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Saudi Arabia, Leonardo Partner to Localize Helicopter Manufacturing

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef meets chairman of the board of directors of Leonardo Stefano Pontecorvo in Milan. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef meets chairman of the board of directors of Leonardo Stefano Pontecorvo in Milan. (SPA)
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Saudi Arabia, Leonardo Partner to Localize Helicopter Manufacturing

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef meets chairman of the board of directors of Leonardo Stefano Pontecorvo in Milan. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef meets chairman of the board of directors of Leonardo Stefano Pontecorvo in Milan. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Milan on Wednesday with Stefano Pontecorvo, chairman of the board of directors of Leonardo, an Italian multinational company specializing in aerospace, defense and security, to discuss expanding their long-standing partnership.

Talks focused on localizing the manufacturing of helicopter components in Saudi Arabia, including aircraft structures, propellers, fins, and electronic flight systems.

Leonardo has a strong presence in Saudi Arabia, having provided a wide range of platforms, systems, and services for over 50 years. This collaboration aligns with the Kingdom's Vision 2030, which aims to develop a robust and diversified economy.

By localizing helicopter component manufacturing, Saudi Arabia seeks to create jobs, transfer technology, and develop a domestic supply chain for the aviation industry.

The initiative is part of a broader effort to enhance the Kingdom's capabilities in maintenance, repair, and overhaul (MRO) services, as well as manufacturing spare parts for engines, drones, and navigation systems.

The Saudi aviation sector is projected to contribute SAR11.4 billion to the GDP by 2030. Alkhorayef's visit to Leonardo underscores the Kingdom's commitment to strengthening its aviation industry and leveraging global expertise to achieve its economic goals.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

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 Prices Steady as Markets Weigh Demand against US Inventories

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 were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.