Saudi Digital Authority to Augment Investment in Govt Technology

Saudi Arabia establishes the Digital Government Authority (DGA)… Saudi Minister of Communications and Information Technology Abdullah al-Swaha in the upper left portrait | Asharq Al-Awsat
Saudi Arabia establishes the Digital Government Authority (DGA)… Saudi Minister of Communications and Information Technology Abdullah al-Swaha in the upper left portrait | Asharq Al-Awsat
TT
20

Saudi Digital Authority to Augment Investment in Govt Technology

Saudi Arabia establishes the Digital Government Authority (DGA)… Saudi Minister of Communications and Information Technology Abdullah al-Swaha in the upper left portrait | Asharq Al-Awsat
Saudi Arabia establishes the Digital Government Authority (DGA)… Saudi Minister of Communications and Information Technology Abdullah al-Swaha in the upper left portrait | Asharq Al-Awsat

Saudi Cabinet approval on Tuesday for the establishment of the Digital Government Authority (DGA) is expected to raise the kingdom’s place in the UN e-government ranking by adopting digital transformation in government services on a par with international standards.

Abdullah al-Swaha, the Saudi minister of communications and information technology and chairman of the National Digital Transformation Unit, told Asharq Al-Awsat that the historic move will provide integrated and seamless digital proactive services.

The DGA, according to al-Swaha, will help in achieving key objectives, most important of which is augmenting returns on government digital assets and investments. It will also work on developing the digital capabilities and talents of public sector employees.

The minister added that the authority opens up new horizons in digital government services through proactive and integrated digital services, especially that the world became more reliant on digital transformation as a pillar for success in 2020.

Mansur al-Obaid, head of the information and communications committee at the Riyadh Chamber of Commerce and Industry, said the DGA will be able to unite efforts under rich initiatives for digital transformation.

Today, Saudi Arabia has over 1,500 government websites that offer a range of 4,000 e-services, al-Obaid noted.

DGA will help prepare a national e-government strategy and organize the work of digital government, including platforms, websites, services, and e-government networks.

This comes in line with Saudi Vision 2030, which aims to improve the Kingdom’s ranking to be among the top five countries in e-governance by 2030.

According to al-Obaid, the DGA will improve the experience of clients and users, increase efficiency rates, and attract investments at a higher rate.

Al-Obaid added that the authority will enhance mechanisms adopted by government agencies and help achieve sustainability by stimulating creativity and promoting innovative work models.

The scope of DGA’s work will encompass vital sectors like education, health, and transportation.



Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
20

Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures rose 50 cents, or 0.7%, to $68.23 a barrel by 1036 GMT while US West Texas Intermediate crude gained 49 cents, or nearly 0.8%, to $65.73.

During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire.

That put both contracts on course for a weekly fall of about 12%.

"The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah.

"The market also has to keep eyes on the OPEC+ meeting – we do expect room for one more month of an accelerated unwinding basis balances and structure, but the key question is how strong the summer demand indicators are showing up to be."

The OPEC+ members will meet on July 6 to decide on August production levels.

Prices were also being supported by multiple oil inventory reports that showed strong draws in the middle distillates, said Tamas Varga, a PVM Oil Associates analyst.

Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.

Meanwhile, data on Thursday showed that the independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week.

Additionally, China's Iranian oil imports surged in June as shipments accelerated before the conflict and demand from independent refineries improved, analysts said.

China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day (bpd) of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.