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Riyadh, WEF Cooperate to Kick off 4th Industrial Revolution

A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)
A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)
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Riyadh, WEF Cooperate to Kick off 4th Industrial Revolution

A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)
A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)

Saudi Arabia and the World Economic Forum (WEF) in Davos, Switzerland, signed a Memorandum of Understanding (MoU) to develop a framework for cooperation in various aspects, such as the establishment of the WEF Center for the Fourth Industrial Revolution in the Kingdom and other areas of global importance.

The agreement was jointly signed by the Saudi Minister of Foreign Affairs and head of the Kingdom’s delegation to the Davos meetings, Dr. Ibrahim al-Assaf, and Professor Klaus Schwab, chairman of the Board of Directors of WEF.

The MoU will consolidate the partnership between the Kingdom and the WEF by supporting the ongoing transformation of Saudi Arabia through the various programs and initiatives of the Forum.

It focuses on cooperation in public-private partnerships as well as key initiatives, including the future of energy, health, health care, financial and monetary systems, and other areas. It also provides for collaboration over the Fourth Industrial Revolution Center being managed by WEF, including the establishment of the center in the Kingdom.

Assaf, who is also member of the Board of Directors of Saudi Center for International Strategic Partnerships, said on the occasion that the Fourth Industrial Revolution “will make changes in the way people live, and as such, the Kingdom will benefit from its many advantages and resources so as to ensure its global competitiveness through important partnerships.”

He added that the Kingdom would be in a privileged position to benefit of the opportunities in the heart of the Fourth Industrial Revolution.

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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.
Both Brent and US West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. By 0750 GMT, Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel, Reuters said.
The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty around the extent of Israel's response to the Iranian missile attack on Oct. 1 and the US election next month.
Scores of Israeli jets completed three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange in the escalating conflict between the Middle Eastern rivals.
The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said.
"The more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, which has seen the risk premium come off a few dollars a barrel," Saul Kavonic, a Sydney-based energy analyst at MST Marquee, said.
"The market will be watching closely for confirmation Iran won't counter attack in the coming weeks, which could see the risk premium rise again."
Commonwealth Bank of Australia analyst Vivek Dhar expects market attention to turn to ceasefire talks between Israel and Iran-backed militant group Hamas that resumed over the weekend.
"Despite Israel’s choice of a low aggression response to Iran, we have doubts that Israel and Iran’s proxies (i.e. Hamas and Hezbollah) are on track for an enduring ceasefire," he said in a note.
Citi lowered its Brent price target in the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term, its analysts led by Max Layton said in a note.
Analyst Tim Evans at US-based Evans Energy said in a note: "We think this leaves the market at least somewhat undervalued, with some risk OPEC+ producers may push back the planned increase in output targets beyond December."
In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December. The group will meet on Dec. 1 ahead of a full meeting of OPEC+.