عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Aims to Boost Polymer-based Manufacturing Industries

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
TT
TT

Saudi Arabia Aims to Boost Polymer-based Manufacturing Industries

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah said Saudi Arabia aims to achieve a fourfold increase of production in polymer-based manufacturing industries by 2035.

Speaking to Asharq Al-Awsat on the sidelines of the Riyadh International Industry Week, which kicked off on Monday, the minister underlined the importance of this objective in providing great opportunities for investors.

The event, which concludes on Friday, was inaugurated by Minister of Industry and Mineral Resources, Bandar Alkhorayef at the Riyadh International Convention and Exhibition Center.

The event features four exhibitions: the Saudi Exhibition for Plastics and Petrochemical Industries, the Saudi Exhibition for Printing and Packaging, the Saudi Exhibition for Smart Logistics Services, and the Saudi Exhibition for Smart Manufacturing.

The event is also an opportunity to discuss fair competition and competitive environment, as well as sustainability and export capabilities. It features a number of activities that aim to support the industry in Saudi Arabia, with the participation of more than 500 companies from 24 different countries.

Bin Salameh said such events highlight the volume of investments expected in the Kingdom, and bolster communication between producing firms, such as Aramco, SABIC, Petro Rabigh, Sadara, and resource consuming companies.

The deputy minister went on to say that the event opens a wide scope for new investments, whether equipment manufacturers or investors, who have found that expansion in this field is feasible.

The automobile industry in Saudi Arabia is notably undergoing a major transformation through the production of electric vehicles and the establishment of factories for local manufacturing.

The Kingdom’s automotive industry is expected to grow 12 percent by the end of the decade thanks to Vision 2030 and its ambitious goals in environmentally friendly mobility and autonomous transportation. The industry will benefit from the Kingdom’s strategic location and investment in advanced technologies.

Most Viewed

 
 
Business

Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
TT
TT

Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices picked up on Tuesday, after the previous session's sell-off, as the market assessed US President-elect Donald Trump's planned trade tariffs on Mexico and Canada and his aim to increase US crude production.

Oil prices had fallen more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a US plan for a ceasefire on Tuesday, but some analysts said Monday's sell-off in oil prices had been overdone.

Brent crude futures were up 43 cents, or 0.6%, at $73.44 a barrel as of 1414 GMT. US West Texas Intermediate crude futures were at $69.38 a barrel, up 44 cents, or 0.6%.

Brent crude futures fluctuated between $73.30 and $73.80 a barrel in afternoon trading.

"Today’s intra-day fluctuations are probably more of the function of assessing Trump’s overnight pledge to impose tariffs on Mexico, Canada and China," PVM analyst Tamas Varga said.

On Monday, Trump said he would impose a 25% tariff on all products coming into the US from Mexico and Canada.

The vast majority of Canada's 4 million bpd of crude exports go to the US Analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the US produces.

On Monday, Reuters reported that Trump's team is also preparing an energy package to roll out within days of his taking office that would increase oil drilling.

A senior executive at Exxon Mobil said on Tuesday that US oil and gas producers are unlikely to "radically increase'' production.

OPEC+ MEETING

Market reaction on Monday to the Israel-Lebanon ceasefire news was "over the top" as the broader Middle East conflict has "never actually disrupted supplies significantly to induce war premiums" this year, said senior market analyst Priyanka Sachdeva at Phillip Nova.

Elsewhere, OPEC+ at its next meeting on Sunday may consider leaving its current oil output cuts in place from Jan. 1. The producer group is already postponing hikes amid global demand worries.