Saudi Arabia Continues to Search for Cooperation Opportunities in Digital Economy, Space

Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat
Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat
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Saudi Arabia Continues to Search for Cooperation Opportunities in Digital Economy, Space

Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat
Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat

Saudi officials have held a series of meetings in search for cooperation opportunities in digital economy, space and innovation.

Saudi Minister of Communications and Information Technology, Eng. Abdullah Al-Swaha, met on Monday in Paris with the French ambassador for Digital Affairs, Henri Verdier, in the presence of the Chief Executive Officer-designate of the Saudi Space Commission, Dr. Muhammad Al-Tamimi, and the designated President of King Abdulaziz City for Technical Sciences, Dr. Munir Al-Desouki.

Discussions focused on strengthening bilateral cooperation between the Kingdom and France on technical and digital transformation, space and innovation.

The meeting also discussed stimulating the growth of the digital economy and the innovation system and accelerating the adoption of modern technologies in the Middle East and North Africa region by relying on the digital and logistical platform provided by the Kingdom as a hub for connecting continents.

In May, Saudi Arabia announced its willingness to search for investment opportunities in the space industry. Al-Swaha, who was newly appointed at the time, stressed that the priority of the commission was to start working on its strategy according to solid and scientific foundations, in coordination with the Council of Economic and Development Affairs.

“The objectives of the strategy will be based on the goals of the Kingdom’s Vision 2030 in the space sector, which emphasizes the importance and vitality of this field, with the aim of taking advantage of the promising opportunities in the space industry to build a knowledge economy based on the latest technologies and innovations,” he said.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.