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Red Sea Global Announces Cooperation with Oracle

Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
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Red Sea Global Announces Cooperation with Oracle

Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)

Red Sea Global (RSG) announced on Monday a cooperation with Oracle, a company specialized in hospitality, to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time.

Through this cooperation, RSG said it will establish premier luxury resorts such as Thuwal Private Retreat, Shebara, and Desert Rock, which are set to become the first resorts in the Kingdom to leverage Oracle's advanced cloud hospitality technology solutions.

Group CEO at Red Sea Global John Pagano said: "The Oracle Hospitality OPERA Cloud Central platform truly is best in class, but until now, it has not been accessible to the Saudi Arabian industry."

"Oracle was eager to be part of the exciting transformation happening in the Kingdom, especially in the hospitality industry. With their expertise and support, we now have the technology in place to deliver exceptional guest experiences, responding to our discerning visitors' needs before they know what they want," he added.

Executive Vice President and General Manager at Oracle Hospitality Alex Alt said: "Saudi Arabia is one of the world's most exciting hospitality market stories today, and by pioneering a regenerative approach to tourism, Red Sea Global is at the heart of that transformation. Now, Oracle will also be a part of shaping the sector's future in the region."

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Oil Prices Edge Down on Easing Geopolitical Risks, Weak China Demand

FILE PHOTO: Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil in Carson, California, US, March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo
FILE PHOTO: Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil in Carson, California, US, March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo
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Oil Prices Edge Down on Easing Geopolitical Risks, Weak China Demand

FILE PHOTO: Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil in Carson, California, US, March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo
FILE PHOTO: Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil in Carson, California, US, March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo

Oil prices edged lower on Tuesday as Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, helping ease concerns over supply disruptions in the Middle East.
Brent crude was down 67 cents, or 0.86%, at $76.99 a barrel, as of 0600 GMT. Front month US West Texas Intermediate crude futures, which expire on Tuesday, were at $73.75 a barrel, easing 62 cents, or 0.8%. The more actively traded second month contract was last down 63 cents or 0.86% at $73.03 a barrel.
Brent had fallen about 2.5% on Monday, while WTI eased 3%.
"Prices seem to find some headwinds from geopolitical developments in the Middle East and China's demand outlook," said Yeap Jun Rong, market strategist at IG, referring to weak Chinese economic data, which cast doubts on the country's oil demand prospects.
"A ceasefire deal in Gaza now seems more likely than not, which saw market participants pricing out the risks of geopolitical tensions on oil supplies disruption."
US Secretary of State Antony Blinken said on Monday that Israeli Prime Minister Benjamin Netanyahu had accepted a "bridging proposal" presented by Washington to tackle disagreements blocking a ceasefire deal in Gaza, and urged Hamas to do the same.
Also easing supply concerns, production at Libya's Sharara oilfield has risen to about 85,000 barrels per day in a move aimed at supplying the Zawia oil refinery, two engineers working at the field told Reuters on Monday.
Libya's National Oil Corporation (NOC) had declared force majeure on oil exports from the field on Aug. 7 after a blockade by protesters hit production at the 300,000-bpd field.
In the United States, crude stockpiles were expected to have fallen by 2.9 million barrels last week, a preliminary Reuters poll showed on Monday.
On the demand side, worries about China's economic problems pressured oil prices. After a dismal second quarter, the world's second-largest economy lost momentum further in July as new home prices fell at the fastest pace in nine years, industrial output slowed, export and investment growth dipped and unemployment rose.
"Demand concerns centered around China continue to linger. Recent data releases reinforce the view of weaker Chinese oil demand," ING analysts said in a note to clients.
"Trade and industrial output numbers last week suggested that apparent oil demand continued to trend lower in July. These worries mean that speculators continue to be hesitant about jumping into the market."
Investors also awaited indication of the US Federal Reserve's plans for the next interest rate decision.
The Fed will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, according to a slim majority of economists polled by Reuters who said a recession is unlikely.
Rate cuts reduce borrowing costs and could boost oil demand in the world's top oil-consuming country.