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Report Highlights Saudi Incentives for New Technologies, 4th Industrial Revolution Solutions

Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)
Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)
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Report Highlights Saudi Incentives for New Technologies, 4th Industrial Revolution Solutions

Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)
Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)

A recent report revealed five advantages and incentives to enable Saudi Arabia to implement the technologies and solutions of the Fourth Industrial Revolution, including the presence of digital infrastructure equipped with 5G technology, and the Kingdom’s financial and investment capabilities.

The Kingdom inaugurated last year a dedicated center on the sidelines of the first Saudi Forum for the 4th Industrial Revolution, which was held in Riyadh, in a step that reflects the country’s determination to empower this sector.

According to a report issued by the Ministry of Industry and Mineral Resources, Saudi Arabia’s advanced digital government is one of the country’s most important features that enables it to implement the techniques of the 4th Industrial Revolution, in addition to the presence of more than 40 specialized and integrated industrial cities and a motivated young population.

The report noted that the 4th Industrial Revolution contributed to supporting the localization of new and advanced industries within the Kingdom, expanding supply chains and enhancing their flexibility and reliability, in addition to increasing the competitive advantage of existing industries.

Saudi Arabia attaches great importance to this revolution through the development of the national industry and logistics services within Saudi Vision 2030, which aims to transform the Kingdom into a leading industrial power and a global logistics platform. This goal is attained by maximizing the value achieved from the mining and energy sectors and focusing on local content and the 4th Industrial Revolution to contribute significantly in enhancing and diversifying the economic impact of the targeted sectors, sustaining their growth, achieving leadership and creating an attractive investment environment.

The activities of the LEAP Conference, which was hosted in Riyadh on Tuesday, focused on future technologies, digital transformation and economic diversification in the era of the 4th Industrial Revolution, in addition to the future of smart and digital sustainable cities.

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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.