Saudi Initiatives Contributing to Creating a Sustainable Future Through Space

Expected space economy revenues to reach around one trillion dollars by 2040 (Asharq Al-Awsat)
Expected space economy revenues to reach around one trillion dollars by 2040 (Asharq Al-Awsat)
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Saudi Initiatives Contributing to Creating a Sustainable Future Through Space

Expected space economy revenues to reach around one trillion dollars by 2040 (Asharq Al-Awsat)
Expected space economy revenues to reach around one trillion dollars by 2040 (Asharq Al-Awsat)

Saudi Arabia has achieved 96% of the targets set by the “Connect 2030” program, established by the International Telecommunication Union. This program aims to attain the Sustainable Development Goals by leveraging communication and technological services.

 

According to a report released by Saudi Arabia’s Communications, Space and Technology Commission on Sunday, the Kingdom is making significant strides in contributing to a sustainable future through space initiatives.

Saudi Arabia has accomplished a 100% success rate in various domains under the “Connect 2030” program, notably in terms of inclusivity by bridging the digital divide and providing widespread access to broadband services.

Additionally, the Kingdom excelled in forming partnerships by enhancing collaboration between International Telecommunication Union members and all stakeholders to support strategic objectives.

Saudi Arabia also achieved a 100% growth rate by enabling and enhancing access to communication and technology, fostering the digital economy, society, and promoting innovation in communications and technology to support societal digital transformation.

In terms of sustainability, Saudi Arabia scored 80% in risk management, addressing challenges and emerging opportunities resulting from the rapid growth of communications and technology.

According to the report, there were 87 local digital products launched in the past year, with 11 companies accepted, including five international ones.

The Communications, Space and Technology Commission had declared that Saudi Arabia is the world’s first country to successfully test the fifth-generation technology using a high-altitude platform system.

During the past year, the Kingdom advanced the principles of sustainability, making strides in empowering women and promoting environmental initiatives and renewable energy.

The telecommunications, space, and technology sector played a significant role in numerous achievements, including launching initiatives to reduce electronic waste and carbon emissions, expanding communication services to bridge the digital divide and facilitate modern technologies, as well as building capacity and empowering women.

The representation of women in leadership positions in the telecommunications and technology sector reached 23.60%, and 41,000 women were empowered to seize new opportunities.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.