عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Riyadh Economic Forum Announces 30 Development Proposals

Riyadh Economic Forum Announces 30 Development Proposals
TT
TT

Riyadh Economic Forum Announces 30 Development Proposals

Riyadh Economic Forum Announces 30 Development Proposals

The Riyadh Economic Forum, in cooperation with KPMG, announced that it had reached 30 proposals on development and diversification.

The Riyadh Economic Forum is one of the largest that discusses the future of the sectors and activities of the Saudi economy.

Chairman of the Board of Trustees, Khaled al-Rajhi, said that the Board stressed the need to increase the activities and products of the Forum to keep pace with the economic developments in the Kingdom.

Rajhi reiterated the importance of the workshop's products in diversifying its activities.

The participants in the workshop submitted more than 31 proposals for several activities, including conducting studies to develop the chambers of commerce committees, creating several economic indicators, and establishing strategic partnerships with international and regional forums and international universities.

The proposals also suggest preparing several studies in cooperation with major companies and benefiting from the experiences of businessmen.

The suggestions also seek to publish the Forum's studies on the broadest scale to maximize their benefit and enhance the Forum's presence on social media platforms.

They also call for holding many specialized local and international economic conferences, reiterating the importance of educating the community economically and establishing communication with financial experts.

The proposals aim to enhance communication with the authorities related to economic affairs at the local level, enhance innovation and the investment environment, and transform the Forum into a strategic think tank.

Most Viewed

 
 
Business

Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
TT
TT

Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.