Hajj Committee Proposes Transforming Arbab Al-Tawaif Firms to Shareholder Companies

Muslim pilgrims pray around the holy Kaaba at the Grand Mosque ahead of the annual Hajj pilgrimage in Makkah on September 21, 2015. (Reuters)
Muslim pilgrims pray around the holy Kaaba at the Grand Mosque ahead of the annual Hajj pilgrimage in Makkah on September 21, 2015. (Reuters)
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Hajj Committee Proposes Transforming Arbab Al-Tawaif Firms to Shareholder Companies

Muslim pilgrims pray around the holy Kaaba at the Grand Mosque ahead of the annual Hajj pilgrimage in Makkah on September 21, 2015. (Reuters)
Muslim pilgrims pray around the holy Kaaba at the Grand Mosque ahead of the annual Hajj pilgrimage in Makkah on September 21, 2015. (Reuters)

Vice President of National Committee for Hajj and Umrah Abdullah Omar Kadi said that transforming Arbab Al-Tawaif Establishments to shareholder companies would enhance services provided to pilgrims and ensure shareholder rights.

This step would achieve social integration of beneficiaries and shareholders, Kadi added, noting that pilgrims would receive quality services and privileges.

He stressed that the committee’s role was no longer restricted to the Umrah and Hajj companies of internal pilgrims, but another special committee will be formed to cater to external pilgrims.

These firms will be partners in this decision, he affirmed.

Meanwhile, Hajj and Umrah Committee member Mansour Abu Khanjar spoke about the importance of developing the internal pilgrims sector.

He stressed the need for more flexibility when it comes to transferring visas and the lending system and shifting them to a completely electronic platform.

He also highlighted the role foreign companies have played, in cooperation with Saudi firms, in providing cooling services at pilgrims’ camps.

He added that the coming period will witness reinforcing the privacy of every pilgrim by providing them with their own private chambers, each boasting a television that would broadcast pilgrimage guides and emergency alerts.



Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
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Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)

Oil prices edged lower on Wednesday, after bouncing back from a sharp sell-off earlier in the week, as investors turned their focus to US-China trade talks this weekend.

Brent crude futures were down 71 cents a barrel, or around 1.14%, at $61.44 a barrel by 12:00 p.m. ET (1600 GMT), while US West Texas Intermediate crude was down 66 cents, or 1.12%, lower at $58.43 a barrel.

The US and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy.

The US-China trade talks come after weeks of escalating tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.

"While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the US receives major trade concessions, further de-escalation seems unlikely," he said.

Investors also awaited the upcoming Fed update on Wednesday. They expect the policy rate to remain in the 4.25%-4.50% range until the Fed's July 29-30 meeting.

Meanwhile, US crude inventories fell by 2 million barrels to 438.4 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, compared with analysts' expectations in a Reuters poll for a 833,000-barrel draw.

However, gasoline inventories rose, raising concerns among analysts of weak demand ahead of a major driving holiday in the US later this month.

"This is the first bad report for gasoline in a couple of weeks. The refiner had been cranking up the utilization rate. But today in this report it went backwards," said Bob Yawger, director of energy futures at Mizuho.

Limiting the losses, some US producers have signaled that they would cut spending, cautioning that the country's oil output may have peaked.

Additionally, conflict in the Middle East between Israel and the Houthis increases the geopolitical risk premium, said Tamas Varga, an analyst at PVM.