SR800m to be invested in fish farming in Gulf, Red Sea

A fisherman checks his net for the day's catch as an oil tanker is seen in the distance near the port in the north-western Saudi city of Duba. The government’s fish farming company has signed deals with four local companies to inject SR800 million into fish farming. (REUTERS file photo)
Updated 12 July 2017
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SR800m to be invested in fish farming in Gulf, Red Sea

JEDDAH: An official of the Ministry of Environment, Water and Agriculture said the recently established government fish farming company has signed deals with four local companies to inject SR800 million into fish farming projects.
Ahmad Al-Eyada, ministry’s undersecretary for fish farming, was quoted by Al-Eqtesadiah newspaper as saying that studies are being carried out to determine locations for these projects. He said that the projects will be established between the Makkah region and Jazan.
He told the newspaper that the ministry had issued licenses to six local companies to build fish floating cages in the Red Sea. Foreign companies are also likely to invest in such projects, Al-Eyada added.
The official said the ministry is aiming to increase fish production by 15-20 tons through aquatic farming.
The ministry recently launched 20 different online services for fishermen and installed electronic tracking systems in 1,500 boats in the Red Sea and 2,500 boats in the Arabian Gulf for research and control purposes. It has upgraded regulations for fishing, fish resources and marine life protection.
Investments in Egypt
Egypt’s Minister of Tourism Yahya Rashed said Saudi businessmen are carrying out 17 tourism projects in Egypt worth SR1 billion, reported Al-Eqtesadiah newspaper.
He expected tourism projects in Egypt to expand by 30 percent by the end of 2020.
The Saudi projects in Egypt include six projects on the Red Sea coast, two in Al-Aqaba Gulf, three at the Ain Al-Sukhna area, five in Rass Sider on the Red Sea and one on the country’s northern coast.
The Egyptian minister said that some of the projects are being carried out in partnership with Egyptian investors. He said that there are more than 300 Saudi tourism investment companies operating in Egypt. Saudis, in partnerships with Egyptian nationals, own more than 50 hotels in Cairo, Alexandria and Sharm El-Sheikh, as well as restaurants, travel agencies and malls.


US energy secretary meets Saudi counterpart after OPEC cuts

Updated 10 December 2018
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US energy secretary meets Saudi counterpart after OPEC cuts

RIYADH: Saudi Arabia’s energy minister held talks Monday with US Energy Secretary Rick Perry, after the Kingdom and its allies defied US pressure to cut oil production in a bid to prop up prices.
They discussed the “state of the oil market” and energy cooperation between the two countries during a meeting in eastern Dhahran city, the minister, Khalid Al-Falih, said on Twitter.
Perry tweeted that he discussed the need for “open, free, and fair markets with the Saudis.”
OPEC members and 10 other oil producing nations, including Russia, on Friday agreed to cut output by 1.2 million barrels a day from January in a bid to reverse recent falls in prices.
The decision came even as US President Donald Trump demanded that the cartel boost output in order to push prices down.
But Al-Falih shrugged off the pressure last week, saying “we don’t need permission from anyone to cut” production.
The US “is not in a position to tell us what to do,” he told reporters ahead of Friday’s OPEC meeting in Vienna.
Last week, for the first time in decades, the United States — which is not a member of OPEC — was a net exporter of crude oil and petroleum products.
It was the latest sign of how the shale boom has lifted the US standing on global petroleum markets, prompting talk of “energy dominance” by Trump.
Perry’s visit to Dhahran came as Crown Prince Mohammed bin Salman unveiled state oil giant Aramco’s plan for a new energy megaproject in the area known as the King Salman Energy Park (SPARK).
The energy park is expected to attract an initial investment of $1.6 billion, Aramco said.