Advanced Saudi Tech Products Are Highlighted at GITEX 2023

The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)
The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)
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Advanced Saudi Tech Products Are Highlighted at GITEX 2023

The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)
The Saudi Technology and Security Comprehensive Control (Tahakom) is highlighting its innovations, products, and solutions that rely on the AI system. (SPA)

The Saudi government and private entities are showcasing their technical products and services at the GITEX Global 2023 exhibition, which is currently holding its 43rd edition at the Dubai World Trade Center between Oct. 16 and 20.

The event brings together more than 40 government and private entities in Dubai, with the participation of about 5,000 companies from various countries, focusing on the most important issues in artificial intelligence and blockchain, robotics, quantum computing, and cryptocurrencies.

Officials from the industrial and mineral resources sector are shedding light on the industrial and mining transformation in Saudi Arabia and opening channels of communication with global investors.

Through its participation at GITEX, the Saudi Ministry of Transport is reviewing its projects and initiatives to improve road quality, raise traffic safety levels, and automate bridge monitoring with the latest international technologies.

It is testing the direct monitoring system in cooperation with the Ministry of Interior and measures the weights and dimensions of trucks on the roads without traffic obstacles or human intervention to enhance monitoring efficiency.

The Saudi Export Development Authority is participating with around 33 national companies under the "Saudi Made" program that aims to raise the image and brand of the Kingdom's exports, boost their position in regional and global markets, identify international business opportunities, link exporters with potential buyers, and promote national products and services on major vital platforms that bring together investors.

The Export-Import Bank (EXIM) is known for its financing, credit services, and products that enable local banks and financial institutions to support Saudi exporters and foreign importers.

EXIM provides innovative solutions to support non-oil exports and enhance its presence in global markets.

It reviews the Kingdom's experience in the transition towards the digital economy and the state's efforts to support emerging sectors and entrepreneurs.

The efforts aim to adopt advanced technologies, launch technology-based projects that support the transformation, and meet the aspirations of Vision 2030 to build a prosperous economy and sustainable development.

At GITEX, the Zakat, Tax, and Customs Authority (ZATCA) is highlighting qualitative development in its technical services through various electronic platforms and its experience in developing smart systems, including its success in implementing the electronic invoicing system.

The Saudi Technology and Security Comprehensive Control (Tahakom) is also taking part in GITEX 2023.

Tahakom is highlighting its innovations, products, and solutions that rely on its own AI system in public safety and smart mobility. They include the Urban Eye system, smart parking, "Tahakom's Public Safety Solutions Car," mixed reality, and a drone product display.

It also introduces a crowd management system and solutions and several solutions developed by the AI system, including Tahakom's personal assistant, created by a supercomputer that efficiently supports dealing with complex tasks and processing massive data at high speed.

The Advanced Electronics Company, a wholly owned subsidiary of SAMI, is showcasing many of its products, most notably Smart Solutions zone, Smart City technologies, Smart Street Light, Smart Fire Detection, Waste Management, Video Analytics, and Asset Tracking.

The exhibit will further explore the company's futuristic managed services, cloud computing systems, digital healthcare modules, innovative technologies spanning various industries, and unparalleled manufacturing capabilities.

GITEX is one of the most important technical platforms that showcases the latest technological solutions in cloud computing, consumer technology, information centers, e-marketing, and highly advanced innovations in the world of information technology from various parts of the world.

More than 5,000 exhibitors representing more than 170 countries, and over 100,000 visitors are expected at the event.



Oil Retreats Slightly after Boost from US Crude Draw, Russia Sanctions

Oil Retreats Slightly after Boost from US Crude Draw, Russia Sanctions
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Oil Retreats Slightly after Boost from US Crude Draw, Russia Sanctions

Oil Retreats Slightly after Boost from US Crude Draw, Russia Sanctions

Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on the latest US sanctions on Russia and a larger-than-forecast fall in US crude stocks.

Brent crude futures were down 37 cents, or 0.5%, to $81.66 per barrel by 1042 GMT, after rising 2.6% in the previous session to their highest since July 26 last year.

US West Texas Intermediate crude futures slid 35 cents, or 0.4%, to $79.69 a barrel, after gaining 3.3% on Wednesday to their highest since July 19.

US crude oil stocks fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said on Wednesday.

The 2 million-barrel draw was more than the 992,000-barrel decline analysts had expected in a Reuters poll.

The drop added to a tightened global supply outlook after the US imposed broader sanctions on Russian oil producers and tankers. The sanctions have sent Moscow's top customers scouring the globe for replacement barrels, while shipping rates have surged too.

The Biden administration on Wednesday imposed hundreds of additional sanctions targeting Russia's military industrial base and evasion schemes.

On Monday, Donald Trump will be sworn in for his second term as US president.

With oil at its current levels, that may lead to clashes with the Organization of the Petroleum Exporting Countries (OPEC) if Trump follows his previous playbook. During his first term he demanded the producer group rein in prices whenever Brent climbed to around $80.

OPEC and its allies, which collectively as OPEC+ have been curtailing output over the past two years, are likely to be cautious about increasing supply despite the recent price rally, said Commodity Context founder Rory Johnston, according to Reuters.

"The producer group has had its optimism dashed so frequently over the past year that it is likely to err on the side of caution before beginning the cut-easing process," Johnston said.

Limiting oil's gains, Israel and Hamas agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners, according to an official.

On the demand front, global oil expanded by 1.2 million barrels per day in the first two weeks in 2025 from the same period a year earlier, slightly below expectations, JPMorgan analysts wrote in a note.

The analysts expect oil demand to grow by 1.4 million bpd year on year in coming weeks, driven by heightened travel activities in India, where a huge festival gathering is taking place, as well as by travel for Lunar New Year celebrations in China at the end of January.

Some investors are also eying potential interest rate cuts by the US Federal Reserve in 2025 following data on an easing in core US inflation - which could lend support to economic activities and energy consumption.