Nigeria seeks talks with Gulf producers

Nigeria seeks talks with Gulf producers
Updated 15 February 2016

Nigeria seeks talks with Gulf producers

Nigeria seeks talks with Gulf producers

ABUJA: The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria's oil minister told Reuters.
Oil prices have slumped by more than 70 percent to near $30 a barrel over the past 18 months as OPEC sought to drive higher-cost producers out of the market by refusing to cut production despite a supply glut.
The price crash has crippled some economies that depend heavily on oil sales for income, such as Nigeria and Venezuela, and even Saudi Arabia is shoring up its resources to withstand the painful revenue drop.
"There's increased conversation going on. I think when we met in December ... they (OPEC members) were hardly talking to one another. Everyone was protecting their own positional logic," Nigerian Oil Minister Emmanuel Ibe Kachiwku told Reuters in an interview.
"Now I think you have cross-logic ... they are looking at what are the deficiencies, what is the optimum."
Struggling oil producers have made repeated calls for an emergency OPEC meeting, but Kachikwu said that the timing had not been right. The cartel's next regular meeting is in June.
"We haven't been sure that if we held those (emergency) meetings that we could actually walk away with some consensus," Kachikwu said.
"A lot of barrels are tumbling out of the market from non-OPEC members, so the Saudi philosophy is obviously working. But it's not influencing the price higher, which means that whether we like it or not some barrels are coming in from ... members and non-members to cover whatever is dropping out."
The International Energy Agency said on Jan. 19 that oil markets could be oversupplied by as much as 1.5 million barrels per day in the first half of 2016 and warned that prices could decline further as Iran's emergence from economic sanctions brings more crude to the market.
OPEC has declined to trim output without help from non-members, which so far have refused to participate. Russia, the world's biggest oil producer, has played coy by floating the idea of a cut without saying whether it would participate.
In an attempt to find a compromise, Venezuela's oil minister recently proposed a freeze on new production to place a cap on the growing glut while not requiring countries to surrender market share.
Kachikwu said that he would meet his Qatari and Saudi counterparts next week to discuss the situation.
"Have we got to the point where we can say there is a definite strategy? In terms of production reduction or freezing, no, I don't think we have got there. But there is a lot of energy (behind the idea)," Kachikwu said.
"As you get closer to the statutory (OPEC) meeting dates ... you are going to see a lot more people get active in those conversations and try to find solutions."


Revenue management systems key to success of Saudi health reforms says KPMG

Revenue management systems key to success of Saudi health reforms says KPMG
Updated 19 April 2021

Revenue management systems key to success of Saudi health reforms says KPMG

Revenue management systems key to success of Saudi health reforms says KPMG
  • The Kingdom’s Ministry of Health (MoH) is transitioning from being an all-in-one payer, provider and regulator of health services to becoming a regulator

RIYADH: Robust revenue cycle management systems will be essential for Saudi Arabia’s new health care model, KPMG said in a report.
The Kingdom’s Ministry of Health (MoH) is transitioning from being an all-in-one payer, provider and regulator of health services to becoming a regulator, governing corporate payers and providers.
A key aspect of this transformation is the separation of the payer and the provider functions in the public health care sector, KPMG said. To facilitate future reimbursement to public health care providers, the Ministry of Health has set up the Program for Health Assurance and Purchasing (PHAP).
In addition, the Council of Cooperative Health Insurance (CCHI) has also firmed up regulations for private insurers.
With the introduction of mandatory health insurance underway in the public sector in the Kingdom and the wish to standardize across the public and private sector, Saudi health care providers will need to develop new capabilities to be able to generate revenue under the new reimbursement system, KPMG reported.  
“One of the key implications for health care providers of this introduction is the transformation of how health care service providers are reimbursed. Providers will primarily be paid on a per-patient basis, rather than via allocated budgets from the government,” said Emmeline Roodenburg, head of health care at KPMG in Saudi Arabia.
Patient acceptance and registration; billing and claims management; patient treatment and documentation; and coding and grouping are the four key operational elements of the Revenue Cycle Management (RCM) under the new mechanism.
While the risks that come with having a poor RCM function can be managed and mitigated, if they are left unchecked then the consequences could include revenue losses and fines for inaccurate invoicing, KPMG said.


Fashion retailers launch dedicated Gulf online stores

Fashion retailers launch dedicated Gulf online stores
Updated 19 April 2021

Fashion retailers launch dedicated Gulf online stores

Fashion retailers launch dedicated Gulf online stores
  • The website will feature new collections of the fashion line, as well as exclusive deals for online shoppers

DUBAI: Global fashion brands are launching dedicated online platforms as the pandemic upends shopping habits in the region.

Brands are launching dedicated channels as online shopping booms across the region.

Germany-based Hugo Boss has become the latest brand to open a regional online store serving Saudi Arabia, the UAE, Kuwait, Bahrain and Oman.

Customers can now shop through those dedicated online platforms, which will feature exclusive deals and collections.

E-commerce leaders said the pandemic has accelerated the industry's digital push.

Last year, luxury brands Bulgari, Louis Vuitton, and Dior launched their online selling platforms in the region, at the height of COVID-19-induced lockdowns and curfews.

Diesel has also announced an e-commerce platform targeting the UAE and Saudi markets.

Fashion labels  have been reinventing ways to engage with customers who are used to visiting stores to try on garments.

Some companies have also started to use 3D technology and augmented reality to create a holistic shopping experience for their customers.

 


Riyadh allows development on endowed lands as it eyes population doubling

Riyadh allows development on endowed lands as it eyes population doubling
Updated 19 April 2021

Riyadh allows development on endowed lands as it eyes population doubling

Riyadh allows development on endowed lands as it eyes population doubling
  • The decision allows planning, development, sale, purchase and other services

RIYADH: The Royal Commission for the City of Riyadh (RCRC) has lifted the suspension of development on large parts of the endowed lands north of King Salman Road, Saudi Press Agency reported.
The decision allows planning, development, sale, purchase and other services, provided that everything is compatible with the urban code of the city.
It is part of a series of measures aimed at helping the Saudi capital accommodate twice the current population by 2030, RCRC said
The commission said that Riyadh’s strategy is expected to put the city among the top ten cities in the world in terms of economy, competitiveness and quality of life by 2030.
A specialized committee has been formed to look into land affairs and the RCRC has also created a call center to improve communication with the public.

 


Saudi public debt issuance up 50% in 2020 to $43.4bn

Saudi public debt issuance up 50% in 2020 to $43.4bn
Updated 19 April 2021

Saudi public debt issuance up 50% in 2020 to $43.4bn

Saudi public debt issuance up 50% in 2020 to $43.4bn
  • The market value of stocks and debt instruments reached SR9.8 trillion by the end of 2020

RIYADH:  Saudi public debt issuance increased by nearly 50 percent in 2020 to SR163 billion ($43.4 billion), the Capital Market Authority reported.
Non-government debt issuance increased by more than 250 percent reaching SR31 billion compared to SR9 billion in 2019.  
The market value of stocks and debt instruments reached SR9.8 trillion by the end of 2020, the Authority said in its annual report.
That represented a rise of 335 percent when compared to 2017 when it launched its three-year Financial Leadership Program that ran until last year.
The Authority has been developing its strategic plan for the next three years 2021-2023 in line with updated plans to expand the Kingdom's financial sector.


DP World explores quantum computing technology to optimize business

DP World explores quantum computing technology to optimize business
Updated 19 April 2021

DP World explores quantum computing technology to optimize business

DP World explores quantum computing technology to optimize business
  • The company organized training sessions for its employees, as well as actual quantum computing coding exercises

DUBAI: Dubai’s port company DP World is exploring quantum computing technology to optimize its operations, the company said in a statement.

It said it was working with D-Wave Systems, a Canadian quantum computing company, to look at how the advanced technology can be applied to DP World’s logistics and trade business.

The company organized training sessions for its employees, as well as actual quantum computing coding exercises.

The technology, DP World said, can be applied to industrial logistics, fleet and traffic management, and other operations across the supply chain.

“Quantum computing capabilities complement our need to reach ultimate smart trade and achieve a seamless logistics infrastructure, where everything is connected, devices work in harmony, and all our operations components communicate with each other intelligently,” Mohammed Al-Muallem, DP World’s chief executive, said.

Quantum computers provide exponential processing power to solve complex problems, better than traditional computers.

The move is part of DP World’s digital push.