عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, US Discuss Partnership in Digital Economy Expansion

The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA
The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA
TT
TT

Saudi Arabia, US Discuss Partnership in Digital Economy Expansion

The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA
The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA

The Saudi Minister of Communications and Information Technology, Abdullah Alswaha, has met with US House of Representatives members in Riyadh.

Alswaha commended on Wednesday the strong relations between Saudi Arabia and the US, emphasizing the significance that leaders from both countries place on advancing the partnership to greater levels.

The discussions focused on opportunities to enhance the partnership between Saudi Arabia and the US, aiming to expand the digital economy and develop the space industry in the Kingdom.

The meeting also explored collaboration in fifth-generation (5G), sixth-generation (6G), and Open RAN (ORAN) technologies. Furthermore, they exchanged ideas on opening technology markets, promoting investment opportunities, empowering digital entrepreneurship, and fostering innovation in both countries.

Saudi Ambassador to the US Princess Reema bint Bandar bin Sultan bin Abdulaziz was also present at the meeting.

Most Viewed

 
 
Business

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
TT
TT

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.