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.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.