The Red Sea Development Company Launches Training Program

The Red Sea Development Company Launches Training Program
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The Red Sea Development Company Launches Training Program

The Red Sea Development Company Launches Training Program

The Red Sea Development Company (TRSDC) has announced the launch of the alumni elite program which aims to qualify trainees to occupy future jobs that include hospitality, smart destinations, environmental sustainability, project completion, governance, and legal affairs.

TRSDC, in a statement, said the program, which is slated to launch on January 13, 2020, aims to provide trainees with practical experience through assigned tasks and through working in several departments of the company. This aims to expand the participants’ professional and cognitive skills.

Vocational guidance, training, and job simulation, as well as training courses related relative to disciplines, will also be provided.

The program includes the presence of a supervisor to determine the schedule of the program and the training course for each applicant wishing to enroll.

Applicants are committed to achieving up 70% on-the-job training, 20% career guidance and 10% general training courses.

In addition, trainees will sign employment contracts for jobs that match their qualifications and skills and start working.

The company said that the program’s applicants, which will undergo a two-year period of training, will have the opportunity to develop their skills and find employment in line with TRSDC goal of providing employment opportunities for Saudi nationals.



Oil Edges Down amid Bearish Trump Tariff Outlook

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
TT
20

Oil Edges Down amid Bearish Trump Tariff Outlook

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo

Oil prices declined moderately on Thursday as investors weighed the potential impact of US President Donald Trump's tariffs on global economic growth.

Brent crude futures were down 23 cents, or 0.3%, at $69.96 a barrel by 0904 GMT. US West Texas Intermediate crude fell 32 cents, or 0.5%, to $68.06 a barrel.

On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the US, after a public spat with his Brazilian counterpart Luiz Inacio Lula da Silva.

He has also announced plans for tariffs on copper, semiconductors and pharmaceuticals and his administration sent tariff letters to the Philippines, Iraq and others, adding to over a dozen letters issued earlier in the week including for powerhouse US suppliers South Korea and Japan.

Trump's history of backpedaling on tariffs has caused the market to become less reactive to such announcements, said Harry Tchilinguirian, group head of research at Onyx Capital Group.

"People are largely in wait and see mode, given the erratic nature of policy making and the flexibility the administration is showing around tariffs," Tchilinguirian said.

Policymakers remain worried about the inflationary pressures from Trump's tariffs, with only "a couple" of officials at the Federal Reserve's June 17-18 meeting saying they felt interest rates could be reduced as soon as this month, minutes of the meeting released on Wednesday showed.

Higher interest rates make borrowing more expensive and reduce demand for oil, Reuters said.

Supporting oil prices however was a weaker US dollar in Thursday's Asia trading session, said OANDA senior analyst Kelvin Wong. A weaker dollar lifts oil prices by making it cheaper for holders of other currencies.

US crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Gasoline demand rose 6% to 9.2 million barrels per day last week, the EIA said.

Global daily flights were averaging 107,600 in the first eight days of July, an all-time high, with flights in China reaching a five-month peak and port and freight activities indicating "sustained expansion" in trade activities from last year, JP Morgan said in a client note.

"Year to date, global oil demand growth is averaging 0.97 million barrels per day, in line with our forecast of 1 million barrels per day," the note said.

Additionally, there is doubt the recent increase in production quotas announced by OPEC+ will result in an actual increase in production, as some members are already exceeding their quotas, said Tony Sycamore, an analyst at IG.

"And others, like Russia, are unable to meet their targets due to damaged oil infrastructure," he said.

OPEC+ oil producers are set to approve another big output boost for September, as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates' move to a larger quota.