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Al-Khorayef Invites Chinese Companies to Invest in Saudi Industries

The Saudi Minister of Industry and Mineral Resources invited Chinese companies to invest in promising industrial sectors in Saudi Arabia. SPA
The Saudi Minister of Industry and Mineral Resources invited Chinese companies to invest in promising industrial sectors in Saudi Arabia. SPA
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Al-Khorayef Invites Chinese Companies to Invest in Saudi Industries

The Saudi Minister of Industry and Mineral Resources invited Chinese companies to invest in promising industrial sectors in Saudi Arabia. SPA
The Saudi Minister of Industry and Mineral Resources invited Chinese companies to invest in promising industrial sectors in Saudi Arabia. SPA

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef invited Chinese companies to invest in promising industrial sectors highlighted by the National Industrial Strategy.

Such sectors include the automotive, food, pharmaceutical, and aviation industries. He extended this invitation during a roundtable meeting organized by the Federation of Chambers of Commerce in Guangzhou as part of his visit to China.

Al-Khorayef provided an overview of the capabilities, incentives, and services that the Kingdom offers to industrial investors. These include developed industrial lands, industrial financing, workforce training, and incentives for specific target industries. Additionally, the country gives preference to local products in government purchases.
"We are looking for companies that can help us boost investment in key industrial sectors that are essential for the Kingdom. These include automotive, aviation, food, pharmaceutical, machinery, equipment, and renewable energy industries. We also aim to develop supply chains for buses, trucks, and light-duty vehicles, as the demand for these is expected to rise in the upcoming years,” the minister said.

He praised the strong relationship between the Kingdom and China and affirmed Saudi Arabia’s desire to enhance its economic partnership with China, particularly in the industrial and mining sectors, as part of its efforts to diversify the economy.

The meeting was attended by Saudi Industry and Mineral Resources Assistant Minister for Planning and Development Dr. Abdullah Al-Ahmari, National Industrial Development Center (NIDC) Chief Executive Eng. Saleh Al-Sulami, and Saudi Authority for Industrial Cities and Technology Zones (MODON) Chief Executive Eng. Majid Al-Argoubi.

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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.