عربي English Türkçe اردو فارسى
Logo
Latest News
Business

1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA
TT
TT

1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA

The first European Chamber of Commerce in the GCC region, ECCKSA, is set to be inaugurated in Saudi Arabia on May 8 to enhance economic and business ties between the Kingdom and the European Union.

The launch event will take place at the Cultural Palace in the Diplomatic Quarter of Riyadh.

ECCKSA’s website says the Chamber is “dedicated to advocating European business interests in Saudi Arabia and vice versa.”

“As a member-driven organization with strong government ties, ECCKSA offers a dynamic business network, opening doors to substantial commercial opportunities.”

“ECCKSA leverages its strong governmental relationships to facilitate market access for member companies, ensuring fair opportunities for both European and Saudi businesses,” it adds.

During the Saudi-EU Investment Forum held in October, Investment Minister Khalid Al-Falih said that the Kingdom’s coordination with the EU has a vital role in Saudi Arabia’s ongoing economic transitions.

Al-Falih emphasized the opportunities for investment and trade cooperation between the Kingdom and Europe.

“I am convinced there is still immense potential for expanding our partnership further, especially in terms of scale, diversity, and quality of our outbound and inbound investments,” he said.

He stated that trade between the two countries reached 80 billion euros ($84.8 billion) in 2022, representing a 30 percent increase over the previous year.

The minister added that over 1,300 European companies have invested in Saudi Arabia.

At the same event, European Commission Executive Vice President Maros Sefcovic said that the EU and Saudi Arabia “share an interest in continuing interactions on multilateral trade policy agendas.”

He said he was pleased that there was an agreement to accelerate the creation of ECCKSA.

Most Viewed

 
 
Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
TT

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.