UAE-Saudi Coordination Council Holds Follow Up Meeting of Joint Initiatives

The Executive Committee of the Saudi-UAE Coordination Council co-chaired by Saudi Minister of Economy and Planning Mohammad al-Tuwaijri, and UAE’s Minister of Cabinet Affairs and the Future Mohammad al-Gergawi (WAM)
The Executive Committee of the Saudi-UAE Coordination Council co-chaired by Saudi Minister of Economy and Planning Mohammad al-Tuwaijri, and UAE’s Minister of Cabinet Affairs and the Future Mohammad al-Gergawi (WAM)
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UAE-Saudi Coordination Council Holds Follow Up Meeting of Joint Initiatives

The Executive Committee of the Saudi-UAE Coordination Council co-chaired by Saudi Minister of Economy and Planning Mohammad al-Tuwaijri, and UAE’s Minister of Cabinet Affairs and the Future Mohammad al-Gergawi (WAM)
The Executive Committee of the Saudi-UAE Coordination Council co-chaired by Saudi Minister of Economy and Planning Mohammad al-Tuwaijri, and UAE’s Minister of Cabinet Affairs and the Future Mohammad al-Gergawi (WAM)

The Executive Committee of the Saudi-UAE Coordination Council held its meeting to enhance cooperation between the two countries under the co-chairmanship of Saudi Minister of Economy and Planning Mohammad al-Tuwaijri, and UAE’s Minister of Cabinet Affairs and the Future Mohammad al-Gergawi.

The meeting discussed various projects of the Saudi-UAE Coordination council and the latest relevant developments, to achieve the aspirations of the two countries' leaderships, as well as serving the common bilateral interests.

It also tackled preparations for the next phase and the necessary steps to accelerate the works of the integration committees.

In a related context, the Environment and Housing Committee- one of the committees emanating from the Saudi-UAE Coordination Council - held its first meeting in the presence of Saudi Housing Minister Majid al-Hogail, and UAE’s Infrastructure Development Minister Abdullah al-Nuaimi.

The Committee convened to follow up on the initiatives launched during the first round of the Saudi-UAE Coordination Council, where it has been agreed to streamline the establishment of joint housing projects and increase the exchange of expertise between the two sides.

Nuaimi stated that the UAE government believes in the importance of consolidating collaboration with Saudi Arabia across all fronts, including providing housing solutions that ensure social stability and preservation of the environment according to best international practices.

Saudi Minister Hogail, for his part, said the Saudi-Emirati partnership through the Coordination Council contributes to ensuring the best utilization of available resources, maximizing economic value, and expediting sustainable development of the housing sector.

The committee is working on building a platform to standardize the construction sector and building materials used in housing. It also discussed organizing visits between delegations for various housing projects in both countries and taking the necessary approvals for their implementation.

The Environment and Housing Committee is one of seven joint integration committees that oversee the implementation of a number of strategic and development initiatives and projects to achieve prosperity for both peoples.

The joint committees work proactively with priority sectors to ensure effective coordination and implementation of projects, in addition to supporting the unification of visions and ideas to create a better future for citizens in both countries.

The Council was established through an agreement between the UAE and Saudi Arabia in May 2016, as per the directives of President Sheikh Khalifa bin Zayed Al Nahyan, and Custodian of the Two Holy Mosques King Salman bin Abdulaziz, to achieve their joint vision and highlight their countries’ stature in the areas of economy, social development, politics, and military integration, as well as to ensure the welfare of their communities.

It sets a role model for integration thanks to the unlimited support of the two countries’ leadership and their tireless efforts to unleash synergy across all domains for the best interests of the peoples of the two countries.



Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

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 Set for Steepest Weekly Decline in Two Years as Risk Subsides

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 rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures rose 50 cents, or 0.7%, to $68.23 a barrel by 1036 GMT while US West Texas Intermediate crude gained 49 cents, or nearly 0.8%, to $65.73.

During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire.

That put both contracts on course for a weekly fall of about 12%.

"The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah.

"The market also has to keep eyes on the OPEC+ meeting – we do expect room for one more month of an accelerated unwinding basis balances and structure, but the key question is how strong the summer demand indicators are showing up to be."

The OPEC+ members will meet on July 6 to decide on August production levels.

Prices were also being supported by multiple oil inventory reports that showed strong draws in the middle distillates, said Tamas Varga, a PVM Oil Associates analyst.

Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.

Meanwhile, data on Thursday showed that the independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week.

Additionally, China's Iranian oil imports surged in June as shipments accelerated before the conflict and demand from independent refineries improved, analysts said.

China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day (bpd) of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.