Saudi Arabia, US Deepen Cooperation in Vital Sectors

The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA
The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA
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Saudi Arabia, US Deepen Cooperation in Vital Sectors

The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA
The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA

Saudi Arabia and the United States signed 18 partnership agreements in fields including energy, communications, space and healthcare during a visit by US President Joe Biden.

They include a group of leading American companies, such as Boeing Aerospace, Raytheon Defense Industries, Medtronic and Digital Diagnostics, IKVIA in the healthcare sector, and many other US companies across the energy, tourism, education, manufacturing and textiles sectors.

There were also agreements in clean energy projects, nuclear energy and uranium.

The deals were signed by the Saudi Ministers of Energy, Investment, Communications and Health with their US counterparts.

The agreements align with Saudi Vision 2030, led by Crown Prince Mohammed bin Salman, as it seeks wider investment opportunities in promising sectors that can benefit the peoples of both nations.

The Saudi Space Authority signed the Artemis Accords with the US Space Agency (NASA), which would allow it to undertake the joint exploration of the Moon and Mars in cooperation with the American space agency.

It grants the Kingdom a seat in the international coalition preparing for the civil exploration and use of the Moon, Mars, comets and asteroids for peaceful purposes.

The Ministry of Communications and Information Technology (MCIT) signed a memorandum of cooperation with IBM, a leading digital tech company, to upskill 100,000 young women and men over five years within eight innovative initiatives that can position the Kingdom as a hub for technology and innovation in the Middle East and North Africa region.

MCIT also signed a memorandum of cooperation with the US National Communications and Information Administration (NTIA), which includes cooperation between the two countries on 5G and 6G technologies. The agreement targets accelerating the growth of the digital economy and enhancing the pace of research, development and innovation in the Kingdom's digital ecosystem.

The Saudi and US Ministries of Energy signed a partnership agreement on clean energy, which includes defining areas and projects of cooperation in this sector. They also agreed on cooperation on civil nuclear energy and uranium, while reinforcing the efforts of the two countries in promoting clean energy and climate action.

The Saudi and US ministries of health also signed a memorandum of cooperation on public health, medical sciences and research. The deal aims to support and bolster existing relations in public health among individuals, organizations and institutions.

It also seeks to consolidate joint efforts in addressing public health issues and medical, scientific and research challenges, as well as the exchange of information, expertise and academics.

The memorandum also aims to organize joint training for workers in the health and medical fields, while addressing the proper application of health information systems, research and development and health innovation.



Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
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Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP

Oil prices dipped on Monday amid a strong US dollar ahead of key economic data by the US Federal Reserve and US payrolls later in the week.
Brent crude futures slid 28 cents, or 0.4%, to $76.23 a barrel by 0800 GMT after settling on Friday at its highest since Oct. 14.
US West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 a barrel after closing on Friday at its highest since Oct. 11, Reuters reported.
Oil posted five-session gains previously with hopes of rising demand following colder weather in the Northern Hemisphere and more fiscal stimulus by China to revitalize its faltering economy.
However, the strength of the dollar is on investor's radar, Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a report on Monday.
The dollar stayed close to a two-year peak on Monday. A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Investors are also awaiting economic news for more clues on the Federal Reserve's rate outlook and energy consumption.
Minutes of the Fed's last meeting are due on Wednesday and the December payrolls report will come on Friday.
There are some future concerns about Iranian and Russian oil shipments as the potential for stronger sanctions on both producers looms.
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, two sources with knowledge of the matter said on Sunday.
Goldman Sachs expects Iran's production and exports to fall by the second quarter as a result of expected policy changes and tighter sanctions from the administration of incoming US President Donald Trump.
Output at the OPEC producer could drop by 300,000 barrels per day to 3.25 million bpd by second quarter, they said.
The US oil rig count, an indicator of future output, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday.
Still, the global oil market is clouded by a supply surplus this year as a rise in non-OPEC supplies is projected by analysts to largely offset global demand increase, also with the possibility of more production in the US under Trump.