Jazan Economic City to become key contributor to Saudi economy

Updated 26 February 2015
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Jazan Economic City to become key contributor to Saudi economy

Jazan Economic City will become a key contributor to Saudi Arabia’s economy as current infrastructure and projects development will provide a solid base for further investments in heavy and secondary industries, petrochemicals, mining and conversion industries, Khalid A. Al-Falih, president and CEO, Saudi Aramco said at the Jazan Economic Forum (JEF) in Jazan City.
The forum is being attended by over 500 Saudi Arabian and foreign dignitaries and business leaders, and is showcasing investment opportunities at the Jazan Economic City (JEC) project.
In his opening remarks, Al-Falih said the company was proud to play a key role in the development of Jazan. 
He said Jazan Economic City was part of the Saudi Government’s vision to create economic bases across the Kingdom to achieve a diversified economy and balanced regional development. 
“The Jazan Economic City  vision seeks to invest in the region’s natural resources, diverse geographic features and human resources to make a major positive difference to the area’s future, so that Jazan will become a significant  contributor to the Kingdom’s economy,” said Al-Falih.
According to Al-Falih, Saudi Aramco will build Phase I of the project which will include smart infrastructure to meet energy, utilities and transportation requirements of a diverse industrial base. 
“Saudi Aramco has been entrusted to build Jazan’s strategic infrastructure through the development of a refinery and terminal, a power plant, a commercial seaport, a water desalination plant, roads and water and sanitary drainage systems, in addition to connecting electricity,” he said.
Jazan’s rich endowment of mineral and agricultural resources makes it ideal for the region to prosper and thrive into a major economic city in the Kingdom, he added.
Al-Falih also said that Saudi Aramco has taken a pro-active approach to human capital development for the Jazan people by launching a number of training initiatives to create a highly-capable and qualified workforce, drawn primarily from the area’s youth, to fill jobs in all stages of the project. 
These skills and training initiatives began in 2014 when Saudi Aramco and the Technical and Vocational Training Corporation (TVTC) signed the agreement of the Jazan Contractors Alliance for Training and Employment, also known as “Maharat” by launching two training institutes.
“The Saudi Aramco — TVTC alliance is an innovative strategic partnership with the refinery project’s contractors to train and employ 5,000 young people from Jazan in various construction-related professions and crafts over four years.  Longer term, we aspire for the number of jobs available in Jazan to reach 75,000,” said Al-Falih.


Oil rises on US-Iran tensions, but trade war concerns weigh

Updated 21 May 2019
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Oil rises on US-Iran tensions, but trade war concerns weigh

  • There are expectations producer club OPEC will continue to withhold supply this year
  • President Donald Trump on Monday threatened Iran with ‘great force’ if it attacked US interests in the Middle East

SINGAPORE: Oil prices rose on Tuesday on escalating US-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year.
But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown.
Brent crude futures, the international benchmark for oil prices, were at $72.24 per barrel at 0534 GMT, up 27 cents, or 0.4 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 26 cents, or 0.4 percent, at $63.36 per barrel.
“Escalating tensions between the US and Iran, in addition to signs that OPEC will continue its production cut, drove oil higher,” said Jasper Lawler, head of research at futures brokerage London Capital Group.
US President Donald Trump on Monday threatened Iran with “great force” if it attacked US interests in the Middle East. This came after a rocket attack in Iraq’s capital Baghdad, which Washington suspects to have been organized by militia with ties to Iran.
Iran said on Tuesday that it would resist US pressure, declining further talks under current circumstances.
The tension comes amid an already tight market as the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been withholding supply since the start of the year to prop up prices.
A meeting has been scheduled for June 25-26 to discuss the policy, but the group is now considering moving the event to July 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signaling a willingness to continue withholding output.
Price gains were constrained by pressure on financial markets, which have this week been weighed down by worries that the United States and China are digging in for a long, costly trade war that could result in a broad global slowdown.
Singapore, seen as a bellwether for the health of the global economy, on Tuesday posted its lowest quarterly growth in nearly a decade of 1.2 percent year-on-year. Growth in Thailand, a key Asian emerging market, also slowed to a multi-year low.