Saudi Arabia Launches 4th Industrial Revolution Center in Partnership with WEF

Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).
Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).
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Saudi Arabia Launches 4th Industrial Revolution Center in Partnership with WEF

Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).
Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).

Saudi Arabia inaugurated on Wednesday the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).

Chairman of King Abdulaziz City for Science and Technology (KACST) Abdullah al-Sawahah announced the new center on the sidelines of the first Saudi Forum for the 4th Industrial Revolution.

The inaugural session was attended by WEF founder and Executive Chairman Professor Klaus Schwab, several ministers and senior officials and prominent Saudi and international speakers.

The forum is an extension of the support for development and innovation in Saudi Arabia by Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

Al-Sawahah said the forum offers an opportunity to combine talent and technology to present organizations that stimulate innovation.

He highlighted the importance of meeting thinkers and actors, such as representatives of governments, non-governmental institutions, and business leaders, in supporting this initiative.

Schwab congratulated the Kingdom for inaugurating the 4th Industrial Revolution Center that aims to harness new technologies with the best principles of flexible governance, which need government, business and civil society to make technology a force for good and ensure that the society benefits from it.

KACST President Dr. Munir bin Mahmoud El-Desouki said: “Our country needs cooperation and coordination of efforts in the public, private and non-profit sectors and open channels of dialogue to raise awareness about the Fourth Industrial Revolution and identify potential risks.”

“The Kingdom has a solid economic base to build on, through recent reforms to the governance model and the creation of new entities, such as the Saudi Data and Artificial Intelligence Authority, the Cybersecurity Authority, the Digital Government Authority, and the Research, Development, and Innovation Development Authority,” he added.



Oil Prices Set for Best Week in Over 2 Months on Solid Demand Outlook

FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021.  REUTERS/Todd Korol/File Photo
FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021. REUTERS/Todd Korol/File Photo
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Oil Prices Set for Best Week in Over 2 Months on Solid Demand Outlook

FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021.  REUTERS/Todd Korol/File Photo
FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021. REUTERS/Todd Korol/File Photo

Oil prices eased on Friday as markets evaluated the impact of US interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand.
Brent crude futures were down 34 cents, or 0.4%, at $82.41 a barrel by 0344 GMT. West Texas Intermediate (WTI) US crude futures lost 41 cents, or 0.5%, to trade at $78.21 a barrel.
However, Brent and the US benchmark gained over 3% for the week - the best week since April 5.
The Organization of Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid US fuel demand this summer.
This helped reverse losses in the previous week which were driven by an agreement by OPEC and its allies, together called OPEC+, to start unwinding output cuts after September.
"Overall, this week can be characterized as a recovery effort for oil," said Tim Waterer, chief market analyst at KCM Trade based in Australia.
"I wouldn't be surprised to see oil prices head higher from here whilst the demand outlook continues to look rosier. Much may depend on how the northern hemisphere summer demand picture plays out."
Providing further support to the market, Russia pledged to meet its output obligations under the OPEC+ pact, after saying it exceeded its quota in May.
However, the price rally this week cooled after the US Federal Reserve held interest rates steady and pushed out the start of rate cuts to as late as December.
Meanwhile, the International Energy Agency said in a report on Wednesday it sees oil demand peaking by 2029, leveling off at around 106 million barrels per day (bpd) towards the end of the decade.
On the downside, concerns over economic outlook grew after the Fed's view on rate cut, but that said, to the extent that this buoys the US dollar, it could offer a measure of support to Brent, BMI analysts wrote in a note.
Market focus is also on the ongoing Gaza ceasefire talks, which, if resolved, would alleviate concerns about potential disruptions in oil supply from the region.
The US is very concerned that hostilities on the Israel-Lebanon border could escalate to a full-out war, a senior US official said, saying that specific security arrangements are needed for the area and a ceasefire in Gaza is not enough.