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UN Selects Riyadh to Host the Internet Governance Forum (IGF) 2024

General view of Riyadh city. Reuters file photo
General view of Riyadh city. Reuters file photo
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UN Selects Riyadh to Host the Internet Governance Forum (IGF) 2024

General view of Riyadh city. Reuters file photo
General view of Riyadh city. Reuters file photo

The United Nations has selected Riyadh to host the 19th edition of the Internet Governance Forum (IGF) in 2024.
The IGF is an annual event organized by the United Nations, bringing together global experts to discuss and formulate international trends and policies regarding the developments of internet governance in a collaborative manner between governments, the private sector, and non-profit organizations.
The Minister of Communications and Information Technology, Eng. Abdullah bin Amer Alswaha, affirmed that the Kingdom is leading international efforts to increase digital inclusion and bridge the digital divide worldwide.

It aims to contribute to building a thriving and inclusive digital economy for all.

This comes in light of the unlimited support received by the sector from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman, the Crown Prince and Prime Minister.

The Governor of the Digital Government Authority, Eng. Ahmed bin Mohammed Alsuwaiyan, pointed out that the United Nations' selection of Riyadh to host this global forum reflects Saudi Arabia’s leading role and efforts in maximizing the impact of digital infrastructure to achieve sustainable development goals and serve communities and business sectors.

The trust placed by international organizations in Saudi Arabia’s ability to host major exhibitions and global conferences confirms its position as an advanced country in the field of communications, information technology, and digital government. It also recognizes its excellence in various fields in line with the programs and initiatives of Saudi Vision 2030.

IGF brings together more than 160 countries and features over 1,000 speakers consisting of global experts and specialists. It hosts more than 300 sessions and workshops, in addition to awards, and cooperative agreements that will take place over five days. These activities aim to facilitate the exchange of expertise, success stories, and best practices in public policy issues related to the Internet.

The forum seeks to shape the future of the Internet and technology and build a secure digital future for all.

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Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures rose 50 cents, or 0.7%, to $68.23 a barrel by 1036 GMT while US West Texas Intermediate crude gained 49 cents, or nearly 0.8%, to $65.73.

During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire.

That put both contracts on course for a weekly fall of about 12%.

"The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah.

"The market also has to keep eyes on the OPEC+ meeting – we do expect room for one more month of an accelerated unwinding basis balances and structure, but the key question is how strong the summer demand indicators are showing up to be."

The OPEC+ members will meet on July 6 to decide on August production levels.

Prices were also being supported by multiple oil inventory reports that showed strong draws in the middle distillates, said Tamas Varga, a PVM Oil Associates analyst.

Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.

Meanwhile, data on Thursday showed that the independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week.

Additionally, China's Iranian oil imports surged in June as shipments accelerated before the conflict and demand from independent refineries improved, analysts said.

China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day (bpd) of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.