New areas of Saudi-Swiss cooperation identified

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Saudi and Swiss officials sign an accord during a meeting trade and investment in Jeddah on Tuesday. (Courtesy: MCI)
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Saudi Minister of Trade and Investment Majid bin Abdullah Al-Qassabi with Swiss Minister of Economic Affairs and Education Johann Schneider-Ammann during a meeting in Jeddah on Tuesday. (Courtesy: MCI)
Updated 18 July 2017
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New areas of Saudi-Swiss cooperation identified

RIYADH: New areas of cooperation in trade were identified on Sunday during a meeting held in Jeddah between Commerce and Investment Minister Majid Al-Qassabi and his Swiss counterpart, Johan Schneider-Ammann.
During the meeting, the Saudi-Swiss sides discussed opportunities between the Kingdom and Switzerland and explored means of developing trade and investment opportunities, especially in the field of non-oil exports, as well as removing any obstacles that may hinder such activities.
There are 113 Swiss companies in the Kingdom, 94 of which are service companies and 19 are industrial. The volume of trade exchange between Saudi Arabia and Switzerland reached SR10.33 billion ($2.75 billion) in 2016.
It was also decided to provide Saudi companies with the latest technologies and expertise to raise the quality of Saudi products and facilitate their entry into European and international markets.
The two sides also stressed the importance of the Saudi-Swiss Business Council’s role in the promotion of business and investment activities between the two countries, and its contribution to current development issues, especially in the fields of high-tech precision industries and the search for specific quality investment opportunities.


Kuwait says overnight fire at onshore oil rig now contained

Updated 23 April 2018
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Kuwait says overnight fire at onshore oil rig now contained

  • Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields
  • The company acknowledged another spill at the field earlier this month, without elaborating

KUWAIT CITY: Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields.
The Kuwait Oil Co. said early on Monday that a fire broke out while an emergency team responded to what it described as a “minor” leak at the Al-Maqwa field.
The company said the fire caused no injuries and production continued at the field. It did not offer an estimate for the number of barrels of oil spilled in the leak.
The company acknowledged another spill at the field earlier this month, without elaborating.
OPEC member Kuwait, a tiny emirate on the Arabian Gulf, is a major oil producer. Kuwait produces some 2.9 million barrels of crude oil a day and holds the world’s sixth-largest oil reserves.