All Rights Reserved. The KSA ICT Strategy 2023 aims to increase the ICT sectors contribution to GDP, grow levels of Saudization in the sector, increase womens participation in the sector and boost IT and emerging technology adoption. Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. The total investment cost is funded by a combination of long-term debt and equity. All rights reserved. Opinions expressed in the comments section do not reflect the views of Argaam. Political or religious commentary will not be tolerated. In October of that year, the forces of Egypt and Syria attempted to overwhelm the state of Israel in an offensive later known as the Yom Kippur War. Faisal Alamro commented: The establishment of the new Monstarlab office in Riyadh will enable us to expand regionally and further enhance our global reach, and attract new potential projects in the Middle East, particularly GCC, as well as Africa and Europe. By signing up, I agree to our TOS and Privacy Policy. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time, Trend reports citing Al Arabiya. If you have any complaints or copyright issues related to this article, kindly contact the provider above. WataniIron Steel Co. also announced a 5 percent increase in the net profit to SR49.6 million for 2022 to SR47.1 million a year earlier. The visit reflects Libyas OPEC standing TOKYO: Monstarlab, the Japan-headquartered global digital and technology consulting leader, has announced that it officially launched a new office in Riyadh as part of its efforts to accelerate digital transformation through the provision of Strategy, Experience, Technology and Data services. NEOM is doing this to attract the best students in the world to come and be prepared for the research and innovation for the future of mining, Al-Nasr explained. Meanwhile, Al-BabtainPower and Telecommunication Co. informed the stock exchange that Portugal-basedMetalogalvaCo.acquireda 26 percent stake in AlBabtainFrance, which is 51 percent owned by AlBabtain, for SR3.74 million. CAIRO - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. All quotes delayed a minimum of 15 minutes. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. NGHC is a joint venture between Public Investment Fund-backed power generation, renewable energy, and water desalination firm Air Products, and NEOM Co, and ACWA Power which holds a 33.3 percent equity stake. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. Last year, the airport was awarded the coveted ACI Airport Customer Experience Accreditation Level 2, underscoring BACs efforts to deliver a smooth and seamless experience to travelers and visitors. The Council of Ministers is formed by each member state's minister of petroleum and they work together to construct general policy and ensure the organization's goals and actions are being achieved and implemented. The meeting also included presentations on aviation security, fire prevention, and the upcoming full-scale emergency exercise, which will test the Airport Emergency Plan and assess the capabilities, readiness, and effectiveness of the facilitys emergency and rescue services in dealing with potential incidents. Canal Heights will offer a range of layouts from studio, 1-bedroom, 2-bedroom, 3-bedroom and 4-bedroom apartments with expansive views of the bustling Business Bay district, and Sheikh Zayed Road . See here for a complete list of exchanges and delays. The days highlight was the healthy resurgence of the banking and insurance sectors, which grew over 2 percent to 10,542.78 points and 5,973.98 points. Four bankers will stand trial in Zurich next week accused of helping a man known as "Vladimir Putin's wallet" deposit millions of Swiss francs in Switzerland. 31/10/2021 HE ENG. Mohammad Barkindo, a Nigerian politician and secretary-general of oil producer group OPEC, died at the age of 63, just days before he was set to finish his term at the organization. One senior official from each member state serves on the Executive Bureau. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, lowered their production target by 2 million barrels per day when they met on Oct. 5. English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk . Geopolitical conflicts and sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears of a global recession. Kuwait Ministry of Oil said in a joint statement, on Monday, that Dr. Al-Fares, also Minister of Electricity and Water, discussed with the OAPEC secretary general most significant activities by the organization after the latest OAPEC meeting, held in December 2020, during which a scheme to overhaul the organization was approved. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. Messis World Cup cloak sparks questions online, Explainer: Why Japan is boosting its arms capability, budget, Murakami hopes to exhibit artwork in Saudi Arabias AlUla, Disabled people seek redress against forced sterilization law, Newly appointed Japan Ambassador to Iraq introduces himself in Iraqi dialect, COVID-19 vaccinations for children under 5 start in Japan, Shin Ultraman movie releases in the Middle East, OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, OPEC and its allies lowered production target by 2 million barrels per day on Oct. 5. Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . (Reuters/File Photo) Therefore, there is an effort to raise Libyas production to approximately 2 million barrels by 2025. Box: 253 Manama / Kigdom of Bahrain. In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. While the organization lost two members, Qatar and Ecuador, during that time,Barkindo is nonetheless credited with guiding unity among the group's members in an effort to stabilize global oil markets. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. Can Turkiye build back its cities better after the latest deadly earthquakes? The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. Got a confidential news tip? The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. Average selling prices also declined during the third and fourth quarters of the year. See here for a complete list of exchanges and delays. Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. Barkindo had just been awarded a distinguished fellowship at the Atlantic Council, set to begin upon the completion of his term at OPEC on July 31. OAPEC secretary general Ali bin Sabt added in a statement. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . Libyas exclusion from OPEC quotas Brief remarks by OPEC Secretary General. 0. OAPEC official says OPEC+ decision to cut oil production correct. Know more about our Privacy Policy here. The most common side effects of pholcodine are dizziness, nausea and sedation. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. (OAPEC) was established by virtue of the agreement signed in Beirut on January 9, 1968 between Saudi Arabia, Kuwait and Libya regarding the establishment of a specialized Arab regional organization . The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. A Division of NBCUniversal. Copyright 2000 MENAFN. Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. The program, whichcurrently includes over 150 chefs in more than 25 countries,aims to support NEOM in inspiring a new generation of Saudi chefs tocreate exciting and delicious dishes using fresh ingredients from their own regions. TASIs total trading turnover of the benchmark index was SR4.13 billion ($1.10 billion) as 138 stocks of the listed 224 advanced and 70 retracted. The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. Dr. Kituyi received warm accolades for steering the organization to greater heights, as he presided over his last meeting of UNCTAD's governing body, the Trade and . Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION, The developments of global LNG sector in 2020, His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. On 9 January 1968, three of the thenmost conservative Arab oil states Kuwait, Libya, and Saudi Arabia agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, who visited Tripoli Wednesday, discussed issues related to the oil and gas sector, hailing Libya as one of the most important major partners in OPEC. The position also oversees day-to-day affairs of the secretariat in Vienna. Get this delivered to your inbox, and more info about our products and services. [citation needed], OAPEC was originally intended[by whom?] The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) has died in the Nigerian capital, Abuja, the country's oil chief said. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. . KUWAIT: The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed yesterday a memorandum of understanding (MoU) for cooperation in research and overhauling the oil sector and digital services. ! OPEC Secretary General Mohammad Barkindo dies at age 63. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Ghais is a familiar face to ministers and is well-liked among delegations. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. (Reporting by Moataz Mohamed; Editing by William Maclean). The Judicial Tribunal mitigates disputes between member states; interpretations of the OAPEC Agreement; disputes with a petroleum company operating in its member states' territory, and anything else that falls into OAPEC's jurisdiction or that the Council of Ministers submits to the tribunal. . The Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of Presidential Council Mohammed Menfi met with Al-Ghais, who [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. China to boost proactive fiscal policies, support . ) KUWAIT, March 1 (KUNA) -- The newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Jamal Al-Loughani Wednesday, 01 March 2023 04:25 GMT Twitter Youtube Instagram RSS Hiroki Inagawa, Monstarlabs Group CEO, said: We are proud to be officially launching our new office in Riyadh which forms part of our ongoing investments and commitment to KSA. The industry leader for online information for tax, accounting and finance professionals. The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. Our Standards: The Thomson Reuters Trust Principles. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. The NEOM Green Hydrogen Project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world scale green hydrogen and green ammonia plant. Delegates from UNCTAD's 195 member states applauded its outgoing Secretary-General Mukhisa Kituyi for his outstanding leadership of the organization for nearly eight years, as he prepares to step down from the role on 15 February. Shafaq News/ The Organization of Arab Petroleum Exporting Countries (OAPEC) elected Iraq's oil minister, Hayyan Abdul-Ghani, as a secretary-general during its 109th meeting on Monday. NEOM and CAREs will develop a manifesto for food-industry professionals, outlining the principles for sustainable gastronomy and food security, alongside educationalinitiativesand content to broaden understanding of healthy eating, according to a press release. Barkindo's unexpected death came as a shock to members of the oil and gas world, many of whom describe him as a giant in the industry. Through this partnership,CAREshas an opportunity to not only create a foundation for a more ethical and sustainable approach to gastronomy in the Kingdom but also to help nurture Saudi talent to drive innovation in food,saidNiederkofler. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ . In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. Burial arrangements will be announced shortly.". Atlantic Council CEO Frederick Kempe had previously described Barkindo as having "unparalleled expertise on oil markets, security, and governance" and "a deep understanding of geopolitics in a volatile world. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Chemanols share price dipped 1.69 percent to SR24.46. Saudi British Bank and Banque Saudi Fransi, which zoomed up by 4.98 percent and 4.13 percent, were among Wednesdays top performers. 52. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the . Organisation of Arab Petroleum Exporting Countries (OAPEC) Kuwait Secretary-General Ali Sabt Ben Sabt: 1968 11 Organise cooperation in oil development and regional integration, provide legitimate means to preserve the members' individual and collective interest within the industry and provide access to consumer markets on fair and reasonable . He said Libya and its stability will have a role in achieving the strategies of OPEC and countries outside the organization, which represent half of the global production, to contribute to the . Monstarlab aims to impact growth of emerging sectors such as smart places and healthcare tech in the Kingdom of Saudi Arabia and is already working with a range of private and public sector organisations in the country including high-level projects with NEOM and the Public Investment Fund. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. . [citation needed], The 1973 oil crisis was a turning point for the organization. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. On 27 June 2022, Eng. The General Secretariat consists of the Secretary General's Office, as well as four departments: Finance and Administrative Affairs; Information and Library; Economics; and Technical Affairs. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allieslowered their productiontarget by 2 million barrels per day when they met on Oct. 5. Since taking the helm as secretary-general of OPEC in 2016, Barkindo oversaw tumultuous times for the oil producer group, which witnessed volatile markets rocked by historic events includingthe Covid-19 pandemic, the creation of the OPEC+ alliance with Russia and other non-OPEC states, and Russia's invasion of Ukraine. Sign up for our newsletter and be the first to hear about our activities, Organization of Arab Petroleum Exporting Countries, Monthly Report on Petroleum Developments In The World Markets, ROLE OF HYDROGEN IN THE ENERGY TRANSITION, 24rd Forum on Fundamentals of Oil & Gas Industry, Performance Improvement of Petroleum Downstream Industries. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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The embargo was the first experience of leveraging their collective production for political....