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Saudi Arabia, France to Cooperate on Clean Hydrogen, Renewable Energy

File Photo: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman looks on during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. (AFP)
File Photo: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman looks on during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. (AFP)
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Saudi Arabia, France to Cooperate on Clean Hydrogen, Renewable Energy

File Photo: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman looks on during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. (AFP)
File Photo: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman looks on during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. (AFP)

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz reiterated on Friday the need to increase the stability of the global oil market, during a video call with French Minister for Energy Transition, Agnes Pannier-Runacher.

Saudi Arabia and France are seeking to increase cooperation in clean hydrogen and renewable energy.

The two ministers pointed to the need to strengthen bilateral relations and to ensure security and energy supplies to global markets, noting that Riyadh would remain a reliable partner in crude oil supplies to France.

The two officials discussed cooperation in the field of clean hydrogen and renewable energy, in which French companies actively engage, in addition to the bilateral agreement for the peaceful uses of nuclear energy, which was signed by the two governments in February 2011.

The two sides emphasized the importance of working on opportunities in the electricity sector, energy efficiency, innovation, decarbonization technologies, and other areas of mutual interest.

According to information released on Friday, bilateral relations between Saudi Arabia and France are witnessing growth at the political, economic, cultural and defense levels.

The two countries have agreed on the need to study opportunities for developing the production of clean hydrogen in Saudi Arabia, to facilitate the transition to economies free of greenhouse gas emissions.

Meeting with Greece

Also on Friday, Prince Abdulaziz bin Salman conducted a video call with Kostsas Skrekas, Greek Minister of Environment and Energy, underlining the need to strengthen energy cooperation and form a high-level working group to facilitate the implementation of the memorandum of understanding signed in July.

The two sides expressed readiness to cooperate in supporting the stability of global oil markets, maintaining close communication and facing emerging challenges and risks.

They also stressed the need to ensure the security and reliability of energy supplies to global markets, noting that Saudi Arabia remained one of Greece’s most reliable partners in crude oil supplies.

Moreover, the meeting discussed cooperation in renewable energy, clean hydrogen, and electrical interconnection projects.

Partnership with Pakistan

On Thursday, Prince Abdulaziz bin Salman participated, via video call, in the first meeting of a Saudi-Pakistani Economic Steering Committee, with Dr. Miftah Ismail, Minister of Finance and Revenue of Pakistan.

The Saudi minister stressed that his country considers Pakistan an important partner in its development plans and programs, adding that the two countries sought to enhance ways of cooperation and create new partnership opportunities and initiatives that benefit the common interest.

The work of the Steering Committee covers several areas, including energy, industry, mineral wealth, trade, finance, environment, agriculture, transportation, logistics, communications, information technology, tourism and investment.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.