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Saudi, UK Discuss Developing Trade and Investment

A general view is seen of the London skyline from Canary Wharf in London, Britain, October 19, 2016. REUTERS/Hannah McKay/File Photo
A general view is seen of the London skyline from Canary Wharf in London, Britain, October 19, 2016. REUTERS/Hannah McKay/File Photo
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Saudi, UK Discuss Developing Trade and Investment

A general view is seen of the London skyline from Canary Wharf in London, Britain, October 19, 2016. REUTERS/Hannah McKay/File Photo
A general view is seen of the London skyline from Canary Wharf in London, Britain, October 19, 2016. REUTERS/Hannah McKay/File Photo

The Economic and Social Committee of the Saudi Arabia-UK Strategic Partnership Council held its third meeting in London, headed by Saudi Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, and UK Secretary of State for the Department for Energy Security and Net Zero, Grant Shapps.

The meeting discussed improving bilateral relations and enhancing cooperation in fields agreed upon in the Strategic Partnership, in addition to highlighting the significant economic and social progress recognized since the launch of the Saudi Vision 2030.

It also reaffirmed the continuous commitment to support the goals of the vision and the Saudi program for economic diversification, in addition to working to develop trade and investment between the two kingdoms.

The Saudi-UK Strategic Partnership Council seeks to boost economic relations in several fields, mainly financial services, especially FinTech (financial technology), open banking, green finance, and priority investment sectors.

It also aims at strengthening educational partnerships, cooperation in health care (including preparedness for epidemics) and health technology, and the general development of the entire healthcare system.

This comes in addition to cooperation in carbon capture, utilization and storage, hydrogen production, renewable energy sources, space, mining, pharmaceuticals, and aviation, and partnerships in the film, heritage, arts, tourism, and entertainment sectors.

The Economic and Social Committee held its first meeting in Jeddah in 2019.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.