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
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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

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.



Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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20

Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices held steady on Thursday, supported by hopes of a breakthrough in looming trade talks between the US and China, the world's two largest oil consumers. Brent crude futures were up 43 cents, or 0.7%, at $61.55 a barrel, while US West Texas Intermediate crude rose 49 cents, or 0.8% to $58.56 a barrel at 0803 GMT.

The market has almost stabilized at slightly above $61 a barrel, said SEB analyst Ole Hvalbye, which along with some optimism around the current tariff situation with talks due between the US and China, was providing support.

US Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland for negotiations over a trade war that is disrupting the global economy. The countries are the world's two largest economies and the fallout from their trade dispute is likely to lower crude consumption growth. At the same time, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will increase its oil output, adding to pressure on prices.

Analysts at Citi Research lowered their three-month price forecast for Brent to $55 per barrel from $60 earlier, but maintained its long-term forecast of $60 a barrel this year.

A US-Iran nuclear deal could drive Brent prices down towards $50 per barrel on increased supply in the market, but if no deal were to happen, prices could go up to over $70, they added.

Overnight, the US Federal Reserve left the policy rate unchanged, but highlighted the risks of higher inflation and unemployment.

"The Fed signaled that rates will likely remain on hold until the effects of tariffs become clearer. This boosted the US dollar, which added to headwinds facing the broader commodity markets," said ING analysts in a report on Thursday.