Producers to focus on inventory drawdowns, Saudi oil minister says

Saudi Arabia’s Energy Minister Khalid Al-Falih said OPEC was not targeting oil prices but focusing on fundamentals. (Reuters)
Updated 02 November 2017
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Producers to focus on inventory drawdowns, Saudi oil minister says

BANGKOK: Saudi Arabia’s energy minister Khalid Al-Falih said on Thursday the focus of oil producers will be to continue to work on drawing down crude inventories.
Al-Falih, speaking to reporters during the 7th Asian Ministerial Energy Roundtable in Bangkok, said OPEC is not targeting oil prices but focusing on fundamentals.
The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut overall output by about 1.8 million bpd since January. The pact runs to March 2018, but the producers are considering extending it.
OPEC is scheduled to next meet at its headquarters in Vienna on November 30.


UAE, Jordan sign $100 million deal to fund SMEs

Updated 12 min 41 sec ago
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UAE, Jordan sign $100 million deal to fund SMEs

  • The pact will fund around 22,000 projects over five years, as well as generate around 28,000 jobs for the Jordanian youth
  • It will also implement special initiatives for women, the youth, and other disadvantaged groups

DUBAI: The United Arab Emirates signed a $100 million agreement with Jordan to boost small and medium-sized enterprises (SMEs) in Jordan.

The multimillion-dollar agreement was finalized during the official visit of Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan to Amman earlier this week.

The cooperation and financing pact will support entrepreneurship in Jordan, funding around 22,000 projects over five years, as well as generate around 28,000 jobs for the Jordanian youth.

“The agreement reflects the depth of relation between the two countries. It aims to strengthen cooperation with regional and international institutions that support entrepreneurship and SMEs,” according to Hussain Jasim Al Nowais, chairman of the Abu Dhabi-based Khalifa Fund for Enterprise Development.

The Khalifa Fund will implement the developments, along with Jordan’s Crown Prince Foundation.

The agreement will also implement special initiatives for women, the youth, and other disadvantaged groups – with women-focused projects accounting for 47 percent of the developments, and rural areas getting 40 percent of the fund.

“Our partnership with Khalifa Fund will support the Jordanian youth in general, and those belonging to disadvantaged areas in particular,” Fawaz Al-Zu’bi president of the Jordan Crown Prince Foundation’s board of trustees, said.

The UAE last month extended a Dh3 billion ($833 million) economic aid package to the Jordanian government to boost the kingdom’s economic growth.