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KAUST Invests in Smart Indoor Farming

King Abdullah University of Science and Technology (KAUST) logo
King Abdullah University of Science and Technology (KAUST) logo
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KAUST Invests in Smart Indoor Farming

King Abdullah University of Science and Technology (KAUST) logo
King Abdullah University of Science and Technology (KAUST) logo

Saudi King Abdullah University of Science and Technology (KAUST) - west of the Kingdom - is investing in a company specialized in developing smart indoor farming, valued at $3.5 million.

The initiative aims to provide indoor farming technology for crops and leafy vegetables in the Kingdom, thus providing fresh products locally throughout the year and reducing waste in the food supply chain.

KAUST Vice President of Innovation and Economic Development Kevin Cullen affirmed that one of the university’s main priorities is supporting emerging companies and talented entrepreneurship.

Cullen indicated that the department also wants to enhance the ecosystem for growing innovation in the Kingdom, which will consolidate the university’s national role as a research institution.

He pointed out that the company received an amount of $2 million from the KAUST Innovation Fund.

The company is growing in the United States and Europe; however, it chose to move to the Research and Technology Park in KAUST, which will enrich its research, development, and innovation capabilities.

In addition, this will create new job opportunities supported by the university while highlighting the Kingdom as an ideal business option in the Middle East.

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Oil Falls as Traders Weigh Potential US-China Trade Talks

Oil Falls as Traders Weigh Potential US-China Trade Talks
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Oil Falls as Traders Weigh Potential US-China Trade Talks

Oil Falls as Traders Weigh Potential US-China Trade Talks

Oil prices fell on Friday as traders squared positions ahead of an OPEC+ meeting and amid some scepticism about a potential de-escalation of the trade dispute between China and the United States.

Brent crude futures were down 23 cents, or 0.4%, to $61.90 a barrel at 1105 GMT, while US West Texas Intermediate crude futures fell 24 cents, or 0.4%, to $59 a barrel.

For the week, Brent was on track for a 7% drop and WTI was down 6.5% so far, the biggest weekly declines in a month, Reuters reported.

China's Commerce Ministry said on Friday that Beijing was "evaluating" a proposal from Washington to hold talks aimed at addressing US President Donald Trump's sweeping tariffs, signalling a possible easing of the trade tensions that have rattled global markets.

"There is some optimism when it comes to US-China relations but the signs are only very tentative," said Harry Tchilinguirian, group head of research at Onyx Capital Group. "It's still very fluid, a one step forward, two steps back situation when it comes to tariffs."

Concerns that the broader trade war could push the global economy into a recession and crimp oil demand, just as the OPEC+ group is preparing to raise output, have weighed heavily on oil prices in recent weeks.

Complicating any talks was a threat from Trump to impose secondary sanctions on buyers of Iranian oil. China is the world's largest importer of Iran's crude.

Trump's comments followed a postponement of US talks with Iran over its nuclear program. He had previously restored a "maximum pressure" campaign against Iran, which included efforts to drive the country's oil exports to zero to help prevent Tehran from developing a nuclear weapon.

Oil prices gained late in Thursday's session to settle nearly 2% higher on Trump's remarks, erasing some of the losses recorded earlier in the week on expectations of more OPEC+ supply coming to the market.

Several OPEC+ members are set to suggest the group accelerates output hikes in June for a second consecutive month, Reuters previously reported. Eight OPEC+ countries will meet on May 5 to decide a June output plan.