Saudi Arabia, China Sign MoU to Develop Air Transport Cooperation

The MoU was signed during the visit to China of Saudi officials as part of ongoing cooperation between the two countries in air transportation. SPA
The MoU was signed during the visit to China of Saudi officials as part of ongoing cooperation between the two countries in air transportation. SPA
TT

Saudi Arabia, China Sign MoU to Develop Air Transport Cooperation

The MoU was signed during the visit to China of Saudi officials as part of ongoing cooperation between the two countries in air transportation. SPA
The MoU was signed during the visit to China of Saudi officials as part of ongoing cooperation between the two countries in air transportation. SPA

General Authority of Civil Aviation (GACA) President Abdulaziz bin Abdullah Al-Dauilej on Thursday signed a memorandum of understanding (MoU) in the field of air transportation with Civil Aviation Administration of China Administrator Song Zhiyong.
The MoU was signed during the visit to China of Saudi civil-aviation officials as part of the ongoing cooperation between the two countries in the air transportation sector.
The areas of cooperation outlined in the MoU include expanding the number of air transportation stops, promoting air traffic, and developing and regulating frameworks for cooperation in the field of transportation and air freight between the two nations.
The MoU also includes an initial consensus to update the existing agreement between the Kingdom and China in this field, with the aim of enhancing global connectivity in line with Saudi Vision 2030 and the Saudi Aviation Strategy.
These efforts seek to enhance trade exchange and stimulate economic growth between the two countries.



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
TT

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.