WEF, GCF to Establish Global Center for Cyber Economics in Riyadh

The Center’s research and studies will also provide robust tools for formulating policies and strategies to safeguard the global economy while contributing to enhancing cybersecurity around the world - SPA
The Center’s research and studies will also provide robust tools for formulating policies and strategies to safeguard the global economy while contributing to enhancing cybersecurity around the world - SPA
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WEF, GCF to Establish Global Center for Cyber Economics in Riyadh

The Center’s research and studies will also provide robust tools for formulating policies and strategies to safeguard the global economy while contributing to enhancing cybersecurity around the world - SPA
The Center’s research and studies will also provide robust tools for formulating policies and strategies to safeguard the global economy while contributing to enhancing cybersecurity around the world - SPA

The Global Cybersecurity Forum (GCF) and the World Economic Forum (WEF) announced the signing of an agreement to establish the Center for Cyber Economics (CCE) in Riyadh, during the WEF Annual Meeting 2025 in Davos, Switzerland.
GCF and WEF aim to establish the Center as a global platform that addresses the economic dimension of cybersecurity. The Center will advance knowledge to enable decision-makers worldwide to build a deep understanding of the close relationship between economics and cybersecurity. The Center’s research and studies will also provide robust tools for formulating policies and strategies to safeguard the global economy while contributing to enhancing cybersecurity around the world, SPA reported.
Governor of the National Cybersecurity Authority Eng. Majed bin Mohammed Al-Mazyed, acting on behalf of the Board of Trustees, Global Cybersecurity Forum, noted that the establishment of the Center – a collaboration between GCF and WEF – forms part of cybersecurity efforts in Saudi Arabia that have culminated in its world-leading position in the sector. The Kingdom’s contributions to the cybersecurity sector at local, regional, and global levels have gained the Saudi model of cybersecurity recognition for its successful and pioneering approach.
Al-Mazyed added that the development of the Center for Cyber Economics sits within the framework of the Kingdom of Saudi Arabia’s aims to build global platforms and launch pioneering global initiatives in various fields related to the sector, including the establishment of GCF as an institute by Royal Decree in 2023.
GCF aims to push knowledge boundaries, build the foundations for cooperation in Cyberspace, and leverage opportunities within the cybersecurity sector to enhance cyber resilience and enable prosperity around the world.



Oil Climbs on Supply Worries, Trump Tariffs Check Gains

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
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Oil Climbs on Supply Worries, Trump Tariffs Check Gains

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 extended gains on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats despite worries that escalating trade tariffs could dampen global economic growth.

Brent crude futures were up $1.2, or 1.6%, at $77.07 a barrel by 1313 GMT, while US West Texas Intermediate crude rose $1.11 or 1.5% to $73.43.

Both contracts posted gains of near 2% in the prior session after three weekly losses in a row, Reuters reported.

"With the US bearing down on Iranian exports and sanctions still biting into Russian flows, Asian crude grades remain firm and underpin the rally from yesterday," PVM oil analyst John Evans said.

Shipping of Russian oil to China and India, the world's major crude oil importers, has been significantly disrupted by US sanctions last month targeting tankers, producers and insurers.

Adding to supply jitters are US sanctions on networks shipping Iranian oil to China after President Donald Trump restored his "maximum pressure" on Iranian oil exports last week.

But countering the price gains was the latest tariff by Trump which could dampen global growth and energy demand.

Trump on Monday substantially raised tariffs on steel and aluminium imports to the US to 25% "without exceptions or exemptions" to aid the struggling industries that could increase the risk of a multi-front trade war.

The tariff will hit millions of tons of steel and aluminium imports from Canada, Brazil, Mexico, South Korea and other countries.

"Tariffs and counter-tariffs have the potential to weigh on the oil intensive part of the global economy in particular, creating uncertainty over demand," Morgan Stanley said in a note on Monday.

"However, we think this backdrop will probably also cause OPEC+ to extend current production quotas once again, which would solve for a balanced market in [the second half of 2025]", the bank added.

Trump last week introduced 10% additional tariffs on China, for which Beijing retaliated with its own levies on US imports, including a 10% duty on crude.

Also weighing on crude demand, the US Federal Reserve will wait until the next quarter before cutting rates again, according to a majority of economists in a Reuters poll who previously expected a March cut.

The Fed faces the threat of rising inflation under Trump's policies. Keeping rates at a higher level could limit economic growth, which would impact oil demand growth.

US crude oil and gasoline stockpiles were expected to have risen last week, while distillate inventories likely fell, a preliminary Reuters poll showed on Monday.

The poll was conducted ahead of weekly reports from industry group, the American Petroleum Institute, due at 4:30 p.m. ET (2130 GMT) on Tuesday and an Energy Information Administration report due on Wednesday.