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Riyadh to Host Saudi Arabia's Biggest Event for Entrepreneurship in Middle East

General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
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Riyadh to Host Saudi Arabia's Biggest Event for Entrepreneurship in Middle East

General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri

Riyadh will host the first edition of "RiseUp Saudi Arabia" on Saturday, which will run until November 21 at the King Abdullah Financial District.

The summit, which is the biggest event for entrepreneurship in the Middle East, is expected to attract over 10,000 participants, more than 150 startups, 150 investors and 200 speakers from all over the world to share their global experiences as well as the latest developments in many fields to serve the startups and help them build foundations on which to base themselves.

The summit is supported by the National Technology Development Program (NTDP) of the Ministry of Communications and Information Technology, in a strategic partnership with the Saudi Federation For Cybersecurity, Programming and Drones (SAFCSP).

The summit also includes some sectors specialized in entrepreneurship in the Kingdom, such as the Saudi Venture Investment Company; the Small and Medium Enterprises General Authority (Monsha'at); the Garage, the Digital Cooperation Organization (DCO); the Ministry of Tourism, and the Angel Investors.

CEO of RiseUp Company in Saudi Arabia Princess Lolowah bint Yazeed explained that the Kingdom witnesses a historic boom for the startups community, and has been and will remain the largest supporter of this sector.

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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.
Both Brent and US West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. By 0750 GMT, Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel, Reuters said.
The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty around the extent of Israel's response to the Iranian missile attack on Oct. 1 and the US election next month.
Scores of Israeli jets completed three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange in the escalating conflict between the Middle Eastern rivals.
The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said.
"The more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, which has seen the risk premium come off a few dollars a barrel," Saul Kavonic, a Sydney-based energy analyst at MST Marquee, said.
"The market will be watching closely for confirmation Iran won't counter attack in the coming weeks, which could see the risk premium rise again."
Commonwealth Bank of Australia analyst Vivek Dhar expects market attention to turn to ceasefire talks between Israel and Iran-backed militant group Hamas that resumed over the weekend.
"Despite Israel’s choice of a low aggression response to Iran, we have doubts that Israel and Iran’s proxies (i.e. Hamas and Hezbollah) are on track for an enduring ceasefire," he said in a note.
Citi lowered its Brent price target in the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term, its analysts led by Max Layton said in a note.
Analyst Tim Evans at US-based Evans Energy said in a note: "We think this leaves the market at least somewhat undervalued, with some risk OPEC+ producers may push back the planned increase in output targets beyond December."
In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December. The group will meet on Dec. 1 ahead of a full meeting of OPEC+.