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Diriyah CEO predicts Saudi Arabia as a popular spot for Chinese tourists

RIYADH: Saudi Arabia will become an attractive destination for Chinese tourists in the next 20 years, said the group CEO of the Diriyah Gate Development Authority. Speaking on the first day of the 10th Arab-China Business Conference in Riyadh on Sunday, Gerard Inzerillo said Chinese travel enthusiasts are raised in one of the most culturally rich countries in the world, as it is home to a unique cuisine, music, dance, literature and calligraphy.
Business

Saudi Arabia and UK Collaborate at London Forum to Celebrate Achievements and Discuss Future Vision

LONDON: Economic and trade relations between the UK and Saudi Arabia were further cemented in London this week as delegations from the two countries convened to mark the progress of the Kingdom’s Vision 2030 initiative and explore fresh avenues for collaboration. The UK Saudi Business, Trade and Partnership Forum, hosted at Mansion House in the heart of the City of London by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, drew government officials, business leaders, and experts from both nations.
Business

Thai Companies Eye $36 Million Investment in Saudi Arabia to Strengthen Business Ties

RIYADH: Thai companies are ready to invest a combined $36 million in Saudi Arabia, a senior figure from the Asian country’s business community has revealed as relations between the two nations continue to develop. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, revealed the figure during a meeting of the Saudi-Thai Business Forum in Riyadh, according to the Saudi Press Agency.
Business

Saudi Arabia’s voluntary cuts boost oil prices.

RIYADH: Oil prices rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to US interest rate hikes offset worries over demand weakness and a global economic slowdown. At a recent meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, Saudi Arabia said it will cut its crude output by 1 million barrels per day in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.
Business

Saudi Minister: GCC-Iraq Electrical Interconnection Boosts Energy Security

RIYADH: The electrical interconnection project between Saudi Arabia and Iraq will support the Iraqi electrical grid, according to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman. In an interview with Al-Arabiya, the prince said the connection was a dream that had become a reality and would achieve tangible economic benefits and enhance energy security. Speaking on the sidelines of the OPEC+ meeting in Vienna, he said: “We have no complexes about speculation in the oil market,” and the decision to cut oil production was a “precautionary” one.
Business

UK Low-Carbon Startup Receives $22.7M Investment from Aramco, Eni, and United Airlines

RIYADH: The aviation industry’s efforts to develop low-carbon fuel at affordable cost received a boost after a deal was struck to invest $22.7 million into a UK startup working in clean energy technology.  The venture units of oil firms Saudi Arabian Oil Co. and Italy’s Eni have partnered with United Airlines to invest the amount into OXCCU, a company spun out from the University of Oxford.
Business

KAPSARC Secures Important UN Environment Program Position

RIYADH: Saudi Arabia will soon become an active partner in global ecological governance after the UN granted the King Abdullah Petroleum Studies and Research Center a key role in its environmental activities.  According to a KAPSARC press note, the think tank will now be able participate in global energy, climate and environment dialogues, as well as adopt an observer status, after being handed a place in the UN Environment Program.
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