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Saudi Arabia Hosts LEAP Conference to Discuss Future Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
    Riyadh - Asharq Al-Awsat
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Saudi Arabia Hosts LEAP Conference to Discuss Future Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia will host LEAP, the global technology platform, to address future challenges such as healthcare technologies to improve the quality of life and increase life expectancy, empowering humans through robots and technologies.

The Ministry of Communications and Information Technology (MCIT) and the Federation for Cybersecurity, Programming, and Drones will organize the platform.

It will review the most prominent technologies in the education sector, creative economy, and showcase technologies that enhance the well-being of communities.

It will address future energy technologies that will enhance the region's leadership in the oil and gas sectors and the impact of technology on the development of energy sources.

The platform will be held on Feb. 1 to 3 in Riyadh, with the participation of more than 350 speakers from 80 countries and 700 innovators and start-ups from around the world.

Saudi Arabia will host the conference LEAP to address future challenges, as it consolidates its digital regional and global leadership.

Held under the theme "One Eye on the Stars," LEAP seeks to discuss the most prominent social and cultural challenges facing the world through modern technologies, which have the potential to reshape the way people live and find appropriate and innovative solutions for them.

The platform targets the attendance of 40,000 local and international visitors.

Vice Minister of Communications and Information Technology Haitham al-Ohali stressed that Saudi Arabia is undergoing an accelerating technological era, seeking to enable digital pillars to build a connected present and an innovative future.

Ohali indicated that Vision 2030 is a road map that points to the future under the leadership of Crown Prince Mohammed bin Salman.

Ohali said the expected results of LEAP will be significant and supportive of the Ministry's strategic directions that seek to make the Kingdom a global technology hub and a destination for major companies operating in the sector.

Meanwhile, Chairman of the Saudi Federation for Cybersecurity, Programming and Drones, Faisal al-Khamisi, said LEAP represents a global bridge towards the future, aiming to achieve leadership in technology development and innovation.

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Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
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Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

Oil prices rose by around 1% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while US tariffs and possible further sanctions on Russia were also in focus.

Brent crude futures were up 76 cents, or 1.11%, at $69.40 a barrel as of 1153 GMT US West Texas Intermediate crude ticked up 82 cents, or 1.23%, to $67.39 a barrel.

At those levels, Brent was headed for a 1.6% gain on the week, while WTI was up around 0.6% from last week's close.

The IEA said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation, Reuters reported.

Front-month September Brent contracts were trading at a $1.11 premium to October futures at 1153 GMT.

"Civilians, be they in the air or on the road, are showing a healthy willingness to travel," PVM analyst John Evans said in a note on Friday.

Prompt tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus.

"OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported," Commerzbank analysts said in a note.

Further adding support to the short-term outlook, Russian deputy prime minister Alexander Novak said on Friday that Russia will compensate for overproduction against its OPEC+ quota this year in August-September.

"Prices have recouped some of this decline after President Trump said he plans to make a 'major' statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia," ING analysts wrote in a client note.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia's intensifying bombardment of Ukrainian cities.

The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has "good experience" of tackling and minimising such challenges.