Makkah police arrest Yemeni and Egyptian suspects of fake Hajj campaign    400-800 year old giant coral colony discovered within AMAALA waters in the Red Sea    HR Ministry launches 'Ajeer Al-Hajj' service for seasonal work during Hajj 2025    Kafalah grants 1,900 loan guarantees worth over SR4.8 billion to SMEs during 1Q 2025    Council of Senior Scholars reaffirms performing Hajj without a permit is a sinful act    Syria thanks Saudi Arabia and Qatar for settling World Bank dues    King and Crown Prince offer condolence to Iranian president over the deadly port explosion    stc reports strong first-quarter 2025 results with 11% rise in net profit    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Mahmoud Abbas appoints Hussein Al-Sheikh as PLO vice president in key succession move    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GCC seeks to shift consumption pattern into sustainable growth
Published in The Saudi Gazette on 29 - 05 - 2011

JEDDAH: The GCC governments are thinking of alternatives to lead a radical transformation from the prevailing consumption pattern into sustainable growth in accordance with the modern global standards, and therefore reducing reliance on natural resources, such as oil and natural gas resources which have a significant share of the annual gross domestic product and have accounted for majority of government spending on various development and infrastructure projects.
The various researches and the results of the GCC joint studies as well as the associated activities, conferences, agreements and memorandums of understanding have all contributed to setting a number of forms to cushion the impacts of oil and gas reserve depletion and the resulting negative impacts on development and growth and the welfare of future generations.
Economic community in the Kingdom received with great interest the news of Aramco quality transformation from oil and gas company to energy and petrochemicals company following the accelerating transform program launched Sunday, a move that was considered by economic observer as a first step toward an expected GCC scheme to redirect investment in line with the latest global changes and developments and the trend towards sustainability.
Commenting on the occasion, Omar Al-Juraifani, financial and economic analyst, said: "Everyone is aware of the leading role played by Aramco in leading the Saudi national economy. It is a pioneering company in leading the national economy. We extend sincere thanks and gratitude to Eng. Khalid Al Falih and all the work team for this new vision which culminates 75 years of success, experience and financial stability of a company that is well positioned to enter a new era and face new challenges in energy and petrochemicals sector."
Al-Juraifani, who is the co-founder and member of the Asharqia Chamber Young Businessmen Executive Council and a member in Arabian Society for Human Resource Management (ASHRM), added: "The question becomes now: what is the expected impact of this transformation on the national economic landscape? And will this transformation drive Aramco to use the surplus oil revenues in development projects and search for alternative energy, such as the nuclear energy initiative or solar energy? How this will be feasible if the cost of producing 1 kilowatt is 10 halalas, and the cost of producing 1 kilowatt of solar energy is 16 halalas? Will Aramco be an energy producer and its role restricted to produce energy and deliver to end-user? Will we witness worldwide expansion of the company same as Shell and Schlumberger?
Al-Juraifani is also a member in Trump University and Project Management Institute, and acts as a financial adviser for leading investment projects in the GCC.
Economic experts raise other questions about the petrochemicals manufacturing sector which Aramco intends to enter, the form of future relationship between Aramco and other leading companies in the sector such as SABIC, the possibility to achieve integration, the influence of competition on Sabic profit margins in addition to other questions about the gas quota distributed on companies in the future and what is the potential development in the petrochemicals market with the entry of such giant company as Aramco.
Economic experts welcomed this step, considering it as a future support to the private sector if Aramco transformation was ideally invested by such ways as the establishment of subsidiary companies, allowing the private sector to invest, creating new jobs for the Saudi young nationals and opening new markets for the small and medium enterprises (SMEs).


Clic here to read the story from its source.