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Saudi Arabia Launches First Regional Program for Electronic Chips

The Saudi Semiconductor Program aims to support research, development and qualification of human cadres in the field of designing and localizing electronic chips. (Photo: Asharq Al-Awsat)
The Saudi Semiconductor Program aims to support research, development and qualification of human cadres in the field of designing and localizing electronic chips. (Photo: Asharq Al-Awsat)
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Saudi Arabia Launches First Regional Program for Electronic Chips

The Saudi Semiconductor Program aims to support research, development and qualification of human cadres in the field of designing and localizing electronic chips. (Photo: Asharq Al-Awsat)
The Saudi Semiconductor Program aims to support research, development and qualification of human cadres in the field of designing and localizing electronic chips. (Photo: Asharq Al-Awsat)

The King Abdulaziz City for Science and Technology (KACST) announced on Wednesday the launch of the Saudi Semiconductor Program - the first of its kind in the region – which is aimed at supporting research, development and qualification of human cadres in the field of designing and localizing electronic chips.

President of the City of Science and Technology Dr. Mounir El-Desouky inaugurated the Future of Semiconductors Forum - an event organized by KACST and King Abdullah University of Science and Technology (KAUST) - with the participation of Dr. Shuji Nakamura, Nobel Prize winner in physics and specialist in semiconductor technologies, and Dr. Omar Yaghi, winner of the King Faisal Prize in 2015 and the Albert Einstein International Prize for Science in 2017, and Dr. David Ruchien Liu, winner of the King Faisal Prize in Medicine for Gene Editing Technique.

The inauguration ceremony was also attended by the winners of the same prize in the field of science this year, Dr. Nader Masmoudi and Dr. Martin Heyer, as well as a number of local and international experts.

The program aims to conduct scientific research in electronic chip technologies, and qualify human cadres in the field of design and production to support the localization of the semiconductor industry in the Kingdom.

Addressing the forum, Saeed Alshihri, Director of Materials Science Research Institute at KACST, stressed that the localization of the electronic chip and semiconductor industry would contribute to achieving the goals of the Vision 2030 programs.

“Semiconductor technologies are changing the world as they form the basis of vital fields such as energy, sensors, and information technology, and the foundation of the third and fourth industrial revolutions,” he stated.

The forum will continue its work on Friday with three sessions discussing automotive and space electronics, photovoltaic efficiency, sensors and micro-electromechanical systems.

On Wednesday, agreements were signed between a number of government, private and international entities, to promote and localize the semiconductor industry in the Kingdom.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.