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Saudi Industry Minister Explores High-Tech Automotive and Smart Collaboration with Chinese Companies

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has visited the Guangzhou Economic & Technological Development District (GETDD) in China. SPA
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has visited the Guangzhou Economic & Technological Development District (GETDD) in China. SPA
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Saudi Industry Minister Explores High-Tech Automotive and Smart Collaboration with Chinese Companies

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has visited the Guangzhou Economic & Technological Development District (GETDD) in China. SPA
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has visited the Guangzhou Economic & Technological Development District (GETDD) in China. SPA

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has visited the Guangzhou Economic & Technological Development District (GETDD) as part of his visit to China.
Wednesday’s visit aimed to enhance industrial cooperation in several targeted industrial sectors.
He was accompanied by the Assistant Minister of Industry and Mineral Resources for Planning and Development, Dr. Abdullah Al-Ahmari, National Industrial Development Center (NIDC) Chief Executive Eng. Saleh Al-Sulami, and the Saudi Authority for Industrial Cities and Technology Zones (MODON) Chief Executive Eng. Majid Al-Argoubi.
The minister’s visit included a tour of Guangzhou MINO Equipment Co., Ltd., where he held discussions with the company's vice president on exploring cooperation opportunities in the manufacturing of high-tech vehicles.
He also visited Guangzhou Industrial Investment Holding Group (GIIHG) and discussed with the group's president ways to enhance cooperation in the industrial sector and the production of smart equipment.
The minister met with the Guangzhou Automobile Group Co., Ltd. (GAC) chairman to discuss the possibility of establishing a strategic partnership with the group and developing sustainable transportation solutions.
Al-Khorayef met with the chairman of Foton Motor, a company specialized in manufacturing commercial vehicles. They discussed joint initiatives in developing and advancing electric vehicles, hybrid technology, and advanced automotive technologies.
Additionally, he toured the GETDD, which was established in 1984. Among 219 similar zones, it ranks second in overall strength and first in scientific and technological innovation. The zone is also recognized as one of the top ten high-tech parks in China and globally.
In a main hall located in the Science Square, which features a wide range of exhibits, Al-Khorayef was briefed on the zone’s offerings in terms of knowledge exchange, best practices for capacity building, and fostering foreign investments.
The presentation also highlighted the incentives provided and Guangzhou’s experiences in scientific and technological innovations related to the industrial sector.
During his visits, he reviewed the sub-sectors of the National Industrial Strategy, including the automotive sector, and the incentives provided by the Kingdom to encourage foreign investments.
He also explored potential ways to exchange expertise, best practices for capacity building and knowledge enhancement, and leverage advanced Chinese experience in high-tech automotive manufacturing.

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Oil Extends Decline on Surprise US Inventory Builds

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Extends Decline on Surprise US Inventory Builds

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell for a third straight session on Thursday as unexpected increases in US crude and fuel inventories raised concerns about demand from the world's largest oil consumer while investors eyed renewed Iran-US nuclear talks.

Brent futures edged 16 cents lower to $64.75 a barrel by 0630 GMT, while US West Texas Intermediate crude weakened 10 cents to $61.47.

Both benchmarks fell earlier in the session after US crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high and gasoline and distillate demand slipped.

Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said. Analysts in a Reuters poll had expected a 1.3 million-barrel drawdown.

"The EIA's reported surprise stock builds will have a downward pressure particularly on WTI," said Emril Jamil, a senior analyst at LSEG Oil Research. He added this could further incentivise more US exports to Europe and Asia.

Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, said: "While rising US inventories have raised concerns, some investors expect the summer driving season starting after Memorial Day weekend to draw down stocks, limiting further downside."

Both benchmarks lost 0.7% on Wednesday after Oman's foreign minister said the fifth round of nuclear talks between Iran and the United States will take place on Friday in Rome.

Prices had jumped earlier on Wednesday following a CNN report that US intelligence suggests Israel is preparing to strike Iranian nuclear facilities, although it was not clear whether Israeli leaders have made a final decision.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and an Israeli attack could upset supply from the country.

"Traders remain cautious, avoiding large positions as they assess conflicting signals over US-Iran nuclear talks and a media report of potential Israeli strikes on Iranian nuclear facilities," said Kikukawa.

Priyanka Sachdeva, senior market analyst at Phillip Nova, said: "Additionally, Ukraine suggested that it would seek harsher sanctions on Russia from the EU, which could further disrupt the flow of Russian oil barrels to global markets."

Ukraine will ask the EU next week to consider big new steps to isolate Moscow, according to a white paper, including seizing Russian assets and bringing in sanctions for some buyers of Russian oil.