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Oman, Saudi Arabia Hold Joint Workshop on Digital Economy

The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries
The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries
TT
TT

Oman, Saudi Arabia Hold Joint Workshop on Digital Economy

The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries
The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries

Oman and Saudi Arabia held a joint workshop on the digital economy on Monday.

The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries.

Dr. Ali bin Amer Al Shethani, undersecretary for Communications and Information Technology at Ministry of Transport, Communications and Information Technology, stressed in his speech the importance of the digital economy.

He further reviewed the Sultanate’s indicators and related initiatives and projects.

Dr. Ibrahim bin Mahmoud Babli, the undersecretary of the Ministry of Communications and Information Technology of Saudi Arabia for Planning and Vision Realization, spoke about the importance of the workshop and the joint working sessions.

This would identify investment opportunities in the ICT sector, he added.

The two countries have made great strides to boost economic cooperation since the visit of Oman's Sultan Haitham bin Tarik to the Kingdom and his meeting with Custodian of the Two Holy Mosques King Salman bin Abdulaziz in July.

The visit witnessed the establishment of the Saudi-Omani Coordination Council.

In August, Muscat hosted the Saudi-Omani Investment Forum and the meetings of the joint Saudi-Omani business council to introduce the investment opportunities between the two countries and to reinforce investment in various fields.

Last month also witnessed signing several MoUs to encourage joint investment between Saudi Arabia and Oman.

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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.