PIF Executive: Saudi Women Are Partners in the Kingdom’s Development

A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
TT

PIF Executive: Saudi Women Are Partners in the Kingdom’s Development

A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)

Shihana Alazzaz is one of the most prominent Saudi female figures. Today, she occupies a remarkable position in one of the most vital sectors in the country, as the General Legal Counsel and Secretary General of the Board of Directors of the Public Investment Fund (PIF).

In an interview with Asharq Al-Awsat, Alazzaz talked about women’s empowerment in Saudi Arabia and the qualitative shift brought about by the Kingdom’s Vision 2030.

“Today, the Saudi woman is walking at a steady pace and firm determination behind the Custodian of the Two Holy Mosques, an inspiring Crown Prince and an ambitious vision, after overcoming the challenges of the past, with the acceleration of the development of laws and procedures that guarantee her rights and ensure her participation in both economic and societal progress,” she said.

She encouraged Saudi women to actively engage in the development of their country.

“We must continue the march and work with determination without any delay or retreat, to seize the opportunities and enter the labor market with competence, pioneering spirit and open-mindedness that accepts competition and risk,” she underlined.

Asked about the achievements of Saudi female leaders, Alazzaz stressed that societies flourish with the effectiveness of their members, women and men.

“Undoubtedly, the success of women is positively reflected on the family and the entire community, and is considered one of the foundations for advancement and prosperity. Human civilizations, throughout history, have witnessed the positive and inevitable role of women,” she affirmed.

Underlining the importance of Saudi women’s engagement in the Kingdom’s march towards achieving Vision 2030, Alazzaz called on female leaders and entrepreneurs to consolidate their successes and aim for broader horizons.

“Let us imagine what our societies can achieve by stimulating other aspects of women’s engagement in the labor market, economy, entrepreneurship, science, education and research, in addition to their participation in decision-making, drawing strategies, setting policies, strengthening international relations and diplomacy, and other contributions in which women can have a leadership, effective and positive role,” she stated.

According to the PIF secretary-general, the successes of Saudi women in some areas have surpassed their counterparts from all over the world. She emphasized that their names have emerged in the fields of medicine, engineering, literature and others, adding that some of them have received international patents, awards and certificates of appreciation.

Alazzaz told Asharq Al-Awsat that the qualitative shift brought about by Vision 2030 was based on an important strategic principle: “The human being is the change maker in economic and social development. Accordingly, the vision adopted fundamental principles for empowering women socially and economically, making them an efficient partner in the development of the homeland.”

Asked about her role in PIF, she said: “My work in the Public Investment Fund is a professional and patriotic duty in the first place, and a proof of the confidence of our leaders in the national women cadres and the availability of opportunities based on competence without discrimination.”

“We always strive to achieve more, fulfill the aspirations of our leaders, and efficiently cooperate with every colleague and official,” Alazzaz concluded.



Oil Recovers from Multi-year Low but Brent Remains below $70

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
TT

Oil Recovers from Multi-year Low but Brent Remains below $70

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were steady on Thursday, recovering slightly from a multi-year low, though Brent was still below $70 under pressure from trade tariffs between the US, Canada, Mexico and China and OPEC+ plans to raise output.

Those factors and a larger than expected build in US crude inventories had sent Brent as low as $68.33 on Wednesday, its weakest since December 2021. Brent futures were up 28 cents, or 0.4%, at $69.58 a barrel by 0957 GMT on Thursday while US West Texas Intermediate crude futures gained 32 cents, or 0.5%, to $66.63.

"The US President's intention seems to be for a lower oil price," said John Evans at oil broker PVM, adding that questions remain around whether crude is being oversold, Reuters reported.

Prices had fallen after the US enacted tariffs on Canadian and Mexican goods, including energy imports, at the same time major producers decided to raise output quotas for the first time since 2022.

Oil recovered and stabilized somewhat after the US said it will make automakers exempt from the 25% tariffs.

A source familiar with the discussions said that US President Donald Trump could eliminate the 10% tariff on Canadian energy imports, such as crude oil and gasoline, that comply with existing trade agreements.

"Trump's trade measures are threatening to reduce global energy demand and disrupt trade flows in the global oil market," ANZ commodity strategist Daniel Hynes said in a note.

The OPEC+ producer group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, decided on Monday to increase output for the first time since 2022.

The resulting retreat in prices was then exacerbated on Wednesday by a rise in US crude inventories, said ANZ's Hynes.

Crude stockpiles in the US, the world's biggest oil consumer, rose more than expected last week, buoyed by seasonal refinery maintenance, while gasoline and distillate inventories fell because of a hike in exports, the Energy Information Administration said on Wednesday.

There are further signs of weakness in American oil demand, with US waterborne crude oil imports dropping to a four-year low in February, driven by a fall in Canadian barrels shipped to the East Coast, ship tracking data shows. Demand was subdued by refinery maintenance including a long turnaround at the largest plant in the region.

Tariffs also remain in effect on US imports of Mexican crude, a smaller supply stream than Canadian crude but an important one for US refineries on the Gulf Coast.

Meanwhile, Chinese officials have flagged that more stimulus is possible if economic growth slows, seeking to support consumption and cushion the impact of an escalating trade war with the United States.