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 Slumps 3% as Trump's Tariffs Expected to Impede Demand

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 Slumps 3% as Trump's Tariffs Expected to Impede Demand

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 by over 3% on Thursday after US President Donald Trump announced sweeping new tariffs which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.

Brent futures were down $2.66, or 3.55%, to $72.29 a barrel by 0918 GMT US West Texas Intermediate crude futures were down $2.69, or 3.75%, to $69.02.

Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries, initiating a global trade war that threatens to drive up inflation and stall US and worldwide economic growth, Reuters reported.

"The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20% tariff, but the final decision was more hawkish," Yeap Jun Rong, market strategist at IG, said in an email.

"For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs," he added.

Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.

UBS analysts on Wednesday cut their oil forecasts by $3 per barrel over 2025-26 to $72 per barrel, citing weaker fundamentals.

Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or impose retaliatory levies.

"Countermeasures are imminent and judging by the initial market reaction, recession and stagflation have become terrifying possibilities," said PVM analyst Tamas Varga.

"As tariffs are ultimately paid for by domestic consumers and businesses, their cost will inevitably increase impeding the rise in economic wealth."

In other news, US Energy Information Administration data on Wednesday showed US crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts' forecasts for a decline of 2.1 million barrels.

Market participants are also awaiting the outcome of an OPEC+ meeting on Thursday, which will discuss Kazakh output.