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Saudi Infrastructure Expo: Transforming the Kingdom into Leading Destination for AI

Undersecretary of the Ministry of Municipal, Rural Affairs and Housing for Digital Transformation and Smart Cities Eng. Ali Rajhi. (Asharq Al-Awsat)
Undersecretary of the Ministry of Municipal, Rural Affairs and Housing for Digital Transformation and Smart Cities Eng. Ali Rajhi. (Asharq Al-Awsat)
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Saudi Infrastructure Expo: Transforming the Kingdom into Leading Destination for AI

Undersecretary of the Ministry of Municipal, Rural Affairs and Housing for Digital Transformation and Smart Cities Eng. Ali Rajhi. (Asharq Al-Awsat)
Undersecretary of the Ministry of Municipal, Rural Affairs and Housing for Digital Transformation and Smart Cities Eng. Ali Rajhi. (Asharq Al-Awsat)

The Saudi government is seeking to transform the Kingdom into a destination for artificial intelligence, by relying on modern technologies and innovative practices in the field of infrastructure.

In this context, the Saudi Infrastructure Summit and Exhibition were launched in Riyadh on Monday in the presence of more than 275 local and international companies from 20 countries.

Speaking during the event, Undersecretary of the Ministry of Municipal, Rural Affairs and Housing for Digital Transformation and Smart Cities Eng. Ali Rajhi said the contracting sector, especially infrastructure, was an essential pillar in projects and assumed a pivotal role within the initiatives of the Kingdom’s Vision 2030.

He added that the summit was an opportunity to learn about the latest regulatory and administrative legislation, stressing that the ministry would continue to provide facilitations for investments and businesses within this vital sector.

Chairman of the Board of Directors of the Saudi Contractors Authority Engineer Zakaria Al-Abdulqader emphasized the importance of the event, which he said was based on three main objectives, starting with transforming the Kingdom into a destination for artificial intelligence by relying on modern technologies and innovative practices in the field of infrastructure.

The second objective, according to Abdulqader, is to bring together investors and decision-makers from around the world to discuss challenges and opportunities in the field of information technology and to benefit from local and global expertise.

The third goal is to create an interactive platform for stakeholders from legislative and regulatory bodies, in addition to contractors and interested companies, suppliers, and local and international experts, to share their experiences, encourage creativity and innovation and spread awareness in several fields.

The Saudi Infrastructure Exhibition, which covers various sectors of the infrastructure industry, brings together local and international exhibitors for three days, to showcase products and provide innovative solutions, with the aim of transforming the infrastructure landscape in the Kingdom.

This year’s edition features pavilions for eight countries, including Egypt, China, the United Arab Emirates, Qatar, Italy, Türkiye, Germany and India.

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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.
Both Brent and US West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. By 0750 GMT, Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel, Reuters said.
The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty around the extent of Israel's response to the Iranian missile attack on Oct. 1 and the US election next month.
Scores of Israeli jets completed three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange in the escalating conflict between the Middle Eastern rivals.
The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said.
"The more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, which has seen the risk premium come off a few dollars a barrel," Saul Kavonic, a Sydney-based energy analyst at MST Marquee, said.
"The market will be watching closely for confirmation Iran won't counter attack in the coming weeks, which could see the risk premium rise again."
Commonwealth Bank of Australia analyst Vivek Dhar expects market attention to turn to ceasefire talks between Israel and Iran-backed militant group Hamas that resumed over the weekend.
"Despite Israel’s choice of a low aggression response to Iran, we have doubts that Israel and Iran’s proxies (i.e. Hamas and Hezbollah) are on track for an enduring ceasefire," he said in a note.
Citi lowered its Brent price target in the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term, its analysts led by Max Layton said in a note.
Analyst Tim Evans at US-based Evans Energy said in a note: "We think this leaves the market at least somewhat undervalued, with some risk OPEC+ producers may push back the planned increase in output targets beyond December."
In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December. The group will meet on Dec. 1 ahead of a full meeting of OPEC+.