VIENNA: The joint deal by OPEC and other oil-producing allies to raise output demonstrates the strength of the Russia-Saudi energy alliance, which will help stabilize the market for many years to come, the head of Russia’s sovereign wealth fund said on Monday.
The Organization of the Petroleum Exporting Countries and other top crude producers agreed to raise output from July by about 1 million barrels per day (bpd), after Saudi Arabia persuaded arch-rival Iran to cooperate.
Ahead of OPEC’s Vienna meeting, Saudi Arabia and Russia, the world’s top oil producers, said they had a general consensus that the OPEC+ format should be “institutionalized” and extended until 2019 and beyond to monitor the market and change output if needed.
“A long-term partnership between Russia and Saudi Arabia related to the coordination of efforts between oil producers and the future creation of a new organization based on OPEC+ will help to overcome disagreements between the producers and work out a united action strategy on the global markets,” Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF) told Reuters.
Dmitriev, one of the architects of the initial deal between Moscow and OPEC in December 2016, said that long-term Russia-Saudi cooperation “will ensure pricing stability on global markets and increase investments in the energy sector.”
At a meeting with the Russian President Vladimir Putin last week, Dmitriev said that Saudi Arabia, whose Crown Prince Mohammed bin Salman visited Moscow in June, agreed to invest $10 billion in Russia, of which $2 billion had already been spent.
Dmitriev told Reuters he expected investments between the two countries to double in the next three years.
Russia-Saudi oil cooperation to bring stability to markets: RDIF’s Dmitriev
Russia-Saudi oil cooperation to bring stability to markets: RDIF’s Dmitriev
- Saudi Arabia and Russia said they had a general consensus that the OPEC+ format should be “institutionalized” and extended until 2019 and beyond to monitor the market and change output if needed
- Long-term Russia-Saudi cooperation “will ensure pricing stability on global markets and increase investments in the energy sector”
AI use reaches 91% in Middle East hospitality: PwC survey
RIYADH: The use of artificial intelligence in the Middle East’s hospitality sector is accelerating, with 91 percent of industry leaders already using or piloting AI-related tools, a new survey showed.
In its latest report, professional services firm PwC said only 3 percent of tourism and hospitality organizations across the region have achieved full-scale, enterprise-wide implementation of AI technologies.
PwC noted that countries across the Middle East are rapidly deploying AI and smart digital technologies to enhance visitor experiences and strengthen the tourism and hospitality sector’s contribution to national economic transformation agendas.
The findings reflect a broader regional trend, as countries such as Saudi Arabia seek to position themselves as tourism and technology hubs as part of efforts to reduce reliance on crude oil revenues.
Earlier this month, a separate PwC report found that artificial intelligence use among the workforce in the Middle East continues to rise, with 75 percent of employees in the region using AI in their jobs over the past 12 months.
Commenting on the latest findings, Moussa Beidas, AI Go-to-Market Lead & Future Impact Center co-sponsor at PwC Middle East, said: “To realize AI’s promise, the industry must move beyond pilots and proofs of concept. True impact comes when intelligence is woven into every decision – empowering teams, optimising systems and elevating experiences.”
He added: “The leaders who turn AI from a tool into an organizational mindset will shape the next era of tourism and hospitality.”
The survey found that 74 percent of organizations in the Middle East’s hospitality sector now have dedicated AI budgets, signaling a shift from experimentation toward more structured and strategic adoption.
About 85 percent of respondents reported measurable improvements in cost savings and operational efficiency through the use of AI technologies.
However, challenges remain. Some 73 percent of participants cited a shortage of employees with AI expertise or experience in managing digital transformation, while 85 percent said they face difficulties integrating AI tools with outdated technology systems.
According to PwC, AI adoption in tourism and hospitality is being driven primarily by a focus on enhancing the customer experience, with 97 percent of respondents citing it as their main motivation.
Beyond guest engagement, more than 70 percent of hoteliers identified operational resilience and employee productivity as key drivers, highlighting AI’s growing role in improving internal efficiency and workforce effectiveness. More than 60 percent of participants also said they view AI as a way to differentiate from competitors.
“AI is redefining how destinations, hotels and travelers connect. The winners won’t be those who collect the maximum data, but those who use it intelligently – to make every interaction seamless, ethical and valuable,” said Marco Rentsch, hospitality leader, PwC Middle East.
He added: “For industry leaders, this means moving from disconnected systems to connected intelligence, where AI doesn’t replace human judgment and interaction, but amplifies it to create trust, efficiency and new forms of value across the entire travel ecosystem.”
