Saudi Arabia Adopts New System To Enhance Cyber Security

Saudi Minister of Communications and Information Technology held a number of meetings on the sidelines of the World Economic Forum in Davos. (SPA)
Saudi Minister of Communications and Information Technology held a number of meetings on the sidelines of the World Economic Forum in Davos. (SPA)
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Saudi Arabia Adopts New System To Enhance Cyber Security

Saudi Minister of Communications and Information Technology held a number of meetings on the sidelines of the World Economic Forum in Davos. (SPA)
Saudi Minister of Communications and Information Technology held a number of meetings on the sidelines of the World Economic Forum in Davos. (SPA)

The Saudi Council of Ministers has recently approved the information and communications technology (ICT) system, with the aim to develop the sector and raise the efficiency of its services.

According to the new system, service providers should take full care to ensure the protection of cyber security and critical infrastructure in the country, according to the requirements of the competent authorities.

The system aims to develop the ICT sector, to raise the efficiency of its services and develop its infrastructure, as well as to encourage digital transformation and the use of communications and information technology it in all fields.

The objectives of the system also include encouraging innovation, entrepreneurship, research and technical progress within the sector, develop subsidiary activities and emerging technologies, and promote new services, in addition to providing an attractive environment for investments in priority areas, and raising the efficiency of national companies.

Eng. Abdullah Al-Sawaha, Saudi Minister of Communications and Information Technology, has recently met with his counterparts from Rwanda and Finland, with the aim to strengthen the strategic partnership between the Kingdom and friendly countries, and discuss means to support mechanisms of joint cooperation in the fields of technology, innovation, entrepreneurship and building digital capabilities.

On the sidelines of the World Economic Forum in Davos, Al-Sawaha also held meetings with a number of heads of major IT companies to discuss available investment opportunities. Those included Tech Mahindra CEO Chander Prakash Gurnani, Bharti Enterprises Chairman Sunil Bharti Mittal and Alibaba Group Chairman John Michael Evans.



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.