RIYADH: Saudi Arabia’s energy minister has told an audience of top global fund managers that the Kingdom’s oil policy has been effective in keeping the market in balance.
Prince Abdul Aziz bin Salman was addressing the behind-closed-doors Robin Hood Investors Conference on Wednesday attended by the leaders of some of the biggest global hedge funds.
’Many claim I’m excessively cautious. Well, it’s paying off,” he said.
The Saudi energy minister also warned that a new super cycle in global oil prices could be triggered by a lack of new investments in exploration, Bloomberg reported.
He said that his job was to prevent such a super cycle, according to people familiar with his comments.
The minister has long warned speculators of the hazards of bearish bets.
“I think it’s my job, and others’ jobs, to make sure this super cycle doesn’t happen,” he said.
Oil exploration and drilling has slowed in the wake of the pandemic as some national oil producers and international exploration companies have scaled back operations to conserve cash and avoid a new supply glut.
The Organization of the Petroleum Exporting Countries and some of its allies, collectively known as OPEC+, have been curbing production to prevent a glut of global supply as demand for crude oil collapsed in the wake of the pandemic.
“We think the approach of OPEC+ has been spot on in terms of what the region needs, which is oil at a level that helps give a decent amount of benefit to the fiscal deficit posittions but at the same time not quite high enough so as to cause significant headwinds to demand growth,” Fahd Iqbal, Credit Suisse head of private bank Middle East research, told Bloomberg TV on Thursday.
“We are quite bullish on the near-term outlook for oil. Obviously momentum will moderate once we cross the summer period. We think the outlook for oil is more challenging next year when we start to see more supply coming on stream.”
‘Many claim I’m excessively cautious. Well, it’s paying off’: Saudi energy minister
https://arab.news/beuvk
‘Many claim I’m excessively cautious. Well, it’s paying off’: Saudi energy minister
- Lack of investments could trigger new super cycle
- Drilling has slowed in the wake of the pandemic
RLC Global Forum highlights role of Saudi youth in retail digital shift
RIYADH: Saudi Arabia’s young and highly digital population is reshaping how the Kingdom’s retail sector adopts new technologies and artificial intelligence, advancing faster than many global competitors, industry leaders told Arab News.
Speaking on the sidelines of the RLC Global Forum in Riyadh, executives told Arab News that the intersection of a youthful population and strong investment in AI is driving a shift in the industry’s priorities.
From understanding consumer behavior to leveraging the Kingdom’s growing status as a global AI leader, Saudi Arabia is becoming as a unique destination for the retail sector to thrive, learn, and evolve in the digital sphere.
Abdullah Al-Tamimi, CEO of commercial real estate company Hamat Holding, told Arab News that the firm is keen to analyze and understand consumer behavior, with a particular focus on the younger generation as a key part of that insight.
“Actually, it’s a big part of our day-to-day operation,” he said, adding that the company invests heavily in understanding customer needs and behavior and works to correct any missteps.
Al-Tamimi emphasized paying close attention to small details, noting that younger consumers are especially sensitive to the overall experience and “deserve that we work around the clock in order to improve it.”
He added that this focus “can be a competitive advantage for Saudi Arabia as well.”
Al-Tamimi said that as the younger generation grows accustomed to new technology shaping retail customer experiences, Hamat Holding is leveraging AI to enhance them further.
“We started a couple of initiatives improving digitalization,” he said, adding that the company sees digital tools as a way to enhance its work by automating day-to-day operations and allowing teams to focus on bigger-picture and more complex tasks.
While the firm has expanded its use of technology, he stressed it has not replaced human workers, emphasizing the continued importance of human capital for creativity and interaction. “AI is a big part of our strategy,” Al-Tamimi added.
Amit Keswani Manghnani, chief omnichannel and AI officer at luxury goods retailer and distributor Chalhoub Group, told Arab News that bridging a younger customer base with continuous digital development is key to advancing the Kingdom’s retail strategies.
On Saudi Arabia’s demographics, he said: “We look at 2030 as really building products which serve especially the younger population, which is growing and very digitally savvy.”
Manghnani underscored the unique characteristics of the Kingdom’s retail market as a tool for developing effective products and customer experiences.
“So it’s very digitally savvy, much more than in other markets,” he said, noting that e-commerce penetration is rising not only through online purchases but also via digital catalogs that drive in-store visits.
Manghnani said investment is focused on making products more digitally accessible and easier to use, while strengthening customer service to meet the expectations of what he described as a demanding but welcome consumer base. “Service excellence, digital — all these things together are how we are tapping into the younger population, which again is extremely savvy.”
Manghnani reinforced Al-Tamimi’s point that the Kingdom holds a competitive advantage, citing the speed at which its retail and technology industries are aligning.
“As a market, we’re tending to see the adoption of digital,” he said, referring to AI, data and other forms of digital interaction, adding that these tools are increasingly being combined.
He noted that this market is moving “much quicker than the other markets.”
The two-day RLC Global Forum brought together more than 2,000 global leaders, policymakers, and innovators from over 40 countries over the two-day event to define the next chapter of growth across retail, consumer, and lifestyle industries.
