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2nd Riyadh Global Medical Biotechnology Summit to Kick off on Wednesday

A general view of Riyadh, Saudi Arabia. (AFP file photo)
A general view of Riyadh, Saudi Arabia. (AFP file photo)
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2nd Riyadh Global Medical Biotechnology Summit to Kick off on Wednesday

A general view of Riyadh, Saudi Arabia. (AFP file photo)
A general view of Riyadh, Saudi Arabia. (AFP file photo)

Saudi Minister of the National Guard Prince Abdullah bin Bandar bin Abdulaziz will inaugurate on Wednesday the second Riyadh Global Medical Biotechnology Summit.

The two-day event will be held under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and attract elite scientists and experts in the field.

The summit aims to discuss current practices and the future of the medical biotechnology sector to consolidate Saudi Arabia's position as a global biotechnology portal.

In strategic partnership with the Ministry of Investment, the summit seeks to act as a global platform for proposing innovative models for the sector's challenges, creating investment opportunities in the health industry, and signing agreements with major companies in this area in a way that positively reflects on human health in Saudi Arabia and the world at large.

To achieve these goals, biomedical and health research experts, doctors, pharmaceutical and biotechnological industry experts, representatives of health institutions, and research and development experts from around the world will participate in scientific panel discussions on five key themes: cell and gene therapy, vaccines for infectious diseases, vaccines for cancer, genomics and precision medicine for rare diseases, and clinical trials and real-world evidence.

The summit aligns with the Saudi Vision 2030, which seeks to strengthen the national economy based on research, knowledge, and research industries. It also represents an extension of the progress of national initiatives concerned with developing the Kingdom's biotechnological medical system.

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Oil Slips as Investors Eye Trump Move on Russian Export Curbs

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 Slips as Investors Eye Trump Move on Russian Export Curbs

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 fell on Monday as expectations of US President-elect Donald Trump relaxing curbs on Russia's energy sector in exchange for a deal to end the Ukraine war offset concern of supply disruption from harsher sanctions.
Brent crude futures dropped 16 cents, or 0.2%, to $80.63 a barrel by 0453 GMT after closing down 0.62% in the previous session.
The more active US West Texas Intermediate crude April contract fell 6 cents to $77.33 a barrel. The front-month contract, which expires on Tuesday, was at $78.03 a barrel, up 15 cents, or 0.19%, after settling down 1.02% on Friday.
Trump, who will be inaugurated later on Monday, is widely expected to make a flurry of policy announcements in the first hours of his second term, including an end to a moratorium on US liquefied natural gas export licences - part of a wider strategy to strengthen the economy.
"There is a fair amount of uncertainty across markets coming into this week given the inauguration of President Trump and the raft of executive orders he reportedly is planning to sign," ING analysts said in a note.
"This combined with it being a US holiday today, means that some market participants may have decided to take some risk off the table."
Both contracts gained more than 1% last week in their fourth successive weekly ascent after the Biden administration sanctioned more than 100 tankers and two Russian oil producers. That led to a scramble by top buyers China and India for prompt oil cargo and a rush for ship supply as dealers of Russian and Iranian oil sought unsanctioned tankers to ferry their load.
While the new sanctions could impact the supply of nearly 1 million barrels per day of oil from Russia, recent price gains could be short lived depending on Trump action, ANZ analysts said in a client note.
Trump has promised to help end the Russia-Ukraine war quickly, which could involve relaxing some curbs to enable an accord, they said.
Analyst Tim Evans said the new sanctions are seen curtailing supply, at least in the near term.
"Higher tanker rates on unencumbered vessels and a widening backwardation in crude oil calendar spreads have been among the notable ripple effects, reinforcing the concern over supplies," he said in his newsletter Evans on Energy.
Backwardation refers to prompt prices being higher than those in future months, indicating tight supply.
The prompt Brent monthly spread <LCOc1-LCOc2> widened in backwardation by 5 cents to $1.27 a barrel on Monday. The WTI spread <CLc1-CLc2> was at 63 cents a barrel, up 14 cents.
Easing tension in the Middle East also kept a lid on oil prices.
Hamas and Israel exchanged hostages and prisoners on Sunday that marked the first day of a ceasefire after 15 months of war.
Separately, investors are watching out for the impact from a cold snap in Texas and New Mexico which may affect US oil production, analysts at ANZ and ING said.