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.



Aramco, Sinopec and Yasref Sign Venture Framework Agreement for Petrochemical Expansion

Photo by SPA
Photo by SPA
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Aramco, Sinopec and Yasref Sign Venture Framework Agreement for Petrochemical Expansion

Photo by SPA
Photo by SPA

Saudi Aramco, China Petroleum & Chemical Corporation (Sinopec), and Yanbu Aramco Sinopec Refining Company (Yasref) announced the signing of a Venture Framework Agreement (VFA) to pave the way for a major petrochemical expansion at Yasref, in Yanbu, on the west coast of Saudi Arabia.
According to a press release from Aramco, the agreement, coinciding with Yasref's 10th anniversary, seeks to advance engineering studies for the development of a fully integrated petrochemical complex at Yasref, a joint venture owned by Aramco (62.5%) and Sinopec (37.5%). The project aims to maximize operational synergies and create additional value by introducing a state-of-the-art petrochemical unit, a large-scale mixed feed steam cracker with a 1.8 million tons per year capacity, and a 1.5 million tons per year aromatics complex with associated downstream derivatives integrated into the existing Yasref complex. This is expected to enhance Yasref's ability to meet the growing demand for high-quality petrochemical products, SPA reported.
President and CEO of Saudi Aramco Amin H. Nasser said, "The Yasref Venture Framework Agreement further deepens and elevates our strategic partnership with Sinopec. The planned expansion project solidifies our commitment to product innovation and diversification. As we look forward to strengthening our collaboration with Sinopec in making Yasref a leading refining and petrochemicals joint venture, we aim to contribute to growing Saudi Arabia's position as a global leader in energy and chemicals."
Aramco Downstream President Mohammed Y. Al Qahtani stated, "The planned Yasref expansion aligns with our downstream strategy to unlock the full potential of our resources, including converting up to four million barrels per day of crude oil into petrochemicals by 2030. In partnership with Sinopec, we aim to advance cutting-edge refining and petrochemical capabilities to deliver high-value products, create new opportunities, drive industrial innovation, and enable economic transformation. This highlights our strategic, long-term partnership with Sinopec."
Sinopec President Zhao Dong emphasized, "Yasref, a flagship joint venture symbolizing China-Saudi energy cooperation, has not only served as a key driver for Saudi Arabia's local economic growth but also actively advanced petrochemical industry upgrades. We expect the Yasref expansion project to unlock new dimensions of collaborative potential as we navigate the energy transition. Sinopec and Aramco are poised to establish a world-class, integrated refining and petrochemical complex distinguished by comprehensive competitive advantages, aiming to redefine traditional energy cooperation models and expand new frontiers for more sustainable development."
The release also noted that Yasref is one of several strategic partnerships between Aramco and Sinopec. These collaborations include Sinopec Senmei (Fujian) Petroleum Company (SSPC), Sinopec SABIC Tianjin Petrochemical Co. (SSTPC), Fujian Refining & Petrochemical Company (FREP), and a new integrated refining and petrochemical complex under development in Fujian Province, China. Through these ventures, the two groups aim to strengthen energy security, fuel industrial innovation, foster long-term cooperation, and contribute to the global economy.