Binzagr to construct logistics center in KAEC

Updated 24 January 2016
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Binzagr to construct logistics center in KAEC

RABIGH: As part of its ongoing plan to attract global and national investors, King Abdullah Economic City (KAEC) has signed a contract with Binzagr Company (BZC), one of the foremost distribution companies in Saudi Arabia.
BZC will purchase and own 300,000 sqm of land at the Industrial Valley Phase 3 to construct an integrated logistics services center.
The contract was signed by Fahd Al-Rasheed, managing director and CEO of KAEC, and Ahmed Mohammed Binzagr, COO of Binzagr Company.
Al-Rasheed said: “We are delighted to welcome BZC, a highly reputable business in Saudi Arabia. BZC will — like all KAEC investors – thrive in this ideal environment that combines integrated services with an advanced infrastructure, and an unrivaled range of express transportation and loading facilities. An increasing number of regional and global investors are taking advantage of the unique solutions that the Economic City offers.”
BZC is a core component of the Binzagr Group; BZC owns and represents more than 55 major commercial brands, providing integrated solutions in the fields of warehousing, distribution and logistics services.
It also has brands in FMCG, beverages, automotive tires, and personal and home care products.
“BZC has high aspirations for this new center, which will allow us to continue to create innovative solutions to meet the requirements of the Saudi market,” affirmed Binzagr.
“We are proud to be part of the economic city’s growing business community, with the international standards and quality excellence that we demand. It is the perfect environment to implement our expansion plans in the region,” he added.
The Industrial Valley is served by a unique combination of transportation facilities, including the Haramain Railway and the King Abdullah Port.
This enables investors to establish a distribution network accessing the largest market in the region.
KAEC has attracted more than 100 major local and international companies, with 20 having already started production, and 30 having begun to establish their factories and operational facilities.
Rayan Qutub, CEO of the Industrial Valley at KAEC, said: “BZC is a truly great name and will enable us to continue to provide the Saudi market with quality products. The Industrial Valley is the premier destination for industries in the region, due to its advanced infrastructure and integrated logistics services, with a direct link between the Industrial Valley and King Abdullah Port, one of the ten largest ports in the world.
The Industrial Valley is one of the key drivers for the Saudi economy, a truly global logistical hub, and an access point to over 250 million consumers in the Middle East and East Africa.
Work is in progress on the development of an advanced, comprehensive infrastructure of more than 25 million sqm to meet the continuing demand in warehousing and logistics services.”


Oil slips even as OPEC mulls cut

Updated 54 min 50 sec ago
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Oil slips even as OPEC mulls cut

  • US crude stockpiles have grown for eight straight weeks, and data last week showed inventories swelled by the most in more than a year
  • A trade dispute between the US and China is one reason investors are a lot warier about the outlook for oil demand growth next year

NEW YORK: Oil futures fell about 1 percent on Monday amid global oversupply worries, but losses were muted as investors eyed potential sanctions on Iran from the EU, a possible production cut from OPEC and slightly bullish storage drawdown in US crude stocks.
Brent crude was down 70 cents a barrel at $66.06 at 4:37 p.m. GMT, having recovered from a session low at $65.27. US crude futures traded 15 cents lower at $56.31 a barrel.
EU foreign ministers endorsed a French government decision to sanction Iranian nationals accused of a bomb plot in France, potentially allowing the measures to take effect across the bloc, three diplomats said.
Potential sanctions from the EU would come as the US has granted waivers to some of Iran’s oil customers, muting the policy’s expected impact on global supplies.
The Organization of the Petroleum Exporting Countries, OPEC, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel.
Russian Energy Minister Alexander Novak said that Russia, which is not an OPEC member, planned to sign a partnership agreement with the group, and that details would be discussed at OPEC’s Dec. 6 meeting in Vienna.
“For a cut to be successful in supporting the market, they’re going to have to present a front that is not fractured and the chance of that is looking less and less likely as Dec. 6 approaches,” said Bob Yawger, director of energy futures at Mizuho in New York.
While a large cut would be supportive of crude futures, clear signals from producers are needed to lift prices notably, Yawger said. “We lack any certainty other than that the market is oversupplied in the US and everybody else is trying to deal with it.”
US crude stockpiles have grown for eight straight weeks, and data last week showed inventories swelled by the most in more than a year, weighing on the market.
Traders said futures pared losses on bullish stockpile data Monday as they said that energy information provider Genscape reported that crude inventories fell in the week ended Friday.
Brent is almost 25 percent below early October’s 2018 peak of $86.74, as evidence of slowing demand has materialized and output from the US, Russia and Saudi Arabia hit historic highs.
“Oil prices rose (last week) on the hope that OPEC and partners will act to reverse bearish sentiment, but from a technical set-up, bear mode remains intact,” OANDA strategist Stephen Innes said.
A trade dispute between the US and China is one reason investors are a lot warier about the outlook for oil demand growth next year.
Fund managers cut their bullish exposure to crude futures and options to the lowest since around mid-2017 this month.
Weekly exchange data shows money managers hold a combined net long position equivalent to around 364 million barrels of US and Brent crude futures and options, down from over 800 million barrels two months ago.
“The main trend remains bearish as investors no longer believe in a risk of supply tightness for crude,” ActivTrades chief analyst Carlo Alberto De Casa said.