Saudi Arabia calls for more Arab cooperation in oil industry

Energy Minister Khalid Al-Falih said Saudi Arabia has brought stability to oil markets. (SPA)
Updated 01 October 2018
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Saudi Arabia calls for more Arab cooperation in oil industry

JEDDAH: Arab oil producing countries should cooperate to continue playing a positive role in the stability of the oil market and industry, Saudi Arabia’s energy minister said on Monday.

In a speech delivered on his behalf at the Arab Energy Conference in Morocco, Khalid Al-Falih said country’s across the region could work together to support the continuation of oil as a source of energy and make it “more efficient and widely beneficial.”

He said Arab countries would benefit from cooperating on research and technology to develop the sector, Saudi Press Agency reported.

Al-Falih also spoke about the Kingdom’s role in keeping a positive balance between producers and consumers in the international energy markets.

He said the Kingdom was ready to relinquish its crude storage whenever a shortage comes up.

Some analysts expect Saudi Arabia to help fill the gap left in supply when US sanctions targeting Iran’s oil exports come into force next month.


GCC citizens eye properties in Oman as number of buyers rises

Many Gulf nationals often buy properties in prominent tourist spots. (File/AFP)
Updated 3 min 57 sec ago
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GCC citizens eye properties in Oman as number of buyers rises

  • An increase of 17.63 percent has been recorded

DUBAI: The number of GCC citizens buying properties in Oman has risen by 17.63 percent according to the country's National Center for Statistics and Information, local daily Times of Oman reported on Sunday.

The statistics show that 1,038 properties were purchased by GCC nationals in August 2018, compared to the 855 purchased last year.

“The increase in the number of GCC nationals’ ownership of plots in Oman is because they benefit from the returns on investment in the real estate sector and its value, compared to some other Gulf states. Some of them also buy plots because they have relatives in Oman and want to live near them. Some have inherited land plots because they are of Omani origin, in addition to the desire of many investors to own property in some provinces because of the weather and moderate climate,” an official from Oman’s housing ministry said.

GCC nationals often buy properties in prominent tourist spots in Oman, according to Ahmed Al-Hooti, a member of the Oman Chamber of Commerce and Industry.

“Many nationals from Saudi, Qatar, UAE and Bahrain come here and buy properties in popular tourist spots such as Salalah, Masirah Island, and eastern beaches such as Ras Al Hadd for activities such as fishing,” Al-Hooti said.