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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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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.