Saudi Arabia Seeks to Support Future Economies, Bridge Digital Divides

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
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Saudi Arabia Seeks to Support Future Economies, Bridge Digital Divides

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, said on Thursday the Kingdom has taken bold steps to support future economies and innovation.

The minister revealed efforts to bridge the digital divide and to foster green energy projects in the northwestern NEOM region.

He stressed that the Kingdom’s presidency of the G20 in 2020 led to the transformation of the digital economy team into a permanent working group, to seize the opportunities provided by the sector and increase development and economic growth rates of the G20 members.

Al-Swaha made his comments during his participation in the meeting of digital economy ministers under Indonesia’s presidency of the G20 in Bali. The event saw the participation of ICT ministers and experts in group member states.

The minister noted that Saudi Vision 2030 was keen on supporting Saudi women as an important contributor to the development of the homeland.

In this regard, he said Saudi Arabia has improved women empowerment, from 7% in 2017 to over 30% in 2022, adding that his country was seeking to train more than 600 women in the Middle East and North Africa, as part of its cooperation with Apple Developer Academy.

Al-Swaha also pointed to innovative efforts in bridging the digital gap and enhancing green energy projects in NEOM.

He praised the outcomes of Saudi Arabia’s presidency for the G20, which resulted in changing the G20 Digital Economy Task Force (DETF) into the Digital Economy Work Group (DEWG), and “played an appreciated role in seizing opportunities provided by the digital economy and increasing development rates and economic growth for G20 countries.”



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.