RIYADH: Saudi Arabia is exploring joint manufacturing opportunities with Airbus Helicopters as part of its broader effort to localize advanced aviation technologies and strengthen the domestic industry.

The discussions were held during the “Industrial Day” event at Airbus Helicopters’ headquarters in Marignane, France, in the presence of the Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef, company executives, Saudi aviation suppliers, and Airbus’s global network of partners. 

The visit marks a key milestone in the Kingdom’s push to become a global hub for the aerospace industry under Vision 2030. 

In a post on X, Alkhorayef said the event “emphasized the importance of localizing technology, strengthening international partnerships, and leveraging the Kingdom’s assets and mineral resources to become a pivotal hub for the aviation industry.”

During the gathering, the Saudi delegation met with Airbus Helicopters CEO Bruno Even, reviewed the company’s advanced aircraft production technologies, and explored potential areas for investment and joint manufacturing in helicopters and related sectors.

Alkhorayef emphasized the strategic importance of the aviation industry to Saudi Arabia’s industrial development plans, calling it one of the most promising advanced sectors for localizing capabilities and developing high-value technologies. 

He added that Saudi Arabia is focused on building a globally competitive manufacturing base, highlighting the country’s commitment to localizing the aviation sector through industrial partnerships and foreign investment. 

The minister said the Kingdom offers robust fundamentals for industrial growth, including mineral wealth, energy resources, skilled labor, and a business-friendly investment environment. 

He stated that Saudi Arabia’s aerospace strategy includes the localization of helicopter production, unmanned aerial vehicles, and the development of maintenance, repair, and overhaul services. 

The market for these capabilities is projected to exceed $10 billion. 

By 2035, the aerospace sector is expected to contribute $88 billion to the Kingdom’s gross domestic product and support more than 377,000 jobs, according to a statement from the ministry. 

During the meeting, Airbus Helicopters executives presented the company’s manufacturing capabilities and expressed interest in deepening collaboration in areas such as assembly, aviation maintenance, and innovation in rotorcraft technology. 

The discussions also addressed opportunities for technology transfer and industrial training to support Saudi Arabia’s ambition of becoming a regional aerospace center. 

The Saudi delegation included senior officials such as the National Industrial Development Center CEO Saleh Al-Sulomi and was part of a broader official visit to France. 

The visit aimed to strengthen bilateral ties and explore strategic cooperation in mining, aviation, and industrial development. Meetings were also held with French government representatives and business leaders to discuss expanding investment flows and industrial partnerships. 

Alkhorayef stressed that the Kingdom’s long-term goal is to diversify its economy by accelerating the growth of high-tech industries and integrating into global manufacturing value chains. 

The nation’s unique competitive advantages — including its strategic location, mineral reserves, energy capacity, and logistics infrastructure — position it as a compelling destination for industrial investment.

SINGAPORE: Oil gained more than $1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about the market surplus outlook persisted.

Brent crude futures rose $1.15 to $61.38 a barrel by 9:23 a.m. Saudi time, the first time gain after six consecutive declines, while US West Texas Intermediate crude added $1.11 to $58.24 a barrel.

Both benchmarks had settled at their lowest since February 2021 on Monday, driven by an OPEC+ decision over the weekend to further speed up oil production hikes for a second consecutive month.

“Today’s slight rebound in oil prices appears more technical than fundamental,” said Yeap Jun Rong, a market strategist at IG. “Persistent headwinds including a pivotal shift in OPEC+ production strategy, uncertain demand amid US tariff risks, and price forecast downgrades are continuing to weigh on the broader price movement.”

Driven by expectations that production will exceed consumption, oil has lost over 10 percent in six straight sessions and dipped over 20 percent since April when US President Donald Trump’s tariff shocks prompted increased bets on a slowdown in the global economy.

The return of Chinese market participants after a five-day public holiday since May 1 was seen supporting prices on Tuesday.

“China also reopened today, and being the largest importer, buyers would have likely jumped to secure oil at current low levels,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Also lending some support was data showing a pick-up in services sector’s growth in the US, the world’s major oil consumer, as orders increased.

The Institute for Supply Management said on Monday its nonmanufacturing purchasing managers index  increased to 51.6 last month from 50.8 in March. Economists polled by Reuters had forecast the services PMI dipping to 50.2.

The US Federal Reserve will likely leave interest rates unchanged on Wednesday as tariffs roil the economic outlook.

Barclays lowered its Brent crude forecast on Monday by $4 to $70 a barrel for 2025 and set its 2026 estimate at $62 a barrel, citing “a rocky road ahead for fundamentals” amid escalating trade tensions and OPEC+’s pivot in its production strategy.

Goldman Sachs also lowered its oil price forecast on Monday by $2-3 per barrel, as they now expect another 400,000 barrels per day production increase by OPEC+ in July.