Saudi Aramco achieves 99.9% reliability in worldwide oil and gas supplies  

Saudi Aramco achieves 99.9% reliability in worldwide oil and gas supplies  
During the third quarter of this year, the company unveiled its first international investment in liquefied natural gas. Supplied
Short Url
Updated 12 December 2023
Follow

Saudi Aramco achieves 99.9% reliability in worldwide oil and gas supplies  

Saudi Aramco achieves 99.9% reliability in worldwide oil and gas supplies  

RIYADH: Aramco has attained a high level of dependability in providing consistent and reliable oil and gas supplies to countries worldwide, according to the company’s top official. 

Aramco’s Senior Consultant for Operational Excellence Management, Moraya Al-Qahtani, emphasized the company’s ability to meet the needs of customers internationally during the Operational Excellence Conference held in Riyadh. 

During the third quarter of this year, the company unveiled its first international investment in liquefied natural gas, positioning itself to leverage the increasing demand for LNG. Furthermore, the firm revealed its plans to enter the South American retail market. 

During a panel discussion titled “Operational Excellence in the Energy Sector,” Al-Qahtani revealed: “Aramco has reached 99.9% reliability in supplying oil and gas to countries around the world.” 

The inaugural day of the OPEXKSA, hosted by the Saline Water, concluded with many transformative insights and success stories. 

Under the theme “Toward Creating Value to All Stakeholders,” the conference brought together over 100 global leaders and experts to delve into the intricacies of operational excellence and its role in shaping the future of diverse sectors. 

The Governor of the Public Corp. for Desalination of Salt Water, Abdullah bin Ibrahim Al-Abdulkarim, emphasized the cultural shift in operational excellence, stating: “Operational excellence is more of a culture and philosophy than a process. When searching for concepts of operational excellence, we found no better example to learn from than the Kingdom in various sectors.” 

Reflecting on the national transformation, Al-Abdulkarim noted: “The change that all sectors are undergoing in the national transformation phase is a significant one. Operational evolution in the world has only emerged through adopting behaviors related to operational excellence.” 

He added: “Through the conference activities, we aim to enhance effective communication for sharing experiences. We, from various sectors, have all sought to participate in this conference with the goal of making information accessible to everyone.” 

Providing specific achievements, the Undersecretary of the Ministry of Energy for Electricity Affairs, Abdullah Al-Bishi, mentioned that the liquid fuel displacement program included more than 40,000 farms, 20,000 factories, and a group of cement factories. 

Muhammad Al-Kharashi, undersecretary of the Ministry of Energy for Companies and Reserves, spoke about service centers and gas stations, emphasizing their shared goal of ensuring the security of supplies and enhancing the consumer experience. 

The OPEXKSA 2023 conference stands as a forum for exchanging knowledge and experiences, showcasing the dedication of leaders from various sectors to operational excellence and the realization of Vision 2030’s strategic objectives. 


Dubai’s high-end property sales undented by drop in listings, consultancy says

Dubai’s high-end property sales undented by drop in listings, consultancy says
Updated 29 sec ago
Follow

Dubai’s high-end property sales undented by drop in listings, consultancy says

Dubai’s high-end property sales undented by drop in listings, consultancy says

DUBAI: The number of homes worth $10 million or more that were sold in Dubai held steady in the first half of the year despite a drop in listings, an industry report showed on Monday, as demand from the international ultra-rich stayed strong, according to Reuters.

A total of 190 homes worth an overall $3.2 billion were sold in the six months to end June compared with 189 properties for $3.3 billion in the same period of 2023, according to provisional data from property consultancy Knight Frank.

The total number of deals held up despite a 65.5 percent year-on-year drop in the number of such luxury homes available on the market in the second quarter, the report showed.

“This is a strong sign of the ‘buy-to-hold’ buyer profile that has taken root in the market,” Faisal Durrani, Knight Frank’s head of research for Middle East and North Africa, was quoted as saying in the report.

The trend suggests international high-net worth individuals “are largely focused on purchasing homes in the city for personal use, rather than to ‘flip’, which was a defining feature of the previous two market cycles,” he added.

Home to the world’s tallest tower, the UAE’s Dubai is the Middle East’s biggest tourism and trade hub, attracting a record 17.15 million international overnight visitors last year.

The city-state was quick to reopen after the pandemic. That, together with massive infrastructure spending, generous income tax policies and relaxed social and visa rules, lured thousands of foreigners, including Russians amid war in Ukraine.

Under a 10-year plan known as D33, Dubai is seeking to grow its economy by investing in tourism, turning its local financial center into one of the top four globally and by attracting foreign capital, including into real estate, with property purchase and rental prices showing no signs of fizzling out.

It is also becoming a preferred wealth hub for many entrepreneurs and rich families in Asia, launching a “family wealth center” last year to help wealthy individuals and businesses deal with cultural issues and governance.

The Knight Frank report showed palm tree-shaped artificial island Palm Jumeirah was the most sought-after area, recording 21 sales of homes worth $10 million or more in the second quarter, accounting for 26 percent of sales in the period.

It was followed by Emirates Hills with 10 percent and the District One area with 7.8 percent of such deals.

Sales of properties worth $25 million or more jumped 25 percent in the second quarter compared with the first three months of the year to a total of 15 homes.

Last year Dubai ranked first globally for the number of home sales above $10 million, selling nearly 80 percent more such properties than second-placed London. 


Saudi Arabia’s non-profit sector organizations reach over 4,900 in June

Saudi Arabia’s non-profit sector organizations reach over 4,900 in June
Updated 27 min 33 sec ago
Follow

Saudi Arabia’s non-profit sector organizations reach over 4,900 in June

Saudi Arabia’s non-profit sector organizations reach over 4,900 in June

RIYADH: Saudi Arabia’s non-profit sector’s efforts during the Hajj season led to the registration of 61 new organizations in June, bringing the total number of establishments to 4,942. 

Data issued by the National Center for Non-Profit Sector also revealed the number of volunteers in the sector increased to reach 105,000 in June, up from the around 100,000 recorded in May.

The newly registered entities comprise 46 civil associations, five civil institutions, and 10 family funds, covering a wide range of development fields across the Kingdom.   

This aligns with the non-profit sector’s key role in the Kingdom’s Vision 2030 economic diversification initiative. It also supports the sector’s aim to improve the quality of life and enhance human, social, and religious values. 

Additionally, it reinforces the center’s commitment to collaborating with all parties to ensure transparent oversight of donation collection and disbursement. The center emphasized the importance of compliance with regulations, guidelines, and procedures within the non-profit sector.  

 


Saudi-China housing partnerships to enhance as officials meet in Riyadh 

Saudi-China housing partnerships to enhance as officials meet in Riyadh 
Updated 08 July 2024
Follow

Saudi-China housing partnerships to enhance as officials meet in Riyadh 

Saudi-China housing partnerships to enhance as officials meet in Riyadh 

RIYADH: Strategic partnerships between Saudi Arabia and China across the municipal and housing sectors are set to enhance following a high-level meeting in Riyadh. 

The Kingdom’s Minister of Municipal, Rural Affairs, and Housing Majid Al-Hogail met with Beijing’s Ambassador Chang Hua at the ministry headquarters in Riyadh to reiterate real estate relations. 

Officials discussed opportunities to strengthen cooperation and partnership in real estate development, contracting, and municipal services, according to a report by the Saudi Press Agency. 

Al-Hogail emphasized the ministry’s commitment to fostering strategic partnerships with China and expressed his aspiration to develop these relationships further, including forming a joint working team to explore new avenues for cooperation. 

The two nations have been continuously cooperating to boost the housing sector. In August 2023, the ministry signed 12 real estate agreements worth SR5 billion ($1.3 billion) with Chinese companies. 

Additionally, the Kingdom’s National Housing Co. signed an agreement with Chinese construction firm CITIC Construction Group last May to establish an industrial city and logistic zones in Saudi Arabia. 

During the meeting, Hua praised the historical and fruitful diplomatic relations between Saudi Arabia and China. 

He highlighted China’s interest in enhancing commercial and investment relations with the Kingdom, particularly in the infrastructure and contracting sectors. 

The ambassador also lauded the successful outcomes of Al-Hogail’s recent visit to China, which set the stage for deeper collaboration. 

This meeting aligns with Saudi Arabia’s active efforts to boost bilateral cooperation across various sectors. 

Earlier in July, Saudi Arabia and Turkiye expanded cooperation in real estate, infrastructure, and waste management, which was highlighted during a three-day official tour by Al-Hogail in Istanbul. 

During that visit, he met with Turkish officials and companies to explore investment opportunities, reflecting Saudi Arabia’s broader strategy to forge strong international partnerships. 

The Saudi real estate market’s rapid advancement, marked by ambitious urban development projects and significant infrastructure investments, continues to attract global interest, emphasizing sustainability and innovation. 


Oil Updates — crude slips as Gaza talks ease supply disruption woes 

Oil Updates — crude slips as Gaza talks ease supply disruption woes 
Updated 08 July 2024
Follow

Oil Updates — crude slips as Gaza talks ease supply disruption woes 

Oil Updates — crude slips as Gaza talks ease supply disruption woes 

SINGAPORE: Oil prices slid on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruption to US energy supplies from Tropical Storm Beryl, according to Reuters. 

Brent crude futures were down 36 cents, or 0.4 percent, at $86.18 a barrel, as at 09:46 a.m. Saudi time. 

US West Texas Intermediate crude was at $82.71 a barrel, down 45 cents, or 0.5 percent. 

Talks over a US ceasefire plan aimed at ending the nine-month-old war in Gaza are under way, and being mediated by Qatar and Egypt. 

“If anything concrete comes from the ceasefire talks, it will take some of geopolitical bid out of the market for now,” said IG analyst Tony Sycamore based in Sydney. 

The ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for Hurricane Beryl, which is expected to make a landfall in the middle of the Texas coast between Galveston and Corpus Christi later on Monday. 

Port closures could bring a temporary halt to crude and liquefied natural gas exports, oil shipments to refineries, and motor fuel deliveries from those plants. 

“While this puts some offshore oil and gas production at risk, the concern when the storm makes landfall is the potential impact it could have on refinery infrastructure,” ING analysts led by Warren Patterson said in a note. 

“Any meaningful disruptions to Texas refinery operations will likely support refined product cracks.” 

IG’s Sycamore said there is also a good chance of US data showing another large weekly draw in US oil inventories amidst peak driving season, which will be supportive for oil prices. 

WTI gained 2.1 percent last week after data from the Energy Information Administration showed stockpiles for crude and refined products fell in the week ended June 28.  

“WTI has had a very good run, though, having rallied 15 percent from the early June low,” Sycamore said, adding that the benchmark could see strong resistance between $85.50 and $87.50 based on technical charts. 

The number of operating oil rigs in the US was unchanged at 479 last week, holding at its lowest since December 2021, Baker Hughes said in its weekly report on Friday. 

Oil prices were also supported last week by hopes of interest rate cuts following US data on Friday that showed inflation is easing and job growth slowing. 

Lower interest rates can boost economic activity and increase crude oil demand. 

Investors were also watching for any impact from elections in the UK, France and Iran last week on geopolitics and energy policies. 

France faced potential political deadlock after elections on Sunday threw up a hung parliament while Iranians chose Masoud Pezeshkian as their new president, a relative moderate who beat a hard-line rival in the election.


Saudi-Canadian Business Council resumes after 5-year hiatus

Saudi-Canadian Business Council resumes after 5-year hiatus
Updated 12 min 55 sec ago
Follow

Saudi-Canadian Business Council resumes after 5-year hiatus

Saudi-Canadian Business Council resumes after 5-year hiatus

RIYADH: The Federation of Saudi Chambers has announced it will resume its business council with Canada following a five-year hiatus, the Saudi Press Agency reported on Sunday.

Mohammed bin Nasser Al-Duleim has been appointed chairman of the Saudi-Canadian Business Council, with Abdullah bin Salem Al-Yami and Abdullah bin Ahmed Al-Ahmed serving as his deputies.

Al-Duleim said the council would rekindle economic and trade cooperation between the two countries.