdom. and ultimately leverage its mineral resources to aid the progress of the most promising industries.
In line with the vision of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince, Prime Minister and Chairman of the Board of Directors of the Premium Residence Center, Dr. Majid bin Abdullah Alkassabi, announced on Wednesday the release of five new Premium Residences. .
The products align with the national goals of Saudi Arabia’s position as a global hub, attracting professionals and investment. The initiative aims to further stimulate the country’s economic transformation by creating employment opportunities and promoting knowledge transfer.
Alkassabi noted that the five new premium residence products are residences for special talents, gifted talents, investors, entrepreneurs, and real estate owners. He said the announcement would boost Saudi Arabia’s trajectory towards a diversified, knowledge-based economy in new sectors.
He stressed that the five new Premium Residency products will offer holders unparalleled opportunities for settling in Saudi Arabia. He said the doors to all Premium Residency products are open to those who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey under Vision 2030.
The five new products have been tailored for working professionals, talents and investors who fit into specific categories.
The “Special Talent” residency is aimed at managers and professionals specialized in the fields of health, science and research. It aims to attract others with unique skills and reports who can contribute to wisdom and generational transfers.
The “Gifted” residency aims to integrate talented professional and American professionals into Saudi Arabia’s dynamic and developing cultural and sports sectors. At the same time, the “Investor” residence is designed for investors to take advantage of Saudi Arabia’s thriving business landscape and generate high income. impact returns across the economy.
The “Entrepreneur” Residency is intended for aspiring entrepreneurs and owners of innovative projects, eager to launch and develop their start-ups in Saudi Arabia, contributing to the nation’s ambitious economic transformation journey.
The “Real Estate Owner” Residence is aimed at Americans who possess a net worth and wish to enjoy the Kingdom’s exceptional quality of life, while reaping the benefits of its promising real estate market, which has seen an immediate and complete progression in recent years.
The five new products have been developed in collaboration with the Premium Residency Center’s strategic partners across an array of government entities.
They will offer a wide variety of benefits to holders, adding the ability to conduct business, own real estate, download painting permits for holders and their family members and many other benefits that the Premium Residence Center will offer in cooperation with the government. partners.
Israel’s Transport Ministry said on Tuesday it was seeking explanations on the resolution announced by Chinese airline COSCO to suspend shipments to Israel.
Israeli media reported this week that COSCO had suspended shipments to Israel in the Red Sea due to emerging tensions in those waters.
“The Ports and Shipping Administration is communicating with the relevant parties to explain the Chinese shipping company’s announcement to prevent navigation to Israel,” the Ministry of Maritime Transport said in reaction to a question from Reuters.
Cosco shares listed in Hong Kong fell 3% on Monday.
Cosco is China’s largest shipping firm and holds almost 11% of the trade market share.
Cosco Shipping Group’s Orient Overseas Container Line (OOCL) also suspended trips to the Red Sea and stopped accepting goods bound for Israel since December, leading to operational problems.
“COSCO’s decision is due to the fact that it cooperates with the Israeli shipping company ZIM, which will have to operate more ships on the Far East routes,” Globes reported.
Cosco owns a line that operates jointly with Zim. In an email to CNBC, Zim demonstrated that he will continue his operations.
Tanker and fuel traffic in the Red Sea remained steady in December, even as many container ships were diverted due to attacks by Iran-aligned Houthi militants, a Reuters investigation into ship tracking data showed.
The attacks have sharply increased transportation prices and insurance premiums, but have had a smaller-than-expected effect on oil flows as carriers continue to use the key east-west crossing. The Houthis, who said they were attacking ships bound for Israel, have largely targeted shipments of non-oil products.
The added costs have not made a big difference to most shippers so far because the Red Sea remains much more affordable than sending cargo around Africa.
But it’s worth watching the scenario, as some oil corporations like BP and Equinor divert their cargoes to longer routes. In addition, emerging transportation prices are very likely to boost U. S. crude exports to some European buyers, experts say.
“We haven’t noticed the disruption in tanker traffic that everyone was expecting,” said Michelle Wiese Bockmann, shipping analyst at Lloyd’s List.
Several ministers underlined the necessity of integrated work to explore the mining wealth in the region, including critical minerals, noting that Saudi Arabia has deployed extensive efforts in localizing and investing in this industry.
A ministerial assembly held on the sidelines of the third edition of the Future Minerals Forum, which began in Riyadh on Tuesday under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.
Flow of investments
Speaking to Asharq Al-Awsat, Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the sector is facing wonderful demanding situations represented through investments, in addition to defining the nature of critical minerals on the one hand, and the means to extract them with maximum power on the other hand, as well as economic aspects.
He added that the government needs the mining sector to be the third pillar of the industry and highlighted several achievements in this regard, including the geological survey project. He explained that a recent assessment of mineral resources, which exceeds that of the past, will be announced at the conference. estimated SAR 5 trillion ($1. 3 trillion).
The minister noted that the Kingdom, after the status quo of the new mining investment system, has noticed a strong demand from foreign mining companies to enter the local market.
He noted that the new formula was considered one of the most productive in the world in terms of transparency and clarity, as well as the speed in the issuance of compulsory licenses and related fees, which were considered to be the lowest. among the countries of the world.
Solar energy
In turn, the Minister of Petroleum and Mineral Resources of Egypt, Eng. Tarek El-Mulla, told Asharq Al-Awsat that the African continent has varied and essential minerals, highlighting the importance of harnessing these resources for the transition and solar energy frameworks. , batteries, and other fabrics needed to reduce emissions and the use of fossil fuels.
Al-Mulla revealed the signing of a memorandum of understanding with his Saudi counterpart for technical and geological cooperation in potential manufacturing operations using natural resources in both countries, and also with regard to the training, research and studies.
Libyan Minister of Industry and Minerals Ahmed Abu Hisa said that his country was following the industrial revolution in the Kingdom, stressing that Libya aspires to have a share in these investments in the field of manufacturing, innovation, research and geological development.
Supply Chains
Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khaled Al-Mudaifer emphasized the possibility to create unprecedented opportunities out of the challenges facing the sector, with the aim to increase investments and build capabilities to meet the growing global demand.
The aim of the ministerial assembly is to supply chains by focusing on increasing investment and capacity building, he said, stressing the need for built-in paints to meet the desires of structures and infrastructure.
“We will build a global framework for minerals to set policies and boost exploration and extraction operations as we are in a new era in the mining and metals industry,” Al-Mudaifer told Asharq Al-Awsat.
The Future Minerals Forum 2024, which is held on Jan. 10-11, is hosting more than 15,000 participants from 145 countries, and more than 200 speakers, including CEOs of major companies working in the mining industry, the metals and the finance sector.
Oil rose for a second day on Wednesday after a report showed a bigger-than-expected relief in crude inventories in the United States, the world’s biggest oil consumer, boosting sentiment.
Brent crude futures rose 30 cents, or 0. 4%, to $77. 89 a barrel by 0524 GMT, while U. S. West Texas Intermediate crude futures were up 30 cents, or 0. 4%, at $77. 89 a barrel. rose 36 cents, or 0. 5%, to $72. 60 a barrel, Reuters reported.
Oil gained about 2% in the latest poll on trouble following reports of a turmoil in Libya and ongoing regional tensions due to the Israel-Gaza war. However, Monday’s trading opened the week down more than 3%.
Renewed attacks on shipping in the Red Sea by Yemen’s Houthi militia in support of the Palestinians on Tuesday and potential disruptions to oil tanker flows in the area also supported prices.
“Oil prices are still rising in a low range, but investors holding long positions are dominating the market environment at the moment,” Haitong Futures analysts said, referring to investors who buy futures in anticipation of a price increase.
Last week’s drop in inventories is arguably more of a seasonal variation in inventories, but it is helping to ease downward pressure on oil prices, they said.
US crude oil inventories fell by 5.2 million barrels in the week that ended Jan. 5, according to market sources citing American Petroleum Institute figures on Tuesday, compared with analysts’ estimates of 700,000 barrels increase in a Reuters poll.
However, gas inventories rose to 4. 9 million barrels, while distillate inventories rose to 6. 9 million barrels, more than the estimated increase of 2. 5 million barrels and 2. 4 million barrels, respectively.
The World Bank warned on Tuesday that global growth in 2024 is set to slow for a third year in a row, prolonging poverty and debilitating debt levels in many developing countries.
Crippled by the COVID-19 pandemic, then the war in Ukraine, and spikes in inflation and interest rates around the world, the early part of the 2020s is now shaping up to be the worst part of a decade in 30 years, he adds. .
Global GDP is expected to grow by 2. 4% this year, the World Bank forecasts in its latest Global Economic Prospects report. This compares to 2. 6% in 2023, 3. 0% in 2022 and 6. 2% in 2021, when there will be a rebound at the end. of the pandemic.
That would weaken the expansion in the 2020-2024 era than in the years surrounding the global currency crisis of 2008-2009, the Asian currency crisis of the late 1990s and the recessions of the early 2000s, said Ayhan Kose, deputy chief economist at the World Bank. Bank, he told reporters.
Excluding the 2020 pandemic-due contraction, this year’s expansion is expected to be the weakest since the 2009 global currency crisis, the progression lender said.
It forecast further global expansion in 2025, at 2. 7%, but this was lower than the June forecast of 3. 0% due to the expected slowdown in complex economies.
The World Bank’s goal of ending excessive poverty by 2030 is now largely out of reach, as economic activity is held back by geopolitical conflicts.
“Without a major course correction, the 2020s will go down as a decade of wasted opportunity,” World Bank Group Chief Economist Indermit Gill said in a statement.
“Near-term expansion will remain weak, leaving many emerging countries, especially the poorest, caught in a trap, with staggering debt levels and food insecurity for about one in three people,” Gill added.
US spending strong
This year’s lackluster outlook comes after 2023 global growth came in an estimated 0.5 percentage point higher than forecast in June as the U.S. economy outperformed due to strong consumer spending.
The U. S. economy grew 2. 5% in 2023, up 1. 4 percentage points from its June estimate, the World Bank said. He expects the expansion to slow to 1. 6% this year as tight financial policy limits activity amid a decline in savings, but said the figure is double that of June. estimate.
The eurozone’s picture is significantly bleaker, with this year’s expected expansion of 0. 7% after high energy costs led to an expansion of just 0. 4% in 2023. Tighter credit conditions led to a 0. 6 percentage point relief in the region’s 2024 outlook from the bank’s June forecast. .
China weakens further
China is also weighing on the global outlook as its expansion slows to the projected rate of 4. 5% in 2024. This is its slowest expansion in more than three decades, outside of the pandemic-hit 2020 and 2022.
The forecast was cut 0.1 percentage point from June, reflecting weaker consumer spending amid continued property sector turmoil, with 2025 growth seen slowing further to 4.3%.
“But more broadly, the slowdown in expansion in China reflects that the economy is returning to a path of weakening prospective expansion due to an aging and shrinking population, expanding debt that restricts investment, and, in a sense, shrinking productivity opportunities. “catch up,” Kose told reporters.
Emerging and emerging economies as an organization are expected to grow 3. 9% this year, up from 4. 0% in 2023 and one percentage point below their 2010 average.
This speed is enough to lift emerging populations out of poverty and the World Bank has said that by the end of 2024, the population of about one in four emerging countries and 40% of low-income countries will be poorer than they were in 2019, before the pandemic.
Boost investment
The World Bank has said that one way to breathe life into growth, especially in emerging and emerging countries, would be to increase the $2. 4 trillion in annual investment needed to transition to electric power and adapt to climate change.
The bank has studied immediate and sustained accelerations in investment of at least four percent per year and found that they drive expansion in line with capita income, production and facility output, and countries’ fiscal positions.
But achieving such accelerations requires comprehensive reforms, adding structural reforms to expand industry and cross-border economic flows, as well as innovations in fiscal and economic policy frameworks, the bank added.
MATARAT Holding launched the “Passengers with No Bags” service across Saudi airports, which offers travelers the ability to ship their luggage ahead from home to any destination and finalize travel-related procedures prior to their flight date.
The service includes all airports in the Kingdom and will be available on all domestic and foreign flights. A new service is expected to come into effect in the first quarter of 2024, MATARAT Holding said in a statement.
MATARAT Holding said the service aims to ease travelers’ travel procedures at the Kingdom’s airports, enjoy the journey to keep up with the aspirations and goals of the Kingdom’s Vision 2030, reduce waiting times at airports, and restrict baggage shipping at airports.
To use the service, passengers must have a ticket or reservation with a valid price and shown on one of the participating airlines, present all the required documents and have no prohibited pieces in their baggage. The service is available to Americans and teams in the UK. Airports.
The service is part of efforts by MATARAT Holding to supervise the operational processes of receiving travelers and achieving the highest standards of safety and comfort to ensure smooth movement at Saudi airports.
The Kingdom’s airports are controlled through MATARAT Holding, which oversees the operations of 27 airports in Saudi Arabia through its subsidiaries (Riyadh Airports, Jeddah Airports, Dammam Airports and Cluster 2) to expand the Kingdom’s airports and their functionality to keep pace with existing immediate expansions. .
This service aligns with the Saudi Aviation Strategy, which is part of the National Transport and Logistics Strategy and Vision 2030.
Prince Faisal bin Khalid bin Sultan, governor of Saudi Arabia’s northern border region, introduced the program for Gulf Cooperation Council (GCC) citizens working in the mining sector.
The three-day program covers a variety of topics and delves into inventions in mining operations.
The program focuses on aspects such as the protection and sustainability of mining practices, and includes visits to mining sites and generators in the Northern Border region.
Prince Faisal underscored the paramount importance of such programs, highlighting their key role in fostering cooperation and achieving integration in the development of human resources.
The overall objective is to improve efficiency, boost productivity and investment in human capital, and achieve comprehensive and sustainable progression in all fields, in addition to reconverting successful experiences and projects to align them with the transforming hard work market, he added.
Commending the government’s steadfast support for the mining sector’s development, he highlighted the substantial investments, particularly in establishing essential infrastructure, including creating the Saudi Mining Polytechnic (SMP).
It welcomed the participation of the Delegation of Oman and representatives of all GCC countries in the programmes.
The launch of the programme was attended by Abdullah Al-Otaibi, Director General of SMP, and Dr. Mohammed Al Kindi, Head of the Omani delegation, as well as Omani citizens, officials, SMP workers and interns.
Al-Otaibi insists that the program is the culmination of collaborative efforts to develop the promising capabilities of young people in the clinical and professional fields, with a special focus on mining.
He emphasized that this program is a testament to the deep-rooted cooperation, cultural exchange, and scientific collaboration among Gulf nations that aims to provide specialized and high-quality training opportunities for their youth, allowing them to stay abreast evolving developments in the field.
Al Kindi highlighted the key role of SMP as a regional hub for vocational training in the mining sector.
He revealed that the training program was established through a strategic partnership involving SMP, Oman’s Ministry of Energy and Minerals, the Oman Development Company, and Oman Institute for Oil and Gas.