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Saudi Government Enables Private Sector to Engage In Major State Projects

Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
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Saudi Government Enables Private Sector to Engage In Major State Projects

Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri

The Saudi government is seeking to enable the private sector to contribute to state projects by designing a strategy that involves the Federation of Saudi Chambers and public agencies to stimulate and develop the economic sectors.

According to a recent report issued by the Federation of Saudi Chambers, coordination with government agencies contributed to improving the business environment and overcoming the challenges facing the sector.

The report revealed key government projects that supported the private sector, with the contribution of the Federation of Saudi Chambers, including raising the percentage of local content in mega projects, issuing the mining investment system, stimulating national exports according to incentive packages and government facilities, in addition to contributing to the franchise system and organizing the Saudi Center for Commercial Arbitration.

The Federation of Saudi Chambers is participating as a permanent member of the Business Environment Improvement Committee for the private sector, working to improve the regulatory and legislative environment for business affairs, creating innovative solutions to the obstacles facing the sector, and working to educate companies and institutions about the developments in the national economy.

The Open Ministerial Conferences is an initiative that falls within the national plan to stimulate the private sector, which aims to strengthen the complementary relationship between the public and private sectors and achieve comprehensive development.

The initiative also seeks to support and encourage investment in the various regions of the Kingdom and remove obstacles and challenges, with the aim to achieve Saudi Vision 2030.

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Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

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 Set for Steepest Weekly Decline in Two Years as Risk Subsides

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 prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures rose 50 cents, or 0.7%, to $68.23 a barrel by 1036 GMT while US West Texas Intermediate crude gained 49 cents, or nearly 0.8%, to $65.73.

During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire.

That put both contracts on course for a weekly fall of about 12%.

"The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah.

"The market also has to keep eyes on the OPEC+ meeting – we do expect room for one more month of an accelerated unwinding basis balances and structure, but the key question is how strong the summer demand indicators are showing up to be."

The OPEC+ members will meet on July 6 to decide on August production levels.

Prices were also being supported by multiple oil inventory reports that showed strong draws in the middle distillates, said Tamas Varga, a PVM Oil Associates analyst.

Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.

Meanwhile, data on Thursday showed that the independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week.

Additionally, China's Iranian oil imports surged in June as shipments accelerated before the conflict and demand from independent refineries improved, analysts said.

China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day (bpd) of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.