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Saudi Fozan, Sakan Sign Agreement to Provide Housing Units for Joodeskan Platform

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
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Saudi Fozan, Sakan Sign Agreement to Provide Housing Units for Joodeskan Platform

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)

Saudi Fozan signed an agreement with the National Housing Development Organization (Sakan) to provide 178 housing units, valued at $18.1 million, to provide housing solutions to the beneficiaries of the Joodeskan platform.

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia, in a step that supports achieving the goals of Vision 2030 in empowering the non-profit sector and providing adequate housing for needy families.

Minister of Municipal and Rural Affairs and Housing Majed al-Hogail announced that the national companies give as part of their community initiatives.

Hogail lauded the Fozan program for its societal role in promoting housing stability for the neediest families by donating the project to Joodeskan platform that provides housing units for the beneficiaries included in the al-Fozan Affordable Housing Project.

Joodeskan is under the supervision of the National Housing Development, which aims to support and help needy families in the housing sector.

The platform provides charitable residential donations in a transparent, accurate, and professional manner.

Chairman of the board of Fozan Holding Abdullah bin Abdullatif al-Fozan stressed that this step is a continuation of the program’s role in helping society and meeting its needs in various fields.

Al-Fozan indicated that those in charge of the program believe they have a responsibility towards society, launching and sponsoring initiatives, namely the developmental housing projects that contribute to achieving stability for the beneficiaries and provide sustainable housing solutions for them.

Chairman of the Sakan board Ziad al-Hogail lauded the efforts of members of the Fozan initiative, which is one of the aspects of community partnership and integration between sectors that contributes to improving the services provided to citizens and achieving the goals of Vision 2030 and the Quality of Life Program.

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Business

Riyadh International Industry Week 2026 to Kick Off on Sunday

Riyadh International Industry Week 2026 to Kick Off on Sunday
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Riyadh International Industry Week 2026 to Kick Off on Sunday

Riyadh International Industry Week 2026 to Kick Off on Sunday

Riyadh International Industry Week 2026 will open Sunday at the Riyadh International Convention and Exhibition Center (RICEC), under the patronage of the Ministry of Industry and Mineral Resources.

The event will showcase the development of Saudi Arabia’s industrial capabilities and explore opportunities for international partnerships across several industrial sectors, bringing together more than 337 exhibitors from 17 countries, SPA reported.

It also serves as a key platform for showcasing the latest industrial technologies and products from leading local and international industrial companies. The event brings together three specialized exhibitions under one roof: Saudi Plastics and Petrochem and Saudi Print and Pack, both in their 21st editions, and the 4th edition of Saudi Smart Logistics.

The week, which runs until June 24, is organized through a strategic partnership between Riyadh Exhibitions Company Ltd. and Germany’s Messe Düsseldorf. The partnership marks an important step toward strengthening links between specialized Saudi exhibitions and their global counterparts, connecting the event with three of the leading international trade fairs in plastics, packaging, and printing: K, interpack, and drupa.

Several entities from the industry and mineral resources ecosystem will take part in the exhibition and its accompanying events. The week will feature several panel discussions and specialized workshops with senior officials and local and international experts.

Key topics include industrial transformation, innovation and localization, advanced packaging solutions for the food industry, industrial enablers and their role in promoting investment and strengthening competitiveness, the latest industrial practices in plastics, packaging and printing, and plastic recycling.

Riyadh International Industry Week contributes to strengthening international industrial partnerships and drawing on the experiences of leading countries. It comes as Saudi Arabia’s industrial sector continues to grow and develop under Saudi Vision 2030, which aims to position the Kingdom as a leading regional and global industrial power.

Business

Iraq Projects Oil Production to Return to Pre-war Levels Within Two Months

A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)
A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)
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Iraq Projects Oil Production to Return to Pre-war Levels Within Two Months

A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)
A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)

Iraqi authorities predict oil production will return to peacetime levels "within one to two months", state media reported, after the Middle East war caused exports to plummet.

The war and Iran's ensuing blockade of the Strait of Hormuz choked off shipments and prompted production cuts in key oil-producing countries including Iraq, shaking world energy markets.

But a deal agreed this week between Washington and Tehran to end the fighting has offered some relief, despite follow-up negotiations having stalled.

The spokesman for Iraq's oil ministry, Salim Farhoud, told the state-run Iraq News Agency (INA) late Friday that "we can return within one to two months to the previous production levels".

"The fields that reduced their production capacity have currently begun raising this capacity," he said.

Before the war broke out in late February, Iraq exported about 3.5 million barrels per day of oil, the majority of it via the Hormuz Strait.

But the OPEC founding member was forced to halt production in most of its oil fields as reservoirs filled up, limiting its exports to routes via neighbouring Türkiye and Syria.

The vital strait began reopening this week following the signing of the initial agreement between Iran and the United States.

Iraqi Oil Minister Bassem Khodeir on Friday told INA that exports "will return gradually based on the smooth flow through the Strait of Hormuz".

In April, Iraqi crude exports via the waterway declined to 10 million barrels from an average of 93 million before the war, according to authorities.

Iraq is highly reliant on crude exports, which normally account for about 90 percent of its revenues.

Business

China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
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China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo

China's exports of fuel oil, mainly for low-sulphur marine fuel bunkering, rose 42% year-on-year in May, customs data showed on Saturday.

Volumes totaled 1.76 million metric tons, or about 360,695 barrels per day (bpd), up 4% from April, according to General Administration of Customs data.

Some marine fuel demand had been diverted from regional hub Singapore to China's Zhoushan due to cheaper prices at Chinese ports during most of ⁠May, market sources ⁠said.

Fuel oil imports in May extended declines after plummeting last month to what was then the lowest level since customs data for them began in 2021.

Imports of fuel oil totaled 559,346 tons ⁠in May, down 43% from April and 57% from a year earlier.

The imports, mostly purchased by refineries for use as feedstock, remained capped this quarter as China's independent refineries trimmed runs amid weak domestic demand for products, market sources said, according to Reuters.