Saudi energy minister and Russian counterpart agree on continued coordination

Russian Energy Minister Alexander Novak and Saudi Arabian Energy Minister Khalid Al-Falih shake hands ahead of a meeting in Moscow, Russia. (File Photo Reuters)
Updated 03 July 2018
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Saudi energy minister and Russian counterpart agree on continued coordination

RIYADH: Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, held a telephone discussion on Monday evening with the Russian Minister of Energy Alexander Novak, in which the two ministers reviewed recent developments in the international oil market.
Among the major topics of discussion was the June 23rd statement of the OPEC and non-OPEC Ministerial Meeting in Vienna to adjust the collective overall conformity from its May 2018 level of 147% to 100%, starting July 1st, which is approximately equivalent to an additional one million barrels a day.
Al-Falih, as the chairman of the Joint Ministerial Monitoring Committee (JMMC), and Novak as co-chairman discussed the need to modify the current monitoring process to reflect the agreed objective of adjusting overall conformity to 100% as per the OPEC and non-OPEC statement.
They also agreed to task the Joint Technical Committee (JTC) with developing and recommending a suitable process for the consideration of the JMMC.
The ministers also agreed to continue close bilateral coordination and consultation, and among other producing partners in the Declaration of Cooperation in the interest of producers, consumers and the global economy.


Major projects, investments worth over $685bn unveiled on Saudi National Day

A photo taken on July 5, 2018, shows Bader al-Ajmi, 38,(L) owner of "One Way Burger" serving customers from his truck at a main street in the capital Riyadh. (AFP)
Updated 22 September 2018
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Major projects, investments worth over $685bn unveiled on Saudi National Day

  • The private sector’s contribution to the GDP at constant prices doubled to around SR1236.6 million in 2017

JEDDAH: A major economic boost in the form of 10 major projects and investments exceeding SR685 billion ($183 billion) were unveiled as celebrations of the 88th Saudi National Day got under way.
The Council of Saudi Chambers released a report focusing on great economic achievements in 2017.
These projects reflect the Kingdom’s vision under the wise leadership of King Salman and that of Crown Prince Mohammed bin Salman to provide a brighter future through diversifying sources of national income, tackling environmental challenges and increasing investment and prosperity.
The report summarized the most important events and economic developments in the Kingdom over the past year. These include the lifting of the ban on women driving in June, and the establishment of the General Authority for Cyber Security, in addition to the numerous royal decrees providing financial support to Saudis.
It also noted the important decisions related to the Saudi business sector. These include the launch of a private sector incentive program with a value of SR72 billion, the privatization of 10 government sectors and the establishment of the General Authority for Real Estate. The private sector is still showing a strong performance as an efficient partner in the inclusive development process and in the achievement of the Kingdom’s 2030 Vision, the report noted, as it contributes 39 percent to the Saudi gross domestic product (GDP).
The private sector’s contribution to the GDP at constant prices doubled to around SR1236.6 million in 2017. There has been increased contribution to GDP from non-oil private sector streams.
The private sector also witnessed an increase in the number of workers, in its capital, in the number of shares on the Saudi market, in the cumulative number of establishments operating in the Kingdom, and in non-oil exports.
Continued growth of the private sector was attributed by the report to the Saudi government’s support. This support comes through initiatives such as the removal of obstacles to financial development, improvements to the working environment and policies adopted to boost investment.
It also reviewed the private sector’s efforts to support diversification of the economy and lower unemployment rates.
The importance of the measures taken to prioritize the employment of qualified Saudi workers over the employment of expatriates in the private sector were stressed, as well as the sector’s role in providing education and health services.