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Oil prices likely to climb by end of 2016: Aramco

January 27, 2016

Riyadh, Jan 27: Saudi Arabia’s oil giant expects oil prices to climb toward the end of the year, saying the current price of around $30 a barrel is not sustainable.

aramco

Saudi Aramco’s CEO Amin Nasser, speaking Tuesday at the 9th Global Competitiveness Forum, said there are indications that demand for oil picked up last year and that the gap between supply and demand has been shrinking, which could drive prices up.

Nasser would not give a precise price range. He said: "Our prediction is we will see some adjustment," though not a return to the $100 barrel range of two years ago.

Brent crude, a benchmark for international oils, was trading Tuesday at $31.13 a barrel in London.

Meanwhile, Housing Minister Majed Al-Hogail said 1.5 million housing units would be built throughout the Kingdom in the next seven years.

Al-Hogail was taking part in a panel discussion on “Low oil, high growth: Prospering in a low-oil era,” at the forum which concluded on Tuesday.

He said currently there is a need for about 1.5 million units, which are expected to be completed in seven years. He stressed that the ministry is currently working out details to provide affordable prices for the houses by benefiting from the low cost of building materials.

“We call on local and international real estate to pump in more investment for the housing projects which will demand some SR1.5 trillion during the next five years.” He said low oil prices would not affect the housing program in the Kingdom.

In a separate session, Education Minister Ahmed Al-Issa said his ministry plans to privatize some government schools, which would be run by establishments managed by academics. He was delivering the keynote address on “Perspectives on education in Saudi Arabia.”

He elaborated: “The selected public schools will run as independent institutions managed by small or medium-sized economic institutions headed by qualified educationists. The facilities, services, curriculum and the tutorial staff will be in accordance with the guidelines of the Ministry of Education.”

He pointed out that the ministry is working through three basic approaches to reform the education system in the country, which targets the student, the community and the country in general.

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News Network
March 16,2020

Cairo, Mar 16: Saudi crown prince Mohammed bin Salman said G20 summit will work to combat coronavirus and coordinate efforts to ease its economic burdens, state news agency SPA said on Sunday.

In a phone call with British Prime Minister Boris Johnson, Salman discussed international efforts to fight the flu-like disease, saying the next G20 summit, which will be hosted by the Kingdom, will work on finding medical solutions, SPA added.

The G20 Summit is an annual gathering of representatives of the world's largest economies.

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News Network
March 26,2020

Riyadh, Mar 26: The video summit of the G20 leaders slated for Thursday will unite the global response to the coronavirus pandemic, Saudi Arabia's King Salman said.
"As the world confronts the COVID-19 pandemic and the challenges to healthcare systems and the global economy, we convene this extraordinary G20 summit to unite efforts towards a global response. May God spare humanity from all harm," tweeted King Salman, who will chair the summit.
The summit will be held today via video conference with an aim to advance a coordinated global response to the COVID-19 pandemic and its human and economic implications, the Kingdom had said yesterday in a statement.
India is a member nation of the G20 group. Prime Minister Narendra Modi, who will take part in the summit, said that the Group of 20 (G20) has an important role to play in the fight against coronavirus.
He said: "The G20 has an important global role to play in addressing the #COVID19 pandemic. I look forward to productive discussions tomorrow at the G20 Virtual Summit, being coordinated by the Saudi G20 Presidency."
The other members of the group include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US, and the European Union.
Several international organisations -- including the United Nations, World Bank, the World Health Organization and the World Trade Organization will take part.

Leaders from the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization, International Monetary Fund, the Organization for Economic Cooperation and Development -- will also be the part of the conference.

Regional organisations will be represented by: Vietnam, the Chair of the Association of Southeast Asian Nations (ASEAN); South Africa, the Chair of the African Union (AU); the United Arab Emirates, the Chair of the Gulf Cooperation Council (GCC); and Rwanda, the Chair of the New Partnership for Africa's Development.

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Agencies
August 4,2020

Beirut, Aug 4: A massive explosion has shaken the Lebanese capital of Beirut, with a very high number of casualties expected.

A warehouse at the Beirut Port caught fire on Tuesday afternoon, triggering a huge explosion, Lebanon’s official National News Agency (NNA) reported.

Several smaller explosions were heard before the bigger one occurred.

Abbas Ibrahim, the head of Lebanon’s General Security, said that “highly explosive materials” confiscated earlier had been stored at the site.

Footage shared on social media captured the moment of the bigger explosion, with a colossal shock wave seen traveling fast across several hundreds of meters and shrouding the area in thick smoke.

The blast left enormous material damage to the surrounding buildings and structures. But it was not immediately known how big an area was affected.

There was also no immediate casualty count. Graphic amateur video from the scene showed bodies strewn on the ground, with their clothes blown off.

The NNA said rescue operations were underway. Ambulances were seen heading toward the scene in central Beirut.

Lebanese LBC television channel quoted Lebanon’s Health Minister Hamad Hasan as saying that the blast had caused a “very high number of injuries” and “extensive damage.”

Beirut Governor Marwan Abboud said an unspecified number of firefighters dispatched to extinguish the initial fire had been killed in the explosion.

“As they were putting out the fire, the explosion took place and we’ve [lost them],” he said, breaking down on live TV.

The explosion comes at a time when the Arab country is passing through its worst economic and financial crisis in decades, and amid rising tensions with Israel.

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