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Industrial Establishments Increased to 11,000 in Saudi Arabia

The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)
The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)
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Industrial Establishments Increased to 11,000 in Saudi Arabia

The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)
The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)

The number of industrial establishments in Saudi Arabia increased from 8,800 in 2019 to more than 11,000 industrial establishments, according to Ministry of Industry and Mineral Resources official Mohammad al-Suwailem.

The undersecretary for industrial services was speaking at the “Industrial Sector Enablers” forum, organized by the Riyadh Chamber represented by the Industrial Committee, in cooperation with the Ministry of Industry and Mineral Resources.

The forum was held in the presence of a member of the Board of Directors and Chairman of the Industrial Committee at the Riyadh Chamber, Abdullah al-Khorayef, and several interested specialists in the industrial sector.

The event highlighted the enablers allocated to enable the industrial sector to achieve the industrial goals within the paths of Vision 2030.

Suwailem confirmed that the number of industrial establishments in Saudi Arabia is targeted to reach 36,000 in 2035.

Khorayef confirmed that holding the forum comes within the framework of the efforts of the Chamber’s Industry Committee to build bridges of communication with officials in the industrial sector.

He reiterated that it allows the opportunity to discuss issues of concern to the sector and reach solutions.

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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.