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Saudi Industry Minister Discusses in Singapore Partnerships in Advanced Manufacturing Technologies 

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings with heads of Singaporean institutions to discuss boosting cooperation. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings with heads of Singaporean institutions to discuss boosting cooperation. (SPA)
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Saudi Industry Minister Discusses in Singapore Partnerships in Advanced Manufacturing Technologies 

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings with heads of Singaporean institutions to discuss boosting cooperation. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings with heads of Singaporean institutions to discuss boosting cooperation. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings with heads of Singaporean institutions to discuss boosting cooperation, benefiting from their expertise in creating sustainable economic growth, developing small and medium-sized enterprises, and partnering on advanced manufacturing technology, reported the Saudi Press Agency on Tuesday.

The meetings were attended by Ministry of Industry and Mineral Resources Assistant Minister for Planning and Development Dr. Abdullah Ali Alahmari, National Industrial Development Center (NIDC) Chief Executive Eng. Saleh Al-Sulami, and Saudi Authority for Industrial Cities and Technology Zones Chief Executive Majed Rafed Al-Argoubi.

During a meeting with Singapore Economic Development Board (EDB) Chairman Png Cheong Boon, Alkhorayef discussed opportunities to bolster cooperation, build partnerships, and benefit from the EDB’s expertise.

He met with Enterprise Singapore Executive Chairman Lee Chuan Teck to explore aspects of cooperation, leveraging the institution’s expertise in capacity building, innovation, and transformation.

Alkhorayef also met with Meinhardt Group's head of the fourth industrial revolution division to discuss modern technologies that could boost efficiency and innovation in the sector.

In his meeting with the Agency for Science, Technology and Research (A*STAR) chief executive, Alkhorayef explored ways to strengthen cooperation with the agency, which is considered one of the top innovative government organizations globally in the field of science and technology.

The minister’s official visit to Singapore is one leg of an economic tour of East-Asia where he is leading a ministry delegation with the aim of deepening bilateral ties, attracting high-quality investments to Saudi Arabia, and exploring mutual investment opportunities in the industrial sector.

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Oil Falls on Demand Growth Concerns, Robust Dollar

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)
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Oil Falls on Demand Growth Concerns, Robust Dollar

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 fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%.
Brent crude futures fell by 33 cents, or 0.45%, to $72.55 a barrel by 0730 GMT. US West Texas Intermediate crude futures eased 32 cents, or 0.46%, to $69.06 per barrel, Reuters said.
Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027 as diesel and gasoline demand weaken.
"Benchmark crude prices are in a prolonged consolidation phase as the market heads towards the year-end weighed by uncertainty in oil demand growth," said Emril Jamil, senior research specialist at LSEG.
He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
Meanwhile, the dollar's climb to a two-year high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.
A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.
JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.
In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.
Russia has circumvented the $60 per barrel cap imposed in 2022 using its "shadow fleet" of ships, which the EU and Britain have targeted with further sanctions in recent days.