First Saudi Chief Executives Association

First Saudi Chief Executives Association
TT

First Saudi Chief Executives Association

First Saudi Chief Executives Association

Saudi Minister of Human Resources and Social Development Engineer Ahmed al-Rajhi approved the establishment of the nation’s inaugural Chief Executives Association.

The Association, led by Mansour al-Shathri, has already convened its initial meeting to discuss various items on its agenda and outline its strategy for the upcoming phase.

The meeting discussed various topics, including an in-depth exploration of the Association’s working strategy for the forthcoming period.

Khalid al-Omar has been named the Chief Executive Officer and will be responsible for establishing the executive committee.

Shathri revealed that the newly established Association will serve as a professional corporation designed to facilitate the exchange of experience and knowledge and transfer best practices to enhance the capabilities and skills of its members.

The organization aims to foster increased communication with leaders across various sectors while contributing to the development of administration and leadership through local and international knowledge transfer.

He further stated that the Association is committed to engaging with leaders to give them opportunities to become active, effective, and influential members contributing to economic growth.

Shathri pointed out that the Association’s strategy is poised to achieve a set of objectives, including raising awareness about its field of work, transferring expertise, activating the role of CEOs in serving the Saudi business sector, launching initiatives, and establishing partnerships to secure a prestigious status for the Kingdom.

For his part, Omar clarified that the entity is the first Saudi Association specializing in gathering CEOs, noting that its primary goals include promoting positive administrative values encouraging creativity, innovation, commitment, achievement, empowerment, integrity, and openness.

The Association is also dedicated to providing professional development programs, conducting developmental studies and research on CEOs, hosting local and international executive leaders for knowledge transfer, and sharing expertise.

The newly-named CEO explained that the Association aims to be a distinguished and progressive local organization, delivering notable outcomes and adopting the best international practices in line with similar global associations.

Through its role, the Association plans to offer a range of specialized products and launch initiatives, develop partnerships with both public and private sectors, and bridge communication gaps to enhance efficiency and effectiveness.

He called on all executive leaders to join the Association, representing a core group of decision-makers in organizations and advancing development in the Kingdom through their specialized community.

Engagement is crucial for achieving strategic goals in experience exchange, inspiration from various experiences, overcoming challenges, disseminating knowledge, and creating enabling investment opportunities that positively impact the national economy.



Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were on track to end 2024 with a second consecutive year of losses on Tuesday, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year.

Brent crude futures fell by 7 cents, or 0.09%, to $73.92 a barrel as of 1306 GMT. US West Texas Intermediate crude lost 4 cents, or 0.06%, to $70.95 a barrel.

At those levels, Brent was down around 4% from its final 2023 close price of $77.04, while WTI was down around 1% from where it settled on Dec. 29 last year at $71.65.

In September, Brent futures closed below $70 a barrel for the first time since December 2021, while their highest closing price of 2024 at $91.17 was also the lowest since 2021, as the impacts of a post-pandemic rebound in demand and price shocks from Russia's 2022 invasion of Ukraine began to fade.

According to Reuters, oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.

A weaker demand outlook in China in particular forced both the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) to cut their oil demand growth expectations for 2024 and 2025.

With non-OPEC supply also set to rise, the IEA sees the oil market going into 2025 in a state of surplus, even after OPEC and its allies delayed their plan to start raising output until April 2025 against a backdrop of falling prices.

Investors will also be watching the Federal Reserve's rate cut outlook for 2025 after central bank policymakers earlier this month projected a slower path due to stubbornly high inflation.

Lower interest rates generally incentivise borrowing and fuel growth, which in turn is expected to boost oil demand.

Markets are also gearing up for US President-elect Donald Trump's policies around looser regulation, tax cuts, tariff hikes and tighter immigration, as well as potential geopolitical shifts from Trump's calls for an immediate ceasefire in the Russia-Ukraine war, as well as the possible re-imposition of the so-called "maximum pressure" policy towards Iran.

Prices were supported on Tuesday by data showing China's manufacturing activity expanded for a third straight month in December but at a slower pace, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy.

However, that was balanced out by potential for higher supply next year, as Nigeria said it is targeting national production of 3 million barrels per day (bpd) next year, up from its current level of around 1.8 million bpd.