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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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World Shares Are Mixed as Tensions Escalate in Middle East

FILE PHOTO: A 3D-printed oil pump jack is placed on dollar banknotes in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed oil pump jack is placed on dollar banknotes in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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World Shares Are Mixed as Tensions Escalate in Middle East

FILE PHOTO: A 3D-printed oil pump jack is placed on dollar banknotes in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed oil pump jack is placed on dollar banknotes in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

World shares were mixed on Wednesday, with European benchmarks mostly higher. Hong Kong’s Hang Seng soared more than 6% while other Asian markets retreated as tensions escalated in the Middle East, The Associated Press reported.
Oil prices extended gains after Iran fired dozens of missiles into Israel, potentially raising the risk of disruptions to supplies. That news overshadowed an upbeat report showing US job openings rose unexpectedly in August as the American labor market continued to show resilience.

A debate Tuesday night between vice presidential candidates Democratic Gov. of Minnesota Tim Walz and Republican senator JD Vance likewise drew scant market attention, analysts said.
“The market’s muted reaction says it all — traders are far more focused on pressing economic concerns and geopolitical risks than on the vice presidential showdown,” Stephen Innes of SPI Asset Management said in a commentary.

Germany's DAX edged 0.1% higher to 19,232.74 and the FTSE 100 in London advanced 0.4% to 8,311.82. In Paris, the CAC 40 picked up 0.5% to 7,611.12.

The future for the S&P 500 was 0.1% lower while that for the Dow Jones Industrial Average gave up 0.2%.

Tokyo's Nikkei 225 lost 2.2% to 37,808.76. It has retreated since the ruling Liberal Democratic Party chose Shigeru Ishiba to lead the government, replacing Fumio Kishida, who stepped aside on Tuesday. Higher energy prices in Japan, which relies heavily on imported oil, gas and coal to power its industries, would add to Ishiba's burdens as he works to pep up the economy.

Hong Kong's Hang Seng roared 6.2% higher to 22,443.73, riding a wave of investor enthusiasm over recent moves by Beijing to rev up the Chinese economy with policies aimed at reviving the ailing property sector and supporting financial markets.

With Shanghai and other markets in China closed, trading crowded into Hong Kong. Hong Kong-traded shares in China Vanke, one of many real estate developers squeezed by a crackdown on borrowing that pushed the industry into a slump, jumped 10%. Longfor Holdings Group rocketed nearly 25% and appliance maker Midea surged 4.2%.

The Hong Kong benchmark is trading at its highest level since early 2023.

Australia's S&P/ASX 200 edged 0.1% lower to 8,198.20 and the Kospi in Seoul lost 1.2% to 2,561.69.

On Tuesday, US stocks retreated from their records, with the S&P 500 dropping 0.9%. The Dow dropped 0.4% and the Nasdaq composite lost 1.5%.
Israel is not a major producer of oil, but Iran is, and the potential for a wider conflict could affect other, neighboring producers of crude. The price for a barrel of benchmark US crude rose as much as 5% on Tuesday before settling 2.4% higher. Brent crude, the international standard, rallied 2.6%.
Early Wednesday, US crude was up $1.51 at $71.34 per barrel. Brent crude climbed $1.45 to $75.01 per barrel.
The all-time high that the S&P 500 set on Monday was its 43rd of the year so far. Stocks had been jumping on hopes the US economy can continue to grow despite a slowdown in the job market, as the Federal Reserve cuts interest rates to give it more juice. The Fed last month lowered its main interest rate for the first time in more than four years, and it’s indicated it will deliver more cuts through next year.
The dominant question hanging over Wall Street is whether the cuts will ultimately prove to be too little, too late after the Fed earlier kept rates at a two-decade high in hopes of braking on the economy enough to stamp out high inflation.
A discouraging report arrived Tuesday, showing US manufacturing weakened by more in September than economists expected.
Another threat to the economy could lie in a strike by dockworkers at 36 ports across the eastern United States that could snarl supply chains and drive up inflation.
The workers are asking for a labor contract that doesn’t allow automation to take their jobs, among other things. Supply chain experts say consumers won’t see an immediate impact because most retailers have stocked up on goods, moving ahead shipments of holiday gift items.