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Saudi Arabia: Additional Benefits for Major Investors, CEOs of Local and Int’l Companies

Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)
Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)
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Saudi Arabia: Additional Benefits for Major Investors, CEOs of Local and Int’l Companies

Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)
Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)

Saudi Arabia’s Ministry of Investment has signed a memorandum of understanding (MoU) with national carrier Saudia Group to enhance services and support for investors.

This agreement aims to promote the Kingdom as an investment destination and facilitate a conducive environment for business growth.

The MoU was signed by Khaled Tash, Saudia Group’s Chief Marketing Officer, and Mohammed Aba Hussain, Deputy of Integrated Investors Services at the Ministry of Investment.

According to the MoU, Saudia will provide the ministry’s investors with a wide range of exclusive benefits, logistics and shipping services through Saudia Cargo, as well as private aviation and personal assistance (concierge) services provided through Saudia Private Aviation Company.

Both parties will foster the bilateral cooperation in organizing the ministry’s events at the local and international levels.

“This strategic partnership between Saudia Group and the Ministry of Investment represents a significant leap forward. It promotes our position as a comprehensive aviation system dedicated to advancing and achieving the ambitious objectives of Vision 2030,” said Khaled Tash, Saudia Group’s Chief Marketing Officer.

He added: “By collaborating closely, we aim to optimize travel logistics for key national projects, facilitating seamless mobility both to and within the Kingdom while offering exclusive travel benefits.”

The deputy of Integrated Investors Services at the Ministry of Investment stressed that the signing of the “strategic partnership with Saudia Group is a significant milestone for the Ministry of Investment. It goes beyond a mere agreement, symbolizing our unwavering commitment to providing exceptional services.”

“We aim to overcome all obstacles for investors and cultivate an ideal environment for their businesses to flourish within the Kingdom. This partnership offers a comprehensive package of benefits to investors, executives, and global companies to streamline their relocation experience,” he said.

In January, Saudi Arabia announced the launch of five new categories of distinguished residencies with the aim of increasing the attraction of exceptional talent, including executives, talents, investors, entrepreneurs, and real estate owners.

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OPEC+ Unlikely to Change Oil Production Policy at Meeting on August 1, Sources

A model of oil rigs in front of the OPEC logo (Reuters)
A model of oil rigs in front of the OPEC logo (Reuters)
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OPEC+ Unlikely to Change Oil Production Policy at Meeting on August 1, Sources

A model of oil rigs in front of the OPEC logo (Reuters)
A model of oil rigs in front of the OPEC logo (Reuters)

A mini OPEC+ ministerial meeting next month is unlikely to recommend changing the group's output policy, including a plan to start unwinding one layer of oil output cuts from October, three sources told Reuters.

The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee meeting (JMMC) on Aug. 1 to review the market.

One of the three OPEC+ sources, all of whom declined to be identified by name, said the meeting would serve as a “pulse check” for the health of the market.

Oil was trading around $85 a barrel on Thursday, finding support from Middle East conflict and falling inventories. Concern about higher for longer interest rates and demand has limited gains this year.

OPEC+ is currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022.

At its last meeting in June, OPEC+ agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 and to prolong the most recent layer of cuts - a 2.2 million bpd cut by eight members - by three months until the end of September 2024.

OPEC+ will gradually phase out the cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025.

Russian Deputy Prime Minister Alexander Novak, asked this week if the market was strong enough to take the extra volume from October, did not rule out tweaks to the agreement if needed.

“Now we have such an option (of output increase), as we said earlier, we will always evaluate the current situation,” Novak said.

In June, Saudi Energy Minister Prince Abdulaziz bin Salman had said OPEC+ could pause or reverse the production hikes if it decided the market is not strong enough.

The JMMC usually meets every two months and can make recommendations to change policy which could then be discussed and ratified in a full OPEC+ ministerial meeting of all members.

Meanwhile, oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world's largest oil consumer.

Brent futures rose 41 cents, or 0.5%, to $85.49 a barrel by 0819 GMT and US West Texas Intermediate (WTI) crude was up 69 cents, or 0.8%, at $83.54, with both having registered gains in the previous session.

US crude inventories fell by 4.9 million barrels last week, data from the US Energy Information Administration showed on Wednesday.