SAC Ensures Global Foothold of Saudi Quality Control

Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat
Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat
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SAC Ensures Global Foothold of Saudi Quality Control

Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat
Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat

The Saudi cabinet has approved granting the Saudi Accreditation Committee independence, rebranding it as the Saudi Accreditation Center (SAC).

Such a move is set to widen the horizon and reinforce the center’s performance and works.

SAC is a new platform aimed at increasing quality control for services and products offered in the Kingdom, contributing more to achieving the objectives of Kingdom Vision 2030.

It is expected to contribute indirectly to achieving four of the first level targets for Vision 2030: Developing and diversifying the economy, enhancing government effectiveness, enabling a healthy living, and increasing employment rates.

Over the past years, SAC has been responsible for the policy-making process when it comes to accreditation regulations, as well as the granting, renewing, freezing, withdrawing, expanding and limiting accreditation for certification-issuing third parties.

Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi noted that the SAC rebranding and structural shakeup will aid the Kingdom in taking longer strides towards completing a reliable and impartial national quality-regulation infrastructure with international recognition.

“Independent accreditation is an essential step in the right direction to avoid conflicts of interest, ensure the integrity of national infrastructure activities for quality, and gain international recognition,” Qasabi said.

Qasabi also affirmed SAC will indirectly contribute to developing and diversifying the economy and enhancing institutional efficiency.

This follows SAC successfully accomplishing digitization for all its accreditation activity, which has contributed significantly to enabling beneficiaries, residents and committee members to access the Commission's services, complete accreditation procedures and follow-up online.

This has significantly reduced the period of processing from an average of 260 days, when the system is introduced in 2016, to 175 days in 2018.

The national accreditation body holds core values of impartiality, integrity, competency and teamwork spirit and looks to partake in developing the Kingdom’s economy by raising the level of technical competency, establishing conformity in terms of certification-granting bodies and insuring better consumer protection. 



Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
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Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices picked up on Tuesday, after the previous session's sell-off, as the market assessed US President-elect Donald Trump's planned trade tariffs on Mexico and Canada and his aim to increase US crude production.

Oil prices had fallen more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a US plan for a ceasefire on Tuesday, but some analysts said Monday's sell-off in oil prices had been overdone.

Brent crude futures were up 43 cents, or 0.6%, at $73.44 a barrel as of 1414 GMT. US West Texas Intermediate crude futures were at $69.38 a barrel, up 44 cents, or 0.6%.

Brent crude futures fluctuated between $73.30 and $73.80 a barrel in afternoon trading.

"Today’s intra-day fluctuations are probably more of the function of assessing Trump’s overnight pledge to impose tariffs on Mexico, Canada and China," PVM analyst Tamas Varga said.

On Monday, Trump said he would impose a 25% tariff on all products coming into the US from Mexico and Canada.

The vast majority of Canada's 4 million bpd of crude exports go to the US Analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the US produces.

On Monday, Reuters reported that Trump's team is also preparing an energy package to roll out within days of his taking office that would increase oil drilling.

A senior executive at Exxon Mobil said on Tuesday that US oil and gas producers are unlikely to "radically increase'' production.

OPEC+ MEETING

Market reaction on Monday to the Israel-Lebanon ceasefire news was "over the top" as the broader Middle East conflict has "never actually disrupted supplies significantly to induce war premiums" this year, said senior market analyst Priyanka Sachdeva at Phillip Nova.

Elsewhere, OPEC+ at its next meeting on Sunday may consider leaving its current oil output cuts in place from Jan. 1. The producer group is already postponing hikes amid global demand worries.