Oil Updates — crude little changed as Trump policies continue to drag on prices

Updated 06 February 2025

Reuters

February 06, 2025 10:57

LONDON: Oil prices edged up in Asian trading on Thursday after ��’s state oil company sharply raised March oil prices, but the increase was barely a blip on the biggest slide in benchmark Brent prices in nearly three months the previous day.

Brent crude futures rose 15 cents to $74.76 a barrel by 10:40 a.m. Saudi time. US West Texas Intermediate crude was up 20 cents to $71.23 a barrel.

Oil prices had fallen more than 2 percent on Wednesday as a large build in US crude and gasoline stockpiles signalled weaker demand, and as investors weighed the implications of a new round of US-China trade tariffs, including duties on energy products.

Prices have plunged about 10 percent from the 2025 highs on Jan. 15, five days before Donald Trump took over as US President. Analysts expect markets to be volatile in the coming weeks.

“We can expect significant volatility in pricing over the coming weeks and months as markets scramble to weigh the impact of Trump’s new policy positions, not least regarding tariff measures,” analysts from BMI said in a note on Thursday.

A sharp increase in prices for Asian buyers by Saudi Aramco, the world’s leading oil exporter, managed to stem Wednesday’s sell-off.

“After the overnight sell-off and the Saudi news, there is likely to be some buying from traders covering shorts ahead of a strong band of support in the $70/68 region,” said Tony Sycamore, market analyst with IG.

The US last month imposed aggressive new sanctions on Russia’s oil trade, targeting the “shadow vessels” understood to be utilized to evade trade blockades. Since assuming office, Trump has imposed tariffs on China, although they fell short of his campaign threats.

Beijing in response had announced tariffs on imports of US oil, liquefied natural gas and coal on Tuesday, but China’s purchases from the US are relatively modest, blunting the impact of the new measures.

“While some tariff measures could put upward pressure on oil prices, the net impact will likely be bearish, given their potentially adverse effects on the global economy and Trump’s proven willingness to offer carve-outs for energy (to limit impacts to supply),” BMI said.

Topics: oil updates oil prices

Zakat Authority and Culture Ministry sign cooperation agreement

Updated 9 sec ago

Nour El-Shaeri

September 29, 2025 17:11

Zakat Authority and Culture Ministry sign cooperation agreement

Updated 9 sec ago

Nour El-Shaeri

September 29, 2025 17:11

RIYADH: ��’s Zakat, Tax and Customs Authority and the Ministry of Culture signed a cooperation agreement to enhance the organization, support, and sustainability of the Kingdom’s cultural sector.

The agreement was signed by ZATCA Governor Suhail Abanmi and Deputy Minister of Culture Hamed Fayez during the Cultural Investment Forum 2025, held at the King Fahad Cultural Center.

Organized by the Ministry of Culture, the event will see the participation of more than 1,500 attendees and over 150 speakers of its two days.

Since the launch of Vision 2030, the cultural sector’s contribution to GDP has reached 1.6 percent, with the number of workers increasing to 234,000 and financial support approaching $2 billion in 2024. Infrastructure investment in the sector has surpassed SR81 billion.

This first-of-its-kind forum in �� aims to position the Kingdom as a leading global destination for cultural investment.

The event also promotes culture as an attractive investment opportunity by presenting new funding models, forming strategic partnerships, and highlighting the role of cultural capital in driving inclusive and sustainable growth.

Topics: Cultural Investment Conference zakat Tax and Customs Authority (ZATCA) Ministry of Culture

Saudi developer Dar Global unveils $1bn Trump Plaza Jeddah

Updated 17 min 56 sec ago

Mohammed Al-Kinani

September 29, 2025 16:59

Saudi developer Dar Global unveils $1bn Trump Plaza Jeddah

Updated 17 min 56 sec ago

Mohammed Al-Kinani

September 29, 2025 16:59

JEDDAH: Saudi developer Dar Global plans a $1 billion Trump Plaza Jeddah, its second collaboration with The Trump Organization, aiming to transform the city’s skyline with a mixed-use project.

The development follows the launch of Trump Tower Jeddah in December and will feature premium residences, serviced apartments, Grade-A office space, and exclusive townhouses.

Jeddah, a key commercial and cultural hub, is attracting strong interest from international developers in high-end residential, hospitality, and mixed-use projects. The development comes amid rapid growth in ��’s luxury real estate sector, driven by Vision 2030’s goals to diversify the economy and transform urban living.

By 2024, the Kingdom had invested SR4.9 trillion ($1.3 trillion) in infrastructure, expanding residential, commercial, and hospitality capacities, with plans for over a million new residential units and seven million sq. meters of retail and office space.

Ziad El Chaar, CEO of Dar Global, said: “Trump Plaza Jeddah is a pioneering concept in �� and one of the most ambitious developments Dar Global has undertaken to date.”

He added: “By combining residential, serviced, and office components with a Central Park-inspired landscape, we are delivering a unique lifestyle destination that reflects both Manhattan’s vibrancy and Jeddah’s strategic role as a cultural and commercial hub.”

Strategically located along King Abdulaziz Road in the heart of Jeddah, the project will transform the city’s skyline with a mixed-use community, according to a press release.

“We are honored to expand our footprint in �� with the Trump Plaza Jeddah. This project embodies our vision of excellence by blending world-class hospitality, modern living, and dynamic business environments,” said Eric Trump, executive vice president of The Trump Organization.

The development also comes as Trump Tower Jeddah — a 47-floor luxury development along the Red Sea coast — entered its pre-construction phase, as confirmed in May by Eric Trump, son of US President Donald Trump.

The tower represents one of ��’s most high-profile real estate ventures, highlighting the scale of the Dar Global–Trump Organization partnership.

Listed on the London Stock Exchange, Dar Global was founded as the international arm of Dar Al Arkan Real Estate Development, a leading Saudi real estate developer.

Topics: Saudi real estate Trump

Saudi box office growth ‘extraordinary,’ could mirror UK, Sony executive says

Updated 43 min 32 sec ago

MOHAMMED AL-KINANI

September 29, 2025 16:33

Saudi box office growth ‘extraordinary,’ could mirror UK, Sony executive says

Updated 43 min 32 sec ago

MOHAMMED AL-KINANI

September 29, 2025 16:33

JEDDAH: ��’s cinema box office is already comparable in size to England’s with the right marketing, said Tony Vinciquerra, chairman of Sony Pictures Entertainment.

Speaking during a panel at the Cultural Investment Conference in Riyadh, Vinciquerra praised the Kingdom’s rapid progress in building a cinema market from scratch in just a few years. He described the growth as “crazy” and unprecedented in speed compared with other global markets.

The Saudi Film Commission reported that 17.5 million cinema tickets were sold in 2024, generating SR845.6 million ($225 million) in box office revenues.

Meanwhile, the General Authority for Statistics said 11 percent of Saudis over 15 visited cinemas last year, and the General Entertainment Authority logged nearly 77 million attendees at events in 2024 — underscoring the size of the broader entertainment ecosystem.

Vinciquerra pointed to the surge in box office revenues and audience participation as evidence of strong underlying demand.

“Will Smith came here. We made $28 million in box office, which is about what we are doing in England for a good film,” Vinciquerra said, citing Sony’s Bad Boys release in ��.

“So, that gives you an example of what could happen here if you have the right product and the right promotion and marketing,” he said, adding this is going to be “a terrific market in the future.”

The senior executive added that box office growth in �� is extraordinary. “It’s one of the fastest-growing markets in the world, and the appetite for content is tremendous.”

The Kingdom has also ramped up domestic production, with 17 Saudi films released in 2024, generating approximately SR76.6 million in revenue — a 19 percent increase from the previous year, according to the Saudi Film Commission's 2024 annual report.

He added that what has been done in five years in �� is what took other markets decades to achieve. “This country has massive curiosity and massive enthusiasm. That critical mass and momentum is essential to making an organization function the way it should.”

Vinciquerra noted that the Kingdom’s embrace of cinema aligns with Vision 2030’s goals of diversifying the economy and enriching quality of life. He also emphasized the importance of experienced teams and government support in driving rapid progress.

“The ministers in this country have been able to get people moving in the same direction,” he said.

Commenting on hiring the right people for the industry, he added: “Intelligence and experience are essential success factors, and having the right team in place can significantly drive progress.”

Topics: Cultural Investment Conference

PIF-backed agritourism brand ‘Solan’ announced

Updated 44 min 32 sec ago

Miguel Hadchity

September 29, 2025 16:21

PIF-backed agritourism brand ‘Solan’ announced

Updated 44 min 32 sec ago

Miguel Hadchity

September 29, 2025 16:21

RIYADH: ��’s tourism landscape is set to transform with “Solan,” a new hospitality brand launched by Dan Co., a subsidiary of the Public Investment Fund.

According to a press release, Solan aims to create a nationwide network of unique farm stay and lodge experiences, directly supporting local communities and economic diversification in line with Vision 2030.

The innovative brand will operate on a franchise model, partnering with lodge, istiraha, and farm owners across �� to help them transform their properties into high-end tourism destinations, offering both overnight stays and day experiences.

This comes as �� accelerates its Vision 2030 push to position tourism as a pillar of economic diversification, raising its target to 150 million annual visitors by 2030 after surpassing the 100 million mark ahead of schedule.

In 2024, international tourism revenue soared 148 percent from 2019 — the fastest growth among G20 nations.

CEO of Dan Co., Abdulrahman Abaalkhail said: “Solan is the first Saudi hospitality brand to introduce a franchise model in agritourism, opening opportunities to diversify tourism experiences across the Kingdom by providing comprehensive support for our partners.

“This allows us to offer authentic local experiences that showcase the natural beauty and agricultural diversity of various regions, creating unforgettable memories.”

This initiative is designed to diversify local incomes, create direct and indirect job opportunities, and stimulate private sector investment in host cities.

By merging agriculture, eco-tourism, and adventure with hospitality, Solan aims to strengthen the foundation of the national tourism industry.

The CEO added that the brand promotes sustainable agriculture while empowering local communities to “help build a thriving future for the tourism and hospitality sector, strengthening the Kingdom’s position as a global tourism destination.”

اليوم نعلن بكل فخر عن الهوية الجديدة لقسم العمليات للأصول المُمنوحة بالامتياز في شركة دان — رمز للرؤية والابتكار والضيافة السعودية.

ممتن لفريقي الرائع على شغفهم وتفانيهم في تحويل هذا الحلم إلى حقيقة.

وهذه مجرد البداية لإعادة تعريف السياحة…
— محمد مرغلاني | Mohammed Marghalani (@SaudiHotelier)

According to the press release, Solan is committed to preserving and promoting local culture and traditions, and will also provide opportunities for visitors to learn about both traditional and modern agricultural practices.

Dan Co. signed memorandums of understanding with several strategic partners to contribute to the development of a sustainable local tourism system and develop the business of the agritourism sector by providing financing solutions to farm owners, the press release said.

Beyond financial support, Solan will equip partners with operational guidelines and conduct regular monitoring.

The brand is strategically targeting numerous cities across the Kingdom identified for their farm-based tourism potential. “The first pilot farms by Solan will be announced soon,” the statement said.

Topics: agritourism Dan Co.

�� to open region’s first cultural university in 2026

Updated 39 min 9 sec ago

Nour El-Shaeri

September 29, 2025 13:57

�� to open region’s first cultural university in 2026

Updated 39 min 9 sec ago

Nour El-Shaeri

September 29, 2025 13:57

RIYADH: �� will establish the Middle East and North Africa’s first cultural university as it steps up investment in its creative economy.

Minister of Culture Prince Badr bin Abdullah Al-Saud unveiled the Riyadh University of Arts at the Cultural Investment Conference, saying the institution will begin operations in 2026. The university will focus on practice-based learning and global academic partnerships, with scholarships available to support emerging talents.

The initiative is part of ��’s broader efforts to nurture the cultural and creative industries in line with Vision 2030.

On its official X handle, the ministry stated: “During his speech at the Cultural Investment Conference 2025, HH Badr bin Abdullah Al-Saud, Minister of Culture, announced the launch of Riyadh University of Arts, the first cultural university in the Middle East and North Africa.”

During his speech at the , HH , Minister of Culture, announced the launch of Riyadh University of Arts, the first cultural university in the Middle East and North Africa.
— �� Ministry of Culture (@mocsaudi_en)

“RUA aims to champion creative learning with a teaching philosophy grounded in practice and project-based learning, and partnerships with internationally renowned academic partners in the various cultural disciplines,” the post added.

The university’s vision is “to be the inspiring beacon of knowledge for future generations, integrating culture and arts, empowering students to discover passions and develop talents, fostering creativity and cultural exchange.”

According to the post, the university's mission is to “cultivate an innovative educational environment in culture and arts, delivering cutting-edge programs that foster cultural and artistic engagement, enriching both the Saudi and global communities.”

RUA’s campus in Irqah district will host 13 colleges across disciplines such as film, music, cultural management, visual arts and photography, culinary arts, heritage studies, and more.

The first batch of academic programs will be launched under three colleges: the College of Theater and Performing Arts, the College of Music, and the College of Film. These will operate in collaboration with international cultural education institutions.

The university will offer a wide range of academic credentials, including diplomas, bachelor’s degrees, master’s degrees, postgraduate diplomas, Ph.Ds, and short courses.

The launch reflects the Kingdom’s broader momentum in the cultural sector, which in 2024 attracted nearly 288,000 visitors to heritage-related events. Major attractions included the International Festival of Traditional Games in Riyadh, which drew more than 108,000 participants, and World Heritage Day, which welcomed over 54,000 visitors. Other initiatives such as the Diriyah-based Dirb Zubaida program, heritage village experiences, and traditional arts festivals, underscore the growing appetite for cultural and heritage activities.

These developments highlight the sector’s expanding role in promoting cultural awareness and safeguarding heritage.

Topics: culture Cultural Investment Conference

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