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OPEC marks 5th anniversary of landmark ‘Vienna Agreement’

VIENNA, 30th November, 2021 (WAM) — The Organisation of the Petroleum Exporting Countries (OPEC) today marks the 5th anniversary of the historic ‘Vienna Agreement’ reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, Austria.

The milestone meeting built on the successful ‘Algiers Accord’, reached in Algiers, Algeria, on 28 September 2016 at the 170th (Extraordinary) Meeting of the OPEC Conference and paved the way for the historic Declaration of Cooperation (DoC) between OPEC Member Countries and leading non-OPEC oil producing nations to work together in the interest of sustainable oil market stability.

The Conference saw OPEC Member Countries reinforce their joint efforts to overcome a then-unprecedented oil market downturn, reduce inventory overhang, particularly in the OECD region, and revive the necessary investment to support energy security and market stability in the short, medium and long terms.

In recalling the momentous meeting, OPEC Secretary General, Mohammad Sanusi Barkindo, stated: "The volatility seen in the oil market in 2016 was unprecedented for many; however, there was a strong consensus that the way forward requires collaboration, leadership and extensive diplomacy – some of the key characteristics that have underpinned the Organisation’s work since its founding 61 years ago.

"The ‘Vienna Agreement’ constitutes an historic moment in the history of the oil industry, as well as in international cooperation and multilateralism, as it led to the institutionalization of a global framework that not only helped the oil industry immediately, but also years later when the COVID-19 pandemic broke out in 2020 and caused a severe oil market contraction."

Five years ago, on the last day of November, OPEC Members called on non-OPEC oil-producing nations to join an initiative to cooperate on a regular basis to support oil market stability, highlighting the key role that non-OPEC producers can play in achieving this all-important objective. They additionally adopted oil production adjustments and established a high-level ministerial monitoring committee to review the implementation of these decisions.

These efforts were carried out to help restore stability in the global oil market for the benefit of all producers, consumers and investors, as well as the global economy. They additionally underpinned the Organization’s views on the importance of multilateralism, international cooperation and dialogue.

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Tech

CyberArrow and Mobily Announced a Strategic Partnership for CyberArrow’s AI-Powered GRC at Black Hat 2023

In a groundbreaking collaboration, Mobily, one of the largest telecom companies in Saudi Arabia, and  CyberArrow , a leading UAE- based Compliance Automation Platform and Cyber Security Awareness Platform provider, proudly announced their strategic partnership at Black Hat 2023. This partnership marks a significant step towards revolutionizing the approach to compliance in the Kingdom of Saudi Arabia. The announcement cements Mobily as a strategic partner using CyberArrows AI-Powered GRC to boost cybersecurity compliance in the region. CyberArrows latest AI GRC was featured at the center of Black Hat 2023.  Key Highlights of the Strategic Partnership
The strategic partnership between CyberArrow and Mobily is a dynamic collaboration aimed at
reshaping the landscape of cyber security and compliance in Saudi Arabia. As a strategic partner,
Mobily helps organizations across Saudi Arabia enhance compliance processes and streamline
governance, risk, and compliance by utilizing CyberArrows AI-Powered GRC. This collaboration goes beyond physical presence; it symbolizes a shared vision for transformative advancements in compliance. The strategic partnership is designed to provide organizations in Saudi Arabia with intelligent solutions for navigating the complexities of cyber security and compliance with unprecedented efficiency. The partnership highlights the profound impact of integrating Artificial Intelligence (AI) into cyber security and compliance. Through cutting-edge solutions and strategic partnerships, CyberArrow demonstrates its commitment to leveraging AI as a catalyst for transformative change. As CyberArrow strategically partners with Mobily, these key messages echo their shared vision, amplifying the call for utilising CyberArrow’s AI-powered GRC platform and fortifying the digital landscapes of businesses in Saudi Arabia. “The collaboration with Mobily signifies more than just a partnership; it's a shared vision to make cyber security compliance accessible and robust for businesses in Saudi Arabia”, said Amar, Co-founder of CyberArrow

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World

TÜYAP will host the Carpet and Flooring Expo 2023

Around 400 companies will converge in Istanbul for Carpet and Flooring Expo
2023. This event, taking place from 5-8 December, will open new market avenues
for these companies. Türkiye, a nation responsible for crafting 40% of the worlds carpets, is playing host to this prestigious event.Türkiye, a key player in the global carpet industry, is gearing up to host the Carpet and Flooring Expo (CFE 2023) in Istanbul. This pivotal event, orchestrated by TÜYAP – the country’s foremost exhibition organizer – in partnership with the Istanbul Carpet Exporters’ Association and Southeastern Anatolia Carpet Exporters’ Association, will take place at the Istanbul Expo Centre from 5-8 December. The Expo, expected to attract around 400 companies from across the globe, will showcase an extensive array of products, providing an invaluable opportunity for manufacturers to tap into new markets. Türkiye has a 40% market share of global carpet production İlhan Ersözlü, General Manager of TÜYAP Fairs Productions Inc., highlights Türkiye’s significant role in the global carpet trade, stating, “Türkiye currently accounts for 17% of the worlds carpet trade volume. Through CFE 2023, we aim to foster new agreements, boosting our
export volume to 25%.” The global carpet market, valued at USD 64.99 billion in 2022, is anticipated to soar to USD 97.41 billion within a decade. Türkiye, producing nearly half of the worlds carpets, is a pivotal player in these global gatherings. 400 companies expected to participate in CFE 2023 Ersözlü stated, “Currently, our fair features nearly 400 participants, with 75% from Türkiye and 25% being international stakeholders. We’ve seen substantial interest from manufacturers in countries including Iran, China, England, Pakistan, Afghanistan, Uzbekistan, Russia, Indonesia, Morocco, Ukraine, Egypt, and Jordan. Our goal is to host one of the largest fairs in this sector.” He added, “The fair will display a spectrum of products, from traditional to contemporary designs. Registered visitors from 81 countries will have four days to explore these offerings. Additionally, well host discussions and workshops on future trends, designs, colours, and
recycling. Li Edelkoort, a renowned trend forecaster, will be present to deliver a talk titled ‘2025 Interior Trend and Colour Forecasts’ on 6 December at 16.00. This event will be an enormous source of inspiration for professionals in the carpet industry as well as designers, decorators, and
architects.”

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Gulf Scientific Corporation Achieves ISO 9001:2015 Certification, Setting New Standards in Quality Management

Gulf Scientific Corporation (GSC) has recently achieved a significant milestone by obtaining the ISO 9001:2015 certification, reinforcing its commitment to quality and excellence in the field of scientific solutions. This certification, awarded by the International Organization for Standardization (ISO), is a testament to GSCs dedication to meeting and exceeding global standards in its operations. ISO 9001:2015 is the latest version of the international standard for quality management systems, emphasizing a process-oriented approach to ensure organizations consistently deliver high-quality products and services. GSCs successful certification process reflects its adherence to rigorous quality management practices and continuous improvement initiatives. One key aspect of ISO 9001:2015 is its focus on customer satisfaction. GSCs commitment to understanding and meeting customer requirements is highlighted through this certification, as it demonstrates the company’s dedication to providing products and services that consistently meet or exceed customer expectations. This customer-centric approach is crucial in todays competitive business environment, where customer satisfaction plays a pivotal role in the success of any organization. Furthermore, the ISO certification positions Gulf Scientific Corporation as a reliable and trustworthy partner for businesses seeking high-quality scientific equipment and solutions. It enhances the company’s reputation and opens doors to new opportunities and collaborations on a global scale. By implementing a robust quality management system, GSC will also be better equipped to manage risks and seize opportunities, ensuring the organizations resilience and adaptability in a dynamic market. Internally, the certification process has led to improved operational efficiency within GSC. Through a thorough examination of its processes and procedures, the company has already identified areas for enhancement and optimization. This commitment to continuous improvement not only aligns with
ISO 9001:2015 requirements but also positions GSC as a forward-thinking and adaptive organization. Gulf Scientific Corporations attainment of the ISO 9001:2015 certification underscores its dedication to quality, customer satisfaction, and ongoing improvement. This achievement not only enhances GSCs reputation in the industry but also instils confidence in its customers, partners, and stakeholders. As GSC continues to uphold these high standards, the ISO 9001:2015 certification serves as a symbol of the company's commitment to excellence in the ever-evolving landscape of scientific solutions.

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