Saudi Arabia, Oman Cooperate to Boost E-Economy

Officials signing the agreements between Saudi and Omani governments (Omani News Agency)
Officials signing the agreements between Saudi and Omani governments (Omani News Agency)
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Saudi Arabia, Oman Cooperate to Boost E-Economy

Officials signing the agreements between Saudi and Omani governments (Omani News Agency)
Officials signing the agreements between Saudi and Omani governments (Omani News Agency)

Saudi Arabia and Oman seek to boost their cooperation in several digital fields to develop their economies, governments, and talents and unifying efforts to develop human resources to keep pace with modern technologies.

Saudi Minister of Communications and Information Technology Abdullah al-Sawaha, and Omani Minister of Transport, Communications, and Information Technology Saeed al-Maawali, signed in Oman on Tuesday two executive programs in digital transformation and digital capacity development.

The two officials held an expanded meeting to address the deepening bilateral cooperation in accelerating the growth of regional e-economy, e-government, and talent development.

The two programs aim to promote cooperation in digital transformation to increase the benefit of digital technologies in improving business environments and qualifying capabilities for leadership, development, and business management in all fields.

The executive program in skills qualification signed between the two countries aims to build future leaders, develop digital capabilities, unify efforts to develop human capital, and link them to future professions.

It also aims to prepare generations capable of keeping pace with developments and maximizing the benefit of technologies in improving business environments by providing quality programs.

The Saudi Deputy Minister for Future Jobs and Capabilities Faris al-Saqabi, and the Omani Undersecretary for Communications and Information Technology in the Ministry of Transport, Ali al-Shidhani, signed the second program.

Under the program, the two sides will cooperate in implementing several joint initiatives, including the possibility of Omani national cadres joining training camps organized by Saudi Arabia through its Future Skills initiative, which is implemented through the "Saudi Digital Academy" and "Tuwaiq Academy."

The Saudi delegation held several official meetings in Oman aimed at opening new horizons and building fruitful cooperation between the two countries in technology and innovation.

The two sides discussed ways to deepen cooperation for the benefit of both economies and the need to exchange experiences and work with the Omani side to raise the Sultanate's competitiveness in global development indicators.

Sawaha will then head to Qatar on an official visit to expand partnerships and cooperation in technology and innovation.

Saudi Arabia is the regional hub for technology and innovation in the region, and a center that attracts investments by establishing strategic partnerships that promote the growth of e-economy and support the Kingdom's shift in technology, thus contributing to the realization of Vision 2030.



Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.