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Saudi Arabia Delivers New Batch of Oil Supplies to Yemen’s Al Mahra

Al Mahra Governor and SDRPY Director for Al Mahra Governorate receiving the Saudi oil grant (Asharq Al-Awsat)
Al Mahra Governor and SDRPY Director for Al Mahra Governorate receiving the Saudi oil grant (Asharq Al-Awsat)
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Saudi Arabia Delivers New Batch of Oil Supplies to Yemen’s Al Mahra

Al Mahra Governor and SDRPY Director for Al Mahra Governorate receiving the Saudi oil grant (Asharq Al-Awsat)
Al Mahra Governor and SDRPY Director for Al Mahra Governorate receiving the Saudi oil grant (Asharq Al-Awsat)

Yemen’s Al Mahra governorate has received a new batch of Saudi oil derivatives, delivered as part of a grant initiative by the neighboring Kingdom. This time, the fuel delivery amounted to 5,500 metric tons of diesel that are meant to feed power plants across Al Mahra.

Made through the Saudi Development and Reconstruction Program for Yemen (SDRPY), the transfer involved transporting 4,000 metric tons by the sea and 1,500 tons by land.

The shipment will help reduce budget burdens suffered by the Yemeni government, limit the Yemen Central Bank’s spending of hard currency on fuel supplies from global markets, and stabilize the Yemeni rial’s exchange rate.

Moreover, the donation will aid in soothing soaring oil rates, creating jobs, and raising local productivity. Vital sectors will also benefit from the shipment as well as overall living conditions in Al Mahra.

The donation was received by Al Mahra Governor Muhammad Ali Yasser and SDRPY Director of Operations in Al Mahra Eng. Abdullah Basliman.

Representatives from the Yemeni Oil Company and the Electricity and Energy Company in Yemen were also present.

The shipment will reduce daily blackouts, help the government save funds for development projects, and meet the monthly fuel needs of Al Mahra.

Both the SDRPY and the Yemeni government have worked together to develop integrated governance mechanisms for oil derivatives.

The Yemeni government has formed a supervision, oversight, and follow-up committee from all relevant Yemeni ministries and authorities and linked it to an executive program and a control mechanism that ensures that grants reach beneficiary stations with high reliability to ensure actual access to beneficiaries and to ensure the use of oil derivatives for what they are allotted.

The joint committee has scheduled the Saudi oil derivatives grant shipments in a way that contributes to helping the Yemeni government redirect expenses. It will be able to use the money previously allocated for the purchase of oil derivatives to support paying the salaries of civil servants.

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Gulf

Albudaiwi Affirms Solidity of GCC Economy to Face Economic Challenges

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
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Albudaiwi Affirms Solidity of GCC Economy to Face Economic Challenges

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi

Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi affirmed the solidity and strength of the GCC economy and its ability to face economic challenges, the Saudi Press Agency said on Saturday.
Albudaiwi’s statement came in his recorded speech at the roundtable meeting between the GCC and American companies, which was held under the patronage of the US Chamber of Commerce on Thursday, June 27, 2024, in the US capital, Washington.
The steps taken by the GCC countries to strengthen trade and investment ties with the US focused greatly on the mutual benefits of this economic partnership, said Albudaiwi.
He also stressed that the six GCC countries enjoy long-term and strong trade and investment relations with the US, and these relations are witnessing clear and significant progress, explaining that these partnerships play a pivotal role in enhancing economic growth, innovation and development across various sectors.
During his speech, he projected some statistics that confirm the progress of cooperation between the two sides, such as achieving bilateral trade between the GCC countries and the US in 2023 of around $180 billion.
GCC countries have also achieved great success in the energy sectors, ranking first globally in crude oil production and reserves and second in natural gas reserves, he noted.
Touching on future strategic GCC projects, such as the GCC railway project, he said it will enhance connectivity between Middle Eastern countries and provide great cooperation opportunities with American partners. He added that the Council countries are working at an accelerated pace to develop digital infrastructure and transition to a technology-based diversified economy.
Albudaiwi concluded by expressing the commitment of the GCC countries to enhancing stability and development in the region, pointing to the ongoing GCC's efforts to resolve regional conflicts and maintain peace and security to achieve more growth and prosperity. He underscored the determination of the GCC countries to deepen cooperation with the US, and ensure sustainable economic growth for future generations on both sides.