The Minister of Transport assures the Turkish Ambassador: We are working day and night to fulfill the requirements of the development road

The Minister of Transport, Razzaq Muhaibas Al-Saadawi, confirmed today, Wednesday, the work day and night to fulfill the requirements of the development road.

A statement by the Ministry of Transport stated that Al-Saadawi received the new Turkish Ambassador, Anil Bora Inan, and wished him success in his work duties.

The minister said, according to the statement: ‘During the meeting with the Turkish ambassador, we confirmed Iraq’s interest in strategic transport projects, especially the Development Road project, which we are working day and night to complete all the requirements to begin implementing,’ noting: ‘There is a higher committee formed in the name of the Development Road, headed by Prime Minister Muhammad Shiaa Al-Sudani meets periodically to follow up on the progress of work on the project.’

Al-Saadawi added: ‘We have completed the economic feasibility of the development road, and the initial designs for the railway road have exceeded 75%, while the land line has reached 65%,’ pointing to the im
portance of the quadrilateral agreement within the memorandum of understanding with Turkey, Qatar, and the Emirates, where the coordination and technical committees emanating from the quadripartite bloc met. It contributed to the maturity of the project and presented important insights.’

He continued: “The Turkish minister will visit Baghdad to discuss a number of technical matters related to the project.”

In turn, the Turkish ambassador stressed his country’s government’s keenness to complete the project and complete its requirements and is working to prepare all logistical matters for its success.

He praised the work of the Iraqi Ministry of Transport on the development road project, and its keenness to fulfill the requirements for work on it.

Source: National Iraqi News Agency

Oil prices record an increase upon settlement

Oil prices rose at settlement at the end of today’s trading, following the announcement of a decline in crude oil and gasoline inventories in the United States last week.

Brent crude futures rose by 42 cents, or 0.5 %, to reach $85.08 per barrel upon settlement.

US West Texas Intermediate crude futures also rose by 69 cents, or 0.85 %, to reach $82.10 per barrel upon settlement.

The US Energy Information Administration announced today, Wednesday, that crude oil and gasoline inventories in the United States declined last week, while distillate products rose, explaining that crude oil inventories fell by 3.4 million barrels, reaching 445.1 million last week.

Source: National Iraqi News Agency

OPEC confirms oil demand growth expectations in 2024 and 2025

The Organization of the Petroleum Exporting Countries (OPEC) maintained its expectations for relatively strong growth in global oil demand in 2024 and 2025, noting that flexible economic growth and strong air travel will support the use of fuel in the summer months.

The organization said today, Wednesday, in a monthly report on its website: ‘Global demand for oil will rise by 2.25 million barrels per day in 2024, and 1.85 million barrels in 2025, without change from its expectations last month.’

The report added, “Strong transportation and expected air travel in the Northern Hemisphere during the summer holiday season are expected to boost demand for transportation fuels and drive growth in the United States.”

“Expectations for strong demand growth in 2024 are more mixed, partly due to differences in the pace of the world’s transition to clean fuels.”

The OPEC+ alliance, which brings together OPEC and allies including Russia, has been implementing a series of production cuts since late 2022 to support the
market. The alliance agreed on June 2 to extend its recent cuts, amounting to 2.2 million barrels per day, until the end of September and to gradually cancel them starting in October.

OPEC also raised its forecast for global economic growth this year to 2.9 % from 2.8 %, and said that there is a possibility of increasing this percentage, pointing to the momentum that occurred this year outside the developed countries of the Organization for Economic Cooperation and Development.

OPEC said, “The momentum of economic growth in the major economies remained resilient in the first half, and this trend supports the path of comprehensive positive growth in the near term.”

Source: National Iraqi News Agency

GCC, UK Agree to Proceed with Free Trade Agreement This Year, Albudaiwi Says

London, Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi said there is an agreement between the GCC and the United Kingdom (UK) emphasizing the importance of progressing towards finalizing negotiations for a free-trade agreement (FTA), and the goal is to sign the agreement this year.

The GCC chief’s remarks came after his meeting today in London with the UK Secretary of State for Business and Trade Jonathan Reynolds. Albudaiwi indicated that he sensed a strong interest from the new British government and a sincere desire to complete the negotiation rounds for the FTA. Reynolds expressed the desire to have the agreement signed before the end of 2024.

During the meeting, Albudaiwi and Reynolds discussed various topics of mutual interest, focusing on economic and trade relations between the GCC and the UK, and ways to enhance and develop them. Both sides aspired to accelerate the pace of FTA negotiations and hold regular meetings between senior officials to finalize its chapters and sig
n it during the current year. This is seen as a step to enhance cooperation and the strategic partnership between the GCC and the UK.

Source: Saudi Press Agency

General Authority for Foreign Trade Approves New Formation of Joint Saudi-Foreign Business Councils

Riyadh, The General Authority of Foreign Trade in Saudi Arabia (GAFT) approved the final formation of several joint Saudi-foreign business councils for its new 1445-1449 term.

Mohammed bin Nasser Al-Dulaim was appointed chairman of the Saudi-Canadian Business Council and chairman of the executive committee, with Abdullah bin Salem Al-Mukhlis and Abdullah bin Ahmed Al-Ahmed serving as vice chairmen.

Sultan bin Mahdi Al-Qahtani was appointed chairman of the Saudi-Nigerian Business Council and executive committee, with Nasser bin Abdulaziz Al-Sudais and Sultan bin Khalid Al-Turki serving as vice chairmen.

Ayman bin Amin Sajini was appointed chairman of the Saudi-Indonesian Business Council and executive committee, with Osama bin Abdullah Gogandi and Saleh bin Abdullah Al-Qabaa serving as vice chairmen.

GAFT supervises joint business councils with other countries. These councils are collaborative meetings involving representatives from the business sector in the Kingdom of Saudi Arabia and their counterparts
in other countries who are investing or conducting commercial operations with their counterpart countries. Currently, there are 43 bilateral and regional business councils in operation.

Source: Saudi Press Agency

FRA, FDA collaborate for Egypt’s non-banking financial in SDG

The Financial Regulatory Authority (FRA) and the French Development Agency (FDA) have joined hands to strengthen Egypt’s non-banking financial sector in achieving the Sustainable Development Goals (SDGs).

They recently signed a memorandum of understanding (MoU) that outlines their shared commitment to promote climate practices and sustainable financing in Egypt.

Under this agreement, the FRA and FDA will collaborate strategically to expand sustainable finance in Egypt’s non-banking financial sector. As part of a technical assistance program, a team of experts will be established to provide support specifically in the field of sustainable finance.

The joint cooperation program includes several components.

It involves offering technical assistance and conducting various programs aimed at developing and enhancing the skills of FRA employees. These programs cover a wide range of topics related to climate action and sustainable development, incorporating global best practices.

The signing ceremony for this si
gnificant agreement took place in the presence of Mohamed Farid, the Chairman of FRA.

Source: State Information Service Egypt