RIYADH: Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves after being independently audited on Wednesday, according to a source familiar with the matter.
Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest.
For nearly 30 years — despite rising production, large swings in oil prices and improved technology — Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP.
Saudi Energy Minister Khalid Al-Falih is due to hold a news conference in Riyadh on Wednesday to make the announcement at around 11.30 local time (0830 GMT).
He is also expected to provide further updates on the country’s energy strategy.
Saudi Arabia to announce slight rise in oil, gas reserves after audit
Saudi Arabia to announce slight rise in oil, gas reserves after audit
- Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest
- Saudi Energy Minister Khalid Al-Falih is due to hold a news conference in Riyadh on Wednesday to make the announcement at around 11.30 local time
Red Wave-7 naval drill kicks off in Saudi Arabia
RIYADH: The Red Wave-7 naval exercise has started at King Faisal Naval Base, home of the Western Fleet.
As well as the Royal Saudi Naval Forces, taking part are countries including Jordan, Egypt, Djibouti, and Yemen, along with the Royal Saudi Land Forces, the Royal Saudi Air Force, and units of the Saudi Border Guard.
The commander of the Western Fleet, Rear Admiral Mansour bin Saud Al-Juaid, said the drill aimed to enhance maritime security for countries bordering the Red Sea and protect territorial waters, according to Saudi Press Agency.
The drill includes a number of scenarios featuring exercises that offer significant training opportunities. There will be strategic lectures and simulated combat exercises designed to reflect potential real-world situations.
It will promote joint and combined operations, such as surface and air warfare, electronic warfare, and countering speedboat attacks. The forces will also conduct maritime security exercises, including protecting shipping lines and combating smuggling, terrorism, piracy and illegal immigration.
Al-Juaid said naval ships, helicopters, fast response boats, naval infantry, maritime special security forces and various types of combat aircraft would all be deployed over the duration of the drill.
Saudi domestic tourism records steady growth in Q1 2024
RIYADH: Domestic tourism in Saudi Arabia witnessed steady growth during the first four months of 2024, an industry report showed.
The report, based on the data extracted from Almosafer’s consumer travel platforms, showed that 53 percent of the total bookings accounted for local tourist destinations.
The top domestic destinations were Makkah, Riyadh, Jeddah, Alkhobar, and Abha while people also showed keen interest in visiting AlUla, Tabuk, and Hail.
The sustained interest in domestic tourism showcases the success of government and private sector initiatives to boost local tourism, resulting in a 29 percent increase in total domestic booking volume across Almosafer channels.
Flights saw a 27 percent increase compared to the same period last year while hotel bookings rose by nearly double at 40 percent in the same duration.
With Saudi Arabia’s tourism sector booming, travelers are keen to make the most of their breaks as they focus on in-destination experiences.
The addition of more flight routes, an increase in capacity, and the opening of new airports in the Kingdom has led to more affordable flight options on low-cost carriers, while Saudi travelers are willing to spend on luxury stays with 51 percent of hotel bookings on the platform being for 5-star properties and experiences, they are taking advantage of budget-friendly flight options.
Data showed an overall jump from 55 percent in 2023 to 62 percent among travelers opting to fly low-cost this year.
Internationally this year 46 percent of total bookings were done for low-cost carriers compared to 44 percent in 2023.
In terms of international destinations, Dubai, Doha, Manama, Cairo, and Istanbul remain the top favorites among Saudis. At the same time, there has been a significant shift of focus toward South Asia and the Far East with Tokyo, Singapore, and Bangkok increasingly seeing more footfall from Saudi travelers.
European capitals including Madrid and Amsterdam are also emerging as trending destinations for bookings made in the first four months of 2024.
It is worth noting that the Kingdom hosted 27.4 million international and 79.3 million domestic tourists in 2023, witnessing 65 percent and 2 percent growth compared with 2022, respectively.
The tourism sector has become important to the national economy, as spending on tourism by domestic and international tourists exceeded SR250 billion ($66.7 billion) in 2023. The sector is set to contribute 10 percent to the non-oil gross domestic product and create 1 million job opportunities by 2030. This spending represented more than 4 percent of the Kingdom’s GDP and 7 percent of the non-oil GDP, highlighting the significance of the tourism sector to the Kingdom’s economy.
According to a World Tourism Barometer report released in January 2024, Saudi Arabia topped UN Tourism’s ranking for the growth of international tourist arrivals in 2023 compared with 2019 among large destinations, achieving a 56 percent increase in international tourist arrivals.
Additionally, the report indicated that Saudi Arabia recorded a remarkable tourism recovery rate of 156 percent in international tourist arrivals in 2023 compared with 2019.
These notable achievements have positioned the Kingdom as a leader in the Middle East’s global tourism recovery. It was the only region to surpass pre-COVID-19 pandemic levels, with a 122 percent recovery rate in international tourist arrivals in 2023 compared with 2019.
Philippines rules out use of water cannon in disputed South China Sea
- Philippines and China have clashed several times in disputed, resource-rich waterway
- Latest skirmish took place late last month, in an incident Manila describes as dangerous
MANILA: President Ferdinand Marcos Jr. said on Monday that Manila will not use offensive equipment in the disputed South China Sea, after China’s coast guard used high-pressure water cannon on Philippine vessels last week.
The Philippines and China have had several confrontations in the resource-rich area, where Beijing has used water cannon against Filipino vessels in incidents Manila has described as harassment and dangerous.
The latest in a string of maritime clashes occurred on April 30 as tensions continued to rise in the vital waterway that Beijing claims almost in its entirety despite a 2016 international arbitration ruling that rejected its assertion.
“What we are doing is defending our sovereign rights and our sovereignty in the West Philippine Sea. And we have no intention of attacking anyone with water cannons or any other such offensive (weapons),” Marcos said Monday.
“We will not follow the Chinese coast guard and the Chinese vessels down that road because it is not the mission of the navy (or) our coast guard to start or to increase tensions … Their mission is precisely the opposite, it’s to lower tensions.”
Philippine vessels have been regularly targeted by Chinese ships in areas of the South China Sea that are internationally recognized as belonging to the Philippines, which Manila calls the West Philippine Sea.
The Philippines’ Ministry of Foreign Affairs last Thursday summoned Zhou Zhiyong, China’s deputy chief of mission, after the incident left a Philippine coast guard vessel and another government boat damaged.
It was the 20th protest Manila has made against Beijing’s conduct in the South China Sea this year alone, while more than 150 diplomatic complaints have been made over the past two years.
Marcos said the Philippines will continue to respond to South China Sea incidents through diplomatic means.
Marcos’s statement comes days after the defense ministers of the Philippines, the US, Japan and Australia met in Hawaii and issued a joint statement on their strong objections to the “dangerous and destabilizing conduct” of China in the South China Sea.
Saudi private sector employment reaches 11.27m in April: official data
RIYADH: Saudi Arabia’s private sector has created more job opportunities, with the total number of employees reaching 11.27 million workers in April, official data showed.
According to the Saudi National Labor Observatory report, there was a net increase in citizen employment for April, with 18,535 individuals newly joining the private sector workforce.
Among these figures, there are over 2.35 million Saudi nationals, comprising more than 970,200 female workers and over 1.38 million male employees.
On the other hand, NLO data showed that the total number of residents employed in the private sector exceeded 8.91 million individuals, comprising over 8.55 million male workers and only 364,900 female employees.
The report provides an overview of the Saudi private sector, highlighting a dynamic workforce of over 9.9 million male workers and more than 1.3 million female workers, representing diverse nationalities and playing integral roles in sector operations.
In February, the total number of employees in the Saudi private sector reached 11.1 million, marking a 0.9 percent increase from the previous month, according to an NLO release.
The national observatory report revealed that out of the total, 2.3 million were Saudi nationals, while 8.8 million were residents of the Kingdom belonging to different nationalities.
That data reflected a positive trend in the employment industry as the private sector continues to expand its workforce, creating opportunities for Saudi citizens.
Moreover, an analysis of the Saudi national workforce revealed that while 961,690 employees were females, 1.4 million were males.
Meanwhile, among the 8.8 million non-Saudi workers, 348,892 were women, while 8.4 million were men.
In February alone, the net growth in jobs for Saudi nationals as well as residents stood at 26,694, indicating a steady increase in employment within the private sector.
Saudi Arabia’s economic diversification efforts have transformed the Kingdom into a hub for employment opportunities, propelled by bold giga-projects such as NEOM, which attract fresh talent into the construction sector.
NLO, a governmental organization, is tasked with monitoring and analyzing labor market trends and dynamics in the country. It serves as a crucial resource for policymakers, researchers, and stakeholders interested in understanding and addressing issues related to employment, workforce development, and labor market regulations.
Saudi Arabia’s NHC signs deal with Chinese company to boost building materials supply
RIYADH: Saudi Arabia’s building materials supply is set to get a boost with the signing of a deal between the National Housing Co. and a leading Chinese construction firm.
The agreement with China’s CITIC Construction Group seeks to establish an industrial city and logistic zones for building materials, comprising 12 factories, with the objective of securing supply chains for the NHC’s housing projects.
NHC CEO Mohammad Albuty finalized the deal during the official visit of Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail to China.
In a statement, the NHC said the agreement with the Chinese construction group are part of its efforts to secure supply chains for its housing projects and ensure their timely completion and high quality.
The Saudi company said the deal entails the construction of 12 factories specializing in building materials, harnessing Chinese expertise, and involving local factories to uplift business standards.
It added that the deal also aims to draw top-tier service providers across various sectors of the company, its subsidiaries, and other projects.
The company pointed out that the agreement is expected to maximize the economic and developmental impact of the real estate sector in the Kingdom, develop housing projects, enhance their quality, and promote national transformation in the construction sector through these industrial cities and logistic zones.
The statement also highlighted that this collaboration will facilitate the expansion of small and medium factories in the Kingdom, establish direct production lines for the company’s projects, and foster the growth of the local industry. Additionally, it will create numerous job opportunities in the sector.
The company said the agreement strengthen the comprehensive strategic partnership between Saudi Arabia and China, established during the Chinese president’s visit to the Kingdom in December 2022.
