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Saudi Arabia Ranks 1st among G20 in Digital Competitiveness

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)
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Saudi Arabia Ranks 1st among G20 in Digital Competitiveness

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)

Saudi Arabia ranked first among the G20 member states in digital competitiveness in the last three years, revealed the World Competitiveness Report, released by the European Center for Digital Competitiveness.

The report was based on the World Economic Forum's report in this regard.

Such an achievement is the product of the support and leadership of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, Deputy Prime minister and Minister of Defense.

Their backing of the communications and information technology sector allowed the Kingdom to make a significant leap in digitally-administered infrastructure, promoting digital potentials and huge digital enterprises and projects and applying digital laws and regulations.

The report assessed the steps and achievements in the digital shift environment, including venture capital investments, ease of doing business and the digital skills of the youth. It also tackled readiness to adopt and adapt to the digital shift and innovation in the work force, readiness to lead with entrepreneur ventures, promote innovative ideas at businesses.

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Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
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Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)

Brent oil prices fell on Tuesday as sluggish economic growth in China, the world's biggest crude importer, increased worries about demand that overshadowed the impact of the halt of production and exports from Libya.
Brent crude futures were down 17 cents, or 0.2%, to $77.35 a barrel by 0620 GMT, Reuters reported.
West Texas Intermediate crude futures, which did not settle on Monday because of the US Labor Day holiday, were up 50 cents, or 0.7%, at $74.05 a barrel.
"Oil remains under pressure given lingering Chinese demand concerns. Weaker-than-expected PMI data over the weekend would have done little to ease these worries," said Warren Patterson of ING, adding that demand jitters are offsetting the Libyan supply disruptions.
China's purchasing managers' index (PMI) hit a six-month low in August. On Monday, the country reported new export orders in July fell for first time in eight months, and new home prices grew in August at their weakest pace this year.
In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue.
The country's National Oil Corp (NOC) declared force majeure on its El Feel oil field from Sept. 2. Total production had plunged to little more than 591,000 barrels per day (bpd) as of Aug. 28 from nearly 959,000 bpd on Aug. 26, NOC said. Production was at about 1.28 million bpd on July 20, the company said.
Still, some supply is set to return to the market as eight members of the Organization of the Petroleum Exporting Countries (OPEC) and affiliates, known as OPEC+, are scheduled to boost output by 180,000 bpd in October. The plan is likely to go ahead regardless of demand worries, according to industry sources.
OPEC planners may decide that the expected upcoming cuts in US interest rates and the Libyan outage provides space for the addition of more oil, RBC Capital analyst Helima Croft said in a note.
"In our view, a prolonged Libyan outage could support Brent prices" around $85 a barrel, even with additional supply coming onto the market in the fourth quarter, she said.