US 'World Trade' Hubs Eye Developing Activity in Saudi Arabia

World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)
World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)
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US 'World Trade' Hubs Eye Developing Activity in Saudi Arabia

World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)
World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)

Megaprojects launched under Saudi Arabia’s national plan for transformation, dubbed “Vision 2030”, are increasingly driving world trade associations to expand the scope of activities in the Kingdom.

Aaron Starks, the Vice President of Global Business Services at the World Trade Center Utah, told Asharq Al-Awsat that Saudi Arabia’s future is “bright” and that the Center was looking for ways to engage in trade and innovation there.

Recognizing the Kingdom as the biggest Middle East market, Starks noted that some reports predict the Saudi economy will grow by 4% in 2021.

This, according to Starks, will lead to pumping more investment into agricultural technology and general infrastructure.

“Saudi Arabia is also preparing to attract a vibrant workforce from surrounding areas as the economy diversifies,” said Starks, adding that the Kingdom is “working to develop a reputation for quality education, innovation and encouraging entrepreneurship in the region.”

Abdullah Bin Zaid al-Melehi, who heads the Saudi-based company “Al-Tamayoz,” revealed that the World Trade Centers Association (WTCA) and his firm were preparing a joint work plan for international companies interested in Saudi economic projects.

World trade centers will share their helpful experience and motivate Saudi companies to implement various promising projects with the help of artificial intelligence, al-Melehi told Asharq Al-Awsat.

He said that cooperation with global trade associations would positively reflect on stimulating private sector companies in the Kingdom and aid in realizing transformative projects like NEOM and The Line.



Oil Prices Reset as Supply Uncertainty Reigns

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 Prices Reset as Supply Uncertainty Reigns

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 lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC+ crude output.

Brent crude futures were up only 1 cent at $75.23 per barrel by 1242 GMT, retreating from $76.07 earlier in the session.

US West Texas Intermediate crude futures were up 51 cents from Friday's close to $71.25 a barrel. There was no settlement for WTI on Monday because of the US Presidents' Day holiday, Reuters reported.

"Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep movement trapped or notions of a war settlement topped with tariffs is hard to tell," said John Evans of oil broker PVM.

"Day trading and short-term flows are ruling the fate of oil prices at present."

US and Russian officials held more than four hours of talks in Riyadh on Tuesday, their first on ending the war in Ukraine. But Moscow made a new demand: that NATO cancel its 2008 promise on Ukraine membership.

Ukraine was not at the talks and has said that no peace deals can be made on its behalf.

If a deal is reached, Washington and its allies could abandon sanctions throttling the supply of Russian oil to the world.

Oil prices were bolstered on Tuesday by a Ukrainian drone attack on a Russian pipeline that pumps about 1% of global crude supply.

The damage could reduce oil transit volumes from Kazakhstan by about 30% and take up to two months to repair, Russian oil transport company Transneft said.

Another question hanging over oil markets is whether OPEC+ is considering a delay to monthly supply increases scheduled in April.

Russian state media said the group's members were not looking to hold off from the increases after Bloomberg News reported that OPEC+ members were exploring a possible delay.