AlUla Agrees to Enhance Palm, Date Production Ahead of Global Promotion

The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)
The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)
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AlUla Agrees to Enhance Palm, Date Production Ahead of Global Promotion

The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)
The Royal Commission for AlUla signs an MoU to enhance the palm and date sector. (SPA)

The Royal Commission for AlUla (RCU) signed a memorandum of understanding with the National Center for Palms and Dates (NCPD) to boost the palm and date sector.

The MoU also aims to achieve production efficiency from AlUla dates, ahead of promoting them locally and internationally.

The agreement includes improving the quality of the palm and dates sector in AlUla to produce crops of high economic value.

It also studies the establishment of centers dedicated to providing services to farmers, setting up workshops for them and those interested, and enabling distributors to market their produce through e-commerce.

Agriculture is one of the main economic sectors included in the Journey Through Time Masterplan, which aligns with the Vision for AlUla, and is in line with the Kingdom’s Vision 2030 to promote sustainable development in the governorate by investing all available factors in creating a diverse and prosperous economy.

Under the memorandum, the two parties will work to enhance understanding in their familiar fields, including inviting investors and those interested in the palm and dates sector to participate in the annual festival of dates in AlUla.

In addition, it includes presenting distinguished business models for existing facilities and services and motivating AlUla farmers to obtain the Saudi dates mark.

CEO of the National Center for Palms and Dates Mohammad al-Nuwairan said AlUla farms have a qualitative production center for many types of dates, which are very popular in the local and international market.

AlUla boasts more than two million palm trees with production exceeding 90,000 tons of dates annually.



Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
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Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

Oil prices rose by around 1% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while US tariffs and possible further sanctions on Russia were also in focus.

Brent crude futures were up 76 cents, or 1.11%, at $69.40 a barrel as of 1153 GMT US West Texas Intermediate crude ticked up 82 cents, or 1.23%, to $67.39 a barrel.

At those levels, Brent was headed for a 1.6% gain on the week, while WTI was up around 0.6% from last week's close.

The IEA said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation, Reuters reported.

Front-month September Brent contracts were trading at a $1.11 premium to October futures at 1153 GMT.

"Civilians, be they in the air or on the road, are showing a healthy willingness to travel," PVM analyst John Evans said in a note on Friday.

Prompt tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus.

"OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported," Commerzbank analysts said in a note.

Further adding support to the short-term outlook, Russian deputy prime minister Alexander Novak said on Friday that Russia will compensate for overproduction against its OPEC+ quota this year in August-September.

"Prices have recouped some of this decline after President Trump said he plans to make a 'major' statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia," ING analysts wrote in a client note.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia's intensifying bombardment of Ukrainian cities.

The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has "good experience" of tackling and minimising such challenges.