Latest news with #St.PetersburgEconomicForum
Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
SPIEF discusses promising sectors for Russian-Arab cooperation - Economy
The first day of the St. Petersburg Economic Forum featured a special session that discussed practical experiences and expertise on how Russian businesses can succeed in the Arab world and Africa. The session emphasized the importance of building partnerships based on trust, a good reputation, and an understanding of the specificities of local markets. Ahmed Bourai, Executive Director of the Egyptian Exporters Association, emphasized the need to recognize the diversity of these markets. Bourai identified the most promising sectors for Russian-Egyptian cooperation: textiles and clothing, information and communications technology, furniture manufacturing, chemical fertilizers and plastics, and building materials (granite, cement). He added, "You can never do business in Tunisia or Morocco without a contract. The Middle East is very diverse, and comparing Iraq to other countries is like comparing apples to oranges." Bourai also offered a clear formula for success: "Don't buy fish in freshwater." Be clear about your goals, reach out to the right people, and don't rely solely on the advice of friends or colleagues. Look for someone who won't abandon you halfway. Russian President Vladimir Putin arrived in St Petersburg earlier. The first event on the sidelines of the St Petersburg International Economic Forum is a meeting to discuss economic matters. Putin said:' Our primary and most important task is to improve the quality of life for people, enhance our cities and communities, develop healthcare and education, and address environmental challenges, 'among other priorities. "To work on all this efficiently, we must monitor the situation, observe the macroeconomic trends within our borders, and consider external challenges and the situation in international markets. Based on this analysis, I suggest we discuss the short-term options available to us and potential legislative amendments that could be enacted to adjust and supplement our efforts to develop the economy, social services, regions, and all of Russia." Follow us on: Facebook Instagram Whatsapp Short link:
Saudi Gazette
a day ago
- Business
- Saudi Gazette
Saudi energy minister: OPEC+ become key guarantor of oil prices
Saudi Gazette report ST. PETERSBURG — Saudi Minister of Energy Prince Abdulaziz bin Salman said on Thursday that OPEC+ has become a key guarantor of oil prices and the oil sector as a whole. Speaking at the St. Petersburg Economic Forum on Thursday, he said that OPEC+ is a trustworthy and successful alliance that adapts to changing conditions and has had great success in maintaining oil market stability. In response to a question on whether Saudi Arabia and Russia would step into replace any potential loss of Iranian oil supplies, Prince Abdulaziz said: "We will only react to realities." The energy minister said that Saudi Arabia and Russia are working together to create a climate for those wishing to invest in both countries in various ways, including through joint ventures, emphasizing the need to create a suitable investment climate despite the current circumstances Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC), but is exempt from production cuts that the group along with other allies including Russia have in place. OPEC+ was in the process of increasing production targets for eight of its members before Israel's attack on Iran last week. The group of eight which includes Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Algeria and Kazakhstan will meet on July 6 to decide on whether to increase production further from August. At the end of May, the Organization of the Petroleum Exporting Countries (OPEC) announced that the eight OPEC+ member states had agreed to increase oil production by 411,000 barrels per day in July. The organization said in a statement that the increase was due to stable global economic conditions and the strength of current market fundamentals. The eight OPEC+ members, which include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, had previously announced additional voluntary adjustments in April and November 2023, held a meeting via video conference on Saturday to review oil market developments and future prospects. The OPEC+ statement said that in light of the stable future prospects for the global economy and the current positive market fundamentals, the participating countries decided to implement a production adjustment of 411000 barrels per day in July 2025 compared to the required production level in June 2025, which is equivalent to three monthly increases.
Yahoo
18-04-2025
- Politics
- Yahoo
Russian Supreme Court removes Taliban from list of banned terrorist organizations
Russia's Supreme Court removed its designation of the Taliban as a terrorist organization, Russian state-controlled news agency TASS reported on April 17. This decision came following a closed-door session initiated by the Prosecutor General's Office. The Taliban, which seized power in Afghanistan in 2021 following the withdrawal of U.S. and NATO forces, had been classified as a terrorist organization in Russia for over two decades. Despite its control over the country, the Taliban-led administration has not been formally recognized by any state, due to its failure to meet international commitments on human rights, governance, and counter-terrorism. Judge Oleg Nefedov announced that the court's decision takes immediate effect and is aimed at advancing normalization of ties with Afghanistan's current de facto rulers. Though still listed as a terrorist group until now, the Kremlin has maintained relations with Taliban officials, previously hosting them in Moscow and at events such as the 2024 St. Petersburg Economic Forum. Trade ties between the two countries deepened over the last year, with Afghanistan being the largest importer of Russian flour in 2024. Read also: Russia jails 4 journalists over alleged work with Navalny's foundation We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
