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Ras Al-Khair Announces $8.5Bn-Worth Opportunities

Ras Al-Khair Announces $8.5Bn-Worth Opportunities
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Ras Al-Khair Announces $8.5Bn-Worth Opportunities

Ras Al-Khair Announces $8.5Bn-Worth Opportunities

The industrial city of Ras al-Khair, located in eastern Saudi Arabia, has revealed $8.5 billion-worth (SAR31.9 billion) investment opportunities.

The Royal Commission for Jubail and Yanbu (RCJY) disclosed 20 investment opportunities in the fields of mineral industries.

The Commission is assigned to plan, promote, develop and manage petrochemicals and energy-intensive industrial cities through successful customer focus and partnerships with investors, employees, communities, and other stakeholders.

During a virtual seminar on Thursday to review investment opportunities, the RCJY explained that these are focused on mining industries such as iron, aluminum, and copper, as well as marine industries, industrial fertilizers, glass and silica, and energy equipment and services.

Investment in these fields is expected to provide more than 7,000 jobs, the Commission noted.

Director of the Business Development Department at RCJY Abdullah Yassin al-Eid said offering investment opportunities in Ras al-Khair Industrial City affirms the support and empowerment of industrial projects.

He pointed to RCJY’s involvement in preparing general and industrial plans to develop the city.

This aims at accommodating a group of industrial sectors specialized in mining industries, in an attempt to link Ras al-Khair's products to the manufacturing industries to achieve added value.

It would also enhance local content, as well as working to find and provide job opportunities for Saudi youth.

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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin
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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday discussed the importance of coordination between OPEC and OPEC+ members on oil price stability in a manner that guarantees fair prices for exporters and consumers.

Putin held a phone call with al-Sudani during which they discussed the OPEC+ oil agreement and the situation in the Middle East, the Kremlin said.

The telephone conversation came days prior to an OPEC+ key meeting expected early next month.

Reuters said that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions. Ministers last shelved the increase for a month when they met virtually on Nov. 3.

In a statement, the Kremlin on Thursday said Putin and Al-Sudani touched upon various aspects of coordination as part of OPEC+, a format that helps maintain stability in the global oil market, and reaffirmed the importance of continuing to coordinate steps in this format.

The Middle East issues were also mentioned in light of the unprecedented escalation of tensions in the region, it added.

The parties also agreed on further contacts at various levels, the statement said.

Later, Al-Sudani’s office said the phone call touched on energy-related matters, highlighting the importance of coordination among all concerned countries within OPEC and the OPEC+ group to stabilize oil and gas prices, ensuring fair pricing for both producers and consumers.